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Category: Politics

  • MIL-OSI: CleanCounts Announces former EPA lead James Critchfield as Head of Registry and Market Integrity

    Source: GlobeNewswire (MIL-OSI)

    ASPEN, Colo., July 31, 2025 (GLOBE NEWSWIRE) — Aspen Energy Forum – CleanCounts, a nonprofit with the industry leading environmental attribute certificate (EAC) tracking platform for voluntary and compliance claims of renewable energy projects across North America, today announced James Critchfield as the Head of Registry & Market Integrity. In his role, Critchfield will lead the development and governance of high-fidelity registries that safeguard transparency and trust across clean-energy and carbon markets. CleanCounts shared the news on Critchfield joining the team from Aspen Energy Forum, where the nonprofit is taking part in discussions on decarbonization and renewable energy strategies.

    Critchfield joins CleanCounts after spending two decades at the U.S. Environmental Protection Agency, where he was an authority on energy-attribute certificates, registry architecture, and greenhouse-gas accounting, advising Fortune 500 companies, state regulators, and international bodies. Most recently, Critchfield scaled the EPA’s Green Power Partnership from its infancy to hundreds of organizations, pushing annual voluntary green-power procurement to more than 100 billion KWh annually and catalyzing nearly 19 GW of new renewable capacity nationwide.

    “CleanCounts has advocated for standards in the renewable energy market and the environmental attribute tracking industry to drive better decision making by corporate buyers and provide transparency for regulators,” said James Critchfield, CleanCount’s Head of Registry & Market Integrity. “I look forward to stepping into this new role to bring my experience to support CleanCounts’ continued reputation as the true validator for environmental markets.”

    CleanCounts, formerly known as M-RETS, tracks generated energy outputs across North America, enabling market participants to place a dollar value on the environmental benefits of renewable energy and renewable thermal outputs. Through rigorous validation of the environmental benefits, verifiable data, and unbiased third-party verification, CleanCounts is now North America’s leading platform to obtain, transfer, or retire renewable energy certificates (RECs), renewable thermal certificates (RTCs), and alternative energy certificates (AECs).

    “James Critchfield’s work in the federal government to support tracking system infrastructure for clean energy in the United States has led to the development of next generation tracking capabilities that feature the granularity needed for market transparency,” said Benjamin Gerber, CEO of CleanCounts. “With James joining our executive team, we look forward to engaging stakeholders throughout North America for conversations about how a continuity-first, climate-aligned, and tech-forward clean energy registry can create benefits for, and strengthen trust in, both the voluntary and compliance markets.”

    Prior to joining CleanCounts full time on August 21, Critchfield will join an upcoming webinar with senior leaders from Singularity Energy and EnergyTag titled, How Western States Can Achieve Grid Decarbonization, on August 13, 2025 at 9:00 AM PT / 12:00 PM ET. The energy industry leaders will discuss how granular energy data and verified certificates can enable the hourly electricity accounting needed to drive investment and deployment of decarbonization technologies for an around-the-clock clean grid. Those interested in attending can register here.

    To learn more about CleanCounts, please visit www.cleancounts.org

    About CleanCounts
    CleanCounts, formerly known as Midwest Renewable Energy Tracking System (M‑RETS) Inc., is North America’s most expansive clean energy registry and a trusted gateway to environmental markets. As a nonprofit organization, CleanCounts empowers participants across the energy ecosystem to track, trade, and validate clean energy production and consumption with confidence and transparency.

    Media Contact:
    FischTank PR
    cleancounts@fischtankpr.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/dd918d85-5f5a-493e-9a32-31974fc5a615

    The MIL Network –

  • MIL-OSI: KraneShares AI ETF AGIX Celebrates a 1-Year Track Record

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — KraneShares is proud to announce the 1-year anniversary of its KraneShares Artificial Intelligence & Technology ETF (Ticker: AGIX), highlighting a year marked by strong performance and private market access.

    Since its inception on July 18, 2024, AGIX has delivered an impressive 29.55% total return, outpacing the Nasdaq 100’s 18.63% over the same period.1

    The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed or sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For performance data current to the last month-end, please visit https://kraneshares.com/agix.

    AGIX aims to provide investors with exposure to both public and private companies at the forefront of AI. AGIX broke new ground by becoming one of the first US-listed ETFs to make direct investments in private AI companies. Following its addition of Anthropic in early 2025, AGIX expanded its private AI exposure further by acquiring shares of xAI. AGIX, a series of the KraneShares Trust, appears on both respective cap tables as a direct holder of shares in these companies.

    As of July 29, 2025, xAI represents 3.72% and Anthropic represents 2.96% of AGIX’s net assets.2

    KraneShares launched AGIX in collaboration with Etna Capital Management, an established pioneer in AI venture investing. Etna’s expertise is underscored by its early-stage investments in groundbreaking AI innovators, including Anthropic, xAI, and Perplexity.

    “Not only has AGIX delivered a standout year of performance, but its unique structure gives investors access to both public and private companies contributing to the future of artificial intelligence,” said Derek Yan, Senior Investment Strategist at KraneShares. “Direct holdings in Anthropic and Elon Musk’s xAI underscore our dedication to bringing groundbreaking opportunities to our investors.”

    “The artificial intelligence industry is experiencing a rapid pace of innovation, with new breakthroughs and applications emerging at an unprecedented rate,” said Max Chen, Partner at Etna Capital Management. “It’s incredibly exciting to witness companies like xAI and Anthropic participate in this transformation, pushing the boundaries of what AI can achieve and help establish a foundation for profound changes across sectors worldwide.”

    Join us for an AGIX webinar on August 6th, 2025, where we will discuss access to private AI unicorns, examine the latest valuation trends, and provide an outlook for the AI sector. To register, click here.

    For more information on the KraneShares Artificial Intelligence & Technology ETF (Ticker: AGIX), top 10 holdings, and its innovative structure, please visit https://kraneshares.com/agix.

    About KraneShares

    KraneShares is an investment manager focused on providing innovative, high-conviction, and first-to-market ETFs based on extensive investing knowledge. KraneShares identifies groundbreaking capital market opportunities and offers investors cost-effective and transparent tools for gaining exposure to diverse asset classes. Founded in 2013, KraneShares serves institutions and financial professionals globally.

    Holdings are subject to change.

    Citations:

    1. Data from Bloomberg as of 7/29/2025.
    2. Data from Bloomberg as of 7/29/2025. Up to the 15% private exposure limit permitted by the Investment Advisors Act of 1940.

    Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting: www.kraneshares.com/agix. Read the prospectus carefully before investing.

    Risk Disclosures:

    Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

    AGIX may invest in derivatives, which are often more volatile than other investments and may magnify AGIX’s gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. AGIX is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause AGIX to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative.

    AI-exposed companies face profitability challenges due to high research costs, competition, IP reliance, and regulatory risk. Product failures or safety concerns could be detrimental. Identifying AI companies accurately is complex. Tech firms face risks of product failure, obsolescence, regulatory impact, and uncertain profitability due to technological advancements and government policies. Certain tech investments may lack current profitability and future success is uncertain. AGIX is subject to non-U.S. issuers risk, which may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, are typically subject to different investor protection standards than U.S. issuers, and the economic instability of the non-U.S. countries. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. AGIX may invest in Initial Public Offerings (IPOs). Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. In addition, as AGIX increases in size, the impact of IPOs on AGIX’s performance will generally decrease.

    Large capitalization companies may struggle to adapt fast, impacting their growth compared to smaller firms, especially in expansive times. This could result in lower stock returns than investing in smaller and mid-sized companies. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. AGIX is new and does not yet have a significant number of shares outstanding. If AGIX does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. Narrowly focused investments typically exhibit higher volatility. AGIX’s assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, AGIX is subject to loss due to adverse occurrences that affect that concentration.

    A large number of shares of AGIX are held by a single shareholder or a small group of shareholders. Redemptions from these shareholders can harm Fund performance, especially in declining markets, leading to forced sales at disadvantageous prices, increased costs, and adverse tax effects for remaining shareholders. AGIX is non-diversified.

    ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

    The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

    Contact:
    KraneShares Investor Relations
    info@kraneshares.com

    The MIL Network –

  • MIL-OSI: Currenc Group Inc. Initiates Investigation into Suspected Illegal Short Selling Amid Global Expansion

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 31, 2025 (GLOBE NEWSWIRE) — Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced that it has retained Shareholder Intelligence Services, LLC (“ShareIntel”) to assist the Company in monitoring and investigating potential naked short selling of its shares. This is part of Currenc’s broader initiative to protect shareholder value as the Company executes its growth strategy and scales its operations globally.

    ShareIntel’s patented DRIL-Down™ process aggregates, analyzes and monitors repository data from reporting entities, broker-dealers and shareholders, enhancing Currenc’s shareholder communication, regulatory compliance and trading surveillance capabilities with actionable intelligence. Together with ShareIntel, Currenc intends to actively investigate what it believes may be potential irregularities in the trading patterns of its shares, and intends to pursue every available avenue—including regulatory and legal recourse, if appropriate—to ensure that there is no illegal trading or market manipulation involving the Company’s shares.

    “As we continue to expand our global business footprint with new partnerships and innovative AI-driven solutions, Currenc remains committed to protecting our investors and maximizing shareholder value,” said Alex Kong, Founder and Executive Chairman of Currenc. “Based on the trading patterns we have observed, we believe Currenc may have been the target of naked short selling and are taking action to understand these trading patterns, ensure transparent trading practices and maintain the integrity of our share price. Leveraging ShareIntel’s proprietary processes will allow us to closely track ownership, monitor any irregular trading behavior, and swiftly implement corrective measures.”

    About Currenc Group Inc.

    Currenc Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

    Safe Harbor Statement

    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    Investor & Media Contact

    Currenc Group Investor Relations
    Email: investors@currencgroup.com

    SOURCE: Currenc Group Inc.

    The MIL Network –

  • MIL-OSI United Kingdom: Grab your bike and take part in Leicester’s Cycle to Work Day!

    Source: City of Leicester

    FREE fruit, fix-it workshops and a bike buddy to guide commuters into the city will help mark Leicester’s Cycle to Work Day.

    On Thursday 7 August, commuters from participating workplaces will have a bike buddy leading them from the city’s three Park and Ride sites to Town Hall Square.

    And anyone cycling into work in the city centre can stop off at Town Hall Square between 8 and 10am, where a free fruit breakfast will be available.

    Later on in the day, from 12-2pm at Town Hall Square, Dr Bike can fix any minor mechanical issues for free, and Leicestershire Police will be running free security bike-marking sessions.

    Northside Bikes are also doing free bike maintenance from 10am-2pm on the plaza outside Mattioli Woods’ Welford Road Stadium, as part of Cycling UK’s Big Bike Revival.

    And the Betterpoints app, which offers rewards to people who choose active travel, will be running a prize draw for cyclists on Cycle to Work Day. Betterpoints can be redeemed for high street vouchers or donated to your favourite charity.

    The aim is to show people how travelling by bike can be an easy, value-for-money and healthy way to commute to work.

    Assistant city mayor for environment and transport, Cllr Geoff Whittle, said: “Leicester is great to get around by bike, with most places in the city no more than a 30-minute ride away from the city centre. Our Cycle to Work Day provides the perfect opportunity to try out Leicester’s extensive cycle network and experience first-hand the health and wellbeing benefits that a cycle commute can bring.”  

    Cycle to Work Day in Leicester and Leicestershire is being supported by local employers including Hastings Direct, Leicester College, Leicestershire Partnership NHS Trust, and Leicester’s hospitals.

    Find out more about cycling in Leicester at www.leicester.gov.uk/cycling

    More about Leicester’s Cycle to Work Day is at https://www.choosehowyoumove.co.uk/cycletoworkday/

    Ends

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Statement by all Members of Seventh LegCo on safeguarding national security

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Legislative Council Secretariat:
     
         All Members of the Seventh Legislative Council (LegCo) today (July 31) issued the following statement through the LegCo Secretariat:
     
         Safeguarding national security is the highest principle of “One Country, Two Systems”. All Members of the Seventh LegCo have full confidence that the Government of the Hong Kong Special Administrative Region (HKSAR) fully and faithfully implements, and resolutely protects the authority of the Hong Kong National Security Law (HKNSL) and the Safeguarding National Security Ordinance. This is also the constitutional duty and the bottom line of the HKSAR. The HKSAR Government and the governance team of the HKSAR, including LegCo, have resolute determination to safeguard national sovereignty, security and development interests.
     
         All LegCo Members stress that the Basic Law of the HKSAR of the People’s Republic of China (Basic Law) clearly stipulates that LegCo of the HKSAR shall be the legislature of the region. Fugitives endangering national security who fled overseas have been challenging the bottom line of “One Country, Two Systems” and the HKSAR’s national security. They blatantly organised the so-called “election” for the “Hong Kong Parliament”, seriously violating the Basic Law and the HKNSL, and undermining the Constitution and constitutional order of the HKSAR as established by the Basic Law. The unlawful election is nothing but a farce. Their aim was to disrupt the hard-earned stability and peace in Hong Kong, and attempted to commit the offence of subversion of state power, seriously endangering national security.
     
         Safeguarding national security is in line with international practice. LegCo Members firmly reject and castigate the biased, groundless, smearing and double-standard remarks by some politicians in western countries against the HKSAR Government’s lawful pursuit of individuals who endangered national security.
     
         The HKSAR Government’s decisive and swift law enforcement actions are not only righteous, but also reasonable, legal and constitutional. The actions are also widely supported by various sectors of the community. All LegCo Members fully support the Hong Kong Police Force in their lawful efforts to apprehend national security offenders who fled overseas. They also resolutely support the statement issued by the Office for Safeguarding National Security of the Central People’s Government in the HKSAR, and firmly support sanctions against the fugitives in order to safeguard national security and the stability of Hong Kong.

    MIL OSI Asia Pacific News –

  • MIL-OSI Submissions: The quiet war: What’s fueling Israel’s surge of settler violence – and the lack of state response

    Source: The Conversation – USA (3) – By Arie Perliger, Director of Security Studies and Professor of Criminology and Justice Studies, UMass Lowell

    An Israeli soldier prays in the Evyatar outpost in the Israeli-occupied West Bank on July 7, 2024. AP Photo/Ohad Zwigenberg

    Since Oct. 7, 2023, as Israel’s war against Hamas drags on in the Gaza Strip, a quieter but escalating war has unfolded in the West Bank between Israelis and Palestinians.

    While precise figures are elusive, United Nations estimates indicate that Jewish settlers have carried out around 2,000 attacks against Palestinians since the war in Gaza began. That number represents a dramatic surge compared with any previous period during the nearly six decades Israel has controlled the West Bank.

    Attacks include harassment of Palestinian villagers trying to access their crops or work outside their villages, as well as more extreme and organized violence, such as raiding villages to vandalize property. While many of the attacks are unprovoked, some are what settlers call “price tag” actions: retaliation for Palestinian violence against Israelis, such as car-rammings, rock-throwing and stabbings.

    Settlers’ attacks displaced more than 1,500 Palestinians in the first year of the war in Gaza, and gun violence is increasingly common. Since October 2023, more than 1,000 Palestinians in the West Bank have been killed. While most of these fatalities resulted from military operations, some were killed by settlers.

    Mourners attend the funeral of three Palestinians who were killed when Jewish settlers stormed the West Bank village of Kafr Malik, on June 26, 2025.
    AP Photo/Leo Correa

    As a scholar who has studied Jewish religious extremism for over two decades, I contend this campaign is not merely a result of rising tension between the settlers and their Palestinian neighbors amid the Gaza conflict. Rather, it is fueled by a confluence of ideological fervor, opportunism and far-right Israelis’ political vision for the region.

    Religious redemption

    Israel has occupied the West Bank since 1967’s Six-Day War against Egypt, Jordan and Syria, transforming this small region of around 2,000 square miles (5,200 square kilometers) to an amalgam of Jewish and Palestinian enclaves. Most countries other than Israel consider Jewish settlements illegal, but they have rapidly expanded in recent decades, becoming a major challenge for any settlement of the Israeli-Palestinian conflict.

    The ideological roots of violence lie within religious Zionism: a worldview embraced by about 20% of Israel’s Jewish population, including most West Bank settlers.

    The great majority of the leaders of the early Zionist movement held strong secular views. They pushed for the creation of a Jewish state over the objections of Orthodox figures, who argued that it should be a divine creation rather than a human-made polity.

    Religious Zionists, on the other hand, view the creation of modern-day Israel and its military victories as steps in a divine redemption, which will culminate in a Jewish kingdom led by a heaven-sent Messiah. Adherents believe contemporary events, particularly those asserting Jewish control over the entire historical land of Israel, can accelerate this process.

    In recent decades, influential religious Zionist leaders have argued that final redemption requires Israel’s total military triumph and the annihilation of its enemies, particularly the Palestinian national movement. From this perspective, the devastation of Oct. 7 and the subsequent war are a divine test – one the nation can only pass by achieving a complete victory.

    This belief system fuels most religious Zionists’ opposition to ending the war, as well as their advocacy for scorched-earth policies in Gaza. Some hope to rebuild the Jewish settlements in the strip that Israel evacuated in 2005.

    Some religious Zionists hope to reestablish Jewish settlements in Gaza.‘
    Sally Hayden/SOPA Images/LightRocket via Getty Images

    The violence in the West Bank reflects an extension of the same beliefs. Extreme groups within the settler population aim to solidify Jewish control by making Palestinian communities’ lives in the region unsustainable.

    Opportunistic violence

    Hamas’ Oct. 7 massacre, which killed over 1,200 Israelis, traumatized the nation. It also hardened many Jewish Israelis’ conviction that a Palestinian state would be an existential threat, and thus Palestinians cannot be partners for peace.

    This shift in sentiment created a permissive environment for violence. While settler attacks previously drew criticism from across the political spectrum, extremist violence faces less public condemnation today – as does the government’s lack of effort to curb it.

    This increase in violence is also enabled by a climate of impunity. Israeli security forces have been stretched thin by operations in Gaza, Syria, Iran and beyond. In the West Bank, the military increasingly relies on settler militias known as “Emergency Squads,” which are armed by the Israeli military for self-defense, and army units composed primarily of religious Zionist settlers, such as the Netzah Yehuda Battalion. Such groups have little incentive to stop attacks on Palestinians, and at times, they have participated.

    This dynamic has dangerously blurred the line between the state military and militant settlers. The Israeli police, meanwhile, under the command of far-right National Security Minister Itamar Ben-Gvir, appear focused on protecting settlers. Police leadership has been accused of ignoring intelligence about planned attacks and failing to arrest violent settlers or enforce restraining orders. Yesh Din, an Israeli human rights group, asserts that just 3% of attacks have resulted in a conviction.

    In June 2025, military attempts to curb settler militancy triggered a violent backlash, as extremist settlers attacked military commanders and tried to set fire to military facilities. Settlers view efforts to restrict their actions as illegitimate and a betrayal of Jewish interests in the West Bank.

    Political vision

    Violence by extremist settlers is not random; it is one arm of a coordinated pincer strategy to entrench Jewish control over the West Bank.

    Emergency volunteers put out a fire during an attack by Israeli right-wing settlers on the West Bank village of Turmusaya on June 26, 2025.
    Ilia Yefimovich/picture alliance via Getty Images

    While militant settlers create a climate of fear, Israeli authorities have undermined legal efforts to stop the violence – ending administrative detention for settler suspects, for example. Meanwhile, the government has intensified policies that undermine Palestinians’ economic development, freedom of movement and land use. In May, finance minister and far-right leader Bezalel Smotrich approved 22 new settlements, calling it a “historic decision” that signaled a return to “construction, Zionism, and vision.”

    Together, violence from below and policy from above advance a clear strategic goal: the coerced depopulation of Palestinians from rural areas to solidify Israeli sovereignty over the entire West Bank.

    Levers for change

    The militant elements of the settler movement constitute a fractional segment of Israeli society. When it comes to improving the situation in the West Bank, broad punitive measures against the entire country, such as economic boycotting and divestment, or blocking access to scientific, economic and cultural programs and organizations, have historically proved ineffective.

    Instead, such policies seem to entrench many Israelis’ perception of international bias and double standards: the sense that critics are antisemitic, or that few outsiders understand the country’s challenges – particularly in light of threats from entitles like Iran, Hamas and Hezbollah, which openly seek Israel’s elimination.

    More targeted policies aim specifically at the Israeli far right, including sanctions – economic, political or cultural – directed at settler communities and their infrastructure. Canada, Australia, New Zealand, Norway and the U.K. have imposed travel bans on Ben-Gvir and Smotrich, and frozen their assets in those countries. Similarly, I believe decisions to ban goods produced in the West Bank settlements, as Ireland has recently debated, would be more effective than banning all Israeli products.

    This targeted approach, I would argue, would allow the international community to cultivate stronger alliances with the many Israelis concerned about the settlements and Palestinians’ rights in the West Bank.

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

    – ref. The quiet war: What’s fueling Israel’s surge of settler violence – and the lack of state response – https://theconversation.com/the-quiet-war-whats-fueling-israels-surge-of-settler-violence-and-the-lack-of-state-response-261990

    MIL OSI –

  • MIL-OSI Submissions: Roman Empire and the fall of Nero offer possible lessons for Trump about the cost of self-isolation

    Source: The Conversation – USA (3) – By Kirk Freudenburg, Brooks and Suzanne Ragen Professor of Classics, Yale University

    A marble statue of Nero on loan from the Louvre in Paris is seen at the Landesmuseum in Germany in 2016. Harald Tittel/Picture Alliance via Getty Images

    President Donald Trump’s first term saw a record-high rate of turnover among his Cabinet members and chief advisers. Trump’s second term has, to date, seen far fewer Cabinet departures.

    But some political commentators have observed that the president this time around has primarily appointed loyal advisers who will not challenge him.

    As Thomas Friedman pointed out in The New York Times on June 3, 2025, “In Trump I, the president surrounded himself with some people of weight who could act as buffers. In Trump II, he has surrounded himself only with sycophants who act like amplifiers.”

    As a scholar of Greco-Roman antiquity, I have spent many years studying the demise of truth-telling in periods of political upheaval. Spanning the period from 27 B.C.E. to 476 C.E., the Roman Empire still offers insights into what happens to political leaders when they interpret possibly helpful advice as dissent.

    Particularly telling is the case of Nero, Rome’s emperor from 54 to 68 C.E., who responded to a disastrous fire in 64 with extreme cruelty and self-worship that did nothing to help desperate citizens.

    Suppressing honest advice under Nero

    Rome’s first emperor, Augustus, established a handpicked circle of advisers – called the consilium principis in Latin, meaning emperor’s council – to give a republican look to his autocratic regime. Augustus became the emperor of Rome in 27 B.C.E. and ruled over the empire, which stretched from Europe and North Africa to the Middle East at its peak, until his death in 14 C.E.

    Augustus wanted to hear what others thought about the empire’s needs and his policies. At least some of Augustus’ advisers were bold enough to assert themselves and risk incurring his displeasure. Some, such as Cornelius Gallus, paid for their boldness with their lives, Gallus apparently took his own life, so that might not be the best example – unless it was a forced suicide while others, such as Cilnius Maecenas, managed to push their political agendas in softer ways that allowed them to maintain their influence.

    But the Roman emperors who came after Augustus were either less skilled at maintaining a republican facade, or less interested in doing so.

    Nero was the last of the emperors from the noble Julio-Claudian dynasty in ancient Rome at its peak of power. Historians who describe Nero’s rise and fall from power describe the first five years of his reign, or the quinquennium neronis in Latin, as a period of relative calm and prosperity for the empire.

    Because Nero was just 16 years old when he acceded to power, he was assigned advisers to guide his policies. Their opinions carried significant weight.

    But five years into his reign, chafing at their continued oversight, Nero began to purge these advisers from his life, via execution, forced suicide and exile.

    Nero instead collected a small cadre of self-interested enablers who derived power for themselves by encouraging their leader’s delusions, such as his desire to project himself as the incarnation of the sun god, Apollo.

    The single most unspeakably corrupt and nefarious of these preferred advisers was Ofonius Tigellinus. Tigellinus had caught Nero’s eye early in 62 by urging the senate to convict a Roman magistrate of treason for having composed poems that he deemed insulting to the emperor. Later that year, Tigellinus was appointed the head of the emperor’s personal army.

    As praetorian prefect, Tigellinus was charged not only with protecting Nero from physical harm, but also with crafting and guarding the leader’s public image. Tigellinus urged Nero to stage an ongoing series of public spectacles – like theatrical performances and athletic competitions – that featured him as a divine ruler and a god on Earth.

    The Roman Emperor Nero surveys the city of Rome after the disastrous fire in 64 C.E.
    Hulton Archive/Getty Images

    Up in flames

    It was likely at Tigellinus’ urging that, in the aftermath of the great fire of 64 that raged for six days in Rome, Nero staged an exorbitant garden party where Christians were soaked in flammable oils and lit as human torches to illuminate a decadent late-night feast.

    But, try as he might, Nero couldn’t outrun the fire and its aftermath by indulging in clever cruelties. Huge swathes of the city had been razed by the fire. Thousands of citizens lacked clothing. They were hungry, displaced and homeless.

    For answers, the fire’s countless victims looked to Nero, their earthly Apollo, for help. But they did not encounter a sympathetic leader sweeping in to address their needs. Instead, they found a man desperate to place blame on others – in this case, foreigners from the east.

    In order to squelch rumors that Nero had lit the fire, Tigellinus’ army unit rounded up Christians, falsely blamed them for starting the fire and executed them.

    But this move just showcased Nero’s failure to focus on the dire needs of the poor, the very people who worshipped him. Instead, he sought to rise above the ashes by doubling down on his divine pretensions.

    Once the rubble left by the fire was cleared away, Nero built a magnificent new home for himself. This palace, called the domus aurea in Latin, meaning house of gold, covered more than 120 acres in the heart of Rome. It featured spectacular water fountains, elaborate works of art and, standing tall in the entryway, a 120-foot bronze statue of Nero as the sun god, Apollo.

    No truth-teller was there to tell Nero that maybe he shouldn’t rub his people’s noses in their suffering. (can we say ‘Maybe he shouldn’t exploit his people’s suffering in this way’?) this suggestion needs either accepted or rejected

    Nero’s delusional response to the fire did not put an end to his career, but it did much to hasten its end.

    Less than four years later, with armies bearing down on the city, Nero committed suicide. Rome tumbled into civil war.

    President Donald Trump appears at an Independence Day event at the Mount Rushmore national monument near Keystone, S.D., in 2020.
    Saul Loeb/AFP via Getty Images

    Self-worship in the Trump era

    Trump has long expressed a desire to have his face carved on Mount Rushmore, a national memorial in South Dakota that features the likenesses of legendary American presidents George Washington, Abraham Lincoln, Thomas Jefferson and Theodore Roosevelt.

    This dream became a bit closer to reality when Tennessee Representative Andy Ogles in July 2025 urged the Department of the Interior to explore adding Trump’s image to Mount Rushmore – even though such an addition might not be possible because of geological issues.
    Trump’s critics have long noted the president’s propensity to focus on himself and his own greatness and power, rather than the needs of citizens.

    As far away as the Roman Empire might seem, Nero’s rise and fall offers a lesson in what can happen when honest criticism of a political leader is sidelined in favor of idolatry.

    Instead of honest solutions to real problems, what Romans got was a colossal statue that portrayed their leader as a god on Earth.

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

    – ref. Roman Empire and the fall of Nero offer possible lessons for Trump about the cost of self-isolation – https://theconversation.com/roman-empire-and-the-fall-of-nero-offer-possible-lessons-for-trump-about-the-cost-of-self-isolation-257871

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  • MIL-OSI Submissions: Are you really allergic to penicillin? A pharmacist explains why there’s a good chance you’re not − and how you can find out for sure

    Source: The Conversation – USA (3) – By Elizabeth W. Covington, Associate Clinical Professor of Pharmacy, Auburn University

    Penicillin is a substance produced by penicillium mold. About 80% of people with a penicillin allergy will lose the allergy after about 10 years. Clouds Hill Imaging Ltd./Corbis Documentary via Getty Images

    Imagine this: You’re at your doctor’s office with a sore throat. The nurse asks, “Any allergies?” And without hesitation you reply, “Penicillin.” It’s something you’ve said for years – maybe since childhood, maybe because a parent told you so. The nurse nods, makes a note and moves on.

    But here’s the kicker: There’s a good chance you’re not actually allergic to penicillin. About 10% to 20% of Americans report that they have a penicillin allergy, yet fewer than 1% actually do.

    I’m a clinical associate professor of pharmacy specializing in infectious disease. I study antibiotics and drug allergies, including ways to determine whether people have penicillin allergies.

    I know from my research that incorrectly being labeled as allergic to penicillin can prevent you from getting the most appropriate, safest treatment for an infection. It can also put you at an increased risk of antimicrobial resistance, which is when an antibiotic no longer works against bacteria.

    The good news? It’s gotten a lot easier in recent years to pin down the truth of the matter. More and more clinicians now recognize that many penicillin allergy labels are incorrect – and there are safe, simple ways to find out your actual allergy status.

    A steadfast lifesaver

    Penicillin, the first antibiotic drug, was discovered in 1928 when a physician named Alexander Fleming extracted it from a type of mold called penicillium. It became widely used to treat infections in the 1940s. Penicillin and closely related antibiotics such as amoxicillin and amoxicillin/clavulanate, which goes by the brand name Augmentin, are frequently prescribed to treat common infections such as ear infections, strep throat, urinary tract infections, pneumonia and dental infections.

    Penicillin antibiotics are a class of narrow-spectrum antibiotics, which means they target specific types of bacteria. People who report having a penicillin allergy are more likely to receive broad-spectrum antibiotics. Broad-spectrum antibiotics kill many types of bacteria, including helpful ones, making it easier for resistant bacteria to survive and spread. This overuse speeds up the development of antibiotic resistance. Broad-spectrum antibiotics can also be less effective and are often costlier.

    Figuring out whether you’re really allergic to penicillin is easier than it used to be.

    Why the mismatch?

    People often get labeled as allergic to antibiotics as children when they have a reaction such as a rash after taking one. But skin rashes frequently occur alongside infections in childhood, with many viruses and infections actually causing rashes. If a child is taking an antibiotic at the time, they may be labeled as allergic even though the rash may have been caused by the illness itself.

    Some side effects such as nausea, diarrhea or headaches can happen with antibiotics, but they don’t always mean you are allergic. These common reactions usually go away on their own or can be managed. A doctor or pharmacist can talk to you about ways to reduce these side effects.

    People also often assume penicillin allergies run in families, but having a relative with an allergy doesn’t mean you’re allergic – it’s not hereditary.

    Finally, about 80% of patients with a true penicillin allergy will lose the allergy after about 10 years. That means even if you used to be allergic to this antibiotic, you might not be anymore, depending on the timing of your reaction.

    Why does it matter if I have a penicillin allergy?

    Believing you’re allergic to penicillin when you’re not can negatively affect your health. For one thing, you are more likely to receive stronger, broad-spectrum antibiotics that aren’t always the best fit and can have more side effects. You may also be more likely to get an infection after surgery and to spend longer in the hospital when hospitalized for an infection. What’s more, your medical bills could end up higher due to using more expensive drugs.

    Penicillin and its close cousins are often the best tools doctors have to treat many infections. If you’re not truly allergic, figuring that out can open the door to safer, more effective and more affordable treatment options.

    A penicillin skin test can safely determine whether you have a penicillin allergy, but a health care professional may also be able to tell by asking you some specific questions.
    BSIP/Collection Mix: Subjects via Getty Images

    How can I tell if I am really allergic to penicillin?

    Start by talking to a health care professional such as a doctor or pharmacist. Allergy symptoms can range from a mild, self-limiting rash to severe facial swelling and trouble breathing. A health care professional may ask you several questions about your allergies, such as what happened, how soon after starting the antibiotic did the reaction occur, whether treatment was needed, and whether you’ve taken similar medications since then.

    These questions can help distinguish between a true allergy and a nonallergic reaction. In many cases, this interview is enough to determine you aren’t allergic. But sometimes, further testing may be recommended.

    One way to find out whether you’re really allergic to penicillin is through penicillin skin testing, which includes tiny skin pricks and small injections under the skin. These tests use components related to penicillin to safely check for a true allergy. If skin testing doesn’t cause a reaction, the next step is usually to take a small dose of amoxicillin while being monitored at your doctor’s office, just to be sure it’s safe.

    A study published in 2023 showed that in many cases, skipping the skin test and going straight to the small test dose can also be a safe way to check for a true allergy. In this method, patients take a low dose of amoxicillin and are observed for about 30 minutes to see whether any reaction occurs.

    With the right questions, testing and expertise, many people can safely reclaim penicillin as an option for treating common infections.

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

    – ref. Are you really allergic to penicillin? A pharmacist explains why there’s a good chance you’re not − and how you can find out for sure – https://theconversation.com/are-you-really-allergic-to-penicillin-a-pharmacist-explains-why-theres-a-good-chance-youre-not-and-how-you-can-find-out-for-sure-253839

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  • MIL-OSI Submissions: What is personalized pricing, and how do I avoid it?

    Source: The Conversation – USA (2) – By Jay L. Zagorsky, Associate Professor Questrom School of Business, Boston University

    Recently, Delta Air Lines announced it would expand its use of artificial intelligence to provide individualized prices to customers. This move sparked concern among flyers and politicians. But Delta isn’t the only business interested in using AI this way. Personalized pricing has already spread across a range of industries, from finance to online gaming.

    Customized pricing – where each customer receives a different price for the same product – is a holy grail for businesses because it boosts profits. With customized pricing, free-spending people pay more while the price-sensitive pay less. Just as clothes can be tailored to each person, custom pricing fits each person’s ability and desire to pay.

    I am a professor who teaches business school students how to set prices. My latest book, “The Power of Cash: Why Using Paper Money is Good for You and Society,” highlights problems with custom pricing. Specifically, I’m worried that AI pricing models lack transparency and could unfairly take advantage of financially unsophisticated people.

    The history of custom pricing

    For much of history, customized pricing was the normal way things happened. In the past, business owners sized up each customer and then bargained face-to-face. The price paid depended on the buyer’s and seller’s bargaining skills – and desperation.

    An old joke illustrates this process. Once, a very rich man was riding in his carriage at breakfast time. Hungry, he told his driver to stop at the next restaurant. He went inside, ordered some eggs and asked for the bill. When the owner handed him the check, the rich man was shocked at the price. “Are eggs rare in this neighborhood?” he asked. “No,” the owner said. “Eggs are plentiful, but very rich men are quite rare.”

    Custom pricing through bargaining still exists in some industries. For example, car dealerships often negotiate a different price for each vehicle they sell. Economists refer to this as “first-degree” or “perfect” price discrimination, which is “perfect” from the seller’s perspective because it allows them to charge each customer the maximum amount they’re willing to pay.

    Wanamaker’s department store in Philadelphia was a pricing pioneer.
    Hulton Archive/Getty Images

    Currently, most American shoppers don’t bargain but instead see set prices. Many scholars trace the rise of set prices to John Wanamaker’s Philadelphia department store, which opened in 1876. In his store, each item had a nonnegotiable price tag. These set prices made it simpler for customers to shop and became very popular.

    Why uniform pricing caught on

    Set prices have several advantages for businesses. For one thing, they allow stores to hire low-paid retail workers instead of employees who are experts in negotiation.

    Historically, they also made it easier for stores to decide how much to charge. Before the advent of AI pricing, many companies determined prices using a “cost-plus” rule. Cost-plus means a business adds a fixed percentage or markup to an item’s cost. The markup is the percentage added to a product’s cost that covers a company’s profits and overhead.

    The big-box retailer Costco still uses this rule. It determines prices by adding a roughly 15% maximum markup to each item on the warehouse floor. If something costs Costco $100, they sell it for about $115.

    The problem with cost-plus is that it treats all items the same. For example, Costco sells wine in many stores. People buying expensive Champagne typically are willing to pay a much higher markup than customers purchasing inexpensive boxed wine. Using AI gets around this problem by letting a computer determine the optimal markup item by item.

    What personalized pricing means for shoppers

    AI needs a lot of data to operate effectively. The shift from cash to electronic payments has enabled businesses to collect what’s been called a “gold mine” of information. For example, Mastercard says its data lets companies “determine optimal pricing strategies.”

    So much information is collected when you pay electronically that in 2024 the Federal Trade Commission issued civil subpoenas to Mastercard, JPMorgan Chase and other financial companies demanding to know “how artificial intelligence and other technological tools may allow companies to vary prices using data they collect about individual consumers’ finances and shopping habits.” Experiments at the FTC show that AI programs can even collude among themselves to raise prices without human intervention.

    To prevent customized pricing, some states have laws requiring retailers to display a single price for each product for sale. Even with these laws, it’s simple to do custom pricing by using targeted digital coupons, which vary each shopper’s discount.

    How you can outsmart AI pricing

    There are ways to get around customized pricing. All depend on denying AI programs data on past purchases and knowledge of who you are. First, when shopping in brick-and-mortar stores, use paper money. Yes, good old-fashioned cash is private and leaves no data trail that follows you online.

    Second, once online, clear your cache. Your search history and cookies provide algorithms with extensive amounts of information. Many articles say the protective power of clearing your cache is an urban myth. However, this information was based on how airlines used to price tickets. Recent analysis by the FTC shows the newest AI algorithms are changing prices based on this cached information.

    Third, many computer pricing algorithms look at your location, since location is a good proxy for income. I was once in Botswana and needed to buy a plane ticket. The price on my computer was about $200. Unfortunately, before booking I was called away to dinner. After dinner my computer showed the cost was $1,000 − five times higher. It turned out after dinner I used my university’s VPN, which told the airline I was located in a rich American neighborhood. Before dinner I was located in a poor African town. Shutting off the VPN reduced the price.

    Last, often to get a better price in face-to-face negotiations, you need to walk away. To do this online, put something in your basket and then wait before hitting purchase. I recently bought eyeglasses online. As a cash payer, I didn’t have my credit card handy. It took five minutes to find it, and the delay caused the site to offer a large discount to complete the purchase.

    The computer revolution has created the ability to create custom products cheaply. The cashless society combined with AI is setting us up for customized prices. In a custom-pricing situation, seeing a high price doesn’t mean something is higher quality. Instead, a high price simply means a business views the customer as willing to part with more money.

    Using cash more often can help defeat custom pricing. In my view, however, rapid advances in AI mean we need to start talking now about how prices are determined, before customized pricing takes over completely.

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

    – ref. What is personalized pricing, and how do I avoid it? – https://theconversation.com/what-is-personalized-pricing-and-how-do-i-avoid-it-262195

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  • MIL-OSI Submissions: Strengthening collective labor rights can help reduce economic inequality

    Source: The Conversation – USA (2) – By Skip Mark, Assistant professor of political science, University of Rhode Island

    Only about 1 in 10 U.S. workers belong to unions today. champc/iStock via Getty Images Plus

    Despite the strength of the U.S. economy, the gap between rich and poor Americans is increasing.

    The wealthiest 1% of Americans have more than five times as much wealth as the bottom 50%, according to the U.S. Federal Reserve. That’s up from four times as much in the year 2000. In 2024 alone, the wealthiest 19 families got a total of US$1 trillion richer – the largest one-year increase on record.

    And yet 59% of Americans don’t have enough money saved up to cover an unexpected $1,000 expense.

    We are political scientists who study human rights and political economy.

    In a 2023 study, our team looked at 145 countries, including the U.S., to understand the link between labor rights and inequality. We found evidence that strengthening collective labor rights may reduce economic inequality.

    Empowering workers

    Collective labor rights include the rights to form and join a union, bargain collectively for higher pay and better working conditions, go on strike, and get justice if employers punish workers who exercise these rights.

    In the U.S., where less than 10% of workers belong to unions, union members typically earn higher wages than their nonunion counterparts.

    Through negotiations on behalf of their members, unions can pressure employers to provide fair wages and benefits. If negotiations break down, the union can call for a strike – sometimes winning better benefits and higher wages as a result.

    Some U.S. unions don’t have the right to strike, including air traffic controllers, teachers and those working on national security issues. But most unions have some ability to implement work stoppages and impose costs on employers to negotiate for raises and better benefits and conditions.

    Reducing inequality

    For our study, we analyzed the human rights in the CIRIGHTS dataset, which uses human rights reports from the U.S. State Department, Amnesty International and other sources to measure government respect for 24 human rights, including the rights to unionize and bargain collectively. The dataset is produced by the University of Rhode Island, Binghamton University and the University of Connecticut. One of us, Skip Mark, serves as a co-director of the project.

    Using a scoring guide, a team of researchers reads human rights reports and gives each country a score of zero if they have widespread violations, one point if they have some violations, or two if they have no evidence of violations. The team has assigned scores for all 24 rights from 1994 through 2022.

    Using this data, we created a measure of collective labor rights by adding scores for the right to workplace association and the right to collective bargaining. The resulting collective labor rights score ranges from zero to four.

    Countries where workers’ rights are routinely violated, such as Afghanistan, China and Saudi Arabia, scored a zero. The United States, Macedonia and Zambia, three countries with little in common, were among those that tended to get two points, placing them in the middle. Countries with no reported violations of the rights to workplace association and collective bargaining, including Canada, Sweden and France, got four points.

    According to the CIRIGHTS dataset, the strength of respect for collective labor rights around the world declined by 50%, from 2.06 in 1994 to 1.03 in 2022.

    At the same time, according to the World Inequality Dataset, the share of income earned by the 1% with the biggest paychecks increased by 11%.

    We used advanced statistical methods to figure out whether better worker protections actually reduce inequality or are just associated with it.

    Gaps between individuals and ethnic groups

    We also measured what’s been happening to economic inequality, using two common ways to track it.

    One of them is vertical inequality, the gap between what people earn within a country – the rich versus the poor. The more unequal a society becomes, the higher its vertical inequality score gets. We measured it using the disposable income measure from the Gini index, a commonly used indicator of economic inequality that captures how much money individuals have to spend after taxes and government transfers.

    We found that a one-point increase in collective labor rights on our four-point scale reduces vertical inequality by 10 times the average change in inequality. For the U.S., a one-point increase in collective labor rights would be about enough to undo the increase in inequality that occurred between 2008 and 2010 due to the Great Recession and its aftermath. It would also likely help stem the growing wealth gap between Black and white Americans. That’s because income disparities compound over time to create wealth gaps.

    We also assessed the connection between horizontal inequality, which measures income inequality between ethnic or other groups, and collective labor rights.

    Negative horizontal inequality measures the amount of a country’s income held by the poorest ethnic group. Higher scores for this metric indicate that the lowest-earning ethnic group has less income relative to the rest of society. Black Americans have the lowest median income of any racial or ethnic group, according to the U.S. Census Bureau.

    Positive horizontal inequality measures the income earned by the richest ethnic group. When positive horizontal inequality rises, that means the richest ethnic group has more income relative to the rest of society. According to the same Census Bureau report, Asian Americans had the highest median earnings.

    We found that stronger collective labor rights, both in law and in practice around the world, also reduce both types of horizontal inequality. This means they raise the floor by helping to improve the income of the poorest ethnic groups in society. They also close the gap by limiting the incomes of the richest ethnic group, which can reduce the likelihood of conflicts.

    That is, our findings suggest that when workers are free to advocate for higher wages and better benefits for themselves, it also benefits society as a whole.

    Stephen Bagwell is a researcher with the Human Rights Measurement Initiative, a charitable trust registered in New Zealand

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

    – ref. Strengthening collective labor rights can help reduce economic inequality – https://theconversation.com/strengthening-collective-labor-rights-can-help-reduce-economic-inequality-254258

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  • MIL-OSI Submissions: Black teachers are key mentors for Philly high school seniors navigating college decisions

    Source: The Conversation – USA (2) – By Joseph Sageman, Postdoctoral Researcher in Sociology, University of Pennsylvania

    In Pennsylvania, nearly 15% of students are Black, but less than 4% of teachers are. JohnnyGreig/E+ Collection via Getty Images

    Zikia, a 12th grader in Philadelphia, was stressing over where she would attend college in the fall. Her charter school’s college decision ceremony was the next day, and she was torn between her two top choices.

    At a crossroads, she reached out to her favorite teacher, the only Black educator on her course schedule. “I texted him at nighttime,” she recalled. “I didn’t feel like I could do that with my other teachers.”

    In my research
    on college and career readiness, I did not initially set out to study the impact of Black teachers, but students like Zikia readily brought up the topic.

    In interviews, students insisted on the importance of having Black educators. They consistently named their Black teachers and counselors as the most influential adults in their planning for life after graduation.

    Black educators, though, are severely underrepresented in the local teaching workforce. At Zikia’s school, over 75% of students are Black compared to only about 15% of teachers.

    The picture is just as striking in Pennsylvania as a whole. Statewide, the share of Black students is four times the share of Black teachers – 14.5% of students are Black, while only 3.7% of teachers are. A majority of public schools in Pennsylvania do not employ a single teacher of color despite serving racially diverse communities.

    These statistics are particularly concerning because strong evidence suggests that minority students benefit greatly from working with same-race teachers.

    Over the past two decades, a wave of studies from economists and education scholars have documented that when Black students are assigned to Black teachers, their math and reading scores improve, their rates of absenteeism and suspensions drop, and over the long run, they are more likely to enroll in honors classes, complete high school and go to college.

    This research is mostly quantitative and does more to establish that Black teachers are effective than explain why they are able to deliver such impressive results.

    To answer this latter question, I went directly to the source.

    I conducted interviews with roughly 100 Philadelphia 12th graders, asking them how they came to trust and depend on Black educators when weighing one of the most consequential decisions of their lives: whether and where to go to college. I spoke with students at five city high schools, including district-run and charter schools, as well as some of the teachers and counselors involved in their college decisions.

    Zikia and the other names used in this story are pseudonyms to protect the confidentiality of research participants.

    Inspiration, empathy and insight

    The presence of Black educators mattered to students for several reasons.

    Some of my respondents felt inspired by seeing Black people in school leadership positions. LaMont, for instance, said that taking classes from Black teachers motivated him: “Just to see success is achievable. A teacher is something in life. And it shows that people that look like me are able to overcome something. Having Black teachers gives you a sense of confidence.”

    LaMont’s seeing his own identity and background reflected in his teachers is what sociologists and political scientists call descriptive representation. His classmates agreed that it was important to have teachers who looked like them. Their connection, they insisted, was more than skin deep. Most of them gravitated to Black teachers because of how those teachers did their jobs and advocated for minority students, a concept called substantive representation.

    For instance, many students felt most comfortable asking for help from Black teachers because they regarded them as more empathetic listeners and felt they were invested in their holistic well-being, not just in their grades or academic performance.

    When I asked Ramir to tell me about the teachers he had strong relationships with, he offered a typical answer: “Most of them are African American,” he said. “But it’s not even just about that. I like a teacher who tries to understand you for who you are. Not look at you as a student but as a human being and build with you.”

    Students also credited Black teachers with making them feel like they belonged at school. They sought out advice from teachers who believed in their potential and held them to high academic and behavioral standards. These qualities were by no means unique to Black teachers, but white teachers sometimes found it difficult to balance authority with warmth in their relationships with students.

    “There are some teachers that act like siblings and some that act like parents,” said Emily, a white social studies teacher. “And it’s very rare that a white teacher can act like a parent and have the kids still like them.”

    Black educators also had culturally relevant insights into college that students valued highly. They often had deeper knowledge of local historically Black colleges and universities, or they could speak to the experience of being a racial minority at a predominantly white institution. Students valued guidance more when it came from a source they felt was relatable.

    These findings suggest that Black educators are effective not only because of shared identity or experiences, but also because of the skills and dispositions they bring into the classroom: proactively building relationships, coupling high expectations with high levels of support, and bringing schoolwork to life. As a result, minority students held out hope not only for more representation in the classroom but also that all their teachers – regardless of race – would integrate these practices into their tool kits.

    Read more of our stories about Philadelphia.

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

    – ref. Black teachers are key mentors for Philly high school seniors navigating college decisions – https://theconversation.com/black-teachers-are-key-mentors-for-philly-high-school-seniors-navigating-college-decisions-261732

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  • MIL-OSI Submissions: Yosemite embodies the long war over US national park privatization

    Source: The Conversation – USA (2) – By Michael Childers, Associate Professor of History, Colorado State University

    The Ahwahnee is a privately run hotel inside Yosemite National Park. George Rose/Getty Images

    The Trump administration’s cuts to the National Park Service’s budget and staffing have raised concerns among park advocates and the public that the administration is aiming to further privatize the national parks.

    The nation has a long history of similar efforts, including a wildly unpopular 1980 attempt by Reagan administration Interior Secretary James Watt to promote development and expand private concessions in the parks. But debate over using public national park land for private profit dates back more than a century before that.

    As I explain in my forthcoming book, no park has played a more central role in that debate than Yosemite, in California.

    Early concerns

    In early 1864, Central American Steamship Transit Company representative Israel Ward Raymond wrote a letter to John Conness, a U.S. senator from California, urging the government to move swiftly to preserve the Yosemite Valley and the Mariposa Grove of giant sequoia trees to prevent them from falling into private hands. Five months later, President Abraham Lincoln signed the Yosemite Grant Act, ceding the valley and the grove to the state of California, “upon the express conditions that the premises shall be held for public use, resort, and recreation.” This was years before Yellowstone became the first federal land designated a national park in 1872.

    For centuries, the natural beauty of the Yosemite Valley has impressed visitors.
    Sepia Times/Universal Images Group via Getty Images

    Controversy arose quickly at Yosemite. Two men – James Lamon and James Hutchings – had claimed land in the valley before the federal government gave it to California. Both began commercial operations, Lamon growing cash crops and Hutchings operating a hotel.

    California said their businesses threatened the state’s ability to develop roads and trails in Yosemite by competing for tourist dollars. A legal battle ensued and was not resolved until an 1872 U.S. Supreme Court ruling found that the men’s land claims had not been fully validated according to the procedures of the time. The California legislature paid both men compensation for their land, and both left the park.

    In 1890, neighboring parts of the Yosemite area became America’s third national park – and in 1906, the federal government again took possession of the Yosemite Valley itself and the Mariposa Grove, specifically to incorporate them into an expansion of the national park.

    Development rights

    Yet, as my research has found, the role of private interests in the park remained unsolved. Private companies under contract to the National Park Service have long provided needed amenities such as lodging and food within the national parks. But questions over what is acceptable in national parks in the pursuit of profit have shaped Yosemite’s history for generations.

    In 1925, I found, the question centered on the right to build the first gas station inside the park, in Yosemite Valley. Two private businesses, the Curry Camping Company and the Yosemite National Park Company, had long competed for tourist dollars within the park. Each wanted to build a gas station to boost profits.

    Frustrated over the need to decide, National Park Service Director Horace Albright ordered the rival firms to simplify management of the park’s concessions. The companies merged, and the newly formed Yosemite Park and Curry Company was granted the exclusive rights to run lodges, restaurants and other facilities within the park, including the new gas station.

    But as I found in my research, the park service and the concessions company did not always see eye to eye on the purpose of the park. The conflict between profit and preservation is perhaps most clearly illustrated by the construction of a ski area within the park in the early 1930s. The park service initially opposed the development of Badger Pass Ski Area as not conducive to the national park ideal, but the Yosemite Park and Curry Company insisted it was key to boosting winter use of the park.

    In 1973, the Music Corporation of America, an entertainment conglomerate, bought the Yosemite Park and Curry Company. The company already had a tourist attraction operating near Hollywood, where visitors could pay to tour movie sets, but had not yet changed its name to Universal Studios or launched major theme parks in Florida and California. Its purchase of the park’s concessions set off a firestorm of controversy over fears of turning Yosemite into a theme park.

    That didn’t happen, but annual park visitor numbers climbed from 2.5 million to 3.8 million over the 20 years MCA ran the concessions, which sparked concerns about development and overcrowding in the park. Conservationists argued the park service had allowed the corporate giant to promote and develop the park in ways that threatened the very aspects of the park most people came to enjoy.

    With three restaurants, two service stations with a total of 15 gas pumps, two cafeterias, two grocery stores, seven souvenir shops, a delicatessen, a bank, a skating rink, three swimming pools, a golf course, two tennis courts, kennels, a barbershop, a beauty shop, Badger Pass Ski Area and three lodges, the Yosemite Valley was a busy commercial district. Critics argued that such development contradicted the park service’s mandate to leave national parks unimpaired for the enjoyment of future generations.

    Crowds gather at some of Yosemite’s most popular sites, such as the California Tunnel Tree.
    David McNew/AFP via Getty Images

    Who owns the names?

    Falling profits and consolidation within the music industry led MCA to sell its concessions rights in Yosemite in 1993. The Delaware North Companies, a global hospitality corporation, took over and ran the park’s concessions until 2016, when it sold the rights to Aramark.

    But in that sale, the question of public resources and private profits arose again. Delaware North demanded $51 million in compensation for Aramark continuing to use the names of several historic properties within the park, such as the Ahwahnee, a hotel, and Curry Village, another group of visitor accommodations. The company claimed those names were a part of its assets under its contract with the park service.

    The park service rejected the claim, saying the names, which dated back more than a century, belonged to the American people. But to avoid legal problems during the transition, the agency temporarily renamed several sites, including calling the Ahwahnee the Majestic Yosemite Hotel and changing Curry Village to Half Dome Village. Public outrage erupted, denouncing the claim by Delaware North as commercial overreach that threatened to distort Yosemite’s heritage. In 2019, the park service and Aramark agreed to pay Delaware North a total of $12 million to settle the dispute, and the original names were restored.

    Protesters unfurl an upside-down U.S. flag from the top of El Capitan in Yosemite National Park in February 2025, protesting Trump administration changes to the National Park Service.

    Renewed interest in commercial efforts

    In June 2025, Yosemite again took center stage in the dispute over the role of federal funding versus private interests at the start of the second Trump administration when a group of climbers unfurled an American flag upside down off El Capitan in protest of the administration’s cuts in personnel and slashing of the park service’s budget.

    Conservationists, including former National Park Service Director Jonathan Jarvis, argued that by defunding the park service and laying off as much as a quarter of its workforce, the Trump administration was “laying the groundwork to privatize” the national parks by allowing corporate interests more access to public lands. Those concerns echo ones raised during the first Trump administration, when the White House argued privatization would better serve the American public by improving visitor experiences and saving federal dollars.

    Whichever side prevails in the short term, the debate over the role of private interests within national parks like Yosemite will undoubtedly continue.

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

    – ref. Yosemite embodies the long war over US national park privatization – https://theconversation.com/yosemite-embodies-the-long-war-over-us-national-park-privatization-261133

    MIL OSI –

  • MIL-OSI United Kingdom: UKHSA reminds public to stay tick aware this summer

    Source: United Kingdom – Executive Government & Departments

    News story

    UKHSA reminds public to stay tick aware this summer

    The latest annual report on common animal-associated infections shows more than 1,500 cases of Lyme disease in 2024.

    The UK Health Security Agency (UKHSA) is reminding people of the steps they can take to protect themselves against tick bites this summer, as the latest annual data shows that there were 1,581 laboratory confirmed cases of Lyme disease reported in 2024.

    Case numbers fluctuate year on year and while cases have fallen by 5.2% in 2024 compared to 2023, the number of confirmed cases is likely an underestimate of the true burden of Lyme disease in England. It’s important to seek treatment as soon as possible if you start to develop symptoms of Lyme disease after a tick bite. Some people may not notice that they have been bitten as ticks are small and their bites rarely cause pain, which is why it’s important to check for ticks on all parts of the body soon after spending time outdoors this summer.

    Lyme disease is an infection that can be acquired when someone is bitten by an infected tick. Not all ticks are infected and not everyone who is bitten by an infected tick will develop Lyme disease. To pass on the infection, the tick needs to be attached for many hours. You are unlikely to develop Lyme disease if you just see a tick crawling on you which has not yet attached and fed.

    In those that do develop Lyme disease, a spreading ‘bullseye’ rash at the site of the tick bite is the most common symptom, which develops between 3 to 30 days after the bite. The rash does not occur in all cases and other symptoms include a fever, headache and fatigue, a facial droop, nerve pains and numbness or tingling in the hands or feet.

    While cases were reported across all regions, most confirmed cases in 2024 were reported in people living in the South West, South East and London regions.

    Cases of Lyme disease peak in the spring and summer months as the risk of exposure increases, which is why it’s important to be aware of the steps you can take to prevent being bitten over the next few months.

    Lyme disease can be successfully treated with antibiotics so if you do notice these symptoms after a tick bite, it is important to contact your GP to ensure you receive prompt treatment if needed.

    Christina Petridou, Consultant Microbiologist at UKHSA, said:

    It’s really important that people continue to be tick aware this summer to protect themselves against Lyme disease.

    The disease is usually acquired when spending time outdoors in green spaces, which people do more of in the summer months. After spending time in nature, people should take precautions such as checking for ticks and promptly and safely removing them which will reduce chances of infection.

    While not all ticks carry the bacteria that cause Lyme disease and not all bites will result in human infection, it’s still important to check for ticks when you return from outdoor activities. If you notice any symptoms like a spreading circular rash, flu-like symptoms, nerve pain or a droop on one or both sides of the face within a few weeks of being bitten by a tick, contact your GP or dial NHS 111.

    To reduce your risk of tick bites, while walking in green spaces, stick to clearly defined paths and try to avoid brushing against vegetation where ticks might be present.

    Also consider wearing clothing that covers your skin to make it more difficult for ticks to access a suitable place to bite.

    Use insect repellent (for example DEET) and regularly check clothing or exposed skin so that you can spot any crawling ticks and brush them off. After spending time outside, it’s very important to check yourself, your clothing, your pets and others for ticks. Remove any attached tick as soon as you find it using a tick removal tool or fine-tipped tweezers. Fine-tipped tweezers are different from regular tweezers that might be used to remove eyebrow hair. They are very narrow and pointed at the tip and ensure that ticks are not squashed during removal.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK Government backs Ford’s global transformation

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK Government backs Ford’s global transformation

    UK Export Finance announces a new £1 billion export guarantee, supporting Ford UK’s transition to electric vehicle production.

    • Iconic car manufacturer Ford continues global transformation as government backs new loan  

    • Financing assists Ford’s operations in developing world-leading products, including cleaner engines and electric power units while supporting thousands of jobs 

    • Latest action in the government’s Plan for Change and in support for the UK’s automotive sector as part of the Industrial Strategy 

    UK Export Finance (UKEF) is providing a £1 billion export development guarantee to Ford UK, supporting the car giant’s long-term growth ambitions around the world. 

    Ford operates various sites across the country including the UK’s largest automotive research & development (R&D) centre based in Essex and directly employs more than 5,500 workers across the country.   

    The loan will help Ford continue its global transformation, engineering and manufacturing smart, connected and electrified vehicles for customers around the world.  

    Chancellor of the Exchequer Rachel Reeves said:

    Ford has been the pride of Essex since 1911, over a century of innovation and industry. The R&D centre in Basildon employs thousands of people in well-paid, highly skilled jobs. 

    This £1 billion loan guarantee is a major boost for Britain’s auto sector. It will help develop world-leading products, open new export markets, and secure jobs. This is our Plan for Change in action – delivering growth and putting more money in people’s pockets.

    Business and Trade Secretary Jonathan Reynolds said:

    We’re proud of our historic auto sector, and the commitment that global companies like Ford have made to make cars and create jobs in the UK. 

    I’m delighted that UKEF is backing Ford in supporting the company’s ambitions for growth, helping to cement our position as a global leader for manufacturing and backing our Plan for Change. 

    This Government has taken significant action to back auto firms – including by securing landmark trade deals with the US and India to bring down tariffs for British car manufacturers and create new export opportunities, measures to lower electricity prices in our Industrial Strategy, and updating the ZEV mandate to support UK manufacturers and safeguard jobs of the future.

    In recent years, the company has invested heavily into electric vehicle development, including a £380 million transformation of its Halewood manufacturing plant from producing transmissions to electric motors for iconic vehicles like the Ford Transit van and Ford Puma. Ford has also invested £70 million in state-of-the-art testing and development labs at its R&D site in Essex.   

    This follows several significant announcements in recent months showing the government backing the UK’s automotive sector. This includes launching an Electric Car Grant to support the transition to zero emission vehicles and incentivise sustainable manufacturing, and the publication of the Advanced Manufacturing Sector Plan and Modern Industrial Strategy, which commits £2 billion capital and R&D funding to 2030, and an additional £500 million to extend the R&D support to 2035. This support is giving innovative manufacturers the confidence to pursue technological advancements needed in the automotive sector. 

    UKEF is guaranteeing 80 per cent (£800 million) of the £1 billion loan provided by Citi and a syndicate of lenders. Citi is the sole coordinator and agent on the loan to Ford. 

    This announcement forms part of the government’s Plan for Change to kickstart economic growth and raise living standards across the United Kingdom by supporting businesses to export and grow. 

    British car manufacturers now benefit from major tariff reductions when exporting to the US, thanks to the landmark trade deal secured with the US. The UK is the only country to have secured this deal with the US, which reduces car export tariffs from 27.5% to 10%, saving manufacturers hundreds of millions each year and protecting hundreds of thousands of jobs, backing the Plan for Change. 

    UKEF Chief Executive Tim Reid said:

    This is a great example of UKEF’s collaboration with the automotive industry, which is a key sector of the government’s Industrial Strategy. Our export development guarantee is a versatile product that has lasting impact on businesses. Boosting growth, securing key jobs, growing the UK’s export potential and doing so sustainably – that’s what UKEF does best. 

    Lisa Brankin, Chair, Ford Britain, said:

    Recent investments in the UK have proved crucial to our European operations and have expanded our UK export capability, on top of supporting Ford’s investment in an all-electric product line-for Europe. This new UKEF facility will play an important role in supporting our UK exporting footprint, especially amid the continued uncertainty in the trade landscape and the disconnect between electric vehicle targets and customer demand. 

    Richard Hodder, Global Head of Export and Agency Finance at Citi, said: 

    Citi is pleased to partner with Ford and UK Export Finance on this significant transaction. This third UKEF Guarantee loan under the EDG program demonstrates our dedication to supporting Ford’s global innovation and UK export operations. This transaction showcases both the cross-border expertise and local knowledge that Citi’s Services business provides clients in the UK, and around the world.

    This is the third EDG awarded by UKEF to Ford, taking total financing to almost £2.4 billion (£1.9 billion guaranteed by UKEF) since 2020: 

    • June 2022: £750 million UKEF EDG (UKEF guarantee of £600 million) supported phase two of Ford’s electric vehicle plans. The investment significantly expanding Ford’s electric power unit production line capability.  

    • June 2020: a £625 million UKEF EDG facility (UKEF guarantee on £500 million). This helped to finance Ford’s global vehicle research and development headquarters in Dunton in Essex, securing key of jobs and supporting the development of electric vehicle technologies. 

    This latest announcement follows the recent publication of UKEF’s annual report & accounts for 2024/25. 

    Over the last financial year, UKEF provided a record £14.5 billion in new financing, helping over 667 UK companies to export and grow and supported up to 70,000 jobs.

    Contact

    Media enquiries:

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: We expect rapid electricity demand growth in Texas and the mid-Atlantic

    Source: US Energy Information Administration

    In-brief analysis

    July 31, 2025

    In our most recent Short-Term Energy Outlook (STEO), we forecast nationwide U.S. retail electricity sales to ultimate customers will grow at an annual rate of 2.2% in both 2025 and 2026, compared with average growth of 0.8% between 2020 and 2024. The forecast reflects rapid electricity demand growth in Texas and several mid-Atlantic states, where the grid is managed by the Electric Reliability Council of Texas (ERCOT) and the PJM Interconnection, respectively. We expect electricity demand in ERCOT to grow at an average rate of 11% in 2025 and 2026 while the PJM region grows by 4%.

    After relatively little change in U.S. electricity demand between 2005 and 2020, retail sales of electricity have begun growing again, driven by rising demand in the commercial and industrial sectors. Developers have proposed numerous data centers and large manufacturing facilities that could consume significant amounts of electricity, and many of these projects are concentrated in the ERCOT and PJM regions. But, the timing of these facilities’ initial operations remains uncertain.

    We publish short-term forecasts for electricity sales to ultimate customers for each of the nine census divisions and for the entire United States. We directly incorporate ERCOT’s and PJM‘s monthly projections for power demand into our sales forecasts for the relevant regions. The portion of the power grid that ERCOT operates is located within the West South Central Census Division, which consists of Texas and three neighboring states: Oklahoma, Louisiana, and Arkansas. In Texas, electricity is delivered to end-use customers by four large investor-owned utilities and several municipal utilities.

    We expect electricity demand within ERCOT to increase by 7% in 2025 and by 14% in 2026 when some large data centers and cryptocurrency mining facilities come online. We expect retail electricity sales in the broader West South Central Census Division to grow by 5% this year and 9% in 2026.

    Dozens of utilities deliver electricity on the PJM Interconnection portion of the grid, which covers 13 states in parts of the Middle Atlantic, South Atlantic, and East North Central Census Divisions. Within the area covered by PJM, the Northern Virginia market contains the highest concentration of data centers in the world, according to analysis conducted for Virginia’s state government. The growing demand for power by these new customers could increase electricity sales in PJM by 3% in 2025 and 4% in 2026.

    Principal contributor: Tyler Hodge

    MIL OSI USA News –

  • MIL-OSI: Bogota Financial Corp. Reports Results for the Three and Six Months Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    TEANECK, N.J., July 31, 2025 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended June 30, 2025 of $224,000, or $0.02 per basic and diluted share, compared to a net loss of $432,000, or $0.03 per basic and diluted share, for the comparable prior year period. The Company reported net income for the six months ended June 30, 2025 of $955,000, or $0.08 per basic and diluted share, compared to a net loss of $873,000, or $0.07 per basic and diluted share, for the comparable prior year period. Income for the six months ended June 30, 2025 included a one-time death benefit from the Company’s bank-owned life insurance policy related to a former employee of approximately $543,000.

    Other Financial Highlights:

    • Total assets decreased $49.7 million, or 5.1%, to $921.8 million at June 30, 2025 from $971.5 million at December 31, 2024, due largely to a decrease in cash and cash equivalents and loans.
    • Cash and cash equivalents decreased $31.9 million, or 61.1%, to $20.3 million at June 30, 2025 from $52.2 million at December 31, 2024 due as excess funds were used to pay down borrowings.
    • Securities increased $4.3 million, or 3.1%, to $144.6 million at June 30, 2025 from $140.3 million at December 31, 2024.
    • Net loans decreased $18.5 million, or 2.6%, to $693.2 million at June 30, 2025 from $711.7 million at December 31, 2024, primarily due to decreases in residential mortgages and construction loans.
    • Total deposits at June 30, 2025 were $628.2 million, decreasing $14.0 million, or 2.2%, compared to $642.2 million at December 31, 2024, due to a $11.5 million decrease in certificates of deposit, a $2.8 million decrease in NOW accounts, a $2.3 million decrease in money market accounts and a $2.0 million decrease in noninterest bearing checking accounts. The decreases were offset by a $4.6 million increase in savings accounts. The average rate on deposits decreased 16 basis points to 3.75% for the first half of 2025 from 3.91% for the first half of 2024 due to lower interest rates and a lesser percentage of deposits consisting of higher-costing certificates of deposit.
    • Federal Home Loan Bank advances decreased $36.2 million, or 21.0% to $135.9 million at June 30, 2025 from $172.2 million as of December 31, 2024. The decrease in borrowings was largely attributable to advances that matured during the six months ended June 30, 2025.

    Kevin Pace, President and Chief Executive Officer, said, “The first half of 2025 has fallen in line with our projections. While loan demand has remained steady, we expect an uptick later this year and into early 2026. We remain dedicated to continued growth in our commercial portfolio while ensuring we limit risk to certain markets and property types. Growth in consumer and commercial deposits is another key initiative as we look to reduce cost of funds.”

    “We were able to complete our 5th stock buyback recently. Since the IPO, we have reduced our outstanding shares by 1,653,571 and improved our tangible book value per minority share from $22.04 to $29.10. We continue to focus efforts on improving shareholder value.”

    Income Statement Analysis

    Comparison of Operating Results for the Three Months Ended June 30, 2025 and June 30, 2024

    Net income increased $657,000, or 151.9%, to $224,000 for the three months ended June 30, 2025 from a net loss of $432,000 for the three months ended June 30, 2024. This increase was primarily due to an increase of $951,000 in net interest income, partially offset by a decrease of $229,000 in income tax benefit.

    Interest income increased $31,000, or 0.3%, to $10.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

    Interest income on cash and cash equivalents decreased $21,000, or 16.4%, to $106,000 for the three months ended June 30, 2025 from $127,000 for the three months ended June 30, 2024 due to a 164 basis point decrease in the average yield from 5.90% for the three months ended June 30, 2024 to 4.26% for the three months ended June 30, 2025 due to the lower interest rate environment. This was offset by a $1.3 million increase in the average balance to $9.9 million for the three months ended June 30, 2025 from $8.6 million for the three months ended June 30, 2024, reflecting loan and securities repayments, which were offset by a reduction of borrowings.

    Interest income on loans decreased $7,000, or 0.1%, as a seven basis point increase in the yield was offset by a $12.3 million decrease in the average balance of loans.

    Interest income on securities increased $86,000, or 4.6%, due to a 151 basis point increase in the average yield offset by a $44.4 million decrease in the average balance. The changes in the yield and average balance reflect that, in the fourth quarter of 2024, the Company sold approximately $66.0 million in amortized cost ($57.1 million in market value) of securities with a weighted average yield of 1.89% and reinvested $32.7 million of these proceeds into securities with a weighted average yield of 5.60%.

    Interest expense decreased $920,000, or 11.9%, from $7.7 million for the three months ended June 30, 2024 to $6.8 million for the three months ended June 30, 2025 due to lower average balances and costs on deposits and lower balances on borrowings. During the three months ended June 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $186,000. At June 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Interest expense on interest-bearing deposits decreased $730,000, or 11.7%, to $5.5 million for the three months ended June 30, 2025 from $6.3 million for the three months ended June 30, 2024. The decrease was due to a 32 basis point decrease in the average cost of deposits to 3.67% for the three months ended June 30, 2025 from 3.99% for the three months ended June 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $35.4 million to $482.5 million for the three months ended June 30, 2025 from $517.9 million for the three months ended June 30, 2024 while the average balance of NOW/money market accounts and savings accounts increased $5.6 million and $4.7 million for the three months ended June 30, 2025, respectively, compared to the three months ended June 30, 2024.

    Interest expense on Federal Home Loan Bank advances decreased $190,000, or 12.9%, from $1.5 million for the three months ended June 30, 2024 to $1.3 million for the three months ended June 30, 2025. The decrease was primarily due to a decrease in the average balance of $40.0 million to $130.3 million for the three months ended June 30, 2025 from $170.3 million for the three months ended June 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 47 basis points to 3.96% for the three months ended June 30, 2025 from 3.49% for the three months ended June 30, 2024 due to the new borrowings being shorter durations at higher rates.

    Net interest income increased $951,000, or 34.7%, to $3.7 million for the three months ended June 30, 2025 from $2.7 million for the three months ended June 30, 2024. The increase reflected a 48 basis point increase in our net interest rate spread to 1.20% for the three months ended June 30, 2025 from 0.72% for the three months ended June 30, 2024. Our net interest margin increased 53 basis points to 1.74% for the three months ended June 30, 2025 from 1.21% for the three months ended June 30, 2024.

    We did not record a provision for credit losses for the three months ended June 30, 2025 compared to a $35,000 provision for credit losses for the three-month period ended June 30, 2024.

    Non-interest income increased $29,000, or 9.4%, to $332,000 for the three months ended June 30, 2025 from $303,000 for the three months ended June 30, 2024. Bank-owned life insurance income increased $13,000, or 6.0%, due to higher balances during 2025, which was augmented by an increase in the gain on sale of loans of $9,000 and an increase in fee and service charge income of $11,000. 

    For the three months ended June 30, 2025, non-interest expense increased $129,000, or 3.5%, over the comparable 2024 period. Professional fees increased $112,000, or 43.2%, due to an increase in audit and consulting fees. Occupancy and equipment costs increased $274,000, or 74.6%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These were offset by a $83,000, or 3.9%, reduction in salaries and employee benefits, which decreased due to lower headcount, a $99,000, or 86.1%, decrease in advertising expenses and a $78,000, or 29.4%, decrease in other non-interest expense.

    Income tax expense increased $229,000, or 151.9%, to a benefit of $53,000 for the three months ended June 30, 2025 from a $281,000 benefit for the three months ended June 30, 2024. The decrease was due to an increase of $886,000 in net income. 

    Comparison of Operating Results for the Six Months Ended June 30, 2025 and June 30, 2024

    Net income increased by $1.8 million, or 209.4%, to a net income of $955,000 for the six months ended June 30, 2025 from a net loss of $873,000 for the six months ended June 30, 2024. This increase was primarily due to an increase of $1.9 million in net interest income, partially offset by an increase of $488,000 in income tax expense. Income for the six months ended June 30, 2025 included a one-time death benefit of approximately $543,000 from the Company’s bank-owned life insurance policy related to a former employee.

    Interest income increased $893,000, or 4.4%, from $20.5 million for the six months ended June 30, 2024 to $21.4 million for the six months ended June 30, 2025 due to higher yields on interest-earning assets and a decrease in the average balance of interest-earning assets. 

    Interest income on cash and cash equivalents increased $95,000, or 34.4%, to $371,000 for the six months ended June 30, 2025 from $276,000 for the six months ended June 30, 2024 due to a $4.8 million increase in the average balance to $13.3 million for the six months ended June 30, 2025 from $8.5 million for the six months ended June 30, 2024. This was partially offset by 92 basis point decrease in the average yield from 6.50% for the six months ended June 30, 2024 to 5.58% for the six months ended June 30, 2025.

    Interest income on loans increased $387,000, or 2.3%, to $16.9 million for the six months ended June 30, 2025 compared to $16.5 million for the six months ended June 30, 2024 due primarily to a 18 basis point increase in the average yield from 4.64% for the six months ended June 30, 2024 to 4.82% for the six months ended June 30, 2025, offset by a $10.3 million decrease in the average balance to $701.4 million for the six months ended June 30, 2025 from $711.7 million for the six months ended June 30, 2024.

    Interest income on securities increased $390,000, or 11.5%, to $3.8 million for the six months ended June 30, 2025 from $3.4 million for the six months ended June 30, 2024 primarily due to a 143 basis point increase in the average yield from 3.85% for the six months ended June 30, 2024 to 5.28% for the six months ended June 30, 2025, which was offset by a $32.9 million decrease in the average balance to $143.2 million for the six months ended June 30, 2025 from $176.1 million for the six months ended June 30, 2024. The decrease in the average balance and the increase in the yield was as a result of the balance sheet restructuring undertaken in the fourth quarter of 2024, where certain lower-yielding securities were sold, a portion of the proceeds were reinvested into higher-yielding securities and all remaining held to maturity securities were reclassified as available for sale.

    Interest expense decreased $1.0 million, or 6.6%, from $15.1 million for the six months ended June 30, 2024 to $14.1 million for the six months ended June 30, 2025 due to lower average balances on certificates of deposit and borrowings and a lower rate paid on certificates of deposit. During the six months ended June 30, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank advances and brokered deposits by $363,000. At June 30, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Interest expense on interest-bearing deposits decreased $938,000, or 7.7%, to $11.3 million for the six months ended June 30, 2025 from $12.2 million for the six months ended June 30, 2024. The decrease was due to a 16 basis point decrease in the average cost of deposits to 3.75% for the six months ended June 30, 2025 from 3.91% for the six months ended June 30, 2024. The decrease in the average cost was driven by a 21 basis point decrease in the average cost of certificates of deposit to 4.13% for the six months ended June 30, 2025 from 4.34% for the six months ended June 30, 2024. The decrease in the average cost of deposits was due to the lower interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit decreased $33.8 million to $483.4 million for the six months ended June 30, 2025 from $517.2 million for the six months ended June 30, 2024 while average NOW/money market accounts and savings accounts increased $7.7 million and $3.6 million for the six months ended June 30, 2025, respectively, compared to the six months ended June 30, 2024.

    Interest expense on Federal Home Loan Bank advances decreased $62,000, or 2.1%. The decrease was primarily due to a decrease in the average balance of $16.2 million to $144.1 million for the six months ended June 30, 2025 from $160.3 million for the six months ended June 30, 2024. The decrease was offset by an increase in the average cost of borrowings of 33 basis points to 3.99% for the six months ended June 30, 2025 from 3.66% for the six months ended June 30, 2024 due to the new borrowings being for shorter durations at higher rates. 

    Net interest income increased $1.9 million, or 35.1%, to $7.3 million for the six months ended June 30, 2025 from $5.4 million for the six months ended June 30, 2024. The increase reflected a 47 basis point increase in our net interest rate spread to 1.15% for the six months ended June 30, 2025 from 0.68% for the six months ended June 30, 2024. Our net interest margin increased 50 basis points to 1.70% for the six months ended June 30, 2025 from 1.20% for the six months ended June 30, 2024.

    We recorded a $80,000 recovery of credit losses for the six months ended June 30, 2025 compared to a $70,000 provision for credit losses for the six-month period ended June 30, 2024. The decrease in the allowance for credit losses was due to the decrease in loans and held-to-maturity securities.

    Non-interest income increased $619,000, or 102.7%, to $1.2 million for the six months ended June 30, 2025 from $602,000 for the six months ended June 30, 2024. Bank-owned life insurance income increased $564,000, or 132.0%, due to a death benefit related to a former employee and higher balances during 2025. In addition to the death benefit, gains on sale of loans also increased by $38,000 when compared to the comparable period in 2024.

    For the six months ended June 30, 2025, non-interest expense increased $345,000, or 4.7%, over the comparable 2024 period. Professional fees increased $114,000, or 25.0%, due to higher audit and consulting expense. Occupancy and equipment costs increased $574,000, or 77.8%, as a result of the lease-buyback transaction completed in the fourth quarter of 2024, which resulted in increased lease expense going forward. These were offset by a $162,000, or 3.8%, reduction in salaries and employee benefit, which decreased due to lower headcount, advertising expense, which decreased by $104,000, or 46.0%, and other non-interest expense, which decreased $102,000, or 20.0%.

    Income tax expense increased $488,000, or 85.8%, to a benefit of $81,000 for the six months ended June 30, 2025 from a $568,000 benefit for the six months ended June 30, 2024. The decrease was due to an increase of $2.3 million in income. 

    Balance Sheet Analysis

    Total assets were $921.8 million at June 30, 2025, representing a decrease of $49.7 million, or 5.1%, from December 31, 2024. Cash and cash equivalents decreased $31.9 million during the period primarily due to the paydown of borrowings. Net loans decreased $18.5 million, or 2.6%, due to $32.0 million in repayments, partially offset by new production of $15.5 million. This resulted in a $14.5 million decrease in the balance of residential loans and a $17.4 million decrease in construction loans, offset by a $7.3 million and $8.0 million of commercial real estate and multi-family loans, respectively. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale increased $4.3 million or 3.1%, due to new purchases of mortgage-backed securities. 

    Delinquent loans increased $6.1 million to $20.4 million, or 2.94% of total loans, at June 30, 2025, compared to $14.3 million at December 31, 2024. The increase was primarily due to one commercial real estate loan with a balance of $7.1 million, which is considered well-secured, accruing and in the process of collection. During the same timeframe, non-performing assets decreased from $14.0 million at December 31, 2024 to $13.9 million, which represented 1.50% of total assets at June 30, 2025. No loans were charged-off during the three or six months ended June 30, 2025 or June 30, 2024. The Company’s allowance for credit losses related to loans was 0.37% of total loans and 18.69% of non-performing loans at June 30, 2025 compared to 0.37% of total loans and 18.77% of non-performing loans at December 31, 2024. The Bank does not have any exposure to commercial real estate loans secured by office space. At June 30, 2025, the Company had no allowance for credit losses related to held-to-maturity securities, as the Company did not hold any held-to-maturity securities at June 30, 2025 or at December 31, 2024. 

    Total liabilities decreased $50.8 million, or 6.1%, to $783.4 million mainly due to a $13.9 million decrease in deposits and by a $36.2 million decrease in borrowings. Total deposits decreased $14.0 million, or 2.2%, to $628.2 million at June 30, 2025 from $642.2 million at December 31, 2024. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $11.5 million to $481.8 million from $493.3 million at December 31, 2024, a decrease in NOW deposit accounts, which decreased by $2.8 million to $52.6 million from $55.4 million at December 31, 2024, a decrease in money market deposit accounts, which decreased by $2.3 million to $11.7 million from $14.0 million at December 31, 2024, and by a decrease in noninterest bearing demand accounts, which decreased by $2.0 million from $32.7 million at December 31, 2024 to $30.7 million at June 30, 2025. At June 30, 2025, brokered deposits were $108.0 million or 17.2% of deposits and municipal deposits were $25.4 million or 4.1% of deposits. At June 30, 2025, uninsured deposits represented 9.1% of the Bank’s total deposits. Federal Home Loan Bank advances decreased $36.2 million, or 21.0%, due to paydown of existing borrowings. Short-term borrowings increased $10.5 million, or 35.6%, to $40.0 million at June 30, 2025 from $29.5 million at December 31, 2024, while long-term borrowings decreased $46.7 million, or 32.8%, to $95.9 million at June 30, 2025 from $142.7 million at December 31, 2024. Total borrowing capacity at the Federal Home Loan Bank is $241.3 million of which $139.0 million has been advanced.

    Total stockholders’ equity increased $1.2 million to $138.4 million, primarily due to net income of $955,000. At June 30, 2025, the Company’s ratio of average stockholders’ equity-to-total assets was 14.96%, compared to 13.99% at December 31, 2024.

    About Bogota Financial Corp.

    Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

    Forward-Looking Statements

    This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

    The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (unaudited)
                 
        As of     As of  
        June 30,
    2025    		     December 31,
    2024    		  
    Assets                
    Cash and due from banks   $ 9,471,838     $ 18,020,527  
    Interest-bearing deposits in other banks     10,861,717       34,211,681  
    Cash and cash equivalents     20,333,555       52,232,208  
    Securities available for sale, at fair value     144,602,468       140,307,447  
    Loans, net of allowance for credit losses of $2,590,950 and $2,620,949, respectively     693,211,303       711,716,236  
    Premises and equipment, net     4,561,786       4,727,302  
    Federal Home Loan Bank (FHLB) stock and other restricted securities     7,204,900       8,803,000  
    Accrued interest receivable     4,225,196       4,232,563  
    Core deposit intangibles     129,255       152,893  
    Bank-owned life insurance     31,329,401       31,859,604  
    Right of use asset     10,506,417       10,776,596  
    Other assets     5,730,379       6,682,035  
    Total Assets   $ 921,834,660     $ 971,489,884  
    Liabilities and Equity                
    Non-interest bearing deposits   $ 30,696,810     $ 32,681,963  
    Interest bearing deposits     597,532,976       609,506,079  
    Total deposits     628,229,786       642,188,042  
    FHLB advances-short term     40,000,000       29,500,000  
    FHLB advances-long term     95,944,439       142,673,182  
    Advance payments by borrowers for taxes and insurance     3,223,479       2,809,205  
    Lease liabilities     10,579,107       10,780,363  
    Other liabilities     5,418,148       6,249,932  
    Total liabilities     783,394,959       834,200,724  
                     
    Stockholders’ Equity                
    Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at June 30, 2025 and December 31, 2024     —       —  
    Common stock $0.01 par value, 30,000,000 shares authorized, 13,008,389 issued and outstanding at June 30, 2025 and 13,059,175 at December 31, 2024     130,083       130,592  
    Additional paid-in capital     55,260,550       55,269,962  
    Retained earnings     90,961,990       90,006,648  
    Unearned ESOP shares (369,670 shares at June 30, 2025 and 382,933 shares at December 31, 2024)     (4,369,992 )     (4,520,594 )
    Accumulated other comprehensive loss     (3,542,930 )     (3,597,448 )
    Total stockholders’ equity     138,439,701       137,289,160  
    Total liabilities and stockholders’ equity   $ 921,834,660     $ 971,489,884  
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
                 
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Interest income                                
    Loans, including fees   $ 8,291,923     $ 8,299,404     $ 16,895,052     $ 16,506,796  
    Securities                                
    Taxable     1,943,360       1,846,717       3,773,754       3,363,060  
    Tax-exempt     2,894       13,124       5,789       26,272  
    Other interest-earning assets     266,987       314,964       754,158       639,268  
    Total interest income     10,505,164       10,474,209       21,428,753       20,535,396  
    Interest expense                                
    Deposits     5,524,138       6,253,895       11,286,462       12,223,776  
    FHLB advances     1,286,421       1,476,600       2,854,448       2,916,669  
    Total interest expense     6,810,559       7,730,495       14,140,910       15,140,445  
    Net interest income     3,694,605       2,743,714       7,287,843       5,394,951  
    (Recovery) provision for credit losses     —       35,000       (80,000 )     70,000  
    Net interest income after (recovery) provision for credit losses     3,694,605       2,708,714       7,367,843       5,324,951  
    Non-interest income                                
    Fees and service charges     59,755       49,203       115,574       107,790  
    Gain on sale of loans     8,768       —       37,830       —  
    Bank-owned life insurance     228,392       215,056       990,623       427,015  
    Other     34,795       38,945       77,055       67,477  
    Total non-interest income     331,710       303,204       1,221,082       602,282  
    Non-interest expense                                
    Salaries and employee benefits     2,059,942       2,143,388       4,140,141       4,301,953  
    Occupancy and equipment     640,444       366,908       1,311,913       738,025  
    FDIC insurance assessment     103,934       106,716       210,520       207,313  
    Data processing     305,034       318,520       620,731       622,125  
    Advertising     16,000       115,100       121,500       225,200  
    Director fees     170,812       151,549       330,256       307,249  
    Professional fees     372,364       260,112       571,094       456,897  
    Other     185,972       263,490       408,017       510,112  
    Total non-interest expense     3,854,502       3,725,783       7,714,172       7,368,874  
    Income (loss) before income taxes     171,813       (713,865 )     874,753       (1,441,641 )
    Income tax benefit     (52,582 )     (281,386 )     (80,589 )     (568,182 )
    Net income (loss)   $ 224,395     $ (432,479 )   $ 955,342     $ (873,459 )
    Earnings (loss) per Share – basic   $ 0.02     $ (0.03 )   $ 0.08     $ (0.07 )
    Earnings (loss) per Share – diluted   $ 0.02     $ (0.03 )   $ 0.08     $ (0.07 )
    Weighted average shares outstanding – basic     12,635,990       12,803,925       12,642,744       12,828,428  
    Weighted average shares outstanding – diluted     12,641,179       12,803,925       12,644,701       12,828,428  
    BOGOTA FINANCIAL CORP.
    SELECTED RATIOS
    (unaudited)
                 
        At or For the Three Months     At or for the Six Months  
        Ended June 30,     Ended June 30,  
        2025     2024     2025     2024  
    Performance Ratios (1):                                
    Return (loss) on average assets (2)     0.02 %     (0.18 )%     0.10 %     (0.18 )%
    Return (loss) on average equity (3)     0.16 %     (1.32 )%     0.10 %     (1.32 )%
    Interest rate spread (4)     1.20 %     0.72 %     1.15 %     0.68 %
    Net interest margin (5)     1.74 %     1.21 %     1.70 %     1.20 %
    Efficiency ratio (6)     95.73 %     122.28 %     90.66 %     122.87 %
    Average interest-earning assets to average interest-bearing liabilities     116.49 %     114.12 %     115.24 %     114.56 %
    Net loans to deposits     110.34 %     109.02 %     110.34 %     109.02 %
    Average equity to average assets (7)     15.02 %     13.48 %     14.88 %     14.71 %
    Capital Ratios:                                
    Tier 1 capital to average assets                     15.32 %     13.52 %
    Asset Quality Ratios:                                
    Allowance for credit losses as a percent of total loans                     0.37 %     0.39 %
    Allowance for credit losses as a percent of non-performing loans                     18.69 %     21.20 %
    Net charge-offs to average outstanding loans during the period                     0.00 %     0.00 %
    Non-performing loans as a percent of total loans                     2.00 %     1.82 %
    Non-performing assets as a percent of total assets                     1.50 %     1.33 %
    (1 ) Certain performance ratios for the three and six months ended June 30, 2025 and 2024 are annualized.
    (2 ) Represents net income (loss) divided by average total assets.
    (3 ) Represents net income (loss) divided by average stockholders’ equity.
    (4 ) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2025 and 2024.
    (5 ) Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2025 and 2024.
    (6 ) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
    (7 ) Represents average stockholders’ equity divided by average total assets.


    LOANS

    Loans are summarized as follows at June 30, 2025 and December 31, 2024:

        June 30,     December 31,  
        2025     2024  
        (unaudited)  
    Real estate:                
    Residential First Mortgage   $ 458,212,962     $ 472,747,542  
    Commercial Real Estate     125,349,129       118,008,866  
    Multi-Family Real Estate     82,118,178       74,152,418  
    Construction     25,766,387       43,183,657  
    Commercial and Industrial     4,282,269       6,163,747  
    Consumer     73,328       80,955  
    Total loans     695,802,253       714,337,185  
    Allowance for credit losses     (2,590,950 )     (2,620,949 )
    Net loans   $ 693,211,303     $ 711,716,236  

    The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:

        At June 30,     At December 31,  
        2025     2024  
        Amount     Percent     Average Rate     Amount     Percent     Average Rate  
                                                     
        (unaudited)  
    Noninterest bearing demand accounts   $ 30,696,810       4.89 %     — %   $ 32,681,963       5.09 %     — %
    NOW accounts     52,611,377       8.37 %     2.64       55,378,051       8.62 %     2.53  
    Money market accounts     11,677,716       1.86 %     0.48       13,996,460       2.18 %     0.58  
    Savings accounts     51,419,664       8.18 %     2.02       46,851,793       7.30 %     1.90  
    Certificates of deposit     481,824,219       76.70 %     3.88       493,279,775       76.81 %     4.37  
    Total   $ 628,229,786       100.00 %     3.37 %   $ 642,188,042       100.00 %     3.42 %


    Average Balance Sheets and Related Yields and Rates

    The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

        Three Months Ended June 30,  
        2025     2024  
        Average Balance     Interest and Dividends     Yield/ Cost     Average Balance     Interest and Dividends     Yield/ Cost  
        (Dollars in thousands)  
    Assets:   (unaudited)  
    Cash and cash equivalents   $ 9,976     $ 106       4.26 %   $ 8,644     $ 127       5.90 %
    Loans     697,792       8,292       4.77 %     710,058       8,299       4.70 %
    Securities     141,141       1,946       5.52 %     185,497       1,860       4.01 %
    Other interest-earning assets     7,085       161       9.09 %     8,689       188       8.66 %
    Total interest-earning assets     855,994       10,505       4.92 %     912,888       10,474       4.61 %
                                                     
    Non-interest-earning assets     65,094                       58,933                  
    Total assets   $ 921,088                     $ 971,821                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 73,261     $ 447       2.44 %   $ 67,687     $ 329       1.96 %
    Savings accounts     48,751       249       2.05 %     44,093       205       1.87 %
    Certificates of deposit (1)     482,516       4,828       4.01 %     517,882       5,720       4.44 %
    Total interest-bearing deposits     604,528       5,524       3.67 %     629,662       6,254       3.99 %
                                                     
    Federal Home Loan Bank advances (1)     130,277       1,286       3.96 %     170,295       1,476       3.49 %
    Total interest-bearing liabilities     734,805       6,810       3.72 %     799,957       7,730       3.89 %
    Non-interest-bearing deposits     32,076                       39,162                  
    Other non-interest-bearing liabilities     15,894                       1,654                  
    Total liabilities     782,775                       840,773                  
                                                     
    Total equity     138,313                       131,048                  
    Total liabilities and equity   $ 921,088                     $ 971,821                  
    Net interest income           $ 3,695                     $ 2,744          
    Interest rate spread (2)                     1.20 %                     0.72 %
    Net interest margin (3)                     1.74 %                     1.21 %
    Average interest-earning assets to average interest-bearing liabilities     116.49 %                     114.12 %                
    1. Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended June 30, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $186,000 and $461,000, respectively.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
        Six Months Ended June 30,  
        2025     2024  
        Average Balance     Interest and Dividends     Yield/ Cost     Average Balance     Interest and Dividends     Yield/ Cost  
        (Dollars in thousands)  
    Assets:                                                
    Cash and cash equivalents   $ 13,270     $ 371       5.58 %   $ 8,505     $ 276       6.50 %
    Loans     701,423       16,894       4.82 %     711,744       16,507       4.64 %
    Securities     143,199       3,779       5.28 %     176,081       3,389       3.85 %
    Other interest-earning assets     7,692       384       9.97 %     8,395       363       8.65 %
    Total interest-earning assets     865,584       21,428       4.95 %     904,725       20,535       4.54 %
    Non-interest-earning assets     61,323                       59,313                  
    Total assets   $ 926,907                     $ 964,038                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 76,313     $ 904       2.39 %   $ 68,569     $ 664       1.95 %
    Savings accounts     47,299       475       2.02 %     43,720       403       1.85 %
    Certificates of deposit (1)     483,380       9,907       4.13 %     517,189       11,157       4.34 %
    Total interest-bearing deposits     606,992       11,286       3.75 %     629,478       12,224       3.91 %
    Federal Home Loan Bank advances (1)     144,120       2,854       3.99 %     160,282       2,916       3.66 %
    Total interest-bearing liabilities     751,112       14,140       3.80 %     789,760       15,140       3.86 %
    Non-interest-bearing deposits     32,425                       38,425                  
    Other non-interest-bearing liabilities     5,420                       2,763                  
    Total liabilities     788,957                       830,948                  
    Total equity     137,950                       133,090                  
    Total liabilities and equity   $ 926,907                     $ 964,038                  
    Net interest income           $ 7,288                     $ 5,395          
    Interest rate spread (2)                     1.15 %                     0.68 %
    Net interest margin (3)                     1.70 %                     1.20 %
    Average interest-earning assets to average interest-bearing liabilities     115.24 %                     114.56 %                
    1. Cash flow hedges are used to manage interest rate risk. During the six months ended June 30, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $363,000 and $749,000, respectively.
       
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
       
    3. Net interest margin represents net interest income divided by average total interest-earning assets


    Rate/Volume Analysis

    The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

        Three Months Ended June 30, 2025     Six Months Ended June 30, 2025  
        Compared to     Compared to  
        Three Months Ended June 30, 2024     Six Months Ended June 30, 2024  
        Increase (Decrease) Due to     Increase (Decrease) Due to  
        Volume     Rate     Net     Volume     Rate     Net  
        (In thousands)  
    Interest income:   (unaudited)  
    Cash and cash equivalents   $ 94     $ (114 )   $ (21 )   $ 201     $ (106 )   $ 95  
    Loans receivable     (534 )     526       (7 )     (592 )     979       387  
    Securities     (2,142 )     2,228       86       (1,554 )     1,944       390  
    Other interest earning assets     (80 )     53       (27 )     (71 )     92       21  
    Total interest-earning assets     (2,662 )     2,693       31       (2,017 )     2,910       893  
                                                     
    Interest expense:                                                
    NOW and money market accounts     29       89       118       79       161       240  
    Savings accounts     23       21       44       34       38       72  
    Certificates of deposit     (368 )     (524 )     (892 )     (718 )     (532 )     (1,250 )
    Federal Home Loan Bank advances     (1,138 )     948       (190 )     (591 )     529       (62 )
    Total interest-bearing liabilities     (1,454 )     534       (920 )     (1,197 )     197       (1,000 )
    Net (decrease) increase in net interest income   $ (1,208 )   $ 2,159     $ 951     $ (820 )   $ 2,713     $ 1,893  

    Contacts
    Kevin Pace – President & CEO, 201-862-0660 ext. 1110

    The MIL Network –

  • MIL-OSI: Intchains Expands Collaboration with FalconX to Optimize ETH Acquisition and Enhance Yield

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 31, 2025 (GLOBE NEWSWIRE) —  Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company engaged in the provision of altcoin mining products, strategic acquisition and holding of Ethereum-based cryptocurrencies, and active development of innovative Web3 applications, today announced that it is collaborating with FalconX, the largest digital asset prime brokerage for institutional investors, to expand the Company’s ETH digital asset treasury. The collaboration aims to enhance ETH acquisition efficiency and explore potential return enhancements through a structured ETH yield strategy, subject to market conditions and risk considerations.

    The cooperation focuses on two key aspects:

    Optimized ETH Acquisition: FalconX will implement customized derivatives-based trading strategies such as funded put selling for Intchains, which may enable the Company to acquire ETH while potentially generating premium income.

    ETH Yield Enhancement Strategy: FalconX’s platform will enable Intchains to pursue yield generation on its ETH holdings through a combination of lending and derivatives-based strategies, with the goal of improving returns relative to Intchain’s current passive ETH accumulation and staking approach. Based on preliminary modeling, Intchains annualized yield on its ETH holdings could be as high as 10%.

    Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer of Intchains, commented, “We are excited to strengthen our collaboration with FalconX aiming to enhance our ETH accumulation strategy and boost overall yield performance. Through this initiative, we expect to achieve lower ETH acquisition costs and higher yields, further reinforcing ICG’s leading position in ETH holding while delivering stronger financial results. We remain committed to our long-term dollar-cost-averaging ETH strategy and believe the FalconX platform will be a trusted partner as we continue to build our ETH position.”

    About FalconX
    FalconX provides comprehensive solutions for institutional digital asset strategies, serving over 600 clients globally. As of December 31, 2024, the platform has facilitated over $1.5 trillion in trading volume.

    About Intchains Group Limited
    Intchains Group Limited is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.

    Forward-Looking Statements
    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company’s ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company’s ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    Intchains Group Limited
    Investor relations
    Email: ir@intchains.com

    The Equity Group
    Lena Cati, Senior Vice President
    212-836-9611 / lcati@theequitygroup.com

    Alice Zhang, Associate
    212-836-9610 / azhang@theequitygroup.com   

    The MIL Network –

  • MIL-OSI: U.S. Drone Market Outlook and Competitive Landscape Becoming a Sector Poised for Prosperous Expansion

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., July 31, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Recently, drone market insiders, have issued very optimistic reviews on where the U.S. drone market is heading. Industry observers note that this legislative backing de-risks investment in defense and dual-use drone companies, making them more attractive to institutional investors and venture firms alike. The new funding is poised to expand domestic manufacturing capabilities, support R&D in autonomy and AI, and reward companies prepared to operate within the tightened regulatory and sourcing frameworks. On such report from Dronelife.com said: “Compare the U.S. surge in drone investment to the investment contraction and global market realignment that Drone Industry Insights (DRONEII), reported on just a few months ago. The earlier DRONEII report underscores the U.S. government’s legislative actions as especially impactful, setting the pace for global realignment and influencing investment priorities worldwide. The direct result of these policy moves has been an influx of both venture and public market investment into U.S.-aligned drone companies. Companies such as Firestorm Labs and Unusual Machines have openly referenced the “clear demand signals” coming from Washington in their fundraising releases. Meanwhile, market analysis on platforms like Nasdaq and Investing.com track a sector-wide uptick in share prices and capital-infused balance sheets in July 2025 alone.”   Active Companies in the drone industries include ZenaTech, Inc. (NASDAQ: ZENA), Teledyne Technologies Incorporated (NYSE: TDY), ParaZero Technologies Ltd. (NASDAQ: PRZO), Safe Pro Group Inc. (NASDAQ: SPAI), Arbe Robotics Ltd. (NASDAQ: ARBE).

    The article continued discussing how legislative backing is a growth catalyst saying: “The strengthened investment environment for U.S. drone companies in the summer of 2025 is a direct response to aggressive legislative and executive action. As enhanced procurement mandates and funding priorities solidify, companies with domestic manufacturing capabilities and compliance adherence are best positioned to benefit. This unique interplay of policy and market forces is not only revitalizing the American drone industrial base but is also driving a more resilient, innovation-focused sector poised for further expansion.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Initiates AUVSI Membership Upgrade, Enabling Leadership on Drone Policy and Strengthening US Defense and Government Engagement – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a business technology solution provider specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), Enterprise SaaS, and Quantum Computing solutions, today announces its drone subsidiary ZenaDrone has initiated upgrading its membership to the Advocacy level with the influential Association for Uncrewed Vehicle Systems International (AUVSI), enabling it to join both the Defense Advocacy Committee and Air Advocacy Committee. This upgrade enables the company to engage alongside top US drone and defense innovators, such as Skydio, Anduril, Leidos and Shield AI, to elevate its leadership role in shaping critical drone policy and procurement as well as deepening relationships with important stakeholders and decisionmakers.

    “This is a clear investment in speed to market and long-term procurement success,” said Shaun Passley, Ph.D., ZenaTech CEO. “By joining AUVSI’s Defense and Air Advocacy Committees, ZenaDrone gains direct access to the policy, compliance, and acquisition conversations that shape Department of Defense agency procurement. It positions us alongside trusted defense leaders and innovators, accelerating our path to Green and Blue UAS certification by strengthening our ability to meet the security, interoperability, and regulatory expectations of federal buyers and leverage growth opportunities.”

    Through an upgraded Advocacy membership, ZenaDrone will be able to collaborate with AUVSI’s network of industry leaders and regulators to influence federal drone policies and shape the future of the drone industry in the US. This participation provides direct access to federal decision-makers, enabling influence on key policy areas such as BVLOS (Beyond Visual Line of Sight) regulation and streamlined procurement, while ensuring the company’s drone platforms remain aligned with the evolving operational needs and priorities of US defense and government agencies.

    This involvement comes at a pivotal time, as recent Executive Orders and policy directives from the White House and Department of Defense accelerate support for NDAA-compliant, secure, and domestically produced drone technologies. These directives now move toward implementation, requiring practical policy frameworks and procurement processes—an area where ZenaDrone aims to contribute meaningfully.

    Founded in 1972, AUVSI is the largest nonprofit advancing uncrewed and autonomous systems through innovation, policy, and collaboration. It connects government, industry, and academia to drive safe, efficient integration of emerging technologies. The Air Advocacy Committee shapes policies to expand drone operations in national airspace, while the Defense Advocacy Committee influences defense acquisition policies and promotes NDAA-compliant drone technology. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    Teledyne FLIR Defense, part of Teledyne Technologies Incorporated (NYSE: TDY), recently announced the winners of the 30th Annual ‘FLIR Vision Awards’ at the APSCON 2025 Conference in Phoenix, Arizona.

    The FLIR Vision Awards are presented to members of the airborne law enforcement community who have best demonstrated use of thermal imaging systems in carrying out their missions, whether conducting search and rescue efforts, pursuing suspects, or saving lives in other ways. The awards are divided into four categories, including the FANG Award for operations involving a K-9 support team.

    ParaZero Technologies Ltd. (NASDAQ: PRZO) recently announced the launch of its latest product, the SafeAir Raptor. This latest and innovative safety system is specifically engineered for compatibility with Anzu Robotics’ Raptor and Raptor T (thermal) drone models.

    The SafeAir Raptor offers performance capabilities akin to ParaZero’s acclaimed SafeAir Mavic 3 System, providing autonomous monitoring and real-time failure detection to ensure optimal safety during drone operations. Notably, the SafeAir Raptor complies with ASTM F3322-22 standards, making it eligible for operations over people in accordance with Federal Aviation Administration (FAA) regulations.

    Safe Pro Group Inc. (NASDAQ: SPAI), a leader in artificial intelligence (AI)-powered defense and security solutions, recently announced that it has been selected by the U.S. Army to participate in the Army Futures Command’s (AFC) Concept Focused Warfighting Experiment (CFWE) Maneuver (CFWE-M) 2026 event being held at Fort Benning, Georgia in March through April 2026.

    Army Futures Command, established in 2018, helps ensure the Army and its soldiers remain at the forefront of technological innovation and warfighting ability. The CFWE-M is a live and constructive simulation experiment held annually by the U.S. Army and serves as the primary venue for experimentation focusing on the small unit level. CFWE-M supports small unit modernization by providing Cross Function Teams (CFT), Centers of Excellence (CoE) capability developers, Science and Technology (S&T) community, and industry an opportunity to collaborate with the Army.

    Arbe Robotics Ltd. (NASDAQ: ARBE) recently announced that Sensrad, a leading radar Tier-1 supplier based in Sweden, has begun delivering its first radar series powered by Arbe’s chipset to customers. These radars are destined for deployment in a defense sector autonomous off-road vehicle application and in an intelligent road infrastructure project.

    Sensrad recently placed a significant purchase order for Arbe chipsets, a key step toward the commercialization of its radar solutions. These chipsets will be used in multiple programs, including an initiative involving autonomous vehicles for off-road applications for a strategic US customer in the defense sector, the China-based Tianyi Transportation project, and several customer evaluations. Sensrad’s progress reflects its growing commitment to expanding radar adoption across diverse verticals beyond traditional passenger automotive markets.

    To accelerate the deployment Arbe and Sensrad have signed a comprehensive support and maintenance agreement to reinforce Sensrad’s 4D Imaging Radar program built on Arbe’s advanced chipset technology. Under the terms of the agreement, Sensrad will pay Arbe a recurring fee for continued support, maintenance, and professional services.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

  • MIL-Evening Report: The company tax regime is a roadblock to business investment. Here’s what needs to change

    Source: The Conversation (Au and NZ) – By Alex Robson, Deputy Chair, Productivity Commission, and Adjunct Professor, Queensland University of Technology

    Erman Gunes/Shutterstock

    Productivity growth is a key driver of improvements in living standards. But in Australia over the last decade, output per hour worked grew by less than a quarter of its 60-year average.

    We urgently need to turn this around.

    That’s why the government has asked the Productivity Commission – where I am deputy chair – to conduct five inquiries and identify priority reforms.

    As a first step to boost productivity growth, we need business to expand and invest in the tools and technology that help us get the most out of our work.

    Unfortunately, some of our most important policy settings are holding us back.

    Business investment has slumped

    Capital expenditure by all non-mining firms is down 3.2 percentage points as a share of the economy since the end of the global financial crisis in 2009.

    And the ever-growing thicket of rules and regulations faced by business is a significant handbrake on growth.

    The Productivity Commission’s first interim report, Creating a more dynamic and resilient economy, focuses on two big policy levers: tax and regulation.

    Lower company tax rates are likely to attract more overseas firms to invest in Australia and help people start and grow businesses. They may strengthen the ability of smaller firms, which contribute the bulk of capital investment, to compete with larger ones.

    Our draft recommendations include:

    • Cutting the company tax rate to 20% from 25% or 30% for businesses with revenue under A$1 billion – the vast majority of companies

    • Introducing a new 5% net cash-flow tax on all firms. This supports companies’ capital expenditure by allowing them to immediately deduct the full value of their investments.

    The company tax rate would remain at 30% for firms earning over $1 billion. This would affect about 500 companies.

    In line with other developed nations

    The reduction in Australia’s headline company tax rate would move Australia from having one of the highest to one of the lowest rates for small and medium-sized firms among developed economies.

    And if the net cashflow tax is effective, it could be expanded over time and fund broader reductions in company income tax.

    Our modelling indicates these two changes would increase investment in the economy by $8 billion and boost Australia’s GDP by $14 billion, with no net cost to the budget over the medium term.

    An abundance of red tape

    The interim report also notes regulation can enhance productivity and protect against harms. But too much, or inappropriate, regulation can disproportionately inhibit economic dynamism and resilience.

    Australia’s regulatory burden has grown. Businesses report spending more and more on regulatory compliance.

    Regulators and policymakers have a broad mandate to further the public interest. But they can face incentives to be overly risk-averse and to downplay the burden that regulations place on businesses. They may pursue narrow goals at the expense of broader economy-wide goals.

    There are many practical examples that illustrate the problem.

    In the Australian Capital Territory, for example, the average time a house builder must wait for a planning decision is nearly six months. In New South Wales, it takes an average of nine years to get approval to build a wind farm.

    This kind of unnecessary and costly over-regulation ultimately benefits nobody.

    More scrutiny needed

    Simply put: Australia’s regulatory culture needs to change. And cultural change starts at the top.

    As a first step, the government needs to make a clear, whole-of-government public commitment to reducing regulatory burdens, and ensure new regulatory proposals face greater cabinet and parliamentary scrutiny.

    Regulators need to look for ways to promote economic growth, while continuing to ensure Australians are protected against avoidable harms.

    Ministers could issue statements of expectations to regulators and regulatory policymakers that clearly indicate how much risk they should tolerate in pursuit of business dynamism.

    To improve the evaluation of cumulative regulatory burdens, the Productivity Commission should be tasked with a regular and systematic stream of reviews. These would focus on sectors or regulatory systems where complex and enduring thickets of regulation have emerged.

    The draft recommendations on tax and regulation set out in the interim report are clear, actionable and ambitious reforms. They will support governments in delivering a meaningful and measurable boost to Australia’s lagging productivity.

    Alex Robson is deputy chair of the Productivity Commission.

    – ref. The company tax regime is a roadblock to business investment. Here’s what needs to change – https://theconversation.com/the-company-tax-regime-is-a-roadblock-to-business-investment-heres-what-needs-to-change-261652

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Analysis: Pacific tsunami: modern early warning systems prevent the catastrophic death tolls of the past

    Source: The Conversation – UK – By Ian Main, Professor of Seismology and Rock Physics, University of Edinburgh

    The earthquake in Russia’s Kamchatka peninsula on July 30 2025 may have been one of the most severe on record, with a magnitude of 8.8. But innovations in science and technology gave governments vital time to warn and evacuate their people from the resulting tsunami.

    Millions of people escaped to higher ground before the tsunami hit.

    The 2004 Boxing Day 9.3 magnitude earthquake and tsunami in Sumatra, which caused approximately 230,000 deaths, some as far away as Somalia on the other side of the Indian Ocean, shows how important these warnings are.

    Early warning systems were not in place for the Indian Ocean in time for the 2004 disaster. But there is now a system in place, with 27 countries participating in the group effort.

    The 2004 tsunami was particularly tragic because tsunami waves travel at a steady speed in the open ocean, about as fast as a jet plane. This means they can take several hours to reach shore across an ocean, with plenty of time for warning.

    An early warning system for the Pacific Ocean, based in Hawaii, was created in 1948 following a deadly tsunami two years before. On April 1 1946, the magnitude 8.6 Aleutian Islands earthquake in the northern Pacific Ocean generated a tsunami that devastated parts of Hawaii hours later, leading to 146 fatalities.

    The death toll was exacerbated by the leading wave being downwards. This happens in around 50% of tsunamis, and exposes the seashore in a similar way to when the tide goes out, but exposing a larger area than normal. People sometimes investigate out of curiosity, bringing them closer to the danger.

    The accuracy and response times of early tsunami warnings have significantly improved since 1948.

    How tsunamis happen

    To understand the work involved in protecting coastal communities, first you need to understand how tsunamis are generated.

    Tsunamis are caused by displacement of mass on the sea floor after an earthquake, landslide or volcanic eruption. This provides an energy source to set off a wave in the deep sea, not just near the surface like in the ocean waves we see whipped up by the wind and storms. Most are small. The Japanese word tsunami translates somewhat innocuously as “harbour wave”.

    Detailed global mapping of the sea floor, pioneered by US geologist Marie Tharpe between 1957 and 1978, helped establish the modern theory of plate tectonics. It also improved the physical models for how the tsunami will travel in the ocean.

    Wave height increases as it approaches the shore, and the topography of the sea floor can result in a complicated pattern of wave interference and concentration of the energy in stream-like patterns. The establishment of sea-floor observatories led to better data for the pressure at the sea floor (related to wave height) and satellite networks now directly monitor wave height globally using radar signals from space.

    One of the factors that has helped scientists predict the range of a tsunami includes the setting up of the worldwide standard station network of seismometers in 1963, which allowed better estimations of earthquake location and magnitude.

    These were superseded by the digital broadband global network of seismometers in 1978, which allowed more detail on the source to be calculated quickly. This includes a better estimate of earthquake size, the source rupture area and orientation in three dimensions.

    It also tells scientists about the slip, which controls the pattern of displacement on the sea floor. This data is used to forecast the time of landing, the amplitude of the wave on the shoreline, and its height in areas where the wave travels further inland.

    The Pacific Ocean warning system now has 46 countries contributing data. It also uses physical and statistical models for estimating tsunami height. The models developed as scientists learnt more about earthquake sources, mapped features on the sea floor and tested model forecasts against outcomes.

    Today’s technology

    The early warning systems we have today are due to a decades-long commitment to global research collaboration and open data. Scientists have also improved their forecast methods. Recently they started using trained AI algorithms which could improve the timeliness and accuracy.

    Pioneered by the US Geological Survey, rapid data sharing is now used routinely to estimate earthquake parameters and make them available to the public soon after the rupture stops. This can be within minutes for an initial estimate then updated over the next few hours as more data comes in.

    However, the forecast wave height is inherently uncertain, variable from place to place, and may turn out to be more or less than expected. Similarly, large earthquakes are rare, making it hard to estimate how likely they are on average, and therefore to design appropriate mitigation measures.

    The 2011 Tohoku earthquake and tsunami in Japan destroyed or overtopped the eight-metre high protective sea walls that had been put in place based on such hazard estimates. There were over 19,000 fatalities. As a consequence, their height has been increased to 12-15 metres in some areas.

    Early warning systems also rely on rapid communication to the public, including mass alerts communicated by mobile phone, coordination by the relevant authorities across borders, clear advice, and advance evacuation plans and occasional alarm tests or drills. Although tsunami waves slow down to the speed of a car as they approach the shore, it is impossible to outrun one, so it is better to act quickly and calmly.

    The effectiveness of warnings also means accepting a degree of inconvenience in false alarms where the tsunami height is less than that forecast, because this is inevitable with the uncertainties involved. For good reason, authorities issuing alerts will err on the side of caution.

    To give an example, nuclear power plants on Japan’s eastern seaboard were shut down on July 30.

    So far it looks like the Pacific early warning system – combined with effective levels of preparedness and action by service providers and decision makers – has worked well in reducing the number of casualties that might have happened without it.

    There will always be a level of uncertainty we will have to live with. On balance, it is a small price to pay for avoiding a catastrophe.

    Ian Main is professor of Seismology and Rock Physics at the University of Edinburgh. He receives funding from UK Research and Innovation Research Council, a member of the UK Office for Nuclear Regulation Expert panel on external hazards, and acts as an independent reviewer for the Energy Industry-funded SeIsmic hazard and Ground Motion Assessment research program SIGMA3.

    – ref. Pacific tsunami: modern early warning systems prevent the catastrophic death tolls of the past – https://theconversation.com/pacific-tsunami-modern-early-warning-systems-prevent-the-catastrophic-death-tolls-of-the-past-262283

    MIL OSI Analysis –

  • MIL-OSI Analysis: Vasectomy, pain and regret: what online forum Reddit reveals about men’s experiences

    Source: The Conversation – UK – By Kevin Pimbblet, Professor and Director of the Centre of Excellence for Data Science, AI and Modelling, University of Hull

    Fabian Montano Hernandez/Shutterstock

    Vasectomy has long been regarded as a permanent, safe and effective form of contraception. Its benefits are often summarised as minimally invasive and largely risk-free.

    But that may not be the full story.

    In recent years, vasectomy rates in the UK have declined significantly. It’s a puzzling trend, given that the procedure’s efficacy hasn’t changed. What has arguably shifted is how men talk about it. Not in doctors’ offices, but online.

    As an AI researcher working with large-scale public data, I led a 2025 study using natural language processing (NLP) – a branch of artificial intelligence that analyses patterns in human language – to examine thousands of posts from r/vasectomy and r/postvasectomypain, which are subreddits (topic-specific discussion forums) on Reddit, a social media platform where users share and comment on content in themed communities.

    My goal wasn’t to weigh in on urology (I’m not that kind of doctor), but to explore the emotional tone and self-reported outcomes in digital spaces where users speak candidly and in real time.

    The findings are revealing and raise important questions about informed consent, online health discourse and the growing influence of social data on healthcare communication.

    Fear, regret and pain?

    The most common emotional response to vasectomy, whether being considered or already undergone, is fear. To assess this, we used a tool called NRClex, a crowd-trained emotion classifier. This is an AI model trained on thousands of labelled examples to detect emotional tone in text. It found that “fear” dominated more than 70% of user-generated content.

    This isn’t surprising. Men on Reddit ask questions like “How bad is the pain?” “How long does it last?” and “Will I regret this?” These are not rare concerns: they’re central to the conversation.

    While overall sentiment analysis shows that most users report positive outcomes, a significant minority express deep regret and ongoing pain – sometimes lasting for years after surgery.

    This pain is often described as post-vasectomy pain syndrome (PVPS), a relatively little-known condition defined by new or chronic scrotal pain that continues for more than three months after the procedure.

    PVPS is poorly understood and may have multiple causes, some anatomical, some neurological and some still unclear. Though some health authorities describe it as “rare,” our Reddit data suggests it could be more common, or at least more disruptive, than currently acknowledged.

    We analysed more than 11,000 Reddit posts and found that the word “pain” appeared in over 3,700 of them; roughly one-third. In many cases, the pain described persisted well beyond the expected recovery period. The word “month” appeared in nearly 900 pain-related posts, while “year” appeared in over 600.

    This is noteworthy. Post-surgical pain is typically expected to resolve within days or weeks. Yet our dataset suggests that 6%–8% of Reddit users discussing vasectomy report longer-term discomfort – a rate that aligns with the upper estimates in the urological studies. More recent research, including a large-scale postoperative study, argues that the incidence is likely much lower, perhaps under 1%.

    Of course, we must emphasise that these are self-reported experiences. Not all mentions of “pain” equate to a formal PVPS diagnosis. It’s also important to acknowledge that people who are dissatisfied with a medical procedure are generally more likely to post about it online – a well-recognised bias in social data. Even so, the volume, consistency and emotional intensity of these posts suggest the issue warrants closer attention from clinicians and researchers alike.

    Even more strikingly, around 2% of posts mention both “pain” and “regret”, implying serious, potentially life-altering consequences for a small but significant group of people.

    On r/postvasectomypain – a subreddit specifically dedicated to discussing PVPS – the tone is even more sobering. Unsurprisingly, 74% of posts describe persistent, long-term pain. Additionally, 23% mention pain during sex and 27% report changes in sensitivity.

    Posts on this forum also frequently reference vasectomy reversal surgery far more often than more specialised interventions such as microsurgical denervation: a complex nerve-removal procedure used in severe cases of chronic testicular pain, typically when other treatments have failed.

    From AI to andrology: an ethical crossroads

    Why is a professor of AI and physics analysing pain in urology forums?

    Because in today’s digital world, people increasingly turn to online platforms like Reddit for health advice, peer support and decision-making – often before speaking to a clinician. As an AI researcher, I believe we have a responsibility to examine how these discussions shape public understanding, and what they can teach us about real-world healthcare challenges.

    In this case, it’s possible that the drop in vasectomy uptake is linked, at least in part, to the open and emotional sharing of negative outcomes online. These posts are not scaremongering. They’re detailed, candid and often highly specific. They represent a type of real-world evidence that clinical trials and formal studies don’t always capture.

    So, what should we take from all this?

    Terms like “rare”, often used in consent forms and clinical conversations, can obscure the complexity and variability of patient outcomes. Pain following vasectomy, whether mild, temporary, chronic or debilitating, appears common enough to warrant more transparent and nuanced communication.

    This is not an argument against vasectomy. It remains a safe, effective, and empowering option in reproductive planning. But truly informed consent should reflect both the clinical literature and the experiences of those who undergo the procedure, especially when such experiences are now publicly available in large volumes.

    In a world where online forums double as health diaries, support networks and informal research registries, we must take them seriously. Medical language matters. Terms like “rare”, “uncommon” or “low risk” carry real emotional and moral weight. They shape expectations and influence decisions.

    If even a small percentage of men experience long-term pain after vasectomy, that risk should be communicated clearly, in plain English – ideally with a range of percentages drawn from published studies.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Kevin Pimbblet currently receives funding from STFC, EPSRC, The British Academy, The Royal Astronomical Society, The British Ecological Society, and The Office for Students. None are in direct relation to this work.

    – ref. Vasectomy, pain and regret: what online forum Reddit reveals about men’s experiences – https://theconversation.com/vasectomy-pain-and-regret-what-online-forum-reddit-reveals-about-mens-experiences-261633

    MIL OSI Analysis –

  • MIL-OSI Analysis: Who is Odysseus, hero of Christopher Nolan’s new epic?

    Source: The Conversation – UK – By Stephan Blum, Research associate, Institute for Prehistory and Early History and Medieval Archaeology, University of Tübingen

    Somewhere between hero and hustler, family man and philanderer, king and con artist, Odysseus is one of ancient literature’s most complex figures. In the Iliad, he is the mastermind behind the Trojan horse.

    In Homer’s Odyssey, he is the protagonist of a ten-year journey home – one that sees him encounter gods, monsters, temptations and profound moral dilemmas. Next year, he will be the hero of a new Christopher Nolan epic, and played by Matt Damon.

    Odysseus’s journey from Troy to Ithaca in the Odyssey is anything but a straight line. It’s an epic zigzag through storms, temptations, divine grudges and existential threats. Instead of returning in weeks, he spends a decade adrift.

    He is stranded by nymphs, resists sirens and watches his crew perish one by one. Every stop tests not only his wit but his very sense of self.

    The Odyssey isn’t a tale of noble perseverance. It’s a study in survival. Odysseus deceives, disguises and entangles himself in morally grey romantic liaisons with a sorceress (Circe), nymph (Calypso) and princess (Nausicaa). He does so often as strategist and sometimes as willing participant.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    In Homer’s world, infidelity is a tool of survival. Odysseus survives not through moral clarity, but through his moral agility. His loyalty to his wife Penelope (reportedly played by Anne Hathaway in the new adaptation) is longitudinal, not linear. His compass is always aimed at returning to Ithaca, if not always in a straight line.

    Would this flexibility pass modern ethical scrutiny? Probably not. But what made him successful wasn’t moral integrity – it was his ability to navigate each situation, even if that meant bending the rules.

    While Odysseus adapts, Penelope endures with strategic resilience. For 20 years, she fends off suitors with deft delay tactics. She avoids them by weaving and unweaving a funeral shroud for her husband’s father, Laertes. It’s a defiant, slow motion resistance campaign, waged with thread and silence.

    Penelope and the Suitors by John William Waterhouse (1912).
    Aberdeen Art Gallery

    If Odysseus navigates external monsters, Penelope masters the domestic battlefield. Her fidelity in her husband’s absence is deliberate, political and astute. In a patriarchal world, her power lies in pause. Her story is one of emotional labour and strategic survival.

    Narrative loops and non-linear journeys

    The Odyssey is an ancient masterpiece of non-linear storytelling. It begins in the middle of the action and uses nested narratives, flashbacks and shifting voices. Odysseus tells much of his own story, reframing events from his point of view and reshaping himself in hindsight. Memory becomes montage. Truth bends to necessity. Fact and fiction bleed into one another.

    Homer doesn’t just tell a story – he constructs a labyrinth. The Odyssey anticipates the fractured forms of modernist literature and cinema, where identity is unstable and time itself is malleable.

    Odysseus and Penelope by Johann Heinrich Wilhelm Tischbein (1802).
    Wiki Commons

    When Odysseus finally returns to Ithaca, disguised as a beggar and quietly assessing his ship’s wreckage, it’s no romantic climax. It’s a calculated risk. Penelope doesn’t swoon; she tests. Only when he passes her intimate knowledge test – he reacts with outrage when she suggests moving their bed, which he built around a living olive tree – does she relent. Their reunion is not a Hollywood embrace but a wary negotiation.

    It signals restoration, yes. But also mistrust, trauma and mutual testing. Homecoming, like survival, is complicated.

    Odysseus is not a flawless hero. He is a survivor who negotiates with monsters, debates with gods and crawls home disguised as a beggar. A man shaped as much by cunning as by consequence.

    Would Odysseus pass a modern ethics exam? Certainly not. Would he charm the professor, flip the question and still walk out with an A? Absolutely. Some stories endure not because they are true, but because they were told by survivors.

    This article features references to books that have been included for editorial reasons, and may contain links to bookshop.org. If you click on one of the links and go on to buy something from bookshop.org The Conversation UK may earn a commission.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. Who is Odysseus, hero of Christopher Nolan’s new epic? – https://theconversation.com/who-is-odysseus-hero-of-christopher-nolans-new-epic-261781

    MIL OSI Analysis –

  • MIL-OSI Analysis: England’s new free speech law comes into force – what it means for universities

    Source: The Conversation – UK – By Eric Heinze, Professor of Law and Humanities, Queen Mary University of London

    Matej Kastelic/Shutterstock

    The Higher Education (Freedom of Speech) Act 2023 comes into force throughout England on August 1 2025. Designed to stop universities from censoring controversial or unpopular ideas, the law gives the Office for Students responsibility for ensuring institutions comply.

    This law will mean that many universities will have to change the way they approach free speech.

    When it comes to adopting campus speech policies, educational establishments have always had three choices.

    One option has been to follow the law, permitting whichever messages the law already allows, while banning whichever messages the law already forbids. UK law prohibits, for example, certain core expressions of racism, anti-LGBTQ+ hatred, Islamophobia, antisemitism, or glorification of terrorism. I’ll call this the “legalist” option.

    Another approach is to allow more speech than the law allows. This would, for example, permit guest lecturers to advocate white supremacy or the belief that only heterosexual relationships and behaviour are normal. I’ll call this the “libertarian” option. It treats free speech as sacrosanct.

    But this option would never be adopted. Few institutions would welcome the torrent of parental complaints, media publicity, donor withdrawals, police investigations, or full-blown litigation that would follow.

    A third option is to permit less speech than the law allows. This would mean, for example, banning sexist speech, which is otherwise still permitted under UK law. We can call this the “communitarian” option. It views educational institutions as more than just places for exchanging ideas: they must also promote civic values, aiming to build an empathic society.

    Changing approaches

    In the past, British universities could choose option three, cancelling or avoiding events featuring messages that, although legal, risk stoking campus divisions.

    Some institutions have stopped controversial speakers through decisions by senior leadership. For example, in 2013 UCL’s senior administrators banned a group that advocated sex segregation. Other times, efforts to cancel events have been made by students or staff. In 2015, the University of York cancelled events for International Men’s Day after complaints from students and staff.

    The effect of the Higher Education (Freedom of Speech) Act will be to shift universities from the communitarian to the legalist model. Campus members wishing to stage events will still have to comply with routine guidelines on reserving campus venues, ticketing participants, ensuring security controls, and the like. However, under the act, universities may no longer impede the communication of otherwise legal messages solely on the grounds of their provocative content.

    For advocates of free speech, this act may still not go far enough since it keeps an escape hatch. Management can still cancel controversial events if the institution lacks the means to ensure adequate security, and such claims are often difficult to verify.

    Yet for others, the act will go too far. Some would argue that existing law in Britain does not adequately protect vulnerable groups, and that universities should stick to the communitarian ideal, creating a refuge that the law often fails to provide.

    These anxieties become ever greater in our internet era, when misinformation can proliferate. Some may fear that abandoning the communitarian ethos will turn the campus into a wild west of free speech, disproportionately affecting its most vulnerable members.

    The act aims to preserve free speech on university campuses.
    Gorodenkoff/Shutterstock

    However, online communications have also proved to be powerful mobilising tools for staff and students, so online power hierarchies may work in more complex ways than meets the eye.

    Note also that nothing in the act abolishes student welfare services. Individually targeted acts of bullying, threats, stalking and harassment will remain under the aegis of campus oversight as well as UK law. Staff or students exhibiting racist, sexist, homophobic, or transphobic conduct will remain as subject as they were before to disciplinary proceedings and even dismissal or expulsion.

    Finally, it is worth bearing in mind that the act’s most salient ingredients are procedural, placing considerable burdens on institutions to facilitate free speech and deal transparently with accusations of censorship. Yet whether this will lead to an explosion of complaints, and whether ideas exchanged on campus will really differ so much from those we already hear today, remains to be seen.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Eric Heinze has received funding for submitting a report to the UK Commission for Countering Extremism.

    – ref. England’s new free speech law comes into force – what it means for universities – https://theconversation.com/englands-new-free-speech-law-comes-into-force-what-it-means-for-universities-262080

    MIL OSI Analysis –

  • MIL-OSI Analysis: English universities now have a duty to uphold freedom of speech – here’s how it might affect students’ sense of belonging

    Source: The Conversation – UK – By Richard Bale, Director of Academic Development and Research, Associate Professor, The University of Law

    Cast Of Thousands/Shutterstock

    The Higher Education (Freedom of Speech) Act, which comes into force on August 1 2025, means universities in England now have a new duty to uphold “robust” strategies to ensure freedom of speech on campus.

    To support universities in navigating the boundaries of lawful and unlawful speech, universities regulator the Office for Students appointed its first director for freedom of speech and academic freedom in 2023. Arif Ahmed, who is also a professor of philosophy at the University of Cambridge, has reportedly said that coming across views students might find offensive is part of a university education.

    It’s possible, though, that feeling offended comes up against the important concept of “belonging” at university. In the context of higher education, belonging is often defined as feeling at home, included and valued. It is linked to more students staying in their courses, having enhanced wellbeing, and being able to learn well at university.

    But feeling offended and feeling you belong at university don’t have to be contradictory. Some of our research has found that belonging can also mean being able to challenge the dominant culture at a university, which may exclude students who don’t fit a particular mould.

    Being able to challenge opinions is important.
    Matej Kastelic/Shutterstock

    Some students explained that they proactively resist the prevalent image of the “typical” student. For example, in highly selective universities, students are often extremely competitive and industrious with a tendency to overwork. But this culture may not align with the work-life balance prioritised by some students.

    This form of “positive not-belonging” often takes the form of friendship groups and communities that cultivate an alternative kind of belonging. These groups may well enable greater freedom of self-expression, without fear of being judged or feeling pressured to conform to pre-existing academic cultures.

    While some students are able to carve out these collective and alternative communities for belonging, many others feel their presence and sense of belonging is conditional – especially minority ethnic students. Clearer advocacy for free speech might help these students feel more comfortable speaking up and building a stronger sense of belonging.

    We must not forget that the idea of belonging carries power dynamics, and often has implications for what is perceived as up for debate – and what is not.

    Existing free speech

    What’s more, the views of students suggest that free speech is already part of their experience at university. In 2023, the Office for Students added a question about freedom of expression to the annual National Student Survey, which gathers final-year undergraduates’ opinions on their higher education experience. The question, added for students at English universities only, asked how “free” students felt to express their ideas, opinions and beliefs.

    The results showed that 86% did feel they had this freedom. This has remained stable in the latest survey, with a slight increase to just over 88% in the 2025 results.

    The Office for Students also commissioned YouGov to poll research and teaching staff at English universities about their perceptions of free speech in higher education in 2024.

    Some positive results mirrored the student data. For example, 89% of academics reported that they are confident they understand what free speech means in higher education. But the polling also found that 21% did not feel free to discuss controversial topics in their teaching.

    This lack of perceived freedom of expression does not only have a negative impact on staff. It is widely understood that a key purpose of higher education is to nurture students’ independent thinking and self-awareness. A key step toward this goal is not to be afraid of engaging in difficult conversations, including asking questions.

    However, this does not happen automatically. Universities need to provide clear scaffolding, guidance and practical steps to protect freedom of speech. It is also important to normalise and promote conversations about topics such as cultural differences and intercultural competence, which refers to the ability to interact with people from different cultural backgrounds effectively and appropriately.

    If addressed, these discussions can help to foster inclusion, and promote diversity of thought and expression.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. English universities now have a duty to uphold freedom of speech – here’s how it might affect students’ sense of belonging – https://theconversation.com/english-universities-now-have-a-duty-to-uphold-freedom-of-speech-heres-how-it-might-affect-students-sense-of-belonging-260867

    MIL OSI Analysis –

  • MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

    Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

    A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

    The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

    Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

    Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

    It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

    A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

    It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

    First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.



    Read more:
    UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

    These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

    For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

    Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

    The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

    Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

    Israel and the Trump administration

    But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

    Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

    In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

    A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

    A sacrifice for a state?

    So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

    After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

    But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

    Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

    In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

    Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

    This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

    MIL OSI Analysis –

  • MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

    Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

    A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

    The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

    Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

    Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

    It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

    A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

    It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

    First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.



    Read more:
    UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

    These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

    For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

    Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

    The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

    Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

    Israel and the Trump administration

    But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

    Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

    In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

    A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

    A sacrifice for a state?

    So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

    After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

    But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

    Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

    In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

    Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

    This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

    MIL OSI Analysis –

  • MIL-OSI United Kingdom: Natural England launches dive survey to monitor kelp forests

    Source: United Kingdom – Executive Government & Departments

    News story

    Natural England launches dive survey to monitor kelp forests

    The survey will take place in the waters of the Fal and Helford rivers next week to track changes and inform conservation action.

    Marine senior officer Angela Gall of Natural England surveying kelp. Photo: Ian Saunders, Natural England

    Natural England is returning to the waters of the Fal and Helford rivers next week to carry out a new dive survey of the region’s kelp forests to check on their health and the area they cover.

    Last carried out in 2012, this survey will assess kelp forest communities, which play a vital role in supporting marine biodiversity and coastal ecosystems

    Kelp forests are a key feature of this protected marine area, cloaking the shallow reefs that fringe the bay and estuaries. They provide shelter, food and nursery grounds for a wide range of marine species including fish, crustaceans and molluscs. As one of the ocean’s most productive habitats, kelp also helps to store carbon, improves water quality and supports coastal resilience.

    Underwater forests

    Corkwing wrasse in a kelp forest. Photo: Angela Gall, Natural England

    The Fal and Helford Special Area of Conservation (SAC) is one of England’s designated Marine Protected Areas, chosen for its rich marine life and unique underwater habitats. Regular monitoring of kelp forests is essential to track changes, inform conservation action and help safeguard the long-term health of these ecosystems which may be threatened by poor water quality, displacement by invasive non-native species, damage through human activities and climate change.

    Lucy May, Natural England’s deputy dive officer, said:

    As part of our national marine monitoring programme, Natural England’s dive team will survey underwater sites to collect data on kelp cover, species diversity and overall habitat condition.

    This evidence will be used to assess the condition of this habitat within the site and guide management of the SAC.

    Other ways you can kelp

    Kelp forests are a key feature of the region’s protected marine area. Photo: Angela Gall, Natural England

    To support public engagement around kelp forests, Natural England has developed a range of outreach resources including a children’s book and a virtual reality experience that brings the hidden world of kelp forests to life.

    Captivating Kelp Forests, by Emma Rosen is a beautifully illustrated story highlighting the role of these ecosystems.

    The virtual reality experience, created by Natural England’s Jasmine Rix, lets you experience immersion within the habitat whilst staying completely dry.

    The book and VR experience are designed to help young people and communities explore the value of healthy seas and learn more about the marine life on their doorstep and have already been used in schools in Cornwall.

    Angela Gall, marine senior officer at Natural England, said:

    Kelp forests are one of our most valuable marine habitats, yet they are often overlooked. Beautiful, three-dimensional and bursting with colourful life, they provide food and shelter for so many of our most loved marine species like seals and brown crabs.

    As a diver, it is a pleasure to explore these underwater forests, to have an opportunity to check in on how these key ecosystems are doing and ensure we are doing all we can to protect them.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Natural England launches dive survey to monitor kelp forests

    Source: United Kingdom – Executive Government & Departments

    News story

    Natural England launches dive survey to monitor kelp forests

    The survey will take place in the waters of the Fal and Helford rivers next week to track changes and inform conservation action.

    Marine senior officer Angela Gall of Natural England surveying kelp. Photo: Ian Saunders, Natural England

    Natural England is returning to the waters of the Fal and Helford rivers next week to carry out a new dive survey of the region’s kelp forests to check on their health and the area they cover.

    Last carried out in 2012, this survey will assess kelp forest communities, which play a vital role in supporting marine biodiversity and coastal ecosystems

    Kelp forests are a key feature of this protected marine area, cloaking the shallow reefs that fringe the bay and estuaries. They provide shelter, food and nursery grounds for a wide range of marine species including fish, crustaceans and molluscs. As one of the ocean’s most productive habitats, kelp also helps to store carbon, improves water quality and supports coastal resilience.

    Underwater forests

    Corkwing wrasse in a kelp forest. Photo: Angela Gall, Natural England

    The Fal and Helford Special Area of Conservation (SAC) is one of England’s designated Marine Protected Areas, chosen for its rich marine life and unique underwater habitats. Regular monitoring of kelp forests is essential to track changes, inform conservation action and help safeguard the long-term health of these ecosystems which may be threatened by poor water quality, displacement by invasive non-native species, damage through human activities and climate change.

    Lucy May, Natural England’s deputy dive officer, said:

    As part of our national marine monitoring programme, Natural England’s dive team will survey underwater sites to collect data on kelp cover, species diversity and overall habitat condition.

    This evidence will be used to assess the condition of this habitat within the site and guide management of the SAC.

    Other ways you can kelp

    Kelp forests are a key feature of the region’s protected marine area. Photo: Angela Gall, Natural England

    To support public engagement around kelp forests, Natural England has developed a range of outreach resources including a children’s book and a virtual reality experience that brings the hidden world of kelp forests to life.

    Captivating Kelp Forests, by Emma Rosen is a beautifully illustrated story highlighting the role of these ecosystems.

    The virtual reality experience, created by Natural England’s Jasmine Rix, lets you experience immersion within the habitat whilst staying completely dry.

    The book and VR experience are designed to help young people and communities explore the value of healthy seas and learn more about the marine life on their doorstep and have already been used in schools in Cornwall.

    Angela Gall, marine senior officer at Natural England, said:

    Kelp forests are one of our most valuable marine habitats, yet they are often overlooked. Beautiful, three-dimensional and bursting with colourful life, they provide food and shelter for so many of our most loved marine species like seals and brown crabs.

    As a diver, it is a pleasure to explore these underwater forests, to have an opportunity to check in on how these key ecosystems are doing and ensure we are doing all we can to protect them.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The first Chinese-Russian choral festival opened in Suifenhe

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 31 (Xinhua) — Suifenhe, northeast China’s Heilongjiang Province, sparkled with new colors on July 30 thanks to an international cultural event – the grand opening of the first China-Russia Choir Festival.

    According to the city government website, the event was attended by about 500 Chinese and foreign artists and choral singing enthusiasts, representing 8 leading groups from Harbin Polytechnic University, Hong Kong, Shanghai, Anshan, Suzhou University, as well as Russian Vladivostok and Bolshoy Kamen /Primorsky Krai/.

    In his welcoming speech, Gao Jun, head of the Publicity Department of the CPC Suifenhe Municipal Committee, said that every corner of Suifenhe, which is the vanguard of China’s opening up to the north, is permeated with the atmosphere of spiritual intertwining of the peoples of the two neighboring countries. Eight Chinese and Russian choirs, like eight timbres merging into a single harmony, wrote notes in the camp of friendship on the Suifenhe stage.

    According to him, every sound becomes a new starting point for cultural mutual enrichment, and the warmth of mutual attraction of hearts penetrates into the souls of the peoples of the two countries.

    The festival is organized by the Suifenhe Cultural and Tourism Group and the Sing, China! New Choral Works Promotion Committee under the leadership of the Suifenhe City Department of Culture and Tourism.

    To ensure the professional level and international status of the festival, an authoritative jury of eight Chinese and foreign experts was formed. The festival program consists of 4 main blocks: the opening ceremony, competitive performances of high-level performers, master classes and an award ceremony. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: The first Chinese-Russian choral festival opened in Suifenhe

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 31 (Xinhua) — Suifenhe, northeast China’s Heilongjiang Province, sparkled with new colors on July 30 thanks to an international cultural event – the grand opening of the first China-Russia Choir Festival.

    According to the city government website, the event was attended by about 500 Chinese and foreign artists and choral singing enthusiasts, representing 8 leading groups from Harbin Polytechnic University, Hong Kong, Shanghai, Anshan, Suzhou University, as well as Russian Vladivostok and Bolshoy Kamen /Primorsky Krai/.

    In his welcoming speech, Gao Jun, head of the Publicity Department of the CPC Suifenhe Municipal Committee, said that every corner of Suifenhe, which is the vanguard of China’s opening up to the north, is permeated with the atmosphere of spiritual intertwining of the peoples of the two neighboring countries. Eight Chinese and Russian choirs, like eight timbres merging into a single harmony, wrote notes in the camp of friendship on the Suifenhe stage.

    According to him, every sound becomes a new starting point for cultural mutual enrichment, and the warmth of mutual attraction of hearts penetrates into the souls of the peoples of the two countries.

    The festival is organized by the Suifenhe Cultural and Tourism Group and the Sing, China! New Choral Works Promotion Committee under the leadership of the Suifenhe City Department of Culture and Tourism.

    To ensure the professional level and international status of the festival, an authoritative jury of eight Chinese and foreign experts was formed. The festival program consists of 4 main blocks: the opening ceremony, competitive performances of high-level performers, master classes and an award ceremony. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –