NewzIntel.com

Category: Politics

  • MIL-Evening Report: Beating malaria: what can be done with shrinking funds and rising threats

    Source: The Conversation (Au and NZ) – By Taneshka Kruger, UP ISMC: Project Manager and Coordinator, University of Pretoria

    Healthcare in Africa faces a perfect storm: high rates of infectious diseases like malaria and HIV, a rise in non-communicable diseases, and dwindling foreign aid.

    In 2021, nearly half of the sub-Saharan African countries relied on external financing for more than a third of their health expenditure. But donor fatigue and competing global priorities, such as climate change and geopolitical instability, have placed malaria control programmes under immense pressure. These funding gaps now threaten hard-won progress and ultimately malaria eradication.

    The continent’s healthcare funding crisis isn’t new. But its consequences are becoming more severe. As financial contributions shrink, Africa’s ability to respond to deadly diseases like malaria is being tested like never before.

    Malaria remains one of the world’s most pressing public health threats. According to the World Health Organization there were an estimated 263 million malaria cases and 597,000 deaths globally in 2023 – an increase of 11 million cases from the previous year.

    The WHO African region bore the brunt, with 94% of cases and 95% of deaths. It is now estimated that a child under the age of five dies roughly every 90 seconds due to malaria.

    Yet, malaria control efforts since 2000 have averted over 2 billion cases and saved nearly 13 million lives globally. Breakthroughs in diagnostics, treatment and prevention have been critical to this progress. They include insecticide-treated nets, rapid diagnostic tests, artemisinin-based combination therapies (drug combinations to prevent resistance) and malaria vaccines.

    Since 2017, the progress has been flat. If the funding gap widens, the risk is not just stagnation; it’s backsliding. Several emerging threats such as climate change and funding shortfalls could undo the gains of the early 2000s to mid-2010s.

    New challenges

    Resistance to drugs and insecticides, and strains of the malaria parasite Plasmodium falciparum that standard
    diagnostics can’t detect, have emerged as challenges. There have also been changes in mosquito behaviour, with vectors increasingly biting outdoors, making bed nets less effective.

    Climate change is shifting malaria transmission patterns. And the invasive Asian mosquito species Anopheles stephensi is spreading across Africa, particularly in urban areas.

    Add to this the persistent issue of cross-border transmission, and growing funding shortfalls and aid cuts, and it’s clear that the fight against malaria is at a critical point.

    As the world observes World Malaria Day 2025 under the theme “Malaria ends with us: reinvest, reimagine, reignite”, the call to action is urgent. Africa must lead the charge against malaria through renewed investment, bold innovation, and revitalised political will.

    Reinvest: Prevention is the most cost-effective intervention

    We – researchers, policymakers, health workers and communities – need to think smarter about funding. The economic logic of prevention is simple. It’s far cheaper to prevent malaria than to treat it. The total cost of procuring and delivering long-lasting insecticidal nets typically ranges between US$4 and US$7 each and the nets protect families for years. In contrast, treating a single case of severe malaria may cost hundreds of dollars and involve hospitalisation.

    In high-burden countries, malaria can consume up to 40% of public health spending.

    In Tanzania, for instance, malaria contributes to 30% of the country’s total disease burden. The broader economic toll – lost productivity, work and school absenteeism, and healthcare costs – is staggering. Prevention through long-lasting insecticidal nets, chemoprevention and health education isn’t only humane; it’s fiscally responsible.

    Reimagine: New tools, local solutions

    We cannot fight tomorrow’s malaria with yesterday’s tools. Resistance, climate-driven shifts in transmission, and urbanisation are changing malaria’s patterns.

    This is why re-imagining our approach is urgent.

    African countries must scale up innovations like the RTS,S/AS01 vaccine and next-generation mosquito nets. But more importantly, they must build their own capacity to develop, test and produce these tools.

    This requires investing in research and development, regional regulatory harmonisation, and local manufacturing.

    There is also a need to build leadership capacity within malaria control programmes to manage this adaptive disease with agility and evidence-based decision-making.

    Reignite: Community and collaboration matters

    Reigniting the malaria fight means shifting power to those on the frontlines. Community health workers remain one of Africa’s greatest untapped resources. Already delivering malaria testing, treatment and health education in remote areas, they can also be trained to manage other health challenges.

    Integrating malaria prevention into broader community health services makes sense. It builds resilience, reduces duplication, and ensures continuity even when external funding fluctuates.

    Every malaria intervention delivered by a trusted, local health worker is a step towards community ownership of health.

    Strengthened collaboration between partners, governments, cross-border nations, and local communities is also needed.

    The cost of inaction is unaffordable

    Africa’s malaria challenge is part of a deeper health systems crisis. By 2030, the continent will require an additional US$371 billion annually to deliver basic primary healthcare – about US$58 per person.

    For malaria in 2023 alone, US$8.3 billion was required to meet global control and elimination targets, yet only US$4 billion was mobilised. This gap has grown consistently, increasing from US$2.6 billion in 2019 to US$4.3 billion in 2023.

    The shortfall has led to major gaps in the coverage of essential malaria interventions.

    The solution does not lie in simply spending more, but in spending smarter by focusing on prevention, building local innovation, and strengthening primary healthcare systems.

    The responsibility is collective. African governments must invest boldly and reform policies to prioritise prevention.

    Global partners must support without dominating. And communities must be empowered to take ownership of their health.

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

    – ref. Beating malaria: what can be done with shrinking funds and rising threats – https://theconversation.com/beating-malaria-what-can-be-done-with-shrinking-funds-and-rising-threats-255126

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Hickenlooper, Democratic Senate Colleagues Demand President Trump Comply with Supreme Court Order to Return Kilmar Abrego Garcia, Uphold Immigrants’ Right to Due Process

    US Senate News:

    Source: United States Senator for Colorado John Hickenlooper

    Senators: “Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process”

    WASHINGTON – U.S. Senator John Hickenlooper and 25 of his Democratic Senate colleagues recently sent a letter to President Donald Trump calling on him to immediately comply with the Supreme Court order to facilitate the return of Kilmar Abrego Garcia to the U.S., and rescind his claim that he may transfer incarcerated U.S. citizens to El Salvador.

    In their letter, the senators condemn the Trump administration’s efforts to deport hundreds of migrants to a prison in El Salvador without due process. 

    “Your unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded,” the senators wrote. 

    “The government is asserting a right to stash away residents of this country in foreign prisons without the semblance of due process that is the foundation of our constitutional order. Further, it claims in essence that because it has rid itself of custody that there is nothing that can be done. This should be shocking not only to judges, but to the intuitive sense of liberty that Americans far removed from courthouses still hold dear,” they continued.

    Last month, the Trump Administration deported over 261 immigrants to El Salvador in violation of a federal court order. One of the migrants, Kilmar Abrego Garcia, was deported despite a court order specifically prohibiting his removal. The Trump administration has so far resisted a Supreme Court order directing the administration to return Abrego Garcia to the United States. 

    In their letter, the senators demand that the Trump administration: 

    1. Immediately facilitate the return of Mr. Abrego Garcia by no longer paying the government of El Salvador to detain him
    2. End unlawful attempts to deport noncitizens without due process under the Alien Enemies Act, as the Supreme Court ordered
    3. Withdraw dangerous and offensive claims that the President may transfer U.S. citizens to a foreign prison

    Full text of the letter is available HERE and below:

    Dear President Trump:

    We call on you to immediately rescind the dangerous and offensive claim that you may transfer incarcerated U.S. citizens to El Salvador. We further urge you to follow the law and adhere to all applicable court orders and immediately facilitate the return to the United States of Kilmar Abrego Garcia, whom your Administration illegally deported to El Salvador in direct contravention of a court order specifically prohibiting such removal. Your unprecedented actions threaten the constitutional protections of all Americans and violate the fundamental principles on which this nation was founded.

    With regard to your shocking assertion about transferring Americans to El Salvador, you cannot deport Americans to a foreign country for any reason. This nation’s founding fathers declared independence based on “repeated injuries and usurpations” by the then-King of Great Britain, including “transporting us beyond Seas to be tried for pretended offences” and “depriving us in many cases, of the benefits of Trial by Jury.” Accordingly, Congress has passed no provision into law that would permit exiling United States citizens to a foreign country for any reason. One conservative legal scholar called your threats to deport U.S. citizens “obviously illegal and unconstitutional.”

    Our laws also do not allow you to send individuals from U.S. soil to El Salvador without due process. Further, the Executive Branch must comply with longstanding domestic and international law that prohibits the United States from transferring any person from our jurisdiction or effective control to a place where the person would face certain serious human rights violations. Your Administration’s actions in sending individuals to a Salvadoran prison notorious for inhumane conditions underscore the urgency and applicability of these requirements. The bedrock principles of the Fifth Amendment’s Due Process Clause protect individuals from being “deprived of life, liberty, or property, without due process of law.” Throughout our nation’s history, the Supreme Court has long read the Fifth Amendment’s guarantee of due process to require that the government provide persons with certain procedural due process protections, including notice and an opportunity to be heard before any such deprivation of liberty.

    Even under extraordinary wartime authorities such as the Alien Enemies Act, the Supreme Court of the United States has held that noncitizens should, at a minimum, have an opportunity to prove whether or not the Act should apply to them. In a statement accompanying the Supreme Court’s recent order for the federal government to facilitate the return of Mr. Abrego Garcia and “ensure that his case is handled as it would have been had he not been improperly sent to El Salvador,” Justice Sotomayor noted that your Administration’s argument suggesting that the government is permitted to leave Mr. Abrego Garcia in the Salvadoran prison after wrongfully sending him there “implies that it could deport and incarcerate any person, including U.S. citizens, without legal consequence, so long as it does so before a court can intervene.” She went on to note that this is a “view [that] refutes itself.”

    You must immediately facilitate the return of Mr. Abrego Garcia, which is unquestionably within your power to do since your Administration is paying the government of El Salvador to detain him. As Judge Harvie Wilkinson, a conservative appointee of President Reagan, wrote in a unanimous Fourth Circuit opinion rejecting your Administration’s efforts to delay taking steps to bring Mr. Abrego Garcia back to the United States:

    The government is asserting a right to stash away residents of this country in foreign prisons without the semblance of due process that is the foundation of our constitutional order. Further, it claims in essence that because it has rid itself of custody that there is nothing that can be done. This should be shocking not only to judges, but to the intuitive sense of liberty that Americans far removed from courthouses still hold dear.

    You must also end your unlawful attempts to deport noncitizens without due process under the Alien Enemies Act, as the Supreme Court ordered this weekend. You have no authority to openly defy court orders requiring you: (1) to return someone who has been wrongfully deported, or (2) to grant individuals the due process they are owed under our laws.  As Judge Boasberg wrote in his order last week concluding that probable cause exists to find the government in criminal contempt:

    The Constitution does not tolerate willful disobedience of judicial orders—especially by officials of a coordinate branch who have sworn an oath to uphold it. To permit such officials to freely “annul the judgments of the courts of the United States” would not just “destroy the rights acquired under those judgments”; it would make “a solemn mockery” of “the constitution itself.” …“So fatal a result must be deprecated by all.”

    You must immediately facilitate the return to the United States of Kilmar Abrego Garcia, follow all court orders, and withdraw your dangerous and offensive claims that you may transfer U.S. citizens to a foreign prison. The Constitution demands it.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Engineering Biology – a Government Office for Science Foresight Report

    Source: United Kingdom – Executive Government & Departments

    A new report from the government’s chief scientific adviser aims to communicate the benefits that Engineering Biology (EngBio) might bring to our society and economy over the next 10-15 years. It highlights the potential applications of EngBio across a range of distinct areas via a set of 5 expert-authored ‘aspiration papers’: bio-synthetic fuels, nitrogen-fixing crops, future clothing, lab-grown blood, and microbial metal factories.

    These papers provide examples of the potential of EngBio across various industry sectors to address problems faced by people and the planet.

    Journalists came to this briefing to hear from the CSA plus two of the chapter authors and put their questions to them.

    Speakers will include:

    Prof Dame Angela McLean FRS, Government Chief Scientific Adviser

    Prof Nigel Scrutton FRS, Professor of Molecular Enzymology, Chemical Biology and Biological Chemistry at the University of Manchester and founder of C3 Biotech

    Prof Louise Horsfall, Chair of Sustainable Biotechnology at the University of Edinburgh

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Public invited to line Mall for VE Day 80 procession and fly past

    Source: United Kingdom – Government Statements

    Press release

    Public invited to line Mall for VE Day 80 procession and fly past

    Members of the public are able to watch the VE Day 80 military procession taking place on Monday 5 May

    • More than 1,300 members of the Armed Forces, uniformed services and young people will march from Parliament Square to Buckingham Palace
    • Procession on Bank Holiday Monday begins with a performance of a Churchill speech and finishes with a flypast including the world-famous Red Arrows
    • Public encouraged to host a street party as part of the Great British Food Festival

    Commemorations to mark 80 years since the end of the Second World War in Europe, known as Victory in Europe (VE) Day, will kick off on Monday 5 May with a military procession featuring 1,300 members of the Armed Forces and thousands of members of the public watching along the Mall.

    The events will pay tribute to the millions of people across the UK and Commonwealth who served in the Second World War, telling the stories of those who fought, the children who were evacuated, and those who stepped into the essential roles on the Home Front.

    The procession will begin in Parliament Square when Big Ben strikes midday, and an actor will recite extracts from the iconic Winston Churchill VE Day speech. A young person will then pass the Commonwealth War Graves Torch for Peace to Alan Kennett, 100, a Second World War veteran who served in the Normandy campaign. The Torch for Peace is an enduring symbol, honouring the contributions made by individuals, which will act as a baton to pass and share stories to future generations.

    The Household Cavalry Mounted Regiment and The King’s Troop, Royal Horse Artillery will then lead the procession from Parliament Square, down Whitehall and past the Cenotaph which will be dressed in Union Flags, through Admiralty Arch and up The Mall through to Buckingham Palace where the procession will finish.

    They will be followed by a tri-service procession group featuring marching members of the Royal Navy, the Royal Marines, the British Army and the Royal Air Force. Cadets from all three services and other uniformed youth groups will also take part in the procession to ensure the message of VE Day is handed down to a new generation.

    The Prime Minister and Second World War veterans supported by the Royal British Legion will watch the procession from a specially built dais on the Queen Victoria Memorial.

    The procession will conclude with the Mall being filled with members of the public and a fly past featuring the Red Arrows and 23 current and historic military aircraft.

    VE Day 80 street parties, picnics and community get togethers are being encouraged to take place across the country as part of the Great British Food Festival, led by the Together Coalition and the Big Lunch in partnership with the Department for Culture, Media and Sport.

    Culture Secretary Lisa Nandy said:

    VE Day 80 is a chance for us to come together and celebrate our veterans and ensure their legacy of peace is passed on to future generations. Whether by watching on TV or having a street party with neighbours, everyone can take part. This is one of the last chances we have to say thank you to this generation of heroes and it is right that we do just that.

    Defence Secretary John Healey MP said:

    As we mark 80 years since the end of the Second World War in Europe, I look forward to joining our veterans, serving Armed Forces personnel and young people to remember the remarkable generation who defended the freedoms we enjoy today.

    Our whole nation is invited to join together to reflect on the sacrifices of all those who fought for peace and ensure their legacy is never forgotten.

    Alan Kennett, who travelled to Normandy with the Royal British Legion for D-Day 80, said:

    It is a huge honour to be part of the military procession to start the VE80 commemorations. I remember Battle of Britain pilot Johnnie Johnson bursting in and shouting ‘the war is over’. A big party soon followed, filled with lots of drinking and celebrating the news. The 80th anniversary of VE Day brings back so many memories, and it will be such a privilege to be there with everyone.

    Mark Atkinson, Director General of the Royal British Legion, said:

    The 80th anniversary of VE Day is a special moment for the country and the Royal British Legion is incredibly proud to put Second World War veterans at the heart of the commemorations. It’s important we remember those who went to war, who fought for the freedom of not just Europe but everywhere, and those who risked their lives and never made it back.

    Brendan Cox, co-Founder of the Together Coalition, said:

    VE Day 80 is a moment to celebrate our shared victory and remember the sacrifices it took. Whether it’s hosting a street party, sharing a meal, or writing a message of thanks to a veteran, this is a unique opportunity to thank those who served and to celebrate the values that hold us together. We’re proud to be supporting communities across the UK to mark this occasion in ways that are meaningful, joyful and inclusive. Most importantly, this is a moment for everyone to take part – regardless of background, age or postcode.

    The procession and flypast will be broadcast live on Monday 5 May. On Thursday 8 May, 80 years to the day since the end of the Second World War in Europe, a service will take place at Westminster Abbey followed by a concert in the evening on Horse Guards Parade in which stars of stage and screen will tell the story of the end of the war.

    Armed Forces of Commonwealth nations have been invited to join the procession to celebrate the contribution of people from throughout the Commonwealth to the allied effort during the Second World War. They will be led by The Band of the Irish Guards on parade.

    Military musicians on parade include The Band of the Household Cavalry Mounted Regiment, The Band of HM Royal Marines and a military band from the Royal Corps of Army Music.

    The flypast will include a Voyager transport aircraft, a P8 Poseidon surveillance aircraft, Typhoon and F-35 fighter jets  and will culminate with the iconic red, white, and blue smoke of the Royal Air Force’s Red Arrows.

    Historic Second World War-era aircraft from the Royal Air Force Battle of Britain Memorial Flight will also take part in the flypast.

    ENDS

    Notes to editors:

    Flypast details:

    • P8 Poseidon maritime reconnaissance aircraft has recently flown over the North Sea and North Atlantic to monitor Russian vessels near UK waters.
    • The UK’s fleet of Voyager aircraft has been extensively involved in our support to Ukraine, delivering tonnes of equipment to the Armed Forces of Ukraine and flying thousands of Ukrainian recruits to the UK for military training.
    • Typhoon fast jets are on standby 365 24/7 to protect UK airspace and frequently deploy overseas to help protect our allies from airborne threats as part of NATO Air Policing. Typhoons are currently deployed to Poland.
    • The F-35 Lightning is a fifth-generation fighter jet which deploy on board the Royal Navy’s aircraft carriers – HMS Prince of Wales set sail earlier this week on its eight-month deployment to the Indo-Pacific.

    Members of the public can find street parties and events near them on the governments VE Day 80 website at www.ve-vjday80.gov.uk

    The Royal British Legion has been given funding by DCMS to support veteran attendance at government led events in the UK to mark VE Day 80. This includes travel costs and welfare support.

    Read guidance for the public wishing to attend the procession in London

    As announced last week by the Prime Minister, pubs will be able to stay open an additional two hours on Thursday May 8 to celebrate. More information

    Updates to this page

    Published 25 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Unlocking the power of Engineering Biology

    Source: United Kingdom – Government Statements

    Press release

    Unlocking the power of Engineering Biology

    New report outlines the transformative potential of Engineering Biology to tackle modern-day challenges.

    Government Chief Scientific Adviser, Professor Dame Angela McLean has today launched a new Foresight report, Engineering Biology Aspirations, which highlights the transformative potential of Engineering Biology (EngBio) to address some of the major challenges of our time – from lab-grown blood to biologically derived materials for fashion. 

    This fast-moving, innovative technology applies engineering principles to the design of biological systems and processes. It can create practical solutions to some of society’s biggest challenges, addressing issues faced by people and the planet, both now and in the future. 

    The report, published by the Government Office for Science, examines how we can harness EngBio to create a more sustainable future, helping to solve problems in areas such as healthcare, environmental sustainability, agriculture and energy. 

    Read the Engineering Biology Aspirations report.

    Science Minister Lord Vallance said:

    This is a timely report. Engineering biology is a technology with enormous potential, and it is already delivering innovations from healthcare to clean energy, supporting the missions that underpin this Government’s Plan for Change. 

    Our commitment to the UK’s burgeoning engineering biology sector is clear: from £100 million investment in the Engineering Biology Mission Hubs and Awards, to efforts to improve the regulation of this critical technology, including through the new Regulatory Innovation Office.

    Commenting on the report, Government Chief Scientific Adviser, Professor Dame Angela McLean said:

    Engineering biology has the power to drive economic growth and deliver transformative solutions to a wide range of challenges.

    This report aims be a source of inspiration across Government, industry, academia and the public, demonstrating what might be possible if we can harness the opportunities offered by engineering biology.

    The paper features expert-authored chapters that consider how EngBio can aid efforts to solve global challenges. One examines the revolutionary solutions that lab-grown blood could present. Another explores how biologically derived fashion materials could reduce environmental pollution to create a more sustainable industry. Further chapters include how nitrogen-fixing cereals could produce a new sustainable generation of crops, and how microbes can help solve metal scarcity and be manufactured to create sustainable fuels and chemicals from waste. 

    As the report highlights, although there is still progress to be made, with continued research, development, scale-up, and regulatory considerations, EngBio can help to address some of the most pressing challenges of our time.  

    The “Engineering Biology Aspirations” report is a result of cross-Government work and collaboration with leading scientists to understand this transformative technology and its vast applications.  

    Updates to this page

    Published 25 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: British satellite to map Earth’s forests in 3D for the first time to help combat climate change

    Source: United Kingdom – Government Statements

    Press release

    British satellite to map Earth’s forests in 3D for the first time to help combat climate change

    Satellite developed by British academics and engineers set to become the first in the world to measure condition of the Earth’s forests from space.

    • World’s first mission to map the world’s forests in 3D from space will use cutting edge tech to inform climate change policies and protect future generations.  

    • Supports UK sector worth around £18.9 billion and likely to attract further investment that can grow the economy and help drive our Plan for Change.  

    • Project has supported around 250 highly skilled jobs in Stevenage, bolstering UK’s 52,000 strong space workforce.

    A satellite developed by British academics and engineers is set to become the first in the world to measure the condition of the Earth’s forests from space.   

    This work will be crucial to helping us understand how tropical forests are changing so we can protect future generations from climate breakdown and accelerate the transition to net zero under our Plan for Change.   

    From conception to construction, the satellite – called Biomass – has been built in the UK, capitalising on our industrial and academic expertise in space technology while opening up new opportunities to attract future backing from global investors watching its landmark launch on 29 April.  

    Throughout construction, it has supported approximately 250 highly skilled jobs at Airbus UK, in Stevenage, where it was manufactured, supporting the local economy and bolstering the UK’s 52,000 strong space workforce.  

    The Biomass satellite will launch from Europe’s spaceport in Kourou, French Guiana. Since 2016, the UK has won almost 91 million Euros in contracts for Biomass through its membership of the European Space Agency (ESA). 

    Conceived by University of Sheffield academic Professor Shaun Quegan, it is a hallmark of British innovation, facilitating jobs in everything from design and development to assembly integration and test. The satellite will create a 3D map of tropical forests after 17 months, then new (non-3D) maps every 9 months for the rest of the 5-year mission,  providing insights normally hidden from human sight because of the difficulty in accessing these environments.   

    Its revolutionary technology will help scientists capture vital data on the changes to carbon in forests as ecosystems are increasingly impacted by deforestation.    

    Minister for Space Sir Chris Bryant said:

    The Biomass mission showcases British ingenuity at its very best, from conception in Sheffield to construction in Stevenage.      

    Britain is not only stepping to the forefront of the space industry, but of global climate action too.     

    Contributing to such great extent to a European mission set to deliver vital global results is testament to the UK’s industrial and academic expertise in space technology and will attract global investment into our vibrant space ecosystem, helping us boost growth and deliver our Plan for Change. 

    Both deforestation, which releases carbon dioxide, and forest growth, which soaks up CO2 from the atmosphere, are crucial parts of climate change.   

    Data on the biomass of tropical forests is very limited because they are difficult to access.      

    The Biomass satellite will be able to penetrate cloud cover and measure forest biomass more accurately than any current technology, which only see the top of the canopy. By providing better data it will help create a more accurate global carbon budget and better understanding of carbon sinks and sources which will help in developing and implementing effective strategies to achieve net-zero goals.   

    Observations will also lead to better insight into the rates of habitat loss and, as a result, the effect this may have on biodiversity in the forest environment.    

    Shaun Quegan, University of Sheffield’s Professor and lead proposer of the mission concept to the European Space Agency, said:

    It’s been a privilege to have led the team in the development of a pioneering mission that will revolutionise our understanding of the volume of carbon held in the most impenetrable tropical rainforests on the planet and, crucially, how this is changing over time. Our research has solved critical operational scientific problems in constructing the Biomass satellite.    

    Conceived and built in the UK, Biomass is a brilliant example of what we can achieve in collaboration with our partners in industry and academia. The mission is the culmination of decades of highly innovative work in partnership with some of the best scientists in Europe and the US.

    Dr Paul Bate, CEO of the UK Space Agency said:

    The Biomass satellite represents a major leap forward in our ability to understand Earth’s carbon cycle. By mapping the world’s forests from space in unprecedented detail, it will provide critical insights into how our planet is responding to climate change — helping scientists, policymakers, and conservationists take informed action. We’re proud of the leading role the UK has played in this important mission.  

    Kata Escott, Managing Director of Airbus Defence and Space in the UK, said:

    Biomass is a groundbreaking mission that will advance our understanding of how carbon is stored in the world’s forests – delivering crucial data in the fight against climate change. With more than 50 companies involved across 20 nations, the team in Stevenage has shown exceptional leadership in delivering this flagship ESA mission.    

    Climate Minister, Kerry McCarthy, said:

    The UK is back in the business of climate leadership and protecting the world’s forests through emerging and cutting-edge technologies is crucial to tackling the climate crisis. 

    This innovative tool shows how climate action attract investment in the UK, driving growth as part of our Plan for Change.

    Updates to this page

    Published 25 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Attorney General Brown Honors Fallen and Injured Workers on Worker Memorial Day

    Source: Washington State News

    OLYMPIA — Thursday, April 24, is Worker Memorial Day. A day for communities across the United States to come together to honor workers who died on the job or from job-related injuries over the past year.

    Washington State’s Department of Labor & Industries (L&I) will be holding an event today marking the loss of 97 workers in the past year: Worker Memorial Day

    “Washington workers dying from job-related injuries and illnesses is a deep loss to our entire community. State governments have an important role to play in protecting worker health and safety,” Attorney General Nick Brown said. “The Attorney General’s Office is committed to working with labor, business, and other areas of government to prevent workplace deaths, injuries and disease. We are proud to represent, advise, and partner with L&I in its mission to ‘Keep Washington Safe and Working.’”

    State government plays an important role in preventing these tragedies. Workers are safer when we inform the public, support compliance, and enforce our worker safety and health laws. If you have a concern about worker health and safety:

    • Report a safety hazard online with L&I.
    • Your employer may not fire you or retaliate against you solely because you have exercised your workplace safety & health rights. You can file a complaint about retaliation online with L&I.
    • L&I’s Consultation Program offers confidential, no-fee, professional advice and help to Washington businesses. These services can help you find and fix hazards in your workplace and strengthen your safety program.
    • Environmental crimes often have an impact on worker health and safety. To report an environmental crime, use Environmental Protection Division’s Environmental Crime Report Form.

    The Labor & Industries Division of the Attorney General’s Office (AGO) represents and advises the Department of Labor of Industries on a range of issues including worker safety and health. The Environmental Protection Division of the AGO protects worker health and safety through prosecuting environmental crimes. Learn more about our efforts to protect workers here.

    -30-

    Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties. Visit www.atg.wa.gov to learn more.

    Media Contact:

    Email: press@atg.wa.gov

    Phone: (360) 753-2727

    General contacts: Click here

    Media Resource Guide & Attorney General’s Office FAQ

    MIL OSI USA News –

  • MIL-OSI New Zealand: ANZAC Day – Governor-General’s Anzac Day Dawn Service Address

    Source: Government House

    MEDIA RELEASE – EMBARGOED until 6.15am FRIDAY 25 April
    The Rt Hon Dame Cindy Kiro, GNZM, QSO
    Governor-General of New Zealand
    Anzac Day Dawn Service Address 2025
    Auckland War Memorial Museum
    Takiri ko te ata, haehaetia te pō
    E koro mā i te pō!
    Nga Toa a Tūmatauenga!
    Ngā Toa a Ranginui
    Ngā toa a Tangaroa
    Hoki wairua mai, ki runga i ō koutou marae
    Ki o koutou maunga karangaranga.
    E okioki mai nā i nga taumata, nga kahurangi
    Tirohia mai ra ki ō koutou uri
    E hāpai nei i ngā kupu ōhākī
    Tangihia, mihia nga aitua
    Huihuia mai ki tēnei marae
    Te hunga ora
    Tēnā koutou
    Tēnā koutou
    Tēnā tātou katoa
    I specifically acknowledge:
    The Rt Hon Winston Peters, Deputy Prime Minister
    Brad Williams, Consul General for the Commonwealth of Australia
    Air Vice Marshal Darryn Webb, Chief of Air Force
    His Worship Wayne Brown, Mayor of Auckland
    Frédéric Leturque, Mayor of Arras, France
    Sir Wayne Shelford, National President of the RNZRSA
    Sir Graham Lowe, Patron of the Auckland RSA
    Graham Gibson, President of the Auckland RSA
    Brad Hodgson, Auckland RSA
    Dr David Reeves, Chief Executive of the Auckland War Memorial Museum
    Mr Keutekarakia Mataroa, Dean of the Auckland Consular Corps
    A special welcome to people who have served – or are currently serving in our Defence Force.
    This Anzac Day marks 110 years since the Gallipoli landings by soldiers in the Australian and New Zealand Army Corps – the ANZACS. It signalled the beginning of a campaign that was to take the lives of so many of our young men – and would devastate the communities they left behind at home. One year later, in 1916, grieving New Zealanders gathered to express their sorrow at the first Anzac Day commemoration.
    Today, in our towns, cities and hamlets across the length and breadth of Aotearoa – your comrades have gathered in the chill light of dawn, alongside their families and communities, to commemorate Anzac Day.
    This morning, your thoughts may be turning to your experience of military service – and to those who are missing from among your ranks.
    It’s an honour to join you and the people of Tamaki Makaurau Auckland, at our nation’s preeminent site of remembrance – to show our aroha and respect for the many hundreds of thousands of New Zealanders in our history who have answered the call to arms – and to express our deep sorrow for those who never returned from the field of battle, or who subsequently died of their wounds.
    This year we mark another significant anniversary in our nation’s military history. Eighty years ago, after nearly six long years, the Second World War finally came to an end. An astonishing 140,000 New Zealanders had served in the European, North African and the Pacific theatres of war, and almost 12,000 lost their lives as a result of their war service. Around one third of those casualties were from Auckland.
    Once again, our families and communities experienced the terrible pain of sacrifice and loss, and the impacts of that trauma lingered for generations.
    Eighty years ago, New Zealanders also played a role in establishing the United Nations, which many people fervently hoped would ensure that the horrors of the First and Second World Wars could never be repeated.
    In the years since, conflict on that scale has indeed been avoided, but securing peaceful resolution to geopolitical tensions has remained elusive.
    New Zealand has regularly been called upon to support our allies – from the Korean War in the 1950s – through to the conflict in Afghanistan in the 2000s. Our service personnel have also served in many peace-keeping operations around the globe, and frequently assist people in need in the aftermath of natural disasters – both here in Aotearoa, and in the Pacific.
    To those of you who are currently serving in our Defence Force, I sincerely thank you, on behalf of your fellow citizens. We recognise that your lives, and the lives of your families are affected by the demands of military service – and we salute your courage and readiness to serve in support of collective security efforts with our allies.
    This Anzac Day – when we reflect on the sobering realities of war, and the current state of the world, we see the ideals embodied in the United Nations being routinely ignored, and coercive power being used to threaten human rights and the territorial sovereignty of others.
    In these volatile and uncertain times – New Zealand continues to subscribe to the ideal of peaceful resolution of geopolitical tensions – while also acknowledging the role our nation’s defence personnel have played – and will continue to play in defending freedom, justice and the rule of law.
    In this way, they contribute to efforts to maintain and extend the blessings of peace, security and stability in the world.
    On this Anzac Day, and the Anzac Days to come, we remain committed to honour their service.
    Ka maumahara tonu tātou ki a rātou.

    MIL OSI New Zealand News –

  • MIL-OSI Russia: On April 25, Mikhail Mishustin will hold talks with the Prime Minister of the Republic of Tajikistan Kokhir Rasulzoda

    Translation. Region: Russian Federal

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

    On April 25, in Moscow, Chairman of the Government of the Russian Federation Mikhail Mishustin will hold talks with Prime Minister of the Republic of Tajikistan Kokhir Rasulzoda.

    The heads of government plan to discuss current issues of Russian-Tajik trade, economic, investment and cultural-humanitarian cooperation. Special attention will be paid to the implementation of major joint projects in the fields of energy, industry, agriculture, education and culture.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Sergey Kiriyenko and Dmitry Chernyshenko held a meeting of the NTO organizing committee and greeted the participants of the Fakel award

    Translation. Region: Russian Federal

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

    The National Center “Russia” celebrated the tenth anniversary of the National Technology Olympiad (NTO). On this day, the fifth meeting of the Olympiad organizing committee and the Fakel Prize award ceremony took place – an award for NTO graduates who have achieved significant results in science, engineering, business and mentoring.

    The meeting of the organizing committee was opened by the First Deputy Chief of Staff of the Presidential Administration, co-chairman of the organizing committee of the National Technology Olympiad, Sergei Kiriyenko.

    “Since 2015, NTO has brought together almost 900,000 schoolchildren and students from all over Russia, as well as 77 other countries. The Olympiad, originally conceived as an all-Russian engineering competition, has gradually reached the international level. However, NTO is not only about scale. The main thing here is people. Young, bright, talented guys who are already creating the future today. Some of the winners’ projects can be compared to serious scientific works worthy of the level of candidate dissertations. We are confident that with the launch of the 11th season, the number of participants will exceed a million. But what is more important is not quantity, but quality – young people who really change reality with their ideas and developments,” he said.

    Deputy Prime Minister Dmitry Chernyshenko added that next year it is necessary to increase the number of participating countries, and also thanked the NTO partners.

    “I would like to express my sincere gratitude to our leading technology partners – companies such as Sber, Yandex, Roscosmos, 1C and others. Thanks to their support, the Olympiad is held at a truly high level. I am sure that this list will expand. And NTO will become an even more powerful tool for developing talents and strengthening international scientific and technological cooperation,” Dmitry Chernyshenko emphasized.

    During the meeting, the Deputy Prime Minister supported the inclusion of new areas in the NTO for grades 5–7 and the launch of the International Space Games. He also instructed to work out the possibility of adding individual educational events of the NTO to the calendar of the “Movement of the First”.

    Nikita Anisimov, Rector of the National Research University Higher School of Economics and Deputy Co-Chairs of the Organizing Committee of the NTO, spoke about the development of the Olympiad movement and the results of the decade of the NTO. He noted that the NTO preserves and continues the traditions of the Moscow Mathematical Olympiad: it is a movement that brings together like-minded people and comrades. Nikita Anisimov also emphasized that the NTO has grown over the past years. For example, the first final of the Olympiad brought together about 1.2 thousand participants, and this year there were already about 220 thousand.

    Hero of Russia, participant of the presidential program “Time of Heroes”, Chairman of the Board of the “Movement of the First” Artur Orlov noted that the “Movement of the First” project “First in Science”, implemented within the framework of the national project “Youth and Children”, will become an important platform for interaction on the development of scientific and technical cooperation.

    After the organizing committee, the Fakel Prize was presented. At the ceremony, Sergei Kiriyenko emphasized the importance of holding it at the National Center “Russia”, created on the instructions of Russian President Vladimir Putin.

    “I am sure that not much time will pass and the results of your projects, your discoveries and your dreams that came true will be presented here as a source of pride,” said Sergei Kiriyenko.

    The shortlist of the award included 21 applications. The selection of candidates for the final list of applicants took place in several stages: first, the applications were selected for compliance with all criteria, then a public vote took place. Based on its results, a shortlist was formed, which was then evaluated by an expert jury.

    “It is very symbolic that the first celebration of the winners of the Fakel Prize is taking place in the year of the tenth anniversary of the National Technology Olympiad. As Sergey Vladilenovich decided, and we included this in the protocol, this will now be an annual event. In addition to encouraging the winners, it is important to remember those who prepared them. These are mentors, teachers, parents, and our technology partners who helped create conditions for the implementation of opportunities and talents, as instructed by our President Vladimir Vladimirovich Putin. So that together we can ensure not just technological sovereignty, but also technological leadership of our country. Thank you very much, congratulations to the winners. Create, dare, try, everything will work out!” Dmitry Chernyshenko addressed the guests of the award.

    In the Startup Leader category, the award was received by Daniil Zaitsev and Anastasia Popova, the authors of the SkyControl system for controlling UAVs using hand tilt and gestures. It involves children and teenagers in the world of robotics and technical sciences.

    The winners in the Social Progressor category were the creators of the Green School project – Polina Sapozhnikova, Anna Budekova and Matvey Karachev. They create green corners with information stands and thematic cubes in schools. This helps to form ecological thinking and eco-habits in the younger generation.

    The title “Professional of the Future” was awarded to German Golod, who, as a student, works as a 1C developer at T-Bank. According to him, participation in the NTO helped him acquire the necessary skills. Dmitry Shpanov, who developed a computer model for selecting the mode of electron-beam processing of alloys or ceramics, was recognized as “Innovation Engineer”.

    The winner in the “Technology Champion” category was Eduard Sukharev, a multiple winner of Russian and international competitions in the operation of unmanned aircraft systems.

    The title of “Best Mentor” was awarded to Arseniy Yarmolinsky, a computer science teacher and teacher of additional education, who trained dozens of finalists and winners of NTO and other engineering competitions.

    The winner in the “Engine of Science” nomination was Maria Tishkova, a junior research fellow at the Institute of Cytology of the Russian Academy of Sciences.

    Let us recall that the Olympiad is being held under the coordination of the Ministry of Science and Higher Education of the Russian Federation together with the presidential platform “Russia – Country of Opportunities” within the framework of the national project “Youth and Children” with the support of the “Movement of the First”, the Agency for Strategic Initiatives and the ANO “NTI Platform”. The NTO project office is deployed at the HSE with the methodological support of the Association of Participants of Technology Circles (NTI Circle Movement).

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

    MIL OSI Russia News –

  • MIL-OSI: First Savings Financial Group, Inc. Reports Financial Results for the Second Fiscal Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSONVILLE, Ind., April 24, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $5.5 million, or $0.79 per diluted share, for the quarter ended March 31, 2025, compared to net income of $4.9 million, or $0.72 per diluted share, for the quarter ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $5.3 million (non-GAAP measure)(1) and net income per diluted share of $0.76 (non-GAAP measure)(1) for the quarter ended March 31, 2025 compared to $3.6 million, or $0.52 per diluted share for the quarter ended March 31, 2024.

    Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the second fiscal quarter performance, including the continued improvement in the net interest margin, which has increased eighteen and twenty-one basis points for the three and six months ended, respectively. The SBA Lending segment posted its first profitable quarter since March 2024 and posted a solid level of loans originations and sales. Asset quality improved with nonperforming loans decreasing $3.8 million from the prior quarter and the ratio of nonperforming loans to total gross loans improving to 0.67%, a decrease of twenty basis points from the prior quarter. We are optimistic regarding the remainder of fiscal 2025 as we anticipate further expansion of the net interest margin, continued profitability from the SBA Lending segment, additional sales of home equity lines of credit (“HELOCS”), and stable and strong asset quality. We will continue our focus on customer deposit growth, select loan growth opportunities, preservation of asset quality, and prudent capital and liquidity management. We will also continue to evaluate options and strategies that we believe will maximize shareholder value.”

    (1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.

    Results of Operations for the Three Months Ended March 31, 2025 and 2024

    Net interest income increased $1.7 million, or 11.6%, to $16.0 million for the three months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended March 31, 2025 was 2.93% as compared to 2.66% for the same period in 2024. The increase in net interest income was due to an increase of $807,000 in interest income and a decrease of $846,000 in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

    The Company recognized a reversal of provision for credit losses for loans and securities of $357,000 and $1,000, respectively, and a provision for unfunded lending commitments of $123,000 for the three months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $713,000 and $23,000, respectively, and reversal of provision for unfunded lending commitments of $259,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to a decrease in qualitative reserves and $156,000 in net recoveries recognized during the period. The $156,000 in net recoveries during the three months ended March 31, 2025 included $215,000 in net recoveries related to unguaranteed portions of SBA loans. During the three months ended March 31, 2024, the Company recognized net charge-offs of $110,000, of which $15,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $4.2 million from $16.9 million at September 30, 2024 to $12.7 million at March 31, 2025, due primary to a $4.9 million decrease in loan balances guaranteed by the SBA.

    Noninterest income decreased $150,000 for the three months ended March 31, 2025 as compared to the same period in 2024. The decrease was due primarily to a $539,000 decrease in other income, partially offset by a $154,000 increase in service charges on deposit accounts and a $127,000 increase in net gain on sales of SBA loans. The decrease in other income in 2025 was primarily due to $492,000 gain on the sale of mortgage servicing rights during the 2024 period with no corresponding amount for 2025.

    Noninterest expense increased $1.9 million for the three months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in compensation and benefits and other operating expenses of $940,000 and $948,000, respectively. The increase in compensation and benefits was primarily due to an increase in bonus and incentive accruals in 2025. The increase in other operating expenses was primarily due a $656,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period compared to a reversal of $41,000 for the same period in 2025 and an adjustment to the valuation allowance related to the sale of residential mortgage servicing rights of $247,000 in 2024 with no corresponding amount in 2025.

    The Company recognized income tax expense of $589,000 for the three months ended March 31, 2025 compared to $866,000 for the same period in 2024. The decrease is due primarily to greater utilization of investment tax credits in the 2025 period. The effective tax rate for 2025 was 9.7% compared to 14.9% for 2024. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

    Results of Operations for the Six Months Ended March 31, 2025 and 2024

    The Company reported net income of $11.7 million, or $1.68 per diluted share, for the six months ended March 31, 2025 compared to net income of $5.8 million, or $0.85 per diluted share, for the six months ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $9.4 million (non-GAAP measure)(1) and net income per diluted share of $1.35 (non-GAAP measure)(1) for the six months ended March 31, 2025 compared to net income of $4.5 million and net income per diluted share of $0.66 for the six months ended March 31, 2024. The core banking segment reported net income of $11.4 million, or $1.64 per diluted share for the six months ended March 31, 2025 compared to net income of $8.6 million and net income per diluted share of $1.25 for the six months ended March 31, 2024. Excluding nonrecurring items, the core banking segment reported net income of $9.1 million (non-GAAP measure)(1), or $1.31 per diluted share (non-GAAP measure)(1) for the six months ended March 31, 2025 compared to net income of $7.7 million and net income per diluted share of $1.12 for the six months ended March 31, 2024.

    Net interest income increased $3.0 million, or 10.6%, to $31.5 million for the six months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the six months ended March 31, 2025 was 2.84% as compared to 2.68% for the same period in 2024. The increase in net interest income was due to a $4.6 million increase in interest income, partially offset by a $1.6 million increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

    The Company recognized a reversal of provision for credit losses for loans and securities of $848,000 and $7,000, respectively, and a provision for unfunded lending commitments of $169,000 for the six months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $1.2 million and $23,000, respectively, and reversal of provision for unfunded lending commitments of $317,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to the bulk sale of approximately $87.2 million of HELOCS during the period and a decrease in qualitative reserves. The Company recognized net recoveries totaling $38,000 for the six months ended March 31, 2025, of which $164,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $119,000 in 2024, of which $64,000 was related to unguaranteed portions of SBA loans.

    Noninterest income increased $3.2 million for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to a $2.5 million net gain on sale of HELOCs in 2025, net gains of $403,000 on the sale of equity securities in 2025 with no corresponding gains for 2024, a $248,000 increase in service charges on deposit accounts, and a $263,000 increase in ATM and interchange fees, slightly offset by a $508,000 decrease in other income due to a $495,000 gain recognized on the sale of mortgage servicing rights during 2024 with no corresponding amount for 2025.

    Noninterest expense increased $824,000 for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in other operating expenses and compensation and benefits of $962,000 and $453,000, respectively, partially offset by decreases in professional fees and occupancy and equipment of $454,000 and $380,000, respectively. The increase in other operating expenses was due primarily to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in 2024 compared to a reversal of $148,000 in 2025 and a $400,000 accrued contingent liability associated with employee benefits recognized in 2025 with no corresponding amount in 2024, partially offset by a decrease of $180,000 in 2025 to reverse previously accrued litigation expenses. The increase in compensation and benefits is primarily due to an increase in bonus and incentive accruals in 2025 compared to 2024. The decrease in professional fees and occupancy and equipment is primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

    The Company recognized income tax expense of $1.4 million for the six months ended March 31, 2025 compared to $390,000 for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period, including the aforementioned net gain on sale of loans. The effective tax rate for 2025 was 10.9% compared to 6.3%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

    Comparison of Financial Condition at March 31, 2025 and September 30, 2024

    Total assets decreased $74.1 million, from $2.45 billion at September 30, 2024 to $2.38 billion at March 31, 2025. Net loans held for investment decreased $83.7 million during the six months ended March 31, 2025 due primarily to the $87.2 million bulk sale of home equity lines of credit.

    Total liabilities decreased $76.2 million due primarily to a decrease in total deposits of $91.7 million, partially offset by an increase in FHLB borrowings of $23.7 million. The decrease in total deposits was due to a decrease in brokered deposits of $112.4 million, due primarily to proceeds from the aforementioned bulk sale of home equity lines of credit and an increase in customer deposits of $20.7 million. As of March 31, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 31.8% of total deposits and 15.1% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

    Total stockholders’ equity increased $2.1 million, from $177.1 million at September 30, 2024 to $179.2 million at March 31, 2025, due primarily to a $9.6 million increase in retained net income, partially offset by a $8.2 million increase in accumulated other comprehensive loss. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the six months ended March 31, 2025, which resulted in a decrease in the fair value of securities available for sale. At March 31, 2025 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

    First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

    This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

    Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company’s periodic filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    Contact:
    Tony A. Schoen, CPA
    Chief Financial Officer
    812-283-0724

     
    FIRST SAVINGS FINANCIAL GROUP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS
    (Unaudited)
                         
                         
        Three Months Ended   Six Months Ended    
    OPERATING DATA:   March 31,   March 31,    
    (In thousands, except share and per share data)     2025       2024       2025       2024      
                         
    Total interest income   $ 30,823     $ 30,016     $ 63,272     $ 58,671      
    Total interest expense     14,832       15,678       31,819       30,220      
                         
    Net interest income     15,991       14,338       31,453       28,451      
                         
    Provision (credit) for credit losses – loans     (357 )     713       (848 )     1,183      
    Provision (credit) for unfunded lending commitments     123       (259 )     169       (317 )    
    Provision (credit) for credit losses – securities     (1 )     23       (7 )     23      
                         
    Total provision (credit) for credit losses     (235 )     477       (686 )     889      
                         
    Net interest income after provision (credit) for credit losses     16,226       13,861       32,139       27,562      
                         
    Total noninterest income     3,560       3,710       9,663       6,492      
    Total noninterest expense     13,698       11,778       28,641       27,817      
                         
    Income before income taxes     6,088       5,793       13,161       6,237      
    Income tax expense     589       866       1,437       390      
                         
    Net income   $ 5,499     $ 4,927     $ 11,724     $ 5,847      
                         
    Net income per share, basic   $ 0.80     $ 0.72     $ 1.71     $ 0.86      
    Weighted average shares outstanding, basic     6,875,826       6,832,130       6,861,061       6,828,017      
                         
    Net income per share, diluted   $ 0.79     $ 0.72     $ 1.68     $ 0.85      
    Weighted average shares outstanding, diluted     6,960,020       6,859,611       6,961,829       6,849,928      
                         
                         
    Performance ratios (annualized)                    
    Return on average assets     0.93 %     0.84 %     0.98 %     0.50 %    
    Return on average equity     12.24 %     11.96 %     13.15 %     7.38 %    
    Return on average common stockholders’ equity     12.34 %     11.96 %     13.15 %     7.38 %    
    Net interest margin (tax equivalent basis)     2.93 %     2.66 %     2.84 %     2.68 %    
    Efficiency ratio     70.06 %     65.26 %     69.66 %     79.61 %    
                         
                         
                QTD       FYTD
    FINANCIAL CONDITION DATA:   March 31,   December 31,   Increase   September 30,   Increase
    (In thousands, except per share data)     2025       2024     (Decrease)     2024     (Decrease)
                         
    Total assets   $ 2,376,230     $ 2,388,735     $ (12,505 )   $ 2,450,368     $ (74,138 )
    Cash and cash equivalents     28,683       76,224       (47,541 )     52,142       (23,459 )
    Investment securities     244,084       242,634       1,450       249,719       (5,635 )
    Loans held for sale     61,239       24,441       36,798       25,716       35,523  
    Gross loans     1,900,660       1,905,199       (4,539 )     1,985,146       (84,486 )
    Allowance for credit losses     20,484       20,685       (201 )     21,294       (810 )
    Interest earning assets     2,219,504       2,234,258       (14,754 )     2,277,512       (58,008 )
    Goodwill     9,848       9,848       –       9,848       –  
    Core deposit intangibles     316       357       (41 )     398       (82 )
    Loan servicing rights     2,744       2,661       83       2,754       (10 )
    Noninterest-bearing deposits     185,252       183,239       2,013       191,528       (6,276 )
    Interest-bearing deposits (customer)     1,207,159       1,212,527       (5,368 )     1,180,196       26,963  
    Interest-bearing deposits (brokered)     396,770       437,008       (40,238 )     509,157       (112,387 )
    Federal Home Loan Bank borrowings     325,310       295,000       30,310       301,640       23,670  
    Subordinated debt and other borrowings     48,682       48,642       40       48,603       79  
    Total liabilities     2,197,041       2,212,708       (15,667 )     2,273,253       (76,212 )
    Accumulated other comprehensive loss     (19,385 )     (17,789 )     (1,596 )     (11,195 )     (8,190 )
    Total stockholders’ equity     179,189       176,027       3,162       177,115       2,074  
                         
    Book value per share   $ 25.90     $ 25.48       0.42     $ 25.72       0.18  
    Tangible book value per share (non-GAAP) (1)     24.43       24.00       0.43       24.23       0.20  
                         
    Non-performing assets:                    
    Nonaccrual loans – SBA guaranteed   $ 123     $ 4,444     $ (4,321 )   $ 5,036     $ (4,913 )
    Nonaccrual loans     12,597       12,124       473       11,906       691  
    Total nonaccrual loans   $ 12,720     $ 16,568     $ (3,848 )   $ 16,942     $ (4,222 )
    Accruing loans past due 90 days     –       –       –       –       –  
    Total non-performing loans     12,720       16,568       (3,848 )     16,942       (4,222 )
    Foreclosed real estate     444       444       –       444       –  
    Total non-performing assets   $ 13,164     $ 17,012     $ (3,848 )   $ 17,386     $ (4,222 )
                         
    Asset quality ratios:                    
    Allowance for credit losses as a percent of total gross loans     1.08 %     1.09 %     (0.01 %)     1.07 %     0.01 %
    Allowance for credit losses as a percent of nonperforming loans     161.04 %     124.85 %     36.19 %     125.69 %     35.35 %
    Nonperforming loans as a percent of total gross loans     0.67 %     0.87 %     (0.20 %)     0.85 %     (0.18 %)
    Nonperforming assets as a percent of total assets     0.55 %     0.71 %     (0.16 %)     0.71 %     (0.16 %)
                         
    (1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.
                         
                         
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):
    The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.
                     
        Three Months Ended   Six Months Ended    
    Net Income   March 31,   March 31,    
    (In thousands)     2025       2024       2025       2024      
                         
    Net income attributable to the Company (non-GAAP)   $ 5,313     $ 3,561     $ 9,367     $ 4,481      
    Plus: Gain on sale of loans, home equity lines of credit, net of tax effect     –       –       1,869       –      
    Plus: Gain on sale of equity securities, net of tax effect     –       –       302       –      
    Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect     –       492       –       492      
    Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect     –       583       –       583      
    Plus: Gain on sale of premises and equipment, net of tax effect     186       90       186       90      
    Plus: Adjustment to previous data processing contract termination accrual, net of tax effect     –       117       –       117      
    Plus: Distribution from equity investment, net of tax effect     –       85       –       85      
    Net income attributable to the Company (GAAP)   $ 5,499     $ 4,927     $ 11,724     $ 5,847      
                         
    Net Income per Share, Diluted                    
                         
    Net income per share attributable to the Company, diluted (non-GAAP)   $ 0.76     $ 0.52     $ 1.35     $ 0.65      
    Plus: Gain on sale of loans, home equity lines of credit, net of tax effect     –       –       0.27       –      
    Plus: Gain on sale of equity securities, net of tax effect     –       –       0.03       –      
    Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect     –       0.07       –       0.07      
    Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect     –       0.08       –       0.08      
    Plus: Gain on sale of premises and equipment, net of tax effect     0.03       0.01       0.03       0.01      
    Plus: Adjustment to previous data processing contract termination accrual, net of tax effect     –       0.02       –       0.02      
    Plus: Distribution from equity investment, net of tax effect     –       0.02       –       0.02      
    Net income per share, diluted (GAAP)   $ 0.79     $ 0.72     $ 1.68     $ 0.85      
                         
    Core Bank Segment Net Income                    
    (In thousands)                    
                         
    Net income attributable to the Core Bank (non-GAAP)   $ 4,883     $ 3,637     $ 9,081     $ 7,685      
    Plus: Gain on sale of loans, home equity lines of credit, net of tax effect     –       –       1,869       –      
    Plus: Gain on sale of equity securities, net of tax effect     –       –       302       –      
    Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect     –       583       –       583      
    Plus: Gain on sale of premises and equipment, net of tax effect     186       90       186       90      
    Plus: Adjustment to previous data processing contract termination accrual, net of tax effect     –       117       –       117      
    Plus: Distribution from equity investment, net of tax effect     –       85       –       85      
    Net income attributable to the Core Bank (GAAP)   $ 5,069     $ 4,511     $ 11,438     $ 8,559      
                         
    Core Bank Segment Net Income per Share, Diluted                    
                         
    Core Bank net income per share, diluted (non-GAAP)   $ 0.70     $ 0.53     $ 1.31     $ 1.12      
    Plus: Gain on sale of loans, home equity lines of credit, net of tax effect     –       –       0.27       –      
    Plus: Gain on sale of equity securities, net of tax effect     –       –       0.03       –      
    Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect     –       0.08       –       0.08      
    Plus: Gain on sale of premises and equipment, net of tax effect     –       0.01       0.03       0.01      
    Plus: Adjustment to previous data processing contract termination accrual, net of tax effect     0.03       0.02       –       0.02      
    Plus: Distribution from equity investment, net of tax effect     –       0.02       –       0.02      
    Core Bank net income per share, diluted (GAAP)   $ 0.73     $ 0.66     $ 1.64     $ 1.25      
                         
                         
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED):   Three Months Ended   Fiscal Year Ended    
    Efficiency Ratio   March 31,   March 31,    
    (In thousands)     2025       2024       2025       2024      
                         
    Net interest income (GAAP)   $ 15,991     $ 14,338     $ 31,453     $ 28,451      
                         
    Noninterest income (GAAP)     3,560       3,710       9,663       6,492      
                         
    Noninterest expense (GAAP)     13,698       11,778       28,641       27,817      
                         
    Efficiency ratio (GAAP)     70.06 %     65.26 %     69.66 %     79.61 %    
                         
    Noninterest income (GAAP)   $ 3,560     $ 3,710     $ 9,663     $ 6,492      
    Less: Gain on sale of loans, home equity lines of credit     –       –       (2,492 )     –      
    Less: Gain on sale of equity securities     –       –       (403 )     –      
    Less: Gain on sale of premises and equipment     (248 )     (120 )     (248 )     (120 )    
    Less: Adjustment to MSR valuation allowance related to sale     –       (530 )     –       (530 )    
    Less: Distribution from equity investment     –       (113 )     –       (113 )    
    Noninterest income (Non-GAAP)     3,312       2,947       6,520       5,729      
                         
    Noninterest expense (GAAP)   $ 13,698     $ 11,778     $ 28,641     $ 27,817      
    Plus: Adjustment to MSR valuation allowance related to sale     –       247       –       247      
    Plus: Decrease in loss contingency for SBA-guaranteed loans     –       656       –       656      
    Plus: Adjustment to previous data processing contract termination accrual     –       156       –       156      
    Noninterest expense (Non-GAAP)   $ 13,698     $ 12,837     $ 28,641     $ 28,876      
                         
    Efficiency ratio (excluding nonrecurring items) (non-GAAP)     70.96 %     74.27 %     75.42 %     84.48 %    
                         
                         
                QTD       FYTD
    Tangible Book Value Per Share   March 31,   December 31,   Increase   September 30,   Increase
    (In thousands, except share and per share data)     2025       2024     (Decrease)     2024     (Decrease)
                         
    Stockholders’ equity (GAAP)   $ 179,189     $ 176,027     $ 3,162     $ 177,115     $ 2,074  
    Less: goodwill and core deposit intangibles     (10,164 )     (10,205 )     41       (10,246 )     82  
    Tangible stockholders’ equity (non-GAAP)   $ 169,025     $ 165,822     $ 3,203     $ 166,869     $ 2,156  
                         
    Outstanding common shares     6,919,136       6,909,173     $ 9,963       6,887,106     $ 32,030  
                         
    Tangible book value per share (non-GAAP)   $ 24.43     $ 24.00     $ 0.43     $ 24.23     $ 0.20  
                         
    Book value per share (GAAP)   $ 25.90     $ 25.48     $ 0.42     $ 25.72     $ 0.18  
                         
                         
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED):   As of
    Summarized Consolidated Balance Sheets   March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands, except per share data)     2025       2024       2024       2024       2024  
                         
    Total cash and cash equivalents   $ 28,683     $ 76,224     $ 52,142     $ 42,423     $ 62,969  
    Total investment securities     244,084       242,634       249,719       238,785       240,142  
    Total loans held for sale     61,239       24,441       25,716       125,859       19,108  
    Total loans, net of allowance for credit losses     1,880,176       1,884,514       1,963,852       1,826,980       1,882,458  
    Loan servicing rights     2,744       2,661       2,754       2,860       3,028  
    Total assets     2,376,230       2,388,735       2,450,368       2,393,491       2,364,983  
                         
    Customer deposits   $ 1,392,411     $ 1,395,766     $ 1,371,724     $ 1,312,997     $ 1,239,271  
    Brokered deposits     396,770       437,008       509,157       399,151       548,175  
    Total deposits     1,789,181       1,832,774       1,880,881       1,712,148       1,787,446  
    Federal Home Loan Bank borrowings     325,310       295,000       301,640       425,000       315,000  
                         
    Common stock and additional paid-in capital   $ 28,650     $ 28,382     $ 27,725     $ 27,592     $ 27,475  
    Retained earnings – substantially restricted     182,918       178,526       173,337       170,688       167,648  
    Accumulated other comprehensive loss     (19,385 )     (17,789 )     (11,195 )     (17,415 )     (17,144 )
    Unearned stock compensation     (862 )     (973 )     (901 )     (999 )     (1,096 )
    Less treasury stock, at cost     (12,132 )     (12,119 )     (11,851 )     (11,866 )     (11,827 )
    Total stockholders’ equity     179,189       176,027       177,115       168,000       165,056  
                         
    Outstanding common shares     6,919,136       6,909,173       6,887,106       6,883,656       6,883,160  
                         
                         
        Three Months Ended
    Summarized Consolidated Statements of Income   March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands, except per share data)     2025       2024       2024       2024       2024  
                         
    Total interest income   $ 30,823     $ 32,449     $ 32,223     $ 31,094     $ 30,016  
    Total interest expense     14,832       16,987       17,146       16,560       15,678  
    Net interest income     15,991       15,462       15,077       14,534       14,338  
    Provision (credit) for credit losses – loans     (357 )     (491 )     1,808       501       713  
    Provision (credit) for unfunded lending commitments     123       46       (262 )     158       (259 )
    Provision (credit) for credit losses – securities     (1 )     (6 )     (86 )     84       23  
    Total provision (credit) for credit losses     (235 )     (451 )     1,460       743       477  
                         
    Net interest income after provision for credit losses     16,226       15,913       13,617       13,791       13,861  
                         
    Total noninterest income     3,560       6,103       2,842       3,196       3,710  
    Total noninterest expense     13,698       14,943       12,642       12,431       11,778  
    Income before income taxes     6,088       7,073       3,817       4,556       5,793  
    Income tax expense (benefit)     589       848       145       483       866  
    Net income     5,499       6,225       3,672       4,073       4,927  
                         
                         
    Net income per share, basic   $ 0.80     $ 0.91     $ 0.54     $ 0.60     $ 0.72  
    Weighted average shares outstanding, basic     6,875,826       6,851,153       6,832,626       6,832,452       6,832,130  
                         
    Net income per share, diluted   $ 0.79     $ 0.89     $ 0.53     $ 0.60     $ 0.72  
    Weighted average shares outstanding, diluted     6,960,020       6,969,223       6,894,532       6,842,336       6,859,611  
                         
                         
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):   Three Months Ended
    Noninterest Income Detail   March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands)     2025       2024       2024       2024       2024  
                         
    Service charges on deposit accounts   $ 541     $ 567     $ 552     $ 538     $ 387  
    ATM and interchange fees     632       665       642       593       585  
    Net unrealized gain on equity securities     47       78       28       419       6  
    Net gain on equity securities     –       403       –       –       –  
    Net gain on sales of loans, Small Business Administration     1,078       711       647       581       951  
    Net gain on sales of loans, home equity lines of credit     –       2,492       –       –       –  
    Mortgage banking income     104       78       6       49       53  
    Increase in cash surrender value of life insurance     380       361       363       353       333  
    Gain on life insurance     –       108       –       –       –  
    Commission income     255       210       294       220       220  
    Real estate lease income     122       121       122       154       115  
    Net gain (loss) on premises and equipment     –       45       (4 )     –       120  
    Other income     401       264       192       289       940  
    Total noninterest income   $ 3,560     $ 6,103     $ 2,842     $ 3,196     $ 3,710  
                         
                         
        Three Months Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
    Consolidated Performance Ratios (Annualized)     2025       2024       2024       2024       2024  
                         
    Return on average assets     0.93 %     1.02 %     0.61 %     0.69 %     0.92 %
    Return on average equity     12.24 %     14.07 %     8.52 %     9.86 %     13.06 %
    Return on average common stockholders’ equity     12.34 %     14.07 %     8.52 %     9.86 %     13.06 %
    Net interest margin (tax equivalent basis)     2.93 %     2.75 %     2.72 %     2.67 %     2.66 %
    Efficiency ratio     70.06 %     69.29 %     70.55 %     70.11 %     65.26 %
                         
                         
        As of or for the Three Months Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
    Consolidated Asset Quality Ratios     2025       2024       2024       2024       2024  
                         
    Nonperforming loans as a percentage of total loans     0.67 %     0.87 %     0.85 %     0.91 %     0.82 %
    Nonperforming assets as a percentage of total assets     0.55 %     0.71 %     0.71 %     0.72 %     0.68 %
    Allowance for credit losses as a percentage of total loans     1.08 %     1.09 %     1.07 %     1.07 %     1.02 %
    Allowance for credit losses as a percentage of nonperforming loans     161.04 %     124.85 %     125.69 %     118.12 %     124.01 %
    Net charge-offs to average outstanding loans     -0.01 %     0.01 %     0.02 %     0.01 %     0.01 %
                         
                         
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):   Three Months Ended
    Segmented Statements of Income Information   March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands)     2025       2024       2024       2024       2024  
                         
    Core Banking Segment:                    
    Net interest income   $ 14,259     $ 13,756     $ 14,083     $ 13,590     $ 13,469  
    Provision (credit) for credit losses – loans     (540 )     (745 )     1,339       320       909  
    Provision (credit) for unfunded lending commitments     35       (75 )     78       64       (259 )
    Provision (credit) for credit losses – securities     (1 )     (7 )     (86 )     84       23  
    Net interest income after provision (credit) for credit losses     14,765       14,583       12,752       13,122       12,796  
    Noninterest income     2,242       5,253       2,042       2,474       2,537  
    Noninterest expense     11,486       12,574       10,400       10,192       10,093  
    Income before income taxes     5,521       7,262       4,394       5,404       5,240  
    Income tax expense     452       893       301       689       729  
    Net income   $ 5,069     $ 6,369     $ 4,093     $ 4,715     $ 4,511  
                         
    SBA Lending Segment (Q2):                    
    Net interest income   $ 1,732     $ 1,706     $ 994     $ 944     $ 869  
    Provision (credit) for credit losses – loans     183       255       469       181       (196 )
    Provision (credit) for unfunded lending commitments     88       121       (340 )     94       –  
    Net interest income after provision for credit losses     1,461       1,330       865       669       1,065  
    Noninterest income     1,318       850       800       722       1,173  
    Noninterest expense     2,212       2,369       2,242       2,239       1,685  
    Income (loss) before income taxes     567       (189 )     (577 )     (848 )     553  
    Income tax expense (benefit)     137       (45 )     (156 )     (206 )     137  
    Net income (loss)   $ 430     $ (144 )   $ (421 )   $ (642 )   $ 416  
                         
                         
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):   Three Months Ended
    Segmented Statements of Income Information   March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands, except percentage data)     2025       2024       2024       2024       2024  
                         
    Net Income (Loss) Per Share by Segment                    
    Net income per share, basic – Core Banking   $ 0.74     $ 0.93     $ 0.60     $ 0.69     $ 0.66  
    Net income (loss) per share, basic – SBA Lending (Q2)     0.06       (0.02 )     (0.06 )     (0.09 )     0.06  
    Total net income (loss) per share, basic   $ 0.80     $ 0.91     $ 0.54     $ 0.60     $ 0.72  
                         
    Net Income (Loss) Per Diluted Share by Segment                    
    Net income per share, diluted – Core Banking   $ 0.73     $ 0.91     $ 0.59     $ 0.69     $ 0.66  
    Net income (loss) per share, diluted – SBA Lending (Q2)     0.06       (0.02 )     (0.06 )     (0.09 )     0.06  
    Total net income (loss) per share, diluted   $ 0.79     $ 0.89     $ 0.53     $ 0.60     $ 0.72  
                         
    Return on Average Assets by Segment (annualized) (3)                    
    Core Banking     0.90 %     1.09 %     0.71 %     0.83 %     0.80 %
    SBA Lending     1.58 %     (0.55 %)     (1.71 %)     (2.91 %)     1.81 %
                         
    Efficiency Ratio by Segment (annualized) (3)                    
    Core Banking     69.61 %     66.15 %     64.50 %     63.45 %     63.06 %
    SBA Lending     72.52 %     92.68 %     124.97 %     134.39 %     82.52 %
                         
                         
        Three Months Ended
    Noninterest Expense Detail by Segment   March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands)     2025       2024       2024       2024       2024  
                         
    Core Banking Segment:                    
    Compensation   $ 6,637     $ 7,245     $ 5,400     $ 5,587     $ 5,656  
    Occupancy     1,648       1,577       1,554       1,573       1,615  
    Advertising     429       338       399       253       205  
    Other     2,772       3,414       3,047       2,779       2,617  
    Total Noninterest Expense   $ 11,486     $ 12,574     $ 10,400     $ 10,192     $ 10,093  
                         
    SBA Lending Segment (Q2):                    
    Compensation   $ 1,892     $ 1,931     $ 1,854     $ 1,893     $ 1,933  
    Occupancy     50       59       55       51       58  
    Advertising     10       14       17       12       7  
    Other     260       365       316       283       (313 )
    Total Noninterest Expense   $ 2,212     $ 2,369     $ 2,242     $ 2,239     $ 1,685  
                         
                         
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):   Three Months Ended
    SBA Lending (Q2) Data   March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands, except percentage data)     2025       2024       2024       2024       2024  
                         
    Final funded loans guaranteed portion sold, SBA   $ 15,716     $ 10,785     $ 10,880     $ 7,515     $ 15,144  
                         
    Gross gain on sales of loans, SBA   $ 1,508     $ 1,141     $ 1,029     $ 811     $ 1,443  
    Weighted average gross gain on sales of loans, SBA     9.60 %     10.58 %     9.46 %     10.79 %     9.53 %
                         
    Net gain on sales of loans, SBA (2)   $ 1,078     $ 711     $ 647     $ 581     $ 951  
    Weighted average net gain on sales of loans, SBA     6.86 %     6.59 %     5.95 %     7.73 %     6.28 %
                         
                         
    (2) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.
                         
                         
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED):   Three Months Ended
    Summarized Consolidated Average Balance Sheets   March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands)     2025       2024       2024       2024       2024  
    Interest-earning assets                    
    Average balances:                    
    Interest-bearing deposits with banks   $ 11,851     $ 21,102     $ 16,841     $ 26,100     $ 24,587  
    Loans     1,946,338       2,010,082       1,988,997       1,943,716       1,914,609  
    Investment securities – taxable     102,744       101,960       99,834       101,350       102,699  
    Investment securities – nontaxable     161,579       160,929       158,917       157,991       157,960  
    FRB and FHLB stock     24,986       24,986       24,986       24,986       24,986  
    Total interest-earning assets   $ 2,247,498     $ 2,319,059     $ 2,289,575     $ 2,254,143     $ 2,224,841  
                         
    Interest income (tax equivalent basis):                    
    Interest-bearing deposits with banks   $ 168     $ 210     $ 209     $ 324     $ 261  
    Loans     27,998       29,617       29,450       28,155       27,133  
    Investment securities – taxable     921       914       910       918       923  
    Investment securities – nontaxable     1,719       1,715       1,685       1,665       1,662  
    FRB and FHLB stock     511       493       471       519       499  
    Total interest income (tax equivalent basis)   $ 31,317     $ 32,949     $ 32,725     $ 31,581     $ 30,478  
                         
    Weighted average yield (tax equivalent basis, annualized):                    
    Interest-bearing deposits with banks     5.67 %     3.98 %     4.96 %     4.97 %     4.25 %
    Loans     5.75 %     5.89 %     5.92 %     5.79 %     5.67 %
    Investment securities – taxable     3.59 %     3.59 %     3.65 %     3.62 %     3.59 %
    Investment securities – nontaxable     4.26 %     4.26 %     4.24 %     4.22 %     4.21 %
    FRB and FHLB stock     8.18 %     7.89 %     7.54 %     8.31 %     7.99 %
    Total interest-earning assets     5.57 %     5.68 %     5.72 %     5.60 %     5.48 %
                         
    Interest-bearing liabilities                    
    Interest-bearing deposits   $ 1,653,058     $ 1,671,156     $ 1,563,258     $ 1,572,871     $ 1,549,012  
    Federal Home Loan Bank borrowings     266,975       315,583       378,956       351,227       333,275  
    Subordinated debt and other borrowings     48,656       48,616       48,576       48,537       48,497  
    Total interest-bearing liabilities   $ 1,968,689     $ 2,035,355     $ 1,990,790     $ 1,972,635     $ 1,930,784  
                         
    Interest expense:                    
    Interest-bearing deposits   $ 12,069     $ 13,606     $ 12,825     $ 12,740     $ 12,546  
    Federal Home Loan Bank borrowings     2,001       2,617       3,521       3,021       2,298  
    Subordinated debt and other borrowings     762       764       800       799       833  
    Total interest expense   $ 14,832     $ 16,987     $ 17,146     $ 16,560     $ 15,677  
                         
    Weighted average cost (annualized):                    
    Interest-bearing deposits     2.92 %     3.26 %     3.28 %     3.24 %     3.24 %
    Federal Home Loan Bank borrowings     3.00 %     3.32 %     3.72 %     3.44 %     2.76 %
    Subordinated debt and other borrowings     6.26 %     6.29 %     6.59 %     6.58 %     6.87 %
    Total interest-bearing liabilities     3.01 %     3.34 %     3.45 %     3.36 %     3.25 %
                         
    Net interest income (taxable equivalent basis)   $ 16,485     $ 15,962     $ 15,579     $ 15,021     $ 14,801  
    Less: taxable equivalent adjustment     (494 )     (500 )     (502 )     (487 )     (463 )
    Net interest income   $ 15,991     $ 15,462     $ 15,077     $ 14,534     $ 14,338  
                         
    Interest rate spread (tax equivalent basis, annualized)     2.56 %     2.34 %     2.27 %     2.24 %     2.23 %
                         
    Net interest margin (tax equivalent basis, annualized)     2.93 %     2.75 %     2.72 %     2.67 %     2.66 %

    The MIL Network –

  • MIL-OSI Australia: Former medical practitioner extradited to Tasmania for sexual offences

    Source: New South Wales Community and Justice

    Former medical practitioner extradited to Tasmania for sexual offences

    Friday, 25 April 2025 – 8:00 am.

    Detectives from Tasmania Police’s Taskforce Artemis have extradited a 64-year-old man from New South Wales to Tasmania for sexual offences, including child sexual abuse.
    The man, a former medical practitioner, will appear in the Hobart Magistrates Court today after being charged with three counts of rape, and three counts of indecent assault.
    The abuse is alleged to have occurred in the 1990s when the man was a registered medical general practitioner in the state of Tasmania. As the matter is now before the courts, no further comment can be made.
    It is acknowledged that offences of this nature are deeply disturbing, and Tasmania Police strongly encourages anyone with information about any form of sexual abuse, regardless of the passage of time, to come forward and report it.
    Reports can be made directly to police on 131 444, or by visiting a police station or Arch https://arch.tas.gov.au/.
    You can also report anonymously to Crime Stoppers Tasmania on 1800 333 000 or crimestopperstas.com.au
    Any concerns or incidents involving government employees can be reported directly to the Integrity Commission or the Office of the Independent Regulator.
    The Tasmanian Government’s Keeping Children Safe website is available at https://keepingchildresafe.tas.gov.au/
    Support for victim survivors, if required, is available through Arch or via https://keepingchildrensafe.tas.gov.au/get-support/

    MIL OSI News –

  • MIL-OSI USA: Governor Stein Celebrates Exceptional North Carolinians at Long Leaf Pine and Laurel Wreath Presentation

    Source: US State of North Carolina

    Headline: Governor Stein Celebrates Exceptional North Carolinians at Long Leaf Pine and Laurel Wreath Presentation

    Governor Stein Celebrates Exceptional North Carolinians at Long Leaf Pine and Laurel Wreath Presentation
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein inducted eight North Carolinians into the Order of the Long Leaf Pine for their lifelong careers in public service. He also presented the Laurel Wreath to two North Carolinians who have made outstanding contributions to sports or athletics. 

    “North Carolina is full of outstanding individuals who have contributed to our state through careers in government, law, business, philanthropy, and sports,” said Governor Josh Stein. “This group exemplifies the best of our state, and I am pleased to honor them today.”

    The Laurel Wreath honorees are as follows:

    • Erin Matson – field hockey coach, University of North Carolina – Chapel Hill 
    • Parker Byrd – baseball player, East Carolina University 

    The Order of the Long Leaf Pine honorees are as follows:

    • John Lucas, Sr. – former Principal of Hillside High School (Posthumous) 
    • Jim Johnson – William R. Kenan Jr. Distinguished Professor of Strategy and Entrepreneurship at UNC Chapel Hill 
    • Sue Henderson – former regional managing director of the Triad West Region of Wells Fargo 
    • Janice Cole – Hertford Town Manager and former U.S. Attorney 
    • Lora Cubbage – Greensboro Deputy City Attorney and former Superior Court Judge 
    • Randy Woodson – Chancellor of North Carolina State University 
    • Steve Troxler – North Carolina Commissioner of Agriculture 
    • G.K. Butterfield – former United States Representative 
    Apr 24, 2025

    MIL OSI USA News –

  • MIL-OSI USA: HOUSE DEMOCRATS’ LITIGATION TASK FORCE DEFENDS DEPARTMENT OF EDUCATION IN COURT

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    Washington, D.C. — The Litigation and Rapid Response Task Force led 192 House Democrats in filing an amicus brief challenging the Trump Administration’s efforts to close the Department of Education in the matter of the State of New York v. Linda McMahon. A case in which 20 states moved to sue the administration for its plans to place fifty percent of the Department’s workforce on administrative leave, effectively shuttering a congressionally authorized agency by way of executive fiat. 
     
    By involving themselves in this legal battle, House Democrats sought to stand up for Congress’s power to ensure a quality education for all Americans—and in their filing, they argued that the Trump Administration cannot unilaterally create, dismantle, or reorganize the Education Department, nor can executive officials make solitary decisions regarding the agency’s organization and assignment of functions. The lawmakers also cited executive overreach, noting that efforts to strip support for the federal agency violate Congress’s power of the purse.  

    The brief was led by Task Force Co-Chairs Jamie Raskin and Joe Neguse, House Democratic Leader Hakeem Jeffries, and Ranking Members of the Appropriations and Education and Workforce Committees, Representatives Rosa DeLauro and Robert C. “Bobby” Scott. 

    See what they had to say below: 

     “President Trump isn’t laser focused on the cost-of-living crisis that he is actually making worse. He promised to fight for the working-class but instead put Elon Musk and billionaires in charge of the government. They are attacking public education to pay for tax cuts for billionaires. Musk illegally fired half of the Department of Education’s staff, the first move by the Trump Administration to illegally shutter the Department altogether,” said Ranking Member Rosa DeLauro, House Committee on Appropriations. “The Department of Education was created by an Act of Congress, and so closing it would require another Act of Congress. If my House Republican colleagues want to go there, then let them sign onto a bill to do that. Let Congress debate whether providing for our children’s education, and researching the tools and methods that lead to the best educational outcomes, constitutes waste. Why is the President not focused on helping families, but instead hurting them, cutting funding that ensures teachers in low-income classrooms, and that students have food to eat in school? The government needs to work for the middle-class, the working-class, and the vulnerable—not billionaires.” 

    “Abolishing a federal agency requires an Act of Congress. The Administration’s decisions to focus its attention on laying off staff rather than administering and monitoring federal education programs accomplishes nothing to improve student outcomes or deliver for working people. If the Administration’s goal is to root out waste, fraud, and abuse of federal funding and promote the most effective use of federal funds under the law to address challenges students and families face, we could work together to address those shared goals,” said Ranking Member Robert C. “Bobby” Scott, House Committee on Education and Workforce. “However, the sledgehammer approach of mass firings and illegal termination of grants and contracts intended to support evidence-based approaches to improving education for all students at all levels of education appear to primarily serve the interest of congressional Republicans and President Trump in claiming savings in the federal budget that they intend to use to pay for their tax breaks for billionaires and large corporations.”

    “Congress established the Department of Education to create a first-class education for every child in the U.S. If anyone is going to dismantle and defund the Department of Education, it must be Congress as the lawmaking branch. We oppose and reject any effort to thwart the laws passed by Congress, a lawless and especially egregious blunder when the education of future generations is at stake,” said Task Force Co-Chair and Ranking Member Jamie Raskin, House Committee on the Judiciary. “That’s why Democrats are going to court to defend the Constitution, protect our students and our schools, and halt this outrageous presidential power grab in its tracks.”

    “Donald Trump’s decision to gut the Department of Education is reckless, cruel and illegal. Congress created the Department of Education and only an act of Congress can eliminate it,” said Democratic Leader Hakeem Jeffries. “The Trump administration is breaking the law and House Democrats will continue working to stop this malignant scheme in Congress and in the Courts. I am grateful to Rep. Raskin, Rep. Scott, Rep. DeLauro, Assistant Leader Neguse and the Litigation Working Group and Rapid Response Task Force for leading House Democrats in our fight against this unlawful act designed to rip away high-quality public education from our most vulnerable children.”

    “President Trump’s efforts to unilaterally dismantle the Department of Education are unlawful, and would slash support for ten of millions of students and teachers, including kids learning to read and write, high schoolers looking to get their college degrees, and educators in rural and low-income communities,” said Task Force Co-Chair and Assistant Democratic Leader Joe Neguse.  

    The full brief is available HERE.  

    For more information on House Democrats efforts to protect everyday Americans from the unlawful actions of the TrumpAdministration, visit litigationandresponse.house.gov. 

    ###

    MIL OSI USA News –

  • MIL-OSI Global: How Pope Francis became a climate change influencer

    Source: The Conversation – UK – By Will de Freitas, Environment + Energy Editor, UK edition

    “The Earth, our home, is beginning to look more and more like an immense pile of filth.” These aren’t the words of a radical sociologist or rogue climate scientist. They aren’t the words of a Conversation editor either. Nor are these:

    “A selfish and boundless thirst for power and material prosperity leads both to the misuse of available natural resources and to the exclusion of the weak and disadvantaged.”

    These are in fact quotes from Pope Francis, who died last weekend.

    This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.

    I never thought this job would have me writing newsletters in praise of a papal climate influencer, but here we are. You can read various obits and interesting takes on Pope Francis and what’s next for the Catholic church elsewhere on The Conversation. But here I want to focus on his thoughts on climate change and the impact he had.

    Our common home

    In 2015, two years after becoming pope, Francis published Laudato Si (Praise Be to You), a 183-page papal letter sent to all Catholic bishops on “care for our common home”. It was a significant intervention made just a few months before the climate summit that led to the Paris agreement.

    Writing at the time, sustainability professor Steffen Böhm said that what made it so radical “isn’t just [Pope Francis’s] call to urgently tackle climate change. It’s the fact he openly and unashamedly goes against the grain of dominant social, economic and environment policies.”

    For Böhm, who was then at the University of Essex but now works at Exeter, this radical message “puts him on a confrontation course with global powerbrokers and leaders of national governments, international institutions and multinational corporations”.

    He quotes a section where the Pope says “those who possess more resources [and] power seem seem mostly to be concerned with masking the problems or concealing their symptoms, simply making efforts to reduce some of the negative impacts of climate change”. The Pope warns that “such effects will continue to worsen if we continue with current models of production and consumption”.

    Böhm points out the Pope “might be the only person with both the clout and the desire to meaningfully deliver a message like this”.



    Read more:
    Pope’s climate letter is a radical attack on the logic of the market

    Bernard Laurent of EM Business School in Lyon, says that in France the Pope’s message “managed to bring together both conservative currents – such as the Courant pour une Écologie Humaine (Movement for a Human Ecology), created in 2013 – and more open-minded Catholic intellectuals such as Gaël Giraud, a Jesuit and author of Produire Plus, Polluer Moins : l’Impossible Découplage? (Produce more, Pollute Less: the Impossible Decoupling?)”



    Read more:
    Pope Francis and Laudato Si’: an ecological turning point for the Catholic Church

    Clearly, this was a unique figure able to reach people who might not listen to a Greta Thunberg or an Al Gore.

    But, while it’s great the Paris agreement was signed, it was still filled with the exact sort of market logic and buck-passing – carbon credits, “emit now, clean up later”, and so on – the Pope had criticised a few months previously. And climate change itself only got worse. In the years following, Pope Francis spoke at the UN and published a series of other “exhortations” related to climate change.

    Did any of this make any difference?

    Celia Deane-Drummond is a theology professor at the University of Oxford and director of a research institute named after the 2015 papal letter. In a piece published the same day Pope Francis’s death was announced, she looked at his influence on the global climate movement.

    Deane-Drummond notes Pope Francis’s emphasis on listening to Indigenous people for instance in his lesser-known exhortation Querida Amazonia, which means “beloved Amazonia”, from February 2020.

    “This exhortation resulted from his conversations with Amazonian communities and helped put Indigenous perspectives on the map. Those perspectives helped shape Catholic social teaching in the [papal letter] Fratelli Tutti, which means ‘all brothers and sisters’, published on October 3 2020.”

    A key influencer

    Perhaps the Pope’s biggest influence was on activists rather than policymakers. Deane-Drummond says he was often mentioned by participants in a research project on religion, theology and climate change she was part of.

    “When we asked more than 300 [religious] activists representing six different activist groups who most influenced them to get involved in climate action, 61% named Pope Francis as a key influencer.”

    The 2015 papal letter also gave rise to the Laudato Si movement which Deane-Drummond points out “coordinates climate activism across the globe. It has 900 Catholic organisations as well as 10,000 of what are known as Laudato Si ‘animators’, who are all ambassadors and leaders in their respective communities.”



    Read more:
    Three ways Pope Francis influenced the global climate movement

    There are specific religious arguments he was able to make to appeal to these groups, note Joel Hodge and Antonia Pizzy of Australian Catholic University.

    They write that: “Francis argued combating climate change relied on the ‘ecological conversion’ of the human heart, so that people may recognise the God-given nature of our planet and the fundamental call to care for it. Without this conversion, pragmatic and political measures wouldn’t be able to counter the forces of consumerism, exploitation and selfishness.”



    Read more:
    Pope Francis has died, aged 88. These were his greatest reforms – and controversies

    It’s not an argument that will particularly work on me. But then addressing the climate crisis will require all sorts of people to be persuaded of the need for serious action, including policy wonks, tech bros, radical activists, worried parents and, yes, people motivated by their religion.

    The last pope didn’t have to say anything about the climate crisis. It’s not necessarily in the job description. But it’s a good thing that Pope Francis did speak about it and, as Deane-Drummond says: “We can only hope [the next pope] will build on his legacy and influence political change for the good, from the grassroots frontline right up to the highest global ambitions.”

    – ref. How Pope Francis became a climate change influencer – https://theconversation.com/how-pope-francis-became-a-climate-change-influencer-255086

    MIL OSI – Global Reports –

  • MIL-OSI USA News: Unleashing America’s Offshore Critical Minerals and Resources

    Source: The White House

    class=”has-text-align-left”>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.  Background.  The United States has a core national security and economic interest in maintaining leadership in deep sea science and technology and seabed mineral resources.  The United States faces unprecedented economic and national security challenges in securing reliable supplies of critical minerals independent of foreign adversary control.  Vast offshore seabed areas hold critical minerals and energy resources.  These resources are key to strengthening our economy, securing our energy future, and reducing dependence on foreign suppliers for critical minerals.  The United States also controls seabed mineral resources in one of the largest ocean areas of the world.  Our Nation can, through the exercise of existing authorities and by establishing international partnerships, access potentially vast resources in seabed polymetallic nodules; other subsea geologic structures; and coastal deposits containing strategic minerals such as nickel, cobalt, copper, manganese, titanium, and rare earth elements, which are vital to our national security and economic prosperity.
    Our Nation must take immediate action to accelerate the responsible development of seabed mineral resources, quantify the Nation’s endowment of seabed minerals, reinvigorate American leadership in associated extraction and processing technologies, and ensure secure supply chains for our defense, infrastructure, and energy sectors.

    Sec. 2.  Policy.  It is the policy of the United States to advance United States leadership in seabed mineral development by:
    (a)  rapidly developing domestic capabilities for the exploration, characterization, collection, and processing of seabed mineral resources through streamlined permitting without compromising environmental and transparency standards;
    (b)  supporting investment in deep sea science, mapping, and technology;
    (c)  enhancing coordination among executive departments and agencies (agencies) with respect to seabed mineral development activities described in this order;
    (d)  establishing the United States as a global leader in responsible seabed mineral exploration, development technologies, and practices, and as a partner for countries developing seabed mineral resources in areas within their national jurisdictions, including their Exclusive Economic Zones (EEZ);
    (e)  creating a robust domestic supply chain for critical minerals derived from seabed resources to support economic growth, reindustrialization, and military preparedness, including through new processing capabilities; and
    (f)  strengthening partnerships with allies and industry to counter China’s growing influence over seabed mineral resources and to ensure United States companies are well-positioned to support allies and partners interested in developing seabed minerals responsibly in areas within their national jurisdictions, including their EEZs.

    Sec. 3.  Strategic Seabed Critical Mineral Access.  Within 60 days of the date of this order:
    (a)  The Secretary of Commerce shall:
    (i)    acting through the Administrator of the National Oceanic and Atmospheric Administration, and in consultation with the Secretary of State and the Secretary of the Interior, acting through the Director of the Bureau of Ocean Energy Management, expedite the process for reviewing and issuing seabed mineral exploration licenses and commercial recovery permits in areas beyond national jurisdiction under the Deep Seabed Hard Mineral Resources Act (30 U.S.C. 1401 et seq.), consistent with applicable law.  The expedited process, consistent with applicable law, should ensure efficiency, predictability, and competitiveness for American companies;
    (ii)   in coordination with the Secretary of the Interior and the Secretary of Energy, and in consultation with the heads of other relevant agencies, provide a report to the Assistant to the President for Economic Policy, the Chair of the National Energy Dominance Council, and the Vice Chair of the National Energy Dominance Council that identifies:
    (A)  private sector interest and opportunities for seabed mineral resource exploration, mining, and environmental monitoring in the United States Outer Continental Shelf; in areas beyond national jurisdiction; and in areas within the national jurisdictions of certain other nations that express interest in partnering with United States companies on seabed mineral development; and
    (B)  private sector interest and opportunities for polymetallic nodule and other seabed mineral resource processing capacity in the United States or on United States-flagged vessels; and
    (iii)  in consultation with the Secretary of State, the Secretary of the Interior, and the heads of other relevant agencies, and in cooperation with commercial and other non-governmental organizations, develop a plan to map priority areas of the seabed, such as those with abundant or accessible undersea resources, in order to accelerate data collection and characterization, prioritizing areas within the United States Outer Continental Shelf.
    (b)  The Secretary of the Interior shall:
    (i)   establish an expedited process for reviewing and approving permits for prospecting and granting leases for exploration, development, and production of seabed mineral resources within the United States Outer Continental Shelf under the Outer Continental Shelf Lands Act (43 U.S.C. 1331 et seq.), consistent with applicable law.  The expedited process, consistent with applicable law, should ensure efficiency, predictability, and competitiveness for American companies; and
    (ii)  identify which critical minerals may be derived from seabed resources and coordinate with the Secretary of Defense and the Secretary of Energy to indicate which critical minerals are essential for applications such as defense infrastructure, manufacturing, and energy.
    (c)  The Secretary of Commerce, in coordination with the Secretary of State, the Secretary of the Interior, and the Secretary of Energy, shall:
    (i)   engage with key partners and allies to offer support for seabed mineral resource exploration, extraction, processing, and environmental monitoring in areas within the national jurisdictions of those partners and allies, including by seeking scientific collaboration and commercial development opportunities for United States companies, and by developing a prioritized list of countries for engagement; and
    (ii)  provide a joint report to the Assistant to the President for Economic Policy, the Chair of the National Energy Dominance Council, and the Vice Chair of the National Energy Dominance Council on the feasibility of an international benefit-sharing mechanism for seabed mineral resource extraction and development that occurs in areas beyond the national jurisdiction of any country.
    (d)  The Secretary of Defense and the Secretary of Energy shall:
    (i)    provide a report to the Assistant to the President for Economic Policy, the Chair of the National Energy Dominance Council, and the Vice Chair of the National Energy Dominance Council that addresses the feasibility and any potential benefits or drawbacks of using the National Defense Stockpile for physical or virtual storage of materials derived from seabed polymetallic nodules and of entering offtake agreements for these materials;
    (ii)   in consultation with the Secretary of Commerce, review and revise existing regulations, consistent with applicable law, to support domestic processing capabilities for seabed mineral resources, and explore the use of grant and loan authorities, the Defense Production Act (50 U.S.C. 4501 et seq.), and other procurement and financing authorities for this purpose; and
    (iii)  ensure the Strategic and Critical Materials Board of Directors considers seabed mineral resource developments when recommending a strategy for ensuring a secure supply of materials designated as critical to national security to the Secretary of Defense under the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.).
    (e)  The Chief Executive Officer of the United States International Development Finance Corporation, the President of the Export-Import Bank of the United States, the Director of the Trade and Development Agency, and the heads of other relevant agencies shall provide a joint report to the Assistant to the President for Economic Policy, the Chair of the National Energy Dominance Council, and the Vice Chair of the National Energy Dominance Council that identifies tools to support domestic and international seabed mineral resource exploration, extraction, processing, and environmental monitoring.

    Sec. 4.  Definitions.  As used in this order:
    (a)  The term “mineral” means a critical mineral as designated pursuant to 30 U.S.C. 1606(a)(3), as well as uranium, copper, potash, gold, and any other element or compound as determined by the Chair of the National Energy Dominance Council.
    (b)  The term “seabed mineral resources” means polymetallic nodules, cobalt-rich ferromanganese crusts, polymetallic sulfides, heavy mineral sands, phosphorites, and other mineral-bearing materials.
    (c)  The term “processing” includes the concentration, separation, refinement, alloying, and conversion of minerals into usable forms.

    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.

    DONALD J. TRUMP

    THE WHITE HOUSE,
        April 24, 2025.

    MIL OSI USA News –

  • MIL-OSI USA News: Investigation into Unlawful “Straw Donor” and Foreign Contributions in American Elections

    Source: The White House

    class=”has-text-align-center”>April 24, 2025

    MEMORANDUM FOR THE SECRETARY OF THE TREASURY
                   THE ATTORNEY GENERAL
                   THE COUNSEL TO THE PRESIDENT
     
    SUBJECT:       Investigation into Unlawful “Straw Donor” and Foreign Contributions in American Elections

     
    Federal law (52 U.S.C. 30121 and 30122) strictly prohibits making political contributions in the name of another person, as well as contributions by foreign nationals.
     
    Notwithstanding these laws designed to protect American democracy, press reports and investigations by congressional committees have generated extremely troubling evidence that online fundraising platforms have been willing participants in schemes to launder excessive and prohibited contributions to political candidates and committees. 
     
    Specifically, these reports raise concerns that malign actors are seeking to evade Federal source and amount limitations on political contributions by breaking down large contributions from one source into many smaller contributions, nominally attributed to numerous other individuals, potentially without the consent or even knowledge of the putative contributors.  The reports also raise concerns that such “straw donations” are being made through “dummy” accounts, potentially using gift cards or prepaid credit cards to evade detection.
     
    Further, there is evidence to suggest that foreign nationals are seeking to misuse online fundraising platforms to improperly influence American elections.  A recent House of Representatives investigation revealed that a platform named ActBlue had in recent years detected at least 22 “significant fraud campaigns”, nearly half of which had a foreign nexus.  During a 30-day window during the 2024 campaign, the platform detected 237 donations from foreign IP addresses using prepaid cards, indicating that this activity remains a pressing concern. 
    These activities undermine the integrity of our electoral process.  Therefore, I direct the Attorney General, in consultation with the Secretary of the Treasury, to use all lawful authority, as necessary, to investigate allegations regarding the unlawful use of online fundraising platforms to make “straw” or “dummy” contributions or foreign contributions to political candidates and committees, and to take all appropriate actions to enforce the law.
     
    I further direct the Attorney General to report back to me through the Counsel to the President within 180 days of the date of this memorandum on the results of the investigation.
     
    This memorandum 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.
     
     
     
                                  DONALD J. TRUMP

    MIL OSI USA News –

  • MIL-OSI USA: WATCH: Pressley, Markey, McGovern Recount Harrowing Visit with Rümeysa Öztürk and Mahmoud Khalil at ICE Facilities in Louisiana

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    At Press Conference, Lawmakers Shared Stories of Medical Neglect, Sleep Deprivation, Inadequate Food and Religious Accommodations, Cold Temperatures, Denial of Personal Necessities, and More

    Video (YouTube)

    BOSTON – Today, at Logan Airport in Boston, Congresswoman Ayanna Pressley (MA-07), Senator Edward J. Markey (D-MA) and Congressman James P. McGovern (MA-02) held a press conference to recount their harrowing visit to Louisiana where they met with Rümeysa Öztürk and Mahmoud Khalil at ICE detention centers. The lawmakers made the visit yesterday to ICE facilities in Basile and Jena, where Rümeysa Öztürk and Mahmoud Khalil are being unlawfully detained and subjected to inhumane conditions in retaliation for their protected speech.

    Rep. Pressley, Senator Markey, and Rep. McGovern were joined by House Homeland Security Committee Ranking Member Bennie Thompson (MS-02) and Representative Troy Carter (LA-02) on the visit, which also included a meeting with Wendy Brito, an asylum-seeker from El Salvador and New Orleans-area resident who never returned from a regular check-in last month with ICE.

    “Rümeysa Öztürk and Mahmoud Khalil are being unlawfully held in harrowing conditions at ICE facilities in Louisiana and enduring shameful indignities that no one person should ever have to – and yet they continue to center the dignity and humanity of all people,” said Rep. Ayanna Pressley (MA-07). “We will never stop fighting for Rümeysa, Mahmoud, and everyone who has been harmed by this cruel and callous White House. We reject Donald Trump’s draconian vision for our country, where dissenting voices are silenced and innocent people are disappeared off the street. He is a dictator, and the only way to beat a dictator is with defiance.”

    “It’s no secret that the detentions of Rümeysa Öztürk and Mahmoud Khalil are part of an alarming trend by the Trump administration: abduct students and secret them away to remote prisons in jurisdictions where the Administration expects to receive favorable court rulings through its forum shopping. Neither Öztürk nor Khalil has been charged with a crime. When a government imprisons individuals based on their words, denies constitutional due process for political convenience, and cloaks oppression in the language of national security, we must ring the alarm bells loudly and clearly across this country. What the Trump administration is doing is not immigration enforcement – it is authoritarianism,” said Senator Markey. 

    “What’s happening to Rümeysa Öztürk and Mahmoud Khalil is a chilling and dangerous violation of their human rights. They’ve committed no crimes, they’ve been charged with no offenses, and they’ve broken no laws. Let’s not mince words: They are political prisoners—held in detention by a government which seeks to punish them for their views and silence their speech. That is immoral and wrong,” said Congressman Jim McGovern, Co-Chair of the Tom Lantos Human Rights Commission. “Their arbitrary detention and deprivation of due process is a violation not only of their constitutional rights, but also their rights under international human rights law. This starts with Rümeysa and Mahmoud—but it ends with you. Now is the time to speak out before it is too late. Unless we fight back, this administration will continue weaponizing the government to violate the human rights of those who dare to disagree. We cannot and will not accept this as the new normal.”

    In Louisiana, the lawmakers held a media availability outside of the Basile facility to speak about their meetings, renew their calls for their release, demand accountability, and conduct oversight over the ICE facilities they are being held in. Full video of that media availability is available here.

    A full transcript of Congresswoman Pressley’s remarks at the Boston press conference, as delivered, is available below and the full video is available here.

    Transcript: Pressley Recounts Harrowing Visit with Rümeysa Öztürk and Mahmoud Khalil at ICE Facilities in Louisiana
    Boston Logan Airport
    April 23, 2025

    Thank you all for being here today. Indeed, it was an honor to join my delegation partners, Senator Markey, Congressman McGovern, on this important congressional delegation. 

    It was an honor, and it was also our responsibility. It was essential that we go, not only to conduct oversight, but to bear witness. 

    Yesterday, we visited Louisiana to conduct oversight of two ICE detention facilities in Jena and Basile, where Mahmoud Khalil and my constituent, Rümeysa Öztürk are currently being held. 

    I know Rümeysa has become a symbol of the hurt and harm of the Trump administration, but she is a person. 

    She is a person and a brilliant scholar, a woman who is a committed community member, someone who was making meaningful contributions to public life and academia in Massachusetts. 

    She has asthma, and shamefully, she has not received adequate medical attention that she needs. 

    Rümeysa has not committed any crime. She was abducted, kidnapped in broad daylight -simply for co-authoring an op-ed that this White House didn’t like, one that called for the dignity and humanity of every person to be respected. 

    Detaining her serves no purpose other than to silence dissent, to stoke and instill fear – which is exactly what a dictator does. 

    Similarly, Mahmoud Khalil has not been convicted of any crime. He was simply exercising his right to free speech, something that should be protected and not punished. And now, instead of being home with his wife and their newborn son, he is being unlawfully detained at a facility thousands of miles away from the community he belongs to. 

    This is cruel, it is unjust, and it is unacceptable. 

    We had the chance to meet with Rümeysa and Mahmoud during our visit, to hear directly from them about their experiences and conditions inside these facilities.

    What we saw and heard was harrowing. It was heartbreaking, and it is enraging.

    They are being denied proper medical care. They are being deprived of sleep. They are not being fed nutritious meals. Rümeysa herself shared the story of having to wait three days, despite repeated requests, simply for toilet paper. And you can’t even get an extra blanket at night when you are cold.

    The cruelty is the point. 

    The women that I met are mothers, daughters, sisters, wives, artists, teachers, activists. They are humiliated daily, degraded, and denied the basic necessities of any human being. 

    As I said, many of the women there have a history of doing humanitarian work, Rümeysa amongst them. She’s done humanitarian work with refugees, and she told us she was shocked that this sort of facility even existed in the country that she has grown to love – that this could exist in America, the country she loves dearly and has given so much to.

    Mahmoud, who has lived in Syria under Assad, knows exactly what authoritarianism looks like, and offered that that is exactly what we are seeing in this moment. This is authoritarianism in Donald Trump’s America.

    Despite these horrific experiences, what stood out to me the most about each of them was that their first concern – in fact, their first priority – was not to make appeal for their own respective cases and unique and extreme circumstances, but instead, they put their own well-being, safety, and uncertainty of their future to the side to advocate for those that are detained with them. 

    It was the compassion that they felt, the conviction that they walked with. Rümeysa came as someone who is a qualified researcher. She’s been actively listening to and spending time with the women that she is confined with, hearing their stories, and came with copious notes that she had collected. 

    Some of the stories she shared with us were stories of women being ripped away from their babies, women with breast cancer who can’t get the care that they need, pregnant women denied prenatal care. When I asked her if anyone she knew had experienced sexual abuse or assault, she told me she did not have the consent to share. 

    What Rümeysa and Mahmoud are experiencing isn’t an anomaly. There are hundreds of students just like them who had their visas revoked, and there are millions of people being held in similar conditions in facilities across this country. 

    These are private detention centers operated by billion dollar corporations. Like my opposition to private prisons and profiting off of mass incarceration, I vigorously oppose these companies making money on disappearing immigrants. 

    As someone who has visited several detention centers throughout my time in Congress, I can tell you that this visit is not about optics. It is about accountability. It is about transparency, and it is about affirming that no one in America – regardless of background, immigration status, political beliefs, and more – should have their constitutional rights to free speech and due process ripped away. 

    Before we met with Rümeysa, we went to one of the dorms – as the only woman in our delegation – when I entered, there were 15 women in the door clad in orange scrub outfits, and they just fell into my arms. 

    They were desperate and crying and fearful. And they kept asking, they kept saying, ‘I want to talk to you. I want to tell you what’s happening here, but will you protect us when you leave? Who will protect us?’ They were visibly shaking. 

    We went to conduct real-time oversight, we went to bear witness. I feel a responsibility to carry the stories that I heard in my heart and for that to inform my strategy and my advocacy. 

    Yesterday was a physically and emotionally grueling and depleting day, and it has only strengthened each of our collective resolve to fight for Mahmoud, Rümeysa, and all that are there who question if God has forgotten about them, if the world has forgotten about them. We will not. We cannot.

    Today, we’re sending a clear message to Rümeysa, Mahmoud, and everyone who has been harmed or stands to be harmed by this cruel and callous White House that we have not forgotten. We see you, and we are fighting for you every day. 

    And we’re sending a message to Donald Trump, Elon Musk and their Republican co-conspirators that Congress is watching, and we will not allow these abuses of power to go unchecked. 

    I want to thank Ranking Member Thompson and the House Homeland Security Committee for organizing this trip; Representative Troy Carter for hosting us; my friends and brother colleagues in the Massachusetts delegation, Senator Markey and Congressman McGovern, for showing up in solidarity and in strength. 

    This is what it means to conduct real-time congressional oversight. They’re flooding the zone, and so are we. 

    We will leverage every single avenue, tool available to us – we will be exhaustive. 

    This is what it means to conduct real-time oversight, and this is the type of bold activist leadership that this moment demands. 

    We must hold ICE and this hostile, lawless Trump administration accountable. We must protect our democracy and the fundamental rights of everyone who calls America home.

    And we must bring Rümeysa and Mahmoud home now.

    And with that, I’ll bring to the podium my brother colleague, Congressman McGovern, nationally known for his work in human rights.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: At Somerville Town Hall, Pressley Details Meeting with Detained Somerville Resident Rümeysa Öztürk

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Congresswoman Also Discussed her Fight to Protect Federal Workers, Social Security and Medicaid, Federal Education Funding, and More

    Video (YouTube)

    SOMERVILLE – At a town hall yesterday at Somerville High School, Congresswoman Ayanna Pressley (MA-07) discussed her meeting in Louisiana with Somerville resident Rümeysa Öztürk and outlined how she’s fighting back against Donald Trump’s cruel and callous agenda to divide communities and impose wholesale harm.

    Having returned earlier in the day from Louisiana, Congresswoman Pressley shone light on her experience meeting with Ms. Öztürk, a Tufts PhD student, at the ICE facility where she is being unlawfully detained. She exposed the indignities, injustice, and fear that Rümeysa has endured – and how she remains kind-hearted, courageous, and committed to centering the humanity and dignity of all people.

    The Congresswoman, joined for the town hall by Somerville Mayor Katjana Ballantyne, also took questions and discussed her efforts to fight back against the Trump-Musk cuts to critical federal programs like Social Security and Medicaid, her support for our federal workers and immigrant neighbors, her defense of federal Department of Education funding, and more.

    A transcript with highlights from the Congresswoman’s opening remarks are available below (edited lightly for clarity), and video is available here.

    Transcript: At Somerville Town Hall, Pressley Details Meeting with Detained Somerville Resident Rümeysa Öztürk
    U.S. House of Representatives
    April 24, 2025

    Truly, it is so good to be home.

    I just landed at Logan this morning returning from my trip to rural Louisiana to meet with my constituent and your neighbor Rümeysa.

    Rümeysa, who has been unjustly detained as a political prisoner after being abducted from the streets of Somerville, has been detained for over a month now by ICE.

    Many of you have seen the video – the harrowing video. And I wanted to thank the concerned community member and bystander. Rümeysa asked me to say that, for filming that video in the first place.

    Rümeysa was taken by plainclothes officers, hurried into an unmarked car, shackled.

    She shared with me that when they transitioned her from handcuffs to shackles, she thought surely she was going to bee killed, but they would torture her before.

    She had no idea where she was going, why she had been abducted.

    She was sent over a thousand miles away to a detention facility in Basile, Louisiana.

    Let me begin by recognizing that she is detained in a for-profit facility owned and operated by a multi-billion dollar corporation. Now, I have fought long and hard against the use of private prisons and the exploitation of people in carceral settings.

    And that also applies to the immigration system. Which is why I believe if you care about mass deportations, you should care about mass incarceration. And if you care about mass incarceration, you should care about mass deportations. They are two sides of the same coin.

    Now, Rümeysa was transported from Massachusetts to New Hampshire to Georgia and then finally to rural Louisiana. So I went to rural Louisiana to see about her.

    Alongside me was Senator Markey and Congressman McGovern. And I want to acknowledge the leadership of my brother colleague Congressman Troy Carter of Louisiana and Ranking Member Bennie Thompson who leads the House Homeland Security Committee for organizing this CODEL, this fact-finding mission.

    The meeting with Rümeysa was a true testament to her character. She was kind, despite the cruelty she endured. She was dressed in an orange jumpsuit and wearing the same hijab she was arrested in.

    I could feel her uneasiness. Yet she spent most of the meeting not talking about herself, but advocating for the other women locked in the facility – she had with her copious handwritten notes, putting her research skills as a PhD student to work. 

    Rümeysa is enduring indignities that no one should ever have to. Denied access to legal counsel, denied access to toilet tissue even, for three days. Experiencing sleep deprivation, malnutrition, frigid temperatures. She has suffered multiple asthma attacks, and the medical care is grossly insufficient and culturally incompetent. Rümeysa shared that a nurse removed her hijab without consent.

    For her and many other women we met with, the fear was palpable. They wept openly, visibly shaken. They expressed fear of never seeing their loved ones again. Fear of deportation from the only country they call home. Fear of retaliation just for being honest about their confinement.

    Despite Rümeysa’s fear – actually, in spite of her fear – Rümeysa remains kind-hearted and courageous.

    I asked her pointedly if she had a message for the people of Somerville and she told me to tell all of you: thank you for being her community.

    On that frightful day when she was surrounded by ICE agents and unsure of what would happen to her, she looked up. She saw a neighbor that she didn’t know, hadn’t spoken to, and was pretty much a stranger. But that neighbor was recording the arrest and when they made eye contact, the neighbor raised their hand as if to say to Rümeysa: I am with you.

    And she expressed just how much that meant to her, that it gave her comfort in that moment, after she had screamed, that someone cared. That she didn’t know how much they had captured but it gave her some calm, that someone had seen what had happened and maybe they will be able to help me.

    And today, more than a thousand miles away, we are still with Rümeysa.

    The Massachusetts 7th is not simply a congressional district; it is a community.

    And in the face of a dictator, we will resist – because the only way to beat a dictator is with defiance.

    That is why I am demanding answers from Marco Rubio on why Rümeysa’s visa was revoked despite a State Department memo saying she did nothing wrong.

    That is why I am demanding that ICE comply with the judge’s ruling that they bring her back to New England.

    That is why I am leveraging my power on the Committee on Oversight to go into these detention facilities and ensure every person is treated with dignity and respect, and have their constitutional right to due process.

    Remember, this is much bigger than Rümeysa. It’s a policy of cruelty and a system of chaos.

    For those who might be tempted to marginalize or to other who might be vulnerable, Donald Trump is coming after all of us.

    If you are an immigrant, regardless of your status – be it as a DACA recipient, a naturalized citizen, a TPS holder, a student visa, an asylum seeker – he seeks to do things that are harmful and unconstitutional and unlawful.

    I’m sure you heard him on that hot mic moment in the Oval Office, saying that he will eventually look to deport people with criminal records.

    Again, blatantly unconstitutional and incredible ironic given his own criminal record.

    But it is consistent, as a dictator, he seeks to silence dissent.

    So when I say he is coming for all of us, I mean it could be you tomorrow. It could be you tomorrow for suffering a miscarriage. It could be you tomorrow for reading a banned book. It could be you tomorrow simply for being Black. It could be you tomorrow for being trans. It could be you tomorrow for practicing Diversity, Equity, and Inclusion. It could be you tomorrow for co-authoring an op-ed, practicing free speech.

    Our freedoms and our destinies are truly tied.

    In a letter James Baldwin wrote to Angela Y. Davis, he said: ‘If they take you in the morning, they will surely be coming for us that night.’

    And that is the truth.

    So I am ten toes down, fighting for this district every day. It is a true honor and privilege to be your Congresswoman – I don’t take it for granted, not for a minute.

    You deserve someone who fights for you in Washington like you are family – because you are.

    And with that let’s get into a dialogue and answer as many of your questions as we can in this time we have together today. Thank you for being here.

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Chinese National Indicted for Money Laundering Conspiracy Connected to Scam That Impersonated Federal Officers and Employees

    Source: Office of United States Attorneys

    A federal grand jury returned a one-count indictment today against Binghui Liu, 32, a citizen of China formerly residing in San Jose, charging him with a money laundering conspiracy, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, between February 2024 and April 2025 Liu and other co‑conspirators engaged in a scheme to launder proceeds derived from a government impersonation fraud scam. Members of the conspiracy pretended to be federal law enforcement officers or employees when contacting target victims. To seek money, the scammers provided false information about the victim’s bank accounts, for example by claiming that charges had been wrongfully filed against the victims and that their bank accounts would be frozen. The scammers typically instructed victims to withdraw their savings in cash and then arranged for a fake law enforcement officer or federal employee to pick up the cash for supposed safekeeping. The scammers used fake names, code words, and instructed the victims to take pictures of themselves and the cash packaged for pickup.

    Liu served as a money launderer in the fraud scheme. He went to victims throughout California and Nevada to take their money. Liu used code words and fake names, and victims were falsely told he was either a federal employee or law enforcement officer. At no point was Liu a federal employee or law enforcement officer.

    In one example, an elderly victim was contacted by someone pretending to be a U.S. Marshal, who informed the victim of a fake arrest warrant and the possibility that the victim’s bank account would be frozen. The victim was instructed to give the money to federal reserve employees, supposedly to protect the funds. The scammers then coached the victim on withdrawing funds, what to say to their bank about the large withdrawals, and how to package the funds for multiple different pickups. On April 9, 2025, FBI agents set up a sting operation. Liu arrived at the elderly victim’s house and took what he believed was $20,000 but was, in fact, fake money. The agents arrested Liu shortly after he took the fake cash. In total, the elderly victim lost over $780,000 to the fraud scheme.

    If you have information related to this case or believe you may be a victim, please submit a report at tips.fbi.gov or call your local FBI office.

    This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Cody S. Chapple and Arelis M. Clemente are prosecuting the case.

    If convicted, Liu faces a maximum statutory penalty of 20 years in prison and a $500,000 fine or twice the value of the property involved in the transaction, whichever is greater. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

    MIL Security OSI –

  • MIL-OSI: Angus Gold Announces Grant of RSU’s

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 24, 2025 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) announces that it has granted a total of 680,000 restricted share units (RSU’s) to certain directors and officers of the Company under the terms of the Company’s restricted share unit plan (the “RSU Plan”).

    In accordance with the RSU Plan, once vested, each RSU represents the right to receive one common share of the Company or the equivalent cash value thereof, at the Company’s discretion.

    The RSU’s were granted as part of 2024 year-end performance bonuses.

    About Angus Gold:
    Angus Gold Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky Project in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd. (“Wesdome”). 

    Wesdome and Angus have entered into a definitive arrangement agreement whereby Wesdome will acquire all of the issued and outstanding common shares of Angus pursuant to a plan of arrangement (the “Arrangement”). For further information see the press release of the Company dated April 7, 2025.

    On behalf of Angus Gold Inc.,

    Breanne Beh
    President and Chief Executive Officer

    INQUIRIES:
    Lindsay Dunlop, Vice President Investor Relations
    Email: info@angusgold.com
    Phone: 647-259-1790
    Company Website: www.angusgold.com

    TSXV: GUS | USOTC: ANGVF

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements

    This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, in general, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to satisfy the conditions of closing for the Arrangement including the necessary shareholder and court approvals, and otherwise complete the Arrangement on the terms as announced or at all; the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the transactions contemplated by the Agreement, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

    The MIL Network –

  • MIL-OSI USA: Congressman Don Davis Introduces Bill to Strengthen Federal Government-to-Government Relationship with the Haliwa Saponi Indian Tribe

    Source: US Congressman Don Davis (NC-01)

    Washington, D.C. — Congressman Don Davis (NC-01) introduced H.R. 2929, the Haliwa Saponi Indian Tribe of North Carolina Act, legislation that extends the full measure of the federal government-to-government relationship between the United States and the Haliwa Saponi Indian Tribe. This bill represents a step forward in the recognition and support of the Haliwa Saponi Tribe, which has long been a vital part of North Carolina’s cultural heritage.

    “The Haliwa Saponi Indian Tribe deserves federal recognition, and we must respect their deep-rooted heritage and vibrant traditions. We must validate the historical significance and pay tribute to their ongoing contributions,” said Congressman Don Davis. “Their rich legacy, intertwined with incredible ancestral stories, truly merits the honor of federal recognition.”

    Congressman Davis introduced this legislation during the 60th Annual Haliwa Saponi Tribal Powwow, a vibrant celebration of the Tribe’s heritage, culture, and community spirit. Congressman Davis joined community leaders and members of the Tribe in celebrating this significant milestone.

    “This is truly another historic moment for our Tribe, and we are so grateful,” said Dr. Brucie Ogletree Richardson, Chief of the Haliwa Saponi Indian Tribe. “We are thankful for the continued support of Congressman Don Davis and others who have helped our Tribe reach this milestone.”

    The Tribe has over 4,000 members and resides in eastern North Carolina, where its strong relationship with its non-Indian neighbors stretches back countless generations. Halifax and Warren Counties strongly support full federal recognition for the Tribe.

    “This is a historic moment for our Tribe, and we are so grateful to Congressman Don Davis and for the support of Halifax and Warren counties,” said Gideon Lee, Chairman of the Haliwa Saponi Indian Tribe. “Our forefathers have waited for this moment for a long, long time.”

    Congressman Davis’ legislation ensures that the historic North Carolina American Indian Tribe will finally be treated equally under federal law with other federally recognized American Indian tribes in other parts of the country.

    The Haliwa Saponi Indian Tribe of North Carolina Act seeks to:

    • Extend full federal government-to-government relations to the Tribe, allowing them to access all laws, services, and benefits provided to other federally recognized Indian Tribes.
       
    • Ensure eligibility for federal services including education, healthcare, and housing programs, in line with services provided to other recognized Tribes, with a focus on North Carolina’s Halifax, Warren, Nash, Franklin, Vance, and Granville counties.
       
    • Authorize land to be taken into trust for the Tribe, enabling them to establish a reservation and secure their lands for future generations.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Don Davis Remarks at Press Conference on First 100 Days of the 119th Congress

    Source: US Congressman Don Davis (NC-01)

    ROCKY MOUNT, N.C. — Congressman Don Davis delivered the following remarks at his press conference on the first 100 days of the 119th Congress:

    Hi, everybody! It is always great to be back home, in eastern North Carolina. I have worked to share the stories, concerns, and issues impacting eastern North Carolina families. Our district now spans 22 incredible counties, from the coastlines of Currituck and Camden counties through the farmland of Lenoir and Wayne counties to the heart of Oxford and everywhere between. My vision for NC-01 is: “We must meet our constituents where they are, ensuring they are seen and heard in Washington, D.C., to make life better for all families and provide hope and assurance they are not forgotten.” We work to achieve this daily.

    We’ve opened three new offices: 1. Rocky Mount, 2. Goldsboro, and 3. Elizabeth City. We held listening sessions in Camden, Currituck, Granville, Wayne, and Lenoir counties. Due to an increased interest in town halls, we hosted a telephone town hall with nearly 13,000 participants. So far this year, we helped close more than 240 constituent cases and returned over $821,000 to eastern North Carolina families, cutting through bureaucracy to return money directly to our neighbors. Our District Outreach Team has made over 156 visits to meet with constituents across the district, showing up, listening, attending events and meetings, and responding to issues. 

    During the 119th Congress, 11,750 constituents have reached out to the office. In comparison, during the 118th Congress, 8,745 constituents reached out to the office through April 14. The top three campaigns during the 119th Congress have been: 1) Protect Social Security, 2) Oppose the Department of Government Efficiency (DOGE) and Elon Musk, and 3) Support the Ensuring Pathways to Innovative Cures (EPIC) Act.

    I have introduced 14 bills in the 119th Congress, including:

    1. H.R. 1060, Modern Authentication of Pharmaceuticals (MAP) Act of 2025: The first bill we introduced was the Modern Authentication of Pharmaceuticals Act, legislation that seeks to secure the United States drug supply chain and close vulnerabilities that allow counterfeit controlled substances, including lethal fentanyl, into our communities;
    2. H.R. 1244, Reducing Drug Prices for Seniors Act, legislation that reduces out-of-pocket expenses for Medicare patients by calculating the coinsurance cost at the pharmacy counter based on the drug’s net, or actual price, rather than its list price;
    3. H.R. 1298, Veterans Jobs Opportunity Act, legislation that sets a new business-related tax credit for the start-up expenses of a veteran-owned small business in an underserved community;
    4. H.R. 1363, Honor and Remember Flag Recognition Act of 2025, legislation that designates the Honor and Remember Flag, created by Honor and Remember, Inc., as a national symbol to honor service members who died in the line of duty;
    5. H.R. 1377, Sarah Keys Evans Congressional Gold Medal Act in recognition of her achievements relating to the desegregation of passengers on interstate buses in the 1950s. Before there was Rosa Parks, there was Sara Keys Evans;
    6. H.R. 1672, Maintaining New Investments in New Innovation (MINI) Act ensures lifesaving genetic treatments remain accessible;
    7. H.R. 1858, Flooding Prevention, Assessment, and Restoration Act would strengthen flood prevention measures and provide support for rural communities facing flood risks;
    8. H.R. 1985, Promoting Precision Agriculture Act, ensuring our growers have access to the cutting-edge precision agriculture technologies and broadband services necessary to do what they do best — feed, fuel, and clothe the American people;
    9.  H.R. 2043, Agricultural Commodities Price Enhancement Act, legislation that increases the reference price for seed cotton, peanuts, corn, soybeans, and wheat;
    10.  H.R. 2109, Cybersecurity for Rural Water Systems Act, ensures our water systems that rural communities and farmers rely on have the necessary protections to successfully guard against cyber-attacks;
    11.  H.R. 2541, Nuclear Medicine Clarification Act of 2025, legislation that would close a loophole that currently allows patients to be unintentionally exposed to high levels of radiation without reporting or disclosure. The legislation would improve care and ensure transparency for patients and simplify federal rules coming from the Nuclear Regulatory Commission (NRC);
    12.  H.R. 2542, Old Drugs, New Cures Act, legislation to improve access to innovative, affordable medication and tackle health disparities in rural and low-income communities across America;
    13. H.R. 2625, Veterans Employment Readiness Yield (VERY) Act, which updates outdated language. The VERY Act makes changes to let our disabled vets know that they are receiving the respect and dignity they have rightfully earned; and 
    14.  H.R. 2707, Protecting American Families and Servicemembers from Anthrax Act, ensuring the U.S. Department of Defense and Department of Health and Human Services develop a long-term stockpiling strategy that leverages the Strategic National Stockpile to enhance national preparedness.

    I am committed to: 

    1. Fighting for our farmers by advocating for a temporary pause on the Adverse Effective Wage Rate and pushing for a comprehensive Farm Bill that enhances commodity pricing. We also need continued support for agricultural assistance for farmers hurt by difficult times;
    2. Protecting Seymour Johnson Air Force Base. We are working to protect Seymour Johnson Air Force Base, including two visits and annual defense priorities focusing on F-15EX procurement, Child Development Center upgrades, maintenance dollars for F-15E aircraft, and $41 million in Combat Arms Training & Maintenance funds; 
    3. Building our local economy, by creating good-paying jobs in shipbuilding with Newport News Shipyard and the Global TransPark, a critical hub for jobs, logistics, and innovation, while addressing local government infrastructure needs.We are also working to address our Interstate, broadband, and housing needs;
    4. Enhancing our healthcare outcomes is vital. I support Martin County’s efforts to enhance its healthcare system and advocate for a new Health Sciences facility at Barton College by advocating for $10 million through Barton’s application to the Golden LEAF Foundation;
    5. On border security, I will continue supporting a secure border and meaningful immigration reform that respects our values. I have visited the ICE facility that services eastern North Carolina in Alamance County Detention Center and traveled as part of an Armed Services Committee CODEL to Naval Station Guantanamo Bay to gain firsthand insight into the role these facilities play in our border security strategy. Next week, I will travel to Lumpkin, Georgia to tour a regional ICE facility; 
    6. I will be filing key legislation that addresses federal recognition for the Haliwa Saponi Indian Tribe, support for the Southeast Crescent Regional Commission, and tax fairness for combat-injured Coast Guard veterans.

    Together, these efforts will contribute to a brighter future for our region. We’re not sitting on the sidelines. We are working hard every day on healthcare, agriculture, defense, and working families. 

    An early victory during the Trump Administration includes the decision by the Food and Drug Administration to formally withdraw and end the effort by the agency to consider a ban on menthol cigarettes and flavored cigars. As the Ranking Member of the Commodity Markets, Digital Assets, and Rural Development Subcommittee of the House Agriculture Committee, I am working on regulatory framework legislation for the crypto and digital assets industry that is a priority of the Administration.

    I also know that people are currently nervous about the state of the country and the world. 

    Specific concerns include: 1. Helene and agriculture assistance, 2. education funding reductions, and 3. tariffs.

    I voted in support of disaster assistance for Helene in the West and drought in the East. I am glad that economic assistance was included. But we are way short. We are a billion short for agricultural assistance alone.

    I visited North Lenoir High School in Lenoir County just this morning, one of the four public school districts in North Carolina that no longer has access to COVID-19-related funding that they had been promised because the U.S. Department of Education terminated their ability to liquidate those federal dollars.

    On Friday, I visited Halifax County Schools to discuss the same issue. 

    We are: 

    1. Sending a letter to the U.S. Department of Education Secretary Linda McMahon; 
    2. Seeking to schedule a meeting with the Secretary; 
    3. Reaching out to other North Carolina delegation members to consider a joint letter; and 
    4. Communicating our findings to the White House.

    For tariffs, eastern North Carolina cannot afford to be collateral damage in a trade war. We need tough and targeted trade policies, but our policies must also protect jobs, lower input costs, and keep our communities strong.

    Previously, I voted in support of the SAVE ACT. After speaking with North Carolina State Board of Election officials, I voted against it based on the concern that the bill cannot be implemented as drafted. While I support the intent of the SAVE Act that makes crystal clear only U.S. citizens should vote in elections, N.C. election officials have shared serious concerns about its implementation. The limited time for modernizing our information systems, uncertain taxpayer costs, and the need for clear standards to verify U.S. citizenship pose risks to administering federal elections. I remain committed to improving this bill and ensuring free and fair elections.

    We are meeting residents where they are. We read “Pete the Cat and His Magic Sunglasses” at St. Stephens Daycare. Federal funds for early childhood education remain important. I visited International Paper at Manson, spoke with quilters in Warrenton, and held a meeting with the Global TransPark. This morning, I traveled to N. Lenoir High School to look at their roof. 

    I plan to visit Pine Gates Renewables, Freedom Industries, and the Boys and Girls Club of the Tar River Region later today. Over the course of the next week, I will attend the 60th Annual Haliwa Saponi Blooming of the Dogwood Powwow, visit Airbus and Collins Aerospace, Barton College, Davita Kidney Care in Wilson, and Wilson Community College.

    I plan to meet with the Albemarle Area United Way, break ground at Elizabeth City State University for an aviation building, visit U.S. Coast Guard Elizabeth City, visit the Food Bank of Albemarle, and meet with the Perquimans County EMS director to discuss recovery efforts.

    As this is Holy Week, I wish everyone a wonderful Easter. Meanwhile, we will keep looking for opportunities to work with the Administration. Tax filing deadline was extended to May 1 for federal and state for all NC residents due to Helene. I encourage residents to file their taxes or an extension. We will keep advocating for our families, our farmers, our veterans, our students, and the future we believe in. May God bless eastern North Carolina, and our nation.

    MIL OSI USA News –

  • MIL-OSI USA: Reps. Sara Jacobs, Michael McCaul Introduce Bipartisan Bill to Reauthorize Global Fragility Act

    Source: United States House of Representatives – Congresswoman Sara Jacobs (D-CA-53)

    April 24, 2025

    Rep. Sara Jacobs (CA-51) and Rep. Michael McCaul (TX-10), Chairman Emeritus of the House Foreign Affairs Committee, introduced bipartisan legislation to reauthorize and strengthen the Global Fragility Act – a landmark initiative to prevent and minimize violent conflict and promote stability around the world. The legislation saves U.S. taxpayer dollars by proactively addressing the root causes of conflict, rather than waiting and spending more to address the consequences of conflict.

    The Global Fragility Reauthorization Act would reauthorize the Prevention and Stabilization Fund (PSF) and the Complex Crises Fund (CCF) – to prevent violence, stabilize conflict-affected areas, and prevent or respond to new or unexpected conflicts – until 2029. It enables the PSF and Economic Support Fund (ESF) to be used for cross-cutting monitoring, evaluation, and learning across diplomatic, development, and security sectors to identify the most effective foreign assistance programs and diplomatic approaches. The legislation also requires an annual senior Global Fragility Act Steering Committee meeting on policy alignment. In 2022, the Biden Administration selected four priority countries and one priority region to apply 10-year strategies pursuant to the Global Fragility Act: Mozambique, Haiti, Papua New Guinea, Libya, and Coastal West Africa (Ghana, Benin, Togo, Côte d’Ivoire, and Guinea).

    Rep. Sara Jacobs said: “We should all be united in promoting data-driven, cost-effective ways to reform U.S. foreign policy. Since its inception, the Global Fragility Act has done exactly that – pioneering a new, innovative, and whole-of-government approach to prevent, minimize, and respond to conflict and instability around the world. This initiative saves American lives and taxpayer dollars and prevents us from being drawn into forever wars. I’m proud to introduce bipartisan legislation to reauthorize the Global Fragility Act to invest in conflict prevention tools and enable a more stable and secure world.”

    Rep. Michael McCaul said: “As our adversaries around the world become more aggressive, protecting U.S. national security requires intentional work to prevent malign regimes and extremist groups from fostering and exploiting instability in their regions to expand their influence. That’s why I’ve reintroduced the Global Fragility Reauthorization Act with Rep. Sara Jacobs — to ensure the State Department has the long-term tools it needs to prevent conflicts before they erupt, keeping Americans safe at home and abroad.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Murray, Sanders, Baldwin Blast Trump Admin’s Attacks on Head Start, Demand RFK Jr. Immediately Release Funding and Reverse Firings

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    42 lawmakers write to RFK Jr. demanding answers on Trump admin’s actions undermining Head Start as Trump reportedly plans to eliminate the program

    Washington, D.C. — Today, Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, Senator Bernie Sanders (I-VT), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), and Senator Tammy Baldwin (D-WI), Ranking Member of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies, led a letter to Secretary Robert F. Kennedy Jr. calling out the Trump administration’s direct attacks on Head Start, reminding him of his legal obligation to administer the program, and demanding the Department of Health and Human Services immediately release Head Start funding and reverse the mass firing of Head Start staff and gutting of the offices that help ensure high-quality services are available for thousands of children and families across the country.

    “We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year,” write the lawmakers. “It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.”

    The lawmakers detail how the program plays an instrumental role in supporting kids and families across the country, writing: “Head Start provides early childhood education and comprehensive health and social services to nearly 800,000 young children every year in communities across this country, and employs about 250,000 dedicated staff. Head Start is a critical source of child care for working families, particularly in rural and Tribal communities, where Head Start programs are often the only option for high-quality child care services. Head Start programs ensure children receive appropriate health and dental care, nutrition support, and referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support.”

    “You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center,” the lawmakers write, contrasting that statement of support with the Trump administration’s actions. “However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.”

    “Since the very start of this Administration, Head Start programs have been under attack,” the lawmakers write, detailing office closures and funds that were frozen for Head Start grants across the country. “At one point, the National Head Start Association reported 37 programs serving nearly 15,000 children across the country could not access their federal funding. Head Start programs operate with thin margins and on short-term budgets from HHS, and without any communication from the Administration about the status of funding, programs were forced to temporarily close or to lay off staff.”

    The lawmakers underscore how the gutting of Head Start offices and the firing of staff who keep the federal program running puts the entire program in jeopardy: “On April 1st, you abruptly closed five of the ten regional offices that help local grantees administer Head Start programs in 22 states . This left hundreds of programs without dedicated points of contact to address mission critical issues like approving grant renewals and modifications, investigating child health and safety incidents, and providing training and technical assistance to ensure high-quality services for children. While some grantees were assigned a new program specialist, we understand many have not been receiving responses to their inquiries. This is on top of the estimated 97 Office of Head Start central office staff that were terminated due to their probationary status and the recent reduction in force. You promised ‘radical transparency’ as Secretary, yet it is unclear how these actions will improve Head Start programs, and you and your staff refuse to respond to basic inquiries and requests for information.”

    Importantly, they note that without funding that has so far not gone out the door, many more programs could be forced to close.

    “Head Start grantees are still waiting on payments and grant renewals from the Office of Head Start, including programs whose grants end on April 30th, 2025. These notices should have gone out by now, yet we are concerned to hear programs report they have received little to no correspondence regarding their grant renewals,” the lawmakers continue to detail how local Head Start programs are receiving no notice for the path forward for grant funding. “Additionally, because we started fiscal year 2025 under a short-term continuing resolution, as is usual, some grantees have only received partial funding for the first few months of the year. But with a full year funding bill in place, these grantees should have received full funding by now, yet some are reporting that they have not received the full amount of their grants and will run out of funds this month or next. On Wednesday, April 16th, the delays in Head Start funding led to the closure of Head Start centers serving more than 400 children in Sunnyside, Washington.”

    “The Administration has a legal and moral obligation to disburse Head Start funds to programs and to uphold the program’s promise to provide high-quality early education services to low income children and families across this country,” the lawmakers write. “There is no justifiable reason for the delay in funding we have seen over the last two months, and you have refused to offer any kind of explanation.”

    The lawmakers conclude by warning that eliminating the program would be devastating, demanding answers on the administration’s actions, and demanding the reversal of them: “[W]e urge you to immediately reinstate fired staff across all Offices of Head Start, and cease all actions to delay the awarding and disbursement of funding to Head Start programs across this country.”

    In addition to Senators Murray, Sanders, and Baldwin, the letter was signed by 39 colleagues, including Jack Reed (D-RI), Mazie K. Hirono (D-HI), Andy Kim (D-NJ), Ben Ray Lujan (D-NM), Charles E. Schumer (D-NY), Lisa Blunt Rochester (D-DE), Peter Welch (D-VT), Gary Peters (D-MI), Michael F. Bennet (D-CO), Richard Blumenthal (D-CT), Jeanne Shaheen (D-NH), Ruben Gallego (D-AZ), Elizabeth Warren (D-MA), Jacky Rosen (D-NV), Tina Smith (D-MN), John Fetterman (D-PA), Tammy Duckworth (D-IL), Christopher A. Coons (D-DE), Christopher S. Murphy (D-CT), Jeffrey A. Merkley (D-OR), Mark Kelly (D-AZ), Kirsten Gillibrand (D-NY), Sheldon Whitehouse (D-RI), Dick Durbin (D-IL), Catherine Cortez Masto (D-NV), Tim Kaine (D-MN), Alex Padilla (D-CA), Chris Van Hollen (D-MD), Elissa Slotkin (D-MI), Ron Wyden (D-OR), Raphael Warnock (D-GA), Cory Booker (D-NJ), Amy Klobuchar (D-MN), Edward Markey (D-MA), Angus King (I-ME), Brian Schatz (D-HI), Martin Heinrich (D-NM), Angela Alsobrooks (D-MD), and Mark R. Warner (D-VA).

    Full text of the letter is available HERE and below:

    Dear Secretary Kennedy:

    We write to express our strong opposition to the actions you have taken to directly attack and undermine the federal Head Start program. Since day one, this Administration has taken unacceptable actions to withhold and delay funding, fire Head Start staff, and gut high-quality services for children. Already this year, this Administration has withheld almost $1 billion in federal grant funding from Head Start programs, a 37 percent decrease compared to the amount of funding awarded during the same period last year. It is abundantly clear that these actions are part of a broader effort to ultimately eliminate the program altogether, as the Administration reportedly plans to do in its fiscal year 2026 budget proposal.

    Head Start provides early childhood education and comprehensive health and social services to nearly 800,000 young children every year in communities across this country, and employs about 250,000 dedicated staff. Head Start is a critical source of child care for working families, particularly in rural and Tribal communities, where Head Start programs are often the only option for high-quality child care services. Head Start programs ensure children receive appropriate health and dental care, nutrition support, and referrals to other critical services for parents, such as job training, adult education, nutrition services, and housing support.

    You even acknowledged the value of Head Start following a recent visit to a Virginia Head Start center, where you said, “I had a very inspiring tour. I saw a devoted staff and a lot of happy children. They are getting the kind of education and socialization they need, and they are also getting a couple of meals a day.”

    However, as a result of your actions to withhold and delay funding and undermine the administration of this vital program, Head Start centers are in serious jeopardy and have already had their day to day operations impacted. Programs are increasingly worried that they will not be able to make payroll, pay rent, and remain open to serve the hundreds of thousands of children and families who depend on their services in communities across the nation.

    Since the very start of this Administration, Head Start programs have been under attack. On January 27th, 2025, the Office of Management and Budget issued a memo (M-25-13) that suddenly froze the disbursement of grant funding for federal programs and services government-wide, including Head Start. Despite the Administration’s clarification that Head Start programs would not be the target of the funding freeze, many Head Start programs across the country were unable to draw down their grant funds through the Payment Management System (PMS) for weeks. At one point, the National Head Start Association reported 37 programs serving nearly 15,000 children across the country could not access their federal funding. Head Start programs operate with thin margins and on short-term budgets from HHS, and without any communication from the Administration about the status of funding, programs were forced to temporarily close or to lay off staff. In Wisconsin, the National Centers for Learning Excellence, which serves more than 200 children and their families, shut down for a week and laid off staff due to the funding freeze.

    On April 1st, you abruptly closed five of the ten regional offices that help local grantees administer Head Start programs in 22 states. This left hundreds of programs without dedicated points of contact to address mission critical issues like approving grant renewals and modifications, investigating child health and safety incidents, and providing training and technical assistance to ensure high-quality services for children. While some grantees were assigned a new program specialist, we understand many have not been receiving responses to their inquiries. This is on top of the estimated 97 Office of Head Start central office staff that were terminated due to their probationary status and the recent reduction in force. You promised “radical transparency” as Secretary, yet it is unclear how these actions will improve Head Start programs, and you and your staff refuse to respond to basic inquiries and requests for information.

    On March 14th, 2025, the Office of Head Start (OHS) notified all Head Start programs that “the use of federal funding for any training and technical assistance or other program expenditures that promote or take part in diversity, equity, and inclusion (DEI) initiatives” will not be approved and that any questions should be directed to regional offices. Programs have not received any guidance for what would be considered “DEI” but this policy is potentially in direct conflict with statutory and regulatory program requirements, such as providing culturally and linguistically appropriate instructional services for English learners. Many programs cannot direct questions to regional staff, as half of regional offices were abruptly closed, and as unprecedented actions are being taken to delay and withhold funding, Head Start programs have been intentionally left with little to no guidance.

    Head Start programs are now arbitrarily required to provide justifications for each draw down of funds that is necessary to operate their programs, despite already receiving a federal grant award for these purposes. As of April 14th, Head Start programs have reportedly received correspondence from an email address “defendthespend@hhs.gov” requiring programs to submit a “specific description of why the funds are necessary and why they are aligned to the award” before programs can have funding disbursed. It has been reported that political appointees must sign off on every draw down of funds. This creates an illusion of improving oversight but only serves to add unnecessary red tape by requiring the manual sign off on hundreds of thousands of individual actions annually across the Department based on two to three sentence justifications. Already some grantees have reported delays in receiving funds, and have reported that furloughs or closures are imminent if funds are not released. For an administration that purports to value local autonomy and efficiency in federally funded programs, your actions have achieved the exact opposite.

    Finally, Head Start grantees are still waiting on payments and grant renewals from the Office of Head Start, including programs whose grants end on April 30th, 2025. These notices should have gone out by now, yet we are concerned to hear programs report they have received little to no correspondence regarding their grant renewals. Additionally, because we started fiscal year 2025 under a short-term continuing resolution, as is usual, some grantees have only received partial funding for the first few months of the year. But with a full year funding bill in place, these grantees should have received full funding by now, yet some are reporting that they have not received the full amount of their grants and will run out of funds this month or next. On Wednesday, April 16th, the delays in Head Start funding led to the closure of Head Start centers serving more than 400 children in Sunnyside, Washington.

    The Administration has a legal and moral obligation to disburse Head Start funds to programs and to uphold the program’s promise to provide high-quality early education services to low income children and families across this country. The fiscal year 2025 appropriations act provided $12.3 billion for Head Start, the same as the fiscal year 2024 level. The Head Start Act includes an explicit formula for how appropriated funds should be allocated. There is no justifiable reason for the delay in funding we have seen over the last two months, and you have refused to offer any kind of explanation. However, this week leaked fiscal year 2026 budget documents indicated the Office of Management and Budget was directing the Department, consistent with the Administration’s proposal to eliminate Head Start in fiscal year 2026, to “ensure to the extent allowable FY2025 funds are available to close out the program.” If this explains any of the delay in awarding fiscal year 2025 funding, we want to be clear, no funds were provided in fiscal year 2025 to “close out the program,” and it would be wholly unacceptable and likely illegal if the Department tries to carry out this directive.

    Finally, the leaked budget documents provided a justification, albeit brief, for eliminating Head Start in fiscal year 2026 that makes this Administration’s priorities clear and puts the Department’s actions over the last several months in context. The Administration argues that eliminating Head Start, “is consistent with the Administration’s goals of returning education to the States and increasing parental choice.” It is shocking to see an argument that eliminating a program that provides comprehensive early childhood care and education to 800,000 children and their families would increase parental choice. It is particularly concerning to see that argument in the context of the significant delay in awarding fiscal year 2025 appropriated funds and what that indicates about the intent behind the Department’s actions. We believe it is obvious that eliminating Head Start would be detrimental to hundreds of thousands of children and families. Similarly, we believe it is obvious that delaying funding like we have seen over the last two months, forcing Head Start programs to close, and leaving families to scramble to find quality, affordable alternatives puts the education and well-being of some of the most vulnerable young children in America at risk. In our view, that is unacceptable.

    Therefore, we urge you to immediately reinstate fired staff across all Offices of Head Start, and cease all actions to delay the awarding and disbursement of funding to Head Start programs across this country.

    Please provide us with a written response to the questions below no later than 10 days from receipt:

    1. Will you reinstate the staff who administer Head Start programs and reopen the closed regional offices responsible for overseeing Head Start programs in 22 states?

    a) When is HHS going to share information on the reorganization plan for the consolidation of the regional offices?

    b) Please provide the contact information for each program specialist designated to the 22 states who lost their regional office.

    c) Who is responsible for ensuring there are no delays or lapses in funding, nor any disruptions to Head Start program operations now that these states do not have a regional office?

    2. How many employees at the Offices of Head Start have been terminated, including the five regional offices and the central office?

    a) Which officials at HHS were involved in the staffing reduction decisions for OHS and what planning, if any, was undertaken prior to these reductions? Please describe the events that unfolded and name each office that was involved in the decision. Further, please name the official(s) who approved the staffing reductions.

    3. Can you confirm that the Administration will distribute all Head Start funds appropriated by Congress to Head Start programs in FY 25, as required by the Head Start Act?

    4. Please provide a list of all grantees with 5-year Head Start grant renewals that start between now and the end of the fiscal year: May 1st, June 1st, July 1st, August 1st, and September 1st.

    a) Will any funding be delayed for grantees that are due to receive their annual funding on May 1st or beyond?

    5. Why are funding awards delayed for grantees that received partial awards during the first continuing resolution for FY25?

    a) When can HHS guarantee that all funds will be awarded for partially funded Head Start programs?

    6. What is the “Tier 2” department for review that is delaying drawn down for Head Start programs in the Payment Management System?

    a) When should programs expect to receive their funds?

    b) Please provide all communication that went to Head Start grantees on the new review process.

    7. What guidance and clarifications have been provided to Head Start grantees on DEI expenditures?

    a) How is HHS evaluating Head Start programs’ expenditures and grant awards for DEI?

    b) What justifications are being used to prohibit DEI?

    MIL OSI USA News –

  • MIL-OSI United Nations: As budgets shrink, UN Peacekeeping looks to the future

    Source: United Nations – Peacekeeping

    With just weeks to go before a key ministerial meeting in Berlin, the UN and Germany have reaffirmed their commitment to peacekeeping – a vital tool for global stability that must now adapt to dwindling resources.

    “This is a particularly timely meeting,” said Jean-Pierre Lacroix, UN Under-Secretary-General for Peace Operations, at a press conference in New York on Thursday.

    “It’s a unique opportunity to underline the added value of peacekeeping and ensure we remain ready, as a peacekeeping family, to respond with Member States to any new mission that may arise.”

    The UN Peacekeeping Ministerial 2025 is expected to draw around 1,000 delegates to the German capital next month, including foreign and defence ministers from across the globe. Their goal: to shape a peacekeeping model that is more agile, intelligent and resilient.

    UN Secretary-General António Guterres is also due to attend the meeting taking place on 13 and 14 May.

    Facing growing challenges

    As conflicts intensify from South Sudan to the Middle East and Kashmir, and as geopolitical divides weaken international consensus, this biennial conference is being called one of the most significant since its inception in 2014.

    “We are facing more internal and inter-State conflicts than at any point since the Second World War,” Mr. Lacroix noted, pointing to the increasing complexity of modern warfare.

    Additional challenges such as transnational crime, online disinformation, and climate change are also affecting missions – at a time when peacekeeping budgets continue to shrink.

    ‘Difference between life and death’

    Despite these pressures, ‘blue helmets’ continue to carry out their work under extremely difficult conditions. “They protect hundreds of thousands of people,” said the peacekeeping chief. “Very often, their presence is the difference between life and death.”

    Germany, a key contributor to UN peacekeeping, is leading the organization of the upcoming meeting. “Peacekeeping is multilateralism in action,” said Nils Hilmer, Germany’s State Secretary for Defence. “We want to provide a platform for Member States to strengthen peacekeeping for the future.”

    Sessions in Berlin will include pledging events, high-level debates, exhibitions, and a spotlight on Germany’s involvement in missions such as UNIFIL in Lebanon and UNMISS in South Sudan.

    At the heart of the UN

    Katharina Stasch, Germany’s Director-General for International Order and Disarmament, highlighted the symbolic power of peacekeepers. “For many, the blue helmets are the face of the UN. Peacekeeping is at the heart of the organization.”

    The meeting will also support progress on the UN’s Pact for the Future reform initiative, with topics including conflict prevention, digital innovation, regional partnerships and countering disinformation.

    “The mission remains the same,” said Mr. Lacroix. “Helping host countries through their most turbulent times – despite tighter budgets.”

    MIL OSI United Nations News –

  • MIL-OSI Canada: Powering up communities with ag society dollars

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: New beds improve care for incarcerated people with mental-health, addiction issues

    Source: Government of Canada regional news

    New involuntary care beds are now open at Surrey Pretrial Services Centre, providing people in custody who are in crisis and have overlapping mental-health and addiction challenges, as well as brain injuries due to toxic-drug overdoses, with specialized involuntary care.

    “When someone’s severe mental-health and addictions care needs are not met, it often leads to a revolving door of crime and jail,” said Premier David Eby. “We’re taking action to break this cycle by adding new beds to help more people get the intensive care they need — to keep them safe and keep our communities safe.”

    Ten new beds will be available at the designated mental-health unit at Surrey Pretrial Services Centre, with the majority open now. Care will be provided to men in provincial custody who meet the criteria under the Mental Health Act (the Act). This service will help people who are incarcerated access care so they can stabilize on their pathway to recovery and improve overall long-term health outcomes.

    “As the toxic-drug crisis has changed, we’re seeing a small but growing group of people with severe mental-health and addictions challenges, coupled with brain injuries from toxic-drug overdoses,” said Josie Osborne, Minister of Health. “These beds will improve access to specialized mental-health and addiction care for people in provincial custody who have complex care needs and are part of our work to build services that work for everyone.”

    Provincial Health Services Authority will operate the designated mental-health unit. A permanent, dedicated space is being renovated and is expected to be operational in late fall or early winter 2025. In the meantime, as many as 10 beds are available now in the segregation unit while renovations are being completed.

    “By improving access to specialized care for people struggling with severe mental-health and addictions challenges, including those with brain injuries, we’re supporting both individuals and public safety,” said Terry Yung, minister of state for community safety and integrated services. “People will get the help they need while in custody, which can reduce the risk of repeat offences and improve outcomes when and if they are able to return to the community.”

    In addition to this measure, involuntary care beds at Alouette Homes in Maple Ridge will open in spring 2025. Work continues on more than 400 mental-health care beds at new and expanded hospitals in B.C., all of which can provide involuntary care under the act.

    The creation of new designated mental-health and substance-use treatment services under the act is a key recommendation from Dr. Daniel Vigo, who was appointed B.C.’s first chief scientific adviser for psychiatry, toxic drugs and concurrent disorders in June 2024.

    He was tasked with working with the health authorities, Indigenous partners and people with lived experience to analyze existing mental-health and addictions treatment services in B.C., review data and best practices, and look to other jurisdictions for proven solutions that can be implemented in the province.

    This is one part of the government’s work, which includes a focus on expanding voluntary supports and building mental-health and addiction services that work for everyone. The Province is increasing early intervention and prevention, treatment and recovery services, supportive and complex-care housing, overdose prevention and more.

    Quotes:

    Dr. Daniel Vigo, B.C.’s chief scientific adviser for psychiatry, toxic drugs and concurrent disorders —

    “Through this new mental-health unit, our incarcerated patients will receive the level of psychiatric care they need the moment they need it. This will prevent the harms resulting from weeks of untreated agitation and psychosis, and allows the implementation of a care plan that will be sustained throughout their time in corrections. By integrating with community services when correctional supervision ends, this will both improve mental-health and substance-use outcomes and increase community safety.”

    Jennifer Duff, chief operating officer, BC Mental Health and Substance Use Services —

    “This unit is an important step in providing urgent psychiatric, medical and substance-use care to incarcerated people. It will help stabilize individuals experiencing acute mental-health concerns or withdrawal symptoms and connect them to care. We will learn from this and potentially replicate the model in other areas of B.C. We will work with regional health authorities to ensure clients who are released from a provincial correctional centre have a team, and a care plan, to provide ongoing support.”

    Learn More:

    To learn how government is working to keep people and communities safe, visit: https://strongerbc.gov.bc.ca/safer-communities/

    To learn about mental-health and substance-use supports in B.C., visit: https://helpstartshere.gov.bc.ca/

    MIL OSI Canada News –

  • MIL-OSI USA: Federal Reserve Board announces the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities

    Source: US State of New York Federal Reserve

    Official websites use .govA .gov website belongs to an official government organization in the United States.

    Secure .gov websites use HTTPSA lock (
    Lock
    Locked padlock icon

    ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

    MIL OSI USA News –

  • MIL-OSI: Bel Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., April 24, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the first quarter of 2025.

    First Quarter 2025 Highlights

    • Net sales of $152.2 million compared to $128.1 million in Q1-24. Excluding $32.4 million of contribution from Enercon, organic sales down 6.4% from Q1-24.
    • Gross profit margin of 38.6%, up from 37.5% in Q1-24
    • GAAP net earnings attributable to Bel shareholders of $17.9 million versus $15.9 million in Q1-24
    • Non-GAAP net earnings attributable to Bel shareholders of $16.8 million versus $17.0 million in Q1-24
    • Adjusted EBITDA of $30.9 million (20.3% of sales) as compared to $22.4 million (17.5% of sales) in Q1-24
    • Announced Farouq Tuweiq’s appointment as Bel’s President and CEO, to be effective immediately following the Company’s Annual Meeting of Shareholders (to be held in May 2025)
       

    “We are pleased with our first quarter results, which benefitted from our increased exposure within the defense and commercial aerospace industries and strength in the emerging AI end market,” said Daniel Bernstein, President and CEO. “These factors helped to mitigate the seasonality around Chinese New Year which has historically dictated the trend for our first quarter. Looking ahead at our underlying business demand, we generally expect continued strength in the defense, space and AI end markets throughout the year, which are anticipated to mitigate lower volumes going into the rail, e-Mobility and consumer markets,” concluded Mr. Bernstein.

    Farouq Tuweiq, CFO, added, “Looking to the second quarter, we are operating in a highly dynamic environment and there is difficulty in predicting the moving target of tariffs and assessing the corresponding impact given ongoing and potential future changes. As Bel generally designs and manufactures its products within close geographic proximity to our customers, we estimate that approximately 75% of our global sales are not currently subject to the recent U.S. tariffs that have been imposed. We estimate that ~10% of our consolidated sales relate to product that is manufactured in China and shipped into the U.S., and this is the subset of our revenue where certain customers have requested a pause on orders while the supply chain awaits additional clarity on the longer-term tariff policy with China. Based on information available today, GAAP net sales in the second quarter of 2025 are projected to be in the range of $145 to $155 million, with gross margin in the range of 37% to 39%. This guidance for the second quarter, which is typically solely based on our underlying business demand and existing orders on hand, has been modified downward to take into account approximately $8-10 million of what we believe is a reasonable allowance for potential downside impact from China-related tariffs and a lower expected volume of intraquarter turns. The team will continue to closely monitor the evolving tariff landscape and assess potential alternatives that are within our control,” concluded Mr. Tuweiq.

    Mr. Bernstein continued, “With my upcoming transition to the role of non-executive Chairman of the Board in May, it has been a privilege to be part of Bel’s journey over the past 45 years. The success of the Company is based solely on the dedication of all of our associates, past and present, and it has been an honor to lead such a talented group of associates during my tenure as President and CEO. I am confident about Bel’s future under the leadership of Farouq and the Executive team,” concluded Mr. Bernstein.

    Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

    Conference Call
    Bel has scheduled a conference call for 8:30 a.m. ET on Friday, April 25, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13753007 after 12:30 pm ET, also for 30 days.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial, high-speed data transmission, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount, industrial and transportation power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Farouq Tuweiq  
    Chief Financial Officer  
    ir@belf.com

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the second quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, volumes, gross margin, products, product groups, customers, geographies and end markets; statements about uncertainty of the evolving tariff landscape, associated difficulties in forecasting, expectations regarding future clarity on tariff policy, the Company’s estimates concerning Bel’s global sales and recently imposed tariffs, and the Company’s intention to continue to monitor the tariff landscape and assess potential alternatives; statements about anticipated continued strength in certain end markets, and views on the effects on the Company’s overall future performance; statements about the Company’s upcoming management transition; and statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to Bel’s November 2024 acquisition of Enercon, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions to Bel’s business and its currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect Bel’s products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing Bel’s customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on Bel’s products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or Bel’s industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with Bel’s international operations, including Bel’s substantial manufacturing operations in China, and following Bel’s November 2024 acquisition of Enercon , risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of the imposition of new or increased tariffs and trade restrictions that may impact Bel, its customers and/or its suppliers, and risks associated with the evolving trade environment, the ongoing implementation and modification of tariffs, trade restrictions, and changes in trade agreements, and general uncertainty about future changes in trade and tariff policy; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S. government on foreign imports or by a foreign government on U.S. exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting Bel’s business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures

    The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program, please see the Executive Compensation Discussion and Analysis (CD&A) section appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 11, 2025.

    Website Information
    We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    [Financial tables follow]

           
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
           
        Three Months Ended  
        March 31,  
        2025     2024  
                     
    Net sales   $ 152,238     $ 128,090  
    Cost of sales     93,419       80,012  
    Gross profit     58,819       48,078  
    As a % of net sales     38.6 %     37.5 %
                     
    Research and development costs     7,222       5,215  
    Selling, general and administrative expenses     29,507       24,944  
    As a % of net sales     19.4 %     19.5 %
    Restructuring charges     (2,933 )     65  
    Income from operations     25,023       17,854  
    As a % of net sales     16.4 %     13.9 %
                     
    Interest expense     (4,152 )     (434 )
    Interest income     275       1,115  
    Other income, net     2,639       1,817  
    Earnings before income taxes     23,785       20,352  
                     
    Provision for income taxes     5,463       4,478  
    Effective tax rate     23.0 %     22.0 %
    Net earnings   $ 18,322     $ 15,874  
    As a % of net sales     12.0 %     12.4 %
                     
    Less: Net earnings attributable to noncontrolling interest     838       –  
    Redemption value adjustment attributable to noncontrolling interest     (390 )     –  
    Net earnings attributable to Bel Fuse Shareholders   $ 17,874     $ 15,874  
                     
    Weighted average number of shares outstanding:                
    Class A common shares – basic and diluted     2,115       2,139  
    Class B common shares – basic and diluted     10,457       10,610  
                     
    Net earnings per common share:                
    Class A common shares – basic and diluted   $ 1.36     $ 1.19  
    Class B common shares – basic and diluted     1.43     $ 1.26  
                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

                 
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
                 
        March 31, 2025     December 31, 2024  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 65,927     $ 68,253  
    Held to maturity U.S. Treasury securities     950       950  
    Accounts receivable, net     103,643       111,376  
    Inventories     164,815       161,370  
    Other current assets     33,090       31,581  
    Total current assets     368,425       373,530  
    Property, plant and equipment, net     47,271       47,879  
    Right-of-use assets     24,962       25,125  
    Related-party note receivable     3,270       2,937  
    Equity method investment     9,856       9,265  
    Goodwill and other intangible assets, net     436,438       439,984  
    Other assets     50,234       51,069  
    Total assets   $ 940,456     $ 949,789  
                     
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 46,110     $ 49,182  
    Operating lease liability, current     8,540       7,954  
    Other current liabilities     56,585       70,933  
    Total current liabilities     111,235       128,069  
    Long-term debt     280,000       287,500  
    Operating lease liability, long-term     17,349       17,763  
    Other liabilities     73,937       75,295  
    Total liabilities     482,521       508,627  
    Redeemable noncontrolling interests     81,034       80,586  
    Stockholders’ equity     376,901       360,576  
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity   $ 940,456     $ 949,789  
                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

           
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
           
        Three Months Ended  
        March 31,  
        2025     2024  
                     
    Cash flows from operating activities:                
    Net earnings   $ 18,322     $ 15,874  
    Adjustments to reconcile net earnings to net cash provided by operating activities:                
    Depreciation and amortization     6,684       3,684  
    Stock-based compensation     1,179       804  
    Amortization of deferred financing costs     295       26  
    Deferred income taxes     (1,412 )     (1,676 )
    Net unrealized gains on foreign currency revaluation     (3,663 )     (647 )
    Other, net     (518 )     (71 )
    Changes in operating assets and liabilities:                
    Accounts receivable, net     8,220       725  
    Unbilled receivables     (601 )     3,644  
    Inventories     (2,462 )     5,688  
    Accounts payable     (3,374 )     (7,575 )
    Accrued expenses     (11,058 )     (16,440 )
    Accrued restructuring costs     (4,508 )     (1,254 )
    Income taxes payable     4,107       4,971  
    Other operating assets/liabilities, net     (3,064 )     (1,603 )
    Net cash provided by operating activities     8,147       6,150  
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (2,790 )     (2,929 )
    Purchases of held to maturity U.S. Treasury securities     –       (42,726 )
    Proceeds from held to maturity securities     –       30,374  
    Investment in related party notes receivable     (333 )     (492 )
    Proceeds from sale of property, plant and equipment     58       192  
    Net cash used in investing activities     (3,065 )     (15,581 )
                     
    Cash flows from financing activities:                
    Dividends paid to common stockholders     (829 )     (837 )
    Purchases of common stock     –       (6,283 )
    Proceeds of long-term debt     5,000       –  
    Repayments of long-term debt     (12,500 )     –  
    Net cash used in financing activities     (8,329 )     (7,120 )
                     
    Effect of exchange rate changes on cash and cash equivalents     921       (1,500 )
                     
    Net decrease in cash and cash equivalents     (2,326 )     (18,051 )
    Cash and cash equivalents – beginning of period     68,253       89,371  
    Cash and cash equivalents – end of period   $ 65,927     $ 71,320  
                     
                     
    Supplementary information:                
    Cash paid during the period for:                
    Income taxes, net of refunds received   $ 2,277     $ 978  
    Interest payments   $ 4,207     $ 981  
    ROU assets obtained in exchange for lease obligations   $ 637     $ 2,951  
                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

                 
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
                 
        Sales     Gross Margin  
        Q1-25     Q1-24     % Change     Q1-25     Q1-24     Basis Point Change  
    Power Solutions and Protection   $ 83,054     $ 60,247       37.9 %     42.6 %     44.0 %     (140 )
    Connectivity Solutions     50,730       54,285       -6.5 %     37.9 %     36.1 %     180  
    Magnetic Solutions     18,454       13,558       36.1 %     24.7 %     16.0 %     870  
    Total   $ 152,238     $ 128,090       18.9 %     38.6 %     37.5 %     110  
                                                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

           
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)
    (in thousands, unaudited)
           
        Three Months Ended  
        March 31,  
        2025     2024  
                     
    GAAP Net earnings   $ 18,322     $ 15,874  
    Provision for income taxes     5,463       4,478  
    Other income/expense, net     (2,639 )     (1,817 )
    Interest income     (275 )     (1,115 )
    Interest expense     4,152       434  
    GAAP Operating Income   $ 25,023     $ 17,854  
    Restructuring charges     (2,933 )     65  
    Amortization of inventory step-up     958       –  
    Stock-based compensation     1,179       804  
    Non-GAAP Operating Income   $ 24,227     $ 18,723  
    Depreciation and amortization     6,684       3,684  
    Adjusted EBITDA   $ 30,911     $ 22,407  
    % of net sales     20.3 %     17.5 %
                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
    (in thousands, except per share data) (unaudited)
     

    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.

        Three Months Ended March 31, 2025     Three Months Ended March 31, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 23,785     $ 5,463     $ 17,874     $ 1.36     $ 1.43     $ 20,352     $ 4,478     $ 15,874     $ 1.19     $ 1.26  
    Restructuring charges     (2,933 )     (371 )     (2,562 )     (0.20 )     (0.21 )     65       –       65       –       –  
    Redemption value adjustment on redeemable NCI     –       –       (390 )     (0.03 )     (0.03 )     –       –       –       –       –  
    Amortization of inventory step-up     958       220       738       0.06       0.06       –       –       –       –       –  
    Stock-based compensation     1,179       243       936       0.07       0.08       804       166       638       0.05       0.05  
    Amortization of intangibles     3,686       648       3,038       0.23       0.24       1,394       264       1,130       0.09       0.09  
    Unrealized foreign currency exchange (gains) losses     (3,663 )     (868 )     (2,795 )     (0.21 )     (0.22 )     (899 )     207       (692 )     (0.05 )     (0.05 )
    Non-GAAP measures   $ 23,012     $ 5,335     $ 16,839     $ 1.28     $ 1.35     $ 21,716     $ 5,115     $ 17,015     $ 1.27     $ 1.35  
                                                                                     

    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) Individual amounts of earnings per share may not agree to the total due to rounding.
    (4) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

           
    Bel Fuse Inc.
    Supplementary Information    (1)
    Reconciliation of GAAP Measures to Non-GAAP Measures    (2)(4)
    (in thousands, except per share data) (unaudited)
           
        Three Months Ended June 30, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                             
    GAAP measures   $ 22,883     $ 4,077     $ 18,806     $ 1.43     $ 1.50  
    Restructuring charges     638       153       485       0.04       0.04  
    Stock-based compensation     972       200       772       0.06       0.06  
    Amortization of intangibles     1,148       239       909       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     370       80       290       0.02       0.02  
    Non-GAAP measures   $ 26,011     $ 4,749     $ 21,262     $ 1.61     $ 1.70  
        Three Months Ended September 30, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                             
    GAAP measures   $ 11,188     $ 3,108     $ 8,080     $ 0.61     $ 0.65  
    Restructuring charges     1,087       154       933       0.07       0.07  
    Acquisition related costs     4,292       987       3,305       0.25       0.27  
    Stock-based compensation     1,007       208       799       0.06       0.06  
    Amortization of intangibles     1,152       239       913       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     1,075       266       809       0.06       0.06  
    Non-GAAP measures   $ 19,801     $ 4,962     $ 14,839     $ 1.13     $ 1.19  
                                             

    (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) Individual amounts of earnings per share may not agree to the total due to rounding.
    (4) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

    The MIL Network –