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Canada will be the headquarters for a future NATO-linked financial institution, official says

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Canada will be the headquarters for a future NATO-linked financial institution, official says

TORONTO (AP) — Canada has been selected as the headquarters for a new, financial institution led by NATO and designed to reduce borrowing costs for members of the alliance, a senior government official said on Wednesday.

According to the official, the decision was reached after negotiations hosted by Canada involving nearly 20 founding members of NATO’s proposed Defense, Security and Resilience Bank, or DSRB.

The financial institution is meant to help NATO members and partner countries meet their defense spending commitments and reduce borrowing costs for military spending by pooling credit strength.

The official spoke to The Associated Press on condition of anonymity as they were not authorized to speak ahead of an official announcement. The official said they did not know which city in Canada would be the institution’s headquarters.

Earlier, Ontario Premier Doug Ford cited a report about Canada being selected as the headquarters and pitched in a post on social media that it be in Toronto, saying it’s “an opportunity to put Canada” at the center of global defense finance and manufacturing.

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“As our nation’s financial capital, with a skilled workforce and unparalleled global connectivity, there’s no better place for the bank to be headquartered than Toronto,” Ford said.

Canadian Prime Minister Mark Carney’s government has said it will meet NATO’s military spending guideline.

NATO countries, including Canada, have pledged to spend 5% of their national GDP on defense. Carney said last year the government would meet the earlier 2% target this year, then later the same month committed Canada to reaching 5% by 2035.

European allies and Canada have already been investing heavily in their armed forces, as well as weapons and ammunition, since Russia launched an all-out invasion of Ukraine on Feb. 24, 2022.

U.S. President Donald Trump has previously complained that Canada doesn’t spend enough on its military.

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Finance

Exclusive: U.S. bank regulators ramp up scrutiny of AI use at financial companies

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Exclusive: U.S. bank regulators ramp up scrutiny of AI use at financial companies
U.S. banking regulators are stepping up scrutiny of how lenders deploy artificial intelligence as the developing technology sweeps through the industry, pressing firms on everything from data access and governance controls ​to risks posed by third-party vendors, according to people familiar with the situation.
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Crime Stoppers of Michigan could shut down while in dire financial straits

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Crime Stoppers of Michigan could shut down while in dire financial straits

Crime Stoppers of Michigan is in jeopardy. The anonymous crime tipline, responsible for helping solve countless cases, needs a financial fix and fast.

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FOX 2 got a pretty frantic call from Detroit police brass Thursday morning to explain what was going on with Crime Stoppers, and essentially they told us the nonprofit is in dire financial straits.

Since then, we have learned that if Crime Stoppers of Michigan doesn’t raise upwards of $250,000 by July 1, they’re going to cut almost all of their services, specifically, 90% of their services.

The only thing that would remain is the anonymous tip line you know it: 1-800-SPEAK-UP.

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By the numbers:

They generate 5,000 anonymous tips a year, but a bulk of their work is elsewhere. This cut would mean no additional services for victims of crimes.

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No press conferences. No posters. No community events.

“Sometimes I think people see the press conferences, the posters or the social media, and they forget there’s a mother, there’s a father, there’s a child. They have no clue what’s going on, and they’re seeking help from us, saying, ‘Please help us, please do something,’” said Dan DiBardino, President & CEO of Crime Stoppers.

A huge chunk of those 5,000 tips goes to Detroit police. They could be seriously affected by this if Crime Stoppers folds.

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Political committee backing Ken Welch misses campaign finance reporting deadline

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Political committee backing Ken Welch misses campaign finance reporting deadline

The political committee backing St. Petersburg Mayor Ken Welch’s reelection campaign missed the latest campaign finance reporting deadline, adding another wrinkle to a fundraising operation that has already faced scrutiny this cycle.

St. Petersburg Progress, the political committee supporting Welch, missed its latest finance report deadline due to a family emergency, PC Chair Adrienne Bogen told Florida Politics.

“Due to a family medical emergency we will be filing a day late,” Bogen said.

The missed deadline comes as Welch works to build support for a second term in a race that includes former Gov. Charlie Crist — the fundraising leader with $1.6 million raised for the race — City Council Member Brandi Gabbard, former St. Petersburg Fire Chief Jim Large, Maria Scruggs, Kevin Batdorf and Paul Congemi.

The late report follows previous campaign finance issues tied to political committees supporting Welch. Florida Politics previously reported that Welch launched St. Petersburg Progress in January after his previous committee, The Pelican Political Action Committee, became mired in allegations that a former treasurer stole more than $200,000.

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That took place after Welch’s first committee, Pelican PAC, had its registration revoked by the state in late 2024 after warnings and fines tied to missed, late or improper filings.

Welch trails Crist’s political operation in fundraising, and tension between the two candidates was palpable during the first St. Petersburg mayoral debate this week. 

In the first quarter, Welch raised just under $220,000 between his campaign account and St. Petersburg Progress — though $85,000 of that came from a transfer connected to a prior committee. Without the transfer, Welch raised about $135,000 in new money during the quarter.

Crist’s affiliated political committee, St. Pete Shines, raised nearly $500,000 in the first quarter and entered April with about $1.1 million on hand. The committee recently announced it had reached $1.6 million.

The election is August 18. If no candidate receives more than 50% of the vote, a likelihood given the number of candidates running, the top two finishers will advance to a November runoff.

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