Category: Taxation

  • MIL-OSI USA: DLNR News Release-Releasing Mosquitoes to Help Kaua’i’s Forest Birds

    Source: US State of Hawaii

    DLNR News Release-Releasing Mosquitoes to Help Kaua’i’s Forest Birds

    Posted on Feb 14, 2025 in Latest Department News, Newsroom

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF LAND AND NATURAL RESOURCES

    KA ‘OIHANA KUMUWAIWAI ‘ĀINA

     

    JOSH GREEN, M.D.
    GOVERNOR

    DAWN CHANG
    CHAIRPERSON

    RELEASING MOSQUITOES TO HELP KAUA‘I’S FOREST BIRDS

    FOR IMMEDIATE RELEASE

    Feb. 14, 2025

    ALAKAʻI PLATEAU, Kauaʻi – It seems counterintuitive to release hundreds of thousands of mosquitoes into an area where the insects are spreading avian malaria and bringing several species of Hawaiian honeycreepers to the precipice of extinction.

    Nonetheless, staff from the Kaua‘i Forest Bird Recovery Project (KFBRP) heralded Thursday’s first release of male mosquitoes, into a state forest reserve on the vast Alakaʻi Plateau, as momentous.

    Ten years of planning, permitting and community outreach led the team and its partners, to the release of male mosquitoes that are reproductively incompatible with female mosquitoes, which bite and spread the often-deadly disease.

    “Incompatible Insect Technology, or IIT, leads to mosquito population suppression, and we hope it will reduce the amount of avian malaria which is driving the declines of native forest birds,” explained Dr. Lisa ‘Cali’ Crampton, the head of KFBRP.

    IIT has been deployed successfully around the world, mostly to combat human malaria. This is the first time it’s been used on Kaua‘i as a biological control to try and severely reduce the number of malaria-carrying mosquitoes. “It is a tried and true and safe technique that has been used hundreds of times,” Crampton said.

    The mosquitoes are flown from a facility in California and each week, half a million bugs will be loaded onto a helicopter in biodegradable cones that resemble an ice cream sugar cone.

    The deployment helicopters are outfitted with a specially designed tube which directs each cone out of the bottom of the aircraft, where they float to the ground. “We do this twice a week to ensure there’s a very, very high likelihood that a wild female will encounter one of the incompatible males. We’re really trying to interrupt the reproductive cycle,” explained Crampton.

    She says she is very hopeful, a sentiment shared by DLNR Division of Forestry and Wildlife planner Justin Hite. He spent a decade leading KFBRP field teams into the remote areas favored by species like the ‘akikiki and the ‘akeke’e, two of the honeycreepers with such low numbers they’re likely to completely disappear from the wilds in the next year or two.

    Hite observed yesterday’s releases and said, “We hope this really moves the needle for these species.”

    The bird recovery teams are employing what Crampton calls, “integrated pest management.” In addition to the IIT releases, they’re using a common larvicide known as BTi, which targets one phase of the mosquito life cycle – the larval phase. It’s been  used on the ground on the Alakaʻi for nine years, and over the past year it’s also been applied from helicopters. IIT targets the adult stage and the egg production stage. “So, the idea is the BTi reduces populations of adult mosquitoes to begin with, making it more likely that females will encounter one of these incompatible males,” according to Crampton.

    The insurance they have for the continued existence of the most critically endangered birds, are conservation breeding populations. Crampton said that once IIT and BTi have been used for a year or so over the best forest bird habitat on Kaua‘i, they remain hopeful birds in the conservation programs, or their offspring will one day be released back into the wild.

    # # #

    RESOURCES

    (All images/video Courtesy: DLNR)

    HD video – Releasing Mosquitoes to Help Kaua‘i’s Forest Birds (web feature):

    https://www.dropbox.com/scl/fi/6hv63q7cz0cmra5grhlpj/IIT-Release-Kaua-i-Feb-13-2025.mov?rlkey=c6xk5tnaewj3bshe597btjmos&st=wy41ek9r&dl=0

    HD video – First IIT releases on Kaua‘i media clips (Feb. 13, 2025):

    https://www.dropbox.com/scl/fi/xhkeb3tpvpnh570jx1a6w/Releasing-Mosquitoes-to-Protect-Kaua-i-s-Forest-Birds-Media-Clips-2-13-25.mov?rlkey=y62f8en2z7nbl8v5hrswhqh3u&st=kfs8zvo3&dl=0

    (Transcription/shot sheet attached)

    Photographs – First IIT releases on Kaua‘i (Feb. 13, 2025):

    https://www.dropbox.com/scl/fo/acq8elu7txlt7glmn6yku/AMAD6fGCxVlS25ryEWyKLUI?rlkey=b389cqjz3qi4osthdt43qeqyl&st=zprjpsww&dl=0

    Media Contact:

    Dan Dennison

    Communications Director

    Hawai‘i Dept. of Land and Natural Resources

    808-587-0396

    [email protected]

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces appointments 2.14.25

    Source: US State of California 2

    Feb 14, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Melissa Stone, of Elk Grove, has been appointed Chief Deputy Director at the Department of Child Support Services. Stone has been Deputy Director of the Disability Insurance Branch at the Employment Development Department since 2022, where she was previously a Division Chief from 2020 to 2022. She held several roles at the Franchise Tax Board from 2014 to 2020, including Section Manager, Assistant Section Manager, and Compliance Program Manager. Stone was Chief of the Casualty Insurance Section at the Department of Health Care Services from 2011 to 2014, where she was previously Chief of the Overpayments Unit from 2009 to 2011. She earned a Master of Business Administration degree from the University of Phoenix and a Bachelor of Arts in Psychology from California State University, Sacramento. This position does not require Senate confirmation, and the compensation is $189,600. Stone is registered with no party preference.

    Stephanie Weldon, of McKinleyville, has been appointed Deputy Director of the Office of Health Equity at the Department of Public Health. Weldon has been Chief Operations Officer at United Indian Health Services since 2024. She was the Director of the Office of Tribal Affairs at the California Department of Social Services from 2021 to 2024. Weldon was a Program Associate for the Indian Child Welfare Act and Tribal Social Services Specialist at the Child and Family Institute of California from 2020 to 2021. She was Director of Health and Human Services for the Yurok Tribe from 2019 to 2020. Weldon held several roles at the Humboldt County Department of Health and Human Services from 2014 to 2019, including Child Welfare Director, Social Services Branch Director, and Deputy Director. She was Director of Social Services for the Yurok Tribe from 2010 to 2013. Weldon is a member of the Yurok Tribe, National Indian Child Welfare Association, and California Department of Public Health Tribal Equity Advisory Group. She earned a Master of Social Work degree and a Bachelor of Arts degree in Native American Studies from Humboldt State University. This position requires Senate confirmation, and the compensation is $191,868. Weldon is a Democrat.

    Melissa Gear, of Elk Grove, has been appointed Deputy Director of Legislative and Governmental Affairs at the Department of Health Care Access and Information. Gear has been Deputy Director of Board and Bureau Relations at the California Department of Consumer Affairs since 2022. She was the Chief Deputy Legislative Director at the Department of Insurance from 2014 to 2022. Gear was a Legislative Advocate at the California State Teachers’ Retirement System from 2008 to 2014. She was a Legislative Coordinator and Fiscal Coordinator at the California Attorney General’s Office from 2005 to 2008. Gear was a Fiscal and Policy Analyst at the California Legislative Analyst’s Office from 2003 to 2005. She was an Executive Fellow and Legislative Representative at the California Department of Education from 2002 to 2003. She is a Nehemiah Emerging Leaders Program Senior Fellow. Gear earned a Master of Public Health and Administration degree from New York University and a Bachelor of Arts in American Studies from University of California, Berkeley. This position does not require Senate confirmation, and the compensation is $158,400. Gear is a Democrat.

    Daniel Millsap, of Folsom, has been appointed Deputy Director of the Real Estate Services Division at the California Department of General Services. Millsap has been Deputy Director for Capital Outlay Programs at the California Conservation Corps since 2019. He was Project Director III at the California Department of General Services in 2018. Millsap held several positions at the California Department of Parks and Recreation from 2007 to 2018, including Construction Supervisor III, Construction Supervisor II Lead, and Construction Supervisor II. He was Project Manager at 4Leaf, Inc., from 2006 to 2007. Millsap was Regional Health and Safety Officer at Kennedy Jenks Consultants from 2002 to 2006. He was Staff Engineer at Kleinfelder from 2001 to 2002. Millsap is a member of the American Society of Civil Engineers. He earned a Bachelor of Arts degree in Civil Engineering from University of the Pacific. This position does not require Senate confirmation, and the compensation is $195,960. Millsap is a Democrat.

    Katie Hardeman, of Sacramento, has been appointed Chief Deputy Executive Director at the State Board of Education. She has been a Legislative Advocate at the California Teachers Association since 2019. She was a Consultant for the California Assembly Budget Committee from 2013 to 2019. Hardeman was a Senior Legislative Aide for Assemblymember Susan Bonilla at the California State Assembly from 2011 to 2013. She was an Executive Assistant for Assemblymember Jose Solorio at the California State Assembly in 2011. Hardeman was a Legislative Assistant at Johan Klehs and Company from 2009 to 2010. She is a member of the Women’s Leadership Program at Leadership California and a player for the California Storm, a semi-professional women’s soccer team. Hardeman earned a Bachelor of Arts degree in History from California State University, Sacramento. This position does not require Senate confirmation, and the compensation is $210,000. Hardeman is a Democrat.

    Richard Roth, of Riverside, has been appointed to the Unemployment Insurance Appeals Board. Roth was a State Senator at the California State Senate from 2012 to 2024. He was a Managing Member at Roth Carney LLC from 2011 to 2012. Roth was a Managing Partner at Roth Carney Knudsen LLP from 2008 to 2011. He was a Partner at Carney and Delany LLP from 2003 to 2008. Roth was a Partner and Managing Partner at Reid & Hellyer, APC from 1981 to 2003. He served in the United States Air Force from 1975 to 2007, where he retired as a Major General. Roth is a member of the Monday Morning Group of Western Riverside County and Greater Riverside Chambers of Commerce. He earned a Juris Doctor Degree from Emory University and a Bachelor of Arts degree in Political Science from Miami University. This position requires Senate confirmation, and the compensation is $180,840. Roth is a Democrat.

    Seanna Griffis, of Sacramento, has been appointed Special Assistant to the Secretary and Undersecretary at the Government Operations Agency. Griffis has been Legislative Manager at the California Department of Food and Agriculture since 2024. She was an Associate Governmental Program Analyst at the Government Operations Agency from 2022 to 2024. Griffis was Management Services Technician at the California Energy Commission from 2021 to 2022. She was a Paralegal at HealthSentry from 2020 to 2021. Griffis was Legislative Coordinator at the California Veterinary Medical Association from 2019 to 2020. She earned a Bachelor of Science degree in Agricultural Business and Management from the California State University, Chico. The position does not require Senate confirmation, and the compensation is $100,008. Griffis is registered without party preference.

    Christopher Contreras, of Northridge, has been appointed to the Behavioral Health Services Oversight and Accountability Commission. He has been Chief Operating Officer at Brilliant Corners since 2023, where he has held several roles since 2014, including Chief Program Officer, Director of Flexible Housing Subsidy Pool, Associate Director of Flexible Housing Subsidy Pool Operations & Housing Acquisitions and Housing Acquisitions Manager for the Flexible Housing Subsidy Pool. Contreras was a Data Analyst and Surveyor at Data Stream Market Intelligence Inc. from 2008 to 2014. Contreras was a Program Coordinator at the University of California, Santa Barbara Community Housing Office from 2005 to 2007. He earned a Bachelor of Arts degree in Political Science from University of California, Santa Barbara. This position does not require Senate confirmation, and there is no compensation. Contreras is a Democrat. 

    Makenzie Cross, of Elk Grove, has been appointed to the Behavioral Health Services Oversight and Accountability Commission. Cross has been a Youth Leader at KAI Partners since 2024. She was a Service Coordinator for Early Intervention at Alta California Regional Center in 2024. Cross was a Behavioral Specialist at the Center for Social Dynamics from 2022 to 2023. She is a member of Impact 100 Greater Sacramento. Cross earned a Bachelor of Science degree in Biological Sciences from the University of California, Merced. This position does not require Senate confirmation, and there is no compensation. Cross is a Democrat. 

    Robert Callan, Jr., of San Francisco, has been appointed to the Behavioral Health Services Oversight and Accountability Commission. Callan has been a Realtor at Sotheby’s International Realty since 2020. He was a Realtor at McGuire Real Estate from 2005 to 2020. Callan is a member of The Olympic Club, Screen Actors Guild, The Dolphin Club, California Association of Realtors, National Association of Realtors, and San Francisco Association of Realtors. He earned a Bachelor of Arts degree in English from Boston College. This position does not require Senate confirmation, and there is no compensation. Callan is registered with no party preference. 

    Jody Kolbach, of Watsonville, has been appointed to the 14th District Agricultural Association Santa Cruz Fair Board. Kolbach has been the Senior Director of HR Services at Granite Construction since 2025, where she held multiple positions from 2008 to 2021 including Director of HR Transformation and Services, Continuous Improvement Leader, Supply Chain Sourcing Manager, and Senior Finance Analyst. Kolbach was a Worldwide Operations Controller at Seagate Technologies from 2003 to 2008. She earned a Master of Business degree from the University of Phoenix and a Bachelor of Art degree in Accounting from Kansas State University. This position does not require Senate confirmation and there is no compensation. Kolbach is a Democrat.

    Press Releases, Recent News

    Recent news

    News What you need to know: California’s work to pre-deploy resources ahead of this week’s major storms paid off with successful rescue efforts and no major damage reported. SACRAMENTO — Governor Gavin Newsom today praised the proactive emergency response efforts that…

    News SACRAMENTO – Governor Gavin Newsom today announced his appointment of 14 Superior Court Judges: seven in Los Angeles County; one in Modoc County; two in Riverside County; one in San Diego County; one in San Mateo County; one in Tulare County; and one in Ventura…

    News What you need to know: Governor Newsom today announced that the Delta Conveyance Project has received a required permit to advance the project, which will upgrade the State Water Project to allow the state to capture and move more water efficiently.  SACRAMENTO —…

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Union Youth Affairs and Sports Minister leads ‘Fit India Sundays on Cycle’ from the Gateway of India with wellness experts, propagates PM’s message to fight obesity

    Source: Government of India

    Posted On: 16 FEB 2025 12:28PM by PIB Mumbai

     

    : Mumbai, February16, 2025

    Fit India Movement’s flagship programme, ‘Sundays on Cycle’, was held at Mumbai’s iconic Gateway of India today morning, with an effort to create awareness among the masses to lead a fit and healthy lifestyle through cycling, while also promoting a solution for pollution. The ride was flagged off from the Gateway of India, with more than 500 cyclists constituting of wellness experts joining from across the country, various cycle clubs and individual fitness enthusiasts, culminated at the Girgaon Chowpatty through the picturesque Marine Drive.

    The cycle riders was led by Union Youth Affairs & Sports and Labour and Employment Minister Dr. Mansukh Mandaviya, who launched the ‘Sundays on Cycle campaign’ in line with the Prime Minister Shri Narendra Modi’s vision of a fit nation and his recent clarion call to fight the problem of obesity, especially among the urban youth. Therefore, besides riding for good health, the overarching message of this week’s Sundays on Cycle was #FightObesity.

    Dr. Mandaviya was joined by other eminent Mumbaikars, including globally renowned wellness expert Dr. Mickey Mehta; designer, social worker and fitness enthusiast Shaina NC; UPA- Lokayukta, Maharashtra Shri Sanjay Bhatia who is also a Heartfullness Meditation trainer; and Shri. Krishna Prakash, IPS, ADG, Mumbai and the first IPS officer to complete the Ironman Triathlon. Shri. Mayank Srivastav, IPS, Deputy Director General, Sports Authority of India and Shri. Pandurang Chate, Regional Director, SAI, Mumbai, Bhavani Naik Joshi, CEO, BYCS India Foundation and emerging actor Aishwarya Raj Bhakuni, SAI athletes and members of cycling clubs of Mumbai were also present.

    Speaking at the event, Union Sports Minister Dr. Mandaviya said, “Our Honourable PM’s vision of a Viksit Bharat can only be achieved if the citizens of the country are fit, because fit people can contribute far more towards nation building. This initiative of ‘Sundays on Cycle’ is an effort to propagate the importance of leading a fit life while also contributing towards the environment by using a mode of transport that has zero carbon footprints. I urge everyone, especially younger people, to use cycles to commute whenever possible. This will not only make them healthy; it will improve the overall health of our environment.”

    Lauding the initiative Shaina NC said, ” I would like to congratulate Dr. Mandaviya and the sports ministry for this very timely and important initiative. Today’s Sundays on Cycle was a 5km ride but I wish it was longer. The enthusiasm among the cyclists was fantastic and the underlying message of fighting obesity is very important in today’s world where most youngsters are leading a sedentary lifestyle.”

    Fit India Ambassador Dr. Mickey Mehta added, “Cycling is a celebration in itself. As someone who has been working in the field of wellness for so many years, an initiative like this, which is seeing mass participation across the country, will motivate many Indians to take their first step towards a healthier life.”

    The cycling event was also held simultaneously at the Dhyanchand National Stadium in New Delhi with over 170 riders including Shivani Pawar, bronze medalist at 2024 Senior Asian Wrestling Championship and 2025 National Games gold medalist, joining in alongside representatives from Decathlon, Cult.Fit, Sports Authority of India National Centre of Sports Sciences and Research (NCSSR) and wellness coaches from Yogasana Bharat.

    Expressing her happiness seeing a diverse group of riders, Shivani said, “It’s very welcoming to see elders and younger people are participating at the same time. Fitness and sports activities are very important for us and parents have to be very enthusiastic to enrol their kids in these. With proper education, we also need events like these. Cycling also gives us a chance to appreciate the beauty of nature.”

    Fit India Ambassador and IRS officer Narendra Yadav was also part of a cycling drive held at sports complex sector 12, Faridabad. Over 150 cyclists including athletes and over 20 yoga instructors from Patanjali Yog Sansthan took part.

    The Sundays on Cycle initiative, started on December 17 last year and has already been hosted in over 3500 locations across India. On February 16th the event was held in over 100 locations with prominent athletes, wellness experts, and cycling clubs joining in. Events are simultaneously held nationwide at SAI Regional Centres, National Centres of Excellence (NCOEs) and the Khelo India centres (KICs).

    **

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    MIL OSI Asia Pacific News

  • MIL-OSI USA: Governor Hochul Speaks at the 2025 Caucus Reception

    Source: US State of New York

    Earlier today, Governor Kathy Hochul delivered remarks at the 2025 Caucus Reception.

    VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

    AUDIO: The Governor’s remarks are available in audio form here.

    PHOTOS: The Governor’s Flickr page will post photos of the event here.

    A rush transcript of the Governor’s remarks is available below:

    Alright. Looks like a party — something you haven’t done all weekend yet, right? Yeah, I can see the bags under your eyes. And the day is still young. So, I just cherish this event. I truly do. In fact, the entire weekend is so energizing for me. I think I’ll have gone to maybe 10 events; you’ve gone to many more. But it gives us a chance to reconnect with who we are. To think about the people who came before us and the journey that got us to where we are today. But also ask the question, “Where are we going now?”

    And where we are going now depends on the leadership we have in our state. And I want to give a special shout out, and I think she’s still here, to our Attorney General, Tish James, who has taken on the fight. There she is. We are so damn lucky at this particular moment in time, to have her courage, her defiance and her willingness to go into court and take on whatever comes our way out of Washington. So I want to give her a round of applause again. She’s an extraordinary leader.

    And who else is leading the State? Majority Leader Andrea Stewart Cousins is here! She’s an unbelievable leader and represents the entire state with such heart and passion and a belief in lifting people up. I want to thank her for being such a great friend. We also have the Majority Leader of the Assembly, Crystal Peoples-Stokes, who I’ll be introducing in a few minutes. There she is. We’re going to talk about her a lot in a couple minutes. But, we also have a guy named Carl Heastie, too. I love our speaker, I don’t know if he could be here today, but there’s a common denominator. You know, Carl’s a good guy. He’s great. We love him.

    But there’s a lot of strong women out here, aren’t there? Okay, a lot of strong women who, to get up in this place and be elected in a statewide position or a major role like the Majority Leader, it takes guts. But I want to say right now is: if there was ever a moment in our state history that required guts, it is right now. And I’m proud to lead this state with incredible partners. And Latrice Walker, unbelievable weekend. Congratulations to all you’ve done here. I know Assemblymember Solages, I’ve seen her a whole lot. I know she’s coming in and out, but I want to thank my administration. I know we heard from our DOT Commissioner Dominguez. You heard from our district attorney. I mean, what a rock star Eric Gonzalez is. Also, Steven Raga, our assemblymember. Thank them. But also give it up for people like Stacey Lynch and my entire team who are here.

    Well, let’s get down to business. Hell of a week, friends. Hell of a week. Started out with the Attorney General in Washington on national television telling everybody she’s bringing charges against me because I’m standing up to uphold the laws of our state that are duly enacted by our Legislature and I’m sworn to uphold. But you’re coming after me for saying that I think that people who are here, living here, working here, contributing to our economy, should not be able to drive to work or get their kids to a doctor’s appointment? No, I am not I’m not opening up our DMV database to you, because I don’t know—

    Now, we know why they would want it. But here’s how I’m going to broaden the issue: There are a lot of good people in law enforcement. I’m not going to say there are not. But what we have right now in Washington — people from Elon Musk and DOGE getting access to our IRS records now and all this information — do you really want them to have access to the DMV so they can find out something about your 16 year old daughter who has a permit in my database? I mean, this is broader than just the immigrant community. This is a scary thought. These are state records about state people, and I have to protect them.

    And then, right around the same time, I’m getting papers from the great state of Louisiana, telling me I’m supposed to turn over an abortion provider, a courageous woman who lives right in the Hudson Valley, and turn her over to face prosecution — facing 15 years in jail. Over my dead body will you get her from me.

    And yes, I will say this: There’s a storm in Washington. It’s complicated. New York City is very complicated. But I want to tell you this: I’ve been in the elective office for 31 years, and maybe the toughest thing I had to do in that was also to raise a couple of teenagers, okay? You know what I’m saying, parents? I’m used to being the eye of the hurricane. That’s my place where I live. So we’re going to calm it all down, okay? We’re going to be okay, because you have strong leaders who know how to take it to the mat. And I’m ready to say, “Let’s get ready to rumble.” I will fight for New Yorkers with every breath of my body. So when you’re feeling under siege and you have communities that are anxious and worried, say, “Don’t worry. Our governor’s got this. She’s got this. She’s been there. She’s experienced, and she has great people around her.”

    So I just need to let everybody know we’re going to be okay. And all we have to do after a weekend like this, is call on those who came before us under tougher times. I mean, think about tiny little Harriet Tubman who, with such courage, she didn’t just come back and save her neck, she went back to Maryland countless times, freeing slaves, being hounded by bloodhounds, going through the swamps at night, trying to find her way north in the dark — touching the side of the tree, you could feel the moss grows on the north side, so she touched it, she knew where she was going.

    I read that book when I was eight years old. That’s part of who I am. Her story — I believe in people like that, and Sojourner Truth. Her voice was so critical back then. We need the Sojourner Truths of today. Where’s the Harriet Tubman of today to lead us out of darkness into light and into freedom? That’s what we have to do, everyone. And those people are in this room.

    Because someday, history is going to look at us. How do we measure up to these courageous people — the people who started the Underground Railroad and brought people through Crystal Peoples-Stokes hometown and mine, freeing people over to Canada, because otherwise they’re going to be killed or returned to slavery — that’s where we come from, right Crystal? The Underground Railroad, Mary Talbert was there. Great hero. The NAACP, guess where it started? Yes, in Buffalo, New York. The Niagara Movement. And I’m not going to brag more about Buffalo just because — but it’s also got the best football team in America. But, deal with it Eddie. Eddie, I’ve had enough crap from you. Deal with that. Alright, there you go.

    So, I say this: This is a time of celebration to get reenergized, to get fired up, to believe in our purpose here today, because that’s why God put us on earth. No other reason, no other reason we’re taking up space on this earth than to lift up the lives of others. To make this place better. And New York State will always lead the nation as we have throughout history. Don’t worry about us, or as Crystal is fond of saying, “Lift as you climb.” That’s her saying. Lift as you climb. That’s not just, “Climb for your sake of getting the power and the glory yourselves.” It’s making sure God’s power and glory is there to lift up others.

    And that’s one of the reasons I love this woman so much. She comes from the streets of Buffalo. She’s tough. I was an elected official throughout most of her career. I saw what you had to endure. The discrimination and the hatred she had to endure, even just being a woman in a position of power in Erie County when there were very few women who could step up and do this.

    She ran for Congress back in ‘96. I campaigned with her. She’s been through the trials and tribulations, but when she sets her mind to something, do not get in her way. She fought to make sure we had a legal cannabis system that dealt with social equity to give everybody a chance to overcome what they had been through.

    She fought to make sure our streets are safer, that we could heal communities that have been severed by infrastructure. Robert Moses divided the black and white community in Buffalo, and in the 1950s nobody stood up to it and they let it happen. Crystal says, “We’re bringing back our cities, we’re healing them once again, so we can reunite our black and brown communities.” So, I need to say this, as she often says, this is her motto: “God be the glory.” And I thank God. I thank God every day that he put Crystal Peoples-Stokes on our earth, in my city, in our State Legislature.

    Ladies and gentlemen, give it up for Crystal Peoples-Stokes!

    MIL OSI USA News

  • MIL-Evening Report: View from The Hill: government nabs Coalition policy on foreigners buying houses, Dutton eyes action on insurance companies

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    With the unembarrassed audacity parties show as an election nears, the government has stolen the opposition’s policy to ban foreign investors buying established homes.

    Treasurer Jim Chalmers and Housing Minister Clare O’Neil have announced foreigners won’t be able to purchase established homes from April 1 for at least two years, with a review to determine whether the ban should be extended.

    When the opposition announced its policy last year, Labor was dismissive, pointing out the numbers were minuscule. But the idea is popular with the public and the government is anxious to neutralise it.

    The turnabout comes immediately ahead of the Reserve Bank’s’s two-day meeting starting Monday, with expectations high that on Tuesday the bank may finally start moving rates down.

    A rate cut would increase speculation Anthony Albanese will opt for an April rather than a May election. That would mean cancelling the March 25 budget.

    With the election fast approaching and polls suggesting a high prospect of a minority government, attention has turned to how crossbenchers would react in the event of a hung parliament.

    Much conjecture is around the “teals” who occupy former Liberal seats but are more progressive than the current Liberal party.

    Opposition leader Peter Dutton said on Sunday: “It would be unusual that if we were able to achieve 72 [a majority is 76] and we were a number of seats ahead of the Labor Party, that there wouldn’t be a guarantee of supply and confidence from the crossbench.

    “But some of them will only ever support the Labor Party. I think if they’re into transparency and honesty, they should be transparent and honest with the public before the election about if you vote for Kate Chaney, are you going to get Anthony Albanese or will she support a Coalition government in a minority situation?”

    Chaney, one of the teals, holds the Western Australian seat of Curtin, which the Liberals believe is a chance for them.

    In their statement about foreign investors, Chalmers and O’Neil said the government would also “crack down” on foreign land banking.

    The ministers admitted these latest initiatives were small but said they were an important part of the government’s broad housing policy,

    “Until now, foreign investors have generally been barred from buying existing property except in limited circumstances, such as when they come to live here for work or study,” they said.

    Under the new arrangements, “foreign investors (including temporary residents and foreign-owned companies) will no longer be able to purchase an established dwelling in Australia while the ban is in place unless an exception applies.”

    On landbanking, the ministers said foreign investors are presently subject to developmental conditions requiring they put vacant land to use within a reasonable time.

    “The Government is focused on making sure these rules are complied with and identifying any investors who are acquiring vacant land, not developing it while prices rise and then selling it for a profit.”

    The Australian Taxation Office and Treasury will be funded for an audit program and to improve compliance.

    Dutton hints at action against insurance companies that ‘rip off’ people

    While Labor sought to shore up its credentials on housing, Dutton was venturing further down the interventionist road, hinting a Coalition government might use divestiture against recalcitrant insurance companies.

    The Coalition has already courted controversy with its threat supermarkets could face divestiture.

    Dutton is now looking more widely, after being concerned about how people in areas recently devastated by fires or floods often haven’t insurance because they can’t afford the increasingly high premiums.

    Asked on Sky whether the Coalition would reduce the cost of insurance, Dutton said, “We need to make sure that we’re not being ripped off by insurance companies.

    “As we’ve done with the supermarkets, where we have threatened divestment if consumers are being ripped off, similarly, in the insurance market, we will intervene to make sure that consumers get a fair go because at the moment people are paying too much for their insurance and what’s resulting is that people aren’t taking out insurance. […] People just simply can’t afford to insure the car or their home at the moment.”

    In a wideranging interview, Dutton cast doubt on whether the opposition would support any extension of government relief on power bills.

    “If it’s going to be inflationary and it’s going to keep interest rates higher for longer and it’s going to keep grocery prices higher for longer and it’s going to keep electricity prices higher for longer, then no.”

    (The relief the government has already provided put downward pressure on inflation.)

    The opposition leader criticised the government for not putting enough effort into its handling of the Trump administration.

    “Every minister should have been cycling through Washington. I’m not aware that other ministers have been to Washington since Penny Wong was there for the inauguration,” he said.

    “If they have, that’s great. But the prime minister probably should have been on a plane to the US, as we’ve seen with other world leaders and there should have been greater engagement with the president earlier on.”

    Dutton apparently forgot the visit made by Deputy Prime Minister Richard Marles, who was the first defence minister to meet new defence secretary Pete Hegseth.

    Reminded of the Marles visit, he immediately criticised him. “Richard Marles is a nice guy, but he’s batting fairly significantly down the list in terms of the government’s key hitters.”

    Dutton said Trump had to be seen in a different light to other presidents.

    “Donald Trump is different to any of his predecessors, certainly in the modern age. If you look at his background, he’s a businessman, he does deals, he brings parties together, he swaps contracts. That’s been his background, and it’s not a background, probably, that’s been shared by too many of his predecessors. So, I don’t think you’re taking everything he says literally.”

    Dutton left his options open when asked whether he would replace Kevin Rudd as ambassador to the United States.

    “We have to have an ambassador who is in our country’s best interests. Kevin, obviously, is an accomplished person as prime minister of our country and if he’s the best person for the job, then he should stay in the job.

    “If it turns out that he’s had no access to the White House and no real influence in relation to this [tariff] issue or whatever the next issue might be, then you would have to reassess his position. But at the moment, we’re being told that he’s effective in his advocacy in the administration. I suppose time will tell.

    “My instinct would be to leave him in the job. But […] if there are insurmountable problems that he has, or that the administration has with him, then that would make it very difficult.”

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. View from The Hill: government nabs Coalition policy on foreigners buying houses, Dutton eyes action on insurance companies – https://theconversation.com/view-from-the-hill-government-nabs-coalition-policy-on-foreigners-buying-houses-dutton-eyes-action-on-insurance-companies-250023

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Albanese Government clamping down on foreign purchase of established homes and land banking

    Source: Australian Treasurer

    The Albanese Government will ban foreign investors from buying established homes for at least two years and crack down on foreign land banking.

    We’re coming at this housing challenge from every responsible angle.

    This is all about easing pressure on our housing market at the same time as we build more homes.

    These initiatives are a small but important part of our already big and broad housing agenda which is focused on boosting supply and helping more people into homes.

    It’s a minor change, but a meaningful one because we know that every effort helps in addressing the housing challenge we’ve inherited.

    We’re banning foreign purchases of established dwellings from 1 April 2025, until 31 March 2027. A review will be undertaken to determine whether it should be extended beyond this point.

    The ban will mean Australians will be able to buy homes that would have otherwise been bought by foreign investors.

    Until now, foreign investors have generally been barred from buying existing property except in limited circumstances, such as when they come to live here for work or study.

    From 1 April 2025, foreign investors (including temporary residents and foreign‑owned companies) will no longer be able to purchase an established dwelling in Australia while the ban is in place unless an exception applies.

    These limited exceptions will include investments that significantly increase housing supply or support the availability of housing supply, and for the Pacific Australia Labour Mobility (PALM) scheme.

    We will also bolster the Australian Taxation Office’s (ATO) foreign investment compliance team to enforce the ban and enhance screening of foreign investment proposals relating to residential property by providing $5.7 million over 4 years from 2025–26.

    This will ensure that the ban and exemptions are complied with and tough enforcement action is taken for any non‑compliance.

    Alongside the temporary ban on foreign purchases of established dwellings, we will tackle land banking by foreign investors.

    We’re cracking down on land banking by foreign investors to free up land to build more homes more quickly.

    Foreign investors are subject to development conditions when they acquire vacant land in Australia to ensure that it is put to productive use within reasonable timeframes.

    The Government is focused on making sure these rules are complied with and identifying any investors who are acquiring vacant land, not developing it while prices rise and then selling it for a profit.

    This activity breaks the rules and results in delays to the development of essential residential housing and commercial developments.

    We are providing the ATO and Treasury $8.9 million over four years from 2025–26 and $1.9 million ongoing from 2029–30 to implement an audit program and enhance their compliance approach to target land banking by foreign investors.

    Foreign investors that have already acquired or are proposing to acquire vacant residential or non‑residential land will be subject to heightened scrutiny by the ATO and Treasury to ensure they comply with development conditions.

    A temporary ban on foreign purchases of established dwellings, strengthened compliance activity by the ATO to enforce the ban, and an enhanced compliance approach by both the ATO and Treasury to discourage land banking by foreign investors will help ensure that foreign investment in housing is in our national interest.

    The ATO and Treasury will publish updated policy guidance prior to the commencement of these changes.

    These initiatives are an important part of the Albanese Government’s $32 billion Homes for Australia plan.

    We’re investing more in housing than any government in history.

    Peter Dutton and the Coalition have promised to cut tens of billions from housing and to halt construction on thousands of new homes by scrapping Labor’s Housing Australia Future Fund.

    The housing crisis would only get worse under Peter Dutton.

    The contrast is clear – Labor is all about more homes, the Liberals are all about more cuts.

    We’ll continue to do everything we can to ease pressure on the housing market and build more homes, more quickly, in more parts of Australia.

    MIL OSI News

  • MIL-OSI United Kingdom: Lights, Camera, Action! 40% business rates relief for film studios rolled out

    Source: United Kingdom – Executive Government & Departments

    From tomorrow (17 February), Local Authorities can begin rolling out local schemes for tax relief to help filmmakers produce the country’s next box office hits, rom-coms and cult classics.

    • Box-office boost for film studios as 40% relief on business rates roll out begins, lasting until 2034.
    • Creative sector, which includes film, is a vital industry of the future, worth over £120 billion to the UK economy, employing over 2.4 million people.

    Film studios are to receive business rates relief over the next nine years as the government rolls out a 40% reduction in business rates bills – to help drive growth and deliver the Plan for Change.

    From tomorrow (17 February), Local Authorities can begin implementing local schemes and awarding the tax relief to help filmmakers kickstart their journeys to producing the country’s next box office hits, cult classics and major rom-coms.

    The UK’s creative sector already employs over 2.4 million people and is worth over £120 billion to the economy. The start of the business rates relief for film studios rollout will help create the conditions to boost both of these.

    In October, the government confirmed that it would proceed with Film Studio Business Rates Relief that will be available for eligible studios in England until 2034, and, where applicable, will be backdated to 1 April 2024.

    Chancellor of the Exchequer, Rachel Reeves, said:

    The UK leads the world in creating great film and TV and we should all be immensely proud of the impact we’ve had across the globe.

    From the Avengers to Indiana Jones, the UK has drawn in some of cinema’s biggest names thanks to a combination of fantastic local talent and a world-leading creative sector as well as attractive tax incentives. 

    As part of the Plan for Change, we will continue to build the sector into a global beacon of home grown success, creating more jobs, more investment, and putting more money into working people’s pockets.

    This comes on top of a package of wider previous announcements for the creative industries announced on 17 January that included investments for start-up video game studios, grassroots music venues and creative businesses.

    The relief will maintain the UK’s status as a world leader in the creative industries and will help deliver the Plan for Change by going further and faster to kickstart economic growth so working people have more money in their pockets.

    The creative industries sector employs 2.4 million people and is worth £124.6 billion to the UK economy. Business rates relief forms part of the government’s wider strategy to support this vital growth sector, and forms a key part of our modern Industrial Strategy.

    The film and TV sector benefits from other generous tax reliefs. The Audio-Visual Expenditure Credit (AVEC) provides companies with a tax credit worth 34% of their UK production costs on a film or high-end TV programme, or 39% of their production costs on an animation or children’s TV programme.

    In addition, from 1 April 2025, film and high-end TV companies may claim a credit of 39% on their UK visual effects costs; and eligible films with budgets of under £15 million will be able to claim an enhanced 53% rate, known as the Independent Film Tax Credit.  

    Today (16 February), the UK film and TV industry will attend the BAFTA Film Awards that celebrate the many achievements of the sector and the significant cultural impact of British film and TV around the world.

    Culture Secretary Lisa Nandy said:

    The UK’s film industry is truly world class, producing global box office hits like Wicked and indie classics like Aftersun.

    The sector has huge potential for further economic growth and the government is ambitious for its future. Our new tax incentive, as well as other new measures like indie film tax reliefs and £25 million funding for a new film studio in Sunderland, will help ensure we can continue to create British content, international blockbusters and high quality jobs.

    Adrian Wootton OBE, Chief Executive of the British Film Commission:

    The British film and TV industry is a creative and economic powerhouse, and our film studios are a vital contributor to this success. Today’s confirmation of the Business Rates Relief for Film Studios in England is testament to Government’s recognition of this fact. The BFC is pleased that Government listened to the sector’s concerns and we are proud to have supported the development of this landmark intervention. We will continue to work with Government and stakeholders to secure the best possible long term solution for all parties.

    Harriet Finney, Deputy CEO and Director of Corporate & Industry Affairs, BFI said: 

    2024 saw a massive £5.6 billion of production spend in the UK, further confirming that our film and TV industries continue to be a powerful and vital growth industry. Our state-of-the-art studio spaces are central to that growth, so we welcome today’s announcement and the Government’s recognition of their crucial role in ensuring we can continue to make world-renowned UK film and TV and attract outstanding international productions, driving investment and creating jobs across the UK.

    Sara Putt, Chair, BAFTA said:

    The UK is a world-leading centre for film and TV production – our studios provide world-class facilities and the craft and production skills here are second to none, as showcased by the British-made films nominated in this year’s EE BAFTA Film Awards.  For those freelancers and crews to continue doing what they do best, it is vital that the UK remains competitive as a prospect for inward investment and continues to support a healthy talent pipeline to grow our domestic film and TV industry, so more UK talent and stories are celebrated at home and around the world.

    Simon Robinson, Chief Operating Officer of Warner Bros. Discovery Studios said:

    We welcome the Treasury’s announcement confirming its commitment to providing vital relief to business rates.  It will create a stable environment for long-term investment, including securing the Warner Bros. Studios Leavesden expansion, which will create 4,000 direct and indirect jobs, and the opportunity for continued growth of the industry in the UK and U.S.


    More information

    • The relief will be available on properties valued by the Valuation Office Agency (VOA) as film studios.
    • The 40% reduction is inclusive of Transitional Relief. The value of any Transitional Relief a studio receives will be deducted from the value of the film studio relief. This means that eligible film studios’ final bills will be no more than 60% of their gross bill. Studios will remain eligible for Improvement Relief in addition to this relief, which will mean that no ratepayer will face higher business rates bills for 12 months as a result of qualifying improvements to a property they occupy.
    • Film studios will not need to apply for the relief, as Local Authorities will award it to eligible properties. If in doubt, film studios should contact their local authority.

    Updates to this page

    Published 16 February 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: FACT SHEET: Trump & Elon’s Layoffs Jeopardize Essential Services Americans Rely On, Threaten Critical Agency Objectives Keeping Americans Safe & Healthy 

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA) responded to the Trump administration’s mass firings of federal workers who are on their “probationary” period—meaning: federal workers who were hired or promoted within the past 1-2 years.  

    There is nothing efficient about indiscriminate mass firings. Although the exact number of employees in their probationary period changes with each pay period, data from March 2024 shows more than 220,000 federal employees were within their probationary period. More than one quarter, or 56,000, were employees at the Veterans Health Administration. The Partnership for Public Service estimates that there are now closer to 250,000 federal employees in their probationary period. Moreover, these employees are younger (around 27% are under the age of 30) and have the highest rates of employee engagement among all government workers. President Trump has also recently signed an Executive Order, which mandates that only one employee be hired for every four who are fired or depart.

    In a statement, Senator Murray said:

    “There is nothing ‘efficient’ about indiscriminately firing thousands upon thousands of workers in red and blue states whose work is badly needed. 

    “We are talking about safety engineers at the Hanford nuclear cleanup site, VA doctors and nurses, utility line workers in my home state, CDC health experts who investigate disease outbreaks, and so many others.

    “Two billionaires who have zero concept of what the federal workforce does are breaking the American government—decimating essential services and leaving all of us worse off. 

    “The lives upended by these callous firings will not just be the federal workers who lose their jobs, but the millions of Americans who rely on services these employees provide: health care, food safety, housing, lifesaving research, and so much else. 

    “Let’s be clear that these sweeping layoffs do not address fraud or waste. These firings are totally arbitrary–pushing out high performers and the promising next generation of our federal workforce who won’t be easily replaced. 

    “The scale and scope of Trump and Elon’s purge will set our country back decades, but we are not powerless in this moment. It is incumbent on every one of us to speak out for a government that works for middle-class families and working people—not just billionaires who will never need to call about their Social Security benefits or file a disability claim at VA.”

    SEE BELOW FOR A SELECT, NON-COMPREHENSIVE LIST OF THE IMPACTS OF THESE LAYOFFS:

    VETERANS AFFAIRS: In 2022, Congress passed the largest expansion of veterans’ benefits in two decades, requiring a significant influx of resources and staff to ensure veterans are getting the medical care and benefits they are owed. 

    • The Trump administration’s mass firing of more than 1,000 VA employees just yesterday will badly undercut VA’s ability to process the significant uptick in claims and benefits the agency has seen since the PACT Act was signed into law. The Trump administration has not explicitly exempted doctors, nurses, medical researchers, or disability claims raters from the layoffs. 
    • These layoffs likely mean longer wait times for veterans trying to receive medical care, and they could mean that ongoing clinical trials may be forced to come to an abrupt halt. They likely also mean veterans will wait longer for their disability claims to be processed and approved, and that training for new claims raters that VA has invested in over the last year would go to waste.  
    • There is already a shortage of VA doctors and nurses across the country–in red and blue states. The hiring freeze prohibits new disability claims raters from coming on board, and with the firing of recently hired raters, the backlog of unprocessed claims will grow above 254,000. 

    SMALL BUSINESS ADMINISTRATION (SBA): The SBA provides essential resources and support to small businesses and entrepreneurs across the country. This week, the Trump administration reportedly moved to fire 720 employees, including those recently hired to help small businesses and homeowners recover from devastating disasters. Communities and main streets across the country–from North Carolina to California–are still reeling from the impacts of hurricanes and wildfires; laying off SBA employees will curtail the SBA’s efforts to help small businesses on the ground recover. 

    OFFICE OF PERSONNEL MANAGEMENT (OPM): OPM serves as the chief human resources and personnel policy manager for the federal government and processes retirements for all federal workers, including those in the postal service. OPM employees help ensure federal employees in every part of the country receive their paychecks and retirement benefits. Without adequate staffing levels, federal workers will experience disruptions in essential services OPM provides. 

    • On February 13, OPM fired 250 probationary employees. Management was not notified that the agency would be firing people that day and probationary employees were given 30 minutes to leave the building. There were no exceptions given for high-performing employees or those that managers had prioritized on requested forms. 

    GENERAL SERVICES ADMINISTRATION (GSA): GSA oversees most government contracts, manages federal property, and oversees basic federal government functions. Housed at GSA, Technology Transformation Services is responsible for FedRAMP, which sets cybersecurity standards for federal contractors, and Login.gov, which the American public uses to access their Social Security statements online. GSA was one of the earliest DOGE targets. 

    • An estimated 100 tech workers at GSA have been laid off this week alone. These employees assist with important federal initiatives, including the Direct File program, which is finally helping Americans file their taxes directly with the IRS–for free.  

    HOUSING AND URBAN DEVELOPMENT: The nationwide housing shortage is one area in which both sides of the aisle agree needs urgent solutions, and HUD plays a critical role in working to tackle the crisis. Without sufficient staff to keep things moving at HUD, hundreds of projects across the country are going to be delayed. Many projects will fall apart completely, exacerbating the housing crisis. Even one month of delays on a multimillion-dollar project can cost builders immensely. In just a few weeks of hasty decisions, the Trump administration has proposed drastic cuts that will hurt some of the most vulnerable people and families across the country, undercut economic development, and stunt disaster recovery.

    • Even under current staffing levels, grantees struggle to receive adequate and timely customer service and processing from HUD, and these actions will make it devastatingly worse.
    • Based on current estimates, Trump’s personnel actions to date will result in about a 13% reduction in HUD’s entire workforce.
    • This figure could grow to 50% percent based on reported plans for additional staff cuts across HUD’s programs. One component was directed to reduce staff by 84%, and that office oversees the community and economic development, long-term disaster, and homeless assistance funding that cities around the country, in red and blue states, rely on.  

    DEPARTMENT OF ENERGY: The Department of Energy is responsible for overseeing U.S. energy policy and production, our nuclear weapons program, and national nuclear policy. Among other things, Department of Energy staff plays an essential role in turbocharging American innovation, creating new good-paying jobs, lowering families’ energy bills, strengthening America’s energy security, and maintaining our nation’s nuclear weapons stockpile.

    • The Department of Energy has now laid off 1,800 employees out of 15,850 employees, which is roughly 11% of its workforce. The layoffs have occurred Department-wide; however, the climate and infrastructure deployment offices have been hit hardest, including the Office of Clean Energy Demonstrations, Energy Efficiency and Renewable Energy, and the Manufacturing and Grid Deployment Offices. These layoffs will seriously hamper the implementation of the Bipartisan Infrastructure Law and Inflation Reduction Act, which have created hundreds of thousands of new jobs–compounding the incredible damage that this administration has already caused with its illegal freeze of funding provided by the two landmark laws. The layoffs include staff responsible for ensuring that funding to lower households’ energy costs gets out the door.
    • In Washington state alone, more than a dozen employees at the Hanford Site and more than 600 at the Bonneville Power Administration have been laid off–which will have cascading ripple effects on the cleanup efforts at the Hanford site and the security of the Pacific Northwest energy grid. Notably, these numbers do not include employees who opted into the “deferred resignation” program.

    INDIAN HEALTH SERVICE: The Indian Health Service provides direct health care to 2.8 million American Indians and Alaska Natives, but has, for years, been plagued with chronic staffing challenges and consistently high vacancy rates (upwards of 29%) across all service areas. The staffing shortage has, for decades, undercut the quality of care to Tribal communities across the country. Congress has consistently identified recruitment and retention as a high priority for the agency and has worked on a bipartisan basis to fully fund staffing at IHS facilities and to increase hiring incentives to provide relief.

    • The Trump administration’s mass firing of more than an estimated 850 employees includes doctors, nurses, dentists, pharmacists, and lab technicians–and will devastate the Indian Health Service’s ability to provide services for patients and make an already dire situation worse. These indiscriminate cuts to IHS’ health care workforce will leave thousands without access to critical care and could cost lives.
    • American Indians and Alaska Natives have a life expectancy rate of 11 years less than the national average of 65.2 years old. That’s the same life expectancy rate as the overall population of the United States in 1944.

    DEPARTMENT OF THE INTERIOR: The Interior Department is responsible for the management of public lands, waters, and natural resources, including both conservation and development on federal lands under the National Park Service, Fish and Wildlife Service, and Bureau of Land Management, as well as administering programs affecting Native Americans. The Department is reportedly laying off 2,300 employees.

    • These layoffs will lead to a damaging loss of full-time staff at the National Park Service, which is already operating well below prior staffing levels despite significant increases in visitation. As a result of onerous budget caps during the 2010s, the National Park Service lost 15% of its staff while park visitation also increased by 15%. National Park units experience a summer surge in visitation that peaks in July, and the Service hires more than 6,000 seasonal employees to manage that extra work. Without full-time or seasonal staff during this peak season, visitor centers may close, bathrooms will not be properly maintained, campgrounds may close, guided tours will be cut back or altogether canceled, emergency response times will drop, and visitor services like safety advice, trail recommendations, and interpretation will be unavailable.
    • These indiscriminate cuts are also likely to jeopardize the President’s own “America-First” energy agenda, delaying the processing, planning, permitting, environmental compliance, and approval of new and expanded transmission lines, renewable energy projects, oil and gas leasing and drilling, critical minerals mines, coal mining, and other development on federal lands or waters.

    Federal Bureau of Investigation: The FBI is the domestic intelligence and security service of the United States and its principal federal law enforcement agency. The Bureau is reportedly amassing a list of thousands of probationary employees, including special agents, for possible layoffs–which comes at a time of incredible uncertainty at the FBI. The FBI already faces a salaries and expenses resources shortfall, because of the Fiscal Responsibility Act’s tight constraints, which has already resulted in roughly 1,000 fewer staff. A purge—possibly in the thousands—of FBI employees will worsen an already bad situation–seriously undermining the FBI’s ability to combat terrorism, violent crime, cybercrime, drugs and gangs, transnational organized crime, and child and sex trafficking exploitation. 

    • The FBI has over 2,800 probationary employees, nearly 600 of which are special agents. 
    • The first year cost alone of recruiting, hiring, and training a new FBI special agent is nearly $250,000. Firing hundreds of new agents would be a colossal waste of American taxpayers’ dollars. 

    FOREST SERVICE: The Forest Service is responsible for managing 193 million acres of national forests and grasslands and is reportedly laying off 2,400 employees. While some exemptions are expected for law enforcement and firefighters, many of those being let go are qualified to help respond to wildfires and are a vital resource during the height of fire season. Other recent hires were brought on to accelerate hazardous fuels reduction and community wildfire defense projects to decrease the risk of catastrophic wildfires to communities across the country.

    ENVIRONMENTAL PROTECTION AGENCY: Approximately 1,700 EPA staff have so far been notified they could be terminated. As of December 2024, EPA had 15,572 total full-time employees on staff, which include scientists, toxicologists, biologists, staff overseeing cleanups at Superfund sites in red and blue states, and many more. Indiscriminate layoffs will seriously jeopardize energy projects that have created good jobs, efforts to keep American families’ water supply clean and safe, waste site cleanup efforts, and much more.

    DEPARTMENT OF HEALTH AND HUMAN SERVICES: HHS’ civil service and nonpartisan leadership consists of scientists, researchers, medical professionals, child welfare specialists, and other dedicated public servants. Its nonpartisan leadership is tasked with implementing laws spanning HHS’ far-reaching responsibilities and accordingly is retained to continue building on advances made in medicine, public health, and social services. HHS’ nonpartisan career leadership does not routinely turn over between administrations.

    • Nonetheless, Secretary Kennedy, now having been confirmed, is expected to seek the unprecedented resignation of HHS nonpartisan career leadership and has already begun firing thousands of probationary employees across HHS. 
    • Injecting politics deep into HHS will undermine everything from biomedical research to public health to substance use treatment to child welfare. This is how now-Secretary Kennedy will substitute his own beliefs for established scientific consensus. 
    • Additionally: firing thousands of staff across the Department will have far-reaching impacts on basic government services, potentially including the administration of Medicare. Firings so far have included nurses, pharmacists, patient care technicians, and other staff critical for patient care at NIH’s clinical center, as well as hundreds of early career scientists and researchers.

    DEPARTMENT OF EDUCATION: So far, Department of Education employees have already been put on administrative leave simply because they took a training encouraged by the first Trump administration. Other employees fired or expected to be fired at the Department of Education will put cybersecurity efforts, ongoing work on the FAFSA, and maintenance of student aid processing systems in serious jeopardy. 

    AGRICULTURAL RESEARCH SERVICE: ARS is the USDA’s principal in-house research agency that seeks to develop and transfer solutions to agricultural problems of high national priority. This includes research related to ensuring high-quality, safe food, assessing the nutritional needs of Americans, and sustaining a competitive U.S. agricultural economy.

    • The blanket firing of hundreds of scientists and technicians across the country who were in probationary periods will undercut new, ongoing, and urgent research projects studying livestock and crop production, food safety, environmental stewardship, human nutrition, and value-added agriculture. 

    ANIMAL AND PLANT HEALTH INSPECTION SERVICE: Scores of employees from the Animal and Plant Health Inspection Service (APHIS) were abruptly fired regardless of performance status. APHIS protects our country against the emergence of deadly animal and zoonotic diseases and prevents the introduction of destructive invasive pests. This work is vital to ensuring our farmers and ranchers can safely feed the world. As avian influenza rages across poultry and dairy farms and continues to infect people, the last thing our country needs is a shortage of staff focused on addressing this threat.  

    RURAL DEVELOPMENT: Hundreds of employees working to help rural communities across the country were laid off overnight. Rural Development provides financial assistance for communities to have safe drinking water, affordable housing, high-speed internet, and access to health and safety services. Without adequate staffing, loans and grants will not be processed, and these communities will not have the resources they need to thrive.

    NATURAL RESOURCES CONSERVATION SERVICE: Hundreds of employees working to assist producers with access to voluntary conservation programs and practices were laid off. Those employees are based in offices across the country and provide technical assistance to help improve soil quality, reduce the energy used on farms, and provide other climate mitigation benefits. 

    NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION: NOAA is the nation’s leading scientific and regulatory agency charged with forecasting weather, monitoring oceanic and atmospheric conditions, and managing marine and coastal resources. Americans rely on the National Weather Service’s data forecasts daily but the critical nature of the mission to life and property comes to light during hurricanes, drought, wildfires, tornados, and other extreme weather events. The National Weather Service already struggles with staffing shortages but has made a concerted effort to increase the number of meteorologists. As such, many meteorologists have only been in the role for less than a year and are within their probationary period. 

    • Reports that NOAA will be required to lay off more than a thousand probationary employees, including meteorologists, which amount to 10% of NOAA’s workforce would result in disruptions to weather forecasts. 
    • Similar impacts could be felt to the sustainable management of the nation’s fisheries since NOAA relies on wage mariners to staff the fisheries’ survey vessels that perform stock assessments that feed into accurate sustainable catch limits on which the fishing industry relies.

    MIL OSI USA News

  • MIL-OSI USA: Crapo Backs Effort to Permanently Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo, Chairman of the Senate Finance Committee, joined Senate Majority Leader John Thune (R-South Dakota) and 44 additional Senate colleagues in reintroducing legislation that would permanently repeal the federal estate tax, commonly known as the death tax.  The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death.

    “Small businesses are the lifeblood of Idaho’s economy, and family farmers, ranchers and entrepreneurs have often worked lifetimes to grow their businesses,” said Crapo.  “The death tax can be a devastating blow to American families who want to pass down their farm or small business to the next generation.  It’s time to permanently provide relief from this unfair tax.”

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune.  “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

    The legislation is supported by the Idaho Cattle Association and the Idaho Farm Bureau.

    “The Idaho Cattle Association supports full repeal of the ‘Death Tax,’” said Cameron Mulrony, Executive Vice President of the Idaho Cattle Association.  “The long-term success of our historic industry has been predicated on the ability to provide profitability and transfer over generations.  The repeal of this tax is critical in the continual success of multi-generational operations and the legacy of our industry.”

    “The Idaho Farm Bureau Federation applauds efforts to permanently repeal the Death Tax,” said Bryan Searle, President of the Idaho Farm Bureau.  “One of the best ways to support multi-generation family farms and ranches is to not penalize the new generation. Farm Bureau thanks Senators Thune and Crapo for leading on this important issue.”

    Additional co-sponsors of the legislation include U.S. Senators Jim Risch (R-Idaho), Jim Banks (R-Indiana), John Barrasso (R-Wyoming), Marsha Blackburn (R-Tennessee), John Boozman (R-Arkansas), Katie Britt (R-Alabama), Ted Budd (R-North Carolina), Shelley Moore Capito (R-West Virginia), John Cornyn (R-Texas), Tom Cotton (R-Arkansas), Kevin Cramer (R-North Dakota), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Montana), Joni Ernst (R-Iowa), Deb Fischer (R-Nebraska), Lindsay Graham (R-South Carolina), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tennessee), Josh Hawley (R-Missouri), John Hoeven (R-North Dakota), Cindy Hyde-Smith (R-Mississippi), Ron Johnson (R-Wisconsin), Jim Justice (R-West Virginia), John Kennedy (R-Louisiana), James Lankford (R-Oklahoma), Mike Lee (R-Utah), Cynthia Lummis (R-Wyoming), Roger Marshall (R-Kansas), Mitch McConnell (R-Kentucky), Dave McCormick (R-Pennsylvania), Jerry Moran (R-Kansas), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Oklahoma), Pete Ricketts (R-Nebraska), Mike Rounds (R-South Dakota), Eric Schmitt (R-Missouri), Rick Scott (R-Florida), Tim Scott (R-South Carolina), Tim Sheehy (R-Montana), Thom Tillis (R-North Carolina), Tommy Tuberville (R-Alabama), Roger Wicker (R-Mississippi) and Todd Young (R-Indiana).  Representative Randy Feenstra (R-Iowa) introduced companion legislation in the U.S. House of Representatives.

    The bill is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.

    MIL OSI USA News

  • MIL-OSI USA News: Wins Come All Day Under President Donald J. Trump

    Source: The White House

    It was another week filled with endless wins for the American people under President Donald J. Trump.

    Here are only a few of the many victories from the past week:

    • President Trump brought home an American citizen wrongfully detained in Russia and another American detained in Belarus — the tenth and eleventh hostages freed since he took office.
      • Michael McFaul, U.S. Ambassador to Russia under President Obama, reacted to Marc Fogel’s release and said: “Hallelujah! Fantastic news! Praise be to President Donald Trump … This is just fantastic news for anybody who cares about patriotic Americans.”
    • President Trump restored a 25% tariff on steel imports and elevated the tariff to 25% on aluminum imports to protect these critical American industries from unfair foreign competition.
      • The Steel Manufacturers Association released a statement applauding “President Trump for putting the American steel industry and its workers first by imposing a 25 percent tariff on all steel imports. President Trump understands that America’s steel industry is the backbone of our economy. A thriving domestic steel industry is critical to U.S. national, energy and economic security.”
      • The president of the Aluminum Association said: “We appreciate President Trump’s continued focus on strong trade actions to support the aluminum industry in the United States.”
      • Colorado Springs-based, family-owned Western Steel, Inc., praised the move: “What we hope that the tariffs will bring is some sort of stability to U.S. pricing. It allows a little bit more money to be made … on the intermediate level like us.”
    • President Trump unveiled a plan for fair and reciprocal trade, making clear to the world that the United States will no longer tolerate being ripped off.
      • The Renewable Fuels Association said: “The Brazilian tariff on U.S. ethanol now stands at 18 percent and has virtually eliminated all market access for U.S. ethanol producers. We thank President Trump for taking this action and hope this reciprocal tariff will help encourage a return to free and fair ethanol trade relationship with Brazil.”
    • President Trump spoke with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy in pursuit of finally securing peace.
    • President Trump hosted Jordan’s King Abdullah II, who announced the Kingdom will accept 2,000 sick children from Gaza “as quickly as possible.”
    • President Trump joined Indian Prime Minister Narendra Modi to announce new deals between the two countries on immigration, trade, energy, and artificial intelligence.
    • The Department of Energy approved the first liquefied natural gas project since the prior administration banned LNG exports last year.
    • President Trump declared all foreign policy must be conducted under the President’s direction, ensuring career diplomats reflect the foreign policy of the United States at all times.
    • President Trump paused enforcement of the overregulation of American business practices abroad, which negatively impacted national security.
    • Hamas agreed to free additional Israeli hostages after President Trump declared “all hell is going to break out” if the terrorist group delayed.
    • Taiwan pledged to boost its investment in the United States amid President Trump’s tariffs.
    • President Trump received his highest ever approval rating in a CBS News poll — with 70% of Americans agreeing he is keeping his promises.
    • President Trump attended Super Bowl LIX in New Orleans, becoming first sitting President to do so and bringing back tradition of pre-Super Bowl interviews.
    • Illegal border crossings have hit lows not seen in decades.
    • Hundreds of illegal aliens from Venezuela were repatriated back to their own country on Venezuelan-owned planes.
    • Illegal aliens have started turning around in droves amid the Trump Administration’s crackdown on dangerous illegal immigration.
    • The Department of Homeland Security “clawed back” tens of millions of dollars in funds paid by rogue FEMA officials to house illegal aliens in luxury New York City hotels.
    • President Trump instructed the Secretary of the Treasury to stop production of the penny, which costs 3.69 cents to make.
    • Director of National Intelligence Tulsi Gabbard, Secretary of Health and Human Services Robert F. Kennedy, Jr., and Secretary of Agriculture Brooke Rollins were confirmed by the Senate — continuing the Trump Administration’s rapid pace of confirmations.
    • President Trump signed an executive order barring COVID-19 vaccine mandates in schools that receive federal funding.
    • President Trump established the National Energy Dominance Council to advise on achieving energy dominance.
    • President Trump established the Make America Healthy Again Commission, which redirects the national focus to promoting health rather than simply managing disease.
    • President Trump signed an executive to end the use of paper straws.
    • President Trump shut down the Biden-era “Climate Corps” work program.
    • President Trump secured the resignations of 75,000+ federal workers, or approximately 3.75% of the federal workforce, in an effort to eliminate inefficiency at taxpayer expense.
    • President Trump commenced his plan to downsize the federal bureaucracy and eliminate waste, bloat, and insularity — including an order that agencies hire no more than one employee for every four employees who leave.
    • The Trump Administration ordered the Consumer Financial Protection Bureau — the brainchild of Elizabeth Warren, which funneled cash to left-wing advocacy groups — to halt operations.
    • President Trump ended the wasteful Federal Executive Institute, which had become a training ground for bureaucrats.
    • President Trump ordered the immediate dismissal of the Board of Visitors for the Army, Air Force, Navy, and Coast Guard following years of woke ideologies infiltrating U.S. service academies.
    • Secretary of Defense Pete Hegseth restored Fort Liberty, North Carolina, to “Fort Bragg,” in honor of a World War II hero.
    • President Trump instructed EPA Administrator Lee Zeldin to terminate Biden-era regulations restricting water flow and mandating inadequate lightbulb standards.
    • President Trump proclaimed “Gulf of America Day” after the Department of the Interior officially changed the name on its mapping databases.
      • Google Maps and Apple Maps both updated their apps to reflect the new name.
    • The Department of Justice filed suit against the State of New York and its elected officials over their willful failure to follow federal immigration law.
    • The Environmental Protection Agency canceled tens of millions of dollars in contracts to left-wing advocacy groups and announced an investigation into a scheme by Biden EPA staffers to shield billions of dollars from oversight and accountability.
    • The Department of Education announced an investigation into the Minnesota State High School League and California Interscholastic Federation for violation of federal anti-discrimination law by allowing men to compete in women’s sports.
    • The Federal Bureau of Investigation discovered 2,400 additional records on the assassination of President John F. Kennedy, which were never provided to the board tasked with reviewing and disclosing the documents. The discovery happened due to President Trump’s executive order calling for the declassification of JFK assassination documents.
    • The Department of Veterans Affairs implemented a new flag policy to promote the prominence of the American flag and ensure consistency among its facilities.
    • President Trump was unanimously elected as Chairman of The Kennedy Center Board of Trustees and fired a slew of the Center’s board members over their obsession with perpetuating radical ideologies.
    • U.S. crude oil stockpiles continued to rise, which they have done every week since President Trump took office.
    • Chicago Lurie Children’s Hospital paused sex change surgeries for minors in response to President Trump’s executive order ending the radical practice.
    • Taxpayer-funded PBS closed its DEI office and Disney dropped two of its DEI programs after President Trump’s executive order reining in such discriminatory practices.

    MIL OSI USA News

  • MIL-OSI: Bogota Financial Corp. Reports Results for the Three and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TEANECK, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported a net loss for the three months ended December 31, 2024 of $930,000 or $0.07 per basic and diluted share, compared to a net loss of $1.2 million or $0.09 per basic and diluted share for the comparable prior year period. The Company reported a net loss for the year ended December 31, 2024 of $2.2 million or $0.17 per basic and diluted share compared to net income of $643,000, or $0.05 per basic and diluted share, for the prior year. 

    On April 24, 2024, the Company announced it had received regulatory approval to repurchase up to 237,090 shares of its common stock, which was approximately 5% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). The program does not have a scheduled expiration date and the Board of Directors may suspend or discontinue the program at any time. As of December 31, 2024, 188,047 shares have been repurchased under this program at a cost of $1.4 million.

    Other Financial Highlights:

    • Total assets increased $32.2 million, or 3.4%, to $971.5 million at December 31, 2024 from $939.3 million at December 31, 2023, largely due to an increase in cash and cash equivalents and other assets, offset by a decrease in net loans and premises and equipment.
    • Cash and cash equivalents increased $27.3 million, or 109.5%, to $52.2 million at December 31, 2024 from $24.9 million at December 31, 2023, as increases in deposits and borrowings and loan and security maturities outpaced loan growth.
    • Securities decreased $1.2 million, or 0.9%, to $140.3 million at December 31, 2024 from $141.5 million at December 31, 2023.
    • Net loans decreased $3.0 million, or 0.4%, to $711.7 million at December 31, 2024 from $714.7 million at December 31, 2023 due to decreases in residential and construction loans, offset by an increase in commercial real estate loans.
    • Total deposits at December 31, 2024 were $642.2 million, increasing $16.9 million, or 2.7%, as compared to $625.3 million at December 31, 2023, primarily due to a $14.7 million increase in interest-bearing deposits and by a $2.1 million increase in non-interest bearing checking accounts. The average rate paid on deposits increased 31 basis points to 3.73% for 2024 from 3.42% for 2023 due to higher interest rates and an increase in NOW accounts, which increased $14.1 million, or 34.0%, to $55.4 million at December 31, 2024 from $41.3 million at December 31, 2023. The yield on such accounts also increased 63 basis points to 2.53% for 2024 from 1.90% for 2023.
    • Federal Home Loan Bank advances increased $4.5 million, or 2.7% to $172.2 million at December 31, 2024 from $167.7 million as of December 31, 2023.

    The Bank completed a balance sheet restructuring consisting of two key transactions in the fourth quarter of 2024. The Bank entered into a sale-leaseback transaction whereby the Bank sold three of its branch offices resulting in a $9.0 million pre-tax gain. Subsequently, the Bank realized a pre-tax loss of $8.9 million on the sale of approximately $66.0 million in amortized cost ($57.1 million in market value) of securities with a weighted average life of approximately 5.5 years and a weighted average yield of 1.89%. The Bank reinvested $32.7 million of these proceeds into securities with a weighted average life of approximately 29.6 years and a weighted average yield of 5.60%. As of December 31, 2024 all securities were classified as available for sale and marked to market.

    Kevin Pace, President and Chief Executive Officer, said, “We were able to accomplish a key piece of our strategic plan this quarter. The sale-leaseback transaction gave us the ability to dispose of underperforming legacy investments without deteriorating regulatory capital. We were able to utilize this strategy to strengthen our balance sheet and improve future earnings. Reinvesting those funds in securities and loans at current market rates, as well as paying down higher cost borrowings, will provide both short- and long-term benefits. 

    “Uncertainty around rates continues to be a necessary consideration when planning for growth. The repositioning will help with this process while improving our net interest margin. We were able to achieve modest asset and deposit growth for the year while remaining focused on prudent lending practices. The high cost of funds, in particular in our competitive market, continued to pressure earnings. As we continue with our current stock buyback program, we remain committed to adding shareholder value.”

    Income Statement Analysis

    Comparison of Operating Results for the Three Months Ended December 31, 2024 and December 31, 2023

    Net income increased by $248,000, or 21.0%, to a net loss of $930,000 for the three months ended December 31, 2024 from a net loss of $1.2 million for the three months ended December 31, 2023. This increase was primarily due to an increase of $1.0 million in interest income, a $1.3 million decrease in non-interest expense and a decrease of $998,000 in income tax expense, offset by a $1.5 million increase in interest expense.

    Interest income increased $1.0 million, or 10.7%, from $9.6 million for the three months ended December 31, 2023 to $10.6 million for the three months ended December 31, 2024 due to higher yields on interest-earning assets and higher average balances. 

    Interest income on cash and cash equivalents increased $46,000, or 31.7%, to $191,000 for the three months ended December 31, 2024 from $145,000 for the three months ended December 31, 2023 due to a $4.1 million increase in the average balance to $13.5 million for the three months ended December 31, 2024 from $9.4 million for the three months ended December 31, 2023, reflecting the increase of liquidity due to lower loan originations. Due to rate cuts enacted in the third and fourth quarter of the year, the yield on cash and cash equivalents decreased 47 basis points from 6.08% for the three months ended December 31, 2023 to 5.61% for the three months ended December 31, 2024.

    Interest income on loans increased $299,000, or 3.6%, to $8.5 million for the three months ended December 31, 2024 compared to $8.2 million for the three months ended December 31, 2023 due primarily to 16 basis point increase in the average yield from 4.57% for the three months ended December 31, 2023 to 4.73% for the three months ended December 31, 2024 and by a $3.0 million increase in the average balance to $717.4 million for the three months ended December 31, 2024 from $714.4 million for the three months ended December 31, 2023.

    Interest income on securities increased $612,000, or 58.8%, to $1.7 million for the three months ended December 31, 2024 from $1.0 million for the three months ended December 31, 2023 primarily due to a $42.1 million increase in the average balance to $175.3 million for the three months ended December 31, 2024 from $133.2 million for the three months ended December 31, 2023 and due to a 65 basis point increase in the average yield from 3.12% for the three months ended December 31, 2023 to 3.77% for the three months ended December 31, 2024.

    Interest expense increased $1.5 million, or 22.1%, from $6.6 million for the three months ended December 31, 2023 to $8.1 million for the three months ended December 31, 2024 due to higher costs on interest-bearing liabilities and by a $58.9 million increase in the average balance of interest-bearing liabilities from $747.0 million for the three months ended December 31, 2023 to $805.9 million for the three months ended December 31, 2024. During the three months ended December 31, 2024, the use of the cash flow hedges reduced the interest expense by $280,000.

    Interest expense on interest-bearing deposits increased $954,000, or 18.2%, to $6.2 million for the three months ended December 31, 2024 from $5.2 million for the three months ended December 31, 2023. The increase was due to a 61 basis point increase in the average cost of deposits to 4.02% for the three months ended December 31, 2024 from 3.41% for the three months ended December 31, 2023. The increase in the average cost of deposits was due to the higher interest rate environment. The average balances of certificates of deposit increased $4.7 million to $501.8 million for the three months ended December 31, 2024 from $497.1 million for the three months ended December 31, 2023 while NOW and money market accounts and savings accounts decreased $148,000 and $430,000 for the three months ended December 31, 2024, respectively, compared to the three months ended December 31, 2023.

    Interest expense on Federal Home Loan Bank borrowings increased $513,000, or 37.1%, from $1.4 million for the three months ended December 31, 2023 to $1.9 million for the three months ended December 31, 2024. The increase was due to an increase in the average balance of borrowings of $54.8 million to $192.2 million for the three months ended December 31, 2024 from $137.4 million for the three months ended December 31, 2023, which was partially offset by a decrease in the average cost of 7 basis points to 3.92% for the three months ended December 31, 2024 from 3.99% for the three months ended December 31, 2023 as new borrowings in the second half of the year were at slightly lower rates. At December 31, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Net interest income decreased $439,000, or 14.9%, to $2.5 million for the three months ended December 31, 2024 from $2.9 million for the three months ended December 31, 2023. The decrease reflected a 27 basis point decrease in our net interest rate spread to 0.61% for the three months ended December 31, 2024 from 0.88% for the three months ended December 31, 2023. Our net interest margin decreased 26 basis points to 1.09% for the three months ended December 31, 2024 from 1.35% for the three months ended December 31, 2023.

    We recorded a $218,000 recovery for credit losses for the three months ended December 31, 2024 compared to a no provision for credit losses for the three-month period ended December 31, 2023. The recovery in the fourth quarter of 2024 reflects the decrease in the loan and securities portfolio. 

    Non-interest income increased by $136,000, or 48.2%, to $419,000 for the three months ended December 31, 2024 from $283,000 for the three months ended December 31, 2023. Bank-owned life insurance income increased $16,000, or 7.7%, due to higher balances during 2024. Gain on sale of assets was $74,000 as proceeds from the sale-leaseback transaction exceeded the loss on securities.

    For the three months ended December 31, 2024, non-interest expense decreased $1.3 million, or 26.9%, over the comparable December 31, 2023 period. Salaries and employee benefits decreased $776,000, or 25.2%, due to lower headcount. Professional fees decreased $141,000, or 56.9% due to lower legal costs in 2024. FDIC insurance premiums increased $12,000, or 12.1%, due to a higher assessment rate in 2024. Data processing expense increased $23,000, or 9.3%, due to higher processing costs. Director fees increased $14,000, or 9.9%, due to higher pension expense. The decrease in advertising expense of $35,000, or 36.4%, was due to reduced promotions for branch locations and less promotions on deposit and loan products. Other expense decreased $456,000, or 68.2%, as 2023 expenses were elevated due to a pending fraud claim that was under review with the insurance company.

    Income tax expense increased $998,000, or 182.1%, to an expense of $450,000 for the three months ended December 31, 2024 from a benefit of $548,000 for the three months ended December 31, 2023. The increase was due to tax reserves on uncertain deferred tax assets.

    Comparison of Operating Results for the Twelve Months Ended December 31, 2024 and December 31, 2023

    Net income decreased by $2.8 million, or 437.8%, to a net loss of $2.2 million for the twelve months ended December 31, 2024 from net income of $643,000 for the twelve months ended December 31, 2023. This decrease was primarily due to a decrease of $4.4 million in net interest income, offset by a decrease of $1.2 million in non-interest expense and by an increase of $209,000 in non-interest income and $209,000 in income tax benefit.

    Interest income increased $4.4 million, or 12.0%, from $37.3 million for the twelve months ended December 31, 2023 to $41.7 million for the twelve months ended December 31, 2024 due to increases in the average balances of and higher yields on interest-earning assets.

    Interest income on cash and cash equivalents increased $38,000, or 6.7%, to $606,000 for the twelve months ended December 31, 2024 from $568,000 for the twelve months ended December 31, 2023 due to a 71 basis point increase in the average yield from 5.23% for the twelve months ended December 31, 2023 to 5.94% for the twelve months ended December 31, 2024 due to the higher interest rate environment for most of 2024. This was offset by a $671,000 decrease in the average balance to $10.2 million for the twelve months ended December 31, 2024 from $10.9 million for the twelve months ended December 31, 2023, reflecting the use of excess liquidity primarily to fund securities purchases.

    Interest income on loans increased $1.4 million, or 4.3%, to $33.4 million for the twelve months ended December 31, 2024 compared to $32.0 million for the twelve months ended December 31, 2023 due primarily to a 20 basis point increase in the average yield from 4.49% for the twelve months ended December 31, 2023 to 4.69% for the twelve months ended December 31, 2024. The increase was offset by a $661,000 decrease in the average balance to $713.1 million for the twelve months ended December 31, 2024 from $713.8 million for the twelve months ended December 31, 2023.

    Interest income on securities increased $2.7 million, or 66.7%, to $6.9 million for the twelve months ended December 31, 2024 from $4.2 million for the twelve months ended December 31, 2023 due to a 101 basis point increase in the average yield from 2.87% for the twelve months ended December 31, 2023 to 3.88% for the twelve months ended December 31, 2024 and by a $33.8 million increase in the average balance of securities to $178.7 million for the twelve months ended December 31, 2024 from $144.9 million for the twelve months ended December 31, 2023.

    Interest expense increased $8.9 million, or 39.9%, from $22.3 million for the twelve months ended December 31, 2023 to $31.2 million for the twelve months ended December 31, 2024 due to increases in the average balance of and higher costs on interest-bearing liabilities. During the twelve months ended December 31, 2024, the use of the cash flow hedges reduced the interest expense on the Federal Home Loan Bank advances by $1.5 million.

    Interest expense on interest-bearing deposits increased $6.6 million, or 36.4%, to $24.6 million for the twelve months ended December 31, 2024 from $18.0 million for the twelve months ended December 31, 2023. The increase was due to a 112 basis point increase in the average cost of interest-bearing deposits to 3.97% for the twelve months ended December 31, 2024 from 2.85% for the twelve months ended December 31, 2023, offset by a $12.3 million decrease in the average balance of interest-bearing deposits. The increase in the average cost of deposits was due to the higher interest rate environment and a change in the composition of the deposit portfolio. The average balances of certificates of deposit increased $10.2 million to $508.3 million for the twelve months ended December 31, 2024 from $498.1 million for the twelve months ended December 31, 2023 while NOW and money market accounts and savings accounts decreased $18.1 million and $4.4 million for the twelve months ended December 31, 2024, respectively, compared to the twelve months ended December 31, 2023.

    Interest expense on Federal Home Loan Bank borrowings increased $2.3 million, or 54.4%, from $4.3 million for the twelve months ended December 31, 2023 to $6.6 million for the twelve months ended December 31, 2024. The increase was due to an increase in the average balance of borrowings of $59.2 million to $176.0 million for the twelve months ended December 31, 2024 from $116.8 million for the twelve months ended December 31, 2023. The increase was due to an increase in the average cost of 9 basis points to 3.76% for the twelve months ended December 31, 2024 from 3.67% for the twelve months ended December 31, 2023 due to the new borrowings at higher rates. At December 31, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. 

    Net interest income decreased $4.4 million, or 29.5%, to $10.6 million for the twelve months ended December 31, 2024 from $15.0 million for the twelve months ended December 31, 2023. The decrease reflected a 62 basis point decrease in our net interest rate spread to 0.66% for the twelve months ended December 31, 2024 from 1.28% for the twelve months ended December 31, 2023. Our net interest margin decreased 55 basis points to 1.16% for the twelve months ended December 31, 2024 from 1.71% for the twelve months ended December 31, 2023.

    We recorded a $148,000 recovery of credit losses for the twelve months ended December 31, 2024 compared to a $125,000 recovery for credit losses for the twelve-month period ended December 31, 2023 which reflected a decrease in the loan and securities portfolios, as well as no charge-offs during the years. This recovery was inclusive of the effect due to the transfer of certain securities from the held to maturity portfolio to the available for sale portfolio, which resulted in a $108,000 recovery for credit losses.

    Non-interest income increased by $209,000, or 18.4%. Gain on sale of assets increased $74,000 while fee and service charged income increased $22,000 or 10.6%, and income related to bank owned life insurance increased $90,000, or 11.5%, due to higher balances during 2024.

    For the twelve months ended December 31, 2024, non-interest expense decreased $1.2 million, or 7.4%, compared to the twelve months ended December 31, 2023. Salaries and employee benefits decreased $1.1 million, or 10.9%, as 2023 amounts included an accrual of a severance contract for the retirement of the previous President and a higher employee count when compared to 2024. Professional fees increased $129,000 or 19.5%, due to higher legal expense. Data processing increased $234,000, or 24.1%, due to higher processing costs. Other expense decreased $369,000, or 27.8%, as 2023 amounts included charges for a pending fraud claim that is under review with the insurance company.

    Income tax benefit increased $209,000, or 129.1%, to a benefit of $372,000 for the twelve months ended December 31, 2024 from a benefit of $162,000 for the twelve months ended December 31, 2023. The increase in benefit was due to $3.0 million, or 629.2%, of lower taxable income. The effective tax rate for the twelve months ended December 31, 2024 and December 31, 2023 was (14.62%) and (33.76%), respectively. The benefit would have been higher but there were valuation reserves on certain deferred tax assets as of December 31, 2024.

    Balance Sheet Analysis

    Total assets were $971.5 million at December 31, 2024, representing an increase of $32.2 million, or 3.4%, from December 31, 2023. Cash and cash equivalents increased $27.3 million during the period primarily due to loan payments received and growth in deposits and borrowings. Net loans decreased $3.0 million, or 0.4%, due to $63.8 million in repayments, partially offset by new production of $61.2 million. Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities held to maturity were reclassified to securities available for sale which decreased an aggregate $1.2 million or 0.9%, due to the repayments of mortgage-backed securities and maturities of corporate bonds. Right of use assets increased $10.8 million due to new right-of-use lease assets recognized as part of the sale-leaseback transaction.

    Delinquent loans increased $1.7 million to $14.3 million, or 2.01% of total loans, at December 31, 2024. The increase was mostly due to one commercial real estate loan with a balance of $755,000 and two residential mortgages totaling $653,000, all of which are classified as nonaccrual. During the same timeframe, non-performing assets increased to $14.0 million and were 1.44% of total assets at December 31, 2024. The Company’s allowance for credit losses was 0.37% of total loans and 18.77% of non-performing loans at December 31, 2024 compared to 0.39% of total loans and 21.81% of non-performing loans at December 31, 2023. At that date, $10.9 million, or 76.0%, of the total non-performing loans consisted of one construction loan with a loan-to-value of 45%, which required no specific reserve. The Bank does not have any exposure to commercial real estate loans secured by office space.

    Total liabilities increased $32.0 million, or 4.0%, to $834.2 million mainly due to a $16.8 million increase in deposits and by a $4.5 million increase in borrowings. Lease liabilities also increased $10.8 million due to new lease liabilities recognized as part of the sale-leaseback transaction. Total deposits increased $16.9 million, or 2.7%, to $642.2 million at December 31, 2024 from $625.3 million at December 31, 2023. The increase in deposits reflected increases in NOW, money market and savings accounts, which increased by $14.7 million from $101.5 million at December 31, 2023 to $116.2 million at December 31, 2024 and by an increase in non-interest bearing accounts, which increased by $2.1 million to $32.7 million from $30.6 million at December 31, 2023. At December 31, 2024, brokered deposits were $101.6 million or 15.8% of deposits and municipal deposits were $30.7 million or 4.8% of deposits. At December 31, 2024, uninsured deposits represented 6.9% of the Bank’s total deposits. Federal Home Loan Bank advances increased $4.5 million, or 2.7%. Total borrowing capacity at the Federal Home Loan Bank is $280.4 million, of which $172.2 million is advanced.

    Total stockholders’ equity increased $116,000 to $137.3 million, which was largely unchanged from last year. The increase was due to a reduction in the accumulated other comprehensive loss on the securities portfolio of $2.9 million, offset by a net loss of $2.2 million and the repurchase of 221,130 shares of stock at a total cost of $1.7 million. At December 31, 2024, the Company’s ratio of average stockholders’ equity-to-average total assets was 14.10%, compared to 14.89% at December 31, 2023.

    About Bogota Financial Corp.

    Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany, Teaneck and Upper Saddle River, New Jersey and operates a loan production office in Spring Lake, New Jersey.

    Forward-Looking Statements

    This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, potential recessionary conditions, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio; changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

    The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

     
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (unaudited)
     
        As of
    December 31, 2024
        As of
    December 31, 2023
     
    ASSETS                
    Cash and due from banks   $ 18,020,527     $ 13,567,115  
    Interest-bearing deposits in other banks     34,211,681       11,362,356  
    Cash and cash equivalents     52,232,208       24,929,471  
                     
    Securities available for sale     140,307,447       68,888,179  
    Securities held to maturity (fair value of $70,699,651 at December 31, 2023)           72,656,179  
    Loans, net of allowance $2,620,949 and $2,785,949, respectively     711,716,236       714,688,635  
    Premises and equipment, net     4,727,302       7,687,387  
    Federal Home Loan Bank (“FHLB”) stock     8,803,000       8,616,100  
    Accrued interest receivable     4,232,563       3,932,785  
    Core deposit intangibles     152,893       206,116  
    Bank owned life insurance     31,859,604       30,987,851  
    Right of use asset     10,776,596        
    Other assets     6,682,035       6,731,500  
    Total assets   $ 971,489,884     $ 939,324,203  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 32,681,963     $ 30,554,842  
    Interest bearing     609,506,079       594,792,300  
          642,188,042       625,347,142  
                     
    FHLB advances-short term     29,500,000       37,500,000  
    FHLB advances-long term     142,673,182       130,189,663  
    Advance payments by borrowers for taxes and insurance     2,809,205       2,733,709  
    Lease liability     10,780,363        
    Other liabilities     6,249,932       6,380,486  
    Total liabilities     834,200,724       802,151,000  
                     
    Stockholders’ Equity                
    Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at December 31, 2024, and 2023            
    Common stock $0.01 par value, 30,000,000 shares authorized, 13,059,175 issued and outstanding at December 31, 2024 and 13,279,230 at December 31, 2023     130,591       132,792  
    Additional Paid-In capital     55,269,962       56,149,915  
    Retained earnings     90,006,649       92,177,068  
    Unearned ESOP shares (382,933 shares at December 31, 2024 and 409,750 shares at December 31, 2023)     (4,520,594 )     (4,821,798 )
    Accumulated other comprehensive loss     (3,597,448 )     (6,464,774 )
    Total stockholders’ equity     137,289,160       137,173,203  
    Total liabilities and stockholders’ equity   $ 971,489,884     $ 939,324,203  
     
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
        Three Months Ended     Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
    Interest income                                
    Loans   $ 8,522,844     $ 8,224,488     $ 33,411,221     $ 32,046,033  
    Securities                                
    Taxable     1,641,126       1,027,755       6,888,462       4,070,144  
    Tax-exempt     11,483       13,135       50,892       91,428  
    Other interest-earning assets     418,634       300,656       1,399,170       1,072,240  
    Total interest income     10,594,087       9,566,034       41,749,745       37,279,845  
    Interest expense                                
    Deposits     6,200,367       5,245,865       24,584,690       18,023,772  
    FHLB advances     1,894,789       1,382,244       6,613,845       4,282,603  
    Total interest expense     8,095,156       6,628,109       31,198,535       22,306,375  
    Net interest income     2,498,931       2,937,925       10,551,210       14,973,470  
    Provision (credit) for credit losses     (218,000 )           (148,000 )     (125,000 )
    Net interest income after provision (credit) for credit losses     2,716,931       2,937,925       10,699,210       15,098,470  
    Non-interest income                                
    Fees and service charges     64,285       47,382       228,685       206,763  
    Gain on sale of loans     20,232             31,942       29,375  
    Gain on sale of properties     9,005,245             9,005,245        
    Loss on sale of securities     (8,930,843 )           (8,930,843 )      
    Bank-owned life insurance     223,616       207,453       871,753       781,526  
    Other     36,202       27,711       141,622       121,371  
    Total non-interest income     418,737       282,546       1,348,404       1,139,035  
    Non-interest expense                                
    Salaries and employee benefits     2,345,404       3,082,176       8,750,350       9,820,128  
    Occupancy and equipment     348,778       359,937       1,467,517       1,474,107  
    FDIC insurance assessment     110,464       98,525       424,090       418,215  
    Data processing     274,889       251,485       1,203,181       969,398  
    Advertising     60,840       95,681       371,790       465,064  
    Director fees     155,699       141,639       622,799       619,650  
    Professional fees     107,129       248,526       789,646       661,045  
    Other     212,632       668,220       960,230       1,329,520  
    Total non-interest expense     3,615,835       4,946,189       14,589,603       15,757,127  
    (Loss) income before income taxes     (480,167 )     (1,725,718 )     (2,541,989 )     480,378  
    Income tax (benefit) expense     449,834       (547,958 )     (371,569 )     (162,157 )
    Net (loss) income   $ (930,001 )   $ (1,177,760 )   $ (2,170,420 )   $ 642,535  
    Earnings (loss) per Share – basic   $ (0.07 )   $ (0.09 )   $ (0.17 )   $ 0.05  
    Earnings (loss) per Share – diluted   $ (0.07 )   $ (0.09 )   $ (0.17 )   $ 0.05  
    Weighted average shares outstanding – basic     12,686,765       12,767,410       12,767,628       12,891,847  
    Weighted average shares outstanding – diluted     12,686,765       12,767,410       12,767,628       12,891,847  
     
    BOGOTA FINANCIAL CORP.
    SELECTED RATIOS
    (unaudited)
     
        At or For the Three Months Ended December 31,     At or For the Twelve Months Ended December 31,  
        2024     2023     2024     2023  
    Performance Ratios (1):                                
    (Loss) return on average assets (2)     (0.09 )%     (0.51 )%     (0.22 )%     0.07 %
    (Loss) return on average equity (3)     (0.68 )%     (3.43 )%     (1.59 )%     0.46 %
    Interest rate spread (4)     0.61 %     0.88 %     0.66 %     1.28 %
    Net interest margin (5)     1.09 %     1.35 %     1.16 %     1.71 %
    Efficiency ratio (6)     123.93 %     153.59 %     122.61 %     97.04 %
    Average interest-earning assets to average interest-bearing liabilities     113.67 %     115.71 %     114.48 %     116.95 %
    Net loans to deposits     110.83 %     114.29 %     110.83 %     114.29 %
    Equity to assets (7)     13.99 %     14.94 %     14.10 %     14.89 %
    Capital Ratios:                                
    Tier 1 capital to average assets                     13.34 %     15.24 %
    Asset Quality Ratios:                                
    Allowance for credit losses as a percent of total loans                     0.37 %     0.39 %
    Allowance for credit losses as a percent of non-performing loans                     18.77 %     21.81 %
    Net charge-offs to average outstanding loans during the period                     0.00 %     0.00 %
    Non-performing loans as a percent of total loans                     1.95 %     1.79 %
    Non-performing assets as a percent of total assets                     1.44 %     1.36 %
    (1 ) Certain performance ratios for the three-month periods are annualized.
    (2 ) Represents net income divided by average total assets.
    (3 ) Represents net income divided by average stockholders’ equity.
    (4 ) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5%.
    (5 ) Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2024 and 2023.
    (6 ) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
    (7 ) Represents average stockholders’ equity divided by average total assets.
         

    LOANS

    Loans are summarized as follows at December 31, 2024 and December 31, 2023:

        December 31,     December 31,  
        2024     2023  
    Real estate:     (unaudited)          
    Residential First Mortgage   $ 472,747,542     $ 486,052,422  
    Commercial Real Estate     118,008,866       99,830,514  
    Multi-Family Real Estate     74,152,418       75,612,566  
    Construction     43,183,657       49,302,040  
    Commercial and Industrial     6,163,747       6,658,370  
    Consumer     80,955       18,672  
    Total loans     714,337,185       717,474,584  
    Allowance for credit losses     (2,620,949 )     (2,785,949 )
    Net loans   $ 711,716,236     $ 714,688,635  
                     

    The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated (unaudited).

        At December 31,  
        2024     2023  
        Amount     Percent     Average Rate     Amount     Percent     Average Rate  
        (Dollars in thousands)  
    Noninterest bearing demand accounts   $ 32,681,963       5.09 %     %   $ 30,554,842       4.89 %     %
    NOW accounts     55,048,614       8.62       2.53       41,320,723       6.61       1.90  
    Money market accounts     24,578,021       2.18       0.58       14,641,846       2.34       0.30  
    Savings accounts     47,001,817       7.3       1.90       45,554,964       7.28       1.76  
    Certificates of deposit     482,877,627       76.81       4.37       493,274,767       78.88       4.00  
    Total   $ 642,188,042       100.00 %     3.73 %   $ 625,347,142       100.00 %     3.42 %
                                                     

    Average Balance Sheets and Related Yields and Rates

    The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

        Three Months Ended December 31,  
        2024     2023  
        Average     Interest and     Yield/     Average     Interest and     Yield/  
        Balance     Dividends     Cost (3)     Balance     Dividends     Cost (3)  
        (Dollars in thousands)  
        (unaudited)  
    Assets:                                                
    Cash and cash equivalents   $ 13,547     $ 191       5.61 %   $ 9,433     $ 145       6.08 %
    Loans     717,433       8,523       4.73 %     714,380       8,224       4.57 %
    Securities     175,308       1,653       3.77 %     133,241       1,041       3.12 %
    Other interest-earning assets     9,711       227       9.37 %     7,216       156       8.70 %
    Total interest-earning assets     915,999       10,594       4.61 %     864,270       9,566       4.40 %
    Non-interest-earning assets     63,511                       56,543                  
    Total assets   $ 979,510                     $ 920,813                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 67,362     $ 366       2.16 %   $ 67,510     $ 310       1.82 %
    Savings accounts     44,425       213       1.91 %     44,855       205       1.81 %
    Certificates of deposit     501,875       5,621       4.46 %     497,147       4,731       3.78 %
    Total interest-bearing deposits     613,662       6,200       4.02 %     609,512       5,246       3.41 %
    Federal Home Loan Bank advances (1)     192,196       1,895       3.92 %     137,445       1,382       3.99 %
    Total interest-bearing liabilities     805,858       8,095       4.00 %     746,957       6,628       3.52 %
    Non-interest-bearing deposits     32,734                       34,835                  
    Other non-interest-bearing liabilities     3,837                       1,454                  
    Total liabilities     842,429                       783,246                  
    Total equity     137,081                       137,567                  
    Total liabilities and equity   $ 979,510                     $ 920,813                  
    Net interest income           $ 2,499                     $ 2,938          
    Interest rate spread (2)                     0.61 %                     0.88 %
    Net interest margin (3)                     1.09 %                     1.35 %
    Average interest-earning assets to average interest-bearing liabilities     113.67 %                     115.71 %                
    1. Cash flow hedges are used to manage interest rate risk. During the three months ended December 31, 2024, the net effect on interest expense on the Federal Home Loan Bank advances was a reduced expense of $280,000.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
       
        Twelve Months Ended December 31,  
        2024     2023  
        Average     Interest and     Yield/     Average     Interest and     Yield/  
        Balance     Dividends     Cost (3)     Balance     Dividends     Cost (3)  
        (Dollars in thousands)  
        (unaudited)  
    Assets:                                                
    Cash and cash equivalents   $ 10,197     $ 606       5.94 %   $ 10,868     $ 568       5.23 %
    Loans     713,138       33,412       4.69 %     713,799       32,046       4.49 %
    Securities     178,684       6,939       3.88 %     144,880       4,162       2.87 %
    Other interest-earning assets     9,106       793       8.71 %     6,389       504       7.89 %
    Total interest-earning assets     911,125       41,750       4.58 %     875,936       37,280       4.26 %
    Non-interest-earning assets     59,511                       54,925                  
    Total assets   $ 970,636                     $ 930,861                  
    Liabilities and equity:                                                
    NOW and money market accounts   $ 67,561     $ 1,359       2.01 %   $ 85,663     $ 1,399       1.63 %
    Savings accounts     43,975       821       1.87 %     48,351       580       1.20 %
    Certificates of deposit     508,327       22,405       4.41 %     498,129       16,045       3.22 %
    Total interest-bearing deposits     619,863       24,585       3.97 %     632,143       18,024       2.85 %
    Federal Home Loan Bank advances (1)     175,997       6,614       3.76 %     116,816       4,283       3.67 %
    Total interest-bearing liabilities     795,860       31,199       3.92 %     748,959       22,307       2.98 %
    Non-interest-bearing deposits     31,572                       38,636                  
    Other non-interest-bearing liabilities     6,303                       4,627                  
    Total liabilities     833,735                       792,222                  
    Total equity     136,901                       138,639                  
    Total liabilities and equity   $ 970,636                     $ 930,861                  
    Net interest income           $ 10,551                     $ 14,973          
    Interest rate spread (2)                     0.66 %                     1.28 %
    Net interest margin (3)                     1.16 %                     1.71 %
    Average interest-earning assets to average interest-bearing liabilities     114.48 %                     116.95 %                
    1. Cash flow hedges are used to manage interest rate risk. During the twelve months ended December 31, 2024, the net effect on interest expense on the Federal Home Loan Bank advances was a reduced expense of $1.5 million.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
       

    Rate/Volume Analysis

    The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

        Three Months Ended December 31,     Twelve Months Ended December 31,  
        2024 Compared to Three     2024 Compared to Twelve Months  
        Months Ended December 31, 2023     Ended December 31, 2023  
        Increase (Decrease) Due to     Increase (Decrease) Due to  
        Volume     Rate     Net     Volume     Rate     Net  
        (In thousands)  
        (unaudited)  
    Interest income:                                                
    Cash and cash equivalents   $ 114     $ (68 )   $ 46     $ (37 )   $ 75     $ 38  
    Loans receivable     33       266       299       (30 )     1,396       1,366  
    Securities     369       243       612       1,108       1,669       2,777  
    Other interest earning assets     58       13       71       232       57       289  
    Total interest-earning assets     574       454       1,028       1,273       3,197       4,470  
    Interest expense:                                                
    NOW and money market accounts     (5 )   $ 61     $ 56       (328 )     288       (40 )
    Savings accounts     (12 )     20       8       (57 )     298       241  
    Certificates of deposit     45       845       890       335       6,025       6,360  
    Federal Home Loan Bank advances     676       (163 )     513       2,221       110       2,331  
    Total interest-bearing liabilities     704       763       1,467       2,171       6,721       8,892  
    Net decrease in net interest income   $ (130 )   $ (309 )   $ (439 )   $ (898 )   $ (3,524 )   $ (4,422 )
                                                     

    Contacts
    Kevin Pace – President & CEO, 201-862-0660 ext. 1110

    The MIL Network

  • MIL-OSI USA: Kennedy, Thune, colleagues introduce bill to permanently repeal the death tax

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, joined Senate Majority Leader John Thune (R-S.D.) and 44 other colleagues in introducing the Death Tax Repeal Act to end the federal estate tax for Americans.

    Current law requires Americans to pay the federal estate tax when a property, business or land is transferred to them after an individual passes away.

    “The government shouldn’t discourage Louisiana’s farmers or landowners from keeping family businesses alive when a person passes away. I’m proud to join my colleagues in introducing the Death Tax Repeal Act to support America’s family-run businesses,” said Kennedy.

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota. Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability,” said Thune.

    Sens. Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsay Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.) and Todd Young (R-Ind.) cosponsored the bill. 

    Rep. Randy Feenstra (R-Iowa) introduced the legislation in the House of Representatives.

    The full bill text is available here.

    MIL OSI USA News

  • MIL-OSI USA: Grassley to Trump: Whistleblowers Are Key to Promoting Government Efficiency, Combatting Waste

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    In letter to president, Grassley seeks Rose Garden ceremony honoring whistleblowers

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) is calling on President Donald Trump to empower and celebrate whistleblowers who pay a patriotic service to the country by helping eliminate government waste, fraud and abuse. In a letter to President Trump, Grassley requested the president hold a White House Rose Garden ceremony to honor whistleblowers and send a clear message that government misconduct and retaliation will not be tolerated.

    “Whistleblowers have exposed waste, fraud and abuse in just about every industry and agency in this country. The issues they report have saved billions of taxpayer dollars and countless more through their deterrent effect,” Grassley wrote. “The President of the United States honoring whistleblowers with a Rose Garden ceremony on Whistleblower Appreciation Day for their courage and sacrifice would send a loud, clear message that our government leaders appreciate the importance of whistleblowers and retaliation will not be tolerated. It would inspire confidence in those who witness wrongdoing to stand up and do something to fix it.”

    Grassley additionally noted that many whistleblowers risk their careers, reputation and even health to come forward with information.

    “For example, the brave Internal Revenue Service (IRS) whistleblowers who made legally protected disclosures about misconduct in the handling of the Hunter Biden investigation have faced retaliation by the IRS and several attempts to discredit their reputations and ruin their careers.  Many Justice Department and FBI whistleblowers have done the same, putting it all on the line to expose political bias, and the thanks they get is government retaliation,” Grassley continued.

    Grassley has called on every president since Ronald Reagan to hold a Rose Garden ceremony honoring whistleblowers which would encourage others to come forward who may be aware of government mismanagement.

    A fierce whistleblower advocate, Grassley is the author of numerous laws to empower whistleblowers and shield them from retaliation for speaking the truth. He is also the co-founder and co-chairman of the Senate Whistleblower Protection Caucus, which shares best practices with Senate offices, advocates and government stakeholders on how to protect and effectively interact with whistleblowers. During a Judiciary Committee executive business meeting yesterday, Grassley read several first-hand accounts from FBI whistleblowers detailing the abuse they’ve suffered at the hands of former and current FBI officials, and urged President Trump to reinstate those who’ve been retaliated against.

    Text of Grassley’s letter to President Trump follows:

    February 14, 2025

    VIA ELECTRONIC TRANSMISSION

    The Honorable Donald J. Trump

    President of the United States

    The White House

    1600 Pennsylvania Ave

    Washington D.C. 20500

    Dear President Trump:

    You have said your administration is dedicated to eliminating waste and ensuring the government works efficiently and effectively for the American people.  Whistleblowers play an integral role in accomplishing this mission and have been doing so since our nation’s founding.

    Whistleblowers are patriots who help identify violations of law, rule, regulation, gross mismanagement, abuses of authority, and threats to public health and safety.  In many circumstances, they do so at risk to their careers, reputation, and even health.  For example, the brave Internal Revenue Service (IRS) whistleblowers who made legally protected disclosures about misconduct in the handling of the Hunter Biden investigation have faced retaliation by the IRS and several attempts to discredit their reputations and ruin their careers.  Many Justice Department and FBI whistleblowers have done the same, putting it all on the line to expose political bias, and the thanks they get is government retaliation. 

    Whistleblowers have exposed waste, fraud, and abuse in just about every industry and agency in this country. The issues they report have saved billions of taxpayer dollars and countless more through their deterrent effect.  In addition to the money they have saved the taxpayers, whistleblowers help the government work better for the American people by exposing wrongdoing and misconduct, to include government weaponization. 

    The President of the United States honoring whistleblowers with a Rose Garden ceremony on Whistleblower Appreciation Day for their courage and sacrifice would send a loud, clear message that our government leaders appreciate the importance of whistleblowers and retaliation will not be tolerated.  It would inspire confidence in those who witness wrongdoing to stand up and do something to fix it.  It would help build a culture of integrity where employees are not afraid to raise legitimate concerns because they know retaliators will be punished, not the whistleblower. 

    I have asked every president since President Ronald Reagan to hold a Rose Garden ceremony to honor whistleblowers.  No president has done so.  I hope you will be the first to set this historic precedent and hold such a ceremony on Whistleblower Appreciation Day on July 30 this year.

    In the Senate, I have dedicated my career to protecting the rights of whistleblowers through bipartisan legislative efforts and have urged my colleagues to support whistleblowers who shine a light on wrongdoing.  Instead of being treated like skunks at a picnic, let whistleblowers smell the roses at the White House and bask in the appreciation of a thankful nation well served by their efforts to shine a light on waste, fraud, and abuse.  I hope we can work to ensure whistleblowers are protected and appreciated and our government remains transparent and accountable to the American people. 

    Sincerely,

    Charles E. Grassley

    Chairman

    Committee on the Judiciary

    MIL OSI USA News

  • MIL-OSI USA: Cornyn, GOP Colleagues Introduce Bill to Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after he and 45 of his Senate GOP colleagues introduced the Death Tax Repeal Act, which would permanently repeal the federal estate tax, commonly known as the death tax:

    “An added financial burden is the last thing families should have to deal with in the wake of a loved one’s passing,” said Sen. Cornyn. “By repealing the death tax, this legislation would alleviate unnecessary hardship and offer greater financial opportunities for Texas families, farmers, ranchers, and businesses.”

    Background:

    The estate tax, more commonly described as the death tax, is a punitive tax that hits family-run farms, ranches, and businesses at a time when they are grappling with an owner’s death. Beyond being hit by the tax itself, the death tax also requires family-run businesses, including some below the exemption threshold, to spend their resources on costly estate planning policies. Furthermore, the death tax also requires these businesses to set aside capital in the event an owner’s death occurs that could have otherwise been invested into the business.

    The Death Tax Repeal Act would:

    • Eliminate the federal estate tax for individuals who pass away after its enactment;
    • Repeal the Generation-Skipping Transfer (GST) Tax, which is imposed on transfers of wealth that skip a generation, such as gifts or bequests to grandchildren;
    • Modify the Gift Tax, indexed for inflation;
    • And treat transfers into trusts as taxable gifts, unless the trust is entirely owned by the donor or their spouse.

    The legislation is also cosponsored by Senate Majority Leader John Thune (R-SD) and Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN).

    This legislation is endorsed by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders, and the U.S. Chamber of Commerce.

    MIL OSI USA News

  • MIL-OSI USA: Governor Josh Stein Releases Statement on OSBM’s Revenue Forecast Report

    Source: US State of North Carolina

    Headline: Governor Josh Stein Releases Statement on OSBM’s Revenue Forecast Report

    Governor Josh Stein Releases Statement on OSBM’s Revenue Forecast Report
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein released the following statement regarding the Office of State Budget and Management’s General Fund Revenue Forecast:

    “While today’s consensus revenue forecast for this year is positive, North Carolina is approaching a fiscal cliff that threatens our ability to invest in rebuilding western North Carolina, strong public schools, people’s health, infrastructure, and other services we need to make North Carolina safer and stronger. With a growing economy and population, it doesn’t have to be this way. I am committed to working with the legislature to develop solutions that allow us to continue to invest in our state’s future.” 

    Feb 14, 2025

    MIL OSI USA News

  • MIL-OSI USA: Attorney General Bonta Announces Arrests, Charges, and the Dismantling of a Sacramento-Area Brothel Operation

    Source: US State of California

    Friday, February 14, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    SACRAMENTO – California Attorney General Rob Bonta today announced the arrests and filing of felony charges against four individuals for allegedly operating two residential brothels in Sacramento County, laundering money, conspiracy, and tax evasion. During the operation, six survivors were offered resources and services. An extensive investigation was conducted by special agents from the California Department of Justice (DOJ)’s Human Trafficking and Sexual Predator Apprehension Team and White-Collar Investigation Team, with support from the newly formed Sacramento Regional Human Trafficking Task Force. Assistance was also provided by the Bureau of Gambling Control, the United States Department of State, the United States Department of Homeland Security, Sacramento County Code Enforcement, the California Franchise Tax Board, and the Employment Development Department through the TRUE Task Force.

    “Every single day, our dedicated prosecutors and special agents strive to protect the most vulnerable Californians from exploitation. This case is an example of the California Department of Justice’s continued dedication to dismantling these criminal networks and standing with survivors on their path to recovery and justice,” said Attorney General Bonta. “Through collaboration with our partners, we are able to leverage our collective resources across the state to keep our communities safe and hold people accountable for their crimes. I take immense pride in what we can achieve through collaboration, and I extend my heartfelt gratitude to all our federal, state, and local law enforcement partners who played a crucial role in achieving this significant outcome.”

    “By working closely with our law enforcement partners, we have taken down a dangerous operation that exploited individuals to simply line their pockets,” said HSI San Francisco Special Agent in Charge Tatum King. “HSI is committed to holding those responsible accountable for their actions and dismantling criminal networks that prey on vulnerable populations.”

    The suspects ran two residential brothels from April 2022 until February 13, 2025, utilizing homes in residential areas. They recruited women to engage in commercial sex at these locations, promoted their prostitution services on various websites, and collected payments from clients who visited to buy sexual services.

    The case will be prosecuted by DOJ’s Special Prosecutions Section. Charges against the suspects include conspiracy, pimping, pandering, money laundering, tax evasion, mortgage fraud and criminal profiteering. Arraignment for the defendants is set for Tuesday, February 18 before the Sacramento County Superior Court.  

    It is important to note that criminal charges are only allegations against a person. Every defendant is presumed innocent unless or until proven guilty.

    A copy of the complaint can be found here.

    # # #

    MIL OSI USA News

  • MIL-OSI USA: Cassidy, Barrasso, Thune, Colleagues Introduce Bill to End Electric Vehicle Tax Credits

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), John Barrasso (R-WY), John Thune (R-SD), and 12 Republican colleagues introduced the Eliminating Lavish Incentives to Electric (ELITE) Vehicles Act to end the federal electric vehicle and charging stations tax credit. This legislation stops taxpayer money from subsidizing luxury electric vehicles (EVs) for high-income individuals and corporations.
    “The Biden administration giving tax credits at the environmental lobby’s bidding is not good policy,” said Dr. Cassidy. “American taxpayers should not have to foot the bill so millionaires can zip around in their electric cars.”
    “The hard-earned money of taxpaying Americans should not cover the cost for the luxuries of the nation’s elite. Nor should we be allowing China to infiltrate our markets and undermine our supply chain,” said Senator Barrasso. “Repealing these reckless tax credits from the Biden administration once and for all will stop Washington from giving handouts to our adversaries and high-income individuals. Wyoming families should not foot the bill for expensive electric cars they don’t want and can’t afford.”
    “American taxpayers should not have to foot the bill for the Biden administration’s sweeping windfall for electric vehicles,” said Senator Thune. “I’m proud to join Sen. Barrasso in this effort to end the exorbitant tax burden that was placed on American households to fuel a reckless and unrealistic environmental agenda.”
    The ELITE Vehicles Act would:

    Repeal the $7,500 tax credit for new EVs. 
    Eliminate the tax credit for purchasing used EVs.
    Wipe out the federal investment tax credit for electric vehicle charging stations.
    Close the “leasing loophole” that has allowed certain taxpayers and foreign entities to evade restrictions on EV incentives.
    Stop China from exploiting loopholes and circumventing guardrails to access U.S. tax credits associated with electric vehicles.

    Cassidy, Barrasso, and Thune were joined by U.S. Senators James Lankford (R-OK), Cynthia Lummis (R-WY), Kevin Cramer (R-ND), Tom Cotton (R-AR), Shelley Moore Capito (R-WV), Tim Sheehy (R-MT), Pete Ricketts (R-NE), Joni Ernst (R-IA), Roger Marshall (R-KS), Thom Tillis (R-NC), John Hoeven (R-ND), and Rick Scott (R-FL) in introducing the bill.
    This legislation is supported by the American Fuel & Petrochemical Manufacturers, Americans for Prosperity, National Taxpayers Union, and Heritage Action.

    MIL OSI USA News

  • MIL-OSI United Nations: Experts of the Committee on Economic, Social and Cultural Rights Commend the United Kingdom on Steps Taken to Provide a Real Living Wage, Ask Questions on Reported Discriminatory Legislation for Asylum Seekers and High Levels of Child Poverty

    Source: United Nations – Geneva

    The Committee on Economic, Social and Cultural Rights today concluded its review of the seventh periodic report of the United Kingdom of Great Britain and Northern Ireland, with Committee Experts commending the steps taken to provide a real living wage, while asking questions on reported discriminatory legislation for asylum seekers and high levels of child poverty in the State party. 

    Joo-Young Lee, Committee Expert and Taskforce Member, said in its reply to the list of issues, the State party stated that the level of the minimum living wage for this year would be set at a level not below two-thirds of the median earnings in the United Kingdom.  For the first time, the cost of living would also be taken into account in this process, with the aim of providing a real living wage, which was commendable. 

    Seree Nonthasoot, Committee Expert and Taskforce Leader, said it had been reported that the discriminatory effects of such recent legislation as the Nationality and Borders Act 2022, the Illegal Migration Act 2023, and the Safety of Rwanda (Asylum and Immigration) Act 2024 had hindered access by migrants in an irregular situation and asylum seekers to social protection benefits.  Could the State party clarify if these hindering measures were in place and if social benefits would be ensured to this marginalised group?

    Julieta Rossi, Committee Expert and Taskforce Member, said the United Kingdom was one of the richest economies in the world, yet extremely high figures of poverty persisted. According to information, during the period 2022/2023, 21 per cent of the population lived in relative poverty, with alarming rates of 30 per cent in childhood, or 4.3 million children.  Was the State developing a strategy to achieve a drastic and short-term reduction of poverty, which prioritised child poverty and poverty of disadvantaged groups? 

    The delegation said last month, a new border security, asylum and immigration bill was introduced to parliament, which included the repeal of the Safety of Rwanda Act and amended the Illegal Migration Act, including the duty to remove individuals who had arrived in the United Kingdom immediately.  The Nationality and Borders Act remained in place, but all asylum claims were individually considered in line with international obligations. 

    Concerning child poverty, the delegation said the United Kingdom Government was developing a child poverty strategy to be launched in spring, as part of a 10-year strategy to address the issue.  The strategy would look at increasing incomes, reducing essential costs, and better local support.  The incoming Government had committed to ending dependence on emergency food parcels. In the financial year 2025/2026, funding of 742 million pounds would be devolved to local governments to help address this issue.

    Robert Linham, Deputy Director, Rights Policy, Ministry of Justice of the United Kingdom and head of the delegation, introducing the report, said the United Kingdom had a system of asymmetric devolution.  The position of the United Kingdom Government remained that incorporation was not necessary for the Covenant’s full implementation, which had been secured through a combination of policies and legislation.  But the Scottish Government had embarked on a programme to incorporate international treaties into Scots law.  Regarding the right to work, increasing the number of people in work was central to the United Kingdom Government’s mission to grow the economy.  Proposals, backed by 240 million pounds of investment, had been announced to reform employment support and create an inclusive labour market. 

    In concluding remarks, Mr. Nonthasoot extended appreciation to the United Kingdom delegation for its superb time and sequence management, which allowed the Committee to raise all relevant questions.  The Committee implored the United Kingdom to ensure that all Crown Dependencies and Overseas Territories under its control provided the highest standard of human rights to everyone. 

    In his concluding remarks, Mr. Linham said the dialogue had been rich and detailed, covering a variety of issues.  It was hoped that the Committee could see the efforts being undertaken in the whole of the United Kingdom to improve economic, social and cultural rights. 

    The delegation of the United Kingdom was comprised of representatives from the Ministry of Justice; the Ministry of Housing Communities and Local Government; the United Nations Human Rights and IMA Policy Team; the Department for Business and Trade; the Department for Digital, Culture, Media and Sport; the Department for Education; the Department for Work Pensions; the Department for Environment, Food and Rural Affairs; the Department for Energy and Net Zero; the Department of Health and Social Care; the Foreign, Commonwealth and Development Office; the HM Treasury; the Home Office; the Scottish Government; the Welsh Government; the Northern Ireland Executive Office; the Attorney General’s Chambers for the Isle of Man; the Government of Jersey; and the Permanent Mission of the United Kingdom to the United Nations Office at Geneva.

    The Committee’s seventy-seventh session is being held until 28 February 2025.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.

    The Committee will next meet in public at 3 p.m. on Monday, 17 February to begin its consideration of the fifth periodic report of Rwanda (E/C.12/RWA/5).

    Report

    The Committee has before it the seventh periodic report of the United Kingdom of Great Britain and Northern Ireland (E/C.12/GBR/7).

    Presentation of Report

    ROBERT LINHAM, Deputy Director, Rights Policy, Ministry of Justice of the United Kingdom and head of the delegation, said the United Kingdom had a system of asymmetric devolution by which specified areas of responsibility were devolved to some or all of Northern Ireland, Scotland and Wales.  For example, health and education were devolved to all three nations; social security was fully devolved to Northern Ireland but only in part to Scotland; and immigration was largely reserved to the United Kingdom Government.  The delegation also represented the three Crown Dependencies: the Bailiwick of Jersey, the Bailiwick of Guernsey, and the Isle of Man, as well as the 14 British Overseas Territories, home to 250,000 people. 

    One example of devolution in practice related to the incorporation of the Covenant into national law.  The position of the United Kingdom Government remained that incorporation was not necessary for the Covenant’s full implementation, which had been secured through a combination of policies and legislation; and further what it would take to incorporate the Covenant would not be justified by the benefits.  But the Scottish Government had embarked on a programme to incorporate international treaties into Scots law. Its incorporation of the Convention on the Rights of the Child, with two Optional Protocols, came into force last July; and the Scottish Government had committed, subject to the outcome of the next election, to introduce a human rights bill in the next session of Parliament that would give domestic legal effect in Scots law to the present Covenant and some other United Nations treaties.

    Since the restoration of the Northern Ireland Executive and political institutions in February last year, new initiatives had been launched, including an additional 25 million pounds to support early learning and childcare, the provision of free period products to anyone who needed them, and a strategy to end violence against women and girls.  The United Kingdom general election in June 2024 resulted in a change of government to the Labour Party.  In some areas, the approach had already changed quite radically, while other policies remained under review. 

    Regarding the right to work, increasing the number of people in work was central to the United Kingdom Government’s mission to grow the economy.  Proposals, backed by 240 million pounds of investment, had been announced to reform employment support and create an inclusive labour market. Last October, the Government also introduced an employment rights bill into the United Kingdom’s Parliament to increase workers’ rights to better working conditions and more secure work, and to improve industrial relations.  It also included protections from sexual harassment; gender and menopause action plans; and enhanced rights for pregnant workers.

    In the same vein, Guernsey enacted legislation that formally made discrimination on the grounds of race, disability, carer status, religion or belief, and sexual orientation unlawful, covering the fields of employment, the provision of goods and services, accommodation, and membership of clubs and associations.

    Regarding the right to health, England introduced the “Core 20 Plus 5” approach to reduce healthcare inequalities, amongst the most deprived 20 per cent of the population. The Government’s goal was to halve the gap in healthy life expectancy between England’s richest and poorest regions, which in 2020 stood at 10.8 years.  The mental health bill, introduced into Parliament last November, sought to address inadequate care of autistic people and people with learning disabilities, and reduce their unnecessary detention.

    Using newly devolved powers as part of its goal to eradicate child poverty, the Scottish Government introduced five payments to eligible families.  Three Best Start Grants provided one-off payments at key stages in a child’s life.  Best Start Foods was a regular weekly payment to help buy milk and healthy food.  And the Scottish Child Payment helped with the costs of supporting a family.  Similarly, Wales offered free school meals to all children in State primary schools.

    In cultural rights, the United Kingdom last year ratified the 2003 United Nations Educational, Scientific and Cultural Organization Convention for the Safeguarding of Intangible Cultural Heritage.  In Wales, the Cymraeg 2050 Welsh Language Strategy saw almost 17,000 people studying with the National Centre for Learning Welsh in 2022/23, a 33 per cent increase over five years.  Regarding environmental commitments, finally, the Paris Agreement was extended to the Isle of Man, Jersey and Guernsey in 2022 and 2023. Mr. Linham said the United Kingdom was committed to upholding the rights set out in the Covenant. 

    Questions by Committee Experts

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said the Committee, via the Secretariat, had received more than 72 submissions pertaining to the periodic report of the State party, probably the highest number thus far for any State party, which attested to the attention and interest that the international community and stakeholders gave to the State party and its report.  It was also important to note, following the submission of the report, that there was a general election in July 2024 and a new administration had since been appointed. 

    The Committee observed that the Covenant could not be applied directly by the State party’s domestic courts.  While there was alignment between the State party’s Human Rights Act 1998 and the European Convention on Human Rights, there was as yet no such transposition mechanism for the Covenant?  Was the Covenant applicable in Anguilla and Northern Ireland?  When would the nearly 50-year-old reservations to the Covenant be withdrawn?  Did the State party’s plan to ratify the Optional Protocol to the Covenant?

    The Committee recognised the State party’s record in introducing the first national action plan on business and human rights in the world in 2013, which was updated in 2016, and the Modern Slavery Act in 2015.  However, there was still an absence of a comprehensive legal framework for human rights due diligence, especially by United Kingdom companies in their transnational operations.  Could clarification on this be provided?  When would systematic and mandatory human rights due diligence be introduced? 

    Was the State party contemplating adopting a sectoral approach in the revision of the national action plan, where key sectoral performance indicators could be specified, for example in banking and finance, retail, construction, and health?  Did the State party intend to integrate effective remedial mechanisms, including legal aid to victims into the next national action plan and, more strategically, binding legislation? Would non-judicial recourse be provided for victims in extraterritorial cases?

    The Committee had scrutinised the 2024 report submitted to Parliament by the United Kingdom’s Climate Change Committee and found alarming findings.  The Committee concluded that only a third of the emissions reductions required to achieve the 2030 target were covered by credible plans, and low-carbon technologies must become the norm.  The Committee was also concerned that the devolved structure of the State party’s administrations had led to the fact that obligations arising from the Paris Agreement had not extended to all Crown Dependencies and Overseas Territories.  What was the concrete policy path to meet the action lines and targets, particularly home decarbonisation and adaptation?  How would the Paris Agreement have full coverage and effect in the territory of the State party?

    How was the State party addressing the tax system which had created negative impacts on vulnerable and marginalised groups, including the regressive nature of the value added tax on low-income households, and the welfare to work policies that posed a burden on people with disabilities?  In November 2024, the net public debt of the United Kingdom stood at 98.1 per cent.  How was this high public debt level impacting social budget programmes and what was the medium- and long-term direction on public debt management which would sustain basic public service investment and maintenance? 

    Could the State party provide policy trajectory on the concrete plan to tackle tax evasion and illicit financial flows, and in particular the reform of law and regulations in the British Virgin Islands, the Cayman Islands, Bermuda and other Overseas Territories that were indexed as tax havens?

    How did the new administration intend to address the regional disparity issue?  What were the cumulative impacts of the two austerity programmes implemented by the United Kingdom? 

    Had an assessment been carried out to implement the official development assistance restoration to 0.7% of the gross national income.  There were reports indicating that part of the development aid through British International Investment had caused impacts on key sectors responsible for delivering human rights, including health and education.  Could this be clarified?  The Committee was concerned by the lack of comprehensive anti-discrimination legislation; could the delegation provide more information around this? 

    While the State party had achieved good progress on gender equality, there were challenges in the fragmented and uneven legislative frameworks on women’s rights, particularly in Northern Ireland, Overseas Territories and Crown Dependencies. There were also news reports of incidents of sexual exploitation and violence against women and young girls by ‘grooming gangs’ in places like Oldham, north Manchester. Was this an isolated incident or a common occurrence and what had been done to address the issue?

    It had been reported that the discriminatory effects of such recent legislation as the Nationality and Borders Act 2022, the Illegal Migration Act 2023, and the Safety of Rwanda (Asylum and Immigration) Act 2024 had hindered access by migrants in an irregular situation and asylum seekers to social protection benefits.  Could the State Party clarify if these hindering measures were in place and if social benefits would be ensured to this marginalised group?

    Responses by the Delegation 

    The delegation said there was no obligation to incorporate the Covenant under domestic law. Successive Governments had explored ratifying the Optional Protocol and the view of previous Governments was that the protections were negligible.  The Covenant was applicable in England, Wales, Scotland, the three Crown Dependencies and the Overseas Territories.  Some of the reservations existing in the name of the United Kingdom related to territories which were no longer part of the United Kingdom, including the Solomon Islands and Tuvalu which were no longer British Overseas Territories, but sovereign States in their own right.   

    The Scottish Government had developed proposals to give domestic legal effect to the rights contained in the Covenant, by incorporating them into the Scottish legal framework.  The Government aimed to deliver a clear and workable law for the authorities that would implement it. 

    The Prime Minister had announced a commitment to reduce emissions by at least 81 per cent by 2035.  The target covered all sectors and categories and was aligned with the Paris Agreement. The United Kingdom was committed to extending its ratification of the Paris Agreement to all Overseas Territories and Crown Dependencies.  The Government had committed an additional 3.4 billion pounds to the “Warm Home Plan”, to support decarbonisation and cut bills for household heating. 

    The United Kingdom was committed to making the tax system fairer and more sustainable.  The Government had committed to not increasing tax on working people.  Recent tax changes had been targeted at the highest income households and working people had been largely protected from these tax increases.  Jersey was committed to introducing measures to reduce harmful tax measures.  Jersey’s 2019 economic substance law required companies to prove their genuine business activity, preventing those without real operations from artificially reporting profits. 

    A campaign had been launched against illicit finance.  At a recent joint ministerial council, the United Kingdom confirmed that Overseas Territories needed to implement fully public registers of beneficial ownership, which were key in targeting against corruption and tax evasion.  There were strong policies in place to monitor the impact of development aid programmes. 

    In recent years, there had been an increase in the representation of women in parliament, as well as in senior positions in the private sector, where women now represented 41 per cent.  The United Kingdom had mandatory gender pay gap reporting, which had shown a significant close in the size of the gender pay gap.  The current Government had introduced a bill which would introduce a new duty on employers to outline how they planned to close the gender pay gap. 

    There had been no agreement on a single equality bill in Northern Ireland, but numerous statutes had been enacted over the past few years.  Legislation now prohibited less favourable treatment in employment, education and public functions among others. 

    The safety of children was of paramount importance, but for too long grooming gangs had operated, victims had been ignored, and perpetrators had gone unpunished.  A 10-million-pound action plan to tackle grooming gangs and child sexual abuse had been announced, which would allow victims to have the chance to have their cases re-heard.  Survivors and victims would allow their closed cases to be reviewed by an independent panel, when they previously were not taken forward to prosecution by the Crown.  An audit would begin soon which would draw on the views of victims and survivors. 

    Last month, a new border security, asylum and immigration bill was introduced to parliament, which included the repeal of the Safety of Rwanda Act and amended the Illegal Migration Act, including the duty to remove individuals who had arrived in the United Kingdom immediately.  The Nationality and Borders Act remained in place, but all asylum claims were individually considered in line with international obligations. 

    Questions by Committee Experts

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said reports had been received that the Northern Ireland human rights commission was at risk of losing its A status due to insufficient funding.  The Committee would like to raise this concern.  Why did the United Kingdom not adopt the same approach as the Scottish Government in incorporating the Covenant in domestic legislation so that all people could enjoy protection from the Covenant?  What was the State doing to reduce homelessness?  The Committee was very concerned that violent incidents against women would become systematic.  There should be a clear indication on how to prevent this type of violence. 

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, asked what measures the Government would take to give full legal effect to the Covenant, and ensure victims of violations of economic, cultural and social rights had full access to legal remedies?  The Committee was pleased the Scottish Government had proposed the human rights bill, and hoped the provisions of the Covenant would be incorporated.  What was the plan to enact a bill of rights for northern Ireland?

    A Committee Expert asked how the State was planning a social green transformation? 

    Another Expert asked if there were any developments underway regarding the participation of the United Kingdom in the revised European Social Charter? 

    Responses by the Delegation 

    The delegation said all three of the human rights institutions had A status and adequate funding for their role.  At the most recent review of Northern Ireland, it was re-accredited with A status, and a baseline budget review had been launched for the Commission in 2024. 

    There was no obligation for direct justiciability for the rights of the Covenant under domestic law. The United Kingdom had no plans to ratify the revised European Social Charter. 

    It was intended that legislation in Scotland would increase accountability for the Covenant. 

    The debt to gross domestic product ratio was expected to fall in the final year of the five-year forecast. 

    The State would upgrade five million homes across the country through new technologies, including solar heat pumps and installation.  The transition to warmer, decarbonised homes would include support for the most vulnerable to combat fuel poverty.  Climate change would have a disproportionate impact on the most vulnerable of society, including those with pre-existing medical conditions.  The country’s climate change risk assessment took this into account and built into the development of the National Adaptation Programme.  It was essential that transition plans to net-zero were resilient in themselves.

    The Government was working on a strategy to end homelessness.  Last year, a funding increase was announced for homelessness services and initiatives were announced to allow renters to challenge rental increases. 

    Tackling violence against women and girls was a priority for the Government, and the State pledged to halve violence against women and girls within the next decade. 

    Questions by Committee Experts

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, said that according to information that the Committee had received, although some employment gaps gradually narrowed over time, ethnic minorities, women, young people, and persons with disabilities continued to face higher levels of unemployment and were more likely to be in a low-paid jobs.  How had the State party analysed the underlying causes of employment and pay gaps, and what was the impact of these measures on ethnic minorities, women, young people and persons with disabilities in their access to decent work?

    Information received by the Committee indicated that the level of national minimum wage and national living wage was insufficient to ensure an adequate standard of living for workers, as it did not keep pace with the rising cost of living.  In its reply to the list of issues, the State party stated that the level of the minimum living wage for this year would be set at a level not below two-thirds of the median earnings in the United Kingdom. For the first time, the cost of living would also be taken into account in this process, with the aim of providing a real living wage, which was commendable.  Had the State party adopted a methodology for determining the level of the national minimum wage and the national living wage that was indexed to the cost of living. 

    What measures were being taken to address precarious work such as exploitative zero-hour contracts and to enhance security of employment?  What measures were taken to protect workers from labour exploitations and to impose appropriate sanctions on those responsible?  The Committee noted that the State party planned to establish a single body, a Fair Work Agency, to enhance the effectiveness of the protection of workers.  How would it be ensured that the body had necessary 

    powers and resources to effectively monitor working conditions and protect workers?  What measures were taken to ensure the right to strike?

    According to information received by the Committee, the level of social security benefits was not sufficient for a decent standard of living.  Information indicated that the social security system, including the Universal Credit, was not providing people with adequate social protection. What measures were being taken to ensure that the level of social security benefits was adequate and determined by an assessment of the real cost of an adequate standard of living?  Had the State party carried out an assessment of the impact on people of such measures as the benefit cap, the two-child policy, the so-called “bed-room tax” and the five-week wait, and if so, what measures were being taken to address these impacts?  What measures were being taken to ensure that any conditions for benefits were proportionate and did not result in stigmatisation and degradation of claimants?

    What measures had the State taken to ensure the availability, accessibility, and affordability of quality childcare, including childcare for disabled children?

    How was it ensured that quality social care was available, accessible, and affordable for adults who needed care and support, including older persons?

    Responses by the Delegation 

    The delegation said the creation of the national minimum wage had been one of the most successful economic interventions in the United Kingdom in the past 25 years.  The Government was determined to deliver a genuine living wage and had asked the Low Pay Commission to take account of the cost of living in recommending the appropriate rates for 2025 onwards.  The Low Pay Commission expected that three million low paid workers would receive a pay rise.  The Government had recently introduced an employment rights bill which would include a right to guaranteed hours.  There would be new rights to reasonable notice of shift cancellations, and the bills would close loopholes regarding scrupulous “fire to hire” practices. The Government aimed to protect workers and business from the minority of employers who broke the rules.   

    Migrant workers had the same employment rights and protections as other United Kingdom workers, including the minimum wage and protection against discrimination.  In 2023, it was ensured that all seasonal workers would receive at least 32 hours of work per week, and the minimum wage was also raised. 

    The employment rate for people of Bangladeshi and Pakistani origin had increased in recent years; historically this was low in the United Kingdom.  Levels of qualifications at schools were lower for some ethnic groups, which affected employment opportunities.  The State was planning to introduce mandatory pay reporting by ethnicity and disability. 

    A whitepaper would be published setting out the reforms expected by the Government on health and disability.  There were a range of ethnic minority support mechanisms in place. 

    The current rates of income-related benefits did not represent a minimum requirement, which could vary depending on people’s circumstances.  The current Government had committed to reviewing universal credit to tackle poverty.  The new child poverty strategy would focus on the benefit cap and the two-child limit. The Department for Work and Pensions published a range of independent evaluations in a wide range of social policy, including households below-average incomes. 

    The Government would provide more than eight billion pounds this year for education, representing a 30 per cent increase from the previous year.  Tax free childcare was a United-Kingdom wide offer to support parents to return to work, or work more when they needed to.  Families could receive up to 2,000 pounds per child per year, or 4,000 pounds if the child had a disability.   

    A fund could be used to increase funds paid to adult social care providers and reduce waiting times. The Care Act 2014 placed emphasis on local authorities to shape their care market, making sure they were meeting the needs of the local population. 

    In 2022, the Scottish Government published a refreshed Fair Work Vision, with a key goal of reducing the gender pay gap.  The median gender pay gap had decreased from 15.6 per cent in 2016, to 9.2 per cent in 2024. The disability employment had been reduced to around 37 per cent, which was its lowest level, with plans to halve the gap by 2028.  The Scottish Government was delivering 15 social security payments and was investing around 6.9 billion pounds in social security payments. 

    Questions by Committee Experts

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, asked how the State would ensure the income-related benefits were adequate for those living in disadvantaged situations?  According to information, there may be a gap among the poorest of families for accessing childcare entitlements, particularly families that were not working. Could this be clarified? 

    A Committee Expert asked for examples where violations of the right of women workers compared to men had been judicially assessed?  What remedies were applied?

    Another Expert asked if there were plans for a participatory poverty assessment to be conducted every few years to identify those who were affected?   

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, asked if indexation based on inflation would be adopted, to more accurately reflect the living wage? 

    JULIETA ROSSI, Committee Expert and Taskforce Member, asked about the two-child cap on certain social security benefits, including universal credit.  This cap could have a huge impact on child poverty levels.  What was the rationale behind this?  What were the obstacles to immediately repealing the two-child limit?  The State had a high level of child policy, up to 30 per cent, so the Committee would appreciate more information being provided on this subject.

    Responses by the Delegation 

    The delegation said income-related benefits were rated annually in the United Kingdom, based on the level of the consumer-prices index.  As such, benefits for 2025 would be increased by 1.7 per cent.  The two-child cap was introduced as the United Kingdom faced a financial crisis a few years ago.  There was absolutely a relationship between the cap and the number of children in poverty.  The cap remained in place, but a taskforce was reviewing how the State would tackle the high levels of child poverty in the country, and would determine the best steps in this regard.  Removing the cap depended on the United Kingdom’s fiscal position. 

    The Low Pay Commission made annual recommendations on the appropriate rates of entities such as the minimum wage.  The Government’s impact assessment for 2025 found that women, younger and older workers, workers with a disability, and those from ethnic backgrounds, were more likely to be in minimum wage drops and more likely to benefit from the raising of the minimum wage in April 2025.  The Government had committed to reviewing the parental leave system to ensure it offered the best support to working families. 

    The Scottish Government had used other policies to determine the real living wage, including when issuing public sector grants and other funding.  The proposed human rights bill would aim to meet standards pertaining to the Covenant. 

    Working parent entitlements were established to support parents to return to work, which was why that entitlement was contingent on work.  Non-working families could access 15 hours of Government-funded early education. 

    The Education Minister in Northern Ireland was committed to bringing forward a strategy which would make childcare more affordable, among other initiatives.  A new childcare subsidy scheme had been implemented, and preschool education had been expanded, allowing more than 2,000 additional children to receive a fulltime place in 2025. 

    Questions by Committee Experts

    JULIETA ROSSI, Committee Expert and Taskforce Member, said the United Kingdom was one of the richest economies in the world, yet extremely high figures of poverty persisted.  According to information, during the period 2022/2023, 21 per cent of the population lived in relative poverty, with alarming rates of 30 per cent in childhood, or 4.3 million children.  Was the State developing a strategy to achieve a drastic and short-term reduction of poverty, which prioritised child poverty and poverty of disadvantaged groups? What measures had the State implemented in response to the recommendations of the review of child welfare care, as well as those issued by the Committee on the Rights of the Child in June 2023?

    According to statistics, food insecurity increased from 4.7 million to 7.2 million between 2021/22 and 2022/23, especially affecting low-income households.  What was the Government doing to address this alarming situation?  According to reports, there was a persistent housing crisis in the State party, including increasing rates of homelessness in the country, with most being women. Housing prices were high, as were mortgage rates, with rents rising higher than inflation in some parts of the country.  The lack of affordable housing for persons with disabilities was a factor which determined that they remained institutionalised, and there was inadequate initial accommodation for asylum seekers, among other issues.  What was the Government doing to address this crisis? 

    According to independent research commissioned by the Government in 2024, the National Health Service in England was in critical condition due to lack of funding, the impact of the COVID-19 pandemic, staff shortages and inefficiency in management. What were the details of the results of the investigation, and the drafting of a 10-year plan to address these issues? 

    Suicide rates remained high in the country, especially among men.  Persons with disabilities, gypsy, Roma and nomadic communities had high suicide rates compared to the general population.  Could information about the new mental health bill for England and Wales be provided?  What were the developments in other jurisdictions?

     

    Data from 2020 to 2022 showed the highest maternal mortality rates in England since 2003 to 2005, with a disproportionate impact on women in the most deprived areas. What were the results of the research commissioned by the Task Force on Maternal Disparities in 2022 and the policies in place to address this issue?  Access to sexual and reproductive care across the UK showed regional disparities; what measures had been adopted to unify this? 

    There had been a huge increase in drug-related deaths in the State party.  What plans and strategies were in place to prevent deaths, taking into account the disproportionate impact on certain communities? Were there plans to review the criminalisation of personal consumption and expand harm reduction services, including supervised drug consumption rooms?

    Responses by the Delegation 

    The delegation said the United Kingdom Government was developing a child poverty strategy to be launched in spring, as part of a 10-year strategy to address the issue. The strategy would look at increasing incomes, reducing essential costs, and offering better local support.  The incoming Government had committed to ending dependence on emergency food parcels.  In the financial year 2025/2026, funding of 742 million pounds would be devolved to local governments to help address this issue.

    Concerning support for families, the State’s response published in 2023 was to shift the focus away from crisis intervention and towards early help for families, ensuring children remained with their families as much as possible.  This was a multidisciplinary support offer which would work with the entire family at the earliest level possible.  When children could not remain with their families, they were supported to live with kinship families or foster families. 

    A social supermarket programme had been rolled out across all areas in Northern Ireland from 2022 to address food poverty.  Other support included debt and benefits advice, health food advice, and cooking on a budget.  A programme to tackle organized crime was established in 2016 and it had been extended until 2027.  Sexual and reproductive health services were provided across all five trust areas in Northern Ireland.  There were workforce challenges and the need for further investment. 

    The United Kingdom Government had committed to support first time home buyers.  The Government was seeking to deliver the biggest increase in affordable housing in a generation, with 110,000 to 130,000 social homes to be built over the next five years.  Since 2021, local authorities in England were required to ensure victims of domestic abuse and their children could access safe accommodation.  The Government would invest 160 million pounds in domestic safe accommodation in the next financial year. 

    Concerning Travellers, the Government aimed to ensure fair and equal treatment for them.  The revised policy for Traveller sites outlined that accommodation for Travellers should provide access for healthy lifestyles and health services. 

    The Scottish Government regarded poverty as a huge concern and had implemented the Child Poverty Act, which required poverty reduction plans to be published every four years.  Actions in the plans included raising incomes and lowering essential costs.  The Scottish Government had committed over three million pounds for remote rural and island health care.  The aim was to develop a model where services were provided as locally as possible, to ensure equitable outcomes. 

    Progress had been made in maternal care in the rural north of Scotland, via the plan which focused on restoring obstetric maternity care in the area.  The Scottish Government acknowledged that the number of drug and alcohol related deaths in Scotland remained too high.  The Government had launched a five-year mission to combat this, and the first “Safer Drug Consumption” facility in the United Kingdom had been opened in Glasgow last year. 

    One of the Government’s priorities was to clear the asylum backlog claims, and ensure people were housed in more effective and supervised accommodation.  Due to the exceptional number of unaccompanied children arriving in the United Kingdom from 2020, the Home Office had opened hotels to support these children, with a team residing within the hotels to support each child.  The teams included staff to provide medical and psychological support.  When the last hotel closed in 2024, all remaining children went directly into State care.  The United Kingdom had no plans to legalise or decriminalise drugs. 

    The mental health bill was introduced in November 2024 and would modernise the mental health act, including through addressing unnecessary detentions shaped by racial disparity.  The suicide strategy for England looked at what could be done for groups with higher suicide rates, including autistic people, Roma, refugees, asylum seekers and lesbian, gay, bisexual, transgender and intersex persons.   Anyone in England experiencing a mental health crisis could speak with a trained member of the National Health Service on the phone.  An additional 150 million pounds had been invested over the past two years to support mental health services.  Fifty million pounds would be invested into research into maternity inequalities to improve outcomes for all women.  England supported harm reduction activities, including needle and syringe testing.

    Welsh Ministers had a duty to submit child poverty objectives, and report on them every three years.  There was a targeted school meals programme for children. Over 3.4 million pounds had been made available as a capital grant fund for local Welsh authorities to fund residential or transit sites for Travellers.  The Welsh Government was currently finalising a new mental health strategy, with a focus on tackling inequalities. 

    Questions by Committee Experts

    A Committee Expert commended the delegation for being so well prepared and for their excellent time management.  What steps had the State party taken to ensure a more just and equitable financial architecture which prioritised human rights in lending policies?  What steps had the State taken for cancelling debt for countries in debt crisis?  What was the State party’s position on the use of compulsory license to promote access to health products in foreign countries? 

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said the Scottish Government had provided a good example of safer drug consumption facilities.  Why did this not go hand in hand with decriminalisation?  What was the trajectory of decriminalisation?  Would the United Kingdom adopt a universal drug 

    policy which covered all its territories?

    JULIETA ROSSI, Committee Expert and Taskforce Member, said there was a pressing need to implement the child poverty strategy as soon as possible.  Could a more specific timeline for its implementation be provided?   The United Kingdom was one of the wealthiest countries in the world and had an obligation to earmark resources to reverse the situation of poverty in the country. How was the State addressing the issue of energy poverty? 

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, said there was a concern that rent rises, in combination with a lack of social housing, were putting families at risk of homelessness.  What was being done to address this issue?

    Another Expert asked for measures adopted to address child obesity?  Were taxes on junk food being increased?

    An Expert asked about the emergency response in Northern Ireland to address the large number of deaths of homeless people?

    A Committee Expert asked what indicators were used to measure poverty?  Did the State use the multidimensional poverty index?

    Responses by the Delegation 

    The delegation said the child poverty strategy would be published in the spring, but acknowledged that people living in poverty needed help now.  In the meantime, steps had been taken to reduce the universal credit rate, which would benefit 1.2 million households.  Some of the challenges around food poverty related to incomes, rather than access to food, and this was being addressed in the food poverty strategy.  The United Kingdom used the universally recognised definition of poverty, which was measured by income. 

    There were no plans to change United Kingdom drug laws.  There was clear medical and scientific evidence which showed that controlled drugs were harmful.  There were no plans to extend United Kingdom drug legislation to the Overseas Territories.

    The United Kingdom had committed 1.6 billion pounds to Gavi, the Vaccine Alliance, which was committed to sustainable and equitable access of vaccines.  The National Health Service had doubled investment in gender dysphoria services and increased the number of clinics from seven to 12. 

    Obesity was concentrated within the most deprived areas.  The Government was addressing this by limiting school children’s access to fast food, preventing advertisements of the least healthy foods, and delivering schemes such as the healthy milk and the school fruit and vegetables scheme. 

    The United Kingdom was committed to working with partners to tackle unsustainable debt and coordinated with other official creditors to provide debt relief and promote debt sustainability for developing countries. 

    Scotland had released the Good Food Nation Plan in 2024, setting out the objectives the Government aimed to achieve on food related issues.  The long-term strategy for housing was published in 2021, addressing housing supply across the whole country, affordability and choice, and housing’s role in achieving net zero. 

    Northern Ireland was tackling homelessness through a strategy and had developed a strategic action plan for accommodation.  Funding for homelessness services would increase to nearly one billion pounds in England in the next financial year to prevent rough sleeping.

    A levy was applied to pre-packaged soft drink with an added five grams of sugar per 100 millilitres; drinks that contained less than five grams of sugar did not pay the levy, which was paid by packagers and importers.  The Government had committed an additional 3.5 million pounds over the next few years for the warm homes plan, with multiple targeted schemes in place to deliver energy assistance to low-income households.   

    The United Kingdom was supportive of the development of a new sharing and benefits system to support adequate and fair sharing of benefits, and was committed to working with African partners to develop such a system.

    The United Kingdom published multi-dimensional poverty measures annually. The Government’s priority was to grow the economy, as this was the best way to improve living standards. To achieve growth, decisions on tax and spending needed to be balanced. 

    Questions by a Committee Expert

    LAURA CRACIUNEAN-TATU, Committee Chair and Taskforce Member of the United Kingdom, said in England and Wales, the attainment gaps in education were widening, with inadequate measures to address them.  In Scotland, the new bill on education had been criticised as it failed to address urgent needs, and there were high levels of bullying in school, including incidents of misogyny and racism.  There were also major issues of bullying in Northern Ireland, including cyberbullying, on the grounds of race, sexual orientation, gender identity or sex characteristics, disability, migration or other status.  Traveller and Roma children had some of the lowest levels of educational attainment.  Acts including the Special Needs Disability Act 2016 and the Integrated Education Act 2022 had not been fully implemented.  For Jersey, measures to address the poverty-related attainment gap were inefficient, and the Jersey premium had limited impact. 

    What measures had been implemented to address these challenges, and what were the concrete results? How were they evaluated in terms of impact and implementation?  How was it ensured that all educators were trained on bullying and what targeted measures were in place to address this issue?  Did children of migrant families have access to education, including language support, uniform grants, school meals and school transport?  How was it ensured that Traveller and Roma children remained in the educational system?  In Northern Ireland, there were currently 72 integrated schools; was there a plan to increase this number?  Was there any evaluation of the impact of the Jersey premium in reducing the attainment gap?  Were there any plans to address legislation to balance between the right to light work and the full benefit of education for children?

    Had the Irish Language Commissioner been appointed?  What measures were in place to ensure that the arts sector in all jurisdictions received sufficient, secure, long-term funding proportional to inflation, and that the right to take part in cultural life was not affected by the cost-of-living increases?  What measures were in place to ensure access to sport for transgender persons and persons with disabilities?

    Could information be provided on the status of the proposed Northern Ireland Troubles (Legacy and Reconciliation) Bill and how it would contribute to fostering intercultural dialogue and reconciliation?

    Responses by the Delegation

    The delegation said last year, a proposal for a draft remedial order was introduced into the United Kingdom parliament, as the first step to repeal and replace the Legacy Act. 

    The Government wanted to see more people engaging in physical activity, and that included transgender persons.  A different approach was required in competitive sport, where the Government had a responsibility to protect the integrity of women’s sport.  Each sport was different, and the Government worked with all sports organizations to prioritise integrity while also being inclusive.  For instance, tennis and golf had decided to protect the fairness of competition at the competitive level, but adopt a more inclusive approach at the recreational level. 

    Access to culture was a core part of the United Kingdom, and each part of the country had an Arts Council.  Much of the cultural offerings in the United Kingdom were free of charge, including entry to museums and free music tuition for children. 

    The Addressing Bullying in Schools Act in Northern Ireland commenced in 2021.  It put onus on schools to address the motivations of bullying and put policies in place at the school level.  Three new language authorities would be established with preparations at an advanced stage. 

    The Scottish Government published a cultural strategy in 2020 and a refreshed action plan to support delivery in 2023, responding to recent challenges including COVID-19 and the cost of living.  The Government had allocated more than 50 million pounds to cultural funding, which was an historic increase. 

    Wales had invested two million pounds in literacy programmes and 1.6 million pounds for science, technology, engineering and mathematics in schools.  In Wales, around 67 per cent of students attending mainstream schools could access a free school meal at lunchtime.  Tackling the impact of poverty in education was a priority. New guidance was published to help schools support Gypsy, Roma and Traveller students.  The school curriculum had been developed to be inclusive for all learners, with diversity as a cross-cutting theme.  Cardiff had been secured as the host of the Euro Games in 2027, which was a key event for lesbian, gay, bisexual, transgender and intersex persons. 

    Post COVID, the Government had established the Oak Academy, which had a specific focus on closing attainment gaps.  Teachers had reported positive outcomes when using Oak resources.  Local authorities were required to provide sufficient school places for the area.  No child could be denied schooling based on their ethnicity.  There was an active Gypsy and Roma stakeholder group which aimed to ensure that the barriers these young people faced were addressed. 

    Education Scotland had rolled out several programmes, including to address gender stereotypes, unconscious bias, and domestic abuse.  Numerous provisions had been put in place in Jersey to ensure equal education access for children from disadvantaged backgrounds. 

    Sport England had a 10-year plan to increase the participation of sport for persons with disabilities.  The overall investment figure into disability focused access was around 30 million pounds per year.  There had been 6.7 million pounds of investment directly to national disability sport organizations.  As a direct result of such investment, the United Kingdom took second place in the medal tally of the Paralympics last summer, which would inspire more people with disabilities to participate in sport. 

    Questions by Committee Experts

    JOO-YOUNG LEE, Committee Expert and Taskforce Member, asked what measures were in place to ensure children of pre-school age had access to affordable, quality childhood education?  The State party continued to treat social security as an instrument for getting people to work.  It was highly likely that if this approach continued, the State party would fail to address poverty.  Social security must be used to achieve an adequate standard of living for all people. 

    A Committee Expert asked to what extent corporal punishment at school was prohibited and sanctioned?  Was any form of corporal punishment against children treated as a criminal offence? What measures were being taken to implement anti-bullying plans? 

    JULIETA ROSSI, Committee Expert and Taskforce Member, asked how the State party was addressing the issue of stateless persons, particularly when it came to access to education and family reunification? 

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, said there were more than 80,000 children in foster care across the United Kingdom.  What was being done to close the attainment gaps in education for these children?  How was bullying prevented against lesbian, gay, bisexual, transgender and intersex students? 

    Responses by the Delegation

    The delegation said it was not correct that the Government considered social security just as a route to work.  Children’s early years were crucial to their development, health and life chances, and the Government aimed to set every child up to have the best start in life. 

    The Home Office Stateless Policy was designed to assist those who were not recognised as a citizen of any country.  This provided a means for stateless persons in the United Kingdom to access their basic human rights. 

    All forms of physical punishment of children were against the law in Scotland in all settings. An Act was passed in 2019 which removed the defence of “reasonable chastisement” to the existing offence of assault. 

    Closing Remarks

    SEREE NONTHASOOT, Committee Expert and Taskforce Leader, extended appreciation to the United Kingdom delegation for its superb time and sequence management, which allowed the Committee to raise all relevant questions.  The State party should implement robust legislative programmes and ensure people were confident that they would be protected at the international level.  The Committee implored the United Kingdom to ensure that all Crown Dependencies and Overseas Territories under its control provided the highest standard of human rights to everyone.  Mr. Nonthasoot thanked all those who had made the dialogue possible. 

    ROBERT LINHAM, Deputy Director, Rights Policy, Ministry of Justice of the United Kingdom and head of the delegation, said the dialogue had been rich and detailed, covering a variety of issues.  It was hoped that the Committee could see the efforts being undertaken in the whole of the United Kingdom to improve economic, social and cultural rights. The United Kingdom was a great supporter in the work of the treaty bodies and it was hoped this was evident through the dialogue.  Mr. Linham thanked everyone who had supported the dialogue. 

     

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CESCR25.004E

    MIL OSI United Nations News

  • MIL-OSI Asia-Pac: LAUNCH OF EIGHTH MISSILE CUM AMMUNITION (MCA) BARGE, LSAM 11 (YARD 79)

    Source: Government of India (2)

    Posted On: 14 FEB 2025 6:54PM by PIB Delhi

    Launch ceremony of eighth MCA Barge, LSAM 11 (Yard 79) was held on 14 Feb 25 at Mira Bhayandar, Maharashtra, launch site of M/s SECON Engineering Projects Pvt Ltd Visakhapatnam. Chief Guest for the launching ceremony was Cmde N Gopinath, AGM (PL), ND (Mbi).

    The contract for construction of eighth Missile Cum Ammunition Barges was concluded with MSME Shipyard, M/s SECON Engineering Projects Pvt Ltd, Visakhapatnam on 19 Feb 21. These Barges have been indigenously designed and built by the Shipyard in collaboration with an Indian Ship Designing firm and Indian Register of Shipping (IRS). Model testing was undertaken at Naval Science and Technological   Laboratory (NSTL), Visakhapatnam to ensure seaworthiness. The Shipyard has successfully delivered seven of these Barges till date and are being utilized by Indian Navy for its operation evolutions by facilitating Transportation, Embarkation and Disembarkation of articles/ ammunition to IN platforms both alongside jetties and at outer harbours.

    These Barges are proud flag bearers of Make in India and Aatmanirbhar Bharat initiatives of Government of India.

    _____________________________________________________________

    VM/SKY                                                                                                        40/25

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: LOK SABHA SPEAKER EMPHASIZES THE IMPORTANCE OF QUALITY LEGISLATIVE DRAFTING AND THE IMPORTANCE OF INPUTS FROM ELECTED REPRESENTATIVES IN LEGISLATIVE PROCESSES

    Source: Government of India (2)

    LOK SABHA SPEAKER EMPHASIZES THE IMPORTANCE OF QUALITY LEGISLATIVE DRAFTING AND THE IMPORTANCE OF INPUTS FROM ELECTED REPRESENTATIVES IN LEGISLATIVE PROCESSES

    LOK SABHA SPEAKER PITCHES FOR FINANCIAL AUTONOMY OF LEGISLATURES, CALLS FOR WIDER CONSULTATIONS

    LOK SABHA SPEAKER URGES ELECTED REPRESENTATIVES TO DESIST FROM PLANNED DISRUPTIONS, RAISE ISSUES IN THE HOUSE WITHIN AMBIT OF RULES, PROCEDURES AND CONVENTIONS

    LOK SABHA SPEAKER COUNSELS FIRST TIME ELECTED LEGISLATORS OF HARYANA LEGISLATIVE ASSEMBLY TO STUDY RULES AND PROCEDURES OF THE HOUSE THOROUGHLY SO THAT THEY COULD RAISE PEOPLES’ ISSUES EFFECTIVELY

    BEST LEGISLATOR IS THE ONE WHO ENGAGES IN MEANINGFUL DISCUSSIONS IN THE HOUSE; DISCUSSES ISSUES ON THE BASIS OF EXTENSIVE STUDY, USES TECHNOLOGY AND INNOVATION: LOK SABHA SPEAKER

    LOK SABHA SPEAKER INAUGURATES TWO DAY ORIENTATION PROGRAMME FOR NEWLY ELECTED MEMBERS OF HARYANA LEGISLATIVE ASSEMBLY

    Posted On: 14 FEB 2025 6:17PM by PIB Delhi

    14th February, 2025: Lok Sabha Speaker Shri Om Birla has emphasized the importance of quality legislative drafting and the importance of inputs from elected representatives in legislative processes. Calling for wider consultations in the legislative drafting process, Shri Birla highlighted that lack of adequate inputs at the stage of drafting of legislations has its impacts on both the functioning of the government and legislative scrutiny by lawmakers. Delivering the inaugural address at a two-day Orientation programme for newly elected members of Haryana Vidhan Sabha, he said that newly elected lawmakers should be suitably engaged at this early stage to ensure that the perspectives and concerns of the people they represent are adequately reflected in the proposed legislations. By fostering a collaborative approach between lawmakers and originating ministry, the quality and effectiveness of legislation can be enhanced, making it more relevant and beneficial to the public, Shri Birla said. Shri Birla stressed that knowledge of legislative drafting is very important for effective law making; therefore, public representatives should undergo regular capacity building measures in legislative drafting. Recalling the earlier discussions at several legislative fora, he also suggested for expediting the digitization of debates of State legislatures so that the elected members can access them easily and utilize those valuable records for strengthening skills as law makers. Chief Minister, Haryana, Shri Nayab Singh Saini; Speaker, Haryana Legislative Assembly, Shri Harvinder Kalyan; Presiding Officers of Uttar Pradesh and Punjab, Ministers in the Government of Haryana and Members of Haryana Legislative Assembly graced the event which was organised in the State Legislative Assembly premises, Chandigarh. Addressing the concerns of State Legislatures for financial autonomy, Shri Birla opined that financial autonomy will boost efficiency of State legislature and at the same time he called for wider consultations among stakeholders on this issue. Stressing on fruitful debates and discussions in the House, Shri Birla urged the Assembly Members to connect with the people they represent, understand their concerns and raise them in the House. Assembly is the appropriate platform for the Members to become leaders of the State, he noted. Further noting that Members should raise the issues in the House within the ambit of the rules, Shri Birla counseled the first time elected legislators of Haryana Vidhan Sabha to study the rules and procedures thoroughly so that they could raise peoples’ issues effectively. He urged the Members to desist from planned disruptions of House proceedings. The more effective the legislatures will be in reviewing policies and programmes of the Government, the more transparent will be the governance and the more accountable will be the Executive, he further added. Noting that the present age is the age of technology and innovations, the Speaker called for use of technologies by law makers to make their participation more effective and fruitful. The best legislator is the one who engages in meaningful discussions in the Assembly; discusses issues on the basis of extensive study, and uses technology in the age innovation, said Shri Birla. He encouraged newly elected MLAs to aspire for becoming best MLAs and to realize the aspirations of the people by making full use of the processes of the House through effective discussion and dialogue. Speaking on the contributions of Haryana and Haryana Legislative Assembly, Shri Birla noted that Haryana has contributed significantly to the economic and social empowerment of the country. Noting the glorious history of Haryana Vidhan Sabha, he appreciated the functioning of Haryana Legislative Assembly as an effective forum of ensuring accountability of the Executive and fulfilling hopes and aspirations of the people of the State. On this occasion, Shri Birla led the Members of the Haryana Legislative Assembly in reading Preamble to the Constitution of India. Speaker, Haryana Legislative Assembly, Shri Harvinder Kalyan delivered Welcome Address. Chief Minister, Haryana, Shri Nayab Singh Saini addressed the distinguished gathering on this occasion. Speaker, Uttar Pradesh Legislative Assembly, Shri Satish Mahana also spoke on this occasion. Dr. Krishan Lal Middha, Deputy Speaker, Haryana Vidhan Sabha delivered the Vote of Thanks. Shri Birla was warmly welcomed by Chief Minister, Haryana, Shri Nayab Singh Saini; Speaker, Haryana Legislative Assembly, Shri Harvinder Kalyan and other dignitaries at Haryana Legislative Assembly. Shri Birla was also given Guard of Honour on his arrival at the Legislative Assembly premises. 

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    AM

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: BSNL Achieves ₹262 Crore Profit in Q3 – First Profit Since 2007

    Source: Government of India (2)

    Posted On: 14 FEB 2025 6:01PM by PIB Delhi

    Bharat Sanchar Nigam Limited (BSNL) has reported a profit of ₹262 crore in the third quarter of the financial year, marking its first return to profitability since 2007. This milestone reflects the company’s focus on innovation, aggressive network expansion, cost optimization, and customer-centric service improvements.

    Announcing the quarterly financial results, Shri A. Robert J. Ravi, CMD, BSNL, said:

    “We are pleased with our financial performance this quarter, which reflects our focus on innovation, customer satisfaction, and aggressive network expansion. With these efforts, we expect revenue growth to improve further, exceeding 20% by the end of the financial year. Revenue from Mobility, FTTH, and Leased Lines has increased by 15%, 18%, and 14% respectively over Q3 of the previous year. Additionally, BSNL has successfully reduced its finance cost and overall expenditure, leading to a decline in losses by over ₹1,800 crore compared to last year.

    To enhance our customer experience, we have introduced new innovations such as National WiFi Roaming, BiTV – Free Entertainment for All Mobile Customers, and IFTV for All FTTH Customers. Our continuous focus on Quality of Service and Service Assurance has further strengthened customer trust and reinforced BSNL’s position as a leading telecom service provider in India.”

    This ₹262 crore profit underscores BSNL’s resurgence and long-term sustainability. As we continue on this growth trajectory, we remain committed to delivering higher value to our shareholders, expanding market opportunities, and driving innovation.

    Key Highlights of BSNL’s Financial Performance & Growth Strategy:

    Strong Revenue Growth:

                •           Mobility services revenue grew by 15%.

                •           Fiber-to-the-Home (FTTH) revenue increased by 18%.

                •           Leased Line services revenue rose by 14% over Q3 of the previous year.

     Aggressive Network Expansion:

                •           Accelerated 4G rollout and fiber-optic infrastructure upgrades.

                •           Strengthened connectivity across urban and rural areas.

    Customer-Centric Digital Innovations:

                •           National WiFi Roaming for seamless internet access across networks.

                •           BiTV – Free Entertainment for Mobile Customers, offering high-quality digital content.

                •           IFTV – Exclusive Entertainment for FTTH Customers, enhancing digital engagement.

    Operational & Cost Optimization Measures:

                •           Significant reduction in finance costs and overall expenditure, resulting in a decline in losses by over ₹1,800 crore compared to last year.

                •           Process automation and strategic resource management for improved efficiency.

    Government Support: Strategic revival initiatives, spectrum allocation, and capital infusion have bolstered our operations.

    Future Growth Outlook:

                •           Continued focus on service excellence, 5G preparedness, and digital transformation.

                •           Revenue growth expected to exceed 20% by the end of the financial year.

     

    This financial turnaround underscores BSNL’s commitment to providing high-quality, affordable telecom services while driving India’s digital growth. The company remains dedicated to enhancing service delivery, expanding its customer base, and contributing to the Digital India and Atmanirbhar Bharat vision.

    We thank our customers, stakeholders, and the Government of India for their unwavering support in BSNL’s transformation journey. We look forward to sustained growth and stronger financial performance in the coming quarters.

     

    For further details, please contact:

    Bharat Sanchar Nigam Limited

    ****

    Samrat/Dheeraj/Allen: pibcomm[at]gmail[dot]com

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    MIL OSI Asia Pacific News

  • MIL-OSI Security: California Man Sentenced to Over 5 Years in Federal Prison for Conspiracy to Distribute Methamphetamine and Money Laundering

    Source: Office of United States Attorneys

    Louisville, KY – A Los Angeles, California, man was sentenced yesterday to 5 years and 10 months in federal prison for conspiracy to distribute methamphetamine and money laundering.

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Special Agent in Charge Jim Scott of the DEA Louisville Field Division, Special Agent in Charge Karen Wingerd, of the Internal Revenue Service Criminal Investigations Cincinnati Field Office, U.S. Postal Inspector in Charge Lesley Allison, of the USPIS Pittsburgh Division, Chief Paul Humphrey of the Louisville Metro Police Department, Commissioner Phillip Burnett, Jr. of the Kentucky State Police, Sheriff John E. Aubrey of the Jefferson County Sheriff’s Office and Chief Josh Grimes of the Louisville Regional Airport Authority Department of Public Safety made the announcement.

    According to court documents, Teyrin Johnson, 30, was sentenced to 5 years and 10 months in federal prison, followed by 5 years of supervised release. Johnson had been charged following a multi-agency investigation that identified him as part of a conspiracy to distribute methamphetamine in Louisville, Kentucky between June 16, 2020, and March 4, 2021. The investigation also revealed that Johnson laundered drug proceeds on August 10, 2020, when he was stopped at the Louisville Muhammad Ali International Airport carrying $80,160 in cash.

    There is no parole in the federal system.   

    The case was investigated by the DEA Louisville Field Division, the Internal Revenue Service Criminal Investigations Division, the United States Postal Inspection Service, the Louisville Metro Police Department, the Kentucky State Police, the Jefferson County Sheriff’s Office, and the Louisville Regional Airport Authority Department of Public Safety.

    This effort is part of an Organized Crime Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    Assistant U.S. Attorney Robert Bonar prosecuted the case.

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    MIL Security OSI

  • MIL-OSI Security: Owner Of Las Vegas Company Indicted In $24 Million Cryptocurrency Ponzi Scheme

    Source: Office of United States Attorneys

    LAS VEGAS – A Las Vegas business owner made his initial appearance in court yesterday for allegedly misrepresenting that his company was a profitable, up-and-running artificial intelligence company that mined cryptocurrency, verified cryptocurrency transactions, paid fixed rates of return on investments, and provided a 100% money back guarantee. In total, the defendant obtained approximately $24 million from at least 400 investors.

    “Mr. Kovar allegedly stole victims’ hard-earned money by making false representations regarding his investment company, including misleading some victims to believe their investments were backed by the FDIC,” said Ryan Korner, Special Agent in Charge with the Federal Deposit Insurance Corporation Office of Inspector General (FDIC OIG). “FDIC OIG is committed to identifying, and holding accountable, those who endanger our Nation’s financial system by victimizing others for their personal gain.”

    Brent C. Kovar, 58, is charged with 12 counts of wire fraud, three counts of mail fraud, and three counts of money laundering. A jury trial has been scheduled to begin on April 8, 2025, before United States District Judge Jennifer A. Dorsey.

    According to allegations contained in the indictment, from late 2017 to July 2021, Kovar owned Profit Connect, a Las Vegas, Nev., based company that purportedly used artificial intelligence software on a supercomputer to mine cryptocurrency and verify cryptocurrency transactions. He falsely represented to investors that Profit Connect paid a fixed rate of return of 15%-30% APR and provided a 100% money-back guarantee. In reality, Kovar used investor money to operate Profit Connect, buy gifts for employees, buy a house for himself, and repay investors as if those repayments came from mining cryptocurrency and verifying cryptocurrency transactions.

    As part of the scheme, Kovar created a website, a YouTube video, and a PowerPoint presentation in which he made the misrepresentations to influence customers to buy investments. Furthermore, he leased office space for a sales office and a warehouse for a data center. As alleged, investments were sold through an entity known as Profit Connect Wealth Services. Kovar sent money via wire transfers to investors, he mailed checks through the U.S. Postal Service, and he engaged in monetary transactions greater than $10,000 that were derived from unlawful activity.

    If convicted, Kovar faces a total maximum statutory penalty of 330 years in prison and a fine of not more than $4,500,000. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting United States Attorney Sue Fahami, Special Agent in Charge Spencer L. Evans for the FBI Las Vegas Division, Special Agent in Charge Ryan Korner for the FDIC OIG, and Special Agent in Charge Carissa Messick for the IRS Criminal Investigation (IRS-CI) Phoenix Field Office made the announcement.

    The FBI, FDIC OIG, and IRS-CI investigated the case. Assistant United States Attorney Daniel Schiess is prosecuting the case.

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

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    MIL Security OSI

  • MIL-OSI USA: Governor Polis and Colorado Parks and Wildlife Acquire Michigan Creek Property in Conservation Victory

    Source: US State of Colorado

    PARK COUNTY, Colo. — Colorado Parks and Wildlife has acquired 120 acres in Park County, including a quarter-mile along Michigan Creek, for wildlife conservation and increased opportunities for hunters and anglers in a contract finalized today. Located about six miles southeast of Jefferson and abutted by Michigan Creek and County Road 77, the property will become Michigan Creek State Wildlife Area managed by CPW. The land contributes to critical wildlife habitat continuity with neighboring Bureau of Land Management and National Forest Service lands in Park Co. 

    “Protecting our iconic great outdoors for future generations to enjoy is one of my administration’s top priorities. Colorado is home to some of the best outdoor recreation in the nation, and I am thrilled to continue our state’s legacy to preserve land and protect our great outdoors. This new State Wildlife Area protects our natural resources while offering Colorado hunters and anglers more recreational opportunities,” said Governor Polis. 

    In 2023, a private landowner approached Western Rivers Conservancy to donate the land towards conservation efforts. Working with Colorado Open Lands, WRC placed a conservation easement on the property in late 2024 and held title to the land until conveying the land as a donation to CPW. 

    Michigan Creek is a tributary of the South Platte River and Tarryall Creek. The stream sustains a naturally-reproducing population of brook and brown trout, and the land offers increased hunting access for deer and elk in Game Management Unit 50. 

    “The donation of Michigan Creek State Wildlife Area is a win for conservation,” said Mark Lamb, Area Wildlife Manager for CPW. “We are grateful for partners like Western Rivers Conservancy and Colorado Open Lands in the continued effort to preserve habitat and increase public lands for hunting and fishing. We will work to try to have Michigan Creek SWA open to the public by the end of the year.” 

    “We are looking forward to the increased angling opportunities along Michigan Creek that come as a result of this partnership,” said CPW Senior Aquatic Biologist Kyle Battige. 

    This is the second land acquisition partnership in Park County between CPW and WRC, in addition to nearby Collard Ranch State Wildlife Area last spring, totaling 1,980 acres of scenic habitat conserved. Collaboration between stewardship partners and private landowners remains a high priority for CPW in the effort to preserve wildlife and land access for future generations. 

    “Conserving such a scenic and healthy stretch of Michigan Creek in an area so many Coloradans treasure is something to celebrate,” said Allen Law, WRC Interior West Project Manager. “Western Rivers Conservancy is thrilled we could expand our efforts in the South Platte Basin to help fish and wildlife thrive and to create better access to South Park’s rivers and open spaces.” 

    “Protecting this land means that Coloradans will be able to access excellent fishing for generations into the future, helping them connect to the outdoors and enjoy Colorado’s natural beauty,” said Kelsey Kirkwood, Colorado Open Lands Conservation Project Associate. “We are grateful for our partnerships with Western Rivers Conservancy and Colorado Parks and Wildlife which allow us to create robust and meaningful conservation outcomes for the good of all Coloradans.” 

    State Wildlife Areas offer hunting, angling and wildlife viewing opportunities with the purchase of an SWA pass. Revenue from pass purchases fund hunting and fishing conservation efforts and continued habitat health. Funding for this project was provided by the Park County Land and Water Trust Fund. 

    Photo courtesies: Christi Bode/Western Rivers Conservancy 

    Western Rivers Conservancy Media Contact: Danny Palmerlee, (503)-241-0151, dpalmerlee@westernrivers.org

     Western Rivers Conservancy 

    Western Rivers Conservancy’s motto is “Sometimes to save a river, you have to buy it.” WRC purchases land along the West’s finest rivers and streams to conserve habitat for fish and wildlife, protect key sources of cold water and create public access for all to enjoy. 

    To ensure the lands it acquires are protected in perpetuity, WRC transfers them to long-term stewards including the U.S. Forest Service, Bureau of Land Management, state parks and Tribal nations. WRC has created sanctuaries for fish and wildlife and secured recreational access along 250 rivers and streams around the West. It has protected more than 440 river miles and over 220,000 acres of land in nine western states. Its approach to river conservation is effective, tangible and permanent. More information at Western Rivers.org. 

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    MIL OSI USA News

  • MIL-OSI USA: Padilla, Moran, Hirono, Lankford Introduce Bipartisan Bill to Promote Wildfire Mitigation Through Wildlife Grazing

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Moran, Hirono, Lankford Introduce Bipartisan Bill to Promote Wildfire Mitigation Through Wildlife Grazing

    WASHINGTON, D.C. — U.S. Senators Alex Padilla (D-Calif.), Jerry Moran (R-Kan.), Mazie Hirono (D-Hawaii), and James Lankford (R-Okla.) introduced bipartisan legislation to promote research on how grazing can support wildfire mitigation, fuels reduction, and post-fire recovery.
    Several states have implemented pilot programs in which animals like goats and cattle, called “ungulates,” have grazed on prescribed areas of land containing highly flammable grasses and shrubs to mitigate fire risk. These pilot efforts have successfully reduced vegetation that can fuel rapid fire growth. However, limited scientific research has been conducted on optimal grazing land management techniques that also protect against other environmental harms.
    To address this critical research gap, the Wildfire Resilience Through Grazing Research Act would add the “Grazing for Wildfire Mitigation Initiative” to the National Institute of Food and Agriculture’s High-Priority Research List.
    “As devastating wildfires pose increasingly severe threats to our communities, we need to explore out-of-the-box approaches to blunt these disasters,” said Senator Padilla. “Grazing animals like goats and cattle have been successfully used to reduce the hazardous brush that fuels wildfires. Expanding our understanding of novel grazing strategies can make it a cost-effective tool to save lives and protect homes.”
    “Using grazing as a way to reduce wildfires is both beneficial to our ranchers and important to eliminating the grasses that accelerate fires on the prairie,” said Senator Moran. “Kansans have faced devastating wildfires in recent years and understand the importance of proactively working to keep our land healthy and free of undergrowth that can make these fires worse.”
    “As the people of Lahaina continue to recover from the devastating wildfires in 2023, we recognize just how necessary it is to pre-emptively reduce wildfire risk,” said Senator Hirono. “As wildfires occur with increasing frequency across the country, this legislation is a crucial step to help strengthen community resilience by studying the implementation of grazing as a strategy for reducing vegetation that can fuel wildfires. I’m glad to join my colleagues in introducing this important bill to help prevent wildfires and protect our communities.”
    “The Nature Conservancy welcomes this bill as a jump start for the utilization of grazing as a tool for wildfire risk reduction,” said Whitney Forman-Cook, Senior Policy Advisor for Forests and Fire at The Nature Conservancy. “In our Roadmap for Wildfire Resilience, we recommend federal land management agencies research and implement new strategies for forest and rangeland fuels reduction treatments at landscape scales. Targeted grazing satisfies that call for a new, cost-effective approach to promoting both drought and wildfire resilience while maintaining rangeland health.”
    “Wildfires are growing more intense, destructive and frequent—demanding bold, science-driven solutions. The Wildfire Resilience Through Grazing Research Act invests in the critical research needed to unlock the full potential of sustainable grazing as a wildfire mitigation tool. By equipping land managers, farmers and foresters with data-backed strategies, Congress can ensure grazing reduces fire risk while enhancing soil health, biodiversity and long-term ecosystem resilience,” said Eric Holst, AVP, Wildfire Resilience at Environmental Defense Fund.
    Specifically, the Wildfire Resilience Through Grazing Research Act would:
    Support research and development of grazing land management techniques for wildfire mitigation and recovery by driving research at land-grant colleges and universities like the University of California system, Kansas State University, University of Hawaiʻi at Mānoa, and Oklahoma State University.
    Promote the dissemination of information on these wildlife grazing land management techniques to public and private landowners, land managers, and livestock owners, including land management activities that protect against negative environmental impacts and improve soil health.
    The bill is endorsed by the Environmental Defense Fund and The Nature Conservancy.
    Senator Padilla has long been a leader in strengthening the federal and state response to wildfires. Last week, Padilla introduced bipartisan legislation to create a national Wildfire Intelligence Center to streamline federal response and create a whole-of-government approach to combat wildfires. He also announced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts, including the Wildfire Emergency Act, the Fire-Safe Electrical Corridors Act, and the Disaster Mitigation and Tax Parity Act. Additionally, Padilla’s legislation to strengthen FEMA’s wildfire preparedness and response efforts, the FIRE Act, became law in 2022.
    A one-pager on the bill is available here.
    Full text of the bill is available here.

    MIL OSI USA News

  • MIL-OSI USA: Sen. Johnson, Colleagues Reintroduce Bill to Permanently Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Wisconsin Ron Johnson

    WASHINGTON – Yesterday, U.S. Sen. Ron Johnson (R-Wis.) joined Senate Majority Leader John Thune (R-S.D.) and 44 senators in reintroducing legislation to permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches and businesses as the result of the owner’s death.

     Sens. Johnson and Thune were joined by Senators Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Jim Justice (R-W.Va.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.) and Todd Young (R-Ind.).

    The full text of the legislation can be found here.

    MIL OSI USA News

  • MIL-OSI Security: Las Vegas Woman Pleads Guilty To Fraudulently Seeking Nearly $100M In COVID-19 Employment Tax Credits

    Source: Office of United States Attorneys

    LAS VEGAS – A Nevada woman pleaded guilty yesterday to conspiring to defraud the United States by making claims for refunds of false COVID-19 related employment tax credits.

    According to court documents and statements made in court, Candies Goode-McCoy, of Las Vegas, conspired with others to file tax returns seeking fraudulent refunds based on the employee retention credit (ERC) and paid sick and family leave credit. From around June 2022 through September 2023, McCoy filed approximately 1,227 false tax returns for her businesses and others claiming these refundable credits.

    In total, these claims sought refunds of over $98 million, of which the IRS paid approximately $33 million. McCoy personally received over $1.3 million in fraudulent refunds and was paid about $800,000 from those on whose behalf she filed fraudulent returns. McCoy knew that these returns were fraudulent. Neither she nor the others for whom she filed them were eligible to receive the refundable credits in the amounts claimed. McCoy used the proceeds for her personal benefit, including the purchase of luxury cars, gambling at casinos, vacations and other luxury goods.

    In response to the COVID-19 pandemic and its economic impact, Congress authorized the ERC for small businesses to reduce the employment tax owed to the IRS. Congress also authorized the IRS to give a credit against employment taxes to reimburse businesses for the wages paid to employees who were on sick or family leave and could not work because of COVID-19. This credit was equal to the wages the business paid the employees during the sick or family leave, subject to a maximum amount.

    McCoy is scheduled to be sentenced on Feb. 23, 2026. She faces a maximum penalty of 10 years in prison as well as a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Sue Fahami for the District of Nevada made the announcement.

    IRS Criminal Investigation and the Treasury Inspector General for Tax Administration are investigating the case.

    Trial Attorney John C. Gerardi of the Tax Division and Assistant U.S. Attorney Richard Anthony Lopez for the District of Nevada are prosecuting the case.

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    MIL Security OSI

  • MIL-OSI USA: Grassley, Colleagues Reintroduce Bill to Permanently Repeal the Death Tax

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, joined Senate Majority Leader John Thune (R-S.D.) and 44 senators in reintroducing legislation to permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches and businesses as the result of the owner’s death.

    “After a farmer or business owner puts a lifetime of work into a family business, the death tax slaps the next generation with an unaffordable burden upon the passing of a loved one. It’s an outdated measure that’s keeping family farms and businesses from where they’re supposed to be; in the family. Our legislation would end this tax so that family farms can keep their money, invest in the rural communities and create new opportunities,” Grassley said.

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota. Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability,” Thune said.

    Additional cosponsors are Sens. Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsey Graham (R-S.C.), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.) and Todd Young (R-Ind.).

    Companion legislation was introduced in the House of Representatives by Rep. Randy Feenstra (R-Iowa).

    Find bill text HERE.

    Background:

    Grassley has long opposed the death tax, he welcomed the Senate’s attempt to repeal the death tax while Congress considered the Tax Cuts and Jobs Act (TCJA) in 2017. Although the final version of the TCJA did not repeal the death tax, the law effectively doubled the individual estate and gift tax exclusion to $10 million (approximately $13.9 million in 2025 dollars) through 2025, which prevents more families and generationally-owned businesses from being affected by this tax. The increased exclusion expires at the end of 2025, which increases uncertainty and planning costs for family-owned businesses, farms and ranches.

    The Death Tax Repeal Act is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.

    -30-

    MIL OSI USA News

  • MIL-OSI Security: Raleigh Man Sentenced to Over 10 years in Prison for Drugs and Guns

    Source: United States Department of Justice (National Center for Disaster Fraud)

    WILMINGTON, N.C. – A Raleigh man was sentenced to 152 months in prison for wire fraud, conspiracy to distribute and possession with the intent to distribute heroin, possession with the intent to distribute heroin, and possession of a firearm in furtherance of drug trafficking.  On September 16, 2024, and November 4, 2024, Cory Sean Heard, age 47, pled guilty to the charges.

    According to court documents and other information presented in court, on February 8, 2021, Heard was pulled over by the Raleigh Police Department for a routine traffic stop. During a search of Heard’s car, officers located a 9mm pistol, a bag of heroin, and a digital scale. Further investigation by the Federal Bureau of Investigation (FBI) revealed that between 2019 and 2021, Heard sold over 100 grams of heroin.

    While investigating Heard for drug distribution, the FBI learned that in March 2020, Heard submitted a fraudulent Economic Injury Disaster Loan (“EIDL”) application and IRS Form Schedule C for a fake business. As a result of this fraudulent EIDL application, Heard received a cash advance. Further investigation revealed that Heard also received PPP funds for an alleged car washing business. As part of the resolution of this case, Heard agreed, and was ordered to pay, $140,000 in restitution to the Small Business Administration.

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by Chief U.S. District Judge Richard E. Myers II. The Raleigh Police Department and Federal Bureau of Investigation  investigated the case and Assistant U.S. Attorney Lori Warlick and Special Assistant U.S. Attorney Lisa Labresh prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case Nos. 5:21-CR-178-M and 5:23-CR-388-M.

    ###

    MIL Security OSI

  • MIL-OSI: Southern Michigan Bancorp, Inc. Announces Fourth Quarter and Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    COLDWATER, Mich., Feb. 14, 2025 (GLOBE NEWSWIRE) — Southern Michigan Bancorp, Inc. (OTC Pink: SOMC) announced fourth quarter net income of $2,650,000, or $0.57 per share, compared to net income of $2,437,000, or $0.54 per share, for the fourth quarter of 2023. Southern earned $10,402,000 or $2.28 per share, for the year ended December 31, 2024, compared with $10,905,000 or $2.40 per share, for the same period one year ago.

    John R. Waldron, President and Chief Executive Officer of Southern Michigan Bancorp, Inc., stated, “2024 was another solid year with total assets reaching approximately $1.5 billion. During the year ended December 31, 2024, total loans and deposits grew to $1.116 billion and $1.252 billion, respectively. While our earnings continue to be impacted by the current interest rate environment, we remain encouraged by the strength of our core deposits and our ability to maintain asset quality.”

    The allowance for credit losses totaled $12,782,000, or 1.14% of loans on December 31, 2024, compared to $11,697,000, or 1.13% on December 31, 2023. Net loan charge-offs totaled $27,000 for 2024, compared to $15,000 for 2023. Non-performing loans as a percentage of total loans were 0.08% on December 31, 2024 and December 31, 2023.

    The annualized return on average assets for the years ended December 31, 2024, and December 31, 2023, was 0.71% and 0.80%, respectively. The annualized return on average equity was 10.07% for 2024 compared to 11.94% for 2023. The tax equivalent net interest margin for the years ending December 31, 2024, and 2023 was 2.98% and 3.16%, respectively.

    Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 18 offices within Branch, Calhoun, Hillsdale, Jackson, Kalamazoo and St. Joseph Counties providing a broad range of consumer, business and wealth management services throughout the region.

    This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Forward-looking statements are identifiable by words or phrases such as “expected,” “begin,” and other similar words or expressions. All statements with reference to a future time period are forward-looking. Management’s determination of the provision and allowance for credit losses and other accounting estimates, such as the carrying value of goodwill, other real estate owned, mortgage servicing rights and the fair value of investment securities, involves judgments that are inherently forward-looking. The future effect of changes in the financial and credit markets and the national and regional economy on the banking industry, generally, and Southern Michigan Bancorp, Inc., specifically, are also inherently uncertain. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extend, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed in or implied by such forward-looking statements. Southern Michigan Bancorp, Inc. does not undertake to update forward-looking statements to reflect the impact of circumstances or events that may arise after the date of the forward-looking statements.

     
    SOUTHERN MICHIGAN BANCORP, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
     
    (In thousands, except share data)              
      December 31,
    2024
      December 31,
    2023
     
    ASSETS            
    Cash and cash equivalents $ 73,737   $ 71,620  
    Federal funds sold   259     1,468  
    Securities available for sale, at fair value   159,320     169,740  
    Securities held-to-maturity, at amortized cost   60,454     61,600  
    Loans held-for-sale   995     169  
    Loans, net of allowance for credit losses of $12,782 – 2024, $11,697 – 2023   1,103,652     1,024,720  
    Premises and equipment, net   25,600     23,114  
    Net cash surrender value of life insurance   23,139     22,472  
    Goodwill   13,422     13,422  
    Other intangible assets, net   111     147  
    Other assets   35,866     26,323  
    TOTAL ASSETS $ 1,496,555   $ 1,414,795  
                 
    LIABILITIES            
    Deposits:            
    Non-interest bearing $ 223,583   $ 226,178  
    Interest bearing   1,028,212     931,793  
    Total deposits   1,251,795     1,157,971  
                 
    Securities sold under agreements to repurchase and overnight borrowings   1,560     1,738  
    Accrued expenses and other liabilities   18,355     15,703  
    Other borrowings   82,900     106,900  
    Subordinated debentures   34,722     34,653  
    Total liabilities   1,389,332     1,316,965  
                 
    SHAREHOLDERS’ EQUITY            
    Preferred stock, 100,000 shares authorized; none issued or outstanding        
    Common stock, $2.50 par value:            
    Authorized – 10,000,000 shares            
    Issued and outstanding – 4,577,107 shares in 2024,
    4,533,637 shares in 2023
      11,438     11,330  
    Additional paid-in capital   13,438     13,126  
    Retained earnings   97,462     89,808  
    Accumulated other comprehensive loss   (15,115 )   (16,434 )
    Total shareholders’ equity   107,223     97,830  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,496,555   $ 1,414,795  
     
    SOUTHERN MICHIGAN BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
     
    (In thousands, except per share data)
     
      Three Months Ended
    December 31,
      Year Ended
    December 31,
     
      2024   2023   2024   2023  
    Interest income:                        
    Loans, including fees $ 16,628   $ 15,308   $ 64,376   $ 54,887  
    Federal funds sold and balances with banks   999     766     4,629     3,125  
    Securities:                        
    Taxable   1,376     1,635     5,889     6,291  
    Tax-exempt   318     304     1,222     1,265  
    Total interest income   19,321     18,013     76,116     65,568  
                             
    Interest expense:                        
    Deposits   7,358     6,077     29,013     20,593  
    Other   1,315     1,606     6,016     4,995  
    Total interest expense   8,673     7,683     35,029     25,588  
    Net interest income   10,648     10,330     41,087     39,980  
    Provision for credit losses   353         1,014     950  
    Net interest income after provision for credit losses   10,295     10,330     40,073     39,030  
                             
    Non-interest income:                        
    Service charges on deposit accounts   422     422     1,692     1,670  
    Trust fees   704     632     2,744     2,419  
    Net gains on loan sales   253     119     672     305  
    Earnings on life insurance assets   170     161     667     617  
    ATM and debit card fee income   462     447     1,818     1,786  
    Other   289     296     898     941  
    Total non-interest income   2,300     2,077     8,491     7,738  
                             
    Non-interest expense:                        
    Salaries and employee benefits   6,233     5,836     22,388     20,586  
    Occupancy, net   540     416     2,054     1,813  
    Equipment   425     385     1,658     1,449  
    Professional and outside services   581     770     2,156     2,243  
    Software maintenance   635     608     2,452     2,247  
    ATM expenses   212     201     841     803  
    Printing, postage, and supplies   97     118     510     437  
    Telecommunication expenses   73     109     313     376  
    Other   1,096     940     4,053     3,466  
    Total non-interest expense   9,892     9,383     36,425     33,420  
    INCOME BEFORE INCOME TAXES   2,703     3,024     12,139     13,348  
    Federal income tax provision   53     587     1,737     2,443  
    NET INCOME $ 2,650   $ 2,437   $ 10,402   $ 10,905  
                             
    Basic Earnings Per Common Share $ 0.57   $ 0.54   $ 2.28   $ 2.40  
    Diluted Earnings Per Common Share   0.57     0.54     2.28     2.40  
    Dividends Declared Per Common Share   0.15     0.14     0.60     0.56  

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