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Category: Residential Housing Market

  • MIL-OSI: First Financial Corporation Reports Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    TERRE HAUTE, Ind., Oct. 22, 2024 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the third quarter of 2024. During the quarter, the Corporation closed its acquisition of SimplyBank, Dayton, Tennessee. The quarter was impacted by purchase accounting adjustments and charges, which are reflected in the results.

    • Net income was $8.7 million compared to $16.3 million reported for the same period of 2023;
    • Diluted net income per common share of $0.74 compared to $1.37 for the same period of 2023;
    • Return on average assets was 0.64% compared to 1.35% for the three months ended September 30, 2023;
    • Credit loss provision was $9.4 million compared to provision of $1.2 million for the third quarter 2023; and
    • Pre-tax, pre-provision net income was $19.9 million compared to $20.5 million for the same period in 2023.1

    The Corporation further reported results for the nine months ended September 30, 2024:

    • Net income was $31.0 million compared to $48.3 million reported for the same period of 2023;
    • Diluted net income per common share of $2.63 compared to $4.02 for the same period of 2023;
    • Return on average assets was 0.82% compared to 1.33% for the nine months ended September 30, 2023;
    • Credit loss provision was $14.2 million compared to provision of $4.8 million for the nine months ended September 30, 2023; and
    • Pre-tax, pre-provision net income was $51.1 million compared to $63.1 million for the same period in 2023.1

    ________________
    1Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.

    Average Total Loans

    Average total loans for the third quarter of 2024 were $3.71 billion versus $3.15 billion for the comparable period in 2023, an increase of $558 million or 17.74%. On a linked quarter basis, average loans increased $508 million or 15.89% from $3.20 billion as of June 30, 2024. Increases in average loans over both periods were mostly a result of the acquisition of SimplyBank as further detailed in Total Loans Outstanding section below.

    Total Loans Outstanding

    Total loans outstanding as of September 30, 2024, were $3.72 billion compared to $3.12 billion as of September 30, 2023, an increase of $598 million or 19.17%. On a linked quarter basis, total loans increased $511 million or 15.96% from $3.20 billion as of June 30, 2024. The main driver of the increase was $467 million in loans acquired in the SimplyBank acquisition. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

    Norman D. Lowery, President and Chief Executive Officer, commented, “During the quarter, we closed the acquisition of SimplyBank, which gives us access to very attractive markets in Southeast Tennessee and Northwest Georgia. We also experienced another sound quarter of loan and net interest income growth. During the quarter our net interest margin expanded, and we expect continued improvement in coming quarters.”

    Average Total Deposits

    Average total deposits for the quarter ended September 30, 2024, were $4.71 billion versus $4.00 billion as of September 30, 2023, an increase of $705 million or 17.63%. Increases in average deposits over both periods were mostly a result of the acquisition of SimplyBank as further detailed in Total Deposits section below.

    Total Deposits

    Total deposits were $4.72 billion as of September 30, 2024, compared to $4.04 billion as of September 30, 2023, a $676 million increase, or 16.74%. On a linked quarter basis, total deposits increased $585.2 million, or 14.16%. $622 million in deposits were acquired in the SimplyBank acquisition. Non-interest bearing deposits were $831.6 million, and time deposits were $791.1 million as of September 30, 2024, compared to $770.5 million and $471.6 million, respectively for the same period of 2023.

    Shareholders’ Equity

    Shareholders’ equity at September 30, 2024, was $566.0 million compared to $470.2 million on September 30, 2023. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.45 per share quarterly dividend in July and declared a $0.45 quarterly dividend, which was paid on October 15, 2024.

    Book Value Per Share

    Book Value per share was $47.93 as of September 30, 2024, compared to $40.00 as of September 30, 2023, an increase of $7.93 per share, or 19.82%. Tangible Book Value per share was $37.84 as of September 30, 2024, compared to $32.10 as of September 30, 2023, an increase of $5.74 per share, or 17.88%.

    Tangible Common Equity to Tangible Asset Ratio

    The Corporation’s tangible common equity to tangible asset ratio was 8.33% at September 30, 2024, compared to 8.04% at September 30, 2023.

    Net Interest Income

    Net interest income for the third quarter of 2024 was $47.2 million, compared to $41.2 million reported for the same period of 2023, an increase of $6.0 million, or 14.63%.

    Net Interest Margin

    The net interest margin for the quarter ended September 30, 2024, was 3.78% compared to the 3.74% reported at September 30, 2023. On a linked quarterly basis, the net interest margin increased 21 basis points from 3.57% at June 30, 2024.

    Nonperforming Loans

    Nonperforming loans as of September 30, 2024, were $14.1 million versus $12.6 million as of September 30, 2023. The increase was due primarily to the SimplyBank acquisition. The ratio of nonperforming loans to total loans and leases was 0.38% as of September 30, 2024, versus 0.40% as of September 30, 2023.

    Credit Loss Provision

    The provision for credit losses for the three months ended September 30, 2024, was $9.4 million, compared to $1.2 million for the third quarter 2023. The Corporation recorded $5.5 million in provision for the acquisition of SimplyBank. The increase in provision was also related to one previously identified credit, reflecting further deterioration in collateral values during the quarter.

    Net Charge-Offs

    Third quarter net charge-offs were $4.6 million compared to $2.1 million in the same period of 2023.

    Allowance for Credit Losses

    The Corporation’s allowance for credit losses as of September 30, 2024, was $46.2 million compared to $39.0 million as of September 30, 2023. The allowance for credit losses as a percent of total loans was 1.24% as of September 30, 2024, compared to 1.25% as of September 30, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans increased 4 basis points from 1.20% as of June 30, 2024. The Corporation recorded $8.5 million in allowance for the acquisition of SimplyBank, which included $3 million to record purchased credit deteriorated (“PCD”) reserves.

    Non-Interest Income

    Non-interest income for the three months ended September 30, 2024 and 2023 was $11.2 million and $11.6 million, respectively.

    Non-Interest Expense

    Non-interest expense for the three months ended September 30, 2024, was $38.6 million compared to $32.3 million in 2023. This includes $844 thousand of acquisition-related expenses during the quarter, as well as an overall increase in operating expenses as a result of the acquisition.

    Efficiency Ratio

    The Corporation’s efficiency ratio was 64.43% for the quarter ending September 30, 2024, versus 59.57% for the same period in 2023.

    Income Taxes

    Income tax expense for the three months ended September 30, 2024, was $1.7 million versus $3.0 million for the same period in 2023. The effective tax rate for 2024 was 16.44% compared to 17.37% for 2023.

    About First Financial Corporation

    First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at http://www.first-online.bank.

    Investor Contact:
    Rodger A. McHargue
    Chief Financial Officer
    P: 812-238-6334
    E: rmchargue@first-online.com

                                   
        Three Months Ended   Nine Months Ended
        September 30,    June 30,   September 30,    September 30,    September 30, 
        2024   2024   2023   2024   2023
    END OF PERIOD BALANCES                              
    Assets   $ 5,483,351   $ 4,891,068   $ 4,784,806   $ 5,483,351   $ 4,784,806
    Deposits   $ 4,717,489   $ 4,132,327   $ 4,040,995   $ 4,717,489   $ 4,040,995
    Loans, including net deferred loan costs   $ 3,715,235   $ 3,204,009   $ 3,117,626   $ 3,715,235   $ 3,117,626
    Allowance for Credit Losses   $ 46,169   $ 38,334   $ 39,034   $ 46,169   $ 39,034
    Total Equity   $ 565,951   $ 530,670   $ 470,168   $ 565,951   $ 470,168
    Tangible Common Equity (a)   $ 446,786   $ 438,569   $ 377,367   $ 446,786   $ 377,367
                                   
    AVERAGE BALANCES                              
    Total Assets   $ 5,483,572   $ 4,813,308   $ 4,814,251   $ 5,033,748   $ 4,828,165
    Earning Assets   $ 5,165,520   $ 4,556,839   $ 4,575,996   $ 4,762,940   $ 4,590,258
    Investments   $ 1,342,037   $ 1,279,278   $ 1,351,433   $ 1,309,879   $ 1,384,941
    Loans   $ 3,705,779   $ 3,197,695   $ 3,147,317   $ 3,361,207   $ 3,104,623
    Total Deposits   $ 4,705,614   $ 4,113,826   $ 4,000,302   $ 4,288,426   $ 4,124,520
    Interest-Bearing Deposits   $ 4,403,454   $ 3,413,752   $ 3,222,633   $ 3,714,432   $ 3,309,111
    Interest-Bearing Liabilities   $ 157,227   $ 152,303   $ 309,948   $ 176,985   $ 197,142
    Total Equity   $ 546,912   $ 517,890   $ 493,764   $ 529,174   $ 494,428
                                   
    INCOME STATEMENT DATA                              
    Net Interest Income   $ 47,170   $ 39,294   $ 41,150   $ 125,384   $ 127,672
    Net Interest Income Fully Tax Equivalent (b)   $ 48,630   $ 40,673   $ 42,539   $ 129,600   $ 131,774
    Provision for Credit Losses   $ 9,400   $ 2,966   $ 1,200   $ 14,166   $ 4,800
    Non-interest Income   $ 11,223   $ 9,905   $ 11,627   $ 30,559   $ 31,455
    Non-interest Expense   $ 38,564   $ 32,651   $ 32,265   $ 104,637   $ 95,932
    Net Income   $ 8,741   $ 11,369   $ 16,285   $ 31,034   $ 48,252
                                   
    PER SHARE DATA                              
    Basic and Diluted Net Income Per Common Share   $ 0.74   $ 0.96   $ 1.37   $ 2.63   $ 4.02
    Cash Dividends Declared Per Common Share   $ 0.45   $ 0.45   $ —   $ 1.35   $ 0.54
    Book Value Per Common Share   $ 47.93   $ 44.92   $ 40.00   $ 47.93   $ 40.00
    Tangible Book Value Per Common Share (c)   $ 36.22   $ 36.04   $ 33.69   $ 37.84   $ 32.10
    Basic Weighted Average Common Shares Outstanding     11,808     11,814     11,901     11,809     11,993

    ________________
    (a)  Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
    (b)  Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
    (c)  Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.

                           
    Key Ratios   Three Months Ended   Nine Months Ended  
        September 30,   June 30,   September 30,   September 30,   September 30,  
        2024   2024   2023   2024   2023  
    Return on average assets   0.64 % 0.94 % 1.35 % 0.82 % 1.33 %
    Return on average common shareholder’s equity   6.39 % 8.78 % 13.19 % 7.80 % 12.98 %
    Efficiency ratio   64.43 % 64.56 % 59.57 % 65.33 % 58.77 %
    Average equity to average assets   9.97 % 10.76 % 10.26 % 10.51 % 10.24 %
    Net interest margin (a)   3.78 % 3.57 % 3.74 % 3.63 % 3.83 %
    Net charge-offs to average loans and leases   0.49 % 0.59 % 0.24 % 0.43 % 0.24 %
    Credit loss reserve to loans and leases   1.24 % 1.20 % 1.25 % 1.24 % 1.25 %
    Credit loss reserve to nonperforming loans   326.65 % 240.85 % 310.19 % 326.65 % 310.19 %
    Nonperforming loans to loans and leases   0.38 % 0.50 % 0.40 % 0.38 % 0.40 %
    Tier 1 leverage   10.25 % 12.14 % 11.72 % 10.25 % 11.72 %
    Risk-based capital – Tier 1   13.63 % 14.82 % 14.61 % 13.63 % 14.61 %

    ________________
    (a)  Net interest margin is calculated on a tax equivalent basis.

                                   
                                   
    Asset Quality   Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,   September 30,
        2024   2024   2023   2024   2023
    Accruing loans and leases past due 30-89 days   $ 16,391   $ 14,913   $ 15,961   $ 16,391   $ 15,961
    Accruing loans and leases past due 90 days or more   $ 1,517   $ 1,353   $ 1,370   $ 1,517   $ 1,370
    Nonaccrual loans and leases   $ 12,617   $ 14,563   $ 11,214   $ 12,617   $ 11,214
    Other real estate owned   $ 169   $ 170   $ 63   $ 169   $ 63
    Nonperforming loans and other real estate owned   $ 14,303   $ 16,086   $ 12,647   $ 14,303   $ 12,647
    Total nonperforming assets   $ 17,179   $ 18,978   $ 15,671   $ 17,179   $ 15,671
    Gross charge-offs   $ 6,936   $ 6,091   $ 3,601   $ 16,219   $ 11,520
    Recoveries   $ 2,365   $ 1,414   $ 1,528   $ 5,449   $ 5,975
    Net charge-offs/(recoveries)   $ 4,571   $ 4,677   $ 2,073   $ 10,770   $ 5,545
                     
    Non-GAAP Reconciliations   Three Months Ended September 30,
        2024   2023
    ($in thousands, except EPS)                
    Income before Income Taxes   $ 10,429     $ 19,312  
    Provision for credit losses     9,400       1,200  
    Provision for unfunded commitments     100       —  
    Pre-tax, Pre-provision Income   $ 19,929     $ 20,512  
                 
    Non-GAAP Reconciliations   Nine Months Ended September 30,
        2024    2023 
    ($ in thousands, except EPS)            
    Income before Income Taxes   $ 37,140     $ 58,395  
    Provision for credit losses     14,166       4,800  
    Provision for unfunded commitments     (200 )     (100 )
    Pre-tax, Pre-provision Income   $ 51,106     $ 63,095  
     
    CONSOLIDATED BALANCE SHEETS
    (Dollar amounts in thousands, except per share data)
           
        September 30,   December 31, 
        2024   2023
        (unaudited)
    ASSETS            
    Cash and due from banks   $ 77,312     $ 76,759  
    Federal funds sold     1,356       282  
    Securities available-for-sale     1,271,992       1,259,137  
    Loans:            
    Commercial     2,112,738       1,817,526  
    Residential     924,276       695,788  
    Consumer     671,353       646,758  
          3,708,367       3,160,072  
    (Less) plus:            
    Net deferred loan costs     6,868       7,749  
    Allowance for credit losses     (46,169 )     (39,767 )
          3,669,066       3,128,054  
    Restricted stock     15,366       15,364  
    Accrued interest receivable     25,386       24,877  
    Premises and equipment, net     82,213       67,286  
    Bank-owned life insurance     128,242       114,122  
    Goodwill     93,363       86,985  
    Other intangible assets     25,802       5,586  
    Other real estate owned     169       107  
    Other assets     93,084       72,587  
    TOTAL ASSETS   $ 5,483,351     $ 4,851,146  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Deposits:            
    Non-interest-bearing   $ 831,575     $ 750,335  
    Interest-bearing:            
    Certificates of deposit exceeding the FDIC insurance limits     159,618       92,921  
    Other interest-bearing deposits     3,726,296       3,246,812  
          4,717,489       4,090,068  
    Short-term borrowings     84,363       67,221  
    FHLB advances     30,456       108,577  
    Other liabilities     85,092       57,304  
    TOTAL LIABILITIES     4,917,400       4,323,170  
                 
    Shareholders’ equity            
    Common stock, $.125 stated value per share;            
    Authorized shares-40,000,000            
    Issued shares-16,165,023 in 2024 and 16,137,220 in 2023            
    Outstanding shares-11,808,304 in 2024 and 11,795,024 in 2023     2,016       2,014  
    Additional paid-in capital     144,785       144,152  
    Retained earnings     677,155       663,726  
    Accumulated other comprehensive income/(loss)     (102,800 )     (127,087 )
    Less: Treasury shares at cost-4,356,719 in 2024 and 4,342,196 in 2023     (155,205 )     (154,829 )
    TOTAL SHAREHOLDERS’ EQUITY     565,951       527,976  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 5,483,351     $ 4,851,146  
     
    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
    (Dollar amounts in thousands, except per share data)
                 
        Three Months Ended   Nine Months Ended
        September 30,   September 30,
        2024   2023   2024   2023
            (unaudited)
    INTEREST INCOME:                        
    Loans, including related fees   $ 61,367   $ 49,146     $ 162,878   $ 140,220  
    Securities:                        
    Taxable     6,319     6,164       18,083     18,631  
    Tax-exempt     2,715     2,661       7,919     7,937  
    Other     1,294     752       2,989     2,864  
    TOTAL INTEREST INCOME     71,695     58,723       191,869     169,652  
    INTEREST EXPENSE:                        
    Deposits     22,197     13,627       59,622     35,111  
    Short-term borrowings     993     1,923       2,928     4,025  
    Other borrowings     1,335     2,023       3,935     2,844  
    TOTAL INTEREST EXPENSE     24,525     17,573       66,485     41,980  
    NET INTEREST INCOME     47,170     41,150       125,384     127,672  
    Provision for credit losses     9,400     1,200       14,166     4,800  
    NET INTEREST INCOME AFTER PROVISION                        
    FOR LOAN LOSSES     37,770     39,950       111,218     122,872  
    NON-INTEREST INCOME:                        
    Trust and financial services     1,251     1,140       3,903     3,642  
    Service charges and fees on deposit accounts     8,139     7,099       21,576     20,971  
    Other service charges and fees     191     213       700     613  
    Securities gains (losses), net     103     —       104     —  
    Interchange income     177     —       490     47  
    Loan servicing fees     274     447       957     997  
    Gain on sales of mortgage loans     411     321       886     811  
    Other     677     2,407       1,943     4,374  
    TOTAL NON-INTEREST INCOME     11,223     11,627       30,559     31,455  
    NON-INTEREST EXPENSE:                        
    Salaries and employee benefits     18,521     17,159       53,231     51,263  
    Occupancy expense     2,556     2,389       7,116     7,120  
    Equipment expense     4,280     3,580       12,736     10,404  
    FDIC Expense     558     613       1,721     1,977  
    Other     12,649     8,524       29,833     25,168  
    TOTAL NON-INTEREST EXPENSE     38,564     32,265       104,637     95,932  
    INCOME BEFORE INCOME TAXES     10,429     19,312       37,140     58,395  
    Provision for income taxes     1,688     3,027       6,106     10,143  
    NET INCOME     8,741     16,285       31,034     48,252  
    OTHER COMPREHENSIVE INCOME (LOSS)                        
    Change in unrealized gains/(losses) on securities, net of reclassifications and taxes     31,628     (34,934 )     24,067     (36,504 )
    Change in funded status of post retirement benefits, net of taxes     73     146       220     440  
    COMPREHENSIVE INCOME (LOSS)   $ 40,442   $ (18,503 )   $ 55,321   $ 12,188  
    PER SHARE DATA                        
    Basic and Diluted Earnings per Share   $ 0.74   $ 1.37     $ 2.63   $ 4.02  
    Weighted average number of shares outstanding (in thousands)     11,808     11,901       11,809     11,993  

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Wendel announces a transformational transaction in line with its strategic roadmap

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE – OCTOBER 22, 2024

    Wendel announces a transformational transaction
    in line with its strategic roadmap

    • Acquisition of Monroe Capital LLC dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth
    • Wendel’s Asset Management platform will represent c.€31 billion1 of AuM in private assets and is expected to generate c.€160 million2 of Fee Related Earnings and c.€185 million of total pre-tax profit in 2025

    Wendel (MF-FP) today announced that it has entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

    For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding principal investments business.

    This transaction follows Wendel’s recent acquisition of IK Partners, a European leader in middle market private equity, as it seeks to build a scaled third-party asset management platform, based on strong performing General Partners with distinctive and focused expertise, an entrepreneurial mindset and an emphasis on the middle market. The embedded organic growth of those acquisitions will be complemented by Wendel’s unique value proposition which includes:

    • Capital to sponsor new strategies and fund organic and inorganic initiatives ($800 million in the sponsoring program and up to $200m of GP commitment for Monroe Capital)
    • Wendel’s network to develop long term strategic partnerships with highly regarded LPs (Wendel and Monroe Capital intend for AXA-IM Prime to participate in the transaction)
    • Cross selling opportunities by combining the expertise and client bases of GPs
    • Development of centralized fundraising platform to address new markets

    The transaction is subject to the satisfaction of closing conditions and receipt of regulatory approvals. It is expected to be completed in the first half of 2025.

    A private credit leader in the U.S. middle market with a demonstrated strong track record across market cycles

    Founded in 2004 by Ted Koenig, Monroe Capital provides private credit solutions to borrowers in the U.S. and Canada, managing $19.53 billion of assets across 45+ investment vehicles. Monroe Capital’s strategic verticals are Lower Middle Market Direct Lending, Alternative Credit, Software & Technology, Real Estate, Venture Debt, Independent Sponsor and Middle Market CLOs. Each vertical has demonstrated strong investment performance and offers potential for significant organic growth.

    Through July 1, 2024, Monroe Capital has directly originated over 700 transactions, has invested over $44 billion and has earned c.10% gross unlevered IRR4 for its directly originated transactions. Monroe Capital’s LP base is very broad and diversified, including public pensions, insurance companies, family offices and high net worth individuals from across the globe.

    The firm, which is headquartered in Chicago, maintains eleven offices, of which nine are in the U.S., one in Abu Dhabi, UAE and one in Seoul, South Korea. Monroe Capital has grown to a team of over 270 employees, including 110 investment professionals.

    A transaction aligning strategic interests of all stakeholders over the long-term

    The envisaged transaction is a strategic partnership in which Monroe Capital’s teams — who remain committed for the long term — will continue to operate independently and autonomously in day-to-day management of current markets and strategies, under the same brand. Monroe Capital’s Investment Committee also would remain fully independent.

    A key feature of the planned partnership will be the commitment of significant capital by Wendel to support Monroe Capital’s present and future funds, as well as the development of new strategies. The contemplated transaction would lead to the full acquisition by Wendel of Monroe Capital over time, with subsequent transactions structured to ensure alignment of interests of all stakeholders:

    (i)      Initial transaction

    As part of the initial transaction, which is expected to be finalized in the first half of 2025, Wendel shall invest $1.13 billion, to acquire 75% of Monroe Capital’s shares (50% from Monroe management and 25% from Bonaccord Capital Partners who is a minority interest owner of Monroe) together with rights to c.20% of the carried interest generated on past and future funds. Monroe management will continue to own 25% of the Company post-closing.

    (ii)      Long-term alignment and subsequent transactions

    This transaction aims to maintain a long term and uncapped alignment of interests between Wendel and Monroe Capital’s 23 partners and employees:

    The initial transaction involving 75% of Monroe Capital would be complemented by an earn-out mechanism in the maximum amount of $255 million, subject to Fee Related Earnings (“FRE”) performance thresholds (Max if CAGR above c.26%) in the period, and if achieved would be paid in cash in 2028.

    The total consideration for the 75% would correspond to c. 14.7x to 18.5x 2025e pre-tax FRE depending on the earn out effectively paid and a 4.2x 2025e pre-tax Performance Related Earnings.

    Wendel will have a path to purchase the remaining 25% of Monroe Capital’s shares in subsequent transactions (put / call mechanisms) that would take place in three instalments over 2028 and 2032 and be payable in cash. The purchase of the remaining 25% shares would be valued through variable purchase multiples determined depending on realized FRE growth.

    (iii)      Capital commitment

    In addition, to accelerate Monroe Capital’s growth, Wendel would seed future new initiatives launched by the Company, with sponsor money, up to a maximum of $800 million in total, thereby supporting Monroe’s growth and diversifying Wendel’s investments in asset classes. In addition, Wendel will fund GP commitment of c.1% of funds to be raised, up to a maximum of $200 million. In total, Wendel will invest $1 billion into Monroe Capital’s funds.

    (iv)      AXA IM Prime’s investment alongside Wendel

    In addition, Wendel and Monroe Capital intend for AXA IM Prime to participate in the transaction. Wendel and AXA IM Prime have longstanding relationship and have jointly worked since inception on the current transaction. Both companies are now in discussion to confirm AXA IM Prime investment (up to $50m) as a minority shareholder, through its GP-stake fund “AXA IM Prime Capital Partners I” (“PCP I”), alongside Wendel in Monroe Capital. AXA Group (CS-FP) is the anchor investor of PCP I and already a significant and historic Limited Partner in Monroe Capital’s funds.

    Wendel to become an Asset Manager alongside its historical Principal Investment activity

    Wendel’s ambition is to build a sizeable Asset Management platform managing investments in multiple private asset classes, alongside its historical Principal Investment activity. The development of the third-party Asset Management platform will provide Wendel with recurring and growing cashflows as well as exposure to multiple and high performing asset classes. As a result, Wendel’s dual business model is expected to generate an attractive and recurring return to shareholders.

    With IK Partners and Monroe Capital, Wendel’s third party private asset management platform will reach c.€31 billion in AUM5, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€101 million in pre-tax FRE (Wendel share) by 2025 and is expected to reach €150 million (Wendel share) in pre-tax FRE by 2027 through double-digit organic growth.

    This evolution of Wendel’s business model is designed to enable the development, over time, of a value-creating platform with the potential to generate operational synergies.

    The third-party Asset Management platform will be developed alongside Wendel’s Principal Investment strategy, with the objective of generating double-digit Total Shareholder Return.

    Laurent Mignon, Wendel Group CEO, commented:

    “One year after announcing the acquisition of 51% of IK Partners, we are proud to announce the acquisition of 75% of Monroe Capital LLC, creating a strong partnership with a private credit leader in the U.S. lower midmarket. This acquisition marks an important step forward for Wendel’s asset management platform, which we are committed to scaling. Wendel is becoming an asset manager alongside our decades-long activity as a long-term equity investor. Monroe Capital, founded by Ted Koenig in 2004, is a terrific company that has consistently delivered strong performance across various market cycles in North America, bolstered by a surge in demand for private credit solutions and with the scale to capitalize on the growing opportunity set we see in private credit. Monroe Capital is strategically positioned to capitalize on this increasing demand, attracting both institutional and retail investors.

    Through this partnership with Monroe Capital, we are thrilled to collaborate with Ted Koenig, Chairman and CEO, Zia Uddin, President, and their talented teams to support their success and their ability to deliver robust financial performance over the coming years. It will be also a great privilege for Wendel to partner with such a renowned investor as AXA IM Prime.

    Wendel is executing its strategic plan with determination, rigor and financial discipline, as demonstrated by this transformational acquisition, while also focusing on premium assets in our principal investment activities, highlighted by the recent acquisition of Globeducate. Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit. Our priority for the near future will be to build our platform and to work on the rotation of our Principal Investment assets.

    I would like to express my gratitude to the Wendel teams for their unwavering dedication and to the Supervisory Board of Wendel for its constant support in driving this ambitious strategy forward.”

    Theodore L. Koenig, Chairman & CEO of Monroe Capital commented:

    “We are excited to partner with Wendel and AXA IM on this next chapter of Monroe’s growth. Their commitment to our business will provide meaningful and stable capital to thoughtfully scale our platform and better capture the attractive and expanding opportunity in middle market private credit. Specifically, Wendel’s $1 billion commitment will accelerate our client-centric growth strategy and deliver meaningful benefits to our global investor base.”

    UBS acted as exclusive financial advisor to Wendel and Kirkland & Ellis LLP acted as legal counsel to Wendel. Wendel was also assisted by Fenchurch Advisory for this transaction. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Monroe Capital, and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Monroe Capital.

    About Monroe Capital

    Monroe Capital LLC (“Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains 11 offices throughout the United States and Asia.

    About Wendel

    Wendel is one of Europe’s leading listed investment firms. The Group historically has made long-term equity investments in European and North American companies that are leaders in their field, including its current investments ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. With Wendel Growth, Wendel also invests via funds or directly in innovative, high-growth companies. In 2023, Wendel announced its intention to build out a third-party private asset management platform to complement its principal investment activities. In the first step in advancing this dual-strategy model, Wendel in May 2024 finalized the acquisition of a 51% stake in IK Partners.

    Agenda

    Thursday, October 24, 2024

    Q3 2024 Trading update – Publication of NAV as of September 30, 2024 (post-market release)

    Friday, December 6, 2024,

    2024 Investor Day.

    Wednesday, February 26, 2025

    Full-Year 2024 Results – Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)

    Thursday, April 24, 2025

    Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

    Thursday, May 15, 2025

    Annual General Meeting

    Wednesday, July 30, 2025

    H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)


    1 As of September 2024

    2 c.€101m of FRE expected in 2025, Wendel share.

    3 committed and managed capital (as of July 1, 2024)

    4 Across fully exited companies

    5 As of September 2024

    Attachment

    • Wendel_Monroe_2024_EN

    The MIL Network –

    January 24, 2025
  • MIL-OSI USA: Justice Department Sues Rocket Mortgage, Appraisal Management Company and Appraiser for Race Discrimination in Mortgage Refinance Application

    Source: US State of California

    The Justice Department announced today that it has filed a lawsuit alleging that Rocket Mortgage LLC; Solidifi US Inc.; Maverick Appraisal Group Inc.; and Maksym Mykhailyna discriminated against a Black homeowner by undervaluing her home based on her race in an appraisal required as part of a home mortgage refinance application. The United States also alleges that Rocket Mortgage retaliated against the homeowner and interfered with her rights by cancelling her mortgage refinance application when she reported this discrimination.

    “This lawsuit is part of our ongoing efforts to bring an end to appraisal bias which prevent Black communities and other consumers of color from accessing credit and benefitting from homeownership,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “Appraisal bias exacerbates the racial wealth gap, and runs contrary to the principles of fairness, transparency and equity that we need in our housing market today. The Justice Department will continue to hold appraisers, lenders and others who discriminate against loan applicants accountable for their actions. No one should have to suffer the indignity and financial harm associated with appraisal bias.”

    “The complaint alleges racially discriminatory practices by a lender and an appraiser that harmed a homeowner. These discriminatory practices have gone on for too long in Denver,” said Acting U.S. Attorney Matt Kirsch for the District of Colorado. “The U.S. Attorney’s Office is committed to addressing persistent inequities in housing through vigorous enforcement of federal laws prohibiting discrimination in housing and lending.”

    The Justice Department’s complaint alleges that a homeowner applied for a mortgage refinance loan from Rocket Mortgage in January 2021, and Rocket Mortgage contracted with an appraisal management company, Solidifi US Inc., to complete the required home appraisal. Solidifi retained Mykhailyna and his company, Maverick Appraisal Group, to appraise the home, which is located in a neighborhood in Denver that is predominantly white. The complaint alleges that Mykhailyna used sales from properties in further-away neighborhoods with larger Black populations instead of closer neighborhoods that were predominantly white. In fact, the complaint alleges Mykhailyna failed to consider data from sales of homes less than a mile from the complainant’s property in an adjoining neighborhood, even though a few months earlier he had used sales of homes in that same neighborhood to support an appraisal of a home with a white owner in the complainant’s neighborhood. The complaint alleges that these and other errors demonstrate Mykhailyna undervalued the property because of race and color.

    Mykhailyna appraised the property to be over $200,000 lower than an appraisal on the same property that had been completed less than a year before, a more than 25% decrease at a time of rising home values in the Denver.

    As alleged in the complaint, Mykhailyna sent his appraisal to Solidifi, which reviewed it and then forwarded it to Rocket Mortgage and the homeowner. When the homeowner received the appraisal, she contacted Rocket Mortgage and explained why she believed it was discriminatory. In response, Rocket Mortgage cancelled her refinance application. She filed a complaint with the Department of Housing and Urban Development (HUD), which later conducted an investigation, determined that there was reasonable cause to conclude the defendants had violated the Fair Housing Act, and referred the matter to the Justice Department.

    “HUD applauds today’s action and remains committed to working with DOJ to ensure appraisal companies and mortgage providers are held accountable when they violate our nation’s fair housing laws.” said Principal Deputy Assistant Secretary Diane M. Shelley of HUD’s Office of Fair Housing and Equal Opportunity. “It has been over 56 years since the passage of the Fair Housing Act, and it is unconscionable that Black and Brown families still face discrimination during housing transactions.”

    More information about the Civil Rights Division and the laws it enforces is available at www.justice.gov/crt. Along with several federal agencies, the Justice Department issued a letter to The Appraisal Foundation underscoring the importance of incorporating federal nondiscrimination standards into appraisal standards. More information about the Interagency Task Force on Property Appraisal and Valuation Equity is available at pave.hud.gov.

    Individuals may report housing discrimination to the Justice Department by calling 1-833-591-0291, emailing fairhousing@usdoj.gov or submitting a report online. Individuals also may report housing discrimination to HUD by calling 1-800-669-9777 or filing a complaint online.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI: Versity and INEUF.com Make a Giant Deal in the Real Estate Sector: Digital Real Estate Transformation Begins!

    Source: GlobeNewswire (MIL-OSI)

    NICE, France, Oct. 19, 2024 (GLOBE NEWSWIRE) — Versity is an innovative project established to revolutionize the real estate world with metaverse technology. Now it has taken a big step that will further consolidate its claim in the real estate sector! By acquiring INEUF.com, France’s largest real estate platform, Versity aims to bring its digital solutions to a wider audience.

    Thanks to this strategic partnership, Versity will have access to INEUF.com’s database of more than 4,000 projects and over 120,000 apartments. Moreover, INEUF.com’s extensive customer network and expert team of 320 sales consultants will meet Versity’s 3D modeling and Web 3 technologies, taking the customer experience to the next level!

    Versity’s Innovative Vision in Real Estate

    Versity’s goal is to bring transparency to the real estate industry on the metaverse, enabling users to make fast and informed decisions based on certified data. With the existing portfolio on INEUF.com’s platform and AI-powered customer relationship management systems, Versity aims to make real estate transactions much more efficient.

    Frédéric Ibanez, President of Versity, comments on this important partnership: “Nicolas Viale, founder of INEUF.com, has achieved great success in the new real estate market, creating a platform covering 80% of France. By combining this strong sales network with Versity’s 3D modeling tools, we are bringing a brand new and innovative solution to the market.”

    Building the Future Together

    This partnership will enable Versity to gain a strong position in the real estate sector. Joining forces with INEUF.com’s experienced team, Versity is taking firm steps towards becoming a platform that shapes the future by accelerating digital transformation in the real estate world. Versity aims to usher in a new era in the sector by offering innovative solutions to its users in both the virtual and physical worlds.

    This strategic move of Versity draws attention as one of the concrete steps taken to realize its vision for the real estate sector in the metaverse.

    X: https://x.com/HelloVersity
    Website : https://versity.io/en
    Youtube: https://www.youtube.com/watch?v=eXiqMB0tgBg
    Telegram : https://t.me/HelloVersity

    Contact:
    Frederic Ibanez
    presse@versity.io

    Disclaimer: This content is provided by Versity. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/30633a57-d1d2-41dc-8cbd-39afab466a61

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Metaverse Rising Again: Versity Adds Kuwaiti Royal Advisor to its Team and Prepares to Grow in the Middle East!

    Source: GlobeNewswire (MIL-OSI)

    NICE, France, Oct. 19, 2024 (GLOBE NEWSWIRE) — Offering revolutionary digital solutions in the real estate industry, Versity has added a new one to its strategic cooperation and innovative steps. After acquiring France’s largest new real estate platform INEUF.com, Versity has now announced the addition of Hassan F. Beidas, Advisor to the Kuwaiti Royal Family, to its team to lead its expansion and investment strategies in the Middle East.

    Versity’s Growing Portfolio with Strong Investments in the Middle East

    Hassan F. Beidas has been an advisor to the Kuwaiti Royal Family for over 12 years and has been instrumental in managing large financial investments in the region. Beidas, who is also the Managing Director of the Arab Trade and Real Estate Office, will be an important guide in Versity’s global growth journey. This cooperation paves the way for Versity to expand its portfolio and create a wider space in the international market with significant investments coming from Kuwait.

    Strong Positioning in the Middle East and Europe Market with INEUF.com and Versity Cooperation

    Versity recently acquired INEUF.com, which has a database of more than 4,000 real estate projects and over 120,000 apartments for sale across France. INEUF.com’s extensive customer network and team of expert consultants will strengthen Versity’s digital real estate solutions and provide a solid foundation for growth in the Middle East. Versity aims to provide innovative services from Europe to the Gulf region by increasing efficiency through AI-powered customer relationship management tools.

    Comment on the Collaboration by Frédéric Ibanez, President of Versity

    “We are honored to have Mr. Hassan F. Beidas join our team. His knowledge of international markets and strong investment network will contribute greatly to achieving our global growth targets. I would also like to take this opportunity to express my sincere thanks to His Highness Sheikh Duaij Jaber Ali Al Sabah of the Kuwaiti Royal Family for his sincere support. This collaboration opens the door to a new era for Versity,” said Frédéric Ibanez.

    About Versity SA:
    Versity SA is a technology company listed on Euronext Access, developing innovative digital solutions for the real estate industry. Integrating 3D and Web3 technologies, Versity aims to revolutionize the real estate industry by bringing real-world interactions to the digital world.

    About INEUF.com:
    INEUF.com, France’s largest new real estate marketplace, offers more than 4,000 programs and a portfolio of more than 120,000 apartments for sale. With a network of 320 consultants, the company is the market leader in new real estate programs and investment property sales in France and French overseas territories.

    X: https://x.com/HelloVersity
    Website : https://versity.io/en
    Youtube: https://www.youtube.com/watch?v=eXiqMB0tgBg
    Telegram : https://t.me/HelloVersity

    Contact:
    Frederic Ibanez
    presse@versity.io

    Disclaimer: This content is provided by Versity. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/5e1b3107-6aae-4151-8cdb-56ecdecf2782

    https://www.globenewswire.com/NewsRoom/AttachmentNg/972742cf-7c0b-4134-ae4c-51628cb71c3e

    The MIL Network –

    January 24, 2025
  • MIL-OSI United Kingdom: Real estate programmes reaccredited by global professional body The MSc and MA Real Estate programmes at the University of Aberdeen’s Business School have been reaccredited by the sector’s leading professional development body.

    Source: University of Aberdeen

    The University is marking 50 years of delivering Real Estate degree programmes. Photo credit: ThirdmanThe MSc and MA Real Estate programmes at the University of Aberdeen’s Business School have been reaccredited by the sector’s leading professional development body.
    Now in its 50th year of delivering Real Estate degree programmes, the University has seen all eight courses reconfirmed as meeting a globally-recognised standard of surveying education by the Royal Institution of Chartered Surveyors (RICS).
    They are the MSc Real Estate, MSc Finance and Real Estate, MA (Hons) Real Estate, MA (Hons) Finance and Real Estate, MA (Hons) Business Management and Real Estate, MA (Hons) Economics and Real Estate, MA (Hons) Accountancy and Real Estate; and MA (Hons) International Business with Real Estate specialism.
    The panel consider a number of areas during the review process, including student experience, the quality of the programme content and teaching staff, access to resources and the relevance of the curriculum to industry.
    Fiona Stoddard, lecturer in real estate and director of student experience at the Business School, said: “We are delighted to have received our  reaccreditation from RICS, adding further confidence that our real estate programmes continue to meet the highest international standards and support students who wish to pursue a rewarding career in the sector.
    “Our graduates are able to seek employment in a range of surveying specialisms through our degree accreditations.”

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI USA: Governor Lamont Announces ‘Time to Own’ First-Time Homebuyer Assistance Program Reopens With the Support of $40 Million in Newly Released State Funding

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont, who serves as chairman of the State Bond Commission, today announced that the commission voted at its meeting this morning to approve an allocation of $40 million in state funding that will be used to reopen Connecticut’s popular Time To Own program to a new round of applicants.

    Established by Governor Lamont with the support of the state legislature, Time To Own provides down payment assistance to low and moderate-income, first-time homebuyers in Connecticut. Administered by the Connecticut Housing Finance Authority (CHFA) on behalf of the Connecticut Department of Housing, this program has already helped thousands of people in the state buy their first homes since launching in 2022.

    “Owning a home is a cornerstone of the American Dream, and programs like Time To Own are making it possible for more Connecticut residents to turn that dream into reality,” Governor Lamont said. “This new round of funding ensures that we can continue to provide the resources needed to help first-time homebuyers access affordable homeownership, build wealth, and invest in our state’s future.”

    Time To Own has been a critical tool in supporting first-time homebuyers as they navigate the challenges of purchasing a home. By providing forgivable loans for down payments and closing costs, the program has enabled individuals and families to achieve the dream of homeownership, fostering long-term financial stability and contributing to stronger communities.

    “The success of the Time To Own program speaks to its necessity in our current housing market,” Housing Commissioner Seila Mosquera-Bruno said. “By making homeownership more attainable, we are not only helping individuals and families achieve stability but also creating more inclusive and vibrant communities across Connecticut.”

    With the new funding, Time To Own is expected to support an even greater number of first-time homebuyers in the coming months. To date, the program has helped more than 4,800 homebuyers in 149 towns buy their first homes, more than half of whom are people of color. With the new funding allocation, Connecticut has invested $195 million in the program.

    “Time To Own has already changed the lives of thousands of homebuyers, and we are thrilled to be reopening the program with this additional funding,” CHFA Executive Director Nandini Natarajan said. “This is a crucial step in expanding access to homeownership, particularly for low- and moderate-income residents and people of color. We remain committed to ensuring that as many Connecticut residents as possible can take advantage of this opportunity to secure their futures through homeownership.”

    For more information on eligibility and how to apply for Time To Own, visit chfa.org/TimeToOwn.

     

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Opening of $1.2B Mixed-Use Development on Long Island

    Source: US State of New York

    Governor Kathy Hochul today celebrated the grand opening of Station Yards, a state-of-the-art, mixed-use development in Ronkonkoma, Suffolk County on Long Island. Station Yards, also known as the Ronkonkoma Hub, is a transformative transit-oriented development spanning 53 acres around the Ronkonkoma Long Island Rail Road station. The $1.2 billion project, led by TRITEC Real Estate Company, is revitalizing the area by integrating housing, office and retail spaces, creating a dynamic urban center that caters to modern living and working needs. This development showcases New York State’s commitment to fostering sustainable economic growth, enhancing community vibrancy and setting new standards for smart, transit-oriented urban planning across Long Island and beyond.

    “Station Yards represents a new chapter in Long Island’s growth story and exemplifies our vision for vibrant, sustainable communities across New York State,” Governor Hochul said. “This project is not just about building apartments and offices – it’s about creating a dynamic ecosystem where people can live, work and thrive. By investing in mixed-use developments like Station Yards, we’re addressing housing needs, creating jobs, and laying the foundation for long-term economic prosperity in our communities.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “Station Yards is a game-changer for Long Island’s economy, embodying our vision for innovative, transit-oriented developments that catalyze growth. With substantial support from ESD, this project is set to create thousands of jobs and establish a new standard for sustainable, community-focused development. Station Yards exemplifies how strategic investments can transform communities and drive economic progress, serving as a blueprint for future developments across New York State.”

    TRITEC Principal Jim Coughlan said, “Public investment has been instrumental in bringing Station Yards to life, and we are grateful for the strong backing from Governor Hochul and Empire State Development. Without this critical support, our commitment of over $400 million in private capital to Ronkonkoma would not have been possible. This investment is creating much-needed housing and transforming the area into a new destination at Long Island’s only true multi-modal site, fostering a vibrant, connected community.”

    Station Yards is taking shape in phases around one of Long Island’s key transportation hubs. Upon completion, it will encompass 1,450 residential units, 360,000 square feet of office space, and 195,000 square feet of retail space. The first phase, Alston Station Yards, delivered 489 residential units in 2020. The second phase, The Core, will introduce an additional 388 homes, expand retail and office spaces by 67,000 and 16,500 square feet respectively, and feature a public plaza alongside more than 1,200 parking spaces.

    Situated at a crucial intersection of transportation networks, the development benefits from its proximity to Exit 60 of the Long Island Expressway and Long Island MacArthur Airport. It also leverages its proximity to the Ronkonkoma LIRR station — Suffolk County’s busiest and Long Island’s second-busiest — which serves 17,000 daily commuters with express routes to both Penn Station and Grand Central Station. This strategic location enhances the project’s vision of a vibrant, walkable community where residential, commercial and public spaces seamlessly integrate.

    In 2017 Empire State Development provided support for the project with a $55 million capital grant, underscoring the State’s commitment to innovative, community-focused development. This investment is part of a broader strategy to revitalize communities across New York State through targeted, transformative projects. Station Yards is projected to generate over 10,000 construction jobs and 2,500 permanent jobs, providing a significant boost to local employment opportunities. By offering a mix of housing options near a major transit hub, the development addresses critical housing needs while advancing New York State’s goals for sustainable urban development.

    Suffolk County Executive Ed Romaine said, “Station Yards is a shining example of the smart, transit-oriented development that is needed in Suffolk County and we thank the Governor for her efforts.”

    Brookhaven Town Supervisor Dan Panico said, “Station Yards is a prime example of community supported redevelopment, robust economic vitality and appropriately placed redevelopment. The Ronkonkoma train station area, once a somewhat despondent and bleak assemblage of vacant storefronts, dirt lots and unwelcoming industrial properties, have been transformed through the efforts of the community, the project team and a town with the foresight, courage and mettle to undertake such a project and see it through. I am proud to lead Brookhaven and I remain confident that we can continue to redevelop appropriately while also preserving open spaces and farmland, understanding that both are equally important and beneficial to our future.”

    LIREDC Co-Chairs Linda Armyn and Dr. Kimberly R. Cline said, “Station Yards embodies the transformative vision at the heart of Long Island’s economic development strategy. By creating a walkable, mixed-use community centered around a major transportation hub, this project addresses multiple priorities — from expanding housing options and creating jobs to promoting sustainable growth and enhancing our region’s competitiveness. Station Yards is a testament to what we can achieve when public and private sectors collaborate to build stronger, more vibrant communities.”

    As New York continues to address the housing crisis, projects like Station Yards increase the supply of housing and help build stronger, more resilient communities. These developments showcase how public-private partnerships can transform underutilized areas into vibrant community hubs. By creating walkable, mixed-use communities near major transportation links, Station Yards and similar projects are instrumental in attracting and retaining talent, promoting sustainable growth, and fostering a more connected, prosperous future for regions like Long Island and beyond.

    Governor Hochul’s Housing Agenda

    Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain State-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 45,000 homes have been created or preserved to date. The FY25 Enacted Budget also strengthened the Pro-Housing Community Program, which the Governor launched in 2023. Pro-Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. To date, more than 200 communities have been certified, including the town of Brookhaven.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Moolenaar, Rubio, Colleagues Call For Treasury to Retroactively Review Its Failure to Block Gotion Transaction

    Source: United States House of Representatives – Congressman John Moolenaar (4th District of Michigan)

    Headline: Moolenaar, Rubio, Colleagues Call For Treasury to Retroactively Review Its Failure to Block Gotion Transaction

    Moolenaar, Rubio, Colleagues Call For Treasury to Retroactively Review Its Failure to Block Gotion Transaction

    Gotion Incorporated, a company with deep ties to the Chinese Communist Party, has plans to develop a large industrial site in Mecosta County, Michigan near a U.S. military installation in the state. The failure of the Committee on Foreign Investment in the United States (CFIUS) to investigate and block this development poses a serious threat to U.S. national security.

    Congressman John Moolenaar (R-MI), U.S. Senator Marco Rubio (R-FL) and their colleagues, sent a letter to Treasury Secretary Janet Yellen urging her to use CFIUS’s authority to retroactively review the transaction after CFIUS failed to review it two years ago. The transaction should have been reviewed then because “Federal regulations define the extended range of a military installation as land within a 100-mile radius of the military installation” and CFIUS’s own geographic reference tool shows the Gotion site is less than 60 miles from Camp Grayling.

    • “We write to express our deep concern regarding the U.S. Department of the Treasury’s apparent failure to block Gotion Incorporated (Gotion)—an entity with deep ties to the Chinese Communist Party (CCP)—from developing a large industrial site near a major U.S. military installation.”
    • “Given CFIUS’ failure to launch a review of Gotion’s site development when the project was first publicly announced two years ago, it is now imperative that CFIUS update its proposed rulemaking to clarify the Committee’s ability to conduct retroactive reviews of covered greenfield investments that it previously failed to address.”

    Joining Rubio and Moolenaar were Senators Tom Cotton (R-AR), Mike Braun (R-IN) and Joni Ernst (R-IA), as well as Representatives Lisa McClain (R-MI), Bill Huizenga (R-MI), Jack Bergman (R-MI), John James (R-MI), and Tim Walberg (R-MI).

    Flashback… In September 2023, Rubio and Moolenaar sent a letter to Secretary Yellen urging CFIUS to review Gotion’s ownership.

    The full text of the new letter is below. 

    Dear Secretary Yellen:

    We write to express our deep concern regarding the U.S. Department of the Treasury’s apparent failure to block Gotion Incorporated (Gotion)—an entity with deep ties to the Chinese Communist Party (CCP)—from developing a large industrial site near a major U.S. military installation. The scope of United States warfighting capabilities is extremely sensitive knowledge. We must only share this information selectively, exclusively, and knowingly with close allies and partners. Federal agencies have a duty to prevent America’s adversaries from obtaining information concerning our national defense personnel and assets. As we are sure you will agree, the Committee on Foreign Investment in the United States (CFIUS) plays a vital role in blocking foreign efforts to collect intelligence on our military via domestic investment.

    Unfortunately, CFIUS seems to have neglected a substantial foreign project constituting a major national security threat stemming from a major facility being constructed by Gotion. Gotion is the U.S. subsidiary of Gotion High-Tech, an electric vehicle (EV) battery company which is based in the People’s Republic of China (PRC) and has documented ties to the CCP. The House Select Committee on the CCP has routinely documented Gotion High-Tech’s notorious, widespread human rights abuses and use of forced labor in mainland China, in addition to its connection with Chinese paramilitary groups. Nonetheless, Gotion is currently constructing a $2.4 billion EV battery plant in Mecosta County, Michigan.

    In June 2023, Gotion announced that its plans for plant construction were outside of CFIUS’ jurisdiction and could therefore continue the project. But as you know, as of February 13, 2020, CFIUS’ jurisdiction applies to greenfield investments when a foreign entity purchases real estate near certain sensitive military bases. Federal regulations define the extended range of a military installation as land within a 100-mile radius of the military installation (31 C.F.R. § 802.211). Covered installations include certain Army combat training centers within the continental United States (31 C.F.R. § 802.227(h)).

    According to CFIUS’ own Part 802 geographic reference tool, Gotion’s site in Michigan is located just under 60 miles south of the Camp Grayling Joint Maneuver Training Center—well within the regulation’s definition of extended range. Camp Grayling is the largest National Guard training facility in the United States and is host to both the Northern Strike joint exercises and the National Guard Exportable Combat Training Center Exercises. Yet, despite Camp Grayling’s significance, and the overwhelming evidence that this facility meets CFIUS’ conditions for a sensitive military installation, CFIUS did not include the camp under its definition of covered real estate until its July 2024 proposed rule, “Definition of Military Installation and the List of Military Installations in Regulations Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States.”

    Given CFIUS’ failure to launch a review of Gotion’s site development when the project was first publicly announced two years ago, it is now imperative that CFIUS update its proposed rulemaking to clarify the Committee’s ability to conduct retroactive reviews of covered greenfield investments that it previously failed to address. This step is well within CFIUS’ authority under 50 U.S.C. 4565 §(b)(1)(D)(i). This common-sense measure would not only allow CFIUS to put a stop to Gotion’s continued nefarious activity, but also the activities of many other adversarial entities that have slipped under CFIUS’ radar and acquired land near sensitive military sites. CFIUS’ failure to retroactively review these transactions would constitute a major security blunder and permit the CCP to engage in intelligence gathering that compromises our military capabilities and readiness.

    Given the severity of what seems to be a grave lapse in CFIUS’ judgement, we request answers to the following questions:

    1. Why did CFIUS fail to designate Camp Grayling as an army combat training center under covered real estate until its July 2024 proposed rule?
    2. If Camp Grayling’s exclusion from covered real estate was a failure in oversight, what steps is CFIUS taking to rectify the situation?
    3. What action is CFIUS taking to stop Gotion from continuing its plant construction given its proximity to a major military installation?
    4. Will CFIUS commit to clarify its authority to conduct retroactive reviews of covered greenfield investments that have slipped under CFIUS’ radar?

    Thank you for your attention to this important matter. We look forward to your prompt response.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Warren, Bowman, 30+ Lawmakers Urge Biden to Continue Bold Executive Action to Lower Housing Costs

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    October 17, 2024
    “We strongly encourage you to cement your legacy by addressing one of the most pressing economic issues of our time.”
    Text of Letter (PDF)
    Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.) and Representative Jamaal Bowman (D-N.Y.) led a letter with over 30  lawmakers to President Joe Biden praising him for his actions to confront the housing crisis and proposing additional executive actions to lower the cost of housing.
    “Under your leadership, the Biden-Harris Administration has taken important steps to protect renters from predatory corporate landlords and to make home purchases and refinancing more affordable,” wrote the lawmakers. “But there is even more that can be done using executive agencies’ existing statutory authority.”
    The lawmakers recommend the Administration and federal agencies take the following actions:
    Price Gouging Protections: In order to safeguard tenants from rising rents at the hands of corporate landlord who have been caught price gouging their tenants, FHFA can condition all Fannie Mae and Freddie Mac multifamily loans on a set of price gouging protections, source of income protections, anti-eviction regulations, and habitability and accessibility improvements.
    Tackling Junk Fees: To address the hidden junk fees that can create thousands of dollars in additional costs for renters and homeowners, the Federal Trade Commission (FTC) should finalize its proposed rule to ban junk fees and continue to investigate unfair and deceptive practices by corporate landlords. Additionally, the Consumer Financial Protection Bureau (CFPB) should address anticompetitive closing costs and junk fees, lowering closing costs for home mortgages and making homeownership more accessible.
    Lowering Credit Report Costs: As the Fair Isaac Corporation (FICO) enjoys a near monopoly in the credit scoring market, the Department of Justice (DOJ) should investigate whether the company is violating antitrust law, and the CFPB should explore potential remedies to exploding credit reporting costs, including a cap on fees that credit reporting agencies can charge and interoperability requirements that would allow consumers to move their credit scores without new fees.
    Promoting Housing Development on Federal Property: Federal agencies can work to reform Title V of the McKinney-Vento Homeless Assistance program, so that federal property can more easily be leased by affordable housing providers who are serving people experiencing homelessness.
    Right now, the United States is facing a severe affordable housing crisis, with an estimated gap of 7.3 million housing units affordable and available to the lowest-income households.
    Already, the Biden-Harris Administration has taken bold steps to protect tenants from predatory corporate landlords, including the Blueprint for a Renters Bill of Rights, rent-hike protections in Low-Income Housing Tax Credit properties, and support for anti-price-gouging measures in properties owned by corporate landlords. The Administration has also worked to increase housing supply, including through grants to incentivize the production of affordable housing and more.
    “We strongly encourage you to cement your legacy by addressing one of the most pressing economic issues of our time and take swift action to create more housing and lower housing costs for Americans everywhere,” concluded the lawmakers.
    The letter is also signed by Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Edward J. Markey (D-Mass.), Christopher Murphy (D-Conn.), Bernard Sanders (I-Vt.), Peter Welch (D-Vt.), and Representatives Alma Adams (D-N.C.), Becca Balint (D-Vt.), Cori Bush (D-Mo.), André Carson (D-Ind.), Greg Casar (D-Texas), Sheila Cherfilus-McCormick (D-Fla.), Jesús G. “Chuy” García (D-Ill.), Sylvia R. Garcia (D-Texas), Raúl M. Grijalva (D-Ariz.), Pramila Jayapal (D-Wash.), Ro Khanna (D-Calif.), Barbara Lee (D-Calif.), Summer Lee (D-Pa.), James P. McGovern (D-Mass.), Alexandria Ocasio-Cortez (D-N.Y.), Ayanna Pressley (D-Mass.), Katie Porter (D-Calif.), Delia C. Ramirez (D-Ill.), Jamie Raskin (D-Md.), Mark Takano (D-Calif.), Shri Thanedar (D-Mich.), Rashida Tlaib (D-Mich.), Nydia Velázquez (D-N.Y.), Bonnie Watson Coleman (D-N.J.), and Nikema Williams (D-Ga.).
    This letter was endorsed by the Tenant Union Federation, National Housing Law Project, National Low Income Housing Coalition, National Homelessness Law Center, and Americans for Financial Reform.
    Senator Warren has long led the fight to make housing more affordable for families and has held companies accountable for their role in exacerbating housing costs:
    In September 2024, Senators Warren (D-Mass.) and other lawmakers demanded answers from corporate landlords in Massachusetts allegedly using rent-hiking algorithms.
    In August 2024, Senators Warren (D-Mass.) and Catherine Cortez Masto (D-Nev.), sent letters to each of the 11 Federal Home Loan Banks (FHLBanks) urging them to contribute at least 20% of their net income to affordable housing and other critical community grant programs.
    In July 2024, Senators Warren and Raphael Warnock (D-Ga.), and Representative Emanuel Cleaver (D-Mo.) reintroduced the American Housing and Economic Mobility Act, the landmark legislation to tackle the housing crisis, bring down costs for renters and buyers, and help working families everywhere find a decent place to live at a decent price. 
    In July 2024, Senator Warren and Representative Sara Jacobs led Senator Tim Kaine, Senator Jon Ossoff, Representative Ro Khanna, and Representative James Moylan in calling out the Department of Defense (DoD) for failing to protect military families living in military housing operated by private companies under the Military Housing Privatization Initiative (MHPI).
    In June 2024, Senator Warren sent a letter to the Federal Housing Finance Agency (FHFA) urging the agency to address our country’s affordable housing crisis by reforming the broken Federal Home Loan Bank (FHLB) System.
    In May 2024, Senator Warren reintroduced the Public Housing Emergency Response Act to address the estimated $70 billion backlog of maintenance and repairs in our nation’s public housing, which would allow tenants to live in safe conditions and ensure that, as we fight to end the housing crisis by expanding the supply of affordable housing, we are not losing existing units to disrepair.
    In April 2024, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, U.S. Senator Warren called out the Federal Home Loan Banks (FHLBs) for failing to deliver on their mission to provide affordable housing as the country faces a housing crisis.
    In January 2024, Senator Warren, John Hickenlooper, Jacky Rosen, and Sheldon Whitehouse sent a letter to Federal Reserve (Fed) Chair Jerome Powell, calling on the Fed to reverse its troubling interest rate hikes that have driven mortgage rates to 20-year highs and have put affordable housing out of reach for too many Americans.
    In March 2023, Senators Elizabeth Warren, Ed Markey, Tina Smith, and Bernie Sanders sent a letter to Jonathan Kanter, Assistant Attorney General of the Antitrust Division at the Department of Justice (DOJ) calling for the DOJ to investigate YieldStar following new findings from their investigation of RealPage’s YieldStar product.
    In January 2023, Senator Warren, and Representative Jamaal Bowman led a letter with 48 lawmakers, urging President Biden to use every tool he has to address rent inflation, end corporate price gouging in the rental market, and ensure that renters and people experiencing homelessness across this country are stably housed this winter.
    In November 2022,  Senators Warren, Tina Smith (D-Minn.), Bernie Sanders (I-Vt.) and Edward J. Markey (D-Mass.) sent a letter to RealPage CEO Dana Jones, expressing concern about RealPage’s algorithmic pricing software, YieldStar, and its role in driving rising rents and exacerbating inflation.
    In August 2022, at a Senate Banking, Housing, and Urban Affairs (BHUA) Committee  hearing, Senator Warren called out corporate landlords’ growing role in the rental market and emphasized the need for a Tenant Protection Bureau to hold corporate landlords accountable and protect renters from extreme rent hikes, illegal eviction, and other predatory practices.
    In May 2022, Senators Warren and Reed sent a letter to Secretary of the Department of Housing and Urban Development (HUD), Marcia Fudge, calling on HUD to preserve homeownership affordability for American families as Wall Street firms expand their activity in the housing market.
    In March 2022, at a BHUA Committee hearing, Senator Warren called out Wall Street’s role in worsening the housing affordability crisis for seniors by buying up manufactured home communities
    In February 2022, Senator Warren called out private equity firms and other big investors for exacerbating inflation and locking families out of affordable housing opportunities. 
    In January 2022, Senator Warren sent letters to the CEOs of three private equity-backed firms—Progress Residential, American Homes 4 Rent, and Invitation Homes —calling out their growing activity in the housing market that has resulted in rent hikes and unaffordable homes for first-time buyers.
    In August 2021, during a hearing exchange with Senator Warren, a Department of Housing and Urban Development nominee committed to consider changes that facilitate sales of distressed homes to homeowners, not private equity firms.
    In July 2021, Senator Warren called on large corporate landlords to avoid needless evictions as the CDC eviction moratorium neared expiration. 
    In May 2021, at a hearing, Senator Warren made the case for her American Housing and Economic Mobility Act, which would create a new housing innovation grant program to reduce exclusionary local zoning laws.
    On April 2021, Senator Warren and Representative Emanuel Cleaver, II (D-Mo.) reintroduced the American Housing and Economic Mobility Act to bring down the costs for renters and buyers, level the playing field so working families can find a decent place to live at a decent price, reduce exclusionary zoning laws, and take a step towards addressing the effects of decades of housing discrimination on communities of color.
    In May 2019, Senator Warren and then-Representative Dave Loebsack (D-Iowa) wrote to the private equity firms behind some of the country’s largest manufactured housing communities to request information about their use of predatory practices to boost profits in the communities they own.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Rubio, Moolenaar, Colleagues Question Treasury on Failure to Block Gotion Industrial Site

    US Senate News:

    Source: United States Senator for Florida Marco Rubio

    Rubio, Moolenaar, Colleagues  Question Treasury on Failure to Block Gotion Industrial Site
    Oct 17, 2024 | Press Releases

    Gotion Incorporated, a company with deep ties to the Chinese Communist Party, has developed a large industrial site near a U.S. military installation in Mecosta County, Michigan. The failure of the Committee on Foreign Investment in the United States (CFIUS) to investigate and block this development poses a serious threat to U.S. national security.
    U.S. Senator Marco Rubio (R-FL), U.S. Representative John Moolenaar (R-MI), and colleagues sent a letter to U.S. Department of Treasury Secretary Janet Yellen questioning CFIUS’s decision-making and urging an update of the committee’s rules.
    “We write to express our deep concern regarding the U.S. Department of the Treasury’s apparent failure to block Gotion Incorporated (Gotion)—an entity with deep ties to the Chinese Communist Party (CCP)—from developing a large industrial site near a major U.S. military installation.
    “Given CFIUS’ failure to launch a review of Gotion’s site development when the project was first publicly announced two years ago, it is now imperative that CFIUS update its proposed rulemaking to clarify the Committee’s ability to conduct retroactive reviews of covered greenfield investments that it previously failed to address.”
    Joining Rubio and Moolenaar were Senators Tom Cotton (R-AR), Mike Braun (R-IN) and Joni Ernst (R-IA), as well as Representatives Lisa McClain (R-MI), Bill Huizenga (R-MI), Jack Bergman (R-MI), John James (R-MI), and Tim Walberg (R-MI).
    Flashback… In September 2023, Rubio and Moolenaar sent a letter to Secretary Yellen urging CFIUS to review Gotion’s ownership.
    The full text of the letter is below. 
    Dear Secretary Yellen:
    We write to express our deep concern regarding the U.S. Department of the Treasury’s apparent failure to block Gotion Incorporated (Gotion)—an entity with deep ties to the Chinese Communist Party (CCP)—from developing a large industrial site near a major U.S. military installation. The scope of United States warfighting capabilities is extremely sensitive knowledge. We must only share this information selectively, exclusively, and knowingly with close allies and partners. Federal agencies have a duty to prevent America’s adversaries from obtaining information concerning our national defense personnel and assets. As we are sure you will agree, the Committee on Foreign Investment in the United States (CFIUS) plays a vital role in blocking foreign efforts to collect intelligence on our military via domestic investment.
    Unfortunately, CFIUS seems to have neglected a substantial foreign project constituting a major national security threat stemming from a major facility being constructed by Gotion. Gotion is the U.S. subsidiary of Gotion High-Tech, an electric vehicle (EV) battery company which is based in the People’s Republic of China (PRC) and has documented ties to the CCP. The House Select Committee on the CCP has routinely documented Gotion High-Tech’s notorious, widespread human rights abuses and use of forced labor in mainland China, in addition to its connection with Chinese paramilitary groups. Nonetheless, Gotion is currently constructing a $2.4 billion EV battery plant in Mecosta County, Michigan.
    In June 2023, Gotion announced that its plans for plant construction were outside of CFIUS’ jurisdiction, and could therefore continue the project. But as you know, as of February 13, 2020, CFIUS’ jurisdiction applies to greenfield investments when a foreign entity purchases real estate near certain sensitive military bases. Federal regulations define the extended range of a military installation as land within a 100-mile radius of the military installation (31 C.F.R. § 802.211). Covered installations include certain Army combat training centers within the continental United States (31 C.F.R. § 802.227(h)).
    According to CFIUS’ own Part 802 geographic reference tool, Gotion’s site in Michigan is located just under 60 miles south of the Camp Grayling Joint Maneuver Training Center—well within the regulation’s definition of extended range. Camp Grayling is the largest National Guard training facility in the United States, and is host to both the Northern Strike joint exercises and the National Guard Exportable Combat Training Center Exercises. Yet, despite Camp Grayling’s significance, and the overwhelming evidence that this facility meets CFIUS’ conditions for a sensitive military installation, CFIUS did not include the camp under its definition of covered real estate until its July 2024 proposed rule, “Definition of Military Installation and the List of Military Installations in Regulations Pertaining to Certain Transactions by Foreign Persons Involving Real Estate in the United States.”
    Given CFIUS’ failure to launch a review of Gotion’s site development when the project was first publicly announced two years ago, it is now imperative that CFIUS update its proposed rulemaking to clarify the Committee’s ability to conduct retroactive reviews of covered greenfield investments that it previously failed to address. This step is well within CFIUS’ authority under 50 U.S.C. 4565 §(b)(1)(D)(i). This common-sense measure would not only allow CFIUS to put a stop to Gotion’s continued nefarious activity, but also the activities of many other adversarial entities that have slipped under CFIUS’ radar and acquired land near sensitive military sites. CFIUS’ failure to retroactively review these transactions would constitute a major security blunder and permit the CCP to engage in intelligence gathering that compromises our military capabilities and readiness.
    Given the severity of what seems to be a grave lapse in CFIUS’ judgement, we request answers to the following questions:
    Why did CFIUS fail to designate Camp Grayling as an army combat training center under covered real estate until its July 2024 proposed rule?
    If Camp Grayling’s exclusion from covered real estate was a failure in oversight, what steps is CFIUS taking to rectify the situation?
    What action is CFIUS taking to stop Gotion from continuing its plant construction given its proximity to a major military installation?
    Will CFIUS commit to clarify its authority to conduct retroactive reviews of covered greenfield investments that have slipped under CFIUS’ radar?
    Thank you for your attention to this important matter. We look forward to your prompt response.
    Sincerely,

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI Submissions: Africa – Shelter Afrique Development Bank (ShafDB) Wins Pan-African Development Bank Leadership Award

    Source: Media Fast

    · The award is in recognition of the institution’s leadership and commitment to advancing sustainable development in the continent’s housing and urban development sectors.

    Zanzibar, Tanzania: 18 October 2024 – Shelter Afrique Development Bank (ShafDB), a leading Pan-African multilateral development bank, dedicated to financing and promoting housing, urban & related infrastructure development across the African continent, has been honored with the prestigious “Pan-African Development Bank Leadership Award – A Pioneer in Housing Finance” for its outstanding contributions to the development of the continent.

    The award, presented during the 40th Anniversary Gala of the African Union for Housing Finance (AUHF) and the International Secondary Mortgage Market Association (ISSMA), recognized Shelter Afrique Development Bank for its pioneering leadership and unwavering commitment to advancing sustainable development in Africa’s housing sector. This prestigious honor was conferred by Ambassador Sharon Trail, founder of the AUHF 42 years ago, who was also honored with a lifetime achievement award at the same event.

    Receiving the award, Shelter Afrique Development Bank Managing Director, Thierno-Habib Hann expressed gratitude for the recognition, stating, “This honor is a testament to our mission of transforming Africa’s housing and urban landscape. We are proud of the work we’ve done in collaboration with governments, development financial institutions (DFIs), private developers, and financial institutions across Africa to provide affordable housing solutions.”

    The award highlights the transformative changes taking place at ShafDB, driven by its visionary leadership and the ‘New Dawn’ strategy now coming to light.

    Last month, ShafDB was designated as the anchor resource mobilization partner at the African Union’s Inaugural Africa Urban Forum in its Addis Ababa Declaration, further solidifying the Bank’s central role in shaping Africa’s urban development and housing landscape.

    Shaping the housing agenda

    Over the past four decades, ShafDB has spearheaded various affordable housing projects in over 40 African countries, playing a crucial role in shaping the housing agenda by providing long-term financing solutions, promoting green building initiatives, and supporting the construction of inclusive communities.

    Going forward, the institution aims to build on its success by leveraging its expertise and resources to address Africa’s housing and urban challenges, focusing on scalable, sustainable, inclusive, and impactful solutions.

    “We dedicate this award to our shareholders, partners, clients, and the communities we serve. It is through these collaborations that we will continue to make a lasting impact on Africa’s development. My thanks go to our esteemed Board Members who have shown relentless support to our transformation, and to our bold staff at Shelter Afrique Development Bank. They are the reason for our success. For it is only through teamwork, passion, and dedication that we can elevate ShafDB to fulfill its mission for Africa,” Mr. Hann concluded.

    Note:

    About Shelter Afrique Development Bank:

    Shelter Afrique Development Bank (ShafDB) is the Pan-African Multilateral Development Bank (MDB) dedicated to promoting and financing sustainable green housing, urban development and related infrastructure. It operates through a shareholding of 44 African governments and two institutional shareholders: the African Development Bank (AfDB) and the African Reinsurance Corporation (Africa-Re).

    The institution is involved in financing housing and related infrastructure across the value chain, both on the demand and supply sides, through its four (4) business lines: Financial Institutions Group (FIG), the Project Finance Group (PFG), the Sovereign and Public-Private partnerships (PPP) Group, and the Fund Management Group (FMG).

    About African Union Housing Finance (AUHF)

    Since its formation in 1984, the AUHF has evolved into a member-based, industry association of mortgage banks, building societies, housing corporations, Development Finance Institutions and other organisations involved in the mobilisation of funds for shelter and housing on the African continent. As an industry body, the AUHF promotes the development of effective housing markets and the delivery of affordable housing across Africa, working in the interests of the members and the industry as a whole. The AUHF is governed by a board of industry leaders elected every two years at its Annual General Body. The Centre for Affordable Housing Finance in Africa (CAHF), based in South Africa, acts as the Secretariat of the AUHF.

    International Secondary Mortgage Market Association (ISSMA)

    International Secondary Mortgage Market Association (ISMMA) is the first global association to bring together secondary mortgage markets institutions to focus on advocacy on regulatory issues, share information, and provide support to newly established institutions in this space.

    The association provides a platform for member countries to exchange ideas on how to improve access to housing finance for their citizens and ultimately reach the goal of adequate, safe and affordable housing for all. The UN estimates that the global population will reach 8.5 billion by 2030, with almost 60% of the population living in urban centers. An estimated 3 billion people will need new housing and basic urban infrastructure by 2030. Against the backdrop of rapid urbanization putting pressure on housing delivery systems, many urban poor will not be able to afford formal housing without proper housing finance solutions. This puts the issue of housing finance at the forefront of the global development agenda, and the ISMMA will serve as an important platform to envision and design solutions to enhance access to housing finance.

    The ISMMA Secretariat has moved from the World Bank to the European Mortgage Federation – European Covered Bond Council (EMF-ECBC) as of July 1, 2022.

    MIL OSI – Submitted News –

    January 24, 2025
  • MIL-OSI Asia-Pac: Remarks by CE at press conference on “The Chief Executive’s 2024 Policy Address” (with photos/video)

    Source: Hong Kong Government special administrative region

         Following are the remarks by the Chief Executive, Mr John Lee, at the press conference on “The Chief Executive’s 2024 Policy Address” today (October 16): Reporter: Some opinions, such as the League of Social Democrats, have demanded democratic reform for Hong Kong. Are political reform and universal suffrage on the agenda of this administration? The second question: the proposed regulation on subdivided flats do not cover the so-called “coffin homes” or “cage homes”. Why is this so? Will the Government consider extending the regulation to cover this type of subdivided flats? Thank you. Chief Executive: I have said more than once that the political reform has been settled at this moment with the introduction of, first of all, the new election system for LegCo (Legislative Council) members, for the Chief Executive, and also after improving the district administration system. At this moment, I think it is important to ensure that all these improvements of the different election systems will be run smoothly and also that they function effectively to realise the maximum benefit that all these improved measures intend to create. We still have time to make all these systems run, so that they could synergise and create extra value for society. It takes the efforts of everybody in these three systems to think of what they should do: they reform themselves so that they can contribute even bigger value to the overall good. And all these three systems work towards the same goal of creating positive value for Hong Kong as a whole. So what you have just said, I think, is settled. It will not be an issue in this term of the Government.      The second thing regarding subdivided flats. The system that I want to introduce through legislation is not to make what is illegal now legal. What is illegal now will continue to be illegal under the respective ordinances. Enforcement will be taken accordingly. And of course, we will step up the enforcement in concert with the new policy on subdivided flats, which will be introduced in residential buildings. So the intention is to, first of all, regulate subdivided flats using this basic housing concept, so that we will have a standard below which we will take action against, because they will not be regarded as the right standard for our households to live in. I think that is the intention, and we make this policy knowing that it is a difficult matter. That is why I hope it will be thoroughly debated in LegCo so that we can enhance it.      We also want to ensure that this new system will be able to tell the market, which in some way needs to exist – by the sheer evidence that over 110 000 households are living in these accommodations. We want this market to be healthy in existence. In other words, all the standards have to be met, and we will be taking action after a reasonable registration period and a reasonable grace period, giving the Secretary for Housing the flexibility to define the unsatisfactory units and enforce actions according to the actual situation, so that we will take them off the market, lot by lot, to ensure that things will progress in an orderly manner. It is not easy, but I think it is a problem everybody wants to see solved, and it is under this determination that I would really request that collectively, we discuss the system that I have recommended, and then come to a good consensus eventually at LegCo, so that we can pass a law for all these things to happen. And I think, in due course, we should be able to solve the problem of people having to live in substandard accommodation.Reporter: Two questions. First, some residents who are living in substandard subdivided units are worried that the new standards for Basic Housing Units will lead to higher rents, or that landlords will kick them out. How will the Government support these people who may lose their homes that they are currently living in? Second, in the sections on national security, part of the focus was put on public officers, such as proposing a new set of guidelines for them to abide by Article 23. Does this show that there are still some loopholes for public officers, such as within the civil service? Are civil servants confused on how to follow Article 23? Thank you. Chief Executive: First of all, the problem of some households living in substandard subdivided flats is a problem that has been long-lasting. In other words, it has accumulated over the years. We are very conscious of the fact that we have to do it in an orderly manner, so that adjustments can be made by the parties affected.      From now to the time we will actually take enforcement action, I think there will be a few years, because, first of all, we will have to pass the legislation, which I think it will probably be next year the earliest. Then, we will introduce a registration period. My suggestion is either 12 months or 18 months, because we are talking about 110 000 households. If you are talking about a 12-month registration period, it is roughly 9 000 a month. Whether it should be 12 months or 18 months, I think we can debate. We can let LegCo debate it. I am very willing to listen. Then, we will introduce a grace period for adjustments to be made structurally. That may be one year, two years again, subject to discussion by LegCo, because under the present legislation, tenants of these units are guaranteed two tenancies. We have to ensure that tenants’ rights are protected under the present law. Again, that is an issue for LegCo to debate. Over this period of time, I think people can make the right adjustment.      The third important point is the new entries. When there is a new supply of subdivided flats that haven’t been rented out, i.e. there are no tenants yet, and if it is a new operator, they can only enter the market with units that satisfy the standard. Otherwise, they will not be allowed to register. It is designed this way so that there will be no increase in the number of substandard subdivided flats. In other words, all new supplies will have to be conforming to our standard. And this new supply will, of course, be available for present tenants to consider moving into, because I believe that once the standards are clearly defined, operators will know very well how to do their calculation on what subdivision they will create, what flats they will then have to build to satisfy our standard. This supply of flats will also come out for people to consider. Then, of course, if the rent is not set reasonably, they will not have tenants. There are a lot of things, and also individual cases – as we always have very special individual cases – we will deal with individual cases specifically.      But overall, I think what is important is when I design any new measures, I always ask myself a question: if this new measure solves 95 per cent of the problem, should I still go ahead and deal with the remaining 5 per cent after the first implementation, or should I ignore it until I have a perfect solution to solve 100 per cent of the problem? I decide to go all out, even though there may be individual cases that we need to address, but overall, if the system solves the majority of the problem, I think we should go ahead, and then, after implementation, we deal with the special cases.      Regarding national security, the law has been created. We are now talking about implementation, and for implementation, there is never the best, only the better. I have always said I look for continuous improvement. The law is new, and we all need to increase our knowledge about it. It is just natural. I think it is a natural thing for any government when there is a new law, they, first of all, have to do some education, enhance familiarisation, do some system building and do some enhancement in the course. It is a natural process. Reporter: Good afternoon, Mr Lee. Firstly, with regards to the measure regarding the housing market in the Policy Address, why does the Government see the need to introduce property loan relaxation measures, and will this only benefit those who are looking to purchase high-end flats? And with subdivided units, how transparent would the Government be with the requirements and the corresponding criminal liabilities regarding the subdivided units? Is it worried that what it’s doing right now is going against the wish of Beijing to get rid of subdivided housing altogether? And lastly, with the focus of the Government on the economy for this year’s Policy Address, there doesn’t seem to be further efforts to stimulate the economy beyond areas such as those vis-a-vis access for some countries, relaxation of loans and even the reduction of spirits tax. Would you be concerned that these efforts would not be enough to kick-start the economy? And what do you think is the most eye-catching point of this year’s Policy Address? Thank you. Chief Executive: Well, thank you very much. First of all, we allow the mortgage rate to go back to 70 per cent for all kinds of properties because I think the introduction of extra measures were made at a time when the property market was too much of a problem for people to buy flats, so it has gone out of control. And you know that the property market has somehow consolidated. It has now settled down, so it will be unreasonable for measures that were introduced for a specific purpose that no longer exists now to continue. I think it will be something you don’t want the Government to not act on when some situation no longer exists, where what may be regarded as inappropriate still continues. So that is the first point.      The second point is, I do want to help people to buy their own flats if they can afford it, and from a lot of opinions I received in the consultation, the desire of Hong Kong people to buy their own flats continues to appear very strongly at the back of my mind. So I do want to help them to buy property by alleviating their burden of finding enough of a down payment. Of course, at the end of the day, he has to make his own calculation to assess whether he can afford it, but helping them in the first step to realise their dream, I think is something I should try to do my best. And that is why, when now I think the situation allows it, I set the mortgage rate to 70 per cent for all properties.      Regarding subdivided flats, I think we have to be realistic as to why subdivided flats exist. They exist over a long period of time because of need, because of actual needs of households, because of the lack of enough supply of flats. So we have to be realistic, pragmatic. We don’t live in a dream world. We live in the real world. So how do we pragmatically address the problem? It’s not easy, but I’m determined, and I think society supports that we should solve the problem. So I need collective wisdom, I think, during our consultation, during the study, when the study team worked very hard to do their own studies and consult stakeholders, they did an excellent job. And now I have come to a decision that, first of all, it has to be a legislative process so that it is clear. And when people are clear about what the rules are, then the market, which now exists but is not properly regulated, will become a regulated market, supplying flats which satisfy the standard. I think that is what any government would want to do. And I think what is done, what is proposed, is necessary according to the actual situation of Hong Kong. And I have said, the intention is not to make things that are illegal, legal. We just want to regulate residential flats that mainly create this market of subdivided flats, so the market will be providing flats of what we think will be a reasonable and liveable standard.      And if you spend time to read the Policy Address – in a way, I can understand why all these questions come out, because it is the first day of the release of the document. It has, in Chinese, over 31 000 words, so it does take time to really look at the things in detail. But a lot is done to help the economy to grow. What is important is that what we can strengthen, we will strengthen. At the same time, we look for new opportunities of growth. That is why, for some areas, we are recommending measures which I think is only probably 10 per cent of the final goal that I want to go. Some may be at a position of 20 per cent. So when all these things work together, they create a synergy effect.      Hong Kong has been growing as a whole from the macro angle because last year, the GDP (Gross Domestic Product) growth was over 3 per cent. This year, the economy will still grow. The GDP is expected also to grow between 2.5 and 3.5 per cent, and some analysts have suggested a rate of 3 per cent, so overall, we’re still growing. The economy is still going ahead. But of course, different sectors are at different stages, and I have to tell those sectors that are not doing too well, that I will roll out measures to help you, but you also have to help yourself. You have to change. You have to reform, find new ways to make a difference, a difference for you to be able to win. I think that has been in the DNA of Hong Kong people. And I make it no secret that we all have to work hard. That is why I say “reform together and build our economy together”. It is this togetherness that I want everybody to subscribe to, because working together will ensure that one plus one will be bigger than two. And when 7.5 million work together, when we work together, it will be bigger than a “7.5 million effect”. Thank you. (Please also refer to the Chinese portion of the remarks.)

    MIL OSI Asia Pacific News –

    January 23, 2025
  • MIL-OSI New Zealand: Property and Social Trends – Are Kiwis moving more often than ever?

    Source: RealEstate.nz

    New data suggests the ‘forever home’ may be a thing of the past, with the ‘seven-year itch’ now closer to five.

    • Auckland, where properties were sold the fastest saw a modest 12.2% increase in average asking prices. 
    • Conversely, West Coast, where properties were held for longer, saw an impressive 97.9% rise over the average selling period.
    • Taranaki tops the list for staying power, holding onto their homes the longest— six years and five months on average.

    17 October 2024 – The concept of the ‘forever home’ appears to be fading in New Zealand, with new data from realestate.co.nz revealing that Kiwis now hold onto their homes for an average of just five and a half years before selling.

    The data, which looks at the amount of time that property is held onto until it is re-sold, shows, on average, people hold properties for the least time in Auckland.

    The time between sales for properties in Auckland was approximately five years and three months. At the other end of the scale, Kiwis held onto their properties for the longest in Taranaki (six years and five months) and Manawatu/Whanganui (six years and four months).

    “People move for many reasons—employment opportunities, the desire for more space, the need to accommodate aging parents, or even downsizing after the kids have left. This frequent movement is likely a reflection of changing lifestyle needs and opportunities across New Zealand,” says Vanessa Williams, realestate.co.nz spokesperson.

    The movers: Auckland, Waikato, Nelson & Bays, and Bay of Plenty

    Whether it’s the pace of the city, the pull of keeping up with the Joneses, or the appeal of various lifestyle changes, Auckland has seen its properties change hands the most often.  

    Williams says as our most populated region, Auckland’s size is likely a factor:

    “Auckland offers good employment opportunities while catering for lifestyle changes of all kinds, including for those looking for their second home or wanting to downsize into retirement. This could explain why properties are sold more often in this region.”

    Other regions where property moved more quickly than the national average were Waikato, Nelson and Bays, and Bay of Plenty, where the average time between sales was five years and four months.

    The districts where properties were sold the most often were Selwyn in Canterbury (four years and nine months), Franklin in Auckland (four years and 10 months), the Waikato district (five years), and Papakura in Auckland (five years).

    Williams notes that it’s no surprise the districts with the fastest sales are in Canterbury, Auckland, and Waikato.

    “Buying a property is so often an emotional decision. And in these larger regions, where there is more to choose from, the chances of wandering into an open home and falling in love or spotting a for sale sign on a house in the perfect location are probably higher.”


    Region

    District

    Average time between sales

    Canterbury

    Selwyn

    4 years, 9 months

    Auckland

    Franklin

    4 years, 10 months

    Waikato

    Waikato

    5 years, 0 months

    Auckland

    Papakura

    5 years, 0 months

    Auckland

    Rodney

    5 years, 1 months

    Waikato

    Waipa

    5 years, 1 months

    Canterbury

    Waimakariri

    5 years, 1 months

    Wairarapa

    Carterton

    5 years, 2 months

    Bay of Plenty

    Tauranga

    5 years, 2 months

    Auckland

    North Shore City

    5 years, 3 months


    The districts where people are re-selling their properties faster

    The stayers: Taranaki, Manawatu/Whanganui, Gisborne, West Coast, and Hawke’s Bay

    Kiwis held onto their homes longest in Taranaki (six years and five months), Manawatu/Whanganui (six years and four months), Gisborne (six years and three months), West Coast (six years and two months), and Hawke’s Bay (six years).

    At a district level, properties in South Taranaki were held the longest (six years and eight months), followed by Tararua in Manawatu/Whanganui (six years and six months) and Ruapehu in Central North Island (six years and six months).

    Williams says smaller towns tend to have fewer properties available for sale:

    “In smaller regions, limited housing options often lead people to stay in their homes longer while waiting for the ideal property to hit the market,” says Williams. “In addition, close-knit communities and businesses like farms can create a deeper connection to the area, making people less inclined to move frequently.”

    The districts where people are holding onto their properties for longer

    Region

    District

    Average time between sales

    Southland

    Gore

    6 years, 4 months

    Wellington

    Wellington City

    6 years, 4 months

    Manawatu / Whanganui

    Horowhenua

    6 years, 4 months

    Wellington

    Lower Hutt City

    6 years, 4 months

    West Coast

    Buller

    6 years, 4 months

    Manawatu / Whanganui

    Palmerston North City

    6 years, 4 months

    Manawatu / Whanganui

    Whanganui

    6 years, 5 months

    Central North Island

    Ruapehu

    6 years, 6 months

    Manawatu / Whanganui

    Tararua

    6 years, 6 months

    Taranaki

    South Taranaki

    6 years, 8 months

    But what about the financial gains? Does it pay to stay, or should you go?

    All regions saw a lift in their average asking prices, regardless of how long properties were held between sales. However, there were some regional differences.

    Five years and three months ago, in June 2019, the average asking price in Auckland was $929,742; in September 2024 it was 12.2% higher at $1,042,883. In Waikato, the increase was more substantial, with average asking prices rising 32.6%, from $609,272 in May 2019 to $808,153 in September 2024.

    “Aucklanders have been the fastest to move on, but of all regions, they have seen the smallest financial gain over the last five and a half years.”

    “Holding for longer can sometimes mean bigger gains, but many factors can impact this, including market conditions, economic factors, legislative changes, your region, and demand in your area,” says Williams.

    The biggest increases in average asking prices over the average selling period were seen on the West Coast, where prices rose by 97.9% over six years and two months. In Gisborne, where homes were sold on average every six years and three months, prices increased by 79.1%. In Manawatu/Whanganui, where properties changed hands every six years and four months, prices rose by 76.7%.

    Ultimately, Williams urges people to buy based on their personal circumstances, rather than trying to predict what the market might do.

    More than a million New Zealand homes have never been sold

    We may be a nation of property fanatics, but well over a million homes have never gone up for sale on realestate.co.nz, despite the site listing 935,048 individual properties since records began 17 years ago.

    “Statistics New Zealand data from September 2024 estimates there are just over 2 million private dwellings in New Zealand, meaning there are more than a million homes that have been in the same hands since realestate.co.nz records began 17 years ago,” says Williams.

    She notes that Kiwis tend to have a strong connection to property and place.

     “It will be interesting to look back again in another decade or two and see, as lifestyles change if we see a similar percentage of homes staying with the same owners,” adds Williams.

    About realestate.co.nz

    We’ve been helping people buy, sell, or rent property since 1996.  

    Established before Google, realestate.co.nz is New Zealand’s longest-standing property website and the official website of the real estate industry.

    Dedicated only to property, our mission is to empower people with a property search tool they can use to find the life they want to live. With residential, lifestyle, rural and commercial property listings, realestate.co.nz is the place to start for those looking to buy or sell property.  

    Whatever life you’re searching for, it all starts here.

    Want more property insights?

    Market insights: Search by suburb to see median sale prices, popular property types and trends over time.
    Sold properties: Switch your search to sold to see the last 12 months of sales and prices.
    Valuations: Get a gauge on property prices by browsing sold residential properties, with the latest sale prices and an estimated value in the current market.

    Glossary of terms:

    Average asking price (AAP) is neither a valuation nor the sale price. It is an indication of current market sentiment. Statistically, asking prices tend to correlate closely with the sales prices recorded in future months when those properties are sold. As it looks at different data, average asking prices may differ from recorded sales data released simultaneously.

    Sales data is provided by the Real Estate Institute of New Zealand (REINZ)

    New listings are a record of all the new residential dwellings listed for sale on realestate.co.nz for the relevant calendar month. The site reflects 97% of all properties listed through licensed real estate agents and major developers in New Zealand. This description gives a representative view of the New Zealand property market.

    Stock is the total number of residential dwellings that are for sale on realestate.co.nz on the penultimate day of the month.

    Rate of sale is a measure of how long it would take, theoretically, to sell the current stock at current average rates of sale if no new properties were to be listed for sale. It provides a measure of the rate of turnover in the market.

    Seasonal adjustment is a method realestate.co.nz uses to represent better the core underlying trend of the property market in New Zealand. This is done using methodology from the New Zealand Institute of Economic Research.

    Truncated mean is the method realestate.co.nz uses to supply statistically relevant asking prices. The top and bottom 10% of listings in each area are removed before the average is calculated to prevent exceptional listings from providing false impressions.      

    MIL OSI New Zealand News –

    January 23, 2025
  • MIL-OSI: Decisions of the extraordinary general meeting of shareholders of EfTEN Real Estate Fund AS 16.10.2024

    Source: GlobeNewswire (MIL-OSI)

    The extraordinary general meeting of shareholders of EfTEN Real Estate Fund AS was held on 16 October 2024 in in the Radisson Collection Hotel Conference Center (2nd floor, Tallinn, Rävala 3).                       

    A total of 133 shareholders attended the meeting representing 8 332 014 votes. This means 77,01% of the total votes were represented. Of the participants, 17 shareholders representing 1 394 885 votes, i.e., 12,89% of all votes attached to the shares, cast their votes electronically before the meeting in accordance with the electronic voting procedure announced in the invitation to the meeting. The meeting therefore had a quorum.

    The decisions of the extraordinary general meeting were as follows:

    Increase of share capital and listing of new shares on the Main List of Nasdaq Tallinn Stock Exchange
    With 8 323 537, i.e. 99,9% votes in favour, the shareholders decided in accordance with the law and the fund’s articles of association, to give the mandate on a decision to  increase of the share capital of the fund within the following 6-month period in the competence of the superviosry board of the fund, considering that the total volume of the additional capital to be raised will not exceed 30,000,000 euros and the existing shareholders shall retain the pre-emptive right to subscribe for the new shares, and submit application for listing and admission to trading of all newly issued shares of the fund in the main list of the Nasdaq Tallinn Stock Exchange. To authorise the supervisory board and the management board of the fund to carry out all activities and conclude all agreements necessary for this purpose.                                                                                                                  

    The minutes of the general meeting shall be made available on the fund’s website (https://eref.ee/investorile/uldkoosolekud/) not later than 7 days after the meeting.

    Viljar Arakas
    Member of the Management Board
    Phone 655 9515
    E-mail: viljar.arakas@eften.ee

    The MIL Network –

    January 23, 2025
  • MIL-OSI Australia: Allens advises lenders on reaching financial close for BCI Minerals’ $981m Mardie Project financing

    Source: Allens Insights

    Allens has advised the lenders on the successful financial close of BCI Minerals’ $981 million financing for the Mardie Salt Project (the Mardie Project), marking a significant milestone in the development of Australia’s first large-scale salt project in decades.

    The syndicate of lenders includes Northern Australia Infrastructure Facility, Export Finance Australia, Export Development Canada, Westpac Banking Corporation, and Industrial and Commercial Bank of China Limited.

    The financing package comprises $830 million for construction loans, $70 million for bank guarantees, and $81 million for potential cost overruns. The Mardie Project has been accredited as a Green Loan aligned with the Green Financing Framework.

    ‘We are proud to have played a key role in this significant financing deal for the Mardie Project,’ said lead Partner Ben Farnsworth.

    ‘This not only represents a major investment but also highlights the growing importance of sustainable financing in the global market. The Green Loan accreditation underscores the project’s commitment to environmental sustainability and economic growth.’

    Financial close was reached on 4 October. Allens continues to work with Lenders and BCI on satisfying the further conditions to the first drawdown of the construction loan facilities.

    Allens legal team

    Banking & Finance

    Ben Farnsworth (Partner), Louise Barbato (Senior Associate), Madeleine Ninkov (Associate), Megan Lee (Associate), Mariella Panegyres (Lawyer)

    Real Estate & Development

    Naomi Bergman (Partner), Layth Zumot (Associate)

    Projects

    Jodi Reinmuth (Partner), Lewis Pope (Associate)

    Contact for further information

    Communications & Corporate Affairs Manager

    MIL OSI News –

    January 23, 2025
  • MIL-OSI: Anthem Citizen Real Estate Development Trust Files Initial Public Offering Final Prospectus and Sets Closing Date for Offering

    Source: GlobeNewswire (MIL-OSI)

    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    The final long form prospectus is accessible through SEDAR+

    VANCOUVER, British Columbia, Oct. 16, 2024 (GLOBE NEWSWIRE) — Anthem Citizen Real Estate Development Trust (the “REDT”) announced today that it has received expressions of interest and commitments that in the aggregate are expected to achieve the maximum offering amount of C$82 million and has filed with the securities regulatory authorities in each of the provinces and territories of Canada, and obtained a receipt for, a final prospectus (the “Prospectus”) for an initial public offering of its trust units (the “Offering”).

    It is expected that the Offering will close on October 29, 2024.

    The REDT is a newly created, unincorporated investment trust and was established for the primary purpose of indirectly owning an interest in a mixed-use, transit-oriented development project (the “Project”) located in Burnaby, British Columbia. The Project comprises 372 condominium units, 200 market rental units, 73 non-market, affordable rental units, 176 hotel suites and 4,881 square feet of retail space. The Project is currently beneficially owned by a subsidiary of Anthem Developments (Canada) Ltd. and its non-managing, co-investment partner.

    CIBC World Markets Inc. (the “Agent”) is the sole agent for the Offering.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the REDT in the United States, nor shall there be any sale of the securities of the REDT in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws.

    This Offering is only being made to the public by prospectus. Access to the Prospectus and any amendment to the Prospectus is provided in accordance with securities legislation relating to procedures for providing access to a prospectus and any amendment. The Prospectus is accessible on SEDAR+ at http://www.sedarplus.com. An electronic or paper copy of the Prospectus and any amendment to the Prospectus may be obtained, without charge, from CIBC World Markets Inc. by telephone at 1-416-956-6378 or by email at mailbox.canadianprospectus@cibc.com, by providing such contact with an email address or address, as applicable. Investors should read the prospectus before making an investment decision.

    Anthem Citizen Real Estate Development Trust

    Anthem Citizen Real Estate Development Trust was formed for the primary purpose of indirectly owning an interest in the development of a mixed-used, transit-oriented development project in Burnaby, British Columbia expected to develop and operate a building containing 372 condominium units, 200 market rental units, 73 non-market, affordable rental units, 176 hotel suites and 4,881 square feet of retail space.

    Forward-Looking Statements

    This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REDT regarding future events, including statements concerning commitments and expressions of interest in connection with the Offering, the use of proceeds of the Offering, the timing of closing of the Offering, and expectations with respect to the development of the Project. In some cases, forward-looking statements can be identified by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts.

    Material factors and assumptions used by management of the REDT to develop the forward-looking information include, but are not limited to, the REDT’s current expectations about: real property ownership and revenues; construction and development risk; obtaining necessary building permits for the Project; the realization of property value appreciation and timing thereof; the inventory of mixed-use properties; competition from developers of mixed-use properties; the Burnaby, British Columbia real estate market; government legal and regulatory changes; property encumbrances relating to the Project; significant fixed expenditures and fees in connection with the maintenance, operation and administration of the Project; closing and other transaction costs in connection with the acquisition and disposition of the Project; the availability of financing and current interest rates; revenue shortfalls; assumptions about rental growth rates, hotel occupancy and average daily rates in the Canadian mixed-use real estate market; demographic trends; fluctuations in interest rates; litigation risks; the relative illiquidity of real property investments; the Canadian economic environment; the geographic concentration of the REDT’s business; natural disasters and severe weather; demand levels for mixed-use properties in the metro Vancouver area and local economic conditions; negative geopolitical events; public health crises; the capital structure of the REDT; distributions; capital depletion; potential conflicts of interest; reliance on the good faith and ability of the Project’s project manager to manage and operate the Project; reliance on property management companies; the limited operating history of the REDT; the limited experience of management of the REDT with respect to managing a reporting issuer; the limited liquidity of the Class A Units and Class F Units; and tax laws. While management of the REDT considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

    Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REDT’s internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the REDT’s control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the Prospectus, including under the heading “Risk Factors” therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the REDT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    Additional information regarding Anthem Citizen Real Estate Development Trust is available at http://www.citizenbyanthemdevtrust.com and on http://www.sedarplus.com.

    About Anthem Properties

    Anthem is a real estate development, investment and management company that strives, solves and evolves to create better spaces and stronger communities, with more than 385 residential, commercial, and retail projects. Founded in 1991, Anthem is a team of 800 people, with a diverse portfolio consisting of 41,700 homes, 11.5 million square feet of retail, industrial and office space and has developed more than 60 communities across 9,800 acres of land across in Alberta, British Columbia, Ontario and California. We are Growing Places.

    Contact:

    Elisha McCallum
    Vice President, Communications
    Phone: 604.488.3612 Mobile: 778.668.0185
    Email: emccallum@anthemproperties.com

    The MIL Network –

    January 23, 2025
  • MIL-OSI China: Housing market in major Chinese cities heating up over stimulus

    Source: China State Council Information Office

    This photo taken from Jingshan Hill on Aug. 12, 2024 shows the skyscrapers of the central business district (CBD) on a sunny day in Beijing, capital of China. [Photo/Xinhua]

    Home sales in major Chinese cities are ticking up this month, as a series of recent stimulus measures have boosted homebuyer sentiment.

    The early signs of recovery in the housing market in big cities offer some relief as Chinese authorities seek to stimulate the world’s second-largest economy by stabilizing the property market.

    The struggling property sector has been a major drag on China’s economy over the past few years, with cash-strapped developers and high inventories of unsold homes and unfinished projects.

    In a bid to prop up the housing market, Chinese authorities in late September ordered to cut mortgage rates for existing loans, lower down payment ratios and relax purchase restrictions.

    The cities of Beijing, Shanghai, Guangzhou and Shenzhen introduced their versions of stimulus measures for local housing markets just before the National Day holiday.

    This came in late September, when a meeting of the Political Bureau of the Communist Party of China Central Committee underlined the need for efforts to reverse the real estate market downturn and stabilize the market.

    The stimulus package has proven effective in boosting homebuyer sentiment in big cities quickly. This month, many housing sales centers in major cities are packed with clients as many once hesitant homebuyers are again jumping into the market.

    On Sunday, 744 customers signed up to vie for 332 flats in a Shenzhen housing project, and all the flats were sold out in three and a half hours, a rarity before the stimulus package was announced.

    The market rebound started with the week-long National Day holiday from Oct. 1 to 7. According to Leyoujia, a housing agency in Shenzhen, the conversion rate of home buyers for new homes — the ratio of finalized deals to all customers who have visited a real estate project — jumped to 12 percent from 2 percent.

    Liu Xiaofei, a sales manager at property developer LVGEM Group in Shenzhen, said the new stimulus has greatly boosted the market and confidence, helping to increase the conversion rate and shorten the decision-making process.

    During the holiday, buyers in Shenzhen signed initial purchase contracts for 1,841 new homes, up 664.1 percent from a year earlier, local data showed. Meanwhile, homebuyers signed contracts for 2,316 second-hand homes last week, a weekly transaction record in nearly three years, according to housing agency Leyoujia.

    Liu believes the housing market is stabilizing after hitting a trough, but more measures are needed to further boost consumer confidence.

    In Guangzhou, capital of south China’s Guangdong Province, homebuyers had signed initial purchase contracts for 6,687 new homes, up 137 percent year on year, after home purchase restrictions were lifted on Sept. 29, the Guangzhou Municipal Housing and Urban-Rural Development Bureau said on Oct. 12. The bureau attributed the strong growth to policy incentives and sales promotions by developers.

    In Shanghai, 1,334 second-hand homes were traded on Sunday, the daily record in more than a year, according to the website of the Shanghai Real Estate Trading Center.

    The daily number of more than 1,000 shows that second-hand home transactions are very active in Shanghai, said Lu Wenxi, an analyst with real estate agency Centaline Property.

    A Shanghai homebuyer, surnamed Zhang, was a beneficiary of the stimulus. The down payment ratio for second-home purchases was lowered to 25 percent, allowing him to improve his living conditions much sooner, Zhang said.

    The market also heats up in Beijing. The number of second-hand home transactions here nearly doubled from the previous month and surged more than 150 percent year on year from Oct. 1 to 15, according to Leng Hui, an analyst with the research institute of Lianjia, a major second-home realtor.

    Li Yifeng, deputy research chief at China Index Academy, said Beijing, Shanghai and Shenzhen still have room to loosen housing policies to further stabilize the property market in the future.

    Economic fundamentals are key to stabilizing the property sector and expectations, and if the economic recovery accelerates in the fourth quarter with stimulus measures, the property market in key cities could stabilize, and a similar result could even be expected for the market nationwide, Li said.

    MIL OSI China News –

    January 23, 2025
  • MIL-OSI United Kingdom: Planning approval for the redevelopment of 38-40 George Street

    Source: City of Oxford

    Published: Thursday, 17 October 2024

    At the planning committee meeting held on 15th October Oxford City Council approved the plans for Marick Real Estate to redevelop 38-40 George Street

    At the planning committee meeting held on 15th October Oxford City Council approved the plans for Marick Real Estate to redevelop 38-40 George Street for a new 145 room aparthotel operated by Staycity for their premium brand Wilde. The development with also include a new 400m2 community space developed in partnership with Makespace Oxford, which will be used for a wide range of community activities.  

    “We are delighted to see these proposals, which will improve the Gloucester Green area and contribute towards the city’s need for more overnight accommodation and community space, and reduce the pressure to turn family homes into short term lets. It will also provide 24 new cycle spaces and public realm enhancements, alongside generating employment and apprenticeship opportunities, which will pay the Oxford Living Wage as a minimum.” Councillor Ed Turner, Deputy Leader and Cabinet Member for Finance and Asset Management 

    “This is fantastic news for Oxford and supports the Council’s policy to encourage more hotels to open in Oxford city centre to boost the city centre’s economy.” Andrew Heselton of Marick

    For any further information please visit the project website.

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI Economics: U.S. Economic Footing Firmer Than Previously Thought, Projected to Expand 2.3 Percent in 2024

    Source: Fannie Mae

    WASHINGTON, DC – Following annual revisions to the national accounts and an improvement in payroll employment growth in both August and September, the economy now appears to be on firmer footing than previously thought, according to the October 2024 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. While the ESR Group still expects economic growth to slow from the robust 3.2 percent pace recorded in 2023, the degree of expected slowing is smaller; growth in 2024 and 2025 is now expected to be 2.3 percent and 2.0 percent, respectively, near the long-run trend growth rate. The improved economic outlook stems in large part from significant upward revisions to recent personal income data. Previously, the ESR Group expected consumption growth to retrench, as it had grown unsustainably relative to incomes, but revised data now show the relationship between income and consumption to be closer to historical levels. As such, the ESR Group believes the economy can maintain growth closer to its long-run potential through its forecast horizon, barring an unforeseen shock to consumer or business confidence from an adverse exogenous event.

    Following data revisions and recent employment data, bond market expectations for rate cuts have moved into closer alignment with the dot plot from the Federal Reserve’s latest Summary of Economic Projections. As a result, the 10-year Treasury is currently up more than 40 basis points from its mid-September low. This represents upside risk to the ESR Group’s latest mortgage rate forecast, which now sees the 30-year mortgage rate ending the year at 6.0 percent, down from last month’s 6.2 percent projection, and to decline steadily to 5.7 percent by the end of 2025. Meanwhile, the ESR Group expects annual home prices to grow 5.8 percent in 2024 and 3.6 percent in 2025, both slight adjustments to their previous forecasts of 6.1 percent and 3.0 percent, respectively. While the general low level of homes available for sale is expected to continue to exert upward pressure on prices, the ESR Group expects ongoing affordability constraints and rising inventories of homes available for sale to help moderate the magnitude of home price growth moving forward.

    “While potential homebuyers have noticed the decline in mortgage rates over the last few months, they are equally aware that there has been little relief on the home price side, the other primary driver of unaffordability, particularly for first-time buyers,” said Mark Palim, Fannie Mae Senior Vice President and Chief Economist. “The timing of the long-expected pick-up in home sales activity, as well as a further moderation in home price appreciation, will depend in part on the willingness of current homeowners to relinquish their low mortgage rates by offering their homes for sale. Of course, continued strong homebuilding activity will also play a significant role as the shortage of national housing stock remains the primary impediment to affordability.”

    Visit the Economic and Strategic Research site at fanniemae.com to read the full October 2024 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae’s Economic and Strategic Research Group, please click here.

    About the ESR Group
    Fannie Mae’s Economic and Strategic Research Group, led by Chief Economist Mark Palim, studies current data, analyzes historical and emerging trends, and conducts surveys of consumer and mortgage lender groups to provide forecasts and analyses on the economy, housing, and mortgage markets.

    Opinions, analyses, estimates, forecasts, beliefs, and other views of Fannie Mae’s Economic and Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae’s business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, beliefs, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, beliefs, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.

    MIL OSI Economics –

    January 23, 2025
  • MIL-OSI USA: Gov. Kemp Announces 107 Appointments to Boards, Authorities, and Commissions

    Source: US State of Georgia

    For Immediate Release

    Friday, October 11, 2024

    Gov. Kemp Announces 107 Appointments to Boards, Authorities, and Commissions

    Atlanta, GA – Today, Governor Brian P. Kemp announced 107 appointments and reappointments to various state boards, authorities, and commissions.

     

    Georgia Maternal and Infant Health Advisory Commission 

    Keisha Callins is an accomplished obstetrician-gynecologist and public health expert with extensive experience in clinical practice, academic leadership, research, and community service. She holds a Doctor of Medicine from Morehouse School of Medicine and a Master of Public Health from the University of Alabama. Currently, she serves as an OB-GYN at Community Health Care Systems in Georgia and holds multiple faculty appointments, including a professorship at Mercer University School of Medicine. Callins has held various leadership roles, including serving as the Chair of the National Advisory Council on the National Health Service Corps. Callins has received numerous awards and recognitions for her contributions, including the 2024 Ruth Hartley Mosely “Pioneer of Community Advancement” Award and the 2024 Macon Volunteer Clinic Healthcare Hero award. She is actively involved in various professional organizations and community initiatives, advocating for maternal and women’s health, rural healthcare, and medical education. Additionally, she has published various research articles and contributed to discussions on healthcare policies, particularly in underserved communities.

    Amanda “Shea” Evans is a board-certified neonatologist. She is a partner in Marietta Neonatology and currently serves as the Wellstar Health System Medical Director of Neonatal Intensive Care Services and the medical director of the Level 3 Neonatal Intensive Care Unit at Wellstar Kennestone Regional Hospital. Evans completed her medical degree at Mercer University School of Medicine and went on to complete her residency in Pediatrics and Fellowship in Neonatal-Perinatal Medicine at Emory University School of Medicine. Throughout her career, Evans has been dedicated to advancing the care of high-risk infants in community-based hospitals. In addition to her clinical work, Evans is actively involved in hospital committees and initiatives. Evans has received several accolades, including the March of Dimes Heroes in Action Award. She is a proud member of the American Academy of Pediatrics and is committed to the advancement of neonatal care.

    Shannon Mayfield is a nurse midwife at Advanced Women’s Care Center, where she provides comprehensive care to women across various socioeconomic backgrounds. She specializes in cost-effective, patient-centered care; emphasizes education on maternal health; and collaborates with perinatology for high-risk cases. Mayfield received her education from Gordon State College, Clayton State College and University, and Frontier Nursing Academy. Previously, she worked as a Registered Nurse at Piedmont Henry. Her earlier roles include serving as a Certified Nurse Midwife at New Beginnings Comprehensive Women’s Healthcare and Life Cycle OB/GYN.

    Monica Newton began her education at Auburn University studying pre-med psychology followed by medical school at Midwestern University in Chicago. While in Family Medicine residency at the University of Alabama at Birmingham, she obtained a Master of Public Health in International Health. After residency, she began teaching at UAB-Selma Family Medicine Residency Program while completing a fellowship in obstetrics. Recognizing the overwhelming needs in her community, she completed a faculty fellowship in underserved medicine through the University of California-San Diego. Moved to action, she started a free clinic called “Family Doc in a Bus” with grant funding from the Alabama Department of Public Health and FEMA. She was elected by the community to serve on the Selma City Council and the Alabama Academy of Family Physicians as a regional vice president. After serving 11 years as an associate professor of family medicine, Newton moved with her family to Gainesville, Georgia, and joined the Northeast Georgia Physicians Group. To meet the current challenges in health care, Newton completed a master’s in population health from Thomas Jefferson University in 2016.

    Marlo Vernon is an associate professor at the Georgia Prevention Institute, with an appointment in the Department of Obstetrics and Gynecology at the Medical College of Georgia, Augusta University, and memberships with the Georgia Cancer Center, the Institute for Public and Preventive Health, and the Georgia Prevention Institute. She is the Principal Investigator and developer of VidaRPM – a remote self-monitoring application for blood pressure and mental health. Additionally, Vernon is the Project Director of Mothers Informed Lactation Knowledge and Support (MILKS) and the Co-Project Director for Access to Services for Pregnant and Postpartum Persons in Northeast Georgia (ASPiriNG).

    Padmashree “Champa” Woodham is a professor in the Division of Maternal-Fetal Medicine, MFM Fellowship Program Director at the Medical College of Georgia, and Director of the Regional Perinatal Center at Wellstar MCG Health. She received her bachelor’s degree from Emory University in 2001. She attended Emory University School of Medicine to complete her MD and remained at Emory to finish her Internship and Residency in the Department of Obstetrics and Gynecology in 2009. Woodham went on to complete a fellowship in Maternal-Fetal Medicine at the University of North Carolina at Chapel Hill. She is board-certified in Obstetrics and Gynecology and Maternal-Fetal Medicine. Woodham joined the faculty of Mercer School of Medicine at the Medical Center Atrium Health Navicent in Macon as the Director of Maternal-Fetal Medicine in August 2012, where she spent the first 10 years of her career. During that time, Woodham served numerous leadership roles, including Director of the Regional Perinatal Center, Chair of the Finance Council, and Vice Chair of the Atrium Health Navicent Leadership Council. Among her various honors and achievements, she received the ACOG/CREOG National Faculty Award. Woodham was the 2022-2023 President of the Georgia OBGYN Society. She provides high-risk obstetric care to patients with a range of complex maternal and fetal conditions. Her research involves predictive markers for preeclampsia and techniques to better predict growth restriction on fetal ultrasound.

     

     

    Georgia Motor Vehicle Crime Prevention Advisory Board 

    Woodrow W. Blue, Jr is the Chief of Police for the City of Forsyth. He has over 44 years of law enforcement experience and over 40 years as a Chief of Police. Blue began his career in law enforcement with the Hahira Police Department, where he was appointed Chief of Police at the age of 26. In September of 2000, he accepted the position of Deputy Police Chief of the City of Milledgeville and, in 2002, he was appointed Police Chief. He has also served as Chief of Police for the City of Eastpoint and for the City of Donaldsonville. Blue graduated from Valdosta State University with a bachelor’s degree in criminal justice and earned a master’s degree in public administration from Columbus State University. He is a 2003 graduate of the Georgia Command College, Class 8, and a 2004 graduate of the Georgia International Law Enforcement Exchange Program. Blue has served as president of the Georgia Association of Chiefs of Police, is a former member of the Board of Private Detectives and Security Agencies, and has served on the Peace Officer Standard and Training Board as the Georgia Association Chief of Police representative. Blue and his wife, Elese, have two kids and three grandchildren.  

    Derick Corbett is the senior vice president of external affairs at Pull-A-Part, where he oversees all government and regulatory affairs, compliance, and community relations work for Pull-A-Part’s 37 facilities in the 16 states it serves. Upon graduating from the University of Georgia with degrees in political science and economics, Corbett began what would become a 20 year career in public service. Corbett served with Congressman John Linder from October 2000 to December 2010, holding various positions on his Congressional staff and campaign staff, including communications director, deputy chief of staff, and chief of staff. In 2010, he served as campaign manager for Rob Woodall and went on to become Congressman Woodall’s chief of staff and campaign manager until 2020. He currently serves as a board member for the Georgia Recycling Association, the State Recycling Association of Alabama, and the Recycling Association of North Carolina. Corbett also serves as Chairman of the Automotive Recycling Committee for the Institute of Scrap Recycling Industries, the largest international recycling trade association in the world. Corbett is a member of the Georgia Chamber of Commerce and serves on the Energy and Natural Resources and Government Affairs Committees.

    John “Herb” Cranford, Jr. is the District Attorney for the Coweta Judicial Circuit, comprised of Carroll, Coweta, Heard, Meriwether, and Troup Counties. Cranford was born and raised in Coweta County and is a third generation prosecutor. He obtained a Bachelor of Arts in Religion from the University of Georgia and a Juris Doctor from Mercer University’s Walter F. George School of Law. During law school, Cranford worked as a judicial clerk for the Honorable W. Homer Drake, Jr. of the United States Bankruptcy Court for the Northern District of Georgia and then as an intern for the Coweta Circuit District Attorney’s Office. Upon graduating law school, he was hired as an Assistant District Attorney in the same office, working in Carroll County and Coweta County. In February 2018, Governor Nathan Deal appointed him as District Attorney to fill the remainder of his predecessor’s term and he has since been re-elected twice. Cranford has received recognition for his focus on prosecuting criminal street gangs, including obtaining the first guilty verdict in a gang trial in the Coweta Judicial Circuit. In 2021, he was appointed by the Supreme Court of Georgia to serve on the State Bar’s Disciplinary Board and he was elected by his fellow Georgia District Attorneys to serve as Treasurer for the District Attorneys’ Association of Georgia and the Georgia representative to the National District Attorneys Association.

    Harshida Davis is the group risk manager-Atlanta for Enterprise Holdings Inc., which does business as Enterprise Rent-A-Car, Alamo Rent-A-Car, National Car Rental, Enterprise Car Sales, Enterprise Truck Rental, and Commute with Enterprise. In her role, she oversees the Risk Management Department. After earning her bachelor’s degree from the State University of New York at Geneseo with a major in sociology and psychology, she started with Enterprise in 2001 as a rental management trainee and was promoted to the risk management department in 2002. Before joining the Atlanta group in 2019, Davis managed risk programs for Enterprise Truck Rental in North Carolina; Enterprise on the southside of Chicago and northwest Indiana; Enterprise, Alamo, and National at O’Hare and Midway; and all divisions in southwest Florida. In addition to her day-to-day responsibilities, Davis is also a member of the Georgia Auto Theft Intelligence Council and most recently spearheaded the addition of the Top Investigator of the Year-Crimes against property and Top Investigator of the Year-Crimes against persons awards at the annual ASIS Law Enforcement Appreciation Day. Dedicated to her community, Davis has sat on the board of the Literacy Council of the Gulf Coast and was a leader on the Go Red for Women Committee for the American Heart Association – Gulf Coast. Davis and her husband, Jon, have two children and reside in Atlanta.  

    Scott Goss is a senior manager of Geico’s Special Investigation Unit. He attended Georgia State University and studied criminal justice. Later, he attended Reinhardt College and studied business administration. He lives in Carnesville with his wife and family.

    Stacey Ellis Hodges takes an active role in Jim Ellis Automotive. Hodges has been working in the dealership in a full-time capacity since graduating with a bachelor’s in marketing from Georgia Southern University in 1999. Initially, her summer jobs involved administrative positions from accounting to cashiering. Once she returned from college in Statesboro, her full-time career began as a service advisor for the Audi and Porsche brands. Hodges soon moved into Audi sales, then transitioned into management. She has been a general manager for Saab, Mazda, and Maserati brands at Jim Ellis, becoming a vice president of Audi Atlanta in 2015. Today, Ellis oversees the automotive group’s directors, keeping her close to the operations as a whole and up to date on technologies and processes for the dealership group. She also serves as a corporate officer over the Company’s associated business entities. Hodges and her husband, Greg, reside in Cumming. She is actively involved in her children’s schools, recreational activities, their local church, and various charities.

    Chip Koplin has over 35 years of experience in the scrap recycling and used auto parts industries. He is the government and public affairs manager for the southeast region of Radius Recycling (formerly Schnitzer Steel Industries), focusing on metals recycling, steel manufacturing, and auto parts recovery. Previously, he served as Vice President of External Affairs at Pull-A-Part, LLC and worked for 23 years at Macon Iron & Paper Stock, a multi-generation family business before its sale to Schnitzer Steel Industries. Koplin has also co-owned General Steel Company and Commercial Doors and Associates. He is deeply involved in trade associations, including the Institute of Scrap Recycling Industries, where he serves as chair of the Material Theft Subcommittee and has held various leadership roles. Koplin is also a past president and founding board member of the Georgia Recyclers Association. His extensive board involvement includes the Georgia Chamber of Commerce, Stonecrest Industrial Council, and various other organizations. He is a 2009 Graduate of Leadership Georgia, a 2012 program chair, and a member of the Georgia Professional Lobbyists Association. Koplin attended Georgia State University where he earned a bachelor’s degree in real estate.  He and his two children reside in Atlanta.  

    Josh Lamb serves as the director of administrative services of the Department of Public Safety. In his role, he oversees the Office of Professional Standards, the Human Resources Division, the Public Information Office, and Legislative Affairs. Previously, he served as the chief of staff. Lamb began his law enforcement career as a Special Agent with the Tri-Circuit Drug Task Force in 1996. In 1999, he joined the Georgia State Patrol after he graduated from the 74th Georgia State Patrol Trooper School. Throughout his career, he has served as Corporal at Post 11 – Hinesville; Sergeant in Post 45 – Statesboro; and Sergeant First Class at Post 45, Post 16 – Helena and Post 18 – Reidsville. Lamb also spent eight years as a member of the State of Georgia SWAT team.  He served as lieutenant in the Planning and Research Unit where he created departmental policy, assisted in planning special events such as the 2018 National College Championship Game and Super Bowl LIII, and worked on legislative affairs such as the distracted driving law. Lamb has been the Director of Training, SWAT Team Commander, Executive Officer to the Deputy Commissioner, and Chief of Staff. Lamb holds a bachelor’s degree in justice studies from Georgia Southern University and a master’s degree in public administration from Columbus State University. He also attended the 259th Session of the FBI National Academy. Lt. Colonel Lamb and his wife, Alison, have two daughters.

    Scott Poole earned his Bachelor of Arts in Political Science from Berry College in 1994 before attending Georgia State University College of Law. While in law school, he completed internships with Superior Court Judge Stanley Gault and Fulton Senior Superior Court Judge William Daniel. After graduating, Scott served as an Assistant District Attorney in Cherokee County from 1997 to 2008, handling a range of cases from theft to murder and successfully prosecuting the county’s first racketeering case under the Georgia RICO statute. In 2008, he joined the Appalachian Judicial Circuit as Senior Assistant District Attorney in Pickens County, managing the office and focusing on severe cases like violent offenses and drug trafficking. Scott built a reputation as an effective litigator and teacher, instructing drug prosecutors through the Prosecuting Attorney’s Council of Georgia and being certified by the Georgia Peace Officer Standards and Training Council. In January 2013, he transitioned to private practice, co-founding Grisham & Poole, P.C. Recognized as a Super Lawyer since 2021, he was appointed Municipal Court Judge for the City of Ball Ground in 2022. He and his wife, Jennifer, have one daughter and reside in Ball Ground.

    Rick Redd has been employed with the National Insurance Crime Bureau (NCIB) as a special agent since 2018, where he covers the State of Georgia. Prior to working for the NICB, Redd retired as Detective Sergeant of the Marietta Police Department after 30 years of service, mostly spent in the Investigative Services Division. He is currently the president of the Georgia Auto Theft Intelligence Council, past president of the International Association of Auto Theft Investigators (southeast chapter), and a board member of the International Association of Special Investigation Units. Redd resides with his wife of 40 years in Canton.

    Matthew Rollins serves on the Superior Court of the Paulding Judicial Circuit, appointed by Governor Kemp in March 2024. He previously served as the District Attorney of the Paulding Judicial Circuit and as an Assistant District Attorney in the same office. Rollins served four years on active duty in the United States Marine Corps. After receiving an Honorable Discharge, he attended Kennesaw State University, where he received his bachelor’s in political science, and Mercer Law School, where he received his J.D. An active member of his community, Rollins is a member of the Dallas Lodge, the Paulding Rotary Club, and the Paulding Bar Association. Rollins and his wife, Minna, have one child and live in Acworth

    Lori Silverman attended Tulane University in New Orleans LA where she majored in Spanish. Upon graduating from Tulane, Silverman received her J.D.  from Emory University. After graduating from Emory, she began working for the Fulton County Public Defender. She then worked in private practice for many years. Silverman volunteered with the Consumer Action Center for five years before becoming the director in 2013.

    Lenn Wood is the Sheriff of Coweta County. He has dedicated over 40 years to law enforcement, starting with the Newnan Police Department before joining the Coweta County Sheriff’s Office. His extensive career includes roles in Patrol, Investigations, School Resource, Training, Jail, and Court Services. His transparency initiatives include working with international broadcast projects like Investigative ID and “On Patrol Live” to build trust with the community. He has also led efforts against human trafficking, improving victim recognition and collaborating with state and federal agencies. His emphasis on comprehensive training—requiring officers to complete at least forty hours of continuing education annually—demonstrates his dedication to maintaining high-performance standards.

     

    State Board of Occupational Therapy 

    Betsy McDaniel is the Chair of the Department of Rehabilitation Science and Fitness at Middle Georgia State University. McDaniel holds a master’s degree in health & human performance from Georgia College and State University, along with dual associate degrees and a bachelor’s degree from Middle Georgia State University. At Middle Georgia State University, she has served as Occupational Therapy Assistant (OTA) Program Director and Academic Fieldwork Coordinator, where she has been instrumental in overseeing curriculum development, faculty management, and maintaining program accreditation. McDaniel has developed and enhanced various OTA courses. She is actively involved in university committees and professional associations, including the American Occupational Therapy Association and the Georgia Occupational Therapy Association. Additionally, McDaniel maintains her clinical skills as a PRN Certified Occupational Therapy Assistant at Southwest Georgia Rehab.

     

    State Workforce Development Board 

    Lindsay Hill serves as the senior vice president of human resources at Georgia Power, where she spearheads initiatives in talent management; diversity, equity and inclusion; labor relations; safety; facilities; and HR delivery. Hill is a member of Georgia Power’s Management Council. Since joining Georgia Power in 2001, she has served as vice president of human resources at Southern Company Gas and HR director at Georgia Power. In addition to her professional responsibilities, Hill is active in the community. She is the president and CEO of the board for Bright Generations Childcare Centers and serves on the boards of the Atlanta Women’s Foundation and the Atlanta Ballet. Hill earned a bachelor’s degree in business administration with a focus on marketing from Valdosta State University and a master’s degree in organizational leadership from Troy University. She was named a 2023 Valdosta State University Distinguished Alumni recipient, and she is a 2024 participant in Leadership Georgia.

    Amy Jordon is the chief nursing officer currently overseeing Advent Health Redmond and the southeast region. In this role, Jordon manages care integration, performance improvement, and nursing education while collaborating on regional and system-wide initiatives. She is focused on clinical workforce planning and academic partnerships to enhance the clinician pipeline and improve care delivery across the network. Since 2005, she has held CNO roles at Advent Health Gordon and Advent Health Murray, showcasing a deep expertise in nursing leadership and patient care. She earned her bachelor’s and master’s in nursing from the University of West Georgia.

     

    State Licensing Board for Residential and General Contractors 

    Omar Ali was reappointed.

     

    State Commission on Family Violence 

    Michael Moore is the Madison County Sheriff. Moore began his law enforcement career at the Clarke County Jail. In 2003, he graduated from the Northeast Georgia Police Academy as a certified peace officer and began as a deputy sheriff with the Madison County Sheriff’s Office until he was elected sheriff in 2016. Moore has earned more than 1400 total law enforcement training hours throughout his career. He became a member of the Neese Sanford Volunteer Fire Department at age 18 and then transferred to the Colbert Volunteer Fire Department where he worked to the rank of Captain. Moore is a member of the Madison County Rotary Club and the Madison County Board of Education Governance Committee for Madison County Middle School. A Madison County business owner, Moore owned and operated Moore’s Trucking and Moore Tire in Colbert.  He and his wife, Toni, reside in Colbert and have four children.

     

    Board of Directors of the Georgia Emergency Communications Authority 

    Sam Couvillon is the Mayor of Gainesville, Georgia and a partner with Norton Insurance. At Norton, he is the area president of the Benefits Department. Couvillon began his insurance career in 2002 with New England Financial as both a financial planner and employee benefits agent.  Holding true to the values of Norton, he is very involved in the community. In addition to serving as mayor, Couvillon serves on numerous boards in the community. He previously served on the city council serving Ward 1 from 2014-2021. Couvillon received his bachelor’s degree in communication from the University of Georgia. He and his wife, Margie, have two children.  

    Michael Persley is the Chief of Police for the City of Albany. He was promoted to Chief on May 23, 2015. Persley has been employed with the Albany Police Department for 30 years and has held numerous positions within the department. He was previously the gang unit commander, east district police commander, and assistant commander of the Albany-Dougherty Metro SWAT Team where he has served as an entry team member, assistant team leader, team leader, and negotiations commander. His other assignments have included working in narcotics, general, and gang investigations. Persley has a master’s degree in administration/justice and security from the University of Phoenix, and a bachelor’s degree in criminal justice from Troy University. Persley has over 2800 hours of basic and advanced police training. He is a graduate of the IACP Leadership in Police Organization and the Northwestern School of Police Staff and Command. Persely is a member of the Georgia Association Chiefs of Police, where he serves as a district representative, and the International Association of Chiefs of Police, where he serves on the board of directors. He serves on several community boards and committees, including Stop the Violence and the Dougherty County Rotary Club. Persley is retired from the Georgia Army National Guard after serving for over 22 years. He served on deployments to Bosnia-Herzegovina, Iraq, and Afghanistan.

    Mikki Quinones serves as the division commander for Houston County E-911, with a distinguished career spanning over three decades in public safety communications. She began her career in 1991 as one of the first civilian personnel at Houston County E-911 and, by 1994, she had advanced to shift supervisor. In 2000, Quinones became the 911 operations coordinator, where she spearheaded the implementation of a countywide CAD system and an 800MHz radio system. Quinones is a certified peace officer and has led multi-million-dollar projects, including the redesign of the 911 center and the upgrade of the 800MHz system. She was instrumental in achieving CALEA accreditation for Houston County E-911, which has since earned four reaccreditations. In 2021, she was promoted to captain and completed NENA’s Center Manager Certification Program and the Georgia 911 Director’s Academy. She is a certified instructor with Peace Officer Standards and Training and also serves as an emergency medical dispatch instructor. Beyond her professional work, she is a member of the Houston County Department of Family and Children Services Board. She and her husband, Manny, have three children and two grandchildren.

     

    State Rehabilitation Council 

    Juliet Hardeman, Jerry Haywood, Kathryn Hearn, and Joy Norman were reappointed.

     

    Georgia Driver’s Education Commission 

    Andrea Daniel currently serves as the president of Athens Technical College. She has served the College for over 27 years. Daniel began her career working in the office of Senator Sam Nunn and supported the work of the Armed Services Committee. She went on to work as a senior planning analyst for the Atlanta Regional Commission on projects such as the Outer Loop Study, Vision 2020 Education Stakeholder Committee, planning and zoning studies, and Olympic Transportation Planning. Daniel has completed the Executive Leadership Academy of the Technical College System of Georgia and she is a graduate of L.E.A.D. Athens Class of 2008. She has also completed the Georgia Tech Annual Basic Economic Development Course, and the Georgia Regional Academy for Economic Development Essentials of Economic Development course. In January 2020, Daniel was elected and nominated by a group of her peers to serve on the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) Board of Trustees. For her efforts in demonstrating excellence, creativity and success in business and furthering the goals or other professional women, Daniel was presented the Athena Award in February 2020. In November 2020, she received the Elbert County Native Citizen Award during the annual meeting of the Elbert County Chamber of Commerce. Daniel has a bachelor’s degree in political science from Lander University, a master’s degree in public administration from the University of Georgia, and a PhD in business administration specializing in organizational leadership from Northcentral University. She and her husband, Sterling, have one daughter.

     

    Sexual Offender Risk Review Board 

    Mindy Ackerman, Jerry Bruce, J. Robert Frederick, Katie Gropper, James Morton and Bert Reeves were reappointed. 

    Elizabeth Bigham has been a special agent with the Georgia Bureau of Investigation for 17 years. Currently, she works in GBI’s Office of Special Investigations in the Cold Case Unit. For most of her career with the GBI, she was assigned to the Child Exploitation and Computer Crimes Unit (CEACC), conducting over 600 criminal investigations involving child exploitation. Bigham received a bachelor’s in criminology from Florida State University and has used her degree to instruct others at conferences in Georgia and around the world. Bingham has also provided expert testimony to General Assembly study committees and Georgia state courts.

    Meghan Thurmond serves as a victim advocate at the Paulding County District Attorney’s Office. In this role, she has supported victims and witnesses, managed crime victim compensation referrals, and worked towards becoming a nationally certified advocate. She is passionate about advocating on behalf of victims, especially those unable to voice their needs. She began her career in 2007 at the Cobb County Solicitor General’s Office as a traffic secretary, where she supported staff in a 100 person office to ensure traffic compliance. In 2017, she became a judicial administrative assistant at the Cobb County District Attorney’s Office, providing her with extensive experience in case management and fostering professional relationships.

     

    Georgia Council on Developmental Disabilities 

    Wesley Ford, Lisa Newbern, and Sharia Stripling were reappointed.

    Jessica Cowell is from Columbus, Georgia. She earned her G.E.D. after attending Central High School. She went to Columbus State University to study theatre.

    Dayna Holbel is an educational consultant and member of the Education Transition Team at the Emory Autism Center. In her role, she works closely with students, parents, and school personnel to support successful post-secondary outcomes for autistic students through the Individual Transition to Adulthood (ITAP) project. Holbel received her bachelor’s in English and history from the University of Michigan, and her master’s degree in education in transition specialist and special education from Wayne State University. She also has experience working in Fulton County Schools as a transition services teacher and currently operates a tutoring company called Wonder Tree Tutoring.

    Tais Keyser is a stay-at-home mom and advocate for disability rights and awareness. Two of her children are differently abled. She has worked with Unlock GA, a broad-based coalition whose mission is to expand and enhance home and community-based services to support Georgians with developmental disabilities.

    Brook Kubik is a part-time instructor at the University of North Georgia, teaching primarily chemistry, biology, and environmental science to undergraduate students through the online eCore platform.  Previously, she was an analytical research chemist at the Centers for Disease Control and Prevention (CDC) in Atlanta. She holds a bachelor’s degree in biology from the University of West Georgia, a master’s in chemistry and a C.P.H. in Epidemiology from Georgia State University, and an Ed.S. in Curriculum and Instruction from Lincoln Memorial University. Kubik is a mother of five children ages 18 and under, three of whom are differently abled. After having children with various intellectual, developmental, and physical disabilities, and experiencing first-hand the lack of services and needs that we have in our communities, her passion has turned to providing support and education to disability families within her community and state.  Currently, Kubik is a parent advisory board member at the Marcus Autism Center and works with Georgia Swimming LSC/USA Swimming to bring inclusive competitive and learning opportunities to athletes of all abilities across the State of Georgia.

    Crystal St. Pierre-Stackpole is a dedicated special education teacher and community volunteer in Lafayette, Georgia. St. Pierre-Stackpole is committed to serving her local community, particularly those with special needs. Her career spans a variety of roles in education, including teaching nature-based pre-K, middle school resource classes, and high school vocational instruction. Currently, she works with elementary students with autism. Before she began teaching, St. Pierre-Stackpole worked in Chattanooga, Tennessee with local nonprofits as a volunteer coordinator, event planner, and outdoor educator. She has also worked as a CNA and home health worker while pursuing her education at Dalton State College. Inspired by her personal experiences supporting her brother, who has Down syndrome, she passionately advocates for families navigating special education and state services. St. Pierre-Stackpole actively participates in advocacy events, helping families understand their rights and connect with necessary resources. Her commitment to service and advocacy reflects her belief in the power of every individual’s voice and the need for collective advocacy.

    Jennifer Snyder is an outreach and advocacy coordinator for Living Independence for Everyone (LIFE ). In her role, she works to help people with significant disabilities transition from nursing homes and other institutions to home and community-based residences. She resides in Chatham County.

    Leslie Kate Thornton advocates for the human and civil rights of all people and equality for people with disabilities, especially in employment. She has spent several years working as a social media content developer. Thornton is passionate about community engagement and empowering individuals to make a positive impact. She resides in St. Mary’s, Georgia. 

    Dave Ward is the president & CEO of Tommy Nobis Center, bringing over 30 years of nonprofit experience. He previously served as executive vice president at the Wounded Warrior Project, executive director at Big Brothers Big Sisters, and regional director at Make-A-Wish Foundation. He also held a role at Best Buddies International and was a licensed psychotherapist. Ward is a Leadership Atlanta Class of 2020 graduate and a Governor-appointed member of the Georgia Employment First Council. He served as president of the Georgia Association of Training, Employment and Supports (GATES) from 2019-2023 and was nominated for the Turknett Leadership Group’s 2018 Leadership Character Award. He holds a bachelor’s in sociology and criminal justice and a master’s in rehabilitation counseling. Ward resides in Kennesaw with his family.

     

    State Water Well Standards Advisory Council 

    Clayton Wayne McKinnon, Sr. was reappointed.

     

    Board of Human Services

    Douglas Aldridge, Jr., David Barbee, Monica Walters, and Rochard White were reappointed.

     

    Board of Control for Southern Regional Education

    Greg Dozier and Matthew Dubnik were reappointed.

     

    Board of Early Care and Learning 

    Kristin Morrissey and Cristina Washell were reappointed.

    Kristy Beam will now serve as the Fourth Congressional District Representative.

    Jennifer Bennecke will now serve as the Sixth Congressional District Representative.

    Karla Zisook will now serve as the Fifth Congressional District Representative.

    Maria Franklin is a board-certified behavior analyst with a strong educational background and work experience in behavior analysis and support. She earned a graduate certificate in behavior analysis from Florida Institute of Technology in May 2023 and holds a master’s in applied psychology (developmental psychology) and a bachelor’s in psychology from Liberty University. Currently, Franklin works as a board-certified behavior analyst at North Georgia Autism Center, where she develops individualized therapeutic plans and conducts initial client assessments. Her previous roles include registered behavior technician at the same center providing one-on-one ABA therapy and various positions such as behavior support clinician and field trip coordinator. Franklin also served as a motor transport operator in the U.S. Army Reserve.

    Joyce Freeman is the early childhood care and education program chair and a full-time ECCE instructor at West Georgia Technical College(WGTC). In 2016, Freeman began her career at WGTC as an early childhood care and education adjunct instructor. Previously, she was a lead teacher, trainer, and supervisor at Western Arkansas Child Development and served as a lead teacher and assistant director at Early Head Start Child and Family Services. Freeman holds a Master of Arts in teaching early childhood from Arkansas Tech University, a Bachelor of Arts in organizational leadership from the University of Arkansas Fort Smith, and an Associate of Arts in early childhood education from Carl Albert University. Some of her notable accomplishments include serving on a workgroup writing team to revise the workforce knowledge competencies for program administrators and education leaders, implementing the federal work-study program at WGTC, and serving as a certified trainer in first aid/CPR and child protection. She is an active member of the Southern Early Childhood Association.

    Karen Jones has been an educator for 27 years and is currently employed with Houston County School District as a program specialist. A graduate of Georgia Southern University, she holds advanced degrees from Valdosta State University and Columbus State University. She has worked as a preschool teacher, elementary school teacher, and district-level administrator. She worked in New York, Germany, South Carolina, and Nebraska before arriving back home in Georgia. She has a wealth of knowledge in the field of early childhood education, special education, educational leadership, and curriculum. Jones has served as a member on the Middle Georgia Community Action Agency (MGCCA) Health Advisory team, Middle Georgia RESA Preschool Consortium Lead, and an instructor for MGRESA Dyslexia Endorsement Cohort. She is passionate about improving the outcomes of young children and supporting their families with early intervention resources.

    Sylvia Washington is a pediatrician with a background in clinical practice, academia, and community service. Board-certified in general pediatrics since 2011, she completed her Pediatric Residency at Mercer University Medical Center in 2010 and holds a Doctor of Medicine from New Jersey Medical School.  Washington graduated summa cum laude with a bachelor’s degree in biology from Howard University. She has served as a general pediatrician at Atrium Health Floyd Pediatrics since 2013, where she also chaired the Department of Pediatrics and directed the Reach Out and Read Program. Her previous roles include similar positions at East Albany Pediatric and Adolescent Center. Washington contributes to medical education as a preceptor for various institutions and has been involved in significant publications and research. Active in community service, she holds leadership roles with the Georgia Chapter of the American Academy of Pediatrics and engages in medical missions and youth outreach programs.

     

    State Board of Examiners for Speech Pathology and Audiology 

    Douglas Mattox was reappointed.

     

    Council on American Indian Concerns 

    Heidi Altman, Paul Brannen, Nealie McCormick, and Royce McCrary were reappointed.

    Maureen Meyers is a senior archaeologist with New South Associates, Inc. in Stone Mountain. She is an expert on pre-contact Native Americans of the southeast and has researched extensively on Native American settlement, households, ceramics, and fiber production. She is also an expert on archaeological field safety, sexual harassment and assault, and disability in archaeology. She received her bachelor’s from Radford University in Virginia, her master’s from the University of Georgia, and a Ph. D from the University of Kentucky. Meyers has over two dozen publications, many focused on her work on Mississippian period Native American mound sites in southwestern Virginia and north Georgia. She is the past president of the Southeastern Archaeological Conference, where she created partnerships with public outreach groups, scholarships for tribal and HBCU students, instituted organizational policy for addressing sexual harassment, and helped create and pass an image policy regarding Native American burial remains and associated objects.  

    Frank Williams is a full professor with tenure at Georgia State University, specializing in biological anthropology. He received his bachelor’s from the University of Florida and his master’s and Ph.D. from the University of Massachusetts, Amherst. Prior to coming to Georgia State University, he was a postdoctoral research assistant at Pennsylvania State University. Williams teaches courses in forensic anthropology, human paleontology, human osteology, statistical methods, and primate behavioral ecology. In 2020, he was the recipient of the University Faculty Award for Undergraduate Mentored Research in Policy, Entrepreneurship, Education, and Social Sciences. Williams has published extensively on reconstructing Neandertal diets using dental microwear, vertebral osteoarthritis, paleopathology, fossil primates, and dental morphology. He has received two U.S. Fulbright awards, a Fulbright Specialist Award to the University of Calgary, Canada (2014), and a Fulbright Core Scholars Award to the Royal Museum of Central Africa, Belgium (2016). He has previously served as director of undergraduate studies, department chair of anthropology, NAGRA coordinator, and faculty associate for tenure-track faculty development and review for the College of Arts and Sciences at Georgia State University.

     

    Georgia Real Estate Commission 

    Edward Lee Dollar was reappointed.

     

    Georgia Board of Dentistry 

    Glenn Maron was reappointed.

     

    Georgia Joint Defense Commission 

    Henry Childs, John L. Eunice, III, Peter Jones, and Al Konetzni were reappointed.

     

    Behavioral Health Reform and Innovation Commission 

    Kevin Tanner was reappointed as chairman.

    Karen Bailey, Jason Downey, Nora Haynes, Miriam Shook, Sarah Vinson, DeJuan White, and Michael Yochelson were reappointed.

    Melanie Dallas is the CEO of Highland Rivers Behavioral Health and a licensed professional counselor with 35 years of experience in behavioral health. Throughout her career she has held roles in crisis stabilization, mobile crisis assessment, and in-home care, working with children, families, and adults in both the public and private sectors. Dallas specializes in trauma and attachment issues. In 2019, she served on the Appalachian Regional Commission Substance Abuse Advisory Council and is currently the chair of the Policy Committee for the Georgia Association of Community Service Boards. Dallas holds a bachelor’s in marketing from the University of Kentucky and a master’s in counseling from Georgia State University. She has worked as a military family life consultant with the Department of Defense and helped develop a network of clinicians for the Georgia Army National Guard and Georgia State Defense Force. She has contributed to Georgia co-response programs, is trained in Critical Incident Stress Management (CISM), and leads a CISM team within her agency.

     

    Georgia Film, Music, and Digital Entertainment Advisory Council 

    Walker Dalton is the executive director of the Savannah Regional Film Commission. Previously, he served as the Savannah College of Art and Design’s director of content, where he led a team of creatives that produced art, fashion, and documentary films. Before moving to Savannah, he was a producer for 10 years on Jay Leno’s Garage and, for five years, served in NBC Universal’s digital marketing department. In 2017, Dalton earned an Emmy nomination for Jay Leno’s Garage. His leadership as the film commissioner for the region around Savannah, Georgia is reinforced by his 25 years of entertainment industry experience.

    Maria Guerra-Stoll is the president and CEO of PAM Studios and founder of GSB Architects + Interiors Inc. She began her career in film studio design working at Tyler Perry Studios in 2007 and has since overseen projects for major clients including Netflix and AT&T. Guerra-Stoll’s firm has extensive experience in designing entertainment facilities across the U.S. and internationally. She founded PAM Studios LLC, focused on fostering local talent and providing production facilities in Rome, Georgia. A native of Caracas, Venezuela, she graduated from the University of Tennessee at Knoxville with a Bachelor of Architecture. She has also completed two MBE programs at the Tuck School of Business at Dartmouth College. Guerra-Stoll serves as an executive board member of the Latin American Chamber of Commerce. She served as chairman of the Board of the Georgia Hispanic Chamber of Commerce. Additionally, Guerra-Stoll is a former board member of the Georgia Latino Film Festival, the Georgia Chamber of Commerce, Habitat for Humanity, and the YWCA.

    Pamela Thompson has been the owner-operator of Dillard House Stables since 1989. Along with her crew of experienced trail guides, she strives to keep the horseback riding tradition alive. Thompson’s lifetime of experience with horses and 25 years in the “trail riding” business allows her the opportunity to offer a safe and enjoyable horseback ride for every level rider. Additionally, she serves as president of the Dillard Tourism Association and as a camera-ready liaison for Rabun County to the Georgia film industry.

    Scott Votaw is the Assistant Vice Chancellor of the Georgia Film Academy. With over 25 years of experience working for production companies including Saban, Fox, Lucasfilm Ltd., and others, Votaw has a deep knowledge base of film production, 2D/3D animation, special FX, motion capture, and post-production. With a decade of experience in education, he also holds expertise in current and trending production needs, training educational circular creation, and workforce development. As an international consultant with CSV-Consulting, Votaw worked for studio infrastructure providers, workforce development, and emerging technology companies within the film and entertainment production sectors in the Asia-Pacific region. Prior to this, Votaw supported efforts to grow the film and TV production industry in Georgia by maintaining a highly trained and industry-standard workforce by creating/advising some of the most successful educational programs globally.

     

    State Board of Registration of Used Motor Vehicle Dealers and Used Motor Vehicle Parts Dealers 

    Azfar Haque, Jimmy Lydon, and Tyler Wood were reappointed. 

     

    Division on Family and Children Services State Advisory Board  

    Pam Clayton is the vice president of Quality Advancement & Regulatory Affairs at the Georgia Health Care Association. In her role, Clayton supports members in regulatory compliance and quality improvement, building strong relationships with stakeholders at all levels. She previously held various leadership roles at Ethica Health and Retirement Communities, where she developed and implemented strategic initiatives in skilled nursing and ancillary services. She holds a Bachelor of Science in organizational management from Covenant College and an Associate of Science in nursing from Dalton College. An active member of several professional organizations, Clayton serves on the American Health Care Association’s Quality Cabinet and co-chairs the AHCA/NCAL Quality Committee.

    Belinda Davis is the senior field operations manager of the southeast area at the Georgia Department of Corrections (GDC). Davis began her career with the GDC in 1991 as an accounting technician at Burruss Correctional Training Center (CTC). In 1997, Davis was promoted to business manager of Burruss CTC, and, later that year, she was promoted to deputy warden of administration at Metro State Prison. In 2003, Davis transferred to Georgia Diagnostic & Classification Prison to serve as the deputy warden of administration. In 2005, Davis was promoted to superintendent at McEver Probation Detention Center. In 2008, she was promoted to warden of Dooly State Prison. Before its closure, Davis was the warden of Metro State Prison and subsequently became the warden of Pulaski State Prison. Davis earned her Bachelor of Business Administration from Mercer University and a Master of Public Administration degree from Columbus State University. She has completed basic correctional officer training, basic management training, Corrections Leadership Institute, Warden’s Pre-Command, and Georgia Law Enforcement Command College. Davis is the chair of the Butts County DFACS Board.

    Lesli Reece is a seasoned professional with over 30 years of experience. While she is retired now, she serves as the director of Fostering Together, a part of North Point Ministries that she has been involved in since 2011. She has also owned L & R Real Estate Services since 2009. Prior to her current endeavors, Reece spent 11 years at the Coca-Cola Company where she served in various roles, including corporate business development and director of US & Global Staffing. Based in Alpharetta, she is passionate about making a positive impact in her community and leveraging her extensive background in business and leadership to help people.

     

    Georgie Behavior Analyst Licensing Board 

    Brandy Locchetta is an Assistant Professor and Applied Behavior Analysis Program Coordinator at the University of West Georgia. She holds a Ph.D. in Early Childhood Education and Applied Behavior Analysis from Vanderbilt University, a master’s in early childhood special education from Vanderbilt University, and a bachelor’s in early childhood education from Georgia State University. Locchetta’s recent roles include serving as an editorial board member on topics in early childhood special education. Previously, she was adjunct faculty at York College of Pennsylvania and held leadership positions at the Georgia Department of Early Care and Learning. She has received notable awards such as the Leading the Pack Focused on the Future Award from the University of West Georgia and the Shores Award for Excellence in Teacher Education from Vanderbilt University.

     

    Georgia Board of Health Care Workforce

    Steven Gautney was reappointed.

     

    Georgia Composite Board of Professional Counselors, Social Workers, and Marriage and Family Therapists

    Brent Herrin and Bridget Knowles were reappointed.

     

    Georgia Commission on Civics Education

    Wes Cantrell, Kurt Doehrman, Judy Teasley, and Randy Trammell were reappointed

     

    MIL OSI USA News –

    January 23, 2025
  • MIL-OSI: Logansport Financial Corp. Reports Net Earnings for the Quarter Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    LOGANSPORT, Ind., Oct. 16, 2024 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended September 30, 2024 of $192,000 or $0.31 per diluted share, compared to earnings in 2023 of $371,000 or $0.61 per diluted share. Year to date the company reported net earnings of $808,000 for 2024 compared to $1,501,000 for 2023. Diluted earnings per share for the nine months ended September 30, 2024 were $1.32 compared to $2.46 for the nine months ended September 30, 2023. Total assets at September 30, 2024 were $256.9 million compared to total assets at September 30, 2023 of $244.3 million. Total Deposits at September 30, 2024 were $216.6 million compared to total deposits of $219.4 million at September 30, 2023. The company paid a total of $1.35 per share in dividends in the first nine months of 2024 compared to $3.85 in 2023. This included a special dividend of $2.50 per share in 2023.

    The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluation of any forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    LOGANSPORT FINANCIAL CORP.
    SELECTED FINANCIAL DATA (Unaudited)
    (Dollars in thousands, except for share data)
     
              9/30/2024   9/30/2023
                   
    Total assets         $256,930   $244,277
                   
    Loans receivable, net         172,097   168,710
    Allowance for loan losses         2,859   2,941
    Cash and cash equivalents         11,384   4,749
    Securities available for sale         26,783   28,524
    Investment in Logansport Investments, Inc.         29,859   27,237
    Federal Home Loan Bank stock         3,150   3,150
    Equity Investment                    –               –
    Deposits         216,600   219,371
    FHLB Borrowings and note payable         15,000   5,000
    Shareholders’ equity         21,918   17,678
    Unrealized gain (loss) on securities         (5,756)   (9,914)
    Shares O/S end of period         611,597   611,334
    Non-accrual loans         3,288   572
    Real Estate Owned                    –               –
      Quarter ended 9/30
    Nine months ended 9/30 
       2024    2023    2024    2023
                   
    Interest income $2,852   $2,814   $8,894   $8,058
    Interest expense 1,570   1,420   4,657   3,343
    Net interest income 1,282   1,394   4,237   4,715
    Provision for loan losses -30   –   -79   –
    Net interest income after provision 1,312   1,394   4,316   4,715
    Gain on sale of Investments –   –   –   –
    Gain on sale of loans 99   87   260   135
    Gain on sale of REO –   –   –   –
    Total other income 257   293   889   840
    Gain (loss) on Logansport Investments, Inc. 175   172   527   658
    Gain on BOLI Settlement   –   –   –   –
    Total general, admin. & other expense 1,732   1,537   5,171   4,667
    Earnings before income taxes 111   409   721   1,681
    Income tax expense -81   38   -87   180
    Net earnings $192   $371   $808   $1,501
    Basic earnings per share $0.31   $0.61   $1.32   $2.46
    Diluted earnings per share $0.31   $0.61   $1.32   $2.46
    Weighted average shares o/s diluted 611,597   611,334   611,597   611,334
                   

    Contact: Kristie Richey
    Chief Financial Officer
    Phone-574-722-3855
    Fax-574-722-3857

    The MIL Network –

    January 23, 2025
  • MIL-OSI Australia: Joint press conference, Bendigo

    Source: Australian Treasurer

    LISA CHESTERS:

    It’s also an important milestone in Bendigo here, particularly in this particular precinct to officially open the Medicare Urgent Care Clinic and I’m so proud to have the Treasurer of Australia, a good friend of mine, Jim Chalmers here to do that official opening. I acknowledge also too all of our amazing health professionals that are here, our doctors, our nurses, our administrators, people who do bookings, we’ve got [indistinct] here. Thank you very much for joining us the CEO of Bendigo Health, the Primary Healthcare Network they’ve also joined us here today. And I know that we are having a press conference in the middle of what is a very busy day here at Bendigo Primary Care. Thank you for hosting us.

    This has been a long time coming for us here in Bendigo. As I was telling the Treasurer, it was the former Treasurer, Wayne Swan, who actually funded the initial funding for this building to be built. It was built under the former Labor government’s GP Super Clinic funding model and the idea back then, and I’m telling the former federal Member for Bendigo’s story Steve Gibbons, and [indistinct] who also served on the board for a while with the Primary Healthcare Network. The vision was for always for this to be a Medicare‑funded Urgent Care Clinic. The ability to do that after‑hours care, the ability to bulk bill where it wasn’t about your credit card, it was about your Medicare card, making sure that everybody in our postcode could have access to that primary care that they needed after‑hours.

    So, it took us a long time to get here. There was a period when we were in Opposition where we had funding cuts to Medicare, it made it very hard for doctors to bulk bill and very hard for clinics to stay open. But the investment that we’ve seen in Medicare has really turned that around and has brought us to where we are today. So, it’s a proud moment for us in Bendigo. It’s a proud moment for our health precinct, but it’s a really proud moment for us in federal Labor. We’re committed to Medicare and we’re reinvesting and strengthening Medicare each and every day, which is why I’m really proud to introduce the Treasurer of Australia here to officially open the Medicare Urgent Care part of this clinic. So welcome back to Bendigo, Jim.

    JIM CHALMERS:

    Thanks, Lisa. It’s very kind of you, Lisa, to invite me here and to introduce me to all of these healthcare super stars at the Urgent Care Clinic here in Bendigo for a very, very proud day for your wonderful local community, and for all of the people who are providing just first‑class healthcare for people of this community and the surrounding areas as well. It’s a real honour to be here as Treasurer. It’s a real honour to have funded so many of these Urgent Care Clinics around Australia. In our 3 Budgets we found $720 million to fund Urgent Care Clinics – 76 of them so far – including this one that we open today.

    One of the things that is really terrific about Urgent Care Clinics is the way that they help healthcare providers in communities like this one work as a team, take pressure off the local hospital, work with each other to provide the best standard of care that we can for the families and pensioners and people of communities like this one here in Bendigo.

    This one’s got a terrific vibe to it, a really amazing vibe to it, because you can tell the teamwork that makes it all work here in Bendigo. As I understand it, more than 800 presentations already. It’s only been open for a month or so, taking the pressure off Bendigo Hospital and providing a bit of peace of mind too for local families and local pensioners and others, knowing that they’ve got another option that they can come to when they’re looking for Healthcare and where they can stay out of the emergency department if that’s possible.

    Most importantly a massive thank you to all of you. It’s a really proud day, a really exciting day. Before we unveil the plaque, I just have to make some broader points as well. We’ve also got a national announcement that’s happening today and so I just wanted to touch on that.

    One of our motivations when it comes to the billions of dollars we’re investing in strengthening Medicare, and the $720 million we’re investing as part of that in Urgent Care Clinics is helping people with the cost of living. Out‑of‑pocket health costs are one of the big pressures on household budgets, and so what we’re trying to do as an Albanese Labor government is to try and take some of the sting out of these cost‑of‑living pressures that we know people are feeling right around Australia in communities like this one.

    So out‑of‑pocket health costs, but also the tax cuts for every taxpayer, energy bill relief for every household, cheaper medicines, cheaper early childhood education, which is a real passion of Lisa’s, more rent assistance, getting wages moving again, fee‑free TAFE, strengthening Medicare, all of these things are about easing cost‑of‑living pressures. Easing cost‑of‑living pressures are the number one priority of the Albanese Labor government. That’s why we’re investing so substantially in easing out‑of‑pocket health costs, and that’s one of the reasons why Urgent Care Clinics are so important.

    But today we’re taking another step as well. Today we are announcing the next steps in banning unfair trade practices. A lot of businesses in our community do the right thing and they’ve got nothing to worry about, but we’re also seeing the troubling escalation in dodgy trading practices, whether it’s the way that people find it hard to get out of subscriptions, the way prices increase while people are making a transaction, the farming of people’s information, dodgy marketing practices like pretending that there’s a limited time that people can buy something online.

    There are a whole bunch of practices that we are worried about, which put additional pressure on people when it comes to the cost of living. So, we want to ban unfair trading practices. We’ve put in train the steps to do that today. Yesterday we talked about our intention, our willingness to ban surcharges on the use of debit cards. People shouldn’t have to pay huge fees to use their own money. Yesterday’s announcement was about debit cards, today we’re talking about banning unfair trading practices. This is all part of our efforts to deal with or address these cost‑of‑living pressures that people are under.

    From time‑to‑time people will say to us: how big a difference can you make in Medicare out‑of‑pocket health costs? How big a difference can you make with all of this competition policy, empowering the ACCC, banning surcharges on debit cards, cracking down on dodgy trading practices? The truth is we are coming at this cost‑of‑living challenge from every conceivable angle. Not with one or 2 policies, but the highest priority of this Albanese government dealing with cost‑of‑living pressures that we know people are facing in housing, in out‑of‑pocket health costs and in other areas as well. The highest priority for our government, and that’s why these Urgent Care Clinics are so important as well, as part of our efforts.

    Okay, tricky questions to Lisa, easy questions to me. I’m in your hands.

    JOURNALIST:

    I was just wondering if I start on just why – or if there is any particular urgent need that you’ve seen for this place [indistinct] prior to this opening? Was there an urgent need?

    CHESTERS:

    Yeah, definitely. This is one of the clinics that was funded for a short period by the state Labor government, and then our Health Minister – Mark Butler – let me know that negotiations were on that the federal government would take it over as part of its Medicare Urgent Care Clinic. We know that there had been pressure on EDs. Any parent that’s had to go up there with an urgent issue knows the wait times. Locally we knew it anecdotally, we also knew it through the data coming through that there was a lot of pressure on EDs. We also knew because the previous government cut so much money out of Medicare – and froze the Medicare rebate and froze the Medicare incentive – that doctors weren’t doing after‑hours services any more. So, the need was there, the data was there and that’s why I’m really proud that our government has prioritised this clinic, coming on board with the federal fund and becoming a federally funded Medicare Urgent Care Clinic.

    CHALMERS:

    I really want to pay tribute to Lisa Chesters here. Strengthening Medicare is one of Lisa’s reasons for being and one of our government’s reasons for being, and we know from Lisa’s advocacy for this local community just how important it is to build an Urgent Care Clinic here to take some of the pressure off the hospital. There’s an urgent need in a lot of communities around Australia for more bulk billing options and more Medicare‑supported doctors, and that’s why we’re building 76 of these and providing $720 million to keep them running. It’s obvious in communities like these the need, and we’re delighted to see the way that all the different parts of the health system are working together to make it a success already. It’s only been open for a month, but already hundreds of people who would otherwise be in the ED at the hospital are coming here to get first‑class treatment and that’s a great thing.

    JOURNALIST:

    Just on another local health issue, and then we can go to other matters. We got word earlier this month that Bendigo Health has flagged job cuts at some of the hospitals, 5,000‑odd staff. The Australian Nursing Midwifery Federation says there’s a major restructure but they understand 9 full‑time clinical nursing jobs will be lost. What do you say to those staff who believe there isn’t any investment into expanding the health workforce by the federal government?

    CHESTERS:

    It’s one of those ones we’ll have to take on notice. It really is a state government matter but what I will say is that I know that the state and federal government are constantly in discussions about how can we better fund our health and hospitals sector. It is something that I know that they’re working through methodically. They’ve engaged the unions in doing this in a fair and transparent process. It’s not new, but it really is one that the state government is working closely with the Bendigo Health on.

    JOURNALIST:

    What’s the difference between a federal Urgent Care Clinic and the state‑run Priority Care Clinic?

    CHESTERS:

    The federal government pays the bills for a Medicare Urgent Care Clinic. That’s essentially the big difference. Which is our role, it’s primary healthcare and it fits within the broader GP, Medicare scope of practice.

    JOURNALIST:

    And how – what does it work when a patient comes in? How do they present? What’s the process?

    CHESTERS:

    You can call, the majority of patients are encouraged to make a phone call to book themselves in. They first are triaged by the nurse or the team that answers the call. If it’s considered to be emergency, they’re encouraged to call an ambulance, 000, or go straight to EDs. But if it’s more an urgency care matter they make an appointment for them. They don’t have to be sitting here; they’re sent a reminder message and then just encouraged to be here about 20 minutes prior to the appointment and I’m hoping I got that right. Not that I’ve had to use the service yet. It’s because we use online, because we’re all used to using the phones and the booking system, it’s well organised. On the busier days it’s 10 til 10. Critical being that after‑hours after‑school opportunity, over the weekends. And it’s a service that’s proving to be very popular because it is where you can get a bulk‑billed GP appointment within 24 hours of needing one.

    JOURNALIST:

    Just on the announcement today, regarding putting an end to hidden in‑ticket purchases, like you promised to consider debit card surcharges, this is a promise that will mean there’ll be consultation down the road. When it’s possible your government may not be in power next year, why not just act now rather than push [indistinct] down the track?

    CHALMERS:

    Consultation is a good thing. We want to make sure that as we crack down on excessive fees and we crack down on dodgy trade practices that we’re doing that in a way that looks after the interests of consumers and small businesses, and makes sure that there aren’t unintended consequences. We’ve shown a real enthusiasm, a real willingness, a real commitment to crack down on the sorts of fees and practices which risk ripping people off. We have empowered and funded the ACCC to do their really important work and we’ve flagged the next steps that we’re taking when it comes to this. But I don’t think we should see consultation as a bad thing, consultation’s a good thing. We’re a government that works through issues in a considered and a methodical but ultimately in an impactful way. We know that people are at risk here when it comes to anti‑competitive behaviour and dodgy behaviour, and fees that they increasingly can’t afford, and so we’re acting on their interests and we’re making sure that we get it right.

    JOURNALIST:

    Look, I just want to confirm which industries the government are wanting to focus on in this crackdown. Are you looking at live music? There’s been some discussion about gym subscriptions.

    CHALMERS:

    We’re talking about a wide range of practices but including subscription traps – where it’s really hard to get out of a subscription, that happens across a number of different sectors. Drip pricing where there are hidden fees throughout the stages of a purchase. There are manipulative online practices, including where there’s a sense of urgency like a countdown timer to make people make rash decisions about what they want to buy. We’re worried about dynamic pricing which is where, during the actual course of the transaction the price keeps escalating. We’re worried about businesses which ask customers for too much information, in some cases much more than is necessary to buy the good or the service. We’re also worried about those instances where it’s hard to contact a business if you haven’t got the product that you were looking for or you had some other question after sale. These are the sorts of issues that we’re looking at. That obviously has relevance to a whole range of sectors – particularly those available for online purchasing. We’re not taking a very specific sector‑specific approach here. We’re looking at all of these potentially dodgy practices and making sure we can rub them out where we can.

    JOURNALIST:

    Given lock‑in subscriptions are a fundamental part of some business models, like gyms, how will you stop them, those businesses from being shuttered down completely?

    CHALMERS:

    We obviously want to see a healthy, profitable business sector but those profitable businesses can’t be making profits on the back of dodgy practices. Again, as a huge supporter of the business community in this country – and particularly the small business community, we want to make sure that there aren’t unintended consequences for the vast majority of businesses who do the right thing. But when some are tempted to do the wrong thing, we need to crack down on that. We need to make sure, when it comes to subscriptions, it can’t be incredibly easy to sign up to a subscription and incredibly difficult to get out of it. We get a lot of feedback about that. We want to work with the ACCC to crack down on that too.

    JOURNALIST:

    Look, do you think the timing of the PM’s decision to buy a new home is poor given an election is coming up? Many Australians are struggling to pay their mortgage or rent. I mean, look, I understand that the PM – people can buy property wherever they want, but I mean here, and particularly in Bendigo, we have a huge homelessness problem. The list of people waiting for social housing are at a 1,000 in this local area. I mean, what do you say especially to those who are sleeping rough and may see coverage of the PM buying such an expensive house on the Central Coast and, you know, wondering what this government’s on about?

    CHALMERS:

    I understand. The government’s highest priority is easing the cost of living and a big part of that is our housing agenda. Too many people are sleeping rough. Too few people can find an affordable place to rent or buy. It is becoming too hard for young people in particular to get a toehold in the housing market, and these are the motivations behind the $32 billion that we have invested through 3 Budgets in building more homes, to make it easier for more Australians to find a place to rent or find a place to buy. This is our highest priority, cost of living, and housing is an important part of that.

    When it comes to the decisions that the Prime Minister has made about his own personal arrangements, I do understand that there’s a lot of interest in it. We do understand, I think collectively, that Prime Ministers decisions like this are scrutinised. I would say a couple of things about that. First of all, I work incredibly closely with the Prime Minister. I work as closely, if not more closely than anybody else. I have seen first‑hand for myself his 100 per cent focus on easing the cost of living and building more homes for Australians and making the right economic decisions for the right economic reasons. I cannot fault for one second his commitment to easing the cost‑of‑living pressures that people confront and building more homes as the important part of that.

    He has made a decision with Jodie that they want to have a place which is closer to Jodie’s family. I think a lot of Australians would understand that aspect of it. Certainly, I understand that aspect of it. But his focus is on easing cost‑of‑living pressures for the whole country, I’ve seen that laser‑like focus for myself up close.

    JOURNALIST:

    In terms of the Urgent Clinics here Bendigo and other areas, is it going to help the healthcare system or is it just going to shuffle everything around and not take the pressure off?

    CHALMERS:

    It’s already taking pressure off the emergency department at Bendigo Hospital. One of the heartening things just meeting some of the professionals who have joined us today, some of them on their day off – we appreciate that – one of the things that really strikes you about this Urgent Care Clinic, and I’ve seen it in others, is the way that the whole health system, the whole local health ecosystem, works together to deliver great outcomes for people, often at the most stressful times.

    Lisa and I know, as parents, it’s so stressful when your kid is sick or your mum, and you want to make sure that there are options and the heartening thing, the inspiring thing frankly, about the work in clinics like this one and emergency departments is the way that the place is working together. I just heard really quite a remarkable thing about where, if one place is quieter than the other, there are calls between different parts of the health system to make sure that we’re getting people through. That’s exactly as we want it. That means that every single cent of these hundreds of millions of dollars we’re investing in Urgent Care Clinics is money well spent.

    JOURNALIST:

    Those that don’t have access to these Urgent Care Clinics, as such, what do you say to them if they’re struggling to get into their GPs, their EDs are full, you know, what do they do?

    CHALMERS:

    We’re building as many as we can afford to build. There are 76 of these now, that’s what $720 million is buying. Every community would like one and we are doing our best to put one in as many communities as we can – here in Bendigo, in my hometown, right around Australia. We know that there’ll always be a need for more investment in health. We’re enthusiastic about that, billions and billions of dollars of investment in strengthening Medicare to help ease out‑of‑pocket costs to give people peace of mind when they’re sick or when their loved ones are sick, and people should expect that to continue for as long as there’s a federal Labor government working closely with state governments like this one.

    JOURNALIST:

    Australian birth rates declined once again. Is this becoming a problem for our economy?

    CHALMERS:

    That has been a long‑term trend and there are reasons for that, including good reasons for it. As I’ve said before, it can be expensive to have kids, and people make their own decisions for their own reasons. My job, working closely with Lisa and other colleagues, is to make sure that people can have the choice of whether to have more kids or not. Our investment in early childhood education, our investment in healthcare, paying superannuation on paid parental leave, all of these decisions that we’ve taken as a government working closely with Katy Gallagher, the Women’s Minister and others, is about making it easier for people to have more kids if they want to. But we know that affordability is a big part of that challenge and that’s why our cost‑of‑living help is so important as well.

    JOURNALIST:

    Is the government talking to Westpac about the repeated outages that we’ve been seeing this week, affecting mobile and online banking? I believe there’s been 3 already this week for customers of Westpac and St George, BankSA.

    CHALMERS:

    We have been speaking with Westpac about these really concerning developments. They have had a number of outages in recent days, and when something like that happens it enlivens the cybersecurity part of our government. In the last couple of years we’ve gotten much better at working with private sector entities like Westpac and others who are the subject of various – whether it’s denial of service or other kinds of interruptions. But we do work closely, whether it’s with the banks or the other businesses and organisations, to make sure that when something happens like this, as unwelcome as it is, that we’re responding when we can and that also we’re keeping each other informed as things develop.

    JOURNALIST:

    Does more need to be done to secure crucial services for bank customers? I mean this is not unusual.

    CHALMERS:

    Unfortunately, this is a sign of the times. We are seeing more of these sorts of interruptions in an economy which is becoming increasingly digital and where the technological changes so fast we are at risk of some of these sorts of interruptions. We’ve got a colleague now, Andrew Charlton, who’s been appointed to oversee cybersecurity in particular, working closely with Tony Burke. Our whole government sees it as an important part of our responsibilities to make sure that we catch up and keep up with developments in this space because we don’t want to see people inconvenienced by these kinds of interruptions.

    JOURNALIST:

    I have just one more question, sorry. Just on the economy and from a business perspective, here in Bendigo, there’s been significant issues in the CBD for some time: for‑lease signs on shop fronts, particularly in the Hargreaves Mall. We hear from businesses and ABC Central Vic, that your government is not doing enough for small businesses. What do you say to people in regional communities like Bendigo who despair in the fact that they may not be able to sustain businesses or even keep shop fronts open until the end of the year?

    CHESTERS:

    The problem with the Bendigo Mall is a perpetual problem that we’ve had for decades, and anybody who says otherwise hasn’t lived in Bendigo for a long time. It’s long been identified that the challenges sometimes relate to the landlords and who they’re trying to attract into the businesses in the mall. We’ve also had some other issues in the mall. There’s quite a bit of construction going on. But this is one of those ones which local chambers of commerce, Be.Bendigo has worked with the City of Greater Bendigo to bring them all together to talk about ‘what’s the vibe? What do we want? Who do we want to prioritise to be our businesses?’ It really starts with the landlords, it starts with Be.Bendigo and it starts with local government. In terms of the federal government support that we have with small business, we’re doing what we can, whether it be the instant asset write‑off, whether it be helping people with their payroll, whether it be investing where we can, supporting people with skills, helping with apprentices, making sure that we’ve got the skilled workers that we need coming through our TAFE. This is the federal government making sure that we stay in our lane and our responsibility. This issue comes up every federal election, every state election, every local government election. But the answer is the same. It comes back to what are the landlords, what’s the vision, how are they working with our local chambers of commerce about who we want to attract in businesses in the CBD.

    JOURNALIST:

    I mean, Bendigo itself are driving hard the tourism dollar here. We’ve seen major events here. We are seeing a comedy festival here. People are travelling to this town in particular and wanting to come to Bendigo to see the lovely, you know, Bloom Festival and a couple of days ago it was beautiful. But seeing – walking a couple of shops – blocks down the street, it’s not such a great story. I mean, I think that there obviously needs to be a whole – is there not a whole – isn’t there more – shouldn’t there be more approach to ensure that the city is at least pleasurable for people to visit?

    CHESTERS:

    It is and people love coming to Rosalind Park. What the state government has done in reducing train fares to get people into town’s been fantastic. Any day on the weekend I love getting stopped and people asking me for directions because it means they’re not local. It means we’ve got people coming in. Last weekend was a big example of that. This weekend coming. The town is abuzz on the weekend and that’s what you want to have happen. I’m sure the landlords will get together with Be.Bendigo and City of Greater Bendigo to work it out. We are seeing a revival and a change of shops coming into the mall. This is one of those issues where if you get too many people involved in the discussion, it takes longer.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Australia: Interview with Nick Bryant, RN Drive, ABC Radio

    Source: Australian Treasurer

    NICK BRYANT:

    So, with the cost of living biting and a national election looming, the federal government is threatening to ban debit card surcharges from the start of 2026, a plan which has been slammed on the other side of politics. Stephen Jones is the Assistant Treasurer. Stephen, welcome back to Radio National Drive.

    STEPHEN JONES:

    Good to be with you, Nick.

    BRYANT:

    The RBA reckons Australians are losing about a billion dollars a year to surcharges. Take me through what the government is proposing and what it would look like in practice?

    JONES:

    Well, this is understandably in response to consumers saying, ‘why am I having to pay money to access my own money to pay for a cup of coffee or a grocery – a basket?’ That’s a pretty reasonable concern by Australians. The plan, we want to ensure that we remove those surcharges, but we want to do it in a way that doesn’t lump the cost of that on small businesses, a simple ban on its own would mean that small businesses are picking up the tab. So, we’ve got to go upstream to look at that whole network of charges that is leading or ending in a small business and their customers. So, it’s the banks, it’s the card service providers, Visa, Mastercard, EFTPOS, but it’s also the payment systems operators. So, we’ve got to look at all of that, untangle it, work out what a reasonable cost for providing those services is, and ensuring that Australians aren’t being slugged by these unreasonable surcharges just to access their own money.

    BRYANT:

    This would only apply to debit cards, but a lot of people use their credit cards to pay for things. Why not have those surcharges go as well?

    JONES:

    Good point. Around about 90 per cent of the exchanges that we’re talking about are done on a debit card, particularly for younger Australians who are more likely not to have a credit card. They might have a buy now, pay later account and a debit card, but more and more people are using debit cards for their day‑to‑day retail transactions. So, the case is cut and dried in this area. Credit products are a little bit different and are treated differently, always have been. So, the biggest part of the big problem is the debit cards, where people are being slugged a surcharge to use their own money, many times in instances where they can’t get the cash out or they can’t use it.

    BRYANT:

    Now, the Head of the Commonwealth Bank basically said during parliamentary proceedings or in this parliamentary committee, that this issue was being infused with populist politics, that the bank’s payment operations are actually making a loss. So, is this performative politics? Is this a bit of bank‑bashing?

    JONES:

    Absolutely not. And as I said in response to your earlier question, it’s not just the banks, it’s the card providers, the system providers such as Visa, Mastercard, EFTPOS, they’ve got charges in the system. It’s the payment network systems who run the rails around which our payments run throughout the country. Most of them not known to everyday consumers, but they’ve got charges in the system as well. So, it’s about untangling all of that. We’ve got the Reserve Bank looking at what it actually costs to run those rails, to run those charge systems, and what is being passed on to the consumer and where the excessive charging is. Job of work between now and Christmas. We’ll get the results of that, we’ll move on that early in the year – new year – and giving the whole system clear signal from the 1 January 2026. If they haven’t moved on it, we will.

    BRYANT:

    Now, the Opposition has been critical of your proposals. Here’s what the Opposition Leader, Peter Dutton, had to say today.

    [Excerpt]

    PETER DUTTON:

    This is actually a plan for a plan. I mean, this Prime Minister always promises but never delivers. And we’re very happy to look at anything the government’s going to propose. It’s not an announcement, it’s just that they’re looking at it and it could come in, in 2026. Australian families need help now from this government. And instead of making good decisions, the government’s made bad decisions.

    [End of excerpt]

    BRYANT:

    I mean, he’s got a point, hasn’t he? This is a plan for a plan. It’s what Donald Trump had in that debate, a concept for a plan.

    JONES:

    Peter Dutton’s got no plan for the economy and no economic policies. He had 9 years to do something about this. It wasn’t a priority for him then. It wasn’t a priority for any of the 3 years when he had my job. It wasn’t a priority for any of the 9 years when he sat around the cabinet table. And now he’s criticising the government for wanting to do something which needs to be done. We’ve got a clear process for dealing with it. It’s not populist; it’s about ensuring we do the right thing, which is about ensuring we take all the evidence. We ensure that we don’t have any unintended consequences, such as having small business pick up the costs for a ban on surcharging. So, we’ll do it in the right way. We’d expect Peter Dutton to support it because it’s in the interests of consumers. But we remember that he’s voted against every single measure that we’ve put in place to provide cost‑of‑living relief for Australians. Whether it’s energy bill relief, whether it’s provisions which enable workers to get better pay rises, whether it’s medicines relief. In every opportunity Peter Dutton has had to vote in favour of cost‑of‑living relief for Australians, he’s done the opposite.

    BRYANT:

    If you just join me here on Radio National Drive, I’m speaking with the Assistant Treasurer, Stephen Jones, about the government’s promise to crack down on debit card surcharges. There is a process underway. You’re waiting for the Reserve Bank to finish its review into retail payments regulation. They’ve been waiting for you to pass legislation to provide them with more powers, which is now stuck in parliament. You’re saying this change won’t happen until 2026. People are hurting now. Why can’t this be expedited?

    JONES:

    Well, it can be expedited if the Opposition votes for the bill, which is before the Senate right now. That’s available for them to do that. They’ve said they’ll oppose it. They can vote in favour of the bill, the payment systems reform bill, which is in the Senate now, and that would give the government the additional powers. At the moment, those powers sit solely with the Reserve Bank of Australia. We’ve given a pretty good indication about what we’ll do as a government. Of course, the bloke who wants to be the alternative Prime Minister for Australia could announce his policy, but he hasn’t.

    BRYANT:

    And let’s talk about the man who is the Prime Minister at the moment. There has been a lot of talk today about the PM’s new luxury ocean view home he’s bought on the Central Coast in NSW. Isn’t this a bit tone‑deaf at the time of a cost‑of‑living crisis ahead of what will surely be a cost‑of‑living election and in the middle of the housing crisis? The optics of this just aren’t very good.

    JONES:

    Look, the PM and his fiancée Jodie are planning to get married next year. They wanted to buy a place in the area where Jodie grew up and 3 generations of her family live, and I think they’re entitled to do so. The housing that we’re focused on is our housing program, our plan to build new homes to ensure that we have a roof over the head of every Australian. We’ve got legislation before the parliament which is being blocked by the Coalition and the Greens. They should get out of the way and enable that to occur so we can help everyday Australians, through our Help to Buy Scheme, get access to the housing market. This is the housing issue that everyday Australians are focused on and it’s the focus of our government.

    BRYANT:

    Assistant Treasurer Stephen Jones, thank you for joining me on Radio National Drive.

    JONES:

    Good to be with you.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Australia: Minister Rishworth interview on the Newschat on the Today Show

    Source: Ministers for Social Services

    16 October 2024

    Program:

    Today Show

    Interviewer:

    Sarah Abo

    E&OE TRANSCRIPT

    Topics: Cost of living; Prime Minister’s property; Housing; Rent to Build Scheme; Help to Buy Bill; Debit card surcharges, ABBA concert.

    SARAH ABO, HOST: Welcome back. Prime Minister Anthony Albanese is defending his decision to purchase a $4.3 million beach house in Copacabana on the NSW Central Coast. Joining us to discuss today’s headlines is Minister for Social Services Amanda Rishworth and Nine News and 3AW presenter Heidi Murphy in Melbourne. All right, ladies [Copacabana by Barry Manilow plays]. Sing it. Come on, Amanda. It’s nice for some, isn’t it?

    SARAH ABO: Are you gonna be invited over or what, Amanda?

    HEIDI MURPHY, JOURNALIST: Can’t wait for that first party. Yeah Amanda, can we all come?

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: It’s bringing back a lot of memories from, you know, some bad wedding that I went to.

    SARAH ABO: We’ve all heard it at a bad wedding, haven’t we? All right, but seriously, Amanda, is this purchase completely okay or is it completely tone deaf?

    AMANDA RISHWORTH: Well, first, I’d say it’s entirely a matter for the Prime Minister and his fiancé. He wouldn’t be the first politician, or indeed person, in Australia to buy and sell property. But, you know, when we look at the issue of concern around getting access to housing, it is a big issue and that’s why our Government has made a real focus on it. That’s why we have legislation in the Senate at the moment talking about a shared equity scheme so more people can buy property and that’s being blocked by the Liberals and Nationals and the Greens. So, we have a very big housing agenda, more social, more affordable housing.

    HEIDI MURPHY: Amanda, Amanda, you’ve undermined it. But you’ve undermined it entirely.

    SARAH ABO: It’s a total stalemate. And especially now. I mean, some people in your own ranks are calling this Albo’s Hawaii moment.

    AMANDA RISHWORTH: Well, I would say again, plenty of, whether they’re politicians or ordinary people, buy and sell property in Australia. I’m not sure that the Australian people want us talking about politicians and their private properties. They want us to be getting on and doing the job.

    SARAH ABO: Exactly, but you are, this is the point. We are talking about it Amanda because of this decision that he has made.

    AMANDA RISHWORTH: Well, we want to get on and do the job…

    HEIDI MURPHY: [Interrupts] But we can’t pretend the PM is just any other, any other Australian. He is about to wage a campaign in an election on housing affordability and cost of living. He is not just any ordinary Australian. A $4.3 million house purchase stinks.

    SARAH ABO: And that’s the thing, isn’t it, Heidi? I mean, you know, you talk about that cost of living crisis. The Government can’t get that housing bill that Amanda’s talking about through the parliament for whatever reason, it’s not getting through. There are 1.2 million homes that are apparently going to be built by 2029, but we need some 80,000 extra tradies here to actually build them. And yet, amidst all of that, the Prime Minister is splashing out. The leader of this nation.

    HEIDI MURPHY: I mean, good luck to him. I hope he enjoys the home, but he cannot stand in front of an open microphone in front of a voter and say, I understand the cost of living crisis. I understand how housing affordability is affecting you. You’ve undermined any message to the outer suburbs and to people trying to get into the housing market, I reckon.

    SARAH ABO: Do you see that point, Amanda?

    AMANDA RISHWORTH: Well, no, I don’t accept that point. I think you have to judge us by the actions that we’ve taken in public policy, and that is doing the largest rent assistance increase in the last 30 years, $32 billion to build more social and affordable homes. Our Rent to Build Scheme, which is about building long term rental accommodation, our Shared Equity Scheme, I mean, we, through our actions, through our policy, whether it’s what we did with tax cuts, whether it’s what we did when it came to energy bill relief, our actions are demonstrating we understand cost of living, at the same time delivering budget surpluses that are putting downward pressure on inflation, so we’ve got to look out our policy.

    HEIDI MURPHY: But the PM’s actions, his personal actions, are saying something else, aren’t they?

    AMANDA RISHWORTH: Like I said, he’s not the first person in Australia to buy and sell property.

    SARAH ABO: I know, but Amanda, I think, look, I think we can all agree that the rules are different for a sitting Prime Minister, especially when it comes to a housing crisis that works experiencing this country. Let’s move on. Small businesses are pushing back on the Government’s plan to ban debit card surcharges. Concerned they’ll be the ones to absorb the extra costs. Amanda, businesses say it’ll end up costing them and their customers more. Is this a bit short sighted by the Government?

    AMANDA RISHWORTH: What we’re saying, firstly, is our immediate action is to get the ACCC to have a crackdown on surcharges. But I think many ordinary Australians would be really frustrated at the fact that when they use their own money, including a debit card, they get charged a surcharge and there’s no way out of it. And that is really unfair for many people, there’s circumstances where you have to pay with your debit card and you can’t pay any other way and you get hit with those surcharges. So, this is about looking at this in terms of competition, about what are the profits being made here by the banks, by the card owners, and making sure that it’s a fair for consumers?

    SARAH ABO: All right, let’s hope it doesn’t get passed on to consumers. Just finally, Melbourne Lord Mayor hopeful Aaron Wood has pledged $10 million to help bring ABBA’s spectacular 3D virtual concert to Docklands. Heid, do you reckon it’ll work and Amanda, will the Federal Government show them the money, money, money they need?

    HEIDI MURPHY: We so want this show in Melbourne. We’ve been trying for it for a while. I think we’re competing with Sydney, maybe a few other cities. I can’t quite remember where it’s gotten to, but any money we can put towards it. It’s by all accounts a phenomenal show.

    SARAH ABO: Amanda, will the Federal Government help out here? Make it happen?

    HEIDI MURPHY: Come on, come on.

    AMANDA RISHWORTH: I can’t make any commitments on this, but what I would say is I think this would be a real coup for the country to have a show like this.

    HEIDI MURPHY: Especially for Melbourne.

    AMANDA RISHWORTH: Well, I’d like it in Adelaide personally, but not sure we quite get over the line for that.

    HEIDI MURPHY: We’ll share the love.

    AMANDA RISHWORTH: A lot of people love ABBA.

    SARAH ABO: Absolutely they do. Thank you both so much for joining me today, appreciate it.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Australia: Allens advises TPG Telecom on $5.25bn sale of fibre network and Enterprise, Government and Wholesale fixed line business to Vocus

    Source: Allens Insights

    Allens has advised TPG Telecom on an agreement to sell its fibre network infrastructure and its enterprise, government and wholesale (EGW) fixed line business to Vocus Group Limited for an enterprise value of $5.25 billion.

    The sale will include all of TPG Telecom’s fibre and fixed line network infrastructure, its EGW fixed line business, its PPC-1 international submarine cable system and its wholesale broadband business, Vision Network.

    The sale price is inclusive of a potential $250 million contingent value payment related to subscriber targets for the Vision Network business.

    TPG will retain its mobile and radiocommunications network infrastructure, consumer and EGW mobile business and its consumer and small office/home office fixed retail business, including fixed wireless.

    The deal also includes a long-term strategic partnership between TPG and Vocus, with Vocus to provide TPG with ongoing access to its fibre infrastructure.

    Allens acted for TPG Telecom on the strategic review of its Vision Network business in 2022. The firm then advised TPG Telecom on negotiations with Vocus and its owners, Macquarie Asset Management and Aware Super, when the parties decided to explore a larger transaction.

    ‘This transaction demonstrates that telecommunications infrastructure continues to be a highly attractive asset class for financial investors,’ said co-lead Partner and Head of Allens’ Technology, Media & Telecommunications group, Gavin Smith.

    ‘The pace of digitisation, and the continued growth in requirements for data transmission and storage, means that the physical infrastructure underpinning that trend is highly valued.

    ‘Allens has had a long-standing relationship with TPG Telecom. We are delighted to advise it on this transformational transaction which allows it to unlock the value of its fixed line networks.’

    Co-lead Partner Julian Donnan said: ‘This deal will allow TPG Telecom to focus on its mobile and its consumer and small office/home office fixed retail business, including fixed wireless. We congratulate the teams at TPG Telecom and its financial adviser, Bank of America, with which we worked closely. We also congratulate the Vocus, Macquarie Asset Management and Aware Super teams’.

    The deal cements Allens’ position as the leading advisor on telecommunications M&A activity in Australia.

    The firm advised on all major Australian and New Zealand telecommunications tower transactions between 2021 and 2024, including: the Morrison and Future Fund investment into Amplitel (Telstra towers); the sale by TPG Telecom of its towers portfolio to OMERS/Waveconn; AustralianSuper on its acquisition of a majority stake in ATN (Optus towers) and the acquisition by ATN of Axicom; Ontario Teachers’ Pension Plan’s acquisition of a majority stake in Connexa, the Spark New Zealand tower company; Connexa’s acquisition of the 2degrees NZ tower portfolio; and NorthLeaf Capital Partners and InfraRed Capital Partnerson their acquisition of Fortysouth, the Vodafone New Zealand towers business. Allens also advised Morrison and Brookfield on its acquisition of Uniti Group.

    Allens legal team

    Lead partners

    Gavin Smith, Julian Donnan

    M&A and Capital Markets

    Tom Story (Partner), Kimberley Lowrie (Managing Associate), Stephanie Rowan (Senior Associate), Harry Martin (Associate), Will Brown (Senior Associate), Sophie Stitch (Lawyer)

    Technology, Media & Telecommunications

    Jessica Mottau (Partner), Isabelle Guyot (Managing Associate), David Liao (Senior Overseas Practitioner), Alexandra Martin (Senior Associate), Isaac Nankavill (Associate), Isabelle Orazio (Lawyer), Tasnim Ahsan (Lawyer), Matilda Winnell (Lawyer)

    Competition, Consumer and Regulatory

    Rosannah Healy (Partner), Robert Walker (Partner), John Yiannakou (Managing Associate), Edison Wang (Senior Associate), Tom Hodgson (Lawyer)

    Real Estate & Development

    Victoria Holthouse (Partner), Tom Wilson (Senior Associate), Jayne Williams (Senior Associate), Alex Jeffares (Associate)

    Banking & Finance

    Alan Maxton (Partner), Sarah Denton (Senior Overseas Practitioner), Robert Lau (Senior Associate)

    Intellectual Property

    Tommy Chen (Managing Associate), Max Jones (Senior Associate)

    Employment & Safety

    Veronica Siow (Partner), Sikeli Ratu (Partner), Eden Sweeney (Associate)

    Contact for further information

    Public Relations & Social Media Manager

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Australia: Interview with Paul Taylor, 3BA 102.3FM, Ballarat

    Source: Australian Treasurer

    PAUL TAYLOR:

    It’s nice to have in studio in person the federal Treasurer of Australia Jim Chalmers. Good morning to you, my friend.

    JIM CHALMERS:

    Good morning to you Paul, thanks for having me.

    TAYLOR:

    Well, we’ve only met once but I feel like I’m –

    CHALMERS:

    We’re old mates.

    TAYLOR:

    Well we have met, we’re old mates, aren’t we?

    CHALMERS:

    That’s how Australia works.

    TAYLOR:

    Once upon a time I got to speak to a Prime Minister, he of the budgie smuggler fame, and now I get to speak to the federal Treasurer. How are you?

    CHALMERS:

    There you go. I’m really good thanks, and I wanted to shout out from the outset the wonderful people at the George Hotel for one of the best coffees I have ever had. Thank you so much.

    TAYLOR:

    I’ll have to go and get one now, now you’ve put that in my head. We only have Nescafe downstairs. But see the thing is, Jim, it’s free and I’m a bit of a tight person.

    CHALMERS:

    Oh, right. Yeah, the moths fly out of your wallet when you open it kind of guy.

    TAYLOR:

    Yeah, they do. I’m rather rapt that you joined us here today because today’s is a special day and, Jim Chalmers, it’s World Banana Day. So I went to our local fruit and veg, Wilsons Fruit and Veggies just up the road in Mair Street and I got you a banana.

    CHALMERS:

    You got me a nana.

    TAYLOR:

    I got you a banana for World Banana Day. Can I just say I probably, if I were you, would start to eat that because to get through this interview you’re going to need all the energy you can muster.

    CHALMERS:

    Oh, I see. You’re buttering me up at the start with a nana.

    TAYLOR:

    I’m trying to.

    CHALMERS:

    You know I saw that banana in front of me and I thought, ‘I wonder if Paul’s going to tuck into that while we’re talking’.

    TAYLOR:

    I’ve got one for me, don’t worry. There we go, we’ve got one each.

    Where do we start? Well you and the Prime Minister, Mr Albo, must be, I don’t know, shaking in your boots at the moment. Coalition are ahead two‑party preferred basis, 2 points, 51 per cent. Behind in the primary vote as well, 38 to 31. It seems that Albo’s setting himself up for retirement, just bought himself a $4.3 million on the beach pad. What’s happening here, Jim?

    CHALMERS:

    Well I think when it comes to the opinion polls what I try and do, and I think what we try and do collectively, is we don’t get too carried away when they’re really good, we don’t get too carried away when they’re really tight. The truth is, when you’re in my line of work, you learn not to take anyone’s vote for granted, and particularly when people are doing it tough. There’s a lot going on around the world and around the country. we don’t take any outcome for granted. I think the polls are reflecting the fact that people are under pressure, and we understand that.

    When it comes to the other part of your question, I work as closely if not more closely than anyone with the PM, with Anthony, and I’ve seen for myself his total focus is on how we roll out this cost‑of‑living help, how do we build more houses for people to rent and buy, how do we take some of this pressure off people where we can? And I understand there’s interest in the place that he bought. I do understand that, and I think we all understand that when you’re in our line of work, people will have an interest in those sorts of private decisions that you take. In this case, he and Jodie wanted somewhere a bit closer to Jodie’s family in that beautiful part of Australia on the Central Coast. But I want to assure your listeners and anyone who checks out our interview, I see how focused he is on the cost of living, on housing for more Australians because those are the main issues that are putting pressure on people right now, and I think that’s reflected in our politics.

    TAYLOR:

    Would you agree it’s bad timing on the Prime Minister’s behalf?

    CHALMERS:

    I’m not going to give him free advice or kind of second‑guess –

    TAYLOR:

    You are a money man though. Surely you can give him free monetary advice?

    CHALMERS:

    I don’t give him free advice about these sorts of things. He’s very fortunate that he has Jodie and Jodie’s very fortunate that she has that loving family on the Central Coast and they want to be nearer to them. I’m not pretending that people don’t have a legitimate interest in the sorts of things that Prime Ministers do.

    TAYLOR:

    This is the talk of Australia at the moment.

    CHALMERS:

    I understand that. I think he understands that too. I spent yesterday with him in my own community just south of Brisbane around Logan City. He understands that too. But really the assurance that I can give your listeners and the country beyond is, he is extremely focused on all of the things that we’re doing to try and ease some of these cost‑of‑living pressures that people are confronting. That’s his focus.

    TAYLOR:

    There’s a couple of things out of that answer that you’ve given me. You’ve mentioned cost‑of‑living crisis, you’ve mentioned the housing crisis. Jim Chalmers, are we still the lucky country or are we not the lucky country any more?

    CHALMERS:

    Well I believe you make your own luck. I’m not the first one to say that but I really believe that this country has not just an amazing history, and being in Ballarat is really to be struck by the incredible history of our country, but our future is even brighter, and when Donald Horn wrote that book about Australia being a lucky country it was tongue‑in‑cheek. He was saying we were lucky despite the leadership that was being shown at the time. And so how I think about the future of this place is I think we’ve got enormous potential, we’ve got almost limitless opportunity. It matters how we share that opportunity. And the decisions we take now about the energy transformation and how we adapt and adopt technology and how we provide good services to people and how we make sure regions like this one are part of our story of economic success, these are the big challenges that we confront. We can be more than lucky. We can be successful not by accident but by design.

    TAYLOR:

    I’ve got some stats that I want to give to you and throw your way which make it extremely difficult to see the brighter light here in Australia that you speak of going forward. Eighty‑five per cent of Australians, 85 per cent, are now convinced, convinced, they’ll never be able to buy their own home except maybe through the bank of mum and dad. Eighty‑five per cent.

    CHALMERS:

    There’s a real intergenerational element to this. I’m off to Ballarat High shortly and I anticipate that one of the questions I’ll get will be about housing because there’s a real sense in Australia, and not an unwarranted one, that it’s harder to get a toe hold in the housing market and that’s why probably the biggest, if not the biggest, and certainly one of the biggest investments we’ve been making as a government is the $32 billion we found in 3 budgets to try and build more homes. Because the best thing we can do to make it easier for people to find somewhere to rent or somewhere to buy, somewhere to raise a family, is to build more homes. We don’t have enough homes in this country. We’re starting from a long way back. We’ve got a lot of investment flowing right now and that’s really important because we need to turn this ship around.

    TAYLOR:

    Housing Accord, 1.2 million homes by 2029. The HIA have come out today and said we need 22,000 carpenters, 17,000 sparkies, 1,200 plumbers. Now we’re going to import a heap of doctors into the country. Should we be doing the same with our plumbers and our carpenters and our sparkies? I don’t know. Is immigration the way to go? Because once they get here they’re not going to be living in swags, they need homes to live in, don’t they, Jim?

    CHALMERS:

    The first priority, the most important thing we can do is train more tradies. The housing pipeline is nowhere near what we want it to be. We agree with some of the analysis from the industry and from others that says we’re starting from a long way back but that doesn’t mean you kind of throw your hands in the air and say, it’s all too hard. We’re investing a bunch of money, but we do need the tradies. We need the carpenters and the plumbers and the sparkies to be able to build these homes. And so it’s not talking out of school to say that a big part of the conversations we’ve been having with the new Housing Minister, Clare O’Neil, a proud Victorian, is how we actually build the capacity to build all these homes and the most important part of that is skills. There will be a role for migration in that but the primary role is for TAFE and training, making sure that we can get the skills that we need to build the homes that we need.

    TAYLOR:

    Yeah, there’s a lot of work ahead for the Albanese government, the Prime Minister saying he wants to be there for a long time to come. Is that the charter of this government, to dig in, to show Australia that we can find the light at the end of the tunnel?

    CHALMERS:

    That’s our objective because we want to bed down the changes that we’re making. We want to build the homes, build the skills base, all of these important things that you’ve been asking me about this morning and that sometimes takes time, takes more than one term.

    If you think about the story of this government, we have done a lot, we’ve got a lot more to do, and the country has a lot to lose if we go back to the worst aspects of the government that preceded us.

    We don’t pretend that we have every issue fixed in this country, but if you think about – in my part of the shop – the progress that we’ve made together, and I don’t claim 100 per cent of the credit for this, this is to Australia’s credit – we’ve halved inflation, we’ve got real wages growing again, we’ve created a million jobs in a soft economy, we’ve got tax cuts flowing to everyone, and yet we’ve still delivered a couple of surpluses and we’ve avoided $150 billion in debt which means we pay less interest on it. So we’ve made a heap of progress as a country together, working together, but we know that there is more to do and that’s why we need another term to do it.

    TAYLOR:

    Just quickly, direct you to a feature in our local paper, the Ballarat Courier this morning, a story that says growing numbers of Ballarat families are facing ‘relentless poverty’, quote unquote, with parents being forced to choose between buying food and paying for other essentials, including medication, bills and school costs because times are tough out there and it’s not easy. Families are suffering. I see it first‑hand. I volunteer for an organisation called the Soup Bus and the Soup Bus goes out and helps the homeless, those in need, and now it’s families in crisis who are showing up. We’ve now got a community house that I do a lot for up in Wendouree West and we are seeing more and more families come in for a feed because they simply can’t afford to put food on the table.

    CHALMERS:

    Yes. I don’t disagree that there are a lot of people doing it really tough, and if you think about those 3 budgets that we’ve handed down, really the most important part of those budgets, really the government’s reason for being, is in the near‑term to try and take pressure off people and in the longer term to build more opportunities for people.

    If you think about the things that we’re doing which are motivated by what you’re raising with me, I don’t dispute what you’re raising with me, I see it in my own community and around Australia that people are doing it tough, so that’s why the tax cuts are so important, the energy bill relief for every household, cheaper medicines, rent assistance, cheaper early childhood education, fee‑free TAFE, getting wages moving again. All of those things are motivated by what we see with our own eyes around Australia, which is people doing it tougher than we would like them to do.

    We have to get on top of this inflation and cost‑of‑living challenge and we are. We’re rolling out a bunch of help in the most responsible way that we can, but we acknowledge that even with that help that we’re rolling out, billions of dollars of assistance for people who are doing it tough, we know that that the pressures are still there and as a Labor government, we take our responsibilities to the people that you’re referencing very seriously.

    TAYLOR:

    I know you can’t tell the RBA what to do but in your mind how soon before we see interest rates drop?

    CHALMERS:

    Well the first part of your question’s right. I try not to pre‑empt or predict or second‑guess the decisions that are taken rightly and independently by the Reserve Bank. They do their job, and I do mine. My job is to help them in the fight against inflation and we made a heap of progress as a country in the fight against inflation, and they’ll weigh that up. They’ve got a meeting in November, another one in December, and then not ‘til February. I know there’s a lot of interest in that and the decisions that they might take, but I try and mind my own business and focus on what I can control and leave them to do their job.

    TAYLOR:

    All right, great to see the government backing the ACCC where price gouging is concerned with the supermarkets, the big 2, Woolies and Coles. How much, is it talk, is it rhetoric, that the government are now going to take the big banks to task about fees where credit and debit cards are concerned? Is it really going to happen? Are we going to see the end of that gouging when it comes to the big banks?

    CHALMERS:

    We don’t want to see people charged these big fees just to use their own money, that’s why our primary focus is on debit cards. Debit cards are now actually most of the payment system. I think it’s just edged over 50 per cent of payments are from debit cards, so that’s people using their own money, and you shouldn’t get slugged just to use your own money, so we do want to crack down on that.

    We’ve got some work to do with the Reserve Bank and others to make sure that we do it the right way and one of the things we want to be really careful about there is the impact on small business and consumers. We want to make sure consumers and small businesses are beneficiaries of any change that we make but we are prepared to ban surcharges on debit cards subject to that work.

    TAYLOR:

    Jim Chalmers, it’s been an absolute pleasure to have you here in person. Great to see you getting out and about and into the regional areas given you’re the federal Treasurer. I want to thank you for your time, for your candid answers and enjoy your banana on World Banana Day.

    CHALMERS:

    Well thanks for having me on your show, Paul, and thanks for the nana as well. I’ll eat that shortly, it looks terrific.

    TAYLOR:

    Thank you very much. The federal Treasurer Jim Chalmers.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI Australia: Interview with Matthew Pantelis, FIVEAA

    Source: Australian Treasurer

    MATTHEW PANTELIS:

    The practice of dynamic ticket pricing will be banned in Australia. This is where you go to buy a concert ticket and it might be advertised, let’s just call it $100. But then there’s all these hidden fees and charges that are added to it and suddenly $100 is, you know, 2, $300. I don’t know if that’s the best example, but it’s how it sort of works. Now, the price might be too low to start with in my example, but you do get the idea. So, you quoted a price, but it turns out that is not the finishing price. Stephen Jones, Assistant Treasurer, the government making moves to cancel this policy, this practice. Thank you for your time, Assistant Treasurer. The issue of dynamic ticket pricing, it is pretty widespread I imagine.

    STEPHEN JONES:

    It is pretty widespread, whether it’s concert tickets, whether it’s sporting events, tennis tickets, the Australian Open was a pretty famous example of that. Most recently, it’s become an increasing feature of it. So, our changes to the Australian Consumer Law, focusing on 3 issues in particular. One is dynamic pricing, which we’ve just been discussing. That’s when you go online, the price might be $150 a ticket, but there’s a surge in demand at the time you go online and all of a sudden you find yourself paying $300 for a ticket. That’s one practice.

    The second one is drip pricing, and that’s when they advertise a charge which a ticket price or a charge for a particular product. It might be $100. You’re finding your way through the transaction and screen by screen, form by form, another price gets added on, another fee gets added on, another fee gets added on, and all of a sudden you see a massive inflation in the price. It’s called drip pricing and it’s going to stop.

    And then the third one is what we call subscription traps. Your listeners would be familiar with this. It’s where you subscribe to a streaming service or a gym, and it’s really easy to subscribe and almost impossible to unsubscribe. So, there are 3 things which are clearly ripping Australian consumers off, and the government is going to introduce new laws to crack down on these behaviours.

    PANTELIS:

    You wonder why this hasn’t been done before, frankly. I mean, it is – it’s just a rip‑off.

    JONES:

    It is a rip‑off. And our government – the Albanese government – is focusing on a raft of changes to Australian consumer and financial services law and other practices. You would have heard us talking about the need to knock these surcharges on the head for using your debit card to access your own money at a coffee shop, or a restaurant, or wherever you’re shopping, and in a range of other areas. I’m doing a lot of work on scams as well. Basically, what we need to do is ensure that Australians are better protected and have more rights and ensure that we can drag the Australian Consumer Law into the 21st century.

    PANTELIS:

    What about the marketing pushes that you get around the place where they say, if you don’t get your ticket now, you’re going to miss out? Reality is they’ve got thousands.

    JONES:

    Yeah. These are creating a false sense of scarcity and there might be a clicking clock on the screen that you’re shopping on, or they might flash up and say, only one left to go. And 5 people are inquiring about this product. In reality, there’s no shortage. It’s just trying to get you to rush in to make a purchase and trying to get you to suspend all the normal caution that you might have or stop you shopping around for a better deal. They’re sharp practices that really are on the edge of misleading and deceptive conduct, which is already outlawed under Australian Consumer Law. But we’re going to make sure that these sort of very specific practices are banned.

    PANTELIS:

    Yeah, all right. You mentioned scams. Any hope for people getting their money back if they’re scammed in the future?

    JONES:

    Yes, there will be. Under the current arrangements, there’s no clear obligations on either the banks, the telecommunications companies, or the social media platforms if people get scammed by using their service. I’m introducing laws in a few weeks time which will create clear obligations and clear avenues for addressing compensation if the banks, the telcos and the social media companies don’t meet those obligations. So, a major uplift in the law in this area and new channels for compensation, fines, and penalties as well.

    PANTELIS:

    All right, while I have you, Stephen Jones, Assistant Treasurer – the Prime Minister, buying a $4 million house on a clifftop in NSW. Is that a good look given many Australians can’t afford a $500,000 house at the moment? In fact, they don’t exist anymore.

    JONES:

    Yeah, look, I won’t comment on whether it’s a good look or not. It’s a private matter that PM and Jodie, his fiancée, getting married next year, and I understand they’ve sold a couple of properties that they own separately and are buying one jointly. But I got to say, the housing policy that I’m focused on is how we build more homes for everyday Australians, how we make it easier for them to get into the housing market, and how we help renters as well. And we’ve got bills before the Senate at the moment. They’re being blocked by the far left and by the Coalition on this, and we’ve just got to get them through parliament. This is the stuff that’s going to make a difference to ordinary Australians.

    PANTELIS:

    Do you think, too, it sends the wrong message on climate change? Buying a house on a clifftop where erosion can occur, all of that. I mean, the PM doesn’t seem to mind.

    JONES:

    Well, I think it’s my understanding in the photo I saw it was on top of the cliff, not down on the beach. So, I’m not sure that that’s the concern. I come from a coastal area. I’ve got to say we’re all pretty –

    PANTELIS:

    Well, you’d know there’s erosion.

    JONES:

    – switched on about the issue of erosion. But like I said, I want to focus on our policies to build more houses, because the biggest problem we have in Australia at the moment is there are not enough houses for the people who are living here. So, more units, more houses, and we’ve got to get it done quickly.

    PANTELIS:

    Appreciate your time. Thank you.

    JONES:

    Good to be with you.

    PANTELIS:

    Stephen Jones, who is the Assistant Treasurer.

    MIL OSI News –

    January 23, 2025
  • MIL-OSI United Kingdom: UK House Price Index for August 2024

    Source: United Kingdom – Executive Government & Departments

    The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

    The August data shows:

    • on average, house prices have risen 1.5% since July 2024
    • there has been an annual price rise of 2.8% which makes the average property in the UK valued at £293,000

    England

    In England the August data shows, on average, house prices have risen by 1.6% since July 2024. The annual price rise of 2.3% takes the average property value to £310,000.

    • Yorkshire and the Humber experienced the most significant monthly increase with a movement of 2.7%
    • The South West saw the greatest monthly price fall, with a fall of -0.3%
    • The North West experienced the greatest annual price rise, up by 4.6%
    • The South West saw the lowest annual price growth, with a rise of 0.8%

    The regional data for England indicates that:

    Price change by region for England

    Region Average price Aug 2024 Annual change % since Aug 2023 Monthly change % since July  2024
    East Midlands £250,000 2.1 1.4
    East of England £344,000 1.4 1
    London £531,000 1.4 2.2
    North East £166,000 1.7 1.5
    North West £225,000 4.6 2.4
    South East £385,000 1.6 1.4
    South West £321,000 0.8 -0.3
    West Midlands £255,000 2.6 1.1
    Yorkshire and the Humber £219,000 4.4 2.7

    Repossession sales by volume for England

    The lowest number of repossession sales in June 2024 was in the East of England.

    The highest number of repossession sales in June 2024 was in the North East.

    Repossession sales June 2024
    East Midlands 12
    East of England 0
    London 8
    North East 18
    North West 6
    South East 8
    South West 6
    West Midlands 7
    Yorkshire and the Humber 7
    England 72

    Average price by property type for England

    Property type Aug 2024 Aug  2023 Difference %
    Detached £466,000 £463,000 0.8
    Semi-detached £299,000 £290,000 3.3
    Terraced £258,000 £251,000 2.5
    Flat/maisonette £257,000 £251,000 2.4
    All £310,000 £303,000 2.3

    Funding and buyer status for England

    Transaction type Average price Aug 2024 Annual price change % since Aug 2023 Monthly price change % since Jul 2024
    Cash £290,000 1.7 1.5
    Mortgage £320,000 2.6 1.6
    First-time buyer £260,000 3.1 2.1
    Former owner occupier £350,000 1.5 1

    Building status for England

    Building status* Average price June 2024 Annual price change % since June 2023 Monthly price change % since May 2024
    New build £443,000 25.9 -1.2
    Existing resold property £300,000 1.1 0.4

    *Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

    London

    London shows, on average, house prices increased by 2.2% since July 2024. An annual price fall of 1.4% takes the average property value to £531,000.

    Average price by property type for London

    Property type Aug 2024 Aug 2023 Difference %
    Detached £1,036,000 £1,058,000 -2.1
    Semi-detached £687,000 £677,000 1.5
    Terraced £580,000 £573,000 1.1
    Flat/maisonette £443,000 £434,000 2
    All £531,000 £524,000 1.4

    Funding and buyer status for London

    Transaction type Average price Aug 2024 Annual price change % since Aug 2023 Monthly price change % since Jul 2024
    Cash £545,000 0.6 3.2
    Mortgage £526,000 1.7 1.9
    First-time buyer £461,000 2.3 2.8
    Former owner occupier £604,000 0 1.1

    Building status for London

    Building status* Average price June 2024 Annual price change % since June 2023 Monthly price change % since May 2024
    New build £618,000 23 0.2
    Existing resold property £525,000 0 1.1

    *Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

    Wales

    Wales shows, on average, house prices rose by 2.6% since Jul 2024. An annual price increase of 3.5% takes the average property value to £223,000

    There were 9 repossession sales for Wales in Jun 2024.

    Average price by property type for Wales

    Property type Aug 2024 Aug 2023 Difference %
    Detached £328,000 £323,000 1.7
    Semi-detached £217,000 £208,000 4.1
    Terraced £177,000 £170,000 4.2
    Flat/maisonette £147,000 £140,000 4.7
    All £223,000 £215,000 3.5

    Funding and buyer status for Wales

    Transaction type Average price Aug 2024 Annual price change % since Aug 2023 Monthly price change % since Jul 2024
    Cash £216,000 3.1 3.1
    Mortgage £227,000 3.8 2.4
    First-time buyer £194,000 4.4 2.8
    Former owner occupier £256,000 2.6 2.4

    Building status for Wales

    Building status* Average price June 2024 Annual price change % since June 2023 Monthly price change % since May 2024
    New build £336,000 25.7 -0.9
    Existing resold property £211,000 0.9 0.6

    *Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

    UK house prices

    UK house prices rose by 2.8% in the year to Aug 2024, up from the revised estimate of 1.8% in the 12 months to July 2024. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.5% between July 2024 and Aug 2024, up 0.5% from the same period 12 months ago (July and Aug 2023).

    The UK Property Transactions Statistics showed that in Aug 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 90,000. This is 5.4% higher than a year ago (Aug 2023). Between July 2024 and Aug 2024, UK transactions decreased by 0.4% on a seasonally adjusted basis.

    House price monthly increase was highest in Yorkshire & The Humber where prices increased by 2.7% in the year to Aug 2024. The highest annual growth was in the The North West, where prices increased by 4.6% in the year to Aug 2024.

    See the economic statement.

    The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.

    Access the full UK HPI

    Background

    1. We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the September 2024 UK HPI at 9:30am on Wednesday 20 Novemeber 2024. See calendar of release dates.
    2. We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
    3. The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
    4. Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
    5. Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI for more information.
    6. HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency supply data for the UK HPI.
    7. The Office for National Statistics (ONS) and Land & Property Services/Northern Ireland Statistics and Research Agency calculate the UK HPI. It applies a hedonic regression model that uses the various sources of data on property price, including HM Land Registry’s Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used from the ONS and Northern Ireland Statistics & Research Agency.
    8. We take the UK Property Transaction statistics  from the HM Revenue and Customs (HMRC) monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The number of property transactions in the UK is highly seasonal, with more activity in the summer months and less in the winter. This regular annual pattern can sometimes mask the underlying movements and trends in the data series. HMRC presents the UK aggregate transaction figures on a seasonally adjusted basis. We make adjustments for both the time of year and the construction of the calendar, including corrections for the position of Easter and the number of trading days in a particular month.
    9. UK HPI seasonally adjusted series are calculated at regional and national levels only. See data tables.
    10. The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three-month moving average has been applied to the latest estimate to remove some of this volatility.
    11. The UK HPI reflects the final transaction price for sales of residential property. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the ‘price’ represents a valuation.
    12. HM Land Registry provides information on residential property transactions for England and Wales, collected as part of the official registration process for properties that are sold for full market value.
    13. The HM Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).
    14. Repossession sales data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.
    15. For England, we show repossession sales volume recorded by government office region. For Wales, we provide repossession sales volume for the number of repossession sales.
    16. Repossession sales data is available from April 2016 in CSV format. Find out more information about repossession sales.
    17. We publish CSV files of the raw and cleansed aggregated data every month for England, Scotland and Wales. We publish Northern Ireland data on a quarterly basis. They are available for free use and re-use under the Open Government Licence.
    18. HM Land Registry is a government department created in 1862. Its vision is: “A world-leading property market as part of a thriving economy and a sustainable future.”
    19. HM Land Registry’s purpose is: “We protect your land ownership and provide services and data that underpin an efficient and informed property market.”
    20. HM Land Registry safeguards land and property ownership valued at £8 trillion, enabling over £1 trillion worth of personal and commercial lending to be secured against property across England and Wales. The Land Register contains more than 26.5 million titles showing evidence of ownership for more than 89% of the land mass of England and Wales.
    21. For further information about HM Land Registry visit http://www.gov.uk/land-registry.
    22. Follow us on @HMLandRegistry, our blog, LinkedIn and Facebook.

    Contact

    Press Office

    Trafalgar House
    1 Bedford Park
    Croydon
    CR0 2AQ

    Email HMLRPressOffice@landregistry.gov.uk

    Phone (Monday to Friday 8:30am to 5:30pm) 0300 006 3365

    Mobile (5:30pm to 8:30am weekdays, all weekend and public holidays) 07864 689 344

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    Updates to this page

    Published 16 October 2024

    MIL OSI United Kingdom –

    January 23, 2025
  • MIL-OSI USA: Baldwin Introduces Bill to Protect Wisconsinites from Predatory Wall Street Investors

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) introduced the Stop Wall Street Looting Act, comprehensive legislation to fundamentally reform the private equity industry and level the playing field by forcing private investment firms to take responsibility for the outcomes of companies they take over, empowering workers and protecting investors.

    Since 2020, private equity fund assets have grown exponentially, reaching nearly $8 trillion in 2023 compared to $4.5 trillion in 2020. Private equity funds have purchased companies in nearly every sector of the economy — from nursing homes, to newspapers, to grocery stores — laying off hundreds of thousands of workers and ruining thousands of companies in the process.

    “When out-of-state investors buy Wisconsin companies only to turn a quick profit and shutter their doors, it’s Wisconsin workers and communities that suffer. I’m committed to ensuring that when Wisconsin businesses are purchased, Wisconsin families are protected and not left high and dry like we’ve seen in places like Janesville, Green Bay, and Waukesha,” said Senator Baldwin. “Our legislation will help put workers and our community first – protecting them from predatory practices that too often result in devastating job losses for Wisconsin’s working families.”

    The private equity industry claims to invest in companies while also earning high returns for investors by using their management expertise to make the companies’ operations more efficient, and then selling the companies at a profit. In reality, private equity funds often load mountains of debt on the companies they buy, strip them of their assets, and extract exorbitant fees and dividends, guaranteeing payouts for themselves regardless of how the investment performs. When their debt-ridden investments go belly-up, private equity funds walk away with no responsibility for the mess they create, leaving workers in the lurch and forcing communities to clean up their mess.

    This bill would level the playing field, protect workers, consumers, and investors, and force private equity firms to take responsibility for the companies they control by closing the loopholes that allow private equity to capture all the rewards of their investments while insulating themselves from risk and liability. The Stop Wall Street Looting Act will:

    • Require Private Investment Funds to Have Skin in the Game: Private equity firms, the firm’s general partners, and their insiders will all be on the hook for the liabilities of companies under their control — including debt, legal judgments, and pension-related obligations — to better align the incentives of private equity firms and the companies they own. Liability would not extend to the fund’s limited partners, ensuring that only those that control portfolio firms are on the hook. In order to encourage more responsible use of debt, the bill ends the tax subsidy for excessive leverage and closes the carried interest loophole.
    • End Looting of Portfolio Companies. To give portfolio companies a shot at success, the bill limits how much money private equity firms can extract from companies and closes the loophole that private equity firms have used to hide certain assets from bankruptcy courts.
    • Protect Workers, Customers and Communities. This proposal prevents private equity firms from walking away when a company fails and protects workers and communities by:
      • Prioritizing workers’ pay in the bankruptcy process and amending the laws to increase the priority claims for unpaid earnings and other benefits from $10,000 to $20,000 per worker.
      • Creating incentives for job retention so that workers can benefit from a company’s second chance.
      • Ending the immunity of private equity firms from legal liability when their portfolio companies break the law, including the WARN Act. When workers at a plant are shortchanged or residents at a nursing home are hurt because private equity firms force portfolio companies to cut corners, the firm should be liable.
      • Expanding protections for striking workers by clarifying unfair labor practices and the employer duty to bargain.
    • Empower Investors by Increasing Transparency. Private equity managers will be required to disclose fees, returns, and other information about their funds and the corporate loans they make so that investors can monitor their investments.
    • Put Guardrails Around Accessing Public Funds. Firms receiving any funds from a federal or state agency must publicly disclose how the funds are used and will be prohibited from acquiring any company or making a distribution to investors for two years after receipt.
    • Drives REITS out of Health Care. Payments from federal health programs to entities that sell assets or use assets for a loan collateral made to a Real Estate Investment Trust (REIT) are prohibited; repeal a rule in the Tax Code that allows taxable REIT subsidiaries to exert influence on the operations of health care entities; and remove the 20 percent pass-through deduction, passed in the 2017 Trump tax cuts, for all REIT investors.

    The bill is led by Senator Elizabeth Warren (D-MA) and also co-sponsored by Jeff Merkley (D-OR), Bernie Sanders (I-VT), Tina Smith (D-MN), and Ed Markey (D-MA) in the Senate.

    The bill is supported by Action Center on Race and the Economy, AFL-CIO, American Economic Liberties Project, American Federation of Teachers, Americans for Financial Reform, Center for Popular Democracy, Communication Workers of America, Community Catalyst, Economic Policy Institute, Indivisible, National Employment Law Project, National Women’s Law Center, Private Equity Stakeholder Project, People’s Action, SEIU, Strong for All, Take on Wall Street, United for Respect, Working Families Party, and Worth Rises.

    “Private equity has an immense impact on the U.S. economy, touching virtually every aspect of life from healthcare to housing to technology to retail and more. Private equity’s extractive playbook harms workers and communities, diminishes access to quality affordable health care, worsens the housing crisis and the climate crisis, and perpetuates systemic racism. Without major changes, a handful of ultra wealthy Wall Street executives will continue getting richer at everyone else’s expense. The Stop Wall Street Looting Act takes important, much needed steps to reign in Wall Street predatory practices and promote a just and sustainable economy,” said Lisa Donner, Executive Director, Americans for Financial Reform.

    “Union busting, pollution, and bankruptcy aren’t side effects of the private equity model: they are the model,” said Porter McConnell, Take on Wall Street. “It’s a smash-and-grab, plain and simple. That’s why we are so pleased to see comprehensive legislation like the Stop Wall Street Looting Act introduced in Congress today. We created the loopholes in the law that allowed the private equity industry to thrive, and we can end them. Our communities, our economy, and our democracy are depending on it.”

    “As we fight for more public investment in the child care sector, we must also rein in private equity’s ability to enrich themselves at the expense of the public. Building guardrails – such as those in the Stop Wall Street Looting Act – will help put the wellbeing of children and families ahead of private equity’s profits,” said Melissa Boteach, Vice President, Income Security and Child Care/Early Learning, National Women’s Law Center.

    “Private equity firms, which control nearly $15 trillion in assets, routinely prioritize quick, outsized profits, at the expense of workers, patients, renters, and local economies as part of their business model,” said Chris Noble, Policy Director for the Private Equity Stakeholder Project. “The Stop Wall Street Looting Act provides an essential check on this opaque industry. By addressing the systemic risks tied to debt-laden private equity buyouts, this legislation prioritizes the long-term health of businesses and communities over short-term profits for wealthy private equity executives.”

    “Private equity should have no influence over medical treatment decisions made jointly by independent physicians and their patients. The Stop Wall Street Looting Act goes a long way towards ensuring physicians, in consultation with their patients, are able to deliver quality, patient-centered, cost-efficient care without corporate interference,” said Dr. Stephen M. McCollam, Chair, Coalition for Patient-Centered Care.

    “Wall Street private equity firms have proven themselves to be a parasite on workers, our economy, and American retailers by gutting companies for profit and driving mass layoffs. Holding billionaire profiteers accountable for the damage they do to our working families and communities is imperative to addressing growing economic inequality,” said United for Respect Co-Executive Directors Bianca Agustin and Terrysa Guerra in a joint statement. “The Stop Wall Street Looting Act will help close loopholes in our laws that for too long have allowed private equity to pillage companies and amass huge profits while workers lose their jobs and are left with nothing. United For Respect is proud to support this bill — and we need all legislators to join us in protecting workers and putting Wall Street on the hook for the havoc they reap.”

    Full text of this legislation is available here. A one-pager on this legislation is available here.

    MIL OSI USA News –

    January 23, 2025
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