Category: Politics

  • MIL-OSI USA: Cornyn to Fight to Reimburse Texas for Border Security Costs

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – Today on the floor, U.S. Senator John Cornyn (R-TX) discussed the need for Congress to act on Gov. Abbott’s request to reimburse the State of Texas for its efforts to secure the Texas-Mexico border, which is a federal responsibility, and address the unprecedented crisis created by the Biden administration. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.
    “In the midst of the Biden administration’s abject failure to keep the American people safe and control the movement of people and drugs, including some of the most dangerous criminals you can imagine, it was up to the State of Texas and our leadership, like Governor Abbott, to step up and defend our people and our borders to the best we could.”
    “The Biden-Harris administration’s abject dereliction of its responsibility at an international border to enforce the law cost the State of Texas about $11.1 billion.”
    “Keeping our nation’s border secure is the responsibility of the federal government. It is not—and it should not—be the responsibility of the individual states.”
    “Governor Abbott has asked Congress to reimburse Texas for its costs that should have been incurred by the federal government.”
    “I support this request, and along with our state delegation, we are going to fight to get Texas taxpayers the money they’re rightfully owed.”
    “Texas taxpayers should not have to foot the bill alone as a result of President Biden’s mishandling of border policy.”
    “The federal government created this crisis, and it’s up to the federal government to pay the tab.” 

    MIL OSI USA News

  • MIL-OSI Canada: Growing Alberta’s partnerships in Japan

    Source: Government of Canada regional news (2)

    MIL OSI Canada News

  • MIL-OSI Australia: Army Reservists in the firing line from unsupportive managers

    Source: University of South Australia

    29 January 2025

    Australians love their war heroes but a new national survey of 800 managers shows that sentiment doesn’t extend to part-time soldiers on their payroll, many of whom experience indifference, hostility and discrimination in the workplace.

    Almost one in five managers indicated their organisation would likely give ‘low or very low support’ to an Army reservist taking leave for training and combat duties.

    The study, led by University of South Australia sociologist Associate Professor Brad West, and employment relations Associate Professor Dr Josh Healy from the University of Sydney, has been recently published  by the Australian Army Research Centre.

    Interviews with 60 Army reservists based at three different locations in Sydney, Brisbane and Townsville also revealed that middle managers in both the private sector and government consistently sought to deny Defence leave requests, largely irrespective of the organisation’s official stance.

    This contrasted with a generally positive view of Army reservists as employees, with most employers believing they were hard workers (80%) and creative problem solvers (70%).

    The study revealed a large mismatch between employers’ public declarations of support for Army reservists and the actual tensions that occurred in workplaces.

    A novel feature of the survey is that managers were asked to consider a hypothetical reservist called John and indicate how they would respond in a range of common workplace situations if John was on their payroll. The 60 reservists interviewed provided feedback from their actual experiences in the workplace.

    Support for the part-time soldiers differed between industries, with managers in public administration, mining and healthcare sectors reporting a ‘significantly higher willingness’ to support reservists’ service. Part of this is attributed to large numbers of reservists and veterans already working in these sectors.

    “One factor contributing to tensions in the less supportive workplaces was an incorrect perception among many managers that military skills were not useful in the civilian workplace,” Assoc Prof West says.

    Almost 40% of managers said military training and experience would have ‘low or very low relevance’ in their organisation.

    One reservist interviewed in the focus groups provided this feedback:

    “Management loves to put the word forward, super supportive, love the Reserves, Defence Force, yeah let’s go, but the second it comes to jumping on a course, they question everything. They question the importance of the Defence Force and that course. They question whether I really need to be going to that course.”

    “Interestingly, managers’ own personal attributes are generally not the main drivers of differences in their perceptions of reservists,” Assoc Prof Healy says. “We didn’t find different attitudes because of managers’ age, or sex, or even their own education levels.”

    The focus groups revealed that the support that reservists receive in the workforce is not only related to attitudes towards the military, but specifically to the role of reservists.

     “There is a lack of understanding among employers. They think it’s either a holiday or a hobby or just something fun to go on your days off, or a cash grab,” one reservist said. “When I try to explain to them that if something big happens in the Pacific tomorrow, I might have to go frontline, they don’t accept that.”

    Despite the lack of support from managers, most reservists said they were motivated by a volunteer ethos and serving their country.

    “It’s not the money or the lifestyle but that fact that I am helping Australia’s national interests and contributing to something larger than myself,” according to one interviewee.

    More information on the project, including recommendations stemming from the study, is available at:
    Drawing on Reserves | Australian Army Research Centre (AARC)

    A video explaining the findings is available at: Army Reservists in the firing line

    Notes for editors and authors

    This report is part of the Occasional Papers series produced by the Australian Army Research Centre (AARC) which publishes original, high-quality research that generate informed discussion and new ideas that contribute to Army modernisation and the future of land power.

    Brad West is an Associate Professor of Sociology at the University of South Australia who researches the interconnections between war, the military and civil society.

    Josh Healy is an Associate Professor in Managing People and Organisations at the University of Sydney Business School, with a research focus on developments shaping the future of work. 

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M:  0434 605 142 E: candy.gibson@unisa.edu.au

    Researcher: Associate Professor Brad West E: brad.west@unisa.edu.au

    MIL OSI News

  • MIL-OSI USA: Idaho Congressional Delegation Introduces Legislation to Protect Access to Local Post Offices

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–At a time when the United States Postal Service (USPS) is under strain due to a lack of carriers and supply shortages, Idaho communities have reported struggles in conveying needs to the USPS and have experienced sudden and surprising post office closures.  U.S. Senators Mike Crapo and Jim Risch and Representatives Russ Fulcher and Mike Simpson (all R-Idaho) introduced legislation in both the U.S. Senate and House of Representatives to improve access to local USPS post offices.  The Mandating Advisable and Informed Locations and Solutions (MAILS) Act would require more community input before relocating a post office as well as encourage recommendations from municipalities to request additional post offices. 
    “Post offices remain a valued part of our communities and a respected means of sending goods and messages,” said Crapo.  “The communities, especially rural towns across Idaho, that rely on local post offices must continue to have access to prompt, reliable and efficient service responsive to their needs.”
    “Many communities in Idaho lack access or have waited years for a physical post office,” said Risch.  “The MAILS Act ensures USPS considers the needs of Idahoans who rely on the postal service when they apply for new postal facilities.”
    “Idahoans understand all too well how the closure of local post offices can create significant hardships for both residents and businesses,” said Fulcher.  “Whether it’s to receive medications, business documents, or to stay connected with loved ones, millions depend on reliable and accessible mail delivery—regardless of how rural their neighborhood is. That is why I introduced the MAILS Act alongside my Idaho congressional colleagues to ensure community voices are considered before changes are made to the postal system and to provide a pathway for local governments to advocate for the services their residents need.”
    “As Idaho’s population continues to grow, it’s essential that public services keep up with the demand,” said Simpson.  “The MAILS Act creates a significant opportunity for community members to have their voices heard regarding local postal service needs. I’m proud to cosponsor this legislation, which will enhance the efficiency and transparency of the United States Postal Service, ensuring it better serves the people who rely on it every day.”
    U.S. Senator Brian Schatz (D-Hawaii) is also a co-sponsor in the Senate.
    “In Hawai‘i, where many residents live in rural or remote areas, the Postal Service is a lifeline for everything from essential goods to staying connected with loved ones,” said Schatz.  “Our bill ensures that people in Hawai‘i and across the country have a voice in decisions about keeping post offices in their communities.”
    The Idaho Congressional Delegation has been active in working with a number of Idaho communities and the Postal Service to resolve issues with access to postal operations.  The City of Meridian is requesting USPS establish a new post office in the city, but USPS could not delineate the process for requesting a new post office.  Likewise, Idaho communities in Deary and Viola were notified local post offices were closing without community input, creating difficulties and inconveniences for residents and businesses traveling long distances to obtain mail, some including needed medications.
    Text of the bill is available here.

    MIL OSI USA News

  • MIL-OSI Global: What’s behind Trump’s flurry of executive action: 4 essential reads on autocrats and authoritarianism

    Source: The Conversation – USA – By Jeff Inglis, Politics + Society Editor, The Conversation US

    President Donald Trump shows off one of his new orders upon taking office. Anna Moneymaker/Getty Images

    If you think a lot is happening in the federal government all at once on a lot of different issues, you’re right.

    At the beginning of a new presidential administration, there is often a flurry of changes – new Cabinet appointments and a few executive orders. But what’s happening right now in Washington, D.C. – actions affecting immigration, tariffs, the firing of career government workers, gender identity, federally funded research, foreign aid and even broader categories of federal spending – is different from most presidential transitions, in volume, pace, content and breadth of the changes ordered.

    Administration officials and Trump allies have described all this action as a “shock and awe” campaign intended to “flood the zone.” Translation: It’s both an effort to demonstrate autocratic power and an effort to overwhelm and exhaust people who might resist the changes.

    The Conversation U.S. has published several articles – many from Donald Trump’s first term as president – that spell out how autocrats, and those who want to be autocrats, behave and why. Here are some key points to know.

    1. Seize executive power

    The move toward autocracy starts with wielding unyielding power over not only people but democratic institutions, explained Shelley Inglis, a scholar of international law at the University of Dayton. In a checklist of 10 items for wannabe authoritarians, the first task, she wrote, is being strong:

    The mainstay of today’s authoritarianism is strengthening your power while simultaneously weakening government institutions, such as parliaments and judiciaries, that provide checks and balances. The key is to use legal means that ultimately give democratic legitimacy to the power grab.”




    Read more:
    So you want to be an autocrat? Here’s the 10-point checklist


    2. Control political backers

    When a leader’s supporters are more loyal to the person than their political party, that creates what is called a “personalist party,” as scholars of political science Erica Frantz at Michigan State University, Joe Wright at Penn State and Andrea Kendall-Taylor at Yale University described. That creates a danger to democracy, they wrote:

    (W)hat matters for democracy is not so much the ambitions of power-hungry leaders, but rather whether those in their support group will tame them. … (W)hen personalist ruling parties hold legislative majorities and the presidency … there is little that stands in the way of a grab for power.”




    Read more:
    Why Trump’s control of the Republican Party is bad for democracy


    Many Republican Party members back Trump, in part because other party leaders signal their own support.
    AP Photo/Sue Ogrocki

    3. Sideline the public

    In a democracy, the public has power. But if the people choose not to exercise it, that leaves room for an authoritarian leader to take more control, warned Mark Satta, a professor of philosophy and law at Wayne State University in an article comparing George Orwell’s book “Nineteen eighty-four” to modern events:

    Trump routinely speaks like an autocrat. Yet many Americans excuse such talk, failing to treat it as the evidence of a threat to democracy that it is. This seems to me to be driven in part by the tendency Orwell identified to think that truly bad things won’t happen – at least not in one’s own country.”




    Read more:
    Nationalism is not patriotism: 3 insights from Orwell about Trump and the 2024 election


    Donald Trump hugs an American flag as he arrives at the Conservative Political Action Conference on Feb. 24, 2024, in Baltimore.
    Anna Moneymaker/Getty Images

    4. Depend on complacency

    Another scholar delivered a warning of a possible future. Vickie Sullivan, a political science scholar at Tufts University, studies Renaissance writer Niccolò Machiavelli, who lived from 1469 to 1527.

    He is perhaps most widely known for encouraging “sole rulers – his phrase for authoritarians or dictators – … to use force and fraud to gain and maintain power,” she wrote. But Machiavelli had advice for the public, too, Sullivan explained:

    “He instructs republican citizens and leaders … to recognize how vulnerable the governments they cherish are and to be vigilant against the threats of tyranny. … If republican citizens and leaders fail to be vigilant, they will eventually be confronted with a leader who has accumulated an extremely powerful and threatening following. At that point, Machiavelli says, it will be too late to save the republic.”




    Read more:
    500 years ago, Machiavelli warned the public not to get complacent in the face of self-interested charismatic figures


    This story is a roundup of articles from The Conversation’s archives.

    ref. What’s behind Trump’s flurry of executive action: 4 essential reads on autocrats and authoritarianism – https://theconversation.com/whats-behind-trumps-flurry-of-executive-action-4-essential-reads-on-autocrats-and-authoritarianism-248492

    MIL OSI – Global Reports

  • MIL-OSI Russia: On January 29–31, Mikhail Mishustin will pay a working visit to the Republic of Kazakhstan

    Translartion. Region: Russians Fedetion –

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

    On January 29–31, the Chairman of the Government of the Russian Federation Mikhail Mishustin will pay a working visit to the Republic of Kazakhstan. As part of the Russian-Kazakh negotiations in Astana, it is planned to discuss current issues of trade and economic, scientific and technical, cultural and humanitarian cooperation. Particular attention will be paid to the further development of joint projects in energy, industry, transport infrastructure, agriculture and other areas.

    Mikhail Mishustin will also take part in a meeting of the Eurasian Intergovernmental Council in Almaty, where the prospects for increasing the integration interaction of the EAEU member states, the functioning of the Eurasian market, the macroeconomic situation and the promotion of joint projects will be considered.

    During the visit, Mikhail Mishustin will speak at the digital forum “Digital Almaty 2025” in Almaty.

    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 Australia: Doorstop – Jerrabomberra

    Source: Australian Ministers for Education

    KRISTY McBAIN, MINISTER FOR REGIONAL DEVELOPMENT, LOCAL GOVERNMENT AND TERRITORIES: It’s a pleasure today to welcome Minister Jason Clare to Goodstart Jerrabomberra where 90 places a day are filled, and we have a wait list. Jerrabomberra is the heart of the Queanbeyan region, it’s fast growing, and this childcare centre is one of many that have benefitted from the Albanese Labor Government’s Cheaper Childcare plan.

    We know families right across our region have benefitted from this, and it’s so great to be able to introduce Minister Clare to the wonderful staff here, the wonderful centre manager and State manager and the wonderful kids that come here each and every day to enjoy this beautiful centre.

    JASON CLARE, MINISTER FOR EDUCATION: Thanks very much, Kristy. It’s absolutely fantastic to be with you here at Jerrabomberra at the Goodstart Centre here. You are an absolutely fantastic Member of Parliament, and we are so lucky to have as part of the Albanese Labor Government and this community is lucky to have you as their Labor Member.

    When we were elected two and a half years ago, childcare costs had sky rocketed, childcare costs under the Liberals went up by 49 per cent over just under a decade, and that was double the OECD average.

    We’ve cut the cost of childcare now for more than a million Australian families. In the first 15 months of our Cheaper Childcare laws this has meant that for an average family on about 120 grand a year combined income with one child in early education or care saved them about 2,700 bucks, and that’s real money that’s making a real difference for families right across the country.

    And when we were elected two and a half years ago childcare workers were leaving the sector in droves, that’s the truth of it, and we’re now starting to see that turn around. Data that’s been released today shows that vacancy rates in the childcare sector are down 22 per cent, and at Goodstart, where we are today, all of their centres across the country, we’re seeing job applications now jump by 35 per cent, and expressions of interest jump by 50 to 60 per cent. Vacancy rates at Goodstart Centres are down by a massive 28 per cent.

    So that’s fantastic news. It shows that when you pay people more, more people want to do the job, and there aren’t many jobs that are more important than the work that our early educators do, getting young people ready for school.

    If we win the next election, the next big thing that we need to do is build more centres where they don’t exist at the moment and help to make sure that more young people get the chance that the children we’ve met here today get, help young people who can’t get into early education and care now, either because there’s no centre in their town, or because they can’t get access to the subsidy through no fault of their own.

    And that’s why if we win the next election, we’ll set up a $1 billion fund to build more centres in the outer suburbs and in the regions where they don’t exist at the moment, and implement a three day guarantee, to guarantee that every child who needs it will get access to three days a week of government supported early education and care.

    Why? To make sure that more children are ready to start school, because the evidence is, that if children spend more time in early education and care in centres like this, they’re more likely to start school ready to learn.

    And just while talking about school, last week the Prime Minister announced that South Australia and Victoria have become the fifth and sixth States to sign up to our public school funding and reform agreement, the Better and Fairer Schools Agreement, that’s along with WA, Tassie, ACT, the Northern Territory and of course now South Australia and Victoria.

    On the weekend, teachers backed this agreement, on the weekend principals backed this agreement, and now today the Business Council of Australia backed this agreement. This is real funding, to fix the funding of our public schools, and it’s not a blank cheque, it’s tied to real reform; things like phonics checks in Year 1 and numeracy checks in Year 1 to identify children who might already be falling behind, and then using that funding to make sure that children who do fall behind catch up early, because we know that children who catch up early are more likely to go on and finish high school.

    So, it’s backed by teachers, backed by principals, backed by the business community. The only people that are against it are Peter Dutton and the Liberal Party, they’re against cutting the cost of childcare for Australian parents, they’re against pay rises for childcare workers, they’re against building more childcare centres where they don’t exist, and they’re against fixing the funding of our public schools and tying that funding to evidence based teaching and real reform to help more young children to catch up, keep up and finish high school.

    Happy to take some questions.

    JOURNALIST: When do you expect that Queensland and New South Wales will sign on to that school agreement?

    CLARE: I won’t give you a date, but negotiations are going well.

    JOURNALIST: Fresh polling is showing that it’s really tight. Are your cost-of-living measures cutting through with the voters?

    CLARE: We know that Australians are doing it tough, a lot of Australians are doing it tough, that’s why creating a million jobs is really important, that’s why cutting inflation by more than half is really important, that’s why boosting real wages is really important as well.

    We’re making progress, there’s more work to do, but the evidence that came out on the weekend shows that if Peter Dutton had been the Prime Minister of Australia for the last 12 months, Australian families would be over $7,000 worse off.

    Why? Well, because he was against the tax cuts that delivered a lot of support for Australian families, he’s against cheaper childcare, he’s against cutting the cost of medicine, he’s against lifting real wages, he’s against cutting the cost of people’s energy bills through that $300 rebate, and when you add all that up, it means that Aussie families would be thousands and thousands of dollars, $7,200, worse off under Peter Dutton.

    JOURNALIST: On the School Agreement, so New South Wales and Queensland you would assume are trying to get more than 25 per cent. Are you open to that?

    CLARE: Don’t assume that. But I’m not going to negotiate through the media. What’s important here is that we fix the funding of our public schools, and we tie that to the sort of reforms that are going to help make sure that more kids that fall behind can catch up and keep up and finish high school.

    Private schools, non government schools are funded at the level that David Gonski said they should be at, public schools aren’t, and this agreement is about fixing that, but also tying that to real targets and real reforms.

    The current agreement doesn’t do that. There aren’t any real targets, there aren’t any real reforms. I want to make sure that we fix the funding of our schools and tie it to the sort of reforms that we know work. I want this money to get results.

    At the moment in public schools, over the course of say, you know, the last eight years or so, we’ve seen the percentage of kids finishing high school drop from 83 per cent to 73 per cent. Just think about that for a second. That’s happening at a time where it’s more important to finish school than it was when we were little.

    We’ve got to turn that around if we’re going to make sure that more people get a chance to go to TAFE and university and get the jobs that are being created today. That’s why this funding is important, but that’s why the reforms that it’s linked to are just as important.

    JOURNALIST: The States that signed on to it earlier, are they now pushing for 25 per cent as well, and will you grant that?

    CLARE: I’ve already spoken to those States, and we will offer to them the same deal, which is we’ll lift our offer from 20 to 25 if they get rid of that 4 per cent which is usually aligned to things like capital depreciation costs. So, we’re having great conversations with states like WA and Tassie.

    JOURNALIST: Is there a willingness though to go above 25 per cent for the two states that have paid off, and then does that open up the chance for increased funding for other states?

    CLARE: No. That’s why when I answered your previous question, I said don’t assume that the States are asking for more than 25 per cent. What the states have been asking for, for the last 12 months is that we increase our offer from 20 to 25 per cent, and we said, “Yeah, we’ll do that, but we need you to chip in as well”.

    It’s always been my view that the Commonwealth’s got to chip in and the states have to chip in as well. That’s why we’re saying to the states, if we can lift our funding from 20 to 25 per cent, let’s get rid of that other 4 per cent, which is used for things like capital depreciation that don’t actually go to real funding for schools at the moment.

    JOURNALIST: Is the absolute cap 25?

    CLARE: Well, again, I’m not going to go into the details of the conversation, but we’re not talking beyond 25.

    JOURNALIST: How exactly are you going to address high rates of absenteeism due to bullying or mental health issues, do you actually have a stepped plan in place for the next school year?

    CLARE: Yep. This is a complicated thing. There is absolutely no place for bullying in our schools. That’s why the work that we’re doing in putting together a National Bullying Action Plan with the states is so critical, so important; that’s why getting rid of mobile phones in schools is so important; that’s why the ban on access to social media for young people under the age of 16 is so important as well.

    We know fundamentally that children are less likely to be at school if they’re suffering from bullying or they’re suffering from mental health challenges. And young people with mental health challenges, by the time they’re in Year 9 are about a year and a half to two years behind the rest of the class, and less likely to finish school.

    And so the sort of things that we want to tie this funding to are early intervention when children are young at primary school to make sure that they keep up and catch up, but also more investment in things like mental health workers and paediatric nursing support in our schools.

    That investment in health is not just about health, it has real education outcomes as well.

    JOURNALIST: Donald Trump overnight said that   sorry, a couple of days ago said that he proposed “cleaning”   unquote   “cleaning out Gaza and resettling Palestinians”. What is the Government’s response to that?

    CLARE: The Government’s position for a very, very long time, I think since December of 2023, has been to call for a ceasefire in Gaza, and we’re glad that that has finally happened. We want to see an end to the killing in the Middle East, we want to see trucks come in with food and with medicine and with aid. We want to see the hostages returned.

    JOURNALIST: And what about resettling Palestinians though? What is your response directly to that suggestion that they should be moved to Jordan or Egypt?

    CLARE: The position of the Australian Government, which I think is still the position of the Opposition as well is that we believe in a two-state solution, two countries living side by side, two peoples living side by side in two nations where people can live in safety and security without having to go through checkpoints or fear that their lives will be taken from them the next day.

    JOURNALIST: Just on that language though, you know, “cleaning out”, do you think that’s triggering language or insensitive language?

    CLARE: Repeating my previous answer, we want two peoples able to be live side by side in safety and security.

    JOURNALIST: Do you have a set price tag on the number of those professional healthcare workers you want in schools?

    CLARE: No, there’s no set number, but this investment in South Australia’s an extra billion dollars over the next 10 years, in Victoria it’s an extra two and a half billion dollars over the next 10 years.

    The agreements that we’re striking with the states are all going to be slightly different depending on the needs in those states, but it’s designed to invest in real practical reforms that we know are going to get the results that we need.

    Just to add to what we’re talking about here, we’re talking about fixing the funding of our public schools. Now one in 10 children at the moment, when they sit for their NAPLAN tests in third grade, are identified as being below the national average, so one in 10   sorry, below the national minimum standard, so one in 10. But amongst children from poor families, from really disadvantaged backgrounds, it’s one in three, and most of those children go to public schools.

    So our public schools are the places that do the real heavy lifting where the challenge is three times as big, and they’re the ones that were underfunded at the moment. We want to fix that funding and tie that funding to help those children to catch up and keep up and finish high school.

    JOURNALIST: On that pay rise for early educators, do you know how many centres have used that as an excuse to immediately increase their fees by 4.4 per cent?  

    CLARE: Here’s the thing, they can’t, because a condition of getting the funding for the pay rise is they can’t increase their fees by more than 4 per cent.

    JOURNALIST: Yeah. That’s why I’m asking how many have increased their fees to that 4.4?

    CLARE: I suspect that most centres will increase their fees somewhere between zero and up to that 4 per cent over the next 12 months. The key thing is they can’t go beyond that, and that’s a big part of this deal. Number one, we want to make sure that the money goes to the worker, not the centre, and number two, in order to get that funding, they cannot increase their fees by more than 4 per cent.

    JOURNALIST: Do you know how many though have hit that cap?

    CLARE: It’s too early to give you that number.

    JOURNALIST: This billion-dollar strategy for outer suburbs and regional areas, do you have any hotspots, any, you know, regional areas that you’re concerned about that don’t have enough facilities?

    CLARE: You can look at data that shows where there are what’s called sometimes “childcare deserts” right across the country. This fund is designed to help to make sure that we build centres where they’re needed most, and in particular, if you look at the Productivity Commission report released last year it talks to this, it’s the outer suburbs, and it’s in Regional Australia.

    Just talking to the team at Goodstart here is the only childcare centre in Jerra that provides full service from six week old children right through to four year olds.

    JOURNALIST: I did just want to ask you about – there was evidence at a Parliamentary Committee last week about an online meeting of ANU to delete the Nazi salute. The investigation to my understanding is that they found that that wasn’t the case. What else do you think was happening there?

    CLARE: I make the general point, whether it’s at ANU or whether it’s at QUT that there is absolutely no place for the poison of antisemitism in our universities or anywhere in this country or anywhere in the world.

    There is a commemoration that’s just happened of the 80th Anniversary of the Holocaust and Auschwitz. You know, in the lifetime of our grandparents we’ve all seen the true terror of what antisemitism can wreak and there is no place for it, and that’s why I’ve made it very clear to every university leader in the country that they must enforce their Codes of Conduct, and that includes saying that directly to the Vice Chancellor of QUT.

    JOURNALIST: Do you believe though that it was appropriate that an ANU student who went on radio said that terrorist designated organisation, Hamas [indistinct] unconditional support was able to overturn her expulsion on appeal. You’ve just spoken about the poison of antisemitism; we have a growing issue in Australia. Is that an appropriate thing to do?

    CLARE: No.

    JOURNALIST: Are we any closer to a governance review   what’s the latest with the university governance review?

    CLARE: Yeah, last week we announced the members of the panel that will be responsible for implementing that review.

    JOURNALIST: Are you confident with the members of that panel?

    CLARE: I am.

    JOURNALIST: And then I might just Ms McBain something if that’s okay.

    CLARE: Sure.

    JOURNALIST: [Indistinct] would like to see councils auctioning off properties. What do you think of this decision?

    McBAIN: Look, every Council has the opportunity to take action when someone doesn’t pay rates for a period of time. My understanding, and it was a unanimous decision of Queanbeyan-Palerang Council to take this route, is that these rates have been unpaid for more than five years. A lot of those properties that attempted to make contact by door knocking them, letter boxing them, serving them, there’s been no contact made with any of those individuals for a variety of reasons. It is an avenue open to them, but as I said, it’s a unanimous decision of Queanbeyan-Palerang Council to take this action, which I’m sure that hasn’t been done lightly either.

    JOURNALIST: Are you concerned about the financial stability of councils if they are having to resort to methods like this just to try and stay out of debt?

    McBAIN: Look, I think when you look at it, it’s about a million dollars in unpaid rates that they are going to attempt to recruit through auction. I don’t think this goes anywhere near dealing with some of the ongoing issues that councils have, but what we’ve done since we’ve been in government, you know, there’s been more collaboration with local councils than in any time before that.

    I’ve personally met with over 250 councils either in their communities or in Canberra or at a Local Government Association conference. We have doubled Roads to Recovery funding and that means regional councils across the country have now more money than ever before to deal with road issues.

    Across Eden Monaro that’s $26.3 million extra for our local councils resulting in over $65 million for roads alone. We’ve increased road black spot funding, we’ve created the new safer local road and infrastructure program, $200 million a year, you know, we’ve been really putting our shoulder to the wheel making a difference for local councils, and just last week I was able to announce $27.2 million for Marulan Sewer Treatment Plant, you know, which is something that Council had called from but hadn’t been supported in getting.

    So, the Albanese Government takes seriously the priorities of local councils and local communities and we’ve been delivering for all of them.

    JOURNALIST: Thank you.

    MIL OSI News

  • MIL-OSI USA: IAM Membership Elects Incumbent Executive Council, Law Committee and AFL-CIO, CLC Delegates in Strong Showing of Union Democracy

    Source: US GOIAM Union

    In an overwhelming show of support, IAM Union members have nominated and elected the incumbent Executive Council members and international officers to a new four-year term, beginning July 1, 2025. For the first time in nearly two decades, there will be no need for runoffs for international officer elections.

    “On behalf of myself and the entire IAM Executive Council, we would like to thank all IAM members for again upholding our longstanding tradition of union democracy,” said IAM International President Brian Bryant. “We continue to be proud of the IAM’s ‘one member, one vote’ electoral system that gives all members a voice in our union’s future.”

    Nominations were held on Jan. 18, 2025 at every IAM Local throughout the United States and Canada. No candidates other than those elected below received enough nominations to hold a full election. A full nomination listing by Local is being finalized and will be released in the coming weeks.

    International President
    Brian Bryant (Local S6)

    General Secretary-Treasurer
    Dora Cervantes (Local 2198)

    Canadian General Vice President
    David Chartrand, Canadian General Vice President (Local 712)*

    U.S. General Vice Presidents
    David Sullivan, General Vice President (Local S6)
    Richie Johnsen, General Vice President (Local 1781)
    Craig Martin, General Vice President (Local 470)
    Jody Bennett, General Vice President (Local 2771)
    Sam Cicinelli, General Vice President (Local 701)
    Robert “Bobby” Martinez, General Vice President (Local 933)

    Law Committee
    Eric Johnston (Local 235)
    Ryan Haehnlein (Local 701)
    Teressa Peart (Local 774)
    Olu Ajetomobi (Local 1781)
    Sal Vasquez (Local 311)

    Delegates to the AFL-CIO
    E. Michael Vartabedian (Local 264)
    Sharon Sugiyama (Local 2339G)
    Richard Jackson (Local 751A)

    Delegate to the Canadian Labour Congress
    Christy Slauenwhite (Local 764)*

    *Elected solely by IAM members in Canada.

    Share and Follow:

    MIL OSI USA News

  • MIL-OSI: First Community Bankshares, Inc. Announces Fourth Quarter and Full Year 2024 Results, Quarterly Cash Dividend, and Special Dividend

    Source: GlobeNewswire (MIL-OSI)

    BLUEFIELD, Va., Jan. 28, 2025 (GLOBE NEWSWIRE) — First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended December 31, 2024. The Company reported net income of $13.04 million, or $0.71 per diluted common share, for the quarter ended December 31, 2024.  Net income for the twelve months ended December 31, 2024, was $51.60 million or $2.80 per diluted common share.   

    The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on February 14, 2025, and is expected to be paid on  February 28, 2025. This marks the 40th consecutive year of regular dividends to common shareholders.

    Additionally, the Board of Directors declared a special cash dividend to common shareholders of $2.07 per common share.

    The Company’s capital management plan and philosophy require the maintenance of a strong capital base from which to grow and serve its customers. As part of the capital plan, the Company intends to return current earnings not needed to fund growth in core operations or other uses back to shareholders through regular cash dividends and stock repurchases. To the extent current earnings exceed those capital uses, the Company may declare special dividends from time to time. The Company earned approximately $197.45 million in the last four years, from which it paid regular dividends of $79.68 million, and repurchased shares for $81.95 million.  Since July 1, 2013, the Company earned approximately $415.90 million, from which it paid regular dividends of $174.84 million, special dividends of $8.12 million, and repurchased 9.33 million shares for $232.08 million

    The Board of Directors determined that the Company will have sufficient surplus capital to support anticipated growth opportunities and other needs after payment of the special dividend totaling approximately $37.92 million. This special cash dividend is also payable on February 28, 2025, to shareholders of record February 14, 2025, and may not be indicative of special cash dividend activity in the future.

    Fourth Quarter 2024 Highlights

    Income Statement

    • Net income of $13.04 million for the fourth quarter of 2024, was a increase of $1.26 million, or 10.65%, from the same quarter of 2023.  Net income of $51.60 million for the year, was an increase of $3.58 million, or 7.46%, from the same period of 2023.
    • Net interest income decreased $730 thousand compared to the same quarter in 2023, primarily due to increases in rates paid on interest-bearing deposits.
    • Net interest margin of 4.36% was a decrease of 6 basis points over the same quarter of 2023.  The yield on earning assets increased 11 basis points from the same period of 2023 and is primarily attributable to an increase in interest income of $422 thousand.  Interest income on interest-bearing deposits with banks increased $2.91 million and was primarily due to the increase in the average balance of $246.39 million offset by a decrease in yield of 75 basis points.  This increase in interest income was offset by decreases in interest income for loans and securities available-for-sale of $2.04 million and $450 thousand, respectively.  The decreases were primarily due to decreases in the average balance for loans and securities available-for-sale of $159.86 million and $107.16 million offset by increases in yield of 2 basis points and 72 basis points, respectively.  Interest expense on interest-bearing liabilities increased $1.16 million and is primarily attributable to yield.  The yield on interest-bearing liabilities increased 26 basis points when compared with the same period of 2023 and is primarily attributable to increased rates on interest-bearing deposit liabilities.
    • Noninterest income decreased approximately $125 thousand, or 1.19%, when compared to the same quarter of 2023.  Noninterest expense decreased $2.67 million, or 9.98% when compared to the same period of 2023.  The decrease is primarily attributable to litigation expense of $3.00 million recorded in the fourth quarter of 2023.
    • Annualized return on average assets (“ROA”) was 1.60% for both the fourth quarter and for the twelve months of 2024 compared to 1.43% and 1.48% for the same periods, respectively, of 2023. Annualized return on average common equity (“ROE”) was 9.89% for the fourth quarter of 2024 and 10.03% for the year compared to 9.39% and 10.02% for the same periods, respectively, of 2023.  Annualized return on average tangible common equity (“ROTCE”) was 14.12% for the fourth quarter of 2024 and 14.48% for the year compared to 13.82% and 14.65% for the same periods, respectively, of 2023.

    Balance Sheet and Asset Quality

    • Consolidated assets totaled $3.26 billion at December 31, 2024.
    • Loans decreased $156.21 million, or 6.07%, from December 31, 2023.  Securities available for sale decreased $111.12 million, or 39.55%, from December 31, 2023.  Deposits decreased $31.08 million, or 1.14%.  The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $261.03 million, or 224.22%.
    • The Company did not repurchase any common shares during the fourth quarter of 2024.  The Company repurchased 257,294 common shares during 2024 at a total cost of $8.72 million.
    • Non-performing loans to total loans increased to 0.83% when compared with the same quarter of 2023.  The Company experienced net charge-offs for the fourth quarter of 2024 of $1.48 million, or 0.24% of annualized average loans, compared to net charge-offs of $883 thousand, or 0.14%, of annualized average loans for the same period in 2023.
    • The allowance for credit losses to total loans was 1.44% at December 31, 2024, compared to 1.41% at December 31, 2023.
    • Book value per share at December 31, 2024, was $ 28.73, an increase of $1.53 from year-end 2023.

    Non-GAAP Financial Measures

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%.  Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release.  While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

    About First Community Bankshares, Inc.

    First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2024. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.62 billion in combined assets as of December 31, 2024. The Company reported consolidated assets of $3.26 billion as of December 31, 2024. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

    This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Companys Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

     
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,     December 31,  
    (Amounts in thousands, except share and per share data)   2024     2024     2024     2024     2023     2024     2023  
    Interest income                                                        
    Interest and fees on loans   $ 31,637     $ 32,120     $ 32,696     $ 33,418     $ 33,676     $ 129,871     $ 126,727  
    Interest on securities     1,447       1,070       1,211       1,698       1,888       5,426       7,956  
    Interest on deposits in banks     3,348       3,702       2,882       913       438       10,845       2,482  
    Total interest income     36,432       36,892       36,789       36,029       36,002       146,142       137,165  
    Interest expense                                                        
    Interest on deposits     5,099       5,298       4,877       4,365       3,935       19,639       9,341  
    Interest on borrowings                       35       4       35       140  
    Total interest expense     5,099       5,298       4,877       4,400       3,939       19,674       9,481  
    Net interest income     31,333       31,594       31,912       31,629       32,063       126,468       127,684  
    Provision for credit losses     1,082       1,360       144       1,011       1,029       3,597       7,985  
    Net interest income after provision     30,251       30,234       31,768       30,618       31,034       122,871       119,699  
    Noninterest income     10,337       10,452       9,342       9,259       10,462       39,390       37,452  
    Noninterest expense     24,107       24,177       24,897       23,386       26,780       96,567       95,177  
    Income before income taxes     16,481       16,509       16,213       16,491       14,716       65,694       61,974  
    Income tax expense     3,441       3,476       3,527       3,646       2,932       14,090       13,954  
    Net income   $ 13,040     $ 13,033     $ 12,686     $ 12,845     $ 11,784     $ 51,604     $ 48,020  
                                                             
                                                             
    Earnings per common share                                                        
    Basic   $ 0.71     $ 0.71     $ 0.69     $ 0.70     $ 0.64     $ 2.81     $ 2.67  
    Diluted   $ 0.71     $ 0.71     $ 0.71     $ 0.71     $ 0.66     $ 2.80     $ 2.72  
    Cash dividends per common share                                                        
    Regular     0.31       0.31       0.29       0.29       0.29       1.20       1.16  
    Weighted average shares outstanding                                                        
    Basic     18,299,612       18,279,612       18,343,958       18,476,128       18,530,114       18,349,498       17,996,373  
    Diluted     18,418,441       18,371,907       18,409,876       18,545,910       18,575,226       18,430,206       18,027,151  
    Performance ratios                                                        
    Return on average assets     1.60 %     1.60 %     1.58 %     1.60 %     1.43 %     1.60 %     1.48 %
    Return on average common equity     9.89 %     10.04 %     10.02 %     10.18 %     9.39 %     10.03 %     10.02 %
    Return on average tangible common equity(1)     14.12 %     14.46 %     14.54 %     14.82 %     13.82 %     14.48 %     14.65 %

    _____________

    (1)   A non-GAAP financial measure defined as net income divided by average stockholders’ equity less average goodwill and other intangible assets.
         
     
    CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,     December 31,  
    (Amounts in thousands)   2024     2024     2024     2024     2023     2024     2023  
    Noninterest income                                                        
    Wealth management   $ 1,251     $ 1,071     $ 1,064     $ 1,099     $ 1,052     $ 4,485     $ 4,179  
    Service charges on deposits     3,613       3,661       3,428       3,310       3,637       14,012       13,996  
    Other service charges and fees     3,575       3,697       3,670       3,450       3,541       14,392       13,647  
    (Loss) gain on sale of securities                                         (21 )
    Other operating income     1,898       2,023       1,180       1,400       2,232       6,501       5,651  
    Total noninterest income   $ 10,337     $ 10,452     $ 9,342     $ 9,259     $ 10,462     $ 39,390     $ 37,452  
    Noninterest expense                                                        
    Salaries and employee benefits   $ 13,501     $ 13,129     $ 12,491     $ 12,581     $ 12,933     $ 51,702     $ 49,887  
    Occupancy expense     1,329       1,270       1,309       1,378       1,252       5,286       4,967  
    Furniture and equipment expense     1,562       1,574       1,687       1,545       1,489       6,368       5,878  
    Service fees     2,305       2,461       2,427       2,449       2,255       9,642       8,908  
    Advertising and public relations     1,165       967       933       796       843       3,861       3,300  
    Professional fees     295       221       330       372       787       1,218       1,567  
    Amortization of intangibles     535       536       530       530       536       2,131       1,731  
    FDIC premiums and assessments     365       365       364       369       376       1,463       1,511  
    Merger expense                                         2,393  
    Litigation expense                 1,800             3,000       1,800       3,000  
    Other operating expense     3,050       3,654       3,026       3,366       3,309       13,096       12,035  
    Total noninterest expense   $ 24,107     $ 24,177     $ 24,897     $ 23,386     $ 26,780     $ 96,567     $ 95,177  
                                                             
     
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)
                 
        Three Months Ended     Year Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,     December 31,  
    (Amounts in thousands, except per share data)   2024     2024     2024     2024     2023     2024     2023  
    Adjusted Net Income for diluted earnings per share   $ 13,040     $ 13,033     $ 12,686     $ 12,845     $ 12,314     $ 51,604     $ 49,120  
    Non-GAAP adjustments:                                                        
    Loss (gain) on sale of securities                                         21  
    Merger expense                                         2,393  
    Day 2 provision for allowance for credit losses – Surrey                                         1,614  
    Litigation expense                 1,800             3,000       1,800       3,000  
    Other items(1)           (825 )                       (825 )     (204 )
    Total adjustments           (825 )     1,800             3,000       975       6,824  
    Tax effect           (198 )     432             720       234       1,203  
    Adjusted earnings, non-GAAP   $ 13,040     $ 12,406     $ 14,054     $ 12,845     $ 14,594     $ 52,345     $ 54,741  
                                                             
    Adjusted diluted earnings per common share, non-GAAP   $ 0.71     $ 0.68     $ 0.76     $ 0.69     $ 0.79     $ 2.84     $ 3.04  
    Performance ratios, non-GAAP                                                        
    Adjusted return on average assets     1.60 %     1.53 %     1.75 %     1.60 %     1.77 %     1.62 %     1.68 %
    Adjusted return on average common equity     9.89 %     9.56 %     11.10 %     10.18 %     11.63 %     10.18 %     11.43 %
    Adjusted return on average tangible common equity (2)     14.12 %     13.77 %     16.11 %     14.82 %     17.11 %     14.69 %     16.70 %

    _____________

    (1)   Includes other non-recurring income and expense items.
    (2)   A non-GAAP financial measure defined as adjusted earnings divided by average stockholders’ equity less average goodwill and other intangible assets.
         
     
    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
           
        Three Months Ended December 31,  
        2024     2023  
        Average             Average Yield/     Average             Average Yield/  
    (Amounts in thousands)   Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,421,668     $ 31,717       5.21 %   $ 2,581,528     $ 33,758       5.19 %
    Securities available for sale     167,357       1,474       3.50 %     274,513       1,924       2.78 %
    Interest-bearing deposits     277,678       3,351       4.80 %     31,293       438       5.55 %
    Total earning assets     2,866,703       36,542       5.07 %     2,887,334       36,120       4.96 %
    Other assets     379,566                       379,960                  
    Total assets   $ 3,246,269                     $ 3,267,294                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 663,033     $ 226       0.14 %   $ 697,555     $ 180       0.10 %
    Savings deposits     886,886       3,476       1.56 %     838,455       3,050       1.44 %
    Time deposits     242,899       1,396       2.29 %     254,668       705       1.10 %
    Total interest-bearing deposits     1,792,818       5,098       1.13 %     1,790,678       3,935       0.87 %
    Borrowings                                                
    Federal funds purchased                       293       4       5.35 %
    Retail repurchase agreements     995       1       0.05 %     1,090             0.05 %
    Total borrowings     995       1       0.05 %     1,383       4       0.87 %
    Total interest-bearing liabilities     1,793,813       5,099       1.13 %     1,792,061       3,939       0.87 %
    Noninterest-bearing demand deposits     881,767                       931,681                  
    Other liabilities     46,142                       45,819                  
    Total liabilities     2,721,722                       2,769,561                  
    Stockholders’ equity     524,547                       497,733                  
    Total liabilities and stockholders’ equity   $ 3,246,269                     $ 3,267,294                  
    Net interest income, FTE(1)           $ 31,443                     $ 32,181          
    Net interest rate spread                     3.94 %                     4.09 %
    Net interest margin, FTE(1)                     4.36 %                     4.42 %

    _____________

    (1)   Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2)   Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3)   Interest on loans includes non-cash and accelerated purchase accounting accretion of $863 thousand and $792 thousand for the three months ended December 31, 2024 and 2023, respectively.
         
     
    AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)
           
        Year Ended December 31,  
        2024     2023  
        Average             Average Yield/     Average             Average Yield/  
    (Amounts in thousands)   Balance     Interest(1)     Rate(1)     Balance     Interest(1)     Rate(1)  
    Assets                                                
    Earning assets                                                
    Loans(2)(3)   $ 2,481,215     $ 130,196       5.25 %   $ 2,538,361     $ 127,019       5.00 %
    Securities available for sale     171,081       5,547       3.24 %     298,389       8,115       2.72 %
    Interest-bearing deposits     206,629       10,850       5.25 %     46,601       2,485       5.33 %
    Total earning assets     2,858,925       146,593       5.13 %     2,883,351       137,619       4.77 %
    Other assets     374,398                       369,700                  
    Total assets   $ 3,233,323                     $ 3,253,051                  
                                                     
    Liabilities and stockholders’ equity                                                
    Interest-bearing deposits                                                
    Demand deposits   $ 662,584     $ 796       0.12 %   $ 686,534     $ 405       0.06 %
    Savings deposits     878,584       14,206       1.62 %     847,397       6,781       0.80 %
    Time deposits     246,035       4,636       1.88 %     267,957       2,155       0.80 %
    Total interest-bearing deposits     1,787,203       19,638       1.10 %     1,801,888       9,341       0.52 %
    Borrowings                                                
    Federal funds purchased     628       35       5.53 %     2,715       139       5.12 %
    Retail repurchase agreements     1,045       1       0.05 %     1,528       1       0.06 %
    Total borrowings     1,673       36       2.15 %     4,243       140       3.30 %
    Total interest-bearing liabilities     1,788,876       19,674       1.10 %     1,806,131       9,481       0.52 %
    Noninterest-bearing demand deposits     882,700                       926,378                  
    Other liabilities     47,362                       41,477                  
    Total liabilities     2,718,938                       2,773,986                  
    Stockholders’ equity     514,385                       479,065                  
    Total liabilities and stockholders’ equity   $ 3,233,323                     $ 3,253,051                  
    Net interest income, FTE(1)           $ 126,919                     $ 128,138          
    Net interest rate spread                     4.03 %                     4.25 %
    Net interest margin, FTE(1)                     4.44 %                     4.44 %

    _____________

    (1)   Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
    (2)   Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
    (3)   Interest on loans includes non-cash and accelerated purchase accounting accretion of $2.90 million and $2.74 million for the twelve months ended December 31, 2024 and 2023, respectively.
         
     
    CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)
                                   
        December 31,     September 30,     June 30,     March 31,     December 31,  
    (Amounts in thousands, except per share data)   2024     2024     2024     2024     2023  
    Assets                                        
    Cash and cash equivalents   $ 377,454     $ 315,338     $ 329,877     $ 248,905     $ 116,420  
    Debt securities available for sale, at fair value     169,849       166,669       129,686       166,247       280,961  
    Loans held for investment, net of unearned income     2,416,089       2,444,113       2,473,268       2,519,833       2,572,298  
    Allowance for credit losses     (34,825 )     (35,118 )     (34,885 )     (35,461 )     (36,189 )
    Loans held for investment, net     2,381,264       2,408,995       2,438,383       2,484,372       2,536,109  
    Premises and equipment, net     48,735       49,654       50,528       51,333       50,680  
    Other real estate owned     521       346       100       374       192  
    Interest receivable     9,207       9,883       9,984       10,719       10,881  
    Goodwill     143,946       143,946       143,946       143,946       143,946  
    Other intangible assets     13,014       13,550       14,085       14,615       15,145  
    Other assets     117,226       115,980       116,230       115,470       114,211  
    Total assets   $ 3,261,216     $ 3,224,361     $ 3,232,819     $ 3,235,981     $ 3,268,545  
                                             
    Liabilities                                        
    Deposits                                        
    Noninterest-bearing   $ 883,499     $ 869,723     $ 889,462     $ 902,396     $ 931,920  
    Interest-bearing     1,807,748       1,789,530       1,787,810       1,779,819       1,790,405  
    Total deposits     2,691,247       2,659,253       2,677,272       2,682,215       2,722,325  
    Securities sold under agreements to repurchase     906       954       894       1,006       1,119  
    Interest, taxes, and other liabilities     42,671       43,460       45,769       45,816       41,807  
    Total liabilities     2,734,824       2,703,667       2,723,935       2,729,037       2,765,251  
                                             
    Stockholders’ equity                                        
    Common stock     18,322       18,291       18,270       18,413       18,502  
    Additional paid-in capital     169,752       168,691       168,272       173,041       175,841  
    Retained earnings     349,489       342,121       334,756       327,389       319,902  
    Accumulated other comprehensive loss     (11,171 )     (8,409 )     (12,414 )     (11,899 )     (10,951 )
    Total stockholders’ equity     526,392       520,694       508,884       506,944       503,294  
    Total liabilities and stockholders’ equity   $ 3,261,216     $ 3,224,361     $ 3,232,819     $ 3,235,981     $ 3,268,545  
                                             
    Shares outstanding at period-end     18,321,795       18,290,938       18,270,273       18,413,088       18,502,396  
    Book value per common share   $ 28.73     $ 28.47     $ 27.85     $ 27.53     $ 27.20  
    Tangible book value per common share(1)     20.16       19.86       19.20       18.92       18.60  

    _____________

    (1 )   A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangible assets, divided by shares outstanding.
         
     
    SELECTED CREDIT QUALITY INFORMATION (Unaudited)
                                   
        December 31,     September 30,     June 30,     March 31,     December 31,  
    (Amounts in thousands)   2024     2024     2024     2024     2023  
    Allowance for Credit Losses                                        
    Balance at beginning of period:                                        
    Allowance for credit losses – loans   $ 35,118     $ 34,885     $ 35,461     $ 36,189     $ 36,031  
    Allowance for credit losses – loan commitments     441       441       746       746       758  
    Total allowance for credit losses beginning of period     35,559       35,326       36,207       36,935       36,789  
    Provision for credit losses:                                        
    Provision for credit losses – loans     1,182       1,360       449       1,011       1,041  
    (Recovery of) provision for credit losses – loan commitments     (100 )           (305 )           (12 )
    Total provision for credit losses – loans and loan commitments     1,082       1,360       144       1,011       1,029  
    Charge-offs     (2,005 )     (1,799 )     (1,599 )     (2,448 )     (2,105 )
    Recoveries     530       672       574       709       1,222  
    Net (charge-offs) recoveries     (1,475 )     (1,127 )     (1,025 )     (1,739 )     (883 )
    Balance at end of period:                                        
    Allowance for credit losses – loans     34,825       35,118       34,885       35,461       36,189  
    Allowance for credit losses – loan commitments     341       441       441       746       746  
    Ending balance   $ 35,166     $ 35,559     $ 35,326     $ 36,207     $ 36,935  
                                             
    Nonperforming Assets                                        
    Nonaccrual loans   $ 19,869     $ 19,754     $ 19,815     $ 19,617     $ 19,356  
    Accruing loans past due 90 days or more     149       176       19       30       104  
    Modified loans past due 90 days or more     135                          
    Total nonperforming loans     20,153       19,930       19,834       19,647       19,460  
    OREO     521       346       100       374       192  
    Total nonperforming assets   $ 20,674     $ 20,276     $ 19,934     $ 20,021     $ 19,652  
                                             
                                             
    Additional Information                                        
    Total modified loans   $ 2,260     $ 2,320     $ 2,290     $ 2,177     $ 1,873  
                                             
    Asset Quality Ratios                                        
    Nonperforming loans to total loans     0.83 %     0.82 %     0.80 %     0.78 %     0.76 %
    Nonperforming assets to total assets     0.63 %     0.63 %     0.62 %     0.62 %     0.60 %
    Allowance for credit losses to nonperforming loans     172.80 %     176.21 %     175.88 %     180.49 %     185.97 %
    Allowance for credit losses to total loans     1.44 %     1.44 %     1.41 %     1.41 %     1.41 %
    Annualized net charge-offs (recoveries) to average loans     0.24 %     0.18 %     0.16 %     0.27 %     0.14 %
                                             

    FOR MORE INFORMATION, CONTACT:
    David D. Brown
    (276) 326-9000

    The MIL Network

  • MIL-OSI: Qorvo® Announces Fiscal 2025 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 third quarter ended December 28, 2024.

    On a GAAP basis, revenue for Qorvo’s fiscal 2025 third quarter was $916.3 million, gross margin was 42.7%, operating income was $53.0 million, and diluted earnings per share was $0.43. On a non-GAAP basis, gross margin was 46.5%, operating income was $177.9 million, and diluted earnings per share was $1.61.

    Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo is executing on a broad set of strategic initiatives to expand margin, generate strong free cash flow, and increase shareholder value. During the December quarter, we continued to successfully support our largest customer, who represented approximately 50% of sales. Within our Android 5G product portfolio, we are narrowing our focus to the higher-value flagship and premium tiers, where customers value Qorvo’s differentiated products. In HPA, we had record Defense & Aerospace quarterly revenue and expect continued strength in the March quarter. As we continue to execute on our growth and diversification strategy, we expect HPA and CSG to deliver double-digit growth in fiscal 2025 and next fiscal year.”

    Financial Commentary and Outlook

    Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the midpoint of our December quarter non-GAAP guidance in revenue, gross margin, and EPS. During the quarter, we took proactive steps to change how we support our Android business. These actions will reduce operating expense and are expected to benefit gross margin in our fiscal 2026. Subsequent to the quarter, we divested our silicon carbide business. These actions, in aggregate, are expected to support a high-40%’s gross margin in seasonally strong quarters of fiscal 2026 and additional gross margin improvement in fiscal 2027.”

    Qorvo’s current outlook for the March 2025 quarter is:

    • Quarterly revenue of approximately $850 million, plus or minus $25 million1
    • Non-GAAP gross margin between 43% and 44%
    • Non-GAAP diluted earnings per share between $0.90 and $1.10

    1 Includes immaterial silicon carbide revenue, versus silicon carbide revenue of approximately $9 million in the December 2024 quarter

    See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

    Selected Financial Information

    The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

    SELECTED GAAP RESULTS
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 916.3     $ 1,046.5     $ 1,073.9     $ (130.2 )   $ (157.6 )
    Gross profit $ 391.4     $ 445.3     $ 387.9     $ (53.9 )   $ 3.5  
    Gross margin   42.7 %     42.6 %     36.1 %   0.1 ppt   6.6 ppt
    Operating expenses $ 338.4     $ 435.6     $ 429.4     $ (97.2 )   $ (91.0 )
    Operating income (loss) $ 53.0     $ 9.7     $ (41.6 )   $ 43.3     $ 94.6  
    Net income (loss) $ 41.3     $ (17.4 )   $ (126.9 )   $ 58.7     $ 168.2  
    Weighted-average diluted shares   95.0       94.9       97.2       0.1       (2.2 )
    Diluted EPS (loss per share) $ 0.43     $ (0.18 )   $ (1.31 )   $ 0.61     $ 1.74  
                           
                           
    SELECTED NON-GAAP RESULTS(1)
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 916.3     $ 1,046.5     $ 1,073.9     $ (130.2 )   $ (157.6 )
    Gross profit $ 426.3     $ 492.0     $ 470.5     $ (65.7 )   $ (44.2 )
    Gross margin   46.5 %     47.0 %     43.8 %   (0.5) ppt   2.7 ppt
    Operating expenses $ 248.4     $ 279.8     $ 234.0     $ (31.4 )   $ 14.4  
    Operating income $ 177.9     $ 212.2     $ 236.5     $ (34.3 )   $ (58.6 )
    Net income $ 152.8     $ 179.8     $ 205.9     $ (27.0 )   $ (53.1 )
    Weighted-average diluted shares   95.0       95.8       97.8       (0.8 )     (2.8 )
    Diluted EPS $ 1.61     $ 1.88     $ 2.10     $ (0.27 )   $ (0.49 )

    (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.

    SELECTED GAAP RESULTS BY OPERATING SEGMENT
    (In millions, except percentages)
    (Unaudited)
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue                  
    HPA $ 171.7     $ 148.3     $ 118.9     15.8 %   44.4 %
    CSG   109.5       146.8       108.9     (25.4 )%   0.6 %
    ACG   635.1       751.4       846.1     (15.5 )%   (24.9 )%
    Total revenue $ 916.3     $ 1,046.5     $ 1,073.9     (12.4 )%   (14.7 )%
    Operating income (loss)                  
    HPA $ 32.6     $ 13.1     $ 1.6     148.9 %   1,937.5 %
    CSG   (11.7 )     (9.0 )     (25.6 )   (30.0 )%   54.3 %
    ACG   161.2       215.1       263.8     (25.1 )%   (38.9 )%
    All other(1)   (129.1 )     (209.5 )     (281.4 )   38.4 %   54.1 %
    Total operating income (loss) $ 53.0     $ 9.7     $ (41.6 )   446.4 %   227.4 %
    Operating income (loss) as a % of revenue                      
    HPA   19.0 %     8.8 %     1.3 %   10.2 ppt   17.7 ppt
    CSG   (10.7 )     (6.1 )     (23.5 )   (4.6) ppt   12.8 ppt
    ACG   25.4       28.6       31.2     (3.2) ppt   (5.8) ppt
    Total operating income (loss) as a % of revenue   5.8 %     0.9 %   (3.9 )%   4.9 ppt   9.7 ppt

    (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company’s core business systems and other miscellaneous corporate overhead expenses.

    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

    In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

    We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

    Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

    We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

    We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

    Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. Included in the net adjustments to our cost of goods sold for the third quarter of fiscal 2024 is a contract termination fee which we paid during the fourth quarter of fiscal 2024. We believe these net adjustments are not reflective of the performance of our ongoing business.

    Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

    EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

    Non-GAAP ROIC. Return on invested capital (ROIC) is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

    Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

    Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

    Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

    Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

    Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 8143934. The playback will be available through the close of business February 4, 2025.

    About Qorvo

    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    # # #

    Financial Tables to Follow

    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      December 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    Revenue $ 916,317     $ 1,073,861     $ 2,849,497     $ 2,828,518  
                   
    Costs and expenses:              
    Cost of goods sold   524,901       685,983       1,680,471       1,721,880  
    Research and development   179,126       164,329       567,778       502,366  
    Selling, general and administrative   90,360       86,914       313,043       296,033  
    Other operating expense   68,905       178,204       220,899       246,516  
    Total costs and expenses   863,292       1,115,430       2,782,191       2,766,795  
                   
    Operating income (loss)   53,025       (41,569 )     67,306       61,723  
    Interest expense   (18,655 )     (17,581 )     (58,343 )     (51,963 )
    Other income, net   14,526       15,359       41,713       34,286  
                   
    Income (loss) before income taxes   48,896       (43,791 )     50,676       44,046  
    Income tax expense   (7,625 )     (83,147 )     (26,426 )     (117,103 )
    Net income (loss) $ 41,271     $ (126,938 )   $ 24,250     $ (73,057 )
                   
    Net income (loss) per share:              
    Basic $ 0.44     $ (1.31 )   $ 0.26     $ (0.75 )
    Diluted $ 0.43     $ (1.31 )   $ 0.25     $ (0.75 )
                   
    Weighted-average shares of common stock outstanding:              
    Basic   94,341       97,152       94,942       97,905  
    Diluted   95,031       97,152       95,808       97,905  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
               
    GAAP operating income (loss) $ 53,025     $ 9,675     $ (41,569 )
    Stock-based compensation expense   28,384       38,181       21,755  
    Amortization of intangible assets   26,085       29,482       29,787  
    Restructuring-related charges   68,072       34,396       6,075  
    Acquisition and integration-related costs   1,382       1,211       2,529  
    Goodwill impairment         96,458       173,414  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 )     885       51,864  
    Other expense (income)   2,216       1,926       (7,333 )
    Non-GAAP operating income $ 177,911     $ 212,214     $ 236,522  
               
    GAAP net income (loss) $ 41,271     $ (17,435 )   $ (126,938 )
    Stock-based compensation expense   28,384       38,181       21,755  
    Amortization of intangible assets   26,085       29,482       29,787  
    Restructuring-related charges   68,072       34,396       6,075  
    Acquisition and integration-related costs   1,382       1,211       2,529  
    Goodwill impairment         96,458       173,414  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 )     885       51,864  
    Other expense (income)   600       (506 )     (12,252 )
    (Gain) loss on investments   (1,721 )     780       464  
    Adjustment of income taxes   (10,067 )     (3,611 )     59,161  
    Non-GAAP net income $ 152,753     $ 179,841     $ 205,859  
               
    GAAP weighted-average outstanding diluted shares   95,031       94,886       97,152  
    Dilutive stock-based awards         867       666  
    Non-GAAP weighted-average outstanding diluted shares   95,031       95,753       97,818  
               
    Non-GAAP net income per share, diluted $ 1.61     $ 1.88     $ 2.10  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
     
      Three Months Ended
    (in thousands, except percentages) December 28, 2024   September 28, 2024   December 30, 2023
    GAAP gross profit/margin $ 391,416   42.7 %   $ 445,306   42.6 %   $ 387,878   36.1 %
    Stock-based compensation expense   5,742   0.6       6,047   0.6       5,575   0.5  
    Amortization of intangible assets   23,462   2.6       25,523   2.4       25,457   2.4  
    Restructuring-related charges   6,931   0.7       15,414   1.4       (250 )  
    Acquisition and integration-related costs   1         636   0.1       1    
    Net adjustments related to a terminated capacity reservation agreement   (1,253 ) (0.1 )     (885 ) (0.1 )     51,864   4.8  
    Non-GAAP gross profit/margin $ 426,299   46.5 %   $ 492,041   47.0 %   $ 470,525   43.8 %
     
      Three Months Ended
    Non-GAAP Operating Income December 28, 2024
    (as a percentage of revenue)  
       
    GAAP operating income 5.8 %
    Stock-based compensation expense 3.1  
    Amortization of intangible assets 2.8  
    Restructuring-related charges 7.4  
    Acquisition and integration-related costs 0.2  
    Net adjustments related to a terminated capacity reservation agreement (0.1 )
    Other expense 0.2  
    Non-GAAP operating income 19.4 %
      Three Months Ended
    Free Cash Flow(1) December 28, 2024
    (in millions)  
       
    Net cash provided by operating activities $ 214.1  
    Purchases of property and equipment   (37.8 )
    Free cash flow $ 176.3  

    (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.

    QORVO, INC. AND SUBSIDIARIES
    ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP research and development expense $ 179,126   $ 201,050   $ 164,329  
    Less:          
    Stock-based compensation expense   13,650     13,468     11,830  
    Acquisition and integration-related costs   1     2     2  
    Non-GAAP research and development expense $ 165,475   $ 187,580   $ 152,497  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP selling, general and administrative expense $ 90,360   $ 107,760   $ 86,914  
    Less:          
    Stock-based compensation expense   8,985     18,488     4,336  
    Amortization of intangible assets   2,623     3,959     4,330  
    Acquisition and integration-related costs       1      
    Non-GAAP selling, general and administrative expense $ 78,752   $ 85,312   $ 78,248  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP other operating expense $ 68,905   $ 126,821   $ 178,204  
    Less:          
    Stock-based compensation expense   7     178     14  
    Restructuring-related charges   61,141     18,982     6,325  
    Acquisition and integration-related costs   1,380     572     2,526  
    Goodwill impairment       96,458     173,414  
    Other expense (income)   2,216     3,696     (7,333 )
    Non-GAAP other operating expense $ 4,161   $ 6,935   $ 3,258  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP total operating expense $ 338,391   $ 435,631   $ 429,447  
    Less:          
    Stock-based compensation expense   22,642     32,134     16,180  
    Amortization of intangible assets   2,623     3,959     4,330  
    Restructuring-related charges   61,141     18,982     6,325  
    Acquisition and integration-related costs   1,381     575     2,528  
    Goodwill impairment       96,458     173,414  
    Other expense (income)   2,216     3,696     (7,333 )
    Non-GAAP total operating expense $ 248,388   $ 279,827   $ 234,003  
     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      December 28, 2024   March 30, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 769,432   $ 1,029,258
    Accounts receivable, net   427,863     412,960
    Inventories   656,216     710,555
    Other current assets   126,917     133,983
    Assets of disposal group held for sale   116,435     159,278
    Total current assets   2,096,863     2,446,034
           
    Property and equipment, net   820,874     870,982
    Goodwill   2,437,234     2,534,601
    Intangible assets, net   332,338     509,383
    Long-term investments   25,692     23,252
    Other non-current assets   250,095     170,383
    Total assets $ 5,963,096   $ 6,554,635
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued liabilities $ 551,676   $ 589,760
    Current portion of long-term debt       438,740
    Other current liabilities   227,110     113,215
    Liabilities of disposal group held for sale   29,075     88,372
    Total current liabilities   807,861     1,230,087
           
    Long-term debt   1,549,230     1,549,272
    Other long-term liabilities   225,572     218,904
    Total liabilities   2,582,663     2,998,263
           
    Stockholders’ equity   3,380,433     3,556,372
    Total liabilities and stockholders’ equity $ 5,963,096   $ 6,554,635
     

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1.336.678.7968

    The MIL Network

  • MIL-OSI: Waterstone Financial, Inc. Announces Results of Operations for the Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    WAUWATOSA, Wis., Jan. 28, 2025 (GLOBE NEWSWIRE) — Waterstone Financial, Inc. (NASDAQ: WSBF), holding company for WaterStone Bank, reported net income of $5.2 million, or $0.28 per diluted share, for the quarter ended December 31, 2024, compared to net loss of $40,000, or less than $0.01 per diluted share, for the quarter ended December 31, 2023. Net income per diluted share was $1.01 for the year ended December 31, 2024, compared to net income per diluted share of $0.46 for the year ended December 31, 2023.

    “We are pleased with the company’s performance compared to the prior year and looking to build off of the positives from 2024,” said William Bruss, Chief Executive Officer of Waterstone Financial, Inc. “We achieved loan growth, achieved core deposit growth (excluding brokered certificates of deposit), and continued to maintain strong asset quality metrics. The interest rate environment created challenges for both the Community Banking and Mortgage Banking segments even with the 100 bps cut in the Federal Funds rate during the second half of the year. The Mortgage Banking segment remained profitable due in large part to our continued focus on cost control as funding volumes are still facing headwinds from the higher fixed-rate mortgage rates. Waterstone Financial, Inc. remained active in share repurchases and continued to pay out dividends, as we are committed to shareholder returns.” 

    Highlights of the Quarter Ended December 31, 2024

    Waterstone Financial, Inc. (Consolidated)

    • Consolidated net income of Waterstone Financial, Inc. totaled $5.2 million for the quarter ended December 31, 2024, compared to a net loss of $40,000 for the quarter ended December 31, 2023.
    • Consolidated return on average assets was 0.94% for the quarter ended December 31, 2024, compared to (0.01)% for the quarter ended December 31, 2023.
    • Consolidated return on average equity was 6.05% for the quarter ended December 31, 2024, and (0.05)% for the quarter ended December 31, 2023.
    • Dividends declared during the quarter ended December 31, 2024, totaled $0.15 per common share.
    • During the quarter ended December 31, 2024, we repurchased approximately 194,000 shares at a cost (including the federal excise tax) of $2.8 million, or $14.43 per share.
    • Nonperforming assets as a percentage of total assets was 0.28% at December 31, 2024, 0.25% at September 30, 2024, and 0.23% at December 31, 2023.
    • Past due loans as a percentage of total loans was 0.95% at December 31, 2024, 0.63% at September 30, 2024, and 0.68% at December 31, 2023. 
    • Book value per share was $17.53 at December 31, 2024, and $16.94 at December 31, 2023. 

    Community Banking Segment

    • Pre-tax income totaled $6.7 million for the quarter ended December 31, 2024, which represents a $1.4 million, or 26.0%, increase compared to $5.3 million for the quarter ended December 31, 2023.
    • Net interest income totaled $12.9 million for the quarter ended December 31, 2024, which represents a $830,000, or 6.9%, increase compared to $12.1 million for the quarter ended December 31, 2023.
    • Average loans held for investment totaled $1.68 billion during the quarter ended December 31, 2024, which represents an increase of $21.5 million, or 1.3%, compared to $1.66 billion for the quarter ended December 31, 2023. The increase was primarily due to increases in the construction, commercial real estate, and multi-family mortgages. Average loans held for investment decreased $6.3 million compared to $1.69 billion for the quarter ended September 30, 2024. The decrease was primarily due to decreases in construction and one- to four-family mortgages.
    • Net interest margin increased 17 basis points to 2.42% for the quarter ended December 31, 2024 compared to 2.25% for the quarter ended December 31, 2023, which was primarily driven by an increase in weighted average yield on loans receivable and held for sale offset by a result of an increase in weighted average cost of deposits and borrowings as the federal funds rate increases resulted in increased funding rates. Net interest margin increased 29 basis points compared to 2.13% for the quarter ended September 30, 2024, primarily driven by an increase in weighted average yield on loans receivable and held for sale and a decrease in weighted average cost of borrowings. 
    • Past due loans at the community banking segment totaled $12.8 million at December 31, 2024, $8.0 million at September 30, 2024, and $7.9 million at December 31, 2023.
    • The segment had a provision for credit losses related to funded loans of $61,000 for the quarter ended December 31, 2024, compared to a negative provision for credit losses related to funded loans of $17,000 for the quarter ended December 31, 2023. The current quarter increase was primarily due to an increase in the qualitative factors primarily related to increases in economic risks related to commercial real estate loans during the quarter offset by a decrease in historical loss rates. The provision for credit losses related to unfunded loan commitments was $270,000 for the quarter ended December 31, 2024, compared to a negative provision for credit losses related to unfunded loan commitments of $533,000 for the quarter ended December 31, 2023. The provision for credit losses related to unfunded loan commitments for the quarter ended December 31, 2024, was due primarily to an increase of construction loans that are currently waiting to be funded compared to the prior quarter end.
    • The efficiency ratio, a non-GAAP ratio, was 51.54% for the quarter ended December 31, 2024, compared to 63.26% for the quarter ended December 31, 2023.
    • Average core deposits (excluding brokered and escrow accounts) totaled $1.27 billion during the quarter ended December 31, 2024, an increase of $65.8 million, or 5.4%, compared to $1.21 billion during the quarter ended December 31, 2023. Average deposits increased $28.8 million, or 9.2% annualized, compared to $1.25 billion for the quarter ended September 30, 2024. The increases were primarily due to an increase in certificates of deposit balances. The segment had $94.3 million in brokered certificate of deposits at December 31, 2024.

    Mortgage Banking Segment

    • Pre-tax loss totaled $625,000 for the quarter ended December 31, 2024, compared to a $6.0 million of pre-tax loss for the quarter ended December 31, 2023.
    • Loan originations increased $12.3 million, or 2.7%, to $470.7 million during the quarter ended December 31, 2024, compared to $458.4 million during the quarter ended December 31, 2023. Origination volume relative to purchase activity accounted for 82.1% of originations for the quarter ended December 31, 2024, compared to 95.7% of total originations for the quarter ended December 31, 2023.
    • Mortgage banking non-interest income increased $1.4 million, or 8.9%, to $17.5 million for the quarter ended December 31, 2024, compared to $16.0 million for the quarter ended December 31, 2023.
    • Gross margin on loans sold totaled 3.74% for the quarter ended December 31, 2024, compared to 3.51% for the quarter ended December 31, 2023.
    • Total compensation, payroll taxes and other employee benefits decreased $1.1 million, or 7.4%, to $13.8 million during the quarter ended December 31, 2024, compared to $14.9 million during the quarter ended December 31, 2023. The decrease primarily related to decreased salary expense, health insurance expense, and sign-on incentives driven by reduced employee headcount and fewer new branches added over the past year.

    About Waterstone Financial, Inc.

    Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank. WaterStone Bank was established in 1921 and offers a full suite of personal and business banking products. The Bank has branches in Wauwatosa/State St, Brookfield, Fox Point/North Shore, Franklin/Hales Corners, Germantown/Menomonee Falls, Greenfield/Loomis Rd, Milwaukee/Oklahoma Ave, Oak Creek/27th St, Oak Creek/Howell Ave, Oconomowoc/Lake Country, Pewaukee, Waukesha, West Allis/Greenfield Ave, and West Allis/National Ave, Wisconsin. WaterStone Bank is the parent company to Waterstone Mortgage, which has the ability to lend in 48 states. For more information about WaterStone Bank, go to http://www.wsbonline.com.

    Forward-Looking Statements

    This press release contains statements or information that may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding expected financial and operating activities and results that are preceded by, followed by, or that include words such as “may,” “expects,” “anticipates,” “estimates” or “believes.” Any such statements are based upon current expectations that involve a number of risks and uncertainties and are subject to important factors that could cause actual results to differ materially from those anticipated by the forward-looking statements. Factors that might cause such a difference include changes in interest rates; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; changes in tax laws; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies; and other factors, including risk factors referenced in Item 1A. Risk Factors in Waterstone’s most recent Annual Report on Form 10-K and as may be described from time to time in Waterstone’s subsequent SEC filings, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect only Waterstone’s belief as of the date of this press release.

    Non-GAAP Financial Measures 

    Management uses non-GAAP financial information in its analysis of the Company’s performance. Management believes that this non-GAAP measure provides a greater understanding of ongoing operations and enhance comparability of results of operations with prior periods. The Company’s management believes that investors may use this non-GAAP measure to analyze the Company’s financial performance without the impact of unusual items or events that may obscure trends in the Company’s underlying performance. This non-GAAP data should be considered in addition to results prepared in accordance with GAAP, and is not a substitute for, or superior to, GAAP results. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in this measure and that different companies might calculate this measure differently.

    Contact: Mark R. Gerke
    Chief Financial Officer
    414-459-4012
    markgerke@wsbonline.com

    WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
        For The Three Months Ended
    December 31,
        For The Twelve Months Ended
    December 31,
     
        2024     2023     2024     2023  
        (In Thousands, except per share amounts)  
    Interest income:                                
    Loans   $ 26,391     $ 24,288     $ 103,066     $ 90,148  
    Mortgage-related securities     1,136       1,081       4,496       4,053  
    Debt securities, federal funds sold and short-term investments     1,525       1,325       5,606       5,007  
    Total interest income     29,052       26,694       113,168       99,208  
    Interest expense:                                
    Deposits     11,410       8,253       40,573       25,738  
    Borrowings     4,807       6,685       26,427       23,255  
    Total interest expense     16,217       14,938       67,000       48,993  
    Net interest income     12,835       11,756       46,168       50,215  
    Provision (credit) for credit losses     367       (435 )     (168 )     656  
    Net interest income after provision (credit) for loan losses     12,468       12,191       46,336       49,559  
    Noninterest income:                                
    Service charges on loans and deposits     626       328       2,060       1,819  
    Increase in cash surrender value of life insurance     407       337       1,969       1,710  
    Mortgage banking income     17,365       15,830       83,565       75,686  
    Other     607       381       1,708       1,970  
    Total noninterest income     19,005       16,876       89,302       81,185  
    Noninterest expenses:                                
    Compensation, payroll taxes, and other employee benefits     18,423       20,061       81,078       84,096  
    Occupancy, office furniture, and equipment     1,579       2,021       7,573       8,323  
    Advertising     727       1,030       3,554       3,779  
    Data processing     1,233       1,212       4,978       4,653  
    Communications     224       269       922       988  
    Professional fees     1,114       907       3,184       2,686  
    Real estate owned     12       1       26       4  
    Loan processing expense     486       756       3,090       3,428  
    Other     1,469       3,405       7,231       11,755  
    Total noninterest expenses     25,267       29,662       111,636       119,712  
    Income (loss) before income taxes (benefit)     6,206       (595 )     24,002       11,032  
    Income tax expense (benefit)     996       (555 )     5,314       1,657  
    Net income (loss)   $ 5,210     $ (40 )   $ 18,688     $ 9,375  
    Income (loss) per share:                                
    Basic   $ 0.28     $ (0.00 )   $ 1.01     $ 0.47  
    Diluted   $ 0.28     $ (0.00 )   $ 1.01     $ 0.46  
    Weighted average shares outstanding:                                
    Basic     18,335       19,380       18,556       20,158  
    Diluted     18,396       19,398       18,589       20,196  
     
    WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
        December 31,     December 31,  
        2024     2023  
        (Unaudited)          
    Assets   (In Thousands, except per share amounts)  
    Cash   $ 35,182     $ 30,667  
    Federal funds sold     4,302       5,493  
    Interest-earning deposits in other financial institutions and other short term investments     277       261  
    Cash and cash equivalents     39,761       36,421  
    Securities available for sale (at fair value)     208,549       204,907  
    Loans held for sale (at fair value)     135,909       164,993  
    Loans receivable     1,680,576       1,664,215  
    Less: Allowance for credit losses (“ACL”) – loans     18,247       18,549  
    Loans receivable, net     1,662,329       1,645,666  
                     
    Office properties and equipment, net     19,389       19,995  
    Federal Home Loan Bank stock (at cost)     20,295       20,880  
    Cash surrender value of life insurance     74,612       67,859  
    Real estate owned, net     505       254  
    Prepaid expenses and other assets     48,259       52,414  
    Total assets   $ 2,209,608     $ 2,213,389  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities:                
    Demand deposits   $ 171,115     $ 187,107  
    Money market and savings deposits     283,243       273,233  
    Time deposits     905,539       730,284  
    Total deposits     1,359,897       1,190,624  
                     
    Borrowings     446,519       611,054  
    Advance payments by borrowers for taxes     5,630       6,607  
    Other liabilities     58,427       61,048  
    Total liabilities     1,870,473       1,869,333  
                     
    Shareholders’ equity:                
    Preferred stock            
    Common stock     193       203  
    Additional paid-in capital     91,214       103,908  
    Retained earnings     277,196       269,606  
    Unearned ESOP shares     (10,682 )     (11,869 )
    Accumulated other comprehensive loss, net of taxes     (18,786 )     (17,792 )
    Total shareholders’ equity     339,135       344,056  
    Total liabilities and shareholders’ equity   $ 2,209,608     $ 2,213,389  
                     
    Share Information                
    Shares outstanding     19,343       20,315  
    Book value per share   $ 17.53     $ 16.94  
     
    WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
    SUMMARY OF KEY QUARTERLY FINANCIAL DATA
    (Unaudited)
     
        At or For the Three Months Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,  
        2024     2024     2024     2024     2023  
        (Dollars in Thousands, except per share amounts)  
    Condensed Results of Operations:                                        
    Net interest income   $ 12,835     $ 11,517     $ 10,679     $ 11,137     $ 11,756  
    Provision (credit) for credit losses     367       (377 )     (225 )     67       (435 )
    Total noninterest income     19,005       22,552       26,497       21,248       16,876  
    Total noninterest expense     25,267       28,560       30,259       27,550       29,662  
    Income (loss) before income taxes (benefit)     6,206       5,886       7,142       4,768       (595 )
    Income tax expense (benefit)     996       1,158       1,430       1,730       (555 )
    Net income (loss)   $ 5,210     $ 4,728     $ 5,712     $ 3,038     $ (40 )
    Income (loss) per share – basic   $ 0.28     $ 0.26     $ 0.31     $ 0.16     $ (0.00 )
    Income (loss) per share – diluted   $ 0.28     $ 0.26     $ 0.31     $ 0.16     $ (0.00 )
    Dividends declared per common share   $ 0.15     $ 0.15     $ 0.15     $ 0.15     $ 0.15  
                                             
    Performance Ratios (annualized):                                        
    Return on average assets – QTD     0.94 %     0.83 %     1.02 %     0.56 %     -0.01 %
    Return on average equity – QTD     6.05 %     5.55 %     6.84 %     3.56 %     -0.05 %
    Net interest margin – QTD     2.42 %     2.13 %     2.01 %     2.15 %     2.25 %
                                             
    Return on average assets – YTD     0.84 %     0.81 %     0.79 %     0.56 %     0.44 %
    Return on average equity – YTD     5.48 %     5.30 %     5.17 %     3.56 %     2.62 %
    Net interest margin – YTD     2.17 %     2.09 %     2.08 %     2.15 %     2.46 %
                                             
    Asset Quality Ratios:                                        
    Past due loans to total loans     0.95 %     0.63 %     0.76 %     0.64 %     0.68 %
    Nonaccrual loans to total loans     0.34 %     0.32 %     0.33 %     0.29 %     0.29 %
    Nonperforming assets to total assets     0.28 %     0.25 %     0.25 %     0.23 %     0.23 %
    Allowance for credit losses – loans to loans receivable     1.09 %     1.07 %     1.10 %     1.10 %     1.11 %
     
    WATERSTONE FINANCIAL, INC. AND SUBSIDIARIES
    SUMMARY OF QUARTERLY AVERAGE BALANCES AND YIELD/COSTS
    (Unaudited)
     
        At or For the Three Months Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,  
        2024     2024     2024     2024     2023  
    Average balances   (Dollars in Thousands)  
    Interest-earning assets                                        
    Loans receivable and held for sale   $ 1,819,574     $ 1,870,627     $ 1,859,608     $ 1,805,102     $ 1,797,988  
    Mortgage related securities     168,521       170,221       171,895       172,077       172,863  
    Debt securities, federal funds sold and short term investments     124,658       115,270       107,992       110,431       106,504  
    Total interest-earning assets     2,112,753       2,156,118       2,139,495       2,087,610       2,077,355  
    Noninterest-earning assets     100,627       104,600       104,019       103,815       105,073  
    Total assets   $ 2,213,380     $ 2,260,718     $ 2,243,514     $ 2,191,425     $ 2,182,428  
                                             
    Interest-bearing liabilities                                        
    Demand accounts   $ 92,247     $ 89,334     $ 91,300     $ 87,393     $ 91,868  
    Money market, savings, and escrow accounts     306,478       304,116       293,483       281,171       302,121  
    Certificates of deposit – retail     810,340       786,228       758,252       739,543       735,418  
    Certificates of deposit – brokered     59,254                          
    Total interest-bearing deposits     1,268,319       1,179,678       1,143,035       1,108,107       1,129,407  
    Borrowings     464,964       600,570       622,771       602,724       549,210  
    Total interest-bearing liabilities     1,733,283       1,780,248       1,765,806       1,710,831       1,678,617  
    Noninterest-bearing demand deposits     87,889       91,532       93,637       92,129       102,261  
    Noninterest-bearing liabilities     49,645       49,787       48,315       45,484       56,859  
    Total liabilities     1,870,817       1,921,567       1,907,758       1,848,444       1,837,737  
    Equity     342,563       339,151       335,756       342,981       344,691  
    Total liabilities and equity   $ 2,213,380     $ 2,260,718     $ 2,243,514     $ 2,191,425     $ 2,182,428  
                                             
    Average Yield/Costs (annualized)                                        
    Loans receivable and held for sale     5.75 %     5.65 %     5.54 %     5.46 %     5.36 %
    Mortgage related securities     2.67 %     2.66 %     2.63 %     2.57 %     2.48 %
    Debt securities, federal funds sold and short term investments     4.85 %     5.05 %     4.82 %     4.82 %     4.94 %
    Total interest-earning assets     5.46 %     5.39 %     5.27 %     5.18 %     5.10 %
                                             
    Demand accounts     0.11 %     0.11 %     0.11 %     0.11 %     0.11 %
    Money market and savings accounts     2.00 %     1.94 %     1.89 %     1.79 %     1.64 %
    Certificates of deposit – retail     4.53 %     4.54 %     4.41 %     4.19 %     3.76 %
    Certificates of deposit – brokered     4.18 %     0.00 %     0.00 %     0.00 %     0.00 %
    Total interest-bearing deposits     3.58 %     3.53 %     3.42 %     3.26 %     2.90 %
    Borrowings     4.11 %     4.77 %     4.92 %     4.54 %     4.83 %
    Total interest-bearing liabilities     3.72 %     3.95 %     3.95 %     3.71 %     3.53 %
     
    COMMUNITY BANKING SEGMENT
    SUMMARY OF KEY QUARTERLY FINANCIAL DATA
    (Unaudited)
     
        At or For the Three Months Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,  
        2024     2024     2024     2024     2023  
        (Dollars in Thousands)  
    Condensed Results of Operations:                                        
    Net interest income   $ 12,886     $ 12,250     $ 11,234     $ 11,598     $ 12,056  
    Provision (credit) for credit losses     331       (302 )     (279 )     105       (550 )
    Total noninterest income     1,595       1,227       1,491       990       894  
    Noninterest expenses:                                        
    Compensation, payroll taxes, and other employee benefits     4,883       5,326       5,116       5,360       5,397  
    Occupancy, office furniture and equipment     825       904       983       1,000       916  
    Advertising     204       311       229       174       363  
    Data processing     691       720       687       693       626  
    Communications     89       80       72       65       75  
    Professional fees     196       190       177       208       186  
    Real estate owned     12             1       13       1  
    Loan processing expense                              
    Other     563       602       672       691       628  
    Total noninterest expense     7,463       8,133       7,937       8,204       8,192  
    Income before income taxes     6,687       5,646       5,067       4,279       5,308  
    Income tax expense     1,399       941       718       1,639       1,234  
    Net income   $ 5,288     $ 4,705     $ 4,349     $ 2,640     $ 4,074  
                                             
    Efficiency ratio – QTD (non-GAAP)     51.54 %     60.35 %     62.37 %     65.17 %     63.26 %
    Efficiency ratio – YTD (non-GAAP)     59.58 %     62.58 %     63.77 %     65.17 %     56.86 %
     
    MORTGAGE BANKING SEGMENT
    SUMMARY OF KEY QUARTERLY FINANCIAL DATA
    (Unaudited)
     
        At or For the Three Months Ended  
        December 31,     September 30,     June 30,     March 31,     December 31,  
        2024     2024     2024     2024     2023  
        (Dollars in Thousands)  
    Condensed Results of Operations:                                        
    Net interest loss   $ (92 )   $ (760 )   $ (552 )   $ (541 )   $ (367 )
    Provision (credit) for credit losses     36       (75 )     54       (38 )     115  
    Total noninterest income     17,455       21,386       25,081       20,328       16,028  
    Noninterest expenses:                                        
    Compensation, payroll taxes, and other employee benefits     13,781       15,930       16,886       14,756       14,881  
    Occupancy, office furniture and equipment     754       953       1,046       1,108       1,105  
    Advertising     523       615       758       740       667  
    Data processing     542       570       549       508       583  
    Communications     135       152       168       161       194  
    Professional fees     917       379       569       520       704  
    Real estate owned                              
    Loan processing expense     486       697       861       1,046       756  
    Other     814       1,261       1,641       617       2,701  
    Total noninterest expense     17,952       20,557       22,478       19,456       21,591  
    (Loss) income before income taxes (benefit) expense     (625 )     144       1,997       369       (6,045 )
    Income tax (benefit) expense     (428 )     194       684       71       (1,827 )
    Net (loss) income   $ (197 )   $ (50 )   $ 1,313     $ 298     $ (4,218 )
                                             
    Efficiency ratio – QTD (non-GAAP)     103.39 %     99.67 %     91.64 %     98.33 %     137.86 %
    Efficiency ratio – YTD (non-GAAP)     97.74 %     96.23 %     94.62 %     98.33 %     116.99 %
                                             
    Loan originations   $ 470,650     $ 558,729     $ 634,109     $ 485,109     $ 458,363  
    Purchase     82.1 %     88.9 %     92.7 %     93.0 %     95.7 %
    Refinance     17.9 %     11.1 %     7.3 %     7.0 %     4.3 %
    Gross margin on loans sold(1)     3.74 %     3.83 %     3.93 %     4.10 %     3.51 %

    (1) Gross margin on loans sold equals mortgage banking income (excluding the change in interest rate lock value) divided by total loan originations

    The MIL Network

  • MIL-OSI USA: January 28th, 2025 Heinrich: Trump’s Blockade on Federal Funding Pummels New Mexicans and American Economy

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    Published: January 28th, 2025

    WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, is condemning President Trump’s unlawful direction to unilaterally blockade all federal grant funding.
    “Our economy, our healthcare system, our schools, our law enforcement and fire departments, our newborns, our elders, our veterans – everyone, everywhere in New Mexico. President Trump is attempting to shove all of this over a cliff,” said Heinrich. “In New Mexico alone, Trump’s blockade on federal funding will make it impossible for thousands to pay rent on February 1st, force tens of thousands of New Mexico students to drop out of college without Pell Grant funding, close hundreds of preschool programs across the state, deprive 7 out of 10 New Mexico children their daily lunch, and cut off federal Medicaid reimbursement – impacting 7 out of 10 nursing home residents, 55% of newborn births, and all health care providers in our state.”
    Heinrich continued, “Trump is clearly willing to pummel New Mexicans and the American economy for his twisted and deranged agenda and fragile ego. But the Constitution is clear: the president cannot override, delay, or rescind Congress’s funding laws. We passed these laws to help working families get ahead and put food on the table and create jobs New Mexicans can build their families around. I will fight like hell to undo this brazen, barbaric blockade from this wannabe dictator and his weird billionaire lackeys.”
    The Constitution explicitly gives Congress, not the president, the power of the purse. The president does not have the power to override spending laws that Congress has passed and the president has signed into law. Article I, Section 9, Clause 7 of the Constitution says: “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” Fact sheets from the Senate and House Appropriations Committees detailing how presidents lack power to unilaterally override congressional spending laws and deny enacted funding to communities can be found here and here.
    Examples of the impacts of this funding blockade:
    PUBLIC SAFETY: Grants for law enforcement and homeland security activities will cease to go out the door, undermining public safety in every state and territory.
    DISASTER RELIEF: Public assistance and hazard mitigation grants from the Disaster Relief Fund (DRF) to state, tribal, territorial, and local governments and non-profits to help communities quickly respond to, recover from, and prepare for major disasters will be halted—right as so many communities are struggling after severe natural disasters, including Roswell flooding and Ruidoso fires and severe storms and wildfires in Florida, Georgia, North Carolina, and California.
    INFRASTRUCTURE PROJECTS: All federally-funded transportation projects across the country—roads, bridges, public transit, and more—will be halted, including projects already under construction.
    COMBATTING THE FENTANYL CRISIS: Funding for communities to address the substance use disorder crisis and combat the fentanyl crisis will be cut off.
    988 SUICIDE AND CRISIS LIFELINE: Funding for the 988 Suicide and Crisis Lifeline, as well as grants for mental health services, will be cut off.
    MEDICAL RESEARCH: There will be immediate pauses on all funding for critical health research, including research on cancer, Alzheimer’s disease, and diabetes, as well as clinical trials at the NIH Clinical Center and all across the country—disrupting lifesaving and often time-sensitive research.
    EMERGENCY PREPAREDNESS: Critical preparedness and response capability funding used to prepare for disasters, public health emergencies, and chemical, biological, radiological, or nuclear events will be frozen.
    FIREFIGHTING: Grants to support firefighters across the country will be halted—this includes grants that help states and localities purchase essential firefighting equipment.
    HEAD START: Funding for Head Start programs that provide comprehensive early childhood education for more than 800,000 kids and their families will be cut off. Teachers and staff would not get paid and programs may not be able to stay open.
    CHILD CARE: Child care programs across the country will not be able to access the funding they rely on to keep their doors open.
    K-12 SCHOOLS: Federal funding for our K-12 schools will be halted. School districts may not be able to access key formula grant funding including Title I, IDEA, Impact Aid, and Career and Technical Education, which would pose tremendous financial burdens on schools in the middle of the school year.
    HIGHER EDUCATION AND JOB TRAINING: Millions of students relying on Pell grants, federal student loans, and federal work study will have their plans to pursue postsecondary education and further their careers thrown into chaos as federal financial aid disbursements are paused.
    HEALTH SERVICES: Federal funding for community health centers that provide health care for over 30 million Americans will be immediately frozen, creating chaos for patients trying get their prescriptions, a regular checkup, and more.
    SMALL BUSINESSES: The Small Business Administration will have to halt loans to small businesses—including those in disaster ravaged communities in North Carolina, Texas, and Florida.
    VETERANS CARE: Federal grants to help veterans in rural areas access health care and grants to help veterans get other critical services, including suicide prevention resources, transition assistance, and housing for homeless veterans, will be cut off.
    NUTRITION ASSISTANCE: Millions of American families and children who rely on nutrition assistance programs like SNAP, WIC, and school lunch programs will be left hungry as funding is cut off and non-profits who provide additional assistance lose federal funding.
    TRIBES: Funding to Tribes for basic government services like health care, public safety, law enforcement, Tribal schools, housing, and food assistance will be halted.
    PREVENTING VIOLENCE AGAINST WOMEN: All Violence Against Women Act (VAWA) grants, as well as funding for victims assistance and state and local police, will be cut off.
    U.S. COMPETITIVENESS: Existing grants to support research for AI and quantum computing will be halted and any new grant funding would be paused—undermining U.S. innovation and competitiveness with China and putting American jobs at risk.
    ENERGY JOBS: Grants for critical energy projects nationwide will be cut off—halting billions of dollars in investment nationwide and jeopardizing good-paying American jobs. The Department of Energy Loan Program Office will halt loans in 28 states, impacting hundreds of thousands construction and operations jobs.
    FOOD INSPECTIONS: Some states will have to take on the full financial burden of ensuring the nation’s meat supply is safe if federal cooperative agreements for meat inspection are halted.
    SUPPORT FOR SERVICE MEMBERS: Support for a host of Department of Defense financial assistance and grant programs supporting service members and their families will be halted, including the Fisher House, Impact Aid, community noise mitigation, ROTC language training, STEM programs, and the USO.
    WEAKENS MILITARY READINESS: Grants and other assistance appropriated to strengthen military effectiveness and defense capacity will be halted, including Defense Production Act support for the defense industrial base, basic research grants necessary to advance key technologies, and small business support to strengthen supply chains.
    AMERICANS OVERSEAS: Programs that track and combat the spread of infectious diseases, create business opportunities for American companies in emerging markets, combat terrorism, and counter the influence of China, Russia, and Iran—and efforts to ensure the safety and security of Americans implementing these programs—are all suspended and could be terminated.
    An extensive list of potentially impacted federal programs can be found here.

    MIL OSI USA News

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Opening of the African Heads of State Energy Summit [as delivered]

    Source: United Nations secretary general

    Your Excellency President Samia Suluhu Hassan, Excellencies, Majesties, Distinguished guests, Ladies and Gentlemen,

    It is a pleasure to join you here all today. I extend my heartfelt thanks to Her Excellency President Hassan and her Government of the United Republic of Tanzania for hosting the Mission 300 Africa Energy Summit.

    But I would also like to underscore that it is because of her incredible leadership and her vision, that we are all here today and gathered as an African continent.

    I would also thank the African Union for keeping the fire under our feet to do right thing for the continent.

    Congratulations to my two brothers, the African Development Bank Group, Akin, and the World Bank Group, Ajay. These are incredible partnerships, that bring genuine experience, decades of work from the public sector to the private sector.

    That is why we are looking to them for the success of this union.

    But we also look to the Rockefeller Foundation for a strong and meaningful partnership – one that brings key stakeholders together in this room.

    Your bold investments are a testament to Africa’s potential for a sustainable and resilient future.

    Today, Africa has one of the lowest levels of energy access, as we have heard, but it is also one of the most vulnerable to intensifying climate shocks.

    Yet our continent is rich in renewable energy resources and critical minerals. Which are all essential for the energy transition, and benefit from limited sunk costs in fossil fuel-intensive energy infrastructures. Africa is also home to a vibrant, young, and enterprising population.

    This provides immense potential for Africa to show the rest of the world what a new economic development paradigm grounded in sustainability, resilience, justice, and inclusivity can look like.

    Enhanced energy access, affordability, and reliability is not only crucial for achieving our Sustainable Development Goal 7 but also serves as a catalyst for broader development goals. Access to clean and sustainable energy underpins progress in health, in education, in gender equality, while driving economic growth and climate action. Many of the 17 goals.

    By advancing long-term energy security and sovereignty, we can foster peace, we can create green jobs, and build resilient livelihoods — paving the way for improved stability and prosperity across the continent.

    With renewables now being the cheapest source of new electricity almost everywhere on earth, Mission 300’s bold commitment to connect 300 million people to electricity by 2030 represents a transformative opportunity for Africa.

    Combined with systemic initiatives like the African Continental Free Trade Agreement, Africa is uniquely positioned to lead the global energy transition.

    By powering essential sectors such as healthcare, education, and commerce, bolstering industries like solar manufacturing, grid infrastructure, and clean energy solutions, renewable energy can unlock unprecedented economic potential.

    With reliable energy access, the continent’s 147 million small and medium enterprises — key drivers of economic growth — will have the tools to scale, innovate, and create jobs, turning energy into a true catalyst for inclusive and sustainable progress.

    Tanzania stands as a shining example of how rural electrification and off-grid renewable energy solutions can transform lives, particularly in remote and underserved areas.

    The country has made remarkable strides, with electricity access increasing from just 14% in 2011 to 46% in 2022. And what does that mean? It has led to over 1 million new connections, driving the rural electrification rate to 72%.

    In November 2024, more than 60,000 social institutions were connected by REA, benefiting 12,905 educational institutions, 6,768 health facilities, over 8,000 places of worship, and 29,000 commercial areas.

    This progress means that more boys and girls in remote areas can now study in well-lit classrooms, health workers can deliver life-saving services to off-grid populations, and rural businesses can thrive with reliable power. Tanzania demonstrates how energy access is not just about electricity—it’s about opportunity, equity, and the foundation of a brighter future and a life in dignity for everyone.

    We must ensure that Mission 300 seizes the opportunity that lies ahead.

    With five years to the endpoint of the SDGs and having completed the first decade of implementing the African Union’s 2063 Agenda, it is clear that transformation efforts remain insufficient.

    I would like to deeply commend the African leadership that is here today, as you seek solutions to address Africa’s energy access, climate vulnerability, and development challenges holistically.

    Excellencies, Ladies and gentlemen,

    We must accelerate our collective efforts to fast-track solutions for SDG 7 but also the Paris Agreement and propel Africa to become a clean energy powerhouse.

    This requires urgent action in three key areas beyond this Summit.

    First, creating the right enabling environment to attract scaled private and public investments through stronger, stable, and more coherent policy and regulatory frameworks.

    We are very pleased to see, thank you Ajay, the private sector that is here today and we hope they will accompany us through this very difficult but at the end profitable journey.

    This year, every Party to the UN Climate Convention has committed to submit a new economy-wide national climate action plan, that is aligned with the 1.5 degrees world that we need, well before COP 30 in November.

    If done right, these climate plans should align with national energy strategies and development priorities – and they would doubling as investment plans to seize the potential of renewables, helping to eradicate poverty and achieve the Sustainable Development Goals and the Paris Agreement. 

    Furthermore, the Secretary-General’s panel on Critical Energy Transition Minerals offers important Principles and Actionable Recommendations to ensure we do not repeat historical patterns of exploitation on this continent.

    Second, mobilizing affordable, accessible, and adequate finance.

    The chronic underinvestment in renewable energy in Africa, and long-standing structural barriers such as exorbitant capital costs, mean that a continent with the potential to be a renewable powerhouse accounts for less than one percent of global installed solar capacity.

    It is why we are calling for an SDG Stimulus to scale up affordable, long-term financing for developing countries, and for the “Baku-to-Belém Roadmap to $1.3 trillion” to bridge the climate finance gap by leveraging all sources and by addressing unjust and structural barriers. 

    Last year’s Pact of the Future sent an unequivocal message — reform of the international finance architecture is urgent and essential to:

    And this Pact would have not gotten over the line, if not for the leadership of the African leaders in the United Nations.

    It spoke to strengthening the voice and the representation of developing countries;

    It spoke to mobilizing far greater levels of financing for the SDGs, and directing that financing to countries most in need;

    It spoke to enabling countries to borrow sustainably, and with confidence, to invest in their long-term development;

    But it also spoke to provide effective and equal support to countries during systemic shocks.

    Finally, multilateralism – our international cooperation- still remains our best hope for delivering solutions at the necessary scale and speed.

    And I note to many of us, as I look to the geopolitical challenges that we have today. Multilateralism does not seem like the best offer on the table – but it is.

    It is a place that we come to. It is a global townhall for our global village. It is where we have visibility and where we can shine a light on the opportunities. But also, where we can give hope to the millions that look to us – to serve them.

    The United Nations remains dedicated to supporting your efforts every step of the way.

    Through our UN expertise and presence in the country, we are committed to supporting Mission 300, the African Development Bank and the World Bank. And we are committed to help identify and attract investments, strengthen policy, and secure the support you need to make Mission 300 a success.

    Finally, I would like to also commend our Special Representative. It is not often that we have women in leadership positions. Today, we are hosted by a great leader that is a woman.

    But we also have the Special Representative of the UN on Sustainable Energy for All, Damilola Ogunbiyi, who is playing a critical role within the Mission 300.

    In this critical countdown to 2030, let us ensure that Mission 300 delivers concrete outcomes towards the SDGs, the Paris Agreement, and the Agenda 2063.

    Let us seize this moment to accelerate and to deliver transformative progress. Together, I am sure that Africa can lead the clean energy transition, creating lasting prosperity and resilience for generations to come and actions and aspiration fulfilled today for our women and our youth.

    Thank you.

    MIL OSI United Nations News

  • MIL-OSI USA: Governor Newsom announces LA Rises, a private-sector initiative led by Mark Walter, Earvin “Magic” Johnson and Casey Wasserman, to support swift and unified rebuilding of Los Angeles

    Source: US State of California 2

    Jan 28, 2025

    Dodgers Chairman Mark Walter, Mark Walter Family Foundation, and Los Angeles Dodgers Foundation will provide an initial commitment of up to $100 million
     

     LA Rises will support city and county efforts to help accelerate recovery

    LOS ANGELES — In the wake of one of the most devastating natural disasters in California history, Governor Gavin Newsom today announced the launch of LA Rises, a unified recovery initiative that brings together private sector leaders to support rebuilding efforts led by the city of Los Angeles, Los Angeles County and the State of California. The Governor has enlisted Dodgers Chairman Mark Walter, business leader and basketball legend Earvin “Magic” Johnson, and Casey Wasserman, LA28 Chairperson and President to lead and recruit others to this private sector and philanthropic effort.

    To seed this new effort, Dodgers Chairman Mark Walter, the Mark Walter Family Foundation, and the Los Angeles Dodgers Foundation have provided an initial commitment of up to $100 million. With plans to raise additional funds through private donations, LA Rises will provide major resources aimed at helping Los Angeles communities most affected by these catastrophic fires recover and rebuild.

    LA Rises will marshal the full resources of the private sector, augmenting and amplifying local and state resources, to rebuild Altadena, Pasadena, the Pacific Palisades, and all impacted communities.

    As part of the unified effort, city and county leaders are crafting recovery plans for their communities. The state is mobilizing its resources and scale, coordinating with the federal government, and removing red tape. LA Rises will galvanize the private sector to unlock additional capital and find new and innovative tools to help communities build back faster and stronger.

    “Los Angeles will rise again — stronger, more united, and more resilient than ever. Just as California came together to fight the fires, we’ll work together to rebuild. With Mark, Earvin and Casey’s proven leadership and deep commitment to Los Angeles, we’ll tap into the enormous creativity, experience, and resources of the private sector, alongside local, state, and federal efforts, to deliver a recovery that benefits all Angelenos.”

    Governor Gavin Newsom

    “The LA fires have wreaked havoc on LA’s neighborhoods. It’s time for those with means to come forward and make a positive impact to build back better.”

    Dodgers Chairman Mark Walter

    “This is a time for bold action. We’re bringing together the best resources and biggest hearts across California to ensure that every Angeleno — no matter their race, socioeconomic status, or neighborhood — has a chance to rebuild and thrive. This isn’t just about recovery; it’s about restoring communities while also making them more resilient and better than before.”

    Earvin “Magic” Johnson

    “I’ve been a lifelong Angeleno, and what I admire most about this city is its resilience and unity. There’s nothing Los Angeles can’t achieve. LA Rises will channel the unmatched creativity, resources, and generosity of the private sector to rebuild our city and pave the way for a stronger future.”

    LA 28 President Casey Wasserman

    “Given the scale and scope of damage and destruction the Eaton wildfire has left in its wake, I wholeheartedly welcome all the support from the state as well as the private sector as part of this initiative. By corralling and coordinating the work of philanthropy and private industry, this can complement our local recovery and rebuilding efforts, especially for our marginalized populations in Altadena who have lost everything. When it comes to supporting initiatives — like this one — that look to arm us with the resources to rebuild with a bottom-up approach, I’m all in.”

    Los Angeles County Board of Supervisors Chair Kathryn Barger

    “Efforts to rebuild are underway in the City of Los Angeles and this announcement will be a vital component of a comprehensive effort to bring Angelenos home. The number one question on the minds of Angelenos is about recovery and rebuilding. I am grateful that the Governor and the LA Rises initiative will be there to partner with us, developing solutions to support our work. In recent days, the strength and resilience of Los Angeles have been felt throughout the state, the nation and the world. I want to thank the Governor for his continued partnership and his collaboration during this difficult time for our city.”

    Mayor of Los Angeles Karen Bass

    How LA Rises will work

    LA Rises will contribute through collaboration, access to capital and financial tools, leveraging innovation and private-sector investment to drive a faster recovery. It will support the broader recovery efforts by:

    • Fundraising and expanding access to philanthropic and private capital
    • Formulating financing strategies to close the gap between available resources and the cost to rebuild
    • Collaborating with other philanthropic and community organizations to maximize the impact of ongoing rebuilding and recovery efforts
    • Supporting unified communication efforts to arm Angelenos with up-to-date, factual information, timelines for rebuilding, and available resources

    In addition to the financial commitment from the Mark Walter Family Foundation, and the Los Angeles Dodgers FoundationLA Rises will receive financial support from California Rises, a statewide recovery initiative founded by Governor Newsom and First Partner Siebel Newsom after the 2018 Camp Fire. A partnership between the Governor’s Office and the California Fire Foundation, California Rises is dedicated to supporting communities impacted by the fires and firefighters and first responders who continue to serve on the frontlines.

    Press Releases, Recent News

    Recent news

    News LOS ANGELES — Scientists, water managers, state leaders, and experts throughout the state are calling out the federal administration’s ongoing misinformation campaign on water management in California. Here is a snapshot of what water leaders and media are saying…

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Bret Ladine, of Sacramento, has been appointed Director of the Financial Information System for California (FI$Cal). Ladine has been General Counsel at the California State…

    News What you need to know: Governor Newsom welcomed President Trump to Los Angeles and pledged to work together to support survivors and secure federal assistance.  LOS ANGELES – Today, Governor Gavin Newsom met with President Trump on the tarmac at Los Angeles…

    MIL OSI USA News

  • MIL-OSI USA: Governor Polis Releases Statement on Trump Administration’s Abrupt Federal Funding Freeze

    Source: US State of Colorado

    Colorado Will Join Other States in a Lawsuit to Block the Freeze

    DENVER – Governor Polis released a statement announcing Colorado will sign on to a multi-state lawsuit challenge to the Administration’s freeze of federal funding: 

    “Governing is about delivering real results for the people we serve, not sowing chaos. This indefinite pause in Congressionally appropriated federal funding hurts children and hardworking families, jeopardizes American jobs and businesses, harms hospitals and safety net health providers, threatens road and bridge repairs, and impacts countless other programs. These federal investments help people and support good-paying jobs and our economy, and this sloppy action creates confusion that distracts from Americans’ real challenges. Since day one I’ve been focused on saving Coloradans money, expanding education access, reducing health care costs, and improving affordability for everyone in our state. I’m always open to ideas from anyone about how we can make government more efficient and better deliver for fellow Coloradans. Still, chaotic actions like this do not make our country better off. We hope that this senseless action is reversed urgently before too much damage is done to people and businesses.” 

    Colorado will join various other states in suing to challenge the funding freeze. 

    ###

    MIL OSI USA News

  • MIL-OSI USA: Governor Lamont and Comptroller Scanlon Applaud Approval of Legislation Providing Enhanced Survivor Benefits for Families of State Employees Killed in the Line of Duty

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont, Comptroller Sean Scanlon, and the leadership of the Connecticut State Police and the Connecticut Department of Transportation are applauding the Connecticut General Assembly for voting today to ratify an agreement reached between the Office of the Governor, the Office of the State Comptroller, and the State Employees Bargaining Agent Coalition (SEBAC) that makes the surviving families of state employees who are killed in the line of duty eligible to receive enhanced survivor benefits, regardless of whether that state employee was eligible to receive a pension at the time of their death.

    The legislation was inspired by the tragic line-of-duty deaths last year of two Connecticut state employees, including a trooper from the Connecticut State Police and an employee from the Connecticut Department of Transportation. Because of their ages and years of service, neither of those state employees were eligible to receive pensions at the time of their deaths. The change ratified by the legislature today means that both surviving families in those instances will begin receiving survivor benefits, based on their individual eligibility circumstances. Additionally, this change will apply to all future situations in which a state employee who was not eligible to receive a pension is killed in the line of duty.

    Governor Lamont, Comptroller Scanlon, Connecticut Department of Emergency Services and Public Protection Commissioner Ronnell A. Higgins, Connecticut State Police Colonel Daniel Loughman, and Connecticut Department of Transportation Commissioner Garrett Eucalitto worked with legislative leaders to advocate for a solution that would make surviving families in these situations eligible for these benefits.

    “Many state employees have job responsibilities that often put their lives at risk, and the state must be there for their families whenever we may be faced with an unfortunate tragedy,” Governor Lamont said. “With the change approved today, these families can now begin receiving survivor benefits. I appreciate lawmakers from both sides of the aisle for working with our administration on this solution to the state’s pension rules.”

    “Every day, thousands of state employees go to work and, in some cases, put themselves in harm’s way on behalf of all of us,” Comptroller Scanlon said. “As a state, we have a profound responsibility to support our employees and their families – especially in the tragic event of a line-of-duty death. I’m honored to have worked with Governor Lamont and labor leaders to close this loophole and ensure that the families of employees who pay the ultimate sacrifice while serving our state receive the benefits they deserve and are entitled to.”

    “State employees do the jobs that make Connecticut a safer place to live and work. They patrol the highways, work along dangerous roadways, and perform numerous hazardous duties to ensure our well being,” Commissioner Higgins said. “At DESPP, we are deeply appreciative of this agreement and the message that it sends to Connecticut and all state employees. Thank you, Governor Lamont and everyone who worked hard to make this a reality.”

    “This agreement serves as a symbol of our deep gratitude and respect for the employees of the State of Connecticut,” Colonel Loughman said. “In recognition of the ultimate sacrifice made by a Connecticut State Trooper, this commitment to providing financial security for his family is a top priority. I would like to thank Governor Lamont and his team for their swift action that has made this a reality.”

    “Our workers are often in harm’s way maintaining and improving our state’s transportation infrastructure, with 39 CTDOT employees killed in the line of duty since our agency’s founding,” Commissioner Eucalitto said. “While nothing we do can bring our colleagues back, this legislation is an important step forward that recognizes the dangers our roadside workers face. Thank you to Governor Lamont and the General Assembly for supporting and approving this important legislation.”

    “We would like to recognize and thank Governor Lamont, Comptroller Sean Scanlon, the legislature, Undersecretary David Krayeski, and Attorney Dan Livingston for their leadership and commitment to ensuring that the surviving children, spouses, and families are cared for in the absences of those who gave their lives protecting the State of Connecticut,” Connecticut State Police Union President Todd Fedigan said. “Our troopers appreciate that we are valued by the state’s leadership and can rest assured that if they are killed in the line of duty, their families will be supported and able to focus on making sure the trauma of such loss is minimized for those left behind.”

    The Senate approved the agreement by a vote of 34 to 0 (Senate Resolution 10), and the House of Representatives approved it by a vote of 143 to 0 (House Resolution 12).

    In addition to this reform, the state recently established the Fallen Officer Fund, which provides financial assistance to the families of local and state police officers who are killed in the line of duty or who sustained injuries that are the cause of an officer’s death.

    MIL OSI USA News

  • MIL-OSI Security: Albany Woman Indicted for Money Laundering

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Drasana Johnson, age 27, of Albany, has been indicted for laundering over $850,000 in stolen government funds, approximately $200,000 of which she used to purchase a residential property.

    United States Attorney Carla B. Freedman; Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI); and Charmeka Parker, Special Agent in Charge of the U.S. Department of Agriculture – Office of Inspector General (USDA-OIG) Northeast Region, made the announcement.

    The indictment alleges that from May 25, 2023, through June 30, 2023, Johnson conducted seven monetary transactions each of a value greater than $10,000 and derived from the theft of government property.

    According to a previously filed criminal complaint, Johnson laundered federal funds that Asjid Parvez stole from a U.S. Department of Agriculture program that helped struggling farmers pay off their loans. The charges in the indictment and complaint are merely accusations. The defendant is presumed innocent unless and until proven guilty.

    The money laundering charges carry a maximum term of 10 years in prison, and a term of supervised release of up to 3 years. A defendant’s sentence is imposed by a judge based on the particular statute the defendant is charged with violating, the U.S. Sentencing Guidelines, and other factors.

    Parvez, of Albany, was sentenced in May 2024 to 18 months in prison after pleading guilty to theft of federal funds.

    The FBI has already seized $516,974.54 traceable to the federal funds that Parvez stole, and the U.S. Attorney’s Office’s Asset Recovery Unit has filed a civil action seeking the forfeiture of a residential property in Albany that Johnson is accused of purchased using approximately $202,675 in stolen funds.

    The case is being investigated by the FBI and the USDA Office of Inspector General. Assistant U.S. Attorney Matthew M. Paulbeck is prosecuting the case and Assistant U.S. Attorney Elizabeth Conger is representing the United States in the asset forfeiture action.

    MIL Security OSI

  • MIL-OSI Security: West Mifflin Felon Sentenced to More Than 16 Years in Prison for Firearms and Drug Trafficking Violations

    Source: Office of United States Attorneys

    PITTSBURGH, Pa. – A resident of West Mifflin, Pennsylvania, has been sentenced in federal court to 200 months of imprisonment on his conviction of violating federal firearms and narcotics trafficking laws, Acting United States Attorney Troy Rivetti announced today.

    United States District Judge J. Nicholas Ranjan imposed the sentence on Giante Hilliard, 32, on January 27, 2025.

    According to information presented to the Court, Hilliard—who previously had been convicted of a number of felony offenses in the Allegheny County Court of Common Pleas, including aggravated assault, possession of unlicensed firearms, and terroristic threats—was involved in an exchange of gunfire outside of a McKees Rocks, Pennsylvania, bar on March 28, 2023. Video of the incident shows that, moments after Hilliard and another individual left the bar and started to drive off, a third person shot at the car they occupied. Hilliard returned fire from the vehicle’s passenger seat, with several muzzle flashes visible in the video. Federal law prohibits possession of a firearm or ammunition by a convicted felon.

    In a second incident, Hilliard was the passenger in a vehicle that law enforcement attempted to stop on May 8, 2023. Rather than complying, the driver rammed three law enforcement vehicles—allowing one of the officers to observe Hilliard with a black firearm—and sped off. Shortly after, law enforcement located the disabled vehicle abandoned near a convenience store. Nearby surveillance video showed the driver and Hilliard leaving the disabled vehicle together, and then splitting up, with Hilliard holding a black bag that he attempted to conceal under a dumpster. The black bag was recovered by law enforcement and found to contain a loaded Smith & Wesson handgun and approximately 300 doses of what laboratory results later confirmed was a heroin and fentanyl mixture. Ballistic testing of the handgun against nearly a dozen 40 caliber casings from the March 28 shooting determined the firearm to be a match with the one used by Hilliard in that earlier incident. Hilliard’s fingerprints were found both on the firearm ’s magazine and on some of the paper in which the narcotics were wrapped. The gun previously had been reported stolen. Based on evidence recovered in connection with this May 8 incident, including analysis of cell phones seized from within the disabled vehicle, the government obtained an arrest warrant for Hilliard.

    In a third incident, on May 31, 2023, Hilliard posted on social media a video of himself with another firearm. Based on information from that video and other evidence gathered during the investigation, the government obtained a search warrant for a residence where Hilliard was hiding out and the vehicle that he had been seen driving. Law enforcement surrounded the house, but Hilliard refused to come out until several hours after officers fired multiple rounds of tear gas into the home. A subsequent search of the residence resulted in the seizure of a substantial quantity of controlled substances that laboratory testing later confirmed to be a heroin and fentanyl mixture. In the vehicle, investigators also discovered another loaded firearm—a “ghost gun” without a serial number.

    Assistant United States Attorneys Brendan T. Conway and Douglas C. Maloney prosecuted this case on behalf of the government.

    Acting United States Attorney Rivetti commended the Bureau of Alcohol, Tobacco, Firearms and Explosives, Allegheny County Police, Pittsburgh Bureau of Police, and numerous other police department for the investigation leading to the successful prosecution of Hilliard.

    MIL Security OSI

  • MIL-OSI Economics: Discovering the deepest secrets of Venus planet with EnVision mission

    Source: Thales Group

    Headline: Discovering the deepest secrets of Venus planet with EnVision mission

    Thales Alenia Space has signed a contract with the European Space Agency to build the EnVision spacecraft that will unveil Venus’ deepest mysteries

    •           As prime contractor, Thales Alenia Space will be responsible for the entire satellite, which will host five scientific instruments as well as a radio science experiment.

    •           The EnVision mission will provide a holistic view of the planet, from its inner core to the upper atmosphere, in order to determine how and why Venus and Earth evolved so differently.

    •           The EnVision mission will benefit not only from the long-standing cooperation between ESA, its member states and NASA, but also from the combined technical and scientific expertise of Europe and the USA in Venusian exploration.

    Brussels, January 28th, 2025 – Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), has signed a contract with the European Space Agency (ESA) worth a total of 367 million Euros, for the supply of a satellite for ESA’s EnVision mission to Venus. EnVision will embark five scientific instruments and a radio science experiment, to be carried out by the respective space agencies taking part in this exciting mission: the Italian Space Agency(ASI), the American space agency (NASA), the French space agency (CNES), the German aerospace research and technology centre (DLR) and the Belgian Science Policy Centre (BELSPO).

    EnVision ©Thales Alenia Space_E.Briot 

    Venus and Earth: two “twin planets” that are so different

    Some 20 years after the first European mission to Venus (Venus Express), EnVision’s goal is to explore this planet accurately and systematically from its inner core to the upper layers of the atmosphere, analysing its interaction with the surface. The intention is to provide an integrated view of Venus, studying its history, activity and climate in an attempt to better understand why Earth’s ‘twin’ planet, so similar in size and distance from the sun, is so different and uninhabitable today. EnVision is scheduled for launch in November 2031.

    As the prime contractor, Thales Alenia Space will be responsible for the entire satellite, hosting five scientific instruments and an ultra-stable oscillator to perform radio science experiments.

    “I wanted to sincerely thank the European Space Agency for putting its trust in our company,” Thales Alenia Space CEO Hervé Derrey said. “Thales Alenia Space took part to iconic space exploration and science interplanetary missions across the solar system, including Mars with ExoMars, Mercury with BepiColombo, the Sun with Solar Orbiter, asteroids and comets with Rosetta-Philae, Saturn with Cassini-Huygens, and tomorrow the Moon with Artemis, not to mention Euclid that will explore dark energy and dark matter to better understand the origin of the Universe’s accelerating expansion. This stunning mission will be a new step toward better understanding the deepest secrets of Venus, emphasizing in particular the many similarities and differences that exist between the Earth and the planet Venus, which is 41 million kilometers away from ours.”

    “We are extremely proud to announce our contribution to ESA’s EnVision mission in partnership with NASA, 20 years after the historic Venus Express mission. This new initiative, which follows on from the extraordinary BepiColombo and ExoMars 2016 missions, represents a significant milestone for the industry as well as for space research,” said Giampiero Di Paolo, Deputy CEO and Senior Vice President, Observation, Exploration and Navigation at Thales Alenia Space. “The EnVision mission, involving major international partners, is an ambitious program that will help us unravel the mysteries of the evolution of Venus, a planet so similar to Earth in many respects, but at the same time so different. With our experience and commitment, we are determined to support this crucial planetary mission, which promises to further our knowledge of our solar system.”

    “We are thrilled to partner with Thales Alenia Space on this ground-breaking new mission to Venus – said ESA Science Director, Prof. Carole Mundell – No other mission has ever attempted such a comprehensive investigation of our remarkably inhospitable neighbour. EnVision will answer fundamental questions about how a planet becomes habitable – or the opposite.”

    About the aerobraking phase:

    The entry into orbit around Venus will include an aerobraking phase lasting several months, during which the orbit will be progressively circularised thanks to the friction of the satellite’s surfaces with the planet’s atmosphere. This will be a particularly delicate phase for the stability and temperature of the satellite. This will be followed by the actual scientific observation phase, which is expected to last about 6 Venusian years, corresponding to 4 Earth years.

    Thanks to its consolidated experience as prime contractor on complex scientific missions, the last of which was Euclid, Thales Alenia Space will draw in particular on the aerobraking experience gained with ExoMars’ Trace Gas Orbiter in 2016.

    ESA has authorised the next phases up to the spacecraft in-orbit commissioning around Venus. An important upcoming milestone will be the spacecraft system requirements review in 2025. In parallel, the selection of the industrial team will be completed and full authorisation to proceed with Phase C/D is expected in June 2026.

    Thales Alenia Space leading the industrial consortium:

    As prime contractor, Thales Alenia Space will be responsible for the entire satellite, featuring 5 scientific instruments and an ultra-stable oscillator to perform radio science experiments, provided by ESA Member States and NASA, in further detail:

    •           VenSAR (Venus Synthetic Aperture Radar)

    •           VenSpec suite (spectrometer suite) consisting of:

                   – VenSpec-H (High-Resolution Infrared Spectrometer)

                   – VenSpec-U (Ultraviolet Spectral Imager)

                   – VenSpec-M (Near-Infrared Mapping Spectrometer) and Central Control Unit (CCU)

    •           Subsurface Radar Sounder (SRS)

    •           Radio Science Experiment (RSE)

    For the spacecraft Thales Alenia Space in Italy selected an Industrial Core Team composed of OHB, responsible for the mechanical, thermal, and propulsion subsystem, and Thales Alenia Space in France in charge of the Attitude and Orbit Control Subsystem (AOCS) and aerobraking analysis.

    About the EnVision mission 

    The EnVision mission is dedicated to the study of Venus and was adopted in 2024 by ESA’s Science Programme Committee as the 5th medium-class mission within the Agency’s Cosmic Vision plan. 

    EnVision is an ESA-led mission in partnership with NASA that provides Synthetic Aperture Radar (VenSAR) and Deep Space Network support for mission-critical phases.

    EnVision will reach Venus after a 15-month cruise. After its arrival, the orbiter will spend about a year aerobraking through Venus’ atmosphere to gradually reach its scientific orbit, a near low-polar orbit of Venus, at an altitude of 220 to 540 km and with an orbital period of approximately 94 minutes.

    ABOUT THALES ALENIA SPACE

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources, and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8, countries with 16 sites in Europe.

    MIL OSI Economics

  • MIL-OSI NGOs: Ethiopia: Thousands remain locked up in ‘travesty of justice’ in Amhara region

    Source: Amnesty International –

    ‘The international silence over the mass and arbitrary detention of thousands of people in Amhara region is beyond shameful’ – Tigere Chagutah

    Today marks four months since the launch of a state-led campaign of mass arbitrary detention of thousands of people in Ethiopia’s Amhara region.

    Amnesty International’s Regional Director for East and Southern Africa, Tigere Chagutah, said: 

    “The international silence over the mass and arbitrary detention of thousands of people in Amhara region is beyond shameful. Ethiopia’s development partners, as well as African and global human rights bodies, must use their influence to publicly call for the release of all arbitrarily detained people. The world must stop turning a blind eye to Ethiopia’s human rights crisis as the Ethiopian government continues to trample on the rule of law. 

    “Keeping thousands of people locked up for months without charge or trial is a travesty of justice and a blatant human rights violation. Not only are thousands of people behind bars without any legal basis, but the Ethiopian authorities have also continued to arbitrarily arrest people in the Amhara region. Authorities must immediately release everyone who is being arbitrarily held or charge them with internationally recognised crimes. 

    “International pressure on Ethiopia is essential as authorities continue to crush civic space including suspending four prominent human rights organisations, one of which is 32 years old.”  

    Thousands arbitrarily detained

    On 28 September 2024, Ethiopia’s army and Amhara regional security forces arbitrarily rounded up thousands of people across Amhara region and brought them to four mass detention centres. Members of the judiciary, judges, prosecutors and academics were among the people targeted. 

    The arrests took place amid fighting between Ethiopia’s military and Amhara armed groups, which continues. 

    Four judiciary workers were released in October 2024. In January 2025, authorities released hundreds of people, including three judges, women, elderly people and people suffering chronic health issues. Thousands remain arbitrarily detained. 

    View latest press releases

    MIL OSI NGO

  • MIL-OSI NGOs: Ethiopia: Urgent international action needed to end mass arbitrary detentions in the Amhara Region

    Source: Amnesty International –

    As today marks four months since the launch of a state-led campaign of mass arbitrary detention of thousands of people in Ethiopia’s Amhara region in September 2024, Amnesty International’s Regional Director for East and Southern Africa, Tigere Chagutah, said: 

    “The international silence over the mass and arbitrary detention of thousands of people in Amhara region is beyond shameful. Ethiopia’s development partners, as well as African and global human rights bodies, must use their influence to publicly call for the release of all arbitrarily detained people. The world must stop turning a blind eye to Ethiopia’s human rights crisis as the Ethiopian government continues to trample on the rule of law. 

    “Keeping thousands of people locked up for months without charge or trial is a travesty of justice and a blatant human rights violation. Not only are thousands of people behind bars without any legal basis, but the Ethiopian authorities have also continued to arbitrarily arrest people in the Amhara region. Authorities must immediately release everyone who is being arbitrarily held or charge them with internationally recognized crimes. 

    “International pressure on Ethiopia is essential as authorities continue to crush civic space, including suspending four prominent human rights organizations, one of which is 32 years old.”  

    MIL OSI NGO

  • MIL-OSI Global: Commerce oversees everything from weather and salmon to trade and census − here are 3 challenges awaiting new secretary

    Source: The Conversation – USA – By Linda J. Bilmes, Daniel Patrick Moynihan Senior Lecturer in Public Policy and Public Finance, Harvard Kennedy School

    Howard Lutnick, left, is President Donald Trump’s nominee to run the Commerce Department. AP Photo/Evan Vucci

    The U.S. secretary of commerce oversees the smallest but arguably most complex of all Cabinet-level departments.

    Established as a distinct entity in 1913, it has evolved into a sprawling organization with 13 bureaus spanning a wide variety of critical areas that include weather forecasting, conducting the census, estimating gross domestic product, managing fisheries, promoting U.S. exports, setting standards for new technology and allocating radio frequency spectrum. It is even home to one of America’s eight uniformed military services, the NOAA Commissioned Officer Corps with its own fleet of ships, aircraft and 321 commissioned officers. Its main mission is to monitor oceans, waterways and the atmosphere in support of the National Oceanographic and Atmospheric Administration.

    As a result, there is no other Cabinet position that has to engage with lawmakers in Congress across so many disparate technical issues, committees and stakeholders. This medley reflects both the historical evolution of the U.S. economy and a degree of political happenstance.

    I served at the Commerce Department in several roles, including as chief financial officer and assistant secretary for administration, management and budget, and have watched several administrations attempt to craft an overarching strategic narrative around this diverse set of missions.

    Besides the difficult job of formulating a unifying strategy for the department’s many activities, I believe there are three specific challenges in particular that await the next secretary, a position that requires Senate confirmation.

    The Commerce Department manages salmon as part of its National Marine Fisheries Service.
    AP Photo/Manuel Valdes

    Commerce: A sprawling bureauocracy

    From its earliest days, the Commerce Department has collected trade statistics, overseen lighthouses and issued patents and trademarks. But since then, its portfolio has expanded significantly.

    In 1970, NOAA was placed inside Commerce, partly as a result of a feud between President Richard Nixon and his interior secretary, Wally Hickel, over the Vietnam War. NOAA now accounts for more than half the department’s US$11 billion budget and has created some peculiar departmental overlaps.

    As President Barack Obama joked in his 2011 State of the Union speech, “The Interior Department is in charge of salmon while they’re in freshwater, but the Commerce Department handles them when they’re in saltwater.”

    While the joke wasn’t quite accurate – a division of Commerce manages salmon in both fresh and saltwater, though Interior does restore their habitat – it does reflect some odd situations. For example, when it comes to sea turtles, Interior oversees their nests on shore, whereas Commerce protects them in the open sea.

    Due to the department’s broad interests, the commerce secretary has a role in nearly every important issue facing the country.

    He or she needs to be a quick study who is able to multitask, respond to congressional inquiries on a myriad of topics, as well as manage a 50,000-strong workforce including economists, scientists, statisticians, meteorologists and other experts.

    One example of the caliber of experts Commerce oversees is the National Institute for Standards and Technology, which does cutting-edge research in bioscience, artificial intelligence, materials science and industrial measurement standards. The institute currently has five Nobel laureates in physics and chemistry on its staff and is on the front lines on cybersecurity and national defense.

    While it’s unclear how Trump nominee Howard Lutnick plans to unify Commerce’s work, the previous secretary, Gina Raimondo, outlined five strategic goals for her department, including driving U.S. global competitiveness, using data to find new opportunities and modernizing its services and capabilities.

    The Senate Committee on Commerce, Science and Transportation is holding a hearing on Jan. 29, 2025, to consider Lutnick’s nomination.

    Challenge No. 1: Another census is just around the corner

    The incoming secretary’s biggest challenge will be the decennial census due on April 1, 2030.

    The census counts every person living in the U.S. and five U.S. territories. Census data is used to apportion the number of seats each state has in the House of Representatives and to adjust or redraw electoral districts, as well as to apportion federal funding allotted to each district. Consequently, the census receives huge attention in Congress. It will be an especially hot topic because the data collected in the 2020 census had errors due to the pandemic.

    Conducting the census is highly labor intensive and takes many years of planning and preparation, which ramp up now.

    The Commerce Department must hire 500,000 temporary workers, open local offices and run large-scale field tests, award billions of dollars in contracts, and work with every state, local, county and tribal government in the country to map where people live. This includes dorms, homeless shelters, nursing homes, prisons, oil rigs, boats, tents, hospitals and mobile homes as well as houses and apartments.

    The Census Bureau says it began planning for 2030 as far back as 2019 and is preparing to do a test census in 2026.

    Trump administration policies, such as ongoing efforts to round up and deport undocumented migrants, will make it even more challenging to count immigrants and other historically hard-to-reach groups. During his first term, President Donald Trump sought to prevent unauthorized immigrants from being counted at all – but ran out of time.

    A NOAA crew on a reconnaissance flight into the eye of Hurricane Milton in October 2024.
    Sim Aberson/NOAA via AP

    Challenge No. 2: NOAA on the front lines of climate change fight

    Second, NOAA is likely to be in the political crosshairs, due to its role as a global leader in studying oceans, climate and coastal ecosystems.

    It tracks rising sea levels, ocean acidification and extreme weather events, and forecasts their impact on fisheries, shipping, marine protected areas and habitats. It also runs the National Weather Service and issues severe storm warnings. These and many other NOAA activities are vital to monitoring the pace of climate change and helping Americans adapt.

    NOAA’s mission and its budget are sure to be scrutinized by the Trump administration, which has already reversed a variety of policies meant to slow the pace of climate change. Trump himself has called climate change a “hoax.” That and policy proposals that seek to break up or privatize NOAA suggest many of NOAA’s climate-related activities could be under threat.

    Challenge No. 3: The patent problem

    A third challenge the incoming secretary will face is an ongoing crisis at the Patent and Trademark Office.

    Unlike most federal agencies, the Patent and Trademark Office is funded by user fees collected from applicants rather than from tax revenue. This is supposed to make it more efficient and easier to hire staff quickly, but the model is under stress due to a shortage of patent examiners with skills in assessing science, technology, engineering and math applications. The agency currently has a backlog of over 800,000 unexamined patent applications – near an all-time high.

    The backlog is likely to continue to grow as artificial intelligence and other state-of-the-art technologies accelerate the discovery cycle, but the slow process of patent approval – two years on average – can throw a wrench in it.

    Patents and trademarks are critical to U.S. competitiveness because they reward innovation and discovery and help inventors attract investors.

    The Trump administration’s broad federal hiring freeze is likely to worsen the Patent and Trademark Office’s staffing issues, while the back-to-office mandate may make it harder to recruit patent examiners, who often work remotely.

    On top of this, Elon Musk, whose companies hold large numbers of patents and who already holds tremendous sway in the Trump administration, says “patents are for the weak” and compared them with landmines in warfare. “They don’t actually help advance things,” he said. “They just stop others from following you.”

    In addition to these three areas, Commerce’s roles in international trade, telecommunications, industrial security and other matters could also become epicenters of any global crisis.

    This all adds up to an uncomfortable mix of political and operational challenges for the next secretary.

    This story is part of a series of profiles explaining Cabinet and high-level administration positions.

    Linda J. Bilmes is affiliated with the Harvard Kennedy School. She served as Deputy Assistant Secretary of the US Department of Commerce from 1997-1998 and as CFO and Assistant Secretary for Management, Budget and Administration from 1999-2001.

    ref. Commerce oversees everything from weather and salmon to trade and census − here are 3 challenges awaiting new secretary – https://theconversation.com/commerce-oversees-everything-from-weather-and-salmon-to-trade-and-census-here-are-3-challenges-awaiting-new-secretary-248087

    MIL OSI – Global Reports

  • MIL-OSI USA: Fischer Joins “Mornings with Maria” to Discuss Delivering for Americans

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    U.S. Senator Deb Fischer (R-Neb.) joined Maria Bartiromo on FOX Business today to discuss how Republicans will deliver for the American people. Senator Fischer condemned the Democrats for stalling President Trump’s Cabinet nominees, risking America’s national security, and playing political games instead of serving their constituents.

    Senator Fischer also highlighted her plans to continue working for the American people during reconciliation by making her Paid Family Medical Leave tax credit permanent.

    Click the image above to watch a video of Senator Fischer’s remarks

    Click here to download audio

    Click here to download video

     


    Republicans Are Here To Work:

    Maria Bartiromo: You will be part of Howard Lutnick’s confirmation hearing. Tell us about your expectations for Howard Lutnick and the rest of these nominees. Do you think they’ll all get past the finish line?

    Senator Fischer:
     It is so very important that we do get these nominees confirmed, and that we do it quickly. Of course, as you’re well aware, Maria, the Democrats are slow walking everything. Republicans have shown that we will stay late. We will stay over the weekends in order to get this done. 

    On Democrats Stalling President Trump’s Cabinet Nominees:


    Maria Bartiromo:
     The President needs his team on the ground. Do you feel like your colleagues on the left have been stalling these hearings?

    Senator Fischer:
     Oh, most definitely. You know, you especially saw it on Armed Services Committee where the Democrat members wanted to have another round of questions. They wanted to postpone the vote. They just wanted to drag it out.

    Let’s remember that, I think it was in the first 12 days of President Obama’s administration. He had 12 or 15 nominees already confirmed. We need to do that for national security reasons, for reasons that the American people are tired of waiting. You know, we want to see things happen, we need to move ahead. But we’ve got to do our job, we have to be thorough in it, and I can guarantee that we are.

    On Democrats Playing Political Games:


    Maria Bartiromo:
     Yeah, I mean, more than that, people are sick and tired of the political tricks. We’ve been watching political games since President Trump walked down that escalator 10 years ago. From the Russia collusion lie, to hiding things about the Biden family, to now this obstruction of justice… 

    Senator Fischer: It’s just nonsense. We heard J.D. Vance answer a question this weekend, “You know, I don’t really care Margaret.” That is a calling that I hear all across Nebraska and all across America. You know, I don’t really care anymore. We have work to do. We need to get it done. Stop with the tricks, stop with all this stalling, and let’s get to work for the American people, on energy, on inflation, on reconciliation. There is so much to do.

    On Working for the American People During Reconciliation:


    Maria Bartiromo:
     House Republicans are set to meet with VP Vance today at the Trump Doral Resort in Florida, as part of their annual conference. Committee chairs will also hold reconciliation meetings on how to pass President Trump’s agenda. Trump joined lawmakers for dinner last night with a speech on his priorities. Here’s what he said. Watch:

    President Trump: 
    In the coming weeks, I’m looking forward to working with Congress on a reconciliation bill that financially takes care of our plans to totally and permanently restore the sovereign borders of the United States once and for all. I’m also eager to get to work with Congress on the largest package of tax cuts and reforms in American history. We got to get that done, and we don’t want to get hung up on the budget process. We just want whether it’s one bill, two bills, I don’t care.

    Maria Bartiromo: Senator, how do you see this playing out?

    Senator Fischer:
     Well, I agree with the President on his goals here, and I agree with him when he says whether it’s one bill or two bills, you know, I don’t care. We need to make sure that we’re going to deliver for the American people. What I’m worried about are American families. You know, they have to choose right now between making ends meet and taking care of their families.

    My top priority in reconciliation is my Paid Family Medical Leave tax credit. That was included in the 2017 Tax Reform, and I want to make that permanent in this reconciliation package. So we are working hard on that with a number of my colleagues. In the Senate, we are working together, as you know, in reconciliation, we just need to keep our guys together. And we’re trying to do that through a number of committees to make sure that we protect this country, that we protect our borders. That we can provide for families and meet their needs, so that they can have a better life for themselves and their children. These are promises made, and they’re going to be promises kept.

    On Putting America First:


    Maria Bartiromo:
     I’m glad that you’re focused on families, whether it be their economic progress or their security. President Trump declared a national energy emergency in an effort to increase U.S. oil production. Gas executives told the New York Times they don’t plan on doing so unless prices rise significantly. This is another potentially economic yet also national security issue. And I spoke with your colleague, the Leader of the U.S. Senate, John Thune, on Sunday, and we talked about military spending being lifted. Here’s what he said. Watch: “What are you looking for in terms of specifics in bulking up America’s defense?

    Senate Majority Leader Thune:
     Well, obviously our Navy, and if you look at the number of ships we have relative to our adversaries, particularly China, that’s something the President is interested in, an American Iron Dome concept. But, frankly, the thing we’ve got to do Maria is we’ve got to increase the top line. We have not, we have underfunded and in the Biden budget, there wasn’t a single Biden budget that kept up with the rate of inflation when it comes to the military, and so we’ve got some making up to do. I think there’s a very compelling argument on Panama, very compelling argument on Greenland and optimism in America that we haven’t seen in a long time. I think there’s been a real this has been a sluggish country, a country that’s been bogged down under the weight of government, regulation and red tape and taxation.

    Maria Bartiromo: Senator, I’ve got the Iron Dome for America Executive Order in front of me, and this is one of the ways that President Trump says he will be protecting America from a national security standpoint. What are you considering in terms of defense spending? And tell us where the priorities are in this plan.

    Senator Fischer:
     Right. You know, on Armed Services Committee the last three years that President Biden sent us his top line for his budget, we increased that in the Senate Armed Services Committee, because we are well aware of the threats that face this nation. I happen to chair the Subcommittee on Strategic Forces. So not only do we have jurisdiction over STRATCOM and Space Command, but we also have jurisdiction over our nuclear triad to make sure that we have that strong deterrence policy.

    You’ve heard President Trump and the Vice President talk about deterrence that is so important to keep this country safe. We also have jurisdiction on strategic forces over missile defense, and we have been putting funding into missile defense in this country since I have been here and on that committee for now into my third term. So I am very, very pleased to hear that President Trump is prioritizing that with a focus on Iron Dome. We need to continue to look at our missile defense, the capabilities that we have, the capabilities that we need in order to defend and protect our homeland. 

    On Curbing Government Spending:


    Maria Bartiromo:
     Yeah, I’m so glad to hear you talk this way. I could not agree more. Unfortunately, something has got to give. Senator, can you name one or two important offsets that you think will be significant? Interest is the single largest item in the budget behind Social Security. More than spending on defense, Medicare, and on children? Senator, what’s your most important offset to pay for all this?

    Senator Fischer:
     You know, there’s a number of things, as you know, Maria, that all of us are looking at and being able to go through a budget. On Appropriations Committee, we’re going to be really having a strong oversight with our agencies that we have jurisdiction over and hold them accountable for programs. I think we can look, for example, on job training programs. I know a few years ago, across agencies, there were like 37 different job training programs. I am all for job training, but I think we need to figure out what the balance is. And I think that’s a private enterprise. A private business does training in conjunction with our community colleges, in conjunction with our state universities.

    I mean, just simple things like that. You’re going to see a lot of things like that. And I know we’ve heard some in the past. What I want to see, though, is a return to energy dominance. That is going to bring in, it’s going to help lower prices for families in this country. I want to be able to see inflation addressed, which we will. 

    Maria Bartiromo:
     Of course. 

    Senator Fischer:
     I know, I know many are saying, well, we’ve seen the price of eggs go up. Why hasn’t it dropped yet? I’m going, it’s been a week, folks, it’s been a week. You know, we are, we are focused, and we’re getting it done.

    Maria Bartiromo:
     Senator, we’ll be watching your work. It’s a great point, the oversight alone may actually save a lot, given the reckless spending in the past. We’ll be watching. Thank you so much. Senator Deb Fisher, joining us this morning.

    Senator Fischer:
     Thank you. 

    MIL OSI USA News

  • MIL-OSI USA: Warren Slams Defense Nominee for Improperly Withholding Aid to Ukraine, Violating U.S. Constitution, Disregarding Congressional Authority

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    January 28, 2025

    Michael Duffey is responsible for holding up aid to Ukraine, leading to President Trump’s first impeachment

    “[I]f you are confirmed…the Senate would be supporting the confirmation of an individual who has shown disregard for the Constitution, Congressional authority, and our nation’s laws.”

    Text of Letter (PDF) 

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), member of the Senate Armed Services Committee, wrote to Mr. Michael Duffey, nominee for Under Secretary of Defense for Acquisition and Sustainment (USD(A&S)) of the Department of Defense (DoD), ahead of his confirmation hearing, with serious concerns about his record, which include violating the law, disregarding Congressional authority, and his involvement in Project 2025. Mr. Duffey also played a direct role in Trump’s withholding of funding to Ukraine, an action that resulted in the impeachment of Donald Trump. It is especially alarming given he would oversee a DoD requested acquisition budget of $311 billion and procurement programs already at high-risk for fraud, waste, and abuse. 

    Mr. Duffey’s Role in the Unlawful Freezing of Aid to Ukraine

    In December 2019, President Trump was impeached for high crimes and misdemeanors for illegally seeking assistance from Ukraine to help him win the 2020 election against President Joe Biden. In his role at the Office of Management and Budget (OMB), Mr. Duffey helped President Trump block aid to Ukraine in an effort to pressure them to open an investigation into President Biden. He did so despite under-oath testimony and emails showing that career officials raised concerns with him that this could violate the law and disrupt DoD’s ability to train and equip Ukraine to strengthen their security forces. The Government Accountability Office (GAO), a non-partisan independent government watchdog, concluded that freezing this aid violated the Impoundment Control Act of 1974

    “Your actions in the course of these events give the strong appearance that you knowingly violated the law and the Constitution – and that you were an important participant in events that ultimately resulted in the President’s impeachment,” said Senator Warren.

    Duffey’s Disregard for Congressional Authority and Oversight

    Mr. Duffey also refused to comply with a deposition request as part of the impeachment inquiry and ignored a subpoena from the three House committees that led the impeachment inquiry. His refusal to comply with the subpoena – at the direction of President Trump – was so significant that it was one of the reasons that President Trump was charged with the second article of impeachment for Obstruction of Congress and that Mr. Duffey was listed by name in the impeachment resolution.

    Duffey’s Direct Involvement in Project 2025

    Mr. Duffey also had direct involvement in Project 2025, developing several policies for the report. One of the chapters Mr. Duffey contributed to calls for “using government contracts to push back against woke policies in corporate America.” The senator raised concerns about whether Mr. Duffey would use his position to police the personnel and Human Resources decisions of defense contractors, rather than prioritizing government contracts that advance U.S. national security and support our servicemembers. Project 2025 also calls for “reducing the number of procurement competitions” and a new system that allows decision makers of federal contracts to “bypass unnecessary departmental regulations.”  

    “I am concerned by whether these policy plans will reduce necessary competition and favor the biggest – or most politically connected – defense contractors,” wrote Senator Warren

    Duffey’s Plan to Address Risks of Waste, Fraud, and Abuse in DoD Acquisition

    Given Mr. Duffey’s past behavior, especially that which led to President Trump’s first impeachment, the senator raised concerns about whether he will ensure DoD contracts are awarded fairly and based on the best interests of taxpayers and national security. 

    Already, DoD’s acquisition program has been a target of “contracting-related fraud schemes” and DoD’s contracting processes have been found to be “vulnerable to waste, fraud, and abuse.” This concern is heightened as major DoD contractors, including Lockheed Martin and Boeing, made donations to President Trump’s second inauguration in order to ingratiate themselves with the new administration in an effort to avoid regulation and win government contracts.

    “[I]f you are confirmed…the Senate would be supporting the confirmation of an individual who has shown disregard for the Constitution, Congressional authority, and our nation’s laws,” concluded Senator Warren. She requested his written answers to questions by February 3, 2025. 

    Senator Warren has led efforts, including bipartisan action, to hold DoD accountable and transparent to ensure taxpayers are not being price gouged and the defense industrial base remains resilient:  

    • In January 2025, Senator Warren sent Elon Musk, Chair of the Department of Government Efficiency (DOGE), a letter detailing over 30 proposals that would cut at least $2 trillion of wasteful government spending over the next decade.
    • In September 2024, Senator Elizabeth Warren (D-Mass.), a member of the Senate Armed Services Committee, along with Senators Mike Braun (R-Ind.), Mike Lee (R-Utah) and Chuck Grassley (R-Iowa), reintroduced the Streamline Pentagon Spending Act, bipartisan legislation to repeal statutory requirements to provide unfunded priorities lists, reduce wasteful reporting burdens, and enhance civilian oversight over the budgetary process.
    • In May 2024, Senators Warren, then-Chair of the Senate Armed Services Subcommittee on Personnel and Chuck Grassley (R-Iowa), then-Ranking Member of the Senate Committee on the Budget, led a letter with Mike Braun (R-Ind.) and John Fetterman (D-Pa.) demanding the Department of Defense (DoD) provide answers about military contractors’ price gouging tactics that cost the Pentagon billions of dollars every year in overpayments. 
    • In May 2024, at a hearing of the Senate Armed Services Subcommittee on Strategic Forces, Senator Elizabeth Warren (D-Mass.), raised concerns about DoD contractor, SpaceX, which is owned by Elon Musk, undermining U.S. allies and national security goals. Senator Warren questioned Mr. John D. Hill, Deputy Assistant Secretary of Defense for Space and Missile Defense, about SpaceX’s work to stop its Starlink technology from being illegally acquired by Russia. These illegal terminals may have provided Russia a major advantage in their invasion of Ukraine.  
    • In March 2024, at a hearing of the U.S. Senate Armed Services Committee (SASC), Senator Warren questioned General Anthony J. Cotton, USAF, Commander of United States Strategic Command about significant cost overruns and mismanagement of the Sentinel program. 
    • In February 2024, Senator Warren and Representative Garamendi (D-Calif.), sent a letter to Secretary of Defense Lloyd J. Austin III, expressing concerns with the Department of Defense’s (DoD) insufficient review process for consolidation in the defense industrial base and the resulting impact on supply chains, innovation, and national security.
    • In November 2023, after reports that defense contractor TransDigm refused to provide cost and pricing information needed to prevent price gouging of taxpayers and the DoD, Senator Warren and Representative Garamendi sent letters to the DoD and TransDigm, pressing them to provide transparency on cost and pricing data to ensure that taxpayers aren’t being overcharged for expensive DoD contracts. 
    • In August 2023, Senator Warren, then-Chair of the Senate Armed Services Subcommittee on Personnel, Senator Richard Blumenthal (D-Conn.), and Senator Lindsey Graham (R-S.C.), met with President Volodymyr Zelenskyy and top officials during a visit to Kyiv, Ukraine on August 23rd. The congressional delegation’s trip coincided with Ukraine’s Independence Day celebration on August 24th and demonstrated strong bipartisan support from the U.S. Senate for the Ukrainian people in the face of Russia’s brutal and illegal invasion. 
    • In July 2023, at a hearing of the Senate Armed Services Subcommittee on Personnel, Senator Warren called out the Department of Defense for wasting billions in taxpayers dollars due to price gouging by defense contractors for services and in health care, and identified opportunities for cost savings when DoD buys personnel-related goods and services. 
    • In July 2023, Senator Warren sent a letter to Secretary of Defense Lloyd Austin and Director of the Defense Health Agency, Lieutenant General Telita Crosland, regarding a series of DoD Inspector General reports finding that the DoD is failing to prevent price gouging and overpayments to contractors in the TRICARE health program.
    • In June 2023, Senator Warren, Senator Mike Braun, and Representative Garamendi reintroduced the bipartisan Stop Price Gouging the Military Act which would close loopholes in current acquisition laws, tie financial incentives for contractors to performance, and provide the Department of Defense the information necessary to prevent future rip-offs.
    • In May 2023, Senator Warren and Representative Garamendi sent letters to Boeing, TransDigm, and the Department of Defense, calling out the defense contractors for their refusal to provide cost and pricing data to the Department of Defense (DoD), as required by law. The lawmakers also called on DoD to take action to address these contractors’ refusals to provide cost and pricing data. 
    • In October 2022, Senator Warren obtained a commitment from DoD not to increase contract prices due to inflation.
    • In October 2022 Senator Warren sent a letter to DoD urging them to insist on receiving certified cost or pricing data to justify any contract adjustments.
    • In June 2022, Senator Warren and Representative Garamendi introduced the bicameral Stop Price Gouging the Military Act, which would enhance DoD’s ability to access certified cost and pricing data. Part of Senator Warren’s legislation was incorporated into the FY 2023 National Defense Authorization Act reported to the Senate.
    • In March 2022, at a SASC hearing, Senator Warren criticized DoD for failing to consider alternatives to the Sentinel program in order to justify unsustainable nuclear weapons spending.
    • In September 2020, Senator Warren and Representative Ro Khanna (D-Calif.) formally requested that the Department of Defense (DoD) Inspector General (IG) investigate reports that the Pentagon redirected hundreds of millions of dollars of funds meant for COVID-19 response via the Defense Production Act (DPA) to defense contractors for “jet engine parts, body armor and dress uniforms.”
    • In May 2020, Senator Warren wrote to the Department requesting clarification on how the Department would prevent profiteering following a recent change to increase payments to contractors in response to the COVID-19 pandemic.
    • In August 2017, Senator Warren traveled to Eastern Europe and Germany to learn more about plans to counteract Russian efforts to damage European democracies.
    • In May 2017, Senator Warren wrote to the DoD Inspector General, requesting an investigation into TransDigm for potential waste, fraud, and abuse in the military spares market.
    • In October 2015, Senator Warren visited Ukraine and other European countries for a visit focused on economic issues and the Syrian refugee crisis. 

    MIL OSI USA News

  • MIL-OSI United Nations: New Permanent Representative of Cuba Presents Credentials to the Director-General of the United Nations Office at Geneva

    Source: United Nations – Geneva

    Rodolfo Benítez Verson, the new Permanent Representative of Cuba to the United Nations Office at Geneva, today presented his credentials to Tatiana Valovaya, the Director-General of the United Nations Office at Geneva.

    Prior to his appointment to Geneva, Mr. Benítez Verson had been serving as Director-General for Multilateral Affairs and International Law at the Ministry of Foreign Affairs of Cuba since 2021.  He served as Cuba’s Ambassador to South Africa from 2017 to 2021.  He was also Deputy Permanent Representative of Cuba to the United Nations in New York from 2009 to 2012, where he was also posted from 2006 to 2009 and from 1997 to 2003.

    Mr. Benítez Verson has also held various positions within Cuba’s Foreign Ministry, including as Head of the Department of Multilateral Political Affairs (2012-2017), and Advisor to the Cuban Minister for Foreign Affairs (2004-2006).  In 2017, he was awarded the Order of San Carlos, degree of the Grand Cross, by the President and Government of Colombia for his contribution as Chief Cuban Guarantor to the successful mediation of the Colombian peace process.

    Mr. Benítez Verson carried out Master studies in international relations at the Higher Institute of International Relations Raúl Roa García (2006), and has a degree in international political relations from the same Institute (1991).  He also graduated from various higher studies programmes on disarmament and conflict resolution, including the United Nations Disarmament Fellowship Programme (1995).

    Born in Havana, Cuba, on 3 November 1968, he is married and has two daughters.

    __________

    CR.24.049E

    Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

    MIL OSI United Nations News

  • MIL-OSI USA: Message on Recent Executive Orders and Federal Actions

    Source: US State of Connecticut

    Dear Colleagues and Students,

    Like every college and university, UConn is contending with directives and new information arriving from the federal government at a rapid pace, which we need time to evaluate and react to. We are best served by thoroughly and methodically determining the facts and then what steps we must take going forward so that we can give our faculty, staff, and students clear and accurate information, guidance, and support.

    To that end, the university is actively reviewing the various executive orders and other actions being taken by the new administration in Washington and assessing their potential impact on higher education and UConn specifically. Some of these actions are straightforward, while others are not and require more intensive analysis, at times aided by external guidance, before their potential meaning and impact can be fully understood.

    Leadership offices around the university are understandably receiving questions about this from members of our community, particularly around immigration and related issues. In response to the most frequent questions being asked on this subject, the university can share the following:

    The effort to end birthright citizenship (which is protected by the U.S. Constitution) has been stalled in the courts. However, even if it were enforced, it would not impact or in any way apply to individuals who currently have U.S. citizenship even if such citizenship was pursuant to birthright citizenship.

    The Department of Homeland Security revoked its “sensitive locations” protocol, which had meant that immigration authorities were not prioritizing college and university campuses or hospitals for immigration enforcement. Homeland Security has not yet issued new protocols. It is unknown how future protocols may impact higher education or healthcare institutions.

    Please refer to the guidance previously issued by the university and the protocols in effect at UConn around this issue, which note, in part:  

    • UConn Police will not ask individuals about immigration status.
    • UConn Police will not detain a person solely on the belief they are in the country illegally.
    • UConn Police will not detain or make arrests solely pursuant to an ICE detainer.
    • UConn, including the UConn PD, is legally required to adhere to arrest warrants or other orders authorized by a judge.

    The university has also received questions and requests for guidance with respect to potential immigration enforcement on our campuses, such as authorities coming to a classroom seeking a specific student. While this is not likely to happen, in part because pursuant to federal law UConn is prohibited from and would not provide information about a student’s class schedule or classroom location, in the event it does, we encourage faculty or staff to contact the UConn Police Department and/or the Office of the General Counsel.  

    UConn is a federal contractor and a recipient of Title IV funding. Therefore, while the executive orders around DEI/DEIA initiatives certainly will have some impact on us, the extent of this is not yet fully understood. For example, the executive order text directs an end to “discriminatory and illegal” preferences and policies or practices and to enforce federal civil rights laws, such as Title VII, Title IX, and Title VI – all of which prohibit discrimination. However, compliance with these civil rights laws is not a new obligation because the university has always been required to comply with these laws. The executive orders contain other language that require further analysis before any potential impact on UConn can be determined.  As we move forward, UConn will continue to support and value every member of our community.

    With respect to research, university leaders, including the Vice President for Research, are analyzing the executive orders and other federal directives that will or may impact research and expect more guidance from the federal government in the coming days.

    It is also important to remember that we are a public institution with a clear mission and values that are unchanging. We know what our priorities are and continue to be, including the success of our students, the impact of our research, providing exceptional patient care, and bringing value to our state and the world at large.

    We are a university with more than 140 years of history behind us and unlimited time ahead of us. We will address the challenges and changing circumstances of today with an eye on both the present and the future.

    The university will continually work to answer or address the frequently asked questions from our community regarding executive orders or other federal actions whenever possible.

    Please note there will almost always be a lag in between a directive or action being issued by the federal government and any communication from the university administration about it. This is because the university must take the time to ensure information is thoroughly analyzed and understood before any communications about it are shared with the community.

    As always, we appreciate your understanding and patience.

    President Radenka Maric

    Provost Anne D’Alleva

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    MIL OSI USA News

  • MIL-OSI Security: Olathe Man Sentenced to 20 Years for Fentanyl Trafficking

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

    KANSAS CITY, Mo. – An Olathe, Kansas man has been sentenced in federal court for his role in a conspiracy to distribute fentanyl, which resulted in an overdose death.

    Jacob A. Block, 27, was sentenced by U.S. Chief District Judge Beth Phillips on Monday, Jan. 27, to 20 years in federal prison without parole. The court also ordered Block to forfeit to the government $10,000, which represents the proceeds of illegal drug trafficking.

    On Feb. 1, 2024, Block pleaded guilty to participating in a conspiracy to distribute fentanyl and to one count of distributing fentanyl. Block admitted that he delivered 10 M-30 pills (containing fentanyl) to a confidential informant. Block possessed an additional 150 to 300 M-30 pills (containing fentanyl) at the time of this transaction.  Block also admitted he sold a co-defendant approximately seven grams of powder fentanyl and 50 M-30 pills (containing fentanyl) five to seven days a week, for six or seven months.

    All 13 defendants in this case have pleaded guilty. Block is the ninth defendant to be sentenced.

    Co-defendant Dmitry Cattell, 25, of Kansas City, Mo., was sentenced on May 2, 2024, to 21 years in federal prison without parole for leading the drug-trafficking conspiracy and for illegally possessing a firearm. Evidence was presented at Cattell’s sentencing hearing related to the delivery of fentanyl, the use of which caused the death of another person on May 18, 2020. The victim of the fatal overdose is not identified in court documents.

    This case is being prosecuted by Assistant U.S. Attorneys Maureen Brackett and Stephanie Bradshaw. It was investigated by the FBI, the Kansas City, Mo., Police Department, the Platte County, Mo., Sheriff’s Department, the Clay County, Mo., Sheriff’s Department, the Kearney, Mo., Police Department, the Olathe, Kan., Police Department, Lenexa, Kan., Police Department, the Drug Enforcement Administration, and the Riverside, Mo., Police Department.

    KC Metro Strike Force

    This prosecution was brought as a part of the Department of Justice’s Organized Crime Drug Enforcement Task Forces (OCDETF) Co-located Strike Forces Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations against a continuum of priority targets and their affiliate illicit financial networks. These prosecutor-led co-located Strike Forces capitalize on the synergy created through the long-term relationships that can be forged by agents, analysts, and prosecutors who remain together over time, and they epitomize the model that has proven most effective in combating organized crime. The principal mission of the OCDETF program is to identify, disrupt, and dismantle the most serious drug trafficking organizations, transnational criminal organizations, and money laundering organizations that present a significant threat to the public safety, economic, or national security of the United States.

    MIL Security OSI

  • MIL-OSI Security: Bronx Man And Former Postal Employee Admits To Stealing Valuable Trading Cards And Sports Memorabilia From The Mail

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Bronx man formerly employed by the United States Postal Service as a sorting clerk admitted to theft of mail, Acting U.S. Attorney Vikas Khanna announced.

    Shelby Dozier, 34, of the Bronx, New York, pleaded guilty before U.S. District Court Judge Esther Salas to an Information charging him with theft of mail by a postal service employee.

    According to documents filed in this case and statements made in court:

    In August 2022, Dozier was hired by the United States Postal Service as a sorting clerk and assigned to the Clifton Main Post Office. Shortly after Dozier started his employment, numerous parcels destined for a consignment auction house located in Clifton (“Company-1”) went missing. Company-1 specializes in the sale of trading cards and sports memorabilia that it receives from customers around the world.

    Between September 2022 and December 2022, Dozier stole the contents of at least 10 parcels that were mailed to Company-1. The stolen parcels contained valuable trading cards and sports memorabilia that Dozier sold to either individual customers or sports collectible stores. As part of his plea agreement, Dozier agreed to pay restitution to the victims in the amount of $108,692.49.

    The theft of mail by a postal employee charge carries a maximum potential sentence of 5 years’ imprisonment and a maximum fine equal to the greatest of $250,000 or twice the gross amount of any pecuniary gain that any persons derived from the offense. Sentencing is scheduled for April 22, 2025.

    Acting U.S. Attorney Khanna credited special agents of the United States Postal Service – Office of Inspector General, under the direction of Special Agent in Charge Matthew Modaferri in the North East Area Field Office; and postal inspectors from the United States Postal Inspection Service, under the direction of Inspector in Charge Christopher Nielsen with the investigation leading to today’s plea.

    The government is represented by Assistant U.S. Attorney Thomas S. Kearney of the U.S. Attorney’s Office Special Prosecutions Division in Newark.

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    Defense counsel:  Areeb Salim, Esq.  

    MIL Security OSI

  • MIL-OSI NGOs: Attacks on reproductive health will have devastating consequences worldwide story Jan 28, 2025

    Source: Doctors Without Borders –

    “There are deadly consequences anytime access to sexual and reproductive health care is restricted,” said MSF USA CEO Avril Benoît. “In the countries where MSF works, our staff see the lifesaving impact of comprehensive sexual and reproductive health services—and we have seen patients who have died or suffered life-altering injuries because they were denied access to care. In emergency cases where urgent care is needed, delays in access to safe abortion care pose substantial risks to patients’ health and wellbeing. While MSF stands committed to ensuring people have access to essential medical services, we can’t do it alone. Across the world, we work closely with other health providers who are now essentially banned from doing their jobs and providing patients with essential information, referrals, and direct services.”

    An MSF nurse holds medication for an abortion with pills. A safe abortion with pills is over 95% effective and is extremely safe, with less than a 1% chance of severe complications. The risk of death from a safe abortion is lower than from an injection of penicillin or from carrying a pregnancy to term. | Mozambique 2023 © Miora Rajaonary

    Far-reaching and harmful consequences for any person who can become pregnant

    The Geneva Consensus Declaration is a non-binding political statement which asserts that country governments have no obligation to facilitate abortion care. The Geneva Consensus Declaration purposefully distorts the meaning of international agreements on health and human rights in support of this position to rationalize restrictions on patient-centered sexual and reproductive health services. The consequences of the Global Gag Rule and influence of the Geneva Consensus Declaration will be far-reaching and harmful for any person who can become pregnant, including people seeking health care in crisis- and conflict-affected settings, like those in which MSF operates.

    MSF does not accept US government funding and its programs are not directly affected by the Global Gag Rule. However, MSF health care providers have seen firsthand how policies impeding access to sexual and reproductive health services harm patients and communities globally.

    When safe abortion care is not accessible, it increases the likelihood that individuals will seek out unsafe abortion methods, one of the leading causes of maternal death and injury worldwide. The risk of unsafe abortion is elevated in humanitarian settings where it’s even harder for people to access medical services. In 2023, MSF provided more than 31,000 consultations for post-abortion care, most of which were due to complications related to unsafe abortion. With the reinstatement of the Global Gag Rule, MSF expects these already troubling numbers to increase.

    “The reinstatement of the Global Gag Rule will have devastating consequences for health,” said Rachel Milkovich, global health policy specialist at MSF USA. “It means that people around the world will have fewer points of service for their sexual and reproductive health needs, fewer safe places to talk about their medical options, and fewer providers to go to for help during medical emergencies. Health care providers should not be forced to navigate political considerations and complexities before providing patients with essential and lifesaving sexual and reproductive health services.”

    About the Global Gag Rule

    In 2017, President Trump expanded the Global Gag Rule to all US global health assistance, affecting an estimated $12 billion, including more than 1,300 global health grants in more than 70 countries. Previously, the policy only applied to US assistance for family planning and reproductive health. The expanded policy impacted projects related to HIV/AIDS, maternal and child health, malaria, nutrition, sexual and gender-based violence, tuberculosis, and other health programs. The Global Gag Rule exacerbates the harm of the Helms Amendment, which prohibits all US-funded organizations from using US foreign assistance to fund abortion-related services.

    When the Global Gag Rule was last in place, from 2017 to 2021, health advocates reported widespread clinic closures, termination of mobile outreach programs, loss of integrated health programs, weakened health advocacy coalitions, and fractured referral networks. Even four years after the policy’s rescindment, organizations are still trying to rebuild programs lost due to the Global Gag Rule.

    The Global Gag Rule puts organizations in an impossible position. Either they must comply with the policy to receive US government funding—restricting the provision of sexual and reproductive health services and information to the communities they serve—or decide not to comply and lose access to significant financial support, which many organizations rely on to operate. Those unable to access alternative funding may be forced to cut staff or services. Some may be forced to close their programs altogether. In either scenario, patients lose access to vital health services.

    The Global Gag Rule has been repeatedly reinstated or rescinded for the last 40 years, according to the will of the administration in power. It is not feasible or sustainable for organizations to constantly adjust their services each time there is a change in the US government’s political priorities.

    To stop the pervasive harm caused by the Global Gag Rule, MSF USA is calling for a permanent end to the policy. MSF USA supports the Global Health, Empowerment, and Rights (Global HER) Act, which would permanently repeal the Global Gag Rule, and preserve access to safe abortion care.

    MIL OSI NGO

  • MIL-OSI New Zealand: Budget will be delivered on 22 May

    Source: New Zealand Government

    Finance Minister Nicola Willis has announced Budget 2025 – the Growth Budget – will be delivered on Thursday 22 May. 

    “This year’s Budget will drive forward the Government’s plan to grow our economy to improve the incomes of New Zealanders now and in the years ahead.

    “Budget 2025 will build on our efforts to secure New Zealand’s future prospects, continuing the fiscal repair job made necessary by Labour’s era of wasteful spending.

    “We take seriously our responsibility to chart a path out of a spiral of deficits and debt left to us by the last government.

    “The Budget will also contain bold steps to support economic growth, including measures to address New Zealand’s long-standing productivity challenges.

    “These measures will go beyond the traditional Budget focus on spending and savings initiatives.

    “The Government intends to introduce several legislative and regulatory measures at the Budget focused on removing barriers that hold back job and wealth creation for New Zealanders.

    “We will build on the work of Budget 2024 to address the cost of living, deliver effective health and education services and restore laws and order.

    “We will advance new social investment measures to improve the lives of New Zealanders in the greatest need by getting better results from taxpayer-funded social services after six years of Labour Budgets focused almost exclusively on agencies spending more.

    “Budget 2025 will be squarely focused on ensuring New Zealanders can earn more in the years ahead by growing our economy.

    “Budget 2025 will be the responsible futured focused Budget New Zealand needs to secure better incomes and opportunities in the years ahead.”

    Notes to editors: The Government’s Budget priorities can be found in the Budget Policy Statement 2025 released on 17 December.

    MIL OSI New Zealand News