NewzIntel.com

Category: Transport

  • MIL-OSI USA: U.S. Geological Survey Grants More than $4.8M to States to Preserve Vital Geologic Data and to Support Infrastructure Development 

    Source: US Geological Survey

    Of the $4.8 million to be awarded, $4.08 million comes from investments made by the Bipartisan Infrastructure Law. Every dollar awarded by the USGS is matched by state geological surveys, doubling the impact of the federal investment. This funding expands the capacity of the USGS NGGDPP to preserve physical samples (e.g., drill cores and geochemical samples) and earth-science assets, which are crucial for future scientific discovery, hazard mitigation, infrastructure development, critical mineral characterization, and climate resilience. 

    The U.S. relies heavily on critical minerals for uses ranging from smartphones and fertilizers to electric vehicles, defense and renewable energy. As supply chain vulnerabilities become a growing concern, interest in domestic resource potential has increased. Data and samples held by state geological surveys are key to identifying critical mineral potential, understanding groundwater resources and geologic hazards and supporting infrastructure projects.  

    Since 2007, the USGS NGGDPP has helped state geological surveys preserve data and samples through annual grants. This year’s funding includes more than $372,000 in appropriated funds from the USGS NGGDPP and an additional $328,000 from the USGS Earth Mapping Resources Initiative, on top of the $4.08 million from the Bipartisan Infrastructure Law. To support these preservation efforts, state geological surveys will contribute $4.8 million in matching funds. 

    The grants will preserve critical data by improving storage conditions for physical samples, advancing new technological methods to better characterize and use those samples, and driving the development of modern digital infrastructure that enhances public access to these important resources. 

    Various fossil specimens from USGS collection.

    Summary of Successes: Why This Matters 

    • Doubling the Impact: Every dollar awarded is matched by state geological surveys, effectively doubling the federal investment and magnifying its impact. 
    • Advancing Science: The program supports the preservation of crucial geological data and physical samples, enabling future scientific discoveries related to critical minerals, groundwater resources and geologic hazards. 
    • Critical Mineral Resources Support: In support of the USGS Earth Mapping Resources Initiative, the program facilitates the submission of up to 300 samples per state for geochemical analysis of existing geological materials with critical mineral potential. 
    • Infrastructure Development: Improvement in physical storage conditions preserves the long-term availability of samples and cores for new research without costly reacquisition (AR, AZ, IN, MO, MT, NE, NM, OH, WV). 

    • Data Modernization: Updating data formats and improving digital access to these resources ensures that scientists, policymakers and the public can leverage this valuable information efficiently. An example is well log digitization and conversion to industry standard formats for web access (FL, ID, IN).  

    More information about the National Geological and Geophysical Data Preservation Program and its grants can be found at the NGGDPP website.

    For more information about how the USGS is investing funding received from the Bipartisan Infrastructure Law can be found on the USGS BIL website. 

    MIL OSI USA News –

  • MIL-OSI Security: Marystown — Man injured by shot from small game rifle, Burin Peninsula RCMP looks to identify hunters in area of Grand Le Pierre

    Source: Royal Canadian Mounted Police

    Following the report of a gunshot injury sustained to an individual on the afternoon of October 26, 2024, Burin Peninsula RCMP is looking to identify hunters or any other individuals who may have been present when the incident occurred. The hunting area is located off Route 211, approximately 3 kilometers North/East of the community of Grand La Pierre.

    At approximately 3:30 p.m. on Saturday, Burin Peninsula RCMP received the report of a gunshot injury from the Burin Peninsula Health Care Centre. A man attended the hospital informing that he had been shot while scouting out the area to set some rabbit snares. A 22-Calibre round was removed from the man who was treated for minor injuries. The incident is believed to have occurred sometime earlier that afternoon between 1:00-1:30 p.m.

    No persons or vehicles were observed by the injured man. Police attended the described location but were unable to locate anyone in the area.

    The investigation is continuing.

    Anyone who may have been in the area on Saturday afternoon or who may have information about this incident is asked to contact Burin Peninsula RCMP at 709-279-3001. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

    MIL Security OSI –

  • MIL-OSI Global: The ancient Irish get way too much credit for Halloween

    Source: The Conversation – USA – By Lisa Bitel, Dean’s Professor of Religion & Professor of History, USC Dornsife College of Letters, Arts and Sciences

    The Celtic festival of Samhain celebrates a time of year when the division between Earth and the otherworld collapses, allowing spirits to pass through. Matt Cardy/Getty Images

    This time of year, I often run across articles proclaiming Halloween a modern form of the pagan Irish holiday of Samhain – pronounced SAW-en. But as a historian of Ireland and its medieval literature, I can tell you: Samhain is Irish. Halloween isn’t.

    The Irish often get credit – or blame – for the bonfires, pranksters, witches, jack-o’-lanterns and beggars who wander from house to house, threatening tricks and soliciting treats.

    The first professional 19th-century folklorists were the ones who created a through line from Samhain to Halloween. Oxford University’s John Rhys and James Frazer of the University of Cambridge were keen to find the origins of their national cultures.

    They observed lingering customs in rural areas of Britain and Ireland and searched medieval texts for evidence that these practices and beliefs had ancient pagan roots. They mixed stories of magic and paganism with harvest festivals and whispers of human sacrifice, and you can still find echoes of their outdated theories on websites.

    But the Halloween we celebrate today has more to do with the English, a ninth-century pope and America’s obsession with consumerism.

    A changing of the seasons

    For two millennia, Samhain, the night of Oct. 31, has marked the turn from summer to winter on the Irish calendar. It was one of four seasonal signposts in agricultural and pastoral societies.

    After Samhain, people brought the animals inside as refuge from the long, cold nights of winter. Imbolc, which is on Feb. 1, marked the beginning of the lambing season, followed by spring planting. Beltaine signaled the start of mating season for humans and beasts alike on May 1, and Lughnasadh kicked off the harvest on Aug. 1.

    But whatever the ancient Irish did on Oct. 31 is lost to scholars because there’s almost no evidence of their pagan traditions except legends written by churchmen around 800 A.D., about 400 years after the Irish started turning Christian. Although they wrote about the adventures of their ancestors, churchmen could only imagine the pagan ways that had disappeared.

    A neopagan celebration of Samhain in October 2021.
    Wikimedia Commons, CC BY-SA

    An otherworld more utopian than terrifying

    These stories about the pagan past told of Irish kings holding annual weeklong feasts, markets and games at Samhain. The day ended early in northwestern Europe, before 5 p.m., and winter nights were long. After sundown, people went inside to eat, drink and listen to storytellers.

    The stories did not link Samhain with death and horror. But they did treat Samhain as a night of magic, when the otherworld – what, in Irish, was known as the “sí” – opened its portals to mortals. One tale, “The Adventure of Nera,” warned that if you went out on Samhain Eve, you might meet dead men or warriors from the sí, or you might unknowingly wander into the otherworld.

    When Nera went out on a dare, he met a thirsty corpse in search of drink and unwittingly followed warriors through a portal into the otherworld. But instead of ghosts and terror, Nera found love. He ended up marrying a “ban sídh” – pronounced “BAN-shee” – an otherworldly woman. But here’s the medieval twist to the tale: He lived happily ever after in this otherworld with his family and farm.

    The Irish otherworld was no hell, either. In medieval tales, it is a sunny place in perpetual spring. Everyone who lives there is beautiful, powerful, immortal and blond. They have good teeth. The rivers flow with mead and wine, and food appears on command. No sexual act is a sin. The houses sparkle with gems and precious metals. Even the horses are perfect.

    Clampdown on pagan customs

    The link between Oct. 31, ghosts and devils was really the pope’s fault.

    In 834, Pope Gregory IV decreed Nov. 1 the day for celebrating all Christian saints. In English, the feast day became All Hallows Day. The night before – Oct. 31 – became known as All Hallows Eve.

    Some modern interpretations insist that Pope Gregory created All Hallows Day to quell pagan celebrations of Samhain. But Gregory knew nothing of ancient Irish seasonal holidays. In reality, he probably did it because everyone celebrated All Saints on different days and, like other Popes, Gregory sought to consolidate and control the liturgical calendar.

    In the later Middle Ages, All Hallows Eve emerged as a popular celebration of the saints. People went to church and prayed to the saints for favors and blessings. Afterward, they went home to feast. Then, on Nov. 2, they celebrated All Souls’ Day by praying for the souls of their lost loved ones, hoping that prayers would help their dead relatives out of purgatory and into heaven.

    But in the 16th century, the Protestant rulers of Britain and Ireland quashed saints’ feast days, because praying to saints seemed idolatrous. Protestant ministers did their best to eliminate popular customs of the early November holidays, such as candle-lit processions and harvest bonfires.

    In the minds of ministers, these customs smacked of heathenism.

    A mishmash of traditions

    Our Halloween of costumed beggars and leering jack-o’-lanterns descends from this mess of traditions, storytelling and antiquarianism.

    Like our ancestors, we constantly remake our most important holidays to suit current culture.

    Jack-o’-lanterns are neither ancient nor Irish. One of the earliest references is an 18th-century account of an eponymous Jack, who tricked the devil one too many times and was condemned to wander the world forever.

    Supposedly, Jack, or whatever the hero was called, carved a turnip and stuck a candle in it as his lantern. But the custom of carving turnips in early November probably originated in England with celebrations of All Saints’ Day and another holiday, Guy Fawkes Day on Nov. 5, with its bonfires and fireworks, and it spread from there.

    Guy Fawkes Day, an annual celebration in Great Britain, features fireworks and bonfires and is observed on Nov. 5.
    Hulton-Deutsch Collection/Corbis via Getty Images

    As for ancient bonfires, the Irish and Britons built them to celebrate Beltaine, but not Samhain – at least, not according to the medieval tales.

    In 19th-century Ireland, All Hallows Eve was a time for communal suppers, games like bobbing for apples and celebrating the magic of courtship. For instance, girls tried to peel apples in one long peel; then they examined the peels to see what letters they resembled – the initials of their future husbands’ names. Boys crept out of the gathering, despite warnings, to make mischief, taking off farm gates or stealing cabbages and hurling them at the neighbors’ doors.

    Halloween with an American sheen

    Across the Atlantic, these customs first appeared in the mid-19th century, when the Irish, English and many other immigrant groups brought their holidays to the U.S.

    In medieval Scotland, “guisers” were people who dressed in disguise and begged for “soul cakes” on All Souls Day. These guisers probably became the costumed children who threatened – and sometimes perpetrated – mischief unless given treats. Meanwhile, carved turnips became jack-o’-lanterns, since pumpkins were plentiful in North America – and easier to carve.

    Like Christmas, Valentine’s Day and Easter, Halloween eventually became a feast of consumerism. Companies mass-produced costumes, paper decorations and packaged candy. People in Britain and Ireland blamed the Americans for the spread of modern Halloween and its customs. British schools even tried to quash the holiday in the 1990s because of its disorderly and demonic connotations.

    The only real remnant of Samhain in Halloween is the date. Nowadays, no one expects to stumble into a romance in the sí. Only those drawn to the ancient Celtic past sense the numinous opening of the otherworld at Samhain.

    But who’s to say which reality prevails when the portals swing open in the dark of Oct. 31?

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

    – ref. The ancient Irish get way too much credit for Halloween – https://theconversation.com/the-ancient-irish-get-way-too-much-credit-for-halloween-239801

    MIL OSI – Global Reports –

  • MIL-OSI Global: Corporate social responsibility disclosures are a double-edged sword, new research suggests

    Source: The Conversation – USA – By Vivek Astvansh, Associate Professor of Quantitative Marketing and Analytics, McGill University

    Hoping to win over customers, businesses from Amazon to Zoom have taken to touting their good deeds in corporate social responsibility reports.

    CSR reports let companies spotlight what they’ve done for workers, consumers, communities and the environment – essentially all their goals beyond simply making a profit. Research shows that CSR statements are linked to rising sales.

    As a marketing professor, I thought that raised an interesting question: When companies find success with CSR disclosures, are they bringing in new customers – or are their extra sales coming from their existing base alone?

    In a recent study of several hundred Chinese companies, a colleague and I put the question to the test. We found that a CSR disclosure lowers a business’s dependence on current customers by 2.1%.

    That’s welcome news for businesses. It means those additional sales are coming from new customers, who are indeed impressed by the company’s CSR efforts.

    But the findings weren’t all positive.

    To sell more products, companies generally need to buy more supplies. So a logical follow-up question is: Does a company’s CSR disclosure lead it to source purchases from new suppliers?

    In fact, we found the opposite. Companies that released CSR disclosures seemed to scare away new suppliers. This is probably because suppliers often bear the costs when a company chooses to prioritize social responsibility.

    Becoming dependent on suppliers comes at a cost to businesses. When suppliers know a company depends on them, they tend to demand payment in cash rather than credit. That can hurt a company, because it now has less cash for investments.

    So while CSR reports impress customers, they appear to antagonize suppliers – and that comes at a price.

    Why it matters

    Prior research has shown that CSR disclosures can boost sales, but it’s long been unclear whether these additional sales are sourced from old customers or newly acquired ones. Our work brings clarity that businesses can use in making decisions.

    The findings are also of interest to lawmakers, regulators and corporate responsibility advocates who are debating making CSR reports mandatory.

    The U.S. doesn’t require businesses to release CSR reports, but some countries do. One is China, which in 2008 mandated that all public companies submit annual CSR reports starting in 2009. This created the conditions for the nearly natural experiment we conducted.

    Interestingly, the U.S. Securities and Exchange Commission has reportedly considered making some form of corporate social responsibility reporting mandatory. In the absence of requirements, many American corporations will continue to voluntarily report their CSR.

    In other words, the need for empirical evidence on the cost and benefits of CSR disclosure is greater than ever.

    What’s next

    The increasing incidence of extreme weather events and weather-related fatalities and injuries has piqued my interest in environmental responsibility. I have two ongoing research projects.

    First, I’m using a company’s public disclosures to measure its environmental risks and the activities it has undertaken to mitigate them. Second, I am researching how CEO incentives shape a company’s environmental disclosure, activities and spending – or the lack thereof.

    The Research Brief is a short take on interesting academic work.

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

    – ref. Corporate social responsibility disclosures are a double-edged sword, new research suggests – https://theconversation.com/corporate-social-responsibility-disclosures-are-a-double-edged-sword-new-research-suggests-241540

    MIL OSI – Global Reports –

  • MIL-OSI Global: Beyond bottled water and sandwiches: What FEMA is doing to get hurricane victims back into their homes

    Source: The Conversation – USA – By Shannon Van Zandt, Professor of Landscape Architecture and Urban Planning, Texas A&M University

    Two people survey their beachfront home and business, which was destroyed in Hurricane Milton, on Manasota Key, Fla., Oct. 13, 2024. AP Photo/Rebecca Blackwell

    In a pattern all too familiar to people affected by disasters, hurricanes Helene and Milton have disappeared from the headlines, just a few weeks after these disasters ravaged the Southeast. Although reporters have moved on, recovery is just beginning for people who were displaced.

    According to government and private analysts, damages may exceed US$50 billion apiece for these two storms. The Red Cross estimates that over 7,200 homes were destroyed or severely damaged and that more than 1,200 people were living in shelters across the affected states as of late October 2024.

    Staffers from the Federal Emergency Management Agency have been on the ground since before Helene and Milton hit, positioned to help as soon as the storms passed, along with state and local responders. But many people aren’t clear about how FEMA helps or what its responsibilities are.

    This may be one reason why the agency has had to dispel rumors about its response to Helene in North Carolina, such as assertions that representatives were coming to seize damaged property.

    We study the impacts of natural disasters and how communities recover. Here’s what FEMA does in zones battered by disasters like Helene and Milton:

    This FEMA video explains how to initiate claims after federally declared disasters.

    Quick cash grants, then funding for repairs

    FEMA works year-round helping communities prepare for disasters and training emergency management personnel to respond to these events. In the wake of declared federal disasters, it offers its Public Assistance and Individuals and Households programs.

    Public Assistance Program funds are available to state and local governments and some nonprofits to help pay for things like removing debris, preventing further damage and restoring public infrastructure. Support from the Individuals and Households Program may include funds for temporary housing and for repairing or replacing primary residences, as well as provision of temporary housing units for people displaced from their homes.

    FEMA launched a new form of flexible aid in March 2024 that provides quick cash payments of $750 per household for immediate needs, such as food, water, gasoline and emergency shelter. Contrary to rumors that have circulated in the wake of Helene, these payments are just a start, not the maximum support that FEMA offers.

    Applicants have to file claims to receive further aid. These requests go through extensive review, such as inspections of home damage. FEMA then decides how much aid to provide, if any.

    The agency will fund repairs intended to make the home safe to live in, but this work may not be enough to return the home to its pre-disaster state. Currently, the maximum FEMA aid for housing assistance is $42,500, plus an additional $42,500 for other disaster-related needs. For many, these amounts will be insufficient.

    FEMA officials say the agency has enough funding to handle immediate response and recovery from both Helene and Milton. However,
    until damage from both storms has been fully assessed, it is hard to know whether FEMA will need supplemental funds from Congress to support long-term recovery.

    Insurance plays a key role

    FEMA’s programs are intended to help with temporary housing and other needs that aren’t covered by insurance. Homeowners are expected to protect themselves against losing their dwellings by insuring their homes.

    However, some natural disasters are not always covered by homeowners insurance. They include storm-driven flooding, earthquakes and wind damage from hurricanes and tornadoes.

    In places that are vulnerable to these hazards, homeowners may have to seek separate coverage, either from private insurers or government-backed lenders of last resort. Households that don’t purchase special coverage, either because it costs too much or they don’t think they need it, will struggle to recover.

    According to FEMA, only 4% of U.S. homeowners have flood insurance, while 99% of U.S. counties have experienced flooding since 1996.

    Other federal funding sources

    Another federal funding source for housing repair and replacement and other personal property losses is the Small Business Administration. But, unlike FEMA grants that don’t need to be repaid, the SBA only offers low-interest loans.

    The main source of funding for long-term housing recovery is the U.S. Department of Housing and Urban Development’s Community Development Block Grant – Disaster Recovery grants. These funds must be approved by Congress following a disaster, so it can take months or years for funds to reach communities.

    Awarding this money as block grants gives state and local governments more flexibility to meet the needs of affected communities. However, it also makes it easier to allocate the funds in ways that don’t address the housing needs of the people they are intended to help.

    In recent years, we have seen many cases in which state or local officials have spent these funds inappropriately. For example, after Hurricane Katrina in 2005, Mississippi Governor Haley Barbour redirected most of his state’s HUD funds to economic development projects, including expanding the port of Gulfport, rather than rebuilding housing for storm survivors.

    Fighting to direct funds to those who need them most often requires legal action, extending the wait for hard-hit communities that need it.

    Renters have few options

    Disaster recovery programs often overlook renters, even though in many areas up to half of residents may rent their homes. Renters have little control over whether their homes are rebuilt at all, much less whether they will be allowed to return to them.

    Our research has shown that owner-occupied housing generally recovers much more quickly than rental housing. Apartment buildings also face a more uncertain recovery than single-family homes.

    Helping the neediest victims

    Even after recent updates to its rules, FEMA still struggles to adequately meet the needs of the most vulnerable groups in society. This includes low-income and minority households, people with disabilities and those who are undocumented.

    Poor households often live in homes that are in bad shape or that have gone through previous disasters without repair. In such cases, it can be hard for FEMA inspectors to determine how much damage was caused by the current disaster, which in turn can lead to claims being denied.

    In south Texas, after hurricanes Dolly and Ike in 2008, thousands of low-income households’ claims were denied, leading to a class-action lawsuit that homeowners ultimately won. After Hurricane Maria devastated Puerto Rico in 2017, many homeowners were denied rebuilding aid because they couldn’t provide a title to prove ownership.

    In response, FEMA created new rules in 2023 for demonstrating ownership. For example, FEMA has modified and expanded the types of documentation needed to prove ownership. The agency has also changed eligibility and assistance rules to make it easier to qualify for assistance.

    Recent research suggests that, at least on the whole, FEMA’s Individual Assistance Program is not likely to underserve poor households. Nonetheless, as people across the Southeast take stock of losses from this year’s hurricanes, we believe it will be important to pay special attention to under-resourced households, whose needs may not be adequately addressed by federal programs.

    Shannon Van Zandt receives funding from the U.S. Department of Housing & Urban Development and the National Institutes for Standards & Technology. She is a board member of Texas Housers, a non-profit that advocates for housing for low-income Texans.

    Walter Gillis Peacock research has been funded by a number of agencies including the National Institute for Standards and Technology, the National Science Foundation, the National Oceanic and Atmospheric Administration, the Department of Homeland Security, and the U.S. Army Corps of Engineers.

    – ref. Beyond bottled water and sandwiches: What FEMA is doing to get hurricane victims back into their homes – https://theconversation.com/beyond-bottled-water-and-sandwiches-what-fema-is-doing-to-get-hurricane-victims-back-into-their-homes-241176

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: UK, EU and Canada impose new sanctions targeting Myanmar military regime and its associates

    Source: United Kingdom – Executive Government & Departments

    The UK, EU and Canada have announced further sanctions targeting the Myanmar military’s access to military material, equipment and funds.

    • The UK, EU and Canada have announced a further round of sanctions to increase pressure on the Myanmar military regime and its associates.  

    • UK sanctions target entities supplying aviation fuel and equipment to the Myanmar military. August 2024 saw the highest number of airstrikes on record by the Myanmar military, killing dozens of civilians.  

    The UK, EU and Canada have announced further sanctions targeting the Myanmar military’s access to military material, equipment and funds.  

    UK action will help to constrain the Myanmar military’s ability to conduct airstrikes on civilians, which amount to gross human rights violations.  

    The latest round of UK sanctions is against six entities involved either in providing aviation fuel to the Myanmar military or in the supply of restricted goods, including aircraft parts. Today’s announcement bolsters previous sanctions against suppliers of aviation fuel to the military in February and March 2023 and arms dealers in October 2023.  

    The UK will continue to work with partners to restrict the sale and transfer of arms and finance to the Myanmar military. Since the coup, the UK has provided more than £150 million for life-saving humanitarian assistance, healthcare, education and support for civil society and local communities in Myanmar.

    Minister for the Indo-Pacific, Catherine West said:  

    The human rights violations taking place across Myanmar, including airstrikes on civilian infrastructure, by the Myanmar military is unacceptable and the impact on innocent civilians is intolerable. 

    That is why today the UK is announcing fresh sanctions targeting the suppliers of equipment and aviation fuel to the Myanmar military. Alongside the EU and Canada, we are today further constraining the military’s access to funds, equipment and resources. 

    These sanctions will increase pressure on the Myanmar military. The UK remains steadfast in our support for the Myanmar people and their aspirations for a peaceful and democratic future.

    On 1 February 2021, the Myanmar military overthrew the democratically elected government, led by Aung San Suu Kyi, and installed a military regime. Since then, they have used violence and atrocities to maintain power and suppress any opposition voices. Increasingly brutal tactics have been implemented as the military continue to cling on to power, leading to the highest number of airstrikes on record by the Myanmar military this August (2024), killing dozens of civilians. 

    Over 3.4 million people are now displaced from their homes due to the fighting, over 18 million people are in need of humanitarian assistance, and Myanmar is now seeing a proliferation in serious and organised crime. 

    Background  

    Since the coup, the UK has designated 25 individuals and 33 entities under the Myanmar Sanctions Regime. The UK continues to lead international efforts to undermine the regime’s credibility and constrain their access to revenue and arms. 

    Today the UK has sanctioned: 

    1. Asia Sun Group Company Limited – for being owned or controlled by Zaw Min Tun, a Myanmar businessman previously sanctioned by the UK in 2023 for making available economic resources, namely aviation fuel, directly or indirectly to or for the benefit of the Myanmar security forces. 

    2. Swan Energy Company Limited – for being associated with Asia Sun Trading Company Limited and by for making available economic resources (aviation fuel) directly or indirectly to or for the benefit of the Myanmar security forces.  

    3. Myan-Oil Company Limited – for being associated with Asia Sun Trading Company Limited. 

    4. Rich Ray Trading Company Limited – for being associated with Asia Sun Trading Company Limited and by making available economic resources (aviation fuel) directly or indirectly to or for the benefit of the Myanmar security forces. 

    5. Progress Technology Support Company (a.k.a Royal Shune Lei Co) – for being involved in the supply to Myanmar of restricted goods or restricted technology or of material related to such goods or technology.  

    6. King Royal Technologies Company Limited- for being involved in the supply to Myanmar of goods or technology which could contribute to a serious human rights violation or abuse.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New Independent Chair for Dartmoor Land Use Management Group

    Source: United Kingdom – Executive Government & Departments

    The government has appointed Phil Stocker as Independent Chair of the newly formed Dartmoor Land Use Management Group

    Phil Stocker has been appointed as Independent Chair of the Dartmoor Land Use Management Group, as the government moves forward with recommendations to create a long-term plan for land use which preserves the cultural heritage of the area, recovers nature and boosts food production.

    Mr Stocker has strong technical knowledge of farming and the environment and is recognised as progressive ensuring we are balancing food production with nature’s recovery. He has previously held posts at both the Soil Association and RSPB prior to his current role as Chief Executive for the National Sheep Association.

    Phil Stocker is also the Chairman of the Black Mountains Land Use Partnership which has given him unique extensive experience of managing different interests in delivering cooperative and sustainable land management in an upland setting. 

    Appointed through an open recruitment process, Phil Stocker has over 40 years’ experience in agriculture and land management. This included 15 years leading the Soil Association’s support work for its organic farmer and grower members. His varied background and leadership experience puts him in good stead for the role.

    The Dartmoor Land Use Management Group will provide a space for stakeholders to discuss important issues and work to strike the right balance between food security and preserving the diversity and abundance of nature in the area. Mr Stocker will be responsible for steering the Land Use Management Group to meet its aims and objectives. This includes oversight and delivery of the other 25 recommendations attributed to the group, put forward in the response to the review, and ensuring effective ways of working throughout.  

    As Chair, his first task will be to identify and appoint members who bring the necessary knowledge, expertise and engagement to the group. Defra will also review and confirm the appointments to ensure the group has a balanced membership with representation from different stakeholder groups.  

    Food Security and Rural Affairs Minister Daniel Zeichner said:

    Dartmoor is a breathtaking landscape with unique challenges. The area has one of the largest semi-natural moorland habitats in the country and over recent years the relationship between farming, nature and other impacts, such as climate change have lacked balance.

    With more than 40 years’ experience working in farming and the environment, I am delighted that Phil Stocker has been appointed. He is uniquely placed to consider the needs of our land: restoring nature, boosting food production and preserve its beauty for generations to come.

    Phil Stocker, Independent Chair of the Dartmoor Land Use Management Group, said:

    It is an honour to have been appointed as Independent Chair of the Dartmoor Land Use Management Group. This is a role that comes with great responsibility, and one which I have not taken on lightly.

    As someone who has worked on agriculture and land management across my career, I know only too well the delicate balance between nature and food production.

    It is now my intention to bring people together to ensure that the group delivers a land use plan that reflects the evidence and will create a sustainable future for Dartmoor.

    Andrea Ayres, Natural England Deputy Director for Devon, Cornwall and Isles of Scilly, said:

    We are working hard to find solutions with farmers and land managers on Dartmoor, and I am confident that Phil Stocker’s leadership will strike the right balance between protecting environmental objectives and preserving grazing on the commons.

    There are a wide range of stakeholders and challenges in Dartmoor and it’s important that all parties come together to build a sustainable vision for the future of this precious landscape.

    Kevin Bishop, Chief Executive, Dartmoor National Park Authority said:

    We want to see thriving farm businesses in Dartmoor that are delivering a high-quality environment that is alive with nature and with opportunities for all to enjoy and cherish this special place.

    We welcome the establishment of the Dartmoor Land Use Management Group and look forward to supporting the group deliver land management solutions that help achieve the vision in the Dartmoor Partnership Plan.

    The creation of the Dartmoor Land Use Management Group was a key proposal made by the Dartmoor Independent Review and the Government supports the recommendations of the Review.

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: DeLauro Announces $1.1 Million in Community Project Funding for Marrakech, Inc

    Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)

    Today, Congresswoman Rosa DeLauro (CT-03) announced $1,100,000 secured for Marrakech, Inc. This investment will support renovations to Marrakech’s headquarters, ensuring the facility is safer and more accessible for people with disabilities. The project will address critical issues, such as deteriorating building conditions and unsafe parking areas, which pose risks to both employees and visitors. Marrakech is a nonprofit organization that has been providing human services for individuals throughout Connecticut since 1971, serving over 1,000 individuals every year.

     “The funds I have secured for community projects go directly to communities and allow them to move forward with local infrastructure projects, foster new developments, invest in childcare, build climate resiliency, help our health care centers support their patients’ medical needs – and so much more,” said Congresswoman DeLauro. “The funding we are celebrating for Marrakech will help thoroughly renovate this facility, improving its efficiency, safety, and accessibility. It is my hope that this will improve both the working conditions forstaff and the visiting experience for their clients, creating a new community center for all those seeking a level up.”

     “I cannot overstate enough how important the funding of this project is to Marrakech, Inc. Just when we felt we were out of options, learning of the investment that Congresswoman Rosa DeLauro recommended on behalf of Marrakech actually brought me to tears. The improvements in the efficiency, safety, and accessibility of our main building will not only positively impact the persons supported, their families, and the many employees who work in or frequent the building but will also affect the community around it as we improve the condition of the building. Marrakech has been committed to providing quality services to residents of Connecticut for over 50 years. The support of Marrakech’s project is further proof of the Congresswoman’s commitment to people with disabilities and her understanding of the gravity of this commitment.” – Heather LaTorra, Marrakech Inc. President and CEO.

    Ranking Member of the House Appropriations Committee Rosa DeLauro (CT-03) secured over $16 million for local projects in Connecticut in the 2024 funding bill. A full breakdown of those projects is available here.

     

    MIL OSI USA News –

  • MIL-OSI Europe: ASIA/CHINA – World Missionary Month in Chinese Catholic communities

    Source: Agenzia Fides – MIL OSI

    Beijing (Agenzia Fides) – Prayers for peace in the world, donations for the mission, works of charity, pilgrimages, concerts and theatrical performances and sporting events. The participation of many Chinese Catholic communities in initiatives and moments of community during the World Missionary Month in October, which the Church dedicates in a special way to mission throughout the world was spontaneous and creative.The highlight of World Missionary Month in China was also World Mission Sunday, celebrated on the penultimate Sunday of the month (this year on Sunday 20 October). On that day, many parishes held the “Collection for the Missions” (which in China is carried out in addition to the usual collection of funds for charitable and missionary works on Palm Sunday). In the homilies of many priests, reference was made to the history and spirit of World Missionary Sunday, recalling the mandate of witness and proclamation of the Gospel that Jesus entrusted to all his disciples.On Sunday, October 27, a total of 26 priests, nuns and lay people from the Tangshan community took part in the “Tangshan Marathon 2024”. In the midst of 20,000 participants from 13 countries around the world, the Catholic marathon runners of Tangshan wanted to offer a simple public witness of the faith that unites them and drives them to proclaim the Gospel with perseverance and endurance, sharing with everyone the difficulties, joys and encounters along the way, as happens in a marathon.In the parish of Hushan (diocese of Ningbo), a play inspired by biblical themes was performed on the occasion of World Mission Sunday, also to celebrate 30 years of Bible courses in the parish and the Year of Sacred Scripture in the diocese. On Saturday, October 19, a concert centered on the devotion to Our Lady entitled “Our Lady of the Rosary” was organized at the Cathedral of the Diocese of Zhengding (Shijiazhuang) to encourage the baptized to follow in Our Lady’s footsteps and to become missionaries.On the last weekend of World Mission Month, the youth group of the Shanghai Cathedral made a pilgrimage to Suzhou Cathedral, where they prayed together with the local community. The youth of the parish of Lucheng (Diocese of Wenzhou) also made a pilgrimage along the Way of Our Lady of the Rosary, meeting a group of Dominican sisters at the Shrine in Fujian Province to pray the Rosary together.Fifteen Chinese bishops took part in the spiritual retreat on the theme of “Synodality and Encounter with the Lord” held at the National Seminary in Beijing during the World Mission Month, in the spirit of fraternal communion.In October, priestly ordinations were celebrated in the dioceses of Taizhou and Chifeng (Inner Mongolia), while nuns made their final vows in the diocese of Wuhan (Hubei province).On the occasion of the Feast of the Elderly, which in China falls during the World Mission Month (October 11), both parishes and communities of nuns organized moments of gathering with the elderly to show them the communities’ gratitude for the witness of faith they give in the circumstances of daily life. Throughout the World Mission Month, prayers for peace were held in the churches, often combined with the daily recitation of the Rosary. The communities also accepted Pope Francis’ invitation to participate in the day of prayer and fasting for peace, asking for the gift of peace and an end to conflicts in the world. (NZ) (Agenzia Fides, 29/10/2024)
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    MIL OSI Europe News –

  • MIL-OSI Europe: ASIA/INDONESIA – Appointment of bishop of Surabaya

    Source: Agenzia Fides – MIL OSI

    Tuesday, 29 October 2024

    Vatican City (Agenzia Fides) – The Holy Father has appointed the Reverend Agustinus Tri Budi Utomo, of the clergy of the diocese of Surabaya, Indonesia, until now episcopal vicar for pastoral care, as bishop of the same diocese.Msgr. Agustinus Tri Budi Utomo was born on 12 March 1968 in Ngawi, East Java. After entering the Saint Vincentius a Paulo Minor Seminary in Blitar, he continued his formation at the Saint John XXIII Interdiocesan Major Seminary in Malang, attending the Widya Sasana Philosophical and Theological Institute in Malang, where he was awarded a bachelor’s degree and a master’s degree in theology.He was ordained a priest on 27 August 1996.He has held the following offices: chaplain for university students (1996), parish vicar (1996-2000) and parish priest (2000-2001) of Saint Mary of the Annunciation in Sidoario, lecturer at Universitas Airlangga (1996-2001), teacher at the Saint Vincentius a Paulo Minor Seminary (1996-2001), director of the Lembaga Karya Dharma social and healthcare Foundation (2001), parish vicar of Infant Jesus in Marau, diocese of Ketapang (2001-2004), parish priest of Saint Charles Borromeo in Tembelina, diocese of Ketapang (2004-2005), parish priest of Saint Pius XI in Blora (2005-2007), president of the Yohanes Gabriel educational Foundation (2006-2007-2012), episcopal vicar for Region IV (2007-2008), lecturer at the Universitas Katolik Widya Mandala (2007-2010), episcopal vicar of Cepu and parish vicar of Saint Willibrordus in Cepu (2008-2011), parish administrator of Saint Mary of the Annunciation in Sidoario (2017-2018), parish vicar of Saint Mary of the Annunciation in Sidoario (2018-2020), parish vicar of the Catheral (2020-2022), and chair of the diocesan Commission for the Family (2020-2022). Since 2011 he has served as vicar general of the diocese of Surabaya and subsequently episcopal vicar for pastoral care. Since 2021 he has been a member of the diocesan Commission for Property and Assets and, since 2022, parish vicar of Sakramen Mahakudus Pagesangan in Surabaya. (EG) (Agenzia Fides, 29/10/2024)
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    MIL OSI Europe News –

  • MIL-OSI Security: Holland Man Sentenced For Sexual Exploitation Of A Child, Penalties For Registered Sex Offenders

    Source: Office of United States Attorneys

              GRAND RAPIDS, MICHIGAN — U.S. Attorney for the Western District of Michigan Mark Totten today announced that Jared Hanner, 32, of Holland, was sentenced to 35 years in federal prison for Sexual Exploitation of a Child and Penalties for Registered Sex Offenders. Hanner previously pleaded guilty to the charges and faced a mandatory 35-year prison sentence.

              “Sexual exploitation crimes against our children are especially egregious,” said U.S. Attorney Mark Totten. “We will continue to hold sexual predators and their coconspirators accountable by working with our law enforcement partners to secure a measure of justice for the minor victims and prevent future harm.”

              Last year, Hanner met Tasha Erin Blake, 38, of Grand Haven, online and convinced her to text him explicit photos of a minor in her care and custody, under 13 years of age. Blake complied, but subsequently confessed her actions to the police. Law enforcement executed a search warrant on Hanner’s phone and found the explicit photos and his request for them. Blake pleaded guilty to Distribution of Child Pornography earlier this year and was sentenced to 18 years in federal prison.

              “Anyone who means to manipulate and sexually exploit children should face severe consequences, and the FBI will never stop seeking justice for victims,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “This sentencing would not be possible without the dedicated work of our FBI West Michigan Based Child Exploitation Task Force (WEBCHEX) and collaboration with our law enforcement partners who we remain committed to working alongside to protect our communities.”

              The Federal Bureau of Investigation, Grand Haven Department of Public Safety, Ottawa County Sheriff’s Office, and Kent County Sheriff’s Office investigated the case. Assistant U.S. Attorney Doaa Al-Howaishy prosecuted it.

              This case is part of Project Safe Childhood, a nationwide initiative designed to protect children from online exploitation and abuse. The U.S. Attorney’s Office, county prosecutor’s offices, the Internet Crimes Against Children task force (ICAC), federal, state, tribal, and local law enforcement are working closely together to locate, apprehend, and prosecute individuals who exploit children. The partners in Project Safe Childhood work to educate local communities about the dangers of online child exploitation, and to teach children how to protect themselves. For more information about Project Safe Childhood, visit www.projectsafechildhood.gov. Individuals with information or concerns about possible child exploitation should contact local law enforcement officials.

    ###

    MIL Security OSI –

  • MIL-OSI: Jamf Ventures invests in LifeSaver Mobile

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced it has invested in LifeSaver Mobile, a leader in Distracted Driving Solutions, through its Jamf Ventures Investment Fund. 

    Announced in October 2022, Jamf Ventures strives to grow the Jamf and Apple ecosystem faster and more comprehensively than Jamf could do alone. The Fund facilitates Jamf partnerships with early-stage founders, entrepreneurs and innovators across the globe that focus on increasing security to further enhance the transformational power of Apple.

    “We’re thrilled to be a Jamf Ventures portfolio company and are excited to continue working with Jamf to eliminate the distracted operation of vehicles caused by our constant addiction to mobile device usage,” said Ted Chen, Co-Founder and CEO of LifeSaver Mobile. “When we first integrated with Jamf back in 2019, we knew we had something special. Our business customers, who typically include fleet managers, safety managers and risk managers, are reporting improved employee compliance, drops in fleet insurance claims and less distracted driving incidents. Our software platform can be used in any use case involving human operation of vehicles like rail transportation, above and below the wing aviation, and forklift operation, and joining Jamf’s family of portfolio companies just makes us more excited about where we could go next.”

    The road for Jamf and LifeSaver Mobile so far
    In March of 2022, Jamf announced the LifeSaver Mobile integration, meant to maximize driver safety easily and without gizmos and gadgets that added more hardware to the vehicle.

    The LifeSaver Mobile solution consists of a mobile application deployed to employees’ phones, with each app managed by a cloud-based fleet portal used by the company’s managers to administer the LifeSaver program. With Jamf, admins can streamline that deployment and prevent employees from deleting the app off of their devices, thus improving employee compliance. Further, LifeSaver gets an added layer of device restriction through real-time locking of iOS devices behind the wheel. The Jamf + LifeSaver Mobile integration prevents screen access, while still allowing phone calls and access to navigation, maximizing driver productivity.

    Why move from integration to investment now?
    According to the CDC, approximately 3,000 people die in accidents involving distracted driving each year. A significant percentage of these accidents are directly related to mobile device usage or texting while driving, and almost 40% of workplace-related fatalities result from transportation incidents.

    With mobile device adoption growing in the transportation sector and states nationwide cracking down even harder on distracted driving, there’s no better time to take the wheel than now.

    “Any time we see an opportunity for technology to make our lives safer, we immediately look for ways to help,” said Jake Mosey, VP of Business Development and Integrations at Jamf. “This investment into LifeSaver is a direct reflection of the hard work and mission-driven innovation Ted and his team have continued to produce. We couldn’t be more excited to work with them to achieve their mission of eliminating distracted driving through mobile solutions.”

    The investment and ongoing partnership with LifeSaver demonstrate Jamf’s ongoing commitment to providing the deskless workforce with optimized and secure mobile devices that empower them to succeed at work. After all, nearly 80% of the world’s workforce – or 2.7 billion people – don’t sit at a desk.

    Customers of the Jamf + LifeSaver integration can rest easy knowing the devices they’re deploying are keeping their employees safe, minimizing costs and empowering their workers to perform their jobs effectively, regardless of their whereabouts.

    LifeSaver joins cloud platform provider SwiftConnect, leading communications platform for hospitality brands Monscierge, and leading browser security provider Conceal as a member of Jamf Ventures.

    Learn more about Jamf and LifeSaver Mobile here and more about Jamf Ventures here.

    About Jamf
    Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment that is enterprise secure, consumer simple and protects personal privacy. To learn more, visit www.jamf.com.

    Media Contact:
    Natali Brockett | media@jamf.com

    Investor Contact:
    Jennifer Gaumond | ir@jamf.com

    The MIL Network –

  • MIL-OSI: SECU Foundation Awards $1 Million to SPCA Wake for State’s First Regional Campus for Pets & People

    Source: GlobeNewswire (MIL-OSI)

    RALEIGH, N.C., Oct. 29, 2024 (GLOBE NEWSWIRE) — A $1 million challenge grant from SECU Foundation to SPCA of Wake County (SPCA Wake) will help the largest animal welfare organization in North Carolina establish a Regional Campus for Pets & People. The site will serve as a community hub to expand affordable pet care services and will include a new Learning Center that will provide more space to grow SPCA’s training capacity for new or potential pet owners and develop partnerships and programming for animal shelter professionals across the state.

    SPCA Wake supports 59 counties, including many rural and under-resourced communities, to help match homeless pets with families, prevent animals from entering area shelters, and address animal suffering, neglect, and overpopulation. In 2022, SPCA placed over 4,250 pets in new homes, provided over 7,300 spay or neuter surgeries, managed 6,700 pet helpline requests, and supplied over 159,000 pet meals to owners in need.

    “Pets bring people together and can provide a great source of comfort. It is our hope that the Foundation’s grant will shed light on the phenomenal work of SPCA Wake and the significant need for the new campus facility,” said SECU Foundation Board Chair Chris Ayers. “Our support along with that of many others will undoubtedly help SPCA Wake make a transformative impact in our communities.”

    “We are honored to be a part of SECU Foundation’s legacy of positive impact across North Carolina, and we are humbled to be the first animal welfare organization to receive funding for a capital project,” said SPCA of Wake County President and CEO Kim Janzen. “Thanks to the incredible generosity of our community and the members of State Employees’ Credit Union, we have raised $20.3 million toward the total project goal of $27.5 million.”

    About SECU and SECU Foundation

    A not-for-profit financial cooperative owned by its members, and federally insured by the National Credit Union Administration (NCUA), SECU has been providing employees of the state of North Carolina and their families with consumer financial services for 87 years. SECU is the second largest credit union in the United States with $56 billion in assets. It serves more than 2.8 million members through 275 branch offices, over 1,100 ATMs, Member Services Support via phone, www.ncsecu.org, and the SECU Mobile App. The SECU Foundation, a 501(c)(3) charitable organization funded by the contributions of SECU members, promotes local community development in North Carolina primarily through high-impact projects in the areas of housing, education, healthcare, and human services. Since 2004, SECU Foundation has made a collective financial commitment of over $300 million for initiatives to benefit North Carolinians statewide.

    Contact: Jama Campbell, Executive Director, secufoundation@ncsecu.org

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f58a4914-50cd-44f1-8449-116e398af036

    The MIL Network –

  • MIL-OSI: First Northwest Bancorp Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., Oct. 29, 2024 (GLOBE NEWSWIRE) —

    CEO Commentary
    “This was a quarter of mixed results. Progress on customer deposit gathering and the termination of the FDIC Consent Order was overshadowed by a quarterly loss driven by additional provisions primarily related to certain equity loans made to high net worth, accredited investors.

    The teamwork and collaboration between Staff, Management and the Board to address the matters identified in the Consent Order is demonstrative of the qualifications, determination and capabilities of the First Fed team. We appreciate that the FDIC acknowledged the planning, monitoring and execution required to comply with the Order and validation that all of these matters were properly addressed. I am very proud of this accomplishment, and I would like to thank all of the many people within the bank who worked tirelessly to reach this achievement less than one year after the Order was issued.

    Through an internal review of our loan portfolio and with consultation with our prudential regulators, it was determined that larger provisions were required in the second quarter of 2024. As a result, we decided it was appropriate to file a restated quarterly report on Form 10-Q for the quarter ended June 30, 2024, and identified a material weakness in the design of certain internal controls. The loans for which we increased reserves were originated between 2020 and 2023. More recent vintages of our loan portfolio are performing well as we have engaged in lending and partnerships that we have evaluated as having a relatively lower risk profile. The provision for credit losses after the amendment was $8.7 million in the second quarter of 2024.

    Management and the Board of Directors take the reported material weakness very seriously. We have taken corrective action to address the basis for the restatement and are working to promptly remediate. 

    We also acknowledge the ongoing lawsuits filed by some of the Water Station equipment borrowers. We intend to vigorously defend against these claims, which we believe are meritless. We also intend to continue pursuing collection of all monies owed by the litigants using all available legal means.

    Moving forward, the highly capable bankers at First Fed are focused on continuing to build relationships with small businesses and individuals in the communities we serve. We continue to pursue inroads in SBA, treasury, maritime lending, first and second mortgage lending and community banking. We are introducing products and services to meet our customers where they are and to enhance their overall experience with First Fed. We believe that focusing on these fundamentals of Community Banking will improve our results and our overall franchise value.”

    — Matthew P. Deines, President and CEO, First Northwest Bancorp

    2024 FINANCIAL RESULTS   3Q 24     2Q 24     3Q 23     2024 YTD     2023 YTD  
    OPERATING RESULTS (in millions)                                        
    Net (loss) income   $ (2.0 )   $ (2.2 )   $ 2.5     $ (3.8 )   $ 7.8  
    Pre-provision net interest income     14.0       14.2       15.0       42.2       47.2  
    Provision for credit losses     3.1       8.7       0.4       12.8       0.2  
    Noninterest expense     15.8       15.6       14.4       45.8       44.5  
    Total revenue, net of interest expense *     15.8       21.6       17.9       53.5       54.2  
    PER SHARE DATA                                        
    Basic and diluted (loss) earnings   $ (0.23 )   $ (0.25 )   $ 0.28     $ (0.43 )   $ 0.87  
    Book value     17.17       16.81       16.20       17.17       16.20  
    Tangible book value *     17.00       16.64       16.03       17.00       16.03  
    BALANCE SHEET (in millions)                                        
    Total assets   $ 2,255     $ 2,216     $ 2,154     $ 2,255     $ 2,154  
    Total loans     1,735       1,698       1,635       1,735       1,635  
    Total deposits     1,712       1,708       1,658       1,712       1,658  
    Total shareholders’ equity     161       159       156       161       156  
    ASSET QUALITY                                        
    Net charge-off ratio(1)     0.10 %     1.70 %     0.30 %     0.67 %     0.10 %
    Nonperforming assets to total assets     1.35       1.07       0.11       1.35       0.11  
    Allowance for credit losses on loans                                        
    to total loans     1.27       1.14       1.04       1.27       1.04  
    Nonaccrual loan coverage ratio     72       82       714       72       714  
    (1)  Performance ratios are annualized, where appropriate.
    *See reconciliation of Non-GAAP Financial Measures later in this release.
                                             
    2024 FINANCIAL RESULTS (Continued)   3Q 24     2Q 24     3Q 23     2024 YTD     2023 YTD  
    SELECTED RATIOS                                        
    Return on average assets(1)     -0.36 %     -0.40 %     0.46 %     -0.23 %     0.50 %
    Return on average equity(1)     -4.91       -5.47       6.17       -3.14       6.50  
    Return on average tangible common equity(1) *     -4.96       -5.53       6.23       -3.17       6.57  
    Net interest margin     2.70       2.76       2.97       2.74       3.22  
    Efficiency ratio     100.31       72.32       80.52       85.54       82.06  
    Bank common equity tier 1 (CETI) ratio     12.20       12.40       13.43       12.20       13.43  
    Bank total risk-based capital ratio     13.44       13.49       14.38       13.44       14.38  
    (1)  Performance ratios are annualized, where appropriate.
    *See reconciliation of Non-GAAP Financial Measures later in this release.
                                             
      2024 Significant Items as of September 30, 2024
    • Year-to-date net loss of $3.8 million was primarily due to a provision for credit losses of $12.8 million as the collectability of a small number of loan relationships continued to deteriorate and additional reserves were taken on purchased loan pools.
    • First Fed Bank (“First Fed” or the “Bank”) balance sheet restructuring contributed to an improved year-to-date yield on earning assets by 16-basis points over the prior year end to 5.44%.
      –  Sale-leaseback transaction completed in the second quarter, resulting in a $7.9 million gain on sale of premises and equipment.
      –  Sold $23.2 million of lower-yielding security investments which resulted in $2.1 million year-to-date loss on sale.
      –  Purchased $53.3 million of higher-yielding security investments year-to-date.
      –  Continued conversion of lower-yielding bank-owned life insurance (“BOLI”) with one conversion completed in the first quarter and an exchange in the third quarter. Two additional policy restructures expected to be completed by the end of the first quarter of 2025.
    • Net interest margin decreased over the prior year end from 3.13% to 2.74%, impacted by the increase in deposit and borrowing costs outpacing increased yields on loans and investments.
    • Loan mix shifted away from construction and commercial real estate into commercial business, auto, multi-family real estate, one-to-four family and home equity compared to the prior year end. The weighted-average rate on new loans year-to-date was 8.5%.
    • Borrowings increased $14.1 million, or 4.4%, to $335.0 million at September 30, 2024, compared to $320.9 million at December 31, 2023.
    • Repurchased 214,132 shares during the first quarter, which closed out the October 2020 Stock Repurchase Plan.
    • Repurchased 98,156 shares during the third quarter under the new share repurchase plan approved in April 2024. 
    • Year-to-date deposit growth of $34.7 million, or 2.0%, to $1.71 billion, with a $30.0 million shift from savings to money market accounts. Cost of total deposits increased over the prior year end from 1.66% to 2.49%.
    • Estimated insured deposits totaled $1.3 billion, or 77% of total deposits at September 30, 2024. Available liquidity to uninsured deposit coverage remained strong at 142% at September 30, 2024.
    • Classified loans increased to 2.71% of total loans at September 30, 2024, compared to 2.12% at December 31, 2023.
    • Nonperforming assets increased $11.7 million year-to-date mainly due to three commercial loan relationships included in commercial construction, commercial real estate and commercial business.
    • Completed a reduction-in-force impacting 9% of our workforce on July 24, 2024. This action, along with year-to-date headcount management through attrition, is expected to result in a reduction in current levels of compensation expense by approximately $820,000 per quarter starting in the fourth quarter of 2024.
       

    First Northwest Bancorp (Nasdaq: FNWB) (“First Northwest” or the “Company”) today reported a net loss of $2.0 million for the third quarter of 2024, compared to a net loss of $2.2 million for the second quarter of 2024 and net income of $2.5 million for the third quarter of 2023. Basic and diluted loss per share were $0.23 for the third quarter of 2024, compared to basic and diluted loss per share of $0.25 for the second quarter of 2024 and basic and diluted earnings per share of $0.28 for the third quarter of 2023. In the third quarter of 2024, the Company generated a return on average assets of -0.36%, a return on average equity of -4.91% and a return on average tangible common equity* of -4.96%. Loss before provision for income taxes was $3.2 million for the third quarter of 2024, compared to a loss before provision for income taxes of $2.8 million for the preceding quarter, a decrease of $417,000, or 15.1%, and decreased $6.3 million compared to income of $3.1 million for the third quarter of 2023.

    The Bank recorded reserves on individually analyzed loans totaling $1.9 million due to the uncertain future cash flows from specific loan relationships in the third quarter of 2024. An additional credit loss on loans of $1.8 million was attributable to an increase in the reserve on pooled commercial business loans, with a reserve loss rate of 3.4% applied to that segment of the loan portfolio at period end. We believe the reserve on individually analyzed loans does not represent a universal decline in the collectability of all loans in the portfolio. We continue to work on resolution plans for all troubled borrowers. The provision for credit losses on loans had a significant negative impact on net income and was the only reason for the net loss recorded for the third quarter of 2024.

    Steps taken to restructure the Bank’s balance sheet continue to have a positive impact. The fair value hedge on loans, tied to the compounded overnight index swap using the secured overnight financing rate index, established in the first quarter of 2024 added $946,000 to interest income year-to-date. The fair value hedge on loans reduces interest rate risk by reducing liability sensitivity while increasing interest income. We estimate that if rates remain unchanged, this hedge will add $1.3 million of annualized interest income in 2024. The estimated impact will be reduced if the Federal Reserve Board (“FRB”) implements additional rate cuts during the year. The Bank expects to maintain a positive carry on its derivative for up to 75-basis points of additional rate cuts.

    The balance sheet restructure plan also includes the conversion of BOLI policies in order to reinvest in higher yielding products. The first $6.1 million policy earning 2.58% was surrendered during the first quarter and reinvested into a policy earning 5.18%. In the third quarter of 2024, a $1.3 million policy earning 3.18% was exchanged and reinvested into a policy earning 5.73%. The remaining surrender and exchange transactions are expected to be completed by the end of the first quarter of 2025.

    Net Interest Income
    Total interest income decreased $405,000 to $28.2 million for the third quarter of 2024, compared to $28.6 million in the previous quarter, and increased $2.4 million compared to $25.8 million in the third quarter of 2023. Interest income decreased in the third quarter of 2024 primarily due to interest reversals for loans placed on nonaccrual totaling $619,000. The interest adjustments were partially offset by higher yields on performing loans combined with increased loan volume. Interest and fees on loans increased year-over-year as the loan portfolio grew as a result of draws on new and existing lines of credit, originations of commercial real estate, commercial business and home equity loans, and auto and manufactured home loan purchases. Loan yields increased over the prior year due to higher rates on new originations as well as the repricing of variable and adjustable-rate loans tied to the Prime Rate or other indices.

    Total interest expense decreased $190,000 to $14.2 million for the third quarter of 2024, compared to $14.4 million in the second quarter of 2024, and increased $3.3 million compared to $10.9 million in the third quarter of 2023. Interest expense for the three months ended September 30, 2024, was lower primarily due to lower rates on advances combined with decreased advance volumes. The decrease was partially offset by a 9-basis point increase in the cost of deposits to 2.56% for the quarter ended September 30, 2024, from 2.47% for the prior quarter as a result of customers continuing to shift deposit balances into higher earning products. The increase over the third quarter of 2023 was the result of a 71-basis point increase in the cost of deposits from 1.85% in the third quarter one year ago. A shift in the deposit mix from transaction and savings accounts to money market accounts and time deposits also added to the higher cost of deposits compared to the third quarter of 2023. Higher costs of brokered time deposits also contributed to additional deposit costs with a 57-basis point increase to 4.88% for the current quarter compared to 4.31% for the third quarter one year ago.

    Net interest income before provision for credit losses for the third quarter of 2024 decreased $215,000, or 1.5%, to $14.0 million, compared to $14.2 million for the preceding quarter, and decreased $930,000, or 6.2%, from the third quarter one year ago. The impact of the September FRB rate cut will be reflected beginning with fourth quarter 2024 interest income and expenses.

    The Company recorded a $3.1 million provision for credit losses on loans in the third quarter of 2024, primarily due to reserves taken individually analyzed loans and Current Expected Credit Loss model loss factor increases attributable to pooled commercial business and multi-family loans at quarter end. Credit loss provision increases were offset by decreases to the loss factors applied to consumer, commercial real estate and one-to-four family loans. Higher loss factors applied to unfunded commitments and a moderate increase in commitment balances also resulted in a provision for credit losses on unfunded commitments of $57,000 for the quarter. The total provision for credit loss recorded for the third quarter of 2024 was $3.1 million, compared to a credit loss provision of $8.7 million for the preceding quarter and a provision of $371,000 for the third quarter of 2023.

    The net interest margin decreased to 2.70% for the third quarter of 2024, from 2.76% for the prior quarter, and decreased 27-basis points from 2.97% for the third quarter of 2023. The decrease over the linked quarter is primarily due to the accrued interest reversed on three nonperforming commercial loans during the three months ended September 30, 2024, partially offset by an increase in interest income earned on a higher volume of loans. Investment securities also had decreased volume due to regular payments and lower yields due to variable-rate securities compared to the preceding quarter. The Company reported reduced rates and declining volume of borrowings during the quarter which lowered costs; however, these savings were partially offset by an increase in cost due to a higher volume of retail customer deposits. The decrease in net interest margin from the same quarter one year ago is due to higher funding costs for deposits and borrowed funds. Organic loan production comprised 73% of new loan commitments for the third quarter with the remaining 27% added through purchases of higher-yielding loans from established third-party relationships. The Bank’s fair value hedging agreements on securities and loans added $188,000 and $395,000, respectively, to interest income for the third quarter of 2024.

    The yield on average earning assets for the third quarter of 2024 decreased 11-basis points to 5.44% compared to 5.55% for the second quarter of 2024 and increased 30-basis points from 5.14% for the third quarter of 2023. The third quarter decrease is attributable to the accrued interest reversed on nonperforming loans, a lower yield and volume of investment securities and a decrease in the balance of Federal Home Loan Bank (“FHLB”) stock. The year-over-year increase in interest income was primarily due to higher average loan balances augmented by increases in yields on all earning assets, which were positively impacted by the higher rate environment.

    The cost of average interest-bearing liabilities decreased 5-basis points to 3.23% for the third quarter of 2024, compared to 3.28% for the second quarter of 2024, and increased 63-basis points from 2.60% for the third quarter of 2023. Total cost of funds decreased to 2.82% for the third quarter of 2024 from 2.87% in the prior quarter and increased from 2.23% for the third quarter of 2023. Current quarter decreases were due to lower average balances and costs on borrowings. The Bank continues to offer higher rate specials on money market and CD accounts to attract and retain retail customer deposits. The average brokered CD balance decreased $5.5 million from the linked quarter with a 6-basis point decrease in the average rate paid on brokered funds.

    The increase in cost of average interest-bearing liabilities over the same quarter last year was driven by higher rates paid on deposits and borrowings and higher average CD balances. The Company attracted and retained funding through the use of promotional products and a focus on digital account acquisition. The mix of retail deposit balances shifted from no or low-cost transaction and savings accounts towards higher cost term certificate and higher yield money market accounts. Retail CDs represented 29.3%, 26.8% and 27.6% of retail deposits at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Average interest-bearing deposit balances increased $44.8 million, or 3.2%, to $1.45 billion for the third quarter of 2024 compared to the second quarter of 2024 and increased $75.0 million, or 5.4%, compared to $1.38 billion for the third quarter of 2023.

    Selected Yields   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Loan yield     5.51 %     5.62 %     5.51 %     5.38 %     5.31 %
    Investment securities yield     4.90       5.01       4.75       4.53       4.18  
    Cost of interest-bearing deposits     3.00       2.91       2.86       2.52       2.22  
    Cost of total deposits     2.56       2.47       2.43       2.12       1.85  
    Cost of borrowed funds     4.35       4.76       4.52       4.50       4.45  
    Net interest spread     2.21       2.27       2.28       2.40       2.54  
    Net interest margin     2.70       2.76       2.76       2.84       2.97  
                                             

    Noninterest Income
    Noninterest income decreased to $1.8 million for the third quarter of 2024 compared to $7.4 million for the second quarter of 2024. Nonrecurring second quarter transactions included a sale-leaseback transaction which resulted in a gain on sale of premises and equipment of $7.9 million, partially offset by a $2.1 million loss on the sale of lower-yielding available-for-sale securities. Income from the gain on sale of loans in the third quarter of 2024 includes $51,000 from SBA loans, compared to $116,000 in the prior quarter. Write-downs on sold loan servicing rights mark-to-market valuation totaled $161,000 for the third quarter of 2024 compared to $103,000 in the prior quarter. Other noninterest income includes a valuation gain on partnership investments of $279,000 compared to a loss of $56,000 in the preceding quarter.

    Noninterest income decreased 38.7% from $2.9 million in the same quarter one year ago. The third quarter of 2023 included $750,000 in credit enhancements reimbursed to the Company on Splash charge-offs recorded in other noninterest income. The quarter ended September 30, 2023, also included a $102,000 gain on sale of mortgage loans, compared to a $6,000 gain in the third quarter of 2024.

    Noninterest Income                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Loan and deposit service fees   $ 1,059     $ 1,076     $ 1,102       1,068     $ 1,068  
    Sold loan servicing fees and servicing rights mark-to-market     10       74       219       276       98  
    Net gain on sale of loans     58       150       52       33       171  
    Net (loss) gain on sale of investment securities     —       (2,117 )     —       (5,397 )     —  
    Net gain on sale of premises and equipment     —       7,919       —       —       —  
    Increase in cash surrender value of bank-owned life insurance     315       293       243       260       252  
    Other income     337       (48 )     572       831       1,315  
    Total noninterest income   $ 1,779     $ 7,347     $ 2,188     $ (2,929 )   $ 2,904  
                                             

    Noninterest Expense
    Noninterest expense totaled $15.9 million for the third quarter of 2024, compared to $15.6 million for the preceding quarter and $14.4 million for the third quarter a year ago. Increases were primarily due to one-time severance payouts of $704,000 during the three months ended September 30, 2024, partially offset by a decrease in occupancy due to the one-time tax assessment on the sale-leaseback of $359,000 paid in the previous quarter. Other expense increased this quarter primarily due to $161,000 of additional credit related expenses.

    The increase in total noninterest expenses compared to the third quarter of 2023 is mainly due to current quarter one-time severance payouts of $704,000, additional payroll tax expense of $342,000 and additional medical benefit expense of $162,000. Payroll tax expense in the third quarter of 2023 included accretion of the employee retention credit (“ERC”) which reduced the expense by $293,000. In the fourth quarter of 2023, the Bank stopped the recognition of the ERC for the foreseeable future. Occupancy increased due to the additional rent of $416,000 from the previous quarter sale-leaseback transaction. Other increases compared to the third quarter of 2023 included $51,000 in stockholder communications, $103,000 of state taxes, $163,000 in FDIC insurance premiums, and $269,000 of additional credit related expenses. These increases were partially offset by lower legal fees of $204,000, consulting fees of $146,000 and advertising costs of $91,000. The Company continues to focus on controlling compensation expense and reducing advertising and other discretionary spending to improve earnings.

    Noninterest Expense                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Compensation and benefits   $ 8,582     $ 8,588     $ 8,128     $ 7,397     $ 7,795  
    Data processing     2,085       2,008       1,944       2,107       1,945  
    Occupancy and equipment     1,553       1,799       1,240       1,262       1,173  
    Supplies, postage, and telephone     360       317       293       351       292  
    Regulatory assessments and state taxes     548       457       513       376       446  
    Advertising     409       377       309       235       501  
    Professional fees     698       684       910       1,119       929  
    FDIC insurance premium     533       473       386       418       369  
    Other expense     1,080       906       580       3,725       926  
    Total noninterest expense   $ 15,848     $ 15,609     $ 14,303     $ 16,990     $ 14,376  
                                             
    Efficiency ratio     100.31 %     72.32 %     88.75 %     150.81 %     80.52 %
                                             

    Investment Securities
    Investment securities increased $4.2 million, or 1.4%, to $310.9 million at September 30, 2024, compared to $306.7 million three months earlier, and increased $1.5 million compared to $309.3 million at September 30, 2023. The market value of the portfolio increased $8.1 million during the third quarter of 2024 primarily due to the market rally in the second half the third quarter which drove the yield curve lower. At September 30, 2024, municipal bonds totaled $81.4 million and comprised the largest portion of the investment portfolio at 26.2%. Agency issued mortgage-backed securities (“MBS agency”) were the second largest segment, totaling $78.5 million, or 25.3%, of the portfolio at quarter end. Included in MBS non-agency were $29.6 million of commercial mortgage-backed securities (“CMBS”), of which 89.8% were in “A” tranches and the remaining 10.2% were in “B” tranches. Our largest exposure in the CMBS portfolio at September 30, 2024, was to long-term care facilities, which comprised 65.0%, or $19.2 million, of our private label CMBS securities. All of the CMBS bonds had credit enhancements ranging from 28.8% to 71.8%, with a weighted-average credit enhancement of 55.3%, that further reduced the risk of loss on these investments.

    The estimated average life of the securities portfolio was approximately 7.4 years at September 30, 2024, 7.8 years at the prior quarter end and 7.7 years for the third quarter of 2023. The effective duration of the portfolio was approximately 3.9 years at September 30, 2024, compared to 4.3 years in the prior quarter and 4.9 years at the end of the third quarter of 2023. Our recent investment purchases have primarily been floating rate securities to take advantage of higher short-term rates above those offered on cash and to reduce our liability sensitivity.

    Investment Securities Available for Sale, at Fair Value                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Municipal bonds   $ 81,363     $ 78,825     $ 87,004     $ 87,761     $ 93,995  
    U.S. Treasury notes     —       —       —       —       2,377  
    International agency issued bonds (Agency bonds)     —       —       —       —       1,703  
    U.S. government agency issued asset-backed securities (ABS agency)     13,296       13,982       14,822       11,782       —  
    Corporate issued asset-backed securities (ABS corporate)     16,391       16,483       13,929       5,286       —  
    Corporate issued debt securities (Corporate debt):                                        
    Senior positions     10,241       9,066       13,617       9,270       16,975  
    Subordinated bank notes     43,817       43,826       39,414       42,184       37,360  
    U.S. Small Business Administration securities (SBA)     9,317       9,772       7,911       —       —  
    Mortgage-backed securities:                                        
    U.S. government agency issued mortgage-backed securities (MBS agency)     78,549       77,301       83,271       63,247       66,946  
    Non-agency issued mortgage-backed securities (MBS non-agency)     57,886       57,459       65,987       76,093       89,968  
    Total securities available for sale, at fair value   $ 310,860     $ 306,714     $ 325,955     $ 295,623     $ 309,324  
                                             

    Loans and Unfunded Loan Commitments
    Net loans, excluding loans held for sale, increased $36.7 million, or 2.2%, to $1.71 billion at September 30, 2024, from $1.68 billion at June 30, 2024, and increased $96.4 million, or 6.0%, from $1.62 billion one year ago.

    Commercial business loans increased $38.2 million, primarily attributable to a $29.0 million increase in our Northpointe Bank Mortgage Purchase Program participation, organic originations totaling $7.9 million and draws on existing lines of credit of $5.7 million which were partially offset by payments. One-to-four family loans increased $5.9 million during the third quarter of 2024 as a result of $14.2 million in residential construction loans that converted to permanent amortizing loans, partially offset by payoffs and scheduled payments. Home equity loans increased $4.3 million over the previous quarter due to organic home equity loan production of $5.5 million and draws on new and existing commitments of $4.6 million, partially offset by payoffs and scheduled payments. Multi-family loans increased $3.7 million during the current quarter. The increase was primarily the result of $9.2 million of construction loans converting into permanent amortizing loans, partially offset by payoffs and scheduled payments. Commercial real estate loans increased $497,000 during the third quarter of 2024 compared to the previous quarter as originations of $8.6 million were offset by payoffs and scheduled payments.

    Construction loans decreased $11.6 million during the quarter, with $23.4 million converting into fully amortizing loans, partially offset by draws on new and existing loans. New single-family residence construction loan commitments totaled $4.1 million in the third quarter, compared to $2.7 million in the preceding quarter. Auto and other consumer loans decreased $4.4 million during the third quarter of 2024 as payoffs and scheduled payments were higher than $5.8 million of new auto loan purchases, a $4.3 million manufactured home loan pool and individual manufactured home loan purchases totaling $1.2 million. 

    The Company originated $3.4 million in residential mortgages during the third quarter of 2023 and sold $3.9 million, with an average gross margin on sale of mortgage loans of approximately 2.06%. This production compares to residential mortgage originations of $5.0 million in the preceding quarter with sales of $4.9 million, and an average gross margin of 2.05%. Single-family home inventory remained historically low and higher market rates on mortgage loans continued to limit saleable mortgage loan production through much of the third quarter.

    Loans by Collateral and Unfunded Commitments                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    One-to-four family construction   $ 51,607     $ 49,440     $ 70,100     $ 60,211     $ 72,991  
    All other construction and land     45,166       58,346       55,286       69,484       71,092  
    One-to-four family first mortgage     469,053       434,840       436,543       426,159       409,207  
    One-to-four family junior liens     14,701       13,706       12,608       12,250       12,859  
    One-to-four family revolving open-end     48,459       44,803       45,536       42,479       38,413  
    Commercial real estate, owner occupied:                                        
    Health care     29,407       29,678       29,946       22,523       22,677  
    Office     17,901       19,215       17,951       18,468       18,599  
    Warehouse     11,645       14,613       14,683       14,758       14,890  
    Other     64,535       56,292       55,063       61,304       57,414  
    Commercial real estate, non-owner occupied:                                        
    Office     49,770       50,158       53,099       53,548       53,879  
    Retail     49,717       50,101       50,478       51,384       51,466  
    Hospitality     62,282       62,628       66,982       67,332       61,339  
    Other     82,573       84,428       93,040       94,822       96,083  
    Multi-family residential     354,118       350,382       339,907       333,428       325,338  
    Commercial business loans     86,904       79,055       90,781       76,920       75,068  
    Commercial agriculture and fishing loans     15,369       14,411       10,200       5,422       4,437  
    State and political subdivision obligations     404       405       405       405       439  
    Consumer automobile loans     144,036       151,121       139,524       132,877       134,695  
    Consumer loans secured by other assets     132,749       129,293       122,895       108,542       104,999  
    Consumer loans unsecured     4,411       5,209       6,415       7,712       9,093  
    Total loans   $ 1,734,807     $ 1,698,124     $ 1,711,442     $ 1,660,028     $ 1,634,978  
                                             
    Unfunded commitments under lines of credit or existing loans   $ 166,446     $ 155,005     $ 148,736     $ 149,631     $ 154,722  
                                             

    Deposits
    Total deposits increased $3.4 million to $1.71 billion at September 30, 2024, compared to $1.71 billion at June 30, 2024, and increased $53.9 million, or 3.3%, compared to $1.66 billion one year ago. During the third quarter of 2024, total retail customer deposit balances increased $23.4 million and brokered deposit balances decreased $20.0 million. Compared to the preceding quarter, there were balance increases of $18.1 million in consumer time deposits, $17.7 million in business money market accounts, $7.9 million in consumer demand accounts and $7.7 million in business time deposits. These increases were partially offset by decreases in business demand accounts of $26.4 million, brokered time deposits of $20.0 million, consumer money market accounts of $7.4 million, business savings accounts of $6.5 million, consumer savings accounts of $5.3 million and public fund time deposits of $941,000, during the third quarter of 2024. Increases in time deposits and money market accounts were driven by customer behavior as they sought out higher rates. Overall, the current rate environment continues to contribute to greater competition for deposits with ongoing deposit rate specials offered to attract new funds.

    The Company estimates that $401.0 million, or 23%, of total deposit balances were uninsured at September 30, 2024. Approximately $265.7 million, or 16%, of total deposits were uninsured business and consumer deposits with the remaining $135.3 million, or 8%, consisting of uninsured public funds at September 30, 2024. Uninsured public fund balances were fully collateralized. The Bank holds an FHLB standby letter of credit as part of our participation in the Washington Public Deposit Protection Commission program which covered $115.5 million of related deposit balances while the remaining $19.8 million of uninsured tribal accounts was fully covered through pledged securities at September 30, 2024.

    As of September 30, 2024, consumer deposits made up 58% of total deposits with an average balance of $24,000 per account, business deposits made up 22% of total deposits with an average balance of $51,000 per account, public fund deposits made up 8% of total deposits with an average balance of $1.6 million per account and the remaining 12% of account balances are brokered time deposits. We have maintained the majority of our public fund relationships for over 10 years. Approximately 70% of our customer base is located in rural areas, with 18% in urban areas and the remaining 12% are brokered deposits as of September 30, 2024.

    Deposits                                        
    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Noninterest-bearing demand deposits   $ 252,999     $ 276,543     $ 252,083     $ 269,800     $ 280,475  
    Interest-bearing demand deposits     167,202       162,201       169,418       182,361       179,029  
    Money market accounts     433,307       423,047       362,205       372,706       374,269  
    Savings accounts     212,763       224,631       242,148       253,182       260,279  
    Certificates of deposit, retail     441,665       398,161       443,412       410,136       379,484  
    Total retail deposits     1,507,936       1,484,583       1,469,266       1,488,185       1,473,536  
    Certificates of deposit, brokered     203,705       223,705       207,626       169,577       179,586  
    Total deposits   $ 1,711,641     $ 1,708,288     $ 1,676,892     $ 1,657,762     $ 1,653,122  
                                             
    Public fund and tribal deposits included in total deposits   $ 139,729     $ 138,439     $ 132,652     $ 128,627     $ 130,974  
    Total loans to total deposits     101 %     99 %     102 %     100 %     99 %
                                             
    Deposit Mix   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Noninterest-bearing demand deposits     14.8 %     16.2 %     15.0 %     16.3 %     17.0 %
    Interest-bearing demand deposits     9.8       9.5       10.1       11.0       10.8  
    Money market accounts     25.3       24.8       21.6       22.5       22.6  
    Savings accounts     12.4       13.1       14.4       15.3       15.7  
    Certificates of deposit, retail     25.8       23.3       26.5       24.7       23.0  
    Certificates of deposit, brokered     11.9       13.1       12.4       10.2       10.9  
                                             
    Cost of Deposits for the Quarter Ended   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Interest-bearing demand deposits     0.45 %     0.47 %     0.45 %     0.45 %     0.46 %
    Money market accounts     2.65       2.40       2.08       1.48       1.22  
    Savings accounts     1.64       1.62       1.63       1.54       1.42  
    Certificates of deposit, retail     4.16       4.10       4.13       3.92       3.52  
    Certificates of deposit, brokered     4.88       4.94       4.94       4.72       4.31  
    Cost of total deposits     2.56       2.47       2.43       2.12       1.85  
                                             

    Asset Quality
    The allowance for credit losses on loans (“ACLL”) increased $2.6 million from $19.3 million at June 30, 2024, to $22.0 million at September 30, 2024. The ACLL as a percentage of total loans was 1.27% at September 30, 2024, increasing from 1.14% at June 30, 2024, and increasing from 1.04% one year earlier. The current quarter increase can be attributed to $1.9 million of additional reserves taken on individually evaluated commercial business loans due uncertainty in the collectability of these loans. The pooled loan reserve increased $1.2 million due to higher loss factors applied to commercial business and multi-family loans, partially offset by lower loss factors applied to one-to-four family, commercial real estate, home equity, auto and other consumer loans. Loss factors were revised based on the results of an annual loss driver analysis, in conjunction with other relevant factors, to update each segment’s sensitivity to qualitative factors used in the calculation of the pooled reserve at September 30, 2024.

    Nonperforming loans totaled $30.4 million at September 30, 2024, an increase of $6.8 million from June 30, 2024, primarily attributable to a $5.6 million delinquent commercial real estate relationship and two commercial business loans with an aggregate total of $1.7 million placed on nonaccrual due to credit concerns. The percentage of the allowance for credit losses on loans to nonperforming loans decreased to 72% at September 30, 2024, from 82% at June 30, 2024, and from 714% at September 30, 2023. This ratio continues to decline as higher balances of real estate loans are included in nonperforming assets with no significant corresponding increase to the ACLL as these secured loans are considered adequately reserved for based on information currently available.

    Classified loans increased $7.2 million to $46.9 million at September 30, 2024, due to the downgrade of one $6.4 million commercial real estate loan and ten commercial business loans totaling $5.6 million during the third quarter, partially offset by loan payoffs totaling $5.0 million. An $11.2 million construction loan relationship, which became a classified loan in the fourth quarter of 2022; an $8.1 million commercial construction loan relationship, which became classified in the previous quarter; and a $6.2 million commercial loan relationship, which became classified in the fourth quarter of 2023, account for 55% of the classified loan balance at September 30, 2024. The Bank has exercised legal remedies, including the appointment of a third-party receiver and foreclosure actions, to liquidate the underlying collateral to satisfy the real estate loans in two of these three collateral dependent relationships. The Bank is also closely monitoring certain equity program loans, with 14 loans totaling $5.9 million included in classified loans at September 30, 2024, and an additional nine loans totaling $3.1 million included in the special mention risk grading category.

    $ in thousands   3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Allowance for credit losses on loans to total loans     1.27 %     1.14 %     1.05 %     1.05 %     1.04 %
    Allowance for credit losses on loans to nonaccrual loans     72       82       92       94       714  
    Nonaccrual loans to total loans     1.75       1.39       1.14       1.12       0.15  
    Net charge-off ratio (annualized)     0.10       1.70       0.19       0.14       0.30  
                                             
    Total nonaccrual loans   $ 30,376     $ 23,631     $ 19,481     $ 18,644     $ 2,374  
    Reserve for unfunded commitments   $ 704     $ 647     $ 548     $ 817     $ 828  
                                             

    Capital
    Total shareholders’ equity increased to $160.8 million at September 30, 2024, compared to $158.9 million three months earlier, due to an increase in the after-tax fair market values of the available-for-sale investment securities portfolio of $6.3 million, partially offset by a net loss of $2.0 million, a decrease in the after-tax fair market values of derivatives of $1.2 million, share repurchases totaling $1.0 million and dividends declared of $659,000.

    Book value per common share was $17.17 at September 30, 2024, compared to $16.81 at June 30, 2024, and $16.20 at September 30, 2023. Tangible book value per common share* was $17.00 at September 30, 2024, compared to $16.64 at June 30, 2024, and $16.03 at September 30, 2023.

    Capital levels for both the Company and its operating bank, First Fed, remain in excess of applicable regulatory requirements and the Bank was categorized as “well-capitalized” at September 30, 2024. Common Equity Tier 1 and Total Risk-Based Capital Ratios at September 30, 2024, were 12.2% and 13.4%, respectively.

        3Q 24     2Q 24     1Q 24     4Q 23     3Q 23  
    Equity to total assets     7.13 %     7.17 %     7.17 %     7.42 %     7.25 %
    Tangible common equity to tangible assets *     7.06       7.10       7.10       7.35       7.17  
    Capital ratios (First Fed Bank):                                        
    Tier 1 leverage     9.39       9.38       9.74       9.90       10.12  
    Common equity Tier 1 capital     12.20       12.40       12.56       13.12       13.43  
    Tier 1 risk-based     12.20       12.40       12.56       13.12       13.43  
    Total risk-based     13.44       13.49       13.57       14.11       14.38  
                                             

    Share Repurchase Program and Cash Dividend
    First Northwest continued to return capital to our shareholders through cash dividends and share repurchases during the third quarter of 2024. We repurchased 98,156 shares of common stock under the Company’s April 2024 Stock Repurchase Plan (“Repurchase Plan”) at an average price of $10.19 per share for a total of $1.0 million during the quarter ended September 30, 2024, leaving 846,123 shares remaining under the plan. In addition, the Company paid cash dividends totaling $652,000 in the third quarter of 2024.

    ____________________
    *     See reconciliation of Non-GAAP Financial Measures later in this release.

    Awards/Recognition
    The Company received several accolades as a leader in the community in the last year.

    In September 2024, the First Fed team was recognized in the 2024 Best of Olympic Peninsula surveys, winning Best Bank and Best Lender in Clallam County; Best Bank and Best Financial Advisor in the West End; and Best Lender in Jefferson County. First Fed was also a finalist for Best Bank, Best Customer Service, Best Employer and Best Financial Advisor in Jefferson County; Best Customer Service, Best Employer and Best Financial Advisor in Clallam County; and Best Customer Service and Best Employer in the West End.
    In May 2024, First Fed, along with the First Fed Community Foundation, were honored to be ranked second on the Puget Sound Business Journal Midsize Corporate Philanthropists list.
    In October 2023, the First Fed team was honored to bring home the Gold for Best Bank in the Best of the Northwest survey hosted by Bellingham Alive for the second year in a row.
    In September 2023, the First Fed team was recognized in the 2023 Best of Olympic Peninsula surveys as a finalist for Best Employer in Kitsap County and Best Bank and Best Financial Institution in Bainbridge.
       

    About the Company
    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 16 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. The Company is headquartered in Port Angeles, Washington.

    Forward-Looking Statements
    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, including our ability to collect, the outcome of litigation and statements regarding our mission and vision, and include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as “believes,” “expects,” “anticipates,” “estimates,” or similar expressions. These forward-looking statements are based upon current management beliefs and expectations and may, therefore, involve risks and uncertainties, many of which are beyond our control. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety of factors including, but not limited to: increased competitive pressures; changes in the interest rate environment; the credit risks of lending activities; pressures on liquidity, including as a result of withdrawals of deposits or declines in the value of our investment portfolio; changes in general economic conditions and conditions within the securities markets; legislative and regulatory changes; the risk of inaccuracies in the reporting of our financial condition as a result of the material weakness in our internal controls; and other factors described in the Company’s latest Annual Report on Form 10-K under the section entitled “Risk Factors,” and other filings with the Securities and Exchange Commission (“SEC”),which are available on our website at www.ourfirstfed.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that we make in this press release and in the other public statements we make may turn out to be incorrect because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed or implied in any forward-looking statements made by or on our behalf and the Company’s operating and stock price performance may be negatively affected. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for 2024 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s operations and stock price performance.

    For More Information Contact:
    Matthew P. Deines, President and Chief Executive Officer
    Geri Bullard, EVP, Chief Financial Officer and Chief Operating Officer
    IRGroup@ourfirstfed.com
    360-457-0461

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data) (Unaudited)

        September 30, 2024     June 30, 2024     September 30, 2023     Three Month Change     One Year Change  
    ASSETS                                        
    Cash and due from banks   $ 17,953     $ 19,184     $ 20,609       -6.4 %     -12.9 %
    Interest-earning deposits in banks     64,769       63,995       63,277       1.2       2.4  
    Investment securities available for sale, at fair value     310,860       306,714       309,324       1.4       0.5  
    Loans held for sale     378       1,086       689       -65.2       -45.1  
    Loans receivable (net of allowance for credit losses on loans $21,970, $19,343, and $16,945)     1,714,416       1,677,764       1,618,033       2.2       6.0  
    Federal Home Loan Bank (FHLB) stock, at cost     14,435       13,086       12,621       10.3       14.4  
    Accrued interest receivable     8,939       9,466       8,093       -5.6       10.5  
    Premises and equipment, net     10,436       10,714       17,954       -2.6       -41.9  
    Servicing rights on sold loans, at fair value     3,584       3,740       3,729       -4.2       -3.9  
    Bank-owned life insurance, net     41,429       41,113       40,318       0.8       2.8  
    Equity and partnership investments     14,912       15,085       14,623       -1.1       2.0  
    Goodwill and other intangible assets, net     1,083       1,084       1,087       -0.1       -0.4  
    Deferred tax asset, net     10,802       12,216       16,611       -11.6       -35.0  
    Prepaid expenses and other assets     41,490       40,715       26,577       1.9       56.1  
    Total assets   $ 2,255,486     $ 2,215,962     $ 2,153,545       1.8 %     4.7 %
                                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                        
    Deposits   $ 1,711,641     $ 1,708,288     $ 1,657,762       0.2 %     3.3 %
    Borrowings     334,994       302,575       300,416       10.7       11.5  
    Accrued interest payable     2,153       3,143       2,276       -31.5       -5.4  
    Accrued expenses and other liabilities     43,424       41,771       34,651       4.0       25.3  
    Advances from borrowers for taxes and insurance     2,485       1,304       2,375       90.6       4.6  
    Total liabilities     2,094,697       2,057,081       1,997,480       1.8       4.9  
                                             
    Shareholders’ Equity                                        
    Preferred stock, $0.01 par value, authorized 5,000,000 shares, no shares issued or outstanding     —       —       —       n/a       n/a  
    Common stock, $0.01 par value, authorized 75,000,000 shares; issued and outstanding 9,365,979 at September 30, 2024; issued and outstanding 9,453,247 at June 30, 2024; and issued and outstanding 9,630,735 at September 30, 2023     94       94       96       0.0       -2.1  
    Additional paid-in capital     93,218       93,985       95,658       -0.8       -2.6  
    Retained earnings     100,660       103,322       113,579       -2.6       -11.4  
    Accumulated other comprehensive loss, net of tax     (26,424 )     (31,597 )     (45,850 )     16.4       42.4  
    Unearned employee stock ownership plan (ESOP) shares     (6,759 )     (6,923 )     (7,418 )     2.4       8.9  
    Total shareholders’ equity     160,789       158,881       156,065       1.2       3.0  
    Total liabilities and shareholders’ equity   $ 2,255,486     $ 2,215,962     $ 2,153,545       1.8 %     4.7 %
                                             

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per share data) (Unaudited)

        Quarter Ended                  
        September 30, 2024     June 30, 2024     September 30, 2023     Three Month Change     One Year Change  
    INTEREST INCOME                                        
    Interest and fees on loans receivable   $ 23,536     $ 23,733     $ 21,728       -0.8 %     8.3 %
    Interest on investment securities     3,786       3,949       3,368       -4.1       12.4  
    Interest on deposits in banks     582       571       524       1.9       11.1  
    FHLB dividends     302       358       214       -15.6       41.1  
    Total interest income     28,206       28,611       25,834       -1.4       9.2  
    INTEREST EXPENSE                                        
    Deposits     10,960       10,180       7,699       7.7       42.4  
    Borrowings     3,226       4,196       3,185       -23.1       1.3  
    Total interest expense     14,186       14,376       10,884       -1.3       30.3  
    Net interest income     14,020       14,235       14,950       -1.5       -6.2  
    PROVISION FOR CREDIT LOSSES                                        
    Provision for credit losses on loans     3,077       8,640       880       -64.4       249.7  
    Provision for (recapture of) credit losses on unfunded commitments     57       99       (509 )     -42.4       111.2  
    Provision for credit losses     3,134       8,739       371       -64.1       744.7  
    Net interest income after provision for credit losses     10,886       5,496       14,579       98.1       -25.3  
    NONINTEREST INCOME                                        
    Loan and deposit service fees     1,059       1,076       1,068       -1.6       -0.8  
    Sold loan servicing fees and servicing rights mark-to-market     10       74       98       -86.5       -89.8  
    Net gain on sale of loans     58       150       171       -61.3       -66.1  
    Net loss on sale of investment securities     —       (2,117 )     —       100.0       n/a  
    Net gain on sale of premises and equipment     —       7,919       —       -100.0       n/a  
    Increase in cash surrender value of bank-owned life insurance     315       293       252       7.5       25.0  
    Other income     337       (48 )     1,315       802.1       -74.4  
    Total noninterest income     1,779       7,347       2,904       -75.8       -38.7  
    NONINTEREST EXPENSE                                        
    Compensation and benefits     8,582       8,588       7,795       -0.1       10.1  
    Data processing     2,085       2,008       1,945       3.8       7.2  
    Occupancy and equipment     1,553       1,799       1,173       -13.7       32.4  
    Supplies, postage, and telephone     360       317       292       13.6       23.3  
    Regulatory assessments and state taxes     548       457       446       19.9       22.9  
    Advertising     409       377       501       8.5       -18.4  
    Professional fees     698       684       929       2.0       -24.9  
    FDIC insurance premium     533       473       369       12.7       44.4  
    Other expense     1,080       906       926       19.2       16.6  
    Total noninterest expense     15,848       15,609       14,376       1.5       10.2  
    (Loss) income before (benefit) provision for income taxes     (3,183 )     (2,766 )     3,107       -15.1       -202.4  
    (Benefit) provision for income taxes     (1,203 )     (547 )     603       -119.9       -299.5  
    Net (loss) income   $ (1,980 )   $ (2,219 )   $ 2,504       10.8 %     -179.1 %
                                             
    Basic and diluted (loss) earnings per common share   $ (0.23 )   $ (0.25 )   $ 0.28       8.0 %     -182.1 %
                                             

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands, except per share data) (Unaudited)

        Nine Months Ended September 30,     Percent  
        2024     2023     Change  
    INTEREST INCOME                        
    Interest and fees on loans receivable   $ 70,036     $ 62,531       12.0 %
    Interest on investment securities     11,367       9,886       15.0  
    Interest on deposits in banks     1,798       1,545       16.4  
    FHLB dividends     942       628       50.0  
    Total interest income     84,143       74,590       12.8  
    INTEREST EXPENSE                        
    Deposits     31,252       18,261       71.1  
    Borrowings     10,708       9,092       17.8  
    Total interest expense     41,960       27,353       53.4  
    Net interest income     42,183       47,237       -10.7  
    PROVISION FOR CREDIT LOSSES                        
    Provision for credit losses on loans     12,956       1,195       984.2  
    (Recapture of) provision for credit losses on unfunded commitments     (113 )     (1,024 )     89.0  
    Provision for credit losses     12,843       171       7,410.5  
    Net interest income after provision for credit losses     29,340       47,066       -37.7  
    NONINTEREST INCOME                        
    Loan and deposit service fees     3,237       3,273       -1.1  
    Sold loan servicing fees and servicing rights mark-to-market     303       400       -24.3  
    Net gain on sale of loans     260       405       -35.8  
    Net loss on sale of investment securities     (2,117 )     —       100.0  
    Net gain on sale of premises and equipment     7,919       —       100.0  
    Increase in cash surrender value of bank-owned life insurance     851       668       27.4  
    Other income     861       2,203       -60.9  
    Total noninterest income     11,314       6,949       62.8  
    NONINTEREST EXPENSE                        
    Compensation and benefits     25,298       23,812       6.2  
    Data processing     6,037       6,063       -0.4  
    Occupancy and equipment     4,592       3,596       27.7  
    Supplies, postage, and telephone     970       1,082       -10.4  
    Regulatory assessments and state taxes     1,518       1,259       20.6  
    Advertising     1,095       2,471       -55.7  
    Professional fees     2,292       2,619       -12.5  
    FDIC insurance premium     1,392       939       48.2  
    Other     2,566       2,623       -2.2  
    Total noninterest expense     45,760       44,464       2.9  
    (Loss) income before (benefit) provision for income taxes     (5,106 )     9,551       -153.5  
    (Benefit) provision for income taxes     (1,303 )     1,903       -168.5  
    Net (loss) income     (3,803 )     7,648       -149.7  
    Net loss attributable to noncontrolling interest in Quin Ventures, Inc.     —       160       -100.0  
    Net (loss) income attributable to parent   $ (3,803 )   $ 7,808       -148.7 %
                             
    Basic and diluted (loss) earnings per common share   $ (0.43 )   $ 0.87       -149.4 %
                             

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    Selected Financial Ratios and Other Data
    (Dollars in thousands, except per share data) (Unaudited)

        As of or For the Quarter Ended  
        September 30, 2024     June 30, 2024     March 31, 2024     December 31, 2023     September 30, 2023  
    Performance ratios:(1)                                        
    Return on average assets     -0.36 %     -0.40 %     0.07 %     -1.03 %     0.46 %
    Return on average equity     -4.91       -5.47       0.98       -14.05       6.17  
    Average interest rate spread     2.21       2.27       2.28       2.40       2.54  
    Net interest margin(2)     2.70       2.76       2.76       2.84       2.97  
    Efficiency ratio(3)     100.3       72.3       88.8       150.8       80.5  
    Equity to total assets     7.13       7.17       7.17       7.42       7.25  
    Average interest-earning assets to average interest-bearing liabilities     118.0       117.6       118.3       118.2       120.0  
    Book value per common share   $ 17.17     $ 16.81     $ 17.00     $ 16.99     $ 16.20  
                                             
    Tangible performance ratios:(1)                                        
    Tangible common equity to tangible assets(4)     7.06 %     7.10 %     7.10 %     7.35 %     7.17 %
    Return on average tangible common equity(4)     -4.96       -5.53       0.99       -14.20       6.23  
    Tangible book value per common share(4)   $ 17.00     $ 16.64     $ 16.83     $ 16.83     $ 16.03  
                                             
    Asset quality ratios:                                        
    Nonperforming assets to total assets at end of period(5)     1.35 %     1.07 %     0.87 %     0.85 %     0.11 %
    Nonaccrual loans to total loans(6)     1.75       1.39       1.14       1.12       0.15  
    Allowance for credit losses on loans to nonaccrual loans(6)     72.33       81.85       92.18       93.92       713.77  
    Allowance for credit losses on loans to total loans     1.27       1.14       1.05       1.05       1.04  
    Annualized net charge-offs to average outstanding loans     0.10       1.70       0.19       0.14       0.30  
                                             
    Capital ratios (First Fed Bank):                                        
    Tier 1 leverage     9.4 %     9.4 %     9.7 %     9.9 %     10.1 %
    Common equity Tier 1 capital     12.2       12.4       12.6       13.1       13.4  
    Tier 1 risk-based     12.2       12.4       12.6       13.1       13.4  
    Total risk-based     13.4       13.5       13.6       14.1       14.4  
                                             
    Other Information:                                        
    Average total assets   $ 2,209,333     $ 2,219,370     $ 2,166,187     $ 2,127,655     $ 2,139,734  
    Average total loans     1,718,402       1,717,830       1,678,656       1,645,418       1,641,206  
    Average interest-earning assets     2,061,970       2,072,280       2,027,821       1,980,226       1,994,251  
    Average noninterest-bearing deposits     252,911       251,442       249,283       259,845       276,294  
    Average interest-bearing deposits     1,452,817       1,408,018       1,422,116       1,379,059       1,377,734  
    Average interest-bearing liabilities     1,747,649       1,762,858       1,714,474       1,675,044       1,661,996  
    Average equity     160,479       163,079       161,867       155,971       160,994  
    Average common shares — basic     8,756,765       8,783,086       8,876,236       8,928,620       8,906,526  
    Average common shares — diluted     8,756,765       8,783,086       8,907,184       8,968,828       8,934,882  
    Tangible assets(4)     2,253,914       2,214,361       2,238,446       2,200,230       2,151,849  
    Tangible common equity(4)     159,217       157,280       158,932       161,773       154,369  
    (1) Performance ratios are annualized, where appropriate.
    (2) Net interest income divided by average interest-earning assets.
    (3) Total noninterest expense as a percentage of net interest income and total other noninterest income.
    (4) See reconciliation of Non-GAAP Financial Measures later in this release.
    (5) Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.
    (6) Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
       

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    Selected Financial Ratios and Other Data
    (Dollars in thousands, except per share data) (Unaudited)

        As of or For the Nine Months Ended September 30,  
        2024     2023  
    Performance ratios:(1)                
    Return on average assets     -0.23 %     0.50 %
    Return on average equity     -3.14       6.50  
    Average interest rate spread     2.25       2.83  
    Net interest margin(2)     2.74       3.22  
    Efficiency ratio(3)     85.54       82.06  
    Equity to total assets     7.13       7.25  
    Average interest-earning assets to average interest-bearing liabilities     117.9       121.0  
    Book value per common share   $ 17.17     $ 16.20  
                     
    Tangible performance ratios:(1)                
    Tangible common equity to tangible assets(4)     7.06 %     7.17 %
    Return on average tangible common equity(4)     -3.17       6.57  
    Tangible book value per common share(4)   $ 17.00     $ 16.03  
                     
    Asset quality ratios:                
    Nonperforming assets to total assets at end of period(5)     1.35 %     0.11 %
    Nonaccrual loans to total loans(6)     1.75       0.15  
    Allowance for credit losses on loans to nonaccrual loans(6)     72.33       713.77  
    Allowance for credit losses on loans to total loans     1.27       1.04  
    Annualized net charge-offs to average outstanding loans     0.67       0.10  
                     
    Capital ratios (First Fed Bank):                
    Tier 1 leverage     9.4 %     10.1 %
    Common equity Tier 1 capital     12.2       13.4  
    Tier 1 risk-based     12.2       13.4  
    Total risk-based     13.4       14.4  
                     
    Other Information:                
    Average total assets   $ 2,198,337     $ 2,102,980  
    Average total loans     1,705,088       1,698,394  
    Average interest-earning assets     2,054,052       1,959,946  
    Average noninterest-bearing deposits     251,218       284,282  
    Average interest-bearing deposits     1,427,743       1,333,696  
    Average interest-bearing liabilities     1,741,683       1,619,763  
    Average equity     161,803       160,573  
    Average common shares — basic     8,805,124       8,910,391  
    Average common shares — diluted     8,805,124       8,930,404  
    Tangible assets(4)     2,253,914       2,151,849  
    Tangible common equity(4)     159,217       154,369  
    (1) Performance ratios are annualized, where appropriate.
    (2) Net interest income divided by average interest-earning assets.
    (3) Total noninterest expense as a percentage of net interest income and total other noninterest income.
    (4) See reconciliation of Non-GAAP Financial Measures later in this release.
    (5) Nonperforming assets consists of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), real estate owned and repossessed assets.
    (6) Nonperforming loans consists of nonaccruing loans and accruing loans more than 90 days past due.
       

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)

        September 30, 2024     June 30, 2024     September 30, 2023     Three Month Change     One Year Change  
        (In thousands)  
    Real Estate:                                        
    One-to-four family   $ 395,792     $ 389,934     $ 369,950     $ 5,858     $ 25,842  
    Multi-family     353,813       350,076       325,496       3,737       28,317  
    Commercial real estate     376,008       375,511       381,508       497       (5,500 )
    Construction and land     95,709       107,273       143,434       (11,564 )     (47,725 )
    Total real estate loans     1,221,322       1,222,794       1,220,388       (1,472 )     934  
    Consumer:                                        
    Home equity     76,960       72,613       64,424       4,347       12,536  
    Auto and other consumer     281,198       285,623       248,786       (4,425 )     32,412  
    Total consumer loans     358,158       358,236       313,210       (78 )     44,948  
    Commercial business     155,327       117,094       101,380       38,233       53,947  
    Total loans receivable     1,734,807       1,698,124       1,634,978       36,683       99,829  
    Less:                                        
    Derivative basis adjustment     (1,579 )     1,017       —       (2,596 )     (1,579 )
    Allowance for credit losses on loans     21,970       19,343       16,945       2,627       5,025  
    Total loans receivable, net   $ 1,714,416     $ 1,677,764     $ 1,618,033     $ 36,652     $ 96,383  
                                             

    Selected loan detail:

        September 30, 2024     June 30, 2024     September 30, 2023     Three Month Change     One Year Change  
        (In thousands)  
    Construction and land loans breakout                                        
    1-4 Family construction   $ 43,125     $ 56,514     $ 63,371     $ (13,389 )   $ (20,246 )
    Multifamily construction     29,109       43,341       54,318       (14,232 )     (25,209 )
    Nonresidential construction     17,500       1,015       18,746       16,485       (1,246 )
    Land and development     5,975       6,403       6,999       (428 )     (1,024 )
    Total construction and land loans   $ 95,709     $ 107,273     $ 143,434     $ (11,564 )   $ (47,725 )
                                             
    Auto and other consumer loans breakout                                        
    Triad Manufactured Home loans   $ 129,600     $ 125,906     $ 101,339     $ 3,694     $ 28,261  
    Woodside auto loans     126,129       131,151       124,833       (5,022 )     1,296  
    First Help auto loans     15,971       17,427       5,079       (1,456 )     10,892  
    Other auto loans     2,064       2,690       5,022       (626 )     (2,958 )
    Other consumer loans     7,434       8,449       12,513       (1,015 )     (5,079 )
    Total auto and other consumer loans   $ 281,198     $ 285,623     $ 248,786     $ (4,425 )   $ 32,412  
                                             
    Commercial business loans breakout                                        
    PPP loans   $ –     $ 5     $ 45     $ (5 )   $ (45 )
    Northpointe Bank MPP     38,155       9,150       162       29,005       37,993  
    Secured lines of credit     37,686       28,862       35,833       8,824       1,853  
    Unsecured lines of credit     1,571       1,133       919       438       652  
    SBA loans     7,219       7,146       9,149       73       (1,930 )
    Other commercial business loans     70,696       70,798       55,272       (102 )     15,424  
    Total commercial business loans   $ 155,327     $ 117,094     $ 101,380     $ 38,233     $ 53,947  
                                             

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)

    Non-GAAP Financial Measures
    This press release contains financial measures that are not in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Non-GAAP measures are presented where management believes the information will help investors understand the Company’s results of operations or financial position and assess trends. Where non-GAAP financial measures are used, the comparable GAAP financial measure is also provided. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that may be presented by other companies. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons. Reconciliations of the GAAP and non-GAAP measures are presented below.

    Calculation of Total Revenue:

        September 30, 2024     June 30, 2024     March 31, 2024     December 31, 2023     September 30, 2023  
        (Dollars in thousands)  
    Net interest income   $ 14,020     $ 14,235     $ 13,928     $ 14,195     $ 14,950  
    Noninterest income     1,779       7,347       2,188       (2,929 )     2,904  
    Total revenue, net of interest expense(1)   $ 15,799     $ 21,582     $ 16,116     $ 11,266     $ 17,854  
     
    (1)  We believe this non-GAAP metric provides an important measure with which to analyze and evaluate income available for noninterest expenses.
     

    Calculations Based on Tangible Common Equity:

        September 30, 2024     June 30, 2024     March 31, 2024     December 31, 2023     September 30, 2023  
        (Dollars in thousands, except per share data)  
    Total shareholders’ equity   $ 160,789     $ 158,881     $ 160,506     $ 163,340     $ 156,065  
    Less: Goodwill and other intangible assets     1,083       1,084       1,085       1,086       1,087  
    Disallowed non-mortgage loan servicing rights     489       517       489       481       609  
    Total tangible common equity   $ 159,217     $ 157,280     $ 158,932     $ 161,773     $ 154,369  
                                             
    Total assets   $ 2,255,486     $ 2,215,962     $ 2,240,020     $ 2,201,797     $ 2,153,545  
    Less: Goodwill and other intangible assets     1,083       1,084       1,085       1,086       1,087  
    Disallowed non-mortgage loan servicing rights     489       517       489       481       609  
    Total tangible assets   $ 2,253,914     $ 2,214,361     $ 2,238,446     $ 2,200,230     $ 2,151,849  
                                             
    Average shareholders’ equity   $ 160,479     $ 163,079     $ 161,867     $ 155,971     $ 160,994  
    Less: Average goodwill and other intangible assets     1,084       1,085       1,085       1,086       1,087  
    Average disallowed non-mortgage loan servicing rights     517       489       481       608       557  
    Total average tangible common equity   $ 158,878     $ 161,505     $ 160,301     $ 154,277     $ 159,350  
                                             
    Net (loss) income   $ (1,980 )   $ (2,219 )   $ 396     $ (5,522 )   $ 2,504  
    Common shares outstanding     9,365,979       9,453,247       9,442,796       9,611,876       9,630,735  
    GAAP Ratios:                                        
    Equity to total assets     7.13 %     7.17 %     7.17 %     7.42 %     7.25 %
    Return on average equity     -4.91 %     -5.47 %     0.98 %     -14.05 %     6.17 %
    Book value per common share   $ 17.17     $ 16.81     $ 17.00     $ 16.99     $ 16.20  
    Non-GAAP Ratios:                                        
    Tangible common equity to tangible assets(1)     7.06 %     7.10 %     7.10 %     7.35 %     7.17 %
    Return on average tangible common equity(1)     -4.96 %     -5.53 %     0.99 %     -14.20 %     6.23 %
    Tangible book value per common share(1)   $ 17.00     $ 16.64     $ 16.83     $ 16.83     $ 16.03  
     
    (1)  We believe these non-GAAP metrics provide an important measure with which to analyze and evaluate financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
     

    FIRST NORTHWEST BANCORP AND SUBSIDIARY
    ADDITIONAL INFORMATION
    (Dollars in thousands) (Unaudited)

        September 30, 2024     September 30, 2023  
        (Dollars in thousands, except per share data)  
    Total shareholders’ equity   $ 160,789     $ 156,065  
    Less: Goodwill and other intangible assets     1,083       1,087  
    Disallowed non-mortgage loan servicing rights     489       609  
    Total tangible common equity   $ 159,217     $ 154,369  
                     
    Total assets   $ 2,255,486     $ 2,153,545  
    Less: Goodwill and other intangible assets     1,083       1,087  
    Disallowed non-mortgage loan servicing rights     489       609  
    Total tangible assets   $ 2,253,914     $ 2,151,849  
                     
    Average shareholders’ equity   $ 161,803     $ 160,573  
    Less: Average goodwill and other intangible assets     1,085       1,088  
    Average disallowed non-mortgage loan servicing rights     496       690  
    Total average tangible common equity   $ 160,222     $ 158,795  
                     
    Net (loss) income   $ (3,803 )   $ 7,808  
    Common shares outstanding     9,365,979       9,630,735  
    GAAP Ratios:                
    Equity to total assets     7.13 %     7.25 %
    Return on average equity     -3.14 %     6.50 %
    Book value per common share   $ 17.17     $ 16.20  
    Non-GAAP Ratios:                
    Tangible common equity to tangible assets(1)     7.06 %     7.17 %
    Return on average tangible common equity(1)     -3.17 %     6.57 %
    Tangible book value per common share(1)   $ 17.00     $ 16.03  
     
    (1)  We believe these non-GAAP metrics provide an important measure with which to analyze and evaluate financial condition and capital strength. In addition, we believe that use of tangible equity and tangible assets improves the comparability to other institutions that have not engaged in acquisitions that resulted in recorded goodwill and other intangibles.
     

    Images accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e387e9e8-0a9a-4306-8623-41b739acb402
    https://www.globenewswire.com/NewsRoom/AttachmentNg/4a433c9b-6823-47f3-8843-0d8138f89182
    https://www.globenewswire.com/NewsRoom/AttachmentNg/d5ca9bb6-4a5d-45aa-8336-dd1ae06f0786
    https://www.globenewswire.com/NewsRoom/AttachmentNg/5b9aaf8c-4fd4-437d-af24-7ba8fc60616c

    The MIL Network –

  • MIL-OSI Canada: The Sexual Misconduct Support and Resource Centre opens call for applications for the Community Support for Sexual Misconduct Survivors Grant Program

    Source: Government of Canada News (2)

    News release

    October 29, 2024 – Ottawa, Ontario – Department of National Defence

    The Sexual Misconduct Support and Resource Centre (SMSRC) is committed to improving access to support services for individuals affected by sexual misconduct within the Defence community.

    Today, the SMSRC launched its 2024-25 call for applications for the Community Support for Sexual Misconduct Survivors Grant Program. This initiative aims to broaden the availability of support services and strengthen collaboration between community-based organizations and Department of National Defence (DND) and Canadian Armed Forces (CAF) service providers.

    Grant Details:

    • One-time project grants: up to $50,000
    • Recurrent grants: up to $75,000 annually for two to three years
    • Application deadline: November 26, 2024, at 11:59 PM Pacific Time
    • Funding anticipated to commence: Spring 2025

    The goal of the Grant Program is to broaden the scope of support services accessible to those affected by sexual misconduct in the wider Defence community and increase the collaboration between community-based and DND/CAF service providers. The SMSRC’s Grant Program was developed based on the request of people in the Defence community affected by sexual misconduct to have access to a broad range of culturally competent, confidential, specialized care and support services.

    The grant program is part of It’s Time: Canada’s Strategy to Prevent and Address Gender-Based Violence (the federal GBV Strategy).

    For further information and to apply, please visit the SMSRC Grant Program website.

    Quotes

    “Improving access to support services for members of the Defence Community who have been affected by sexual misconduct is a top priority for the Department of National Defence and the Canadian Armed Forces. By funding projects across Canada, the SMSRC’s Grant Program ensures that our people have access to a broader range of support services. The Defence Community works hard every day to keep Canadians safe and it is our duty to make sure we build an institution where everyone feels respected and empowered to reach their full potential.”

    The Honourable Bill Blair, Minister of National Defence

    “Survivors and individuals affected by sexual misconduct should be able to access the support services they need when and where they need them. This program helps expand access to critical support services close to home. By investing in community-based organizations, our government is empowering communities to provide the care and resources that survivors and their families can count on.”

    The Honourable Ginette Petitpas Taylor, Minister of Veterans Affairs and Associate Minister of National Defence

    “The SMSRC Community Support for Sexual Misconduct Survivors Grant Program is open to receiving applications from community-based service providers. I look forward to establishing grant agreements with organizations across the country to support those affected by sexual misconduct. Together, we can work to make sure that those affected have the support they need.”

    Linda Rizzo-Michelin, Chief Operating Officer, Sexual Misconduct Support and Resource Centre (SMSRC), Department of National Defence

    Quick facts

    • The Grant Program was first launched in the fall of 2022 and currently funds 32 projects in Alberta, British Columbia, Quebec, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, and Saskatchewan.

    • Eligible organizations include, but are not limited to, sexual assault centres, community support programs and counselling services who have the capacity and expertise to provide support to those that have been affected by sexual misconduct within the wider Defence community.

    • The “wider Defence community” includes current and former CAF members/Veterans, DND public service employees, Cadets, Junior Canadian Rangers, their families, supporters, and caregivers (age 16 and older).

    • The program seeks to support projects that address the needs of diverse populations, women, men, sexually and  gender diverse people; Two Spirit, lesbian, gay, bisexual, transgender, queer, intersex and additionally sexually and gender diverse (2SLGBTQI+) people; Indigenous Peoples; Black, Asian and other racialized people; people living with disabilities; religious minorities; those living in an official language minority community; those living in northern, rural and remote communities; others with diverse identity factors; and/or people who cannot access services in person.

    • In addition to funding community support, the SMSRC provides support services to meet the needs of the wider Defence community.

    Associated links

    Contacts

    Media Relations
    Department of National Defence
    613-904-3333
    mlo-blm@forces.gc.ca

    MIL OSI Canada News –

  • MIL-OSI USA: USGS invests $4.8 million in Bipartisan Infrastructure Law funding for five airborne electromagnetic surveys across the nation

    Source: US Geological Survey

    USGS invests $4.8 million in Bipartisan Infrastructure Law funding for five airborne electromagnetic surveys across the nation

    RESTON, Va. – The U.S. Geological Survey has announced it will invest approximately $4.8 million in Bipartisan Infrastructure Law funding to collect high-resolution geophysical data focused on areas with potential for critical mineral resources across multiple parts of the nation. 

    The data collection will be conducted through the USGS Earth Mapping Resources Initiative (Earth MRI), a partnership between the USGS and state geological surveys that is revolutionizing our understanding of the nation’s geology and critical mineral resources which are vital to the U.S. economy, national security, and clean energy technology.  

    Lyndsay Ball, USGS geophysicist and co-technical lead for Earth MRI electromagnetic surveys, described the data collected through Earth MRI as foundational, with broad applications to multiple disciplines within the Earth sciences. 

    “The data not only provide insight into mineral resources, but they’re also needed for understanding water resources, hydrogeology, geothermal systems, and even geologic hazards,” said Ball.  

    These airborne geophysical surveys will collect electromagnetic data to provide cross section images of subsurface electrical resistivity that expand the fundamental knowledge of geology underpinning the areas in the following states and regions: 

    • Nevada’s Great Basin 
    • California’s western Mojave Desert 
    • Illinois, Iowa, and Wisconsin Phosphorite Deposits 
    • Wyoming’s Cheyenne Belt 
    • Michigan’s Upper Peninsula 

    The electromagnetic sensors penetrate the shallow subsurface to about 300 to 500 meters (approximately 1,000 to 1,650 feet) deep and measure electrical resistivity, or how well the rocks conduct electricity. This method is particularly useful in mapping variations in sediment and rock type as well as groundwater salinity, which are markers of critical mineral resources such as brine potentially containing lithium, or graphite and clay deposits. 

    The various survey footprints were designed in close collaboration with respective state geological surveys with the aim of improving understanding of local geology and resources. 

    Officials from the various state geological surveys are optimistic the electromagnetic surveys will complement data generated through other types of Earth MRI surveys, including magnetic, radiometric, and hyperspectral, as well as their own ongoing mapping projects. 

    “This upcoming electromagnetic survey will focus on the tri-state area that has high prospectivity for critical mineral potential, and Earth MRI is the best tool to map the region,” said Ryan Clark, a geologist with the Iowa State Geological Survey. “The overlap in data will help us calibrate and validate the surveys through our own geochemical mapping.” 

    “The electromagnetic data will be a great complement to our mapping because we can take what we’re seeing at the surface and combine it with the subsurface data to get a more detailed look at our state’s geology,” said Erica Key, senior geologist at the California Geological Survey Mineral Resource Program. 

    The initial airborne geophysical surveys may be followed by additional investments, including new geologic maps, geochemical sampling, and other techniques to better understand the region’s geologic framework.

    Since 2021, the Bipartisan Infrastructure Law has advanced scientific innovation through a $320 million investment for the USGS to better map the Nation’s mineral resources, both still in the ground and in mine wastes, and to preserve historical geologic data and samples. Through the end of fiscal year 2024, more than $160 million has been obligated for Earth MRI initiatives, propelling efforts to make “once-in-a-generation” advancements in the nation’s geologic and geophysical data collections and mapping. 

    MIL OSI USA News –

  • MIL-OSI Global: Haiti’s gangs turn to starving children to bolster their ranks

    Source: The Conversation – UK – By Amalendu Misra, Professor of International Politics, Lancaster University

    After months of relentless gang violence, thousands of killings, and the unseating of a government, Haiti is faced with another heartbreaking issue which seems likely to prolong the Caribbean island nation’s woes for another generation. Testimonies collected by Amnesty International have uncovered how Haiti’s armed gangs are enlisting hundreds of children.

    Ana Piquer, Americas director at Amnesty International, says: “We have documented heartbreaking stories of children forced to work for gangs: from running deliveries to gathering information and performing domestic tasks under threats of violence.”

    Boys as young as six are being forced to work as lookouts, made to build street barriers, trained to use machine guns, and are being ordered to participate in kidnappings and other acts of violence. Girls in the possession of gangs are subjected to rape and other forms of sexual violence by older male gang members, according to Piquer.

    Haiti’s 200 or so armed gangs currently control around 90% of the capital city, Port-au-Prince, and large parts of the country are ungovernable. The collapse in law and order has allowed gang leaders such as Jimmy “Barbecue” Chérizier to commit terrible atrocities largely unchallenged.



    Read more:
    Jimmy ‘Barbecue’ Chérizier: the gangster behind the violence in Haiti who may have political aspirations of his own

    The involvement of children in Haiti’s gangs is not exactly new. According to Unicef, between 30% and 50% of children in Haiti are involved with armed groups in some capacity. There are several socioeconomic explanations for this.

    Haiti was once the wealthiest European colony in the Americas – and staged the only ever successful slave rebellion against its French colonial masters before declaring independence in 1804. But modern Haiti is a failed state where more than half of the population now live below the World Bank’s poverty line.

    According to figures published by the International Fund for Agricultural Development, Haiti has the highest prevalence of food insecurity in Latin America and the Caribbean. One-third of the population goes hungry every day.

    Impoverishment and grinding poverty has made the population desperate. With limited options for survival, many children in Haiti are drawn into criminal groups. At times, the promise of a single meal can be enough to attract a child to join a gang.

    That said, the breakdown of order throughout the country has undoubtedly encouraged the gangs to increase their recruitment of children. As with most conflict zones, once indoctrinated, child soldiers make for cheap and deadly combatants.

    There is also one other specific social factor that contributes to some parents turning a blind eye to their children joining the gangs. The prevalence of child recruitment by gangs can be linked to a Haitian socioeconomic practice called restaveks.

    A restavek, which is Creole for “to stay with”, is a child who is given away by impoverished parents with the unwritten understanding that they will be fed, looked after and will not die of hunger. It has become a form of modern-day slavery.

    The End Slavery Now project has found that “more than 300,000 children are victims of domestic slavery” in Haiti today. Many of these children regularly undergo forms of physical and sexual violence.

    A set pattern

    Child sex slavery and sexual abuse are familiar occurrences in societies torn by civil war. It is more likely to take place in settings where the process of governance is weak or non-existent. This situation facilitates conditions of criminal impunity, leading various actors involved in conflict to sexually exploit children.

    There is an established pattern of predatory child sexual slavery in Haiti. Following the devastating earthquake that struck Haiti in 2010 and the ensuing cholera epidemic, some members of the UN peacekeeping force stationed in the country were found to have been running a child sex racket.

    In 2017, an investigation by the Associated Press revealed at least 134 Sri Lankan peacekeepers were involved. It has been documented that girls as young as 11 were sexually abused and impregnated by the peacekeepers, and then subsequently abandoned to raise their children alone. Impoverished and starving Haitian children fell victim to this racket in exchange for scraps of the peacekeepers’ leftover food.

    According to its own admission, the UN peacekeeping force was responsible for “transactional sex” during its operations in the country.



    Read more:
    ‘They put a few coins in your hands to drop a baby in you’ – 265 stories of Haitian children abandoned by UN fathers

    In 2019, the UN secretary general, António Guterres, branded violence against children as a “silent emergency” of our time. Unfortunately, not much is being done to address this challenge, despite the urgency of Guterres’ statement.

    There are many existential challenges facing Haiti. Some of them are homegrown, such as the prevalence of gangs and their terror techniques.

    But, as it is located on a geological fault line in a region susceptible to severe storms, Haiti is particularly prone to natural disasters. A devastating earthquake in 2010 and a cholera epidemic in 2016 debilitated the country, and the knock-on effects will last decades.

    To make matters worse, Haiti also suffers from a compassion deficit. A lack of real engagement from the international community has contributed to the erosion of the Haitian civil society and left the population at the mercy of gang violence.

    Even the Kenyan-led policing mission tasked with restoring order is suffering from inadequate funding and equipment, which has affected its operational capacity. Only around US$400 million (£308 million) of the US$600 million that was originally pledged for the mission has materialised, with the US shouldering a disproportionate financial burden.

    Preoccupied with more high-profile conflicts elsewhere, the international community appears to have little interest in the horrors that are unfolding under the tropical sun in the faraway Caribbean.

    Amalendu Misra is a recipient of British Academy and Nuffield Foundation fellowships.

    – ref. Haiti’s gangs turn to starving children to bolster their ranks – https://theconversation.com/haitis-gangs-turn-to-starving-children-to-bolster-their-ranks-241386

    MIL OSI – Global Reports –

  • MIL-OSI Global: The supernatural beliefs of medieval people – from elves and fairies to abductions and the undead

    Source: The Conversation – UK – By Anne Lawrence-Mathers, Professor in Medieval History, University of Reading

    Medieval people have a reputation for being superstitious – and many of the supernatural phenomena found in the pages of medieval chronicles, miracle stories and romances are still alive in modern culture. Think ghosts, werewolves, demons, vampires, fairies and witches. But while (almost all) people today regard these beings as entirely fictional, many medieval people believed in them.

    Christian theologians accepted the existence of the supernatural, categorising such beings broadly as “fallen angels” who viewed humanity as a battleground in their ongoing conflict with God. Their enormous power meant they could even appear as deities, including the pagan gods and goddesses – they were seen to take on a monstrous appearance mainly when claiming the souls of the damned or being defeated by a Christian leader.

    The smaller and less powerful supernatural creatures known in Old and Middle English as “elves”, however, were seen to have less straightforward explanations.

    Elves, fairies and sirens

    Medieval elves were not usually as powerful as the glamorous beings envisioned centuries later by J.R.R. Tolkien. They merged with demons in some accounts and with fairies in others.

    A siren and a centaur depicted in a bestiary (1278–1300).
    Courtesy of the Getty Open Content Program

    For the 13th-century English priest Layamon, it was elves (alven) who gave King Arthur magical gifts and who, in the form of beautiful women, carried him away to the mythical island of Avalun to heal. However, Layamon was careful to say that this was the belief of “the Britons” (Celtic people), which he was simply recording.

    Fairies first appeared in French-language accounts and quickly blended with other categories of supernatural being. They were apparently more human in appearance than elves, though wings were added later.

    They formed one category of the large group of tempting, supernatural female creatures who lured human men into dangerous relationships. Perhaps most famous is the fairy Melusine, who was strongly linked to water.

    Melusine’s Secret Discovered, from Le Roman de Mélusine (circa 1450).
    National Library of France

    Melusine was half-human, half-serpent and was both beautiful and powerful. She brought prosperity and numerous sons to her human husband, but forbade him to see her at a specified time (Saturdays). When he broke his promise, Melusine’s true form was revealed, and she left forever.

    It is unclear whether the chroniclers and readers who enjoyed such stories entirely believed them, but it seems likely that fairies were considered more real in the middle ages than now.

    Medieval abductions and miracles

    For medieval people, elves, fairies and sirens inhabited the ambiguous territory between fact and fiction. The same may be said of mysterious beings who abducted unsuspecting humans, often women, and carried them off to strange and frightening regions. Those who allegedly reported these experiences believed them to be real, although they were condemned as demonic illusions by moralists.

    Depiction of a miracle from 1531.
    The Book of Miracles

    Being taken high above the Earth is a recurring theme in medieval writing, including tales of witches deliberately flying on the backs of animals. These abduction tales could be compared to modern accounts of alien abductions.

    While tales of abduction by fairies were sometimes dismissed as delusions, stories of saints’ miracles and natural marvels were usually accepted as true. It might be tempting to compare the powers of miracle-working saints with those of modern superheroes – but miracles were considered overt demonstrations of the power of God, whereas superheroes tend to result from scientific or technological extremes.

    A revenant rises from his grave (16th-century facsimile).
    Bavarian State Library, Munich

    A particularly sensational example was recorded in the Life of St Modwenna (an early Irish princess and abbess), written by the abbot Geoffrey of Burton circa 1120-1150. In his account, two tenants of Burton Abbey stirred up a violent feud between the abbot and Count Roger the Poitevin. The troublemakers died suddenly and were buried in haste, but apparently reappeared at sunset carrying their own coffins, before transforming into terrifying animals.

    These revenants (spirits or animated corpses) reportedly brought death to the village – only three people were left alive. When the graves of the runaways were opened, they were found to be bloodstained but intact. A formal apology to the abbey and the saint was followed by ritual dismembering of these corpses and burning of their hearts. This apparently led to the expulsion of an evil spirit and the recovery of the surviving peasants.

    Natural marvels

    “Natural marvels” were medieval phenomena which were accepted as parts of God’s creation, but could not be scientifically explained. Many of the creatures found in bestiaries (medieval encyclopedias of animals both real and mythological) fitted here, such as dragons, unicorns and basilisks.

    Dragons and unicorns remain popular fantasy characters today, but basilisks are less well known – although a giant one once proved a fearsome opponent for Harry Potter. Basilisks were said to be so poisonous that their scent, their fiery breath and even their gaze could kill. They were attested not only by bestiaries but by the Roman philosopher and botanist Pliny in his book Natural History (circa AD77). They were found in the province of Cyrene, in modern Libya.

    A basilisk depicted in a bestiary (circa 1200-1225).
    British Library

    Similarly, different regions of the Earth were characterised by natural marvels recorded in works such as priest and historian Gerald of Wales’s book, The History and Topography of Ireland (1185-88).

    Gerald noted that some readers would find his stories “impossible or ridiculous”, but testified to their accuracy. They included strange islands where no female creature could survive and nobody could die a natural death, as well as strange creatures and humans forced to transform periodically into wolves by the power of St Natalis (an Irish monk and saint).

    Medieval people believed in a wide array of supernatural beings. While today we mostly see them as the stuff of nightmarish fiction, our enthusiasm for this diversity hasn’t waned – just look at the breadth of supernatural costumes on display every Halloween.


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    Anne Lawrence-Mathers 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. The supernatural beliefs of medieval people – from elves and fairies to abductions and the undead – https://theconversation.com/the-supernatural-beliefs-of-medieval-people-from-elves-and-fairies-to-abductions-and-the-undead-240756

    MIL OSI – Global Reports –

  • MIL-OSI Global: How language barriers influence global climate literacy

    Source: The Conversation – UK – By Mario Saraceni, Associate Professor in English Language and Linguistics, University of Portsmouth

    Creativa Images/Shutterstock

    Our planet is getting hotter at an alarming rate. Climate change is one of the most serious global issues today. Its consequences affect every single human being on Earth. So it seems perfectly logical that scientific publications about global warming are written in the global language: English.

    And yet, it is precisely because it is written in English, that climate science is largely inaccessible to the majority of people globally.

    To explain this apparent contradiction, we need to look at some numbers. Nearly 90% of scientific publications globally are in English. This is a staggering dominance of just one language. But English, often called a global language, is only spoken by a minority of the world’s population.



    Read more:
    Indigenous languages must feature more in science communication

    How do we know that most people in the world don’t speak English? English the main language of society in only a handful of countries: the UK, Ireland, the US, Canada, Australia and New Zealand. The population of these countries, combined, amounts to about 400 million – a very small percentage of the world’s population.

    In many other former British colonies, such as India, Nigeria or Malaysia, English exists alongside other languages. In these contexts English tends to be an elite language, used mostly by urban, middle-class, well-educated people. Elsewhere, English functions as a lingua franca, used mostly in transnational communication.

    Given these diverse scenarios, it is extremely difficult to estimate the number of speakers of English with any precision. About 20 years ago, linguist David Crystal suggested that the number may be somewhere between 1 and 2 billion. Even if we take the upper limit of that extremely large range, we’re talking about only one quarter of the world’s population. This means that three out of four people in the world do not speak English.



    Read more:
    Italian government wants to stop businesses using English – here’s why it’s the lingua franca of firms around the world

    That means at least three quarters of the world’s population do not speak the language in which the science about climate change is disseminated globally. At the same time, languages other than English are marginalised and struggle to find space in the global communication of science.

    So this linguistic inequality creates an imbalance in the distribution of scientific knowledge about climate change. But it also reinforces two other types of existing inequality.

    One has to do with the production of scientific knowledge in general, which is disproportionately emanating from the two main Anglophone countries: the US and the UK. Out of the top 100 scientific journals for impact and prestige, 91 are based in these two countries.

    Out of 100 top scientific journals, 91 are published in the UK and the US.
    Sergei25/Shutterstock

    The other form of inequality has to do with social injustice. Scientific literature is almost exclusively written in English. But this language is virtually unknown by most people, especially in developing countries. And so, societies who suffer more from climate change are precisely those where access to scientific literature about it is severely limited.

    What is the solution? Unesco’s Open Science initiative, is attempting to tackle the problem. It aims to “make scientific research from all fields accessible to everyone for the benefits of scientists and society as a whole”. One of its objectives is to “ensure that scientific collaborations transcend the boundaries of geography, language and resources”.

    Breaking language barriers

    Achieving the objectives set by Open Science is no easy task. One approach is to break the barrier of English monolingualism by promoting multilingualism.

    On the one hand, opportunities must be created for scientists from around the world to communicate their research and their scholarship in languages other than English.

    On the other, the great technological advancement made in machine translation, especially with the advent of AI, should be put to use in order to ensure that content is available in languages other than English. This is precisely the goal of Climate Cardinals, a non-profit organisation whose mission is to “make the climate movement more accessible to those who don’t speak English” by translating information into more than 100 languages.

    These kinds of concrete efforts offer hope for climate literacy and, consequently, for action to lessen the impact of climate change.

    Mario Saraceni 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. How language barriers influence global climate literacy – https://theconversation.com/how-language-barriers-influence-global-climate-literacy-241867

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Astra Awards Celebrate Grassroots Innovation23 Oct 2024

    Source: United Kingdom – Royal Air Force

    The Astra Awards celebrated innovation, challenge, and improvement across the RAF at the RAF Museum in London on 17 October 2024.

    Astra is the RAF’s approach to grassroots innovation, which encompasses bureaucracy challenge and continuous improvement. The Astra Awards recognise some of the most inspirational people, ingenious ideas, and the incredible impact they’ve had on our operational output.

    Award Winners

    Astra Unit Award, sponsored by Fujitsu

    Winner: RAF Lossiemouth

    RAF Lossiemouth showcases the future of the Astra Network at a unit level. Enthusiastically grasping the direction to refocus Astra onto grassroots innovation, the team have already made a significant impact on the innovative mindset across the station. Proactively upskilling the existing Continuous Improvement personnel in unfamiliar areas such as additive manufacturing, computer-aided design, and virtual reality, the small team are already proving highly effective in all aspects of grassroots innovation. Positively impacting on people and the operational output across the unit, they are making best use of every asset and opportunity provided to them. To support their work, the team have created an exciting and engaging Astra Hub; a collaborative, innovative space that will allow the whole force to continue to deliver substantial benefits to RAF Lossiemouth and the RAF.

    Astra Innovation Award, sponsored by PA Consulting

    Winner: Project I2T

    Project IMMERSIVE INSTRUCTOR TRAINING, known as I2T, is designed to enhance the delivery of training to Qualified Helicopter Instructors and Qualified Helicopter Crewman Instructors. Significantly modernising the outdated system, the project delivers training using immersive 360-degree video courseware accessed via virtual reality headsets. Developed by Flt Lt Rich Keeling and Dr Jon Allsop at the Central Flying School, it is being implemented by RAF Shawbury to great effect. It is proving to complement the existing training programme and allows instructors to gain skills through repeatable virtual scenarios and error analysis. It bridges the gap between theoretical and real-world flying in a sustainable manner and helps to ensure effective instructors for future helicopter aircrew.

    Astra Challenge Award, sponsored by Boxxe

    Winner: Sergeant Becky Livesey

    Consistently championing change for the benefit of our whole force, Becky has been a driving force behind a challenge to amend outdated policy to support hundreds of individuals with shared parental responsibility. The previous policy only allowed leave to be shared between serving spouses, which did not reflect the changing nature of families and led to personal difficulties and an unstable environment for the children of Service personnel. Her challenge highlighted the negative impact of the policy and was integral to bringing about a significant change. The updated policy now allows leave to be transferred between serving personnel in all three Services who both have parental responsibility for a child, enabling them to use it for childcare purposes. The resulting increase in stability for Service children and the home environment cannot be underestimated, nor can its impact on retention and morale for our people.

    Astra Improvement Award, sponsored by QinetiQ

    Winner: RAF Brize Norton Air Mobility Force Dispatch Optimisation

    The consolidation of key enablers into a centralised dispatch centre at RAF Brize Norton has greatly enhanced communication, professional relationships, and overall efficiency, saving over 15 minutes for every flight from the busy main operating base. The relocation of the Meteorological Office, Jet Plans, and MSC has reduced unnecessary movement and transportation waste, streamlining workflow. The elimination of ‘nav bags’ and the centralisation of Electronic Flight Bags further minimised motion waste. Additionally, process duplication has been removed, reducing rework, and allowing crews to plan without interruption. Crews also save a further 6-8 minutes by no longer needing to visit Load Control, and aircrew now book transport directly, reducing delays. The project has delivered efficiencies for all stakeholders throughout the process.

    Astra Contribution to Operations Award, sponsored by the RAF

    Winner: F-35 Detachment Toolkit

    Recognising the need for rapid deployability in support of ACE, the RAF Marham team developed and delivered a deployable toolkit in support of the F-35 fleet. Employing Lean Six Sigma analysis and modelling high level tool usage across the fleet, they identified the full requirements to ensure the project would deliver a successful product. The team repurposed tools and test equipment from redundant issue centres, obtained funding for a laser etching machine, and procured mobile support units. Owing to their efforts, the F-35 now has a deployable tool capability that was used for the first time in the Iceland Air Policing operation. The capability has increased the potential operational output of the fleet, allowing it to operate effectively in two different locations with minimal impact to the flying programme.

    Astra Ambassador Award, sponsored by the RAF

    Winner: Chief Technician Martyn Sullivan

    Martyn has consistently demonstrated and embodied innovation, challenge, and improvement. His passion for making RAF Coningsby better through well-structured and benefit-led projects has ensured his small team have delivered a positive and lasting impact at unit level. Their demonstrable output adds value across the board. Alongside his commitment to RAF Coningsby, he actively collaborates with the whole force across the RAF, sharing his knowledge and experience and encouraging others to develop their innovative mindset. He created, organised, and delivered courses that developed an internal grassroots innovation network that spans all professions and sections. Furthermore, his exceptional work with industry partners such as BAE Systems has delivered projects that have improved and enhanced the operational output of the Typhoon fleet at both Coningsby and Lossiemouth.

    Spirit of Innovation Award, sponsored by BAE Systems

    Winner: Chief Technician Neil Hunt

    Wing Commander Williamson collected the award on behalf of Chief Technician Hunt. It will be formally presented on unit.

    Neil has shown significant determination and commitment to improvement. After identifying issues with the transportation of F-35 canopies across unit, Neil, alongside Sgt Richard James, developed the F-35 Canopy Transportation Trolley project, which has now been brought into service at RAF Marham. The innovative improvement project has already saved Defence over £600k. Continuing to engage with the Astra improvement process, Neil has submitted a further 13 ideas over the past two years. This includes the F-35 Ejection Seat Transportation Solution, which has once again delivered an effective solution that has delivered significant benefits, saving Defence £1.75m in the first 3 months by removing potential for damage and increasing resource efficiency.

    Neil’s award was collected by Wg Cdr Williamson on his behalf and will be handed over formally on unit.

    Astra Rising Star Award, sponsored by Frazer-Nash Consultancy

    Winner: Elizabeth Garvin

    Beth is new to the Civil Service and the RAF whole force as the Continuous Improvement Facilitator at RAF St Mawgan, who has taken on the role of Astra Ambassador as well as CI Lead. Always keen to learn, she proactively approached the Headquarters CI Team to secure a place on the Lean Six Sigma training course to further develop her skills. Since completing the course, she has rapidly applied her newfound knowledge and skills to delivering improvements across the unit. She has embraced the Astra ethos and amalgamated innovation, challenge, and improvement across all functional areas on unit, developing a growing innovative mindset and culture. Her creation of a regular drumbeat of collaboration opportunities, where she shares insight into activity in other areas, is already proving popular and igniting ideas in others from every area across the unit. Beth epitomises the values and intentions of Astra and grassroots innovation in the RAF whole force.

    Astra People’s Choice Award, sponsored by Babcock

    Winner: D-State Proforma

    Using the tools and techniques of Continuous Improvement, a full review and redesign of the State Demand form at RAF Coningsby was undertaken. The inefficient process saw at least 12 versions of the same form used on unit, with a significant administrative burden for all involved in submitting the 6000+ forms a year. The process was reviewed end-to-end and redesigned to remove unnecessary steps. Considering the needs of all stakeholders, it has simplified the communication flow and established an effective feedback loop. The project has significantly reduced the rejection rate for state demand forms and the potential misallocation of engineering spares. The redesigned form has also saved over 1600 hours per year just at RAF Coningsby and has also been used repeatedly and proven highly successful in the UK and on Op SHADER.

    Astra Team Award, sponsored by Leonardo

    Winner: Ailidh Leather

    Ailidh Leather has been the lead for Project POST ROOM at RAF Cosford, which uses scanning technology to significantly enhance the experience of the Post Room staff and the hundreds of recipients on station. Several years ago, Ailidh identified how technology could transform how mail is processed. With increasing amounts of parcels due to online shopping and inefficient handwritten ledgers, the post room was being swamped with mail leading to long delays in items reaching their intended recipient. Her persistence, determination, and forward thinking have ensured that the project has reached the position it is in today despite numerous setbacks. Through her tenacity, the project is making a real difference to the lives of personnel at Cosford, with potential to be rolled out wider across the RAF.

    Chief of the Air Staff’s Award, sponsored by Astra

    Winner: Air Specialist Class 1 Ross McGrory

    Ross played a pivotal role in Project GAIA, seamlessly transforming it into a Digital Shadow for a deployed medical centre by connecting multiple devices to a central hub. Proactively learning a new programming language, and dedicating a significant amount of his personal time, he developed a working product that provides a critical capability – 24/7 monitoring for emergency medical items such as blood supplies. Ross’s innovative mindset and skillset ensured that the complex system could easily be used by non-technical staff, which is not an easy task. Additionally, as second in command of RAF Leeming‘s Makerspace, which is an integral part of the Astra Hub, he expanded user engagement. He swiftly solved a persistent station issue in just 4 hours, highlighting his technical expertise and commitment to innovation.

    Hundreds gathered in Sunderland Hall at the RAF Museum for an evening of reward and recognition, showcasing grassroots innovation and sharing ideas. Grassroots innovation activities from the whole force were on display to ignite the innovative mindset of our people and encourage collaboration to bring meaningful change.

    Personnel from across the whole force were joined by international allies from the United States Air Force (USAF), Royal Australian Air Force, and Royal Canadian Air Force. Members of the USAF currently based in the UK also joined RAF personnel in demonstrating grassroots innovation projects in their area. The USAF’s AFWERX team are working closely with the RAF’s Astra Team to encourage collaboration on common problem sets, with the first joint grassroots innovation projects already being planned.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Dmitry Patrushev: Roshydromet, as the main coordinating agency in its field, is among the top five services in the world

    Translation. Region: Russian Federation –

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

    Dmitry Patrushev at the opening of the Eighth All-Russian United Meteorological and Hydrological Congress

    October 29, 2024

    Dmitry Patrushev at the opening of the Eighth All-Russian United Meteorological and Hydrological Congress

    October 29, 2024

    Dmitry Patrushev at the opening of the Eighth All-Russian United Meteorological and Hydrological Congress

    October 29, 2024

    Previous news Next news

    Dmitry Patrushev at the opening of the Eighth All-Russian United Meteorological and Hydrological Congress

    This was stated by Deputy Prime Minister Dmitry Patrushev during the opening of the VIII All-Russian United Meteorological and Hydrological Congress in St. Petersburg, dedicated to the 190th anniversary of the founding of the Russian Hydrometeorological Service. This year, specialists from two industry areas – hydrology and meteorology – gathered at one venue for the first time. The central theme of the event was the feasibility of developing a new strategy for the activities of hydrometeorology and related areas.

    Dmitry Patrushev noted that the sphere has come a long way almost two centuries long. All this time, the tools and methods of work have been improved. And today, of course, there are already significant results and reasons for pride.

    “Roshydromet, as the main coordinating agency in its field, is one of the top five services in the world. Nevertheless, work should continue in all key areas. In particular, the Strategy for Activities in the Field of Hydrometeorology until 2030 is currently being implemented. However, given the new tasks set by the President, I believe that it is necessary to think in advance about updating the document in the planning horizon until 2036,” the Deputy Prime Minister said.

    According to the Deputy Prime Minister, first of all, it is necessary to improve the quality of forecasts and, in particular, increase the efficiency of emergency prevention. The uninterrupted functioning of a number of industries depends on this: the agro-industrial, fisheries and forestry complexes, the construction sector, energy and transport. But the main thing, of course, is the safety of people.

    This requires further modernization of the state observation network, which is the main source of information. The government, for its part, is working on the possibility of allocating additional funding for this. Dmitry Patrushev emphasized that the integration of new regions of Russia into the national observation network system must be completed by 2030. 8 billion rubles are allocated for this.

    Speaking about strategic tasks, the Deputy Prime Minister recalled that in accordance with the Presidential Decree on national development goals, the volume of harmful emissions in cities with the highest levels of air pollution should be halved. The relevant measures are aimed at this. At the same time, to assess their results, it is necessary to create a comprehensive system for analyzing the quality of the environment. Work is already underway within the framework of the national project “Ecology”. In 12 cities that became the first participants in the federal project “Clean Air”, the monitoring network has been completely modernized.

    In addition, infrastructure is being updated in populated areas near Lake Baikal. In the future, measures are also envisaged in the new national project “Ecological Well-Being”. In the future, the system of comprehensive air pollution monitoring should cover the entire territory of our country.

    Dmitry Patrushev also spoke about the work organized in the Arctic and Antarctic. Russia is implementing unique projects there that have no analogues in the world. This includes the ice-resistant platform “North Pole” and the new complex “Vostok” in Antarctica, which was put into operation in 2024. They allow expanding the geography of scientific research, using the most advanced technologies even in harsh polar conditions.

    The Deputy Prime Minister said that the renewal of the research fleet will definitely continue. Thus, in the coming years, the expedition vessel Ivan Frolov, which was laid down at the Admiralty Shipyards, will join it.

    As the Deputy Prime Minister noted, one of the most important areas of work of the hydrometeorological service is the analysis and forecasting of climate processes. A system for monitoring climate-active substances in the atmosphere is being created in Russia. Its full launch is expected by 2030. This will ensure a larger-scale collection and processing of data for an objective assessment of the state of the atmosphere and the Earth’s surface. The information obtained will be used in the implementation of measures aimed at adapting the economy to natural changes, including low-carbon transformation.

    In general, further updating of computing capacities and expansion of the scale of space monitoring are required to improve the efficiency of work. Within the framework of the Federal Space Program, the launch of several satellites at once is planned in the interests of Roshydromet.

    “You are facing very serious tasks. For our part, we are trying to do everything possible to improve the working conditions of specialists. This concerns not only the material and technical base, but also wages. On the instructions of the President, an additional 24 billion rubles will be allocated in the coming years to increase the wages of Roshydromet employees,” Dmitry Patrushev summed up.

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

    MIL OSI Russia News –

  • MIL-OSI Canada: Health System Impact Fellows work to bring changes to our health systems

    Source: Government of Canada News (2)

    News release

    45 highly skilled researchers join health system organizations to help address pressing priorities and improve care for people in Canada

    October 29, 2024 | Ottawa, Ontario | Canadian Institutes of Health Research

    Canadians deserve access to high-quality health care. To achieve this, improvements often begin with research that examines how health care services are organized, regulated, managed, financed, and delivered.

    Today, the Honorable Mark Holland, Minister of Health, announced an investment of over $4.3M to help transform Canada’s health systems through the Health System Impact Program. This funding comes from the Canadian Institutes of Health Research (CIHR) and partners, Michael Smith Health Research BC and the Fonds de recherche du Québec – Santé.

    The Health System Impact Program focuses on health system transformation to ensure that people in Canada have access to the highest quality care. Through this initiative, PhD trainees, postdoctoral researchers and early-career researchers will collaborate with health organizations across the country to lead projects aimed at generating evidence to improve Canada’s health systems, services and policies. For the 2024 cycle, CIHR is supporting 25 PhD trainees and 20 postdoctoral researchers who are embedded in 34 health organizations and connected to 19 universities across Canada.

    These researchers will address a variety of critical health system issues, including optimizing primary health care, improving quality in long-term care homes, supporting the health workforce, advancing equity in cancer care, leveraging digital health opportunities, predicting antimicrobial resistance using machine learning, mitigating the health impacts of climate change, ensuring cultural safety in health care, enhancing mental health services, and more.

    Quotes

    “I would like to congratulate the 2024 cohort of CIHR Health System Impact Fellows. It’s so exciting to see these future research leaders join health system organizations to help tackle pressing priorities and improve care for Canadians. Their dedication to evidence-informed health system improvement and improving access to care for all people in Canada is inspiring, and their skills will contribute to real-world solutions and stronger health systems.”

    The Honourable Mark Holland
    Minister of Health

    “Each year, the contributions of Health System Impact Fellows invigorate our health systems with fresh insights and innovative solutions. It’s inspiring to see our next generation of health researchers thrive in this dynamic environment. They are not just advancing Learning Health Systems; they are helping to reshape the future of health care in Canada, ensuring it is more responsive, equitable, and driven by evidence.”

    Dr. Tammy Clifford
    Acting President, Canadian Institutes of Health Research

    “Our long-standing partnership with CIHR on this fellowship is supporting researchers and strengthening evidence-informed policy throughout BC. The program equips PhD trainees and postdoctoral researchers to translate research into practice and drive positive outcomes in health care environments. That’s an important outcome — building both research and health system capacity.”

    Dr. Bev Holmes
    President & CEO, Michael Smith Health Research BC

    Quick facts

    • CIHR’s Health System Impact program began in 2017 and to date, 328 fellows (111 PhD trainees and 217 postdoctoral researchers) and 12 early-career researchers have been or are currently embedded within 139 health system organizations and connected to 25 universities.  

    • Through this program, fellows receive unparalleled mentorship from senior decision-makers from health system organizations and academic experts from across the country.

    • The Health System Impact program is led by the CIHR Institute of Health Services and Policy Research.

    Associated links

    Contacts

    Matthew Kronberg
    Press Secretary
    Office of the Honourable Mark Holland
    Minister of Health
    343-552-5654

    Media Relations
    Canadian Institutes of Health Research
    mediarelations@cihr-irsc.gc.ca

    At the Canadian Institutes of Health Research (CIHR) we know that research has the power to change lives. As Canada’s health research investment agency, we collaborate with partners and researchers to support the discoveries and innovations that improve our health and strengthen our health care system.

    MIL OSI Canada News –

  • MIL-OSI USA: From Policy to Action: Anna-Michelle McSorley Focuses on Health Equity for Latinos

    Source: US State of Connecticut

    Anna-Michelle McSorley, assistant professor of allied health sciences, joined the faculty of the College of Agriculture, Health and Natural Resources (CAHNR) this fall. Her work focuses on addressing health inequities related to policies and data collection for Latinos, particularly Puerto Ricans.

    “I’m well-situated at UConn to engage with the very population that is migrating from that territorial context into the state of Connecticut,” McSorley says.

    According to the most recent U.S. Census data, 18.6% of Connecticut’s population is Hispanic or Latino, equating to more than 670,000 people. Puerto Ricans constitute the largest Latino group within this population, representing roughly 45%. Nearly six million Puerto Ricans live outside of Puerto Rico in the States in total.

    McSorley is based at UConn Waterbury. Waterbury has a large Latino population, including more than 110,000 Puerto Ricans. This positions McSorley well to engage directly with the communities her research stands to impact.

    “It’s the rigor of research translated into policy action to benefit the people we are trying to serve,” McSorley says.

    Much of McSorley’s work focuses on Puerto Rico, which is neither an independent nation nor a state, but a territory of the United States.

    McSorley, who identifies as a “Nuyorican” raised between New York and Puerto Rico, understood this unique status from a young age. She realized there was something about how she was able to travel between the U.S. and Puerto Rico that was distinct from other Latino communities and countries.

    “I started thinking about that very early in my life,” McSorley says. “Then, through my education, I was able to pinpoint this difference, identify policies and structures that affect it, and have the vocabulary to highlight it as part of my research.”

    In her research, McSorley takes an expansive view of the federal and local policies, systems, and agencies that affect our health.

    “I think of traditional health policies,” McSorley says. “But I also think of others in our social sphere, like economic policies, that also ultimately shape health outcomes.”

    McSorley recently contributed three papers to a historical special edition of the American Journal of Public Health – the first to exclusively focus on Latino health issues – in which Puerto Rico is prominently featured.

    McSorley was the first author on one of these papers focusing on three key policy areas contributing to health and health care inequities in Puerto Rico: FEMA, Medicaid, and political representation in the island area.

    McSorley and her collaborators assess the ways in which the distribution of FEMA aid and Medicaid funds to the territory perpetuate health disparities.

    McSorley’s paper also highlights the role of political representation, or the lack thereof, in the differential application of federal policies in the territory of Puerto Rico.

    “Yes, these are matters of health policy,” says McSorley. “However, it’s also a question of political processes, potential political biases, and power dynamics.”

    As a territory, Puerto Rico is not a self-governing state. Puerto Ricans in Puerto Rico are U.S. citizens but cannot vote in presidential elections. They are governed by policies enacted by the U.S. Congress, thousands of miles away.

    In a major election year, Puerto Rico’s unresolved status as a territory could become a mobilizing issue across the Latino community, McSorley says.

    Anna-Michelle McSorley from the Department of Allied Health Sciences at UConn Waterbury. (Jason Sheldon/UConn photo)

    “After all, what is being observed in Puerto Rico also serves as a sort of ‘canary in the coal mine’ for communities across the States,” says McSorley. “For instance, the Medicaid block grant structure employed in Puerto Rico has been proposed as an alternative Medicaid funding structure in the States. If applied, this could lead to the same types of cuts to benefits we see in Puerto Rico.”

    The other papers to which McSorley contributed in this edition focus on improving data collected on Latino groups. Data often treats Latino populations as a monolith. However, this group includes dozens of unique populations.

    One paper calls for better empirical methods for data collection and health statistics that more accurately represent the population. The second paper focuses on Latino reproductive health inequities.

    “I want to address data gaps,” McSorley says. “How we collect data on Latinos, and Puerto Ricans specifically in the U.S. or the territory matters in terms of honoring different needs of populations.”

    This work relates to CAHNR’s Strategic Vision area focused on Promoting Diversity, Equity, Inclusion, and Justice and Enhancing Health and Well-Being Locally, Nationally, and Globally.

    Follow UConn CAHNR on social media

    MIL OSI USA News –

  • MIL-OSI USA: Biomedical Engineering Scientist Receives $1.5 Million General Medicine Grant

    Source: US State of Connecticut

    An accomplished bioengineering researcher at UConn’s College of Engineering (CoE) has received a $1.5 million National Institute of Health grant for his pioneering work in the field of computation-aided molecular design of DNA-inspired Janus Base Nanopieces (JBNps). These are a family of novel biomaterials that mimic DNA and are used in therapeutic and regenerative treatments for people with arthritis, cancer, and neurological diseases.

    “JBNps have a distinct advantage for delivery into ‘hard-to-penetrate’ tissues such as articular cartilage, solid tumors, kidneys and the central nervous system,” says Biomedical Engineering Associate Professor Yupeng Chen. “The impact in treatments will be significant.”

    Chen is the principal investigator and grant recipient, and is studying the impact of manipulating Messenger RNA (mRNA), a molecule that carries the genetic instructions from DNA in the cell nucleus to the ribosomes in the cytoplasm, where those instructions are used to build proteins.

    Essentially, Chen explains, mRNA acts like a “message carrier” to tell the cell which proteins to make.

    “We will develop a novel delivery technology by manipulating the bio-interface properties of the DNA-inspired Janus Base Nanopieces,” Chen says. “JBNps are slimmer than conventional spherical particles, allowing for enhanced infiltration into tissue matrices and barriers.”

    Messenger RNA, Chen adds, is the key ingredient in COVID-19 vaccines and anti-inflammatory drugs and offers the potential for myriad other applications. But there are numerous obstacles to overcome, he states. Unlike many chemical molecules or antibody proteins, mRNAs need to be delivered into cell cytoplasm to be functional. Various types of materials have been developed for successful intracellular delivery of small RNAs, but it is still a major challenge to achieve effective delivery of mRNAs at both cellular and systemic levels.

    Yupeng Chen (photo by Christopher LaRosa)

    Chen cites the study of arthritis as an example. Infiltrating articular cartilage, he says, poses a significant delivery challenge because its matrix has minuscule pore sizes. As a result, no disease-modifying drug exists to treat this condition. JBNps, he explains are smaller and more effectively shaped than the formulations currently being used. They are manufactured through the non-covalent assembly of Janus Bases, allowing researchers to control their formulations and properties by simply mixing different types of Janus Bases.

    “For instance, we can use sidechain-modified Janus Bases for endosomal escape, zwitterion-modified ones for improved biodistribution, and unmodified Janus Bases as the basic building blocks for mRNA loading,” Chen says. “Additionally, focusing on molecule-linked Janus bases can be used for tissue targeting. In this way, JBNps can be easily tailored for a variety of purposes. We expect to develop sidechain-modified JBNps for the most effective mRNA delivery to treat cartilage diseases such as arthritis.”

    Last year, Chen and a student team received international notoriety when NASA astronauts aboard the International Space Station (ISS) conducted an inflight, microgravity proof-of-concept study involving the fabrication of JBNps. During their experimentation, the astronauts communicated directly with Chen and some of his students via Axiom Space and Eascra Biotech as implementation and industry partners at their lab on the UConn campus in Storrs, Connecticut.

    During the course of this four-year grant, Chen will be working with Dr. Ying Li from the University of Wisconsin, an expert in multiscale computational modeling and machine learning; and Dr. Harvey Lodish from MIT, who will provide expertise in cell and RNA biology and therapeutic development. Their proposal, he adds, is built on successful preliminary results and recent publication in high-impact journals such as in PNAS, Science Advances, Angewandte Chemie, ACS Nano, Advanced Functional Materials, Biomaterials, Computational Mechanics, and others.

    MIL OSI USA News –

  • MIL-OSI USA: Husky Back on Football Field Thanks to UConn Health Sports Medicine

    Source: US State of Connecticut

    Like most children in Germany, Alex Honig played soccer, but he fell in love with football. Following in the footsteps of his father, who played football in Germany, he moved onto flag football, then tackle around age 13. He was rated the No. 1 quarterback and overall player in Germany, and excelled for the Schwäbisch Hall Unicorns, one of the top American football youth teams in Germany.

    His college career started at Texas Christian University (TCU) and in 2023 he transferred to UConn. He played tight end in the first two games of the 2023 season before he suffered an injury during a routine block at Georgia State, costing him the rest of the season.

    Dr. Robert Arciero, Sports Medicine Division chief in UConn Health’s Department of Orthopedic Surgery and head orthopedic team physician at UConn, saw Honig when the team returned.

    Dr. Robert Arciero, Sports Medicine Division chief in UConn Health’s Department of Orthopedic Surgery and head orthopedic team physician at UConn

    “It was obvious on the physical exam that Honig tore the ligament holding the kneecap,” Arciero says. “He’s a big man and plays in a rough sport, where you hit people on purpose, so it became obvious, to get him back and have him not have a recurrent dislocating patella, that we needed to fix it by repairing the ligament. And in his case, augmenting it with a graph to make it stronger.”

    The team physicians from UConn Health help maximize performance, prevent injuries and get UConn athletes back on the field or court after illness or injury.

    Arciero explains that every individual athlete gets the same level of care, which includes a topflight training staff at UConn, where trainers are with the athletes every time they are on the court or field. When they get injured, the team physicians are on speed dial. In Storrs, the team physicians see the athletes once a week and are able to see an athlete within hours of an injury. At UConn Health, advanced imaging capabilities enable prompt MRIs and CT scans.

    “Frankly our surgery center has some of the most experienced anesthesiologists, surgical techs, nurses, and staff, which is why I bring my athletes here,” says Arciero ” because I know I am going to give them the best shot I can. It all comes from a mindset and dedication, but then having all these pieces in place that can respond make it top notch.

    “We get many people back to being active, but getting athletes back to the elite level at the same professional level is the thing that drives us.”

    If you play sports, you are potentially going to get hurt. The team physicians rapidly evaluate, diagnose and put treatment into place whether it is nonsurgical, rehabilitative, or in-depth surgery.

    “The goal: They are happy and can return to their sport at the same level,” Arciero says. “That’s the key.”

    Alex Honig, UConn Football (Photo Credit: UConn Athletics)

    When Honig was taken out of the game, he realized he had a long road to recovery.

    “Dr. Arciero walked me through the injury and laid out what I needed to recover,” says Honig.  “I never had surgery before, and he was really good at explaining everything to me, including the surgery and the recovery process.”

    “You have a discussion. Some people would argue that you can fix this without an operation, and that would be applicable to someone who is sedentary, where you let the ligament try to heal on his own, but this does not define Alex, who works out every day and plays a collision sport. So, it became a discussion with him. I told him we could choose not to operate on it, but if we chose that route, it would become a recurrent problem,” explains Arciero.

    Trust is crucial for team physicians and athletes, and in addition to reputation, Arciero says the other part of trust is face time.

    “Being with the team, showing up early on a travel flight, talking to the kids and coaches, and balancing that with being like paint on the wall, because no one likes the team doctor,” Arciero says.  “We are like the grim reaper: We usually have bad news, and the only time we have good news is when we tell them they can go back to play.

    “It’s important to talk to them about their problems, they are pretty smart, they have a lot of resources, and they will challenge you, but you need to sit with them, look them in the eye and answer their questions, and really make an effort that they understand – that’s how you build trust. You also have to be able to bring the goods and have good outcomes.”

    According to Honig, the first few days were tough. Using crutches, sleeping and moving around were hard. He had to relearn how to walk, and the rehab was different from what he was used to when working out with heavy weights.

    Honig says he had lots of support, listened to his body and talked with the doctors regularly, including weekly check-ins with Arciero to make sure rehab was going well. Honig found it easy to set goals and work toward them.

    “It’s scary, but following the guiding hands of the doctors and the trainers who have been here before and are supportive, their confidence is contagious, and you trust them,” says Honig.

    He adds: “Football is unique: you practice and prepare all year and have 12 chances to play the game after preparing all year. It was important for me to find a way to support the team while focusing on rehab.”

    By January he felt confident running again. By spring practice in March, he was cleared to practice and play in the spring game while wearing a brace.

    “It felt good and got the excitement going again. Personally, I feel like I have developed and changed my perspective,” says Honig.

    Honig is back on the field, playing well in what has become an exciting season for the football team. He feels faster and stronger this season.

    “Nothing makes me happier to see the player back on the field, when you see them on the sideline coming back after an injury and they say, ‘It’s all you, doc.’ That’s all I need,” says Arciero. “That’s what keeps a sports physician taking care of athletes.”

    UConn Health Orthopedics and Sports Medicine has a long tradition of providing medical care for the UConn Huskies, professional sports teams, and other organizations, and is proud to help keep some of the world’s top athletes on the field, on the court, and in the game.

    And the best news? You don’t have to be a Husky to be seen by a Husky. UConn Health believes that everyone deserves world-class orthopedic care whether you’re an elite athlete, weekend warrior, or you hurt your shoulder while mowing the lawn.

    Learn more about UConn Health Orthopedics and Sports Medicine or request an appointment with a  doctor.

    MIL OSI USA News –

  • MIL-OSI: Sono Group N.V. to Present at the AI & Technology Virtual Investor Conference October 31st

    Source: GlobeNewswire (MIL-OSI)

    MUNICH, Oct. 29, 2024 (GLOBE NEWSWIRE) — The solar technology company Sono Group N.V. (OTCQB: SEVCF) (hereafter referred to as “Sono” or the “Company”, parent company to Sono Motors GmbH or “Sono Motors”) is pleased to announce that George O’Leary, Managing Director, CEO and CFO of Sono, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31st, 2024.

    DATE: October 31st
    TIME: 1:00 – 1:30 pm ET
    LINK: https://bit.ly/3ASgcyv
    Available for 1×1 meetings: November 1, 4 and 5

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    About Sono Group N.V.

    Sono Group N.V. (OTCQB: SEVCF) and its wholly owned subsidiary Sono Motors GmbH are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Their disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility. The companies’ unmatched solar technology has multiple applications in commercial vehicles such as buses, trailers, trucks, vans and recreational vehicles.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Sono Group N.V.
    Press:
    press@sonomotors.com | ir.sonomotors.com/news-events
    Investors:
    ir@sonomotors.com | ir.sonomotors.com
    LinkedIn:
    https://www.linkedin.com/company/sonogroupnv

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

  • MIL-OSI: World’s Lowest Fee Bitcoin and Ether ETPs (Ticker: BTC, Ticker: ETH) Garner $750,000,000 Inflows in First Three Months of Trading

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., Oct. 29, 2024 (GLOBE NEWSWIRE) — Grayscale Investments®, an asset management firm with over a decade of expertise in crypto investing, offering more than 25 crypto investment products, and manager of Grayscale® Bitcoin Mini Trust  (NYSE Arca: BTC) and Grayscale® Ethereum Mini Trust (NYSE Arca: ETH), today announced that its lowest-fee* Bitcoin and Ether ETPs – symbols: BTC and ETH – have together garnered more than $750,000,000 inflows since the products launched on July 31, 2024, and July 23, 2024, respectively, just three months ago. 

    Grayscale Bitcoin Mini Trust (“BTC”) and Grayscale Ethereum Mini Trust (“ETH”), exchange traded products, are not registered under the Investment Company Act of 1940 (or the ’40 Act) and therefore are not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds. 

    “Crypto is still in the very early stages of adoption, and the success of BTC and ETH to-date is emblematic of strong client demand for low-cost ETPs that enable simple, convenient, flexible exposure to top crypto assets,” said John Hoffman Grayscale Managing Director, Head of Distribution and Partnerships. “Grayscale has long prioritized bridging the gap between traditional finance and the crypto ecosystem because we believe our clients deserve the ability to gain exposure to digital assets through the trusted ETP wrapper. The Grayscale team is focused on helping all investors navigate the digital asset class, as they seek to future-proof their financial portfolios and practices.”  

    Since July 2024: 

    • Grayscale® Bitcoin Mini Trust (NYSE Arca: BTC) is the lowest-cost Bitcoin ETP in the world with over $2B AUM, as of October 24, 2024, at 0.15% (15bps) annually.  
    • Grayscale® Ethereum Mini Trust (NYSE Arca: ETH) is the lowest-fee Ether ETP in the world with over $1B AUM, as of October 24, 2024, at 0.15% (15bps) annually.  
    • Combined, BTC and ETH, have generated net inflows of over $750,000,000 to-date. 

    Symbols: BTC and ETH are the most cost-effective financial products for investors looking to gain exposure to Bitcoin and Ether, the market-leading assets in the transformational blockchain technology industry. 

    The Grayscale team is pleased to provide industry-leading research, content, and no-cost resources for investors and financial professionals. If you’d like to learn more, please email info@grayscale.com or call 866-775-0313 to speak directly to a member of the Grayscale team.  

    For additional information about BTC, please visit: https://etfs.grayscale.com/btc  

    For additional information about ETH, please visit: https://etfs.grayscale.com/eth  

    * BTC is low cost based on gross expense ratio at 0.15%. ETH is low cost based on gross expense ratio at 0% for the first 6 months of trading for the first $2.0 billion. After the Trust reaches $2.0 billion in assets or after 6-month waiver period, the fee will be 0.15%. See prospectus for additional fee waiver information. Brokerage fees and other expenses may still apply. 

    Please read the prospectuses carefully before investing in BTC and ETH (the “Trusts”). Foreside Fund Services, LLC is the Marketing Agent for the Trusts. 

    An investment in the Trusts is subject to a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Trusts is not an investment in Ether or Bitcoin. Investing involves significant risk, including possible loss of principle.   

    About Grayscale Investments® 

    Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest crypto asset manager. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure.  

    Media Contact 
    Jennifer Rosenthal
    press@grayscale.com 

    Client Contact 
    866-775-0313
    info@grayscale.com 

    The MIL Network –

  • MIL-OSI: New CINQ by Coinstar™ Digital Wallet Launches Crypto and Stablecoin Capabilities Powered by Zero Hash

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Zero Hash, the leading crypto and stablecoin infrastructure platform, today announced its partnership with Coinstar®, LLC, a global financial services leader, to embed crypto payments capabilities within CINQ by Coinstar™, a new digital wallet designed to expand how consumers use and manage their finances. This collaboration allows up to 9,500 of Coinstar’s 17,000+ network of kiosks across the U.S. to facilitate cash-to-crypto transactions.

    Through a partnership with Zero Hash, CINQ by Coinstar has launched with the initial ability to purchase cryptocurrency and stablecoins with cash at more than 9,500 Coinstar kiosks across the U.S., or through the CINQ by Coinstar mobile app. Users of the CINQ by Coinstar app, powered by Zero Hash, can seamlessly move in, out and between cash, stablecoins and crypto. A broader range of digital payment services for the CINQ by Coinstar wallet are expected to follow in 2025 as recently announced by Coinstar.

    The overarching objective of the partnership is to provide a seamless mechanism of dollar digitalization to the large percentage of underbanked and underserved households within the United States. Specifically: 

    • The unbanked who now have access to an electronic cash account
      • 6% of Adult Americans are unbanked; 24.6 million Americans are underbanked (Source: Fed Reserve, 2024)
    • The immigrant remitting money home
      • About half of all remittances are cash-based among the most common users (Source: Visa, 2023)

    “Zero Hash is delighted to partner with Coinstar, a household brand in money transformation for more than 30 years. Its vast network of self-serve kiosks and mobile apps will help further expand access to the underbanked and immigrants looking to remit funds. Upwards of 50% of remittances are cash-based and the multiple “hops” in remittance often mean these transfers incur high fees. Linking this cash infrastructure to the “network of networks” which is crypto and stablecoins, provides a key unlock for cheaper and quicker remittances for example,” said Edward Woodford, CEO and Founder at Zero Hash. “ CINQ by Coinstar has been able to seamlessly embed our regulatory compliant infrastructure to support new ways for cash-preferred customers to move safely and seamlessly between fiat and crypto use cases.”

    Powered by Zero Hash’s identity verification service, every customer is validated before cash can be entered into the kiosk for crypto, stablecoin and fiat transactions. Additional controls include Documentary Verification and Liveness Verification before certain services may be enabled. Users can buy over 25 crypto and stablecoin assets with paper currency at Coinstar kiosks in major grocery stores across North America as well as through the CINQ by Coinstar mobile app. Users can also connect multiple bank accounts, with Zero Hash’s platform facilitating USD deposits via ACH, allowing users to hold balances in cash or crypto and easily manage their financial needs.

    “Zero Hash has been an incredible partner in helping us extend our trusted services into the digital world,” said Kevin McColly, CEO of Coinstar. “Their secure and industry leading crypto and stablecoin infrastructure has allowed us to seamlessly bridge the gap between cash and cryptocurrency, making it easier for our customers to access and manage their finances.” 

    There are two ways to get started buying cryptocurrency through Zero Hash at Coinstar kiosks:

    1. Download the CINQ by Coinstar app, verify your account and visit a Coinstar kiosk with your cash. Or connect your bank account in the app and get started immediately.
    2. Visit a Coinstar kiosk, select cryptocurrency from the options and choose CINQ by Coinstar to get started with your crypto purchase through Zero Hash. Enter your mobile number at the kiosk and last 4 SSN or Date of Birth, then download the CINQ by Coinstar app and complete your account setup.

    To learn more about CINQ by Coinstar and follow along for additional product innovations, visit www.cinqwallet.com, or to find a CINQ by Coinstar enabled kiosk, visit our kiosk finder here.1 

    1: The CINQ by Coinstar wallet is available in all 50 states. However, Zero Hash enabled Kiosks are not currently available in all states, including the state of New York.  Transactional limits may also apply.

    About Zero Hash  
    Zero Hash is the leading crypto and stablecoin infrastructure provider that seamlessly connects fiat, crypto and stablecoins in one platform, enabling a better way to move and transfer money and value globally.

    Through its embeddable infrastructure, start-ups, enterprises and Fortune 500 companies build a diverse range of use cases: cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets and on and off-ramps.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001.  This registration enables Zero Hash to offer its crypto services in Australia.  Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP)  number FSP1004503.  A FSP in New Zealand is a registration and does not mean that Zero Hash Australia Pty Ltd. is licensed by a New Zealand regulator to provide crypto services.  Zero Hash Australia Pty Ltd.’s registration on the New Zealand register of financial service providers does not mean that Zero Hash Australia is subject to active regulation or oversight by a New Zealand regulator.  Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) registration by the Dutch Central Bank (Relation number: R193684).  Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Connect with Zero Hash
    Website | Twitter | LinkedIn | Medium

    Zero Hash Contact

    Shaun O’keeffe

    (855) 744-7333

    media@zerohash.com

    Zero Hash Disclosures
    Zero Hash services and product offerings, including the availability of kiosk services, may not be available in all jurisdictions. Zero Hash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. Zero Hash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero. Zero Hash is not registered with the SEC or FINRA. Zero Hash does not provide any securities services and is not a custodian of securities, including security tokens, on behalf of customers. 

    About Coinstar, LLC
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    The MIL Network –

  • MIL-OSI Economics: A test of resolve: credible resolution following the 2023 banking turmoil

    Source: Bank for International Settlements

    Introduction

    I would like to welcome you all to the Resolution Conference 2024, the first that has been co-organised by the BIS Financial Stability Institute (FSI), the Financial Stability Board (FSB) and the International Association of Deposit Insurers (IADI). This event is motivated by the banking turmoil in March 2023. The 18 months that have passed since those events have given time to reflect seriously on it and derive some lessons. This conference provides an opportunity to take stock, compare notes and try to identify a productive way forward.

    Scene-setting

    It is now commonplace to say that the March 2023 failures of several US regional banks, followed a week later by the near failure of Credit Suisse, were the first meaningful test of the international resolution framework that was put in place following the Great Financial Crisis (GFC).

    The headline message is that large bank failures did not lead to a systemic crisis. Authorities managed them in an orderly manner with no ultimate loss to public funds. Creditors and shareholders bore losses. In the case of Credit Suisse, there was a significant writedown of loss-absorbing instruments. This is a noteworthy achievement, and stands in stark contrast to the GFC.

    The extensive work to put in place cross-border cooperative arrangements has demonstrably strengthened the financial system. The outcomes might have been very different without the planning and coordination that took place between home and host authorities, and the understanding and trust that have been developed.

    However, work remains to be done. The reports published last year by the FSB and IADI set out lessons learned for resolution and deposit insurance.1 They include the risk of faster failures, accelerated by digital technologies; the scope of resolution planning and requirements for loss-absorbing capacity (LAC); and flexibility in resolution strategies. Other reports, including by the Basel Committee on Banking Supervision, elaborate on the supervisory shortcomings and the vulnerabilities arising from large quantities of uninsured deposits. Work on all these issues is ongoing.

    In any case, I would like to concentrate my remarks on two elements of the bank resolution framework that I think must be tackled as we go forward. The first is the power to bail-in creditors as a key element of resolution strategies. The second is the need to put in place effective facilities for providing liquidity in resolution. The events of March 2023 highlighted the importance of both. They are also among the elements of a resolution framework that are most challenging to implement.

    The credibility of bail-in

    Bail-in powers are core to the resolution framework adopted after the GFC. Bail-in allows a systemically important bank to be recapitalised without the need to find a buyer for its business or to split up its operations, at least in the short term. Appropriate liabilities absorb losses without putting a failing bank into insolvency. Crucially, it is designed to ensure that a bank’s owners and investors, rather than depositors or taxpayers, bear the costs of resolution costs.

    In practice, a bail-in is a highly complex transaction involving multiple parties, and a huge amount of work has been carried out on how to execute it. A typical bail-in would involve multiple valuations; a mechanism to write down and cancel instruments, which are likely to be traded; and the issuance of new shares to the bailed-in debt holders. The process has been mapped out in detail by resolution authorities. However, a full bail-in strategy remains untested.

    Credit Suisse had a resolution strategy based on bail-in, and FINMA and key host authorities had prepared extensively to execute that strategy.

    In the end, the Swiss authorities chose not to follow the resolution playbook because they had another option that achieved their objectives: a state-brokered commercial merger of Credit Suisse and UBS. Nevertheless, the contractual writedown of all the outstanding Additional Tier 1 (AT1) capital instruments issued by Credit Suisse was a key element of the transaction. The writedown extinguished liabilities amounting to CHF 16 billion from the bank’s balance sheet.2

    Although the writedown was more limited than that planned under the full bail-in strategy for Credit Suisse, it demonstrates that bail-in is a core instrument in the crisis management framework. Contrary to what some commentators have feared, a substantial debt writedown is possible and can be executed without significant systemic disruption.

    Nevertheless, there are a few lessons to draw from this to reinforce that bail-in is credible and feasible.

    Flexible resolution toolkits

    First, authorities need flexibility. Planning is essential, but it cannot be prescriptive. We cannot know with absolute confidence in advance how a failure will happen and what actions will best safeguard financial stability. Accordingly, authorities need options so that they can shape their response to the circumstances of a failure. This implies a toolkit approach under which authorities can combine the use of different tools.

    The Credit Suisse transaction demonstrated that, even in the case of a global systemically important bank (G-SIB), bail-in may not be an exclusive strategy, but debt writedown could be a core element. Moreover, bail-in is not a tool exclusively for G-SIBs. For other banks, the writedown of liabilities in resolution can finance transfers of business and reduce the demands on industry-funded sources such as deposit insurance funds.

    Flexibility of this kind brings operational complexities. A toolbox approach means that authorities and firms need to accommodate different options in resolution planning. Banks will need the systems and capabilities to support those options. Key aspects of resolvability such as structure and LAC may become even more complex. However, an effective toolbox approach will further reduce the residual risk that public funds will be needed in crisis management.

    Loss-absorbing capacity

    Second, for bail-in to be credible banks must have liabilities that can be written down with legal certainty and without systemic impact. The FSB’s TLAC standard ensures this for G-SIBs. Some jurisdictions have extended similar requirements for LAC to other banks that could be systemic in failure.

    For example, the EU requirement for resolution-related LAC, the minimum requirement for own funds and eligible liabilities (MREL) – applies to all banks. The amount above the regulatory minimum required for individual banks is based on their resolution strategy. It aims to ensure that any bank that is expected to be resolved rather than wound up maintains LAC in sufficient quantity and quality to absorb losses and recapitalise it in resolution.

    The US financial regulators have consulted on a proposal to require banks with $100 billion or more in assets to maintain a layer of long-term debt. This additional LAC would be used, in the event of a bank’s failure, to absorb losses and increase the resolution options. It should also foster depositor confidence among uninsured deposits.

    The three US regional banks that failed in 2023 had little or no outstanding long-term debt. It has been observed elsewhere that if the proposed requirement had applied to Silicon Valley Bank and Signature Bank, they might have been resolved within the FDIC’s normal funding constraints, without a systemic risk exception being required.3

    If bail-in is to help fund resolution transfers, there need to be instruments that can be written down. The amounts are lower than that needed to recapitalise the bank and finance restructuring in a “pure” bail-in. Nevertheless, calibrating those requirements may be challenging.

    Moreover, meeting LAC requirements should not put banks’ legitimate business models in jeopardy. This is particularly relevant for banks that are predominantly deposit funded. A pragmatic way to alleviate the challenges for those banks is to take account of the resolution funding available from external sources, such as deposit insurance or resolution funds, when setting LAC requirements.4

    Liquidity for crisis management

    Let me turn now to liquidity for crisis management. Resolution powers can recapitalise a failing bank through bail-in. However, capital is not enough on its own. Without liquidity, the resolution will fail.

    Market funding will almost certainly not be available to a bank following its resolution until counterparty confidence can be restored. Resolution frameworks therefore require a credible source of liquidity, at the necessary scale and for a sufficient period of time to allow a resolved firm to return to market-based funding.

    This is recognised by the FSB, which has published two sets of guidance on funding in resolution. However, the arrangements in place vary considerably across jurisdictions and in many cases are not designed for the resolution needs of systemically important banks.

    The liquidity arrangements that were needed in the case of Credit Suisse support this point. The Swiss government had been working on a public liquidity backstop, but this was not yet in place in March 2023. Accordingly, the authorities had to adopt emergency legislation to enable the Swiss National Bank (SNB) to provide a liquidity facility of up to CHF 200 billion. Part of that lending was uncollateralised and coupled with a privileged bankruptcy status for the SNB and part was backed by a guarantee from the Swiss state.

    This case illustrates that ordinary central bank lending arrangements, including emergency liquidity assistance, may not be sufficient for resolution. The amount of liquidity needed by a systemically important bank will be considerable and required over an extended period. Moreover, lending may need to be secured against a wider range of assets or, in extreme circumstances, be uncollateralised. Arrangements for resolution funding must meet these needs. This implies a fiscal backstop to increase the firepower where that is needed.

    A fiscal backstop might appear to introduce a risk to public funds, something that the framework for ending “too big to fail” was designed to avoid. But the risks of loss to public funds should be low. It’s worth noting that all lending in relation to Credit Suisse was repaid, and no losses were incurred by the SNB or the Swiss state under its indemnity. If resolution is effective, the bank will be viable and the borrowing should be repaid.

    Concluding remarks

    I will end where I began. Financial crises provide a good opportunity to identify flaws or shortcomings in the policy framework. The March 2023 banking turmoil was the most significant banking crisis since the GFC and the subsequent policy reforms. Therefore, we should grasp this opportunity to draw lessons.

    Overall, authorities managed to preserve financial stability. In Switzerland, that was accomplished, despite the failure of a G-SIB, without any cost to the taxpayer. This was a remarkable achievement, and the resolution framework developed after the GFC contributed to that.

    But we also need to take note of the obstacles encountered in the process. In particular, it is clear that maximising the potential of bail-in and the provision of liquidity in resolution are pending tasks that need to be addressed.

    Work to do that is ongoing, and this conference is a small but significant part of that process. I am delighted that so many people have come to Basel to participate, and I expect productive discussions during the day.

    MIL OSI Economics –

  • MIL-OSI Economics: Andrew Bailey: Michael D Gill Memorial Society Lecture

    Source: Bank for International Settlements

    Quite simply, I wish I was not giving this lecture today. Or, perhaps better, I wish I was giving it with Mike Gill here to participate. But, only one of those is possible due to his tragic and senseless killing. I am sure I am not alone in thinking that when these events happen to people we do not know, we find a sort of anesthetised isolation by resorting to commenting on the public policy implications in a rather dehumanised way. But when it happens to someone we knew, hugely liked and respected, who was without question a good person, then it is almost natural to be lost for words. It has taken me a long time to compose thoughts on someone to and about whom I could say so much in life.

    There is an old saying that someone is a pillar of society. They are the people who support and hold society together. Well, Mike was without question a pillar of society. He was generous, kind, thoughtful and very supportive. Kristina, Sean, Brian, and Annika, as you know even better than us, he was an outstanding person.

    But Mike was not a pillar of society in the sense of that term of someone who was stuck in the past, holding together a world that was lost. He was a moderniser, and that was why it was so appropriate that he served at the CFTC, which has its history but also is at one of the cutting edges of finance. Mike loved that. He talked at length about visiting farms with Chris and about the technology changing farms and agricultural markets. But he was also an enthusiast to find an appropriate treatment of cryptocurrency in derivatives markets.

    The second thing about Mike and his work here at the CFTC that naturally brought us together was that he was a passionate internationalist. And he always seemed happy to visit London, and it was always good to see him there. Our international travel went further. There is a memorable, for me certainly, picture of the two of us on a boat trip in Sydney Harbour in 2019.

    It wasn’t just the travel. Mike was, like Chris, an internationalist through and through. I spent time with Mike after the UK’s Brexit Referendum in 2016. I am strictly neutral on Brexit as a public official. I knew then that our job was to work out how to implement something that, let’s be honest, had not been planned. In the area of financial services, clearing was going to be probably the hardest area for us, because – and I will come back to this point – it is inherently international in many parts, and particularly the parts we do in London. I knew immediately after the Referendum that it was critical for the UK not to become isolated and certainly not isolationist. That would be the road to a very bad outcome for the City of London. We needed friends, both in deeds and words, those who would be prepared to stand by us, and put up with uncertainty while we worked out the best course. Chris, you and Mike were those people – friends when we were in some need.

    Now, it is the case that, as a internationalist, Mike arrived in the world of clearing at the right time. It is a fairly esoteric activity, always important, but also often in the background. We quite like it to be humming away safely in the background. But the Global Financial crisis had emphasised that we had undervalued its importance, that the world would have been safer if we had put It more into the centre of the financial system.

    But, to do that it must be done safely and soundly. Unsafe clearing would be worse than no clearing, it would amount to concentrating the risk in one unsafe house.

    And so, if we are asked to list the very big financial system changes post financial crisis, we should naturally start by saying that we have put clearing at the heart of the system. Central Counterparties (CCPs) are a key to mitigating counterparty credit risk, which has become even more relevant following the crisis and, in so doing, bring significant financial stability benefits. The experience of the collapse of Lehman Brothers demonstrated that CCPs should be able to dampen the shock of a major counterparty credit failure. One of my abiding memories of the Lehman weekend was the attempt to organise an ad-hoc trade position compression exercise, to net down the positions. It wasn’t possible, and the hard lesson was that only permanent institutional structures with clearing houses at their heart can achieve the ends we desired.

    But, of course, we know that CCPs, can pose significant risks to the stability of the financial system if they are not properly managed. A consequence of central clearing is that CCPs themselves become a financial network which can bring about the contagion of financial instability if they are not robustly established and operated. In line with G20 commitments following the Financial Crisis, the introduction of mandatory clearing for various classes of over-the-counter derivatives has driven an increase in the systemic importance of CCPs.

    In the banking world, that tendency for banks to grow and become more globally systemic led to hostility to allowing very large banks which could be too big to fail. Clearing is different. Its not just that clearing didn’t cause the crisis, though just to be clear, it didn’t. Rather, its more than that. Up to some point, and that point can naturally be large, there are benefits of scale and scope in clearing. Yes, there is contagion risk if a CCP fails, and especially where it is large in its market, but there are real benefits of scope and scale.

    And, this naturally leads to the international dimension that Mike so much emphasised. The global nature of many financial markets means that clearing is naturally a
    cross-border activity. Cross-border clearing also brings significant benefits. A single CCP operating across multiple jurisdictions and currencies can provide efficiencies and reduce risk through multilateral settling of exposures across counterparties in different jurisdictions.

    This puts an obligation on us as regulators of clearing houses. We have a duty to enable the safe operation of the global financial system. Public authorities have risen to this duty, supervising standards on CCPs have been strengthened and new international standards have driven the establishment of credible CCP resolution regimes. We also have a deep sense of responsibility for the impact of our actions on other countries. And, we take this very seriously, as we must. In the UK, as the regulator we are required in any exercise of our rule-making power to consider the effects of these rules on the financial stability of any country where one of our clearing houses provides services, and we must act in a way that does not favour one jurisdiction over another.

    This is of course all common sense. We all recognise that the interconnectedness of global markets means that any shocks in one part of the world can quickly reverberate and cause stress elsewhere. But common sense though it is, I can tell you that it’s a lot easier to put into practice when you are working with someone like Mike Gill, who wants to get things done and is at heart an internationalist.

    And, so it should be no surprise that during the period Mike was here at the CFTC, things did get done, and they continue to get done building on his legacy.

    There is another feature of clearing that is distinctive. As I said earlier, by its very nature it concentrates the risks associated with the trades being cleared. That’s how and why CCPs are such crucial nodes in the financial system. But it also means that if a CCP doesn’t manage its risk well, the concentration magnifies the impact of the problem. Moreover, CCPs tend to be highly interconnected because the instruments they clear are likewise interconnected – think about the different ways to trade interest rate risk. A small number of CCPs provide most of the capacity in over the counter derivatives clearing. And, a small number of clearing members provide the majority of clearing services to clients at all of these big CCPs. These firms are also providing key services to the CCPs, such as settlement, custody and liquidity backstops.

    We can take a few points from this. Clearing is quite complicated and technical as an activity. I’m going to stick my neck out and suggest that here in Washington, conversations in bars are not of the sort: “tell me how does margining in a clearing house work”. Its notoriously a dry subject, but important, hugely so. But therein lies a risk – even at international meetings there can seem to be other things to talk about, happily so, and that can lead to problems of neglect.

    Except, onto the scene came Mike Gill and Chris Giancarlo. The enthusiasts had arrived. Suddenly, it seemed a pleasure to talk about clearing. The fun kids talked about clearing. The serious point is that supervising big CCPs requires deep cooperation between authorities across multiple jurisdictions. It requires cooperation not fragmentation. We knew how to do that, but it always seemed harder to put in practice than it should have done. We don’t like economic fragmentation in the world, rightly so, but somehow arguments are made that its ok to do so for clearing. No it isn’t as a matter of fact, because such a view defies the logic of how financial markets work. Supervising and regulatory cooperation is a key part of the right approach.

    I want to finish by looking forwards. I think that is what Mike would want, because it was very much as I remember him. There was always something new and interesting, whether it was drones overseeing crop production or crypto assets.

    The importance and role of clearing continues to grow rapidly. A few facts help to illustrate the importance of clearing. I will focus on UK-US clearing facts. The notional amount of OTC derivatives cleared by UK CCPs with US counterparties continues to be greater than that cleared with any other jurisdiction. Across the three UK CCPs, 38% of margin is derived from US clearing members, and volumes have been larger this year than last, which was also up on previous years.

    Overall, one thing that lies behind this growth is a rise in non-bank financial intermediation versus bank intermediation. We should not be surprised at this. But let me go back to 2008 and the Lehman weekend for a moment. The attempt to put in place an ad-hoc trade compression process – to net down exposures – reflected in the main banks having – sloppily – built up very large derivative books, and not managed them effectively. I remember several CEOs told me at the time that it just had not occurred to them that they needed to manage these books efficiently.

    Indeed, it was very clear that for quite a few, there was very little awareness of the problem that was building up. It was too easy to pile trade upon trade with little regard for the need to risk manage these books throughly.

    And then the music stopped, and suddenly what had been out of sight and out of mind in the good times became a problem. Outsized books had to be managed down by banks. Today that legacy is behind us. But the scale of derivative activity has nonetheless grown much further. That growth has provided important hedging benefits, and it has enabled much larger position limits to exist, concentrated more in the non-bank sector, but inevitably with links into the banking system. The so-called basis trade is a good example of this.

    These developments leave us with major puzzles. Is there a scale of activity beyond which stress sets in when it has to be unwound quite suddenly? What would be the effects of that stress? And how do we model such a fluid landscape, where stress could emerge in several places at once? Better tools of diagnosis are important here.

    At the Bank of England we have designed and run something we call the System Wide Exploratory Scenario, which seeks to synthesise the effects of some severe but plausible shocks passing through the financial system. Over 50 firms have participated, as have the clearing houses that support the activity. This is not a stress test in the now quite traditional individual bank by bank sense. It is a market-wide test designed to simulate shocks – it’s a flow test, designed to find obstructions and concentrations of risks and correlated positions that might otherwise be opaque. It is I think an important step forward in testing behavioural reactions to stress including how risks might cascade across markets. And, it will give us a better answer in terms of the effectiveness of CCPs in managing market-wide risks. The results should be published by the end of the year. It’s the sort of new thing that I think Mike would have appreciated, and been enthusiastic about.

    The Bank of England and the CFTC have a longstanding relationship of cooperation on CCPs. Mike added his special qualities to that relationship. Its our duty to carry his work forward, but even more so to do it in his spirit, the one we enjoyed and miss so much.

    Thank you.

    I would like to thank Sarah Breeden, Karen Jude, Harsh Mehta, Ruth Smith, Sam Woods, Shane Scott, Sasha Mills, Deborah Potts, Thomas Ferry, Konstantina Drakouli, Marc Ledroux, Barry King and Priya Mistry for their help in the preparation of these remarks.

    MIL OSI Economics –