NewzIntel.com

Category: Politics

  • MIL-OSI Australia: Transcript – ABC Melbourne Mornings with Justin Smith

    Source: Murray Darling Basin Authority

    JUSTIN SMITH, HOST: Yesterday the Albanese Government announced legislation around child care, introduced the legislation into Parliament. The main part of this is the threat to withdraw funding from centres that do not come up to standard. The Federal Minister for Early Childhood Education, Victorian Senator Jess Walsh, is in our Canberra studio. Minister, good morning.

    SENATOR DR JESS WALSH, MINISTER FOR EARLY CHILDHOOD EDUCATION AND MINISTER FOR YOUTH: Good morning, Justin. Thanks for having me.

    SMITH: With this new plan, how would that have prevented what we’re now talking about?

    WALSH: Well, this has been a really distressing time, Justin, for families in Victoria, families of the children who are affected. Really, all parents of children who have their kids in early childhood education are watching on and they want strong action. So we have introduced legislation into the first sitting of our new Parliament to cut Commonwealth funding from those providers who do put profit ahead of child safety. This is a big lever that we have in the Commonwealth. We fund early learning centres through the Commonwealth Child Care Subsidy. This legislation will allow us for the first time to withdraw that subsidy from those providers who consistently and persistently fail to put child safety first.

    SMITH: OK. This has come up, though, because of what, particularly in Victoria, as you’re a Victorian Senator, what we’ve seen in the last three weeks. So, for that reason, you’re introducing this legislation. So how is that going to prevent what we’ve been talking about and what we’ve been seeing? How will it change that? How will it stop that?

    WALSH: Yeah, Justin, we announced this legislation some months ago and it certainly is in response to concerns about quality and safety in early childhood education. We know that the vast majority of providers do the right thing. We know that the vast majority of our dedicated, passionate early childhood educators do the right thing. But there is a small number of repeat offenders who this legislation is targeted at. It allows us to withdraw funding from those providers, it allows us to stop them expanding, and it allows us to take a range of actions against them, right from issuing them with show-cause notices, imposing conditions on their services, and again right through to withdrawing funding.

    SMITH: No, no, I understand. I understand. And respectfully, forgive me for interrupting, but I will have to ask the same question again. How is that going to prevent what we’re talking about? If somebody is working in the industry, they have got red flags against them but there are no charges and then they pop up at another child care centre, with the proposals that you’re now putting in place, how is that going to prevent that?

    WALSH: Yeah, thanks Justin. So, there’s two big pieces of work going on here and I hope you’ll let me go through them because –

    SMITH: Sure.

    WALSH: It’s really important, Justin. So, there’s our Commonwealth legislation, we have a big lever, being the funding and I’ve taken you through that. At the same time the Commonwealth States and Territories are working together shoulder-to-shoulder on a big package of reform – a strong and significant package of child safety reform. And that goes to some of the other things that are being discussed right now, including the first ever nationwide register of early childhood educators. You’re right that there have been flags raised about this alleged offender in Victoria. What we need is a nationwide register of early childhood educators that allows us to see those flags. And that register needs to be integrated with working with children checks. And yes, this individual, this alleged offender, had a working with children check. And it needs to be integrated with other information that we have about substantiated complaints and conduct against individuals. And that’s what we’re working towards. That register will raise those flags.

    SMITH: Yep.

    WALSH: It will allow us to track that behaviour, Justin, and provide information to regulators around the country about action that needs to be taken.

    SMITH: Just on that register, before you move on to anything else, the Productivity Commission recommended that last year. How long is that going to take to get up and running?

    WALSH: So, we’re working on it right now. As you’ve said, the Victorian Government is also working on these matters as well. They’ve announced their own register. We’re having discussions with them about making sure that it will be harmonised into the nationwide register. I think people want us to work together and we are. We do know that early childhood educators and providers cross borders and we need one strong national harmonised approach where we can see where our early childhood educators are working and where every regulator across the country can see those red flags.

    SMITH: How long will it take for the register to get up and running?

    WALSH: So, Justin, I don’t have an answer to that this morning. We’re meeting again in a couple of weeks, and we’ll announce the plans for the register then. We had an urgent ministers meeting – an urgent stand-alone meeting of Education Ministers focused on this issue at the end of June. At that meeting we put this nationwide register right on our agenda. We’re working on it. We’re coming back together in August, and we’ll have more to say then.

    SMITH: OK. You can understand, and I don’t mean to be disrespectful when I say this, but you understand that people listening to this, parents who are listening to this now, have a fear that what is being announced and what’s being introduced into Parliament is a bit of window dressing and that it’s not actually going to make any changes. You would understand that fear?

    WALSH: Justin, I met with three mums yesterday who had the courage to come up to here in Canberra and talk about their experiences. They were parents of children who had been abused in early learning settings historically, and I listened to their stories and their stories will stay with me and drive the action that we are taking. If there was one simple thing, Justin, that we could do, everyone would do it – the Commonwealth, States and Territories. There are many actions that need to be taken. I think everyone’s been really honest in this that not enough has been done up until now, but there is a real determination to do more. At the Commonwealth level, we have this lever of our funding, and we are sending a clear message to providers to lift their game or leave the sector. And we are working shoulder to shoulder with the States and Territories around a strong and significant package of reform.

    SMITH: I guess there –

    WALSH: Not enough has been –

    SMITH: I’m sorry. Finish, please.

    WALSH: Not enough has been done, Justin. I think everyone can see that. Everyone is clear about that. But we are all working together at a Commonwealth, State and Territory level and we are all driven by our understanding of the experiences that families are having right now and the fears that they have.

    SMITH: With the withdrawal of funding, who is going to police that? Who will make the spot checks? Who will do the reports and make a call on whether a centre is up to scratch or not?

    WALSH: So the Secretary of my Department is already looking at the data that we have. We know that there’s a small group of providers that consistently and persistently breach our national quality standards. We’re also looking at serious incidents, we’re looking at complaints, and we know which providers are of concern. It’s important to say, Justin, that if there are serious and imminent concerns, child care centres can be shut down immediately, and that does happen from time to time. This legislation is about the Commonwealth having the power for the first time to remove funding from those providers who are doing the wrong thing. And we also want it to send a message to the sector to lift their investment in quality and safety now.

    SMITH: It’s 14 to 9. We’re with Jess Walsh, who is the Early Childhood Education Minister in the Albanese Government. Minister, I’m sorry, I’ll have to ask that – I will have to ask you that question again. Who makes the decision? Who polices it? Who does the spot checks?

    WALSH: The Commonwealth is responsible for setting the standards, and the States and Territories for enforcing those standards with boots on the ground. It’s the States and Territories who have the regulators.

    SMITH: OK.

    WALSH: And we are of course all working together. We are hearing from the State regulators that this stick, if you like, that we have will help them do their job as well.

    SMITH: Does that not place us back into a problem that we’ve had, which is that the State and the Commonwealth are working, not working separately but they are separate entities and as you’re going to be relying on the States to gather this data to make the call on these child care centres, but each State seems to have a very different way of approaching child care? How is that all going to be pulled together nationally?

    WALSH: Well, the Commonwealth and the States do have different responsibilities, Justin, but we have one responsibility and that is to keep children safe in early learning and to give parents the confidence that their children are safe too. The regulators do provide information. We want to make sure that that information is shared nationally. And what we are doing this week with the legislation that we introduced yesterday is making sure that we can use the Commonwealth lever that we have, to withdraw funding from those providers who do put profit ahead of child safety. And there is one thing I want to add, Justin, to reassure parents. The vast majority of providers are meeting and exceeding our standards. Over 90 per cent of providers are meeting and exceeding standards. And the vast majority of educators out there are doing the very best job that they can do every day. There’s over a million families out there in Australia who are getting quality early education. This is a real problem that we’re seeing in terms of the distressing events that are occurring in Victoria, and more needs to be done about that. That’s why we’re focused on this legislation and bringing together a strong and significant package of child safety reforms.

    SMITH: Okay. Is the, you talk about standard, is the Allan Government up to standard?

    WALSH: Well, I think the Victorian Government, as with all governments around the country, have acknowledged that not enough has been done to date, and that more needs to be done. And we’ve acknowledged that at a Commonwealth level as well. Again, it’s why we’ve introduced this legislation in the first sitting of this Parliament because it’s such a big priority for us to keep children safe. It’s why we’re working shoulder to shoulder with the States on this package of reform. Of course, there is a review underway in Victoria, and we await the results of that review.

    SMITH: Thank you for your time, Minister.

    WALSH: Thank you.
     

    MIL OSI News –

  • MIL-OSI USA: Cramer Chairs EPW Transportation and Infrastructure Subcommittee Hearing, Discusses Regulatory Reforms, Safe Routes to School

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – U.S. Senator Kevin Cramer (R-ND), Chair of the Senate Environment and Public Works (EPW) Subcommittee on Transportation and Infrastructure, held a hearing on the development of the Surface Transportation Reauthorization Bill. The hearing focused specifically on three bipartisan bills Cramer led with colleagues on the EPW committee:

    • S.1733, the Highway Funding Transferability Improvement Act, which increases the percentage of funds a state Department of Transportation (DOT) can transfer between formula categories from 50% to 75% percent. This change gives state DOTs more flexibility to direct funds to high-priority infrastructure projects allowing them to make investments better reflecting local needs.
    • S.1167, the Transportation Asset Management Simplification Act, which cuts red tape for State DOTs by streamlining asset management reporting requirements. Specifically, it eliminates annual asset management compliance reports allowing state DOTs to spend more time maintaining and improving roads and bridges instead of filing redundant paperwork.
    • S.1828, the Safe Routes Improvement Act, which requires each state DOT to designate a Safe Routes to School Program coordinator. The intent is to enhance program accessibility for communities in North Dakota and nationwide.

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    In his opening statement, Cramer said: “As we look toward reauthorization, I’m focused on advancing practical, bipartisan policies to improve the efficiency and effectiveness of the Federal Aid-highway program.

    “As I like to say, without well-maintained routes like Interstate 94, which is made possible because of formula funding, durum wheat from North Dakota would never become pasta in New York or Los Angeles. North Dakota is low population state, but the number one producer of many commodities. Our roads can’t be relegated to gravel and expect interstate commerce to thrive. The formula system works and this committee has demonstrated a strong commitment to it over the years.

    “Greater flexibility for states is precisely the goal of the Highway Funding Transferability Improvement Act, which I was happy to partner with Ranking Member Alsobrooks on. It’s a great idea and I’m glad we’re working on it. Her forward-thinking approach on this issue is refreshing. The concept with our legislation is remarkably simple, a lot of good things are, but very important. States know their needs better than any bureaucrat in Washington.

    “I look forward to working with my colleagues to get this bill done and to ensure the highway program is more responsive to the needs of our constituents.”

    Cramer introduced Chad Orn, who serves as the Deputy Director for Planning at the North Dakota Department of Transportation, saying “Chad knows firsthand how critical transportation infrastructure is to everyday life in North Dakota. He literally works every day to ensure our roads and bridges meet the needs of communities across the state. I couldn’t ask for a better voice to bring a boots on the ground perspective to this hearing.”

    He also introduced Marisa Jones, the Managing Director for the Safe Routes Partnership. In the last highway bill, Cramer and U.S. Senator Catherine Cortez Masto (D-NV) expanded the Safe Routes to School Program to include high school students. Earlier this year, Cramer introduced the Safe Routes Improvement Act to further enhance the Safe Routes to School Program. In her introductory remarks, Ms. Jones highlighted specific examples of how several North Dakota communities have utilized the Safe Routes to School program to advance projects. “Let’s look at North Dakota to see examples of how Safe Routes to School works in small towns and rural states. Gwinner, with population 924, built sidewalks to connect the Southside neighborhood to the school. Even Medora with just 155 residents completed a Safe Routes to School project connecting the high school to Main Street. And Minot, which I concede is a big city for North Dakota, but it’s been working on Safe Routes for 15 years, guided by a district-wide plan and building sidewalks to schools annually, funded through the transportation alternatives program.”

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    Cramer first asked Orn and Samantha Biddle, the Maryland Deputy Secretary of Transportation, about specific suggestions for accelerating the delivery of infrastructure projects. Both witnesses highlighted a need to allow more projects to qualify for an expedited environmental review process. This goal aligns with the intent of the One Federal Decision which was included in the Infrastructure Investment and Jobs Act and championed by Cramer.

    “We need to raise the rates on that for value engineering, and then the definition of a major project,” said Orn. “That’s another thing. Even here in North Dakota, we’re right up against, the definition of a major project, which, when I first started at DOT, I and I never, ever thought we would be anywhere near what cost a major project but just sheer cost of projects we’re right there.”

    “Just being, you know, realistic about kind of how far we are able to stretch these dollars and then how that does also apply to the permitting landscape, I think, is a needed adjustment in thinking through those sorts of things,” responded Biddle. 

    Cramer then discussed the Safe Routes to School Program. He asked Jones to explain how communities, especially in rural areas, can learn more about the program and ultimately access funds to move forward with safety projects.

    “There’s more funding available, but it means that in a small rural community where they might not have full time staff at all, and maybe the mayor is also the grocery clerk,” responded Jones. “They don’t have the capacity or awareness, sometimes to pursue [this] funding. And so this is exactly why we need statewide routes to school coordinators to help communities, first of all, raise their awareness that this is an opportunity, and then help them navigate federal funding, apply for grants, and build projects that save lives. And we see the return on that investment in rural states in states all across the country […]These are projects that children and families love, local elected officials, love these projects. These help build economic development, improve safety, get kids physically active, and help get kids to school and time and ready to learn.”

    Cramer concluded the hearing by asking witnesses about solutions to address work zone safety challenges. “As big a hurry as we are to get a highway maintained or built or fixed, we’re also often in too big a hurry to get to wherever our destination is and don’t pay it close enough attention to the hazard of workers right on the very highway we’re driving on,” said Cramer. “Maybe you could if you have any thoughts or suggestions legislatively that we should be looking at for improvement of worker safety?”

    Biddle explained how in Maryland, “We implemented legislation, through the state of Maryland, that introduced a tiered fine structure and also allows us to expand our implementation of work zone cameras. I always say that I hope we don’t earn a single dollar through these programs, because it’s not about generating revenue. It’s about protecting our workers and saving lives.”

    Orn outlined the agency’s commitment to safety and the importance of working closely with local partners. “We have a real good relationship with our AGC, our American General Contractors, so we do work with them, and [a] work zone is important, but we don’t want to see a bunch of restrictions on them,” replied Orn. “We still want flexibility to be able to work with our contractors and our partners on the work zone safety. And if we hear any feedback, we make corrections. We fix it. We listen to them because we know it’s critical with that. A few examples of stuff that we did in North Dakota as Samantha led to, we also just raised our fines within work zones, almost doubled them in the state, and that’s going to go an effect on August 1, the state legislature does that. And another thing we do, and we’ve been doing for years and years and years, is we provide overtime dollars to our highway patrol, so then that they can patrol the work zone.”

    Below is the opening statement of Chair Cramer, as delivered.

    “This is a good hearing and a good day to discuss the road ahead for us. We’re going to discuss proposals to improve America’s transportation infrastructure. It’s an important conversation, on the EPW Committee, we’ve already begun to work to craft surface transportation reauthorization legislation for next year.

    “Senator Alsobrooks and I were just visiting about how the last one passed out of the committee unanimously. Beginning work early, working together, having good witnesses helps us get to a similar goal next year.

    “I commend Chairman Capito for her leadership in getting the reauthorization process started early and look forward to working with her, Ranking Member Whitehouse, Ranking Member Alsobrooks, and of course my fellow committee members to get a comprehensive, bipartisan bill across the finish line next year. 

    “I also want to thank our witnesses today for being here. We appreciate your time and the insight that you bring to this conversation.

    “As we look toward reauthorization, I’m focused on advancing practical, bipartisan policies to improve the efficiency and the effectiveness of the Federal Aid-highway program. Just last week, as I said, the full committee held an excellent hearing with state and local leaders, including Governor Kelly Armstrong where we talked about lessons learned in past bills and what improvements we can make. Some programs like the Bridge Formula program are a high priority for all states. Governor Armstrong spoke in strong support of it and it’s no surprise that his Department of Transportation is echoing the same strong support in your testimony today.

    “But there are areas where we can improve. In recent months, I’ve introduced three bills, which I believe are all central to this effort. Each reflects direct input from states and is about getting better outcomes, without increasing the cost to the taxpayers.

    “From the start, however, I need to emphasize the importance of preserving and strengthening formula funding. As I like to say, without well-maintained routes like Interstate 94, which is made possible because of formula funding, durum wheat from North Dakota would never become pasta in New York or Los Angeles, and wouldn’t that be too bad. North Dakota is low population state, but the number one producer of many agricultural commodities. Our roads can’t be relegated to gravel and expect interstate commerce to thrive. The formula system works and this committee has demonstrated a strong commitment to it over the years.

    “In terms of reforms, I think we need to take a serious look at reducing the regulatory burden on states and cutting red tape within the highway program. My bill with Senator Kelly, the Transportation Asset Management Simplification Act, does just that. It’s a small fix but it supports a much bigger goal of cutting through the bureaucracy so that every dollar goes further.

    “Another key principle is providing more flexibility for states to make investment decisions that better reflect local needs. Greater flexibilities for states is precisely the goal of the Highway Funding Transferability Improvement Act, which I was happy to partner with Ranking Member Alsobrooks on. It’s a great idea and I’m glad we’re working on it. Her forward-thinking approach on this issue is refreshing. The concept with our legislation is remarkably simple, a lot of good things are, but very important. States know their needs better than any bureaucrat in Washington. North Dakota and Maryland’s constituents have very different transportation needs. It turns out, when Washington gets out of the way, states know exactly what to do and deliver real results. Both Ranking Member Alsobrooks and I served in state and local government, and I think both of us would agree, the best partnerships with the federal government were those where we could be the most nimble to meet a constituent’s needs. I always tell federal witnesses and nominees: please, do not impose federal mediocrity on our state’s excellence. This bill embodies that basic principle and I look forward to hearing from both our state witnesses on this point.

    “Safety, however, must also be at the forefront of everything we do. Specifically, making it safer and easier for kids to walk and bike to school. I introduced the Safe Routes to School Improvement Act with Senator Markey to do just that. This builds on bipartisan work that we did with Senator Cortez Masto in the last highway bill that expanded the Safe Routes to School program to include high schools. This bill would enhance access to the program for communities in North Dakota and nationwide by requiring states to have a specific point of contact to help local communities navigate the program and understand what exactly they are eligible to apply for. This will improve infrastructure like sidewalks and street crossings so that children who walk or bike to school are safer in that process.

    “Lastly, this committee must do more to accelerate project delivery. There is a lot to be said on this, but I’d just note the One Federal Decision (OFD) framework was a strong concept under the last bipartisan infrastructure bill, but it hasn’t delivered the results we hoped for. As part of reauthorization, at minimum, we should revisit the OFD and make real improvements.

    “I look forward to working with my colleagues to get this bill done and to ensure the highway program is more responsive to the needs of our constituents.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: 10,000 to get family and sexual violence training

    Source: New Zealand Government

    Better, and more, training to help staff support in family and sexual violence responses are being rolled out across frontline services, with the goal of reaching 10,000 workers in the next two years. 

    Minister for the Prevention of Family and Sexual Violence Karen Chhour says, “this will ensure victim-survivors receive best practice support, and will empower staff to safely recognise, refer, and respond to family and sexual violence.”

    “This training is an important part of our response to family and sexual violence. I am proud of our progress against the second Te Aorerekura Action Plan, it shows the benefits of a multi-agency response and the dedication of government departments to best supporting victim-survivors.” 

    Other progress against the Action Plan includes:

    • The Ministry of Justice has delivered training to over 800 members of its court-related workforce. Ongoing training is expected to reach up to 500 people per year.
    • The Department of Corrections has given essential-level family violence training to more than 4,700 of its staff.
    • In 2024, Police redesigned the course for new recruits to include two weeks’ family violence training. Over 550 Police recruits received training in that first year, and over 850 recruits are expected to receive training by the end of 2025. 

    “The Action Plan sets out a number of key actions to be achieved, including training 10,000 frontline workers in family violence and sexual violence over two years.

    “These goals are bold. Achieving them will require strong cross-agency collaboration and re-enforced commitment to this focus area as a priority. 

    “This boldness is needed to improve the support provided to victim-survivors and will empower these frontline workers to undertake their roles with the greatest care,” says Mrs Chhour. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Overhauling unsustainable electoral laws

    Source: New Zealand Government

    The Government is overhauling outdated and unsustainable electoral laws including stopping same-day enrolment, Justice Minister Paul Goldsmith says. 

    “Allowing late enrolments, however well intentioned, has placed too much strain on the system. The final vote count used to take two weeks, last election it took three.  

    “If we leave things as they are, it could well take even longer in future elections. The 20-day timeframe for a final result will likely already be challenging to achieve at the next election without changes. 

    “Therefore, the Government has agreed to close enrolment before advance voting begins. People will need to make sure they enrol or update their enrolment details by midnight on the Sunday, before advance voting opens on Monday morning. 

    “This is a significant, but necessary change. The Electoral Commission will have plenty of time to run an education campaign to ensure people understand the new requirements. For Australia’s federal election earlier this year, the enrolment deadline was 26 days before election day. I have every confidence New Zealand can manage within the 13-day deadline. 

    “We’ve also agreed to a range of other changes, including creating a new offence to strengthen the rules around treating near voting places. There has been some confusion in the past around what is and isn’t treating. This will make the rules crystal clear.

    “The donation threshold for reporting the names of party donors is also being adjusted from $5,000 to $6,000, to account for inflation.”

    Key changes include: 

    • Closing enrolment 13 days before election day to reduce pressure on post-election timeframes.
    • Requiring 12 days of advance voting at each election.
    • Introducing automatic enrolment updates so the Electoral Commission can update people’s enrolment details using data from other government agencies.
    • Enabling greater use of digital communication by removing postal requirements for enrolment.
    • Creating a new offence that prohibits the provision of free food, drink or entertainment within 100 metres of a voting place while voting is taking place. It will be punishable by a fine of up to $10,000.
    • Reinstating a total ban on prisoner voting. 

    The Bill makes a wide range of other changes including:  

    • Enabling special vote processing to begin earlier. 
    • Increasing the Electoral Commission’s board from three to up to seven members.
    • Setting a single deadline for all candidate nominations.
    • Changing party registration requirements and timeframes.
    • Providing flexibility on the contact details that can be included in promoter statements.

    The Government is progressing a separate bill to amend the Constitution Act 1986 to ensure the continuity of executive government in the post-election period. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: More classrooms for state-integrated schools

    Source: New Zealand Government

    The Government is ensuring more parents have choice with their child’s education, delivering a $30 million investment package to deliver roll growth classrooms across the state-integrated school network.

    “State-integrated schools are an important part of our education system. It’s clear they are experiencing similar growth pressures to the state network and need support to meet this demand. We are making sure they have the resources to support and grow alongside their communities,” Education Minister Erica Stanford says.

    The $30 million investment will be phased equally over the next four years and is expected to deliver up to 1,250 new student places for students whose families choose state-integrated schooling. It is more than five times the value of the previous government’s investment

    The classrooms will be delivered through a combination of cost-effective repeatable designs and offsite manufactured buildings, so funding can go further, and more students benefit. Schools will be able to apply in the coming weeks. 

    “This Government is committed to providing parents with choice and high-quality schooling options for their children’s education. With this funding, integrated schools will be able to expand, giving students and teachers the spaces they need to thrive,” Ms Stanford said.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: The wait is over – it’s time to lodge

    Source: New places to play in Gungahlin

    The Australian Taxation Office (ATO) is advising it is time to lodge, as most taxpayers with simple affairs will now have their information pre-filled into their accounts.

    Assistant Commissioner Rob Thomson said that the ATO had completed pre-fill of over 91 million pieces of information available for individual tax returns from employers, banks, government agencies and private health insurers.

    ‘You’ve been patiently waiting, but now you’re good to go! Whether you lodge using a registered tax agent or lodge yourself through myTax, pre-fill information will now be available,’ Mr Thomson said.

    Taxpayers should check the pre-filled data to ensure accuracy, add anything that may be missing and then include any deductions they are entitled to claim.

    ‘Don’t forget that you need to include all sources of income in your tax return. This includes side-hustles, linked income from providing ride sourcing services or selling services via an app.’

    ‘Remember, the ATO has 40 industry and occupation specific guides to assist you in what you can claim and what records are required to prove it,‘ Mr Thomson said.

    To help keep your personal information safe and protected, the ATO’s app now has powerful new safety features designed to give users real-time control over their tax affairs through alerts and instant account locking to help stop fraudsters in their tracks.

    ‘Fraudsters are getting smarter, but so are the protective features in the app. The ATO app will send you real-time messages when changes are made to your ATO record, and you can quickly lock your account to prevent unauthorised access or fraudulent refunds.‘

    ‘These features provide peace of mind knowing your account is protected and you remain in control of your tax affairs anytime, anywhere‘ Mr Thomson said.

    The ATO app and ATO online services through myGov also allow taxpayers to see the progress of their return once they or their registered tax agent have submitted it.

    ‘Most refunds are finalised within two weeks and this process cannot be sped up, even if you call us,’ Mr Thomson said.

    Taxpayers have until 31 October to lodge their tax return or to get on the books of a registered tax agent, which may allow them more time to lodge.

    Notes to journalists

    A high-resolution headshot of ATO Assistant Commissioner Rob ThomsonThis link will download a file is available for download from our media centre.

    ATO stock footage and images are available for use in news bulletins from our media centre.

    MIL OSI News –

  • MIL-OSI USA: Cornyn, Cruz, Jackson Introduce Bill Honoring Mayor Jerry H. Hodge

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senators John Cornyn (R-TX) and Ted Cruz (R-TX) and Congressman Ronny Jackson (TX-13) today introduced a bill to rename the U.S. Post Office in Amarillo, Texas, as the Mayor Jerry H. Hodge Post Office Building to honor the life and legacy of Mayor Jerry Hodge: 

    “From helping to establish several institutions of higher education in Amarillo to leading the effort to bring a minor league baseball team to the city, Mayor Jerry Hodge was a cornerstone of the Amarillo community,” said Sen. Cornyn. “I am proud to join Senator Cruz and Congressman Jackson in introducing legislation to rename Amarillo’s downtown post office after Mayor Hodge, which will ensure that future generations of Texans in the Panhandle can learn about his contributions and help preserve his life and legacy.”

    “Mayor Hodge was a pillar of the Amarillo community and a true servant leader to the Panhandle,” said Sen. Cruz. “He transformed a local pharmacy into a national enterprise, served his community as the youngest mayor of Amarillo’s history, and was instrumental in establishing the Texas Tech University School of Veterinary Medicine. I am proud to introduce legislation to name the Amarillo post office in honor of his legacy.”

    “Jerry Hodge’s impact on Amarillo extended far beyond his titles. He was the youngest mayor in the city’s history, a successful businessman, and a proud rancher,” said Rep. Jackson. “Jerry’s personality was larger than life, and he worked tirelessly each day to make life better for the people of the Texas Panhandle. I’m proud to have called him a friend and am honored to introduce this piece of legislation to recognize his enduring legacy.”

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn, Luttrell Join Forces to Hold Illegal Alien Murderers Accountable

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) today introduced in the Senate the Justice for Victims of Illegal Alien Murders Act, legislation from U.S. Congressman Morgan Luttrell (TX-08) that would create a new federal offense for an illegal alien or deportable alien who commits murder in the United States, as Rep. Luttrell also introduced in the House of Representatives Sen. Cornyn’s Justice for American Victims of Illegal Aliens Act, which would codify President Trump’s Executive Order subjecting illegal immigrants who kill American citizens to the death penalty:

    “Joe Biden rolled out the red carpet for illegal immigrants to come into this country and brutally murder innocent Americans,” said Sen. Cornyn. “I’m proud to join forces with Congressman Luttrell in introducing each other’s legislation to deliver justice for the victims who were tragically ripped from their families at the hands of the criminal aliens by holding these perpetrators accountable for their heinous actions and subjecting them to the death penalty.”

    “America will never be a safe haven for violent criminals who enter our country illegally and murder those in our communities,” said Rep. Luttrell. “The Justice for American Victims of Illegal Aliens Act ensures accountability and sends a clear message that violence will not be tolerated. I applaud Senator Cornyn’s leadership on this critical issue and am proud to introduce companion legislation in the House.”

    Senators Jim Justice (R-WV), Katie Britt (R-AL), Ted Budd (R-NC), and Tim Scott (R-SC) cosponsored the Justice for Victims of Illegal Alien Murders Act in the Senate.

    Background:

    The Justice for Victims of Illegal Alien Murders Act aims to prosecute illegal alien murderers in federal courts, and the Justice for American Victims of Illegal Aliens Act aims to direct juries to administer the death penalty for illegal aliens who commit murders once the case has been prosecuted, tried, and a guilty verdict has been reached. 

    Rep. Luttrell introduced the Justice for Victims of Illegal Alien Murders Act last May, and it would:

    • Allow the federal government to prosecute illegal aliens who commit murder in the United States, and if convicted of first-degree murder under this statute, offenders could face the death penalty or life in prison;
    • Close a dangerous loophole by enabling the federal government to step in and vigorously prosecute an illegal alien murder in certain jurisdictions where a prosecutor may fail to seek an adequate penalty due to a lack of resources or partisan views;
    • And ensure those who are unlawfully in the U.S. and commit these heinous crimes do not slip through the cracks of the legal system due to jurisdictional challenges.

    In May, Sen. Cornyn introduced the Justice for American Victims of Illegal Aliens Act, which would codify President Trump’s Executive Order subjecting illegal immigrants who kill American citizens to the death penalty. This legislation would:

    • Amend the Criminal Code to create a new aggravating factor for illegal immigrants who murder U.S. citizens;
    • Help direct juries to administer the death penalty when an illegal immigrant murders a U.S. citizen;
    • And fully implement and permanently codify President Trump’s Jan. 20, 2025 Executive Order, “Restoring the Death Penalty and Protecting Public Safety,” specifically Section 3(b)(i) of the Executive Order, which states that the “Attorney General shall, where consistent with applicable law, pursue Federal jurisdiction and seek the death penalty regardless of other factors for every federal capital crime involving … [a] capital crime committed by an alien illegally present in this country.”

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn, GOP Colleagues Introduce Bill to Hold Illegal Alien Murderers Accountable

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    Legislation Would Allow Federal Prosecution of Illegal Immigrants Who Murder Americans

    WASHINGTON – U.S. Senators John Cornyn (R-TX), Jim Justice (R-WV), Katie Britt (R-AL), Ted Budd (R-NC), and Tim Scott (R-SC) today introduced the Justice for Victims of Illegal Alien Murders Act, which would create a new federal offense for an illegal alien or deportable alien who commits murder in the United States:

    “Joe Biden rolled out the red carpet for illegal immigrants to come into this country and brutally murder innocent Americans,” said Sen. Cornyn. “I’m proud to join with my GOP colleagues to deliver justice for the victims who were tragically ripped from their families at the hands of the criminal aliens by holding these perpetrators accountable for their heinous actions and subjecting them to the death penalty.”

    “If you’ve entered into our country unlawfully and take the life of an American, you will face very real consequences handed down by our federal government: plain and simple,” said Sen. Justice. “This legislation serves as the ultimate deterrent to would be violent criminal aliens and represents real justice for those who illegally enter our country and murder our citizens.” 

    “Under President Biden, we saw the deadly effects of wide-open borders that far too often devastated our communities,” said Sen. Britt. “Tragically, too many Americans have lost loved ones at the hands of an illegal alien. I couldn’t be more grateful President Trump is back in control of the security of our borders and continues to take strong action to curb illegal migration and keep Americans safe. However, we still need tools at our disposal to prosecute the most violent illegal aliens, which is why I’m proud to join Senator Cornyn in cosponsoring the Justice for Victims of Illegal Alien Murders Act.”

    “Under the Biden administration’s reckless open border policies, far too many innocent Americans tragically lost their lives at the hands of violent criminals who should not have been in the country,” said Sen. Budd. “Now that President Trump has secured our border, I am committed to putting ironclad policies in place to hold illegal aliens accountable for heinous crimes committed on U.S. soil. I am proud to join Senator Cornyn and my colleagues to bring justice to victims by making an act of murder committed by an illegal or deportable alien a federal offense.” 

    “The open-border policies under President Biden have made our country less safe, resulting in the tragic loss of American lives. In contrast, President Trump has taken swift action to restore border security. Now, we are left to address the consequences of the previous administration’s failures,” said Sen. Scott. “I’m joining my colleagues to protect American citizens and ensure justice for victims by holding any illegal immigrant who commits murder in the U.S. fully accountable.”

    U.S. Congressman Morgan Luttrell (TX-08) is leading this legislation in the House of Representatives.

    Background:

    The Justice for Victims of Illegal Alien Murders Act would:

    • Allow the federal government to prosecute illegal aliens who commit murder in the United States, and if convicted of first-degree murder under this statute, offenders could face the death penalty or life in prison;
    • Close a dangerous loophole by enabling the federal government to step in and vigorously prosecute an illegal alien murder in certain jurisdictions where a prosecutor may fail to seek an adequate penalty due to a lack of resources or partisan views;
    • And ensure those who are unlawfully in the U.S. and commit these heinous crimes do not slip through the cracks of the legal system due to jurisdictional challenges.

    This legislation complements Sen. Cornyn’s Justice for American Victims of Illegal Aliens Act, introduced in the House of Representatives today by Rep. Luttrell, which would codify President Trump’s Executive Order subjecting illegal immigrants who kill American citizens to the death penalty.

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar Statement on Supreme Court CPSC Ruling

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)

    WASHINGTON – U.S. Senator Amy Klobuchar (D-MN) released the following statement after the Supreme Court cleared the way for the Trump administration to remove three Democratic Consumer Product Safety Commissioners while challenges to their firings continue.

    “For over 50 years, the Consumer Product Safety Commission has been free from politics so it can remain focused on its core mission of keeping Americans safe—from banning lead paint, to ensuring electronics aren’t fire hazards, to making swimming pools safe for kids. Last year alone, the Commission recalled 153 million unsafe items.”

    “By firing the three Democratic commissioners, the President has undermined the independent structure of the Commission and its critical work—and the Supreme Court is letting it happen.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Farming and Finance – Federated Farmers release rural banking report cards

    Source: Federated Farmers

    A Federated Farmers survey has revealed how the country’s biggest rural lenders are performing in the eyes of farmers – ranking the banks from best to worst.
    “A farmer’s relationship with their bank is one of the most important relationships within their business, and for many farmers interest payments will be their single-biggest expense,” says Federated Farmers banking spokesperson Mark Hooper.
    “Farmers, along with politicians and the general public, deserve full transparency of what each of the rural lenders is doing well – and just as importantly, what they’re not doing so well.
    “That’s why, for the first time, we’ve asked farmers to tell us how the banks are stacking up.
    “We’re now releasing these report cards because we want to create more visibility of rural banking issues and competition.”
    Federated Farmers’ May banking survey of 681 farmers found Rabobank and ANZ were the top-performing rural banks, sharing first-place on the podium.
    Rabobank received the highest scores for overall satisfaction, communication quality and overdraft rate.
    ANZ scored the best farmer ratings for mortgage rates, the level of undue pressure felt by farmers, and mental health scores.
    Westpac came in at the middle of the pack, scoring well with their mortgage rates and communication.
    BNZ and ASB were nearly tied in last place, showing they’ve got some work to do with farmers.
    Hooper says the banks’ CEOs should keep an eye out for a report card coming their way.
    “The purpose of these report cards isn’t to tear down the banks – it’s to really help them see what they need to focus on to deliver a better service to Kiwi farmers.
    “Over the coming weeks we’ll be providing each of the banks with a copy of their report card, and some constructive feedback on how they could improve.
    “We hope this is a helpful process and results in a benefit to both farmers and their lenders.”
    ANZ
    • Mortgage  Rate: A+
    • Overdraft  Rate: A
    • Undue  Pressure: A+
    • Comm.  Quality: B
    • Mental  Health: A+
    • Overall  Satisfaction: A
    • Final  Grade: A-
    Rabobank
    • Mortgage  Rate: B
    • Overdraft  Rate: A+
    • Undue  Pressure: A
    • Comm.  Quality: A+
    • Mental  Health: A
    • Overall  Satisfaction: A+
    • Final Grade: A-
    Westpac
    • Mortgage  Rate: A
    • Overdraft  Rate: C
    • Undue  Pressure: D
    • Comm.  Quality: A
    • Mental  Health: B
    • Overall  Satisfaction: B
    • Final  Grade: C+
    BNZ
    • Mortgage  Rate: D
    • Overdraft  Rate: D
    • Undue  Pressure: B
    • Comm.  Quality: D
    • Mental  Health: D
    • Overall  Satisfaction: C
    • Final  Grade: C-
    ASB
    • Mortgage  Rate: C
    • Overdraft  Rate: B
    • Undue  Pressure: C
    • Comm.  Quality: C
    • Mental  Health: C
    • Overall  Satisfaction: D
    • Final  Grade: D.

    MIL OSI New Zealand News –

  • MIL-OSI USA: More Than $5 Million Grant to Boost Digital Skills Statewide

    Source: US State of New York

    overnor Kathy Hochul today announced the re-release of the ConnectALL Digital Equity Program Capacity Grant Request for Applications (RFA), committing over $5 million in State funding to continue New York’s digital equity grantmaking after federal funding was terminated by the Trump administration in May 2025. The ConnectALL Digital Equity Program will award grants across the state to support digital equity and inclusion projects that provide New Yorkers with devices, skills, and awareness needed to make use of affordable, reliable broadband service. Applications are due August 25, 2025 at 11:59 p.m. ET and must be submitted through the New York State Consolidated Funding Application Portal at https://apps.cio.ny.gov/apps/cfa.

    “Digital access is essential for success in today’s world — whether it’s applying for a job, completing schoolwork, accessing health care, or staying connected to loved ones. In New York, we believe that access to affordable, reliable internet is a basic right, not a luxury,” Governor Hochul said. “That’s why we are taking action to ensure every New Yorker has the tools, skills, and support they need to thrive in the digital age. No matter the challenges, we will continue forging ahead — investing in communities, strengthening partnerships, and delivering on our promise of a more connected and equitable future.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “Digital equity is essential to economic mobility, educational access, and full participation in modern life. New York State remains unwavering in our commitment to ensuring that every community — urban, rural, and everything in between—can connect to the resources and opportunities the digital world offers. Through continued investment, strong partnerships, and innovative strategies, we are moving forward to close the digital divide and build a more inclusive future for all New Yorkers.”

    Governor Hochul also announced a campaign to educate New Yorkers on the low-cost internet service options available under New York State’s Affordable Broadband Act (ABA) — the nation’s first legally mandated low-cost broadband option. Under the ABA, internet service providers are required to offer internet connections for $20/month or less and to promote and provide enrollment guidance to consumers.

    By re-releasing the Digital Equity Program RFA, ConnectALL reaffirms the Governor’s commitment to address barriers to internet adoption and access and enhance the opportunities and security for New Yorkers using the internet by:

    • Increasing access to affordable broadband subscriptions
    • Providing access to internet devices
    • Expanding digital literacy programs
    • Protecting the privacy and safety of residents, and
    • Ensuring the accessibility of government services

    ConnectALL will work with state and local partners to promote enrollment in low-cost internet options secured for eligible consumers through the Affordable Broadband Act.

    This groundbreaking legislation has earned national recognition, with ConnectALL winning the National Association of Telecommunications Officers and Advisors (NATOA) Community Broadband and Digital Equity Award for 2025 Broadband Visionary/Legislative Achievement of the Year.

    ConnectALL will partner with New York City and State agencies to engage with eligible households, make them aware of low-cost internet plans, and support their enrollment. This partnership will implement a multi-channel outreach strategy that includes multilingual flyers, text campaigns to households receiving public benefits, summer street and back-to-school outreach, information via NYC 3-1-1, and a plain language self-enrollment guide, among other actions. In addition, the State is investing $500,000 in 2-1-1 NY, a subsidiary of the United Way New York, to launch ABA support for 2-1-1 callers with screenings and targeted enrollment guidance for up to 10,000 low-income households seeking reduced-cost internet services outside of New York City.

    Expanding New York’s Digital Infrastructure

    Governor Hochul has made expanding broadband access a cornerstone of her administration’s efforts to create a more equitable New York. Through the ConnectALL initiative, New York State is investing over $1 billion to transform the state’s digital infrastructure, enhance competition among providers, and ensure that every New Yorker has access to reliable, affordable high-speed internet. To date, ConnectALL has overseen the successful launch and implementation of several programs to advance broadband access, including:

    MIL OSI USA News –

  • MIL-Evening Report: UN’s highest court finds countries can be held legally responsible for emissions

    By Jamie Tahana in The Hague for RNZ Pacific

    The United Nations’ highest court has found that countries can be held legally responsible for their greenhouse gas emissions, in a ruling highly anticipated by Pacific countries long frustrated with the pace of global action to address climate change.

    In a landmark opinion delivered yesterday in The Hague, the president of the International Court of Justice, Yuji Iwasawa, said climate change was an “urgent and existential threat” that was “unequivocally” caused by human activity with consequences and effects that crossed borders.

    The court’s opinion was the culmination of six years of advocacy and diplomatic manoeuvring which started with a group of Pacific university students in 2019.

    They were frustrated at what they saw was a lack of action to address the climate crisis, and saw current mechanisms to address it as woefully inadequate.

    Their idea was backed by the government of Vanuatu, which convinced the UN General Assembly to seek the court’s advisory opinion on what countries’ obligations are under international law.

    The court’s 15 judges were asked to provide an opinion on two questions: What are countries obliged to do under existing international law to protect the climate and environment, and, second, what are the legal consequences for governments when their acts — or lack of action — have significantly harmed the climate and environment?

    The International Court of Justice in The Hague yesterday . . . landmark non-binding rulings on the climate crisis. Image: X/@CIJ_ICJ

    Overnight, reading a summary that took nearly two hours to deliver, Iwasawa said states had clear obligations under international law, and that countries — and, by extension, individuals and companies within those countries — were required to curb emissions.

    Iwasawa said the environment and human rights obligations set out in international law did indeed apply to climate change.

    ‘Precondition for human rights’
    “The protection of the environment is a precondition for the enjoyment of human rights,” he said, adding that sea-level rise, desertification, drought and natural disasters “may significantly impair certain human rights, including the right to life”.

    To reach its conclusion, judges waded through tens of thousands of pages of written submissions and heard two weeks of oral arguments in what the court said was the ICJ’s largest-ever case, with more than 100 countries and international organisations providing testimony.

    They also examined the entire corpus of international law — including human rights conventions, the law of the sea, the Paris climate agreement and many others — to determine whether countries have a human rights obligation to address climate change.

    The president of the International Court of Justice (ICJ), Yuji Iwasawa, delivering the landmark rulings on climate change. Image: X/@CIJ_ICJ

    Major powers and emitters, like the United States and China, had argued in their testimonies that existing UN agreements, such as the Paris climate accord, were sufficient to address climate change.

    But the court found that states’ obligations extended beyond climate treaties, instead to many other areas of international law, such as human rights law, environmental law, and laws around restricting cross-border harm.

    Significantly for many Pacific countries, the court also provided an opinion on what would happen if sea levels rose to such a level that some states were lost altogether.

    “Once a state is established, the disappearance of one of its constituent elements would not necessarily entail the loss of its statehood.”

    Significant legal weight
    The ICJ’s opinion is legally non-binding. But even so, advocates say it carries significant legal and political weight that cannot be ignored, potentially opening the floodgates for climate litigation and claims for compensation or reparations for climate-related loss and damage.

    Individuals and groups could bring lawsuits against their own countries for failing to comply with the court’s opinion, and states could also return to the International Court of Justice to hold each other to account.

    The opinion would also be a powerful precedent for legislators and judges to call on as they tackle questions related to the climate crisis, and give small countries greater weight in negotiations over future COP agreements and other climate mechanisms.

    Outside the court, several dozen climate activists, from both the Netherlands and abroad, had gathered on a square as cyclists and trams rumbled by on the summer afternoon. Among them was Siaosi Vaikune, a Tongan who was among those original students to hatch the idea for the challenge.

    “Everyone has been waiting for this moment,” he said. “It’s been six years of campaigning.

    “Frontline communities have demanded justice again and again,” Vaikune said. “And this is another step towards that justice.”

    Vanuatu’s Climate Change Minister Ralph Regenvanu (cenbtre) speaks to the media after the International Court of Justice (ICJ) rulings on climate change in The Hague yesterday. Image: X/CIJ_ICJ

    ‘It gives hope’
     Vanuatu’s Climate Minister Ralph Regenvanu said the ruling was better than he expected and he was emotional about the result.

    “The most pleasing aspect is [the ruling] was so strong in the current context where climate action and policy seems to be going backwards,” Regenvanu told RNZ Pacific.

    “It gives such hope to the youth, because they were the ones who pushed this.

    “I think it will regenerate an entire new generation of youth activists to push their governments for a better future for themselves.”

    Regenvanu said the result showed the power of multilateralism.

    “There was a point in time where everyone could compromise to agree to have this case heard here, and then here again, we see the court with the judges from all different countries of the world all unanimously agreeing on such a strong opinion, it gives you hope for multilateralism.”

    He said the Pacific now has more leverage in climate negotiations.

    “Communities on the ground, who are suffering from sea level rise, losing territory and so on, they know what they want, and we have to provide that,” Regenvanu said.

    “Now we know that we can rely on international cooperation because of the obligations that have been declared here to assist them.”

    The director of climate change at the Pacific Community (SPC), Coral Pasisi, also said the decision was a strong outcome for Pacific Island nations.

    “The acknowledgement that the science is very clear, there is a direct clause between greenhouse gas emissions, global warming and the harm that is causing, particularly the most vulnerable countries.”

    She said the health of the environment is closely linked to the health of people, which was acknowledged by the court.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Investing in China for win-win future becomes prevailing consensus among global investors: spokesperson

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

    Investing in China for win-win future becomes prevailing consensus among global investors: spokesperson

    BEIJING, July 23 — Chinese foreign ministry spokesperson Guo Jiakun on Wednesday said investing in China for a win-win future has become a prevailing consensus among global investors.

    He added that China welcomes companies from across the world, including those from the United States, to participate in the Chinese modernization drive and strive for greater progress while integrating themselves into high-quality development.

    A recent report released by the U.S.-China Business Council shows that 82 percent of U.S. companies in China reported profit in the year of 2024, and many say uncertainties in China-U.S. relations and tariffs are their top concerns but the Chinese market remains vital.

    In response, Guo said as of March 2025, 1.24 million foreign-funded companies had been established in China, with a total investment volume of nearly 3 trillion U.S. dollars.

    “While contributing to China’s reform and opening up, these companies have gained opportunities to grow stronger and received considerable returns,” said Guo, adding that the first half of 2025 witnessed a two-digit growth rate in the number of newly established foreign-invested enterprises in China.

    Guo noted that the third China International Supply Chain Expo wrapped up with the number of participating countries and regions reaching 75, growing from 55 in the first expo.

    The number of U.S. exhibitors is up by 15 percent compared with that of last year, continuing to lead in the number of foreign exhibitors. Over 65 percent of exhibitors were Fortune Global 500 firms or industry leaders, he added.

    “Foreign-funded companies have cast a vote of confidence in China’s economic prospects with their concrete actions,” he said.

    Guo added that the Chinese government recently rolled out new steps to encourage foreign investment, showing its sincerity and determination in advancing high-standard opening up.

    MIL OSI China News –

  • MIL-OSI China: 3rd round of Russia-Ukraine talks agrees on prisoner exchange, differs on ceasefire

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

    Russian and Ukrainian delegations held a third round of peace talks on Wednesday evening at the Ciragan Palace, during which the two sides agreed on another prisoner exchange but clashed on ceasefire terms and a potential presidential meeting.

    Russian presidential aide Vladimir Medinsky and Secretary of Ukraine’s National Security and Defense Council Rustem Umerov led the Russian and Ukrainian delegations, respectively. The closed-door talks were chaired by Turkish Foreign Minister Hakan Fidan.

    Following the talks, which lasted for less than one hour, Umerov said at a press conference that Ukraine continues to insist on a full and unconditional ceasefire as the essential foundation for effective diplomacy.

    “We are ready for a ceasefire now and to start substantive peace negotiations, and it is up to the other side to accept this basic step towards peace,” Umerov said.

    “We emphasize that the ceasefire must be genuine. It must include a complete cessation of strikes on civilian and critical infrastructure,” he said.

    Prior to the talks, Kremlin spokesman Dmitry Peskov said Tuesday that Moscow and Kiev are “diametrically opposed” in their positions on how to end the conflict, noting that “much work” still needs to be done.

    The Ukrainian side has proposed to Russia to hold a meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky “by the end of August,” where the participation of U.S. President Donald Trump and Turkish President Recep Tayyip Erdogan will be “especially valuable,” he said.

    During a separate press conference after the talks, Medinsky said Russia and Ukraine agreed to exchange 1,200 prisoners of war each, including a proposal from Moscow to swap about 30 civilians held by Ukraine in the Kursk region.

    Russia has returned the bodies of 7,000 fallen Ukrainian soldiers and is ready to return 3,000 more, he said, requesting the return of any number of deceased Russian soldiers from Ukraine.

    He also said that the Russian side proposed establishing three online working groups with Ukraine to address political, humanitarian, and military issues, and asked Ukraine to consider declaring short ceasefires of 24-48 hours along the contact line to evacuate the wounded soldiers and recover the bodies of fallen troops.

    As to the Putin-Zelensky meeting Ukraine proposed, Medinsky said such a meeting is not being considered until certain processes are completed.

    Meanwhile, Zelensky wrote on social media platform X after the talks that the ninth stage of prisoner exchange took place “today,” which involved more than 1,000 people from the Ukrainian side, including those “seriously ill and severely wounded.”

    “It is important that the exchanges are ongoing,” he wrote.

    In his opening remarks to the talks, Fidan urged the two delegations to engage in result-oriented negotiations aimed at achieving a ceasefire and ultimately ending the war.

    “Our goal is to end this bloody war, which has come at a heavy cost, as soon as possible,” Fidan said.

    While the previous two rounds of talks in Istanbul — held on May 16 and June 2 — led to the exchange of thousands of war prisoners and the bodies of fallen soldiers, they produced little progress toward a ceasefire.

    MIL OSI China News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Prevents Woke AI in the Federal Government

    Source: US Whitehouse

    PREVENTING WOKE AI IN THE FEDERAL GOVERNMENT: Today, President Donald J. Trump signed an Executive Order to ensure that artificial intelligence (AI) models procured by the Federal government prioritize truthfulness and ideological neutrality.

    • President Trump is protecting Americans from biased AI outputs driven by ideologies like diversity, equity, and inclusion (DEI) at the cost of accuracy.
    • The Order directs agency heads to procure only large language models (LLMs) that adhere to “Unbiased AI Principles” defined in the Order: truth-seeking and ideological neutrality.
      • Truth-seeking means that LLMS shall be truthful and prioritize historical accuracy, scientific inquiry, and objectivity, and acknowledge uncertainty where reliable information is incomplete or contradictory.
      • Ideological neutrality means that LLMs shall be neutral, nonpartisan tools that do not manipulate responses in favor of ideological dogmas like DEI, and that developers will not intentionally encode partisan or ideological judgments into an LLM’s outputs unless those judgments are prompted by or readily accessible to the end user.
    • The Order instructs the Director of the Office of Management and Budget, in consultation with other Federal leaders, to issue guidance for agencies to implement these principles in AI procurement.
    • The Order mandates that Federal contracts for LLMs include terms ensuring compliance with the Unbiased AI Principles, including terms holding vendors accountable for certain costs if contracts are terminated due to noncompliance.

    SAFEGUARDING TRUST IN FEDERAL AI USE: President Trump is advancing trustworthy AI in the Federal government to protect the integrity of information and services provided to the American people.

    • AI is a critical technology that will shape how Americans learn, access information, and navigate their daily lives.
    • Ideological biases, such as those driven by DEI, can distort AI outputs, undermine historical and scientific accuracy, and erode public trust in AI systems.
      • For example, one major AI model changed the race or sex of historical figures—including the Pope, the founding Fathers, and Vikings—when prompted for images because it was trained to prioritize DEI requirements.
      • In another case, an AI model asserted that a user should not “misgender” another person even if necessary to stop a nuclear apocalypse.
    • By requiring truth-seeking and ideologically neutral AI models, the Federal government ensures reliable, objective information for Americans and prevents the spread of biased or misleading outputs.

    SERVING AMERICA, NOT IDEOLOGICAL AGENDAS: President Trump is terminating DEI across the Federal government and advancing American leadership in AI to ensure technology and policies serve the public, not ideological agendas.

    • President Trump is harnessing AI to strengthen national security, economic prosperity, and technological leadership.
      • In January 2025, President Trump signed an Executive Order to reverse harmful Biden Administration AI policies and enhance America’s global AI dominance.
      • In April 2025, President Trump signed an Executive Order to advance AI education for America’s youth.
      • Today, President Trump also signed Executive Orders on facilitating the rapid and efficient buildout of data infrastructure and promoting the export of American AI technologies.
    • President Trump is restoring fairness and merit by dismantling radical DEI programs
      • In January, President Trump signed executive actions to end radical and wasteful DEI programs and preferencing, terminate radical DEI preferencing in Federal contracting and spending, eliminate DEI and restore excellence and safety within the Federal Aviation Administration (FAA), and abolish DEI bureaucracy within the Departments of Defense and Homeland Security.
      • In March, President Trump signed a Memorandum removing DEI from the Foreign Service.
      • In April, President Trump signed an Executive Order to ensure school discipline policies are based on objective behavior, not DEI.
      • President Trump: “We will terminate every diversity, equity, and inclusion program across the entire Federal government.”

    MIL OSI USA News –

  • MIL-OSI USA News: Accelerating Federal Permitting of Data Center Infrastructure

    Source: US Whitehouse

    By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

    Section  1.  Policy and Purpose.  My Administration has inaugurated a golden age for American manufacturing and technological dominance.  We will pursue bold, large-scale industrial plans to vault the United States further into the lead on critical manufacturing processes and technologies that are essential to national security, economic prosperity, and scientific leadership.  These plans include artificial intelligence (AI) data centers and infrastructure that powers them, including high‑voltage transmission lines and other equipment.  It will be a priority of my Administration to facilitate the rapid and efficient buildout of this infrastructure by easing Federal regulatory burdens. 

    In addition, my Administration will utilize federally owned land and resources for the expeditious and orderly development of data centers.  This usage will be done in a manner consistent with the land’s intended purpose — to be used in service of the prosperity and security of the American people.

    Sec. 2.  Definitions.  For purposes of this order:

    (a)  “Data Center Project” means a facility that requires greater than 100 megawatts (MW) of new load dedicated to AI inference, training, simulation, or synthetic data generation.

    (b)  “Covered Components” means materials, products, and infrastructure that are required to build Data Center Projects or otherwise upon which Data Center Projects depend, including:

    (i)    energy infrastructure, such as transmission lines, natural gas pipelines or laterals, substations, switchyards, transformers, switchgear, and system protective facilities;

    (ii)   natural gas turbines, coal power equipment, nuclear power equipment, geothermal power equipment, and any other dispatchable baseload energy sources, including electrical infrastructure (including backup power supply) constructed or otherwise used principally to serve a Data Center Project;

    (iii)  semiconductors and semiconductor materials, such as wafers, dies, and packaged integrated circuits;

    (iv)   networking equipment, such as switches and routers; and

    (v)    data storage, such as hardware storage systems, software for data management and protection, and integrated services that work with public cloud providers.

    (c)  “Covered Component Project” means infrastructure comprising Covered Components, or a facility with the primary purposes of manufacturing or otherwise producing Covered Components.

    (d)  “Qualifying Project” means:

    (i)    a Data Center Project or Covered Component Project for which the Project Sponsor has committed at least $500 million in capital expenditures as determined by the Secretary of Commerce;

    (ii)   a Data Center Project or Covered Component Project involving an incremental electric load addition of greater than 100 MW;

    (iii)  a Data Center Project or Covered Component Project that protects national security; or

    (iv)   a Data Center Project or Covered Component Project that has otherwise been designated by the Secretary of Defense, the Secretary of the Interior, the Secretary of Commerce, or the Secretary of Energy as a “Qualifying Project”.

    (e)  “Project Sponsor” means the lead sponsor providing financial and other support for a Data Center Project or Covered Component Project, as determined by the Secretary of Defense, the Secretary of the Interior, the Secretary of Commerce, or the Secretary of Energy, as appropriate.

    (f)  “Superfund Site” means any site where action is being taken pursuant to 42 U.S.C. 9604, 9606, or 9620.

    (g)  “Brownfield Site” means a site as defined in 42 U.S.C. 9601(39).

    Sec.  3.  Encouraging Qualifying Projects.  The Secretary of Commerce, in consultation with the Director of the Office of Science and Technology Policy (OSTP) and other relevant executive departments and agencies (agencies), shall launch an initiative to provide financial support for Qualifying Projects, which could include loans and loan guarantees, grants, tax incentives, and offtake agreements.  All relevant agencies shall identify and submit to the Director of OSTP any such relevant existing financial support that can be used to assist Qualifying Projects, consistent with the protection of national security.

    Sec. 4.  Revocation of Executive Order 14141.  Executive Order 14141 of January 14, 2025 (Advancing United States Leadership in Artificial Intelligence Infrastructure), is hereby revoked.

    Sec.  5.  Efficient Environmental Reviews.  (a)  Within 10 days of the date of this order, each relevant agency shall identify to the Council on Environmental Quality any categorical exclusions already established or adopted by such agency pursuant to the National Environmental Policy Act (NEPA), reliance on and adoption of which by agencies (pursuant to 42 U.S.C. 4336 and 4336c) could facilitate the construction of Qualifying Projects.

    (b)  The Council on Environmental Quality shall coordinate with relevant agencies on the establishment of new categorical exclusions to cover actions related to Qualifying Projects that normally do not have a significant effect on the human environment.  Agencies shall, for purposes of establishing these categorical exclusions, rely on any sufficient basis to do so as each such agency determines.

    (c)  Consistent with 42 U.S.C. 4336e(10)(B)(iii), loans, loan guarantees, grants, tax incentives, or other forms of Federal financial assistance for which an agency lacks substantial project-specific control and responsibility over the subsequent use of such financial assistance shall not be considered a “major Federal action” under NEPA.  For purposes of this order, Federal financial assistance representing less than 50 percent of total project costs shall be presumed not to constitute substantial Federal control and responsibility.

    Sec.  6.  Efficiency and Transparency Through FAST‑41.  (a)  The Executive Director (Executive Director) of the Federal Permitting Improvement Steering Council (FPISC) may, within 30  days of the date that a project is identified to FPISC by a relevant agency, designate a Qualifying Project as a transparency project pursuant to 42 U.S.C. 4370m-2(b)(2)(A)(iii) and section 41003 of the Fixing America’s Surface Transportation Act (Public Law 114-94, 129 Stat. 1312, 1747) (FAST-41).  Within 30 days of receiving such agency notification, the Executive Director may publish Qualifying Projects on the Permitting Dashboard established under section 41003(b) of FAST-41, including schedules for expedited review. 

    (b)  In consultation with Project Sponsors, the Executive Director shall expedite the transition of eligible Qualifying Projects from transparency projects to FAST-41 “covered projects” as defined by 42 U.S.C. 4370m(6)(A).  To the extent that a Qualifying Project does not meet the criteria set forth in 42 U.S.C. 4370m(6)(A)(i) or (iii), FPISC may consider all other available options to designate the project a covered project under 42 U.S.C. 4370m(6)(A)(iv).

    Sec. 7.  Streamlining of Permitting Review.  (a)  The Administrator of the Environmental Protection Agency shall assist in expediting permitting on Federal and non-Federal lands by developing or modifying regulations promulgated under the Clean Air Act (42 U.S.C. 7401 et seq.); the Clean Water Act (33 U.S.C. 1251 et seq.); the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. 9601 et seq.); the Toxic Substances Control Act (15 U.S.C. 2601 et seq.); and other relevant applicable laws, in each case, that impact the development of Qualifying Projects.

    (b)  The Administrator of the Environmental Protection Agency shall, consistent with the Environmental Protection Agency’s statutory authorities, expeditiously identify Brownfield Sites and Superfund Sites for use by Qualifying Projects.  As part of this effort, within 180 days of the date of this order, the Administrator of the Environmental Protection Agency shall develop guidance to help expedite environmental reviews for qualified reuse and assist State governments and private parties to return such Brownfield Sites and Superfund Sites to productive use as expeditiously as possible.

    Sec.  8.  Biological and Water Permitting Efficiencies.  (a)  Upon identification of sites by the Secretary of the Interior and the Secretary of Energy as described in section 9 of this order, the action agency, as identified through the process described in the Endangered Species Act (16 U.S.C. 1531-1544) (ESA), shall initiate consultation under section 7 of the ESA with the Secretary of the Interior, the Secretary of Commerce, or both with respect to common construction activities for Qualifying Projects that will occur over the next 10 years at a programmatic level.  The Secretary of the Interior and the Secretary of Commerce shall utilize programmatic consultation to ensure timely and efficient completion of such consultation.

    (b)  Within 180 days of the date of this order, the Secretary of the Army, acting through the Assistant Secretary of the Army for Civil Works, shall review the nationwide permits issued under section 404 of the Clean Water Act of 1972 (33 U.S.C. 1344) and section 10 of the Rivers and Harbors Appropriation Act of 1899 (33 U.S.C. 403) to determine whether an activity-specific nationwide permit is needed to facilitate the efficient permitting of activities related to Qualifying Projects.

    Sec. 9.  Federal Lands Availability.  (a)  The Department of the Interior and the Department of Energy shall, after consultation with industry and further in consultation with the Department of Commerce as to the Project Sponsors to which relevant authorizations shall be granted, offer appropriate authorizations for sites identified by the Secretary of the Interior or the Secretary of Energy, as applicable and appropriate for the relevant uses, consistent with 42 U.S.C. 2201, 42 U.S.C. 7256, 43 U.S.C. 1701 et seq., and all other applicable law.

    (b)  The Secretary of Defense shall, pursuant to 10 U.S.C. 2667 or other applicable law and as and when the Secretary of Defense deems it necessary or desirable, identify suitable sites on military installations for Covered Component infrastructure uses and competitively lease available lands for Qualifying Projects to support the Department of Defense’s energy, workforce, and mission needs, subject to security and force protection considerations.

    Sec. 10.  General Provisions.  (a)   Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    (d)  The costs for publication of this order shall be borne by the Department of Energy.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        July 23, 2025.

    MIL OSI USA News –

  • MIL-OSI USA News: Promoting The Export of the American AI Technology Stack

    Source: US Whitehouse

    By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Purpose.  Artificial intelligence (AI) is a foundational technology that will define the future of economic growth, national security, and global competitiveness for decades to come.  The United States must not only lead in developing general-purpose and frontier AI capabilities, but also ensure that American AI technologies, standards, and governance models are adopted worldwide to strengthen relationships with our allies and secure our continued technological dominance.  This order establishes a coordinated national effort to support the American AI industry by promoting the export of full-stack American AI technology packages.

    Sec. 2.  Policy.  It is the policy of the United States to preserve and extend American leadership in AI and decrease international dependence on AI technologies developed by our adversaries by supporting the global deployment of United States-origin AI technologies.

    Sec. 3.  Establishment of the American AI Exports Program.  (a)  Within 90 days of the date of this order, the Secretary of Commerce shall, in consultation with the Secretary of State and the Director of the Office of Science and Technology Policy (OSTP), establish and implement the American AI Exports Program (Program) to support the development and deployment of United States full-stack AI export packages.

    (b)  The Secretary of Commerce shall issue a public call for proposals from industry-led consortia for inclusion in the Program.  The public call shall require that each proposal must:

    (i)    include a full-stack AI technology package, which encompasses:

    (A)  AI-optimized computer hardware (e.g., chips, servers, and accelerators), data center storage, cloud services, and networking, as well as a description of whether and to what extent such items are manufactured in the United States;

    (B)  data pipelines and labeling systems;

    (C)  AI models and systems;

    (D)  measures to ensure the security and cybersecurity of AI models and systems; and

    (E)  AI applications for specific use cases (e.g., software engineering, education, healthcare, agriculture, or transportation);

    (ii)   identify specific target countries or regional blocs for export engagement;

    (iii)  describe a business and operational model to explain, at a high level, which entities will build, own, and operate data centers and associated infrastructure;

    (iv)   detail requested Federal incentives and support mechanisms; and

    (v)    comply with all relevant United States export control regimes, outbound investment regulations, and end-user policies, including chapter 58 of title 50, United States Code, and relevant guidance from the Bureau of Industry and Security within the Department of Commerce.

    (c)  The Department of Commerce shall require proposals to be submitted no later than 90 days after the public call for proposals is issued, and shall consider proposals on a rolling basis for inclusion in the Program.

    (d)  The Secretary of Commerce shall, in consultation with the Secretary of State, the Secretary of Defense, the Secretary of Energy, and the Director of OSTP, evaluate submitted proposals for inclusion under the Program.  Proposals selected by the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of Defense, the Secretary of Energy, and the Director of OSTP, will be designated as priority AI export packages and will be supported through priority access to the tools identified in section 4 of this order, as consistent with applicable law.

    Sec. 4.  Mobilization of Federal Financing Tools.  (a)  The Economic Diplomacy Action Group (EDAG), established in the Presidential Memorandum of June 21, 2024, chaired by the Secretary of State, in consultation with the Secretary of Commerce and the United States Trade Representative, and as described in section 708 of the Championing American Business Through Diplomacy Act of 2019 (Title VII of Division J of Public Law 116-94) (CABDA), shall coordinate mobilization of Federal financing tools in support of priority AI export packages.  

    (b)  I delegate to the Administrator of the Small Business Administration and the Director of OSTP the authority under section 708(c)(3) of CABDA to appoint senior officials from their respective executive departments and agencies to serve as members of the EDAG. 

    (c)  The Secretary of State, in consultation with the EDAG, shall be responsible for:

    (i)    developing and executing a unified Federal Government strategy to promote the export of American AI technologies and standards;

    (ii)   aligning technical, financial, and diplomatic resources to accelerate deployment of priority AI export packages under the Program;

    (iii)  coordinating United States participation in multilateral initiatives and country-specific partnerships for AI deployment and export promotion;

    (iv)   supporting partner countries in fostering pro‑innovation regulatory, data, and infrastructure environments conducive to the deployment of American AI systems;

    (v)    analyzing market access, including technical barriers to trade and regulatory measures that may impede the competitiveness of United States offerings; and

    (vi)   coordinating with the Small Business Administration’s Office of Investment and Innovation to facilitate, to the extent permitted under applicable law, investment in United States small businesses to the development of American AI technologies and the manufacture of AI infrastructure, hardware, and systems.

    (d)  Members of the EDAG shall deploy, to the maximum extent permitted by law, available Federal tools to support the priority export packages selected for participation in the Program, including direct loans and loan guarantees (12  U.S.C. 635); equity investments, co-financing, political risk insurance, and credit guarantees (22  U.S.C. 9621); and technical assistance and feasibility studies (22 U.S.C. 2421(b)).

    Sec. 5.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    (d)  The costs for publication of this order shall be borne by the Department of Commerce.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        July 23, 2025.

    MIL OSI USA News –

  • MIL-OSI: Northfield Bancorp, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    NOTABLE ITEMS FOR THE QUARTER INCLUDE:

    • DILUTED EARNINGS PER SHARE WERE $0.24 FOR THE CURRENT QUARTER COMPARED TO $0.19 FOR THE TRAILING QUARTER, AND $0.14 FOR THE SECOND QUARTER OF 2024.
    • NET INTEREST MARGIN INCREASED BY 19 BASIS POINTS TO 2.57% FOR THE CURRENT QUARTER COMPARED TO 2.38% FOR THE TRAILING QUARTER, AND BY 48 BASIS POINTS COMPARED TO 2.09% FOR THE SECOND QUARTER OF 2024, DRIVEN BY LOWER FUNDING COSTS AND HIGHER YIELDS ON INTEREST-EARNING ASSETS.
    • COST OF DEPOSITS, EXCLUDING BROKERED DEPOSITS, AT JUNE 30, 2025 WAS 1.88% AS COMPARED TO 1.94% AT MARCH 31, 2025.
    • ASSET QUALITY IMPROVED WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.36% AT JUNE 30, 2025 COMPARED TO 0.48% AT MARCH 31, 2025.
    • THE COMPANY MAINTAINED STRONG LIQUIDITY WITH OVER $800 MILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $1 BILLION.
    • A $10.0 MILLION REPURCHASE PLAN APPROVED ON APRIL 23, 2025 WAS COMPLETED DURING THE CURRENT QUARTER AS THE COMPANY REPURCHASED 862,469 SHARES.
    • CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE ON AUGUST 20, 2025, TO STOCKHOLDERS OF RECORD AS OF AUGUST 6, 2025.

    WOODBRIDGE, N.J., July 23, 2025 (GLOBE NEWSWIRE) — NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $9.6 million, or $0.24 per diluted share, for the three months ended June 30, 2025, compared to $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, and $6.0 million, or $0.14 per diluted share, for the three months ended June 30, 2024. For the six months ended June 30, 2025, net income totaled $17.4 million, or $0.43 per diluted share, compared to $12.2 million, or $0.29 per diluted share, for the six months ended June 30, 2024. For the three and six months ended June 30, 2025, net income included $580,000 of additional tax expense related to options that expired in May 2025. For the three and six months ended June 30, 2024, net income included $795,000 of additional tax expense related to options that expired in June 2024, and $683,000 of severance expense. The increase in net income for the current quarter and the six months ended June 30, 2025, as compared to the comparable prior year periods was primarily due to an increase in net interest income, attributable to lower funding costs and higher yields on loans and securities, partially offset by an increase in the provision for credit losses on loans.

    Commenting on the quarter, Steven M. Klein, the Company’s Chairman and Chief Executive Officer, noted, “Our strong financial results reflect the continued execution of our strategic initiatives, focused on prudent and disciplined lending and deposit gathering, net interest margin expansion, and expense discipline.” Mr. Klein further noted, “I’m pleased to report that we continue to deploy our substantial capital base, including through stock repurchases of $15.0 million for the year and the declaration of a quarterly cash dividend of $0.13 per common share, payable August 20, 2025, to stockholders of record on August 6, 2025.”

    Results of Operations

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

    Net income was $17.4 million and $12.2 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Significant variances from the comparable prior year period are as follows: a $9.6 million increase in net interest income, a $4.9 million increase in the provision for credit losses on loans, a $1.3 million increase in non-interest income, a $920,000 decrease in non-interest expense, and a $1.7 million increase in income tax expense.

    Net interest income for the six months ended June 30, 2025, increased $9.6 million, or 17.0%, to $66.2 million, from $56.6 million for the six months ended June 30, 2024 due to a $6.0 million decrease in interest expense and a $3.6 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the average balance of interest-bearing liabilities of $141.5 million, or 3.3%, as well as a decrease in the cost of interest-bearing liabilities, which decreased by 18 basis points to 2.74% for the six months ended June 30, 2025, from 2.92% for the six months ended June 30, 2024. The average balance of interest-bearing liabilities decreased primarily due to a $378.9 million, or 35.2%, decrease in the average balance of borrowed funds, partially offset by a $237.2 million, or 7.5%, increase in the average balance of interest-bearing deposits, primarily certificates of deposit. The decrease in the cost of interest-bearing liabilities was driven primarily by an eight basis point decrease in the cost of interest-bearing deposits to 2.47% from 2.55% and a four basis point decrease in the cost of borrowings to 3.83% from 3.87%. The increase in interest income was primarily due to a 25 basis point increase in the yield on interest-earning assets, due to higher yields on mortgage-backed securities and loans, partially offset by a $128.0 million, or 2.3%, decrease in the average balance of interest-earning assets. The decrease was primarily due to decreases in the average balance of loans of $175.5 million, the average balance of other securities of $275.8 million, and the average balance of interest-earning deposits in financial institutions of $128.1 million, partially offset by an increase in the average balance of mortgage-backed securities of $453.4 million. The changes reflect the purchase of higher-yielding mortgage-related securities with excess cash and proceeds from the maturities of other securities.

    Net interest margin increased by 42 basis points to 2.48% for the six months ended June 30, 2025, from 2.06% for the six months ended June 30, 2024. The increase in net interest margin was primarily due to higher yields on loans and mortgage-backed securities, coupled with a decrease in the cost of interest-bearing liabilities. Net interest income for the six months ended June 30, 2025, included $609,000 of interest income related to the settlement of a non-accrual loan in May 2025. The Company accreted interest income related to purchased credit-deteriorated (“PCD”) loans of $469,000 for the six months ended June 30, 2025, as compared to $747,000 for the six months ended June 30, 2024. Net interest income for the six months ended June 30, 2025, also included loan prepayment income of $767,000 as compared to $561,000 for the six months ended June 30, 2024.

    The provision for credit losses on loans increased by $4.9 million to $4.7 million for the six months ended June 30, 2025, compared to a benefit of $203,000 for the six months ended June 30, 2024, primarily due to an increase in general reserves related to a worsening macroeconomic forecast in the current quarter within our Current Expected Credit Loss (“CECL”) model, an increase in specific reserves of $1.2 million, changes in model assumptions including a reduction in prepayment speeds, and higher net charge-offs. Partially offsetting the increase in reserves was a decline in loan balances. Net charge-offs were $3.7 million for the six months ended June 30, 2025, primarily due to $3.2 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $2.6 million for the six months ended June 30, 2024. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $24.0 million at June 30, 2025.

    Non-interest income increased by $1.3 million, or 21.0%, to $7.5 million for the six months ended June 30, 2025, compared to $6.2 million for the six months ended June 30, 2024. The increase was primarily due to an increase in income on bank-owned life insurance of $1.4 million, primarily related to the exchange of certain policies in the fourth quarter of 2024 which have higher yields, partially offset by a $178,000 decrease in gains on trading securities. Gains on trading securities in the six months ended June 30, 2025, were $709,000, as compared to gains of $887,000 in the six months ended June 30, 2024. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the plan. The participants of this plan, at their election, defer a portion of their compensation. Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the plan.

    Non-interest expense decreased by $920,000, or 2.0%, to $44.4 million for the six months ended June 30, 2025, compared to $45.3 million for the six months ended June 30, 2024. The decrease was primarily due to a $650,000 decrease in employee compensation and benefits, primarily due to severance expense of $683,000 which was recorded during the six months ended June 30, 2024, and a $178,000 decrease in deferred compensation expense, which is described above, and had no effect on net income. Partially offsetting the decreases were higher salary expense related to annual merit increases and higher stock compensation expense as the prior year included a credit of $461,000 related to performance stock awards not expected to vest. Additionally, there was a $456,000 decrease in advertising expense attributable to a change in marketing strategy and the timing of specific deposit and lending campaigns, and a $311,000 decrease in other expense. Partially offsetting the decreases was a $485,000 increase in professional fees related to outsourced audit services and recruitment fees.

    The Company recorded income tax expense of $7.2 million for the six months ended June 30, 2025, compared to $5.5 million for the six months ended June 30, 2024. The effective tax rate for the six months ended June 30, 2025, was 29.3% compared to 31.2% for the six months ended June 30, 2024. In May 2025, options granted in 2015 expired and resulted in additional tax expense of $580,000 for the six months ended June 30, 2025, as compared to options granted in 2014 that expired in June 2024 and resulted in additional tax expense of $795,000 for the six months ended June 30, 2024.

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

    Net income was $9.6 million and $6.0 million for the quarters ended June 30, 2025 and June 30, 2024, respectively. Significant variances from the comparable prior year quarter are as follows: a $5.7 million increase in net interest income, a $2.7 increase in the provision for credit losses on loans, a $1.7 million increase in non-interest income, and a $1.1 million increase in income tax expense.

    Net interest income for the quarter ended June 30, 2025, increased $5.7 million, or 19.9%, to $34.4 million, from $28.7 million for the quarter ended June 30, 2024, due to a $3.5 million decrease in interest expense and a $2.2 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the average balance of interest-bearing liabilities of $177.0 million, or 4.1%, as well as a decrease in the cost of interest-bearing liabilities which decreased by 22 basis points to 2.73% for the three months ended June 30, 2025, from 2.95% for the three months ended June 30, 2024. The average balance of interest-bearing liabilities decreased primarily due to a $344.2 million, or 33.1% decrease in the average balance of borrowed funds, partially offset by a $167.0 million, or 5.2%, increase in the average of interest-bearing deposits. The decrease in the cost of interest-bearing liabilities was driven by an 18 basis point decrease in the cost of interest-bearing deposits to 2.42% from 2.60%, partially offset by a 10 basis point increase in the cost of borrowed funds to 3.98% from 3.88%. The increase in interest income was primarily due to a 28 basis point increase in the yield on interest-earning assets due to higher yields on mortgage-backed securities and loans, partially offset by a $151.7 million, or 2.8%, decrease in the average balance of interest-earning assets. The decrease was primarily due to decreases in the average balance of other securities of $277.3 million, the average balance of loans of $183.3 million and the average balance of interest-earning deposits in financial institutions of $112.0 million, partially offset by an increase in the average balance of mortgage-backed securities of $422.3 million. The changes reflect the purchase of higher-yielding mortgage-related securities with excess cash and proceeds from the maturities of other securities.

    Net interest margin increased by 48 basis points to 2.57% for the quarter ended June 30, 2025, from 2.09% for the quarter ended June 30, 2024. The increase in net interest margin was primarily due to higher yields on loans and mortgage-backed securities, coupled with a decrease in the cost of interest-bearing liabilities. Net interest income for the quarter ended June 30, 2025, included $609,000 of interest income related to the settlement of a non-accrual loan in May 2025. The Company accreted interest income related to PCD loans of $247,000 for the quarter ended June 30, 2025, as compared to $321,000 for the quarter ended June 30, 2024. Net interest income for the quarter ended June 30, 2025, included loan prepayment income of $522,000, as compared to $210,000 for the quarter ended June 30, 2024.

    The provision for credit losses on loans increased by $2.7 million to $2.1 million for the quarter ended June 30, 2025, from a benefit of $618,000 for the quarter ended June 30, 2024, primarily due to an increase in general reserves related to a worsening macroeconomic forecast in the current quarter within our CECL model, an increase in specific reserves of $1.2 million, and changes in model assumptions, including a reduction in prepayment speeds. Partially offsetting the increase in reserves was a decline in loan balances and lower net charge-offs. Net charge-offs were $887,000 for the quarter ended June 30, 2025, primarily due to $879,000 in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $1.6 million for the quarter ended June 30, 2024.

    Non-interest income increased by $1.7 million, or 58.3%, to $4.5 million for the quarter ended June 30, 2025, from $2.9 million for the quarter ended June 30, 2024. The increase was primarily due to increases of $820,000 in gains on trading securities and $760,000 in income on bank-owned life insurance, primarily related to the exchange of certain policies in the fourth quarter of 2024 which have higher yields. Gains on trading securities in the three months ended June 30, 2025, were $1.0 million as compared to gains of $188,000 in the quarter ended June 30, 2024.

    Non-interest expense remained stable at $23.0 million for both quarters ended June 30, 2025 and June 30, 2024.

    The Company recorded income tax expense of $4.3 million for the quarter ended June 30, 2025, compared to $3.2 million for the quarter ended June 30, 2024. The effective tax rate for the quarter ended June 30, 2025, was 31.0% compared to 35.0% for the quarter ended June 30, 2024. In May 2025, options granted in 2015 expired and resulted in additional tax expense of $580,000 for the quarter ended June 30, 2025, as compared to options granted in 2014 that expired in June 2024 and resulted in additional tax expense of $795,000 for the quarter ended June 30, 2024.

    Comparison of Operating Results for the Three Months Ended June 30, 2025 and March 31, 2025

    Net income was $9.6 million and $7.9 million for the quarters ended June 30, 2025, and March 31, 2025, respectively. Significant variances from the prior quarter are as follows: a $2.6 million increase in net interest income, a $496,000 decrease in the provision for credit losses on loans, a $1.5 million increase in non-interest income, a $1.5 million increase in non-interest expense, and a $1.4 million increase in income tax expense.

    Net interest income for the quarter ended June 30, 2025, increased by $2.6 million, or 8.2%, to $34.4 million, from $31.8 million for the quarter ended March 31, 2025, due to a $2.3 million increase in interest income and a $272,000 decrease in interest expense. The increase in interest income was primarily due to a 17 basis point increase in the yield on interest-earning assets, partially offset by a $49.1 million decrease in the average balance of interest-earning assets, primarily due to decreases in the average balance of loans of $62.4 million, the average balance of other securities of $61.5 million, and the average balance of interest-earning deposits in financial institutions of $39.5 million, which were partially offset by an increase in the average balance of mortgage-backed securities of $114.1 million. The changes reflect the purchase of higher-yielding mortgage-related securities with excess cash and proceeds from the maturities of other securities. The decrease in interest expense was primarily due to a $66.1 million, or 1.6%, decrease in the average balance of interest-bearing liabilities largely attributable to a $67.8 million decrease in the average balance of interest-bearing deposits.

    Net interest margin increased by 19 basis points to 2.57% for the quarter ended June 30, 2025, from 2.38% for the quarter ended March 31, 2025, primarily due to higher yields on loans and mortgage-backed securities. Net interest income for the quarter ended June 30, 2025, included $609,000 of interest income related to the settlement of a non-accrual loan in May 2025. Net interest income for the quarter ended June 30, 2025, included loan prepayment income of $522,000 as compared to $245,000 for the quarter ended March 31, 2025. The Company accreted interest income related to PCD loans of $247,000 for the quarter ended June 30, 2025, as compared to $223,000 for the quarter ended March 31, 2025.

    The provision for credit losses on loans decreased by $496,000 to $2.1 million for the quarter ended June 30, 2025, from $2.6 million for the quarter ended March 31, 2025. The decrease in the provision for the current quarter was primarily due to lower net charge-offs and a decline in loan balances, partially offset by an increase in specific reserves of $569,000 and an increase in general reserves due to a worsening macroeconomic forecast in the current quarter within our CECL model. Net charge-offs were $887,000 for the quarter ended June 30, 2025, as compared to net charge-offs of $2.8 million for the quarter ended March 31, 2025.

    Non-interest income increased by $1.5 million, or 49.8%, to $4.5 million for the quarter ended June 30, 2025, from $3.0 million for the quarter ended March 31, 2025. The increase was primarily due to a $1.3 million increase in gains on trading securities, net. For the quarter ended June 30, 2025, gains on trading securities, net, were $1.0 million, compared to losses of $299,000 for the quarter ended March 31, 2025.

    Non-interest expense increased by $1.5 million, or 7.2%, to $23.0 million for the quarter ended June 30, 2025, from $21.4 million for the quarter ended March 31, 2025. The increase was primarily due to a $2.0 million increase in compensation and employee benefits, of which $1.3 million was attributable to an increase in deferred compensation expense and has no effect on net income due to offsetting gains on trading securities. The remaining increase in compensation and employee benefits was primarily due to higher salary expense related to an increase in headcount during the current quarter as well as recognizing a full quarter of merit-related increases as compared to one month in the prior quarter. Additionally, there was a $280,000 increase in data processing costs attributable to an increase in core system expenses. Partially offsetting the increases were decreases of $205,000 in occupancy expense, $169,000 in professional fees, $210,000 in other expense, and $156,000 in credit loss expense/(benefit) for off-balance sheet exposure. The decrease in credit loss expense/(benefit) for off-balance sheet exposure was due to a benefit of $53,000 recorded during the quarter ended June 30, 2025, as compared to a provision of $103,000 recorded during the quarter ended March 31, 2025.

    The Company recorded income tax expense of $4.3 million for the quarter ended June 30, 2025, compared to $2.9 million for the quarter ended March 31, 2025. The effective tax rate for the quarter ended June 30, 2025 was 31.0%, compared to 27.0% for the quarter ended March 31, 2025. During the quarter ended June 30, 2025, options granted in 2015 expired and resulted in additional tax expense of $580,000, contributing to the higher effective tax rate for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025.

    Financial Condition

    Total assets increased by $12.9 million, or 0.2%, to $5.68 billion at June 30, 2025, from $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $200.2 million, or 18.2%, partially offset by decreases in loans receivable of $106.5 million, or 2.6%, cash and cash equivalents of $70.2 million, or 41.8% and other assets of $9.6 million, or 20.4%.

    Cash and cash equivalents decreased by $70.1 million, or 41.8%, to $97.6 million at June 30, 2025, from $167.7 million at December 31, 2024, as excess liquidity was deployed into purchasing higher-yielding mortgage-backed securities. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

    Loans held-for-investment, net, decreased by $101.6 million, or 2.5%, to $3.92 billion at June 30, 2025 from $4.02 billion at December 31, 2024, primarily due to a decrease in multifamily real estate loans, partially offset by increases in one-to-four family residential mortgage and home equity and lines of credit loans. The decrease in loan balances reflects the Company’s continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $114.4 million, or 4.4%, to $2.48 billion at June 30, 2025 from $2.60 billion at December 31, 2024, commercial and industrial loans decreased $4.9 million, or 3.0%, to $158.5 million at June 30, 2025 from $163.4 million at December 31, 2024, commercial real estate loans decreased $3.7 million, or 0.4%, to $886.1 million at June 30, 2025 from $889.8 million at December 31, 2024, and construction and land loans decreased $3.6 million, or 10.0%, to $32.3 million at June 30, 2025 from $35.9 million at December 31, 2024. Partially offsetting these decreases were increases in home equity and lines of credit of $12.8 million, or 7.3%, to $186.8 million at June 30, 2025 from $174.1 million at December 31, 2024, and one-to-four family residential loans of $12.5 million, or 8.3%, to $162.8 million at June 30, 2025 from $150.2 million at December 31, 2024.

    As of June 30, 2025, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 416%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which includes monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company’s ability to pay dividends, and overall profitability.

    Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At June 30, 2025, office-related loans represented $178.8 million, or 4.6% of our total loan portfolio, with an average balance of $1.8 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 58%. Approximately 39% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 49.9% in New York, 48.6% in New Jersey and 1.5% in Pennsylvania. At June 30, 2025, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.3 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At June 30, 2025, multifamily loans that have some form of rent stabilization or rent control totaled $434.1 million, or 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 50%. At June 30, 2025, our largest rent-regulated loan had a principal balance of $16.6 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

    PCD loans totaled $9.0 million and $9.2 million at June 30, 2025 and December 31, 2024, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $247,000 and $469,000 attributable to PCD loans for the three and six months ended June 30, 2025, respectively, compared to $321,000 and $747,000 for the three and six months ended June 30, 2024, respectively. PCD loans had an allowance for credit losses of approximately $2.7 million at June 30, 2025.

    Loan balances are summarized as follows (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
    Real estate loans:          
    Multifamily $ 2,483,078   $ 2,567,913   $ 2,597,484
    Commercial mortgage   886,135     882,600     889,801
    One-to-four family residential mortgage   162,750     146,791     150,217
    Home equity and lines of credit   186,848     181,354     174,062
    Construction and land   32,300     40,284     35,897
    Total real estate loans   3,751,111     3,818,942     3,847,461
    Commercial and industrial loans   158,539     162,133     163,425
    Other loans   2,008     1,411     2,165
    Total commercial and industrial and other loans   160,547     163,544     165,590
    Loans held-for-investment, net (excluding PCD)   3,911,658     3,982,486     4,013,051
    PCD loans   8,955     9,043     9,173
    Total loans held-for-investment, net $ 3,920,613   $ 3,991,529   $ 4,022,224
                     

    Other assets decreased by $9.6 million, or 20.4%, to $37.4 million at June 30, 2025, from $46.9 million at December 31, 2024. The decrease was primarily attributable to a decrease in deferred tax assets primarily due to a decrease in unrealized losses on the securities available-for-sale portfolio.

    The Company’s available-for-sale debt securities portfolio increased by $200.2 million, or 18.2%, to $1.30 billion at June 30, 2025, from $1.10 billion at December 31, 2024. The increase was primarily attributable to purchases of securities, partially offset by paydowns and maturities. At June 30, 2025, $1.27 billion of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $29.7 million in corporate bonds, substantially all of which were investment grade, $684,000 in municipal bonds and $613,000 in U.S. Government agency securities at June 30, 2025. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $14.6 million and $276,000, respectively, at June 30, 2025, and $21.8 million and $400,000, respectively, at December 31, 2024.

    Equity securities were $6.3 million at June 30, 2025 and $14.3 million at December 31, 2024. Equity securities are primarily comprised of an investment in a Small Business Administration (“SBA”) Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program. The decrease in equity securities was primarily due to a redemption, at par, of $5.0 million of our investment in the SBA Loan Fund during the quarter ended June 30, 2025.

    Total liabilities increased $7.3 million, or 0.1%, to $4.97 billion at June 30, 2025, from $4.96 billion at December 31, 2024. The increase was primarily attributable to an increase in borrowings of $165.5 million, partially offset by a decrease in deposits of $152.3 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

    Deposits decreased $152.3 million, or 3.7%, to $3.99 billion at June 30, 2025 as compared to $4.14 billion at December 31, 2024. Brokered deposits decreased by $188.4 million, or 71.5%, as the Company placed less reliance on brokered deposits, which were used as a lower-cost alternative to borrowings in the quarter ended December 31, 2024. Deposits, excluding brokered deposits, increased $36.0 million, or 0.9%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $73.7 million in transaction accounts and $9.6 million in time deposits, partially offset by decreases of $29.2 million in savings accounts, and $18.0 million in money market accounts. Growth in transaction accounts and time deposits was primarily due to new municipal relationships and new commercial customer relationships.

    Estimated gross uninsured deposits at June 30, 2025 were $1.87 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $940.6 million, leaving estimated uninsured deposits of approximately $929.2 million, or 23.1%, of total deposits. At December 31, 2024, estimated uninsured deposits, excluding fully collateralized uninsured governmental deposits and intercompany deposits, totaled $896.5 million, or 21.7% of total deposits.

    Deposit account balances are summarized as follows (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
    Transaction:          
    Non-interest bearing checking $ 735,811   $ 722,994   $ 706,976
    Negotiable orders of withdrawal and interest-bearing checking   1,331,060     1,367,219     1,286,154
    Total transaction   2,066,871     2,090,213     1,993,130
    Savings and money market:          
    Savings   874,927     899,674     904,163
    Money market   254,154     271,566     272,145
    Total savings   1,129,081     1,171,240     1,176,308
    Certificates of deposit:          
    $250,000 and under   573,612     602,959     580,940
    Over $250,000   141,623     144,255     124,681
    Brokered deposits   75,000     123,289     263,418
    Total certificates of deposit   790,235     870,503     969,039
    Total deposits $ 3,986,187   $ 4,131,956   $ 4,138,477
                     

    Included in the table above are business and municipal deposit account balances as follows (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
               
    Business customers $ 907,464   $ 891,545   $ 885,769
    Municipal (governmental) customers $ 892,652   $ 929,611   $ 859,319
                     

    Borrowed funds increased to $893.5 million at June 30, 2025, from $727.8 million at December 31, 2024. The increase in borrowings for the period was primarily due to a $55.0 million increase in borrowings under an overnight line of credit, and a $110.5 million increase in other borrowings. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

    The following table sets forth borrowing maturities (excluding overnight borrowings and subordinated debt) and the weighted average rate by year at June 30, 2025 (dollars in thousands):

    Year   Amount   Weighted Average Rate
    2025   $295,684   4.44%
    2026   148,000   4.36%
    2027   173,000   3.19%
    2028   154,288   3.96%
        $770,972   4.05%
             

    Total stockholders’ equity increased by $5.6 million to $710.3 million at June 30, 2025, from $704.7 million at December 31, 2024. The increase was attributable to net income of $17.4 million for the six months ended June 30, 2025, an $11.9 million increase in accumulated other comprehensive income associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, and a $2.0 million increase in equity award activity, partially offset by $15.0 million in stock repurchases and $10.7 million in dividend payments. On February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program, and on April 23, 2025, the Board of Directors approved a $10.0 million stock repurchase program. During the six months ended June 30, 2025, the Company repurchased 1.3 million shares of its common stock outstanding at an average price of $11.52 for a total of $15.0 million pursuant to the approved stock repurchase plans. As of June 30, 2025, the Company has no outstanding repurchase program.

    The Company’s most liquid assets are cash and cash equivalents, corporate bonds, and unpledged mortgage-related securities issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against or sell. We also have the ability to surrender bank-owned life insurance contracts. The surrender of these contracts would subject the Company to income taxes and penalties for increases in the cash surrender values over the original premium payments. We also have the ability to obtain additional funding from the Federal Home Loan Bank and Federal Reserve Bank of New York utilizing unencumbered and unpledged securities and multifamily loans. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. The Company’s on-hand liquidity ratio as of June 30, 2025 was 18.3%.

    The Company had the following primary sources of liquidity at June 30, 2025 (dollars in thousands):

    Cash and cash equivalents(1)   $ 85,652
    Corporate bonds(2)   $ 15,525
    Multifamily loans(2)   $ 1,074,872
    Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)(2)   $ 791,369
         
    (1) Excludes $12.0 million of cash at Northfield Bank.
    (2) Represents estimated remaining borrowing potential.
     

    The Company and the Bank utilize the Community Bank Leverage Ratio (“CBLR”) framework. At June 30, 2025, the Company’s and the Bank’s estimated CBLR ratios were 12.09% and 12.56%, respectively, which exceeded the minimum requirement to be considered well-capitalized of 9%.

    Asset Quality

    The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at June 30, 2025, March 31, 2025 and December 31, 2024 (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
    Non-accrual loans:          
    Held-for-investment          
    Real estate loans:          
    Multifamily $ 2,521     $ 2,565     $ 2,609  
    Commercial mortgage   4,555       4,565       4,578  
    Home equity and lines of credit   1,264       1,267       1,270  
    Commercial and industrial   4,517       4,972       5,807  
    Total non-accrual loans   12,857       13,369       14,264  
    Loans delinquent 90 days or more and still accruing:          
    Held-for-investment          
    Real estate loans:          
    Multifamily   —       —       164  
    Commercial mortgage   74       —       —  
    One-to-four family residential   871       878       882  
    Home equity and lines of credit   177       140       140  
    Commercial and industrial   121       —       —  
    Total loans held-for-investment delinquent 90 days or more and still accruing   1,243       1,018       1,186  
    Non-performing loans held-for-sale:          
    Commercial mortgage   —       4,397       4,397  
    Commercial and industrial   —       500       500  
    Total non-performing loans held-for-sale   —       4,897       4,897  
    Total non-performing loans   14,100       19,284       20,347  
    Total non-performing assets $ 14,100     $ 19,284     $ 20,347  
    Non-performing loans to total loans   0.36 %     0.48 %     0.51 %
    Non-performing assets to total assets   0.25 %     0.34 %     0.36 %
    Accruing loans 30 to 89 days delinquent $ 4,076     $ 6,845     $ 9,336  
                           

    The decrease in non-performing loans held-for-sale from March 31, 2025, and December 31, 2024, was due to repayment of the loans in full from a settlement agreement in bankruptcy.

    Accruing Loans 30 to 89 Days Delinquent

    Loans 30 to 89 days delinquent and on accrual status totaled $4.1 million, $6.8 million and $9.3 million at June 30, 2025, March 31, 2025 and December 31, 2024, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at June 30, 2025, March 31, 2025 and December 31, 2024 (dollars in thousands):

      June 30, 2025   March 31, 2025   December 31, 2024
    Held-for-investment          
    Real estate loans:          
    Multifamily $ 1,230   $ 1,296   $ 2,831
    Commercial mortgage   14     147     78
    One-to-four family residential   741     2,584     2,407
    Home equity and lines of credit   1,398     1,141     1,472
    Commercial and industrial loans   693     1,674     2,545
    Other loans   —     3     3
    Total delinquent accruing loans held-for-investment $ 4,076   $ 6,845   $ 9,336
                     

    PCD Loans (Held-for-Investment)

    The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.0 million at June 30, 2025 and $9.2 million at December 31, 2024, respectively) as accruing, even though they may be contractually past due. At June 30, 2025, 2.3% of PCD loans were past due 30 to 89 days, and 25.5% were past due 90 days or more, as compared to 2.1% and 24.9%, respectively, at December 31, 2024.

    Our multifamily loan portfolio at June 30, 2025 totaled $2.48 billion, or 63% of our total loan portfolio, of which $434.1 million, or 11%, of our total loan portfolio included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

    % Rent
    Regulated    		   Balance   % Portfolio
    Total NY
    Multifamily
    Portfolio    		   Average
    Balance    		   Largest Loan   LTV*   Debt Service
    Coverage Ratio
    (DSCR)*    		   30-89 Days
    Delinquent    		   Non-Accrual   Special
    Mention    		   Substandard
    0   $ 294,926   40.5 %   $ 1,229   $ 16,361   50.6 %   1.50x   $ 155   $ 481   $ —   $ 1,015
    >0-10     4,673   0.6       1,558     2,097   50.6     1.33     —     —     —     —
    >10-20     18,258   2.5       1,404     2,818   48.4     1.59     —     —     —     —
    >20-30     19,159   2.6       2,129     5,417   48.1     1.55     —     —     —     —
    >30-40     15,884   2.2       1,324     3,012   43.2     1.74     —     —     —     —
    >40-50     21,438   2.9       1,261     2,701   46.7     1.68     —     —     —     —
    >50-60     9,222   1.3       1,537     2,299   39.1     1.80     —     —     —     —
    >60-70     21,815   3.0       2,727     11,102   53.2     1.50     —     —     —     —
    >70-80     22,038   3.0       2,449     4,855   47.3     1.55     —     —     —     —
    >80-90     19,547   2.7       1,150     3,113   45.9     1.66     —     —     1,118     —
    >90-100     282,037   38.7       1,730     16,594   51.3     1.54     —     2,040     3,608     4,342
    Total   $ 728,997   100.0 %   $ 1,467   $ 16,594   50.2 %   1.54x   $ 155   $ 2,521   $ 4,726   $ 5,357
                                                               

    The table below sets forth our New York rent-regulated loans by county (dollars in thousands).

    County   Balance   LTV*   DSCR*
    Bronx   $ 116,252   50.9%   1.51x
    Kings     184,424   49.4%   1.58
    Nassau     2,145   35.7%   2.13
    New York     48,532   46.0%   1.62
    Queens     37,359   44.1%   1.69
    Richmond     32,031   59.8%   1.41
    Westchester     13,327   58.4%   1.44
    Total   $ 434,070   49.9%   1.56x
                 
    *  Weighted Average
     

    None of the loans that are rent-regulated in New York are interest only. During the remainder of 2025, 13 loans with an aggregate principal balance of $23.6 million will re-price.

    About Northfield Bank

    Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.

    Forward-Looking Statements: This release may contain certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Northfield Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong. They can be affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by known or unknown risks and uncertainties as described in our SEC filings, including, but not limited to, those related to general economic conditions, particularly in the market areas in which the Company operates, competition and demand for financial services in our market area, competition among depository and other financial institutions, including with respect to fees and interest rates, fluctuations in residential and commercial real estate values and market conditions, changes in liquidity, the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, our ability to access cost-effective funding, changes in laws or government regulations or policies affecting financial institutions, including changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, changes in the quality and/or composition of our loan and securities portfolios, prepayment speeds, charge-offs and/or credit loss provisions, changes in the value of our goodwill or other intangible assets, changes in regulatory fees, assessments and capital requirements, inflation and changes in the interest rate environment that reduce our margins, reduce the fair value of financial instruments or reduce our ability to originate loans, the failure to maintain current technologies and to successfully implement future information technology enhancements, cyber security and fraud risks against our information technology and those of our third-party providers, the ability of third-party providers to perform their obligations to us, the effects of war, conflict, and acts of terrorism, our ability to successfully integrate acquired entities, and adverse changes in the securities markets. Consequently, no forward-looking statement can be guaranteed. Northfield Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release, or conform these statements to actual events.

     
    (Tables follow)
    NORTHFIELD BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
    (Dollars in thousands, except per share amounts) (unaudited)
     
                   
      At or For the Three Months Ended   At or For the Six Months Ended
      June 30,   March 31,   June 30,
      2025   2024   2025   2025   2024
    Selected Financial Ratios:                  
    Performance Ratios (1)                  
    Return on assets (ratio of net income to average total assets) 0.68 %   0.41 %   0.56 %   0.62 %   0.42 %
    Return on equity (ratio of net income to average equity) 5.41     3.45     4.52     4.97     3.52  
    Average equity to average total assets 12.56     12.00     12.43     12.50     12.02  
    Interest rate spread 1.94     1.44     1.76     1.84     1.41  
    Net interest margin 2.57     2.09     2.38     2.48     2.06  
    Efficiency ratio (2) 59.02     72.89     61.57     60.22     72.16  
    Non-interest expense to average total assets 1.63     1.60     1.53     1.58     1.58  
    Non-interest expense to average total interest-earning assets 1.72     1.68     1.61     1.66     1.65  
    Average interest-earning assets to average interest-bearing liabilities 130.31     128.47     129.42     129.87     128.57  
    Asset Quality Ratios:                  
    Non-performing assets to total assets 0.25     0.30     0.34     0.25     0.30  
    Non-performing loans (3) to total loans (4) 0.36     0.42     0.48     0.36     0.42  
    Allowance for credit losses to non-performing loans (5) 256.15     200.96     242.73     256.15     200.96  
    Allowance for credit losses to total loans held-for-investment, net (6) 0.92     0.85     0.87     0.92     0.85  
                                 

    (1)  Annualized where appropriate.
    (2)  The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
    (3)  Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCD loans), and are included in total loans held-for-investment, net.
    (4)  Includes originated loans held-for-investment, PCD loans, acquired loans and loans held-for-sale.
    (5)  Excludes loans held-for-sale.
    (6)  Includes originated loans held-for-investment, PCD loans, and acquired loans.

     
    NORTHFIELD BANCORP, INC.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      June 30, 2025   March 31, 2025   December 31, 2024
    ASSETS:          
    Cash and due from banks $ 11,985     $ 12,523     $ 13,043  
    Interest-bearing deposits in other financial institutions   85,652       89,139       154,701  
    Total cash and cash equivalents   97,637       101,662       167,744  
    Trading securities   14,052       13,003       13,884  
    Debt securities available-for-sale, at estimated fair value   1,300,975       1,246,473       1,100,817  
    Debt securities held-to-maturity, at amortized cost   8,454       8,883       9,303  
    Equity securities   6,278       10,855       14,261  
    Loans held-for-sale   —       4,897       4,897  
    Loans held-for-investment, net   3,920,613       3,991,529       4,022,224  
    Allowance for credit losses   (36,120 )     (34,921 )     (35,183 )
    Net loans held-for-investment   3,884,493       3,956,608       3,987,041  
    Accrued interest receivable   19,241       19,648       19,078  
    Bank-owned life insurance   179,134       177,398       175,759  
    Federal Home Loan Bank of New York stock, at cost   43,664       38,350       35,894  
    Operating lease right-of-use assets   26,157       27,345       27,771  
    Premises and equipment, net   20,842       21,431       21,985  
    Goodwill   41,012       41,012       41,012  
    Other assets   37,352       42,435       46,932  
    Total assets $ 5,679,291     $ 5,710,000     $ 5,666,378  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY:          
    LIABILITIES:          
    Deposits $ 3,986,187     $ 4,131,956     $ 4,138,477  
    Federal Home Loan Bank advances and other borrowings   831,920       709,159       666,402  
    Subordinated debentures, net of issuance costs   61,554       61,498       61,442  
    Lease liabilities   30,286       31,630       32,209  
    Advance payments by borrowers for taxes and insurance   25,287       29,270       24,057  
    Accrued expenses and other liabilities   33,783       35,338       39,095  
    Total liabilities   4,969,017       4,998,851       4,961,682  
               
    STOCKHOLDERS’ EQUITY:          
    Total stockholders’ equity   710,274       711,149       704,696  
    Total liabilities and stockholders’ equity $ 5,679,291     $ 5,710,000     $ 5,666,378  
               
    Total shares outstanding   41,819,988       42,676,274       42,903,598  
    Tangible book value per share(1) $ 16.00     $ 15.70     $ 15.46  
                           

    (1)  Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were $45, $57 and $69 at June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and are included in other assets.

     
    NORTHFIELD BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except share and per share amounts) (unaudited)
     
      For the Three Months Ended   For the Six Months Ended
      June 30,   March 31,   June 30,
        2025       2024       2025       2025     2024  
    Interest income:                  
    Loans $ 46,661     $ 45,967     $ 45,283     $ 91,944   $ 92,014  
    Mortgage-backed securities   13,888       7,355       12,009       25,897     11,753  
    Other securities   442       3,506       797       1,239     7,347  
    Federal Home Loan Bank of New York dividends   728       935       862       1,590     1,905  
    Deposits in other financial institutions   706       2,457       1,141       1,847     5,849  
    Total interest income   62,425       60,220       60,092       122,517     118,868  
    Interest expense:                  
    Deposits   20,285       20,664       21,191       41,476     39,937  
    Borrowings   6,916       10,041       6,291       13,207     20,704  
    Subordinated debt   828       828       819       1,647     1,656  
    Total interest expense   28,029       31,533       28,301       56,330     62,297  
    Net interest income   34,396       28,687       31,791       66,187     56,571  
    Provision/(benefit) for credit losses   2,086       (618 )     2,582       4,668     (203 )
    Net interest income after provision/(benefit) for credit losses   32,310       29,305       29,209       61,519     56,774  
    Non-interest income:                  
    Fees and service charges for customer services   1,685       1,570       1,620       3,305     3,185  
    Income on bank-owned life insurance   1,736       976       1,639       3,375     1,940  
    Gains on available-for-sale debt securities, net   —       1       —       —     1  
    Gains/(losses) on trading securities, net   1,008       188       (299 )     709     887  
    Gain on sale of loans   —       51       —       —     51  
    Other   97       73       62       159     176  
    Total non-interest income   4,526       2,859       3,022       7,548     6,240  
    Non-interest expense:                  
    Compensation and employee benefits   13,728       13,388       11,775       25,503     26,153  
    Occupancy   3,328       3,222       3,533       6,861     6,775  
    Furniture and equipment   411       477       414       825     961  
    Data processing   2,402       2,177       2,122       4,524     4,324  
    Professional fees   903       681       1,072       1,975     1,490  
    Advertising   294       482       250       544     1,000  
    Federal Deposit Insurance Corporation insurance   618       649       617       1,235     1,237  
    Credit (benefit) loss expense for off-balance sheet exposures   (53 )     103       103       50     186  
    Other   1,339       1,814       1,549       2,888     3,199  
    Total non-interest expense   22,970       22,993       21,435       44,405     45,325  
    Income before income tax expense   13,866       9,171       10,796       24,662     17,689  
    Income tax expense   4,295       3,214       2,920       7,215     5,518  
    Net income $ 9,571     $ 5,957     $ 7,876     $ 17,447   $ 12,171  
    Net income per common share:                  
    Basic $ 0.24     $ 0.14     $ 0.19       0.43     0.29  
    Diluted $ 0.24     $ 0.14     $ 0.19       0.43     0.29  
    Basic average shares outstanding   40,183,613       41,999,541       40,864,529       40,522,193     42,181,306  
    Diluted average shares outstanding   40,204,833       42,002,650       40,922,829       40,561,953     42,203,715  
     
    NORTHFIELD BANCORP, INC.
    ANALYSIS OF NET INTEREST INCOME
    (Dollars in thousands) (unaudited)
     
      For the Three Months Ended
      June 30, 2025   March 31, 2025   June 30, 2024
      Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)    		   Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)    		   Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)
    Interest-earning assets:                                  
    Loans (2) $ 3,944,822   $ 46,661   4.74 %   $ 4,007,266   $ 45,283   4.58 %   $ 4,128,105   $ 45,967   4.48 %
    Mortgage-backed securities (3)   1,246,843     13,888   4.47       1,132,715     12,009   4.30       824,498     7,355   3.59  
    Other securities (3)   56,559     442   3.13       118,082     797   2.74       333,855     3,506   4.22  
    Federal Home Loan Bank of New York stock   37,225     728   7.84       36,929     862   9.47       38,707     935   9.72  
    Interest-earning deposits in financial institutions   79,463     706   3.56       118,983     1,141   3.89       191,470     2,457   5.16  
    Total interest-earning assets   5,364,912     62,425   4.67       5,413,975     60,092   4.50       5,516,635     60,220   4.39  
    Non-interest-earning assets   280,107             277,586             265,702        
    Total assets $ 5,645,019           $ 5,691,561           $ 5,782,337        
                                       
    Interest-bearing liabilities:                                  
    Savings, NOW, and money market accounts $ 2,491,340   $ 12,227   1.97 %   $ 2,502,664   $ 12,148   1.97 %   $ 2,490,372   $ 13,183   2.13 %
    Certificates of deposit   867,268     8,058   3.73       923,713     9,043   3.97       701,272     7,481   4.29  
    Total interest-bearing deposits   3,358,608     20,285   2.42       3,426,377     21,191   2.51       3,191,644     20,664   2.60  
    Borrowed funds   696,874     6,916   3.98       695,281     6,291   3.67       1,041,035     10,041   3.88  
    Subordinated debt   61,517     828   5.40       61,461     819   5.40       61,294     828   5.43  
    Total interest-bearing liabilities   4,116,999     28,029   2.73       4,183,119     28,301   2.74       4,293,973     31,533   2.95  
    Non-interest bearing deposits   723,693             706,217             691,384        
    Accrued expenses and other liabilities   95,047             94,819             103,082        
    Total liabilities   4,935,739             4,984,155             5,088,439        
    Stockholders’ equity   709,280             707,406             693,898        
    Total liabilities and stockholders’ equity $ 5,645,019           $ 5,691,561           $ 5,782,337        
                                       
    Net interest income     $ 34,396           $ 31,791           $ 28,687    
    Net interest rate spread (4)         1.94 %           1.76 %           1.44 %
    Net interest-earning assets (5) $ 1,247,913           $ 1,230,856           $ 1,222,662        
    Net interest margin (6)         2.57 %           2.38 %           2.09 %
    Average interest-earning assets to interest-bearing liabilities         130.31 %           129.42 %           128.47 %

    (1)  Average yields and rates are annualized.
    (2)  Includes non-accruing loans.
    (3)  Securities available-for-sale and other securities are reported at amortized cost.
    (4)  Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5)  Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
    (6)  Net interest margin represents net interest income divided by average total interest-earning assets.

       
      For the Six Months Ended
      June 30, 2025   June 30, 2024
      Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)    		   Average
    Outstanding
    Balance    		   Interest   Average
    Yield/
    Rate (1)
    Interest-earning assets:                      
    Loans (2) $ 3,975,872   $ 91,944   4.66 %   $ 4,151,387   $ 92,014   4.46 %
    Mortgage-backed securities (3)   1,190,095     25,897   4.39       736,654     11,753   3.21  
    Other securities (3)   87,150     1,239   2.87       362,917     7,347   4.07  
    Federal Home Loan Bank of New York stock   37,078     1,590   8.65       39,153     1,905   9.78  
    Interest-earning deposits in financial institutions   99,114     1,847   3.76       227,177     5,849   5.18  
    Total interest-earning assets   5,389,309     122,517   4.58       5,517,288     118,868   4.33  
    Non-interest-earning assets   278,852             266,065        
    Total assets $ 5,668,161           $ 5,783,353        
                           
    Interest-bearing liabilities:                      
    Savings, NOW, and money market accounts $ 2,496,970   $ 24,375   1.97 %   $ 2,477,334   $ 25,514   2.07 %
    Certificates of deposit   895,335     17,101   3.85       677,800     14,423   4.28  
    Total interest-bearing deposits   3,392,305     41,476   2.47       3,155,134     39,937   2.55  
    Borrowed funds   696,082     13,207   3.83       1,074,957     20,704   3.87  
    Subordinated debt   61,489     1,647   5.40       61,266     1,656   5.44  
    Total interest-bearing liabilities $ 4,149,876     56,330   2.74     $ 4,291,357     62,297   2.92  
    Non-interest bearing deposits   715,003             695,512        
    Accrued expenses and other liabilities   94,934             101,339        
    Total liabilities   4,959,813             5,088,208        
    Stockholders’ equity   708,348             695,145        
    Total liabilities and stockholders’ equity $ 5,668,161           $ 5,783,353        
                           
    Net interest income     $ 66,187           $ 56,571    
    Net interest rate spread (4)         1.84 %           1.41 %
    Net interest-earning assets (5) $ 1,239,433           $ 1,225,931        
    Net interest margin (6)         2.48 %           2.06 %
    Average interest-earning assets to interest-bearing liabilities         129.87 %           128.57 %
                           

    (1)  Average yields and rates are annualized.
    (2)  Includes non-accruing loans.
    (3)  Securities available-for-sale and other securities are reported at amortized cost.
    (4)  Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5)  Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
    (6)  Net interest margin represents net interest income divided by average total interest-earning assets.

    Company Contact:
    William R. Jacobs
    Chief Financial Officer
    Tel: (732) 499-7200 ext. 2519

    The MIL Network –

  • MIL-OSI USA: Duckworth, Pressley Lead Colleagues in Renewing Push to Protect Access to Reproductive Care for Low-Income Americans, Servicemembers and Millions More

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    July 23, 2025

    [WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D–IL) and U.S. Representative Ayanna Pressley (D-MA-07) led their fellow Senate and House Democratic colleagues in reintroducing legislation to protect Americans’ right to access reproductive health care, regardless of income, insurance or zip code. The Equal Access to Abortion Coverage in Healthcare (EACH) Act would end the discriminatory Hyde Amendment and help lift unjust abortion coverage restrictions for those who depend on Medicaid and other government-sponsored plans—reaffirming the right to access reproductive health care after Donald Trump signed his Big, Beautiful Betrayal into law that will rip health care away from over 15 million Americans.

    “Ever since Trump’s far-right Supreme Court majority struck down Roe, Republicans have made it their mission to strip away a woman’s right to reproductive health care—a right they have no place to stand in the way of,” said Senator Duckworth. “As Republicans’ Big, Beautiful Betrayal kicks millions off their health care, we must act to help strengthen access to abortion coverage for low-income Americans, servicemembers and millions more—no matter their zip code. I’m proud to reintroduce this legislation alongside my colleagues so we can do just that.”

    “Abortion care is health care, and health care is a human right. With Trump and Republicans advancing a cruel, coordinated assault on our bodily autonomy—gutting Medicaid, defunding Planned Parenthood, and decimating access to care—we must use every tool available to protect and expand reproductive healthcare,” said Congresswoman Pressley. “The EACH Act would help us do just that. By repealing the racist and discriminatory Hyde Amendment, which has denied necessary care for vulnerable communities for nearly half a century, our bill would help ensure everyone in America can get the reproductive healthcare they need, regardless of income, insurance, or zip code. I’m grateful to Senator Duckworth and our colleagues for their partnership on this critical priority.”

    Along with Duckworth, the legislation is cosponsored in the Senate by U.S. Senators Patty Murray (D-WA), Mazie K. Hirono (D-HI), Amy Klobuchar (D-MN), Elizabeth Warren (D-MA), Alex Padilla (D-CA), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), Jacky Rosen (D-NV), Jeanne Shaheen (D-NH), Adam Schiff (D-CA), Martin Heinrich (D-NM), Kirsten Gillibrand (D-NY), Chris Coons (D-DE), Maria Cantwell (D-WA), Chris Van Hollen (D-MD), Lisa Blunt Rochester (D-DE), Bernie Sanders (D-VT), Ruben Gallego (D-AZ), Cory Booker (D-NJ), Tina Smith (D-MN), Tammy Baldwin (D-WI), Ron Wyden (D-OR), Peter Welch (D-VT), Ed Markey (D-MA), Chris Murphy (D-CT), Andy Kim (D-NJ), Sheldon Whitehouse (D-RI), John Fetterman (D-PA), Catherine Cortez Masto (D-NV), Mark Kelly (D-AZ) and Ben Ray Lujan (D-NM).

    Along with Pressley, the legislation is cosponsored in the House by more than 150 U.S. Representatives.

    Copy of the bill text is available on Senator Duckworth’s website.

    Throughout her time in the Senate, Duckworth has made protecting reproductive freedom a top priority in the face of Republicans’ anti-choice crusade. Two weeks ago, Duckworth successfully included her provision to expand access to in-vitro fertilization (IVF) for military families in the Fiscal Year (FY) 2026 National Defense Authorization Act (NDAA) that passed through the U.S. Senate Armed Services Committee.

    Duckworth has also long pushed to pass her Right to IVF Act—which Senate Republicans blocked not once, but twice last year. This legislation would both establish a right to IVF and other assisted reproductive technology (ART), expand access for hopeful parents, Veterans and federal employees, as well as lower the costs of IVF for middle-class families across the country. Last September’s vote marked the fourth time Senate Republicans blocked Duckworth-led legislation that would protect access to IVF nationwide.

    Duckworth was the first Senator to give birth while serving in office and had both of her children with the help of IVF. In 2018, she advocated for the Senate to change its rules so she could bring her infant onto the Senate floor.

    -30-

    MIL OSI USA News –

  • MIL-OSI United Kingdom: £30 million to decarbonise shipping, boost careers and deliver growth across the UK

    Source: United Kingdom – Government Statements

    Press release

    £30 million to decarbonise shipping, boost careers and deliver growth across the UK

    Funding will be crucial in supporting the green fuels and technologies of the future, so we can clean up sea travel and trade.

    • coastal communities across the UK will benefit from £30 million to make shipping and sea travel greener, boosting local economies, and supporting jobs and skills
    • decarb funding is helping to revitalise Glasgow’s strong shipbuilding heritage, as Maritime Minister heralds a new Scottish-built high-tech wing sail which can save ships up to 40% per annum in fuel and emissions
    • latest boost builds on over £136 million for already delivered to more than 142 organisations across every region in the UK, delivering on the government’s Plan for Change missions to kickstart economic growth and become a clean energy superpower.

    Coastal communities across the UK are to benefit from £30 million funding to decarbonise shipping and power up local economies the Maritime Minister will announce today (24 July 2025) during a visit to Clydeport in Glasgow.

    Awarded from the sixth round of the Clean Maritime Demonstration Competition (CMDC), successful companies will be given a share of funding to support the development of clean maritime fuels and technologies such as ammonia, hydrogen, methanol, solar and electric. 

    Investment in green fuels not only supports the decarbonisation of shipping, helping cement the UK as a clean energy superpower, it also revitalises coastal communities by growing local economies and boosting jobs and skills.   

    CMDC has provided over £136 million funding to date to 142 organisations, as part of the wider UK SHORE funding – the government’s flagship programme dedicated to decarbonising maritime – for over 300 organisations, including 250 SMEs. Successful projects include the installation of electric chargepoint networks across ports, including at Aberdeen, the demonstration of an electric crew transfer vessel at Aberdeen Offshore Wind Farm, and the demonstration of a green hydrogen shore power system at the port of Leith. 

    Maritime Minister Mike Kane said:  

    It’s so exciting to see investment in green fuels and technologies spurring on skills, innovation and manufacturing across the UK, delivering on our Plan for Change missions to kickstart economic growth and become a clean energy superpower.

    We’ve charted a course to net zero shipping by 2050 and this £30 million will be crucial in supporting the green fuels and technologies of the future, so we can clean up sea travel and trade.

    During his visit to Clydeport, the minister will meet with workers from the National Manufacturing Institute Scotland, which is looking to help Smart Green Shipping scale up the manufacturing of the FastRig windsail going forward. Built nearby in Glasgow, the FastRig is a high-tech wing sail which can be installed onto vessels, reducing fuel use and emissions by up to 40% per annum. The project received £3.3 million from the third round of the CMDC and has now been successfully deployed at sea. 

    Chris Courtney, CEO, National Manufacturing Institute Scotland said:

    Clean maritime is a vital part of a wider mission to decarbonise transport. Advanced manufacturing is critical to enable companies to scale up novel solutions that deliver emissions reductions and allow the creation of new jobs in these industries of the future.

    We’ve spent the past 2 years working on the CMDC-funded MariLight projects, led by Glasgow-based Malin Marine Consultants, part of the Malin Group, supported by industry partners, where we demonstrated how advanced manufacturing can cut lead times, lower carbon, and enable localised production in shipbuilding. It’s great to see continued momentum through the programme, and we look forward to supporting Smart Green Shipping’s journey as it scales.

    Diane Gilpin, Smart Green Shipping (SGS), CEO said:

    CMDC3 support enabled SGS, a Scottish based business, to demonstrate the safety and robustness of FastRig, our Cyldebuilt wingsails, and to build out our digital decision-making platform, FastReach, which underpins our unique wind-as-a-service proposition.

    Over the last 3 years SGS has invested £7.6 million in R&D, 60% of that in Scotland. We’ve drawn upon engineering design skills in adjacent sectors like renewables and oil and gas, and digital expertise created in Scotland’s vibrant tech community. We are also working alongside the National Manufacturing Institute of Scotland to design circular manufacturing solutions to reduce embedded emissions and minimise use of precious materials while creating good green jobs as part of a sustainable just transition.

    The minister will meet with Peel Ports and local workers at Clydeport’s King George V Docks. Delivering £3 million of investment to support the growing demand for handling huge wind turbine components for the renewable energy sector, Clydeport is keeping Glasgow’s shipbuilding heritage and manufacturing expertise alive, equipping it to meet the modern-day needs of the sector. 

    Jim McSporran, Port Director at Peel Ports Clydeport, said:

    We’re proud to welcome the Maritime Minister to Peel Ports Clydeport today and showcase how our facilities continue to create opportunities for investment, jobs and skills that will benefit the people and businesses of Scotland. 

    Our recent £3 million investment in road infrastructure at King George V Dock to accommodate growing demand for handling wind turbine components, and our ongoing transformative work at Hunterston PARC in Ayrshire to support the renewables sector, demonstrate our commitment to decarbonising supply chains and enabling the transition to a greener economy.  

    It’s fantastic to see government and industry working together to back innovation and today’s visit reinforces how Glasgow’s maritime legacy is helping to drive the UK’s clean energy future.

    Mike Biddle, Executive Director, Net Zero at Innovate UK, said:

    Congratulations to the awarded projects from Round 6 of the Clean Maritime Demonstrator Competition – a great opportunity for UK innovators to take part in a world-renowned maritime transport R&D grant funding programme. Innovate UK looks forward to working with partners to support these projects focused on the ever-more prevalent issue of decarbonisation with emphasis on a range of physical, digital, system and skills-based innovation.

    Building on its commitment to clean up shipping and deliver on the UK’s climate ambitions, UK SHORE is also delivering £3.85 million to the Clean Maritime Research Hub. Formed from a consortium of 13 universities across the UK, dedicated to conducting scientific research in clean maritime, the funding will enable the hub to continue its important research, and support the installation of a liquid hydrogen facility at Durham University. The centre will develop the maritime sector’s understanding of the potential impact of liquid hydrogen – which is emission free – in the clean maritime transition.

    Maritime media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

    Source: United Kingdom – Government Statements

    Press release

    Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

    New analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy

    • NEW figures show trade deal with India will deliver £50 million for Northern Ireland’s economy as part of the Plan for Change 

    • Advanced manufacturing and engineering, whiskey producers and services and technology sectors set to benefit from growth following a reduction or near elimination of tariffs 

    • Comes as Prime Minister and Trade Secretary welcome Prime Minister Modi and Commerce Minister to UK for signing of most comprehensive deal India has ever agreed 

    Businesses and workers in Northern Ireland are set to benefit from the UK’s trade deal with India, as new analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy as part of the Plan for Change. 

    The Prime Minister will meet his counterpart Narendra Modi this morning for the trade deal signing as Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal put pen to paper on the landmark agreement. It comes as a series of investment and export wins have been confirmed by UK and Indian businesses, representing an overall boost of nearly £6 billion and creating over 2,200 jobs. 

    India is a growing market for Northern Ireland businesses, 143 of which exported a total of £65 million in goods there last year– this could grow even more thanks to lower tariffs, fewer barriers to trade, and easier customs. 

    Advanced manufacturing and engineering – which represent approximately 30 per cent of employment in Northern Ireland – will benefit from removal or reduction of tariffs.  

    Northern Ireland’s medical technology sector will benefit from tariffs on a range of medical devices, between 8.25% to 13.75% being eliminated or halved within ten years.

    Duties on Irish whiskey will immediately fall from 150% to 75%, dropping further to 40% over ten years. Producers will also be able to use Irish barley or neutral grain spirit and bottle products in transit to India, maximising capability to capitalise on tariff reductions. 

      Secretary of State for Northern Ireland, Hilary Benn, said:  

    This is a landmark deal that will bring real benefits for businesses and workers in Northern Ireland.  

    Northern Ireland’s advanced manufacturing, engineering, and medical technology sectors will see tariffs eliminated or significantly reduced, while Irish whiskey producers will benefit from substantial cuts in duties allowing for increased trade with India.

    This agreement will help further unlock the huge potential for growth across Northern Ireland, including its thriving services and technology sectors.

    Business and Trade Secretary Jonathan Reynolds said: 

    The millions brought to Northern Ireland each year from the deal we’ve signed with India today will be keenly felt across local communities, whether that’s higher wages for workers, more choice for shoppers, or increased overseas sales for businesses. 

    This government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.

    Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:   

    Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.  

    This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer. 

    Workers in Northern Ireland will enjoy an uplift in pay as UK wages grow by a total £2.2 billion each year, and could also see cheaper prices and more choice on clothes, shoes, and food products. The UK already imports £11 billion in goods from India but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products. 

    For businesses in Northern Ireland this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods. 

    India’s trade weighted average tariff will drop from 15% to 3% which means Northern Ireland companies selling products to India from whiskey, and soft drinks to cosmetics and medical devices will find it easier to sell to the Indian market. It gives the UK an advantage over international competitors in reaching the Indian market, forecast to have over a quarter of a billion high income consumers by 2050. 

    Aligned with the UK’s recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. In Northern Ireland, sectors such as agriculture and food, advanced manufacturing and engineering, and the services and technology sectors are expected to benefit substantially. 

    Notes to editor 

    • The government will prepare for the trade agreement to be ratified by Parliament so businesses can begin to use it.
    • For more information on the Double Contribution Convention, please see the policy explainer attached.
    • Headline economic estimates of the impact of the FTA along with the methodology were previously set out in the technical notes for the preliminary estimates. The full detailed impact assessment, using the same methodology, will be published shortly.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Subsea7 and Saipem announce signing of the Merger Agreement

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW 

    Transaction structure and terms confirmed in line with Memorandum of Understanding

    Creating a global leader in energy services

    Milan, Luxembourg, 24 July 2025 – Saipem and Subsea7 announce that they have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum of Understanding on 23 February 2025. The merger of Saipem and Subsea7 will create a global leader in energy services. 

    Highlights

    • The company resulting from the merger1 between Saipem and Subsea7 (the “Proposed Combination”) will be renamed Saipem7 (“Saipem7”), will have revenue of approx. €21 billion2, EBITDA in excess of €2 billion3, will generate more than €800 million of Free Cash Flow4 and will have a combined backlog of €43 billion5
    • The highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies will benefit Saipem7’s global portfolio of clients
    • The diversification of the geographical footprint of Saipem and Subsea7 is reflected in the combined backlog, with no single country contributing more than 15% of total6
    • On completion, Saipem and Subsea7 shareholders will own 50% each of the share capital of Saipem7
    • Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
    • Subsea7 will distribute an extraordinary dividend to its shareholders for an amount equal to €450 million immediately prior to completion of the Proposed Combination
    • Annual synergies expected to be approximately €300 million on a run-rate basis, which will lead to material value creation for the shareholders of Saipem7
    • Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
    • Siem Industries, reference shareholder of Subsea7, and Eni and CDP Equity, reference shareholders of Saipem, have committed to vote in favour of the Proposed Combination
    • Completion of the Proposed Combination anticipated to occur in the second half of 2026

    The management of both Saipem and Subsea7 confirm the compelling strategic rationale in creating a global leader in energy services, particularly considering the growing size of clients’ projects. The parties believe the Proposed Combination will enhance value for all shareholders and stakeholders, both in the current market and in the long term.

    Eni, CDP Equity and Siem Industries fully support the Proposed Combination and have signed a Shareholders’ Agreement confirming the undertaking to vote in favour of the Proposed Combination. As part of this, to ensure a balanced leadership and governance structure, Saipem7’s CEO will be designated by Eni and CDP Equity and Saipem7’s Chairman of the Board of Directors will be designated by Siem Industries.

    It is currently envisaged that, upon completion of the Proposed Combination, Mr Kristian Siem will be appointed as Chairman of the Board of Directors of Saipem77 and Mr Alessandro Puliti will be appointed as CEO of Saipem78. In addition, Mr Alessandro Puliti and Mr John Evans will be appointed respectively as the Chairman and CEO of the company that will manage the Offshore Engineering & Construction business of Saipem7. Such company will be named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all of Subsea7’s businesses and Saipem’s Asset Based Services business (including Offshore Wind).

    The by-laws of Saipem7 are expected to provide for loyalty shares (double votes), which will be available, upon request, to all shareholders of Saipem7.

    Strategic rationale of the Proposed Combination

    The Proposed Combination will be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:

    • Global reach and comprehensive solutions for clients: global operations and projects in more than 60 countries and a highly complementary footprint between the two companies. A full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project scheduling for clients in oil, gas, carbon capture and renewable energy
    • Diversified and complementary fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing Saipem7’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services, as well as market-leading wind turbine, foundations and cable lay installation capabilities
    • World-class expertise and experience: a specialised, global workforce of approximately 44,000 people, including more than 9,000 engineers and project managers contributing to delivering solutions that unlock value for clients
    • Innovation and technology: the combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects 

    The transaction is expected to create significant shareholder value through:

    • Synergies: annual cost and capital expenditure synergies expected to be approximately €300 million from the third year after completion of the Proposed Combination, driven by fleet optimisation (utilisation and geographical positioning of vessels and equipment), procurement (longer charter periods for leased vessels and improved terms with suppliers), sales and marketing (tendering rationalisation), and process efficiencies
    • More efficient capital expenditure programme: optimised allocation of capital across a broader, complementary vessel fleet
    • Attractive shareholder remuneration policy: Saipem7 is expected to distribute annually to its shareholders at least 40% of its Free Cash Flow after repayment of lease liabilities
    • Enhanced capital structure: a solid balance sheet expected to support an investment grade credit rating
    • Greater scale in both equity and debt capital markets: access to a wider investor base and to more diversified sources of capital

     Transaction structure, ownership and terms

    • Saipem7 will be created through an EU cross-border statutory merger, carried out by way of absorption of Subsea7 into Saipem, with the latter to be renamed Saipem7
    • Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
    • Siem Industries (currently the largest shareholder of Subsea7) will own approximately 11.8% of Saipem7’s share capital, while Eni and CDP Equity (currently the largest shareholders of Saipem) will respectively own approximately 10.6% and 6.4% of Saipem7’s share capital
    • Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
    • Assuming all Subsea7 shareholders participate in the merger, the share capital of Saipem7 will be held 50-50% by the current shareholders of Saipem and Subsea7 on completion
    • Immediately prior to completion of the Proposed Combination, Subsea7 shareholders will receive an extraordinary cash dividend of €450 million9
    • Shareholders of Subsea7 who vote against the approval of the Proposed Combination at the Subsea7 Extraordinary General Meeting will have the right to dispose of their shares in Subsea7 for an adequate cash compensation under the conditions set out under Luxembourg company law.10 The formula that will be used to determine the cash compensation will be made available on Subsea7’s website and the amount of the cash compensation determined on the basis of such formula will be announced in advance of Subsea7’s Extraordinary General Meeting

     Key activities performed since the execution of the Memorandum of Understanding

    • Satisfactory confirmatory due diligence completed, and transaction terms finalised in line with those initially agreed at the time of the signing of the Memorandum of Understanding
    • Annual cost and capital expenditure synergies confirmed and expected to be equal to approximately €300 million from the third year after completion of the Proposed Combination
    • No material findings in the analysis of Saipem and Subsea7 business plans in terms of projects overlap, thus further underpinning the value creation deriving from the Proposed Combination
    • Completed the preliminary antitrust analysis with the support of specialised advisors. Currently in the process of submitting the relevant documentation for the consideration of the Proposed Combination to the applicable antitrust authorities
    • Confirmation of capital allocation framework, including shareholders’ remuneration policy and target of achieving and maintaining investment grade credit rating
    • Identified the key members of the management team of Saipem7 and Subsea7 following completion of the Proposed Combination
    • Agreement on the governance principles applicable to Saipem7 and Subsea7 following completion of the Proposed Combination

     Organisational structure of Saipem7

    • Saipem7 will be structured as four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Drilling Offshore
    • The Offshore Engineering & Construction business will be contained within an operationally autonomous company, fully owned by Saipem7, named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all Subsea7’s businesses and the Asset Based Services business of Saipem (including Offshore Wind). The company will represent approximately 84% of the combined group’s EBITDA for the last 12 months as of 31 December 2024
    • Subsea7 shall be incorporated in the UK and headquartered in London. After completion of the Proposed Combination, Subsea7 will be governed by a Board of Directors comprising seven members, including Mr Alessandro Puliti as Chairman, Mr John Evans as CEO, Mr Kristian Siem and other four independent directors

     Pre-completion distributions to shareholders

    • Each of Saipem and Subsea7 will distribute cash dividends of $350 million during the course of 2025, such dividends having already been approved by their respective shareholders’ meetings in May 2025 and having already been partially distributed
    • If the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7 (expected in the second quarter of 2026 for both Saipem and Subsea7), each of Saipem and Subsea7 will (subject to their respective 2025 results meeting certain agreed financial targets) be entitled to distribute cash dividends to their respective shareholders of at least $300 million11,12, 13, to be paid in Q2 2026  
    • In connection with a permitted business divestment currently ongoing, Subsea7 will also distribute a cash dividend equal to €105 million14 to its shareholders prior to completion of the Proposed Combination

    Shareholders’ Agreement

    The Shareholders’ Agreement signed between Siem Industries, Eni and CDP Equity provides for, inter alia, an irrevocable undertaking to vote in favour of the Proposed Combination (subject to receipt of the required Italian government approval), a three-year shareholder lock-up and the submission of a joint slate for the appointment of the majority of the members of the board of directors of Saipem7.

    Timing, conditions precedent, approvals and other matters

    Completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, the approval of antitrust, other public and regulatory authorities’ (e.g. the required Italian Government approval), as well as approval by the shareholders of both Saipem and Subsea7 at their respective Extraordinary General Meetings. In the case of Saipem this will be subject to reaching also the so-called “whitewash majorities” for purposes of the mandatory takeover bid exemption15. Both Saipem’s and Subsea7’s Extraordinary General Meetings will take place on 25 September 2025.

    Completion is currently anticipated to occur in the second half of 2026.

    The completion of the Proposed Combination will result in a “Change of Control,” as defined in the terms and conditions of the convertible bond issued by Saipem and denominated “€500,000,000 Senior Unsecured Guaranteed Equity Linked Bonds due 2029”.

    Documentation

    In connection with the Proposed Combination, the following documents, among others, will be made available:

    • The notice of call of each of Saipem and Subsea7’s Extraordinary General Meetings
    • The common merger plan approved by the Boards of Directors of each of Saipem and Subsea7 (the “Common Merger Plan”), along with the consolidated financial statements of Saipem and Subsea7 for the last three financial years and the merger related interim financial statements of Saipem and Subsea7 as of 30 June 2025
    • The reports of the Board of Directors of each of Saipem and Subsea7 describing the Proposed Combination
    • The independent expert reports prepared for each of Saipem and Subsea7 in connection with the Proposed Combination

    These documents will be available at the companies’ registered seats and published on each party’s website. Where required under applicable laws and regulations, these documents will be disclosed also through the authorised storage mechanism (SDIR) for Saipem and through an officially appointed mechanism (OAM) for Subsea7.

    The Common Merger Plan will also be filed with the Companies’ Register of Milan Monza Brianza Lodi, and the Luxembourg Trade and Companies Register, and will also be published in the Recueil Electronique des Sociétés et Associations in Luxembourg (the Luxembourg legal gazette for company announcements) (RESA)16. 

    Advisors

    Goldman Sachs Bank Europe SE, Succursale Italia is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem (including as to matters of Italian, English, US and Luxembourg Law), while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

    Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen société anonyme and Advokatfirmaet Wiersholm AS are serving as legal counsel to Subsea7 as to matters of Luxembourg and Norwegian law, respectively.

    Enquiries

    Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 5 fabrication yards and an offshore fleet of 17 owned construction vessels and 13 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities.

    Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

    No Offer or Solicitation

    This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

    Forward-looking Statements

    This document contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the proposed merger of Saipem and Subsea 7 (the “Proposed Combination“). Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance, Free Cash Flow, EBITDA, dividends, and credit ratings. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

    This document includes estimates relating to the synergies expected to arise from the merger and the combination of the business operations of Saipem and Subsea7, as well as related integration costs, which have been prepared by Saipem and Subsea7 and are based on a number of assumptions and judgments. Such estimates present the expected future impact of the merger and the combination of the business operations of Saipem and Subsea7 on Saipem7’s business, financial condition and results of operations. The assumptions relating to the estimated synergies and related integration costs are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause the actual synergies from the merger and the combination of the business operations of Saipem and Subsea7, if any, and related integration costs to differ materially from the estimates in this document. Further, there can be no certainty that the merger will be completed in the manner and timeframe described in this document, or at all.

    Use of Non-IFRS Financial Measures

    This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Free Cash Flow. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

    Presentation of Financial Information

    This document includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7.  Any Saipem7 financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position of the combined entity and should not be taken as representative of the combined entity’s future consolidated results of operations or financial position had the Proposed Combination occurred as of such date. These estimates are based on financial information available at the time of the preparation of this document.

    1 Merger by way of absorption of Subsea7 into Saipem
    2 Combined Revenue for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    3 Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    4 Combined Free Cash Flow post repayment of lease liabilities for Saipem and Subsea7 as per last 12 months as of 31 December 2024
    5 Combined backlog for Saipem and Subsea7 as of 31 March 2025
    6 Combined backlog for Saipem and Subsea7 as of 31 March 2025
    7 Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
    8 Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
    9 Subject to approval by the Subsea7 Shareholders’ Meeting
    10 Such withdrawal right may only be exercised in respect of (a) Subsea7 shares registered in the securities account of the relevant shareholder with such shareholder’s financial intermediary on the date of publication of the Common Merger Plan on the Recueil Electronique des Sociétés et Associations – RESA (the Luxembourg legal gazette for company announcements) and (b) Subsea7 shares acquired after such date through inheritance or bequest.  Further details will be specified in the convening notice to the Subsea7 Extraordinary General Meeting
    11 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    12 The dividend paid by Saipem will be qualified as ordinary in nature
    13 Saipem and Subsea7 will be entitled to distribute a reduced pro-rated amount should their respective financial results not meet the relevant financial targets, as detailed in the Common Merger Plan
    14 Subject to approval by the Subsea7 Shareholders’ Meeting
    15 Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99
    16 Subsea7 intends to file the Common Merger Plan with the Registre de Commerce et des Sociétés, Luxembourg (the Luxembourg Trade and Companies Register) for publication on the RESA no later than the second Oslo Børs trading day after the date of this announcement

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 
     This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40 CET.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Tuberville Reintroduces Legislation to Bolster Alabama’s Ag Community

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) reintroduced two pieces of legislation—the Farm Board Act and the Mid-South Oilseed Double Cropping Study Act—to improve opportunities and increase market access for Alabama’s agriculture community. More information about both bills can be found below.

    “Our farmers, foresters, and livestock producers shoulder an enormous burden of keeping America’s food secure,” said Senator Tuberville. “They need to be able to make a living off the land, and they need to have a FCIC Board of Directors that fully reflects their needs. I’m proud to reintroduce legislation that strengthens representation on the FCIC Board, and another piece of legislation that would help solidify a new revenue opportunity for our farmers while also addressing the growing need for renewable diesels and synthetic aviation fuels. As Alabama’s voice on the Senate Ag Committee, I’ll continue fighting to secure opportunities for our ag producers as they feed, fuel, and clothe our country.”

    “I commend Coach on each piece of legislation,” said Alabama Commissioner of Agriculture and Industries Rick Pate. “The Farm Board Act will ensure representation for production agriculture to the FCIC Board of Directors while the Mid-South Oil Seed Bill will help pave the way for another alternative crop for producers to consider growing based on the demand for renewable fuel. I look forward to Coach getting each bill to the finish line.”

    “We appreciate Coach’s continued support of Alabama farmers and his steadfast dedication to supporting innovation while managing risk by increasing availability and oversight of crop insurance programs,” said Alabama Farmers Federation President Jimmy Parnell. “With more offerings than ever for livestock producers, it is important these farmers have representation on the FCIC Board.  Additionally, as farmers are looking at alternative crops to supplement their income, the Mid-South Oilseed Double Cropping Study Act will help to make sure they have the appropriate risk management tools available.”

    ABOUT THE FARM BOARD ACT:

    The Farm Board Act would require the Federal Crop Insurance Corporation (FCIC) Board of Directors to designate one of the four producers on the ten-member board as an individual that produces both livestock and crops. The FCIC is a government owned corporation that finances the Federal Crop Insurance Program’s (FCIP) operations. Making this addition would improve perspective and decisions regarding the newer livestock related crop insurance products that benefit all areas of Alabama’s agriculture industry.  The designated producer seat would not start immediately, but when Board members begin to cycle off on May 1, 2027.

    American Farm Bureau Federation (AFBF), Alabama Farmers Federation (ALFA), Alabama Department of Ag & Industries, and the Alabama Cattlemen’s Association are all supportive of Senator Tuberville’s legislation. More information about the Farm Board Act can be found here.

    ABOUT THE MID-SOUTH OILSEED DOUBLE CROPPING STUDY ACT:

    This bill requests a study from the USDA Risk Management Agency (RMA) on winter oilseed crops, canola, and rapeseed (which is a type of canola) for the Mid-South region—Alabama, Tennessee, and Kentucky. Alabama producers are starting to grow canola as a second crop—following soybeans—and the crop can be used to produce Synthetic Aviation Fuel (SAF), which creates an additional market for our producers. This also enables Alabama farmers to expand revenue opportunities during the winter months and helps reduce nutrient losses in the soil. For farmers to take advantage of opportunities in renewable diesel and SAF, they need the assurance that crop insurance—such as Catastrophic Risk Protection, Yield Protection, Revenue Protection, or Revenue Protection with Harvest Price Exclusion—will be eligible in their counties for these crops and practices. To address crop insurance gaps that may exist, RMA and FCIC need to gather data on the feasibility of producing winter oilseed as a double and rotational crop in the Mid-South region. 

    The diversification of our energy markets by adding new, cost-effective, and sustainable options is necessary. Renewable domestic diesel capacity is slated for aggressive growth with the potential to double by 2030. Additionally, the 106-billion-gallon global commercial jet fuel market is projected to grow to over 230 billion gallons by 2050. The end goal is to get a study now, then down the road have double cropped canola and rapeseed be covered by crop insurance. 

    U.S. Canola Association, National Oilseed Processors Association (NOPA), Alabama Farmers Federation (ALFA), and the Alabama Department of Ag & Industries are all supportive of Senator Tuberville’s legislation. More information about the Mid-South Oilseed Double Cropping Study Act can be found here.

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: Case Introduces Proposal To Expand Indigenous-Based Tourism

    Source: United States House of Representatives – Congressman Ed Case (Hawai‘i – District 1)

    (Washington, DC) — U.S. Representative Ed Case (D-Hawai‘i-First District) has introduced proposed legislation in the U.S. House to authorize federal grants to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations for fostering indigenous history and culture-based travel and tourism.

    “This measure is especially important for my home state of Hawai‘i, where the link between tourism and our indigenous peoples, Native Hawaiians, is essential”, said Case. “Native Hawaiian history and culture is at the heart of our islands’ uniqueness. It is one of the major draws for our visitors, and activities based on our indigenous history and culture should be developed by Native Hawaiians wherever and however possible.”

    Case said his measure is the House companion to S. 612, introduced by Senators Lisa Murkowski, Chair of the Senate Indian Affairs Committee, and Brian Schatz, Vice Chairman of the Committee. The bill makes important corrections to the NATIVE Act to authorize grants to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations for recreational travel and tourism activities.

    Case said that Congress enacted the NATIVE Act in 2016 to provide grants, loans and technical assistance to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations to assist in developing tourism in indigenous peoples communities and enhancing opportunities for visitors to learn about indigenous peoples’ history, cultures, traditional foods, languages and arts. He said unfortunately, the act did not clearly authorize the federal Bureau of Indian Affairs (BIA) or the Office of Native Hawaiian Relations (ONHR) to issue the grants, which led to implementation challenges.

    “Our bill corrects this oversight by clearly authorizing the BIA and ONHR, along with several other federal agencies, to issue these grants and authorize appropriations for the program,” said Case. “The bill will enable improved access to federal resources, helping these communities build sustainable tourism infrastructure and expand cultural tourism. In turn, it will foster a broader appreciation of indigenous peoples and create jobs and boost economic development in rural and underserved areas.”

    Case continued: “The past generations have witnessed a great renaissance of the Hawaiian language and culture, and in turn over the ensuing years Native Hawaiian practitioners and culture have become an increasingly visible and central part of our visitor industry. We in Hawai‘i are committed to fostering this sector of our economy in a way that encourages long-term cultural preservation efforts.

    “Through improving the implementation of the NATIVE Act, which has helped both Native Hawaiian Organizations and local Native Hawaiian businesses, our federal government will do a better job preserving and promoting Native Hawaiian culture.

    “We can help connect tourists with the rich indigenous heritage of Hawai‘i though community-based visitor experiences that protect cultural sites, promote education and create jobs.”

    1.      Link to measure is here

    2.      Link to Case remarks on the measure is here

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    MIL OSI USA News –

  • MIL-OSI New Zealand: Removeable battery regulations revoked

    Source: New Zealand Government

    The Government is revoking 2023 regulations requiring all vaping devices to have removeable batteries to resolve a current court challenge brought by Mason Corporation Limited.

    “Cabinet was advised that taking this step was the best way to resolve the case,” Associate Health Minister Casey Costello says. 

    “This decision means the proceedings, which relate to regulations brought in by the Labour government, can be withdrawn.”

    The changes will be gazetted today and take effect from 1 September. From that date vaping devices will not be required to have a removeable battery.

    “It is not expected that the revocation will negatively impact our falling smoking or vaping rates,” Ms Costello says. 

    “This Government legislated to ban disposable vapes, which have been the most popular products among young people, and these are now off the market.” 

    MIL OSI New Zealand News –

  • MIL-OSI USA: Sullivan Chairs CECC Hearing on Chinese Transnational Repression & Political Warfare

    US Senate News:

    Source: United States Senator for Alaska Dan Sullivan

    07.23.25

    WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska), the new chair of the Congressional-Executive Commission on China (CECC), today chaired a hearing on the People’s Republic of China’s (PRC) disturbing campaign of transnational political warfare and repression against the people and leaders of Taiwan, and partners of and advocates for Taiwan, including American citizens and others living lawfully in the United States.

    “This is transnational repression. It is a coordinated strategy to isolate Taiwan, dominate the global narrative through fear and coercion, and again, not only against Taiwanese citizens, but other citizens, including our own citizens,” said Sen Sullivan. “These threats are multifaceted—AI-generated disinformation; the extraterritorial application of PRC laws; of course, diplomatic pressure on Taiwan’s allies; the public intimidation of democratically elected leaders…Every day, the CCP grows bolder and more aggressive in its threats against Taiwan, the United States and our allies in the Indo-Pacific. We need to call that out, have open hearings like this, and push back against this transnational repression.”

    [embedded content]

    Click here to watch the full hearing.

    The commission heard testimony from Fan Yun, a member of the Legislative Yuan of Taiwan; Rear Admiral Mike Studeman, U.S. Navy (Ret.), former commander of the Office of Naval Intelligence; Peter Mattis, president of the Jamestown Foundation; and Audrye Wong, the Jeane Kirkpatrick Fellow at the American Enterprise Institute and assistant professor of political science and international relations at the University of Southern California.

    Sen. Sullivan has long been a leading advocate in the Senate for Taiwan, introducing his comprehensive Sanctions Targeting Aggressors of Neighboring Democracies (STAND) with Taiwan Act in the last two Congresses aimed at deterring a Chinese People’s Liberation Army (PLA) military invasion of Taiwan that the Chinese Communist Party (CCP) dictatorship has threatened for years. Sullivan is expected to reintroduce the legislation in the fall with a strong, bipartisan slate of cosponsors. Sen. Sullivan was announced as the chairman of the CECC for the 119th Congress on July 14, 2025, serving alongside Rep. Chris Smith (R-N.J.), the CECC co-chair.

    Below is a full transcript of Sen. Sullivan’s introductory remarks.

    Today’s hearing comes at a pivotal moment. For 75 years, the People’s Republic of China has vowed to bring Taiwan under its control. We have our own Taiwan Relations Act. We have our “One China” policy. However, in recent years, that pressure—not just, by the way, with regard to Taiwanese, but other people, including American citizens—has intensified and globalized with Beijing not only targeting Taiwan across the strait, it’s projecting intimidation across borders, institutions, using political transnational repression as tools of coercion among people across the globe.

    The title of this hearing rhymes with major legislation of mine, the STAND with Taiwan Act. That bill, which I’ve introduced in the last two Congresses and will soon be introducing again, has great bipartisan support. Senators Graham, Duckworth and Coons are the top co-sponsors. I would encourage strong bipartisan support with my colleagues here. What that would do is, if there is a military invasion of Taiwan by the Communist Party and the PLA of China, this would trigger punishing, comprehensive sanctions on the Chinese economy and particularly leaders of the Chinese Communist Party—punishing—economic, trade, financial, energy. We all want deterrence in the Taiwan Strait. I think the threat of these massive sanctions might be critical in terms of deterring a cross-Strait invasion of Taiwan by the PLA.

    We also need to deal with the here and now of Chinese coercion abroad. Again, this hearing is going to focus on the coercion of Taiwanese citizens. But I want to make sure, and I certainly will be asking questions in my Q-and-A with the witnesses of repression of others—people from Hong Kong, American citizens, which is really unacceptable when that happens by the Chinese Communist Party. They’re good at coercing their own citizens, but they’re not going to, with this Congress, be allowed to coerce Americans or those who are our allies.

    These threats are multifaceted—AI-generated disinformation; the extraterritorial application of PRC laws; of course, diplomatic pressure on Taiwan’s allies; the public intimidation of democratically elected leaders. By the way, that’s something the Chinese Communist Party would never do. They never stand for election themselves. They fear their own people because they know they probably wouldn’t get elected if they had to stand for elections. So that makes them nervous when there are people who actually stand for elections, like we do, and go before the people.

    The PRC is also attempting to rewrite international norms, distorting UN General Assembly Resolution 2758, and pressuring countries to embrace Beijing’s view that all necessary measures it might use to achieve unification with regard to Taiwan.

    Most disturbingly, the PRC has labeled Taiwan’s vice president, who I know well and is a good friend of mine, and other officials as “obstinate Taiwan independence diehards,” threatening them with life imprisonment or worse. It has declared any Taiwanese citizen, including those living abroad, can be punished under PRC law.

    In a closed-door meeting earlier this year, senior CCP official Wang Huning reportedly called for a global expansion of these intimidation tactics. According to credible reporting, Wang instructed embassies and security services—hopefully they’re not doing it here in America, but they probably are—to implement “proactive intimidation against so-called radical Taiwanese independence advocates worldwide, including in the United States of America.

    These are not abstract threats last year, Czech intelligence uncovered a planned “kinetic operation” by the PRC to intimidate then Vice President-elect Bi-khim on her visit there. Again, she’s a friend of mine—a great person. The PRC is also harassing international media outlets for interviewing Taiwanese leaders. Individuals around the world who criticize Beijing’s Taiwan policy have been doxed and placed under surveillance. This is transnational repression. It is a coordinated strategy to isolate Taiwan, dominate the global narrative through fear and coercion, and again, not only against Taiwanese citizens, but other citizens, including our own citizens.

    Every day, the CCP grows bolder and more aggressive in its threats against Taiwan, the United States and our allies in the Indo-Pacific. We need to call that out, have open hearings like this, and push back against this transnational repression.

    MIL OSI USA News –

  • MIL-OSI USA: US Department of Labor applauds President Trump’s ‘AI Action Plan’ to achieve global dominance in artificial intelligence

    Source: US Department of Labor

    WASHINGTON – U.S. Secretary of Labor Lori Chavez-DeRemer and Deputy Secretary of Labor Keith Sonderling today praised the release of President Trump’s artificial intelligence policy strategy, “Winning the Race: America’s AI Action Plan.”Developed in response to the President’s January Executive Order “Removing Barriers to American Leadership in Artificial Intelligence,” the AI Action Plan sets a clear policy roadmap of the specific actions needed to help the U.S. achieve global AI dominance. The plan illustrates how American workers will be central to the Trump Administration’s AI policy and includes two areas outlining the Labor Department’s integral role in creating a future-ready workforce: “Empower American Workers in the Age of AI” and “Train a Skilled Workforce for AI Infrastructure.”“Since day one, President Trump has made it his top priority to put American Workers First by expanding opportunity and ensuring all are prepared for the challenges of the future,” said Secretary Chavez-DeRemer. “By boosting AI literacy and investing in skills training, we’re equipping hardworking Americans with the tools they need to lead and succeed in this new era. The Department of Labor is proud to help deliver on the President’s vision for global AI dominance by building a stronger, more resilient American workforce.”“The AI Action Plan demonstrates President Trump’s bold leadership in driving forward a worker-centric AI strategy that will create a new era of economic prosperity for American workers,” said Deputy Secretary Sonderling. “The Department of Labor looks forward to executing the critical AI Action Plan efforts that will support our workforce, including expanding AI literacy nationwide, creating a new hub to analyze AI’s impact on the labor market, and piloting innovative models to help workers succeed in an AI-driven economy.”The “Empower American Workers in the Age of AI” initiative includes proposed actions for the Department of Labor, in collaboration with other federal agencies, to:Prioritize AI skills development as a core objective of education and workforce funding streams, including career and technical education, apprenticeships, and other federally supported skills initiatives.Establish the AI Workforce Research Hub to lead a sustained federal effort to evaluate AI’s impact on the labor market and the American worker, including recurring analysis, scenario planning, and actionable insights for workforce and education policy.Study AI’s impact on the labor market by providing the AI Workforce Research Hub with analysis to support tracking of AI adoption, job creation, displacement, and wage effects.Fund rapid retraining for individuals impacted by AI-related job displacement, as well as issue guidance clarifying how funds can be used to proactively upskill workers at risk of future displacement.Pilot new approaches to meet workforce challenges created by AI, which may include areas such as rapid retraining models to respond to labor market shifts and new models to support pathways into entry-level roles.The “Train a Skilled Workforce for AI Infrastructure” initiative includes proposed actions for the Department of Labor, in collaboration with other federal agencies, to:Create a national initiative identifying high-priority occupations critical to AI infrastructure.Partner with state and local governments and workforce system stakeholders to support the creation of industry-driven training programs for priority AI infrastructure occupations.Partner with education and workforce system stakeholders to expand early career exposure programs and pre-apprenticeship opportunities for middle and high school students in AI infrastructure occupations.Expand Registered Apprenticeships for occupations critical to AI infrastructure.Learn more about President Trump’s AI Action Plan. 

    MIL OSI USA News –

  • MIL-OSI USA: DelBene, Clarke Introduce Bill to Boost Smart City Tech

    Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

    Today, Congresswomen Suzan DelBene (WA-01) and Yvette Clarke (NY-09) introduced the Smart Cities and Communities Act, legislation that would expand smart city technologies and improve federal coordination of these programs.

    Smart technologies help improve community safety, mobility, and resilience against natural disasters, while also expanding communication and public services in large cities and small towns alike. These innovations help cities cut costs, alleviate traffic congestion, reduce air pollution, and lower energy use, all while generating economic growth and expanding opportunities for communities of all sizes.

    With an estimated $1.4 trillion expected to be invested globally in smart technology over the next five years, U.S. cities must catch up. Research shows that every dollar spent on government technology can save nearly $4. Despite these clear benefits, the U.S. is currently lagging in smart city development.

    This technology is already making an impact in cities across the nation, including Washington. In Redmond, it is being deployed to improve traffic flow and management. This system helps detect pedestrians in crosswalks, adjusts light timings for safer crossing, and modifies traffic signals based on real-time volumes to reduce congestion and make our intersections safer and less stressful for roadway users. In Bellevue, the city has a Smart Mobility Plan to help the city plan for shared-use mobility, autonomous vehicles, electric vehicles, and data management.

    The Smart Cities and Communities Act would:

    • Enhance federal coordination of smart city programs, including improved reporting and demonstration of the value and utility of smart city systems.
    • Provide assistance and resources to local governments interested in implementing smart city technologies, making them more accessible in suburban and rural areas.
    • Develop a skilled domestic workforce to support smart cities.
    • Improve the quality and performance of smart city technologies while assessing and enhancing cybersecurity and privacy protections. 
    • Foster international collaboration and trade in smart city technologies.

    “Investing in smart city technology will propel our nation into a bright future, powered by more livable communities,” said DelBene. “The Smart Cities and Communities Act allows local governments to equip themselves with the cutting-edge tools to increase connectivity and develop green infrastructure. This important development will strengthen the middle class by generating good jobs and cutting pollution, ensuring the United States maintains its position as a global leader in innovation.”

    “Ensuring our communities are equipped with the smart city technologies they need to be cleaner, safer, and more resilient to the changing climate must be among Congress’ highest priorities,” said Clarke. “In the face of the worsening climate crisis, we have a responsibility to provide every American with equitable access to the innovations that will protect them from whatever an uncertain future might bring. I am proud to stand alongside my colleague, Congresswoman Suzan DelBene, to introduce this forward-looking legislation that will position the United States as a leader in the global movement towards climate resilience and facilitate the critical upgrades our communities are depending on Congress to deliver.”

    “BSA commends Representatives DelBene and Clarke for reintroducing the Smart Cities and Communities Act, which recognizes the potential of artificial intelligence and emerging technologies to transform local communities. By encouraging adoption of and investments in AI-driven solutions, and supporting robust AI training and data utilization, this legislation will help communities realize smart city benefits that are efficient, cost-effective, and enhance public services,” said Craig Albright, SVP of US Government Relations, Business Software Alliance.

    The full text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Statement on Commencement of Appointment Process for Five Public Company Accounting Oversight Board Seats

    Source: Securities and Exchange Commission

    On behalf of the Securities and Exchange Commission, I am soliciting candidates for all five Board positions, including the Chairperson, of the Public Company Accounting Oversight Board (the “PCAOB” or “Board”). The PCAOB was established by the Sarbanes-Oxley Act of 2002 (the “Act”) and oversees the audits of the financial statements of public companies, brokers, and dealers through registration, standard setting, inspection, and disciplinary programs. Under the Act, the Securities and Exchange Commission selects members and the Chairperson of the Board.

    The Act requires that PCAOB Board members be “appointed from among prominent individuals of integrity and reputation who have a demonstrated commitment to the interests of investors and the public, and an understanding of the responsibilities for and nature of the financial disclosures required of issuers under the securities laws and the obligations of accountants with respect to the preparation and issuance of audit reports with respect to such disclosures.”

    Each Board seat is associated with a set five-year term; any nominee selected by the Commission to fill a seat will serve for the remainder of the term associated with that seat. If eligible, the Commission may reappoint such person to a second, full term. Any Board member, including the Chairperson, may be appointed to any seat. The Chairperson’s seat may be filled by either a CPA or a non-CPA, though any member who is a CPA is eligible to serve as Chairperson only if that individual has not been a practicing CPA for five years preceding possible appointment as Chairperson.

    The five seats have terms that expire on the following dates:

    1. October 24, 2026.
    2. October 24, 2027.
    3. October 24, 2028.
    4. October 24, 2029.
    5. October 24, 2030.[1]

    I strongly encourage applications from candidates interested in furthering the public interest through the efficient stewardship of PCAOB resources.  PCAOB Board members play an important role in serving the public interest by helping to protect the integrity of public markets in a manner that minimizes unnecessary costs for the public companies, brokers, and dealers who ultimately fund the PCAOB’s budget. In that regard, I note that over the last several years, the PCAOB’s annual budget has increased at a rate significantly faster than that of the Commission. This increase took place over a period in which the Board’s mission did not change materially. Under the Act, the Board’s budget is subject to Commission approval. The Commission’s review of the PCAOB’s annual budget is an important element of the Commission’s oversight of the Board, and I expect that an evaluation of Board member compensation will be among the items the Commission considers in connection with its review of the Board’s 2026 budget.

    The PCAOB Board member selection process is administered by the SEC’s Office of the Chief Accountant. Individuals who meet the statutory criteria and are interested in being considered for a position as Board member of the PCAOB should submit (1) a cover letter, discussing the statutory qualifications summarized above and described more completely in the Act; and (2) a current résumé or curriculum vitae to Boardrecommendations@sec.gov, on or by August 25, 2025.

    [1] The candidate selected for this seat will be appointed to serve two consecutive terms, with the first expiring on October 24, 2025 and the second expiring on October 24, 2030.

    MIL OSI USA News –