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Category: Politics

  • MIL-OSI Russia: Financial news: Conference “Ethics and AI: on the edge of technology and human values” was held with the support of the Moscow Exchange

    Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    On October 24–25, 2024, the annual conference “Ethics and AI: on the Edge of Technology and Human Values” was held, organized by the Institute of Compliance and Business Ethics of the Higher School of Law at the National Research University Higher School of Economics with the support of the Moscow Exchange.

    The conference was attended by experts in the field of compliance, including representatives of regulators and major domestic companies, as well as scientific and professional communities.

    The conference discussed global trends in compliance and the use of artificial intelligence technologies to automate it. An exchange of practical developments and innovative solutions in the field of compliance took place, and changes in the regulatory environment were analyzed.

    Irina Grekova, Managing Director for Compliance and Business Ethics at Moscow Exchange:

    “The Russian compliance community continues to actively develop, adapting to modern realities and implementing best practices. Strengthening interaction between business, government agencies and expert organizations remains an important area. The conference once again confirmed that compliance today has become a full-fledged interdisciplinary science that requires the involvement of specialists of different levels: lawyers, economists, IT specialists and ethics specialists. All of them are developing their field, and by combining efforts, they provide a synergy effect in protecting and developing business. Moscow Exchange Group pays special attention to issues of increasing the transparency and efficiency of internal control procedures, as well as training employees and raising their awareness of compliance with regulatory requirements. In addition, we are expanding the use of digital tools to optimize compliance processes, which allows us to promptly identify potential threats and prevent violations of the law.”

    The conference included an award ceremony for the winners of the Compliance 2024 award. The award’s expert council awarded:

    Alfa-Bank – for the best EdTech solution in business education on compliance topics for entrepreneurs; MTS – for the use of modern technologies in creating the methodology and tools for managing SCM; B1 Group of Companies – for creating its own best compliance practices in the changing conditions in the field of professional audit services; KSK LLC – for its original approach to implementing a compliance culture taking into account limitations and opportunities; Anton Kuznetsov, Deputy Director of the Anti-Corruption Policy and Corporate Ethics Department at NOVATEK – for a proactive response to modern challenges and threats; Oksana Kaminskaya, Chairperson of the AML/CFT Committee at the Association of Belarusian Banks – for the effective implementation of compliance practices in the financial sector in the Republic of Belarus; Daria Afanasyeva, leading specialist of the Competence and Corruption Prevention Center of ANO Moscow Directorate of Transport Services – for an inspiring start in compliance.

    The Moscow Exchange Group operates the only multifunctional exchange platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository and a clearing center that acts as a central counterparty in the markets, which allows Moscow Exchange to provide its clients with a full cycle of trading and post-trading services.

    Contact information for media 7 (495) 363-3232PR@moex.com

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    https://www.moex.com/n74360

    MIL OSI Russia News –

  • MIL-OSI Global: Alberta’s impending anti-2SLGBTQIA+ legislation is stoking fear and anxiety

    Source: The Conversation – Canada – By Corinne L. Mason, Professor, Women’s and Gender Studies, Mount Royal University

    The Alberta Legislature has reconvened for its fall sitting, and the United Conservative Party is expected to table new anti-2SLGBTQIA+ legislation that will restrict trans women and girls’ access to sports, curtail inclusive education and ban youth from accessing gender affirming care.

    Some of the potential measures include banning puberty blockers for youth, and having parents opt-in for their children to be present for formal lessons on sexual health. In addition, trans women could be banned from competing in women’s sports.

    In February, when Alberta Premier Danielle Smith first announced these policies, she was riding the wave of the “parental rights” movement. Smith framed these policies as the government protecting children from harm, telling the media that she was “sympathetic to parents who want to preserve the innocence of their kids for as long as they can.”

    The parental rights movement has reintroduced homophobic and transphobic narratives from the 1970s that position 2SLGBTQIA+ people as pedophiles and “groomers” who “recruit” children. According to parental rights proponents, kids have to be protected from “gender indoctrination.” This hate movement has led to violent attacks against 2SLGBTQIA+ communities, such as bomb threats targeting drag performers at library storytimes.

    Despite growing awareness that “parental rights” proponents are connected to a larger network of dangerous hate groups including the Proud Boys, The Patriot Front and the neo-Nazi group Blood Tribe, provincial conservative governments and parties in New Brunswick, Saskatchewan, Alberta and British Columbia have introduced anti-2SLGBTQIA+ policies inspired by this movement.

    As concerned parents, we have been following how the “parental rights” movement is influencing provincial government policies. As researchers, we have been publishing our analysis about the rise in anti-2SLGBTQIA+ sentiments in Alberta for the past two years.

    In early 2024, Alberta Premier Danielle Smith announced her government will implement new policies relating to transgender youth.

    Our conversations with parents

    As the parental rights movement and associated anti-2SLGBTQIA+ legislation are new, scholars and other organizations are just beginning to publish findings showing the harm they have created. For example, a recently published academic study from the United States found that in states where anti-transgender laws legislation has been enacted, suicide attempts among transgender and non-binary youth have increased by up to 72 per cent.

    Academic scholarship about the impact of anti-2SLGBTQIA+ legislation in Canada does not yet exist. This gap in knowledge motivated us to undertake a research project that could capture the experiences of parents as this new “parental rights” legislation rolls out.

    Set in Calgary, Alberta, our ongoing study involves 10 parents from 2SLGBTQIA+ families who have committed to bi-monthly focus groups over the period of a year. By facilitating conversations with parents, our aim is to track the short and long-term impacts of the anti-2SLGBTQIA+ climate in Alberta. The participants in our study are a mix of straight, cisgender, queer and trans parents. All of them are already experiencing the negative outcomes of Alberta’s move to legislate 2SLGBTQIA+ lives.

    Below, we have used pseudonyms to protect their identities.

    We held our first focus group in late September 2024 where we asked participants about their concerns related to the impending changes to education, health care and sports in the province. We also asked parents what they knew about the parental rights movement, and how the rhetoric of parental rights is affecting their families.

    One of the overwhelming sentiments of the parents was that the parental rights movement excluded parents of 2SLGBTQIA+ kids. According to our participants, voices of 2SLGBTQIA+ parents and families are missing or silenced in the conversations around “protecting children.”

    One participant, Maia, said: “There needs to be more representation of the parents especially because it’s a legislation that’s being fought on behalf of parents so we need to make our voices heard.”

    Olivia similarly stated, “I feel like people keep talking for parents. I’m a parent and you’re not saying anything I think … so I just feel very unheard.”

    When it came to parental rights, participants remarked that their parental choice to support their 2SLGBTQIA+ kids is not being protected. In fact, they felt their responsibility to protect their children from harm is being taken away by the provincial government that is making choices for their families.

    Courtney stated: “It makes me really angry that our kid’s medical care can be adjusted based on the government. I work in health care. The thought that the government could step in and get a doctor to go against evidence-based medical care is … insanity.”

    2SLGBTQIA+ youth express fear

    According to the parents in our study, the impending legislation has stoked so much fear and anxiety in their children that their school experiences have already been negatively affected. Courtney’s trans child has missed a large chunk of school since the announcement of impending anti-2SLGBTQIA+ policies last February.

    Another parent, Sophia, told us that her teenager’s overall well-being has “deteriorated” since the impending legislation was announced: “She has started self harming. She is missing school. She is terrified for what’s coming … even though she knows that for her she’s somewhat protected with her HRT [hormone replacement therapy], but it doesn’t mean that they’re not going to say something about bathrooms or that her friends are safe.”

    Saskatchewan’s Conservative Premier Scott Moe recently promised to implement a new policy that would ban trans girls from school change rooms. In Alberta, the UCP’s policy resolutions for 2024 include a similar ban, but instead of focusing on schools, the party aims to remove trans women and girls from all “exclusively female spaces.”

    Our research, while preliminary, demonstrates that harmful effects are already taking shape in Alberta, and parents in 2SLGBTQIA+ families are terrified of what is coming with the legislation dropping soon.

    As we map the fallout of Alberta’s anti-2SLGBTQIA+ legislation over the next year, we expect to collect similar findings to that of our U.S. research counterparts who are publishing evidence that these policies are associated with adverse consequences to mental and physical well-being.

    Corinne L. Mason receives funding from the Social Sciences and Humanities Research Council of Canada.

    Leah Hamilton receives funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. Alberta’s impending anti-2SLGBTQIA+ legislation is stoking fear and anxiety – https://theconversation.com/albertas-impending-anti-2slgbtqia-legislation-is-stoking-fear-and-anxiety-241874

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Over £1 billion to boost bus services across the country as bus fares capped at £3

    Source: United Kingdom – Executive Government & Departments

    The £3 fare cap will keep bus travel affordable while ensuring it is fair to taxpayers.

    • single bus fares to be capped at £3 until the end of 2025, ensuring services remain affordable and supporting travel in rural areas and towns
    • fare cap extension comes on top of nearly £925 million invested to deliver high quality services and protect vital bus routes up and down the country
    • part of government plans to end the postcode lottery of bus services, ensure access to opportunities and deliver growth

    Millions of people will enjoy better bus services as the government invests over £1 billion to protect vital bus routes and cap bus fares, particularly in rural communities and towns where there is a heavy reliance on buses. 

    Prime Minister Keir Starmer confirmed today (28 October 2024) that bus travel will be kept down at £3 at the Budget for an additional year – saving up to 80% on some routes. 

    Under the inherited plans, funding for the current cap on bus fares had been due to expire at the end of 2024, with fares set to soar by as much as £13 for the Leeds to Scarborough route, unless the government intervened to keep fares down.

    The government’s announcement will ensure fares remain affordable from 1 January 2025 and prevent a financial cliff-edge for bus operators that would have seen vital services put at risk across the country. 

    The £3 maximum fare cap will keep bus travel affordable while ensuring the cap is fair to taxpayers, helping millions of people access better opportunities and protect vital bus routes, particularly lifeline services in rural communities. 

    The cap means no bus fare will exceed £3, and routes where fares are less than £3 will only be allowed to increase by inflation in the normal way. Local authorities and Metro Mayors can also fund their own schemes to keep fares down, as is already the case in London, West Yorkshire and Manchester.

    Some of the biggest bus savings on some key routes up and down the country include: 

    Journey Normal fare Amount save under £3 cap % saving under £3 cap
    Newcastle to Middlesbrough £8.00 £5.00 63%
    Hull to York £8.50 £5.50 65%
    Leeds to Scarborough £15.00 £12.00 80%

    The cap is being funded by £151 million from government until the end of 2025. It comes as the Department for Transport confirms an additional £925 million for the 2025 to 2026 financial year to improve bus services across the country, bringing total bus investment at the Budget to over £1 billion.

    Local authorities can use the £925 million to introduce new bus routes, make services more frequent and protect crucial bus routes for local communities.

    Moving forward, the government will also explore more targeted options that deliver value for money to the taxpayer to ensure affordable bus travel is always available for the groups who need it the most – such as young people. 

    Transport Secretary Louise Haigh said: 

    Buses are the engines of economic opportunity across the country.  

    We know that reliable, affordable bus services are vital to keeping Britain moving. That’s why the government will cap fares at £3 for an additional year and provide over £1 billion to deliver better bus services. 

    This will avoid a cliff-edge at the end of this year and keep fares affordable across the country – improving access to opportunities, particularly in towns and rural areas, while offering value for the taxpayer. 

    Our bus revolution will give every community the power to take back control of their services, end the postcode lottery of services and turn the page on 4 decades of failed deregulation.

    The move comes ahead of the new Buses Bill, to be introduced later this parliamentary session, which will help bring an end to the current postcode lottery of bus services by empowering local authorities to deliver modern and integrated bus networks that put passengers at the heart of local decision making. 

    The bill will mean local transport authorities can emulate the huge success of publicly controlled buses in Greater Manchester and London. Greater Manchester’s successful Bee Network has already seen passenger numbers grow by 5% since public control began to be rolled out just a year ago.

    Buses remain the most used form of public transport across the country, but – after almost 4 decades of failed deregulation – thousands of vital services have been slashed, with passengers left frustrated at the lack of accountability. 

    Since 2010, the number of miles driven by buses has plummeted by around 300 million. The transformative work this government is doing will turn the tide by giving communities access to reliable and affordable services and the opportunity to have a real say in building local transport networks that work for them.

    David Sidebottom, director at the independent watchdog Transport Focus, said:

    We know that bus passengers want simpler, better value for money fares and buses provide a lifeline for so many people up and down the country. Our research shows the fare cap is having a big impact in helping more people get around by bus.

    We welcome the wider investment in services, and the announcement of a new £3 cap on bus fares will provide certainty for many people who are struggling and worried about the cost of travel.

    Roads media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Biden-Harris Administration, alongside Congresswoman Wilson, Announce $389 million towards Miami-Dade County’s Northeast Corridor Rapid Transit Project

    Source: United States House of Representatives – Congresswoman Frederica S Wilson (24th District of Florida)

    The Federal Transit Administration, alongside Congresswoman Frederica Wilson (FL-24), announced that it is advancing the Miami-Dade County Northeast Corridor Rapid Transit Project into the Engineering phase of the Capital Investment Grants (CIG) program. 

    This means the Federal Transit Administration will invest $389,474,434 in Miami-Dade County. The total project plan is $927.3 million, and under this plan, the Federal Transit Administration will provide $389.4 million, Miami Dade County will provide 337.9 million, and the State of Florida will commit $200 million.

    Congresswoman Wilson, a senior member of the Transportation and Infrastructure Committee, said, “The Federal Transit Administration’s announcement is a game-changer for Miami-Dade County and brings our community much closer to seeing the Northeast Corridor become a reality. Traffic and transit options have been issues across Miami-Dade County for as long as I can remember, especially in areas like Wynwood, Aventura, Little Haiti, and North Miami. I’m proud to have worked with our county officials and federal partners at the Federal Transit Administration to help secure these funds for Miami-Dade County. Constructing the Northeast Corridor will help reduce traffic, provide more transportation options, create jobs, contribute to our efforts to combat the climate crisis, and allow Miami-Dade County to become the modern, transit-connected community it deserves to be. While more work lies ahead, today marks a large milestone in our efforts to construct the Northeast Corridor.”

    Congresswoman Wilson represents the areas where the Northeast Corridor would be constructed, including North Miami, Aventura, and Little Haiti. She has been a consistent advocate for the Northeast Corridor and has previously requested $454 million in funds from the federal government for the Northeast Corridor Rapid Transit Project. She was also one of five cosponsors of the Bipartisan Infrastructure Act, which helped allow this funding for the Northeast Corridor.

    “We are grateful to the Biden-Harris administration and U.S. Secretary of Transportation Pete Buttigieg for continuing to support this critical project and our SMART Program to offer more affordable transportation options to our community,” said Miami-Dade Mayor Daniella Levine Cava. “The Northeast Corridor and its local commuter rail service will help reduce traffic and give many residents, especially in underserved areas, more options to access jobs, education and opportunities. This service will be a gamechanger for those who need it most as we continue building the future of transit in Miami-Dade.”

    Next, the project will need a second rating from the Federal Transit Administration, considering factors such as mobility improvements, land use, and environmental benefits. Miami-Dade Transportation and Public Works already scored well enough on the first review to move into the Engineering phase and grant preliminary approval for a Capital Investment Grant. If they receive a strong score again and complete all engineering work, they’ll be able to secure a Full Funding Grant Agreement (FFGA) with the Federal Transit Administration. This agreement would commit the Federal Transit Administration to provide $389.3 million for the project, pending the availability of funding through annual appropriations, as this transit program relies on the General Fund instead of guaranteed Highway Trust Fund dollars.

    No congressional approval is needed on a project-specific level, but Congress will have to approve funds for all Capital Investment Grants projects as part of the annual Congressional appropriations process to ensure the funds for this project.

    “The Federal Transit Administration’s $389 million investment in Miami-Dade’s Northeast Corridor is a monumental step forward in our efforts to create a modern, connected transit system that serves our residents and visitors,” said Miami-Dade County Commissioner Eileen Higgins. “This funding is a testament to our community’s vision and the commitment from leaders like Congresswoman Federica Wilson to make that vision a reality. With stops in places like Wynwood, Little Haiti, and at the FIU Biscayne Bay campus, expanding and improving our transit options means less traffic congestion, a cleaner environment, and enhanced access to jobs, healthcare, and educational opportunities for thousands. I am proud to advocate for this vital project alongside our congressional partners and look forward to the progress that will transform how we move across Miami-Dade.”

    Miami-Dade County Commissioner Eileen Higgins, who represents the area where the Northeast Corridor would be constructed, has traveled numerous times between Miami-Dade and Washington, D.C., to advocate for this funding.

    Miami-Dade County Commission Chairman Oliver Gilbert said, “This announcement by the FTA marks a commitment to a more accessible, resilient, and inclusive Miami-Dade County. Whether it’s jobs, housing, or educational opportunities, the federal support for the Northeast Corridor will bring transformative change and make it easier for people to connect with what matters most in their lives.”

    Cathy Dos Santos, Executive Director of Transit Alliance Miami, said, “In August of 2024, 80% of Miami-Dade voters gave our elected officials a mandate to expand mass rapid transit, the Northeast Corridor delivers. This rail project is a giant step towards a robust, competitive transit network that secures the economic well-being of Miami-Dade. For our workers and families, this commuter rail will be a completely new way of moving that’s safe, fast, affordable, and enjoyable, compared to the traffic nightmare of the I-95. We commend Congresswoman Frederica Wilson and Commissioner Higgins for fighting to secure this funding and Miami-Dade’s future!”

    For the approval letter from the Federal Transit Administration, click here.

    For the details on the Federal Transit Administration’s announcement, click here.

    The Northeast Corridor Rapid Transit Project includes 13.5 miles of commuter rail, with 7 stations, including Miami Central, Wynwood, Design District, Little Haiti, North Miami, FIU/Biscayne, and West Aventura.

    ###

    MIL OSI USA News –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $12.7 million, or $0.97 per basic share and $0.95 per diluted share, for the three months ended September 30, 2024 compared to net income of $11.8 million, or $0.80 per basic and diluted share, for the three months ended September 30, 2023. In addition, the Company generated net income of $36.9 million, or $2.81 per basic share and $2.78 per diluted share, for the nine months ended September 30, 2024 compared to net income of $34.2 million, or $2.42 per basic share and $2.41 per diluted share, for the nine months ended September 30, 2023.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated, “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio.   Despite the challenging high interest rate environment during 2023 that continued into most of 2024, offset by a reduction in interest rates towards the end of the third quarter of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”

    Highlights for the three months and nine months ended September 30, 2024 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.62%, a return on average shareholders’ equity ratio of 16.48%, and an efficiency ratio of 36.04% for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the Company generated a return on average total assets ratio of 2.61%, a return on average shareholders’ equity ratio of 16.55%, and an efficiency ratio of 36.37%.
    • Net interest income increased by $1.2 million and $5.5 million, or 4.6% and 7.7%, respectively, for the three months and nine months ended September 30, 2024 compared to the same periods in 2023.
    • Our commitments, loans-in-process, and standby letters of credit outstanding totaled $659.0 million at September 30, 2024 compared to $719.6 million at December 31, 2023.

    Balance Sheet Summary

    Total assets increased $203.8 million, or 11.6%, to $2.0 billion at September 30, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to an increase in net loans of $173.6 million and an increase in cash and cash equivalents of $29.1 million.

    Cash and cash equivalents increased $29.1 million, or 42.4%, to $97.8 million at September 30, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $228.0 million, partially offset by a decrease in borrowings of $57.0 million, an increase of $173.6 million in net loans, and stock repurchases of $2.4 million.

    Equity securities increased $2.4 million, or 13.5%, to $20.5 million at September 30, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $2.0 million in equity securities during the third quarter of 2024 and market appreciation of $445,000 due to market interest rate volatility during the nine months ended September 30, 2024.

    Securities held-to-maturity decreased $799,000, or 5.0%, to $15.1 million at September 30, 2024 from $15.9 million at December 31, 2023 due to $810,000 in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.

    Loans, net of the allowance for credit losses, increased $173.6 million, or 11.0%, to $1.8 billion at September 30, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $569.2 million during the nine months ended September 30, 2024, consisting primarily of $499.7 million in construction loans with respect to which approximately 34.1% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the nine months ended September 30, 2024, we originated $44.7 million in commercial and industrial loans, $14.0 million in non-residential loans, $4.2 million in multi-family loans, and $600,000 in mixed-use loans.

    Loan originations during the nine months ended September 30, 2024 resulted in a net increase of $148.8 million in construction loans, $14.4 million in commercial and industrial loans, $9.2 million in non-residential loans, $3.6 million in multi-family loans, and $788,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $1.7 million in residential loans and $1.2 million in mixed-use loans, coupled with normal pay-downs and principal reductions.

    The allowance for credit losses related to loans decreased to $4.8 million as of September 30, 2024 from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to a credit to the provision for credit losses totaling $145,000 and charge-offs of $115,000.  

    Premises and equipment decreased $507,000, or 2.0%, to $24.9 million at September 30, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.

    Investments in Federal Home Loan Bank stock decreased $217,000, or 23.4%, to $712,000 at September 30, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $315,000 in connection with the maturity of $7.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.

    Bank owned life insurance (“BOLI”) increased $486,000, or 1.9%, to $25.6 million at September 30, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.

    Accrued interest receivable increased $1.2 million, or 9.4%, to $13.5 million at September 30, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.

    Real estate owned decreased $478,000, or 32.8%, to $978,000 at September 30, 2024 from $1.5 million at December 31, 2023 due to a charge-off of $478,000 resulting from a decrease in the estimated fair value of the foreclosed property.

    Right of use assets — operating decreased $422,000, or 9.2%, to $4.1 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Other assets decreased $548,000, or 6.8%, to $7.5 million at September 30, 2024 from $8.0 million at December 31, 2023 due to decreases in tax assets of $671,000, prepaid expenses of $56,000, miscellaneous assets of $4,000, and securities receivables of $1,000, partially offset by increase in suspense accounts of $184,000.

    Total deposits increased $228.0 million, or 16.3%, to $1.6 billion at September 30, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $230.5 million, or 30.3%, and NOW/money market accounts increased $83.5 million, or 57.4%, partially offset by decreases in savings account balances of $53.4 million, or 27.7%, and non-interest bearing demand deposits of $32.6 million, or 10.9%.

    Federal Home Loan Bank advances decreased $7.0 million, or 50.0%, to $7.0 million at September 30, 2024 from $14.0 million at December 31, 2023 due to the maturity of borrowings in 2024. Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 were paid-off during the nine months ended September 30, 2024.

    Advance payments by borrowers for taxes and insurance increased $442,000, or 21.9%, to $2.5 million at September 30, 2024 from $2.0 million at December 31, 2023 due primarily to accumulation of real estate tax payments by borrowers.

    Lease liability – operating decreased $384,000, or 8.3%, to $4.2 million at September 30, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

    Accounts payable and accrued expenses increased $2.4 million, or 17.8%, to $16.0 million at September 30, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable of $3.2 million and deferred compensation of $395,000, partially offset by a decrease in accrued expense of $810,000. The allowance for credit losses for off-balance sheet commitments decreased $130,000, or 12.5%, to $908,000 at September 30, 2024 from $1.0 million at December 31, 2023.

    Stockholders’ equity increased $30.3 million, or 10.8% to $309.6 million at September 30, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $36.9 million for the nine months ended September 30, 2024, the amortization expense of $1.4 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, a reduction of $652,000 in unearned employee stock ownership plan shares coupled with an increase of $532,000 in earned employee stock ownership plan shares, an exercise of stock options totaling $14,000, and $10,000 in other comprehensive income, partially offset by stock repurchases totaling $2.5 million and dividends paid and declared of $6.7 million.

    Results of Operations for the Three Months Ended September 30, 2024 and 2023

    Net Interest Income

    Net interest income was $26.3 million for the three months ended September 30, 2024, as compared to $25.1 million for the three months ended September 30, 2023. The increase in net interest income of $1.2 million, or 4.6%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases in 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the three months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balances on our savings and club deposits.

    Total interest and dividend income increased $6.0 million, or 17.2%, to $41.2 million for the three months ended September 30, 2024 from $35.1 million for the three months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $282.6 million, or 18.0%, to $1.9 billion for the three months ended September 30, 2024 from $1.6 billion for the three months ended September 30, 2023, partially offset by a decrease in the yield on interest earning assets by 6 basis points from 8.95% for the three months ended September 30, 2023 to 8.89% for the three months ended September 30, 2024.

    Interest expense increased $4.9 million, or 48.9%, to $14.9 million for the three months ended September 30, 2024 from $10.0 million for the three months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 59 basis points from 3.86% for the three months ended September 30, 2023 to 4.45% for the three months ended September 30, 2024 and an increase in average interest bearing liabilities of  $301.8 million, or 29.1%, to $1.3 billion for the three months ended September 30, 2024 from $1.0 billion for the three months ended September 30, 2023.

    Our net interest margin decreased 72 basis points, or 11.3%, to 5.68% for the three months ended September 30, 2024 compared to 6.40% for the three months ended September 30, 2023. The decrease in the net interest margin was due to the increase in the cost of interest-bearing liabilities outpacing the increase in the yield on interest-earning assets.

    Credit Loss Expense

    The Company recorded a provision for credit loss of $105,000 for the three months ended September 30, 2024 compared to a provision for credit loss of $156,000 for the three months ended September 30, 2023. The credit loss expense of $105,000 for the three months ended September 30, 2024 was comprised of a credit loss expense for off-balance sheet commitments of $105,000 primarily attributable to an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments. The credit loss expense of $156,000 for the three months ended September 30, 2023 was comprised of credit loss for loans of $438,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $278,000 and credit loss expense reduction for held-to-maturity securities of $4,000.

    With respect to the allowance for credit losses for loans, we charged-off $82,000 during the three months ended September 30, 2024 as compared to charge-offs of $71,000 during the three months ended September 30, 2023. These charge-offs during the three months ended September 30, 2024 and 2023 were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the three months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the three months ended September 30, 2024 was $1.3 million compared to non-interest income of $221,000 for the three months ended September 30, 2023. The increase of $1.1 million, or 510.4%, in total non-interest income was primarily due to increases of $977,000 in unrealized gain on equity securities, $225,000 in other loan fees and service charges, $26,000 in miscellaneous other non-interest income, and $14,000 in BOLI income, partially offset by a decrease of $114,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 compared to an unrealized loss of $430,000 on equity securities during the three months ended September 30, 2023. The unrealized gain of $547,000 on equity securities during the three months ended September 30, 2024 was due to market interest rate volatility during the quarter ended September 30, 2024.

    The increase of $225,000 in other loan fees and service charges was due to an increase of $210,000 in other loan fees and loan servicing fees and an increase of $15,000 in ATM/debit card/ACH fees.

    The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $1.0 million, or 11.7%, to $10.0 million for the three months ended September 30, 2024 from $8.9 million for the three months ended September 30, 2023. The increase resulted primarily from increases of $477,000 in real estate owned expense, $435,000 in salaries and employee benefits, $119,000 in occupancy expense, and $112,000 in outside data processing expense, partially offset by decreases of $53,000 in equipment expense, $39,000 in other operating expense, and $5,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $4.9 million and $4.4 million for the three months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024, we had approximately $203,000 in tax exempt income, compared to approximately $187,000 in tax exempt income for the three months ended September 30, 2023. Our effective income tax rates were 27.8% and 27.3% for the three months ended September 30, 2024 and 2023, respectively.

    Results of Operations for the Nine Months Ended September 30, 2024 and 2023

    Net Interest Income

    Net interest income was $77.5 million for the nine months ended September 30, 2024 as compared to $72.0 million for the nine months ended September 30, 2023. The increase in net interest income of $5.5 million, or 7.7%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

    The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024.

    The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the nine months ended September 30, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the balances of our savings and club deposits.

    Total interest and dividend income increased $24.2 million, or 25.4%, to $119.5 million for the nine months ended September 30, 2024 from $95.4 million for the nine months ended September 30, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $332.7 million, or 22.7%, to $1.8 billion for the nine months ended September 30, 2024 from $1.5 billion for the nine months ended September 30, 2023 and an increase in the yield on interest earning assets by 19 basis points from 8.66% for the nine months ended September 30, 2023 to 8.85% for the nine months ended September 30, 2024.

    Interest expense increased $18.7 million, or 79.9%, to $42.0 million for the nine months ended September 30, 2024 from $23.4 million for the nine months ended September 30, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 101 basis points from 3.35% for the nine months ended September 30, 2023 to 4.36% for the nine months ended September 30, 2024, and an increase in average interest bearing liabilities of $355.6 million, or 38.2%, to $1.3 billion for the nine months ended September 30, 2024 from $931.5 million for the nine months ended September 30, 2023.

    Net interest margin decreased 80 basis points, or 12.2%, for the nine months ended September 30, 2024 to 5.74% compared to 6.54% for the nine months ended September 30, 2023.

    Credit Loss Expense

    The Company recorded a credit loss expense reduction totaling $286,000 for the nine months ended September 30, 2024 compared to a credit loss expense totaling $767,000 for the nine months ended September 30, 2023. The credit loss expense reduction of $286,000 for the nine months ended September 30, 2024 was comprised of a credit loss expense reduction for loans of $145,000, a credit loss expense reduction for off-balance sheet commitments of $130,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for loans of $145,000 for the nine months ended September 30, 2024 was primarily attributed to favorable trends in the economy.   The credit loss expense reduction for off-balance sheet commitments of $130,000 for the nine months ended September 30, 2024 was primarily attributed to a reduction of $69.1 million in the level of off-balance sheet commitments, partially offset by an increase in the weighted average remaining maturity for the aggregate unfunded off-balance sheet commitments during the quarter ended September 30, 2024.

    The credit loss expense of $767,000 for the nine months ended September 30, 2023 was comprised of credit loss expense for loans of $1.2 million, partially offset by a credit loss expense reduction for off-balance sheet commitments of $395,000 and credit loss expense reduction for held-to-maturity investment securities of $1,000.

    We charged-off $115,000 during the nine months ended September 30, 2024 as compared to charge-offs of $285,000 during the nine months ended September 30, 2023. The charge-offs of $115,000 during the nine months ended September 30, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $285,000 during the nine months ended September 30, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party subsequent to June 30, 2023 at a loss of $159,000. The remaining charge-offs of $126,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.

    We recorded no recoveries from previously charged-off loans during the nine months ended September 30, 2024 and 2023.

    Non-Interest Income

    Non-interest income for the nine months ended September 30, 2024 was $2.6 million compared to non-interest income of $2.4 million for the nine months ended September 30, 2023. The increase of $277,000, or 11.8%, in total non-interest income was primarily due to increases of $772,000 in unrealized gains on equity securities, $196,000 in other loan fees and service charges, and $23,000 in miscellaneous other non-interest income, offset by decreases of $371,000 in BOLI income and $343,000 in investment advisory fees.

    The increase in unrealized gain (loss) on equity securities was due to an unrealized gain of $445,000 on equity securities during the nine months ended September 30, 2024 compared to an unrealized loss of $327,000 on equity securities during the nine months ended September 30, 2023. The unrealized gain of $445,000 on equity securities during the 2024 period was due to market interest rate volatility during the nine months ended September 30, 2024.

    The increase of $196,000 in other loan fees and service charges was due to increases of $164,000 in other loan fees and loan servicing fees, $27,000 in ATM/debit card/ACH fees, and $5,000 in savings account fees.

    The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the nine months ended September 30, 2023. The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees.

    Non-Interest Expense

    Non-interest expense increased $3.2 million, or 12.1%, to $29.1 million for the nine months ended September 30, 2024 from $26.0 million for the nine months ended September 30, 2023. The increase resulted primarily from increases of $1.7 million in salaries and employee benefits, $800,000 in other operating expense, $475,000 in real estate owned expense, $286,000 in outside data processing expense, and $226,000 in occupancy expense, partially offset by decreases of $183,000 in equipment expense and $110,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $14.4 million and $13.4 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, we had approximately $597,000 in tax exempt income, compared to approximately $956,000 in tax exempt income for the nine months ended September 30, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the nine months ended September 30, 2023. Our effective income tax rates were 28.1% and 28.2% for the nine months ended September 30, 2024 and 2023, respectively.

    Asset Quality

    Non-performing assets were $5.4 million at September 30, 2024 compared to $5.8 million at December 31, 2023. At September 30, 2024 and December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. The other non-performing assets consisted of one foreclosed property at September 30, 2024 and December 31, 2023. Our ratio of non-performing assets to total assets remained low at 0.27% at September 30, 2024 as compared to 0.33% at December 31, 2023.

    The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of September 30, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at September 30, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at September 30, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $908,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 15.73% as of September 30, 2024.   At September 30, 2024, the Company had the ability to borrow $832.1 million from the Federal Reserve Bank of New York, $14.8 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of September 30, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of September 30, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. 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.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT: Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE: (914) 684-2500
       
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
     
      September 30,   December 31,
      2024   2023
      (In thousands, except share
      and per share amounts)
    ASSETS          
    Cash and amounts due from depository institutions $ 16,023     $ 13,394  
    Interest-bearing deposits   81,766       55,277  
    Total cash and cash equivalents   97,789       68,671  
    Certificates of deposit   100       100  
    Equity securities   20,547       18,102  
    Securities held-to-maturity (net of allowance for credit losses of $126 and $136, respectively)   15,061       15,860  
    Loans receivable   1,760,504       1,586,721  
    Deferred loan (fees) costs, net   (245 )     176  
    Allowance for credit losses   (4,833 )     (5,093 )
    Net loans   1,755,426       1,581,804  
    Premises and equipment, net   24,945       25,452  
    Investments in restricted stock, at cost   712       929  
    Bank owned life insurance   25,568       25,082  
    Accrued interest receivable   13,463       12,311  
    Real estate owned   978       1,456  
    Property held for investment   1,380       1,407  
    Right of Use Assets – Operating   4,144       4,566  
    Right of Use Assets – Financing   348       351  
    Other assets   7,496       8,044  
    Total assets $ 1,967,957     $ 1,764,135  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities:          
    Deposits:          
    Non-interest bearing $ 267,592     $ 300,184  
    Interest bearing   1,360,475       1,099,852  
    Total deposits   1,628,067       1,400,036  
    Advance payments by borrowers for taxes and insurance   2,462       2,020  
    Borrowings   7,000       64,000  
    Lease Liability – Operating   4,241       4,625  
    Lease Liability – Financing   599       571  
    Accounts payable and accrued expenses   15,965       13,558  
    Total liabilities   1,658,334       1,484,810  
               
    Stockholders’ equity:          
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,020,602 shares and 14,144,856 shares outstanding, respectively   140       142  
    Additional paid-in capital   109,368       109,924  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (5,911 )     (6,563 )
    Retained earnings   205,699       175,505  
    Accumulated other comprehensive income   327       317  
    Total stockholders’ equity   309,623       279,325  
    Total liabilities and stockholders’ equity $ 1,967,957     $ 1,764,135  
               
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
                  (In thousands, except per share amounts)
    INTEREST INCOME:                      
    Loans $ 39,484   $ 33,757     $ 114,821     $ 91,826  
    Interest-earning deposits   1,472     1,181       4,058       2,886  
    Securities   227     199       662       650  
    Total Interest Income   41,183     35,137       119,541       95,362  
    INTEREST EXPENSE:                      
    Deposits   14,630     9,889       40,459       23,050  
    Borrowings   257     109       1,559       299  
    Financing lease   10     10       29       28  
    Total Interest Expense   14,897     10,008       42,047       23,377  
    Net Interest Income   26,286     25,129       77,494       71,985  
    Provision for (reversal of) credit loss   105     156       (286 )     767  
    Net Interest Income after Provision for (Reversal of) Credit Loss   26,181     24,973       77,780       71,218  
    NON-INTEREST INCOME:                      
    Other loan fees and service charges   589     364       1,613       1,417  
    Earnings on bank owned life insurance   167     153       486       857  
    Investment advisory fees   –     114       –       343  
    Unrealized gain (loss) on equity securities   547     (430 )     445       (327 )
    Other   46     20       90       67  
    Total Non-Interest Income   1,349     221       2,634       2,357  
    NON-INTEREST EXPENSES:                      
    Salaries and employee benefits   5,135     4,700       15,738       14,079  
    Occupancy expense   735     616       2,116       1,890  
    Equipment   187     240       661       844  
    Outside data processing   681     569       1,924       1,638  
    Advertising   128     133       310       420  
    Real estate owned expense   488     11       527       52  
    Other   2,607     2,646       7,864       7,064  
    Total Non-Interest Expenses   9,961     8,915       29,140       25,987  
    INCOME BEFORE PROVISION FOR INCOME TAXES   17,569     16,279       51,274       47,588  
    PROVISION FOR INCOME TAXES   4,883     4,436       14,416       13,413  
    NET INCOME $ 12,686   $ 11,843     $ 36,858     $ 34,175  
                           
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
      (In thousands, except per share amounts)   (In thousands, except per share amounts)
    Per share data:                      
    Earnings per share – basic $ 0.97     $ 0.80     $ 2.81     $ 2.42  
    Earnings per share – diluted   0.95       0.80       2.78       2.41  
    Weighted average shares outstanding – basic   13,075       14,743       13,108       14,143  
    Weighted average shares outstanding – diluted   13,417       14,822       13,279       14,192  
    Performance ratios/data:                      
    Return on average total assets   2.62 %     2.87 %     2.61 %     2.95 %
    Return on average shareholders’ equity   16.48 %     17.26 %     16.55 %     16.95 %
    Net interest income $ 26,286     $ 25,129     $ 77,494     $ 71,985  
    Net interest margin   5.68 %     6.40 %     5.74 %     6.54 %
    Efficiency ratio   36.04 %     35.17 %     36.37 %     34.96 %
    Net charge-off ratio   0.02 %     0.02 %     0.01 %     0.03 %
                           
    Loan portfolio composition:               September 30, 2024     December 31, 2023
    One-to-four family             $ 3,507     $ 5,252  
    Multi-family               202,516       198,927  
    Mixed-use               28,399       29,643  
    Total residential real estate               234,422       233,822  
    Non-residential real estate               30,312       21,130  
    Construction               1,368,222       1,219,413  
    Commercial and industrial               125,520       111,116  
    Consumer               2,028       1,240  
    Gross loans               1,760,504       1,586,721  
    Deferred loan (fees) costs, net               (245 )     176  
    Total loans             $ 1,760,259     $ 1,586,897  
    Asset quality data:                      
    Loans past due over 90 days and still accruing             $ –     $ –  
    Non-accrual loans               4,413       4,385  
    OREO property               978       1,456  
    Total non-performing assets             $ 5,391     $ 5,841  
                           
    Allowance for credit losses to total loans               0.27 %     0.32 %
    Allowance for credit losses to non-performing loans               109.52 %     116.15 %
    Non-performing loans to total loans               0.25 %     0.28 %
    Non-performing assets to total assets               0.27 %     0.33 %
                           
    Bank’s Regulatory Capital ratios:                      
    Total capital to risk-weighted assets               14.04 %     14.11 %
    Common equity tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 capital to risk-weighted assets               13.76 %     13.78 %
    Tier 1 leverage ratio               14.76 %     16.21 %
                               
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Three Months Ended September 30, 2024   Three Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,717,875     $ 39,484     9.19 %   $ 1,446,946     $ 33,757     9.33 %
    Securities   34,920       212     2.43 %     33,754       181     2.14 %
    Federal Home Loan Bank stock   712       15     8.43 %     929       18     7.75 %
    Other interest-earning assets   98,903       1,472     5.95 %     88,156       1,181     5.36 %
    Total interest-earning assets   1,852,410       41,183     8.89 %     1,569,785       35,137     8.95 %
    Allowance for credit losses   (4,914 )                 (4,404 )            
    Non-interest-earning assets   90,313                   85,133              
    Total assets $ 1,937,809                 $ 1,650,514              
                                       
    Interest-bearing demand deposit $ 228,975     $ 2,423     4.23 %   $ 78,768     $ 522     2.65 %
    Savings and club accounts   140,047       848     2.42 %     235,613       1,624     2.76 %
    Certificates of deposit   946,290       11,359     4.80 %     707,142       7,743     4.38 %
    Total interest-bearing deposits   1,315,312       14,630     4.45 %     1,021,523       9,889     3.87 %
    Borrowed money   23,603       267     4.52 %     15,631       119     3.05 %
    Total interest-bearing liabilities   1,338,915       14,897     4.45 %     1,037,154       10,008     3.86 %
    Non-interest-bearing demand deposit   271,207                   322,213              
    Other non-interest-bearing liabilities   19,758                   16,694              
    Total liabilities   1,629,880                   1,376,061              
    Equity   307,929                   274,453              
    Total liabilities and equity $ 1,937,809                 $ 1,650,514              
                                       
    Net interest income / interest spread       $ 26,286     4.44 %         $ 25,129     5.09 %
    Net interest rate margin               5.68 %                 6.40 %
    Net interest earning assets $ 513,495                 $ 532,631              
    Average interest-earning assets                                  
    to interest-bearing liabilities   138.35 %                 151.36 %            
                                           
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
      Nine Months Ended September 30, 2024   Nine Months Ended September 30, 2023
      Average   Interest   Average   Average   Interest   Average
      Balance   and dividend   Yield   Balance   and dividend   Yield
      (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross $ 1,672,582     $ 114,821     9.15 %   $ 1,353,446     $ 91,826     9.05 %
    Securities   34,071       607     2.38 %     39,375       589     1.99 %
    Federal Home Loan Bank stock   752       55     9.75 %     1,002       61     8.12 %
    Other interest-earning assets   93,417       4,058     5.79 %     74,308       2,886     5.18 %
    Total interest-earning assets   1,800,822       119,541     8.85 %     1,468,131       95,362     8.66 %
    Allowance for credit losses   (4,977 )                 (4,640 )            
    Non-interest-earning assets   90,087                   83,200              
    Total assets $ 1,885,932                 $ 1,546,691              
                                       
    Interest-bearing demand deposit $ 202,097     $ 6,300     4.16 %   $ 84,920     $ 1,433     2.25 %
    Savings and club accounts   160,296       3,032     2.52 %     262,977       5,373     2.72 %
    Certificates of deposit   880,741       31,127     4.71 %     567,378       16,244     3.82 %
    Total interest-bearing deposits   1,243,134       40,459     4.34 %     915,275       23,050     3.36 %
    Borrowed money   43,916       1,588     4.82 %     16,216       327     2.69 %
    Total interest-bearing liabilities   1,287,050       42,047     4.36 %     931,491       23,377     3.35 %
    Non-interest-bearing demand deposit   282,786                   329,993              
    Other non-interest-bearing liabilities   19,163                   16,373              
    Total liabilities   1,588,999                   1,277,857              
    Equity   296,933                   268,834              
    Total liabilities and equity $ 1,885,932                 $ 1,546,691              
                                       
    Net interest income / interest spread       $ 77,494     4.49 %         $ 71,985     5.31 %
    Net interest rate margin               5.74 %                 6.54 %
    Net interest earning assets $ 513,772                 $ 536,640              
    Average interest-earning assets                                  
    to interest-bearing liabilities   139.92 %                 157.61 %            

    The MIL Network –

  • MIL-OSI Africa: East Africa: The Ethiopia-Kenya Electricity Highway is Shaping Regional Connectivity with the Support of the African Development Bank

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

    ABIDJAN, Ivory Coast, October 28, 2024/APO Group/ —

    The electricity highway between Ethiopia and Kenya, officially opened in 2023 after more than 10 years of planning and construction, is redefining energy connectivity in East Africa. It is more than a piece of infrastructure, it is an economic and environmental entity, connecting not just power grids but nations and populations. 

    This vision of a shared energy future runs for 1,045 km between Wolayta-Sodo in Ethiopia and Suswa in Kenya. It enables both countries to pool resources, hydroelectricity from Ethiopia, and geothermal and wind power from Kenya. 

    Regional Connectivity lies at the heart of the project. As John Mativo, Managing Director of the Kenya Electricity Transmission Company (Ketraco) explains, this project is all about collaboration:  

    “Around 2010, countries in East Africa, as an energy pool, decided that it was essential to have an interconnected hub so that everyone could use and exploit energy and support each other.” 

    One of the project’s critical aspects is the use of HVDC (High Voltage Direct Current) technology, which makes it much easier to transport electricity with long distance transmission lines as Tewoderos Ayalew, the site manager at Ethiopian Electric Power explains: 

    “The reason we are using HVDC technology is to minimize energy wastage and reduce power losses in the transmission line energy wastage and reduce the costs of constructing transmission lines; it is also easy to operate and improve grid stability in operating the interconnection from the power grids of different countries.”  

    Hydroelectric dams in Ethiopia produce energy in the form of alternating current, which is transported via the Ethiopian grid to the converter station in Sodo. There, it is converted to Direct Current (DC) and leaves Ethiopia for Kenya, via 1,045 km of overhead transmission line. Once it arrives at the Suswa converter station, it will be converted back to alternating current to be integrated into the Kenyan power grid. 

    This high voltage DC infrastructure is the only one of its kind in the region and is the foundation of East Africa’s ambition to be interconnected in terms of power exchange and allow cross-border trade in energy. 

    The total cost of USD 1.26 billion was funded partly by USD 338 million from the African Development Bank. The World Bank, the Agence française de développement (AFD) and the governments of the two countries concerned also contributed. 

    Significant economic benefits 

    The project has brought significant economic benefits. For Kenya, where 95 percent of electricity comes from renewable sources, the connection is increasing its competitiveness. Kipkemoi Kibias, General Manager at Ketraco, endorses the project: 

    “Using clean, renewable energy brings numerousadvantages not just to Kenyans, but to the whole world… it allows us to attract investors, especially in light and heavy industries, who are looking for green energy.” 

    The project also creates jobs. The development of business zones close to energy infrastructure, like the one near Suswa, creates thousands of jobs and boosts local economic activity. Moreover, the project includes a significant social dimension, notably involving local communities. Out of the 100 employees at the Suswa power station, 70 come from the region, offering opportunities for local development. 

    For Sylvia Kinaiya, an engineer from the region, the project is also a source of personal pride: 

    “I am Masai, so for me, it’s a way of giving back to my community,” she says. She also emphasizes that this project proves that it is possible to be both a mother and an engineer, helping to break down gender barriers in technical occupations. 

    Apart from its economic and social impacts, the project is a model of sustainability, allowing better integration of intermittent renewable energy sources, such as wind power and Solar, into regional networks. According to John Mativo, this infrastructure ensures that “Kenya has enough green energy to support our industrial development while maintaining a small carbon footprint.” 

    Kenya is already on the way to self-sufficiency in clean energy, with the aim of moving to 100 percent renewable energy by 2030. By connecting its grid to Ethiopia, Kenya can not only stabilize its energy supply but also attract more investment into green energies. This vision is also shared by investors, who see this infrastructure as a guarantee of energy and environmental security. 

    The Ethiopia-Kenya electricity highway is therefore much more than a simple infrastructure project; it embodies a vision of the future in which green energy becomes the driver of stronger regional cooperation and sustainable development. Thanks to this connection, East African countries can share their energy resources efficiently, while responding to the growing needs of their populations and industries. 

    The future is bright according to Tweoderos Ayalew: 

    “We have the potential not only to meet our own needs, but also to supply energy to our neighbours and beyond.”  

    This pioneering project is thus paving the way to shared prosperity, while putting the region on the path to a sustainable energy transition.

    MIL OSI Africa –

  • MIL-OSI Europe: President Meloni meets González Urrutia, winner of the Sakharov Prize for Freedom of Thought

    Source: Government of Italy (English)

    28 Ottobre 2024

    The President of the Council of Ministers, Giorgia Meloni, received Edmundo González Urrutia, winner of the Sakharov Prize for Freedom of Thought, at Palazzo Chigi today.

    Offering her congratulations for the recently awarded prize, President Meloni stressed that the situation in Venezuela is a priority for the Italian Government, also as current G7 Presidency, and provided assurance of support for the ongoing efforts to facilitate a democratic and peaceful transition that corresponds to the will of the Venezuelan people.

    President Meloni also reiterated the call for an immediate stop to human rights violations, arbitrary detentions and restrictions on fundamental freedoms, particularly against political opponents.

    MIL OSI Europe News –

  • MIL-OSI USA: CFTC Commissioner Pham Announces Global Markets Advisory Committee will Meet November 21

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee, announced the GMAC will hold a virtual public meeting Thursday, Nov. 21, from 9:30 a.m. to 10:30 a.m. EST. The meeting will be open to the public via live webcast or listen-only audio feed via telephone.

    “The GMAC is continuing to meaningfully address innovations in market structure through pragmatic recommendations for applying existing regulatory frameworks to new and emerging technology,” Commissioner Pham said. “I look forward to the presentations on tokenized collateral to improve operational efficiency and mitigate risks, and development of regulatory approaches to utility tokens.”

    At this meeting, the GMAC will hear a presentation by the Tokenized Collateral workstream of the GMAC’s Digital Asset Markets Subcommittee on expanding use of non-cash collateral through use of distributed ledger technology and consider a recommendation from the Subcommittee. The meeting will also include a presentation by the Utility Tokens workstream of the Digital Asset Markets Subcommittee summarizing their work to-date on defining utility tokens and developing guidance for market participants.

    A detailed agenda is available here.

    Under Commissioner Pham’s sponsorship, the GMAC has advanced 13 recommendations in less than a year, and continues making progress on developing solutions to the most significant challenges in global markets as set forth in its 2023-2025 work program. Learn more about the GMAC and its work here.

    Meeting Details

    What:

    Global Markets Advisory Committee Meeting

    Location (virtual):

    The meeting will take place virtually. Viewing instructions below

    When:

    Thursday, November 21, 2024

    9:30 a.m. – 10:30 a.m. (EST)

    Viewing/Listening Instructions: View a live webcast on CFTC.gov or through the CFTC’s YouTube channel. Use the numbers below to call in. Call-in participants should be prepared to provide their first name, last name, and affiliation, if applicable. Materials presented at the meeting will be made available on CFTC.gov.

    Participation Details

    Domestic Toll-Free:

     

     

    Domestic Toll:

     

    +1 833 568 8864 or +1 833 435 1820 

     

    +1 669 254 5252 or +1 646 828 7666 or +1 551 285 1373 or +1 669 216 1590 or (U.S. Spanish Lines) +1 415 449 4000 or +1 646 964 1167

     

    Webinar ID:

    161 533 1062

     

    Passcode: 990545

     

    International Numbers:

    International Numbers

    Additional information is available in the Federal Register.

    About the GMAC and Advisory Committees

    The GMAC was created to advise the Commission on issues that affect the integrity and competitiveness of U.S. markets and U.S. firms engaged in global business, including the regulatory challenges of a global marketplace that reflects the increasing interconnectedness of markets and the multinational nature of business. The GMAC also makes recommendations regarding international standards for regulating futures, swaps, options, and derivatives markets, as well as intermediaries. In June 2023, Commissioner Pham announced the leadership and membership of the GMAC and its subcommittees—the largest-ever single advisory committee initiative sponsored by the CFTC. Members include financial market infrastructures, market participants, end-users, service providers, and regulators. Harry Jung is the GMAC Designated Federal Officer, and Nicholas Elliot is the GMAC Alternate Designated Federal Officer.

    There are five active Advisory Committees overseen by the CFTC. They were created to provide advice and recommendations to the Commission on a variety of regulatory and market issues that affect the integrity and competitiveness of U.S. markets. These committees facilitate communication between the Commission and market participants, other regulators, and academics. The views, opinions, and information expressed by the Advisory Committees are solely those of the respective Advisory Committee and do not necessarily reflect the views of the Commission, its staff, or the U.S. government.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Issues Bulletin on Third-Party Collection of Voter Ballots and Unofficial Ballot Drop-Off Containers

    Source: US State of California

    OAKLAND — Ahead of the Tuesday, November 5, 2024 General Election, California Attorney General Rob Bonta today issued a bulletin summarizing California laws that apply when voters entrust their ballots to another person for delivery to elections officials, as well as rules that apply to unofficial ballot collection containers. Active registered voters can track their ballots by signing up at wheresmyballot.sos.ca.gov and voters unsure of their registration status can check online at voterstatus.sos.ca.gov. 

    “Here in California, all active registered voters are mailed vote-by-mail ballots because we want to make it as easy as possible for your voice to be heard,” said Attorney General Bonta. “California law also permits voters to entrust their completed mail ballots to someone else for delivery to election officials, which is another way our State makes it easier for people to vote. But, to ensure the integrity of our elections, those who accept another person’s ballot for delivery have serious responsibilities and, with today’s bulletin, we want to raise awareness of those responsibilities.”

    Returning Vote-By-Mail Ballots 

    The California Elections Code permits voters to return their voted vote-by-mail ballots in the following ways:

    • Mailing it to your county elections official (no postage is required; must be postmarked on or before Election Day).
    • Returning it in person to any polling place within the state or your county elections office by 8:00 pm on Election Day.
    • Returning it to an official vote-by-mail ballot drop-off location within the state by 8:00 pm on Election Day.
    • Authorizing a third party to return the ballot on your behalf, subject to requirements set forth below.

    When a voter entrusts a third party to return their voted ballot, the following requirements apply:

    • The designated person to whom the ballot is entrusted must include their name and signature on the vote-by-mail ballot return envelope as the person authorized to return the ballot.
    • The designated person must return the ballot in person, or put the ballot in the mail, no later than three days after receiving it from the voter or before the close of the polls on election day, whichever time period is shorter.
    • The designated person may not receive any form of compensation based on the number of ballots that the person returns, and no party may compensate them on this basis.
    • The designated person may not engage in other criminal acts related to that ballot.

    The California Elections Code prohibits a variety of conduct relevant to the return of vote-by-mail ballots. For example, anyone who attempts to vote a vote-by-mail ballot by fraudulently signing the name of a regularly qualified voter, a person who is not qualified to vote, or a fictitious person is punishable by imprisonment for up to three years, or by a fine not exceeding one thousand dollars, or by both fine and imprisonment. 

    Official Ballot Drop Boxes and Unofficial Drop-Off Containers

    Only city and county elections officials may establish official ballot drop boxes. The regulations promulgated by the Secretary of State’s office provide extensive requirements for the design, use, and security of vote-by-mail ballot drop boxes. 

    Certain conduct related to unofficial ballot drop off containers, or ballot drop boxes not established by elections officials, is prohibited. For example:

    • It is a crime to display a container to collect ballots with the intent to deceive any voter into casting a ballot into an unofficial container. Evidence of intent to deceive voters may include using the word “official” on the container or other features that are likely to deceive voters into thinking that an unofficial container is an official drop box approved by election officials.
    • It is a crime to direct or solicit a voter to place a ballot in containers described in the bullet above.

    This conduct is punishable by a fine not exceeding one thousand dollars ($1,000), or by imprisonment for up to three years, or by both fine and imprisonment. It is also a crime to aid or abet anyone in the commission of these offenses, punishable by imprisonment in the county jail for six months or in the state prison for up to three years. 

    The bulletin can be found here.

    MIL OSI USA News –

  • MIL-OSI Global: How a Trump election win could hit the US food industry and leave millions of Americans hungry

    Source: The Conversation – UK – By Shonil Bhagwat, Professor of Environment and Development, The Open University

    Sheila Fitzgerald/Shutterstock

    As the US presidential election inches closer, a recent survey found that the economy is the top issue for voters, and many are also concerned about healthcare, foreign policy and inequality. Amid all the noise about these key issues however, food has received only marginal coverage in the campaigning despite the country’s high cost of living.

    Project 2025, a 900-page policy document produced by conservative thinktank the Heritage Foundation, has become a major talking point in the election campaign. Although Republican candidate Donald Trump has denied any links between his campaign and Project 2025, the people who have authored this document are no strangers to the former president, with more than half of the 307 contributors having served in the Trump administration or on his campaign or transition teams.

    Trump’s Democratic rival in the race to the White House, Vice President Kamala Harris, has been very vocal about the dangers to the American people if the Project 2025 proposals were to be implemented. Instead, her campaign has promised an “opportunity economy” to support the American middle class, which will seek to cut prices and taxes, lower household costs, and offer various tax reliefs.

    Analyses of Harris’ versus Trump’s economic policies suggest that the tariffs Trump has proposed will cause a rise in prices of imported goods – including food. On the other hand, Trump’s policies could lower energy costs because more domestic fossil fuel production could make US-produced foodstuffs cheaper.

    But Project 2025 proposes deregulation of US dietary guidelines and US food assistance programmes, including Supplemental Nutrition Assistance Program (Snap), Women, Infants and Children Program (WIC), and the National School Lunch Program. Democrats have argued that this will “drastically reduce” the access that families have to fresh American-grown food, threatening the health of the most vulnerable.



    Read more:
    How Harris and Trump’s economic pledges stack up

    Democrats have also claimed that Project 2025 policies would reduce support to small-scale farmers, favouring large agribusinesses while deregulating the flow of ultra-processed food manufactured and distributed by influential corporations. Some estimates suggest that 73% of US food supply is already made up of ultra-processed foods, and they have been found to provide 60% of the calories consumed by the average US adult.

    The links between ultra-processed food and negative health outcomes are increasingly being drawn. As such, food policy under Project 2025 would be very likely to have a negative impact on wider public health in the US.

    But at the same time, Project 2025 would probably make healthcare less affordable and more restrictive for millions of citizens. It promises to reinstate the ability of the pharmaceutical industry to fix prices, raising the cost of drugs for American people.

    It would also cut funding for health coverage for low-income Americans, threatening the survival of hospitals, health centres or doctors who serve those people.

    These healthcare policies, combined with deregulation of the food industry and dietary guidelines, as well as the defunding of food assistance programmes, could spell a triple whammy for the health and wellbeing of some of the most vulnerable people in America.

    How do Harris’s plans compare?

    Harris’s plans, on the other hand, aim to make healthcare less expensive and more accessible, particularly for those from vulnerable groups such as black Americans or those on low incomes, the elderly or veterans.

    But while these proposals might remove barriers to healthcare, they won’t directly improve food provision for Americans. Some of the proposals in Harris’s “opportunity economy”, however, could directly address the issue.

    The outcome of the presidential election could have serious consequences for food security and wellbeing – especially among America’s poorer populations.
    Tada Images/Shutterstock

    Harris’s proposals focus on strengthening and diversifying supply chains for food production, processing and distribution. She has been outspoken about investigating price-fixing of food products by large corporations – and prosecuting firms anywhere in the supply chain where this is found to have happened.

    Harris’s plans would also support small producers, processors, distributors, family farms and food and farm workers with more funding to compete with large conglomerates. This could result in more decentralised supply chains, which are known to make it easier to provide healthier food to more people by encouraging crop diversity and lowering the cost of fresh local products.

    And she is promising to crack down on mergers and acquisitions of food corporations, which are known to compromise the sustainable provision of healthy food by curbing farmers’ bargaining power and leaving communities with little say over how their land is used.

    Food is integral to the public sector economy, alongside things such as providing healthcare, protecting the environment and reducing inequalities. The organisation of the entire food system – from production to processing, trade to transport, and consumption to nutrition – needs to consider ways in which feeding a country can strenghten its public sector economy, and meet its obligation to the United Nations Sustainable Development Goals. The US has already made a commitment to these goals through global food security programmes like Feed the Future.

    These issues are especially pertinent to the US, as its food system is highly centralised. In fact, 6% of farms grow 60% of food. Meanwhile family farms – which represent 88% of the total – contribute only 19%. Harris’s proposals could go some way to correcting this imbalance. But the rhetoric coming from her rivals on the other hand could ultimately end up making the US worse off in terms of food provision and health.

    Shonil Bhagwat is a member of the UK Department for Environment Food & Rural Affairs Science Advisory Council: Social Science Expert Group and the National Trust, UK, Specialist Advice Network: Natural Environment Advisory Group. He has received funding from UK Research and Innovation (Research England, Natural Environment Research Council, Economic and Social Research Council), European Union Horizon 2020, The Leverhulme Trust, The Royal Society, and the British Ecological Society.

    – ref. How a Trump election win could hit the US food industry and leave millions of Americans hungry – https://theconversation.com/how-a-trump-election-win-could-hit-the-us-food-industry-and-leave-millions-of-americans-hungry-242316

    MIL OSI – Global Reports –

  • MIL-OSI Global: Japan-style ‘tiny forests’ are taking root in British cities

    Source: The Conversation – UK – By Hanyu Qi, PhD Candidate, School of Architecture and Landscape, University of Sheffield

    Anatta_Tan/Shutterstock

    A staggering one in three people in England lack access to nature-rich spaces within a short walk from their homes. Now, a growing movement is bringing nature back to cities across the UK. The Miyawaki forest method involves planting a diverse mix of densely packed native woodland trees – or “tiny forests” – that grow quickly in small areas, around the size of a tennis court.

    Already, there are more than 280 Miyawaki-style forests nationwide. Tucked away within housing estates, school grounds and wasteland on the urban edge, these urban forests are growing faster than conventionally planted trees.

    This tree planting approach was developed by Japanese ecologist Akira Miyawaki in the 1970s. Proponents argue that tiny forests create more habitat for wildlife and increase the capacity of land to store carbon, although few studies aim to quantify those benefits in western countries. If planted in a certain way, they can help create a more complete plant community structure from the ground up to the canopy.

    This means that the forest has distinct layers from the slow-growing canopy species right down to the smaller shrubs and ground covering herbs. These habitats are self-sustaining, so after three to five years’ growth they apparently don’t need much maintenance.

    The environmental charity Earthwatch Europe uses the Miyawaki method to plant tiny forests in urban areas. So far, with the help of local communities, they have planted 285 forests since 2022.

    Some local councils and community groups are embracing this tiny forest revolution. At Tychwood in Witney, near Oxford, the UK’s first tiny forest now has an outdoor classroom area that’s used by schoolchildren and local residents who can work on citizen science projects and tree maintenance.

    Since it was first planted in March 2020, the habitat has become home to insects, birds and lots of native plants such as oak, birch, crab apple, dogwood and goat willow.

    But while a government-funded pilot project called Trees Outside Woodlands has received attention for its possible socio-environmental benefits, very little research has quantified how best to do this effectively. One report published by conservation charity the Tree Council shows that Miyawaki plots have significantly higher survival rates and are more cost-effective than non-Miyawaki plots. But lots of unknowns remain.

    A climate of uncertainty

    Despite recognition of the potential benefits, including carbon storage, biodiversity conservation and educational opportunities, there’s a lot of uncertainty about how to apply the tiny forest method in different climates, particularly in the UK.

    Our recent study, published in the Arboricultural Journal, explores how suitable these tiny forests are within the UK context. Our interviews with 12 professionals (tree experts from academia or practitioners) reveal that while half of them supported the Miyawaki method, especially in specific urban areas such as schools and small parks, concerns remained about tree mortality and the high costs of buying saplings, prepping soil and maintaining trees. A few people told us that they could see potential in using unused farmland to establish tiny forests in rural settings too.

    Climate adaptation is paramount and planting trees in urban environments has never been more important. Access to nature also improves people’s health and wellbeing, with green spaces helping to connect communities and reduce loneliness, as well as mitigate the negative effects of climate change, such as air pollution, heatwaves and flooding, and improve biodiversity.

    As UK cities face both climate change and biodiversity loss, the tiny forest method offers a promising solution. There are still many challenges to overcome as this movement is still in its infancy – but it could be key to a greener, more resilient future.


    Don’t have time to read about climate change as much as you’d like? Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 35,000+ readers who’ve subscribed so far.

    Nicola Dempsey is on the Board of Green Estate, CIC, Secretary of the Sheffield Green Spaces Forum and a member of the Sheffield Street Tree Partnership.

    Hanyu Qi 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. Japan-style ‘tiny forests’ are taking root in British cities – https://theconversation.com/japan-style-tiny-forests-are-taking-root-in-british-cities-239005

    MIL OSI – Global Reports –

  • MIL-OSI Global: How a crisis of truth is putting US electoral system under stress

    Source: The Conversation – UK – By Clodagh Harrington, Lecturer in American Politics, University College Cork

    America is in the grip of a crisis of truth and its political and electoral systems are under duress. Losing the connection between what is true and what is fiction could have enormous consequence in the middle of this US election campaign.

    Academics refer to this as an epistemological crisis, a situation where different people believe different “truths” and it becomes difficult to get a shared understanding of key facts. This, they argue, can lead to polarisation and potentially, even, an ungovernable country, based on an inability to decide on what is factually correct.

    Jonathan Rauch, the journalist and author of The Constitution of Knowledge: A Defense of Truth, says historically disagreement about what is true has, on some occasions, led to untold killing and suffering.

    Right now in the US, it’s clear that there are massive differences in what people believe is true. Polls show, for instance, that around 69% of Republicans and Republican-leaning voters think the 2020 election result was not legitimate and that Joe Biden did not win.

    This division is amplified by what is happening in and around the campaigns, and the use of new and developing techniques. The Trump campaign, for instance, continues to make claims that the 2020 election was stolen.

    Sharing misinformation (that is, when inaccurate content is disseminated but not with the intent to mislead) has always been part of political life, but it is now quickly amplified by social media. Spreading disinformation takes this to the next level, when organisations or individuals deliberately spread lies. But the means to do so have grown more sophisticated, as demonstrated in the recent Moldovan election, where a massive Russian disinformation campaign was discovered.

    History reminds us that fake news is at a premium during wartime and the world is currently experiencing two major conflicts. In both cases, the geopolitical consequences for the US are sky-high.

    By spring 2024, US news media were reporting on Russia’s potential to interfere in the US election. The US administration’s position on the Ukraine war in particular matters greatly to the Kremlin, and it is no secret that a Donald Trump victory would suit Putin far better than a continuation of the Ukraine-funding Democrat alternative.

    What is an epistemological crisis?

    In September, US officials warned of election threats, not only from Russia but also Iran and China. Former director of the US Cyber-Security and Infrastructure Agency, Chris Krebs, stated that 2024 is “lining up to be a busy election interference season”. What makes these multi-faceted and constantly evolving threats even harder to manage is the fact that Maga influencers are embroiled in the proceedings. This makes a unified American response against an external threat all but impossible.



    Read more:
    Why do millions of Americans believe the 2020 presidential election was ‘stolen’ from Donald Trump?

    One recent such example involved a company in Tennessee which was used by members of the Russian state-owned broadcaster RT (formerly Russia Today) to spread Russia-friendly content. The content-creators were paid US$10 million (£7.7 million) by RT to publish pro-Russia videos in English on a range of social media platforms. The RT employees were charged with conspiracy to commit money laundering and violating the Foreign Agent Registration Act.

    This is one of many developments by the foreign interference machine as the election on November 5 nears. Other incidents include dozens of internet domains used by the Kremlin to spread disinformation on websites designed to look like news sites and to undermine support for Ukraine. The US government response to these complex and boundary-blurring threats is complicated by the tension between maintaining discretion and informing the public.

    Old challenges, new technology

    Looking back, the 2016 presidential campaign and subsequent victory for Trump brought many firsts, some comical, others deadly serious in this post-truth arena. The lighter side included inaccurate claims made by White House press secretary Sean Spicer about the size of Trump’s 2017 inauguration crowd. When Trump advisor Kellyanne Conway declared on television to have “alternative facts” to those reported by the media on the crowd size, her phrase entered general use.

    With hindsight, such falsehoods now seem a little quaint, as the images from the day told the truth better than any script. Far more disturbingly, Russia’s Project Lakhta involved a “hacking and disinformation campaign” described in Special Counsel Robert Mueller’s 2019 Report as vast and complex in scale. The scheme involved human and technological input and targeted politicians on the political left and right, with a view to causing maximum disruption. Just a year later, Russia interfered in the 2020 race, this time spreading falsehoods about Biden and working in Trump’s favour.

    Fast forward to 2024 and we are awash with AI-created images and writing. Now any sort of lie is possible. Deep fakes, voice, image and video manipulation now mean that we literally can no longer believe our ears and eyes.

    Kellyanne Conway on alternative facts.

    Meanwhile, back on the campaign trail in 2024, Team Trump demonstrates few qualms when dishing out alternative facts. A long-time proponent of “truthful hyperbole” the former real-estate dealer takes exaggeration to a point no longer on the scale. From sharing an AI-generated image of Taylor Swift endorsing him (she soon backed his opponent) to claims that helicopters were not getting through with hurricane relief, the news cycle is awash with baseless content.

    An inevitable outcome of this crisis and conflict over truth is voters’ confusion and disengagement, and increasing public tension, with a new poll reporting that the majority of Americans are expecting violence after the election.

    Voters deserve to know whether what they know is real, but in this campaign it is increasingly clear that they don’t and the consequences of this could be stark.

    Clodagh Harrington 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. How a crisis of truth is putting US electoral system under stress – https://theconversation.com/how-a-crisis-of-truth-is-putting-us-electoral-system-under-stress-242046

    MIL OSI – Global Reports –

  • MIL-OSI Global: US election: Puerto Rican voters could deliver Donald Trump an unwelcome ‘October surprise’

    Source: The Conversation – UK – By Todd Landman, Professor of Political Science, University of Nottingham

    As it moves into the final week, the US election campaign remains so tight that most commentators are calling it a toss-up. But Donald Trump’s campaign may have just dealt itself its own “October surprise” – something no candidate for the US president wants as it stands for a last-minute disaster.

    At his much anticipated “closing argument” rally at Madison Square Garden in New York City on October 27, various warm-up speakers engaged in strong, dark rhetoric about the state of the nation that laid the ground for Trump to take the stage and assert his position as the “protector”,“fixer”, and “liberator” of what he and his support base like to think of as an “occupied” country.

    But the tone and content of the event was problematic from the start. Comedian Tony Hinchcliffe made opening remarks in which he described Puerto Rico as an “island of garbage”.

    Deep offence at these remarks rippled across America’s Puerto Rican community and beyond. His slur on Puerto Rico drew condemnation across the political spectrum and mobilised a rash of new endorsements for the Harris-Walz campaign. The incident has raised the prospect of a Puerto Rican backlash that could well have an impact on the outcome of the election.

    Tony Hinchcliffe: an October surprise?

    Causing such deep offence to a significant minority population at a crucial moment in the campaign could have real consequences. Ultimately, the outcome of the election is determined by electoral college votes. These, in the end, will rely heavily on tallies across seven swing states: Arizona, Georgia, Michigan, Nevada, North Caroline, Pennsylvania and Wisconsin.

    The outcome of the 2016 and 2020 elections, although the Democrats received far more votes than the Republicans in total (3 million and 7 million, respectively), came down to very close margins across these swing states. In 2020, Joe Biden won the electoral college vote across these seven states – but with an average of less than half a percentage point (0.47%).

    Why Puerto Rico matters

    Puerto Rico is what is known as an “unincorporated territory” of the United States. Since it is not a state, it does not have any electoral college votes. But Puerto Ricans are citizens of the United States – a status they have enjoyed since 1917 – and can move freely between Puerto Rico and the mainland.

    Those who reside in Puerto Rico may not vote in federal elections, but those who do live in the United States are eligible to vote in the states where they are registered.

    Historically Puerto Ricans have been more likely to support the Democrats. But their turnout has been in consistent in the past. And both campaigns have made special effort to target this group. If enough people take offence at Hinchcliffe’s remarks, this could have a significant impact on the election result.

    Millions of Puerto Ricans have made successful lives and careers in the US. As of 2021, Puerto Ricans make up 2% of the US population (5.8 million, up from 4.7 million in 2010). Despite this relatively low percentage overall, it is the distribution of the Puerto Rican population that makes them important in the presidential election.

    The table below shows the Puerto Rican population across swing states in 2024 as well as the number of electoral college votes that are up for grabs in each state and the winning vote margin for Joe Biden in 2020. The figures in the table are for the whole Puerto Rican population.

    Across these seven swing states, it is clear that the distribution of Puerto Ricans is not insignificant. This is especially the case in the key state of Pennsylvania. The total number and proportion of Puerto Ricans living there is easily large enough to affect the marginal vote share needed to tip the state to one of the two main political parties, which has 19 electoral college votes.

    It’s telling that the Harris-Walz campaign was in Pennsylvania actively courting Latino voters at the same time the rally was underway in New York. The rapid impact from the rally manifested in real time and included the endorsement of the Harris-Walz campaign from world-famous celebrities.

    Shortly after the remarks at the rally, Bad Bunny, the world’s most-streamed musical artist on Spotify between 2020 and 2022, endorsed Harris, as did singer Ricky Martin and actress Jennifer Lopez, whose parents come from Puerto Rico.

    Bad Bunny showed his support by resharing with his millions of social media followers a video of Harris speaking about Trump’s response to the devastating hurricanes Irma and Maria that ravaged Puerto Rico in 2017. Ricky Martin posted “Esto es lo que piensan en nosotros” (This is what they think of us) with a tag of “vote for @kamalaharris”.

    In a race where margins of victory are extremely thin, a small island country like Puerto Rico with its special status and mobile voters may just tip the scales in Harris’s direction.

    Todd Landman receives funding from International Justice Mission, US State Department Trafficking in Persons Office, J. Sainsbury’s Ltd., and the US National Institute for Justice. .

    – ref. US election: Puerto Rican voters could deliver Donald Trump an unwelcome ‘October surprise’ – https://theconversation.com/us-election-puerto-rican-voters-could-deliver-donald-trump-an-unwelcome-october-surprise-242326

    MIL OSI – Global Reports –

  • MIL-OSI Global: Five reasons Warhammer 40,000 should be considered a great work of science fiction

    Source: The Conversation – UK – By Mike Ryder, Lecturer in Marketing, Lancaster University

    Games Workshop, the British company behind the tabletop war game Warhammer and its futuristic counterpart Warhammer 40,000 (also known as Warhammer 40k), is now worth in the region of £3.75 billion. And it counts among its fans celebrities like Henry Cavill, Brian May and the late Robin Williams.

    The original Warhammer (known as Warhammer Fantasy Battle) was a fantasy tabletop miniature war-game. Released in 1983 it featured J.R.R. Tolkien-esque orc, goblin, dwarf and elf characters. A few years later, Games Workshop launched a science fiction version of the game, Warhammer 40k, where many of the fantasy races were re-imagined for a futuristic science fiction setting.

    Historically, many fans of science fiction have looked down on Warhammer 40k as something of a niche interest, the darker, grimier cousin of the clean-cut American franchises of Star Wars and Star Trek. But things are starting to change. Warhammer 40k is now so much more than a simple tabletop battle game. It is a whole universe of rich and diverse characters of great depth, and it is supported by a body of literature.

    Here are five reasons the Warhammer 40k franchise is as worthy of science fiction fandom as its American cousins.

    1. The grand scope of its format

    Warhammer 40k is no longer just a miniatures game. Rather, it is a complete fictional universe far grander in scope than any other science fiction universe that exists today.

    This multi-modal format means that fans don’t just have to collect model miniatures to enjoy it. There are so many different formats available, including animations, role-playing and video games, as well as comic books and the extensive literary publications from the Black Library, the publishing arm of Games Workshop.

    2. The franchise’s scale

    Warhammer 40k universe is huge. And I mean, seriously huge. The Horus Heresy series – the key saga that sets the context for the “present day” universe – spans some 54 books, with a further ten books mapping out the series’ conclusion.

    This is arguably the biggest single collective literary undertaking in all of science fiction. The series started in 2006 with the novel Horus Rising, and has now reached its conclusion, with just the final few books awaiting their paperback release.

    3. Depth of storytelling

    Make no mistake, Warhammer 40k is no simple battle of good versus evil. Rather, it is a universe of deep politics, philosophy and nuance, where even the so-called “good guys” are forced to make difficult choices in the name of survival.

    This tension is encapsulated in the leader of the Imperium (humanity), known as The Emperor, who has sat atop his golden throne for more than 10,000 years. He is sustained by the ritual daily sacrifice of thousands of souls, who give up their lives in order that he continue his psychic battle with the forces of chaos in the psychic realm, known as The Warp.

    Such depth has helped the universe flourish over many decades, providing a constant stream of ideas for fans to engage with, and characters to explore.

    4. The grimdark aesthetic

    Such has been the impact of the Warhammer 40k universe that it has even spawned its own unique sub-genre of science fiction and fantasy, known as grimdark. Spearheaded by legendary artist John Blanche, grimdark is characterised by its bleak aesthetic that calls back to a kind of primordial existence, where day-to-day survival is not guaranteed.

    This sub-genre extends far beyond the realms of Warhammer, even shaping the work of bestselling fantasy novelists such as Joe Abercrombie, author of The First Law trilogy.

    5. Research potential

    Researchers are also now starting to take Warhammer seriously. In September, Germany hosted the world’s first academic conference dedicated to all things Warhammer. The conference attracted almost 60 speakers, with academics from across the globe looking at the universe through their own particular academic lens.

    Meanwhile, the depth of academic literature on Warhammer is also growing rapidly. In my own research I often write about science fiction and its potential to help us think about complex problems in new ways. With Warhammer, I have been able to explore what it means to be a soldier, and the symbolic relationship between the soldier and the state. I do this by exploring the portrayal of 40k’s most iconic characters, the space marines – genetically enhanced super-soldiers who live a monk-like existence committed to waging endless war against the enemies of mankind.

    The Prime series Secret Level will feature a Warhammer 40k episode.

    Time to go mainstream

    While it is fair to say that Warhammer 40k has so far been fairly underrepresented in science fiction circles, it seems the tide is finally starting to turn. Just last year Games Workshop signed a deal with Amazon to produce a TV series. There will also be a Warhammer 40k animation, due for release in December 2024. There have also been several important critical successes for 40k in the realm of video games, the most recent example being Space Marine II.

    With the growth of the tabletop hobby, the continued success of licensed video games and with an Amazon series on the horizon, we are now at a point where Warhammer is about to go mainstream. No longer is it merely a game of rolling dice, and painting model miniatures. Rather now, it is a huge and deeply significant work of science fiction, and one that is worthy of being spoken about in the same way as its American peers.


    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.

    Mike Ryder 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. Five reasons Warhammer 40,000 should be considered a great work of science fiction – https://theconversation.com/five-reasons-warhammer-40-000-should-be-considered-a-great-work-of-science-fiction-241040

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Remarks by the Deputy Prime Minister announcing healthy meals for kids in Manitoba

    Source: Government of Canada News

    We’ve been through a tough time. When COVID first hit, our country suffered the deepest recession since the Great Depression. Our economy shrank by 17 per cent and it’s been tough getting out of that. In recent weeks, we’ve had some good news. What we’ve been seeing is light at the end of the tunnel. We are approaching a soft landing for the Canadian economy after the turbulence of the COVID recession and what followed.

    October 18, 2024 – Winnipeg, Manitoba

    Check against delivery

    I would like to begin by acknowledging that we are in Treaty 1 territory and that the land on which we gather today is the traditional territory of the Anishinaabeg, Cree, Ojibway, Oji-Cree, Dakota, and Dene Peoples, and the homeland of the Red River Métis.

    I want to start by saying a couple of things about the Canadian economy.

    We’ve been through a tough time. When COVID first hit, our country suffered the deepest recession since the Great Depression.  Our economy shrank by 17 per cent and it’s been tough getting out of that.  In recent weeks, we’ve had some good news.  What we’ve been seeing is light at the end of the tunnel.  We are approaching a soft landing for the Canadian economy after the turbulence of the COVID recession and what followed.

    What kind of good news am I talking about?  First of all, inflation in September was at 1.6 per cent.  That is in the lower end of the Bank of Canada’s target range, below the central target of two per cent.  For the past nine months, inflation has been within the Bank of Canada’s target range.  I know that is a relief for people here.

    What that means is that interest rates are coming down, too.  Canada was the first G7 country to lower interest rates for the first time, the first G7 country to lower interest rates for the second time and the first G7 country to lower interest rates for the third time.  That is a relief for a lot of Canadians, a lot of Manitobans as well.

    Wages and employment are going up.  We had strong jobs numbers in September.  The Canadian economy added 47,000 new jobs and unemployment went down a bit.  For the past 20 months, wages have been outpacing inflation.

    All these things are important for Canadians, for families like the parents of the kids here who want to ensure they can take care of their kids, feed their kids, pay their mortgage, pay their rent.  What that economic progress means is that we as a country are able to make investments in our most precious resources, our kids.

    That is why we announced the National School Food Program in the 2024 Budget, which is, in my opinion, one of our government’s key programs.

    The National School Food Program is one of the most important investments we can make in our kids, in our families.  It’s $1 billion over five years.  It’s going to mean 400,000 kids can get fed at school, 400,000 kids who are hungry in their classroom are going to be able to have a snack or some breakfast or some lunch.  That’s going to make such a difference to them, to their teachers.  A family with two kids will save as much as $800 a year on groceries.

    We can only deliver a program like this when we have provincial partners who share our values, who share our commitment to Canada’s kids.  That’s what we have in Manitoba.  That is why I am deeply thrilled to be able to announce today that we have a deal with the great province of Manitoba to invest in school food for Manitoba’s kids.

    The federal government is investing $17.2 million over three years to expand school food programs in Manitoba.  Manitoba is putting money on the table too.  The result is 19,080 more kids in Manitoba are going to get school meals.

    Manitoba is, as usual, in a leadership position with Premier Kinew.  Manitoba is just the second province to conclude a school food deal.  It’s meaningful for every parent who has a kid and knows their kid is going to get a snack, for every kid who’s not going to be hungry.

    This is part of our government’s absolute commitment to investing in families and in children.  It is a companion program to our national system of early learning and childcare, and Manitoba is also playing a leadership role in the country.  You guys are down to $10 a day.  That is fantastic.  That is saving a family in Manitoba $2,610 per child per year, a real affordability measure.  There is also the Canada Child Benefit, where a family can get up to $7,787 per child per year thanks to that benefit.  When you put those programs together, this is a real investment in the most important people in our country, our kids.

    I would like to thank the Government of Manitoba, especially Premier Kinew, who is an excellent partner for us. Our work is not always easy but, because we share the same values, we are able to work together to get things done.

    We need our economy to grow, but that needs to be growth with a purpose. Our purpose needs to be to invest in Canadians.  There is no better investment and no more important investment that we can make than investing in our beautiful, amazing, precious children.  That’s what we’re here to celebrate today.  Thank you.

    MIL OSI Canada News –

  • MIL-OSI Global: Alzheimer’s drug approved in the UK, but it won’t be available on the NHS – here’s why

    Source: The Conversation – UK – By Rahul Sidhu, PhD Candidate, Neuroscience, University of Sheffield

    Donanemab is delivered intravenously to slow the progression of Alzheimer’s disease. Studio Romantic/ Shutterstock

    The UK’s drugs regulator – the MHRA – has approved the Alzheimer’s drug donanemab, but it won’t be available on the NHS.

    The National Institute for Health and Care Excellence (Nice), which determines what treatments are available on the NHS, decided not to recommend donanemab for NHS use. This is because of its cost, potential side-effects and what some consider insufficient benefits.

    While Nice’s decision is disappointing for a lot of people (about 70,000 people people in England would have qualified to receive the drug), it’s important to know why the decision was made.

    Slowing decline

    A key characteristic of Alzheimer’s disease is the presence of amyloid plaques. These are sticky proteins that clump together and destroy brain cells (neurons), resulting in Alzheimer’s.

    Donanemab is a monoclonal antibody – a lab-made protein that targets and binds to amyloid to help eliminate it. This treatment is administered by an intravenous infusion, so the drug is delivered directly into the bloodstream. Each session lasts about 30 minutes and is needed every four weeks.

    In a clinical trial, donanemab was shown to be reasonably successful. The trial compared participants with early Alzheimer’s disease taking donanemab against those taking a placebo.

    Donanemab slowed the decline in memory and thinking by as much as 35% in people in the early stages of Alzheimer’s disease. This is the equivalent of reducing the disease’s progression by four to seven months. Participants taking donanemab experienced a 40% slower decline in their ability to perform daily tasks, including managing finances, driving and enjoying hobbies.

    Donanemab helps eliminate amyloid from the brain.
    Signal Scientific Visuals/ Shutterstock

    While these results are promising, it’s important to note that the clinical trial had some limitations.

    The trial lasted only 18 months, so it remains unclear how donanemab’s effects will play out long-term for those using it. Future studies will be needed to explore the long-term effects.

    Although the trial had a large sample size of 1,736 participants with early Alzheimer’s disease, 90% of the participants were white. More diversity in clinical trials is needed to ensure that donanemab is effective for people of all races and ethnic backgrounds. Unfortunately, this lack of diversity is a common issue in medical research.

    But the major drawback with donanemab was its side-effects. About 80% of the side-effects participants experienced were either mild or participants showed no symptoms at all and side-effects were only picked up in further tests.

    However, 15% of participants had a serious side-effect. This included brain swelling or small brain bleeds known as amyloid-related imaging abnormalities. This may initially cause mild symptoms such as headaches, confusion or dizziness. But without constant monitoring, these conditions can become detrimental to health.

    There were three deaths believed to be linked to this brain swelling among the 853 participants who were administered the drug.

    Another concern in using the drug relates to the existing difficulties with diagnosis. To even qualify for the treatment, patients must be in the very early stages of Alzheimer’s disease – and already have confirmed high amyloid levels through a PET scan or lumbar puncture.

    In the UK, only 2% of dementia patients receive these gold-standard diagnoses. More than one-third of people living with dementia don’t receive a diagnosis at all.

    Improved and more accessible diagnostic methods would ensure more patients are eligible to receive the drug at the optimal time.

    But the key reason donanemab isn’t available through the NHS is its cost. The treatment is estimated to cost around £25,000 a year per patient, based on the US cost. This does not include the expense of brain scans to monitor its effects.

    Additionally, it requires monthly infusions at the hospital and careful monitoring for side-effects, which may seem excessive considering the treatment’s modest benefits.

    The future for Alzheimer’s treatments

    Nice’s decision on donanemab closely mirrors the decision they made about lecanemab in August 2024. This was the first ever Alzheimer’s slowing drug approved by the MHRA, and, like donanemab, is only available via private healthcare. The reasons both drugs were rejected by the Nice and the NHS are similar – with costs and side-effects being the main concerns.

    While people with dementia and their families may feel let down by this decision, the fact that these new therapies can slow the disease, even slightly, offers hope.

    Nice will be reassessing donanemab in 2025. There are also over 100 drugs currently in clinical trials for treating Alzheimer’s. Hopefully, one of these will prove to be as effective, if not more effective, as donanemab but with fewer side-effects and at a lower cost.

    Still, it’s a remarkable step that there are two drugs licensed in the UK for treating Alzheimer’s. Although there’s still a way to go before an NHS treatment is readily available.

    Rahul Sidhu 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. Alzheimer’s drug approved in the UK, but it won’t be available on the NHS – here’s why – https://theconversation.com/alzheimers-drug-approved-in-the-uk-but-it-wont-be-available-on-the-nhs-heres-why-242127

    MIL OSI – Global Reports –

  • MIL-OSI Global: Scabies outbreak in UK universities – what you need to know

    Source: The Conversation – UK – By Michael Head, Senior Research Fellow in Global Health, University of Southampton

    Sarcoptes scabiei Arshindi/Shutterstock

    Scabies is an itchy skin infection that sees outbreaks across the world.

    It is caused by mites, similar to but much smaller than head lice. These mites burrow under the skin, lay eggs and reproduce, causing an immune response which generates the unpleasant itching associated with the disease.

    Outbreaks often occur in institutional settings, such as residential care homes for the elderly. In October 2024, outbreaks around UK university settings were reported in the media.

    The incubation period for scabies is typically four to six weeks. This is the time between being infected – a mite getting onto and then under the skin – and a patient showing symptoms such as the classic unpleasant itch.

    So, the cases reported in October 2024 would have been infected mid to late September, around the time of student arrival at their universities around the country.

    Given this long incubation period, it can be difficult to prevent and control outbreaks. The condition can also be difficult to diagnose because the clinical presentation on the skin can be tricky to spot – for example, between the fingers.

    Transmission is typically by prolonged skin-to-skin contact and sharing contiminated bedding, towels, clothes and soft furnishings where the mites can wait and crawl onto the next person who uses them. Guidance recommends washing bedding, clothes and towels at high temperatures to kill the mites, or if that is not possible then to seal the items inside plastic bags for three to four days.

    Stigma and under-reporting

    Data from The Royal College of General Practitioners’ report on communicable and respiratory disease in England for October 2024 indicates that the reported case numbers of scabies are higher than the seasonal average.

    These official figures are also likely to be conservative. Like many skin infections, scabies is a stigmatised disease and so under-reporting or late reporting are common.

    There is a perception that scabies is a disease “of the unwashed”. This is likely to be incorrect, with the burrowing of the scabies mites meaning they simply cannot be washed away by bathing. Also, scabies can appear in areas covered by clothes, including in the groin or on the buttocks – another reason for stigma and under-reporting. This means the data we have is likely to be much lower than the true number of cases.

    Treatment and prevention

    Treatment is usually a skin lotion called permethrin or sometimes another cream called malathion. In order to be effective, these creams have to be rubbed all over the body, not just at the site of infection.

    Ivermectin, taken orally, is also extremely effective at curing scabies and can be prescribed to control outbreaks. Public information campaigns can help with alerting the general public and describing the possible symptoms.

    The World Health Organization defines a range of diseases as Neglected Tropical Diseases (NTDs). As the name indicates, the majority of these are mostly found in tropical countries. These include skin infections such as leprosy and mosquito-transmitted diseases such as dengue. However, scabies is unique among NTDs in being common in more temperate environments such as the UK. The mites thrive in almost all climates, and an infection does not go away unless correctly diagnosed and treated.

    In September 2023, there were scabies outbreaks and treatment shortages in the UK. It is uncertain whether there are shortages in the October 2024 outbreak. Regardless, anyone with a persistent itch or known contact with a scabies case should report this to a healthcare worker for follow up.

    While scabies does not kill many people, it is a thoroughly unpleasant infection that causes significant impact on quality of life. Awareness and early reporting can help to bring outbreaks to a rapid conclusion.

    Michael Head has previously received funding from the Bill & Melinda Gates Foundation, Research England and the UK Department for International Development, and currently receives funding from the UK Medical Research Foundation.

    – ref. Scabies outbreak in UK universities – what you need to know – https://theconversation.com/scabies-outbreak-in-uk-universities-what-you-need-to-know-242237

    MIL OSI – Global Reports –

  • MIL-OSI USA: Secretary of the Commonwealth Holds First Virtual General Election Update

    Source: US State of Pennsylvania

    October 28, 2024 – Harrisburg, PA

    Secretary of the Commonwealth Holds First Virtual General Election Update

    Secretary of the Commonwealth Al Schmidt today held the first of a series of daily media briefings leading up to the Nov. 5 general election.
    Secretary Schmidt reminded voters of the deadline tomorrow, Oct. 29, to apply for a mail ballot.

    “I urge anyone considering voting by mail ballot to apply immediately online at vote.pa.gov,” Schmidt said. “At this point, time is of the essence, and the sooner you apply, the sooner your mail ballot will arrive.”

    For voters applying in person at their county elections office, the deadline is also tomorrow. Schmidt noted that you can apply, wait while your application is processed, receive your ballot, fill it out, and return it all in one visit.

    The deadline to return your mail ballot is 8 p.m. Election Day. County elections offices must receive ballots by then. Mail ballots returned after that time, even if postmarked by 8 p.m. Nov. 5, will not count.

    Schmidt also reminded mail ballot voters to sign and put the current date on the outer return envelope so that your ballot can be counted.

    Speakers Include:
    Secretary of the Commonwealth Al Schmidt

    MIL OSI USA News –

  • MIL-OSI USA: Video: Cassidy Showcases Recent Energy Security Summit, Highlights Foreign Pollution Fee Act in New Video

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    (Click here to download and here to watch)  
    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) showcased his recent “Louisiana Energy Security Summit: Unleashing America Abundance in a Changing Global Landscape” in a new video. The summit, hosted in Baton Rouge, Louisiana, in mid-October, brought together leaders from the federal, state, and local government, industry, the research community, and elsewhere. During his keynote address and fireside chat, Cassidy highlighted his Foreign Pollution Fee Act, which would even the playing field for American manufacturers while holding China accountable.
    “Right now, China is taking jobs from the United States by not enforcing environmental regulations. If the United States wants the jobs back, we got to begin to make China pay,” said Dr. Cassidy. “My Foreign Pollution Fee Act works for fairness, works for job creation, and stops giving China a cost advantage. It allows us to build a stronger economy not just for Louisiana but for our country.”  
    The summit featured ten panels which explored protecting U.S. interests from unfair trade practices, Louisiana’s low emissions manufacturing advantage, and the role of natural gas in strengthening U.S. geopolitical influence. Panelists included presidents and CEOs from Entergy, First Solar, Buzzi UnicemUSA, Orsted, and Aluminum Technologies, former Trump administration officials, and leaders from Louisiana trade associations and major energy and Fortune 500 companies. 
    Background
    Cassidy and U.S. Senator Lindsey Graham (R-SC) introduced their Foreign Pollution Fee Act to level the playing field with Chinese manufacturing and expand American production.
    In September, he released the 3rd episode of Bill on the Hill, where he highlights his Foreign Pollution Fee Act and discusses China’s growing economy and military coming at the expense of the American worker. After hearing fellow Americans share their concerns, Cassidy presented his plan to address the nexus between economic development, national security, and the environment. His Foreign Pollution Fee Act would even the playing field while holding China accountable.
    He penned editorials in Foreign Affairs, The Washington Times, and jointly in the USA Today Network discussing the geopolitical threat that China poses to U.S. global standing. Cassidy also joined Greta Van Susteren on Newsmax to discuss his foreign pollution fee, noting the competitive advantage China receives from intentionally ignoring environmental standards. 
    Last Spring, the Louisiana Senate and House of Representatives unanimously adopted a resolution urging Congress to pursue an industrial manufacturing and trade policy to counter competition from China. Learn more here. 
    Last Congress, Cassidy released a landmark energy policy outline in response to the Biden administration’s assault on domestic energy. The outline details how we can successfully reset U.S. energy policy, including Cassidy’s plan for an Energy Operation Warp Speed to cut permitting red tape and unleash domestic energy and manufacturing. In support of this complete vision and in addition to the Foreign Pollution Fee Act, Cassidy led Republican colleagues in opposition to a domestic carbon tax and introduced the first comprehensive judicial reform for permitting bill. He also pushed back on disastrous proposals from the Biden administration to limit development in the Outer Continental Shelf with the introduction of the WHALE Act and the Offshore Energy Security Act of 2023.

    MIL OSI USA News –

  • MIL-OSI USA: Pelosi Announces Nearly $25 Million for San Francisco Downtown Rail Extension

    Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

    San Francisco – Speaker Emerita Nancy Pelosi announced that San Francisco is set to receive nearly $25 million in federal grants from the U.S. Department of Transportation. This federal funding will help connect California High-Speed rail and Caltrain commuter service to the Salesforce Transit Center.

    “Safe, affordable and accessible public transit is key to San Francisco’s economic recovery and to saving the planet from the climate crisis. I salute the Biden-Harris Administration’s commitment to reimagining our nation’s infrastructure, with equity and justice for all,” Speaker Emerita Nancy Pelosi said.

    Speaker Emerita Pelosi continued: “This new federal investment, made possible by Democrats’ historic Infrastructure Law, will help further unite the Bay by completing the final design for the Downtown Rail Extension. Doing so is essential to make it easier for commuters to get to work, for shoppers to support our local businesses and for communities to stay connected, while reducing our City’s carbon footprint.”

    “Thank you to Transbay for its extraordinary vision, bold leadership and vital partnership in building a better-connected San Francisco,” Speaker Emerita Pelosi concluded.

    Adam Van de Water, Executive Director of the Transbay Joint Powers Authority, said: “Shortly after the Bipartisan Infrastructure Law was signed into law, Speaker Emerita Pelosi spoke from the train box level of the Salesforce Transit Center to convey the importance of BIL for the future of all Californians. The Transbay Joint Powers Authority cannot understate the critical role the Speaker Emerita has played in ensuring the creation of a seamless network of transportation options and we are thrilled to be selected to receive a CRISI award to further San Francisco’s rail connection to Caltrain and California High-Speed Rail through the Portal. Thank you for your steadfast commitment, Speaker Emerita.”

    The Transbay Joint Powers Authority will receive $24.6 million to complete the final design for the track and rail systems that will connect California High-Speed rail and Caltrain commuter service to the Salesforce Transit Center. The project will create jobs and make it easier and cheaper for San Franciscans to utilize public transportation to travel to work, to health care, to schools and to community facilities throughout the entire Bay Area.

    This funding was awarded to the Bay Area from the Federal Railroad Administration’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program in a competitive national selection process by U.S. Transportation Secretary Pete Buttigieg.

    MIL OSI USA News –

  • MIL-OSI Australia: Sydney Airport Traffic and Operational Performance Q3 2024

    Source: Sydney Airport

    Tuesday 29 October 2024

    • Sydney Airport delivers strong performance in Q3 with a total of 10.3 million passengers
    • Improvements to international border experience set to streamline process
    • New Group Executive to join Sydney Airport to help deliver ~$4.4bn capital program over the next five years.

    Sydney Airport delivered strong performance in Q3 (July, August, and September 2024) with a total of 10.3 million passengers passing through the terminals. This represents a 3.3 per cent increase on passenger traffic during the same period last year and a 92.5 per cent recovery compared to Q3 2019.

    Sydney Airport’s T1 international terminal saw 4 million passengers pass through in Q3, a 5.8 per cent increase on the same period last year and a 95.7 per cent recovery rate on Q3 2019.

    Domestic and regional passenger traffic was up 1.8 per cent on the same period last year, with 6.3 million passengers coming through the T2 and T3 domestic terminals and a 90.5 per cent recovery rate on Q3 2019.

    From an operational perspective, Sydney Airport performed strongly in Q3 2024, posting improvements across all operational metrics compared to Q3 2023. Highlights included 100 per cent of passengers passing through security in under 10 minutes and no instances where kerbside drop-off times at the domestic terminal exceeded 10 minutes.

    Sydney Airport is also working closely with Australian Border Force to improve inbound border processing. As a result of this collaboration, Sydney Airport will purchase additional E-Gate kiosks which the ABF will then operate – an example of industry and government working together to help streamline the passenger experience.

    Scott Charlton, Sydney Airport CEO, said: “Despite the headwinds we’re seeing in terms of supply chains affecting airline capacity, we’re pleased with how we are tracking on international passenger traffic.

    “We’ve seen a significant increase in airline seat capacity that’s translating into passenger numbers from countries like India, the Philippines and South Korea increasing relative to 2019 levels. In the case of South Korea, this nationality has increased by 54 per cent compared to 2019 and in Q3 moved above the United Kingdom to become our 5th largest passenger group.

    “We remain optimistic on the outlook for Chinese passengers as tour groups return, and with new mainland China carriers like Juneyao Air joining before the end of the year, and existing carriers boosting capacity, we expect to finish the year very close to pre-COVID levels of Chinese passengers.

    “Domestically, performance remains impacted by a shift in discretionary business travel.

    “Operationally, we’re consistently beating our 10-minute metric for kerbside drop-off times and security processing, which is pleasing because it reflects our focus on creating a faster and more efficient experience for passengers. We are also continuing with our transparency agenda and will shortly be launching kerbside wait times on our website, which follows the deployment of live security wait times back in May.

    “Providing visibility into how the airport is performing in real time is important in terms passengers planning their trip to the airport, and getting an insight into what their experience will be like when they get here.”

    New Group Executive to join Sydney Airport

    Paul Willis will be joining Sydney Airport in November as Group Executive – Planning and Delivery.

    Paul joins from Manchester Airport Group (MAG), where he has spent the last nine years as Chief Development Officer, Group Strategy and Aviation Director and Engineering Services Director.

    Before MAG, Paul spent over 20 years working on the development of airport infrastructure across leading international airports, and he started his career with National Air Traffic Services in the UK. He brings extensive aviation and airport experience ranging across planning, design, construction, commercial development, and operations.

    Mr Charlton said: “Given the size and complexity of our capital program over the next five years, it’s important that we have someone with deep experience in the airport infrastructure space.

    “Paul brings significant experience in designing and delivering complex aviation capital programs and we are looking forward to welcoming him in November.”

    Passenger and operational performance data

    Click here for the Q3 passenger and performance data.

    MIL OSI News –

  • MIL-OSI USA: Feenstra Helps Lead Letter Demanding Answers from USDA over Pure Prairie Poultry Fiasco

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    HULL, IOWA – Last Friday, U.S. Rep. Randy Feenstra (R-Hull) helped lead a letter with U.S. Senator Chuck Grassley (R-IA), U.S. Rep. Brad Finstad (R-MN), and U.S. Rep. Derrick Van Orden (R-WI) to U.S. Secretary of Agriculture Tom Vilsack demanding answers about the U.S. Department of Agriculture’s 2022 approval of nearly $46 million in taxpayer dollars for Pure Prairie Poultry and its subsequent bankruptcy in late September.

    “Iowa taxpayers deserve to know the full story behind the Pure Prairie Poultry bankruptcy and how the USDA approved nearly $46 million in taxpayer dollars for a company that left millions of chickens uncared for. This serious lack of oversight is extremely concerning and has caused massive uncertainty for our growers who are already facing a harsh farm economy,” said Rep. Feenstra. “Our letter to USDA will help us get answers for our growers and address the federal government’s carelessness with taxpayer dollars. I commend Secretary Naig for responding quickly and professionally to this crisis.”

    “USDA has provided millions of dollars in taxpayer-funded loans and grants to meat and poultry processors across the country, which is why my colleagues and I are calling on USDA to provide answers,” said Rep. Finstad. “While expanding livestock markets and processing capacity is critical for farm country, the lack of oversight of these dollars by USDA harmed producers and caused a significant disruption to our nation’s food supply chain.”

    “USDA is responsible for keeping tabs on the taxpayer-funded grants it administers, but it clearly dropped the ball with Pure Prairie. Iowans and others across America’s Heartland have lost their jobs and their poultry market as a result of Pure Prairie’s closure. USDA must explain to Congress and the public what went wrong to help prevent a repeat scenario,” said Sen. Grassley.

    Pure Prairie Poultry’s bankruptcy left approximately 1.3 million broiler chickens in Iowa without feed causing Secretary Naig and the Iowa Department of Agriculture and Land Stewardship to take over care, custody, and control of the birds in Iowa. After several alternative efforts were made to sell the broilers, depopulation of the birds in Iowa concluded last Friday.

    The full letter can be found HERE.

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    MIL OSI USA News –

  • MIL-OSI USA: Rep. Mann Hosts Fourth Annual Military Academy Nomination Day

    Source: United States House of Representatives – Representative Tracey Mann (Kansas, 1)

    ABILENE, KS – Today, U.S. Representative Tracey Mann (KS-01) hosted his fourth annual Congressional Military Academy Nomination Day. As the Representative for the Big First District in Congress, Rep. Mann has the privilege of offering military academy nominations to the five U.S. service academies for students in the district. The interviews took place at the Dwight D. Eisenhower Presidential Library and Museum in Abilene, Kansas. 

    “One of my greatest honors in Congress is nominating students from the Big First to attend our nation’s service academies,” said Rep. Mann. “The students we met represent the best of Kansas, and I am grateful for their desire to serve our country and grow into the next generation of military leaders. It is always a pleasure to host the military academy selection committee in the childhood hometown of five-star U.S. Army General and son of Kansas, President Dwight D. Eisenhower. I also owe a debt of gratitude to the panel for lending their expertise and unique perspectives to the selection process. We look forward to these students’ success.”

    Rep. Mann appointed a panel of Kansans from the Big First District with extensive experience in U.S. military service or working closely with the military. The five-person panel included: 

    •  Mary Eisenhower, granddaughter of President Eisenhower and Chairman Emeritus of People to People International 

    • AJ Kuhle, U.S. Air Force Academy alumnus, U.S. Air Force Veteran, and President of ACE Scholarships

    • Mark Claussen, Director of Business Development of Icon Structures and former Executive Director of USO Kansas 

    • Michael Utz, retired Garden City Police Chief and U.S. Air Force Veteran, Law Enforcement Coordinator for the Bureau of Justice Assistance 

    • MSG (Ret.) Joshua Sandlin, Army Veteran and Executive Director of the Society of the 1st Infantry Division

    Eight high school students in the district applied for a military academy nomination through Rep. Mann’s office. In the coming weeks, the panel will notify the students whom they have chosen to receive these competitive nominations. 

    Rep. Mann is a former member of the House Committee on Veterans Affairs and a strong supporter of America’s U.S. military service members. 

    ###

    MIL OSI USA News –

  • MIL-OSI Europe: Focus on trade and investment as Minister for International Development Cooperation and Foreign Trade visits Saudi Arabia

    Source: Government of Sweden

    Focus on trade and investment as Minister for International Development Cooperation and Foreign Trade visits Saudi Arabia – Government.se

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    Press release from Ministry for Foreign Affairs

    Published

    On 27–29 October, Minister for International Development Cooperation and Foreign Trade Benjamin Dousa is visiting Saudi Arabia. Mr Dousa will have meetings with the Saudi Government, meet with Swedish and Saudi businesses and take part in the Future Investment Initiative’s international investment conference.

    Saudi Arabia is Sweden’s largest export market in the Middle East and North Africa, and exports have grown in recent years.

    “Saudi Arabia is undergoing very rapid societal change. Swedish businesses have expertise in areas of great interest for Saudi Arabia, none more so than innovation and green transition. This provides great opportunities for these businesses. I’m travelling to Riyadh to promote trade relations between Sweden and Saudi Arabia,” says Mr Dousa.

    Mr Dousa will meet with Saudi Minister of Commerce DR. Majid bin Abdullah Al-kassabi and other government representatives to discuss bilateral trade relations. Mr Dousa will also visit Swedish businesses operating in Riyadh, along with a ‘mega-project’ where a new urban district is emerging outside the city. Many Swedish businesses are active in Saudi Arabia in areas such as the health sector, telecommunications, energy and transport.

    Press contact

    MIL OSI Europe News –

  • MIL-OSI Europe: Sweden allocates EUR 63 million from previous support packages in financial support to Ukraine

    Source: Government of Sweden

    Sweden allocates EUR 63 million from previous support packages in financial support to Ukraine – Government.se

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    Press release from Ministry of Defence

    Published

    Within the framework for previously military aid packages to Ukraine the Swedish Government will allocate financial support of EUR 63 million or approximately SEK 720 million to Ukraine. The financial contribution will cover EUR 20 million in support to Ukraine’s industrial base. This is based on a Danish model that aims to support procurements from Ukrainian industry in line with Ukraine’s proposals. The Government also intends to allocate approximately EUR 43 million in financial support to a number of multilateral initiatives to support Ukraine.

    Last Thursday, the government decided to authorize the Swedish Defence Materiel Administration (FMV) to negotiate and enter into an agreement with Denmark regarding a donation of 20 million euros for the procurement of defence equipment through the Ukrainian defense industry for donation to Ukraine, as well as to assign the Swedish Armed Forces to transfer the funds to Denmark.

    The Danish model, which Sweden intends to support, is designed to assist in procurements that the Ukrainian industry wishes to carry out. The Danish model includes mechanisms to ensure that the donated funds are used efficiently, and that Ukraine provides feedback on the usage of the delivered equipment. Previous Danish support under this model has enabled Ukraine to produce 18 units of a Ukrainian artillery system. 

    By increasing production in Ukraine, the overall European defense industrial base is strengthened. A reinforced defense industrial base is necessary to meet the substantial needs resulting from the war in Ukraine and the European countries’ efforts to build up their defence capabilities.

    Together with the assignment that the Swedish Defence Materiel Administration already has regarding support to Ukraine in the area of procurement, this assistance to Ukraine’s industrial base will open up further opportunities for cooperation between the Ukrainian and European defence industries. This includes being able to jointly develop innovative solutions that have been directly tested on the battlefield, and also increasing Ukraine’s capacity to produce and maintain defence equipment.

    The Government also intends to allocate approximately EUR 43 million in financial resources to a number of established multilateral initiatives in order to provide rapid and effective support to the Ukrainian Armed Forces. 

    Examples of initiatives that may be supported include some of the capability coalitions established within the framework of the Ukraine Defence Contact Group (UDCG):

    • The Air Force Capability Coalition, acquiring air-to-air missiles for Ukraine’s F-16 programme.
    • The Maritime Coalition, training Ukrainian marine infantry.
    • The Demining Capability Coalition, procuring equipment for demining landmines.
    • The IT Coalition, of which Sweden recently became a member, procuring hardware for communication. 

    Within the framework of this support, Sweden will also contribute to NATO’s Comprehensive Assistance Package (CAP) for Ukraine, which procures military equipment. 

    Press contact

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: PM meeting with Prime Minister Mikati of Lebanon: 28 October 2024

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister welcomed the Prime Minister of Lebanon, Najib Mikati, to Downing Street today.

    The Prime Minister welcomed the Prime Minister of Lebanon, Najib Mikati, to Downing Street today. 

    The Prime Minister began by expressing his deepest condolences to Prime Minister Mikati for the loss of civilian life in Lebanon due to the ongoing conflict. 

    The leaders agreed on the urgent need of an immediate ceasefire in Lebanon and a political solution in line with UNSC Resolution 1701. They both highlighted the importance of protecting civilian life and critical infrastructure in Lebanon. 

    On the wider regional conflict, the Prime Minister outlined the need for all parties to de-escalate and work towards a long-term, sustainable peace in the Middle East. 

    They discussed the strength of the UK-Lebanese bilateral relationship, and they looked forward to speaking soon.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: PM meeting with Prime Minister Mikati of Lebanon: 28 October 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The Prime Minister welcomed the Prime Minister of Lebanon, Najib Mikati, to Downing Street today.

    The Prime Minister welcomed the Prime Minister of Lebanon, Najib Mikati, to Downing Street today. 

    The Prime Minister began by expressing his deepest condolences to Prime Minister Mikati for the loss of civilian life in Lebanon due to the ongoing conflict. 

    The leaders agreed on the urgent need of an immediate ceasefire in Lebanon and a political solution in line with UNSC Resolution 1701. They both highlighted the importance of protecting civilian life and critical infrastructure in Lebanon. 

    On the wider regional conflict, the Prime Minister outlined the need for all parties to de-escalate and work towards a long-term, sustainable peace in the Middle East. 

    They discussed the strength of the UK-Lebanese bilateral relationship, and they looked forward to speaking soon.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Red Cat to Supply FlightWave Edge 130 Blue Systems to Royal Australian Navy

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, Oct. 28, 2024 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced a new contract and order for 12 of its FlightWave Edge 130 Blue system from the Royal Australian Navy. The contract was secured through Criterion Solutions Pty Ltd., an Australian-based distributor of intelligence, surveillance, reconnaissance and information technology solutions.

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

    “Our mission is to equip warfighters around the globe with cutting-edge sUAS technology. The Edge 130 Blue, with its advanced long-range surveillance and reconnaissance capabilities, offers a significant advantage in maritime and other challenging environments,” stated Jeff Thompson, CEO of Red Cat. “We are excited to expand our partnership with the Australian defense forces through this initial tranche of Edge 130 units. Their investment in small ISR and precision strike drones is vital for enhancing security and stability in the Indo-Pacific region.”

    The Edge 130 Blue is a UAS-certified military-grade tricopter for long-range mapping, inspection, surveillance, and reconnaissance needs. Designed specifically for government and military applications, the Edge 130 Blue can be assembled and hand-launched in just one minute by a single user to capture high-accuracy aerial imagery with medium-range autonomy. Weighing in at only 1200g, the Edge has a 60+ minute flight time in forward mode, an industry-leading endurance among all other Blue UAS-approved drones available.

    Earlier this month, Red Cat introduced its ARACHNID™ family of unmanned intelligence, surveillance, and reconnaissance (ISR) and precision strike systems at AUSA 2024 Annual Meeting and Exposition in Washington D.C. As part of its ongoing innovation, Red Cat’s product roadmap includes TRICHON™, which will build upon the FlightWave Edge 130 Blue.

    About Red Cat, Inc.
    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a bleeding-edge Family of ISR and Precision Strike Systems including the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class, the Edge 130 Blue Tricopter for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

    About FlightWave
    FlightWave Aerospace Systems Corporation is an industry leading manufacturer of dual-use VTOL drones, sensors and software solutions located in Santa Monica, CA. FlightWave designs and manufactures the Edge 130 VTOL drone and payload cameras for the commercial, defense, security, and intelligence markets. The fully-autonomous Edge 130 sUAS has the best flight endurance in the industry and with AI edge compute capabilities, provides superior aerial data capture to both the commercial and defense markets.

    Forward-Looking Statements 
    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law. 

    Contacts:

    INVESTORS:
    E-mail: Investors@redcat.red

    NEWS MEDIA: 
    Indicate Media
    Phone: (347) 880-2895
    Email: peter@indicatemedia.com

    The MIL Network –

  • MIL-OSI USA: Attorney General Bonta Joins Multistate Coalition in Support of LGBTQ+ Americans’ Rights in the Workplace

    Source: US State of California

    OAKLAND — California Attorney General Rob Bonta today joined 20 attorneys general in filing an amicus brief pushing back on an effort to undermine civil rights protections for LGBTQ+ Americans in the workplace. The case, McMahon v. World Vision, Inc., arose when World Vision, Inc. rescinded a job offer to Aubry McMahon upon discovering that she was in a same-sex marriage. In today’s amicus brief, the coalition urges the U.S. Court of Appeals for the Ninth Circuit to uphold the lower court’s decision in favor of McMahon, and stresses the states’ strong interest in employment discrimination laws and protections against sex-based discrimination.

    “No one should be denied employment simply because of who they are or who they love,” said Attorney General Bonta. “We urge the Ninth Circuit to uphold the lower court’s decision and reaffirm the critical protections that safeguard all workers against discrimination in the workplace. At the California Department of Justice, we will continue to oppose efforts to undermine the rights of every individual to live and work free from discrimination.”

    After World Vision rescinded her job offer to be a customer service representative because she was in a same-sex marriage, McMahon sued under Title VII and Washington State law based on sex, sexual-orientation, and marital status discrimination. While World Vision argues that it is exempt from Title VII and state law protections under the First Amendment right to expressive association and the ministerial exception, a district court disagreed, ruling in favor of McMahon and denying the defendant’s motion for summary judgment on the employment discrimination claim, while granting McMahon’s motion for summary judgment. Nevertheless, World Vision appealed the decision to the Ninth Circuit Court of Appeals.

    California shares interests in upholding the rights protected by the First Amendment, and respects and does not seek to abridge the right to hold and express views regarding the nature of marriage, including views founded in religious faith. But Defendant’s expansive theory of the First Amendment right of expressive association, and its extremely broad views of church autonomy and the ministerial exception, go well beyond existing precedent and threaten states’ ability to combat employment discrimination around the country.

    In their amicus brief today, the coalition asserts: 

    • The government has a compelling interest in eliminating sex discrimination in employment, and Title VII and similar statutes are narrowly tailored to that goal.
    • The First Amendment right of expressive association does not apply to the employer-employee relationship at issue.
    • The defendants’ theory of expressive association would badly undermine employment discrimination laws.
    • The Ninth Circuit should affirm the district court’s judgment in favor of the plaintiff. 

    In filing the amicus brief, Attorney General Bonta joins the attorneys general of Massachusetts, Colorado, Connecticut, Delaware, Hawai’i, Illinois, Maine, Maryland, Michigan, Minnesota, New Jersey, New Mexico, New York, North Carolina, Oregon, Vermont, Washington, Wisconsin, and the District of Columbia.

    A copy of the amicus brief is available here.

    MIL OSI USA News –

  • MIL-Evening Report: You’ve heard of Asterix and Obelix, but who really were the Gauls? And why were they such a problem for Rome?

    Source: The Conversation (Au and NZ) – By Frederik Juliaan Vervaet, Associate Professor of Ancient History, The University of Melbourne

    JayC75/Shutterstock

    The year is 50 BC. Gaul is entirely occupied by the Romans. Well, not entirely. One small village of indomitable Gauls still holds out against the invaders.

    So begins the Asterix comic series, which positions Julius Caesar as the power-lusting dictator of the mighty Roman Empire who conquered all of Gaul. All except, of course, for one heroic village, where Asterix, Obelix and Dogmatix are among the Gauls (or Gaul dogs) frustrating Rome’s hapless legions.

    Well, that’s the comic book version.

    But who really were the Gauls? And why were they such a problem for Rome?

    The Gauls are the most famous group of Celtic peoples who occupied most of the lands west of the Rhine, thus causing this area to be known in antiquity as Gaul.

    They sported long blonde or reddish dreadlocks (often washing their hair in lime-water and pulling it back to the nape of the neck), handlebar moustaches on the men, colourful shirts and striped coats. The ethnonym Galli is believed to derive from a Celtic root gal- meaning “power” or “ability”, and has been linked to the Irish word gal, meaning “bravery” or “courage”.

    Fearsome warriors

    From the fifth to third centuries BCE, the Celtic tribes of central Europe were among the continent’s most fearsome warriors.

    This 1842 illustration depicts Gaul warriors with their customary large shields, swords, long hair and distinctive helmets.
    Wattier/Marzolino/Shutterstock

    From their heartlands around what is now the Czech Republic (Bohemia derives its name from the powerful Boii Gallic tribe), they conquered the British Isles, all of France and Belgium (Gaul proper) and parts of Spain. They also conquered the fertile alluvial plains of what became known to Romans as Cisalpine Gaul, meaning “Gaul this side of the Alps”.

    The Gauls even conquered lands as far afield as in present-day Turkey. The descendants from these once mighty peoples still live in Ireland (Gaelic comes from the word Gaul), Wales and Brittany.

    The Gauls had a very warlike reputation. They produced tall and muscular warriors who often wore helmets that, according to the Greek historian Diodorus Siculus, sometimes had horns attached or “images of the fore-parts of birds or four-footed animals”. He also wrote that:

    The women of the Gauls are not only like the men in their great stature but they are a match for them in courage as well.

    Gauls fought with long broad-swords, barbed spears, and chariots drawn by two horses. They fastened the severed heads of their enemies about the necks of their horses.

    Possessing huge quantities of alluvial gold, Gallic nobles wore heavy necklaces (known as “torcs”) of solid gold and consumed untold amounts of imported wine, fabulously enriching Italian merchants.

    Their acts of bravery were immortalised by lyric poets called bards, and they put great stock in their shamans, called druids, who also presided over regular human sacrifices.

    In 387 BCE, Gallic raiders from Cisalpine Gaul sacked Rome. They only failed to take the Capitol because of a hostile incursion into their own homelands, forcing them to break camp and return – not before, however, exacting a crippling price in gold from the profoundly humiliated Romans.

    The Romans were so impressed with Gallic military kit they resorted to wholesale plagiarism. The iconic armour of Roman republican legionaries was largely of Celtic origin.

    The Gauls had a very warlike reputation.
    J. Photos/Shutterstock

    Rome rallies against the Gauls

    In 295 BCE, the Senones (a Gallic tribe) inhabiting the Adriatic coastline south of Cisalpine Gaul were part of an alliance soundly defeated by the Roman Republic in the battle of Sentinum.

    This represented a watershed moment on the road to Roman hegemony in the Italian peninsula.

    In 232, against the backdrop of renewed hostilities with the Cisalpine Gauls, leading Roman politician Gaius Flaminius passed legislation redistributing land won from the Senones (following their final defeat in 283) among Romans from the lower property classes.

    To ease Roman colonisation, the same Flaminius in 220 commissioned the construction of the Via Flaminia, a paved speedway from Rome all the way to Rimini, at the doorstep of Cisalpine Gaul.

    Fearing the same fate as the Senones, the Cisalpine Gauls united against Rome, aided by some Transalpine Gauls.

    By 225, this alliance became strong enough to invade peninsular Italy, ravage Tuscany, and threaten Rome itself.

    This famously triggered the Romans to muster all Roman and Italian manpower at their disposal (about 800,000 draftable men, according to ancient the historian Pliny).

    Being now superior in every respect, the Romans and their Italian allies decisively defeated the Cisalpine Gauls in 223 and 222. The Roman general Marcus Claudius Marcellus even managed to kill a Gallic king in single combat.

    The vanquished Cisalpine Gauls then joined the feared Carthaginian general Hannibal, who at the time posed a great risk to Rome and defeated its forces in many battles. They joined Hannibal en masse after he crossed the Alps to invade Italy in 218.

    But Hannibal failed to vanquish Rome and was later defeated. The Roman conquest of Cisalpine Gaul continued after Roman forces defeated Hannibal’s brother Hasdrubal at the Metaurus River in 207.

    To secure their rich holdings in Cisalpine Gaul and the land corridor to their Spanish provinces, the Romans subsequently conquered first Liguria and next southern Gaul, incorporated as the Province of Transalpine Gaul. The area was so thoroughly colonised it is still known today as La Provence (“the province”).

    Caesar’s self-interested war on the Gauls

    Julius Caesar, eager to amass glory and wealth, subjugated all of Gaul in less than a decade (from 58 to 50 BCE).

    He sold this outright aggression to the Senate and people in Rome as a war waged in defence of tribes allied with Rome, a necessary pre-emptive strike of sorts.

    In addition to enslaving perhaps up to one million Gauls, Caesar proudly claimed to have killed well over another million, a staggering casualty rate considered by Pliny the Elder “a prodigious even if unavoidable wrong inflicted on the human race”.

    Julius Caesar subjugated all of Gaul in less than a decade.
    Paolo Gallo/Shutterstock

    Caesar got away with mass murder because he shamelessly played into lingering feelings of metus Gallicus, or “Gallic fear”.

    The Roman fear of Gauls was heightened by the so-called Cimbric War that took place in earlier years, when a formidable confederacy of Germanic and Gallic tribes inflicted a series of costly defeats upon Rome, threatening Italy itself.

    But Rome would triumph in the end. Under the leadership of Gaius Marius, the Romans destroyed these tribes in 102/101 BCE in Transalpine and Cisalpine Gaul.

    Turned into a Roman province in final stages of this war, Cisalpine Gaul eventually became so heavily Romanised it was incorporated into Roman Italy proper in 42 BCE.

    Frederik Juliaan Vervaet receives funding from the Australian Research Council.

    – ref. You’ve heard of Asterix and Obelix, but who really were the Gauls? And why were they such a problem for Rome? – https://theconversation.com/youve-heard-of-asterix-and-obelix-but-who-really-were-the-gauls-and-why-were-they-such-a-problem-for-rome-233447

    MIL OSI Analysis – EveningReport.nz –