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Category: Vehicles

  • MIL-OSI: Invesco Ltd: Form 8.3 – PRS REIT PLC/The; Opening Position Disclosure

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    OPENING POSITION DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1. KEY INFORMATION  
       
    (a) Full name of discloser: Invesco Ltd.  
    (b) Owner or controller of interests and short positions disclosed, if different from 1(a):
    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
       
    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:
    Use a separate form for each offeror/offeree
    PRS REIT plc, The  
    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:    
    (e) Date position held/dealing undertaken:
    For an opening position disclosure, state the latest practicable date prior to the disclosure
    23.10.2024  
    (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
    If it is a cash offer or possible cash offer, state “N/A”
    N/A  
       
    2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE  
       
    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.  
    (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)  
       
    Class of relevant security: 1p ordinary GB00BF01NH51  
      Interests Short Positions  
      Number % Number %  
    (1) Relevant securities owned and/or controlled: 71,666,700 13.04      
    (2) Cash-settled derivatives:          
    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:          
      Total 71,666,700 13.04      
       
       
    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

     
       
       
    (b) Rights to subscribe for new securities (including directors’ and other employee options)  
       
    Class of relevant security in relation to which subscription right exists:    
    Details, including nature of the rights concerned and relevant percentages:    
       
    3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE  
       
    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

     
    (a) Purchases and sales  
       
    Class of relevant security Purchase/sale Number of securities Price per unit  
             
             
       
    (b) Cash-settled derivative transactions  
       
    Class of relevant security Product description e.g. CFD Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit  
               
       
    (c) Stock-settled derivative transactions (including options)
     
    (i) Writing, selling, purchasing or varying
     
    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit
                   
       
    (ii) Exercise  
       
    Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit  
               
       
    (d) Other dealings (including subscribing for new securities)  
                 
    Class of relevant security Nature of dealing e.g. subscription, conversion Details Price per unit (if applicable)  
             
       
    4. OTHER INFORMATION  
       
    (a) Indemnity and other dealing arrangements  
       
    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
     
    None  
       
    (b) Agreements, arrangements, or understandings relating to options or derivatives  
       
    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i) the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
     
    None  
       
    (c) Attachments  
       
    Is a Supplemental Form 8 (Open Positions) attached? NO  
       
    Date of disclosure 24.10.2024  
    Contact name Philippa Holmes  
    Telephone number +441491417447  
       

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Orezone Provides Hard Rock Expansion Update for Its Bomboré Gold Mine

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Oct. 24, 2024 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone”) is pleased to provide an update on the hard rock expansion at its Bomboré Gold Mine. The hard rock expansion is forecasted to increase annual gold production to over 170,000 ounces, an approximate 50% increase from current levels, with first gold planned in Q4-2025.

    Site works are well-advanced with the plant-site area cleared and all major earthworks complete. Laydown areas have been prepared and are ready to receive construction equipment, offices, and major plant deliveries. Camp upgrades for construction supervision and teams are also now operational.

    Engineering and Procurement

    Lycopodium Minerals Canada (“Lycopodium”) was awarded the engineering and procurement contract and is ahead of schedule on both activities. Lycopodium was selected due to their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s Phase I oxide plant that is currently in operation and exceeding nameplate design.

    In terms of procurement, the Company has placed over 50% of all packages including CIL tank platework and 95% of all process equipment. This includes the purchase of a 9MW 26’ diameter SAG mill. The SAG mill is a new, pre-owned mill that was never installed and carries a full warranty by the supplier. Substantial savings in costs and schedule are being realized from the purchase of this manufactured mill. The mill shells, heads and ring gear are now being packaged for shipment later this quarter which is well ahead of schedule.

    Site Construction Activities

    The concrete installation contract was recently awarded with mobilization of the batch plant and equipment scheduled for mid-November, three months ahead of schedule.

    The tank platework supply was awarded in September, and bids for the structural steel and general platework are under evaluation and will be awarded in November.

    The main Structural, Mechanical, and Piping installation contract is expected to be awarded in Q1-2025, which again will be ahead of schedule.

    Mining Fleet and Explosives Magazine

    The first shipment of the hard rock fleet by the mining contractor, which includes new trucks and excavators, has arrived in Burkina Faso and will be transported to site in late October. This early delivery will allow for systematic training of operators well ahead of the start of hard rock mining and will facilitate more cost-effective mining of the lower transition material in the near-term. The remaining hard rock fleet will be delivered to site over the coming six to eight months.

    The explosives magazine is in the final stages of completion. Once in service, the Company will be able to purchase and store bulk explosives for mixing and preparation at site, eliminating the need for the more costly pre-mix batch deliveries. A full-service team from AECI will be on site to mix and supply the downhole explosives for blasting of transition and hard rock material.

    Patrick Downey, President & CEO stated, “I am extremely pleased with the fast progress made to date on the hard rock expansion. The team has focused on critical areas to accelerate site activities and to meet or exceed key milestones. We look forward to sharing regular updates on this important expansion.”

    Figure 1: Hard Rock Plant Area

    About Orezone Gold Corporation

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focused on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets and M&A.

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Vanessa Pickering
    Manager, Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945 8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    QUALIFIED PERSONS

    Dale Tweed, P. Eng., VP Engineering and Rob Henderson, P. Eng. VP Technical Services of Orezone, are Qualified Persons under NI 43-101 and have reviewed and approved the scientific and technical information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the hard rock expansion including the increase in gold production.

    All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by pandemics, terrorist or other violent attacks (including cyber security attacks), the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management discussion and analysis filed on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking statements.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a33214c6-4db5-42c0-8910-83291abd3045

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Nasdaq Giants and Rising Innovators Face Critical Earnings Reports This Quarter

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group Market Commentary – Investors Brace for a High-Stakes Earnings Season as Key Players in Tech, EVs, and AI Reveal Their Performance. As earnings season heats up, several companies listed on the Nasdaq exchange are under the microscope. From emerging innovators to established market leaders, each faces unique challenges that will be revealed in their quarterly reports. The stakes are high, with market sentiment, stock prices, and future growth trajectories hanging in the balance. This quarter, Siyata Mobile (NASDAQ: SYTA), Rivian (NASDAQ: RIVN), Tesla (NASDAQ: TSLA), and Nvidia (NASDAQ: NVDA) are at critical junctures that could shift the momentum of their stocks and influence broader market trends.

    Siyata Mobile (NASDAQ: SYTA), a growing micro-cap, is set to take center stage on November 14 when it releases earnings. The company’s aggressive strategy of partnering with major wireless carriers is being put to the test following a recently inked deal with T-Mobile (NASDAQ: TMUS). Siyata’s push-to-talk (PTT) technology promises to disrupt traditional communication methods, and investors are watching closely to see if these efforts result in significant revenue growth. CEO Marc Seelenfreund has touted the potential for transformation, but the company now faces its most pivotal moment. The upcoming earnings will reveal whether the capital raised to meet carrier demands will pay off or leave investors disappointed. To read a recent MicroCapReports article on Siyata Mobile, please visit: https://microcapreports.com/lander/siyata-mobile/

    Rivian (NASDAQ: RIVN) is a company striving to balance growth and cost control. As a prominent name in the electric vehicle (EV) market, Rivian has rapidly scaled its operations, but the rising costs of production are raising questions about long-term profitability. This quarter, the pressure is on for Rivian to deliver strong financial results that reassure investors about its capacity to manage expenses while continuing to grow its EV footprint. Rivian’s performance will be scrutinized as the company seeks to maintain its valuation and prove it can stand alongside giants like Tesla in the competitive EV space.

    Tesla (NASDAQ: TSLA), a leader in the global EV market, faces increasing competition from both established automakers and new entrants. Despite being a market darling for years, Tesla’s margins are under pressure due to the rising costs of materials, increased production, and the need to invest in new technologies like autonomous driving and battery development. Investors will be looking for signs of resilience in Tesla’s earnings report, particularly in how the company manages competition and continues to grow its international market share while staying profitable.

    Nvidia (NASDAQ: NVDA), a heavyweight in the tech sector, has enjoyed an extraordinary run as demand for its advanced chips surged alongside the rise of AI applications. However, recent regulatory pressures and slowing growth in consumer-facing products have placed Nvidia at a crossroads. This quarter, Nvidia must demonstrate that its strength in AI and data centers will continue to drive revenue growth, even as global chip demand cools. Investors are particularly eager to see whether Nvidia’s strategic investments in AI can maintain its dominant position in the semiconductor industry.

    For each of these Nasdaq-listed companies, the upcoming earnings reports are far more than just financial check-ins—they are critical milestones that could determine the trajectory of these businesses in the near term. Whether they meet or exceed expectations will shape not only their individual stock movements but also broader market trends in sectors like technology, EVs, and AI.

    As investor sentiment builds, market participants should prepare for a high-stakes season filled with opportunity, risk, and potential surprises.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

    Follow us on Facebook to receive the latest news updates: https://www.facebook.com/financialnewsmedia
    Follow us on Twitter for real time Market News: https://twitter.com/FNMgroup
    Follow us on Linkedin: https://www.linkedin.com/in/financialnewsmedia/

    DISCLAIMER: MicroCapReports is the originator of the content set forth above. References to any issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has not been compensated by any publicly listed company listed herein. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:
    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Form 8.3 – AXA INVESTMENT MANAGERS: PRS REIT plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: AXA Investment Managers S.A.
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
     
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    PRS REIT plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    23 October 2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    NO

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 18,647,391 3.40    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 18,647,391 3.40    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
           

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
           

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 24 October 2024
    Contact name: Sabrina AID
    Telephone number*: +33 1 44 45 59 79

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

    January 25, 2025
  • MIL-OSI USA: ICYMI: NJBPU Announces Adoption of Minimum Filing Requirements for Medium-and-Heavy-Duty Electric Vehicles

    Source: US State of New Jersey

    TRENTON – The New Jersey Board of Public Utilities (NJBPU) announced on Wednesday the adoption of minimum filing requirements (MFRs) that direct the state’s investor-owned electric distribution companies (EDCs) to propose programs to expand charging access for medium-and-heavy-duty (MHD) electric vehicles (EVs) and fleets. The expansion of New Jersey’s EV charging ecosystem will catalyze the ongoing clean transition of the state’s fleet, yielding significant greenhouse gas (GHG) emissions reductions within the state’s transportation sector and improving localized air quality.

    New Jersey’s transportation sector accounts for nearly 40% of the state’s net GHG emissions, with MHD trucks and busses emitting an outsized share of those emissions. Low-income neighborhoods and communities of color are more likely to be exposed to these pollutants due to their disproportionate proximity to freight corridors, ports, and distribution centers. The adopted MFRs allow utilities to provide additional “bonus” incentives for overburdened municipalities and overburdened communities adjacent to Freight EV Corridors, as well as small businesses.

    “Today’s announcement by the BPU is a key part of my Administration’s whole-of-government approach to reducing harmful emissions from the transportation sector that negatively impact the health of our residents,” said Governor Phil Murphy. “Along with New Jersey’s action on Advanced Clean Trucks and the Clean Corridors Coalition, we are building a robust charging infrastructure for a clean transportation future.”

    “Under Governor Murphy’s leadership and in coordination with New Jersey’s EDCs, the NJBPU remains at the forefront of advancing smart, clean transportation initiatives and infrastructure that provide considerable health and environmental benefits,” said NJBPU President Christine Guhl-Sadovy. “These benefits are especially vital to the overburdened communities that have borne the brunt of air pollution and its health effects for far too long.”

    The MFRs will allow EDCs to propose incentives for the “Make Ready” chargers for public-serving fleets and certain private fleets located in or serving overburdened municipalities and overburdened communities adjacent to Freight EV Corridors.

    To ensure that MHD EV charging is built in scalable ways that take capacity into account, the MFRs will connect applicants to utilities and require that utilities create and update capacity maps demonstrating where the grid is capable of supporting MHD charging. In addition, they provide the framework for proactive planning for public charging stations over 500 kW, fleets, and multi-unit dwellings. These planning and technical services will help ensure that these projects are connecting with utilities early and often, allowing for better grid planning and accelerating this critical piece of the 2019 Energy Master Plan.

    The MFRs also require that EDCs create managed charging programs to balance the demand on the grid and encourage users to charge at night.

    The adopted MFRs build upon the Murphy Administration’s ongoing efforts to promote clean transportation and expand EV charging infrastructure across the state. EDCs will be required to file their proposed programs with the Board within 120 days of the Order.

    In July, the U.S. Environmental Protection Agency announced the selection of the Clean Corridor Coalition, led by the New Jersey Department of Environmental Protection, to receive a nearly $250 million Climate Pollution Reduction Grant. The Clean Corridor Coalition – which includes the Connecticut Department of Energy and Environmental Protection, the Delaware Department of Transportation, and the Maryland Departments of the Environment and Transportation – aims to deploy EV charging infrastructure for commercial zero-emission MHD vehicles along the Interstate-95 freight corridor.

    On Wednesday, the U.S. EPA and NJDEP announced the arrival of this historic funding at the Vince Lombardi Service Area in Ridgefield, New Jersey.

    About New Jersey’s Clean Energy Program (NJCEP)
    NJCEP, established on January 22, 2003, in accordance with the Electric Discount and Energy Competition Act (EDECA), provides financial and other incentives to the State’s residential customers, businesses and schools that install high-efficiency or renewable energy technologies, thereby reducing energy usage, lowering customers’ energy bills and reducing environmental impacts. The program is authorized and overseen by the New Jersey Board of Public Utilities (NJBPU), and its website is www.NJCleanEnergy.com.

    About the New Jersey Board of Public Utilities (NJBPU) 

    NJBPU is a state agency and regulatory authority mandated to ensure safe, adequate and proper utility services at reasonable rates for New Jersey customers. Critical services regulated by NJBPU include natural gas, electricity, water, wastewater, telecommunications and cable television. The Board has general oversight and responsibility for monitoring utility service, responding to consumer complaints, and investigating utility accidents. To find out more about NJBPU, visit our website at www.nj.gov/bpu.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI: HomeTrust Bancshares, Inc. Announces Financial Results for the Third Quarter of the Year Ending December 31, 2024 and an Increase in the Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., Oct. 24, 2024 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income for the third quarter of the year ending December 31, 2024 and an increase in its quarterly cash dividend.

    For the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024:

    • net income was $13.1 million compared to $12.4 million;
    • diluted earnings per share (“EPS”) were $0.76 compared to $0.73;
    • annualized return on assets (“ROA”) was 1.17% compared to 1.13%;
    • annualized return on equity (“ROE”) was 9.76% compared to 9.58%;
    • net interest margin was 4.00% compared to 4.08%;
    • provision for credit losses was $3.0 million compared to $4.3 million; and
    • quarterly cash dividends continued at $0.11 per share totaling $1.9 million for both periods.

    For the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023:

    • net income was $40.6 million compared to $36.6 million;
    • diluted EPS were $2.37 compared to $2.18;
    • annualized ROA was 1.22% compared to 1.15%;
    • annualized ROE was 10.39% compared to 10.56%;
    • net interest margin was 4.03% compared to 4.29%;
    • provision for credit losses was $8.4 million compared to $11.7 million;
    • tax-free death benefit proceeds from life insurance were $1.1 million for both periods; and
    • cash dividends of $0.33 per share totaling $5.6 million compared to $0.30 per share totaling $5.1 million.

    Results for the nine months ended September 30, 2023 include the impact of the merger of Quantum Capital Corp. (“Quantum”) into the Company effective February 12, 2023. The addition of Quantum contributed total assets of $656.7 million, including loans of $561.9 million, and $570.6 million of deposits, all reflecting the impact of purchase accounting adjustments. Merger-related expenses of $4.7 million were recognized during the nine months ended September 30, 2023, while a $5.3 million provision for credit losses was recognized during the same period to establish allowances for credit losses on both Quantum’s loan portfolio and off-balance-sheet credit exposure.

    The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share, reflecting a $0.01, or 9.0%, increase over the previous quarter’s dividend. This is the sixth increase of the quarterly dividend since the Company initiated cash dividends in November 2018. The dividend is payable on November 27, 2024 to shareholders of record as of the close of business on November 14, 2024.

    “We are pleased to report another quarter of strong financial results,” said Hunter Westbrook, President and Chief Executive Officer. “We maintained our top quartile net interest margin, our ninth straight quarter at 4.00% or more. In addition, noninterest income and expense were both in line with prior quarters. Our provision for credit losses of $3.0 million included an additional $2.2 million as a reserve build for the potential impact of Hurricane Helene upon our loan portfolio. We have begun working with our loan customers on payment deferrals of up to six months, and although we aren’t currently aware of any collectability issues, we will continue assessing the impact of the storm upon our customer base.

    “As you know, many of the communities we serve were affected by this storm, impacting both our employees and customers. I’d first like to thank our employees who have assisted in maintaining bank operations while also tending to their personal and familial responsibilities. It has been amazing to watch the teamwork, collaboration and personal sacrifice across all areas of the Bank as we remained functionally operational throughout the storm, including our electronic banking services and online operations. Currently, all of our banking locations are open with most of the affected areas in our markets recovering well and operating close to normal. As for our customers in the affected areas, it will take time to assess, react and recover from Hurricane Helene. We are committed to working with them to provide the banking support needed for their businesses and homes.

    “Lastly, I am thankful for the Company’s financial strength and geographic diversification which we have built over the last decade, with respect to both our employees and customer base, which provides the foundation to overcome unforeseen events such as this storm. We remain optimistic as we work together to continue the recovery.”

    WEBSITE: WWW.HTB.COM

    Comparison of Results of Operations for the Three Months Ended September 30, 2024 and June 30, 2024
    Net Income.  Net income totaled $13.1 million, or $0.76 per diluted share, for the three months ended September 30, 2024 compared to $12.4 million, or $0.73 per diluted share, for the three months ended June 30, 2024, an increase of $694,000, or 5.6%. Results for the three months ended September 30, 2024 were positively impacted by a decrease of $1.3 million in the provision for credit losses. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Three Months Ended
      September 30, 2024   June 30, 2024
    (Dollars in thousands) Average
    Balance
    Outstanding
      Interest
    Earned /
    Paid
      Yield /
    Rate
      Average
    Balance
    Outstanding
      Interest
    Earned /
    Paid
      Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,899,460     $ 63,305   6.46 %   $ 3,885,222     $ 62,161   6.43 %
    Debt securities available for sale   140,246       1,616   4.58       134,334       1,495   4.48  
    Other interest-earning assets(2)   144,931       1,728   4.74       140,376       1,758   5.04  
    Total interest-earning assets   4,184,637       66,649   6.34       4,159,932       65,414   6.32  
    Other assets   264,579               266,983          
    Total assets $ 4,449,216             $ 4,426,915          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 548,024     $ 1,278   0.93 %   $ 586,396     $ 1,445   0.99 %
    Money market accounts   1,335,798       10,757   3.20       1,298,177       10,221   3.17  
    Savings accounts   182,618       40   0.09       188,028       41   0.09  
    Certificate accounts   1,012,765       11,617   4.56       902,864       9,976   4.44  
    Total interest-bearing deposits   3,079,205       23,692   3.06       2,975,465       21,683   2.93  
    Junior subordinated debt   10,079       235   9.28       10,054       234   9.36  
    Borrowings   40,399       648   6.38       87,315       1,331   6.13  
    Total interest-bearing liabilities   3,129,683       24,575   3.12       3,072,834       23,248   3.04  
    Noninterest-bearing deposits   719,710               769,016          
    Other liabilities   65,097               63,503          
    Total liabilities   3,914,490               3,905,353          
    Stockholders’ equity   534,726               521,562          
    Total liabilities and stockholders’ equity $ 4,449,216             $ 4,426,915          
    Net earning assets $ 1,054,954             $ 1,087,098          
    Average interest-earning assets to average interest-bearing liabilities   133.71 %             135.38 %        
    Non-tax-equivalent                      
    Net interest income     $ 42,074           $ 42,166    
    Interest rate spread         3.22 %           3.28 %
    Net interest margin(3)         4.00 %           4.08 %
    Tax-equivalent(4)                      
    Net interest income     $ 42,442           $ 42,520    
    Interest rate spread         3.25 %           3.32 %
    Net interest margin(3)         4.03 %           4.11 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $368 and $354 for the three months ended September 30, 2024 and June 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the three months ended September 30, 2024 increased $1.2 million, or 1.9%, compared to the three months ended June 30, 2024, which was driven by a $1.1 million, or 1.8%, increase in loan interest income primarily due to the difference in the number of days in each quarter. Accretion income on acquired loans of $640,000 and $678,000 was recognized during the same periods, respectively, and was included in interest income on loans.

    Total interest expense for the three months ended September 30, 2024 increased $1.3 million, or 5.7%, compared to the three months ended June 30, 2024. The increase was primarily the result of increases in the average balances of money market and certificate accounts, partially offset by a decline in average borrowings outstanding.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to
      Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ 916     $ 228     $ 1,144  
    Debt securities available for sale   83       38       121  
    Other interest-earning assets   76       (106 )     (30 )
    Total interest-earning assets   1,075       160       1,235  
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (81 )     (86 )     (167 )
    Money market accounts   413       123       536  
    Savings accounts   (1 )     —       (1 )
    Certificate accounts   1,341       300       1,641  
    Junior subordinated debt   3       (2 )     1  
    Borrowings   (708 )     25       (683 )
    Total interest-bearing liabilities   967       360       1,327  
    Decrease in net interest income         $ (92 )


    Provision for Credit Losses.
      The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses (“ACL”) at an appropriate level under the current expected credit losses model.

    The following table presents a breakdown of the components of the provision for credit losses:

      Three Months Ended      
    (Dollars in thousands) September 30, 2024   June 30, 2024   $ Change   % Change
    Provision for credit losses                
    Loans $ 2,990     $ 4,300     $ (1,310 )   (30 )%
    Off-balance-sheet credit exposure   (15 )     (40 )     25     63  
    Total provision for credit losses $ 2,975     $ 4,260     $ (1,285 )   (30 )%

    For the quarter ended September 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $4.1 million during the quarter:

    • $0.4 million benefit driven by changes in the loan mix.
    • $1.2 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments. Included in this change was the addition of a $2.2 million qualitative allocation for the potential impact of Hurricane Helene upon our loan portfolio.
    • $1.9 million decrease in specific reserves on individually evaluated loans as we charged-off specific reserves which had previously been established.

    For the quarter ended June 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $2.6 million during the quarter:

    • $0.1 million provision driven by changes in the loan mix.
    • $0.4 million benefit due to changes in the projected economic forecast and changes in qualitative adjustments.
    • $2.0 million increase in specific reserves on individually evaluated loans which was proportional to the increase in the associated loan balances which increased from $8.3 million to $16.3 million quarter-over-quarter, concentrated in the equipment finance and SBA portfolios.

    For the quarters ended September 30, 2024 and June 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the three months ended September 30, 2024 increased $169,000, or 2.1%, when compared to the quarter ended June 30, 2024. Changes in the components of noninterest income are discussed below:

      Three Months Ended    
    (Dollars in thousands) September 30, 2024   June 30, 2024   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 2,336     $ 2,354     $ (18 )   (1 )%
    Loan income and fees   684       647       37     6  
    Gain on sale of loans held for sale   1,900       1,828       72     4  
    Bank owned life insurance (“BOLI”) income   828       807       21     3  
    Operating lease income   1,637       1,591       46     3  
    Other   897       886       11     1  
    Total noninterest income $ 8,282     $ 8,113     $ 169     2 %
                                 
    • Gain on sale of loans held for sale: The increase was primarily driven by residential mortgage loans sold during the period. There were $21.7 million of residential mortgage loans originated for sale which were sold during the current quarter with gains of $479,000 compared to $21.3 million sold with gains of $351,000 in the prior quarter, with the improvement in profitability due to movement in interest rates. There were $54.6 million of HELOCs sold for a gain of $414,000 compared to $32.9 million sold with gains of $457,000 in the prior quarter. There were $12.9 million in sales of the guaranteed portion of SBA commercial loans with gains of $1.0 million for the quarter compared to $12.7 million sold and gains of $1.1 million for the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a gain of $18,000 for the quarter ended September 30, 2024 versus a loss of $58,000 for the quarter ended June 30, 2024.

    Noninterest Expense.  Noninterest expense for the three months ended September 30, 2024 increased $375,000, or 1.2%, when compared to the three months ended June 30, 2024. Changes in the components of noninterest expense are discussed below:

      Three Months Ended    
    (Dollars in thousands) September 30, 2024   June 30, 2024   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 17,082     $ 16,608     $ 474     3 %
    Occupancy expense, net   2,436       2,419       17     1  
    Computer services   3,192       3,116       76     2  
    Telephone, postage and supplies   547       580       (33 )   (6 )
    Marketing and advertising   408       606       (198 )   (33 )
    Deposit insurance premiums   589       531       58     11  
    Core deposit intangible amortization   567       567       —     —  
    Other   5,764       5,783       (19 )   —  
    Total noninterest expense $ 30,585     $ 30,210     $ 375     1 %
                                 
    • Salaries and employee benefits: The quarter-over-quarter increase was primarily the result of executive pay increases effective this quarter and additional stock incentive expense associated with the vesting of performance-based equity awards.
    • Marketing and advertising: The decrease in expense was the result of both differences in the timing of when expenses were incurred quarter-over-quarter as well as a reduction in traditional media advertising (print, billboards, etc.) in favor of digital platforms at lower costs.

    Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended September 30, 2024 and June 30, 2024 were 21.9% and 21.4%, respectively.

    Comparison of Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023
    Net Income.  Net income totaled $40.6 million, or $2.37 per diluted share, for the nine months ended September 30, 2024 compared to $36.6 million, or $2.18 per diluted share, for the nine months ended September 30, 2023, an increase of $4.0 million, or 11.0%. The results for the nine months ended September 30, 2024 were positively impacted by a decrease of $3.3 million in the provision for credit losses, a $1.4 million increase in noninterest income, and a $2.6 million decrease in noninterest expense, partially offset by a $2.0 million decrease in net interest income and a $1.3 million increase in income tax expense. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Nine Months Ended
      September 30, 2024   September 30, 2023
    (Dollars in thousands) Average
    Balance
    Outstanding
      Interest
    Earned /
    Paid
      Yield /
    Rate
      Average
    Balance
    Outstanding
      Interest
    Earned /
    Paid
      Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,883,040     $ 185,418   6.38 %   $ 3,684,518     $ 162,526   5.90 %
    Debt securities available for sale   133,779       4,424   4.42       155,884       3,780   3.24  
    Other interest-earning assets(2)   138,956       5,576   5.36       137,065       5,356   5.22  
    Total interest-earning assets   4,155,775       195,418   6.28       3,977,467       171,662   5.77  
    Other assets   276,516               266,867          
    Total assets $ 4,432,291             $ 4,244,334          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 574,954     $ 4,149   0.96 %   $ 627,200     $ 3,241   0.69 %
    Money market accounts   1,305,217       30,642   3.14       1,206,119       18,604   2.06  
    Savings accounts   187,447       124   0.09       218,683       143   0.09  
    Certificate accounts   934,702       30,778   4.40       649,755       14,967   3.08  
    Total interest-bearing deposits   3,002,320       65,693   2.92       2,701,757       36,955   1.83  
    Junior subordinated debt   10,054       705   9.37       8,428       563   8.93  
    Borrowings   76,823       3,550   6.17       158,965       6,634   5.58  
    Total interest-bearing liabilities   3,089,197       69,948   3.02       2,869,150       44,152   2.06  
    Noninterest-bearing deposits   766,110               857,315          
    Other liabilities   55,217               54,513          
    Total liabilities   3,910,524               3,780,978          
    Stockholders’ equity   521,767               463,356          
    Total liabilities and stockholders’ equity $ 4,432,291             $ 4,244,334          
    Net earning assets $ 1,066,578             $ 1,108,317          
    Average interest-earning assets to average interest-bearing liabilities   134.53 %             138.63 %        
    Non-tax-equivalent                      
    Net interest income     $ 125,470           $ 127,510    
    Interest rate spread         3.26 %           3.71 %
    Net interest margin(3)         4.03 %           4.29 %
    Tax-equivalent                      
    Net interest income     $ 126,542           $ 128,413    
    Interest rate spread         3.30 %           3.74 %
    Net interest margin(3)         4.07 %           4.32 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $1,072 and $903 for the nine months ended September 30, 2024 and September 30, 2023, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the nine months ended September 30, 2024 increased $23.8 million, or 13.8%, compared to the nine months ended September 30, 2023, which was driven by a $22.9 million, or 14.1%, increase in interest income on loans. Accretion income on acquired loans of $2.0 million and $1.7 million was recognized during the same periods, respectively, and was included in interest income on loans. The overall increase in average yield on interest-earning assets was the result of both higher average balances and rising interest rates.

    Total interest expense for the nine months ended September 30, 2024 increased $25.8 million, or 58.4%, compared to the nine months ended September 30, 2023. The change was primarily the result of increases in the cost of funds across all funding sources driven by higher market interest rates and increases in the average balances of money market and certificate accounts, partially offset by a decline in average borrowings outstanding.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to
      Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ 8,927     $ 13,965     $ 22,892  
    Debt securities available for sale   (532 )     1,176       644  
    Other interest-earning assets   79       141       220  
    Total interest-earning assets   8,474       15,282       23,756  
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (266 )     1,174       908  
    Money market accounts   1,557       10,481       12,038  
    Savings accounts   (20 )     1       (19 )
    Certificate accounts   6,592       9,219       15,811  
    Junior subordinated debt   109       33       142  
    Borrowings   (3,425 )     341       (3,084 )
    Total interest-bearing liabilities   4,547       21,249       25,796  
    Decrease in net interest income         $ (2,040 )

    Provision for Credit Losses.  The following table presents a breakdown of the components of the provision for credit losses:

      Nine Months Ended      
    (Dollars in thousands) September 30, 2024   September 30, 2023   $ Change   % Change
    Provision for credit losses                
    Loans $ 8,435     $ 12,120     $ (3,685 )   (30 )%
    Off-balance-sheet credit exposure   (35 )     (385 )     350     91  
    Total provision for credit losses $ 8,400     $ 11,735     $ (3,335 )   (28 )%

    For the nine months ended September 30, 2024, the “loans” portion of the provision for credit losses was the result of net charge-offs of $8.9 million during the period, partially offset by a $0.4 million benefit due to changes in the loan mix.

    For the nine months ended September 30, 2023, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $3.9 million during the period:

    • $4.9 million provision to establish an allowance on Quantum’s loan portfolio.
    • $3.0 million provision due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
    • $0.3 million increase in specific reserves on individually evaluated credits.

    For the nine months ended September 30, 2024 and September 30, 2023, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the nine months ended September 30, 2024 increased $1.4 million, or 5.8%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:

      Nine Months Ended    
    (Dollars in thousands) September 30, 2024   September 30, 2023   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 6,839     $ 6,967     $ (128 )   (2 )%
    Loan income and fees   2,009       1,913       96     5  
    Gain on sale of loans held for sale   5,185       4,213       972     23  
    BOLI income   3,470       2,844       626     22  
    Operating lease income   5,087       4,515       572     13  
    Gain (loss) on sale of premises and equipment   (9 )     982       (991 )   (101 )
    Other   2,625       2,391       234     10  
    Total noninterest income $ 25,206     $ 23,825     $ 1,381     6 %
                                 
    • Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by residential mortgage and SBA loans sold during the period. During the nine months ended September 30, 2024, there were $58.3 million of residential mortgage loans originated for sale which were sold with gains of $1.1 million compared to $48.7 million sold with gains of $633,000 for the corresponding period in the prior year, with the improvement in profitability due to movement in interest rates. There were $38.5 million of sales of the guaranteed portion of SBA commercial loans with gains of $3.1 million compared to $41.1 million sold and gains of $2.6 million for the corresponding period in the prior year. There were $95.4 million of HELOCs sold during the current period for a gain of $887,000 compared to $66.4 million sold and gains of $552,000 for the corresponding period in the prior year. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a gain of $15,000 for the nine months ended September 30, 2024 versus a gain of $426,000 for the nine months ended September 30, 2023.
    • BOLI income: The increase was due to higher yielding policies as a result of restructuring the portfolio at the end of the prior calendar year.
    • Operating lease income: The increase in operating lease income was the result of $1.7 million in additional contractual earnings on a higher average outstanding balance of the associated contracts, partially offset by losses incurred on previously leased equipment, where we recognized a net loss of $1.3 million for the nine months ended September 30, 2024 versus a net loss of $210,000 in the same period last year.
    • Gain (loss) on sale of premises and equipment: During the nine months ended September 30, 2023, two properties were sold for a combined gain of $982,000. No material disposal activity occurred during the nine months ended September 30, 2024.

    Noninterest Expense.  Noninterest expense for the nine months ended September 30, 2024 decreased $2.6 million, or 2.8%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:

      Nine Months Ended    
    (Dollars in thousands) September 30, 2024   September 30, 2023   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 50,666     $ 49,436     $ 1,230     2 %
    Occupancy expense, net   7,292       7,556       (264 )   (3 )
    Computer services   9,396       9,386       10     —  
    Telephone, postage and supplies   1,712       1,942       (230 )   (12 )
    Marketing and advertising   1,659       1,555       104     7  
    Deposit insurance premiums   1,674       1,878       (204 )   (11 )
    Core deposit intangible amortization   1,896       2,324       (428 )   (18 )
    Merger-related expenses   —       4,741       (4,741 )   (100 )
    Other   16,364       14,490       1,874     13  
    Total noninterest expense $ 90,659     $ 93,308     $ (2,649 )   (3 )%
                               
    • Salaries and employee benefits: The increase was primarily the result of pay increases, partially offset by reductions in incentive pay.
    • Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
    • Merger-related expenses: The prior period included expenses associated with the Company’s merger with Quantum. No such expenses were incurred in the nine months ended September 30, 2024.
    • Other: The increase period-over-period was primarily driven by $1.7 million of additional depreciation expense on equipment subject to operating leases.

    Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the nine months ended September 30, 2024 and September 30, 2023 were 21.3% and 21.0%, respectively.

    Balance Sheet Review
    Total assets decreased by $35.3 million to $4.6 billion and total liabilities decreased by $75.5 million to $4.1 billion, respectively, at September 30, 2024 as compared to December 31, 2023. The majority of these changes were the result of an increase in deposits, which, combined with the collection of BOLI redemption proceeds and cash and cash equivalents, were used to fund growth in loans and pay down borrowings.

    Stockholders’ equity increased $40.1 million to $540.0 million at September 30, 2024 as compared to December 31, 2023. Activity within stockholders’ equity included $40.6 million in net income and $4.5 million in stock-based compensation and stock option exercises, partially offset by $5.6 million in cash dividends declared. In addition, the improvement in the accumulated other comprehensive income was driven by a $1.6 million reduction of the unrealized loss on available for sale securities as a result of a decrease in market interest rates.

    As of September 30, 2024, the Bank was considered “well capitalized” in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.

    Asset Quality
    The ACL on loans was $48.1 million, or 1.30% of total loans, at September 30, 2024 compared to $48.6 million, or 1.34% of total loans, at December 31, 2023. The drivers of this change are discussed in the “Comparison of Results of Operations for the Nine Months Ended September 30, 2024 and September 30, 2023 – Provision for Credit Losses” section above.

    Net loan charge-offs totaled $8.9 million for the nine months ended September 30, 2024 compared to $3.9 million for the same period last year. As discussed in previous quarters, the increase in net charge-offs has been concentrated in our equipment finance portfolio, primarily smaller over-the-road truck loans, with net charge-offs of $5.1 million during the nine months ended September 30, 2024. In response, during the first quarter of calendar year 2024 the Company elected to cease further originations within the transportation sector of equipment finance loans. In spite of the increase, annualized net charge-offs as a percentage of average assets for the loan portfolio as a whole were 0.31% for the nine months ended September 30, 2024, in line with the Company’s historical experience, as compared to 0.14% for the nine months ended September 30, 2023.

    Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $10.4 million, or 54.0%, to $29.8 million, or 0.64% of total assets, at September 30, 2024 compared to $19.3 million, or 0.41% of total assets, at December 31, 2023. Consistent with the change in net charge-offs, equipment finance loans made up the largest portion of nonperforming assets at $8.5 million and $6.5 million, respectively, at these same dates. In addition, owner occupied commercial real estate totaled $7.2 million and $912,000, respectively, at these same dates. These increases were mainly the result of a $3.1 million medical equipment relationship and $5.1 million owner occupied commercial real estate (OO CRE) relationship; however, in both cases losses are not currently anticipated. The ratio of nonperforming loans to total loans was 0.78% at September 30, 2024 compared to 0.53% at December 31, 2023.

    The ratio of classified assets to total assets increased to 0.99% at September 30, 2024 from 0.90% at December 31, 2023 as classified assets increased $4.1 million, or 9.8%, to $46.1 million at September 30, 2024 compared to $42.0 million at December 31, 2023. The largest portfolios of classified assets at September 30, 2024 included $11.7 million of non-owner occupied commercial real estate loans, $8.4 million of equipment finance loans, $7.1 million of SBA loans, $6.0 million of 1-4 family residential real estate loans, and $6.0 million of OO CRE loans.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. is the holding company for the Bank. As of September 30, 2024, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta).

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims 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.

    Consolidated Balance Sheets (Unaudited)

    (Dollars in thousands) September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
    (1)
      September 30,
    2023
    Assets                  
    Cash $ 18,980     $ 18,382     $ 16,134     $ 18,307     $ 18,090  
    Interest-bearing deposits   274,497       275,808       364,359       328,833       306,924  
    Cash and cash equivalents   293,477       294,190       380,493       347,140       325,014  
    Certificates of deposit in other banks   29,290       32,131       33,625       34,722       35,380  
    Debt securities available for sale, at fair value   140,552       134,135       120,807       126,950       134,348  
    FHLB and FRB stock   18,384       19,637       13,691       18,393       19,612  
    SBIC investments, at cost   15,489       15,462       14,568       13,789       14,586  
    Loans held for sale, at fair value   2,968       1,614       2,764       3,359       4,616  
    Loans held for sale, at the lower of cost or fair value   189,722       224,976       220,699       198,433       200,834  
    Total loans, net of deferred loan fees and costs   3,698,892       3,701,454       3,648,152       3,640,022       3,659,914  
    Allowance for credit losses – loans   (48,131 )     (49,223 )     (47,502 )     (48,641 )     (47,417 )
    Loans, net   3,650,761       3,652,231       3,600,650       3,591,381       3,612,497  
    Premises and equipment, net   69,603       69,880       70,588       70,937       72,463  
    Accrued interest receivable   17,523       18,412       16,944       16,902       16,513  
    Deferred income taxes, net   10,100       10,512       11,222       11,796       9,569  
    BOLI   90,021       89,176       88,369       88,257       106,059  
    Goodwill   34,111       34,111       34,111       34,111       34,111  
    Core deposit intangibles, net   7,162       7,730       8,297       9,059       9,918  
    Other assets   68,130       66,667       67,183       107,404       56,477  
    Total assets $ 4,637,293     $ 4,670,864     $ 4,684,011     $ 4,672,633     $ 4,651,997  
    Liabilities and stockholders’ equity                  
    Liabilities                  
    Deposits $ 3,761,588     $ 3,707,779     $ 3,799,807     $ 3,661,373     $ 3,640,961  
    Junior subordinated debt   10,096       10,070       10,045       10,021       9,995  
    Borrowings   260,013       364,513       291,513       433,763       452,263  
    Other liabilities   65,592       64,874       69,473       67,583       64,367  
    Total liabilities   4,097,289       4,147,236       4,170,838       4,172,740       4,167,586  
    Stockholders’ equity                  
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding   —       —       —       —       —  
    Common stock, $0.01 par value, 60,000,000 shares authorized(2)   175       175       175       174       174  
    Additional paid in capital   175,495       172,907       172,919       172,366       171,663  
    Retained earnings   368,383       357,147       346,598       333,401       321,799  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (4,099 )     (4,232 )     (4,364 )     (4,497 )     (4,629 )
    Accumulated other comprehensive income (loss)   50       (2,369 )     (2,155 )     (1,551 )     (4,596 )
    Total stockholders’ equity   540,004       523,628       513,173       499,893       484,411  
    Total liabilities and stockholders’ equity $ 4,637,293     $ 4,670,864     $ 4,684,011     $ 4,672,633     $ 4,651,997  

    (1)  Derived from audited financial statements.
    (2)  Shares of common stock issued and outstanding were 17,514,922 at September 30, 2024; 17,437,326 at June 30, 2024; 17,444,787 at March 31, 2024; 17,387,069 at December 31, 2023; and 17,380,307 at September 30, 2023.

    Consolidated Statements of Income (Unaudited)

      Three Months Ended   Nine Months Ended
    (Dollars in thousands) September 30,
    2024
      June 30,
    2024
      September 30,
    2024
      September 30,
    2023
    Interest and dividend income              
    Loans $ 63,305     $ 62,161     $ 185,418     $ 162,526  
    Debt securities available for sale   1,616       1,495       4,424       3,780  
    Other investments and interest-bearing deposits   1,728       1,758       5,576       5,356  
    Total interest and dividend income   66,649       65,414       195,418       171,662  
    Interest expense              
    Deposits   23,692       21,683       65,693       36,955  
    Junior subordinated debt   235       234       705       563  
    Borrowings   648       1,331       3,550       6,634  
    Total interest expense   24,575       23,248       69,948       44,152  
    Net interest income   42,074       42,166       125,470       127,510  
    Provision for credit losses   2,975       4,260       8,400       11,735  
    Net interest income after provision for credit losses   39,099       37,906       117,070       115,775  
    Noninterest income              
    Service charges and fees on deposit accounts   2,336       2,354       6,839       6,967  
    Loan income and fees   684       647       2,009       1,913  
    Gain on sale of loans held for sale   1,900       1,828       5,185       4,213  
    BOLI income   828       807       3,470       2,844  
    Operating lease income   1,637       1,591       5,087       4,515  
    Gain (loss) on sale of premises and equipment   —       —       (9 )     982  
    Other   897       886       2,625       2,391  
    Total noninterest income   8,282       8,113       25,206       23,825  
    Noninterest expense              
    Salaries and employee benefits   17,082       16,608       50,666       49,436  
    Occupancy expense, net   2,436       2,419       7,292       7,556  
    Computer services   3,192       3,116       9,396       9,386  
    Telephone, postage and supplies   547       580       1,712       1,942  
    Marketing and advertising   408       606       1,659       1,555  
    Deposit insurance premiums   589       531       1,674       1,878  
    Core deposit intangible amortization   567       567       1,896       2,324  
    Merger-related expenses   —       —       —       4,741  
    Other   5,764       5,783       16,364       14,490  
    Total noninterest expense   30,585       30,210       90,659       93,308  
    Income before income taxes   16,796       15,809       51,617       46,292  
    Income tax expense   3,684       3,391       11,020       9,712  
    Net income $ 13,112     $ 12,418     $ 40,597     $ 36,580  

    Per Share Data

        Three Months Ended    Nine Months Ended
        September 30,
    2024
      June 30,
    2024
      September 30,
    2024
      September 30,
    2023
    Net income per common share(1)                
    Basic   $ 0.77     $ 0.73     $ 2.38     $ 2.19  
    Diluted   $ 0.76     $ 0.73     $ 2.37     $ 2.18  
    Average shares outstanding                
    Basic     16,931,793       16,883,028       16,891,619       16,532,335  
    Diluted     17,027,824       16,904,098       16,938,328       16,553,319  
    Book value per share at end of period   $ 30.83     $ 30.03     $ 30.83     $ 27.87  
    Tangible book value per share at end of period(2)   $ 28.57     $ 27.73     $ 28.57     $ 25.47  
    Cash dividends declared per common share   $ 0.11     $ 0.11     $ 0.33     $ 0.30  
    Total shares outstanding at end of period     17,514,922       17,437,326       17,514,922       17,380,307  

    (1)  Basic and diluted net income per common share have been prepared in accordance with the two-class method.
    (2)  See Non-GAAP reconciliations below for adjustments.

    Selected Financial Ratios and Other Data

      Three Months Ended   Nine Months Ended
      September 30,
    2024
      June 30,
    2024
      September 30,
    2024
      September 30,
    2023
    Performance ratios(1)          
    Return on assets (ratio of net income to average total assets) 1.17 %   1.13 %   1.22 %   1.15 %
    Return on equity (ratio of net income to average equity) 9.76     9.58     10.39     10.56  
    Yield on earning assets 6.34     6.32     6.28     5.77  
    Rate paid on interest-bearing liabilities 3.12     3.04     3.02     2.06  
    Average interest rate spread 3.22     3.28     3.26     3.71  
    Net interest margin(2) 4.00     4.08     4.03     4.29  
    Average interest-earning assets to average interest-bearing liabilities 133.71     135.38     134.53     138.63  
    Noninterest expense to average total assets 2.73     2.74     2.73     2.94  
    Efficiency ratio 60.74     60.08     60.17     61.66  
    Efficiency ratio – adjusted(3) 60.30     59.66     60.19     58.98  

    (1)  Ratios are annualized where appropriate.
    (2)  Net interest income divided by average interest-earning assets.
    (3)  See Non-GAAP reconciliations below for adjustments.

      At or For the Three Months Ended
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Asset quality ratios                  
    Nonperforming assets to total assets(1) 0.64 %   0.54 %   0.43 %   0.41 %   0.25 %
    Nonperforming loans to total loans(1) 0.78     0.68     0.55     0.53     0.32  
    Total classified assets to total assets 0.99     0.91     0.80     0.90     0.76  
    Allowance for credit losses to nonperforming loans(1) 166.51     194.80     235.18     251.60     400.41  
    Allowance for credit losses to total loans 1.30     1.33     1.30     1.34     1.30  
    Net charge-offs to average loans (annualized) 0.42     0.27     0.24     0.29     0.27  
    Capital ratios                  
    Equity to total assets at end of period 11.64 %   11.21 %   10.96 %   10.70 %   10.41 %
    Tangible equity to total tangible assets(2) 10.88     10.44     10.18     9.91     9.60  
    Average equity to average assets 12.02     11.78     11.51     11.03     10.84  

    (1)  Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At September 30, 2024, $8.7 million, or 30.4%, of nonaccruing loans were current on their loan payments as of that date.
    (2)  See Non-GAAP reconciliations below for adjustments.

    Loans

    (Dollars in thousands) September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Commercial real estate loans                  
    Construction and land development $ 300,905     $ 316,050     $ 304,727     $ 305,269     $ 352,143  
    Commercial real estate – owner occupied   544,689       545,631       532,547       536,545       526,534  
    Commercial real estate – non-owner occupied   881,340       892,653       881,143       875,694       880,348  
    Multifamily   114,155       92,292       89,692       88,623       83,430  
    Total commercial real estate loans   1,841,089       1,846,626       1,808,109       1,806,131       1,842,455  
    Commercial loans                  
    Commercial and industrial   286,809       266,136       243,732       237,255       237,366  
    Equipment finance   443,033       461,010       462,649       465,573       470,387  
    Municipal leases   158,560       152,509       151,894       150,292       147,821  
    Total commercial loans   888,402       879,655       858,275       853,120       855,574  
    Residential real estate loans                  
    Construction and land development   63,016       70,679       85,840       96,646       103,381  
    One-to-four family   627,845       621,196       605,570       584,405       560,399  
    HELOCs   194,909       188,465       184,274       185,878       185,289  
    Total residential real estate loans   885,770       880,340       875,684       866,929       849,069  
    Consumer loans   83,631       94,833       106,084       113,842       112,816  
    Total loans, net of deferred loan fees and costs   3,698,892       3,701,454       3,648,152       3,640,022       3,659,914  
    Allowance for credit losses – loans   (48,131 )     (49,223 )     (47,502 )     (48,641 )     (47,417 )
    Loans, net $ 3,650,761     $ 3,652,231     $ 3,600,650     $ 3,591,381     $ 3,612,497  

    Deposits

    (Dollars in thousands) September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Core deposits                  
    Noninterest-bearing accounts $ 684,501     $ 683,346     $ 773,901     $ 784,950     $ 827,362  
    NOW accounts   534,517       561,789       600,561       591,270       602,804  
    Money market accounts   1,345,289       1,311,940       1,308,467       1,246,807       1,195,482  
    Savings accounts   179,762       185,499       191,302       194,486       202,971  
    Total core deposits   2,744,069       2,742,574       2,874,231       2,817,513       2,828,619  
    Certificates of deposit   1,017,519       965,205       925,576       843,860       812,342  
    Total $ 3,761,588     $ 3,707,779     $ 3,799,807     $ 3,661,373     $ 3,640,961  

    Non-GAAP Reconciliations
    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

    Set forth below is a reconciliation to GAAP of the Company’s efficiency ratio:

        Three Months Ended   Nine Months Ended
    (Dollars in thousands)   September 30,
    2024
      June 30,
    2024
      September 30,
    2024
      September 30,
    2023
    Noninterest expense   $ 30,585     $ 30,210     $ 90,659     $ 93,308  
    Less: merger expense     —       —       —       4,741  
    Noninterest expense – adjusted   $ 30,585     $ 30,210     $ 90,659     $ 88,567  
                     
    Net interest income   $ 42,074     $ 42,166     $ 125,470     $ 127,510  
    Plus: tax-equivalent adjustment     368       354       1,072       903  
    Plus: noninterest income     8,282       8,113       25,206       23,825  
    Less: BOLI death benefit proceeds in excess of cash surrender value     —       —       1,143       1,092  
    Less: loss (gain) on sale of premises and equipment     —       —       (9 )     982  
    Net interest income plus noninterest income – adjusted   $ 50,724     $ 50,633     $ 150,614     $ 150,164  
    Efficiency ratio   60.74 %   60.08 %   60.17 %   61.66 %
    Efficiency ratio – adjusted   60.30 %   59.66 %   60.19 %   58.98 %
                             

    Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:

        As of
    (Dollars in thousands, except per share data)   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Total stockholders’ equity   $ 540,004     $ 523,628     $ 513,173     $ 499,893     $ 484,411  
    Less: goodwill, core deposit intangibles, net of taxes     39,626       40,063       40,500       41,086       41,748  
    Tangible book value   $ 500,378     $ 483,565     $ 472,673     $ 458,807     $ 442,663  
    Common shares outstanding     17,514,922       17,437,326       17,444,787       17,387,069       17,380,307  
    Book value per share   $ 30.83     $ 30.03     $ 29.42     $ 28.75     $ 27.87  
    Tangible book value per share   $ 28.57     $ 27.73     $ 27.10     $ 26.39     $ 25.47  

    Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:

        As of
    (Dollars in thousands)   September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      September 30,
    2023
    Tangible equity(1)   $ 500,378     $ 483,565     $ 472,673     $ 458,807     $ 442,663  
    Total assets     4,637,293       4,670,864       4,684,011       4,672,633       4,651,997  
    Less: goodwill, core deposit intangibles, net of taxes     39,626       40,063       40,500       41,086       41,748  
    Total tangible assets   $ 4,597,667     $ 4,630,801     $ 4,643,511     $ 4,631,547     $ 4,610,249  
    Tangible equity to tangible assets   10.88 %   10.44 %   10.18 %   9.91 %   9.60 %

    (1)  Tangible equity (or tangible book value) is equal to total stockholders’ equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Jackery Introduces Solar Generator 5000 Plus – “Most Trusted Whole-Home Backup Power”

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 24, 2024 (GLOBE NEWSWIRE) — Jackery, a global leader of innovative solar generators and green off-grid energy solutions, has launched its newest and most advanced product yet – the Jackery Solar Generator 5000 Plus. Powerful, portable and compact, the 5000 Plus is the lightest generator in its class and ensures people will stay connected, powered and secure, even in the most difficult and unexpected circumstances.

    “Safety, sustainability and convenience are at the forefront of every solar generator we produce, and the 5000 Plus delivers at every turn,” said Jack Sun, CEO of Jackery. “Whether you need to power your entire home during an outage or emergency, need additional power while embracing outdoor living or reliable everyday power, the 5000 Plus provides the performance, safety and convenience that people need.”        

    With LFP battery cells, the 5000 Plus offers 4,000 life cycles, ensuring long-term reliability. It operates quietly and requires no maintenance, making it a better option for indoor use compared to traditional gas generators, especially during extreme weather conditions. The UPS feature allows for instantaneous switching to backup power during an outage, ensuring sensitive equipment like computers and other essential devices keep running without interruption and with zero downtime.

    When paired with Jackery’s Smart Transfer Switch (STS), a single 5000 Plus delivers up to 7200W of power. And, when connected to a second unit, users can get up to 14400W, making it more than sufficient to power a home in the most unpredictable situation. When equipped with all modular extensions and add-ons available, the full 5000 Plus ecosystem capability reaches an impressive 60kWh – enough power to sustain the average American household necessities for up to several days (based on an average daily usage of 30kWh/day).

    The modular design of the 5000 Plus ensures users can extend power capacity to fit their individual needs. This flexibility also offers users complete control over the power usage, capacity, spending, and savings, making it a truly personalized backup power solution. The Jackery 5000 Plus not only meets 120V load demands, but can also power 240V appliances, such as dryers, water pumps, ovens, and high-power electric tools. It is also capable of recharging RVs and electric vehicles.

    The 5000 Plus is also equipped with dual-voltage solar charging, meaning that the system can recharge through a high voltage rooftop solar system and with Jackery’s portable solar panels. The 5000 Plus is compatible with most solar panels that use an MC4 connector, supporting up to 4000W of charging power for fast and efficient recharging. Compatible with up to six Jackery SolarSaga 200W portable solar panels or two new Jackery SolarSaga 500W portable solar panels, it is an eco-friendly, cost-saving solution for long-term use.

    For added convenience, users can utilize smart app control to activate UPS mode, schedule charging, and more. This convenient app control also provides quick access to the 5000 Plus’s status with easy-to-set charge/discharge parameters and modes.

    Further, the 5000 Plus is built to last, with fireproof, shockproof and IPX4 water-resistant certifications. Combined with Jackery’s 5+2 year warranty, the 5000 Plus is an investment in safety, sustainability, and convenience, ensuring long-term peace of mind.

    Jackery is dedicated to developing reliable technology and offers the industry’s exclusive ChargeShield 2.0 and Class B standard, providing up to 62 layers of protection for charging, discharging, and battery management systems (BMS). The Company’s AI-driven variable speed charging technology ensures dependable power usage every time.

    Whether for emergencies, off-grid living, or reliable everyday power, the 5000 Plus delivers the performance, safety, and ease that people need and have come to rely on from Jackery’s solar generators.

    Finally, while designed with whole-home backup in mind, the 5000 Plus is also perfect for off-grid living and grid arbitrage, offering features like peak shaving and valley lifting to balance energy consumption, reduce energy bills, and alleviate pressure on the grid. Whether you need power for an off-grid cabin, RV, job site, or even film production, the 5000 Plus is the perfect green-energy solution.

    For more information on Jackery, the 5000 Plus and other products, please visit www.jackery.com. Be sure to follow Jackery on social media at @JackeryUSA for the latest updates in real time.

    ABOUT JACKERY
    Founded in California in 2012, Jackery is the world’s leading provider of innovative solar generators and off-grid green energy solutions. As a global top-selling solar generator brand, Jackery is driven by its mission to “Bring Green Energy to All.” By integrating with Geneverse in 2024, Jackery has expanded its product offerings and is able to deliver a comprehensive range of energy solutions, from portable solar generators for outdoor use to whole-home backup systems, furthering its commitment to making green energy accessible for all. Jackery has consistently fulfilled its social responsibility on a global scale, maintaining long-term partnerships with global public welfare organizations such as WWF, NFF, and IRC. Through these collaborations, Jackery continues to contribute to global sustainable development and other public welfare initiatives, reinforcing its dedication to creating a greener, more sustainable future.

    MEDIA CONTACTS
    ICR
    jackery@icrinc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/910a7380-9682-4ba7-acd6-8c69fba4e929

    The MIL Network –

    January 25, 2025
  • MIL-OSI: Billion Dollar Commercial Drone Market Poised for Continued Growth, Driven by A.I. Technological Advances

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The commercial drone market is experiencing significant growth due to increasing demand from various industries such as construction, agriculture, security, military applications and so much more. Drones offer benefits like cost savings, improved efficiency, and enhanced safety for businesses. Market size is projected to reach USD12.3 billion by 2025, driven by technological advancements and regulatory approvals. AI is driving market transformation… The global commercial drones market size is estimated to grow by USD $126.87 billion from 2024-2028, according to a report from Technavio. The market is estimated to grow at a CAGR of 57.74% during the forecast period. Rising applications of drones is driving market growth, with a trend towards new developments and launches of commercial drones. The report continued: “The commercial drones market is experiencing significant growth due to the continuous introduction of new drones, components, and software solutions by vendors. Companies across various industries are integrating drones into their operations for managing assets, monitoring sites, inspecting facilities, and capturing real-time data… featuring advanced autonomous flight technology and Artificial Intelligence, ensuring safe and stable flight in challenging environments. Such innovations increase the availability of advanced drone products and software solutions, fueling the adoption of commercial drones in the forecast period.” Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), C3 AI (NYSE: AI), NVIDIA Corporation (NASDAQ: NVDA), SoundHound AI, Inc. (NASDAQ: SOUN), AeroVironment (NASDAQ: AVAV).

    “The Commercial Drone Market is experiencing significant growth, particularly in sectors like… Agriculture. Drones equipped with high-quality Cameras are trending, with VAPOR Helicopter leading the way. Artificial Intelligence and Machine Learning are revolutionizing Decision making in industries, from Inspection activities to Farm management. Hybrid drones, combining features of Quadcopters, Octocopters, and Hexacopters, are gaining popularity. In Agriculture, drones help reduce costs, increase Yield, and monitor crops using services like Raptor Maps. Filmmakers and Ecommerce sectors also benefit from aerial photography and warehouse management. The Commercial Drone Market is experiencing significant growth as Quadcopters, Octocopters, and Hexacopters find increasing applications in various sectors. Challenges in flight control, firmware, middleware, computer vision, and environmental awareness are being addressed through technological advances in electronics, computing, microcontrollers, and processors.”

    ZenaTech Inc. (NASDAQ:ZENA) Issues Big Development News Today on Adding Patent Assets to the Company – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

    Additional Groundbreaking ZenaTech Inc. Developments this week include:

    ZenaTech Announced a Software Company Acquisition Adding Significant Capabilities to Building AI Drones – ZenaTech also announced that it has entered into an agreement to acquire ZooOffice Inc., the holding company for software companies Jadian and DeskFlex, from ZenaTech’s former parent company. The acquisition of these two software companies will provide important compliance and inspection software as well as scheduling and mapping software that will be incorporated into ZenaTech’s ZenaDrone AI drone solutions. This transaction further expands ZenaTech’s portfolio of SaaS software solutions and customer base and is expected to add to recurring revenue in the government sector among others. The acquisition is subject to shareholder and regulatory approvals that may be required.

    “Adding Jadian and DeskFlex software capabilities to the ZenaTech portfolio is part of our strategy to offer full stack, integrated AI drone solutions targeted to multiple sectors such as Agriculture. Jadian’s compliance software will be integrated with ZenaDrone drone hardware and sensors to help farmers track and manage regulatory and environmental requirements such as crop traceability, fertilizer and pesticide use, water conservation, and greenhouse gas emissions. Deskflex scheduling and mapping software will add value integrated into our property management sector solutions,” said CEO Shaun Passley, Ph.D. Read this full release at: https://finance.yahoo.com/news/zenatech-announces-software-company-acquisition-113000656.html

    Other recent developments in the technology industry include:

    C3 AI (NYSE: AI) recently announced the newly re-branded C3 AI Asset Performance Suite, a collection of powerful, purpose-built AI applications that work together to help enterprises maximize value and improve sustainability performance. The C3 AI Asset Performance Suite includes C3 AI Reliability, C3 AI Process Optimization, and C3 AI Energy Management. These applications offer enterprises optimized asset performance through improvements in operational efficiency across business units.

    “C3 AI is the leader in AI-powered predictive maintenance, and our customers are some of the most satisfied in the industry because our technology makes a positive impact on their bottom line and continually maximizes their investments,” said Thomas M. Siebel, CEO, C3 AI. “This re-brand of the C3 AI Asset Performance Suite is in recognition that customers realize the most value by deploying applications that work in concert together and address entire value chains; in this case, with predictive maintenance, process optimization, and energy management.”

    SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently announced its SoundHound Chat AI voice assistant has launched new customization tools to help transform how automotive brands interact with their customers within the vehicle. The new features are currently being piloted with some of SoundHound’s OEM partners.

    In addition to the core features offered from SoundHound Chat AI’s best-in-class voice assistant – which integrates generative AI capabilities with car controls and real-time domains like flight times, navigation, and weather – OEMs will be able to take control with customizations that work for their loyal consumers and align closely with their identity as an automaker. This new layer of customization will provide drivers with a more engaging and informative experience, allowing them to explore vehicle features and functionalities with greater ease and effectiveness.

    AeroVironment (NASDAQ: AVAV) recently announced that the U.S. Army has awarded a $54.9 million delivery order for the production of Switchblade® loitering munition systems. The recently announced award includes an additional contract ceiling of $743 million with $54.9 million in new funding. This contract is issued as part of a broader, previously executed, indefinite delivery, indefinite quantity contract, and ensures continued support for both the U.S. Army and several allied partners, including Lithuania, Romania, and Sweden.

    Work on this contract will be performed in Simi Valley, California, with an estimated completion date of June 30, 2026. The award, which leverages fiscal 2023 and 2024 Army funds along with Foreign Military Sales, highlights AV’s ongoing commitment to delivering proven, battlefield-ready technology that meets the evolving needs of modern armed forces.

    NVIDIA Corporation (NASDAQ: NVDA) recently announced that it has contributed foundational elements of its NVIDIA Blackwell accelerated computing platform design to the Open Compute Project (OCP) and broadened NVIDIA Spectrum-X™ support for OCP standards.

    At this year’s OCP Global Summit, NVIDIA will be sharing key portions of the NVIDIA GB200 NVL72 system electro-mechanical design with the OCP community — including the rack architecture, compute and switch tray mechanicals, liquid-cooling and thermal environment specifications, and NVIDIA NVLink™ cable cartridge volumetrics — to support higher compute density and networking bandwidth.

    NVIDIA has already made several official contributions to OCP across multiple hardware generations, including its NVIDIA HGX™ H100 baseboard design specification, to help provide the ecosystem with a wider choice of offerings from the world’s computer makers and expand the adoption of AI.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty nine hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

    January 25, 2025
  • MIL-OSI Global: Tiny airborne particles within air pollution could be a silent killer – new study uncovers hidden risks and reveals who’s most at risk in New York state

    Source: The Conversation – USA – By Shao Lin, Professor of Public Health, University at Albany, State University of New York

    Ultrafine particles stem from a variety of natural and human-made sources, including vehicle exhaust. Joe Raedle/Getty Images

    Long-term high ultrafine particle concentrations in New York state neighborhoods are linked to higher numbers of deaths. That is the key finding of our new research, published in the Journal of Hazardous Materials.

    Our study shows that high levels of ultrafine particles in the atmosphere over long periods of time are significantly associated with increased non-accidental deaths, particularly from cardiovascular and respiratory diseases.

    Ultrafine particles are aerosols less than 0.1 micrometers, or 100 nanometers, in diameter — about one-thousandth the width of a human hair. Due to their tiny size, they can be easily inhaled into the distal branches of lungs, quickly absorbed into the bloodstream and even pass through organ barriers.

    We also found that certain underserved populations, including Hispanics, non-Hispanic Black people, children under 5, older adults and non-New York City residents, are more susceptible to the adverse effects of ultrafine particles. The disparities our study uncovered underscore the necessity for public health agencies to focus on and protect high-risk populations.

    We quantified the long-term health impacts of exposure to these pollutants by combining mortality data from vital records in New York state and using a model that tracks how particles move and change through the air.

    Because ultrafine particles are so small, they are difficult to study, and more research is needed to determine how unsafe they are.

    Why it matters

    Air pollution is now ranked the second-leading risk factor for death, accounting for about 8.1 million deaths globally and about 600,000 deaths in the United States in 2021.

    Most air pollution standards and regulations have been focused on larger particulate matter, such as PM2.5 – which includes organic compounds and metal particulates – and PM10, a category that includes dust, pollen and mold.

    In comparison, ultrafine particles are typically much greater in number and have a much larger surface area-to-volume ratio, allowing them to carry substantial amounts of hazardous metals and organic compounds. Furthermore, because of their smaller size, ultrafine particles can follow the air flow and get deep into the lungs when inhaled. These unique characteristics make ultrafine particles particularly dangerous, leading to a range of adverse health problems.

    Despite this understanding, ultrafine particles remain largely unregulated, while larger particulates are regulated under the National Ambient Air Quality Standards.

    Due to their unique characteristics, ultrafine particles require additional, tailored attention.

    Ultrafine particles, not shown, are about one-thousandth the width of a human hair.
    U.S. Environmental Protection Agency

    Ultrafine particles stem from both natural sources and human activity – primarily from combustion processes such as motor vehicles, power plants, wood burning and wildfires. A large share of ultrafine particles is created by chemical reactions in the atmosphere involving acidic gases from fossil fuel burning and ammonia from farming and residential wastes.

    As cities continue to expand and urban populations grow, people’s exposure to these harmful particles is likely to increase. Both PM2.5 and ultrafine particles come from similar sources and can also form through chemical reactions in the atmosphere, but their trends diverge.

    PM2.5 mass has been declining in many places, including New York, thanks to air quality regulations. However, recent research suggests that ultrafine particle numbers are not going down and have been increasing since 2017.

    What still isn’t known

    There are currently no large-scale monitoring sites in the U.S. dedicated to tracking ultrafine particles in the environment. This limits the ability of researchers like us to comprehend the extent of ultrafine particle exposure and its impact on public health.

    What’s more, the exact biological mechanisms through which ultrafine particles cause harm are not yet fully understood. Increasing research evidence suggests that ultrafine particles can affect heart function, causing hardening of arteries, lung inflammation and systemic inflammation.

    There have been few prior studies looking at death rates related to ultrafine particle exposure by demographics and seasonality. By understanding which groups are most vulnerable to ultrafine particle exposure, interventions can be more effectively tailored to lower the risks and protect those who are disproportionately affected. Our study, which is funded by the New York State Energy Research and Development Authority, helps fill in these critical knowledge gaps.

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

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

    – ref. Tiny airborne particles within air pollution could be a silent killer – new study uncovers hidden risks and reveals who’s most at risk in New York state – https://theconversation.com/tiny-airborne-particles-within-air-pollution-could-be-a-silent-killer-new-study-uncovers-hidden-risks-and-reveals-whos-most-at-risk-in-new-york-state-236299

    MIL OSI – Global Reports –

    January 25, 2025
  • MIL-OSI Security: Defense News: NAVIFOR Officer Provides Critical Relief to Asheville Following Hurricane Helene’s Impact

    Source: United States Navy

    With a background shaped by multiple deployments in challenging environments, McQueen was well-prepared for the devastation he encountered. His experience taught him to remain focused under pressure, prioritize critical tasks, and, above all, keep pushing the mission forward. He quickly organized supplies and departed Norfolk for Asheville, making stops to pick up additional equipment and resources along the way.

    Brock felt a deep sense of urgency as he headed to North Carolina after receiving a call from his family about the devastation in his childhood town. Upon arriving in Asheville, he immediately recognized the severity of the situation and saw the path of devastation Helene had left firsthand. His brother, a member of the local firefighting team, had already been on the front lines of the relief effort. McQueen saw an opportunity to help not only his family but the wider community, where his leadership and problem-solving skills were quickly put to use. “When I saw the state of things, I knew I had to jump in,” McQueen said. “Helping my family was a priority, but this was about the whole community coming together.”

    Reporting to the Volunteer Fire Department in Fairview, a Buncombe County community just outside of Asheville, McQueen’s military training in logistics and coordination proved invaluable.

    For six days, McQueen was fully immersed in the recovery effort. His military training became an indispensable asset to the local response teams, who relied on his expertise to organize and conduct welfare checks across the region. Working alongside firefighters, law enforcement, and emergency medical personnel, McQueen assisted with the search and rescue of residents that were unaccounted for after floodwaters damaged multiple neighborhoods, ensuring no one was left behind.

    McQueen’s ability to communicate effectively with the local community played a key role in dispelling misinformation and ensuring the right resources went to those in need. His attention to detail, honed by years of military service, helped him identify discrepancies in reports and correct false information spreading through the area.

    One of his most significant contributions was turning a small UAV (Unmanned Aerial Vehicle) project into a highly effective data collection asset. He spearheaded the integration of UAV operators from different departments, ensuring their platforms worked together seamlessly.

    “Seeing how quickly the UAV team became a critical tool for recovery was rewarding,” McQueen reflected. “It was just an idea at first, but everyone came together to make it work.”

    The result was a vital resource for first responders—real-time aerial mapping of damaged homes, infrastructure, and roadways. His efforts also led to the discovery of missing persons and damaged areas that had gone unnoticed.

    A local fire chief noted that Lt. Cmdr. McQueen’s involvement was transformative for the team. He handled complex tasks that enabled the personnel to focus on other emergency responses, and his leadership provided the additional support needed to navigate those critical days.

    Yet, despite his success, McQueen understood that the road to recovery was far from over. “The community came together after the storm, which was amazing to see,” he said. “But I know that the hard work doesn’t end when the relief trucks leave. It’s going to take a long time to rebuild.”

    McQueen’s warfighter resiliency and the mental toughness developed through multiple deployments enabled him to remain focused on the daily challenges of the relief effort, keeping the mission on track. His training and experience, combined with a deep sense of duty to his family and community, made a lasting impact on the Fairview Community as it began the long process of recovery from Hurricane Helene.

    As Lt. Cmdr. McQueen packed up and prepared to leave Asheville on the seventh day, a mix of emotions weighed on him. Driving out of the storm-ravaged town, he glanced at the landscape one last time—the uprooted trees, battered homes, and streets still lined with debris. The devastation was still everywhere, and the work was far from finished. He had done everything he could in the short time he had, but as he started the long drive back to Virginia, he couldn’t help but feel a pull to stay longer, to continue helping the community that had welcomed him so warmly.

    “Disaster doesn’t discriminate,” McQueen said. “It hits everyone, and when it does, all we can do is come together to lift each other up. I’m just grateful I could play a part in that.”

    As he crossed the state line back into Virginia, McQueen’s thoughts turned to his own family. He knew they needed him, too, especially with his upcoming Permanent Change of Station (PCS) looming. His role as a father and husband couldn’t be put on hold, even for a crisis like this one. Still, he found solace in the fact that he had made a meaningful impact, and that others would carry on the work he had started.

    “It was tough to leave,” McQueen admitted. “But I felt like I’d done all I could for now. I just hope the efforts we started there will continue.”

    For more information on NAVIFOR, visit the command Facebook page at https://www.facebook.com/NavalInformationForces/ or the public web page at https://www.navifor.usff.navy.mil.

    MIL Security OSI –

    January 25, 2025
  • MIL-OSI Security: Former Eagle Pass Police Officer Sentenced to 10 Years in Federal Prison for Operating Human Smuggling Stash Houses

    Source: Federal Bureau of Investigation (FBI) State Crime News

    DEL RIO, Texas – An Eagle Pass woman, who had served as a police detective, was sentenced in a federal court in Del Rio to 120 months in prison for her role in a conspiracy to harbor undocumented noncitizens for a human smuggling organization (HSO).

    According to court documents, Hazel Eileen Diaz, 54, rented out multiple properties she owned in Eagle Pass to assist in harboring undocumented noncitizens between September 2020 and August 2021. Diaz would often travel to the properties where the migrants were being held to collect rent payments. An investigation revealed that, in total, nearly 200 migrants were smuggled by the HSO Diaz worked for, and that she had received approximately $36,916 in cash and money service business transfers, much of which were proceeds from human smuggling. At the time of her arrest, she was in possession of $23,522 in cash from the smuggling operation.

    Co-defendant Tomas Alejandro Mendez pleaded guilty on July 11, 2022 to one count of conspiracy to harbor illegal aliens. He is scheduled to be sentenced Jan. 13, 2025. Co-defendant Paola Nikole Cazares was sentenced Oct. 11, 2023 to 63 months in prison for the same offense with credit for time served since Aug. 26, 2021. Mendez and Cazares worked with Diaz to operate her properties as stash houses.

    In addition to imprisonment, Diaz will serve three years of supervised release, pay a $10,000 fine and money judgement of $237,600, and she will forfeit three properties, a truck, and $23,522.

    U.S. Attorney Jaime Esparza for the Western District of Texas made the announcement.

    The FBI, Homeland Security Investigations, the U.S. Border Patrol, and the Texas Department of Public Safety investigated the case.

    Assistant U.S. Attorney Holly Pavlinski prosecuted the case.

    ###

    MIL Security OSI –

    January 25, 2025
  • MIL-OSI: Drones Driven by A.I. Are Taking Over Major Industries Including Agriculture, Construction, Military & More

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Artificial intelligence (AI) and drones are a formidable combo that has the potential to transform a variety of industries. When coupled, they build intelligent and autonomous airborne systems capable of completing complicated tasks in a variety of conditions. Because of this, the combination of artificial intelligence and drone technology offers new aerial technological developments for various industries, including agriculture, construction, energy, and security, as well as a solution to many aerial imagery demands. Factors such as technological advancements, growing need for automation and efficiency, and the increasing adoption of drones in the Logistics and Delivery, Agriculture and Precision Farming, Disaster Management and Search & Rescue, Environmental Monitoring and Industrial sectors are boosting the adoption of AI solutions in the UAV landscape. A report from Knowledge Sourcing Intelligence projected that the Artificial Intelligence in drone market size is projected to show steady growth during the forecast period (2024-2029). The report said: “Booming drone adoption in the sector boosts AI in drone market growth. Drones driven by AI are taking over major sectors such as agriculture, serving as industrious field workers. They minimize human effort while monitoring crop health, accurately locating pests, and applying irrigation to maximize production and optimize resource use. The movement known as “precision agriculture” is revolutionizing the way of raising food. According to the January 2022 Press Release Bureau, the government is extending financial support under the “Sub-Mission on Agriculture Mechanization” to encourage the use of drones in agriculture. The Agriculture Ministry will give agricultural institutions grants of up to Rs. 10 lakhs so the farmers can buy drones. When it comes to drone demonstrations on farmer fields Farmer’s Producers Organizations (FPOs) can receive funds for up to 75% of the total cost of the drone. The initiatives and factors supporting agriculture enhance the drone market.” Active Tech Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Palantir Technologies Inc. (NYSE: PLTR), QUALCOMM Incorporated (NASDAQ: QCOM), AgEagle Aerial Systems Inc. (NYSE: UAVS), Draganfly Inc. (NASDAQ: DPRO).

    “The growing need for automation in logistics propels AI in drone market. Industries these days need effective and automated ways to handle logistics jobs. Drones and AI together present an attractive alternative for companies looking to increase productivity and accuracy as they save labor expenses and increase productivity by automating operations that were previously done by hand. By the end of 2024, Prime Air plans to expand internationally into Italy and the UK, in addition to starting drone deliveries in the United States. Similarly, in October 2023, Amazon Pharmacy launched drone delivery of pharmaceuticals. Eligible consumers in College Station, Texas, can now have their drugs delivered to their homes via drone within 60 minutes of placing their purchase with Amazon Pharmacy.”

    ZenaTech Inc. (NASDAQ:ZENA) Issues Big Development News Today on Adding Patent Assets to the Company – Get the full details by visiting: https://www.financialnewsmedia.com/news-zena/

    Additional Groundbreaking ZenaTech Inc. Developments this week include:

    ZenaTech Announced a Software Company Acquisition Adding Significant Capabilities to Building AI Drones – ZenaTech also announced that it has entered into an agreement to acquire ZooOffice Inc., the holding company for software companies Jadian and DeskFlex, from ZenaTech’s former parent company. The acquisition of these two software companies will provide important compliance and inspection software as well as scheduling and mapping software that will be incorporated into ZenaTech’s ZenaDrone AI drone solutions. This transaction further expands ZenaTech’s portfolio of SaaS software solutions and customer base and is expected to add to recurring revenue in the government sector among others. The acquisition is subject to shareholder and regulatory approvals that may be required.

    “Adding Jadian and DeskFlex software capabilities to the ZenaTech portfolio is part of our strategy to offer full stack, integrated AI drone solutions targeted to multiple sectors such as Agriculture. Jadian’s compliance software will be integrated with ZenaDrone drone hardware and sensors to help farmers track and manage regulatory and environmental requirements such as crop traceability, fertilizer and pesticide use, water conservation, and greenhouse gas emissions. Deskflex scheduling and mapping software will add value integrated into our property management sector solutions,” said CEO Shaun Passley, Ph.D. Read this full release at: https://finance.yahoo.com/news/zenatech-announces-software-company-acquisition-113000656.html

    Other recent developments in the technology industry include:

    Edgescale AI Inc. and Palantir Technologies Inc. (NYSE: PLTR) recently announced a strategic partnership to deliver Live Edge, a groundbreaking combination of Palantir Edge AI and Edgescale AI distributed infrastructure technology, designed to operationalize artificial intelligence (AI) in manufacturing, utilities, and other complex industrial environments.

    AI is reshaping the world and transforming our relationship with technology, yet applying AI to operational technology in industries and critical infrastructure remains a challenge. So long as the complexity and operational burden of activating machines, equipment, vehicles, and sensors in physical systems remains high, we only achieve a fraction of AI’s true potential for automating our technology and improving our lives.

    QUALCOMM Incorporated (NASDAQ: QCOM) recently announced that, through its subsidiary Qualcomm Technologies, Inc., Aramco, and Saudi Arabia’s Research, Development and Innovation Authority (RDIA) are planning to launch Design in Saudi Arabia (DISA). DISA is envisaged to be an incubator program for Saudi Arabia that aims to support startups that are adopting AI, Internet of Things (IoT), and wireless technologies for industrial use cases.

    This initiative aims to support early-stage startups in the high-tech sector by guiding them from product design and development to commercialization. It aims to provide a comprehensive suite of support that includes technical assistance, business coaching, and intellectual property (IP) training, all aimed at enhancing the Kingdom’s technology ecosystem. Should this initiative materialize, startups would gain access to resources such as Qualcomm Technologies and Aramco’s industrial experience and RDIA’s strategic guidance.

    AgEagle Aerial Systems Inc. (NYSE: UAVS) a leading provider of best-in-class unmanned aerial systems (UAS), sensors and software solutions for customers worldwide in the commercial and government verticals, recently issued a Letter to Stockholders from Company CEO Bill Irby.

    Dear Stockholders: First, I want to extend my appreciation for the trust and confidence you have placed in AgEagle. Upon taking over as CEO from Grant Begley (former interim CEO and current Board Chairman), we have been evolving and advancing AgEagle toward the creation of maximum long-term shareholder value.

    To fund our aggressive growth plans, we recently completed a $6.5M capital raise. The market’s reaction was a continued decline in our stock price. It became necessary to plan and execute a 50:1 reverse stock split. Our trading was halted October 4th but has since resumed, and I am truly optimistic regarding the path ahead as I believe that the company is currently under-valued… In conclusion, through a combination of our key initiatives, growing demand, and demonstrated progress in our newest market, I believe AgEagle is on the correct path to increase long-term shareholder value. We appreciate your continued support. Sincerely, Bill Irby, CEO

    Draganfly Inc. (NASDAQ: DPRO), an award-winning, industry-leading developer of drone solutions and systems, recently announced its participation in the upcoming Wings of Saskatchewan event in Regina, from October 30 to October 31, 2024. Draganfly will showcase its latest drone technology advancements, contributing to discussions on industry trends, safety, and regulatory considerations alongside key stakeholders in the aviation sector.

    The Wings of Saskatchewan Conference, hosted by the Saskatchewan Aerial Applicators Association and the Saskatchewan Aviation Council, serves as a vital gathering for the aviation community. This year’s event will bring together leaders from both civil and commercial aviation sectors to discuss technological advancements, regulatory updates, and future trends within the industry.

    About FN Media Group:
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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated forty nine hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually”, or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

    January 25, 2025
  • MIL-OSI Economics: Siemens and Microsoft scale industrial AI

    Source: Microsoft

    Headline: Siemens and Microsoft scale industrial AI

    • Siemens and Microsoft have taken the Siemens Industrial Copilot to the next level, to handle demanding environments at scale
    • Over 100 customers in Europe and the US are using the Siemens Industrial Copilot to improve efficiency, cut downtime, and address labor shortages
    • thyssenkrupp Automation Engineering is planning a global rollout of Copilot beginning 2025
    • More than 120,000 engineers can now leverage the Copilot, upskilling experts and workers in programming with Gen AI

    BERLIN — Oct. 24, 2024 — Siemens is revolutionizing industrial automation with Microsoft. Through their collaboration, they have taken the Siemens Industrial Copilot to the next level, enabling it to handle the most demanding environments at scale. Combining Siemens’ unique domain know-how across industries with Microsoft Azure OpenAI Service, the Copilot further improves handling of rigorous requirements in manufacturing and automation.

    Over 100 companies, including Schaeffler and thyssenkrupp Automation Engineering, are currently using the Siemens Industrial Copilot to streamline processes, address labor shortages, and drive innovation. With 120,000 users already leveraging the Siemens engineering software, they now have the opportunity to enhance their work with the Gen AI-powered assistant.

    Co-creation partner thyssenkrupp Automation Engineering is now the first to plan to use the Copilot globally. Beginning in early 2025, their machines will be engineered with the assistant, fully unleashing its potential across their entire product range. The rollout will take place globally. Siemens is pioneering the offering of Gen AI for automation engineering in the industry and has made this capability easily accessible on the Siemens Xcelerator open digital business platform.

    “The collaboration between Siemens and Microsoft marks a pivotal moment in the industrial sector; one where AI Transformation becomes a cornerstone for innovation and operational efficiency,” said Judson Althoff, executive vice president and chief commercial officer at Microsoft. “By integrating Microsoft Azure OpenAI Service into Siemens’ industrial solutions, we are equipping companies with cloud-based AI tools to simplify complex challenges, drive productivity, and help them stay competitive in an increasingly dynamic environment.”

    “Together with Microsoft we scale industrial AI, empowering our customers throughout the industry to become more resilient, competitive and sustainable. thyssenkrupp Automation Engineering shows how customers can use Siemens Industrial Copilot even in highly demanding environments as a major efficiency boost,” said Cedrik Neike, Member of the Managing Board of Siemens AG and CEO of Digital Industries.

    Since the product’s availability in July 2024, customers across various sectors have started using Siemens Industrial Copilot for Engineering to boost efficiency. Engineers can now create panel visualizations in 30 seconds and generate code that requires only 20% adaptation.

    This streamlines workflows, reducing manual effort and addressing the skilled labor shortage. The chat function also provides instant, precise answers, eliminating the need for lengthy searches. By leveraging the Copilot, companies are driving productivity and innovation.

    Transforming battery quality assurance with Siemens Industrial Copilot

    thyssenkrupp Automation Engineering exemplifies the Siemens Industrial Copilot’s transformative potential at scale, particularly in complex control, such as development of automated systems for the production of battery and hydrogen assembly lines. One of their machines helps ensure quality of batteries for electric cars, a crucial factor in the sustainable energy transition and the industry’s reliance on 100% reliable batteries. Sensors, cameras, and measurement systems are integrated to monitor battery cell quality across multiple stages, conducting complex evaluations to detect discharges beyond set thresholds.

    The Siemens Industrial Copilot supercharges the development and operation of this battery machine by automating repetitive tasks like data management, sensor configuration, and the crucial reporting of each step necessary to meet strict battery inspection requirements. Generally, the Copilot supports engineering by handling both routine and essential documentation tasks. This allows the engineers to focus on complex, value-added work, while its real-time problem-solving capabilities minimize downtime and ensure smooth production.

    “Siemens Industrial Copilot will prospectively ease our workload and address the pressing challenges of labor shortages and increasing complexity in battery testing. This AI-powered solution will be a game-changer for our industry, and we will actively roll it out across our machines,” said Dr. Volkmar Dinstuhl, Member of the Executive Board of thyssenkrupp AG and CEO of thyssenkrupp Automotive Technology.

    Siemens will share more details on Siemens Industrial Copilot at the SPS expo in Nuremberg, Germany, in November 2024.

    This press release along with press photos and other materials can be found at:

    https://sie.ag/2s6zEA

    Contacts for journalists 

    Siemens AG

    Jil Huber

    Phone: +49 162 3474144; email: [email protected]

    Microsoft 

    WE Communications for Microsoft

    Phone: (425) 638-7777; email: [email protected]

    thyssenkrupp AG 

    Sarah Grassmann

    Phone: +49 152 28277427; email: [email protected]

    Follow us at www.x.com/siemens_press

    For further information: www.siemens.com/industrial-copilot and siemens.com/sps-fair

    Siemens AG (Berlin and Munich) is a leading technology company focused on industry, infrastructure, mobility, and healthcare. The company’s purpose is to create technology to transform the everyday, for everyone. By combining the real and the digital worlds, Siemens empowers customers to accelerate their digital and sustainability transformations, making factories more efficient, cities more livable, and transportation more sustainable. Siemens also owns a majority stake in the publicly listed company, Siemens Healthineers, a leading global medical technology provider shaping the future of healthcare.

    In fiscal 2023, which ended on September 30, 2023, the Siemens Group generated revenue of €74.9 billion and net income of €8.5 billion. As of September 30, 2023, the company employed around 305,000 people worldwide on the basis of continuing operations. Further information is available on the Internet at www.siemens.com.

    About Microsoft

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

    About thyssenkrupp Automotive Technology   

    thyssenkrupp Automotive Technology is a leading supplier and development partner to the international automotive industry. Its range of products and services includes high-tech components and systems as well as automation solutions for vehicle production. The product range includes chassis technologies such as steering and damping systems and the assembly of axle systems as well as drive train components for conventional and alternative drives. thyssenkrupp Automotive Technology also develops assembly lines for body-in-white construction and produces lightweight body parts in series. The business area generated sales of 7.9 billion euros in fiscal year 2022/23. We also specialize in the production of springs and stabilizers for various vehicle types, as well as components and systems for tracked vehicles. Automotive Technology has a global production network with more than 90 locations in Europe, Asia, and North and South America.

    MIL OSI Economics –

    January 25, 2025
  • MIL-OSI United Kingdom: City-wide approach proposed to improve walking, wheeling and cycling networks in Sheffield A Long-term investment plan which could see measures such as improved pavements and cycle facilities so that more people can walk and cycle more to local destinations will be discussed by the Council’s Transport, Regeneration and Climate Policy Committee next week. 24 October 2024

    Source: City of Sheffield

    A Long-term investment plan which could see measures such as improved pavements and cycle facilities so that more people can walk and cycle more to local destinations will be discussed by the Council’s Transport, Regeneration and Climate Policy Committee next week.

    The plan will build on the information the Council has gathered about what destinations people want to get to in their local communities and how it can be made easier for them to do so by walking, wheeling and cycling.

    Over the next 6 months the plan will be developed and will include a three-pronged approach: projects currently underway; medium-term projects, looking ahead about 10 years; and a long-term vision of how the desired network will look by around 2045.

    The proposals could include a range of measures such as wider pavements, more pedestrian crossings, measures to reduce vehicle speeds and segregated cycle routes, with current projects such as School Streets continuing as well, in a bid to make Sheffield more accessible for walking, wheeling and cycling and give people more choice about how they travel

    Cllr Ben Miskell, Chair of the Transport, Regeneration and Climate Policy Committee at Sheffield City Council, said: “Sheffield is changing, it’s transforming into a city fit for everyone. Along with the fantastic regeneration of a number of areas, including the Heart of the City, Attercliffe and Castlegate, we want to make it easier, safer and healthier for people to walk or cycle.

    “We have ambitious plans, as part of our Transport Vision, to connect large parts of Sheffield through the improvement of walking and cycling routes, helping us to tackle congestion and give people a genuine choice about how they travel We’ll also be installing new facilities where current ones don’t exist.  Good active travel networks provide connectivity between different areas and a safe, pleasant, accessible environment for people to enjoy together”

    “In our recent outreach we were keen to hear from people who do not usually respond to Council surveys. We were really pleased to reach people and hear views from local neighbourhoods about the barriers they face trying to make short journeys by walking, wheeling and cycling.

    “This feedback is invaluable to us and we will incorporate it and build upon it as we move forward in devising the Investment Plan.”

    Angela Argenzio, Chair of Adult Health and Social Care Policy Committee at Sheffield City Council, said: “By taking the opportunity to lead a more active life it will not only improve people’s health, it will improve air quality too. This work all links into the Fair and Healthy Sheffield Plan, which intends to close the unfair gaps in length and quality of life by prioritising improvements to the health and wellbeing of those who need it the most first. ”

    The investment plan is being progressed in conjunction with a South Yorkshire family of Investment Plans for Sheffield, Rotherham, Barnsley and Doncaster and with a South Yorkshire Active Travel Strategy being developed by the South Yorkshire Mayoral Combined Authority.

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI Security: Dartmouth — Nova Scotia RCMP release provincial stunting statistics for June – September 2024

    Source: Royal Canadian Mounted Police

    As Nova Scotia’s Provincial Police, road safety is a top priority. In an effort to keep citizens informed about enforcement on our roadways, the RCMP is releasing statistics on stunting charges for the months of June to September.

    During this four-month period, Nova Scotia RCMP charged 75 drivers with stunting on a number of highways across the province. This included 16 in June, 19 in July, 20 in August, and 20 in September. Each of these months represented an increase from 2023. The following drivers were caught travelling at speeds that caused significant concern:

    • 109 km/h in a 30 km/h school zone on Highway 1 in Weymouth
    • 144 km/h in a 50 km/h zone on Highway 242 in Joggins
    • 204 km/h in a 110 km/h zone on Highway 104 in Westchester
    • 174 km/h in a 100 km/h zone on Highway 125 in Upper North Sydney, with two racing vehicles both seized
    • 170 km/h in a 100 km/h zone on Highway 125 in Coxheath with the driver also providing a roadside breath sample over 50mg%.

    Stunting is defined as any person who operates a motor vehicle on a highway in a race, in a contest, while performing a stunt or on a bet or wager. And, anyone driving a motor vehicle 50 Km/hr or more over a speed limit, may be charged with stunting.

    The fine for stunting in Nova Scotia is $2,422.50 for a first offence, six points on your licence and an immediate seven-day roadside licence suspension.

    Speed is one of the major causes of serious injury and fatal collisions on our roads. Road safety is a priority for the RCMP and drivers are reminded to make it their priority as well. If you see someone driving unsafely on our roads, please report it by calling the RCMP at 1-800-803-RCMP (7267). If you believe it is an emergency, call 911.

    MIL Security OSI –

    January 25, 2025
  • MIL-OSI United Kingdom: Report 12/2024: Collision between a road-rail vehicle and a trolley near Brading

    Source: United Kingdom – Executive Government & Departments

    RAIB has today released its report into a collision between a road-rail vehicle and a trolley near Brading, Isle of Wight, 22 November 2023.

    The site of the accident near to Brading.

    R122024_241024_Brading

    PDF, 9.69 MB, 41 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email enquiries@raib.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Summary

    At around 01:50 on Wednesday 22 November 2023, a road-rail vehicle, travelling in a work site, collided with a hand trolley being used by a work group on the Isle of Wight’s Island Line. The road-rail vehicle was being used to clear vegetation and was travelling between its work locations when the collision occurred.

    The road-rail vehicle was approaching the work group, who were repairing the track, on a descending gradient and was unable to stop before their site of work. When members of the work group realised that the road-rail vehicle was not stopping, they removed tools and equipment from the trolley and lifted it off the track. However, once removed, the trolley was inadvertently left too close to the track and remained foul of the road-rail vehicle’s path. The road-rail vehicle then collided with the hand trolley.

    As a result of the collision, the trolley struck two members of the track repair work group on the legs, pushing them into bushes beside the track. Both received minor injuries, attended hospital independently later that day and were then discharged. The collision was caused because the controller of site safety responsible for the track work group had not been informed of the road-rail vehicle’s movement before it approached, and because the road-rail vehicle was unable to stop in the expected distance once the machine operator realised the work group was ahead.

    Two underlying factors were that South Western Railway, the infrastructure manager for the track on the Island Line, did not have an effective process for planning and managing the risk of on-track plant movements, or for managing low adhesion risk for maintenance activities. A third underlying factor was that South Western Railway’s assurance processes had not identified informal working arrangements in possessions.

    Since the accident, South Western Railway has updated its risk assessment for machine movements and introduced new control measures to specifically manage the risks of conflicting sites of work within work sites and possessions. It has also addressed the deficiencies found within its assurance process for monitoring how possessions are managed.

    Recommendations

    As a result of the investigation, RAIB has made three recommendations, all addressed to South Western Railway. The first is to review how it manages safety during infrastructure work on the Island Line. The second is to review its assurance processes and the third is to provide its infrastructure maintenance staff and contractors with accurate information about its infrastructure.

    Additionally, three learning points have been identified. The first reinforces the importance of transport undertakings and on-track plant operators applying industry codes of practice in the event of an accident or incident involving on-track plant. The second concerns the importance of promptly reporting notifiable accidents to RAIB, and the third the importance of well-established process and procedure for dealing with post‑accident or incident evidence collection and testing.

    Notes to editors

    1. The sole purpose of RAIB investigations is to prevent future accidents and incidents and improve railway safety. RAIB does not establish blame, liability or carry out prosecutions.

    2. RAIB operates, as far as possible, in an open and transparent manner. While our investigations are completely independent of the railway industry, we do maintain close liaison with railway companies and if we discover matters that may affect the safety of the railway, we make sure that information about them is circulated to the right people as soon as possible, and certainly long before publication of our final report.

    3. For media enquiries, please call 01932 440015.

    Newsdate: 24 October 2024

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    Published 24 October 2024

    MIL OSI United Kingdom –

    January 25, 2025
  • MIL-OSI Russia: “Language is the key to understanding the soul of a country”

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Photo: freepic.com

    21 countries and 52 universities open their doors every semester to HSE students participating in the international academic mobility program. In the fall semester of this year, Sofia Malyukova, a third-year student of the bachelor’s program, went to study at the Ca’Foscari State University (Venice, Italy) under the academic mobility program.Foreign languages and intercultural communication» Foreign language schools National Research University Higher School of Economics.

    Her training in Ca’Foscari, whose rich history spans over 150 years, will last for two modules: from September 2024 to February 2025.

    Why Italy and the University of Venice

    — I have dreamed of studying in Italy since the 10th grade, and today, thanks to the HSE School of Foreign Languages, my dream has come true. I chose the Ca’Foscari University of Venice thanks to the positive feedback from students of our educational program who had already studied in Venice and were absolutely delighted with this university. In addition, the process of creating a curriculum turned out to be quite easy, since Ca’Foscari offers an extensive list of subjects for international students.

    Studying at the HSE School of Foreign Languages

    — I studied Italian from the age of 14 with a teacher, outside the school curriculum, because I was always attracted by the culture and history of Italy, and language is the key to understanding the soul of the country. Now my level of Italian is C1-C2, which allows me not only to communicate freely at the university, but also to feel confident outside of it.

    Having entered the first year of the bachelor’s degree program at the School of Foreign Languages (SFL) of the National Research University Higher School of Economics, I decided to choose French as my second foreign language because I wanted to learn another language from scratch. And I continue to intensively develop my Italian skills thanks to the variety of extracurricular activities of the HSE School of Foreign Languages related to Italian: I take part in annual International scientific and practical conference for students and postgraduates “Lingua e cultura italiana: soft power in the XXI century”, and also help with the preparation of events for the Italian Club of the HSE University School of Economics.

    Educational program at the University of Venice

    — The program for this semester is intense. I will study English and French, the theory of the first foreign language, the theory of teaching a foreign language, intercultural communication. Mobility at Ca’Foscari University will certainly bring me new unique experience for my future career. This university is one of the strongest in the field of linguistics. Here I will be able to expand my knowledge in a unique intercultural academic environment and learn how cultural differences affect corporate interaction, which is especially important for my specialization “Intercultural Corporate Communication”, which I will begin studying this academic year.

    Life in a city of contrasts

    — Venice certainly made a strong impression on me right away. It is a city that seems like a fairy tale and almost unreal, especially when you see it for the first time. Walking along narrow streets, crossing numerous bridges, you understand that every corner here breathes history. Venice is a city of contrasts. On the one hand, it is a tourist center, which is felt most strongly in the city center. But once you turn aside, go deeper into lesser-known neighborhoods, you find yourself in quiet, almost deserted places, where it seems that time has stopped.

    Of course, at first we had to get used to the absence of familiar streets, avenues and cars. Instead, locals travel by water trams (vaporetto), which is very convenient and fast.

    As for the climate, there is very high humidity, which is especially noticeable during the rainy season (usually late October and February). On rainy days, the streets can be slightly flooded, a phenomenon called “high water” (aqua alta), and then you have to go around the streets next to the canals. So living on the water is not only romantic, but also difficult. On the other hand, it has its charm: Venice is surrounded by water, and you always feel it.

    When I was choosing a place to live, I wanted to live not in Venice itself, but on the mainland, where there are more amenities for living. That’s why I found an apartment in the small town of Mestre, 15 minutes from Venice. These cities are connected by regular buses and trains, so there are no problems with transportation.

    And for students in Venice, there is a special transport card that allows you to move around Venice and the nearby cities (Mestre and Marghera) by bus, tram and vaporetto. Some campuses of Ca’Foscari University are located near vaporetto stops, so students also actively use this transport. However, in Italy there are often strikes during which employees of the transport industry do not work, so you have to plan your routes in advance.

    Ca’Foscari is like home

    — Studying at the University of Venice is an unforgettable experience due to the intercultural exchange, as students from all over the world study here. Among my friends there are not only Italians, but also guys from Japan, Korea, Turkey, America, Great Britain, Russia.

    All foreign students are treated very kindly, including by teachers who value foreign students very much and are always ready to help. All Italians are very hospitable and open, so I immediately felt at home among them.

    At the university, classes usually start early in the morning, but some subjects can be held in the evening, depending on the course. The class lasts for an hour and a half, which is universal for all Italian universities. In addition to classes at the Italian university, I take some compulsory subjects of my educational program at the National Research University Higher School of Economics online.

    Overall, my workload here is distributed very conveniently, thanks to which I have time to devote to additional education, my hobbies and travel around Italy. For example, I have already managed to visit seven cities: Rome, Milan, Florence, Verona, Peschiera del Garda, Padua and Treviso.

    As for the canteen, the university has one, but not all campuses. For example, some campuses are just classrooms in historical buildings, where there is no canteen. Moreover, breaks between classes last only 15 minutes, so it is best to take a snack from home to avoid standing in line at the canteen. I cook at home most often, but I also like to try different dishes of Italian cuisine. Sometimes we get together with foreign friends at Italians, cook pasta together and chat, exchanging impressions and telling each other about our cultures.

    Studying here is a unique cultural experience that I will definitely not forget. Venice teaches you not to rush, to enjoy the moment and the beauty around you. There is a special magic in Venice that cannot be explained in words, but can only be felt by seeing the city with your own eyes.

    Advice for those who want to take part in academic mobility

    — First of all, it was necessary to draw up an individual curriculum and coordinate it with the educational office. I chose the subjects that I would study in Italy and transfer upon my return. Therefore, it is very important that the content of the curriculum corresponds to the subjects studied at that time in our educational program at the School of Foreign Languages of the National Research University Higher School of Economics.

    The motivation letter was also an important document, as it was where I could explain how the opportunity to participate in the mobility program was connected with my academic and career goals and why my candidacy should be selected. The motivation letter is the only opportunity to “talk” to the admission committee, so it is very important to talk about your experience, personal qualities and plans for the future. Do not be afraid to fully disclose your achievements and show your desire for new heights!

    In addition to the motivation letter, letters of recommendation from teachers play a significant role. In my experience, it is important that they reflect various aspects of your activities. For example, I attached recommendations that covered not only my academic successes, but also extracurricular achievements (active participation in the life of the HSE School of Foreign Languages and the HSE School of Foreign Languages Italian Club, experience of volunteering at Olympiads and working as a teaching assistant).

    My main advice is to start preparing for the competition in advance and carefully work through each document. Approach this process as responsibly as possible and keep in mind that the commission pays attention not only to your academic achievements, but also to how you show yourself outside of your studies. Show your activity and interests, tell how the academic mobility program is connected with your plans for the future, and then your chances of successfully passing the selection will increase significantly.

    And of course, don’t be afraid of anything. Follow your dream, dare and be sure that getting the coveted letter that you have passed the competitive selection for the academic mobility program is quite possible. Good luck!

    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 –

    January 25, 2025
  • MIL-OSI USA: NEWS: Sanders, Peters, Durbin, Stabenow, Duckworth, and 18 Fellow Senators Demand Stellantis Keep Its Promises to Autoworkers

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, Oct. 24 – In a letter sent yesterday to the automative giant that is responsible for Chrysler, Dodge, Jeep, and more, Sens. Bernie Sanders (I-Vt.), Chairman of the Senate Committee on Health, Education, Labor, and Pensions (HELP), Gary Peters (D-Mich.), Richard Durbin (D-Ill.), Debbie Stabenow (D-Mich.), Tammy Duckworth (D-Ill.), and 18 of their colleagues urged Stellantis CEO Carlos Tavares to honor the collective bargaining agreement signed last year with the United Auto Workers (UAW) and the promises the company made to strengthen and expand good-paying union jobs in America.
    “We are writing to express our growing concerns about the failure of Stellantis, under your leadership, to honor the commitments it made to the United Auto Workers (UAW) in last year’s collective bargaining agreement…” wrote the senators. “We urge Stellantis not to renege on the promises it made to American autoworkers and to provide details on the timelines for these investments.”
    In the contract ratified last year, Stellantis committed to: 
    Make nearly $19 billion in new investments and product commitments in the U.S.;
    Re-open the plant in Belvidere, Illinois that was “indefinitely idled” last year;
    Establish a parts and customer care Mega Hub in Belvidere;
    Continue to manufacture the Dodge Durango in Detroit through 2025; and
    Manufacture the next generation Dodge Durango in Detroit starting in 2026.
    Instead, Stellantis has taken actions that undermine the commitments made to the UAW and leave “behind thousands of American workers who built the company into the auto giant it is today,” wrote the senators. These actions may include moving the next generation Dodge Durango out of the U.S. and into “low-cost” countries like Mexico, as well as delaying planned investments to reopen and expand the Belvidere assembly plant.
    This year, Stellantis has spent over $8 billion on stock buybacks and dividends to benefit its wealthy executives and stockholders. During the first six months of this year, Stellantis has generated over $6 billion in profits, making it one of the most profitable auto companies in the world. The company has also benefited from billions of dollars in financial assistance from American taxpayers and the federal government. In July, the Department of Energy announced Stellantis would receive nearly $335 million in federal dollars to support Belvidere Assembly Plant’s conversion to electric vehicle production.
    “Last year, while blue collar auto workers in Belvidere were being laid off indefinitely, you were able to receive a 56 percent pay raise, boosting your total compensation to $39.5 million, which made you the highest paid executive among traditional auto companies,” wrote the senators. “We believe that if Stellantis can afford to spend over $8 billion this year on stock buybacks and dividends, it can live up to the contractual commitments it made to the UAW. This is especially true given the billions of dollars in financial assistance American taxpayers have spent to support your company and the enormous sacrifices autoworkers have been forced to make over many decades.”
    Joining Sanders, Peters, Durbin, Stabenow, and Duckworth on the letter are Sens. Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Sherrod Brown (D-Ohio), Cory Booker (D-N.J.), Laphonza Butler (D-Calif.), Bob Casey (D-Pa.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Chris Murphy (D-Conn.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Chuck Schumer (D-N.Y.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), and Elizabeth Warren (D-Mass.).
    To read the full letter, click here.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI USA: Digital Era—Rolling Out New Modernized Driver License System

    Source: US State of Missouri

    JEFFERSON CITY — The Missouri Department of Revenue’s Motor Vehicle and Driver License (MVDL) division is preparing to deploy its modernized driver license and processing system at all license offices, with a launch date of Tues., Nov. 12. Installation of new equipment and the system conversion process for this vital upgrade will necessitate short license office closures. Customers with an expiring November driver license received an additional postcard notifying them of this transition.

    While the Department is emphasizing that license offices will be open on election day, Tues., Nov. 5, customers are advised to plan for interruptions to license office operations on the following dates:

    Wed., Nov. 6 – License offices are open but only available for motor vehicle transactions. Driver license services will be unavailable.

    Thurs., Nov. 7 – Some license offices will be closed, and many will remain open for motor vehicle services only. Driver license services will be unavailable in all offices.

    Fri., Nov. 8 – All license offices throughout the state will be closed for system conversion.

    Mon. Nov. 11 – Veterans Day. All license offices will be closed statewide in observance of the federal holiday.

    “We want to thank our customers in advance for their patience and understanding during the transition. We are confident they will come to agree that it’s a small inconvenience compared to the benefits the modernized system will provide once it becomes fully operational,” said Missouri Department of Revenue Director Wayne Wallingford, referencing the second and final phase of the modernization project, scheduled to roll out in July of 2026. “The second phase will be to the Department’s motor vehicle system, which will enable the two systems to ‘talk’ to each other. This final enhancement will make transactions much more seamless for our customers and our frontline staff.”

    Phase II work will begin immediately after Phase I is complete. The in total three-year project was made possible by 2021 legislation creating an auto dealer administrative fee for an Administrative Technology Fund, dedicated to building a new integrated MVDL computer system. The new system will replace antiquated legacy systems within the Department that include more than 50 disparate software programs with limited ability to work together.

    “Since early August, the Department has been making available training opportunities for license office staff on the new driver license system,” said the Department’s MVDL Division Director Ken Struemph. “As with any major system upgrade, we expect instances where processing times will be longer following rollout, and we encourage our customers to plan accordingly. Once fully operational, the Department will be much better positioned to fulfill Director Wallingford’s vision of providing every customer the best experience every time.”

    Phase I improvements customers can expect include the following:

    • Easier navigation of eServices, such as online driver license renewals
    • Eliminating the need for driver test results to be physically taken from the Highway Patrol by the customer to a license office
    • Mobile identification credentials
    • A user-friendly system that will reduce Department employee training and ultimately help support staff retention, both of which have associated cost savings.

    For additional information on the Department’s system modernization, please visit https://dor.mo.gov/MV-DL/index.html.

                                                                                        ###

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI Security: Final Defendant Pleads Guilty, Three Others Sentenced in Upstate Meth Trafficking Case

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    SPARTANBURG, S.C. — Three members of an Upstate drug ring have been sentenced to federal prison and the final member has pleaded guilty for their role in a methamphetamine trafficking conspiracy.

    Richard Brian Walker, 49, of Chesnee, was sentenced to 270 months’ imprisonment. Walker additionally pled guilty to possession of a firearm by a convicted felon, possession of a short-barreled rifle, and possession of a firearm in furtherance of a drug trafficking crime. 

    Rebecca Elizabeth Whitesides, 54, of Mooresboro, N.C., 120 months’ imprisonment. Whitesides also pled guilty to money laundering. 

    Amanda Gail Tuck, 45, of Chesnee, was sentenced to 70 months’ imprisonment.

    The final defendant Jeffrey Michael Wilson, 54, of Commerce, Georgia pled guilty to conspiracy to traffic methamphetamine and to possession with intent to distribute methamphetamine. Wilson was convicted in a prior federal methamphetamine conspiracy case in 2000.

    Evidence presented to the court showed that on Jan. 18, 2023, Spartanburg County Sheriff’s Office deputies pulled over Whitesides on I-85 and searched her car, finding almost two kilograms of methamphetamine. Investigation into her bank accounts demonstrated that she was assisting others to conceal payments for drug proceeds.

    On Feb. 22, 2023, Spartanburg County Sheriff’s Office was conducting surveillance on Walker’s home and observed Wilson’s car arrive and leave. Law enforcement conducted a traffic stop on Wilson, locating more than 5,800 grams of methamphetamine and a loaded semi-automatic pistol with 19 rounds. Over the course of the conspiracy, Wilson was responsible for trafficking 50 kilograms of methamphetamine with Walker.

    A search warrant was also executed on Walker’s residence and storage building that day, and investigators located over 500 grams of methamphetamine and 85 grams of fentanyl, a loaded pistol, a rifle, and an unmarked short-barreled AR-15 style rifle, commonly referred to as a “ghost gun.” Tuck was also located on the premises.

    Only a month later, on March 24, 2023, Cherokee County Sheriff’s Office deputies pulled over Tuck and located almost a kilogram of her methamphetamine in a U-Haul truck.

    United States District Judge Donald C. Coggins sentenced the defendants and accepted Wilson’s guilty plea.  The court ordered each sentence to be followed by a term of supervised release. Judge Coggins will sentence Wilson at a later date. The maximum penalty for the offense is life imprisonment. There is no parole in the federal system.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    This case was investigated by Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives, U.S. Postal Inspection Service, South Carolina Department of Corrections Office of the Inspector General, Spartanburg County Sheriff’s Office, Cherokee County Sheriff’s Office, Greenville County Sheriff’s Office, and Greenville County Multi-Jurisdictional Drug Enforcement Unit. Assistant U.S. Attorney Jamie Schoen is prosecuting the case.

    ###

    MIL Security OSI –

    January 25, 2025
  • MIL-OSI Security: New Orleans Man Sentenced to 82 Months for Federal Weapons Offense

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    NEW ORLEANS, LOUISIANA – RONALD TAYLOR (“TAYLOR”), age 31, of New Orleans, was sentenced on October 1, 2024 to 82 months imprisonment, 3 years of supervised release, and a $100 mandatory special assessment fee, announced United States Attorney Duane A. Evans.  TAYLOR previously pleaded guilty to possession of a firearm, in violation of Title 18, United States Code, Sections 922(g)(1) and 924(a)(8).

    According to court documents, on August 31, 2023, the Jefferson Parish Sheriff’s Office stopped a stolen vehicle, after receiving notification via the “Flock System” that the vehicle had been reported stolen two days prior in a carjacking in Harris County, Texas.  TAYLOR, the driver, was accompanied by his fiancé and his three-year-old daughter.  The officers conducted a vehicle inventory search prior to towing and processing the vehicle and, located three loaded firearms and ammunition inside.  TAYLOR admitted that all three firearms were his.

    TAYLOR knowingly possessed these firearms despite his status as a prohibited person, having already been convicted of three prior felonies, including one for being a felon in possession of a firearm. 

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    The case was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives.  This case was prosecuted by Assistant U.S. Christine Calogero of the General Crimes Unit.

    MIL Security OSI –

    January 25, 2025
  • MIL-OSI Global: How Elon Musk has become a powerful figure in US politics

    Source: The Conversation – UK – By Thomas Gift, Associate Professor and Director of the Centre on US Politics, UCL

    Elon Musk, whose company SpaceX recently made history by catching a Starship rocket booster as it careened back to Earth, wants you to vote for Donald Trump for many reasons. That includes not just what Trump will do here on this planet, but also for what he’ll achieve that’s outside this world. “Vote for @real DonaldTrump,” Musk recently tweeted, “if you want humanity to be a spacefaring civilization”.

    Back inside the Earth’s orbit, the CEO of Tesla and X, and one of the richest men in the world, makes an odd foil for Democrats. In a parallel universe, his work in commercial space flights, inventing the most advanced electric cars on the planet, advocacy for sustainable energy, and long record of voting “100 percent Dem until a few years ago” would seem make him a hero of the left. Instead, Musk has taken on the role of comic book supervillain whose full-throated support for Trump has turned him into a pariah among progressives.

    Musk purports to be baffled by the backlash, since he insists that nothing that he represents is particularly controversial. He considers himself a political “moderate” who, in backing Trump, is simply standing up for common-sense, middle-of-the-road positions: belief in free speech, deference to the US Constitution, and the right of countries to control their borders. “I’ve been told at times that they are like right-wing values,” Musk said. “These are the fundamental values that made America what it is today.”

    Of course, Musk knows better. In between burning the midnight oil at his multiple corporate enterprises, Musk finds the time to tweet dozens of times a day, often trolling critics, heralding Trump, and only rarely apologising for outlandish, crass, conspiracy-laden and sometimes even false posts. Musk has acknowledged that some of his tweets are “extremely dumb”, though he refuses to apply a filter.

    In describing Musk, one journalist fretted what could happen when “the world’s richest man runs a communications platform in a truly vengeful, dictatorial way … to promote extreme right-wing agendas and to punish what he calls brain-poisoned liberals”.

    Elon Musk owns SpaceX.

    Musk’s power lies in his willingness to say just about anything — backstopped by his ownership of part of the internet’s de facto public square. In a now-deleted tweet, Musk pondered sarcastically that “no one is trying to assassinate” Kamala Harris or Joe Biden. Outside of X, Musk admits he’s been “trashing Kamala nonstop” and that, if Harris wins, he’s “fucked”.

    Throwing money and power around

    Musk is a Maga convert. In 2022, the same year that he bought Twitter and reinstated Trump’s privileges, Musk said that it was “time for Trump to hang up his hat & sail into the sunset”. Pulling no punches, Trump once called Musk “another bullshit artist”.

    Musk claims to have supported Democrats in recent elections, including Joe Biden in 2020. In July of this year, however, Musk announced that he was endorsing Trump, in large part because of how the former president’s reacted after an assassination attempt on his life. “This is a man who has courage under fire!” Musk said.

    Musk represents a new crop of politically charged billionaires who aren’t content to stay on their mega-yachts, and instead want to throw their money — and power — around in support of conservative causes.

    Yet unlike others to whom he’s often compared — such as Bill Ackman, the CEO of hedge fund Pershing Square, and Peter Thiel, co-creator of PayPal — no one has gone “all in” for Trump like Musk.

    Earlier this month, Musk invested US$75 million (£57.8 million) of his own money to create the pro-Trump America Political Action Committee (Pac). (A Pac raises money for a political candidate.) The Pac has offered registered voters in Pennsylvania US$100 (and the chance to win US$1 million) if they sign a petition “in support of free speech and the right to bear arms”.

    While critics have called the move illegal, pointing to federal election law that bars paying “or offer[ing] to pay … for registration to vote or for voting”. Musk insists there’s a loophole: he isn’t technically tying his giveaways to voting – and the US Justice Department has said this could violate federal electoral law.

    Musk has changed his short-term residency to mobilise support for Trump. As of October, Musk has hunkered down in Pennsylvania, the swing state he calls the “linchpin” in the 2024 US election, where his campaigning has included giving a surprise speech for Trump in Butler, Pennsylvania – where there was previously an assassination attempt on Trump.

    Musk has painted doomsday scenarios of what could happen if the election doesn’t turn out how he likes. In a just-released interview with former Fox News journalist Tucker Carlson, Musk surmised that “if Trump doesn’t win this election, it’s the last election we’re going to have”. The comment comes as Republicans have pilloried Democrats’ dialled-up rhetoric that democracy is “at stake” in 2024.

    Beyond the election, there’s more than speculation that Musk could be tapped for a role in a potential Trump 2.0 administration. He’s openly campaigned to serve as the new head of a department for government efficiency. Trump has already announced that, if elected, Musk will direct a task force to conduct a “complete financial and performance audit of the entire federal government” and offer “recommendations for drastic reforms”.

    True to form, Musk promises that his public service won’t stop at the edge of Earth’s outer orbit. “Washington DC has become an ever-increasing ocean of brake pedals stopping progress,” he says. “Let’s change those brake pedals to accelerators, so we can get great things done in America and become a spacefaring civilization!” One thing’s for sure: Musk’s politics are, quite literally, out of this world.

    Thomas Gift 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 Elon Musk has become a powerful figure in US politics – https://theconversation.com/how-elon-musk-has-become-a-powerful-figure-in-us-politics-242034

    MIL OSI – Global Reports –

    January 25, 2025
  • MIL-OSI USA: Memorandum on Advancing the United  States’ Leadership in Artificial Intelligence; Harnessing Artificial Intelligence to Fulfill National Security Objectives; and Fostering the Safety, Security, and Trustworthiness of Artificial  Intelligence

    US Senate News:

    Source: The White House
    MEMORANDUM FOR THE VICE PRESIDENT
                   THE SECRETARY OF STATE
                   THE SECRETARY OF THE TREASURY
                   THE SECRETARY OF DEFENSE
                   THE ATTORNEY GENERAL
                   THE SECRETARY OF COMMERCE
                   THE SECRETARY OF ENERGY
                   THE SECRETARY OF HEALTH AND HUMAN SERVICES
                   THE SECRETARY OF HOMELAND SECURITY
                   THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET
                   THE DIRECTOR OF NATIONAL INTELLIGENCE
                   THE REPRESENTATIVE OF THE UNITED STATES OF AMERICA TO THE UNITED NATIONS
                   THE DIRECTOR OF THE CENTRAL INTELLIGENCE AGENCY
                   THE ASSISTANT TO THE PRESIDENT AND CHIEF OF STAFF
                   THE ASSISTANT TO THE PRESIDENT FOR NATIONAL SECURITY AFFAIRS
                   THE ASSISTANT TO THE PRESIDENT FOR ECONOMIC
                      POLICY AND DIRECTOR OF THE NATIONAL ECONOMIC COUNCIL
                   THE CHAIR OF THE COUNCIL OF ECONOMIC ADVISERS
                   THE DIRECTOR OF THE OFFICE OF SCIENCE AND TECHNOLOGY POLICY
                   THE ADMINISTRATOR OF THE UNITED STATES AGENCY FOR INTERNATIONAL DEVELOPMENT
                   THE DIRECTOR OF THE NATIONAL SCIENCE FOUNDATION
                   THE DIRECTOR OF THE FEDERAL BUREAU OF INVESTIGATION
                   THE NATIONAL CYBER DIRECTOR
                   THE DIRECTOR OF THE OFFICE OF PANDEMIC PREPAREDNESS AND RESPONSE POLICY
                   THE DIRECTOR OF THE NATIONAL SECURITY AGENCY
                   THE DIRECTOR OF THE NATIONAL GEOSPATIAL-INTELLIGENCE AGENCY
                   THE DIRECTOR OF THE DEFENSE INTELLIGENCE AGENCY
    SUBJECT:       Advancing the United States’ Leadership in
                   Artificial Intelligence; Harnessing Artificial
                   Intelligence to Fulfill National Security
                   Objectives; and Fostering the Safety, Security,
                   and Trustworthiness of Artificial Intelligence
         Section 1.  Policy.  (a)  This memorandum fulfills the directive set forth in subsection 4.8 of Executive Order 14110 of October 30, 2023 (Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence).  This memorandum provides further direction on appropriately harnessing artificial intelligence (AI) models and AI-enabled technologies in the United States Government, especially in the context of national security systems (NSS), while protecting human rights, civil rights, civil liberties, privacy, and safety in AI-enabled national security activities.  A classified annex to this memorandum addresses additional sensitive national security issues, including countering adversary use of AI that poses risks to United States national security.
         (b)  United States national security institutions have historically triumphed during eras of technological transition.  To meet changing times, they developed new capabilities, from submarines and aircraft to space systems and cyber tools.  To gain a decisive edge and protect national security, they pioneered technologies such as radar, the Global Positioning System, and nuclear propulsion, and unleashed these hard-won breakthroughs on the battlefield.  With each paradigm shift, they also developed new systems for tracking and countering adversaries’ attempts to wield cutting-edge technology for their own advantage.
         (c)  AI has emerged as an era-defining technology and has demonstrated significant and growing relevance to national security.  The United States must lead the world in the responsible application of AI to appropriate national security functions.  AI, if used appropriately and for its intended purpose, can offer great benefits.  If misused, AI could threaten United States national security, bolster authoritarianism worldwide, undermine democratic institutions and processes, facilitate human rights abuses, and weaken the rules-based international order.  Harmful outcomes could occur even without malicious intent if AI systems and processes lack sufficient protections.
         (d)  Recent innovations have spurred not only an increase in AI use throughout society, but also a paradigm shift within the AI field — one that has occurred mostly outside of Government.  This era of AI development and deployment rests atop unprecedented aggregations of specialized computational power, as well as deep scientific and engineering expertise, much of which is concentrated in the private sector.  This trend is most evident with the rise of large language models, but it extends to a broader class of increasingly general-purpose and computationally intensive systems.  The United States Government must urgently consider how this current AI paradigm specifically could transform the national security mission.
         (e)  Predicting technological change with certainty is impossible, but the foundational drivers that have underpinned recent AI progress show little sign of abating.  These factors include compounding algorithmic improvements, increasingly efficient computational hardware, a growing willingness in industry to invest substantially in research and development, and the expansion of training data sets.  AI under the current paradigm may continue to become more powerful and general-purpose.  Developing and effectively using these systems requires an evolving array of resources, infrastructure, competencies, and workflows that in many cases differ from what was required to harness prior technologies, including previous paradigms of AI.
         (f)  If the United States Government does not act with responsible speed and in partnership with industry, civil society, and academia to make use of AI capabilities in service of the national security mission — and to ensure the safety, security, and trustworthiness of American AI innovation writ large — it risks losing ground to strategic competitors.  Ceding the United States’ technological edge would not only greatly harm American national security, but it would also undermine United States foreign policy objectives and erode safety, human rights, and democratic norms worldwide.
         (g)  Establishing national security leadership in AI will require making deliberate and meaningful changes to aspects of the United States Government’s strategies, capabilities, infrastructure, governance, and organization.  AI is likely to affect almost all domains with national security significance, and its use cannot be relegated to a single institutional silo.  The increasing generality of AI means that many functions that to date have been served by individual bespoke tools may, going forward, be better fulfilled by systems that, at least in part, rely on a shared, multi-purpose AI capability.  Such integration will only succeed if paired with appropriately redesigned United States Government organizational and informational infrastructure.
         (h)  In this effort, the United States Government must also protect human rights, civil rights, civil liberties, privacy, and safety, and lay the groundwork for a stable and responsible international AI governance landscape.  Throughout its history, the United States has been a global leader in shaping the design, development, and use of new technologies not only to advance national security, but also to protect and promote democratic values.  The United States Government must develop safeguards for its use of AI tools, and take an active role in steering global AI norms and institutions.  The AI frontier is moving quickly, and the United States Government must stay attuned to ongoing technical developments without losing focus on its guiding principles.
         (i)  This memorandum aims to catalyze needed change in how the United States Government approaches AI national security policy.  In line with Executive Order 14110, it directs actions to strengthen and protect the United States AI ecosystem; improve the safety, security, and trustworthiness of AI systems developed and used in the United States; enhance the United States Government’s appropriate, responsible, and effective adoption of AI in service of the national security mission; and minimize the misuse of AI worldwide.
    Sec. 2.  Objectives.  It is the policy of the United States Government that the following three objectives will guide its activities with respect to AI and national security.
         (a)  First, the United States must lead the world’s development of safe, secure, and trustworthy AI.  To that end, the United States Government must — in partnership with industry, civil society, and academia — promote and secure the foundational capabilities across the United States that power AI development.  The United States Government cannot take the unmatched vibrancy and innovativeness of the United States AI ecosystem for granted; it must proactively strengthen it, ensuring that the United States remains the most attractive destination for global talent and home to the world’s most sophisticated computational facilities.  The United States Government must also provide appropriate safety and security guidance to AI developers and users, and rigorously assess and help mitigate the risks that AI systems could pose.
         (b)  Second, the United States Government must harness powerful AI, with appropriate safeguards, to achieve national security objectives.  Emerging AI capabilities, including increasingly general-purpose models, offer profound opportunities for enhancing national security, but employing these systems effectively will require significant technical, organizational, and policy changes.  The United States must understand AI’s limitations as it harnesses the technology’s benefits, and any use of AI must respect democratic values with regard to transparency, human rights, civil rights, civil liberties, privacy, and safety.
         (c)  Third, the United States Government must continue cultivating a stable and responsible framework to advance international AI governance that fosters safe, secure, and trustworthy AI development and use; manages AI risks; realizes democratic values; respects human rights, civil rights, civil liberties, and privacy; and promotes worldwide benefits from AI.  It must do so in collaboration with a wide range of allies and partners.  Success for the United States in the age of AI will be measured not only by the preeminence of United States technology and innovation, but also by the United States’ leadership in developing effective global norms and engaging in institutions rooted in international law, human rights, civil rights, and democratic values.
    Sec. 3.  Promoting and Securing the United States’ Foundational AI Capabilities.  (a)  To preserve and expand United States advantages in AI, it is the policy of the United States Government to promote progress, innovation, and competition in domestic AI development; protect the United States AI ecosystem against foreign intelligence threats; and manage risks to AI safety, security, and trustworthiness.  Leadership in responsible AI development benefits United States national security by enabling applications directly relevant to the national security mission, unlocking economic growth, and avoiding strategic surprise.  United States technological leadership also confers global benefits by enabling like-minded entities to collectively mitigate the risks of AI misuse and accidents, prevent the unchecked spread of digital authoritarianism, and prioritize vital research.
         3.1.  Promoting Progress, Innovation, and Competition in United States AI Development.  (a)  The United States’ competitive edge in AI development will be at risk absent concerted United States Government efforts to promote and secure domestic AI progress, innovation, and competition.  Although the United States has benefited from a head start in AI, competitors are working hard to catch up, have identified AI as a top strategic priority, and may soon devote resources to research and development that United States AI developers cannot match without appropriately supportive Government policies and action.  It is therefore the policy of the United States Government to enhance innovation and competition by bolstering key drivers of AI progress, such as technical talent and computational power.
         (b)  It is the policy of the United States Government that advancing the lawful ability of noncitizens highly skilled in AI and related fields to enter and work in the United States constitutes a national security priority.  Today, the unparalleled United States AI industry rests in substantial part on the insights of brilliant scientists, engineers, and entrepreneurs who moved to the United States in pursuit of academic, social, and economic opportunity.  Preserving and expanding United States talent advantages requires developing talent at home and continuing to attract and retain top international minds.
         (c)  Consistent with these goals:
    (i)    On an ongoing basis, the Department of State, the Department of Defense (DOD), and the Department of Homeland Security (DHS) shall each use all available legal authorities to assist in attracting and rapidly bringing to the United States individuals with relevant technical expertise who would improve United States competitiveness in AI and related fields, such as semiconductor design and production.  These activities shall include all appropriate vetting of these individuals and shall be consistent with all appropriate risk mitigation measures.  This tasking is consistent with and additive to the taskings on attracting AI talent in section 5 of Executive Order 14110.
    (ii)   Within 180 days of the date of this memorandum, the Chair of the Council of Economic Advisers shall prepare an analysis of the AI talent market in the United States and overseas, to the extent that reliable data is available.
    (iii)  Within 180 days of the date of this memorandum, the Assistant to the President for Economic Policy and Director of the National Economic Council shall coordinate an economic assessment of the relative competitive advantage of the United States private sector AI ecosystem, the key sources of the United States private sector’s competitive advantage, and possible risks to that position, and shall recommend policies to mitigate them.  The assessment could include areas including (1) the design, manufacture, and packaging of chips critical in AI-related activities; (2) the availability of capital; (3) the availability of workers highly skilled in AI-related fields; (4) computational resources and the associated electricity requirements; and (5) technological platforms or institutions with the requisite scale of capital and data resources for frontier AI model development, as well as possible other factors.
    (iv)   Within 90 days of the date of this memorandum, the Assistant to the President for National Security Affairs (APNSA) shall convene appropriate executive departments and agencies (agencies) to explore actions for prioritizing and streamlining administrative processing operations for all visa applicants working with sensitive technologies.  Doing so shall assist with streamlined processing of highly skilled applicants in AI and other critical and emerging technologies.  This effort shall explore options for ensuring the adequate resourcing of such operations and narrowing the criteria that trigger secure advisory opinion requests for such applicants, as consistent with national security objectives.
         (d)  The current paradigm of AI development depends heavily on computational resources.  To retain its lead in AI, the United States must continue developing the world’s most sophisticated AI semiconductors and constructing its most advanced AI-dedicated computational infrastructure.
         (e)  Consistent with these goals:
    (i)    DOD, the Department of Energy (DOE) (including national laboratories), and the Intelligence Community (IC) shall, when planning for and constructing or renovating computational facilities, consider the applicability of large-scale AI to their mission.  Where appropriate, agencies shall design and build facilities capable of harnessing frontier AI for relevant scientific research domains and intelligence analysis.  Those investments shall be consistent with the Federal Mission Resilience Strategy adopted in Executive Order 13961 of December 7, 2020 (Governance and Integration of Federal Mission Resilience).
    (ii)   On an ongoing basis, the National Science Foundation (NSF) shall, consistent with its authorities, use the National AI Research Resource (NAIRR) pilot project and any future NAIRR efforts to distribute computational resources, data, and other critical assets for AI development to a diverse array of actors that otherwise would lack access to such capabilities — such as universities, nonprofits, and independent researchers (including trusted international collaborators) — to ensure that AI research in the United States remains competitive and innovative.  This tasking is consistent with the NAIRR pilot assigned in section 5 of Executive Order 14110.
    (iii)  Within 180 days of the date of this memorandum, DOE shall launch a pilot project to evaluate the performance and efficiency of federated AI and data sources for frontier AI-scale training, fine-tuning, and inference.
    (iv)   The Office of the White House Chief of Staff, in coordination with DOE and other relevant agencies, shall coordinate efforts to streamline permitting, approvals, and incentives for the construction of AI-enabling infrastructure, as well as surrounding assets supporting the resilient operation of this infrastructure, such as clean energy generation, power transmission lines, and high-capacity fiber data links.  These efforts shall include coordination, collaboration, consultation, and partnership with State, local, Tribal, and territorial governments, as appropriate, and shall be consistent with the United States’ goals for managing climate risks.
    (v)    The Department of State, DOD, DOE, the IC, and the Department of Commerce (Commerce) shall, as appropriate and consistent with applicable law, use existing authorities to make public investments and encourage private investments in strategic domestic and foreign AI technologies and adjacent fields.  These agencies shall assess the need for new authorities for the purposes of facilitating public and private investment in AI and adjacent capabilities.
         3.2.  Protecting United States AI from Foreign Intelligence Threats.  (a)  In addition to pursuing industrial strategies that support their respective AI industries, foreign states almost certainly aim to obtain and repurpose the fruits of AI innovation in the United States to serve their national security goals.  Historically, such competitors have employed techniques including research collaborations, investment schemes, insider threats, and advanced cyber espionage to collect and exploit United States scientific insights.  It is the policy of the United States Government to protect United States industry, civil society, and academic AI intellectual property and related infrastructure from foreign intelligence threats to maintain a lead in foundational capabilities and, as necessary, to provide appropriate Government assistance to relevant non-government entities.
         (b)  Consistent with these goals:
    (i)   Within 90 days of the date of this memorandum, the National Security Council (NSC) staff and the Office of the Director of National Intelligence (ODNI) shall review the President’s Intelligence Priorities and the National Intelligence Priorities Framework consistent with National Security Memorandum 12 of July 12, 2022 (The President’s Intelligence Priorities), and make recommendations to ensure that such priorities improve identification and assessment of foreign intelligence threats to the United States AI ecosystem and closely related enabling sectors, such as those involved in semiconductor design and production.
    (ii)  Within 180 days of the date of this memorandum, and on an ongoing basis thereafter, ODNI, in coordination with DOD, the Department of Justice (DOJ), Commerce, DOE, DHS, and other IC elements as appropriate, shall identify critical nodes in the AI supply chain, and develop a list of the most plausible avenues through which these nodes could be disrupted or compromised by foreign actors.  On an ongoing basis, these agencies shall take all steps, as appropriate and consistent with applicable law, to reduce such risks.
         (c)  Foreign actors may also seek to obtain United States intellectual property through gray-zone methods, such as technology transfer and data localization requirements.  AI-related intellectual property often includes critical technical artifacts (CTAs) that would substantially lower the costs of recreating, attaining, or using powerful AI capabilities.  The United States Government must guard against these risks.
         (d)  Consistent with these goals:
    (i)  In furtherance of Executive Order 14083 of September 15, 2022 (Ensuring Robust Consideration of Evolving National Security Risks by the Committee on Foreign Investment in the United States), the Committee on Foreign Investment in the United States shall, as appropriate, consider whether a covered transaction involves foreign actor access to proprietary information on AI training techniques, algorithmic improvements, hardware advances, CTAs, or other proprietary insights that shed light on how to create and effectively use powerful AI systems.
         3.3.  Managing Risks to AI Safety, Security, and Trustworthiness.  (a)  Current and near-future AI systems could pose significant safety, security, and trustworthiness risks, including those stemming from deliberate misuse and accidents.  Across many technological domains, the United States has historically led the world not only in advancing capabilities, but also in developing the tests, standards, and norms that underpin reliable and beneficial global adoption.  The United States approach to AI should be no different, and proactively constructing testing infrastructure to assess and mitigate AI risks will be essential to realizing AI’s positive potential and to preserving United States AI leadership.
         (b)  It is the policy of the United States Government to pursue new technical and policy tools that address the potential challenges posed by AI.  These tools include processes for reliably testing AI models’ applicability to harmful tasks and deeper partnerships with institutions in industry, academia, and civil society capable of advancing research related to AI safety, security, and trustworthiness.
         (c)  Commerce, acting through the AI Safety Institute (AISI) within the National Institute of Standards and Technology (NIST), shall serve as the primary United States Government point of contact with private sector AI developers to facilitate voluntary pre- and post-public deployment testing for safety, security, and trustworthiness of frontier AI models.  In coordination with relevant agencies as appropriate, Commerce shall establish an enduring capability to lead voluntary unclassified pre-deployment safety testing of frontier AI models on behalf of the United States Government, including assessments of risks relating to cybersecurity, biosecurity, chemical weapons, system autonomy, and other risks as appropriate (not including nuclear risk, the assessment of which shall be led by DOE).  Voluntary unclassified safety testing shall also, as appropriate, address risks to human rights, civil rights, and civil liberties, such as those related to privacy, discrimination and bias, freedom of expression, and the safety of individuals and groups.  Other agencies, as identified in subsection 3.3(f) of this section, shall establish enduring capabilities to perform complementary voluntary classified testing in appropriate areas of expertise.  The directives set forth in this subsection are consistent with broader taskings on AI safety in section 4 of Executive Order 14110, and provide additional clarity on agencies’ respective roles and responsibilities.
         (d)  Nothing in this subsection shall inhibit agencies from performing their own evaluations of AI systems, including tests performed before those systems are released to the public, for the purposes of evaluating suitability for that agency’s acquisition and procurement.  AISI’s responsibilities do not extend to the evaluation of AI systems for the potential use by the United States Government for national security purposes; those responsibilities lie with agencies considering such use, as outlined in subsection 4.2(e) of this memorandum and the associated framework described in that subsection.
         (e)  Consistent with these goals, Commerce, acting through AISI within NIST, shall take the following actions to aid in the evaluation of current and near-future AI systems:
    (i)    Within 180 days of the date of this memorandum and subject to private sector cooperation, AISI shall pursue voluntary preliminary testing of at least two frontier AI models prior to their public deployment or release to evaluate capabilities that might pose a threat to national security.  This testing shall assess models’ capabilities to aid offensive cyber operations, accelerate development of biological and/or chemical weapons, autonomously carry out malicious behavior, automate development and deployment of other models with such capabilities, and give rise to other risks identified by AISI.  AISI shall share feedback with the APNSA, interagency counterparts as appropriate, and the respective model developers regarding the results of risks identified during such testing and any appropriate mitigations prior to deployment.
    (ii)   Within 180 days of the date of this memorandum, AISI shall issue guidance for AI developers on how to test, evaluate, and manage risks to safety, security, and trustworthiness arising from dual-use foundation models, building on guidelines issued pursuant to subsection 4.1(a) of Executive Order 14110.  AISI shall issue guidance on topics including:
    (A)  How to measure capabilities that are relevant to the risk that AI models could enable the development of biological and chemical weapons or the automation of offensive cyber operations;
    (B)  How to address societal risks, such as the misuse of models to harass or impersonate individuals;
    (C)  How to develop mitigation measures to prevent malicious or improper use of models;
    (D)  How to test the efficacy of safety and security mitigations; and
    (E)  How to apply risk management practices throughout the development and deployment lifecycle (pre-development, development, and deployment/release).
    (iii)  Within 180 days of the date of this memorandum, AISI, in consultation with other agencies as appropriate, shall develop or recommend benchmarks or other methods for assessing AI systems’ capabilities and limitations in science, mathematics, code generation, and general reasoning, as well as other categories of activity that AISI deems relevant to assessing general-purpose capabilities likely to have a bearing on national security and public safety.
    (iv)   In the event that AISI or another agency determines that a dual-use foundation model’s capabilities could be used to harm public safety significantly, AISI shall serve as the primary point of contact through which the United States Government communicates such findings and any associated recommendations regarding risk mitigation to the developer of the model.
    (v)    Within 270 days of the date of this memorandum, and at least annually thereafter, AISI shall submit to the President, through the APNSA, and provide to other interagency counterparts as appropriate, at minimum one report that shall include the following:
    (A)  A summary of findings from AI safety assessments of frontier AI models that have been conducted by or shared with AISI;
    (B)  A summary of whether AISI deemed risk mitigation necessary to resolve any issues identified in the assessments, along with conclusions regarding any mitigations’ efficacy; and
    (C)  A summary of the adequacy of the science-based tools and methods used to inform such assessments.
         (f)  Consistent with these goals, other agencies specified below shall take the following actions, in coordination with Commerce, acting through AISI within NIST, to provide classified sector-specific evaluations of current and near-future AI systems for cyber, nuclear, and radiological risks:
    (i)    All agencies that conduct or fund safety testing and evaluations of AI systems shall share the results of such evaluations with AISI within 30 days of their completion, consistent with applicable protections for classified and controlled information.
    (ii)   Within 120 days of the date of this memorandum, the National Security Agency (NSA), acting through its AI Security Center (AISC) and in coordination with AISI, shall develop the capability to perform rapid systematic classified testing of AI models’ capacity to detect, generate, and/or exacerbate offensive cyber threats.  Such tests shall assess the degree to which AI systems, if misused, could accelerate offensive cyber operations.
    (iii)  Within 120 days of the date of this memorandum, DOE, acting primarily through the National Nuclear Security Administration (NNSA) and in close coordination with AISI and NSA, shall seek to develop the capability to perform rapid systematic testing of AI models’ capacity to generate or exacerbate nuclear and radiological risks.  This initiative shall involve the development and maintenance of infrastructure capable of running classified and unclassified tests, including using restricted data and relevant classified threat information.  This initiative shall also feature the creation and regular updating of automated evaluations, the development of an interface for enabling human-led red-teaming, and the establishment of technical and legal tooling necessary for facilitating the rapid and secure transfer of United States Government, open-weight, and proprietary models to these facilities.  As part of this initiative:
    (A)  Within 180 days of the date of this memorandum, DOE shall use the capability described in subsection 3.3(f)(iii) of this section to complete initial evaluations of the radiological and nuclear knowledge, capabilities, and implications of a frontier AI model no more than 30 days after the model has been made available to NNSA at an appropriate classification level.  These evaluations shall involve tests of AI systems both without significant modifications and, as appropriate, with fine-tuning or other modifications that could enhance performance.
    (B)  Within 270 days of the date of this memorandum, and at least annually thereafter, DOE shall submit to the President, through the APNSA, at minimum one assessment that shall include the following:
    (1)  A concise summary of the findings of each AI model evaluation for radiological and nuclear risk, described in subsection 3.3(f)(iii)(A) of this section, that DOE has performed in the preceding 12 months;
    (2)  A recommendation as to whether corrective action is necessary to resolve any issues identified in the evaluations, including but not limited to actions necessary for attaining and sustaining compliance conditions appropriate to safeguard and prevent unauthorized disclosure of restricted data or other classified information, pursuant to the Atomic Energy Act of 1954; and
    (3)  A concise statement regarding the adequacy of the science-based tools and methods used to inform the evaluations.
    (iv)   On an ongoing basis, DHS, acting through the Cybersecurity and Infrastructure Security Agency (CISA), shall continue to fulfill its responsibilities with respect to the application of AISI guidance, as identified in National Security Memorandum 22 of April 30, 2024 (Critical Infrastructure Security and Resilience), and section 4 of Executive Order 14110.
         (g)  Consistent with these goals, and to reduce the chemical and biological risks that could emerge from AI:
    (i)    The United States Government shall advance classified evaluations of advanced AI models’ capacity to generate or exacerbate deliberate chemical and biological threats.  As part of this initiative:
    (A)  Within 210 days of the date of this memorandum, DOE, DHS, and AISI, in consultation with DOD and other relevant agencies, shall coordinate to develop a roadmap for future classified evaluations of advanced AI models’ capacity to generate or exacerbate deliberate chemical and biological threats, to be shared with the APNSA.  This roadmap shall consider the scope, scale, and priority of classified evaluations; proper safeguards to ensure that evaluations and simulations are not misconstrued as offensive capability development; proper safeguards for testing sensitive and/or classified information; and sustainable implementation of evaluation methodologies.
    (B)  On an ongoing basis, DHS shall provide expertise, threat and risk information, and other technical support to assess the feasibility of proposed biological and chemical classified evaluations; interpret and contextualize evaluation results; and advise relevant agencies on potential risk mitigations.
    (C)  Within 270 days of the date of this memorandum, DOE shall establish a pilot project to provide expertise, infrastructure, and facilities capable of conducting classified tests in this area.
    (ii)   Within 240 days of the date of this memorandum, DOD, the Department of Health and Human Services (HHS), DOE (including national laboratories), DHS, NSF, and other agencies pursuing the development of AI systems substantially trained on biological and chemical data shall, as appropriate, support efforts to utilize high-performance computing resources and AI systems to enhance biosafety and biosecurity.  These efforts shall include:
    (A)  The development of tools for screening in silico chemical and biological research and technology;
    (B)  The creation of algorithms for nucleic acid synthesis screening;
    (C)  The construction of high-assurance software foundations for novel biotechnologies;
    (D)  The screening of complete orders or data streams from cloud labs and biofoundries; and
    (E)  The development of risk mitigation strategies such as medical countermeasures.
    (iii)  After the publication of biological and chemical safety guidance by AISI outlined in subsection 3.3(e) of this section, all agencies that directly develop relevant dual-use foundation AI models that are made available to the public and are substantially trained on biological or chemical data shall incorporate this guidance into their agency’s practices, as appropriate and feasible.
    (iv)   Within 180 days of the date of this memorandum, NSF, in coordination with DOD, Commerce (acting through AISI within NIST), HHS, DOE, the Office of Science and Technology Policy (OSTP), and other relevant agencies, shall seek to convene academic research institutions and scientific publishers to develop voluntary best practices and standards for publishing computational biological and chemical models, data sets, and approaches, including those that use AI and that could contribute to the production of knowledge, information, technologies, and products that could be misused to cause harm.  This is in furtherance of the activities described in subsections 4.4 and 4.7 of Executive Order 14110.
    (v)    Within 540 days of the date of this memorandum, and informed by the United States Government Policy for Oversight of Dual Use Research of Concern and Pathogens with Enhanced Pandemic Potential, OSTP, NSC staff, and the Office of Pandemic Preparedness and Response Policy, in consultation with relevant agencies and external stakeholders as appropriate, shall develop guidance promoting the benefits of and mitigating the risks associated with in silico biological and chemical research.
         (h)  Agencies shall take the following actions to improve foundational understanding of AI safety, security, and trustworthiness:
    (i)   DOD, Commerce, DOE, DHS, ODNI, NSF, NSA, and the National Geospatial-Intelligence Agency (NGA) shall, as appropriate and consistent with applicable law, prioritize research on AI safety and trustworthiness.  As appropriate and consistent with existing authorities, they shall pursue partnerships as appropriate with leading public sector, industry, civil society, academic, and other institutions with expertise in these domains, with the objective of accelerating technical and socio-technical progress in AI safety and trustworthiness.  This work may include research on interpretability, formal methods, privacy enhancing technologies, techniques to address risks to civil liberties and human rights, human-AI interaction, and/or the socio-technical effects of detecting and labeling synthetic and authentic content (for example, to address the malicious use of AI to generate misleading videos or images, including those of a strategically damaging or non-consensual intimate nature, of political or public figures).
    (ii)  DOD, Commerce, DOE, DHS, ODNI, NSF, NSA, and NGA shall, as appropriate and consistent with applicable law, prioritize research to improve the security, robustness, and reliability of AI systems and controls.  These entities shall, as appropriate and consistent with applicable law, partner with other agencies, industry, civil society, and academia.  Where appropriate, DOD, DHS (acting through CISA), the Federal Bureau of Investigation, and NSA (acting through AISC) shall publish unclassified guidance concerning known AI cybersecurity vulnerabilities and threats; best practices for avoiding, detecting, and mitigating such issues during model training and deployment; and the integration of AI into other software systems.  This work shall include an examination of the role of and vulnerabilities potentially caused by AI systems used in critical infrastructure.
         (i)  Agencies shall take actions to protect classified and controlled information, given the potential risks posed by AI:
    (i)  In the course of regular updates to policies and procedures, DOD, DOE, and the IC shall consider how analysis enabled by AI tools may affect decisions related to declassification of material, standards for sufficient anonymization, and similar activities, as well as the robustness of existing operational security and equity controls to protect classified or controlled information, given that AI systems have demonstrated the capacity to extract previously inaccessible insight from redacted and anonymized data.
    Sec. 4.  Responsibly Harnessing AI to Achieve National Security Objectives.  (a)  It is the policy of the United States Government to act decisively to enable the effective and responsible use of AI in furtherance of its national security mission.  Achieving global leadership in national security applications of AI will require effective partnership with organizations outside Government, as well as significant internal transformation, including strengthening effective oversight and governance functions.
         4.1.  Enabling Effective and Responsible Use of AI.  (a)  It is the policy of the United States Government to adapt its partnerships, policies, and infrastructure to use AI capabilities appropriately, effectively, and responsibly.  These modifications must balance each agency’s unique oversight, data, and application needs with the substantial benefits associated with sharing powerful AI and computational resources across the United States Government.  Modifications must also be grounded in a clear understanding of the United States Government’s comparative advantages relative to industry, civil society, and academia, and must leverage offerings from external collaborators and contractors as appropriate.  The United States Government must make the most of the rich United States AI ecosystem by incentivizing innovation in safe, secure, and trustworthy AI and promoting industry competition when selecting contractors, grant recipients, and research collaborators.  Finally, the United States Government must address important technical and policy considerations in ways that ensure the integrity and interoperability needed to pursue its objectives while protecting human rights, civil rights, civil liberties, privacy, and safety.
         (b)  The United States Government needs an updated set of Government-wide procedures for attracting, hiring, developing, and retaining AI and AI-enabling talent for national security purposes.
         (c)  Consistent with these goals:
    (i)   In the course of regular legal, policy, and compliance framework reviews, the Department of State, DOD, DOJ, DOE, DHS, and IC elements shall revise, as appropriate, their hiring and retention policies and strategies to accelerate responsible AI adoption.  Agencies shall account for technical talent needs required to adopt AI and integrate it into their missions and other roles necessary to use AI effectively, such as AI-related governance, ethics, and policy positions.  These policies and strategies shall identify financial, organizational, and security hurdles, as well as potential mitigations consistent with applicable law.  Such measures shall also include consideration of programs to attract experts with relevant technical expertise from industry, academia, and civil society — including scholarship for service programs — and similar initiatives that would expose Government employees to relevant non-government entities in ways that build technical, organizational, and cultural familiarity with the AI industry.  These policies and strategies shall use all available authorities, including expedited security clearance procedures as appropriate, in order to address the shortfall of AI-relevant talent within Government.
    (ii)  Within 120 days of the date of this memorandum, the Department of State, DOD, DOJ, DOE, DHS, and IC elements shall each, in consultation with the Office of Management and Budget (OMB), identify education and training opportunities to increase the AI competencies of their respective workforces, via initiatives which may include training and skills-based hiring.
         (d)  To accelerate the use of AI in service of its national security mission, the United States Government needs coordinated and effective acquisition and procurement systems.  This will require an enhanced capacity to assess, define, and articulate AI-related requirements for national security purposes, as well as improved accessibility for AI companies that lack significant prior experience working with the United States Government.
         (e)  Consistent with these goals:
    (i)    Within 30 days of the date of this memorandum, DOD and ODNI, in coordination with OMB and other agencies as appropriate, shall establish a working group to address issues involving procurement of AI by DOD and IC elements and for use on NSS.  As appropriate, the working group shall consult the Director of the NSA, as the National Manager for NSS, in developing recommendations for acquiring and procuring AI for use on NSS.
    (ii)   Within 210 days of the date of this memorandum, the working group described in subsection 4.1(e)(i) of this section shall provide written recommendations to the Federal Acquisition Regulatory Council (FARC) regarding changes to existing regulations and guidance, as appropriate and consistent with applicable law, to promote the following objectives for AI procured by DOD and IC elements and for use on NSS:
    (A)  Ensuring objective metrics to measure and promote the safety, security, and trustworthiness of AI systems;
    (B)  Accelerating the acquisition and procurement process for AI, consistent with the Federal Acquisition Regulation, while maintaining appropriate checks to mitigate safety risks;  
    (C)  Simplifying processes such that companies without experienced contracting teams may meaningfully compete for relevant contracts, to ensure that the United States Government has access to a wide range of AI systems and that the AI marketplace is competitive;
    (D)  Structuring competitions to encourage robust participation and achieve best value to the Government, such as by including requirements that promote interoperability and prioritizing the technical capability of vendors when evaluating offers;
    (E)  Accommodating shared use of AI to the greatest degree possible and as appropriate across relevant agencies; and
    (F)  Ensuring that agencies with specific authorities and missions may implement other policies, where appropriate and necessary.
    (iii)  The FARC shall, as appropriate and consistent with applicable law, consider proposing amendments to the Federal Acquisition Regulation to codify recommendations provided by the working group pursuant to subsection 4.1(e)(ii) of this section that may have Government-wide application.
    (iv)   DOD and ODNI shall seek to engage on an ongoing basis with diverse United States private sector stakeholders — including AI technology and defense companies and members of the United States investor community — to identify and better understand emerging capabilities that would benefit or otherwise affect the United States national security mission.
         (f)  The United States Government needs clear, modernized, and robust policies and procedures that enable the rapid development and national security use of AI, consistent with human rights, civil rights, civil liberties, privacy, safety, and other democratic values.
         (g)  Consistent with these goals:
    (i)    DOD and the IC shall, in consultation with DOJ as appropriate, review their respective legal, policy, civil liberties, privacy, and compliance frameworks, including international legal obligations, and, as appropriate and consistent with applicable law, seek to develop or revise policies and procedures to enable the effective and responsible use of AI, accounting for the following:
    (A)  Issues raised by the acquisition, use, retention, dissemination, and disposal of models trained on datasets that include personal information traceable to specific United States persons, publicly available information, commercially available information, and intellectual property, consistent with section 9 of Executive Order 14110;
    (B)  Guidance that shall be developed by DOJ, in consultation with DOD and ODNI, regarding constitutional considerations raised by the IC’s acquisition and use of AI;
    (C)  Challenges associated with classification and compartmentalization;
    (D)  Algorithmic bias, inconsistent performance, inaccurate outputs, and other known AI failure modes;
    (E)  Threats to analytic integrity when employing AI tools;
    (F)  Risks posed by a lack of safeguards that protect human rights, civil rights, civil liberties, privacy, and other democratic values, as addressed in further detail in subsection 4.2 of this section;
    (G)  Barriers to sharing AI models and related insights with allies and partners; and
    (H)  Potential inconsistencies between AI use and the implementation of international legal obligations and commitments.
    (ii)   As appropriate, the policies described in subsection 4.1(g) of this section shall be consistent with direction issued by the Committee on NSS and DOD governing the security of AI used on NSS, policies issued by the Director of National Intelligence governing adoption of AI by the IC, and direction issued by OMB governing the security of AI used on non-NSS.
    (iii)  On an ongoing basis, each agency that uses AI on NSS shall, in consultation with ODNI and DOD, take all steps appropriate and consistent with applicable law to accelerate responsible approval of AI systems for use on NSS and accreditation of NSS that use AI systems.
         (h)  The United States’ network of allies and partners confers significant advantages over competitors.  Consistent with the 2022 National Security Strategy or any successor strategies, the United States Government must invest in and proactively enable the co-development and co-deployment of AI capabilities with select allies and partners.
         (i)  Consistent with these goals:
    (i)  Within 150 days of the date of this memorandum, DOD, in coordination with the Department of State and ODNI, shall evaluate the feasibility of advancing, increasing, and promoting co-development and shared use of AI and AI-enabled assets with select allies and partners.  This evaluation shall include:
    (A)  A potential list of foreign states with which such co-development or co-deployment may be feasible;
    (B)  A list of bilateral and multilateral fora for potential outreach;
    (C)  Potential co-development and co-deployment concepts;
    (D)  Proposed classification-appropriate testing vehicles for co-developed AI capabilities; and
    (E)  Considerations for existing programs, agreements, or arrangements to use as foundations for future co-development and co-deployment of AI capabilities.
         (j)  The United States Government needs improved internal coordination with respect to its use of and approach to AI on NSS in order to ensure interoperability and resource sharing consistent with applicable law, and to reap the generality and economies of scale offered by frontier AI models.
         (k)  Consistent with these goals:
    (i)  On an ongoing basis, DOD and ODNI shall issue or revise relevant guidance to improve consolidation and interoperability across AI functions on NSS.  This guidance shall seek to ensure that the United States Government can coordinate and share AI-related resources effectively, as appropriate and consistent with applicable law.  Such work shall include:
    (A)  Recommending agency organizational practices to improve AI research and deployment activities that span multiple national security institutions.  In order to encourage AI adoption for the purpose of national security, these measures shall aim to create consistency to the greatest extent possible across the revised practices.
    (B)  Steps that enable consolidated research, development, and procurement for general-purpose AI systems and supporting infrastructure, such that multiple agencies can share access to these tools to the extent consistent with applicable law, while still allowing for appropriate controls on sensitive data.
    (C)  Aligning AI-related national security policies and procedures across agencies, as practicable and appropriate, and consistent with applicable law.
    (D)  Developing policies and procedures, as appropriate and consistent with applicable law, to share information across DOD and the IC when an AI system developed, deployed, or used by a contractor demonstrates risks related to safety, security, and trustworthiness, including to human rights, civil rights, civil liberties, or privacy.
         4.2.  Strengthening AI Governance and Risk Management.  (a)  As the United States Government moves swiftly to adopt AI in support of its national security mission, it must continue taking active steps to uphold human rights, civil rights, civil liberties, privacy, and safety; ensure that AI is used in a manner consistent with the President’s authority as Commander in Chief to decide when to order military operations in the Nation’s defense; and ensure that military use of AI capabilities is accountable, including through such use during military operations within a responsible human chain of command and control.  Accordingly, the United States Government must develop and implement robust AI governance and risk management practices to ensure that its AI innovation aligns with democratic values, updating policy guidance where necessary.  In light of the diverse authorities and missions across covered agencies with a national security mission and the rapid rate of ongoing technological change, such AI governance and risk management frameworks shall be:
    (i)    Structured, to the extent permitted by law, such that they can adapt to future opportunities and risks posed by new technical developments;
    (ii)   As consistent across agencies as is practicable and appropriate in order to enable interoperability, while respecting unique authorities and missions;
    (iii)  Designed to enable innovation that advances United States national security objectives;
    (iv)   As transparent to the public as practicable and appropriate, while protecting classified or controlled information;
    (v)    Developed and applied in a manner and with means to integrate protections, controls, and safeguards for human rights, civil rights, civil liberties, privacy, and safety where relevant; and
    (vi)   Designed to reflect United States leadership in establishing broad international support for rules and norms that reinforce the United States’ approach to AI governance and risk management.
         (b)  Covered agencies shall develop and use AI responsibly, consistent with United States law and policies, democratic values, and international law and treaty obligations, including international humanitarian and human rights law.  All agency officials retain their existing authorities and responsibilities established in other laws and policies.
         (c)  Consistent with these goals:
    (i)  Heads of covered agencies shall, consistent with their authorities, monitor, assess, and mitigate risks directly tied to their agency’s development and use of AI.  Such risks may result from reliance on AI outputs to inform, influence, decide, or execute agency decisions or actions, when used in a defense, intelligence, or law enforcement context, and may impact human rights, civil rights, civil liberties, privacy, safety, national security, and democratic values.  These risks from the use of AI include the following:
    (A)  Risks to physical safety:  AI use may pose unintended risks to human life or property.
    (B)  Privacy harms:  AI design, development, and operation may result in harm, embarrassment, unfairness, and prejudice to individuals.
    (C)  Discrimination and bias:  AI use may lead to unlawful discrimination and harmful bias, resulting in, for instance, inappropriate surveillance and profiling, among other harms.
    (D)  Inappropriate use:  operators using AI systems may not fully understand the capabilities and limitations of these technologies, including systems used in conflicts.  Such unfamiliarity could impact operators’ ability to exercise appropriate levels of human judgment.
    (E)  Lack of transparency:  agencies may have gaps in documentation of AI development and use, and the public may lack access to information about how AI is used in national security contexts because of the necessity to protect classified or controlled information.
    (F)  Lack of accountability:  training programs and guidance for agency personnel on the proper use of AI systems may not be sufficient, including to mitigate the risk of overreliance on AI systems (such as “automation bias”), and accountability mechanisms may not adequately address possible intentional or negligent misuse of AI-enabled technologies.
    (G)  Data spillage:  AI systems may reveal aspects of their training data — either inadvertently or through deliberate manipulation by malicious actors — and data spillage may result from AI systems trained on classified or controlled information when used on networks where such information is not permitted.
    (H)  Poor performance:  AI systems that are inappropriately or insufficiently trained, used for purposes outside the scope of their training set, or improperly integrated into human workflows may exhibit poor performance, including in ways that result in inconsistent outcomes or unlawful discrimination and harmful bias, or that undermine the integrity of decision-making processes.
    (I)  Deliberate manipulation and misuse:  foreign state competitors and malicious actors may deliberately undermine the accuracy and efficacy of AI systems, or seek to extract sensitive information from such systems.
         (d)  The United States Government’s AI governance and risk management policies must keep pace with evolving technology.
         (e)  Consistent with these goals:
    (i)   An AI framework, entitled “Framework to Advance AI Governance and Risk Management in National Security” (AI Framework), shall further implement this subsection.  The AI Framework shall be approved by the NSC Deputies Committee through the process described in National Security Memorandum 2 of February 4, 2021 (Renewing the National Security Council System), or any successor process, and shall be reviewed periodically through that process.  This process shall determine whether adjustments are needed to address risks identified in subsection 4.2(c) of this section and other topics covered in the AI Framework.  The AI Framework shall serve as a national security-focused counterpart to OMB’s Memorandum M-24-10 of March 28, 2024 (Advancing Governance, Innovation, and Risk Management for Agency Use of Artificial Intelligence), and any successor OMB policies.  To the extent feasible, appropriate, and consistent with applicable law, the AI Framework shall be as consistent as possible with these OMB policies and shall be made public.
    (ii)  The AI Framework described in subsection 4.2(e)(i) of this section and any successor document shall, at a minimum, and to the extent consistent with applicable law, specify the following:
    (A)  Each covered agency shall have a Chief AI Officer who holds primary responsibility within that agency, in coordination with other responsible officials, for managing the agency’s use of AI, promoting AI innovation within the agency, and managing risks from the agency’s use of AI consistent with subsection 3(b) of OMB Memorandum M-24-10, as practicable.
    (B)  Covered agencies shall have AI Governance Boards to coordinate and govern AI issues through relevant senior leaders from the agency.
    (C)  Guidance on AI activities that pose unacceptable levels of risk and that shall be prohibited.
    (D)  Guidance on AI activities that are “high impact” and require minimum risk management practices, including for high-impact AI use that affects United States Government personnel.  Such high-impact activities shall include AI whose output serves as a principal basis for a decision or action that could exacerbate or create significant risks to national security, international norms, human rights, civil rights, civil liberties, privacy, safety, or other democratic values.  The minimum risk management practices for high-impact AI shall include a mechanism for agencies to assess AI’s expected benefits and potential risks; a mechanism for assessing data quality; sufficient test and evaluation practices; mitigation of unlawful discrimination and harmful bias; human training, assessment, and oversight requirements; ongoing monitoring; and additional safeguards for military service members, the Federal civilian workforce, and individuals who receive an offer of employment from a covered agency.
    (E)  Covered agencies shall ensure privacy, civil liberties, and safety officials are integrated into AI governance and oversight structures.  Such officials shall report findings to the heads of agencies and oversight officials, as appropriate, using existing reporting channels when feasible.
    (F)  Covered agencies shall ensure that there are sufficient training programs, guidance, and accountability processes to enable proper use of AI systems.
    (G)  Covered agencies shall maintain an annual inventory of their high-impact AI use and AI systems and provide updates on this inventory to agency heads and the APNSA.
    (H)  Covered agencies shall ensure that whistleblower protections are sufficient to account for issues that may arise in the development and use of AI and AI systems.
    (I)  Covered agencies shall develop and implement waiver processes for high-impact AI use that balance robust implementation of risk mitigation measures in this memorandum and the AI Framework with the need to utilize AI to preserve and advance critical agency missions and operations.
    (J)  Covered agencies shall implement cybersecurity guidance or direction associated with AI systems issued by the National Manager for NSS to mitigate the risks posed by malicious actors exploiting new technologies, and to enable interoperability of AI across agencies.  Within 150 days of the date of this memorandum, and periodically thereafter, the National Manager for NSS shall issue minimum cybersecurity guidance and/or direction for AI used as a component of NSS, which shall be incorporated into AI governance guidance detailed in subsection 4.2(g)(i) of this section.
         (f)  The United States Government needs guidance specifically regarding the use of AI on NSS.
         (g)  Consistent with these goals:
    (i)  Within 180 days of the date of this memorandum, the heads of the Department of State, the Department of the Treasury, DOD, DOJ, Commerce, DOE, DHS, ODNI (acting on behalf of the 18 IC elements), and any other covered agency that uses AI as part of a NSS (Department Heads) shall issue or update guidance to their components/sub-agencies on AI governance and risk management for NSS, aligning with the policies in this subsection, the AI Framework, and other applicable policies.  Department Heads shall review their respective guidance on an annual basis, and update such guidance as needed.  This guidance, and any updates thereto, shall be provided to the APNSA prior to issuance.  This guidance shall be unclassified and made available to the public to the extent feasible and appropriate, though it may have a classified annex.  Department Heads shall seek to harmonize their guidance, and the APNSA shall convene an interagency meeting at least annually for the purpose of harmonizing Department Heads’ guidance on AI governance and risk management to the extent practicable and appropriate while respecting the agencies’ diverse authorities and missions.  Harmonization shall be pursued in the following areas:
    (A)  Implementation of the risk management practices for high-impact AI;
    (B)  AI and AI system standards and activities, including as they relate to training, testing, accreditation, and security and cybersecurity; and
    (C)  Any other issues that affect interoperability for AI and AI systems.
    Sec. 5.  Fostering a Stable, Responsible, and Globally Beneficial International AI Governance Landscape.  (a)  Throughout its history, the United States has played an essential role in shaping the international order to enable the safe, secure, and trustworthy global adoption of new technologies while also protecting democratic values.  These contributions have ranged from establishing nonproliferation regimes for biological, chemical, and nuclear weapons to setting the foundations for multi-stakeholder governance of the Internet.  Like these precedents, AI will require new global norms and coordination mechanisms, which the United States Government must maintain an active role in crafting.
         (b)  It is the policy of the United States Government that United States international engagement on AI shall support and facilitate improvements to the safety, security, and trustworthiness of AI systems worldwide; promote democratic values, including respect for human rights, civil rights, civil liberties, privacy, and safety; prevent the misuse of AI in national security contexts; and promote equitable access to AI’s benefits.  The United States Government shall advance international agreements, collaborations, and other substantive and norm-setting initiatives in alignment with this policy.
         (c)  Consistent with these goals:
    (i)  Within 120 days of the date of this memorandum, the Department of State, in coordination with DOD, Commerce, DHS, the United States Mission to the United Nations (USUN), and the United States Agency for International Development (USAID), shall produce a strategy for the advancement of international AI governance norms in line with safe, secure, and trustworthy AI, and democratic values, including human rights, civil rights, civil liberties, and privacy.  This strategy shall cover bilateral and multilateral engagement and relations with allies and partners.  It shall also include guidance on engaging with competitors, and it shall outline an approach to working in international institutions such as the United Nations and the Group of 7 (G7), as well as technical organizations.  The strategy shall:
    (A)  Develop and promote internationally shared definitions, norms, expectations, and standards, consistent with United States policy and existing efforts, which will promote safe, secure, and trustworthy AI development and use around the world.  These norms shall be as consistent as possible with United States domestic AI governance (including Executive Order 14110 and OMB Memorandum M-24-10), the International Code of Conduct for Organizations Developing Advanced AI Systems released by the G7 in October 2023, the Organization for Economic Cooperation and Development Principles on AI, United Nations General Assembly Resolution A/78/L.49, and other United States-supported relevant international frameworks (such as the Political Declaration on Responsible Military Use of AI and Autonomy) and instruments.  By discouraging misuse and encouraging appropriate safeguards, these norms and standards shall aim to reduce the likelihood of AI causing harm or having adverse impacts on human rights, democracy, or the rule of law.
    (B)  Promote the responsible and ethical use of AI in national security contexts in accordance with democratic values and in compliance with applicable international law.  The strategy shall advance the norms and practices established by this memorandum and measures endorsed in the Political Declaration on Responsible Military Use of AI and Autonomy.
    Sec. 6.  Ensuring Effective Coordination, Execution, and Reporting of AI Policy.  (a)  The United States Government must work in a closely coordinated manner to make progress on effective and responsible AI adoption.  Given the speed with which AI technology evolves, the United States Government must learn quickly, adapt to emerging strategic developments, adopt new capabilities, and confront novel risks.
         (b)  Consistent with these goals:
    (i)    Within 270 days of the date of this memorandum, and annually thereafter for at least the next 5 years, the heads of the Department of State, DOD, Commerce, DOE, ODNI (acting on behalf of the IC), USUN, and USAID shall each submit a report to the President, through the APNSA, that offers a detailed accounting of their activities in response to their taskings in all sections of this memorandum, including this memorandum’s classified annex, and that provides a plan for further action.  The Central Intelligence Agency (CIA), NSA, the Defense Intelligence Agency (DIA), and NGA shall submit reports on their activities to ODNI for inclusion in full as an appendix to ODNI’s report regarding IC activities.  NGA, NSA, and DIA shall submit their reports as well to DOD for inclusion in full as an appendix to DOD’s report.
    (ii)   Within 45 days of the date of this memorandum, the Chief AI Officers of the Department of State, DOD, DOJ, DOE, DHS, OMB, ODNI, CIA, DIA, NSA, and NGA, as well as appropriate technical staff, shall form an AI National Security Coordination Group (Coordination Group).  Any Chief AI Officer of an agency that is a member of the Committee on National Security Systems may also join the Coordination Group as a full member.  The Coordination Group shall be co-chaired by the Chief AI Officers of ODNI and DOD.  The Coordination Group shall consider ways to harmonize policies relating to the development, accreditation, acquisition, use, and evaluation of AI on NSS.  This work could include development of:
    (A)  Enhanced training and awareness to ensure that agencies prioritize the most effective AI systems, responsibly develop and use AI, and effectively evaluate AI systems;
    (B)  Best practices to identify and mitigate foreign intelligence risks and human rights considerations associated with AI procurement;
    (C)  Best practices to ensure interoperability between agency deployments of AI, to include data interoperability and data sharing agreements, as appropriate and consistent with applicable law;
    (D)  A process to maintain, update, and disseminate such trainings and best practices on an ongoing basis;
    (E)  AI-related policy initiatives to address regulatory gaps implicated by executive branch-wide policy development processes; and 
    (F)  An agile process to increase the speed of acquisitions, validation, and delivery of AI capabilities, consistent with applicable law.
    (iii)  Within 90 days of the date of this memorandum, the Coordination Group described in subsection (b)(ii) of this section shall establish a National Security AI Executive Talent Committee (Talent Committee) composed of senior AI officials (or designees) from all agencies in the Coordination Group that wish to participate.  The Talent Committee shall work to standardize, prioritize, and address AI talent needs and develop an updated set of Government-wide procedures for attracting, hiring, developing, and retaining AI and AI-enabling talent for national security purposes.  The Talent Committee shall designate a representative to serve as a member of the AI and Technology Talent Task Force set forth in Executive Order 14110, helping to identify overlapping needs and address shared challenges in hiring.
    (iv)   Within 365 days of the date of this memorandum, and annually thereafter for at least the next 5 years, the Coordination Group described in subsection (b)(ii) of this section shall issue a joint report to the APNSA on consolidation and interoperability of AI efforts and systems for the purposes of national security.
         Sec. 7.  Definitions.  (a)  This memorandum uses definitions set forth in section 3 of Executive Order 14110.  In addition, for the purposes of this memorandum:
    (i)     The term “AI safety” means the mechanisms through which individuals and organizations minimize and mitigate the potential for harm to individuals and society that can result from the malicious use, misapplication, failures, accidents, and unintended behavior of AI models; the systems that integrate them; and the ways in which they are used.
    (ii)    The term “AI security” means a set of practices to protect AI systems — including training data, models, abilities, and lifecycles — from cyber and physical attacks, thefts, and damage.
    (iii)   The term “covered agencies” means agencies in the Intelligence Community, as well as all agencies as defined in 44 U.S.C. 3502(1) when they use AI as a component of a National Security System, other than the Executive Office of the President.
    (iv)    The term “Critical Technical Artifacts” (CTAs) means information, usually specific to a single model or group of related models that, if possessed by someone other than the model developer, would substantially lower the costs of recreating, attaining, or using the model’s capabilities.  Under the technical paradigm dominant in the AI industry today, the model weights of a trained AI system constitute CTAs, as do, in some cases, associated training data and code.  Future paradigms may rely on different CTAs.
    (v)     The term “frontier AI model” means a general-purpose AI system near the cutting-edge of performance, as measured by widely accepted publicly available benchmarks, or similar assessments of reasoning, science, and overall capabilities.
    (vi)    The term “Intelligence Community” (IC) has the meaning provided in 50 U.S.C. 3003.
    (vii)   The term “open-weight model” means a model that has weights that are widely available, typically through public release.
    (viii)  The term “United States Government” means all agencies as defined in 44 U.S.C. 3502(1).
         Sec. 8.  General Provisions.  (a)  Nothing in this memorandum shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department or agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
         (b)  This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.
         (c)  This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
                                  JOSEPH R. BIDEN JR.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI Global: Dispatch from Pennsylvania: How marketing affects swing voters as U.S. election looms

    Source: The Conversation – Canada – By Dave Bussiere, Associate Professor, Marketing, University of Windsor

    Americans will soon elect their next president after a race for the White House that is essentially tied. From a marketing perspective, think of Republican Donald Trump and Democrat Kamala Harris as each holding 45 per cent market share. The remaining 10 per cent includes undecided voters and people disinclined to vote.

    My political marketing class at the University of Windsor is using a marketing lens to understand the variables that will influence the outcome on Nov. 5. My recent road trip to the battleground state of Pennsylvania gave me insight into the strength of both the Democratic and Republican brands.

    I am viewing the parties as long-established brands. There is brand loyalty to both parties. Those brands’ current success, however, is influenced by the ongoing campaign.

    In terms of the Democratic Party, voters obviously aren’t being asked to buy it, but they are being asked to buy the party as augmented or diminished by Harris, its current presidential candidate. The same can be said for Trump’s Republican party.

    From a marketing perspective, we can monitor promotional efforts that include traditional media, social media, debates, interviews and rallies, and we receive updates on the parties’ fundraising efforts — essentially a promotional budget. We’ll see the results of these efforts on Nov. 5.

    Predicting results

    This is the third time I’ve offered a political marketing course based on an American presidential election. The class focuses on understanding the core party brands, and the impact of candidates, debates, media coverage and Political Action Committees. Students forecast the election results the day before the election.

    The presidency is not decided by the national popular vote. It is a state-by-state competition, with each state assigned votes in the Electoral College. There are 538 Electoral College votes, so 270 are needed to win.

    Most states are predictable. California will undoubtedly vote Democrat (54 votes); Texas will more than likely vote Republican once again (40 votes). The election therefore comes down to seven swing states: Nevada, Arizona, Georgia, North Carolina, Wisconsin, Michigan and Pennsylvania.




    Read more:
    North Carolina is not really a red or blue state − and that makes political predictions much more difficult


    The Democrats, with 226 safe Electoral College votes, have 20 possible routes to 270 — and 19 of them require a Pennsylvania win. Republicans, with 219 safe Electoral College votes, have 21 possible routes to 270 — 19 also require a Pennsylvania win. That’s why I decided to drive through Pennsylvania and speak to voters.

    Understanding Pennsylvania

    I was in Pennsylvania during the week of Sept. 30 to Oct. 4, just after Hurricane Helene hit the southeast, when a vice-presidential debate was held in New York, as the Longshoremen started to strike and as Hurricane Milton was bearing down on Florida.

    First I went to Erie, a bellwether county with a long history of having the same voting pattern as the full state of Pennsylvania, so it’s a strong predictor of statewide results. I went to a Pittsburgh suburb, and then to the borough of State College, home of Penn State University. I periodically left the interstate to drive through other towns to see the signs, grab lunch and talk.

    Each time, my introduction was simple:

    “I’m a marketing professor from Canada running a class about the U.S. presidential election. Would you mind explaining to me how you think Pennsylvania will vote? I do not need to know how you will vote.”

    The university students I spoke to were juniors and seniors. Other than the students, the people I spoke to would be considered working class, a mix of blue collar and white collar. The non-students were 35 to retirement age. Everyone I spoke said they’d voted in the 2022 mid-term election and intended to vote this year.

    At an Erie car show, voters I interviewed were evenly split between a group of 50-plus men with vintage cars and male university students with newer vehicles. I heard from both groups that Pennsylvania was divided, but that the mood between the parties differed.

    Both argued that people voting Democrat were brand-loyal or rejecting the Trump brand. Both age groups, including Democratic voters, noted that Trump supporters were primarily focused only on him as the current Republican brand offering.

    Economic concerns

    Most said the biggest issue that will most influence undecided voters is the economy, followed closely by a more narrow economic concern — inflation.

    One Democrat conveyed a simple message that was representative. Asked who would take Erie County: “Democrats.” Asked why they would win, he replied: “I’m just hoping.”

    Contrast that with a visit to a diner in Erie. One woman explained that she supports Harris because of reproductive rights. Everyone else backed Trump because of his policies on the economy, the southern border, international wars and crime.

    One diner patron had been to a recent Trump rally in Erie. He described it as a rock concert and spoke of the excitement, and hearing Trump say the exact same lines he always says. “It was your favourite rock band playing their hits,” he said.

    I left Erie understanding that Democrats were brand loyal or voting to avoid Trump. Republicans, however, never referenced past voting or leaders. They were simply Trump supporters.

    The Pittsburgh scene

    Pittsburgh was a bust. I chose the wrong town outside Pittsburgh. While I spoke to dozens of voters in Erie, I found only two people to speak to in Smithton.

    State College was different. My hotel was close to Penn State University, and there was a restaurant/sports bar on the hotel property.

    I entered at 4 p.m. The bartender asked why I was in town. A nearby patron said that he would answer questions. Then another person volunteered. I left seven hours later. People were asking to be next.

    I spoke to people from all political spectrums. Of the 40-plus people I spoke with, one couple illustrated the mood in the state particularly well. She is a Republican. He is a Democrat. He explained: “There is too much going on — inflation, the hurricanes, the Longshoremen strike, steel and fracking, illegal immigration. Too much.”

    He shrugged his shoulders, discouraged. She smiled, eager for Election Day.

    Conclusions from talking to voters

    If the election were held today, I believe Republicans would win Pennsylvania based on my conversations with voters. But that could change if there is a change in one of the key topics: strong or unanticipated positive economic news, perhaps, or if a new issue or story develops that has not yet impacted the race.

    The road trip provided insights into voter decision-making. It highlighted the importance of brand loyalty and enthusiasm. A substantial portion of voters indicated they wished both parties had different leaders. This could impact voter turnout.

    It also illuminated a key difference between traditional consumer decision-making and voter decision-making. If, on Black Friday, I prefer Walmart’s offering over Amazon’s, I am not impacted by my neighbour’s purchase decision.

    In politics, however, how my neighbour votes will influence my life for the next four years.

    Dave Bussiere 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. Dispatch from Pennsylvania: How marketing affects swing voters as U.S. election looms – https://theconversation.com/dispatch-from-pennsylvania-how-marketing-affects-swing-voters-as-u-s-election-looms-241336

    MIL OSI – Global Reports –

    January 25, 2025
  • MIL-OSI Canada: Alberta rolls out golf carts on municipal roads

    Source: Government of Canada regional news

    Alberta municipalities have unique transportation needs shaped by their geography and community preferences. Granting municipalities the flexibility to adopt various transportation modes helps reduce congestion and improves the quality of life for residents.

    Accordingly, Alberta’s government is working with the Town of Coaldale to pilot the limited use of golf carts in their community, enhancing the mobility of Albertans and increasing recreational options. Other interested communities throughout the province are invited to submit bylaw proposals to Transportation and Economic Corridors for similar pilot projects.

    “Transportation does not stand still, and Alberta must be ready with forward-thinking ideas on how to test new transportation-related solutions or activities. Off-highway vehicles (OHVs) and e-bikes have been popular with Albertans for years, and pilot projects like this one hold the key to unlocking new modes of transportation for everyone.”

    Devin Dreeshen, Minister of Transportation and Economic Corridors

    “This is a commonsense approach to dealing with the use of golf carts in our communities. Many jurisdictions have been allowing golf carts to travel on roads without any concerns.”

    Grant Hunter, MLA for Taber-Warner

    Coaldale is one of the first towns to pilot the limited use of golf carts, after the Legislature passed legislation that makes innovative projects like this possible, and the town’s pilot will last five years.

    Pilot projects like this allow new and innovative uses of existing or new modes of transportation and expands on municipalities already having the ability to allow registered off-highway vehicles to operate on their roads.

    “We think it’s great that Alberta Municipalities’ advocacy on golf carts has paid off. Many communities have been asking for this for a few years and I’m happy that Coaldale is able to pilot this initiative for the province.”

    Tina Jones, director of towns, Alberta Municipalities

    These pilot projects will provide real-life evidence that will help the province evaluate and understand any safety implications and inform future policy decisions on the use of alternative modes of transportation on municipal roads.

    “The creation of this pilot project comes as welcome news to the Town of Coaldale. Thanks to Alberta’s government our Council will be able to pass a golf cart bylaw that gives residents living near our local golf course the ability to drive their carts to and from the course. It’s a win for everyone involved – Coaldale residents, municipal enforcement officers, our local golf course, Coaldale Town Council and the Government of Alberta.”

    Jack Van Rijn, Mayor of Coaldale

    Six other communities, including the County of Lacombe, the Village of Linden, the Summer Village of Whispering Hills, the Town of Delburne, the Village of Acme and Half Moon Bay have applied for and been approved to use golf carts in their communities.

    Quick facts

    • Alberta recently expanded the use of off-highway-vehicles (OHVs) on Highway 734 from approximately one kilometre south of the Red Deer River north to the intersection of Highway 734 with Highway 11 near Nordegg (approximately 180 kilometres).
    • As of March 31, 2023, there were 104,025 registered OHVs in Alberta.
    • Three Canadian jurisdictions already have provisions within their legislation that address golf cart use on select municipal roads (British Columbia, Ontario, and Saskatchewan).

    Related information

    • Golf carts on public roads | Alberta.ca
    • Motorized recreation on public land | Alberta.ca
    • Off-highway vehicle safety | Alberta.ca
    • Off-highway vehicle helmet law | Alberta.ca

    MIL OSI Canada News –

    January 25, 2025
  • MIL-OSI Canada: Statement from Environment and Climate Change Minister Tracy Schmidt on International Day of Climate Action

    Source: Government of Canada regional news

    October 24, 2024

    Statement from Environment and Climate Change Minister Tracy Schmidt on International Day of Climate Action


    Today, as Manitoba marks International Day of Climate Action, our government is reaffirming our commitment to taking meaningful climate action to protect Manitoba’s lands and waters and work towards net zero targets.

    Started by young people concerned about the impact of climate change, the International Day of Climate Action has grown into a worldwide movement that our government stands proudly behind. I would like to say thank you to all those who continue to raise awareness and push this important issue to the forefront around the world and right here in Manitoba.

    In our first year in government, we’ve made protecting our beautiful province from climate change a priority and we have been working hard to make real change for Manitobans. Some of the notable steps we’ve taken include:

    • Introduced the Manitoba Electric Vehicle Rebate Program, which provides rebates of $4,000 on the purchase of a new eligible electric vehicle, $1,000 to $4,000 on leasing an eligible electric vehicle, and $2,500 on the purchase of pre-owned eligible electric vehicles, ensuring more Manitobans can make the switch away from fossil fuels.
    • Advanced, for the first time in Manitoba’s history, a plan to support Indigenous owned, utility-scale electricity resource supply through the creation of government-to-government partnerships in wind generation.
    • Invested in projects to reduce greenhouse gas emissions through the Low Carbon Economy Fund, in partnership with the federal government.
    • Enacted the first-ever formal nutrient reduction target for Lake Winnipeg and its tributaries for improving water quality in Manitoba.
    • Signed a memorandum of understanding with the Seal River Watershed Alliance, Indigenous nations and Government of Canada to formally work together on a feasibility assessment to establish a potential Indigenous protected and conserved area in the 50,000 square kilometre Seal River Watershed.
    • Unveiled the Affordable Energy Plan, which charts the path towards Manitoba’s energy future through building out the grid to grow new clean energy, including wind generation to increase good green jobs, grid reliability, and keep energy rates low for years to come.
    • Restored almost $400,000 in funding to Climate Change Connection, Green Action Centre, and Manitoba Eco-Network to help take tangible action on climate change.
    • Invested in projects to reduce greenhouse gas emissions through the Low Carbon Economy Fund, in partnership with the federal government.
    • Enacted the first-ever formal nutrient reduction target for Lake Winnipeg and its tributaries for improving water quality in Manitoba.
    • Appointed a new board of directors for Efficiency Manitoba and issued a new mandate letter to the Crown corporation, focusing on reducing our fossil fuel emissions.
    • Supported the City of Winnipeg with $10 million for wastewater infrastructure.

    There still remains a lot of work to do, and we are up for the challenge. As the minister of environment and climate change, I look forward to working closely with all Manitobans as we create a greener and cleaner Manitoba.

    – 30 –

    MIL OSI Canada News –

    January 25, 2025
  • MIL-OSI Security: Summerside — JFO arrest man and woman for possession for the purpose of trafficking cocaine

    Source: Royal Canadian Mounted Police

    October 24, Summerside PEI – On October 23rd, 2024 in the early evening, Prince District JFO, with the assistance of Summerside Police made a targeted stop of a car in Summerside. A 30-year-old Kensington area man and 32-year-old Kensington area woman were arrested for possession for the purpose of trafficking cocaine. A search of the vehicle located a small quantity of what is believed to be cocaine. This investigation is ongoing.

    The Prince District Joint Forces Operations (JFO) is a stand-alone drug enforcement unit comprised of members of the Prince District RCMP, Summerside Police Services, and Kensington Police Services.

    If you have information about drugs in your community please contact your local police detachment.

    MIL Security OSI –

    January 25, 2025
  • MIL-OSI USA: Speech of Commissioner Summer K. Mersinger to Keynote at the S&P Global Commodity Insights Nodal Trader Conference

    Source: US Commodity Futures Trading Commission

    Good morning, and thank you for the warm welcome.  A special thank you to Nodal for inviting me to join your annual Trader Conference again this year.  It is truly an honor to address all of you this morning.  I am more than two years into my role as a commissioner at the Commodity Futures Trading Commission, and I still feel humbled by the opportunity to stand on a stage with a microphone to address accomplished professionals like all of you.  My children, on the other hand, are surprised that anyone would want to hear me talk about anything, and they are even more shocked that I would need a microphone to be heard as they are convinced that the only volume I ever use when speaking is shouting.

    The topic for my speech on today’s agenda is:  New Perspectives on Energy Trading and Power Markets, and I plan to focus on the road ahead for these markets.  But before discussing the road ahead, I will start with a story from my childhood about when I learned to drive.  I say this is a story from my childhood because in South Dakota, children as young as fourteen years old are allowed to obtain a driver’s license.  As much as I miss my home state, when I look at my fourteen-year-old son and think about him driving, I see the wisdom in Virginia’s approach.

    At the ripe old age of twelve, my dad decided it was time for me to learn how to drive.  As a tall child, I could reach the gas and brake pedals, which was apparently the minimum criteria for beginning driving lessons on the farm.  To be honest, I was scared to death of driving.  But my parents said I should learn because if there was ever an emergency, and I was the only one home, I may need to drive for help.  That logic just made me scared of driving and being left alone on the farm.

    My experience as a parent teaching two teenagers to drive involved multiple practice sessions in empty parking lots before slowly graduating to quiet side roads before paying another adult to do the really scary stuff, such as driving on highways and making left turns across oncoming traffic.  I suspect that sounds familiar to many in this room as well. 

    But that suburban approach is not how I learned to drive.  My lesson – notice I said lesson, not lessons—was a little more hands-off.  On the day I learned to drive, my dad had me jump in the passenger seat of his 1977 blue Chevy pick-up truck to take a ride with him.  Oddly, my older brother jumped in another farm truck and followed close behind.

    After driving a few miles away from our house, my dad drove the truck into the middle of a freshly plowed field.  Dad threw the truck into park, jumped out, and told me to slide over to the driver’s seat.  He then shut the door, leaned into the window, and told me to drive around the field until I was comfortable enough to drive myself home.  At that point, I realized why my brother had followed us in another vehicle—it was my dad’s getaway car.

    Honestly, I panicked.  I screamed, pleaded, and begged.  But my dad was confident in his approach.  And he left me with this advice:  always keep your eyes on the road.  But don’t just look at the road immediately in front of the vehicle; be sure to watch the road ahead so you know where you are going—and so that you do not smash into a deer.

    I’m sharing this story with you today for two reasons.  First, to offer some entertainment.

    Second, I found the advice my dad gave me that day relevant to the topic for my speech today.  Specifically, I want to share with you some thoughts and observations on energy markets, the road ahead for these markets, and potential down-the-road effects on the derivatives markets that are regulated by the CFTC.

    Being a derivatives regulator can feel a little like being that driver who is looking down the road to see what is ahead.  Our markets are forward looking, offering a view into points off in the distance so drivers are prepared for the path ahead.  But, just like a careful driver needs to see what is right in front of the vehicle as much as what is on the road ahead, careful regulation requires us to also keep our eyes on current market conditions, in addition to ensuring the reliability and safety of the futures markets, which reflect the road ahead.  The CFTC is always surveilling markets, spotting trends, and monitoring for risk that could impact the futures markets.

    Now, here is where this speech will diverge from my story of learning to drive.  While I was left to teach myself how to drive and had no one willing to share their expertise with me, our work at the CFTC in following markets occurs with the benefit of a variety of internal resources (such as the Market Intelligence Branch of the Division of Market Oversight and the Office of the Chief Economist) as well as external resources (such as our advisory committees).

    At the CFTC, we have five advisory committees, each of which is sponsored by a commissioner.  These committees are comprised of subject matter experts representing a variety of viewpoints, such as private sector stakeholders, non-profit groups, academia, and other governmental entities.  As many of you know, especially those who are members, I sponsor the Energy and Environmental Markets Advisory Committee.

    Growing up on a farm in South Dakota, I always understood that the price of energy had a major impact on whether it was a good year or a bad year for the farm.  Even at a young age, I could tell you the exact cost-per-gallon of diesel because either my dad was grumbling about it as he left for the field, or it was the topic of discussion at the local café in town where the older farmers convened for their morning coffee.

    The price of diesel determined the cost of running planters, tractors, combines, and trucks.  The cost of fertilizers and pesticides are also directly linked to fossil fuel input prices, and spreading those fertilizers and pesticides required hiring a spray pilot whose services were priced based on the cost of the aviation fuel.

    Even after our crops were harvested, energy costs were critical.  Energy prices influenced the cost of storage at the grain elevators and transportation; barges and ships run on bunker fuel and trains need diesel.  Everything in the farm economy depends on the price of energy.  You might have perfect temperatures, exactly the right amount of rain at exactly the right time, and high yields but still see your net profit shrink due to high energy prices.

    As the only Commissioner with a background in production agriculture, sponsoring the Commission’s Agriculture Advisory Committee may have seemed like the obvious choice.  But I saw the EEMAC as an opportunity to focus on sectors critical to the agricultural economy and to study those energy markets to understand their impact on the markets we regulate.  The goal is for the energy futures complex to serve end-users who need to hedge those costs and to mitigate the frequent price volatility experienced by the underlying cash markets.

    As the EEMAC has held meetings and participated in discussions around energy markets, we have heard over and over that the United States has critical gaps in its energy and power infrastructure.  As those gaps widen, so do risks to the stability of these markets that become more sensitive and less resilient to forces beyond US control.  Instability and volatility in spot energy markets and prices have a direct impact on the derivative products we regulate.

    Energy infrastructure’s impact on energy prices is something that cannot be ignored, and this reality has become even more apparent in the last decade.  Of course, it makes sense that energy transmission and delivery directly impact the cost to the end consumer.  However, truly understanding how energy infrastructure market fundamentals influence energy spot and derivatives prices requires hearing directly from hardworking domestic energy producers and seeing the infrastructure up close.

    With that in mind, the EEMAC has held a series of meetings on the road, and members of the advisory committee have joined me in getting outside of Washington to see our energy production and infrastructure and to talk directly with the experts who manage these facilities.

    In our first meeting, we visited Oklahoma and focused on more traditional energy markets such as crude oil and natural gas.[1]  We visited Cushing, Oklahoma, where the WTI Crude Oil contract settles to see the pipelines and storage facilities as well as to talk with those in charge of storing, blending, and moving the oil to locations throughout the US.  During the EEMAC meeting, a witness from the Federal Energy Regulatory Commission described an anomaly in the price of natural gas in New England.[2]  Despite having one of the largest concentrations of natural gas in the Marcellus Shale just over two hundred miles away, a lack of pipeline capacity makes it impossible to fully supply New England with gas from the Marcellus Shale.[3]  This situation means that New England relies on liquified natural gas (“LNG”) supplies from tanker ships.  As a result, the price New England end users pay is based on the Henry Hub price for exported LNG, rather than the domestic production price.  This circumstance creates an unusual situation where the spot price that a natural gas-fired power plant in Massachusetts pays for its fuel is more dependent on Europe’s desire for natural gas and a global market thousands of miles away than on the price and availability of natural gas produced two states away in Pennsylvania.

    To examine power markets and electrification, we held meetings in Roy, Utah; Nashville, Tennessee; and Golden, Colorado.[4]  In the course of those meetings, we had the opportunity to tour a large Ford EV production facility in Spring Hill, Tennessee, the Bingham Canyon Copper Mine in Utah, and a startup company looking to reuse mine tailings to produce critical metals and minerals in Golden, Colorado.

    Here in the United States, we have some of the largest deposits of the metals necessary for power generation, transmission, and use, but large gaps in our infrastructure and policies render these advantages almost meaningless.  In Golden, Colorado, we learned that despite a startup company’s cutting-edge technology that can turn mine waste into critical metals and minerals, China’s dominance in rare earth markets means that they can manipulate prices at will and squeeze out competition and force any US production into bankruptcy.

    Southwest of Salt Lake City, Utah, we toured the Bingham Canyon Copper Mine.  The Bingham County Mine is the largest man-made excavation in the world.[5]  It’s also the world’s deepest open pit mine, and it has produced more copper than any other mine in the world.[6]  As you can probably guess, the US has abundant supplies of copper; however, because of a lack of domestic smelting capacity, much of the copper mined in the US must be shipped overseas, often to China, to be processed and refined.  In fact, since 2000, China has been responsible for 75% of the global smelter capacity growth.[7]

    Finally, in Spring Hill, Tennessee, we learned that car companies are increasingly concerned  about logistical challenges reducing their  ability to provide cost-competitive electric vehicles.  This is not an idle concern.  Just four weeks ago, Rivian disclosed that it will be forced to reduce production and decrease its sales target in 2024 by almost 20% because of difficulties sourcing a component used in its electric motor.[8]  And last week, to secure a steady supply of lithium, GM announced an almost $1 billion investment in the Thacker Pass mine in Nevada.[9]

    For years, the problem for domestic energy policy was how to mine, drill, and import enough raw materials to satisfy America’s growing energy demand.[10]  Even after the oil glut of the 1980s and lower energy prices, we were still concerned with our reliance on foreign energy.[11]  The continuous mantra of Presidents starting with Richard Nixon was the concept of “Energy Independence” as a policy goal.[12]  Now, not because of government mandates, plans, or policies, but thanks to technological innovation, hard work, and the deployment of private capital, that goal has largely been achieved.  We have the raw materials in the ground that we need to power American energy independence; however, we need our infrastructure to catch-up with our domestic supply.

    Returning to my driving lesson, when I look at the road ahead, I see the United States coming to a crossroads.  One road leads to more resilient infrastructure, lower prices, and energy abundance.  The other road leads to energy scarcity, higher prices, and a loss of energy independence.  The direction we take as a country will have a major impact on the energy markets and the futures markets we regulate at the CFTC.  Unfortunately, gaps in energy infrastructure lead to instability and volatility in energy markets, which have a direct impact on the derivatives markets.  If derivatives markets fail to offer adequate price discovery and risk mitigation, they will no longer serve producers and end users as appropriate tools to hedge their exposure.  That is a road we cannot afford to go down.

    As a regulator, the CFTC is not the driver of this car, but we definitely have an interest in taking the road that leads to liquid, stable, and vibrant derivatives markets that serve as a tool for hedging against risk. We can do that by ensuring that new derivative products come to market efficiently without the fear of litigation or unreasonable staff positions, and by cultivating new market structures that minimize conflicts and instill market confidence.  Our enforcement efforts should be focused on ‘bad actors’ and not on trying to shortcut deliberative policymaking.  The CFTC should prefer “responsible regulation” over “regulation by enforcement.”  To arrive at our desired destination, we all need to keep our eyes on the road, to see what is right in front of us while simultaneously paying attention to the road ahead.

    Thank you for taking this road trip with me today.  I look forward to answering your questions.


    [1] CFTC Energy and Environmental Markets Advisory Committee meeting in Stillwater, Oklahoma, September 20, 2022.

    [4] CFTC Energy and Environmental Markets Advisory Committee meeting in Nashville, Tennessee, February 28, 2023.  CFTC Energy and Environmental Markets Advisory Committee meeting in Roy, Utah, June 27, 2023.  CFTC Energy and Environmental Markets Advisory Committee meeting in Golden, Colorado, February 13, 2024.

    [5] Kristine L. Pankow, Jeffrey R. Moore, J. Mark Hale, Keith D. Koper, Tex Kubacki, Katherine M. Whidden, and Michael K. McCarter.  “Massive landslide at Utah copper mine generates wealth of geophysical data.” Geological Society of America, vol. 24, no. 1, January 2014.

    [7] Securing Copper Supply: No China, No Energy Transition, WoodsMcKenzie, August 2024, Nick Pickens, Robin Griffin, Eleni Joanides, and Zhifei Liu.

    [8] Ed Ludlow and Kiel Porter. “Rivian Misstep Triggered Parts Shortage Hobbling Its EV Output.” Bloomberg, October 7, 2024.

    [9] Camilla Hodgson.  “General Motors increases investment in lithium mine to nearly $1bn.” Financial Times, October 6, 2024.

    [10] US Energy Information Administration, “U.S. energy facts explained, Imports & Exports.”  Last updated July 15, 2024, with data from the Monthly Energy Review.

    [12] Charles Homans, “Energy Independence: A Short History.”  Foreign Policy, January 3, 2012.

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI USA: NASA Funds Open-Source Software Underpinning Scientific Innovation

    Source: NASA

    NASA has awarded $15.6 million in grant funding to 15 projects supporting the maintenance of open-source tools, frameworks, and libraries used by the NASA science community, for the benefit of all.
    The agency’s Open-Source Tools, Frameworks, and Libraries awards provide support for the sustainable development of tools freely available to everyone and critical for the goals of the agency’s Science Mission Directorate.
    “We received almost twice the number of proposals this year than we had in the previous call,” said Steve Crawford, program executive, Open Science implementation, Office of the Chief Science Data Officer, NASA Headquarters in Washington. “The NASA science community’s excitement for this program demonstrates the need for sustained support and maintenance of open-source software. These projects are integral to our missions, critical to our data infrastructure, underpin machine learning and data science tools, and are used by our researchers, every day, to advance science that protects our planet and broadens our understanding of the universe.”
    This award program is one of several cross-divisional opportunities at NASA focused on advancing open science practices. The grants are funded by NASA’s Office of the Chief Science Data Officer through the agency’s Research Opportunities for Space and Earth Science. The solicitation sought proposals through two types of awards:

    Foundational awards: cooperative agreements for up to five years for open-source tools, frameworks, and libraries that have a significant impact on two or more divisions of the Science Mission Directorate.
    Sustainment awards: grants or cooperative agreements of up to three years for open-source tools, frameworks, and libraries that have significant impact in one or more divisions of the Science Mission Directorate.

    2024 awardees are:
    Foundation awards:

    NASA’s Ames Research Center, Silicon Valley, California

    Principal investigator: Ross Beyer

    “Expanding and Maintaining the Ames Stereo Pipeline”

    Caltech, Pasadena, California

    Principal investigator: Brigitta Sipocz

    “Enhancement of Infrastructure and Sustained Maintenance of Astroquery”

    Cornell University, Scarsdale, New York

    Principal investigator: Ramin Zabih

    “Modernize and Expand arXiv’s Essential Infrastructure”

    NASA’s Goddard Space Flight Center, Greenbelt, Maryland

    Principal investigator: D. Cooley

    “Enabling SMD Science Using the General Mission Analysis Tool”

    NumFOCUS, Austin, Texas

    Principal investigator: Thomas Caswell

    “Sustainment of Matplotlib and Cartopy”

    NumFOCUS

    Principal investigator: Erik Tollerud

    “Investing in the Astropy Project to Enable Research and Education in Astronomy”

    Sustainment awards:

    NASA’s Jet Propulsion Laboratory, Southern California

    Principal investigator: Cedric David

    “Sustain NASA’s River Software for the Satellite Data Deluge,” three-year award

    Pennsylvania State University, University Park

    Principal investigator: David Radice

    “AthenaK: A Performance Portable Simulation Infrastructure for Computational Astrophysics,” three-year award

    United States Geological Survey, Reston, Virginia

    Principal investigator: Trent Hare

    “Planetary Updates for QGIS,” one-year award

    NASA JPL

    Principal investigator: Michael Starch

    “How To F Prime: Empowering Science Missions Through Documentation and Examples,” three-year award

    NASA Goddard

    Principal investigator: Albert Shih

    “Enhancing Consistency and Discoverability Across the SunPy Ecosystem,” three-year award

    Triad National Security, LLC, Los Alamos, New Mexico

    Principal investigator: Julia Kelliher

    “Enhancing Analysis Capabilities of Biological Data With the NASA EDGE Bioinformatics Platform,” four-year award

    iSciences LLC, Burlington, Vermont

    Principal investigator: Daniel Baston

    “Sustaining the Geospatial Data Abstraction Library,” three-year award

    University of Maryland, College Park,

    Principal investigator: C Max Stevens

    “Sustaining the Community Firn Model,” three-year award

    Quansight, LLC, Austin, Texas

    Principal investigator: Dharhas Pothina

    “Ensuring a Fast and Secure Core for Scientific Python – Security, Accessibility and Performance of NumPy, SciPy and scikit-learn; Going Beyond NumPy With Accelerator Support,” three-year award

    For information about open science at NASA, visit:
    https://science.nasa.gov/open-science
    -end-
    Alise FisherHeadquarters, Washington202-617-4977alise.m.fisher@nasa.gov

    MIL OSI USA News –

    January 25, 2025
  • MIL-OSI Security: Prince Albert — Prince Albert RCMP warning the public of dangerous persons

    Source: Royal Canadian Mounted Police

    Prince Albert RCMP is warning the public of dangerous persons involved in multiple vehicle robberies involving a firearm.

    On October 24, 2024 at approximately 8:30 a.m., Prince Albert RCMP received a report of a robbery north of Prince Albert, SK.

    Initial investigation determined that an individual was in a vehicle driving near the White Star elevator north of Prince Albert, SK when they were approached by multiple males in a vehicle.

    The individual was shot by the suspects. They have been transported to hospital with unknown injuries. The suspects stole the individual’s vehicle.

    The suspects are described as three or four males. They may be wearing black bandanas or black balaclavas. The suspects are believed to be armed with a gun and considered dangerous.

    They may be driving a white 2020 Dodge Ram with Saskatchewan license plate RNF 50. (Yes, there are only 5 characters.)

    The suspects are believed to be travelling near the intersection of Highways #55 and #123 near Prince Albert.

    More information to come. If in the Prince Albert and surrounding area: seek immediate shelter or shelter in place and close and lock doors and windows. Do not leave a secure location. Be cautious of someone asking for a ride. Do not pick up hitch hikers. Do not disclose police locations. Be cautious if not in the immediate described areas.

    The situation is rapidly unfolding and we will provide updates as soon as possible.

    MIL Security OSI –

    January 25, 2025
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