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Category: Politics

  • MIL-OSI USA: Scott Celebrates Missy Elliott, National Medal of Arts Recipients At The White House

    Source: United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

    Headline: Scott Celebrates Missy Elliott, National Medal of Arts Recipients At The White House

    WASHINGTON  – Yesterday, Congressman Bobby Scott (VA-03) was in attendance at a White House celebration honoring the 2022 and 2023 recipients of the National Medal of the Arts. Missy Elliott, a native of Portsmouth, VA, was one of the 2022 National Medal of Arts recipients.

    “Missy Elliott is a legendary, trailblazing music artist. She is a global superstar as well as an immense source of pride for Virginia and the Hampton Roads region,”said Congressman Scott.“It was very fitting that she was among those honored by President Joe Biden and First Lady Jill Biden, and I was proud to attend today’s celebration to honor her legacy. Some could say it would be a ‘Misdemeanor’ to not honor her life and career. I congratulate her, and all the other recipients for their creativity and important contributions to our country.”

    The National Medal of Arts is the highest award given to artists and arts patrons by the federal government. It is awarded by the President of the United States to individuals or groups who are deserving of special recognition by reason of their outstanding contributions to the excellence, growth, support, and availability of the arts in the United States.

    More information can be found by CLICKING HERE. 

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    MIL OSI USA News –

  • MIL-OSI United Kingdom: Justice served for West Yorkshire as new courts and tribunals centre opens in Leeds

    Source: United Kingdom – Executive Government & Departments 3

    Four new business and property courtrooms open at West Gate, alongside eight new employment tribunal rooms to deal with disputes.

    Claimants and defendants across West Yorkshire will benefit from quicker access to justice as new state-of-the-art courtrooms opened yesterday (Monday 21 October) in Leeds, in a boost to the city’s legal infrastructure.

    Justice Minister Heidi Alexander attended the official opening event of the West Gate court and tribunal building, which contains 12 brand new hearing rooms to handle cases ranging from employment rights to property disputes.

    A total of £6.2 million has been invested in West Gate to create capacity for these modern, fit-for-purpose hearing rooms over three floors. This investment in the centre of Leeds expands the estate in the city to three large operational buildings with over 50 hearing rooms within a 250-yards radius. 

    The site will also help to manage the Crown Court outstanding caseload by diverting cases away from Leeds Crown Court where they were being heard, freeing up an additional courtroom to hear criminal cases. Providing a separate location for the Business and Property Court to hear cases will help deliver justice more swiftly for both claimants and defendants.

    Minister for Courts and Legal Services, Heidi Alexander MP, said:

    It was a pleasure to be at the opening of these essential courtrooms in Leeds which will boost our court infrastructure both nationally and in Yorkshire and provide claimants and defendants speedier justice.

    This new centre ensures that both individuals and businesses are able to access vital protections, providing the confidence they need to innovate, grow, and strengthen our economy.

    The Business and Property Court in particular represents an important step in relation to the Government’s wider plan for economic growth through the commercial courts. The work that goes on in these courtrooms give businesses the confidence that they can base their companies here, innovate, and grow knowing they are protected by the law. Companies, employees and property owners knows that these courts will safeguard their rights, adjudicate fairly, and deliver justice.

    Both these sites are also playing a significant role in dealing with the 1.6 million cases that make their way through the civil courts and employment tribunals each year. The Government is continuing to invest in approximately 1,000 judges and tribunal members annually which will help to support this increased court capacity.

    Although this Government has inherited a challenging financial inheritance, these new courtrooms are part of wider plans to ensure the court estate is fit for purpose and to help reduce the long-term courts backlog. Eighteen Nightingale courtrooms are also currently in use across eight venues to increase the physical capacity of the court estate and hear more cases.

    Notes to editors:

    • HM Courts and Tribunals Service has secured a 15-year lease at West Gate.  
    • Ahead of yesterday’s official opening, the Business and Property Court has been hearing cases since June, while the Employment Tribunals have been operational since December 2023.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Armagh’s Georgian Festival returns for 20th year this November!

    Source: Northern Ireland City of Armagh

    Armagh’s annual Georgian Festival will kickstart Northern Ireland’s festive season, marking the perfect way to get into the Christmas spirit. Returning for its 20th year this November, the award-winning event will run from November 28 to December 1, launching the Cathedral City’s Christmas celebrations.

    The city is set to bring its Georgian past to life through buildings, characters, customs and a jam-packed programme of events that will appeal to history buffs, curious families, culture vultures and foodies. Many of the events are free to attend, and so the destination is preparing to welcome thousands to the city across the four days.

    Festivalgoers can choose from a range of guided tours, each offering a unique glimpse into Armagh’s rich history. From the scenic Palace Demesne Tour and exclusive Archbishop’s Palace tours, to the informative Guided Georgian Walking Tour, there’s something for everyone. Food lovers can indulge in a sparkling three-course feast in the glorious surroundings of the Archbishop’s Palace at the Highwayman’s Banquet as they listen to tales and tunes dedicated to stories of the Notorious Highwaymen & Rapparees, creating a dining experience that seamlessly blends history, storytelling, and fine cuisine.

    There’s also the chance to get a taste for the pitiless Georgian legal system as a member of the jury at Armagh Courthouse in a mock-trial – a spectacle of rough justice. Throughout the city, festivalgoers will encounter iconic Georgian figures — noble gentry, street urchins, and gin-soaked ladies — as they wander and explore. On The Mall, families can enjoy an array of festive activities, including traditional funfair rides like the Carousel and Swing Boats, along with classic games such as Hoopla, Hook a Duck, and Coconut Shy. Santa’s reindeer will even make an appearance, and as night falls, fire performers will light up the evening for all to enjoy.

    Topping off the programme is the acclaimed Light Show. It will run Friday 29 November and Saturday 30 November and is a dramatic Holly Jolly Christmas animation that will transform the Market House into a shimmering canvas for images, special effects, and other surprises. (Tickets essential)

    Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Cllr Kyle Savage, said;

    “Our Georgian Festival is an established cornerstone of Armagh’s cultural calendar – it’s recognised far and wide for its impressive selection of activities, and the unforgettable energy and atmosphere it brings to the city.

    “Through the combined efforts of the local Council team, and our artists, performers, retailers and artisans, we’ve been able to build an event that brings the local community together, whilst also welcoming visitors to experience the rich heritage and history of Armagh City and its surrounding areas.”

    The Georgian Festival originally launched in 2004 as a one-day market, thanks to the efforts of a team of remarkable local retailers. Since then, it has transformed into the four-day celebration known to most today and has soared in popularity with people from Ireland and the UK, as well as international visitors.

    The artisan market element of the festival has now grown to include more than 130 festive market stalls selling high-quality crafts, gifts, food and seasonal products, making it one of the largest on the island. Set to take place on Georgian Day, Saturday November 30, the Georgian market stalls will take place as the clip clop of horses and the aroma of roasting chestnuts and mulled spices fills the street.

    Roberta Wright of Wrights Interiors on Scotch Street in the city was part of a team of retailers who were responsible for establishing Georgian Day in its early days. It was created as an opportunity to showcase Armagh, to highlight the wealth of independent retailers in the city and add some Christmas sparkle for visitors. She said, “It’s incredible how far the festival has come since we first launched in 2004. Armagh has such a unique history, a fascinating story to tell, and a community of people who are passionate about the heritage of this place, and our Georgian Festival gives us the perfect platform to showcase everything that makes Armagh the wonderful place it is. Excitement is already building for our 2024 celebration, and I would highly recommend visitors pop by the wide range of independent stores in the city to do some Christmas shopping as they make their way around the exciting activities taking place across the city.”

    The team behind the festival are continuing to embrace sustainability as Gill Robb, Events Manager at Armagh City, Banbridge and Craigavon Borough Council, explains. She said, “Our famous, must-see light show, running on the evenings of Friday November 29 and Saturday November 30, will switch to a more sustainable power source this year, whilst park and ride facilities will also be available on Saturday. We’ve also tried to limit as many single use plastics as possible with stallholders switching to compostable plates, glasses and cutlery, and abiding by our complete ban on plastic bags.”

    Click here for more information and to book tickets for special events.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: City council helps businesses create apprenticeships

    Source: City of Stoke-on-Trent

    Published: Tuesday, 22nd October 2024

    Stoke-on-Trent shared £63,000 with 15 businesses and organisations in the city last year to help them create 37 new apprenticeships.

    Employers with an annual payroll of over £3m pay a 0.5 per cent UK Government apprenticeship levy.     

    The money can then be used by the employer on apprenticeship training. As one of the area’s largest employers, the council pays the levy.    

    In 2023/24 as well as supporting 106 new people to study for apprenticeship qualification while working for the council, Stoke-on-Trent City Council paid out some of its levy to employers with staff who live in the city.  

    These included the KMF Group, a sheet metal fabrication company, IAE, who make livestock handling equipment, stabling, and fencing, Staffordshire Police and Teasdale Healthcare.   

    A total of 15 local employers were then able to help 37 apprentices  

    Councillor Jane Ashworth, leader of Stoke-on-Trent City Council, said: “We’ve got a brilliant record of supporting and creating apprenticeships within the city council using our levy.    

    “If the money in our levy account is not used every two years, it’s returned to the UK Government. Sadly prior to us taking office the city had to return money to the government for not employing enough apprentices.   

    “This led to us approaching local employers to see how we could make sure the money was used to do what it was intended to do. The take-up has been fantastic, and it’s led to more people being able to earn money while learning vital skills on-the-job and through studying.  

    “It was vitally important that we sorted this out and got the most out of every penny due to the city and our young people” 

    Browns Distribution, High and Lifted, and TMT First are three businesses who have successfully applied for some of the council’s unused levy.  

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: NIO Minister hails integrated education during visit to Fermanagh School

    Source: United Kingdom – Executive Government & Departments

    This follows Minister Anderson’s visit to Erne Integrated College

    NIO Minister Fleur Anderson captures a selfie during her visit to Erne Integrated College

    Northern Ireland Office Minister Fleur Anderson MP has visited Erne Integrated College in Enniskillen where she met with pupils and staff.

    As well as taking part in an interactive question and answer session, the Parliamentary Under-Secretary of State discussed diversity and inclusion with pupils, following a recent cultural day hosted by the Fermanagh school.

    Speaking afterwards, Minister Anderson said:

    It was fantastic to meet with the young people at Erne Integrated College, along with staff, and I would like to thank them for their warm welcome, and for their questions and insight.

    Seeing greater integration of education across Northern Ireland is a priority for the UK Government, and Erne Integrated College provides a wonderful environment for helping local children grow up in a truly shared society. This is an essential aspect of the reconciliation process.

    My hope is that integration will further become the norm and not the exception in schools across Northern Ireland.” 

    School principal, Darron McLaughlin, said:

    The College was delighted to welcome Minister Anderson. Our Student Council members have a great interest in local politics and were excited to have the opportunity to put their questions to the minister. Having recently celebrated our ‘Culture Day’, a group of our students were also keen to show how we celebrate diversity and live by our integrated ethos, where everyone is valued equally.

    Paul Caskey, chief executive of the Integrated Education Fund, and Sean Pettis, chief executive of the Northern Ireland Council for Integrated Education, said:

    The Integrated Education Fund and Council for Integrated Education are delighted Minister Anderson could take time out of her busy schedule to visit Erne Integrated College and meet with their young people, together with pupils from the adjacent Enniskillen Integrated Primary School. 

    There is no better way to learn about integrated education than by meeting the children and young people who experience it. The Northern Ireland Office has provided generous support to integrated education through both our organisations and we are extremely grateful for that. 

    It is important to remember that the UK government are custodians of the Good Friday (Belfast) Agreement and that the encouragement and facilitation of integrated education is an essential part of that Agreement.

    Separately, Minister Anderson also met with representatives from the Fermanagh Trust. They discussed some of the issues facing local residents and the wider area, including transport, Lough Erne, and access to public services and healthcare.

    NIO Minister Fleur Anderson engaging in an interactive Q&A session with school pupils.

    NIO Minister Fleur Anderson engaging in an interactive Q&A session with school pupils.

    NIO Minister Fleur Anderson at Erne Integrated College in Enniskillen. The Parliamentary Under-Secretary of State is pictured with school pupils, principal Darron McLaughlin and Paul Caskey, chief executive of the Integrated Education Fund, and Sean Pettis, chief executive of the Northern Ireland Council for Integrated Education.

    NIO Minister Fleur Anderson with Paul Caskey (left), chief executive of the Integrated Education Fund, and Sean Pettis, chief executive of the Northern Ireland Council for Integrated Education.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Klaas Knot: Strengthening financial resilience – lessons from Pittsburgh

    Source: Bank for International Settlements

    Good morning everyone.

    It could have been right here in New York City.

    That would have been fitting, as this city was, and still is, the center of gravity for global finance. But, as it happened, the US administration made a last-minute decision to pick Pittsburgh as the venue for the G20 summit.

    We are back in the fall of 2009. Less than a year earlier, when G20 leaders first met in Washington DC, the world economy had been facing its greatest crisis in generations. At the Pittsburgh Summit, the memory of the crisis was still fresh. The fall of Lehman. The rescue of AIG. The race against the clock to prevent a total meltdown of the financial system. Leaders from the 20 largest nations in the world had all gone through those fateful crisis days. They shared a conviction that this should not happen again. Ever. They decided on a massive strengthening of regulation to address the weaknesses in the global financial system and to curb excessive risk taking. And they endorsed the mandate of the newly established Financial Stability Board to coordinate and monitor progress. Pittsburgh turned the tide.

    The rest is history. But it is an unfinished history. For sure, the reforms that were agreed in Pittsburgh did substantially strengthen the global financial system.

    In recent years, markets have experienced several episodes of turmoil, and we have seen potentially destabilising failures of banks and non-banks. But the core of the system has held up relatively well. So, one interpretation is that the financial system has proved to be resilient. But that is not entirely true. Take March 2020 for example. This turmoil was contained both through improved resilience and unprecedented policy actions. Without the combined force of these policy actions, the reforms implemented since 2009 may have not been sufficient to stave off another financial crisis. And it’s not only in 2020 that unprecedented policy actions were needed. In 2023 the fire brigade had to turn out again.

    So, we’ve made progress, but there is much left to do if we want a truly resilient financial system. One that can finance the economy through thick and thin without recourse to extraordinary support. Furthermore, the financial system is evolving, and so must our regulations. Can we keep up the pace? Allow me to share some concerns about that.

    First of all, our work to make the banking sector more resilient is not yet complete. For one thing, the final Basel III standards still need to be implemented in many jurisdictions. In the meantime, the banking turmoil in March last year was a reminder that bank runs are not a thing of the past. The demise of Silicon Valley Bank and Credit Suisse not only brought lessons for banks and supervisors.

    They also highlighted that 13 years after the FSB issued its Key Attributes for Effective Resolution Regimes, authorities still face challenges in dealing with failing banks.

    Next to the unfinished agenda in banking, the non-bank financial sector continues to face serious vulnerabilities. Partly as a response to strengthening banking regulation, non-bank financial institutions are playing a larger role in financing the real economy, now accounting for nearly half of total global financial assets. And as we have seen over the past few years, structural vulnerabilities in the sector have the potential to cause systemic risk. These include liquidity mismatches, leverage, and inadequate margin preparedness. The FSB, working with other standard setters, has done a great deal of work on this issue. We have issued policy recommendations in several key areas. Drawing up these policy recommendations, however, is not enough to stem systemic risk in NBFI. For that to happen, we must implement them. That means authorities must not only put them into national laws and regulations, they must also have the capacity to operationalize them.

    Third, technological innovation continues to shape the way the financial sector functions, and it adds another layer of complexity. Technology can create new interdependencies, for example when many financial institutions rely on the same service providers. It can also increase the speed at which a crisis unfolds. And technology raises important questions about the regulatory perimeter. Above all technology related risks can exacerbate pre-existing vulnerabilities in the financial system and may create new ones. Take crypto-assets. This fast-growing market has seen more than its fair share of bankruptcies, liquidity crises and outright fraud, even as its links with traditional finance continue to grow. The FSB has issued recommendations to regulate the market for crypto-assets. The G20 has endorsed these recommendations and, again, they now need to be implemented globally.

    As you might notice, I’m talking a lot about implementation, because that’s where my concern lies. It seems that, 16 years after Lehman, implementation fatigue has started to set in. Political commitment for maintaining financial stability is usually the highest when the collective memory of the last crisis is still fresh. When this memory starts to fade, there is the risk that financial stability is taken for granted. Something that can be left to the bureaucrats, to the technicians. Not least because there are so many other policy priorities to deal with for governments. But that would be a mistake. We do need the involvement of politicians, of lawmakers, because without them, it becomes even harder to implement necessary regulations. After all, financial stability is the foundation for almost all public policy. If financial stability is gone, as a government you can forget about the other policy priorities. You will spend most of your time drawing up rescue plans for an economy in free fall. So we should not wait for the next crisis.

    We also need commitment in good times, when the work to develop and implement policy needs to get done. This commitment is even more important in a world that is getting more fragmented, both politically and economically. I am concerned about our capacity to work together on cross-border challenges in such a world. During the Global Financial Crisis, policymakers around the globe were able to respond swiftly and effectively. In a fragmented world, such a swift response could become more complicated. This could prove costly because the most important challenges to financial stability are precisely the cross-border issues that we can only solve if we work together.

    And to the financial industry I would say: rules that strengthen the resilience of the financial system are in your best interest too. Some in the industry view regulation as a constraint, something that limits profitability and imposes undue costs. But it’s just the other way around. Financial regulation is not an obstacle, it is an enabler of sustainable, long-term growth. Globally implemented regulation strengthens international financial stability, levels the playing field, and, in turn, enhances the confidence of your shareholders, clients, and counterparties. Strong regulation is not a constraint on the financial industry, it is an asset.

    15 years after Pittsburgh, strengthening the financial system is an unfinished history. Partly that comes with the job. The financial system is always evolving, so our policy also needs to evolve. But, that’s not the only reason. It is also important that authorities finish implementing the measures we’ve all agreed are needed to address existing vulnerabilities. Vulnerabilities that could lead to the next crisis, if they are allowed to persist.

    This calls for maintaining our ambition as policy makers, and for law makers to take the agreed policies all the way through to implementation. I wish for us to have the determination and collaborative spirit that the leaders in Pittsburgh collectively felt. Let’s work together to finish what we started. Let’s stay sharp, focused and committed to preserving financial stability. And where better to express that commitment than in the city that never sleeps.

    MIL OSI Economics –

  • MIL-OSI: Greene County Bancorp, Inc. Reports Net Income of $6.3 million for the Three Months Ended September 30, 2024 and Reaches New Milestone of $2.9 Billion in Assets

    Source: GlobeNewswire (MIL-OSI)

    CATSKILL, N.Y., Oct. 22, 2024 (GLOBE NEWSWIRE) — Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for The Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the three months ended September 30, 2024, which is the first quarter of the Company’s fiscal year ending June 30, 2025. Net income for the three months ended September 30, 2024 was $6.3 million, or $0.37 per basic and diluted share, as compared to $6.5 million, or $0.38 per basic and diluted share, for the three months ended September 30, 2023. Net income decreased $208,000, or 3.2%, when comparing the three months ended September 30, 2024 and 2023.

    Highlights:

    • Net Income: $6.3 million for the three months ended September 30, 2024
    • Total Assets: $2.9 billion at September 30, 2024, a new record high
    • Net Loans: $1.5 billion at September 30, 2024, a new record high
    • Total Deposits $2.5 billion at September 30, 2024, a new record high
    • Return on Average Assets: 0.93% for the three months ended September 30, 2024
    • Return on Average Equity: 11.86% for the three months ended September 30, 2024

    Donald Gibson, President & CEO stated: “I am pleased to report another solid quarterly performance highlighted by record high levels in deposits, loans, and total assets. This achievement is a testament to our team’s strategy of providing innovative financial solutions and outstanding service to our customers, which combined, has provided steady long-term growth for our organization. We remain committed to being the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State.”

    Total consolidated assets for the Company were $2.9 billion at September 30, 2024, primarily consisting of $1.5 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.5 billion at September 30, 2024, consisting of retail, business, municipal and private banking relationships.

    Pre-provision net income was $6.9 million for the three months ended September 30, 2024 as compared to pre-provision net income of $6.6 million for the three months ended June 30, 2024, an increase of $314,000, or 4.8%, and pre-provision net income of $6.9 million for the three months ended September 30, 2023. Pre-provision net income measures the Company’s net income less the provision for credit losses on loans. Management believes that this measure assists investors in comprehending the impact of the provision on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses on loans. During the September 30, 2024 quarter, the Company was able to reprice assets into the higher interest rate market faster than it had raised rates paid on deposits. This resulted in a higher net interest margin for the three months ended September 30, 2024 as compared to the three months end June 30, 2024. The Company will continue to monitor the monetary policy of the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships.

    Selected highlights for the three months ended September 30, 2024 are as follows:

    Net Interest Income and Margin

    • Net interest income decreased $303,000 to $13.1 million for the three months ended September 30, 2024 from $13.4 million for the three months ended September 30, 2023. The decrease in net interest income was due to an increase in the average balance of interest-bearing liabilities, which increased $64.1 million when comparing the three months ended September 30, 2024 and 2023, and increases in rates paid on interest-bearing liabilities, which increased 53 basis points when comparing the three months ended September 30, 2024 and 2023. The decrease in net interest income was partially offset by the increase in the average balance of interest-earning assets, which increased $54.7 million when comparing the three months ended September 30, 2024 and 2023, and increases in interest rates on interest-earning assets, which increased 40 basis points when comparing the three months ended September 30, 2024 and 2023.

      Average loan balances increased $60.4 million and the yield on loans increased 36 basis points when comparing the three months ended September 30, 2024 and 2023. Average balance of securities increased $13.7 million and the yield on such securities increased 45 basis points when comparing the three months ended September 30, 2024 and 2023. Average interest-bearing bank balances and federal funds decreased $19.4 million, while the yield increased 43 basis points when comparing the three months ended September 30, 2024 and 2023.

      The cost of NOW deposits increased 54 basis points, the cost of certificates of deposit increased 49 basis points, and the cost of savings and money market deposits increased 19 basis points when comparing the three months ended September 30, 2024 and 2023. The increase in the cost of interest-bearing liabilities was partially due to growth in the average balances of interest-bearing liabilities of $64.1 million. This was due to an increase in NOW deposits of $47.7 million and an increase in average certificates of deposits of $31.0 million, partially offset by a decrease in average savings and money market deposits of $39.3 million when comparing the three months ended September 30, 2024 and 2023. Average borrowings increased $24.7 million when comparing the three months ended September 30, 2024 and 2023. Yields on interest-earning assets and costs of interest-bearing deposits increased for the three months ended September 30, 2024, as the Company repriced assets and deposits due to the higher interest rate environment. The Company determines interest rates offered on deposit accounts based on current and future economic conditions, competition, liquidity needs, the asset-liability position of the Company and growing the retention of relationships.

    • Net interest rate spread and margin both decreased when comparing the three months ended September 30, 2024 and 2023. Net interest rate spread decreased 13 basis points to 1.76% for the three months ended September 30, 2024 as compared to 1.89% for the three months ended September 30, 2023. Net interest margin decreased 9 basis points to 2.03%, for the three months ended September 30, 2024 as compared to 2.12% for the three months ended September 30, 2023. The decrease was due to the higher interest rate environment, which caused competitive pressure to increase rates paid on deposits, resulting in higher interest expense. This was partially offset by increases in interest income on securities and loans, as they reprice at higher yields and the interest rates earned on new balances were higher than the levels from the prior periods.
    • Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.29% and 2.37% for the three months ended September 30, 2024 and 2023, respectively.

    Credit Quality and Provision for Credit Losses on Loans

    • Provision for credit losses on loans amounted to $634,000 for the three months ended September 30, 2024 compared to $457,000 for the three months ended September 30, 2023. The loan provision for the three months ended September 30, 2024, was primarily attributable to updated economic forecasts used in the quantitative modeling as of September 30, 2024. The allowance for credit losses on loans to total loans receivable was 1.32% at September 30, 2024 compared to 1.28% at June 30, 2024.
    • Loans classified as substandard and special mention totaled $59.0 million at September 30, 2024 and $48.6 million at June 30, 2024, an increase of $10.4 million. The increase in loans classified was primarily due to downgrades of commercial real estate loans during the period ended September 30, 2024, that were considered to be performing and paying in accordance with the terms of their loan agreements. Of the loans classified as substandard or special mention, $55.3 million were performing at September 30, 2024. There were no loans classified as doubtful or loss at September 30, 2024 or June 30, 2024.
    • Net charge-offs on loans amounted to $114,000 and $93,000 for the three months ended September 30, 2024 and 2023, respectively, an increase of $21,000. There were no material charge-offs in any loan segment during the three months ended September 30, 2024.
    • Nonperforming loans amounted to $3.6 million at September 30, 2024 and $3.7 million at June 30, 2024. The activity in nonperforming loans during the period included $410,000 in loan repayments, $57,000 in charge-offs or transfers to foreclosure, $56,000 in loans returning to performing status, and $441,000 of loans placed into nonperforming status. Nonperforming assets were 0.13% of total assets at September 30, 2024 and June 30, 2024, respectively. Nonperforming loans were 0.25% of net loans at September 30, 2024 and June 30, 2024, respectively.

    Noninterest Income and Noninterest Expense

    • Noninterest income increased $438,000, or 13.3%, to $3.7 million for the three months ended September 30, 2024 compared to $3.3 million for the three months ended September 30, 2023. The increase for the three-month period was primarily due to an increase in fee income earned on customer interest rate swap contracts, and income from bank owned life insurance (“BOLI”). During the quarter ended December 31, 2023, the Company restructured $23 million of BOLI contracts, by surrendering and simultaneously purchasing new higher-yielding policies.
    • Noninterest expense increased $705,000, or 8.0%, to $9.6 million for the three months ended September 30, 2024 compared to $8.8 million for the three months ended September 30, 2023. The increase during the three months ended September 30, 2024 was primarily due to an increase of $387,000 in salaries and employee benefits, due to new positions created during the period to support the Company’s continued growth, an increase of $176,000 in service and data processing fees due to vendor price negotiations in prior periods, and an increase of $285,000 in the reserve for credit losses on off-balance sheet unfunded commitments, due to the Company’s increased contractual obligations to extend credit. This was partially offset by a decrease of $156,000 in computer software and support fees, as compared to the three months ended September 30, 2023.

    Income Taxes

    • Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 6.4% for the three months ended September 30, 2024 and 13.0% for the three months ended September 30, 2023. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, and income received on the bank owned life insurance, to arrive at the effective tax rate. The decrease in the current quarter’s effective tax rate primarily reflects a higher mix of tax-exempt income from municipal bonds, tax advantage loans and bank owned life insurance in proportion to pre-tax income.

    Balance Sheet Summary

    • Total assets of the Company were $2.9 billion at September 30, 2024 and $2.8 billion at June 30, 2024, an increase of $48.8 million, or 1.7%.
    • Total cash and cash equivalents for the Company were $213.5 million at September 30, 2024 and $190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of September 30, 2024.
    • Securities available-for-sale and held-to-maturity increased $26.1 million, or 2.5%, to $1.1 billion at September 30, 2024 as compared to $1.0 billion at June 30, 2024. Securities purchases totaled $115.2 million during the three months ended September 30, 2024, and consisted primarily of $77.4 million of state and political subdivision securities, $24.7 million of U.S. Treasury securities, $9.2 million of collateralized mortgage obligations and $3.9 million of mortgage-backed securities. Principal pay-downs and maturities during the three months ended September 30, 2024 amounted to $97.0 million, primarily consisting of $66.5 million of state and political subdivision securities, $25.0 million of U.S. Treasury securities, $4.5 million of mortgage-backed securities, and $683,000 of collateralized mortgage obligations.
    • Net loans receivable remained at $1.5 billion at September 30, 2024 and June 30, 2024. Loan growth experienced during the three months ended September 30, 2024, consisted primarily of $15.3 million in commercial real estate loans, partially offset by a decrease of $11.5 million in commercial loans.
    • Deposits totaled $2.5 billion at September 30, 2024 and $2.4 billion at June 30, 2024, an increase of $96.7 million, or 4.1%. The Company had zero brokered deposits at September 30, 2024 and June 30, 2024, respectively. NOW deposits increased $87.9 million, or 5.0%, certificates of deposits increased $17.9 million, or 12.9%, and noninterest-bearing deposits increased $7.4 million, or 5.9% when comparing September 30, 2024 and June 30, 2024. Savings deposits decreased $7.9 million, or 3.2%, and money market deposits decreased $8.6 million, or 7.6%, when comparing September 30, 2024 and June 30, 2024.
    • Borrowings amounted to $142.5 million at September 30, 2024 compared to $199.1 million at June 30, 2024, a decrease of $56.6 million. At September 30, 2024, borrowings included $63.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $49.7 million of Fixed-to-Floating Rate Subordinated Notes, $25.0 million in the Bank Term Funding Program with the Federal Reserve Bank, and $4.8 million of long-term borrowings with the FHLB.
    • Shareholders’ equity increased to $216.3 million at September 30, 2024 compared to $206.0 million at June 30, 2024, resulting primarily from net income of $6.3 million and a decrease in accumulated other comprehensive loss of $5.6 million, partially offset by dividends declared and paid of $1.5 million.

    Corporate Overview

    Greene County Bancorp, Inc. is the holding company for The Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit http://www.tbogc.com.

    Forward-Looking Statements

    This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services.

    The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

    Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

    Non-GAAP Measures

    In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission (“SEC”) and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules.

    The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP.  Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 8 for Non-GAAP to GAAP reconciliations.

    (END)

    Greene County Bancorp, Inc.
    Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)

      At or for the Three Months
      Ended September 30,
    (Dollars in thousands, except share and per share data)   2024     2023  
    Interest income $ 27,769   $ 24,672  
    Interest expense   14,633     11,233  
    Net interest income   13,136     13,439  
    Provision for credit losses   634     457  
    Noninterest income   3,737     3,299  
    Noninterest expense   9,550     8,845  
    Income before taxes   6,689     7,436  
    Tax provision   428     967  
    Net Income $ 6,261   $ 6,469  
         
    Basic and diluted EPS $ 0.37   $ 0.38  
    Weighted average shares outstanding   17,026,828     17,026,828  
    Dividends declared per share(4) $ 0.09   $ 0.08  
         
    Selected Financial Ratios    
    Return on average assets(1)   0.93 %   0.99 %
    Return on average equity(1)   11.86 %   14.09 %
    Net interest rate spread(1)   1.76 %   1.89 %
    Net interest margin(1)   2.03 %   2.12 %
    Fully taxable-equivalent net interest margin(2)   2.29 %   2.37 %
    Efficiency ratio(3)   56.60 %   52.84 %
    Non-performing assets to total assets   0.13 %   0.22 %
    Non-performing loans to net loans   0.25 %   0.38 %
    Allowance for credit losses on loans to non-performing loans   542.39 %   369.10 %
    Allowance for credit losses on loans to total loans   1.32 %   1.40 %
    Shareholders’ equity to total assets   7.52 %   6.85 %
    Dividend payout ratio(4)   24.32 %   21.05 %
    Actual dividends paid to net income(5)   24.48 %   21.05 %
    Book value per share $ 12.70   $ 10.82  
                 

    (1) Ratios are annualized when necessary.
    (2) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income.
    (3) The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income.
    (4) The dividend payout ratio has been calculated based on the dividends declared per share divided by basic earnings per share. No adjustments have been made to account for dividends waived by Greene County Bancorp, MHC (“MHC”), the Company’s majority shareholder, owning 54.1% of the shares outstanding.
    (5) Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024. Dividends declared during the three months ended September 30, 2023 and September 30, 2024 were paid to the MHC.

    Greene County Bancorp, Inc.
    Consolidated Statements of Financial Condition (Unaudited)

      At
    September 30, 2024    		   At
    June 30, 2024
    (Dollars In thousands, except share data)      
    Assets      
    Cash and due from banks $ 24,824     $ 13,897  
    Interest-bearing deposits   188,645       176,498  
    Total cash and cash equivalents   213,469       190,395  
           
    Long term certificate of deposit   2,579       2,831  
    Securities available-for-sale, at fair value   364,526       350,001  
    Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $466 and $483 at September 30, 2024 and June 30, 2024   701,919       690,354  
    Equity securities, at fair value   339       328  
    Federal Home Loan Bank stock, at cost   4,795       7,296  
           
    Loans receivable   1,501,212       1,499,473  
    Less: Allowance for credit losses on loans   (19,781 )     (19,244 )
    Net loans receivable   1,481,431       1,480,229  
           
    Premises and equipment, net   15,498       15,606  
    Bank owned life insurance   57,898       57,249  
    Accrued interest receivable   14,909       14,269  
    Prepaid expenses and other assets   17,258       17,230  
    Total assets $ 2,874,621     $ 2,825,788  
           
    Liabilities and shareholders’ equity      
    Noninterest bearing deposits $ 132,897     $ 125,442  
    Interest bearing deposits   2,352,977       2,263,780  
    Total deposits   2,485,874       2,389,222  
           
    Borrowings, short-term   63,000       115,300  
    Borrowings, long-term   29,781       34,156  
    Subordinated notes payable, net   49,727       49,681  
    Accrued expenses and other liabilities   29,941       31,429  
    Total liabilities   2,658,323       2,619,788  
    Total shareholders’ equity   216,298       206,000  
    Total liabilities and shareholders’ equity $ 2,874,621     $ 2,825,788  
    Common shares outstanding   17,026,828       17,026,828  
    Treasury shares   195,852       195,852  
           

    The above information is preliminary and based on the Company’s data available at the time of presentation.

    Non-GAAP to GAAP Reconciliations

    The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.

      For the three months ended September 30,
    (Dollars in thousands)   2024     2023  
    Net interest income (GAAP) $ 13,136   $ 13,439  
    Tax-equivalent adjustment(1)   1,713     1,563  
    Net interest income-fully taxable-equivalent basis (non-GAAP) $ 14,849   $ 15,002  
         
    Average interest-earning assets (GAAP) $ 2,589,580   $ 2,534,918  
    Net interest margin-fully taxable-equivalent basis (non-GAAP)   2.29 %   2.37 %
                 

    (1) Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three months ended September 30, 2024 and 2023, 4.44% for New York State income taxes for the three months ended September 30, 2024 and 2023.

    The following table summarizes the adjustments made to arrive at pre-provision net income.

      For the three months ended
    (Dollars in thousands) September 30, 2024   June 30, 2024   September 30, 2023  
    Net income (GAAP) $ 6,261   $ 6,732   $ 6,469  
    Provision for credit losses on loans   634     (151 )   457  
    Pre-provision net income (non-GAAP) $ 6,895   $ 6,581   $ 6,926  
                       

    The above information is preliminary and based on the Company’s data available at the time of presentation.

    For Further Information Contact:
    Donald E. Gibson
    President & CEO
    (518) 943-2600
    donaldg@tbogc.com

    Nick Barzee
    SVP & CFO
    (518) 943-2600
    nickb@tbogc.com

    The MIL Network –

  • MIL-OSI Asia-Pac: One De Brazza’s Monkey of Hong Kong Zoological and Botanical Gardens passes away

    Source: Hong Kong Government special administrative region

    One De Brazza’s Monkey of Hong Kong Zoological and Botanical Gardens passes away
    One De Brazza’s Monkey of Hong Kong Zoological and Botanical Gardens passes away
    ********************************************************************************

         The Leisure and Cultural Services Department (LCSD) announced that the De Brazza’s Monkey of the Hong Kong Zoological and Botanical Gardens (HKZBG) which had been put under isolation since October 13 was found dead today (October 22). The Agriculture, Fisheries and Conservation Department (AFCD) has conducted a necropsy on the animal body to ascertain the cause of death.     A total of 12 animals of the HKZBG have passed away since October 13. After receiving necropsy, pathological diagnosis and laboratory tests results by relevant government departments, and ruling out other possible causes of illness, it is confirmed that the cause of death of the 11 animals deceased earlier is sepsis induced by bacterium Burkholderia pseudomallei. Similar lesions were also found in the tissues of relevant organs of the 12th monkey that died today. Pathological diagnosis and testing are in progress.     The LCSD will continue to close the Mammals Section of the HKZBG to closely monitor the health conditions of the animals. At present, the health conditions of the 78 mammals are normal. The LCSD will also continue to provide protective gear and health monitoring for staff who take care of animals. The health conditions of staff concerned are normal.      The LCSD has all along been communicating with the AFCD and the Centre for Health Protection of the Department of Health, and has implemented appropriate protective measures and stepped up cleaning in accordance with their recommendations.

     
    Ends/Tuesday, October 22, 2024Issued at HKT 21:58

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: As a federal election campaign looms, Canadians must demand stronger ethics laws from politicians

    Source: The Conversation – Canada – By Ian Stedman, Associate Professor, Canadian Public Law & Governance, York University, Canada

    Canadian politics is at a crossroads. When Prime Minister Justin Trudeau took office in 2015, his open letter to Canadians promised them accountability and transparency. As Trudeau’s time as prime minister seems to be winding down, however, his government has been subject to nearly two dozen conflict-of-interest investigations, with Trudeau himself even violating conflict laws.

    Partisan vitriol, electioneering and political brinkmanship are ramping up, with pressing issues like inflation, crime, climate action and housing set to dominate the political news cycle. What must not get lost amid these policy concerns is the urgent need to strengthen Canada’s governmental ethics and accountability laws, especially given the growing Canadian distrust in politicians.

    That includes distrust of those in the current government. A 2023 poll found that two-thirds of 1,632 respondents don’t trust the Trudeau government, with only about a third expressing confidence in the Prime Minister’s Office and less than half trusting the House of Commons.

    The prime minister’s high-profile conflict-of-interest violations highlight the inadequacy of accountability measures. They illustrate that federal ethics laws need reform, particularly the Conflict of Interest Act that applies to public office holders (the Conflict of Interest Code applies to MPs in their role as MPs while the act applies to MPs in their role as ministers or parliamentary secretaries).

    As researchers who focus on the laws of public sector ethics and accountability, we believe ethics issues must be kept in public view and political parties should be pressured to offer meaningful reform ideas in their campaign and party platforms.



    Read more:
    U.S. election results may suggest ethics no longer matter … just like in Canada

    Trudeau’s conflict violations

    Trudeau first breached conflict-of-interest laws in late 2016 and early 2017, when he vacationed with his family on the private Caribbean island of the Aga Khan, a spiritual leader whose foundation is registered to lobby and has received money from the government.

    The prime minister accepted private helicopter travel and other gifts, violating multiple sections of the Conflict of Interest Act.

    Mary Dawson, the ethics commissioner at the time, found that Trudeau had failed to avoid a conflict or to seek advice from her office before accepting the trip. Despite these conclusions, Trudeau faced no formal punishment.

    Trudeau’s second violation was revealed in 2019 amid the SNC-Lavalin affair. In a nutshell, the prime minister attempted to pressure then-Attorney General Jody Wilson-Raybould to intervene in a criminal prosecution against the engineering firm, which has its head offices in the same province as Trudeau’s electoral riding.



    Read more:
    SNC-Lavalin & the need for fresh thinking around independence and interference

    The ethics commissioner concluded that Trudeau used his position in an attempt to improperly serve SNC-Lavalin’s interests, breaching provisions of the Conflict of Interest Act. While this scandal rocked the Liberals, Trudeau again faced no real consequences for his actions apart from some ministerial resignations and possibly a failure to gain more Liberal seats in the October 2019 election.

    These incidents have helped foster an environment where conflict-of-interest violations have become normalized. Former ministers Bill Morneau and Yasmin Ratansi, Liberal House Speaker Greg Fergus, current ministers Mary Ng and Randy Boissonnault, along with various government appointees, have all been caught in ethics scandals.

    No consequences

    Regardless of which party holds power, a striking flaw in Canada’s political ethics framework is the lack of clear consequences for violating the Conflict of Interest Act. While ethics commissioners have the authority to investigate and report on violations, their reports are published online and submitted to the prime minister, who then decides whether any consequences will apply.

    Any penalties the commissioner can impose are laughably small, with administrative monetary penalties of no more than a paltry $500 for failing to meet reporting requirements.

    This critical gap places the responsibility for imposing consequences under the act on the person who may have been the one to violate the rules, which is sometimes the leader of the government.

    The prime minister decides on the punishment, even if the investigation concerns a cabinet member. This raises concerns about impartiality. Is there any incentive for the prime minister to actually hold colleagues accountable when they violate conflict-of-interest laws?

    And what message does it send to an already distrustful electorate when the prime minister and his inner circle can repeatedly violate conflict laws, then determine whether they should face consequences for their actions?

    Ongoing ethics concerns

    Conservative Leader Pierre Poilievre, who was tenacious in 2020 when grilling the prime minister over conflict-of-interest concerns during the WE Charity scandal, seems determined to continue challenging the Liberals on their ethics record.

    Poilievre interrogates Trudeau over the prime minister’s third conflict investigation in five years, this one concerning the WE Charity scandal in 2020. (CTV News)

    Poilievre’s Conservatives recently raised concerns over the controversial appointment of Mark Carney as a special adviser to the Liberal Party. Being appointed to a party position instead of a government job allows Carney to avoid the ethics commissioner’s scrutiny of his private interests yet still advise government officials.

    Additionally, accusations that the Liberals mismanaged the Sustainable Development Technology Canada fund and used it as a “slush fund” for party insiders recently caused Parliament to grind to a halt. The government has refused to provide information on how the fund was managed.

    At the same time, allegations that Trudeau has avoided taking responsibility for foreign interference in Canada’s elections have provided the opposition with further ethics ethics ammunition for an election campaign looming on the horizon.

    Given Trudeau’s poor polling numbers, recent reports about Liberal MPs calling for him to step down and the imminence of yet another cabinet shuffle, government ethics and accountability must take centre stage if the country is to rebuild Canadian trust in government. Updating the Conflict of Interest Act would be a strong and necessary starting point.

    Ethics aren’t a luxury

    Since the Conflict of Interest Act cannot be updated without the involvement of legislators, a cynical observer might wonder how ethics standards can be strengthened.

    One answer is that the Conservatives’ relentless push for an election gives the public a perfect opportunity to demand that proposals to improve conflict-of-interest laws are part of the campaign platforms of all parties.

    This is exactly what happened in 2006 when Stephen Harper led the Conservatives to victory by pledging a more ethical and accountable Ottawa, although his government ultimately faced its own share of scandals.

    Ethical lapses in leadership must not be treated as secondary to pressing economic and social issues. Having a government that continuously strengthens and upholds its ethical standards should not be considered a luxury.

    Strong ethical governance is needed to restore and maintain public trust and to ensure our elected officials are working hard on behalf of Canadians — not in their own self-interest.

    Ian Stedman receives research funding from SSHRC and CIHR. He is also the 2024-25 Jocelyne Bourgon Visiting Scholar at the Canada School of Public Service.

    Matthew Cerilli 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. As a federal election campaign looms, Canadians must demand stronger ethics laws from politicians – https://theconversation.com/as-a-federal-election-campaign-looms-canadians-must-demand-stronger-ethics-laws-from-politicians-241710

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Global Financial Stability Report, October 2024 – Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability 

    Source: International Monetary Fund

    Chapter 1: Steadying the Course: Financial Markets Navigate Uncertainty 

    Chapter 1 delves into the financial vulnerabilities and imbalances challenging financial stability. With the expectation that monetary policy will continue to ease globally, financial conditions have remained accommodative, emerging markets have remained resilient and asset price volatility has stayed low, on net. However, accommodative financial conditions that keep near-term risks contained also facilitate the buildup of vulnerabilities, such as lofty asset valuations, the global rise in private and government debt, and increased use of leverage by nonbank financial institutions. These vulnerabilities could worsen future downside risks by amplifying adverse shocks, which have become more probable due to the widening disconnect between elevated economic uncertainty and low financial volatility. Furthermore, access to funding for economies with weaker fiscal buffers may become more constrained, and the slowing growth outlook in China, along with fragilities in its financial system, is a key downside risk to the global economy. Pressures on the commercial real estate sector also continue to be acute, and some midsized companies’ borrowings are becoming increasingly strained. These mounting vulnerabilities highlight the urgency for policymakers to address them. 

    MIL OSI Economics –

  • MIL-OSI: ARC Capital Venture LLC Sees Attractive Fixed Income Opportunities Amid Market Stability

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 22, 2024 (GLOBE NEWSWIRE) — ARC Capital Venture LLC has identified a growing wave of opportunity within the fixed-income investment market, as stabilizing economic conditions provide a more favorable environment for investors seeking both security and diversification. With bond markets benefiting from reduced volatility, government and corporate bonds have once again become essential components of diversified portfolios.

    The convergence of higher interest rates, central bank easing, and inflation control has created a uniquely attractive landscape for fixed-income investors. Bonds now offer a stable alternative to riskier assets, providing consistent returns while also serving as a hedge against potential stock market fluctuations. ARC Capital’s research indicates that the correlation between risk assets and bonds has normalized, enabling bonds to perform their traditional role as a stabilizing force within investment portfolios.

    Nicos Kezarides, Chief Executive Officer of ARC Capital Venture LLC, emphasized the current market climate as a prime time to explore the full potential of fixed-income investments. “The current economic environment is ideal for investors to explore the value that fixed-income investments provide, from government bonds to corporate bonds and innovative income solutions,” Kezarides stated. “We’re witnessing a resurgence of confidence in the bond market as it continues to provide balanced portfolios with both protection and competitive returns.”

    The combination of stabilizing inflation and anticipated rate cuts by central banks, such as the Federal Reserve, has contributed to strong demand for bonds. Investment-grade bonds are currently yielding between 4% and 5%, while high-yield bonds offer more attractive returns of around 7%. The improved economic backdrop has bolstered both investment-grade and high-yield bonds, which have outperformed the broader bond market in the past year.

    Corporate bonds, in particular, have been a standout in the fixed-income space. As businesses adjust to the evolving economic conditions, corporate bonds have benefited from tightening spreads and robust demand. Lower yields during periods of market risk aversion and tighter spreads in risk-on scenarios have made corporate bonds a stable and attractive option for income-focused investors. These dynamics have positioned corporate bonds as a preferred investment, offering both higher yields and less volatility compared to other fixed-income assets.

    Kezarides noted, “Both investment-grade and high-yield bonds have outperformed expectations this year, and we anticipate continued strength in the corporate bond space as investor demand remains high. This environment offers an excellent opportunity for those looking to add fixed-income solutions to their portfolios.”

    ARC Capital Venture LLC also highlighted the innovation occurring within the fixed-income sector. A growing number of income-oriented products, such as absolute return funds and target-date maturity funds, are helping investors achieve their financial goals. These products are designed to deliver returns regardless of benchmark performance, giving investors more control over outcomes and helping them navigate periods of economic uncertainty.

    The strategic use of derivatives in fixed-income portfolios has also emerged as a valuable tool, enabling investors to manage interest rate risks while taking advantage of inefficiencies in the bond market. By combining these strategies with traditional fixed-income investments, ARC Capital is providing a comprehensive approach that balances risks and maximizes returns.

    “As the economy continues to evolve, fixed income remains an essential tool for portfolio diversification and wealth preservation,” said Kezarides. “At ARC Capital, we are committed to helping our clients navigate this landscape, providing tailored fixed-income solutions designed to meet their financial goals.”

    With a positive outlook for fixed-income markets heading into 2025, ARC Capital Venture LLC remains optimistic about the continued strength of the bond market. The expected rate cuts and easing monetary policies from central banks, combined with stabilizing inflation, will likely fuel sustained growth in both government and corporate bonds. As central banks take steps to support economic stability, ARC Capital expects long-duration bonds to provide attractive yields, making fixed income an increasingly vital component of investor portfolios.

    For investors looking to capitalize on the opportunities within the fixed-income market, ARC Capital Venture LLC offers a range of strategies that cater to various risk appetites and financial goals. The firm’s approach emphasizes the importance of bonds as a means of safeguarding against market volatility while generating steady, long-term returns.

    For more information on ARC Capital services and market insights, please visit http://www.arc-capital.com or contact our team at info@arc-capital.com.

    This press release does not provide general or personal financial product advice, nor does it constitute a recommendation to engage in transactions or invest in fixed income securities. It should not be considered as a solicitation. Before making any investment decisions related to fixed-income securities, investors are advised to consult with their financial adviser and seek independent tax advice, considering their individual needs and financial circumstances.

    Media Relations
    ARC Capital Venture LLC
    Max Harrington, Head of Marketing
    max.harrington@arc-capital.com
    +1 (312) 820-1040
    10 South Riverside Plaza
    Suite 875
    Chicago, IL 60606

    The MIL Network –

  • MIL-OSI Asia-Pac: De Brazza’s Monkey dies

    Source: Hong Kong Information Services

    The Leisure & Cultural Services Department (LCSD) announced that the De Brazza’s Monkey at the Hong Kong Zoological & Botanical Gardens (HKZBG) that has been under isolation since October 13, was found dead today.

    The Agriculture, Fisheries & Conservation Department then conducted a necropsy on the animal to ascertain the cause of death.

    A total of 12 animals at the HKZBG have passed away since October 13.

    After receiving the necropsy, pathological diagnosis and laboratory test results by relevant government departments, it was confirmed that the cause of death of the previous 11 animals was sepsis induced by bacterium Burkholderia pseudomallei.

    Similar lesions were also found in the tissues of the organs of the monkey that died today.

    The LCSD will keep the HKZBG’s Mammals Section closed to monitor the health conditions of the animals. The health conditions of the 78 mammals are normal.

    It will also continue to provide protective gear and health monitoring for staff who take care of animals. The health conditions of the staff concerned are normal.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: $76 Million in Illegal E-Cigarettes Seized in Joint Federal Operation

    Source: US Department of Health and Human Services – 3

    For Immediate Release:

    Today, the U.S. Food and Drug Administration, in collaboration with U.S. Customs and Border Protection (CBP), announced the administrative seizure of approximately three million units of unauthorized e-cigarette products, with an estimated retail value of $76 million. The seizures were part of a July joint operation to examine incoming shipments and prevent illegal e-cigarettes from entering the country. 

    “The FDA is on high alert and, in coordination with our federal partners, remains committed to stopping unauthorized e-cigarettes at our nation’s borders,” said FDA Commissioner Robert M. Califf, M.D. “These products too often end up in kids’ hands, and the newly formed federal task force is well positioned to collectively combat this unscrupulous activity.”

    In June, the FDA and the Department of Justice announced a joint federal task force to curb the distribution and sale of illegal e-cigarettes. Operations like these are an example of ongoing law enforcement work across federal agencies, which are now increasing in frequency with the creation of the task force. 

    “CBP’s trade enforcement mission places a significant emphasis on intercepting illicit products that could harm American consumers,” said Troy A. Miller, Senior Official Performing the Duties of the Commissioner for CBP. “We will continue to work with our enforcement partners to identify and seize unsafe and unlawful goods.” 

    In preparation for the operation, the joint team worked for several months to review shipping invoices, identify potentially violative incoming shipments and complete other investigative work that led to this successful operation. Upon examining shipments, all of which originated in China, the team found various brands of illegal e-cigarettes, including Geek Bar and others. In an attempt to evade duties and detection, most of these unauthorized e-cigarettes were intentionally mis-declared as items with no connection to vaping products and with incorrect values. Products that are seized and forfeited to the government will be disposed of in accordance with CBP authorities. 

    “This isn’t the first joint seizure operation, and it won’t be the last – we will continue to relentlessly pursue those attempting to smuggle illegal e-cigarettes,” said Brian King, Ph.D., M.P.H., director of the FDA’s Center for Tobacco Products. “The $76 million these bad actors just put in the dumpster should be a sobering reminder that their time and money would be better spent complying with the law.”

    The joint federal task force will continue to focus on actions to stop the illegal importation and distribution of unauthorized e-cigarette products in the United States. This may include investigating and prosecuting new criminal, civil, seizure and forfeiture actions under the Prevent All Cigarette Trafficking Act; the Federal Food, Drug, and Cosmetic Act, as amended by the Family Smoking Prevention and Tobacco Control Act; and other authorities. Violations of these statutes can result in felony convictions and significant criminal fines, as well as civil monetary penalties. They can also result in seizures of unauthorized products, which can help to make illegal e-cigarettes less accessible, including to youth.

    Related Information

    Related Information

    ###

    Boilerplate

    The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation’s food supply, cosmetics, dietary supplements, radiation-emitting electronic products, and for regulating tobacco products.

    Inquiries

    Consumer:
    888-INFO-FDA

    MIL OSI USA News –

  • MIL-OSI USA: Congressmen Gaetz & Moulton Lead Bipartisan Legislation Holding Lockheed Martin and DoD Accountable for F-35 Aircraft Failures

    Source: United States House of Representatives – Congressman Matt Gaetz (1st District of Florida)

    Washington, D.C. — Today, U.S. Congressmen Matt Gaetz (R-FL) and Seth Moulton (D-MA) will introduce a bipartisan resolution expressing the sense of Congress that Lockheed Martin and its subcontractors are in breach of contract with respect to the F-35 deliverables and that the Department of Defense (DoD) has failed to adequately hold the program accountable.

    Last month, Rep. Gaetz spoke in the House Armed Services Committee about the federal government stifling innovation by giving Lockheed Martin “full-system performance” to fix their own failed F-35 program all while House appropriators have taken away funds service members need for child care and using those funds instead to buy more F-35s.

    “The federal government should not give ‘full-system performance’ contracts to companies responsible for their own failures. Today, I introduced a resolution to hold contractors accountable for breaching their F-35 obligations, while the Department of Defense has failed to enforce accountability.

    It’s unacceptable to leave the American taxpayer on the hook for a broken system and allow appropriators in Congress to divest funds from service members’ child care to invest in broken F-35s. We must stop rewarding failure and prioritize our military families,” said Congressman Gaetz.

    “For two decades, across multiple administrations and Congresses, Lockheed Martin has failed to deliver on the F-35. Every step in the program’s journey has been late, wildly over budget, and has produced a plane that does not perform as required. It’s time to hold Lockheed Martin publicly accountable for failing the American taxpayer,” said Congressman Moulton.

    Full text of Congressman Gaetz’s resolution can be found HERE. Additionally, exclusive coverage of the resolution by Breitbart News can be found HERE.

    ###

    For updates, subscribe to Congressman Gaetz’s newsletter here.

    MIL OSI USA News –

  • MIL-OSI Security: North Carolina Man Sentenced for Assaulting Law Enforcement During the January 6 Capitol Breach

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

             WASHINGTON— A North Carolina man was sentenced to prison today after he previously pleaded guilty to assaulting law enforcement during the Jan. 6, 2021, breach of the U.S. Capitol. His actions and the actions of others disrupted a joint session of the U.S. Congress convened to ascertain and count the electoral votes related to the 2020 presidential election.

             Curtis Davis, 45, of Snow Hill, North Carolina, was sentenced to 24 months in prison, 36 months of supervised release, the first six months of which to be served on home detention, and ordered to pay $2,000 in restitution by U.S. District Judge Amit P. Mehta. Davis previously pleaded guilty to one count of assaulting, resisting, or impeding certain officers on June 10, 2024.

             According to court documents, at about 3:00 p.m., on Jan.6, 2021, Davis entered the U.S. Capitol building via the East Rotunda doors and made his way into the Rotunda, where law enforcement officers were attempting to disperse a crowd of rioters. Inside the Rotunda, while pressed against a line of police officers, Davis forcibly attacked a Metropolitan Police Department (MPD) officer and attempted to grab ahold of the officer’s baton.

             At about 3:09 p.m., court documents say that Davis punched an MPD officer in the face shield and refused law enforcement orders to leave the building. A short while later, Davis punched another MPD officer in the head and forcibly pulled away a riot shield from another. Davis then used the shield to press against the backs of a line of rioters in an attempt to resist the efforts of police.

             Davis was then expelled from the Rotunda but later returned to the East Rotunda doors. Here, Davis, along with other rioters, attempted to push their way through a line of police officers into the Rotunda.  Davis then made his way to the front of the line of rioters and punched a riot shield held by an officer three times.

             Court documents say that later that night, Davis filmed a group of police officers with his cell phone camera before turning it around, filming his fist, and stating, “Them knuckles right there, from one of those m—f— faces at the Capitol.”

             The FBI arrested Davis on Dec. 8, 2023, in Snow Hill.

             The U.S. Attorney’s Office for the District of Columbia and the Department of Justice National Security Division’s Counterterrorism Section are prosecuting this case. The U.S. Attorney’s Office for the Eastern District of North Carolina provided valuable assistance.

             The FBI’s Charlotte and Washington Field Offices investigated this case. Valuable assistance was provided by the U.S. Capitol Police and the Metropolitan Police Department.

             In the 45 months since Jan. 6, 2021, more than 1,532 individuals have been charged in nearly all 50 states for crimes related to the breach of the U.S. Capitol, including more than 571 individuals charged with assaulting or impeding law enforcement, a felony. The investigation remains ongoing.

             Anyone with tips can call 1-800-CALL-FBI (800-225-5324) or visit tips.fbi.gov.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office for the Southern District of Florida Supports Justice Department’s Nationwide Election Day Program

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Ahead of the Threat Podcast: Episode Zero

    Welcome to Ahead of the Threat, the FBI’s new podcast miniseries that brings together an FBI cyber executive and a private sector chief information security officer. Join Bryan Vorndran, assistant director of the FBI’s Cyber Division, and Jamil Farshchi, a strategic engagement advisor for the FBI who also works as an executive vice president and CISO of Equifax, as they discuss emerging cyber threats and the enduring importance of cybersecurity fundamentals. Featuring distinguished guests from the business world and government, Ahead of the Threat will confront some of the biggest questions in cyber: How will emerging technology impact corporate America? How can corporate boards be structured for cyber resilience? What does the FBI think about generative artificial intelligence? Listen to new episodes biweekly and stay Ahead of the Threat.

    Charity and Disaster Fraud

    Charity fraud scams can come in many forms: emails, social media posts, crowdfunding platforms, cold calls, etc. They are especially common after high-profile disasters. Always use caution and do your research when you’re looking to donate to charitable causes.

    RYAN JAMES WEDDING

    Conspiracy to Distribute and Possess with Intent to Distribute Controlled Substances; Conspiracy to Export Cocaine; Continuing Criminal Enterprise; Murder in Connection with a Continuing Criminal Enterprise and Drug Crime; Attempt to Commit…

    Capitol Violence

    The FBI is seeking to identify individuals involved in the violent activities that occurred at the U.S. Capitol and surrounding areas on January 6, 2021. View photos and related information here. If you have any information to provide, visit tips.fbi.gov or call 1-800-CALL-FBI.

    MIL Security OSI –

  • MIL-OSI Security: Two Sudanese Nationals Indicted for Alleged Role in Anonymous Sudan Cyberattacks on Hospitals, Government Facilities, and Other Critical Infrastructure in Los Angeles and Around the World

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

    LOS ANGELES – A federal grand jury indictment unsealed today charges two Sudanese nationals with operating and controlling Anonymous Sudan, an online cybercriminal group responsible for tens of thousands of Distributed Denial of Service (DDoS) attacks against critical infrastructure, corporate networks, and government agencies in the United States and around the world.

    In March 2024, pursuant to court-authorized seizure warrants, the U.S. Attorney’s Office and FBI seized and disabled Anonymous Sudan’s powerful DDoS tool, which the group allegedly used to perform DDoS attacks, and sold as a service to other criminal actors.

    Ahmed Salah Yousif Omer, 22, and Alaa Salah Yusuuf Omer, 27, were both charged with one count of conspiracy to damage protected computers. Ahmed Salah was also charged with three counts of damaging protected computers.

    “Anonymous Sudan sought to maximize havoc and destruction against governments and businesses around the world by perpetrating tens of thousands of cyberattacks,” said United States Attorney Martin Estrada.  “This group’s attacks were callous and brazen—the defendants went so far as to attack hospitals providing emergency and urgent care to patients.  My office is committed to safeguarding our nation’s infrastructure and the people who use it, and we will hold cyber criminals accountable for the grave harm they cause.”

    “The FBI’s seizure of this powerful DDoS tool successfully disabled the attack platform that caused widespread damage and disruptions to critical infrastructure and networks around the world,” said Special Agent in Charge Rebecca Day of the FBI Anchorage Field Office. “With the FBI’s mix of unique authorities, capabilities, and partnerships, there is no limit to our reach when it comes to combating all forms of cybercrime and defending global cybersecurity.”

    “These charges and the results of this investigation, made possible through law enforcement and private sector partnerships, have an immeasurable impact on the security of networks in the U.S. and of its allies, and demonstrates the resolve of the Defense Criminal Investigative Service (DCIS) to safeguard the Department of Defense from evolving cyber threats,” said Kenneth A. DeChellis, DCIS Cyber Field Office, Special Agent in Charge. “Cybercriminals need to understand that if they target America’s warfighters, they will face consequences.”

    According to the indictment and a criminal complaint also unsealed today, since early 2023, the Anonymous Sudan actors and their customers have used the group’s Distributed Cloud Attack Tool (DCAT) to conduct destructive DDoS attacks and publicly claim credit for them. In approximately one year of operation, Anonymous Sudan’s DDoS tool was used to launch over 35,000 DDoS attacks, including at least 70 targeting computers in the greater Los Angeles area.

    Victims of the attacks include sensitive government and critical infrastructure targets within the United States and around the world, including the Department of Justice, the Department of Defense, the FBI, the State Department, Cedars-Sinai Medical Center in Los Angeles, and government websites for the state of Alabama.  Victims also included major U.S. technology platforms, including Microsoft Corp. and Riot Games Inc., and network service providers. The attacks resulted in reported network outages affecting thousands of customers.

    Anonymous Sudan’s DDoS attacks, which at times lasted several days, caused damage to the victims’ websites and networks, often rendering them inaccessible or inoperable, resulting in significant damages. For example, Anonymous Sudan’s DDoS attacks shuttered the emergency department at Cedars-Sinai Medical Center, causing incoming patients to be redirected to other medical facilities for approximately eight hours. Anonymous Sudan’s attacks have caused more than $10 million in damages to U.S. victims.

    The March 2024 disruption of Anonymous Sudan’s DCAT tool, called variously “Godzilla,” “Skynet,” and “InfraShutdown,” was accomplished through the court-authorized seizure of its key components. Specifically, the warrants authorized the seizures of computer servers that launched and controlled the DDoS attacks, computer servers that relayed attack commands to a broader network of attack computers, and accounts containing the source code for the DDoS tools used by Anonymous Sudan.

    An indictment is merely an allegation, and the defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    If convicted of all charges, Ahmed Salah would face a statutory maximum sentence of life in federal prison, and Alaa Salah would face a statutory maximum sentence of five years in federal prison.

    The investigation of Anonymous Sudan was conducted by the FBI’s Anchorage Field Office, the Defense Criminal Investigative Service, and the State Department’s Diplomatic Security Service Computer Investigations and Forensics Division.

    Assistant United States Attorneys Cameron L. Schroeder and Aaron Frumkin of the Cyber and Intellectual Property Crimes Section are prosecuting this case, with substantial assistance from Trial Attorney Greg Nicosia of the National Security Division’s National Security Cyber Section. Assistant United States Attorneys Schroeder and Frumkin, along with Assistant United States Attorney James Dochterman of the Asset Forfeiture Section, also obtained the seizure warrants for computer servers constituting Anonymous Sudan’s DCAT tool.

    The DOJ Criminal Division’s Office of International Affairs, the FBI’s International Operations Division and Behavioral Analysis Unit, and the U.S. Attorney’s Office for the District of Alaska aided in this investigation.

    These law enforcement actions were taken as part of Operation PowerOFF, an ongoing, coordinated effort among international law enforcement agencies aimed at dismantling criminal DDoS-for-hire infrastructure worldwide, and holding accountable the administrators and users of these illegal services.  Akamai SIRT, Amazon Web Services, Cloudflare, Crowdstrike, DigitalOcean, Flashpoint, Google, Microsoft, PayPal, SpyCloud and other private sector entities provided assistance in this matter.

    MIL Security OSI –

  • MIL-OSI Security: Miami Man Sentenced to Over Five Years in Prison and Ordered to Pay Over $3.8 Million for Fraudulently Billing Medicaid for Psychosocial Rehabilitation Services

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    MIAMI –Jose Davila Nunez, 51, of Miami, was sentenced on Oct. 11, to 63 months in federal prison to be followed by three years of supervised release for Medicaid fraud.  Davila was also ordered to pay $3,869,703 in restitution.

    Davila pled guilty to conspiracy to commit health care fraud on June 14.  According to the court record, to include the agreed upon factual proffer, Davila and his co-conspirators opened a mental health clinic called New Behavior Health Direction, Incorporated (New Behavior) located in Hialeah Gardens, Fla. and installed a nominee owner. Between April 2019 and September 2020, Davila and his co-conspirators submitted $3,869,703 in false claims to Medicaid for psychosocial rehabilitation (PSR) services, a type of mental health counseling designed to help people with depression, anxiety, and other mental disorders.  In September 2020, the nominee owner helped to withdraw the fraud proceeds, gave some of that money to Davila, and then the nominee owner fled to Cuba.  Davila’s company Max Medical Consulting Services, Incorporated of Miami, Fla. received approximately $500,000 in fraud proceeds from New Behavior.

    At the sentencing hearing, Davila was also held accountable for an additional $2,617,992 related to Davila and his co-conspirator’s conduct in paying illegal bribes to patients between November 2018 and December 2022 in exchange for PSR services at three other Miami clinics.  Those three clinics are Davila Medical Center, Incorporated, Advanced Community Wellness Center, and Larkin Behavior Health, Incorporated. 

    The U.S. government was able to seize approximately $1.7 million in cash related to New Behavior’s bank accounts. 

    U.S. Attorney for the Southern District of Florida Markenzy Lapointe; Special Agent in Charge Stephen Mahmood of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG), Special Agent in Charge Jeffrey B. Veltri of the FBI, Miami Field Office, and Florida Attorney General Ashley Moody for the Florida Office of the Attorney General Medicaid Fraud Control Unit (MFCU) made the announcement.

    HHS-OIG Miami, FBI Miami, and MFCU investigated this case. AUSA Timothy Abraham prosecuted the case. Assistant U.S. Attorney Jorge Delgado is handling asset forfeiture.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at http://www.flsd.uscourts.gov  or at http://pacer.flsd.uscourts.gov under 23-cr-20390.

    ###

    MIL Security OSI –

  • MIL-OSI Security: New York Man Pleads Guilty to Felony Civil Disorder During January 6 Capitol Breach

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

              WASHINGTON – A New York man pleaded guilty today to felony civil disorder during the Jan. 6, 2021, breach of the U.S. Capitol. His actions and the actions of others disrupted a joint session of the U.S. Congress convened to ascertain and count the electoral votes related to the 2020 presidential election.

              Christopher Douglas Finney, 32, of Hopewell Junction, New York, pleaded guilty to a single felony count of civil disorder before U.S. District Judge Trevor N. McFadden. Judge McFadden will sentence Finney on Jan. 24, 2025.

              According to court documents, Finney traveled from his home in New York State to attend a rally in Washington, D.C., on Jan. 6, 2021. While waiting near the Washington Monument for the rally to begin, Finney recorded himself asking, “what’s the building where they’re doing the counting at?” and after receiving an answer, stated, “we’re going up to the Capitol, eventually. We’re gonna storm the Capitol. They’re not gonna keep us outta there. We’re gonna make sure that this is done correct and that Donald Trump is still our president.”

              When he made the recording, Finney was wearing plastic goggles with a red border and a protective plate carrier vest with pouches containing white plastic flex cuffs and a silver canister similar to a container for chemical spray. Before leaving the area near the Monument, Finney repeated, “We’re gonna storm the Capitol. We’re gonna do this correct. We’re not gonna back down, stand down, we the people will not be silent anymore.” Finney was also recorded wearing a knife in a holster on his right hip.

              Finney entered the restricted perimeter around Capitol grounds and toward the West Lawn and gestured for the crowd to follow him. Finney recorded his approach to the Capitol across the lawn and as he scaled a wall. Finney remained near the Capitol’s West Front, moving from the scaffolding at its southwest corner to covered scaffolding above the northwest steps. Finney then ascended the steps, breached a police line leading to the Upper West Terrace Northwest Courtyard, and approached the Senate Wing Doors.

              At approximately 2:14 p.m., Finney entered the Capitol building through the Senate Wing Doors. Once inside, he turned north, encountered police, and hastily retreated, climbing out of a broken window. Finney re-entered the building through the Senate Wing Doors. After re-entering, Finney made his way through the Crypt and the OAP (Office of the Attending Physician) corridor and eventually exited the Capitol through the Memorial Doors.

              Finney eventually made his way to the Capitol’s Lower West Terrace, where he joined other rioters, including several carrying makeshift weapons, outside of the Lower West Terrace Tunnel, the site of some of the most violent attacks against law enforcement that day. There, rioters were struggling to forcibly breach a police line preventing the mob from accessing the Capitol’s interior. One rioter yelled, “Push, push, push,” and Finney responded by joining a crowd in a group push against the police line. The force from the group push reached officers in and behind the first line of officers, while rioters at the front of the group push made direct physical contact with officers at the front of the police line.

              Finney remained on the Lower West Terrace, watching and recording as other rioters violently attacked officers defending the Lower West Terrace exit. He remained within the Capitol’s restricted perimeter until after dark.

              The FBI arrested Finney on Feb. 8, 2024, in New York.

              This case is being prosecuted by the U.S. Attorney’s Office for the District of Columbia and the Department of Justice National Security Division’s Counterterrorism Section. Valuable assistance was provided by the U.S. Attorney’s Office for the Southern District of New York.

              This case is being investigated by the FBI’s New York and Washington Field Offices. Valuable assistance was provided by the U.S. Capitol Police and the Metropolitan Police Department.

              In the 45 months since Jan. 6, 2021, more than 1,532 individuals have been charged in nearly all 50 states for crimes related to the breach of the U.S. Capitol, including more than 571 individuals charged with assaulting or impeding law enforcement, a felony. The investigation remains ongoing.

              Anyone with tips can call 1-800-CALL-FBI (800-225-5324) or visit tips.fbi.gov.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney Announces District Election Officer for 2024 Election

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

              WASHINGTON – United States Attorney Matthew M. Graves announced today that Assistant United States Attorney (AUSA) Elizabeth Aloi will lead the efforts of the Office in connection with the Justice Department’s nationwide Election Day Program for the upcoming November 5, 2024, general election.  AUSA Aloi has been appointed to serve as the District Election Officer (DEO) for the District of Columbia, and in that capacity is responsible for overseeing the District’s handling of election day complaints of voting rights concerns, threats of violence to election officials or staff, and election fraud, in consultation with Justice Department Headquarters in Washington.

              United States Attorney Graves said, “Every citizen must be able to vote without interference or discrimination and to have that vote counted in a fair and free election.  Similarly, election officials and staff must be able to serve without being subject to unlawful threats of violence.  The Department of Justice will always work tirelessly to protect the integrity of the election process.”

              The Department of Justice has an important role in deterring and combatting discrimination and intimidation at the polls, threats of violence directed at election officials and poll workers, and election fraud.  The Department will address these violations wherever they occur.  The Department’s longstanding Election Day Program furthers these goals and also seeks to ensure public confidence in the electoral process by providing local points of contact within the Department for the public to report possible federal election law violations.

              Federal law protects against such crimes as threatening violence against election officials or staff, intimidating or bribing voters, buying and selling votes, impersonating voters, altering vote tallies, stuffing ballot boxes, and marking ballots for voters against their wishes or without their input.  It also contains special protections for the rights of voters, and provides that they can vote free from interference, including intimidation, and other acts designed to prevent or discourage people from voting or voting for the candidate of their choice.  The Voting Rights Act protects the right of voters to mark their own ballot or to be assisted by a person of their choice (where voters need assistance because of disability or inability to read or write in English).   

              United States Attorney Graves stated that: “The franchise is the cornerstone of American democracy.  We all must ensure that those who are entitled to the franchise can exercise it if they choose, and that those who seek to corrupt it are brought to justice.  In order to respond to complaints of voting rights concerns and election fraud during the upcoming election, and to ensure that such complaints are directed to the appropriate authorities, AUSA/DEO Aloi will be on duty in this District while the polls are open.  She can be reached by the public at the following telephone numbers: 202-252-7212.”

              In addition, the FBI will have special agents available in each field office and resident agency throughout the country to receive allegations of election fraud and other election abuses on election day. The local FBI field office can be reached by the public at (202) 278-2000.

               Complaints about possible violations of the federal voting rights laws can be made directly to the Civil Rights Division in Washington, DC by complaint form at https://civilrights.justice.gov/ or by phone at 800-253-3931.

               United States Attorney Graves said, “Ensuring free and fair elections depends in large part on the assistance of the American electorate.  It is important that those who have specific information about voting rights concerns or election fraud make that information available to the Department of Justice.”

               Please note, however, in the case of a crime of violence or intimidation, please call 911 immediately and before contacting federal authorities.  State and local police have primary jurisdiction over polling places, and almost always have faster reaction capacity in an emergency. 

    MIL Security OSI –

  • MIL-OSI USA: IAM Members Get Out the Vote with Philadelphia AFL-CIO

    Source: US GOIAM Union

    The Nov. 5 national election date is approaching and IAM members have been in the city of Philadelphia and the battleground state of Pennsylvania. 

    The AFL-CIO is coordinating a massive canvass of all union members in the area and urging them to vote for pr-labor candidates. The teams of union members are walking neighborhoods and giving out election information to households asking them if they have made a plans to vote.

    Pennsylvania State Rep. Elizabeth Fiedler took time to meet with the union members and thank them for their efforts to talk to union members about voting. 

    “I’m making sure unions are strong so the next generation of workers have the ability to join,” said Fiedler

    More than 50 members from several AFL-CIO unions gathered this past Saturday at the Philadelphia’s Seafarers International Hall for the weekly labor walk. The members were given instructions on where they would be going for the morning midday action in the city. Various union members from several AFL-CIO unions took time to talk to the IAM Communications Department to explain why this election is important to them. 
      
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    MIL OSI USA News –

  • MIL-OSI Russia: Dmitry Patrushev got acquainted with the progress of construction of plants for energy waste utilization

    Translation. Region: Russian Federation –

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

    Dmitry Patrushev got acquainted with the progress of construction of the Svistyagino waste energy recycling plant

    October 22, 2024

    Dmitry Patrushev got acquainted with the progress of construction of the Svistyagino waste energy utilization plant

    October 22, 2024

    Svistyagino Waste to Energy Utilization Plant

    October 22, 2024

    Svistyagino Waste to Energy Utilization Plant

    October 22, 2024

    Svistyagino Waste to Energy Utilization Plant

    October 22, 2024

    Svistyagino Waste to Energy Utilization Plant

    October 22, 2024

    Svistyagino Waste to Energy Utilization Plant

    October 22, 2024

    Svistyagino Waste to Energy Utilization Plant

    October 22, 2024

    Previous news Next news

    Dmitry Patrushev got acquainted with the progress of construction of the Svistyagino waste energy recycling plant

    During a working visit to the Moscow Region, Deputy Prime Minister Dmitry Patrushev familiarized himself with the progress of construction work at two waste-to-energy recycling plants – Timokhovo and Svistyagino.

    The construction readiness of the Svistyagino plant is 92%. It is planned to put it into operation this year. The launch dates of the energy waste recycling plants have been repeatedly postponed, and, as the Deputy Prime Minister noted, it is necessary to sort out all the problems preventing their commissioning, and to prevent another change in the deadlines.

    The company “RT-Invest” is implementing projects for the construction of plants for the energy utilization of solid municipal waste.

    “Five enterprises with a total capacity of over 3 million tons are being built in the Moscow Region and the Republic of Tatarstan. The total investment volume is 188 billion rubles. The government provided state support to the projects,” Dmitry Patrushev emphasized.

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

    MIL OSI Russia News –

  • MIL-OSI Canada: Manitoba Government Supports Workers by Restoring 1:1 Apprenticeship Ratio

    Source: Government of Canada regional news

    October 22, 2024

    Manitoba Government Supports Workers by Restoring 1:1 Apprenticeship Ratio

    – – –
    Changes Promote Safety and Support Quality Hands-On Education: Moses

    Regulatory changes that restore the 1:1 apprentice-to-journeyperson ratio and modernize training programs will come into effect Oct. 30, Economic Development, Investment, Trade and Natural Resources Minister Jamie Moses announced today.

    “Restoring the 1:1 ratio supports safe and higher quality training for workers,” said Moses. “All Manitobans deserve to come home safely at the end of their workday.”

    Changes to the Apprenticeship and Certification General Regulation will also ensure apprentices receive high-quality supervision and appropriate supports throughout their training program, noted the minister.

    “Apprenticeship is the training program, Red Seal is the career,” said Tanya Palson, executive director, Manitoba Building Trades. “This change will help young Manitobans feel sure that when they enter the training program, they are supported to completion so that they can build their careers and support their families here at home.”

    The previous government removed the 1:1 ratio requirement, compromising the safety of Manitoba workers, the minister said, adding that the 1:1 ratio was established in response to the 1999 death of Michael Skanderberg, who was killed on the job while working unsupervised.

    “I applaud the Manitoba government for restoring the 1:1 apprentice-to-journeyperson ratio,” said Cindy Skanderberg, mother of Michael Skanderberg. “Every day I will fight to keep Manitoba workers safe. This will save lives.”

    Other regulatory changes will modernize the apprenticeship system to reduce administrative burdens and improve Manitoba’s competitiveness with other Canadian jurisdictions, noted the minister.

    “IBEW 2085 strongly opposed the 2:1 ratio because for someone training to be an electrician, proper supervision can be a matter of life and death,” said Dave McPhail, business manager, International Brotherhood of Electrical Workers (IBEW) 2085. “Restoring the ratio to 1:1 means that this government is serious about building Manitoba with highly skilled, properly trained Red Seals.”

    The minister noted existing apprenticeship agreements can continue if:

    • employers have been permitted to have journeypersons supervise more than one apprentice;
    • apprentices actively demonstrate continued progress in their apprenticeship program under pre-existing employment agreements; and
    • journeypersons do not take on additional apprentices.

    This is the first step in the Manitoba government’s improvement of the apprenticeship program, creating good jobs for Manitobans and reaching its commitment of creating 10,000 skilled labour jobs, noted the minister. The government is also fulfilling its commitment to do a review of the operations of Apprenticeship Manitoba to look for efficiencies and modernization. That work is ongoing and stakeholder consultation will begin next month, the minister added.

    “A modernized and responsive apprenticeship training and certification system is good for workers, grows industry and moves our province forward,” said Moses. “These changes will ensure Manitoba continues to provide an attractive market to meet the growing demands for skilled labour of the future.”

    For more information on Manitoba’s apprenticeship and certification system and recent regulatory updates, visit http://www.gov.mb.ca/aesi/apprenticeship/index.html.

    – 30 –

    MIL OSI Canada News –

  • MIL-OSI Canada: Government of Canada announces creation of external advisory panel on the creation and dissemination of scientific information in French

    Source: Government of Canada News

    The Government of Canada is investing $8.5 million over five years to support French-language research in Canada

    GATINEAU, October 22, 2024

    Canadians value French and scientific research. We also value our post-secondary education system and research in French in Canada. For many years, French-speaking researchers have had to contend with several major obstacles: the fragility of Francophone research infrastructure, the lack of appropriate resources and the predominance of English in the dissemination of scientific knowledge. That is why the Government of Canada is committed to improving conditions for the production and dissemination of scientific research in French in Canada.

    Today, the Honourable Randy Boissonnault, Minister of Employment, Workforce Development and Official Languages, announced an investment of $8.5 million over five years to support and strengthen Canada’s French-language research ecosystem. This investment aims to respond to the pressing challenges facing French-speaking researchers by offering them better support for the production, discoverability and dissemination of their work in French.

    To support this effort, an external advisory group on the creation and dissemination of scientific information in French will be established. This group will provide advice and recommendations to Minister Boissonnault and develop a federal strategy to ensure the long-term viability of Canada’s French-language research ecosystem.

    The advisory panel’s mandate will be to analyze the current dynamics of the creation and dissemination of scientific knowledge in French in Canada. It will also propose actions that account for the dynamics of official language minority communities and Quebec.

    The panel is made up of experts and specialists from across Canada who will share their knowledge and experience in a variety of fields. They are:

    • Anne Leis, Professor, University of Saskatchewan
    • Danielle de Moissac, Professor, Université de Saint-Boniface
    • Gary W. Slater, Professor, University of Ottawa
    • Linda Cardinal, Professor and Associate Vice-President of Research, Université de l’Ontario français
    • Mamadou Fall, Distinguished University Professor and Director, University of Ottawa
    • Valérie Lapointe-Gagnon, Associate Professor, Faculté Saint-Jean, University of Alberta
    • Vincent Larivière, Professor, Université de Montréal
    • Michelle Landry, Associate Professor, Université de Moncton
    • Rémy Léger, Professor, Simon Fraser University
    • Patrick Poirier, Executive Director Les Presses, Université de Montréal

    The Government of Canada’s investment is part of its broader commitment to promoting official languages and supporting Francophone communities across the country, while contributing to an inclusive and diverse research environment.

    The government’s investment was made through the Action Plan for Official Languages 2023–2028: Protection-Promotion-Collaboration, unveiled April 26, 2023. It allows the Government of Canada to support measures focused on Francophone immigration, economic development, education, justice, health, arts and culture.

    John Fragos
    Communications Advisor
    Office of the Minister of Employment, Workforce Development and Official Languages
    john.fragos@hrsdc-rhdcc.gc.ca

    MIL OSI Canada News –

  • MIL-OSI Canada: Piloting New Ways to Make Homes More Energy-Efficient and Affordable

    Source: Government of Canada News

    News release

    October 22, 2024                                            Ottawa, Ontario           Natural Resources Canada

    Canada’s buildings sector is the third-largest contributor to greenhouse gas emissions across the country.  We must increase the scale and pace of retrofitting buildings across the country to make them more energy-efficient, increasing savings and reducing emissions.

    Today, Parliamentary Secretary Julie Dabrusin, on behalf of the honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced a federal investment totalling $4.3 million for five projects , funded under the Greener Neighbourhoods Pilot Program (GNPP) and the Energy Innovation Program (EIP), to support and inform deep energy retrofits.  

    The announcement was hosted with EnviroCentre at Gloucester’s Carver Place neighbourhood. EnviroCentre received over $2 million from NRCan’s programs for its project, which will develop the local building sector’s capacity to perform deep retrofits faster, saving time and money for retrofits in social housing across eastern Ontario. By customizing renovations for homes in eastern Ontario, this project will help save money for the families who need it most while also increasing the energy efficiency of their homes.

    Gloucester’s Carver Place neighbourhood showcases how deep energy retrofits can deliver economic and environmental benefits for affordable housing, leading the way for future work that will create better and more affordable homes. Retrofits through the federally funded project will include:

    • replacement of traditional furnaces with electric heat pumps
    • upgrades to attic insulation and air sealing
    • installation of new heat recovery ventilation systems to improve indoor air quality

    Other projects announced today include:

    • $1 million for the ReCover Initiative to develop a practical approach to deep energy retrofits for the most common types of residential buildings in Atlantic Canada.
    • $1 million for the First Nations Power Authority of Saskatchewan to support the adoption of community-scale deep energy retrofits in Indigenous communities.
    • $602,836 for Sustainable Buildings Canada to accelerate deep energy retrofits for Ontario’s social housing.  
    • $775,897 for Retrofit Canada Society for development of a National Retrofit Repository of case studies and solutions to inform on deep energy retrofits across Canada.

    These projects will save money for building owners while reducing emissions that contribute to climate change.

    Quotes

    “By retrofitting buildings across the country, we can make communities more resilient to climate-related impacts while reducing emissions and utility bills for Canadians, increasing energy efficiency and creating good-paying jobs in construction and maintenance.”

    Julie Dabrusin

    Parliamentary Secretary to the Ministers of Environment and Climate Change and Natural Resources

    “Energy efficiency means cost savings for Canadians. At a time when we are facing challenges with affordability and climate change, affordable energy efficiency projects like the ones announced today meet Canadians where they are at and delivers the action they need, at the pace and scale they are demanding. Programs like the GNPP help deliver on the commitments announced recently in Canada’s first-ever Green Buildings Strategy, which is a plan to save Canadians money, create jobs and seize the economic opportunities that a clean and sustainable economy presents.”

    The Honourable Jonathan Wilkinson

    Minister of Energy and Natural Resources 

    Quick facts

    • A deep energy retrofit is an extensive overhaul of a building’s systems that can generate large savings in energy costs, improve comfort and help decarbonize buildings. Measures may include:

      o   replacing the roof

      o   adding insulation in exterior walls

      o   replacing the heating, ventilation and air-conditioning system with a more efficient system like an electric heat pump

    • Deep energy retrofits typically save at least 50 percent in energy consumption, reduce emissions by 80 percent, reduce utility costs and may in some circumstances improve resiliency and adaptation to climate change.

    • Results from Carver Place neighbourhood test cases are promising, demonstrating an average annual energy reduction of 42 percent — approximately 35.5 gigajoules — and 2.4 tonnes of greenhouse gas (GHG) emissions, an 82-percent improvement

    • EnviroCentre received $1 million in funding through GNPP, through today’s announcement, and an additional $1 million dollars in funding through the Toward Net-Zero Homes and Communities (TNZ) funding program to retrofit over 80 townhomes for low-income residents. This TNZ funding was previously announced in July during the release of the Canada Green Building Strategy. 

    • Since 2016, the federal government has dedicated more than $10 billion toward decarbonizing homes and buildings through energy-efficient retrofits. 

    • With $35.5 million in total funding over five years, GNPP is piloting the Energiesprong deep energy retrofit model in the Canadian market, which accelerates the pace and scale of retrofits by aggregating similar homes and buildings in a neighbourhood to create mass demand for deep energy retrofits. 

    • NRCan’s Energy Innovation Program advances clean energy technologies that will help Canada meet its climate change targets while supporting the transition to a low-carbon economy. It funds research, development and demonstration projects and other related scientific activities.

    Associated links

    Contacts

    Natural Resources Canada
    Media Relations
    343-292-6096
    media@nrcan-rncan.gc.ca

    Cindy Caturao
    Press Secretary
    Office of the Minister of Energy and Natural Resources
    Cindy.caturao@nrcan-rncan.gc.ca

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    MIL OSI Canada News –

  • MIL-OSI Canada: Bringing balance to Alberta’s financial system

    Source: Government of Canada regional news

    Balance Trust Company has officially been registered as an Alberta-based trust corporation under the Loan and Trust Corporations Act. On Oct. 17, Alberta’s government issued the company its certificate of registration, enabling it to offer cryptocurrency and other digital asset custodial services to investors in Alberta and other authorized jurisdictions.

    “We are proud to support innovative companies like Balance Trust Company. With its registration, Alberta strengthens its position as a leader in the finance and financial technology sector. Our commitment to the sector’s growth keeps us at the forefront of financial innovation, boosts our economy and provides greater security for investors.”

    Nate Horner, President of Treasury Board and Minister of Finance

    Balance Trust Company leveraged Alberta’s financial services concierge, a service designed to guide financial services and fintech companies through the province’s regulatory landscape. Alberta’s government established the financial services concierge and regulatory sandbox to help companies set up shop in Alberta.

    With Canada’s digital asset market continuing to grow, the presence of more licensed custodians reduces Canadian investors’ reliance on foreign entities, enhancing compliance and control over their investments. Balance Trust Company’s presence in Alberta will promote healthy competition, attract further investment and reinforce the province’s reputation as a hub for financial innovation.

    “Since 2021, public fund managers and restricted dealers have sent more than $5 billion worth of investor assets to the U.S. due to the lack of local custodians. It’s time to bring them back, and I can’t think of a better home for those assets than Alberta. We’re grateful to Minister Horner and the entire team at the Alberta Treasury Board and Finance for recognizing the criticality of this task and for enabling us to bring this much-needed infrastructure to our local ecosystem.”

    George Bordianu, president and CEO of Balance

    Quick facts

    • Balance Trust Company is a subsidiary of Balance, Canada’s oldest and largest digital asset custodian.
    • Balance Trust Company is Alberta’s second registered digital asset custodian, after Tetra Trust which was registered in 2021.
    • Balance Trust Company is the only custodian with a proprietary technology platform developed entirely in-house through more than seven years of continuous research and development.

    MIL OSI Canada News –

  • MIL-OSI United Kingdom: Joint Statement following the meeting of the Specialised Committee on the Implementation of the Windsor Framework

    Source: United Kingdom – Executive Government & Departments

    The UK Government and European Commission gave a statement after the Specialised Committee on the Implementation of the Windsor Framework meeting.

    The Specialised Committee on the Implementation of the Windsor Framework met today, co-chaired by officials from the UK Government and the European Commission.

    The co-chairs took stock of the implementation of the Windsor Framework since the last meeting on 18 July 2024. The co-chairs welcomed the operationalisation of tariff rate quotas for certain agricultural products. They discussed the intensive work underway in the areas of agrifood, customs, medicines and trade. They underlined the importance of progressing concrete actions to ensure the full operation of the safeguards and flexibilities of the Windsor Framework for the benefit of people and businesses in Northern Ireland. The co-chairs agreed that further progress would require ongoing commitment and determination, including to deliver tangible practical steps to address outstanding implementation issues. 

    They noted the importance of continued constructive joint working to support those efforts and monitor progress in looking ahead to forthcoming milestones, to ensure the full, timely and faithful implementation of all the elements of the Framework. 

    The Committee co-chairs also took stock of the work of the Joint Consultative Working Group and its structured sub-groups, and reiterated the importance of continued joint engagement with Northern Ireland stakeholders.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Help Us Elect Pro-Labor Candidates

    Source: US GOIAM Union

    Election Day is approaching fast, and that means we need to rev up our efforts to get votes for the IAM-endorsed candidates! 

    Our union endorses candidates because elected officials impact our members, contracts, health care and retirement. 

    Help us engage with fellow union members about this critical election and its repercussions through a get-out-the-vote opportunity near you!

    It’s easy – just find a canvassing event in your area by clicking the link below! 

    We want to talk with fellow union members about the candidates’ positions on key issues that will affect working people and labor unions.

    There are lots of ways to help! If you’re not in the mood to knock on doors, try phone banking in-person and virtually.

    With the threat of Project 2025, it is absolutely crucial to get involved and help elect the pro-labor candidates who will work for working families and fight for their rights. 

    Early voting and mail-in voting has already started in some states. Click here to find the early voting schedule in your state. 

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    MIL OSI USA News –

  • MIL-OSI Canada: Satellite data to tackle a changing climate

    Source: Government of Canada News

    Media advisory

    Longueuil, Quebec, — From to , the Canadian Space Agency (CSA) is hosting the 38th Committee on Earth Observation Satellites (CEOS) plenary meeting. The CEOS plenary brings together the expertise and knowledge of some 80 international representatives from space agencies and government entities to maximize the benefits of satellite Earth observation (EO) initiatives, particularly related to protecting and preserving our planet’s biodiversity.

    Canada has a long history as a global leader in satellite EO technology. The CSA was appointed as CEOS Chair in for a one-year period, during which the committee has been focused on supporting climate change mitigation, adaptation, and biodiversity monitoring and protection. This includes advancing the collection and sharing of critical EO data to help prevent global biodiversity loss.

    As Canada faces many challenges due to its changing climate, EO satellites have proven to be valuable tools to better understand climate processes and their impacts. Advancements in satellite data technologies help to examine ecosystems, manage resources and ensure the safety of Canadians.

    Media interested in speaking with a CSA expert may contact the Media Relations Office.

    Additional links

    – 30 –

    Contact information

    Canadian Space Agency
    Media Relations Office
    Telephone: 450-926-4370
    Email: asc.medias-media.csa@asc-csa.gc.ca
    Website: http://www.asc-csa.gc.ca
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    MIL OSI Canada News –

  • MIL-OSI United Kingdom: Manx National Insurance Fund – sustainability report

    Source: United Kingdom – Executive Government & Departments

    A new report on the Manx National Insurance Fund includes analysis from GAD. It includes options to ensure long-term funding sustainability.

    Credit: Unsplash

    The Isle of Man Treasury has published ‘The Manx National Insurance Fund – Addressing the long-term sustainability of the Island’s Social Security Benefits and National Insurance Scheme’.

    This report includes analysis carried out by the Government Actuary’s Department (GAD).

    Background

    GAD carries out a review of the Manx National Insurance Fund every 5 years for the Isle of Man Treasury. These reviews assess the financial position of the Fund and project how it is expected to change over the next 60 years.

    The most recent review was carried out in 2022 and showed that, without any additional financing, the Fund is projected to be exhausted by 2048. Following this, the Isle of Man Treasury worked with GAD exploring how potential changes to the benefits paid out of the Fund would impact its financial position.

    Credit: Shutterstock

    Sustainability report

    The Isle of Man Treasury has used GAD’s analysis to feed into its considerations around the long-term sustainability of the Fund and has now published a report summarising its position.

    The report sets out the background of the Isle of Man’s Social Security scheme. It also includes the options the Isle of Man Treasury is considering, to ensure the long-term funding is sustainable and Fund exhaustion is prevented.

    GAD actuary, Laura Young, has been leading the actuarial work and said: “It has been very interesting to work on the Manx National Insurance Fund and see our calculations being used by the Isle of Man Treasury to consider key policy decisions.

    “Knowing our analysis will be read and discussed by senior figures within the Isle of Man government is really exciting and I am proud that GAD’s work is feeding directly into such an important debate.”

    GAD showed the impact of various changes in benefit increases which have been included in the sustainability report. The Isle of Man Treasury plans to engage with Tynwald Members and provide a further report ahead of their next budget in February 2025.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom –