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Category: Asia

  • MIL-OSI Canada: G7 Finance Ministers and Central Bank Governors’ Communiqué

    Source: Government of Canada News

    Statement

    Banff, May 20-22, 2025

    1. We, the G7 Finance Ministers and Central Bank Governors, met on May 20-22, 2025 in Banff, Canada together with the Heads of the International Monetary Fund (IMF), World Bank Group (WBG), Organisation for Economic Cooperation and Development (OECD), and Financial Stability Board (FSB). We were also joined by Ukrainian Finance Minister Sergii Marchenko and the President of the Financial Action Task Force (FATF) for parts of the meeting.
    2. We began by reiterating our shared commitment to the G7. After 50 years of working together, transcending national differences and promoting global prosperity, the value of the G7 is clear. We held a productive and frank exchange of views on the current global economic and financial situation, the risks and opportunities common to our countries, and ways to address them. This joint statement reflects the outcome of the discussion between G7 Finance Ministers and Central Bank Governors during the meeting.  

    Global Economy

    1. In the face of multiple complex global challenges, we are committed to pursuing our shared policy objectives. We agree that the G7 can leverage our strong economic relationships to advance our common goals. International organizations signaled at our last meeting that trade and economic policy uncertainty was high and weighing on global growth. We acknowledge that economic policy uncertainty has declined from its peak, and we will work together to achieve further progress. We also shared our concerns over unsustainable global macro imbalances.
    2. In this respect, we also underscore the need to address excessive imbalances and strengthen macro fundamentals, given potential global spillovers. We call on the IMF to continue to enhance its analysis of imbalances in both its bilateral and multilateral surveillance. We continue to engage with each other and with international partners to advance international cooperation and deliver prosperity.
    3. Strong and sustainable economic growth is the cornerstone of economic prosperity. We are committed to working together to achieve a balanced and growth-oriented macroeconomic policy mix that supports our economic security and resilience and ensures that all of our citizens can benefit from that growth. We are committed to maintaining well-functioning financial markets. We recognize that elevated uncertainty can have implications for the economy and for financial stability. We will continue to monitor and consult closely on these matters. Our central banks remain strongly committed to ensuring price stability, consistent with their respective mandates. We reaffirm our May 2017 exchange rate commitments.

    Economic Resilience and Security

    1. We recognize the need for a common understanding of how non-market policies and practices (NMPPs) aggravate imbalances, contribute to overcapacity, and impact the economic security of other countries. Building on our previous commitments and as guided by Leaders, we will contribute, as appropriate, to the monitoring of NMPPs, continuing to assess the distortions they cause in markets and their global spillovers. We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency.
    2. We call on international organizations to address data gaps and deepen our collective understanding of NMPPs and their domestic and global implications. We agree that joint analysis of market concentration and international supply chain resilience would be useful areas of future work. This analysis will inform our respective policy approaches, which will in part be shaped by our underlying industrial and consumer structures. Where appropriate and relevant, we will engage partners beyond the G7.
    3. We recognize a significant increase in international low-value shipments being sent to our economies in a decentralized manner, and the potential for this to overwhelm and take advantage of customs controls and duty and tax collection infrastructure. Collectively, we recognize the potential for illicit drug trafficking, the importation of counterfeit goods, the misclassification of merchandise, revenue leakage, inequity for our retailers, and significant environmental waste. We commit to exploring ways that our low-value importation systems could address these risks.

    Support for Ukraine

    1. We condemn Russia’s continued brutal war against Ukraine and commend the immense resilience from the Ukrainian people and economy. Ukraine has suffered significant destruction. The G7 remains committed to unwavering support for Ukraine in defending its territorial integrity and right to exist, and its freedom, sovereignty and independence toward a just and durable peace.
    2. We welcome ongoing efforts to achieve a ceasefire. If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions. We reaffirm that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.
    3. We agree that private sector mobilization will be important in the recovery and reconstruction of Ukraine, with costs estimated by the WBG at US$524 billion over the next decade. We collectively commit to help build investor confidence through bilateral and multilateral initiatives. To this end, in addition to the ongoing support through the MIGA SURE (Support for Ukraine’s Reconstruction and Economy) trust fund, we will work, including through the Ukraine Donor Platform, with the Government of Ukraine, international financial institutions (IFIs), and the insurance industry towards removing the blanket ban imposed on Ukraine as soon as possible. We will continue to coordinate support to promote the early recovery and reconstruction of Ukraine, including at the Ukraine Recovery Conference, which will take place in Rome on July 10-11, 2025. Further, we agree to work together with Ukraine to ensure that no countries or entities, or entities from those countries that financed or supplied the Russian war machine will be eligible to profit from Ukraine’s reconstruction.

    Bolstering Long-term Growth and Productivity

    1. We agree on the importance of pursuing public policies that spur innovation, raise productivity and promote greater labour force participation. In an environment of high public debt and increasing fiscal pressures, we also agree that raising long-term growth potential is essential to manage risks to fiscal sustainability and increase wages and living standards.
    2. We discussed and shared experiences on how best to pursue growth-enhancing policies in a fiscally prudent manner. We agree that structural reforms can help set the foundations for strong and sustainable economic growth. We recognize that specific growth policies need to be adapted to each country’s needs and circumstances. We agree that maintaining a stable and predictable macroeconomic environment is important for strong growth and productive long-term investment.

    Artificial Intelligence

    1. We deepened our understanding of prospects for AI to raise productivity growth, and of the policies needed to realize the benefits. We appreciate the framework provided by the OECD to better quantify and monitor AI-driven productivity gains. We recognized the benefits of AI for the financial sector and the need to monitor and assess potential risks to financial stability as AI adoption further increases.

    Financial Sector Issues

    1. We are committed to a strong, resilient and stable financial sector. We reiterate that a continued focus on financial stability and regulatory issues remains vital to ensure the effective functioning of the financial system. We noted our support for the important work of the FSB and Standard Setting Bodies. We focused on non-bank financial intermediaries, which play an increasingly important role in financing the real economy. Their activities can contribute to the efficiency of financial markets but can also pose risks to the global financial system. We discussed sources of potential risk, including those from liquidity mismatch, leverage and interconnectedness. We agree on the need to assess non-bank data availability, use and quality and to share knowledge and approaches to monitoring and assessing potential risks.
    2. Enhancing cross-border payments can have widespread benefits for citizens and economies worldwide. We remain committed to delivering cheaper, faster, more transparent and more accessible cross-border payments while maintaining their safety, resilience, and financial integrity. This includes supporting the implementation of the G20 Roadmap as well as appropriate future actions as necessary to meet these goals.
    3. Cyber risks threaten to disrupt global financial systems and the institutions that support them. To address the evolving cyber threat landscape, we will continue to take action to further strengthen our shared response capabilities and protocols in the event of a significant cyber incident. We look forward to the G7 Cyber Expert Group’s assessment of the risks and opportunities that AI presents for cybersecurity.
    4. The potential effects of quantum technologies on the global financial landscape are becoming increasingly visible. Our central banks will explore how we can identify, categorize and mitigate potential risks to data security and financial stability and promote economic resilience.

    Financial Crime Call to Action

    1. We remain steadfast in our commitment to tackling financial crime, including money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction (AML/CFT/CPF). We endorse a “Financial Crime Call to Action” to spur further progress and collective efforts of the Financial Action Task Force (FATF) and its Global Network. By bringing together over 200 jurisdictions around the world, the FATF is the ultimate international standard setter, and we welcome its leadership in combatting financial crime since its creation by the G7 in 1989.
    2. Through strengthening our AML/CFT/CPF frameworks and enhanced international cooperation we will endeavor to stay abreast of emerging risks, understand the role of technology and deepen the responsible exchange of information to make it harder for criminals to access the financial system and evade detection.
    3. We recognize financial crime acts as a barrier to growth, development and stability, and support efforts to strengthen frameworks in lower capacity countries. We encourage the international community to join us in this Call to Action and strengthen our collective response to financial crime.

    Support for Developing Countries

    1. We reaffirm our commitment to the ongoing implementation of the World Bank-led Resilient and Inclusive Supply-Chain Enhancement (RISE) Partnership and recognize its progress toward better integrating low- and middle-income countries in the global supply chain of clean energy products, especially in Africa. We welcome the adoption of a country roadmap in Zambia. We encourage the World Bank to further advance this initiative, and we look forward to the launch of the first local and regional information platforms in Africa. We support the expansion of RISE’s activities to Latin America and the Caribbean, and a better integration of all segments of the critical mineral supply chain. We call on Multilateral Development Banks (MDBs) to strengthen collaboration on critical mineral supply chains amongst themselves and with other key stakeholders. We also highlighted linkages to G20 initiatives facilitating private sector development, such as the G20 Compact with Africa.
    2. We recognize that global crises, including health crises and natural disasters, pose significant challenges for all economies, with particularly severe impacts on vulnerable states, including small ones. We reaffirm the importance of strengthening support for these countries by facilitating domestic resource mobilization as well as the use and uptake of crisis preparedness and response tools, including Climate Resilient Debt Clauses and insurance, to help ease fiscal pressures. We encourage the IMF and MDBs to strengthen their focus on crisis prevention in order to reduce the incidence of crises materializing.
    3. We call on the international community to make efforts to support vulnerable countries facing debt challenges. We look forward to the G20 work on improving the implementation of the Common Framework for debt treatments in a predictable, timely, orderly, and coordinated manner. We also agree on the importance of advancing debt transparency to support sound economic governance and financial stability. We call on the international community to make efforts to support vulnerable countries whose debt is sustainable but face near-term liquidity challenges. We recognize the need for continued efforts with all partners, public and private, to enhance the availability and quality of debt data, including through the Data Sharing Exercise with the World Bank.
    4. We reaffirm our commitment to achieving more effective and impactful MDBs through reforms aiming to ensure that they work effectively as a system to address the most pressing global challenges, deliver on their core mandate, and use their resources as efficiently as possible, including by implementing the recommendations from the G20 Capital Adequacy Framework Review. We urge MDBs to continue to step up their efforts to mobilize private capital and enhance domestic resource mobilization in emerging markets and developing countries. We emphasize the importance of implementing quality-based procurement policies and procedures that promote efficiency, competition from the private sector, and transparency.

    G7 Financial Crime Call to Action

    The G7 Finance Ministers and Central Bank Governors remain steadfast in our commitment to tackling financial crime, including money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction (AML/CFT/CPF).

    In 1989, the G7 created the Financial Action Task Force (FATF) to “prevent the utilization of the banking system and financial institutions for the purpose of money laundering” and was soon joined by many other countries and jurisdictions which shared the same concerns and volunteered for a global effort against financial crime. Since its establishment, the FATF’s mandate and standards have expanded to include the combatting of financing of terrorism and the financing of proliferation of weapons of mass destruction. The transnational nature of money laundering, malicious nature of its predicate crimes, and integrated nature of our economies necessitate a collective approach to combatting illicit finance. 2025 marks the 35-year anniversary of the FATF’s “40 Recommendations”, which were developed collectively by FATF members and are now being implemented in more than 200 jurisdictions worldwide thanks to the joint efforts of the FATF Global Network.

    The Intersection of Crime, Security, and Economic Prosperity

    Organized criminals, including cartels, are exploiting gaps in global AML safeguards to launder the profits of their criminal activities such as drug trafficking (including fentanyl and synthetic opioids), fraud, cybercrimes, and human smuggling that generate billions in illicit revenue annually. These crimes are not only having a devastating impact on our communities, but they are also impacting national security and economic integrity as profits are re-invested into vast criminal networks that seek to undermine the rule of law and destabilize our governments and economies.

    Financial crime is also harming global economic growth. The International Monetary Fund has found that illicit finance reduces productivity, widens inequality, inhibits legitimate investment and hinders an effective allocation of resources. The World Bank has found that financial crimes are a barrier to development sparking political instability, deterring private capital, undermining good governance and the rule of law, and generally eroding trust in governments and institutions. Illicit finance also robs treasuries of badly needed tax revenue at a time when so many economies around the world are facing historically high debt levels.

    The World Bank sees tackling illicit finance in low-capacity countries as vital to their development priorities and requiring sustained engagement. Strengthening AML/CFT/CPF capacity in developing and low-capacity countries would improve financial inclusion and further deprive international organized crime groups of opportunities to launder their illicit proceeds or finance terrorism.

    In this context, technically sound and effective AML/CFT/CPF frameworks contribute to safer communities, our collective security, and to stronger economies in the G7 and around the globe.  

    The Way Forward

    Under the Canadian G7 Presidency, Finance Ministers and Central Bank Governors have taken stock of the fight we launched in 1989 and identified areas for further action. Today, we endorse the present Financial Crime Call to Action to strengthen global security, protect financial sector integrity, and foster economic growth and economic development.

    Strengthening our Frameworks

    • We re-commit to the founding principles of the FATF and will continue to actively support the organization.
      • The FATF is the ultimate AML/CFT/CPF standard setter that catalyzes improvements in members’ AML/CFT/CPF regimes. It is essential to maintain the FATF’s role at the centre of the global fight against illicit finance.
      • We commit to ensuring that the FATF remains a technical body that produces in-depth and impartial peer reviews and research that inform our ongoing understanding of risk.
    • We commit to improving the effectiveness of our respective AML/CFT/CPF regimes. The G7 must lead by example.
      • G7 financial systems remain the most interconnected in the world and continue to represent attractive targets for bad actors seeking to launder ill-gotten gains. The G7 will continue to improve our effectiveness in preventing the proceeds of crime from entering our financial sectors, detecting and disrupting money laundering threats, sanctioning criminals and depriving them of their illegitimate proceeds in a manner consistent with our domestic legal frameworks.
      • Shell companies are enablers for criminals to hide proceeds of crime and engage in illicit activities, such as large-scale tax and sanctions evasion. Ensuring that competent authorities, particularly law enforcement, have sufficient resources and tools to investigate and prosecute money laundering, terrorist financing, and proliferation financing involving shell companies is critical to fighting financial crime.
      • The procurement of dual use and military technology through circumvention of sanctions violates United Nations Security Council Resolutions and undermines global security. We commit to enhancing implementation of our targeted financial sanctions and ensuring they are the most effective in the world.

    Enhancing International Cooperation

    • We will stay abreast of emerging risks tied to money laundering, terrorist financing and proliferation financing through research and the development of joint typologies and strategic intelligence.
      • We express our serious concerns that virtual asset thefts and scams, including by the Democratic People’s Republic of Korea, have reached unprecedented levels. These threats, as well as the methods used by criminals to launder their proceeds, must be better understood and addressed. This is necessary to raise awareness, enhance prevention, and mitigate money laundering as well as being critical to promoting responsible innovation in virtual assets and protecting virtual asset users in our jurisdictions. We will further research and exchange information such as typology work on emerging risks related to virtual assets, including from the perspectives of cybersecurity and AML/CFT/CPF, and take necessary measures.
      • We recognize that illicit actors will continue to take advantage of jurisdictional differences in approaches to countering sanctions evasion and the financing of proliferation. Therefore, we commit to work together to maintain an up-to-date and common understanding of relevant threats, vulnerabilities, and typologies to prevent and combat complex proliferation financing and sanctions evasion schemes.
    • We must break down silos and deepen the responsible exchange of information internationally to make it harder for criminals to access the financial system and evade detection.
      • Bad actors are exploiting silos within, and across, AML/CFT/CPF regimes to conceal their actions. In response, we will improve risk-based and secure information sharing internationally between our national competent authorities, and domestically amongst the private sector and between public and private sector partners, consistent with our domestic legal frameworks. Facilitating this type of information sharing supports G7 efforts to mitigate the negative impacts of fraud on our businesses and citizens and to combat illicit activities by transnational organized crime groups, including cartels.
      • Many of our financial institutions operate across G7 markets. We will encourage deeper cooperation between our regulators who supervise on a group-wide basis. We commit to ensuring that our AML/CFT/CPF supervision is risk-based, effective and focused on stopping financial crime. We will also ensure that sanctions for non-compliance are proportionate, dissuasive and effective.

    Addressing Financial Crime as a Barrier to Growth and Stability

    • We will support efforts to strengthen AML/CFT/CPF frameworks in lower capacity countries to foster growth and economic development.
      • This can be achieved through many channels, including bilateral and multilateral assistance and collaboration. This work will ensure the G7 together with other FATF members keep pace with evolving regional risks, and support asset recovery to further deprive criminals of illicit proceeds and reduce opportunities for money laundering.
      • The FATF and its Global Network of nine FATF-Style Regional Bodies (FSRBs), which bring together more than 200 jurisdictions and 20 observer international organizations, are at the heart of the global fight against financial crime. We reiterate our commitment to supporting the FSRBs in overseeing the consistent and effective implementation of the FATF standards worldwide, including in the next round of mutual evaluations.
    • We commit to supporting the effective implementation of AML/CFT/CPF measures that are risk-based and proportionate.
      • We recognize that a risk-based approach can promote economic development and financial inclusion by encouraging assessments of risk, identifying lower and higher risk scenarios, and implementing simplified AML/CFT/CPF measures in certain scenarios proportionate to the relevant risks. 
      • By implementing the revised FATF standards, we will facilitate legitimate funds continuing to move through the formal financial sector, promoting economic development and financial inclusion while mitigating unintended consequences.
    • We commit to exploring the role of technology in AML/CFT/CPF implementation.
      • We encourage adoption of new technologies that can more effectively detect, report and interdict illicit finance. This includes partnering with the private sector to understand how emerging technologies (including artificial intelligence) can be used to improve the efficiency and effectiveness of AML/CFT/CPF regimes. This should be consistent with our respective domestic legal frameworks and risk-based, while ensuring data protection and human rights.
      • We continue to support the FATF’s initiatives to accelerate global implementation of its standards on virtual assets and virtual asset service providers (VASPs) as well as its work on emerging risks, including those that arise from misuse of stablecoins and peer-to-peer transactions, offshore VASPs, and decentralized finance (DeFi) arrangements.
      • We are contributing to the FATF’s ongoing work to strengthen its Standards on Payment Transparency to adapt to changes in payment business models and messaging standards and to foster payment systems that are more transparent, inclusive, accessible, safe and secure, while enabling faster and cheaper transactions, including remittances. Consistent with this work, we also support the G20 Roadmap for Enhancing Cross-border Payments.

    Lastly, we commit to furthering this work under the French G7 Presidency in 2026, in coordination with all FATF members, and to report on the actions taken to implement the commitments in this Call to Action.

    We encourage all countries to join us in this Call to Action. The international community can, and must, strengthen our collective response to financial crime and its impact on communities, security, and prosperity.

    MIL OSI Canada News –

  • MIL-OSI USA: Murkowski Highlights Opportunities, Challenges with Interior Budget Request

    US Senate News:

    Source: United States Senator for Alaska Lisa Murkowski
    05.22.25
    Washington, DC – Yesterday, U.S. Senator Lisa Murkowski (R-AK), Chair of the Senate Appropriations Subcommittee on Interior, Environment, and Related Agencies, hosted the Secretary of the Interior in subcommittee to discuss the Department’s budget request. The Senator reinforced her appreciation for the administration’s approach to resource development in Alaska, while also addressing staffing concerns, public land sales, and other avenues of potential for the department.
    Watch the Senator’s opening statement here.
    Read the Senator’s full opening statement below.
    FULL TRANSCRIPT
    Senator Murkowski: Good to have you here to discuss the President’s Fiscal Year 2026 Budget Request for the Department of the Interior. I’m pleased to have the opportunity today to talk about the important work that the Department does, including its leading role in supporting America’s energy agenda, empowering Indian country and Tribal nations, providing recreational opportunities to tens of millions of Americans, and generating billions of dollars in economic output.
    It’s been a real pleasure, I have appreciated the meetings that we’ve had, the conversations that we’ve had by phone, and it’s been great to meet the various Assistant Secretary nominees from the Department. I’ve enjoyed our conversations there. I’m impressed by their understanding of the issues that they focus on, and their commitment to public service.
    You’re building out quite the team. It was great to be able to talk to Kate MacGregor. She has a little bit of history with the Department, and comes with a lot of knowledge and understanding, certainly on Alaska–related issues, so we were glad to get her confirmed and to work as well as some of the other nominees. As the Chairman of the Indian Affairs Committee, we’re anxious to have a nominee for the [Assistant Secretary for Indian Affairs] as well.
    So, I want to thank you, I want to thank President Trump for recognizing Alaska’s amazing natural resource potential. This was very significant in the day-one executive order: everything from the Ambler Road to the NPR-A, to non-wilderness Coastal Plain, Alaska
    LNG. There’s been very swift, very early, and decisive action in this space. It’s welcome both here in Washington, DC, and certainly in my state. So, I’m looking forward to working with you to further facilitate the development of Alaska’s resources.
    I know you are looking forward to going to Alaska in just a couple weeks. Hopefully, it’s going to be a great trip, lots of good information, good feedback, and good weather. I’m hopeful that Denali will be out in all of its majesty and splendor and you’ll be reminded why Alaskans prefer the Koyukon-Athabascan name, “Denali,” meaning ‘the Great One.’
    The President and you have set out an ambitious agenda, particularly with respect to the focus on energy and economic development. I’m very supportive of this endeavor, and know that I want to be your partner in achieving so many of the goals.
    Beyond resource development, the Department of the Interior can be an economic force for good in many different ways. One of the most important economic drivers that we see up in Alaska, aside from the resource end of things, within the Department is the National Parks System. The National Parks in the home states of the members on this subcommittee generate a collective $7.4 billion of economic output annually. That’s more than the gross domestic product of 40 different countries. But it’s not just the economic output that makes parks so important, it’s the experiences of traveling to parks, seeing the wildlife, having an adventure that creates a lifetime of memories. And, we’ve had discussions about some of your early years and the significance of that.
    Back home in Alaska, we’ve already had about 150,000 people come through on cruise ships this year. That might not surprise other people, but this is early for us. We estimate a total of 1.65 million visitors for the tourism season – that’s about double the population of our state. So, when we see a skinny budget that proposes to cut $1.2 billion or 35% from the Park Service, it’s hard to square it with the claims that DOI is focused on fostering the American economy, again recognizing that our economy is more than just our natural resource development.
    Another area of concern that I will address in my questions within the National Park Service budget proposal is the concept of turning over management of National Parks to the states. I’m trying to figure out exactly how this would work, and I’m kind of thinking it’s like me putting my kids in charge of the upkeep for the house that I own. In some instances, it might make good sense, but as a wholesale best practice I worry about how that might impact the parks or our people. So, should this concept be included in the full budget request, I’d hope that we have a really thorough conversation with you to better understand the justification for the proposal.
    I am concerned about what the skinny budget proposes for the BIA and the BIE. Cutting nearly $1 billion from Indian Affairs would hurt the federal government’s ability to meet its trust responsibility to Native people. In some of our conversations, I’ve shared some of the areas where I think the Department has failed Indian Country, and this is in areas like probate, where we have an extraordinary backlog, public safety and justice, missing and murdered indigenous people, as well as the education of Native American children.
    While I appreciate that the skinny budget alleges that proposed cuts would enable Tribes to focus on law enforcement, I’m not sure how reducing BIA law enforcement funding by $107 million is treating the program as a core priority of Tribes. I know, because I hear Tribes have been requesting more support for this program to address a serious lack of policing, so I worry that cuts of this magnitude can’t be made up for by directing Tribes to apply for grants at DOJ as the skinny budget suggests.
    I want to end my opening comments this morning by talking about what I consider to be, and I know that you put equal priority to, and that’s the men and women of the Department. The people who actually make things happen.
    We’ve talked about a lot of good ideas for using new systems, IT systems, artificial intelligence, how we can make the Department more efficient. These are good goals, worthy goals, and I hope to see that detailed more in the budget. But I think we know when we’re talking about management of our public lands, if you don’t have the necessary staff, whether out in the field or in the headquarters, all the investments that we want to make become less efficient.
    When I think about the Executive Order as it relates specifically to Alaska, we’ve got some good things that we want to do up north when it comes to resource development, but scientific and ecological assessments that are provided by USGS are relied upon by not just federal land management agencies, but by the industry as well. USGS science helps avoid polar bear dens, identify permafrost, map caribou migration patterns. So, when we see cuts to USGS, but also BLM, BOEM, BSSE, and OSMRE, it causes me to wonder, are we going to be able to accomplish what we’re all seeking to accomplish together?
    I think it’s important also that people have expertise and knowledge about the places that they serve. I had this conversation with folks in the Forest Service. You just can’t take somebody who maybe comes from Indianapolis, a good Forest Service person, but you put them out at the Mendenhall Glacier Visitors Center where their job is bear management and they don’t have a clue about bear management.
    We want to make sure that we’re making good and smart decisions. I know you’re probably going to get a lot of questions today about staffing cuts, and how that is going to impact the operations of the Department not just here in Washington, but around the country. I do wish that the Acting Assistant Secretary for Policy, Management, and Budget, Mr. Hassan, [was] here today to answer some of these questions because he seems to be in charge of making a lot of the decisions about the staffing and the [reorganization]. I’m hoping that he is going to be in a position to be more responsive to my staff about some of the questions that we have raised. But ultimately, and you know, you’ve been a governor you know the buck stops with you. He can be responsible for certain things, but ultimately it is you that is accountable.
    So, getting the answers to questions about the reorganizations, the impacts of RIFs, how the Department will operate National Parks, protect reserves, and implement the President’s energy agenda. Getting this channel of communication going back and forth in a good and a constructive way, I think is going to be important. But, my bottom line to you this morning is [that] I’m I pleased with your nomination, I’m excited that you are there at the Department.
    I’m really excited about the shift that we’re seeing in Alaska where the Department has really gone from being a problem to being a partner in so many different areas. So, [I’m] looking forward to what we’re going to be able to do together.

    MIL OSI USA News –

  • MIL-OSI USA: Representative Peters Votes NO on GOP Tax Plan

    Source: United States House of Representatives – Congressman Scott Peters (52nd District of California)

    Washington, D.C. – Today, Representative Scott Peters (CA-50) voted against the Republican plan to cut healthcare for millions of vulnerable patients under Medicaid and the Affordable Care Act to pay for tax cuts for wealthy individuals and corporations that don’t need them. The Republican plan would kick 13.7 million people off of their healthcare, according to an analysis by the independent Congressional Budget Office. And the non-partisan Committee for a Responsible Federal Budget has found that the bill could add $37 trillion to the national debt over the next 30 years. After the House voted 215-214 to advance the legislation, Rep. Peters released the following statement:  

    “Not only is the Republican tax plan fiscally irresponsible, it is also unnecessarily cruel. Our country borrows $2 trillion every year just to keep the lights on. That number will only grow and add to our colossal debt under this tax plan. But Republicans aren’t trying to reduce the debt, they are kicking people off their healthcare to lower taxes for the highest earners. If we allowed marginal taxes for people making more than $609,000 to go from 37 to 39.6 percent, where it was in 2017, we could generate up to $402 billion in revenue over 10 years. Those people would pay a bit more in taxes, and we could avoid kicking millions of people off their healthcare. 

    “Irresponsible borrowing like this is why Moody’s, for the first time ever, downgraded our credit rating, why the stock market is falling, why the bond markets are going haywire, and why consumers are worried they won’t be able to keep up with rising prices. It is time to have an honest and tough bipartisan conversation about how we reduce the debt. While today’s vote was disappointing, I will continue to fight this debt-financed plan as it moves through the Senate.” 

    Read about Rep. Peters’ opposition to the tax plan in the Energy and Commerce Committee here.  

    Read about Rep. Peters’ opposition to the tax plan in the Budget Committee here.  

    CA-50 Medicaid Facts: 

    • 156,100 people in the district rely on Medicaid for health coverage—that’s 20 percent of all district residents. 
      • 34,700 children in the district are covered by Medicaid. 
      • 17,700 seniors in the district are covered by Medicaid. 
      • 64,900 adults in the district have Medicaid coverage through Medicaid expansion—that includes pregnant women who are able to access prenatal care sooner because of Medicaid expansion, parents, caretakers, veterans, people with substance use disorder and mental health treatment needs, and people with chronic conditions and disabilities. 
    • At least five hospitals in the district had negative operating margins in 2022. These hospitals would be especially hard-hit by cuts to Medicaid. For example: 
      • Scripps Mercy Hospital had a negative 25.3 percent operating margin—and nearly 22 percent of its revenue came from Medicaid. 
      • Sharp Coronado Hospital had a negative 3.5 percent operating margin—and over 36 percent of its revenue came from Medicaid. 
      • University of California San Diego Medical Center had a negative 2.4 percent operating margin—and nearly 19 percent of its revenue came from Medicaid. 
    • There are 54 health center delivery sites in the district that serve 529,944 patients. 
    • Those health centers and patients rely on Medicaid—statewide, 69 percent of health center patients rely on Medicaid for coverage. 
    • Health centers will not be able to stay open and provide the same care that they do today, with more uninsured and underinsured patients. They are already operating on thin margins—in 2023, nationally, nearly half of health centers had negative operating margins. 
    • Medicaid cuts put health centers at risk, including: 
      • Family Health Centers of San Diego 
      • Neighborhood Healthcare 
      • North County Health Project 
      • San Diego American Indian Health Centers 
      • St. Vincent De Paul Village 

    Representative Peters is the co-author of the Fiscal Commission Act, legislation to create a bicameral and open-door commission to tackle our nation’s long-term debt, help us avoid automatic and across-the-board cuts to Social Security and Medicare, and secure a more prosperous future for our children. 

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    MIL OSI USA News –

  • MIL-OSI: Copley Acquisition Corp Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing on or about June 2, 2025

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, May 22, 2025 (GLOBE NEWSWIRE) — Copley Acquisition Corp (NYSE: COPLU) (the “Company”) announced that holders of the units sold in the Company’s initial public offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the exercise by the underwriters of their overallotment option, completed on May 2, 2025 (the “Offering”) may elect to separately trade the Class A ordinary shares and warrants included in the units commencing on or about June 2, 2025. Any units not separated will continue to trade on The New York Stock Exchange under the symbol “COPLU”, and each of the Class A ordinary shares and warrants will separately trade on The New York Stock Exchange under the symbols “COPL” and “COPLW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and warrants.

    The Company is a blank check company incorporated as an exempted company under the laws of the Cayman Islands, which will seek to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

    A registration statement relating to the securities was declared effective on April 30, 2025, in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Cautionary Note Concerning Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Contact

    Copley Acquisition Corp
    Suite 4005-4006, 40/F, One Exchange Square
    8 Connaught Place, Central, Hong Kong

    Francis Ng
    Co-Chief Executive Officer
    Email: francis.ng@copleyacquisition.com
    Phone: +852 2861 3335

    The MIL Network –

  • MIL-OSI: Preferred Bank Announces Stock Buyback

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, May 22, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the shareholders have approved a new $125 million stock repurchase plan. Also, on May 8, 2025, the Bank completed its prior stock repurchase plan. This was the final portion of the Bank’s $150 million repurchase authorized by shareholders in 2023. The final tranche of repurchase activity saw the Bank repurchase 818,059 shares for total consideration of $65.7 million over the first and second quarters of 2025. For the entire $150 million repurchase, the Bank repurchased 2,146,252 shares at an average price of $70.13 per share.

    For the new $125 million repurchase, the Bank will be required to gain regulatory approval due to the Bank’s corporate structure of having no holding company. It is expected that these approvals should be obtained in relatively short order.

    Chairman and CEO Li Yu stated, “As organic growth has slowed, the Bank’s capital ratios will continue to climb due to our high level of profitability. In this setting, buying back our common stock is a great use of the Bank’s excess capital and an indirect way of returning capital to our shareholders.”

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2 branches), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2 branches) and two branches in New York (Flushing and Manhattan) and one branch in the Houston suburb of Sugar Land, Texas. Additionally, the Bank operates a Loan Production Office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    AT THE COMPANY:
    Edward J. Czajka         
    Executive Vice President
    Chief Financial Officer
    (213) 891-1188    		   AT FINANCIAL PROFILES:
    Jeffrey Haas
    General Information
    (310) 622-8240
    PFBC@finprofiles.com    		  

    The MIL Network –

  • MIL-OSI Economics: Press Briefing Transcript: Julie Kozack, Director, Communications Department, May 22, 2025

    Source: International Monetary Fund

    May 22, 2025

    SPEAKER:  Ms. Julie Kozack, Director of the Communications Department, IMF

    MS. KOZACK: Good morning, everyone and welcome to this IMF Press Briefing.  It is wonderful to see you all today on this rainy Washington morning, especially those of you here in person and of course also those of you joining us online.  My name is Julie Kozak.  I’m the Director of Communications at the IMF.  As usual, this press briefing will be embargoed until 11:00 a.m. Eastern Time in the United States.  And as usual, I will start with a few announcements and then I’ll take your questions in person on WebEx and via the Press Center.  

    So first, our Managing Director, Kristalina Georgieva, and our First Deputy Managing Director, Gita Gopinath, are currently attending the G7 Finance Ministers and Central Bank Governors meeting taking place in Canada right now.  Second, on May 29th through 30th, the Managing Director will travel to Dubrovnik, Croatia to attend a joint IMF Croatia National Bank Conference focused on promoting growth and resilience in Central, Eastern, and Southeastern Europe.  The Managing Director will participate in the opening panel and will hold meetings with regional counterparts.  

    On June 2nd, the Managing Director will travel to Sofia, Bulgaria to attend the 30th Anniversary celebration of the National Trust Ecofund.  During her visit, she will also hold several bilateral meetings with the Bulgarian authorities.  

    Our Deputy Managing Director, Nigel Clarke, will travel to Paraguay, Brazil, and the Netherlands next month.  On June 6th, he will launch the IMF’s new regional training program for South America and Mexico, which will be hosted in Asuncion by the Central Bank of Paraguay.  From there, he will travel to Brasilia to deliver a keynote speech on June 10th during the Annual Meeting of the Caribbean Development Bank.  He will also then travel to the Netherlands on June 12th to 13th to participate in the 2025 Consultative Group to Assist the Poor Symposium and to meet with the Dutch authorities.  

    Our Deputy Managing Director, Kenji Okamura, will be in Japan from June 11th to 12th for the 10th Tokyo Fiscal Forum to discuss fiscal frameworks and GovTech in the Asia Pacific region.  

    And finally, on a kind of housekeeping or scheduling issue, the Article IV Consultation for the United States will be undertaken on a later timetable this year, with discussions to be held in November.  

    And with those rather extensive announcements, I will now open the floor to your questions.  For those connecting virtually, please turn on both your camera and microphone when speaking.  All right, let’s open up.  Daniel.

     

    QUESTIONER: Thanks for taking my question.  I just wonder if the IMF has any reaction to the passage of last night in the House of Representatives of the One Big, Beautiful bill.  And a related question, how concerned are you by the increase in yields on long-dated U.S. treasuries?  What do you think it says about the market’s view of U.S. debt going into the future and sort of any possible spillovers for IMF borrowers as well?  MS. KOZACK: On the first question, what I can say is we take note of the passing of the legislation in the House of Representatives earlier this morning.  What we will do is we will look to assess a final bill once it has passed through the Senate and also once it’s been enacted.  And, of course, we will have opportunities to share our assessment over time in the various products where we normally would convey our fulsome views.  

    On your second question, which was on the bond market.   What I can say there is that we know that the U.S. government bonds are a safe haven asset, and the U.S. dollar, of course, plays a key role as the world’s reserve currency.  The U.S. bond market plays a critical role, of course, in finance and in safe assets.  And this is underpinned by the liquidity and depth of the U.S. market and also the sound institutions in the U.S.  We don’t see any changes in those functions.  And, of course, what we can also say is that although there has been some volatility in markets, market functioning, including in the U.S. Treasury market, has so far been orderly.  

     

    QUESTIONER: My question is about Ukraine.  Two topics particularly.  So, the first one, when is the next review of the Ukraine’s EFF is going to be completed, and what amount of money would be disbursed to Kyiv?  And could you please outline the total sum that is remaining within the current program?  And the second part, it’s about debt level.  What is the IMF assessment of current Ukraine’s government debt level?  Is it stable?  Do you see any vulnerabilities and any risks for Ukraine?  Thank you.  

    MS. KOZACK: Any other questions on Ukraine?  Does anyone online want to come in on Ukraine?  Okay, I don’t see anyone.  

    What I can say on Ukraine is that just two days ago, our Staff team started policy discussions with the Ukrainian authorities on the eighth review under the eff.  So, the team is on the ground now.  The discussions are taking place in Kiev and the team will provide an update on the progress at the end of the mission.

    In terms of the potential disbursement, I’m just looking here; that’s the seventh disbursement.  We will come back to you on the size of the disbursement, but it should show in the Staff report for the Seventh Review what would be expected for the Eighth Review.  And it would also show the remaining size of the program.  But we’ll come back to you bilaterally with those exact answers.  

    And what I can then say on the debt side is at the time of the Seventh Review under the program, we assessed debt, Ukraine’s debt to be sustainable on a forward-looking basis and as with every review that the team of course, will update its assessment as part of the eighth review discussion.  We’ll have more to say on the debt as the eighth review continues.  

     

    QUESTIONER: Just one more thing on Ukraine.  Does it make sense for them to consider using the euro as a defense currency for their currency, given the shifting geopolitical sense and what we are seeing with the dollar? MS. KOZACK: So right now, under the program, Ukraine has an inflation targeting regime, and that is where what the program is focused on, our program with Ukraine. So, they have an inflation targeting regime.  They are very much focused on ensuring the stability of that monetary policy regime that Ukraine has.  And, of course, that involves a floating exchange rate.  And I don’t have anything beyond that to say on the currency market.

     

    QUESTIONER: The agreement with the IMF established a target for the Central Bank Reserve to meet by June.  According to the technical projection, does the IMF believe Argentina will meet this target?  And if it’s not met, is it possible that we will grant a waiver in the future?

    MS. KOZACK: anything else on Argentina?  

    QUESTIONER: About Argentina, what is your assessment of the progress of the program agreed with Argentina more than a month after its announcement in last April?  

     

    QUESTIONER: The government is about to announce a measure to gain access to voluntarily, of course, but to the dollars that are “under the mattress”, as we call them, undeclared funds to probably meet these targets that Roman was asking about.  I was wondering if this measure has been discussed with the IMF.  And also, you mentioned Georgieva visiting Paraguay and Brazil, if you there’s any plan to visit Argentina as well?  

    QUESTIONER: President Milei is about to announce, you know, Minister Caputo, in a few minutes that there is a measure to use similar to attacks Amnesty.  Is the IMF concerned that this could violate its regulations against illicit financial flows? 

    MS. KOZACK: So, with respect to Argentina, on April 11th, I think, as you know, our Executive Board approved a new four-year EFF arrangement for Argentina.  It was for $20 billion.  It contained an initial disbursement of $12 billion.  And that the aim of that program is to support Argentina’s transition to the next phase of its stabilization program and reforms.  

    President Milei’s administration’s policies continued to deliver impressive results.  These include the rollout of the new FX regime, which has been smooth, a decline in monthly inflation to 2.8 percent in April, another fiscal surplus in April, and reaching a cumulative fiscal surplus of 0.6 percent of GDP for the year, and efforts to continue to open up the economy.  At the same time, the economy is now expanding, real wages are recovering, and poverty continues to fall in Argentina.  

    The Fund continues to support the authorities in their efforts to create a more stable and prosperous Argentina.  Our close engagement continues, including in the context of the upcoming discussions for the First Review of the program.  This First Review will allow us to assess progress and to consider policies to build on the strong momentum and to secure lasting stability and growth in Argentina.  And in this regard, there is a shared recognition with the authorities about the importance of strengthening external buffers and securing a timely re-access to international capital markets.  

    What I can say on the question about the announcements on that — the question on the undeclared assets.  All I can say right now is that we’re following developments very closely on this, and of course, the team will be ready to provide an assessment in due course.  

    On the second part of that question, I do want to also note, and this is included in our Staff report, that the authorities have committed to strengthening financial transparency and also to aligning Argentina’s AML CFT, the Anti-Money Laundering framework, with international standards, as well as to deregulating the economy to encourage its formalization.  So, any new measures, including those that may be aimed at encouraging the use of undeclared assets, should be, of course, consistent with these important commitments.  

    And on your question about Paraguay and Brazil, I just want to clarify that it is our Deputy Managing Director, Nigel Clarke, who will be traveling to Brazil and Paraguay, not the Managing Director.  

     

    QUESTIONER: Two questions on Syria.  With the U.S. and EU announcing the lifting of sanctions recently, how does this affect any sort of timeline with providing economic assistance?  And secondly, the Managing Director has said that the Fund has to first define data.  Can you just walk through what that entails?  

    MS. KOZACK: Can you just repeat what you said?  The Managing Director has said?

     

    QUESTIONER: The need to define data.  Just sort of a similar question.  I’m just wondering, following the World Bank statement last week about, you know, Syria now being eligible to borrow from the bank, what sort of discussions the Fund has had with the Syrian authorities since the end of the Spring Meetings and, you know, any update you can give us around possible discussions around an Article IV.  

     

    QUESTIONER: About the relationship and if there’s any missed planned virtual or on the ground? 

    MS. KOZACK: Let me step back and give a little bit of an overview on Syria. So, first, you know, we’re, of course, monitoring developments in Syria very closely.  Our Staff are preparing to support the international community’s efforts to help with Syria’s economic rehabilitation as conditions allow.  We have had useful discussions with the new Economic Team who took office in late March, including during the Spring Meetings.  And, of course, you will perhaps have seen the press release regarding the roundtable that was held during the Spring Meetings.  IMF Staff have already started to work to rebuild its understanding of the Syrian economy.  We’ve been doing this through interactions with the authorities and also through coordination with other IFIs. And just to remind everyone, our last Article IV with Syria was in 2009.  So, it’s been quite some time since we have had a substantive engagement with Syria.  Syria will need significant assistance to rebuild its economic institutions.  We stand ready to provide advice and targeted and well-prioritized technical assistance in our areas of expertise. I think this goes a little bit to your question on, like, what do we mean by defining data.  I think what the Managing Director was really referring to there is since it has been such a long time since we have had a substantive engagement with Syria, the last Article IV, as I said, was in 2009.  I think there, what she’s really referring to is the need to really work with the Syrian authorities to rebuild basic economic institutions, including the ability to produce economic statistics, right, so that we — so that we and the authorities and the international community of course, can conduct the necessary economic analysis so that we can best support the reconstruction and recovery efforts.  

    With respect to the lifting of sanctions, what I can say there is that, of course, the lifting of sanctions and the lifting of sanctions are a matter between member states of the IMF.  What we can say in serious cases that the lifting of sanctions could support Syria’s efforts to overcome its economic challenges and help advance its reconstruction and economic development.  Syria, of course, is an IMF member, and as we’ve just said, you know, we are, of course, engaged closely with the Syrians to explore how, within our mandate, we can best support them.  

     

    QUESTIONER: My question is on Russia.  In what ways is the IMF monitoring Russia’s economy under the current sanctions and conflict conditions, and have regular Article IV Consultations or other surveillance activities with Russia resumed to track its economic developments?  

    MS. KOZACK: What I can say with respect to Russia is that we are, our Staff, are analyzing data and economic indicators that are reported by the Russian authorities.  We are also looking at counterparty data that is provided to us by other countries, and this is particularly true for cross-border transactions, as well as data from third-party sources. So, this data collection using official and other sources does allow us to put together a picture of the Russian economy.  

    We did provide an assessment in the 2025 April WEO, the one that we just released about a month ago.  In this WEO, we assess Russia’s growth at — we expect Russia to grow at 1.5 percent in 2025, 0.9 percent in 2026, and we expect inflation to come down to 8.2 percent in 2025 and 4.4 percent in 2026.  And I don’t have a timetable for the Article IV at this time.  

     

    QUESTIONER: I’d like to ask about Deputy Management Director Okamura’s visits to Japan.  So, my question is, what economic topics will be on the agenda during his stay?  Could you tell me a bit more in detail?  

    MS. KOZACK: Deputy Managing Director Okamura will travel to Japan, as I said, from June 11th to 12th, and he will be attending the Tokyo Fiscal Forum.  So, this will be the 10th Tokyo Fiscal Forum.  It’s an annual conference that we co-host in Japan every year and the focus is on issues of fiscal policy. In this particular one, Deputy Managing Director Okamura will be discussing fiscal frameworks. It’s very important for all countries to have sound fiscal frameworks so they can implement sound fiscal policy.  He will also be discussing GovTech not only in Japan but in the Asia Pacific region.  And of course, GovTech is very important for countries because it’s a way of modernizing and making government both provision of services in some cases but also potentially collection of revenue more effective and more efficient.  So, those will be the focus of his discussions in Tokyo.  

     

    QUESTIONER: I have a question on the recent bailout package by IMF to Pakistan.  The Indian government has expressed a lot of displeasure with Pakistan planning to use this package to build — rebuild — areas that allegedly support cross-border terrorism.  Does the IMF have any assessment of this?  Secondly, I also have another question.  Could you please provide information on the majority vote that was received in approving this bailout package for Pakistan on May 9th?  If you can disclose the information.  

    MS. KOZACK: Any other questions on Pakistan?  

     

    QUESTIONER: Just adding to that, do you have an update on the implications of the escalation of facilities in that border between Pakistan and India on both economies.  

     

    QUESTIONER: Thanks a lot.  I guess the only spin I would put on is generally what safeguards does the IMF have that its funds won’t be used for military or in support of military actions, not only there but as a general matter.  And I also, if you’re able to, there was some controversy about the termination of India’s Executive Director of the IMF, K.V. Subramanian.  Do you have any insight into–there are reports there–what it was about but what do you say it’s about?  Thanks a lot.  

    MS. KOZACK: With respect to the Indian Executive Director who had been at the Fund, all I can say on this is that the appointment of Executive Directors is a member for the — is a matter for the member country.  It’s not a matter for the Fund, and it’s completely up to the country authorities to determine who represents them at the Fund.  

    With respect to Pakistan and the conflict with India, I want to start here by first expressing our regrets and sympathies for the loss of life and for the human toll from the recent conflict.  We do hope for a peaceful resolution of the conflict.  

    Now, turning to some of the specific questions about the Board approval of Pakistan’s program, I’m going to step back a minute and provide a little bit of the chronology and timeframe.  The IMF Executive Board approved Pakistan’s EFF program in September of 2024.  And the First review at that time was planned for the first quarter of 2025.  And consistent with that timeline, on March 25th of 2025, the IMF Staff and the Pakistani authorities reached a Staff-Level Agreement on the First Review for the EFF.  That agreement, that Staff-Level Agreement, was then presented to our Executive Board, and our Executive Board completed the review on May 9th.  As a result of the completion of that review, Pakistan received the disbursement at that time.  

    What I want to emphasize here is that it is part of a standard procedure under programs that our Executive Board conducts periodic reviews of lending programs to assess their progress.  And they particularly look at whether the program is on track, whether the conditions under the program have been met, and whether any policy changes are needed to bring the program back on track.  And in the case of Pakistan, our Board found that Pakistan had indeed met all of the targets.  It had made progress on some of the reforms, and for that reason, the Board went ahead and approved the program.  

    With respect to the voting or the decision-making at our Board, we do not disclose that publicly.  In general, Fund Board decisions are taken by consensus, and in this case, there was a sufficient consensus at the Board to allow us to move forward or for the Board to decide to move forward and complete Pakistan’s review.  

    And with respect to the question on safeguards, I do want to make three points here.  The first is that IMF financing is provided to members for the purpose of resolving balance of payments problems.  

    In the case of Pakistan, and this is my second point, the EFF disbursements, all of the disbursements received under the EFF, are allocated to the reserves of the central bank.  So, those disbursements are at the central bank, and under the program, those resources are not part of budget financing.  They are not transferred to the government to support the budget. 

    And the third point is that the program provides additional safeguards through our conditionality.  And these include, for example, targets on the accumulation of international reserves.  It includes a zero target, meaning no lending from the central bank to the government.  And the program also includes substantial structural conditionality around improving fiscal management.  And these conditions are all available in the program documents if you wanted to do a deeper dive.  And, of course, any deviation from the established program conditions would impact future reviews under the Pakistan program.  

     

    QUESTIONER: I have a question on Egypt.  There is a mission in Egypt for the First Review of the EFF loan program.  So, can you please update us on the ongoing discussions, especially since the Prime Minister of Egypt announced yesterday that the program could be concluded in 2027 rather than 2026?  

    MS. KOZACK: Any other questions on Egypt?  I have a question from the Press Center on Egypt, which I will read aloud.  The question is when will the Fifth Review currently underway with the Egyptian government be concluded, and when will the Executive Board approve this review?  And how much money will Egypt receive once the review is approved?  

    So, here’s what I can share on Egypt.  First, let me start here.  So first, I just want to say that the Fund remains committed to supporting Egypt in building its economic resilience and fostering higher private sector-led growth.  Egypt has made clear progress on its macroeconomic reform program, with notable improvements in inflation and foreign exchange reserves.  For the past few weeks, IMF Staff has had productive discussions with the Egyptian authorities on economic performance and policies under the EFF.  As Egypt’s macroeconomic stabilization is taking hold, efforts must now focus on accelerating and deepening reforms that will reduce the footprint of the state in the Egyptian economy, level the playing field, and improve the business environment.  Discussions will continue between the IMF and the Egyptian authorities on the remaining policies and reforms that could support the completion of the Fifth Review.  

     

    QUESTIONER: My question is about Sri Lanka.  Sri Lanka’s program is subject to IMF Board approval.  The review is subject to IMF Board approval, but we still haven’t got any word on when that would be.  Is there any delay in this?  And is this delay attributed to the pending electricity adjustments, tariff adjustments, that the Sri Lankan government has committed to?  

    MS. KOZACK: So just stepping back for a minute.  On April 25th, IMF Staff and the Sri Lankan authorities reached Staff-Level Agreement on the Fourth Review of Sri Lanka’s program under the EFF.  And once the review is approved by our Executive Board, Sri Lanka will have access to about $344 million in financing.  Completion of the review is subject to approval by the Executive Board, and we expect that Board meeting to take place in the coming weeks.  

    The precise timing of the Board meeting is contingent on two things.  The first is implementation of prior actions, and the main prior actions are relating to restoring electricity, cost recovery pricing and ensuring proper function of the automatic electricity price adjustment mechanism.  And the second contingency is completion of the Financing Assurances Review, which will focus on confirming multilateral partners, committed financing contributions to Sri Lanka and whether adequate progress has been made in debt restructuring.  So, in a nutshell, completion of the review is subject to approval by the Executive Board.  We expect the Board meeting to take place in the coming weeks.  And it’s contingent on the two matters that I just mentioned.  

     

    QUESTIONER: Thank you for having my questions on Ecuador.  Since the IMF is still completing the second review under the EFF program for Ecuador, do you think it’s going to be time to change the program, the goals, or maybe the amount of the program?  Because Ecuador is now facing different challenges compared to 2024.  The oil prices are falling, so that is going to affect the fiscal situation for Ecuador.  And also, I would like to know if Ecuador is still looking for a new program under the RSF.  And the last one, I would like to know if, do you think that Ecuador is going to need to make some important changes this year on oil subsidies and a tax reform?  I think, as I said, Ecuador now is facing some important challenges in the fiscal situation, so do you think it’s going to be possible because of, you know, all the social protests and all that kind of stuff?  Do you think it’s going to be possible to do that in Ecuador?  

     

    QUESTIONER: Is there a request, an official request, in place to modify the program?  And if there is, of course, details of the new one, you can share.  

    MS. KOZACK: And then I have one question online from the Press Center regarding Ecuador.  Is the sovereign negotiating new targets, given their fiscal position deteriorated compared to last year?  Our understanding is that $410 million was not dispersed under the First Review.?

    So let me share what I can on Ecuador.  So, right now, representatives from the IMF, the World Bank, and the Inter-American Development Bank are in Quito this week to meet with the authorities and discuss the strengthening of financial and technical support to the country.  As part of this tripartite visit, we have a new IMF Mission Chief who is participating, and she is also using that opportunity to have courtesy meetings with the authorities and to continue discussions and advance toward a Second Review under Ecuador’s EFF.  

    What else I can add, just as background, is that the Executive Board in December approved the First Review of Ecuador’s 48-month EFF.  About $500 million was disbursed after the approval of that Frist Review.  And at that time, the Executive Board also concluded the Article IV Consultation.

    I can also say that the authorities have made excellent progress in the implementation of their economic program under the EFF.  And regarding the precise timing of the Second Review, we will provide an update on the next steps in due course and when we’re able to do so.  

     

    QUESTIONER: Just a quick question on tariffs.  I’m just wondering if the IMF has a response to the U.S.-China deal that was struck in Geneva earlier this month.  You know, if the deal holds, I appreciate it’s a 90-day pause, but if the deal holds, how would you foresee that changing the Fund’s current economic forecast for the U.S. and China and for the global economy?  Thanks.  

    MS. KOZACK: As you noted, earlier in May, China and the U.S. announced a 90-day rollback of most of the bilateral tariffs imposed since April 2nd, and they established a mechanism to discuss economic and trade relations.  The two sides reduced their tariff from peak levels, leaving in place 10 percent additional tariffs.  So, the additional tariffs before this agreement were 125 percent.  Now, the additional tariff has agreed to be 10 percent, you know, for the 90 days.  This is obviously a positive step for the world’s two largest economies.

    What I can also add is that for the U.S., you may recall, during the Spring Meetings, we talked a lot about the overall effective tariff rate for the U.S.  At that time, we assessed it at 25.5 percent.  This announcement and the reduction in tariffs will bring the U.S. effective tariff rate down to a bit over 14 percent.  

    Now, with respect to the impact, what I can say is that the reduction in tariffs and the easing of tensions does provide some upside risk to our global growth forecast.  We will be updating that global growth forecast as part of our July WEO.  And so that will give us an opportunity to provide a full assessment.  All of this said, of course, the outlook, the global outlook in general does remain one of high uncertainty.  And so that uncertainty is still with us.  

     

    QUESTIONER: I have a broad question regarding the following – at the IMF World Bank Spring Meeting, the recent one,  the Treasury Secretary Bessent called for the IMF and the World Bank to refocus on their core mission on macroeconomic stability and development.  Did the IMF start any discussion on this topic with the U.S. administration?  And my second question, do you foresee any changes to your lending programs to take into account the views of the Trump Administration regarding issues like climate change and international development?  Thank you.  

    MS. KOZACK: What I can say on this is the U.S. is our largest shareholder, and we greatly value the voice of the United States.  We have a constructive engagement with the U.S. authorities, and we very much appreciate Secretary Bessent’s reiteration of the United States’ commitment to the Fund and to our role.  The IMF has a clearly defined mandate to support economic and financial stability globally.  Our Management Team and our entire Staff are focused exactly on this mandate, helping our 191 members tackle their economic challenges and their balance of payments risks.  

    What I can also add is that at the most recent Spring Meetings, the ones we just had in April, our membership identified two areas where they’ve asked the IMF to deepen our work.  And the first is on external imbalances, and the second is on our monitoring of the financial sector.  So they’re looking for us to really deepen our work in these two areas.  

    As far as taking that work forward, we will continue working with our Executive Board on these areas, as well as to carry out some important policy reviews.  And I think the Managing Director referred to these during the Spring Meetings.  The first is the Comprehensive Surveillance Review, which will set out our surveillance priorities for the next five years.  And the second is the review of program design and conditionality.  And that will carefully consider how our lending can best help countries address low growth challenges and durably resolve their balance of payments weaknesses.  

    I have a slight update for you on Ukraine, which says — so the eighth — so if we look at the documents that were published at the time of the Seventh Review program, the one that was approved by the Executive Board a little while ago, based on that, the Eighth Review disbursement would be about $520 million.  And, the discussions of the Eighth Review are ongoing, and any disbursement, as always, is subject to approval by our Executive Board. 

    And with that, I will bring this press briefing to a close.  So first, let me thank you all for your participation today.  As a reminder, the briefing is embargoed until 11:00 a.m. Eastern Time in the United States.  As always, a transcript will be made available later on IMF.org.  In case of any clarifications or additional queries, please do not hesitate to reach out to my colleagues at media@imf.org.  This concludes our press briefing, and I wish everyone a wonderful day.  I look forward to seeing you next time.  Thanks very much.

     

      

    *  *  *  *  *

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI USA: ICE leads joint operation in southern Indiana

    Source: US Immigration and Customs Enforcement

    INDIANAPOLIS — A coordinated, multi-agency law enforcement operation conducted April 29 to May 1, resulted in the arrest of 23 aliens in the Evansville and Bloomington areas, as part of an ongoing initiative to combat criminal activity and enhance public safety. The successful three-day operation was conducted by a coalition of federal partners, including U.S. Immigration and Customs Enforcement (ICE), the Federal Bureau of Investigation (FBI), the Drug Enforcement Administration (DEA), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the U.S. Marshals Service (USMS), and the U.S. Attorney’s Office (USAO).

    Of the 23 aliens taken into custody, 18 had prior criminal arrests or convictions, including:

    • 10 aliens with one or more Operating While Intoxicated (OWI) offenses
    • 10 aliens involved in crimes that resulted in injury to others
    • 3 aliens connected to drug possession and trafficking

    Additionally, four aliens were arrested on federal warrants, including one subject previously convicted of cocaine trafficking:

    • Martin Cortez-Lopez, 36, who was arrested as he left court in Bloomington, Indiana.
      • Criminal History: 2007 disorderly intoxication and resisting law enforcement with violence; 2010 possession of cocaine and failure to appear for resisting officer with violence; 2024 possession of cocaine x2 and operating while intoxicated/endangerment.
      • Previously removed 2011.  
    • Amin Reynosa-Diaz, 29, arrested in Evansville, Indiana. Reynosa-Diaz was located at a construction site and taken into custody.
      • Criminal History: 2020 driving while intoxicated; 2024 domestic violence.
      • Previously removed 2019.
    • Jaime Ortiz-Guzman, 46, arrested in Bloomington, Indiana.
      • Criminal History: 1999 federal arrest, fraud, imposter, false documents; 2006 battery; 2008 operating while intoxicated and operating a motor vehicle without ever receiving a license; 2024 operating while intoxicated and driving without a license.
      • Previously removed felon.
    • Jonathan Regules-Hernandez, 44, arrested in Bloomington, Indiana, after a short foot pursuit.
      • Criminal History: 2000 larceny and possession of stolen goods; 2004 maintaining a vehicle/dwelling/place with controlled substances and trafficking in cocaine; 2005 breaking and entering with the intent to commit felony and larceny after breaking and entering; 2025 operating a motor vehicle without ever receiving a license.
      • Previously removed felon.

    This operation underscores the effectiveness of interagency collaboration in addressing public safety threats. By combining investigative resources, intelligence sharing, and enforcement capabilities, federal agencies are better equipped to identify, locate, and apprehend aliens who pose risks to the community or have violated federal laws, including immigration statutes.

    “ICE officers are integral in keeping communities across our country safe from those who would commit violent, criminal acts,” said ERO Chicago’s Assistant Field Office Director Douglas Thompson. “Thanks to our federal law enforcement partnerships, criminal aliens with no lawful basis to remain in the U.S. will be held accountable to the immigration laws of our nation.”

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in your community on X at @EROChicago.

    MIL OSI USA News –

  • MIL-OSI Security: Washington man arraigned on drug charges

    Source: Office of United States Attorneys

    GREAT FALLS – A Seattle man accused of distributing drugs on the Fort Belknap Indian Reservation appeared yesterday for arraignment, U.S. Attorney Kurt Alme said.

    The defendant, Jesse James Cochran, 31, pleaded not guilty to an indictment charging him with one count of conspiracy to possess with the intent to distribute controlled substances and one count of possession with the intent to distribute controlled substances. If convicted of the most serious crime charged in the indictment, Cochran faces a mandatory minimum term of imprisonment of 5 years, a maximum term of 40 years, a $5,000,000 fine, and at least four years of supervised release.

    U.S. Magistrate Judge John Johnston presided. Cochran was released pending further proceedings.

    Count one of the indictment alleges that on or about October 2022, and June 2024, in and near the Fort Belknap Indian Reservation, the Cochran knowingly and unlawfully conspired with his co-defendant to possess with the intent to distribute 40 grams or more of methamphetamine. Count two alleges that on or about October 2022, and June 2024, in and near Fort Belknap Indian Reservation, Cochran knowingly and unlawfully possessed with the intent to distribute 40 grams or ore of fentanyl and aided and abetted the same.

    Assistant U.S. Attorney Amanda Myers is prosecuting the case. The Tri-Agency Task Force conducted the investigation.

    The charging documents are merely accusations and defendants are presumed innocent until proven guilty beyond a reasonable doubt.

    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. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    PACER case reference. 24-92.

    The progress of cases may be monitored through the U.S. District Court Calendar and the PACER system. To establish a PACER account, which provides electronic access to review documents filed in a case, please visit http://www.pacer.gov/register.html. To access the District Court’s calendar, please visit https://ecf.mtd.uscourts.gov/cgi-bin/PublicCalendar.pl.

    XXX

    MIL Security OSI –

  • MIL-OSI: Everbright Digital Holdings Limited Announces Closing of Partial Exercise of Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, May 22, 2025 (GLOBE NEWSWIRE) — Everbright Digital Holdings Limited (the “Company” or “Everbright”) (Nasdaq: EDHL), an integrated marketing solutions provider headquartered in Hong Kong, today announced that it has issued an additional 160,000 ordinary shares (the “Ordinary Shares”) at a price of US$4.00 per share for gross proceeds of approximately $640,000, before deducting underwriter discounts and other related expenses, pursuant to the partial exercise of the underwriter’s over-allotment option in connection with the Company’s previously announced initial public offering (the “Offering”). The option closing date was May 22, 2025. The ordinary shares began trading on the Nasdaq Capital Market on April 17, 2025, under the ticker symbol “EDHL”.

    The Company expects to use the net proceeds from the Offering and the exercise of the over-allotment option for (i) marketing and business expansion; (ii) continued research and development of the Company’s core technologies; (iii) business development overseas; (iv) talent acquisition and training; and (v) for working capital.

    The Offering was conducted on a firm commitment basis. Dominari Securities LLC acted as the lead underwriter and Revere Securities LLC acted as co-underwriter for the Offering. Pacific Century Securities, LLC acted as an advisor to the Company. Ortoli Rosenstadt LLP acted as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the underwriters.

    A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-285191) and was declared effective by the SEC on March 31, 2025. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Dominari Securities LLC by email at info@dominarisecurities.com, by standard mail to Dominari Securities LLC, 725 Fifth Avenue, 23rd Floor, New York, NY 10022, or by calling (212) 393-4500. In addition, copies of the final prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

    This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    About Everbright Digital Holding Limited

    Everbright Digital Holding Limited is an integrated marketing solutions provider headquartered in Hong Kong. The Company conducts all operations in Hong Kong through its operating subsidiary, Hong Kong United Metaverse Limited. The Company is an integrated marketing solutions provider in Hong Kong that is deeply involved in the metaverse and related technologies, providing one-stop digital marketing services to support businesses through every stage of their development, including metaverse stimulation, virtual reality (VR) and augmented reality (AR) design and creation, creative event planning and management, IP character creation and social media marketing.

    For more information, please visit the Company’s website: https://umeta.hk/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    Everbright Digital Holding Limited
    Leung Chun Yip, CEO
    Email: michael@umeta.hk

    The MIL Network –

  • MIL-OSI USA: Rep. Allen Leads Georgia Colleagues in Effort to Expand Access to India’s Market for U.S. Pecan Producers

    Source: United States House of Representatives – Congressman Rick Allen (R-GA-12)

    Today, Congressman Rick W. Allen (GA-12) led a bipartisan, bicameral group of his colleagues from Georgia in sending a letter to United States Department of Agriculture (USDA) Secretary Brooke Rollins seeking a swift solution in expanding access to India’s market for U.S. pecan producers.

    Joining Congressman Allen in sending the letter are Representatives Sanford Bishop (GA-02), Buddy Carter (GA-01), Lucy McBath (GA-06), Austin Scott (GA-08), Rich McCormick (GA-07), and David Scott (GA-13), as well as Senators Raphael Warnock (D-GA) and Jon Ossoff (D-GA).

    In the letter, the Members write: “As you may know, India is a significant foreign market for U.S. pecans. In 2022, the United States exported more than $1.3 million of pecans to India, and USDA’s Foreign Agricultural Service projects that pecan exports to India could now reach up to $5 million annually. This is a result of successful efforts in advocating for India to cut its tariff on U.S. pecan exports by 70 percent, which opened a market of more than one billion consumers to premium U.S.-grown pecans.

    The Members continue: “While U.S. pecan exporters are now successfully exporting shelled pecans to India, the product purchasers in India have requested the U.S. to export in-shell pecans, which enables the pecans to travel in a more shelf-stable state and allows buyers to finish processing upon arrival in India. However, shipments of U.S. in-shell pecans cannot be completed due to the lack of appropriate plant quarantine code (PQ code) for import into India.

    The Members conclude: “In 2024, the U.S. pecan industry submitted documents to USDA’s Animal and Plant Health Inspection Service (APHIS) to begin the process of obtaining a PQ code, and we write to request assistance from USDA in expediting the process…”

    To read the full letter to Secretary Rollins, click here.

    MIL OSI USA News –

  • MIL-OSI: Athene Holding Ltd. Declares Second Quarter 2025 Preferred Stock Dividends

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, May 22, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”) announced that it has declared the following preferred stock dividends on its non-cumulative preferred stock (represented by depositary shares, each representing a 1/1,000th interest in a share of preferred stock), payable on June 30, 2025 to holders of record as of June 15, 2025.

    • Quarterly dividend of $396.875 per share on the company’s 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”); holders of depositary shares will receive $0.396875 per depositary share.
    • Quarterly dividend of $351.5625 per share on the company’s 5.625% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”); holders of depositary shares will receive $0.3515625 per depositary share.
    • Quarterly dividend of $398.4375 per share on the company’s 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (the “Series C Preferred Stock”); holders of depositary shares will receive $0.3984375 per depositary share.
    • Quarterly dividend of $304.6875 per share on the company’s 4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D (the “Series D Preferred Stock”); holders of depositary shares will receive $0.3046875 per depositary share.
    • Quarterly dividend of $484.375 per share on the company’s 7.750% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E (the “Series E Preferred Stock”); holders of depositary shares will receive $0.484375 per depositary share.

    Depositary shares for the Series A Preferred Stock are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “ATHPrA,” depositary shares for the Series B Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrB,” depositary shares for the Series C Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrC,” depositary shares for the Series D Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrD,” and depositary shares for the Series E Preferred Stock are listed on the NYSE under the ticker symbol “ATHPrE.”

    About Athene
    Athene is a leading retirement services company with over $380 billion of total assets as of March 31, 2025, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:

    Jeanne Hess
    VP, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network –

  • MIL-OSI: Guggenheim Second Quarter 2025 High Yield and Bank Loan Outlook: Credit Crossroads: Finding Value in an Era of Uncertainty

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 22, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments, the global asset management and investment advisory business of Guggenheim Partners, today released its second quarter High Yield and Bank Loan Outlook. “Credit Crossroads: Finding Value in an Era of Uncertainty,” examines the outlook for high yield corporate bonds and leveraged loans amid an uncertain economic environment and dimming growth outlook.

    Key takeaways:

    • Despite recent progress on trade negotiations, tariffs and related uncertainty have weakened the U.S. economic outlook, widening the range of potential outcomes for credit.
    • While progress on trade negotiations has lowered the probability of deeper economic downside risks, we think agreements will ultimately still result in higher effective tariff rates than at the start of the year.
    • The leveraged credit market delivered positive returns, despite historically high volatility.
    • Spreads for the strongest credits retraced quickly and are now tighter than the start of the year, while spreads for the weakest credits remain wider, as investors isolated the likely impact of tariffs across issuers and industries.
    • Fundamentals vary widely by capital structure and issuer type.
    • Industries that have outperformed are perceived as more resilient to tariff impacts due to less impact from trade issues or with defensive characteristics.
    • In tariff-exposed sectors, spreads for the weakest credits are 20–30 percent wider than where they started the year, suggesting risks have not fully receded.
    • We currently favor high yield corporates with stronger credit profiles and less exposure to tariff impacts and are maintaining cash to capitalize on relative value opportunities as spreads evolve.
    • Substantial downside risk remains should trade negotiations disappoint, or if a deeper shock becomes evident when the full impact of tariffs materializes.
    • We continue to actively monitor our portfolios, focusing on vulnerability to cost inflation, supply chain disruptions, and sourcing dependencies, while emphasizing issuers with pricing flexibility, negotiating power, and diversified sourcing strategies.

    For more information, please visit http://www.guggenheiminvestments.com.

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners and has more than $349 billion1 in total assets across fixed income, equity and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    1. Guggenheim Investments total assets are as of 3.31.2025 and includes $246 bn in GI Assets Under Management (AUM), plus $102.3 bn in non-advisory GI Assets Under Supervision (AUS) for a total of more than $349 bn. AUM includes leverage of $15.2 bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.

    Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities.  High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Investors in asset-backed securities, including mortgage-backed securities and collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate.

    This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

    This material contains opinions of the author, but not necessarily those of Guggenheim Partners, LLC, or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC.

    Media Contact
    Gerard Carney
    Guggenheim Partners
    310.871.9208
    Gerard.Carney@guggenheimpartners.com

    The MIL Network –

  • MIL-OSI Security: Sheboygan Man Indicted for Child Pornography Production and Possession

    Source: Office of United States Attorneys

    Richard G. Frohling, Acting United States Attorney for the Eastern District of Wisconsin, announced that on May 13, 2025, a federal grand jury indicted Nolan M. Pitsch (age: 31) of Sheboygan, Wisconsin, on five counts of production of child pornography and one count of possession of child pornography, in violation of Title 18, United States Code, Sections 2251(a) & (e) & 2252A (a)(5)(B) &)(b)(2).

    The indictment alleges that between approximately March 1, 2024, and continuing until at least September 30, 2024, Pitsch knowingly employed, used, persuaded, induced, enticed, and coerced multiple minor children to engage in sexually explicit conduct for the purpose of producing a visual depiction of such conduct, knowing and having reason to know that such visual depiction was and would be produced and transmitted using materials that have been mailed, shipped, and transported in and affecting interstate and foreign commerce by any means, including by computer. 

    The indictment also alleges that on September 26, 2024, Pitsch knowingly possessed images of child pornography, including images of minors who were under the age of twelve years old.

    If convicted of any of the production charges, Pitsch faces a mandatory minimum of 15 years’ imprisonment and a maximum of 30 years’ imprisonment.

     If convicted of the possession charge, Pitsch faces up to 20 years’ imprisonment.   He also faces up to a $250,000 fine on all of the counts.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006, by the U.S. Department of Justice. Led by U.S. Attorneys’ Offices and the Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    This case was investigated by multiply offices of the DHS’s Homeland Security Investigations (HSI) offices in Albany, NY, and HSI Milwaukee, HSI Chicago and Indianapolis offices, as well as the Sheboygan Police Department and the St. Louis County Police Department. It will be prosecuted by Assistant United States Attorney Megan J. Paulson and Trial Attorney William Clayman from the Child Exploitation and Obscenity Section.

    An indictment is only a charge and is not evidence of guilt.  The defendant is presumed innocent and is entitled to a fair trial at which the government must prove him guilty beyond a reasonable doubt.     

    # # #

    For Additional Information Contact:

    Public Information Officer

    Kenneth.Gales@usdoj.gov

    414-297-1700

    Follow us on Twitter

    MIL Security OSI –

  • MIL-OSI Security: Wolf Point man pleads guilty to sexual abuse charges

    Source: Office of United States Attorneys

    GREAT FALLS – A Wolf Point man accused of sexually abusing two victims admitted to charges today, U.S. Attorney Kurt Alme said.

    The defendant, Jason Wise Spirit, 44, pleaded guilty to two counts of sexual abuse. Wise Spirit faces a maximum term of imprisonment of life, a $250,000 fine, and five years to a lifetime of supervised release.

    Chief U.S. District Judge Brian M. Morris presided and will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing is set for October 2, 2025. Wise Spirit was detained pending further proceedings.

    The government alleged in court documents that on November 15, 2023, a victim referred to here as Jane Doe 1 started crying in class. She alleged Wise Spirit had sexually abused her older sister, referred to as Jane Doe 2. The FBI opened an investigation and both Jane Does 1 and 2 were interviewed on November 20, 2023. Jane Doe 1 said Wise Spirit sexually assaulted her more than 20 times on the Fort Peck Indian Reservation when she was between the ages of 6 and 9. She disclosed vaginal, anal, and oral sex while her mom was at work. Jane Doe 1 disclosed that Jane Doe 2 had also been abused.

    Jane Doe 2 corroborated some of the information from Jane Doe 1’s interview but denied any abuse.

    Jane Doe 2 was interviewed again on April 10, 2024, and disclosed she was afraid of Wise Spirit because he said he would kill her if she told anyone about the abuse. Jane Doe 2 described being forced to have anal and oral sex with Wise Spirit at their residence and in a car in a Walmart parking lot in Williston while their mom was at work.

    Wise Spirit was interviewed and made partial admissions. He said both Jane Does 1 and 2 touched his penis at different times.

    The U.S. Attorney’s Office prosecuted the case. The FBI conducted the investigation.

    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. For more information about Project Safe Neighborhoods, please visit https://www.justice.gov/psn.

    XXX

    MIL Security OSI –

  • MIL-OSI Security: Arden, N.C. Fentanyl And Methamphetamine Trafficker Is Sentenced To 11+ Years In Prison

    Source: Office of United States Attorneys

    ASHEVILLE, N.C. – Franklin Carlos Fair, 55, of Arden, N.C., was sentenced today to 134 months in prison followed by five years of supervised release for trafficking fentanyl and methamphetamine, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina.

    According to documents filed with the court and proceedings, in July 2023, law enforcement learned that Fair, who had prior state convictions for drug trafficking, was distributing kilogram amounts of methamphetamine and fentanyl in Buncombe County. During a November 7, 2023, traffic stop in Anderson, South Carolina, deputies stopped Fair as he traveled from Atlanta to Western North Carolina. Deputies found nearly $3,800 in cash in Fair’s pockets. They also recovered a heat-sealed package and a plastic bag that contained more than 255 grams of fentanyl, which Fair had tossed out the car window before he was stopped.

    According to court documents, on April 17, 2024, an individual cooperating with law enforcement arranged to buy from Fair $4,400 worth of methamphetamine and fentanyl. Fair was arrested when he arrived at the agreed location to make the drug sale. After Fair was taken into custody, law enforcement searched his vehicle and recovered more than a half a kilogram of methamphetamine and over 20 grams of fentanyl.

    On October 23, 2024, Fair pleaded guilty to possession with intent to distribute methamphetamine and fentanyl. He remains in the custody of the U.S. Marshals Service pending placement by the Federal Bureau of Prisons.

    In making today’s announcement, U.S. Attorney Ferguson thanked the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Bureau of Indian Affairs, the Buncombe County Sheriff’s Office, the Anderson County Sheriff’s Office in South Carolina, and Waynesville Police Department for their investigation of the case.

    Assistant U.S. Attorney Christopher S. Hess of the U.S. Attorney’s Office in Asheville handled the prosecution.

    This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
     

     

    MIL Security OSI –

  • MIL-OSI Security: Armed Asheville Drug Distributor Of Fentanyl And Methamphetamine Is Sentenced To Over 28 Years In Prison

    Source: Office of United States Attorneys

    ASHEVILLE, N.C. – Zachery Micah Rice, a 35-year-old Asheville man, was sentenced today to 342 months in prison for his role in a drug trafficking ring that distributed many kilograms of fentanyl, methamphetamine and other drugs in Asheville and surrounding areas, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina. In addition to the prison term, Rice was sentenced to five years of supervised release.

    According to records filed in the case, from 2021 to 2023, Rice was a major distributor methamphetamine, fentanyl, and cocaine in Buncombe, Henderson, and Transylvania Counties. He obtained the drugs from a supplier in Atlanta and transported them back to Western North Carolina for further distribution through a local network of traffickers and dealers. During one trip, law enforcement stopped and searched Rice’s vehicle, seizing over 11.5 kilograms of methamphetamine, a .40 caliber pistol modified to fully automatic with a machinegun conversion device known as a “Glock switch,” and more than $32,683 in cash. Investigators later executed search warrants at stash houses and a storage unit used by Rice, recovering kilogram quantities of fentanyl and methamphetamine, multiple firearms, including high-capacity magazines ammunition, digital scales, drug paraphernalia used for drug distribution, and more than $27,470.

    Rice pleaded guilty on October 18, 2024, to conspiracy to possess methamphetamine, fentanyl, and cocaine, possession with intent to distribute methamphetamine, possession of a firearm by a felon, and possession of a machinegun.

    Rice remains in the custody of the U.S. Marshals Service pending placement by the federal Bureau of Prisons.

    In making today’s announcement, U.S. Attorney Ferguson thanked the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Bureau of Indian Affairs, the Buncombe County Sheriff’s Office, the North Carolina State Bureau of Investigation the Henderson County Sheriff’s Office, the Anderson County Sheriff’s Office in South Carolina,  the Asheville Police Department, the Waynesville Police Department, the Cherokee Indian Police Department, the Rutherford County Sheriff’s Office, the Transylvania County Sheriff’s Office, the Haywood County Sheriff’s Office, the Swain County Sheriff’s Office, the Jackson County Sheriff’s Office, the Clay County Sheriff’s Office, and the Spartanburg County Sheriff’s Office in South Carolina for their investigation of the case.

    Assistant U.S. Attorney Christopher S. Hess of the U.S. Attorney’s Office in Asheville handled the prosecution.

    This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

     

     

    MIL Security OSI –

  • MIL-OSI USA: Rosen Celebrates Removal of Destructive Amodei Lands Proposal From Extreme House Budget Bill

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) released the following statement applauding the news that Congressman Mark Amodei’s (R-NV-02) hastily-drafted and misguided proposal to sell off public lands in Nevada was removed from the House Republicans’ extreme budget reconciliation package that they passed this morning. 
    “It’s great news for Nevada that Congressman Amodei’s flawed, hastily-drafted proposal to sell our state’s public lands has been removed from the extreme House Republican budget that passed today. This proposal would have led to Nevada losing out on the opportunity for hundreds of millions of dollars in funding so that it could instead pay for more tax cuts for billionaires,” said Senator Rosen. “I’ll keep working in the Senate to make sure my Washoe and Pershing County Lands Bills, which have been endorsed by a wide range of stakeholders in Nevada, are passed.”
    The flawed amendment proposed by Congressman Amodei would have sold off nearly 16,000 acres of public lands in Washoe County and hundreds of thousands of acres of public lands in Pershing County to pay for Congressional Republicans’ budget reconciliation proposal. It would have abandoned key provisions in the Truckee Meadows Public Lands Management Act, also known as the Washoe County Lands Bill, and directed funds from public land sales in Nevada to the U.S. Treasury, instead of keeping the funding in Nevada. It also ignored the balance struck in the Pershing County Economic Development and Conservation Act.
    Senator Rosen’s Washoe County Lands Bill would: 
    Permanently protect a million acres of public lands, which Congressman Amodei cut in his proposal.
    Promote sustainable growth and economic development by directing over 15,200 acres of public lands to be made eligible for sale, all of which must be assessed for its suitability for new affordable housing. An additional 33 acres are set aside to only be sold for affordable housing. Any land sold for affordable housing would have to be sold at less than fair market value.
    Support local Tribal communities by expanding land held in trust by more than 8,400 acres for the Reno-Sparks Indian Colony, 11,300 acres for the Pyramid Lake Paiute Tribe, and over 1,000 acres for the Washoe Tribe of Nevada and California, none of which was in the Amodei proposal.
    Provide local governments over 3,700 acres for public purposes such as parks, water treatment facilities, fire stations, and schools, all of which was excluded from the Amodei proposal. Land is specifically conveyed to Washoe County, the City of Reno, the City of Sparks, the Incline Village General Improvement District, the Gerlach General Improvement District, the State of Nevada, the Truckee River Flood Management Authority, the Washoe County School District, and the University of Nevada, Reno.
    Keep proceeds from land sales in Nevada for priorities like education and restoration around the Truckee River.
    For years, Senator Rosen has worked closely with a wide range of stakeholders across Washoe County to develop this comprehensive legislation. In 2023, she unveiled a working draft of the bill and collected feedback from hundreds of Nevadans during a public comment period, which she then incorporated into this legislation, which was previously introduced last year with the support of local government officials, conservation advocates, and business leaders.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Police shut down drug operations across Kumeū

    Source: New Zealand Police

    Police have uprooted several illicit drug operations nestled amongst the community in Northwest Auckland.

    In the past week, Police have recovered nearly 400 kilograms of cannabis, 40 grams of cocaine and made three arrests.

    Waitematā North Area Commander, Inspector Mike Rickards says local Police have been targeting large cannabis grow house operations run by Vietnamese organised criminal groups around the Kumeū area.

    Warrants were terminated yesterday, 21 May, and 16 May at two properties.

    “On Wednesday, our Kumeū and Helensville staff terminated a search warrant at a Station Road property where a sophisticated operation was uncovered.

    “At the property, we located 931 cannabis plants weighing 237 kilograms.”

    Police also located a vast amount of equipment used to manufacture.

    It followed a previous warrant last Friday at a nearby address, where two Vietnamese nationals were arrested.

    Inspector Rickards says Police located 130 cannabis plants weighting up to 155 kilograms.

    “Inside, we also seized a large amount of cash as well as high-end equipment used in the manufacturing of cannabis.”

    Cocaine was also located at the property.

    Two arrests were made, and a 27-year-old woman and a 32-year-old man have been remanded in custody on drugs offences.

    A third warrant was also conducted on 16 May, which resulted in a Head Hunters associate being arrested.

    “The Waitematā Gang Disruption Unit and members of the Offender Prevention Team attended,” Inspector Rickards

    “A 36-year-old man was arrested after he initially tried to dispose of illicit drugs at the address.”

    Police located 30 grams of cocaine as well as cannabis at the property.

    The man was arrested and has been charged with possession for supply of cocaine and cannabis.

    Inspector Rickards says Police are pleased with the outcome.

    “Our team’s operations over the past week have in no doubt disrupted the illegal operation and prevented harm in our community.

    “It will have had an impact on drug distribution across the Rodney area.

    “We’re really clear that we won’t tolerate this in our community, and we’ll continue to target these groups who are cashing in on their offending.”

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI USA: Senators Collins, Baldwin Introduce Bipartisan Bill to Expand Access to Lifesaving Cancer Screenings

    US Senate News:

    Source: United States Senator for Maine Susan Collins
    Washington, D.C. – Today, U.S. Senators Susan Collins and Tammy Baldwin (D-WI) introduced their bipartisan Screening for Communities to Receive Early and Equitable Needed Services (SCREENS) for Cancer Act to reauthorize the National Breast and Cervical Cancer Early Detection Program (NBCCEDP), a lifesaving program that provides breast and cervical cancer screening and diagnostic services for women who are low-income, uninsured, and underinsured and do not qualify for Medicaid.
    “Cancer prevention and screening programs are vital because the earlier the disease is caught, the better the prognosis,” said Senator Collins. “The NBCCEDP provides thousands of uninsured and underinsured Mainers with breast and cervical cancer screening, diagnostic, and treatment services each year. Our bipartisan legislation would reauthorize and strengthen this critical program, which has helped nearly 4,000 women in Maine receive a total of 8,198 screening tests over the past five years.”
    “Nearly every American’s life has been touched by a devastating cancer diagnosis, and early detection is one of the best tools we have to save lives. No Wisconsinite should miss regular screenings because of cost,” said Senator Baldwin. “That’s why I’m proud to lead this legislation with my Republican colleague to help detect cancers earlier, save lives, and ensure more Americans get the care they need at a price they can afford.”
    “Everyone should be able to get the breast health care they need when they need it, but barriers remain for far too many—the SCREENS for Cancer Act can change that,” said Molly Guthrie, VP of Policy & Advocacy at Susan G. Komen. “To support healthier communities across the country, we must make high-quality screening and diagnosis more readily available to those who need it. This bill will provide access to vital services so that cancers can be caught earlier.”
    “Reducing the cancer burden for everyone requires improving access to cancer early detection and prevention services,” said Lisa A. Lacasse, President of the American Cancer Society Cancer Action Network. “By reauthorizing the National Breast and Cervical Cancer Early Detection Program, the SCREENS for Cancer Act will ensure that program grantees can continue to receive critical resources and maintain the flexibility needed to provide access to lifesaving screening, diagnostic and treatment services to those who need them most.”
    An estimated 319,750 people in the U.S. will be diagnosed with breast cancer and nearly 43,000 will die from the disease this year alone. Since 1991, the NBCCEDP, a partnership between the Centers for Disease Control and Prevention (CDC) and state departments of health, has provided lifesaving breast and cervical cancer screening and diagnostic services to more than six million women who are low-income, uninsured and underinsured who do not qualify for Medicaid.
    NBCCEDP has a proven record of cancer detection, detecting nearly 80,000 breast cancers and over 25,000 premalignant breast lesions. The program also provides public education, outreach, patient navigation, and care coordination to increase breast and cervical cancer screening rates and reach underserved populations. Without access to early detection programs, many people who are uninsured are forced to delay or forgo screenings, which could lead to late-stage breast cancer diagnoses.
    The SCREENS for Cancer Act would reauthorize the NBCCEDP for the first time in more than a decade and make improvements that help ensure that the program reaches more eligible women. This reauthorization would provide flexibility to NBCCEDP grantees, allowing for a greater emphasis on implementing innovative evidence-based interventions and aggressive outreach to underserved communities through media, peer educators, and patient navigators. The bill authorizes $235 million per year for FY26 through FY30.
    The SCREENS for Cancer Act is endorsed by the Alliance for Women’s Health and Prevention, American Cancer Society Cancer Action Network, American College of Obstetricians and Gynecologists, American Indian Cancer Foundation, Brem Foundation to Defeat Breast Cancer, Cancer Support Community, Check for a Lump, FORCE: Facing Our Risk of Cancer Empowered, Living Beyond Breast Cancer, Men Supporting Women with Cancer, NAACP, National Comprehensive Cancer Network, National Consortium of Breast Centers, Oncology Nursing Society, Prevent Cancer Foundation, SHARE Cancer Support, Society of Breast Imaging, Susan G. Komen, Tigerlily Foundation, Triage Cancer, Triple Negative Breast Cancer Foundation, and Young Survival Coalition.
    The complete text of the bill can be read here.

    MIL OSI USA News –

  • MIL-OSI Economics: Samsung Electronics Secures Two Leadership Positions in 3GPP

    Source: Samsung

    ▲ (From left) Rajavelsamy Rajadurai and Lixiang Xu
     
    Samsung Electronics has secured new chair and vice-chair positions in the 3rd Generation Partnership Project (3GPP), the world’s largest telecommunications standards organization.
     
    Established in 1998, 3GPP develops global mobile communications standards with participation from major companies and organizations including Samsung, Qualcomm, Apple, Ericsson, Nokia and Huawei. The international body consists of three Technical Specification Groups (TSGs) — Service and System Aspects (SA), Radio Access Network (RAN) and Core Network and Terminals (CT) — each overseeing four to six Working Groups (WGs) for a total of 15 WGs across the organization.
     
    Rajavelsamy Rajadurai, Principal Architect at Samsung R&D Institute India-Bangalore (SRI–B), has been elected chair of 3GPP’s Service and System Aspects Working Group 3 (SA WG3). Meanwhile, Lixiang Xu, Principal Engineer at Samsung R&D Institute China-Beijing (SRC-B), has been elected vice chair of 3GPP’s Radio Access Network Working Group 3 (RAN WG3). SA WG3 defines standards related to network security and user privacy, whereas RAN WG3 develops base station interface protocol technologies. 
     
    In March, Dr. Younsun Kim, Master at Samsung Research, was elected chair of 3GPP’s Technical Specification Group Radio Access Network (TSG RAN) — leading standardization across all areas of wireless technology including the physical layer, protocol aspects and radio resource control.
     
    With these latest appointments, Samsung now holds three chair positions (SA WG2, SA WG3 and TSG RAN) and five vice-chair positions (SA WG4, SA WG6, RAN WG2, RAN WG3 and CT WG3) within 3GPP.
     
    Beginning in the second half of 2025, 3GPP will initiate research into 6G technologies. SA WG3 plans to explore security enhancements to counter cyberattacks, including those from quantum computers, and to develop privacy protection technologies for mobile communications networks. RAN WG3 is expected to research AI-powered solutions to reduce energy consumption at base stations and improve service quality. These groups are positioned to play a crucial role in advancing the use of AI, strengthening security and promoting sustainability — all key focus areas in the development of 6G.
     
    Through its expanded leadership within 3GPP, Samsung has established a framework to help drive standards across the mobile industry and collaborate with partners to shape the future of next-generation communications.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Hong Kong Night held in Niigata to promote closer regional Asian economic and trade ties

    Source: Hong Kong Government special administrative region

    Hong Kong Night held in Niigata to promote closer regional Asian economic and trade ties 
         The Chairman of the Airport Authority Hong Kong, Mr Fred Lam, was invited as the keynote speaker to share with the guests how Hong Kong International Airport connects Hong Kong and the world, enhancing Hong Kong’s competitiveness by leveraging various strengths of Hong Kong as a resilient business and innovation hub.
     
         In his keynote speech, Mr Lam recapped that Hong Kong has evolved from a manufacturing centre to a premium business and trading hub over the years with key advantages such as its free port status and low and simple tax system. He highlighted the city’s internationally recognised position as the world’s freest economy and related rankings.
     
         “Hong Kong is a leading business and trading hub. At Hong Kong International Airport (HKIA), we aim to support the city in meeting the next wave of competition by providing more value to businesses around the world and attracting more companies to invest and operate in Hong Kong. Our airport therefore must offer the highest standard of convenience and efficiency, through further extending air connectivity and leveraging technology. Our Airport City development strategy sets its sights on transforming the airport into a destination in its own right, attracting more passengers to visit or transfer at Hong Kong,” he said.
     
         Mr Lam also updated the guests on the areas where HKIA can contribute to enhancing Hong Kong’s trading hub status, including capturing the tremendous opportunities of e-commerce, streamlining the logistics operations within the region with intermodal connections, and handling new asset classes such as art storage and gold storage.
     
         The Principal Hong Kong Economic and Trade Representative (Tokyo), Miss Winsome Au, said that the Federation of Hong Kong Business Associations Worldwide is network of partners who bear testimony of how different regions of the world have been connected through doing business with Hong Kong over the years. To further enhance these connections and contribute even more significantly to regional prosperity, Hong Kong is actively seeking early accession to the Regional Comprehensive Economic Partnership and has sought valuable support for this from various member associations of the Federation of Hong Kong Business Associations Worldwide.
     
         The Federation of Hong Kong Business Associations Worldwide is a network of 49 Hong Kong Business Associations in 38 countries and regions. The member associations have strong business links to Hong Kong in their respective countries.
     
         The Asia Forum is a regional platform for the members of Hong Kong Business Associations to network, share experiences, and build contacts as well as business interests.
    Issued at HKT 7:23

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Booker, Hirono Introduce the Real Education and Access for Healthy Youth Act

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker

    WASHINGTON, D.C. — Today, U.S. Senators Cory Booker (D-NJ) and Mazie Hirono (D-HI) introduced the Real Education and Access for Healthy Youth Act (REAHYA), legislation to authorize federal grants for comprehensive sex education programs and youth sexual health services, and end funding for harmful Title V abstinence-only programs. U.S. Representatives Alma Adams (D-NC-12) and Pramila Jayapal (D-WA-07) will introduce companion legislation in the House. 

    Despite growing needs, young people across the country still lack access to comprehensive, evidence-based sex education and sexual health services. REAHYA aims to change that by creating federal grants that would fund programs at high schools, colleges, and organizations to support the sexual health and agency of students and young people. This legislation would also require program grantees to promote gender equity and offer instruction that is inclusive of young people with varying gender identities, gender expressions, and sexual orientations.

    “Young people need access to comprehensive sex education and sexual health services in order to make informed, responsible, and healthy decisions,” said Senator Booker. “Too many young adults are still receiving outdated and inaccurate information when it comes to making decisions about their sexual health, especially in underserved communities. This legislation aims to ensure sex education and sexual health programs are accessible and inclusive to everyone.” 

    “For too long, young people in our country have faced barriers to comprehensive, evidence-informed sex education and access to sexual health services, especially in underserved communities,” said Senator Hirono. “I am proud to reintroduce this legislation to help provide young people with the tools and knowledge they need to make informed decisions regarding their sexual health and to help them develop healthy relationships, while also promoting gender equity and offering education that is inclusive to people of all identities, expressions, and sexual orientations.”

    “For too long, our country’s sex education and sexual health resources have not met the needs of our young people, especially in underserved communities,” said Congresswoman Adams. “The Real Education and Access for Healthy Youth Act will arm our youth with the information and resources they need to make informed decisions on their bodies and their futures. Together we can work to reduce health disparities in our underserved communities and build a healthier future for generations to come.”

    “As the Trump administration continues to attack our reproductive rights and bodily autonomy and restricting access to scientifically accurate health information, this legislation is critical to protect and enhance young people’s access to comprehensive, culturally responsive, and equitable sex education,” said Congresswoman Jayapal. “REAHYA will equip young people with the necessary tools to make informed decisions about their relationships, sexual health, and overall well-being. This is an important step toward addressing disparities related to race, gender, and sexuality in current sex education programs, while also working to reduce rates of teen pregnancy and sexually transmitted infections.”

    Specifically, REAHYA would:

    1. Authorize funding for sex education programs at elementary and secondary schools, youth-serving organizations, and institutions of higher education;
    2. Ensure these programs are age-appropriate, medically accurate, and evidence-based;
    3. Provide grants for sex education teacher training;
    4. Establish grants for youth-serving organizations or health entities to deliver sexual health services for underserved youth; and
    5. Repeal the Title V Abstinence-Only-Until-Marriage Program.

    The Real Education and Access for Healthy Youth Act is endorsed by the following organizations: SiX Action, Equality California, Silver State Equality, American Humanist Association, Reproductive Health Access Project, AIDS United, National Council of Jewish Women, New Voices for Reproductive Justice, PWN-USA Ohio, Power to Decide, EducateUS, National Asian Pacific American Women’s Forum, Ipas US, Ibis Reproductive Health, NASTAD, SIECUS: Sex Ed for Social Change, Physicians for Reproductive Health, National Family Planning & Reproductive Health Association, Healthy Teen Network, Reproductive Freedom for All, The Arc of the United States, ACA Consumer Advocacy, National Partnership for Women & Families, ETR, National Network of Abortion Funds, Center for Biological Diversity, In Our Own Voice: National Black Women’s Reproductive Justice Agenda, Advocates for Youth, Guttmacher Institute, Vivent Health, National Latina Institute for Reproductive Justice, Planned Parenthood Federation of America, URGE: Unite for Reproductive & Gender Equity.

    The Real Education and Access for Healthy Youth Act is cosponsored by U.S. Senators Alex Padilla (D-CA), Ed Markey (D-MA), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), and Elizabeth Warren (D-MA).

    To read the full text of the bill, click here. 

    MIL OSI USA News –

  • MIL-OSI Security: Global Operation Targets Darknet Drug Trafficking

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

    The April 9 search and arrest of four subjects—led by the FBI’s Joint Criminal Opioid and Darknet Enforcement (JCODE) team and carried out by FBI Los Angeles and the Drug Enforcement Agency (DEA)—was part of a coordinated operation across four continents that has seized more than $200 million in currency and digital assets and over 1,500 kilograms of drugs, including fentanyl.

    In Operation RapTor, participating law enforcement agencies in the U.S., Europe, South America, and Asia arrested 270 darknet vendors, buyers, and administrators. (The darknet is a portion of the internet that is not indexed by traditional search engines and is only accessible through specialized software.) The results of the operation were announced today. 

    More than 144 kilograms (approximately 317 pounds) of fentanyl or fentanyl-laced narcotics were seized in this year’s operation, which included arrests in Austria, Brazil, France, Germany, the Netherlands, South Korea, Spain, Switzerland, the United Kingdom, and the U.S. Just one kilogram of fentanyl has the potential to kill 500,000 people, according to the DEA. The Centers for Disease Control and Prevention (CDC) says synthetic opioids like fentanyl are the primary driver of overdose deaths in the U.S. 

    The FBI, which established JCODE in 2018 to target drug trafficking—particularly of fentanyl and other opioids—on the darknet, has coordinated global law enforcement operations like RapTor every year since the initiative’s inception.

    “By cowardly hiding online, these traffickers have wreaked havoc across our country and directly fueled the fentanyl crisis and gun violence impacting our American communities and neighborhoods,” said FBI Director Kash Patel. “But the ease and accessibility of their crimes ends today.”

    MIL Security OSI –

  • MIL-OSI Africa: Secretary-General’s video message to the Pacific Regional Seminar of the Special Committee on Decolonization

    Source: United Nations – English

    strong>Download the video:
    https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+29+Apr+25/3365790_MSG+SG+DECOLONIZATION+TIMOR+LESTE+29+APR+25.mp4

    I am pleased to send my warm greetings to the 2025 Pacific Regional Seminar of the Special Committee on Decolonization.

    My thanks to the Government and people of Timor-Leste for hosting this meeting.

    Your country’s journey to independence is a beacon of hope for all.

    Through the years, the United Nations has been proud to accompany many Territories on their journey to decolonization – and we pledge to continue that vital work.

    Your focus this year is on “Pathways to a Sustainable Future” – recognizing that circumstances and needs vary from Territory to Territory – and that you also face common challenges. 

    Non-Self-Governing Territories are on the frontlines of the climate crisis – facing rising seas and extreme weather.  The world must step up to ensure you have the climate finance and adaptation support you need.

    Economic vulnerability also remains a significant challenge – including reliance on a single sector such as tourism or a heavy dependence on imports. We must keep supporting efforts for economic diversification. 

    Digital connectivity, education, and access to innovation must also be expanded to empower communities and unlock opportunities – with a special focus on women, young people and Indigenous peoples.

    On all these fronts and more, it is crucial to continue to leave no person or Territory behind. 

    Let’s commit to accelerate decolonization and end colonialism in all its forms.

    ***
     

    MIL OSI Africa –

  • MIL-OSI Security: Defense News: NIWC Pacific Enhances India’s Maritime Security Capabilities

    Source: United States Navy

    SAN DIEGO – The U.S. Navy is strengthening maritime security in the Indo-Pacific region through a $125 million initiative designed to enhance India’s maritime domain awareness. Naval Information Warfare Center (NIWC) Pacific is playing a central role in the Indo-Pacific Maritime Domain Awareness (IPMDA) program, a flagship effort under the U.S. Indo-Pacific Strategy.

    MIL Security OSI –

  • MIL-OSI Global: Golden Dome: An aerospace engineer explains the proposed nationwide missile defense system

    Source: The Conversation – USA – By Iain Boyd, Director of the Center for National Security Initiatives and Professor of Aerospace Engineering Sciences, University of Colorado Boulder

    Posters that President Donald Trump used to announce Golden Dome depict missile defense as a shield. AP Photo/Mark Schiefelbein

    President Donald Trump announced a plan to build a missile defense system, called the Golden Dome, on May 20, 2025. The system is intended to protect the United States from ballistic, cruise and hypersonic missiles, and missiles launched from space.

    Trump is calling for the current budget to allocate US$25 billion to launch the initiative, which the government projected will cost $175 billion. He said Golden Dome will be fully operational before the end of his term in three years and will provide close to 100% protection.

    The Conversation U.S. asked Iain Boyd, an aerospace engineer and director of the Center for National Security Initiatives at the University of Colorado Boulder, about the Golden Dome plan and the feasibility of Trump’s claims. Boyd receives funding for research unrelated to Golden Dome from defense contractor Lockheed Martin.

    Why does the United States need a missile shield?

    Several countries, including China, Russia, North Korea and Iran, have been developing missiles over the past few years that challenge the United States’ current missile defense systems.

    These weapons include updated ballistic missiles and cruise missiles, and new hypersonic missiles. They have been specifically developed to counter America’s highly advanced missile defense systems such as the Patriot and the National Advanced Surface-to-Air Missile System.

    For example, the new hypersonic missiles are very high speed, operate in a region of the atmosphere where nothing else flies and are maneuverable. All of these aspects combined create a new challenge that requires a new, updated defensive approach.

    Russia has fired hypersonic missiles against Ukraine in the ongoing conflict. China parades its new hypersonic missiles in Tiananmen Square.

    So it’s reasonable to think that, to ensure the protection of its homeland and to aid its allies, the U.S. may need a new missile defense capability.

    Ukrainian forces are using the U.S.-made Patriot missile defense system against Russian ballistic missiles.

    What are the components of a national missile defense system?

    Such a defense system requires a global array of geographically distributed sensors that cover all phases of all missile trajectories.

    First, it is essential for the system to detect the missile threats as early as possible after launch, so some of the sensors must be located close to regions where adversaries may fire them, such as by China, Russia, North Korea and Iran. Then, it has to track the missiles along their trajectories as they travel hundreds or thousands of miles.

    These requirements are met by deploying a variety of sensors on a number of different platforms on the ground, at sea, in the air and in space. Interceptors are placed in locations that protect vital U.S. assets and usually aim to engage threats during the middle portion of the trajectory between launch and the terminal dive.

    The U.S. already has a broad array of sensors and interceptors in place around the world and in space primarily to protect the U.S. and its allies from ballistic missiles. The sensors would need to be expanded, including with more space-based sensors, to detect new missiles such as hypersonic missiles. The interceptors would need to be enhanced to enable them to address hypersonic weapons and other missiles and warheads that can maneuver.

    Does this technology exist?

    Intercepting hypersonic missiles specifically involves several steps.

    First, as explained above, a hostile missile must be detected and identified as a threat. Second, the threat must be tracked along all of its trajectory due to the ability of hypersonic missiles to maneuver. Third, an interceptor missile must be able to follow the threat and get close enough to it to disable or destroy it.

    The main new challenge here is the ability to track the hypersonic missile continuously. This requires new types of sensors to detect hypersonic vehicles and new sensor platforms that are able to provide a complete picture of the hypersonic trajectory. As described, Golden Dome would use the sensors in a layered approach in which they are installed on a variety of platforms in multiple domains, including ground, sea, air and space.

    These various platforms would need to have different types of sensors that are specifically designed to track hypersonic threats in different phases of their flight paths. These defensive systems will also be designed to address weapons fired from space. Much of the infrastructure will be multipurpose and able to defend against a variety of missile types.

    In terms of time frame for deployment, it is important to note that Golden Dome will build from the long legacy of existing U.S. missile defense systems. Another important aspect of Golden Dome is that some of the new capabilities have been under active development for years. In some ways, Golden Dome represents the commitment to actually deploy systems for which considerable progress has already been made.

    Is near 100% protection a realistic claim?

    Israel’s Iron Dome air defense system has been described as the most effective system of its kind anywhere in the world.

    But even Iron Dome is not 100% effective, and it has also been overwhelmed on occasion by Hamas and others who fire very large numbers of inexpensive missiles and rockets at it. So it is unlikely that any missile defense system will ever provide 100% protection.

    The more important goal here is to achieve deterrence, similar to the stalemate in the Cold War with the Soviet Union that was based on nuclear weapons. All of the new weapons that Golden Dome will defend against are very expensive. The U.S. is trying to change the calculus in an opponent’s thinking to the point where they will consider it not worth shooting their precious high-value missiles at the U.S. when they know there is a high probability of them not reaching their targets.

    CBS News covered President Donald Trump’s announcement.

    Is three years a feasible time frame?

    That seems to me like a very aggressive timeline, but with multiple countries now operating hypersonic missiles, there is a real sense of urgency.

    Existing missile defense systems on the ground, at sea and in the air can be expanded to include new, more capable sensors. Satellite systems are beginning to be put in place for the space layer. Sensors have been developed to track the new missile threats.

    Putting all of this highly complex system together, however, is likely to take more than three years. At the same time, if the U.S. fully commits to Golden Dome, a significant amount of progress can be made in this time.

    What does the president’s funding request tell you?

    President Trump is requesting a total budget for all defense spending of about $1 trillion in 2026. So, $25 billion to launch Golden Dome would represent only 2.5% of the total requested defense budget.

    Of course, that is still a lot of money, and a lot of other programs will need to be terminated to make it possible. But it is certainly financially achievable.

    How will Golden Dome differ from Iron Dome?

    Similar to Iron Dome, Golden Dome will consist of sensors and interceptor missiles but will be deployed over a much wider geographical region and for defense against a broader variety of threats in comparison with Iron Dome.

    A second-generation Golden Dome system in the future would likely use directed energy weapons such as high-energy lasers and high-power microwaves to destroy missiles. This approach would significantly increase the number of shots that defenders can take against ballistic, cruise and hypersonic missiles.

    Iain Boyd receives funding from the U.S. Department of Defense and Lockheed-Martin Corporation, a defense contractor that sells missile defense systems and could potentially benefit from the implementation of Golden Dome.

    – ref. Golden Dome: An aerospace engineer explains the proposed nationwide missile defense system – https://theconversation.com/golden-dome-an-aerospace-engineer-explains-the-proposed-nationwide-missile-defense-system-257408

    MIL OSI – Global Reports –

  • MIL-OSI USA: Senators Marshall, Moran, Baldwin, and Bennet Introduce Bill to Spur Innovation in the Livestock Feed Sector

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington – U.S. Senators Roger Marshall, M.D. (R-Kansas), Jerry Moran (R-Kansas), Tammy Baldwin (D-Wisconsin), and Michael Bennet (D-Colorado) today reintroduced the Innovative Feed Enhancement and Economic Development (FEED) Act – bipartisan legislation that would establish a pathway at the U.S. Food and Drug Administration (FDA) for novel feed additives and increase livestock efficiency and production.
    “The agricultural industry sets the gold standard when it comes to livestock production,” Senator Marshall said. “Back home, producers are committed to making more with less and leaving the world safer, cleaner, and healthier than they found it. However, outdated regulations are holding back our feed industry and forcing innovations to happen overseas instead of here in America. I’m proud to work with Senators Moran, Baldwin, and Bennet to develop a bipartisan solution that will increase our ranchers’ access to the products they need and support rural America.” 
    “This legislation will help bolster the animal feed industry and make certain producers in Kansas and across the country continue to have access to feed additives that support animal nutrition,” Senator Moran said. “By expanding research and reducing bureaucratic hurdles at the FDA, more of these products will be available to farmers, encouraging a stronger food supply chain.”
    “Wisconsin farmers and ranchers should have the tools they need to grow their businesses and compete on the world stage. Right now, we know there are additives farmers could be using to reduce their environmental impact and provide nutritive benefits to their livestock, but bureaucratic red tape is holding them back,” Senator Baldwin said. “I’m proud to work with Republicans and Democrats to break down barriers for our farmers, help them access these innovative products, and support our rural economies.”
    “While producers in Europe and South America are using innovative feed additives to stay competitive, bureaucratic red tape has left America’s cattlemen and dairy farmers without any options. We need to create a level playing field for Colorado’s livestock industry by giving them every available tool to reduce greenhouse gas emissions and improve the sustainability of their farms and ranches, while ensuring health and safety,” Senator Bennet said.
    Joining Senators Marshall, Moran, Baldwin, and Bennet are Senators Chuck Grassley (R-Iowa), Angus King (I-Maine), and Amy Klobuchar (D-Minnesota).
    “Iowa farmers and ranchers feed the world with the best products available. Now, it’s time for Congress to remove bureaucratic hurdles at the FDA so products can safely get to market faster and producers can access more tools. Our bill will bolster our food supply chain and ensure America remains globally competitive in animal feed products,” Senator Grassley said.
    “Everyone benefits when healthy livestock produce safe, high-quality meat and dairy products – and that begins with how they eat,” Senator King said. “Unfortunately, manufacturers of supplemental additives to livestock feed face needless, burdensome hurdles and bureaucratic red tape which prevents farmers and ranchers from getting their hands on new, innovative products. The bipartisan Innovative FEED Act will expedite the period between the early stages of development and regulatory approval – creating a level playing ground for the agricultural industry and ensuring healthier, sustainable options for consumers.”
    The legislation is endorsed by the American Feed Industry Association, the National Council of Farmer Cooperatives, the National Milk Producers Federation, the National Grain and Feed Association (NGFA), Environmental Defense Fund, North American Renderers Association, the International Dairy Foods Association (IDFA), and the National Association of State Departments of Agriculture (NASDA).
    “The animal food industry envisions a healthier world for both people and animals through advanced animal food solutions, but the FDA’s outdated review system has not kept up with the pace of innovation,” said Constance Cullman, President and CEO of American Feed Industry Association. “Thanks to Senator Marshall’s continued leadership, Congress now has the ability to pursue a legislative fix that would give the FDA the tools it needs to more appropriately review new animal food ingredients with non-nutritive benefits. The AFIA thanks Senators Marshall, Baldwin, Moran, Bennett, King, and Grassley for introducing the Innovative FEED Act.”
    “Supporting the Innovative Feed Enhancement and Economic Development Act is a critical step toward empowering American farmers with the tools they need to drive innovation in agriculture,” said Chuck Conner, President and CEO of National Council of Farmer Cooperatives. “By modernizing the regulatory process, this legislation paves the way for the introduction of advanced feed technologies that can improve livestock production, reduce environmental impact, and enhance economic opportunities for farmers across the country.”
    “We commend Sens. Roger Marshall, Tammy Baldwin, Jerry Moran, and Michael Bennet for their bipartisan Innovative FEED Act to modernize the Food and Drug Administration’s regulatory framework for approving animal feed ingredients. U.S. dairy farmers benefit from access to safe and effective feed additives as they continue to innovate on multiple fronts,” said Gregg Doud, president and CEO, National Milk Producers Federation. “The bipartisan initiative led by Sens. Marshall, Baldwin, Moran, and Bennet will help them do just that, and we look forward to working with them to enact this bill into law.” 
    “We commend Senator Marshall and his colleagues for recognizing the importance of modernizing the regulatory framework for animal feed ingredients,” said NGFA President and CEO Mike Seyfert. “This bipartisan legislation demonstrates continued momentum for commonsense reform that promotes innovation, supports U.S. agricultural competitiveness, and protects food safety. The Senate’s engagement brings us one step closer to aligning U.S. policy with other global competitors who have already modernized their systems. NGFA urges Congress to act swiftly and pass this critical legislation.”
    “The North American Renderers Association (NARA) strongly supports the Innovative Feed Enhancement and Economic Development (Innovative FEED) Act,” said Kent Swisher, President and CEO, North American Renderers Association. “This commonsense, bipartisan legislation is critical to advancing innovation and sustainability in animal agriculture and feed production. NARA thanks the Senators Marshall, Moran, Bennet, and Baldwin for leading legislation that will allow U.S. renderers and feed manufacturers to more rapidly adopt new technologies that enhance animal welfare, improve feed efficiency, and reduce the environmental footprint of animal agriculture.”
    “IDFA members and dairy farmers need innovative, science-backed tools that help lower methane emissions in the dairy supply chain,” said Michael Dykes, D.V.M., president and CEO of the International Dairy Foods Association (IDFA). “We support the Innovative Feed Enhancement and Economic Development Act because it will create an appropriate regulatory pathway for some of these promising enteric methane technologies, which provide environmental benefits and new market opportunities for farmers, and we thank Senator Marshall, R-KS, Senator Baldwin, D-WI, Senator Moran, R-KS, and Senator Bennet, D-CO, for this bipartisan effort.”
    “NASDA supports the Innovative FEED Act’s goals to promote voluntary adoption of innovative new tools producers can use to increase the efficiency of their livestock operations,” said NASDA CEO Ted McKinney. “Most state departments of agriculture inspect and regulate animal feed ingredients, which will include the new products covered under this legislation. This bipartisan legislation is important and timely to ensure that producers, regulators, and the feed industry can collaborate to increase innovation amidst a competitive market in a way that is safe for animals, producers, and consumers.” 
    The full text of the legislation can be found here.
    Background:
    American livestock and dairy producers are essential to American communities and are among the top exporters in the global market. Part of what makes these industries the best in the world is their commitment to innovation and the utilization of the latest technologies to improve production while also reducing their environmental footprint.
    As the original conservationists, farmers, and ranchers steward the land and rely on feed additives to improve the quality and efficiency of meat and dairy. However, innovation to meet these growing demands has stalled due to outdated, one-size-fits-all federal policies.  
    Over the years, agricultural stakeholders have called for the development and marketing of safe and effective feed additives that can be used in animal food to improve livestock production. Global competitors have been working to meet this demand. Europe, Asia, and South America have updated their policies to have feed products on the market that demonstrate increased efficiency in meat production and byproduct and waste reduction. 
    The Innovative FEED Act would: 
    Amend the Federal Food, Drug, and Cosmetic Act, establishing a new category in the animal food additive petition process to cover ingredients that address animal health, food safety, or environmental benefits in an animal’s diet.
    Help American livestock producers cut regulatory red tape while adding value to their products and remaining competitive on a global scale.
    Ensures farmers are rewarded for participating in voluntary, producer-led sustainability efforts, and market their products to companies and nations that have set climate reduction goals.
    Modernize the approval process by establishing a new pathway for manufacturers to receive approval for feed additives that improve efficiency in meat and dairy production while also reducing byproducts.
    Establish strict guardrails to ensure only qualifying products are eligible for this pathway while also ensuring products are safe to use. 

    MIL OSI USA News –

  • MIL-OSI China: Jakarta-Bandung high-speed railway serves over 9 mln passengers since launch

    Source: People’s Republic of China – State Council News

    Jakarta-Bandung high-speed railway serves over 9 mln passengers since launch

    Updated: May 23, 2025 07:43 Xinhua
    An aerial drone photo taken on May 20, 2025 shows a high-speed electrical multiple unit (EMU) train at Padalarang Station of the Jakarta-Bandung High-Speed Railway (HSR) in Padalarang, Indonesia. The Jakarta-Bandung high-speed railway, locally known as Whoosh, has served more than 9 million passengers over 19 months since its inauguration in October 2023. [Photo/Xinhua]
    An aerial drone photo taken on May 20, 2025 shows a high-speed electrical multiple unit (EMU) train running along the line of Jakarta-Bandung High-Speed Railway (HSR) in Padalarang, Indonesia. [Photo/Xinhua]
    An aerial drone photo taken on May 20, 2025 shows a high-speed electrical multiple unit (EMU) train leaving Tegalluar Station of Jakarta-Bandung High-Speed Railway (HSR) in Bandung, Indonesia. [Photo/Xinhua]
    An aerial drone photo taken on May 20, 2025 shows the Karawang Station of Jakarta-Bandung High-Speed Railway (HSR) in Karawang, Indonesia. [Photo/Xinhua]
    An aerial drone photo taken on May 20, 2025 shows a high-speed electrical multiple unit (EMU) train running along the line of Jakarta-Bandung High-Speed Railway (HSR) in Karawang, Indonesia. [Photo/Xinhua]
    An aerial drone photo taken on May 20, 2025 shows a high-speed electrical multiple unit (EMU) train running along the line of Jakarta-Bandung High-Speed Railway (HSR) in West Bandung, Indonesia. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Wang/Sun overcome slow start to reach mixed doubles semis

    Source: People’s Republic of China – State Council News

    Olympic champions Wang Chuqin and Sun Yingsha overcame a slow start to beat Japan 3-1 in the World Table Tennis Championships mixed doubles quarterfinals on Thursday.

    Wang Chuqin/Sun Yingsha (R) compete during the mixed doubles quarterfinal between Wang Chuqin/Sun Yingsha of China and Matsushima Sora/Harimoto Miwa of Japan at ITTF World Table Tennis Championships Finals Doha 2025 in Doha, Qatar, May 22, 2025. (Xinhua/Liu Xu)

    The second-seeded Chinese pair were able to shine at clutch moments, beating fifth seeds Sora Matsushima and Miwa Harimoto 6-11, 11-9, 11-9, 11-9.

    “I had thought we were going to lose this match easily,” said Matsushima. “We played better than we had expected. We felt depth and tenacity from each strike by the Chinese. The barrier separating us is really high.”

    Matsushima added that he and Harimoto had seen a glimmer of hope midway through the contest. “If we had taken the third set, we might have had a chance to win the match. But we failed. That’s the gap between the Chinese and us.”

    MIL OSI China News –

  • MIL-OSI USA: ICYMI: Tuberville Honors Two Fallen Alabamians Ahead of Memorial Day

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    “We may never have met Michael or Jason, yet they courageously were willing to give their lives for their fellow Americans. We will continue to share their stories to ensure their sacrifices are never forgotten.”
    WASHINGTON – This week, U.S. Senator Tommy Tuberville (R-AL) honored two of Alabama’s fallen soldiers and their families in advance of Memorial Day. On the Senate floor, Senator Tuberville shared the stories of U.S. Army Staff Sergeant Michael Wesley Hosey of Clay and U.S. Marine Corps Lance Corporal Jason Barfield of Ashford.
    Earlier this month, Senator Tuberville also introduced a resolution that would designate May 2025 as “Fallen Heroes Memorial Month.”
    Excerpts from Senator Tuberville’s remarks can be found below and his full remarks can be found on Rumble or YouTube. 

    MICHAEL WESLEY HOSEY
    “For U.S. Army Staff Sergeant Michael Wesley Hosey, there was never a question in anyone’s mind as to what he wanted to do when he grew up. Every Career Day, he would always dress up as a soldier. Michael loved reading about history —and he loved our country. So much so, that his friends and family gave him the nickname, ‘’Merican…’”
    “Because Michael was only 17 when he graduated from Clay-Chalkville High School, his dad, also named Michael, had to sign his permission for him to enlist in the Army. As a Vietnam veteran, the elder Michael knew all too well what his son was signing up for. Yet, the Hosey family supported Michael’s decision to serve his country. There’s no question that this courageous young man also came from a courageous family.”
    “Michael had a giving heart and continued to earn the trust of the locals—especially all the kids. His sister Laurie recalls him always asking his family to send candy when they sent him a package. At first, she found this odd because Michael wasn’t a big candy eater, but they’d always send Skittles or gum. She later realized Michael wasn’t asking for candy [for] himself—but to share with all the kids in the country. Sadly, Michael lost his life on September 17, 2011, during Operation Enduring Freedom—one week before his 28th birthday. When sharing his story, Laurie wants us to remember that ‘Freedom is not free.’ It’s a reality that her and Michael’s parents—Condi and the older Michael—still carry with them every single day.”
    JASON BARFIELD
    “Jason lived his life with the goal of making a difference. His mom Kelli says that Jason believed that there was good in everyone—even if you couldn’t find it at first, that just meant just to dig a little bit deeper. Jason lived by the motto that ‘Every Day is A Good Day.’ He also had a gift for music and was in the band at Ashford, Alabama, High school. He enjoyed singing in church, playing the saxophone, and was teaching himself to play the piano. Jason’s hard work and talents earned him a four-year band scholarship to Huntington College—but he chose to forego the scholarship to enlist in the Marines, because he wanted to be part of the best.”
    “Jason surprised his family for Christmas in 2010 and spoke about his new goal to re-enlist in the military and become a chaplain. The Barfield’s didn’t know this would be their last holiday that they would spend together. Jason was killed in action on October 24, 2011, at the young age of 22. Sensing the danger that was ahead, Jason pushed eight of his fellow Marines, a native translator, and a K-9 out of the way from the booby trap explosion that would claim his own life. Jason’s platoon Sergeant Gunney Thrash, said, ‘His name and his actions for his fellow Marines will outlive all of us.’”
    ON IMPORTANCE OF MEMORIAL DAY
    “Michael Wesley Hosey and Jason Barfield are two young men who never got to start a family or fully pursue their dreams. We are forever grateful and indebted to them for their sacrifice that gives us the assurance to continue to sing the national anthem, not with a question mark—but with a declaration that we are the ‘land of the free and the home of the brave.’  I’m reminded of the words in John 15:13—’Greater love has no one than this, than to lay down one’s life for his friends.’ We may never have met Michael or Jason, yet they courageously were willing to give their lives for their fellow Americans. We will continue to share their stories to ensure their sacrifices are never forgotten. As Memorial Day approaches, I hope we take the time to honor America’s fallen, along with the brave families who have been left behind. May we never forget that freedom is not free.”
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –