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Category: Banking

  • MIL-OSI Europe: EIB Group’s New Financing in Croatia Reaches Record €1.24 Billion in 2024

    Source: European Investment Bank

    • EIB Group financing in Croatia rose to €1.24 billion last year from €464 million in 2023.
    • Focus on Croatian railways, cities and businesses in record year for commitments.
    • Climate action in Croatia received €721 million in support last year.

    The European Investment Bank (EIB) Group’s new financing in Croatia has reached a record level of €1.24 billion last year, with major support aimed at greening transport, cities and businesses. The total financing for 2024 included €937 million from the EIB and €303,2 million from the European Investment Fund (EIF), which focuses on small and medium-sized enterprises (SMEs) as well as Mid-Caps in Europe.

    EIB Group financing in Croatia last year amounted to 1.4% of its gross domestic product (GDP), whereof a third dedicated to the support of  Croatian SMEs and Midcaps throughout the intermediation of the Croatian banking system. The level of support rose 167% from €464 million in 2023.

    The largest EIB loan signed last year was a €400 million financing to the Croatian government to upgrade and expand rail infrastructure and services throughout the country – part of a €900 million agreement that marks the EIB’s largest-ever financing operation in Croatia. Other key initiatives included EIB loans of €207 million to the city of Zagreb to promote renewable energy, affordable housing and public transport, €200 million to the Croatian Bank for Reconstruction and Development, or HBOR, to expand green and other financing for a range of companies and €30 million financing for the increase of renewable energy production (Kiepach/ Go Green project) implemented by HEP.

    “Our record investments in Croatia in 2024 are a testament to our unwavering commitment to the country’s sustainable growth,” said EIB Vice-President Teresa Czerwińska. “We are deepening our engagement, unlocking new financing for businesses, modernising critical infrastructure and promoting innovation. Working closely with national and local authorities as well as with private-sector partners, we are helping to build a greener, more competitive and resilient Croatia.”

    The latest annual results bring total EIB Group financing in Croatia over the past five years to almost €3.1 billion. The annual average in the country since 2020 has been €613 million.

    Green gains, social support and firm financing

    Last year, projects to advance climate action and environmental sustainability in Croatia received EIB Group support totalling €721 million.

    The €400 million loan to the Croatian government in 2024 is meant to improve rail travel for 22 million passengers annually, accelerate regional development, encourage a shift away from road transport and reduce emissions that cause climate change.

    The €207 million loan to Zagreb reflects increased EIB Group support for Croatian cities to promote cleaner energy, urban mobility and essential cultural and social infrastructure such as schools, kindergartens and affordable housing. Such financing also helps cities absorb faster the grants from the European Union.

    In response to a rising need for affordable homes, the EIB last year also agreed to provide advisory services to five major Croatian cities: Zagreb, Split, Rijeka, Osijek and Varaždin. The goal is to help expand social housing and promote inclusive urban development.

    In the area of business financing, the €200 million loan to HBOR is part of a €500 million approved commitment to help Croatian companies lower their carbon footprint and become more sustainable. The EIB is also advising HBOR and other key financial institutions in Croatia on enhancing their green-funding capacity.

    The EIF teamed up with the EIB to offer €169 million to Privredna Banka Zagreb and €160 million to Erste Croatia to expand financing for businesses. The EIF further reinforced Croatia’s innovation ecosystem with investments in equity funds through the Croatian Venture Capital Initiative 2 (CVCi 2)  and the Croatian Growth Investment Programme II (CROGIP II), benefiting hundreds of start-ups and high-growth enterprises. EIF’s equity fund investments in the country also included one of its first commitments to a CEE-based infrastructure fund and, additionally, €40 million was pledged to the Vesna Deep Tech Venture Fund, supporting Croatia’s first technology transfer fund that also represents a cross-border initiative with Slovenia, fostering innovation and collaboration between academia and businesses. Altogether, the EIF experienced a record year in Croatia in terms of investments in funds managed by local teams, which now cover a broad range of strategies, from early-stage venture capital, technology transfer, growth investments and social impact to investments in infrastructure projects.

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    MIL OSI Europe News –

  • MIL-OSI Europe: Team Europe provides nearly €60 million for digital connectivity in rural Central Asia

    Source: European Investment Bank

    EIB

    • A €34.4 million EU grant and a €25.45 million EIB Global loan will support access to broadband services through satellite connectivity in approximately 1 600 villages in Central Asia.
    • The financial package will enable the deployment of satellite terminal antennas connected to SES’ medium earth orbit satellite network.
    • This Team Europe initiative aims to empower approximately three million people in remote areas by providing fast and reliable internet access.

    EIB Global – the European Investment Bank’s global arm – and the European Commission have signed a financial package worth almost €60 million with SES, a Europe-based provider of satellite-enabled content and connectivity solutions.This initiative aims to deliver satellite connectivity to remote rural areas in Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan.

    Nearly half of the population in Central Asia does not have access to the internet. The project aims to reduce this figure by bringing broadband internet services to approximately 1 600 underserved villages across rural areas in the region. These communities currently have no access to broadband services, leaving millions without connection to the digital world. Through satellite technology, high-speed internet can be deployed in these remote areas, transforming the lives of an estimated three million people. This initiative will help to bridge the digital gap and also support Central Asia’s broader transition to a digital economy.

    “Beyond simply connecting people, connectivity infrastructures are pathways to education, healthcare and economic opportunities. This initiative is helping to address the digital divide and promoting global connectivity, which is a priority for EIB Global. This is an excellent example of cooperation under Team Europe for digital inclusion and human empowerment, and will also provide the European Union’s partners in Central Asia with know-how and expertise on secure and trusted digital connections,” said EIB Vice-President Kyriacos Kakouris, who oversees the Bank’s operations in Central Asia.

    This project is fully aligned with the European Union’s Global Gateway initiative, which promotes investment in secure and sustainable infrastructure to connect people and improve lives across the world. It serves as a key driver of the Team Europe initiative for digital connectivity in Central Asia.

    “The European Union and Central Asia are working together to improve the internet connection in the whole region. European technology and our Central Asian partners’ expertise can ensure that more people have access to fast and secure internet, supporting business growth, creating new jobs and improving living conditions in local communities. By investing in digital connectivity, we are bridging gaps, creating opportunities, and ensuring that Central Asia has the necessary resources to benefit fully from the digital economy,” said European Commissioner for International Partnerships Jozef Síkela.

    The project will leverage SES’s O3b mPOWER medium earth orbit satellite network expansion, which is partially financed by the EIB through a €125 million loan provided earlier this year. The satellite network expansion will facilitate the delivery of high-speed broadband services to these remote areas, ensuring reliable and scalable digital infrastructure.

    “Securing this combined EU grant and EIB Global loan demonstrates that SES’ financial foundation is solid and that it is trusted by European institutions to provide reliable satellite services. SES has already done great work on large-scale digital inclusion projects by investing in satellite systems that deliver seamless connectivity in the most remote parts of the world. We are looking forward to reaping the benefits of O3b mPOWER in Central Asia, accelerated by the European Investment Bank’s partial funding to expand our MEO satellites,” said Global Head of Enterprise and Cloud at SES Nadine Allen.

    Background information

    About EIB Global

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.

    About SES

    SES has a bold vision to deliver amazing experiences everywhere on Earth by distributing the highest quality video content and providing seamless data connectivity services around the world. As a provider of global content and connectivity solutions, SES owns and operates a geosynchronous orbit fleet and medium earth orbit (GEO-MEO) constellation of satellites, offering a combination of global coverage and high-performance services. Using its intelligent, cloud-enabled network, SES delivers high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners around the world. The company is headquartered in Luxembourg and listed on Paris and Luxembourg stock exchanges (Ticker: SESG). 

    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    ©EIB
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    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    ©EIB
    Download original
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    ©EIB
    Download original
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    Team Europe provides nearly €60 million for digital connectivity in rural Central Asia
    ©EIB
    Download original

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Global helps improve air traffic control system in Serbia and Montenegro

    Source: European Investment Bank

    • The EU bank is investing €25 million to make the air navigation system in Serbia and Montenegro safer and more efficient.
    • The loan will help to develop and implement cutting-edge software in line with the highest standards of the Single European Sky initiative.
    • As one of its leading supporters, EIB Global has invested €6.6 billion so far in the transport sector in the Western Balkans, helping to make transport networks in the region safer and more sustainable.

    The European Investment Bank (EIB Global) will provide a €25 million loan to upgrade the air navigation control system in Serbia and Montenegro. State-of-the-art equipment and software will enable SMATSA, the air navigation service provider in both countries, to implement the highest operational and safety standards, ensuring interoperability and optimising flight routes. The project aims to make air traffic management over Serbia and Montenegro more efficient, improving safety and delivering environmental benefits to European air travel.

    The investment will be used to develop a new software solution for air traffic management in line with the requirements set out by Eurocontrol (the European Organisation for the Safety of Air Navigation) and the Digital European Sky strategy, contributing to digitalisation and automation. This initiative will enable SMATSA – which currently manages around 9% of all European flights – to keep abreast of the latest technologies, while also improving the connections between its control centers in Belgrade, Podgorica, Tivat, Batajnica, Kraljevo and Niš. In this way, the project will help reduce operational costs, shorten flight times, minimise delays and CO2 emissions, while improving connectivity within the Western Balkans and with the EU.

    Co-financed by the European Bank for Reconstruction and Development (EBRD), this project is part of the European Commission’s Economic and Investment Plan aimed at fostering connectivity and regional integration. As one of its leading supporters, EIB Global has invested €6.6 billion in total in the transport sector in the Western Balkans, helping to create safer and more sustainable transport networks in the region.

    MIL OSI Europe News –

  • MIL-OSI Australia: No interest loans locked in to help ease cost of living

    Source: Ministers for Social Services

    The Albanese Labor Government is locking in no interest loans for the next five years with an additional $48.7 million to support Australians with the cost of living.

    The funding boost to the No Interest Loans program (NILs) will allow Good Shepherd Australia New Zealand in partnership with National Australia Bank (NAB) to continue providing no-fee, no-interest loans for essentials to eligible people.

    More than one million Australians have already benefited from NILs.

    Good Shepherd administers the scheme, with NAB providing the loan capital. The loans can be used for urgent, critical household purchases and for vehicles for transport to work and essential day-to-day use.

    Minister for Social Services, Amanda Rishworth, said the Government’s investment will help ease cost of living pressures for many Australians who need support.

    “We’re proud to support Good Shepherd and NAB to deliver no-interest loans as an alternative to other high risk, high interest products such as Buy Now Pay Later products and payday loans,” Minister Rishworth said.

    “NILs provides support that is usually unavailable to low-income earners through mainstream providers, meaning tens of thousands of vulnerable Australians can purchase the essential things they need.

    “These loans also really help people achieve independence and financial recovery in escaping family, domestic, and sexual violence. And having access to a vehicle gives many Australians the ability and independence to work, study, provide care or seek medical care.”

    The NILs program is a great example of successful partnerships with industry. The Government has provided funding to Good Shepherd for the administration of NILs since 2009. Around 25,000 general NILs loans are provided each year while nearly 10,000 NILs for Vehicles loans have been provided since this program started in 2021.

    Good Shepherd Australia New Zealand CEO Stella Avramopoulos said: “Through powerful partnerships and expanded reach, including into the Northern Territory and First Nations communities, NILs is breaking down barriers, empowering women, sole parents and families, especially those escaping domestic violence, to achieve lasting financial independence and wellbeing.

    “With 25 per cent of recipients being sole parents and 18 per cent survivors of family and domestic violence, this support isn’t just about financial assistance — it’s about providing dignity, stability, and a pathway to a better future.

    “This work is only possible because of the strength of collaboration between not-for-profits, corporates such NAB, and government. Together, we’re creating meaningful, lasting change — removing credit barriers, preventing predatory lending, and ensuring vulnerable Australians, particularly those in regional and remote communities, have access to the resources they need to recover and rebuild.”
     
    NAB Executive Sustainability Jessica Forrest said: “NILs is NAB’s longest-standing community partnership, with more than $560 million in zero-interest capital provided over 21 years. Together, we are helping more Australians access credit for life’s essentials.

    “NAB is proud to provide the loan capital that supports the Good Shepherd NILs program, and pleased to keep working with Government on backing this longstanding program. This funding will ensure more people continue to get the support they need.

    “Too often, people in financial stress turn to high-interest payday loans. No interest loans offer a safer alternative, helping Australians borrow money without having to pay any fees or interest.”

    NILs assists vulnerable Australians to access affordable loans up to $3,000 for household goods, such as fridges, washing machines and furniture, as well as education and medical expenses.

    NILs for Vehicles loans up to $5,000 can be used to purchase cars, mobility scooters and related costs such as registration or maintenance expenses.

    Individuals can apply for NILs at over 600 locations across Australia. They are available to individuals and families who can service the loan and who:

    • earn less than $70,000 gross annually as a single person or $100,000 gross as a couple or person with dependants, or
    • have experienced family or domestic violence in the last 10 years, or
    • have a Health Care Card or Pension Card.

    More information about NILs is available on the Good Shepherd Australia New Zealand website.

    MIL OSI News –

  • MIL-OSI Canada: Changes to Canada’s Debt Distribution Framework

    Source: Bank of Canada

    Following a review of the Government of Canada’s Debt Distribution Framework (DDF) in 2024, the Bank of Canada and the Government of Canada (GoC) are announcing upcoming adjustments to the DDF. These changes will take effect in fiscal year 2025–26. A subsequent market notice will announce the effective implementation date, which will reflect a three-month period to allow market participants time to review and adapt to these changes.

    • All government securities distributors (GSDs) will be required to each achieve one winning competitive or non-competitive bid each month on behalf of either itself or its customers. Further, all GSDs must each achieve allocations of at least $50 million of GoC securities, on behalf of itself or its customers, every calendar quarter.
    • GSDs that are not primary dealers (PDs) will no longer be required to have their core Canadian fixed-income operations located within Canada or to be members of the Canadian Investment Regulatory Organization (CIRO). However, prospective GSDs will need to demonstrate that they are regulated to a standard equivalent to CIRO and to submit reports on their Canadian fixed-income trading to CIRO.
    • The use of calculated values for the purposes of determining bidding limits and PD minimum bidding requirements (MBRs) will be discontinued. PDs may submit competitive bids for up to 25% of the total auctioned amount for their own account and customer accounts for both bond and treasury bill auctions; the remaining GSDs will have a maximum competitive bidding limit of 10% for their own account and customer accounts for both bond and treasury bill auctions. PD MBRs will be calculated on a pro rata basis, where each PD must bid competitively for its equivalent share of an auction’s amount (e.g., 10 PDs for bonds would each have a MBR for 10% of a bond auction; 8 PDs for treasury bills would each have a MBR of 12.5% of a treasury bill auction).
    • Each PD’s aggregate bidding limit, meaning the cumulative amount of bids a PD can submit for its own account and on behalf of its customers, will be increased to 50% of the auction amount for both bond and treasury bill auctions, from the current 40%.
    • Non-competitive bidding limits will be changed to 0.5% of the auction amount per auction bidder. All bidders may submit only one non-competitive bid per auction. Customers may not submit competitive bids at an auction if they submit a non-competitive bid, and vice versa.
    • The Bank of Canada Auction System (BCAS) has been upgraded, and once the DDF changes are effective, BCAS users will be divided into either those who can see and enter bids for only the GSD’s own account or those who can see and enter bids for only the GSD’s customers.
    • A new facility will be created for reopening off-the-run GoC securities which the Bank of Canada and the Government of Canada view as requiring additional supply for markets to function well. This facility will be operationalized by the Bank of Canada, have publicly available Terms and Conditions, and be implemented with the same auction rules as nominal bond auctions. Details of the facility will be announced in a subsequent market notice that will also announce the facility’s effective date.
    • PDs will be subject to MBRs for non-fungible as well as fungible Cash Management Bill auctions.
    • Individual persons will not be eligible to apply for Bidder Identification Numbers.
    • New information for the results of the auctions of GoC securities will be made available on the Bank of Canada’s website following every auction. Namely, the percentage of the auctioned amount allocated between customers and GSDs, as well as between Canadian accounts and foreign accounts, will be included in auction result data.

    The Bank of Canada and the Government of Canada will coordinate with the GSDs over the coming months to implement these updates to the DDF in an orderly manner.

    For further information, please contact:

    Director
    Financial Markets Department
    Bank of Canada
    343‑573‑4846

    Director
    Funds Management Division
    Department of Finance Canada
    343‑549‑3651

    MIL OSI Canada News –

  • MIL-OSI Europe: Answer to a written question – EU funds and plans for housing – E-000038/2025(ASW)

    Source: European Parliament

    The Commission shares the Honourable Member’s concerns about the housing situation in the EU. To tackle the housing crisis, the Commission has appointed for a Commissioner for Energy and Housing.

    It has also established a Task Force for Housing that will support him coordinate the different strands of work across the Commission and put forward the first-ever European Affordable Housing Plan to address structural drivers of the housing crisis and to help unlock the public and private investment needed.

    The Commission will work closely with all relevant stakeholders, such as the European Investment Bank, national promotional banks and international financial institutions on this matter[1].

    In addition, the Commission is examining how state aid rules for housing could be revised, notably for energy efficiency and social housing .

    To assist Member States, the Commission has published a toolkit[2] that provides an overview of available EU funding[3] opportunities in housing.

    These funds and programmes have different management modes: i) direct management by the Commission; ii) shared management between the Commission and the Member State; iii) indirect management by partner organisations or other authorities inside or outside the EU.

    The Social Climate Fund will also be soon rolled-out[4], which will notably help with renovations and access to affordable and energy-efficient housing.

    The Commission is also working on a proposal to inject liquidity into the market by allowing Member States to double the planned cohesion policy investments in affordable housing.

    The strategic choice of priorities on the use of the available cohesion policy funding (including reallocation into affordable housing) will depend on their specific needs.

    • [1] As a first step, the Commission and EIB group has announced the foundations for a new pan-European investment platform for affordable and sustainable housing on 6 March 2025
      https://ec.europa.eu/commission/presscorner/detail/en/ip_25_671
    • [2] Social Housing and beyond. https://european-social-fund-plus.ec.europa.eu/en/news/commission-launches-toolkit-support-social-housing-member-states
    • [3] The Recovery and Resilience Facility; the European Regional Development Fund; the European Social Fund Plus; the InvestEU; the Horizon Europe; the Technical Support Instrument; the Single Market Programme; the Asylum, Migration and Integration Fund; the Social Climate Fund (see the Commission toolkit for further details for each programme). In addition, the Cohesion Fund and the Just Transition Fund also support investments in the energy efficiency of housing stock. Details are available in the data story ‘how cohesion policy supports housing’ (Cohesion open data platform): https://cohesiondata.ec.europa.eu/stories/s/2021-2027-cohesion-policy-support-to-housing/4dey-9iax
    • [4] The Member States’ plans to be sent to the Commission by June 2025; the Commission will assess the plans and disburse payments to the Member States only if the milestones and targets set in the plans are achieved.
    Last updated: 18 March 2025

    MIL OSI Europe News –

  • MIL-OSI Australia: NAB helps remove almost 600 bogus websites intent on scamming Aussies

    Source: National Australia Bank

    • Hundreds of deliberately deceptive NAB-branded websites uncovered and removed throughout 2024
    • New examples of fake NAB websites targeting Australians revealed to raise awareness among consumers and businesses
    • Sophisticated, fraudulent web pages used to entice people into revealing personal information through phishing scams

    NAB has cracked down against hundreds of fake websites attempting to dupe and scam Aussies.

    In 2024, NAB identified and assisted with the removal of almost 600 illegitimate websites trying to impersonate the bank or its products, as it ramped up its efforts to counter the prevalence of cyber threats and scams, and better protect customers.

    It follows thousands of scam website take downs ordered by ASIC in the same 12-month period.

    Realistic looking but phony websites are often used in phishing and investment scams to tempt people into sharing their banking and personal information, or promising high windfalls from financial products or services.

    NAB has released images of the latest real-life examples of fake websites, to help educate customers and the community about what to watch out for.

    Fake websites, like this one, are a common tactic criminals use to rip people off. NAB has had this one removed.

    NAB Head of Security Culture and Advisory Laura Hartley said criminals typically used three key methods when pushing fake websites.

    1. Spoofed URLs: Web addresses which appear authentic but are slightly altered and difficult to distinguish from the real ones. Regularly used in text message, WhatsApp message or email phishing scams.
    2. Urgency and fear tactics: Promotions pressuring people into quick decisions, such as limited-time offers or threats of account suspension which often arrive via email, text message or phone calls.
    3. Fake endorsements: Use of fake testimonials or unauthorised use of brand trademarks or celebrity images to build credibility and commonly promoted across social media channels.

    Ms Hartley said NAB remained focused on its fight against criminals as part of a bank-wide scam strategy and cyber security vigilance to help protect customers.

    “We need to stop the crime before it occurs, and this can only be achieved through a coordinated national effort across the scam ecosystem. This includes digital media companies where many phony websites are hosted,” Ms Hartley said.

    “On average, we request the take down of two malicious websites masquerading as NAB every day. Within hours of uncovering a fake site, we have added it to Google and Microsoft block lists, which alert customers to instances of bogus websites attempting to impersonate the bank.

    “It’s a constant game of whack-a-mole and it’s why we need a coordinated, national approach to stop the crime before it occurs. Banks can’t do this on their own.

    “We need to make Australia a hard place for these criminals to operate in and that takes a national coordinated response across banks, digital and social media companies and telcos all working closely together.

    “When customers want to visit NAB’s website or check whether there’s an issue with their accounts, it’s safest to log in using the NAB app or type nab.com.au directly into your browser.

    “If anyone spots a fake website impersonating NAB, you can report it via our website at nab.com.au/security. Customers can also see the latest security alerts at nab.com.au/securityalerts.”

    MIL OSI News –

  • MIL-OSI New Zealand: NZ must act on Israel’s slaughter of children

    Source: Green Party

    The Green Party is calling on Government MPs to support Chlöe Swarbrick’s Member’s Bill to sanction Israel for its unlawful presence and illegal actions in Palestine, following another day of appalling violence against civilians in Gaza.

    “Aotearoa New Zealand cannot remain a bystander to the slaughter of innocent people in Gaza. We can and must act now to sanction Israel for its crimes, just like we did with Russia for its illegal action in Ukraine,” says Green Party co-leader Chlöe Swarbrick. 

    “With Green, Te Pāti Māori and Labour’s committed support, we now need just six of 68 Government MPs to pass my Unlawful Occupation of Palestine Sanctions Bill into law.

    “In just the last 24 hours, Israel’s strikes on Gaza have killed at least 400 people, mostly children and women, and left many more injured.

    “There’s no more time for talk. If we stand for human rights and peace and justice, our Parliament must act.

    “In September, Aotearoa joined 123 UN Member States to support a resolution calling for sanctions against those responsible for Israel’s ‘unlawful presence in the Occupied Palestinian Territory, including in relation to settler violence.’

    “Our Government has since done nothing to fulfil that commitment. Our Unlawful Occupation of Palestine Sanctions Bill starts that very basic process.

    “No party leader or whip can stop a Member of Parliament exercising their democratic right to vote how they know they need to on this Bill. There is no more hiding behind party lines. All 123 Members of Parliament are each individually, personally responsible,” says Chlöe Swarbrick. 

    NOTES TO EDITORS:

    • Palestinian authorities reported that 404 people were killed and over 600 people injured in yesterday’s airstrikes by Israel. According to Gaza’s Government Media Office, the airstrikes in Gaza City, Khan Younis, Deir Al-Balah and Rafah wiped out entire families.
    • Israeli military officials said the IDF targeted Hamas military commanders and political officials. However, Save the Children reported that most of those killed in the airstrikes were women and children.
    • In recent weeks of the ceasefire, Israel had cut off power to Gaza, and enforced a total siege on the entry of aid and supplies into the territory for Palestinian communities already facing starvation and illness.
    • The attacks by Israel take place during the holy month of Ramadhan, an important month in the Muslim calendar. 
    • At least 48,577 Palestinians have been killed, and 112,041 wounded, throughout Israel’s war on Gaza.
    • Elsewhere in Palestinian territory, 43 Palestinian children have been killed in the West Bank since last October, a spike of nearly 250%, according to UNICEF.
    • Standing Order 288 outlines the process for Member’s Bills to bypass the member’s bill ballot (colloquially known as the ‘biscuit tin’), with the support of 61 non-executive members. With 55 Opposition members now officially in support of Swarbrick’s Unlawful Occupation of Palestine Sanctions Bill, the support of just 6 Government MPs is necessary to get the Bill onto the floor of Parliament. 
    • On 10th December 2024, Swarbrick wrote to all Members of Parliament asking their support for the Bill to bypass the ballot, and later asked the Prime Minister in the House if there would be any Government policy or position preventing MPs from exercising their democratic right to support the Bill bypassing the ballot. He said that he would have a “good look at the Bill”.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Estill County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Estill County

    Disaster Recovery Center Opens in Estill County

    FRANKFORT, Ky

    –A Disaster Recovery Center will open tomorrow, March 18, in Estill County

    Disaster Recovery Centers, operated by the Kentucky Division of Emergency Management and FEMA, offer in-person support to survivors in declared counties as the result of severe storms, straight-line winds, flooding, landslides and mudslides from February

      FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    The deadline to apply for federal assistance is April 25

    Address: City of Irvine City Hall, 101 Chestnut St

    , Irvine, KY 40336Hours: 7 a

    m

    to 7 p

    m

    EDT Monday through Saturday and 1 to 7 p

    m

    EDT on SundaysMore Disaster Recovery Centers will continue to open in the counties eligible for disaster assistance

     In addition to FEMA personnel, representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will be available at the recovery centers to assist survivors

    If you are unable to visit the center, there are other ways to apply: online at DisasterAssistance

    gov, use the FEMA mobile app or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    For an accessible video on how to apply for FEMA assistance, go to youtube

    com/watch?v=WZGpWI2RCNw

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 03/18/2025 – 13:02

    MIL OSI USA News –

  • MIL-OSI Economics: Verizon & Santander Bank partner to bring Openbank’s digital banking experience to Verizon customers

    Source: Verizon

    Headline: Verizon & Santander Bank partner to bring Openbank’s digital banking experience to Verizon customers

    • Partnership brings together industry leaders in mobility and banking to provide a secure, seamless digital banking experience to Verizon customers with no fees, low minimum deposits and 24/7 access to funds.
    • Relationship significantly expands Santander’s national scale and reach as part of its strategy to become a leading digital bank with branches and enhances Verizon’s financial service portfolio with added benefits for customers.

    Verizon and Santander Bank, N.A., part of the global banking leader Santander1, today announced a multi-year U.S. partnership to bring a new, competitive high yield savings account to millions of Verizon mobile and 5G Home customers. Introducing Verizon + Openbank Savings: a digital high yield savings account with a rate 10 times the national average and the ability to save up to $180 a year on your Verizon bill. Verizon + Openbank Savings joins Verizon’s portfolio of financial services offerings, yet another example of outstanding value and benefits on top of mobile and home connectivity.

    “Verizon has long been committed to delivering value and savings beyond wireless services,” said Hans Vestberg, Chairman and CEO of Verizon. “Our scale enables the creation of exclusive financial services solutions and savings accessible only to Verizon customers. Adding the power of Openbank’s secure, simple high yield savings account to our financial offerings provides Verizon customers with unique and differentiated value in the telco and financial services category. This collaboration reinforces our dedication to delivering meaningful and exclusive benefits that support how our customers live, work, play AND save.”

    Ana Botín, Banco Santander Executive Chair, added, “By partnering with Verizon, the nation’s leading mobile provider, Openbank can offer a differentiated savings opportunity and digital experience to millions of consumers across the U.S. The Verizon partnership is a significant milestone for Santander as we scale our U.S. business further by bringing Openbank’s secure and simple banking experience and compelling rewards to Verizon’s customers nationwide — backed by a leading global bank that has earned the trust of more than 173 million customers. This is an important step in our growth strategy, and I am excited for what’s ahead.”

    Incredible savings with Verizon + Openbank

    In addition to maximizing savings with Verizon + Openbank’s competitive interest rate at 10 times the national average, customers can also save on their Verizon wireless bill, starting with a minimum average daily balance of $1,000. The higher the average daily balance, the higher the wireless bill savings — up to $180 per year.

    Signing up is simple

    Starting in April, Verizon customers can easily sign up for an Openbank high yield savings account via verizon.com or the MyVerizon app. Customers will then be directed to the Openbank site to complete the account registration process. After opening their account, customers can use the Openbank app to deposit and withdraw funds, check their monthly interest rate and manage their accounts. To learn more, you can visit verizon.com/startsaving.

    Unlocking a savings growth opportunity

    Santander US research reveals that while interest rates have been at their highest levels in nearly two decades, many consumers have not taken advantage of high-rate products, such as high yield savings accounts, to grow their savings. The research also found consumers’ top consideration for selecting a banking partner are safety, stability, and 24/7 digital access. Openbank’s digital platform provides a secure, seamless banking experience with no fees, low minimum deposits and 24/7 access to funds and customer support.

    The Openbank digital banking platform launched in the U.S. market in late 2024 with a high yield savings account offering that quickly reached more than $3 billion (USD) in deposits. The digital platform is now available nationwide, and will begin offering additional products, such as Certificates of Deposit (CDs) and Checking Accounts, later in 2025. Openbank in the U.S. is a division of Santander Bank, N.A., which is a Member of the FDIC. For more information about Openbank by Santander, including eligibility, please visit openbank.us.

    With exclusive savings, top-tier perks, the flexibility to customize your plan with myPlan and myHome, and now the incredible Verizon + Openbank Savings account, it’s never been a better time to be a Verizon customer.

    1 Banco Santander is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2024, Banco Santander had €1.3 trillion in total funds, 173 million customers, 8,000 branches and 207,000 employees.

    Verizon + Openbank Savings is offered exclusively by Openbank, a division of Santander Bank, N.A., and is not managed, housed, or controlled by Verizon. Santander Bank, N.A., offering your account through its Openbank division, is a Federal Deposit Insurance Corporation (“FDIC”) insured institution. Deposits at Santander Bank, N.A. and its Openbank division are combined for FDIC insurance purposes (FDIC Cert. 29950) and are not separately

    insured. There is a maximum of $250,000 of deposit insurance from the FDIC per depositor for each category of account ownership. Please visit fdic.gov for details. Verizon is not a chartered banking institution and is not insured by FDIC.

    MIL OSI Economics –

  • MIL-OSI USA: Cortez Masto Secures $10 Million Investment in Affordable Housing in Nevada

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Reno, Nev. – For years, U.S. Senator Catherine Cortez Masto demanded the nation’s 11 Federal Home Loan Banks – and the Federal Home Loan Bank of San Francisco which serves Nevada – use their resources to invest in housing and community development. This week, the Federal Home Loan Bank of San Francisco (FHLBank-SF) provided the first investment into the Nevada Housing Division’s (NHD) single-family bond program. The $10 million dollar investment will support the Housing Finance Agency’s down payment assistance program that helps Nevadans buy homes they can afford.
    “I’ve been pushing the FHLBank of San Francisco for years to do more with all their resources, and I’m glad to see them working with the Nevada Housing Division to support families buying homes in Nevada,” said Senator Cortez Masto. “The FHLBank system was created to support housing, and I expect to see much more investment in Nevada and around the nation in the future.”
    Following Senator Cortez Masto’s push, state housing finance agencies, community development financial institutions and other institutions have sought opportunities to benefit from the FHLBs’ $467 billion investment portfolio. Thanks to the Senator’s work to bring attention to this critical housing funding source, Nevada Housing Division and the FHLBank-SF were able to work together and finalize this critical investment – the first of its kind in Nevada.  
    Senator Cortez Masto has been a leader working to push the FHLBanks to help lower costs and build more housing supply. Last year she secured $9.4 million from the Federal Home Loan Bank (FHLB) of San Francisco’s targeted competitive affordable housing fund — almost twice as much as Nevada received the year before — to build more middle-class homes, and she’s pushing to reform the FHLB system.

    MIL OSI USA News –

  • MIL-OSI Economics: Super excited about Adobe’s new Microsoft 365 Copilot agents, which bring the best of Adobe right into your flow of work. Check it out.

    Source: Microsoft

    Headline: Super excited about Adobe’s new Microsoft 365 Copilot agents, which bring the best of Adobe right into your flow of work. Check it out.

    As the United Nations (UN) Global Climate Champion, I play my part successfully. I served, motivated, inspired, closed digital divides, bridged skills gaps, unlocked human potential and unleashed productivity while building a more prosperous world. What is Boldness in AI Leadership? I will be delighted to join the largest team of EXPERTS for the third and final masterclass on “Innovation and Technology for Recovery and Reconstruction of Housing and Critical Infrastructure” on 15 May, 2025! Experts from United Nations Office for Disaster Risk Reduction (UNDRR), UNDP, SEEDS, The World Bank, UN-Habitat (United Nations Human Settlements Program), and UNOPS will share lessons learned, good practices, and innovative strategies. I will attend all three sessions (20 March, 9 April, 15 May). As a stellar servant, authentic, visionary and transformational leader, I am passionate about upskilling and continuous learning to sharpen my global leadership skills and stay relevant. Learn more from experts about organizational readiness, preparedness, and effectiveness.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Various measures have been taken by the government to strengthen cyber security in the financial sector

    Source: Government of India (2)

    Various measures have been taken by the government to strengthen  cyber security in the financial sector

    Artificial Intelligence (AI) based tool ‘MuleHunter’ for identification of money mule has been launched by RBI

    Posted On: 18 MAR 2025 4:55PM by PIB Delhi

    The Government has been constantly engaging with the financial sector regulators and other concerned stakeholders to strengthen the cyber security. The Ministry of Home Affairs (MHA) has established the Indian Cyber Crime Coordination Centre (l4C) as an attached office to provide a framework and eco-system for Law Enforcement Agencies (LEAs) to deal with cybercrimes in a comprehensive and coordinated manner. The MHA has also launched the National Cyber Crime Reporting portal(https://cybercrime.gov.in) to enable the public to report all types of cyber crimes. Cyber crime incidents reported on this portal are routed automatically to the respective State/UT LEAs for further handling as per the provisions of law. The ‘Citizen Financial Cyber Fraud Reporting and Management System’ has been launched for immediate reporting of financial frauds and to stop siphoning off fund by the fraudsters. So far, an amount of Rs. 4386 Crore (approx..) has been saved involving 13.36 lakh complaints. Further suspect registry of identifiers of cyber criminals has been launched by MHA in collaboration with Banks/Financial institutions.

    In order to reinforce the security of digital transactions, various initiatives have been taken by the Government, Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) from time to time. RBI has issued Master Directions on Digital Payment Security Controls in February, 2021 to combat web and mobile app threats. These guidelines mandate the banks to implement a common minimum standards of security controls for various payment channels like internet, mobile banking, card payment etc. RBI has also launched an Artificial Intelligence (AI) based tool ‘MuleHunter’ for identification of money mule and advised the banks and financial institutions for its uses.

    Similarly, NPCI has also implemented device binding between customer mobile number and the device, two factor authentication through PIN, daily transaction limit, limits and curbs on use cases etc to secure UPI transactions. NPCI also provides a fraud monitoring solution to all the banks to generate alerts and decline transactions by using AI/ML based models. RBI and Banks have also been taking up awareness campaigns through short SMS, radio campaign, publicity on prevention of ‘cyber-crime’ etc.

    This information was given by Minister of State For Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha  today.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) provides 60% guarantee for credit facility up to Rs.100 crore

    Source: Government of India (2)

    Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) provides 60% guarantee for credit facility up to Rs.100 crore

    Measures pertaining to direct taxes taken by the government for reducing the compliance burden for smaller businesses and individual tax payers

    Posted On: 18 MAR 2025 4:54PM by PIB Delhi

    The Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) has been launched for providing 60% guarantee coverage by National Credit Guarantee Trustee Company Limited (NCGTC) to Member Lending Institutions (MLIs) for credit facility up to Rs.100 crore sanctioned to eligible MSMEs under MCGS-MSME for purchase of equipment/ machinery.

    The eligibility criteria for borrowers under Mutual Credit Guarantee Scheme for MSMEs (MCGS-MSME) is as below:

    i. It should be an MSME with valid Udyam Registration Number;

    ii. It should not be an NPA with any lender;

    iii. Minimum cost of equipment /machinery is 75% of project cost;

    The Scheme is being implemented by National Credit Guarantee Trustee Company Limited (NCGTC), a wholly owned company of Department of Financial Services, Ministry of Finance, Government of India. The MLI shall sanction loans to eligible borrowers and then submit details of the loan account on the portal of NCGTC along with payment of fees, whereupon the MLI shall get a confirmation of loan being guaranteed under the Scheme.

    The Scheduled Commercial Banks (SCBs) / All India Financial Institutions (AIFIs) and Non-Banking Finance Companies (NBFCs), shall be the eligible MLIs under the Scheme, subject to execution of an agreement by them with NCGTC.

    Further, various measures pertaining to direct taxes have been undertaken recently by the government for reducing the compliance burden for smaller businesses and individual tax payers: –

    i. Provisions for presumptive taxation for businesses under Section 44 AD and Section 44 AE of the Income-tax Act, 1961 (the Act).

    ii. Provisions for tax audit for businesses under Section 44 AB of the Act.

    iii. Provision for reduction in compliance burden by omission of TCS on sale of specified goods under Section 206C of the Act.

    iv. Rationalization of tax deducted at source (TDS) rates under various provisions of the Act.

    v. Simplification of the Income-tax Act is proposed.

    The new Income-tax Bill 2025 proposes to make the direct tax provisions concise, lucid, easy to read and understand. Redundant provisions have been eliminated and the drafting style of the new Bill is straightforward and clear.

    This information was given by Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: A total of 55.02 crore Jan-Dhan accounts have been opened till 7th March 2025, out of which 36.63 crore accounts are in rural and semi-urban areas

    Source: Government of India (2)

    A total of 55.02 crore Jan-Dhan accounts have been opened till 7th March 2025, out of which 36.63 crore accounts are in rural and semi-urban areas

    Cumulative enrolment under Pradhan Mantri Suraksha Bima Yojana (PMSBY) is 50.30 crore till 7th March 2025

    Atal Pension Yojana, Pradhan Mantri Mudra Yojana, Stand Up India Scheme and other financial inclusion schemes have also witnessed remarkable progress

    Posted On: 18 MAR 2025 4:52PM by PIB Delhi

    The Government initiated the National Mission for Financial Inclusion (NMFI), namely the Pradhan Mantri Jan Dhan Yojana (PMJDY) in August, 2014 to provide universal banking services for every unbanked adult based on the guiding principles of banking the unbanked, securing the unsecured, funding the unfunded and serving unserved and underserved areas. A total of 55.02 crore Jan-Dhan accounts have been opened till 07.03.2025, out of which, 36.63 crore accounts are in rural and semi-urban areas.

    In addition to the PMJDY, the following schemes have also been launched to provide affordable financial services for all, especially marginalized and underserved populations:

    i. Pradhan Mantri Suraksha Bima Yojana (PMSBY): The Scheme is a one-year personal accident insurance scheme, renewable from year to year, offering coverage of Rs. 2 lakh for death or permanent total disability and Rs. 1 lakh for permanent partial disability due to an accident at a premium of Rs. 20/- per annum. It is available to people in the age group of 18 to 70 years having a bank account who give their consent to join the scheme.

    As on 07.03.2025, cumulative enrolment under PMSBY is 50.30 crore.

     ii. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): The Scheme is a one-year life insurance scheme, renewable from year to year, offering coverage of Rs. Two lakh for death due to any reason at a premium of Rs. 436/- per annum and is available to people in the age group of 18 to 50 years having a bank account who give their consent to join the scheme.

    As on 07.03.2025, cumulative enrolment under PMJJBY is 23.21 crore.

    iii. Atal Pension Yojana: The Scheme aims to provide monthly pension to eligible subscribers with age limit of 18 to 40 years not covered under any organized pension Scheme. Under this scheme, the subscribers would receive the fixed minimum pension of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and Rs. 5000 per month, at the age of 60 years, depending on the contributions.

    As on 07.03.2025, enrolments under this scheme are 7.49 crore.

    iv. Pradhan Mantri Mudra Yojana (PMMY): The Scheme provides access to institutional finance to micro/small business units up to Rs.20 lakh for income generating activities such as manufacturing, trading, services, activities allied to agriculture.

    As on 28.02.2025, 52.07 crore loans amounting to Rs. 33.19 lakh crore have been sanctioned since inception of the Scheme.

    v. Stand Up India Scheme (SUPI): The Scheme aims to promote entrepreneurship among people from Schedule caste/Schedule tribe and woman. The Scheme facilitates bank loans between Rs.10 lakh and Rs.1 crore to one Scheduled Caste/ Scheduled Tribe borrower and one-woman borrower per bank branch of Scheduled Commercial Banks for setting up greenfield enterprises in trading, manufacturing and services sector.

    As on 07.03.2025, 2.67 lakh loans amounting to Rs. 60,504 crores have been sanctioned since inception of the Scheme.

    vi. PM Vishwakarma Scheme: The Scheme, launched on 17.09.2023, is being administered jointly by Ministry of Small & Medium Enterprises (MSME) and Ministry of Skill Development & Enterprises and Department of Financial Services. It aims to provide end-to end holistic support to traditional artists and craftspeople engaged in 18 identified trades through access to skill training, collateral-free credit, modern tools, market linkage support and incentive for digital transactions.

    vii. Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PMSVANidhi): The Scheme is being administered by Ministry of Housing & Urban Affairs (MoHUA). It was launched on June 01, 2020 with the main objective of providing relief to street vendors affected by Covid-19 lockdown. The Scheme envisages empowering street vendors by not only extending loans to them but also for their holistic economic development.

    Further, from time to time, camps are conducted at village level to promote awareness about various financial inclusion schemes and to enrol more people under these schemes.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.

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    MIL OSI Asia Pacific News –

  • MIL-OSI: TrustCo Bank Corp NY Announces Million Share Stock Repurchase Plan

    Source: GlobeNewswire (MIL-OSI)

    GLENVILLE, N.Y., March 18, 2025 (GLOBE NEWSWIRE) — TrustCo Bank Corp NY (TrustCo, Nasdaq: TRST) (the “Company” or “TrustCo”) today announced that its Board of Directors has approved a stock repurchase program. Under the stock repurchase program, TrustCo may repurchase up to 1,000,000 shares of its common stock, or approximately 5% of its current outstanding shares. The repurchase program will permit shares to be repurchased in open market or private transactions, through block trades, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

    Chairman, President, and Chief Executive Officer Robert J. McCormick said “We are very pleased to announce this bold move to strategically deploy capital. The repurchase program announced today authorizes the acquisition of up to five percent of the Company’s outstanding shares. We believe that this repurchase program represents a meaningful opportunity for value enhancement to the extent that our stock is undervalued relative to the strength of our business.”

    Repurchases will be made at management’s discretion over the next approximately twelve months at prices management considers to be attractive and in the best interests of both TrustCo and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and TrustCo’s financial performance. Open market purchases will be conducted in accordance with applicable legal requirements.

    The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate TrustCo to purchase any particular number of shares.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.2 billion savings and loan holding company. Through its subsidiary, Trustco Bank, TrustCo operates 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida. Trustco has a more than 100-year tradition of providing high-quality services, including a wide variety of deposit and loan products. In addition, Trustco Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. Trustco Bank is rated as one of the best performing savings banks in the country.

    The common shares of TrustCo are traded on the Nasdaq Global Select Market under the symbol TRST.
    For more information, visit www.trustcobank.com

    Forward-Looking Statements

    All statements in this news release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future developments, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations relating to the newly-approved stock repurchase program. Forward-looking statements are based on management’s current expectations, as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements. Examples of these include, but are not limited to: the effects of inflationary pressures and changes in monetary and fiscal policies and laws, including increases or decreases in the Federal funds target rate by, and interest rate policies of, the Federal Reserve Board; changes in and uncertainty related to benchmark interest rates used to price loans and deposits; instability in global economic conditions and geopolitical matters; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; the risks and uncertainties under the heading “Risk Factors” in our most recent annual report on Form 10-K and, if any, in our subsequent quarterly reports on Form 10-Q or other securities filings; the other financial, operational and legal risks and uncertainties detailed from time to time in TrustCo’s cautionary statements contained in its filings with the Securities and Exchange Commission; and the effect of all of such items on our operations, liquidity and capital position, and on the financial condition of our borrowers and other customers. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

    Subsidiary: Trustco Bank

    Contact: Robert M. Leonard
      Executive Vice President
      (518) 381-3693

    The MIL Network –

  • MIL-OSI USA: Governor Newsom continues supporting Los Angeles business, fire recovery workers with funding, educational workplace safety outreach

    Source: US State of California 2

    Mar 18, 2025

    What you need to know: Governor Newsom and Los Angeles community-based organizations (CBOs) today announced $25 million to advance educational outreach to workers and businesses about vital health, safety, and workplace protections.

    LOS ANGELES — As rebuilding in the Los Angeles area continues at record speed, Governor Gavin Newsom announced the state is awarding $25 million and strengthening partnerships with local communities to ensure fire recovery workers and businesses have access to additional workplace safety information through a California Workplace Outreach Project (CWOP).

    “We’re helping ensure that brave fire recovery workers and businesses have vital workplace safety information.”

    Governor Gavin Newsom

    California Labor & Workforce Development Agency (LWDA), Department of Industrial Relations (DIR), California Division of Occupational Safety and Health (Cal/OSHA), California State Labor Commissioner, and representatives from Los Angeles Community Based Organizations (CBOs) will issue $25 million in funding for the CWOP to support 89 community-based organizations across the state.

    CWOP is a DIR partnership with CBOs to provide critical information about workplace protections, labor rights, and health and safety measures for workers in high-risk industries. The outreach work will help notify workers and businesses about vital health and safety protections, hazard prevention, and other worker protections for people and businesses helping Los Angeles cleanup and rebuild.

    Today’s actions build on multiple efforts across the state to support workers and businesses who are helping the Los Angeles community recover and rebuild.

    And California has worked with local communities and federal and local providers to help businesses and workers in many ways, including:

    • Supporting workers and employers: The Employment Development Department (EDD) supports workers with unemployment, disability insurance, or Paid Family Leave benefits, including Disaster Unemployment Assistance (DUA) for those who do not qualify for regular unemployment benefits. The Governor took action to extend payroll tax deadlines and reporting requirements—a move that has helped thousands of businesses in the Los Angeles area. Employers can request a 60-day extension on payroll reports and taxes, or participate in the Work Sharing program.
    • On-the-ground advisors for small businesses: Over 200 business advisors from Small Business Support Centers help answer questions about economic recovery, loan application processes, insurance, employee and workforce support, and business planning. 
    • Providing resources for recovery: CalOSBA launched a Resource Guide for small businesses impacted by the wildfires through its Outsmart Disaster website.
    • Financial assistance for businesses: The California Infrastructure and Economic Development Bank (IBank) loan programs help businesses from one to 750 employees affected by the LA wildfires. Disaster Relief Loan Guarantee Program (DRLGP) issues loan guarantees up to 95%.  
    • Expediting contractor licensing: The Contractor State Licensing Board (CSLB) is rapidly processing licensing applications to continue expediting efforts to rebuild homes and businesses. 
    • Helping fire survivors rebuild safely: CSLB is also partnering with state agencies to promote California-licensed contractors for repairs or to rebuild their homes or businesses. CSLB’s Disaster Hotline 1-800-962-1125 and online Disaster Help Center also provided valuable support to survivors.
    • Protecting against unlicensed contractors: Investigation teams notified the public that it is a felony to contract without a license in a California disaster area, urged consumers to always check licenses before hiring a contractor, and recommended reporting any unlicensed activity immediately by filing complaints at www2.cslb.ca.gov.
    • Helping licensees rebuild their businesses: The Board of Barbering and Cosmetology, the Board of Accountancy, and other DCA boards rescheduled licensing examinations at no charge and are issuing duplicate licenses for original licenses lost in the fires.
    • Governor Newsom also issued multiple executive orders to help speed rebuilding and recovery, create more temporary housing, and protect survivors.

    Press Releases, Recent News

    Recent news

    Mar 18, 2025

    News What you need to know: With the release of a new draft working report by leading artificial intelligence experts, California continues to lead in advocating for the responsible use of emerging AI technology and the study of its impacts and opportunities.  SAN…

    Mar 17, 2025

    News SACRAMENTO – Governor Gavin Newsom issued the following statement regarding the death of San Bernardino County Sheriff’s Deputy Hector Cuevas Jr.:“Jennifer and I are deeply saddened by the tragic loss of Deputy Cuevas. Our heartfelt condolences go out to his…

    Mar 17, 2025

    News Lo que necesita saber: California tiene un nuevo compañero en Sonora, México para impulsar el desarrollo de recursos energéticos renovables, la resiliencia de la cadena de suministro y el transporte limpio. To read this release in English, click here. Sacramento,…

    MIL OSI USA News –

  • MIL-OSI Europe: CEB and EIB sign agreement to facilitate co-financing and boost investment impact

    Source: European Investment Bank

    The Council of Europe Development Bank (CEB) and the European Investment Bank (EIB) deepened their long-standing partnership by signing a Mutual Reliance Agreement today to strengthen co-operation, facilitate co-financing and enhance the impact of public sector projects in countries of operation outside of the European Union.

    A key element of this approach is the mutual recognition of each institution’s procurement policies and procedures, thus reducing transaction costs and administrative burden. By streamlining project preparation and implementation, the agreement will allow both the CEB and the EIB to focus on delivering tangible benefits for their member countries.

    The agreement also aligns with the recommendations of the G20 Roadmap for Better, Bigger, and More Effective Multilateral Development Banks (MDBs), which calls on MDBs to enhance country-level coordination and co-financing, including through mutual reliance agreements for greater development financing efficiency.

    “As Chair of the Heads of MDBs Group this year, the CEB is committed to fostering stronger collaboration among multilateral development banks to increase our collective impact. This CEB-EIB agreement is a concrete example of how MDBs are working together more effectively as a system, to deliver financing where it is most needed. By tightening our cooperation, we can accelerate support for sustainable development, social cohesion and economic resilience in our countries of operation to benefit the communities we serve,” said CEB Governor Carlo Monticelli.  

    EIB Group President Nadia Calviño said: “ It is more important than ever that we join forces in mobilising investment and supporting a strong European voice in the world. The agreement we signed today with the Council of Europe Development Bank reflects our strong partnership, financing projects that build stronger communities and improve lives across the European Union and beyond.”

    The CEB and EIB have a strong track record of co-financing projects that drive social and economic development across Europe. Recent examples of collaboration include financing vital water irrigation investments in Greece; jointly supporting a landmark cultural, social and educational hub in Cyprus; and investing in water and wastewater facilities in Serbia. Projects in the healthcare sector are also being jointly appraised in the Western Balkans region.  

    The agreement will enable both institutions to co-finance larger and more complex projects that no single lender could undertake alone, leveraging their collective financial strength and expertise to maximise the impact of strategic investments.

    Background information

    EIB   

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.  

    About the CEB

    The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.

    MIL OSI Europe News –

  • MIL-OSI: First Farmers Financial Corp. Declares Record Dividend

    Source: GlobeNewswire (MIL-OSI)

    Converse, Indiana, March 18, 2025 (GLOBE NEWSWIRE) — First Farmers Financial Corp. (OTCQX Banks; FFMR), the parent company of First Farmers Bank & Trust Co., announced that on March 18, 2025, the Board of Directors approved a record quarterly cash dividend of $0.49 per share, payable on April 15, 2025, to shareholders of record as of March 31, 2025. This quarterly dividend represents a 2.1% increase over the $0.48 dividend declared in March 2024.

    First Farmers Financial Corp is a $3.2 billion financial holding company headquartered in Converse, Indiana.  First Farmers Bank & Trust has offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo and Wabash counties in Indiana and offices in Coles, Edgar, and Vermilion counties in Illinois. First Farmers Financial Corp is traded on the OTC Markets Group, Inc. “OTCQX” exchange under the ticker symbol: FFMR  

    The MIL Network –

  • MIL-OSI Europe: Joint statement of the G7 Foreign Ministers’ Meeting in Charlevoix

    Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

    We the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America, and the High Representative of the European Union, met in Charlevoix on March 12 to 14, 2025.

    Ukraine’s long-term prosperity and security

    We reaffirmed our unwavering support for Ukraine in defending its territorial integrity and right to exist, and its freedom, sovereignty and independence.

    We welcomed ongoing efforts to achieve a ceasefire, and in particular the meeting on March 11 between the U.S. and Ukraine in the Kingdom of Saudi Arabia. We applauded Ukraine’s commitment to an immediate ceasefire, which is an essential step towards a comprehensive, just and lasting peace in line with the Charter of the United Nations.

    We called for Russia to reciprocate by agreeing to a ceasefire on equal terms and implementing it fully. We discussed imposing further costs on Russia in case such a ceasefire is not agreed, including through further sanctions, caps on oil prices, as well as additional support for Ukraine, and other means. This includes the use of extraordinary revenues stemming from immobilized Russian Sovereign Assets. We underlined the importance of confidence-building measures under a ceasefire including the release of prisoners of war and detainees—both military and civilian—and the return of Ukrainian children.

    We emphasized that any ceasefire must be respected and underscored the need for robust and credible security arrangements to ensure that Ukraine can deter and defend against any renewed acts of aggression. We stated that we will continue to coordinate economic and humanitarian 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.

    We condemned the provision to Russia of military assistance by DPRK and Iran, and the provision of weapons and dual-use components by China, a decisive enabler of Russia’s war and of the reconstitution of Russia’s armed forces. We reiterated our intention to continue to take action against such third countries.

    We expressed alarm about the impacts of the war, especially on civilians and on civilian infrastructure. We discussed the importance of accountability and reaffirmed our commitment to work together to achieve a durable peace and to ensure that Ukraine remains democratic, free, strong and prosperous.

    Regional peace and stability in the Middle East

    We called for the release of all hostages and for the hostages’ remains held by Hamas in Gaza to be returned to their loved ones. We reaffirmed our support for the resumption of unhindered humanitarian aid into Gaza and for a permanent ceasefire. We underscored the imperative of a political horizon for the Palestinian people, achieved through a negotiated solution to the Israeli-Palestinian conflict that meets the legitimate needs and aspirations of both peoples and advances comprehensive Middle East peace, stability and prosperity. We noted serious concern over the growing tensions and hostilities in the West Bank and calls for de-escalation.

    We recognized Israel’s inherent right to defend itself consistent with international law. We unequivocally condemned Hamas, including for its brutal and unjustified terror attacks on October 7, 2023, and the harm inflicted on the hostages during their captivity and the violation of their dignity through the use of ‘handover ceremonies’ during their release. We reiterated that Hamas can have no role in Gaza’s future and must never again be a threat to Israel. We affirmed our readiness to engage with Arab partners on their proposals to chart a way forward on reconstruction in Gaza and build a lasting Israeli-Palestinian peace.

    We expressed our support for the people of Syria and Lebanon, as both countries work towards peaceful and stable political futures. At this critical juncture, we reiterated the importance of Syria’s and Lebanon’s sovereignty and territorial integrity. We called unequivocally for the rejection of terrorism in Syria. We condemned strongly the recent escalation of violence in the coastal regions of Syria, and called for the protection of civilians and for perpetrators of atrocities to be held accountable. We stressed the critical importance of an inclusive and Syrian-led political process. We welcomed the commitment by the Syrian interim government to work with the OPCW in eliminating all remaining chemical weapons.

    We stressed that Iran is the principal source of regional instability and must never be allowed to develop and acquire a nuclear weapon. We emphasized that Iran must now change course, de-escalate and choose diplomacy. We underscored the threat of Iran’s growing use of arbitrary detention and foreign assassination attempts as a tool of coercion.

    Cooperation to increase security and resilience across the Indo-Pacific

    We reiterated our commitment to upholding a free, open, prosperous and secure Indo-Pacific, based on sovereignty, territorial integrity, peaceful resolution of disputes, fundamental freedoms and human rights.

    We remain seriously concerned by the situations in the East China Sea as well as the South China Sea and continue to oppose strongly unilateral attempts to change the status quo, in particular by force and coercion. We expressed concern over the increasing use of dangerous maneuvers and water cannons against Philippines and Vietnamese vessels as well as efforts to restrict freedom of navigation and overflight through militarization and coercion in the South China Sea, in violation of international law. We emphasized the importance of maintaining peace and stability across the Taiwan Strait. We encouraged the peaceful resolution of cross-Strait issues and reiterated our opposition to any unilateral attempts to change the status quo by force or coercion. We also expressed support for Taiwan’s meaningful participation in appropriate international organizations.

    We remain concerned with China’s military build-up and the continued, rapid increase in China’s nuclear weapons arsenal. We called on China to engage in strategic risk reduction discussions and promote stability through transparency.

    We emphasized that China should not conduct or condone activities aimed at undermining the security and safety of our communities and the integrity of our democratic institutions.16. We expressed concerns about China’s non-market policies and practices that are leading to harmful overcapacity and market distortions. We further called on China to refrain from adopting export control measures that could lead to significant supply chain disruptions. We reiterated that we are not trying to harm China or thwart its economic growth, indeed a growing China that plays by international rules and norms would be of global interest.

    We demanded that the DPRK abandon all its nuclear weapons and any other weapons of mass destruction as well as ballistic missile programs in accordance with all relevant United Nations Security Council resolutions. We expressed our serious concerns over, and the need to address together, the DPRK’s cryptocurrency thefts. We called on DPRK to resolve the abductions issue immediately.

    We denounced the brutal repression of the people of Myanmar by the military regime and called for an end to all violence and for unhindered humanitarian access.

    Building stability and resilience in Haiti and Venezuela

    We strongly denounced the ongoing horrifying violence that continues to be perpetrated by gangs in Haiti in their efforts to seize control of the government. We reaffirmed our commitment to helping the Haitian people restore democracy, security and stability, including through support to the Haitian National Police and Kenya-led Multinational Security Support Mission and an increased role for the UN. We expressed support for Haitian authorities’ efforts to create a specialized anti-corruption jurisdiction that complies with the highest international standards.

    We reiterated our call for the restoration of democracy in Venezuela in line with the aspirations of the Venezuelan people who peacefully voted on July 28, 2024, for change, the cessation of repression and arbitrary or unjust detentions of peaceful protestors including youth by Nicolas Maduro’s regime, as well as the unconditional and immediate release of all political prisoners. We also agreed Venezuelan naval vessels threatening Guyana’s commercial vessels is unacceptable and an infringement of Guyana’s internationally recognized sovereign rights. We reaffirmed respect for the sovereignty and territorial integrity of all nations as an enduring value.

    Supporting lasting peace in Sudan and the Democratic Republic of the Congo

    We unequivocally denounced the ongoing fighting and atrocities in Sudan, including sexual violence against women and girls, which have led to the world’s largest humanitarian crisis and the spread of famine. We called for the warring parties to protect civilians, cease hostilities, and ensure unhindered humanitarian access, and urged external actors to end their support fueling the conflict.

    We condemned the Rwanda-backed M23 offensive in the eastern Democratic Republic of the Congo (DRC) and the resulting violence, displacement and grave human rights and international humanitarian law violations. This offensive constitutes a flagrant disregard of the territorial integrity of the DRC. We reiterated our call for M23 and the Rwanda Defence Force to withdraw from all controlled areas. We urged all parties to support the mediation led by the East African Community and the Southern African Development Community, to promote accountability for human rights abuses by all armed actors, including M23 and the FDLR, and to commit to a peaceful and negotiated resolution of the conflict, including the meaningful participation of women and youth.

    Strengthening sanctions and countering hybrid warfare and sabotage

    We welcomed efforts to strengthen the Sanctions Working Group focused on listings and enforcement. We also welcomed discussions on the establishment of a Hybrid Warfare and Sabotage Working Group, and of a Latin America Working Group.

    MIL OSI Europe News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation, Third Review under the Resilience and Sustainability Facility with Morocco

    Source: IMF – News in Russian

    March 18, 2025

    • The IMF Executive Board concluded the 2025 Article IV Consultation and approved the Third Review under the Resilience and Sustainability Facility (RSF) arrangement with Morocco, allowing for the immediate disbursement of SDR 375 million (about US$ 496 million).
    • The Moroccan economy continued to show resilience despite another year of drought, with real GDP growth projected to slow modestly to 3.2 percent in 2024 amid strong domestic demand. Growth is expected to accelerate over the medium term, driven by stronger investment and the continued structural reforms.
    • Saving part of the revenue windfall from tax reforms would help strengthen fiscal buffers and protect against future shocks; while a new strategy to sustainably boost jobs and improve market competition would help address the increased unemployment linked to job displacement in the agricultural sector.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded on March 17 the 2025 Article IV consultation[1] with Morocco and completed the Third Review under the Resilience and Sustainability Facility (RSF) arrangement, which was approved in September 2023 (see PR 23/327). The completion of the Third Review allows the authorities to draw SDR 375 million (about US$ 496 million), bringing total disbursement under the RSF arrangement to SDR 937.5 million (about US$ 1.24 billion). 

    In 2024, the Moroccan economy was resilient to yet another year of drought. Robust domestic demand helped offset weak agricultural output and economic activity is expected to have slowed only modestly to 3.2 percent in 2024. The current account deficit widened somewhat, whereas unemployment remained elevated at about 13 percent, mainly reflecting the impact of job losses in the agricultural sector. GDP growth is expected to accelerate to about 3.7 percent over the next few years, supported by a new series of infrastructure projects and the continued implementation of the structural reform agenda.

    Inflation decelerated further in 2024, mainly as the impact of supply shocks faded. This prompted Bank Al-Maghrib (BAM) to lower the policy rate twice in June and December. The dirham continued to move within the fluctuation band of ±5 percent.

    The central government fiscal deficit improved more than envisaged in the 2024 Budget. The 2024 overall deficit closed at 4.1 percent of GDP, about 0.2 percent of GDP less than projected in the 2024 Budget. This reflects better-than-expected tax revenues that more than offset higher spending. The reform of the Organic Budget Law envisages the introduction of a new fiscal rule based on a medium-term debt anchor.  

    The implementation of the announced structural reform agenda has continued. Further steps were taken to restructure SOEs, operationalize the Mohammed VI Investment Fund, and implement the new Charter of Investment.

    Morocco continued to make progress in bolstering its resilience to climate change under the RSF arrangement. Measures implemented under the third and final review of the RSF arrangement aim to better protect underground water resources, prepare the ground for a change in tariffication of water, improve the regulatory setting of the electricity market to encourage private sector’s production of renewable energy, and reinforce fiscal and financial systems’ resilience to climate change-related risks.   

    Following the Executive Board’s discussion on Morocco, Mr. Kenji Okamura, Deputy Managing Director and Acting Chair, issued the following statement:

    “The Moroccan economy continued to show resilience to negative shocks, a testament to the country’s very strong economic policies and frameworks. Despite renewed drought conditions, economic activity slowed only modestly to an estimated 3.2 percent in 2024, down from 3.4 percent in 2023, thanks to robust domestic demand. GDP growth is expected to accelerate to about 3.7 percent over the next few years, driven by a new cycle of infrastructure projects and the continued implementation of the structural reform agenda. These reforms are essential to making growth stronger, more resilient, job-rich, and more inclusive.

    “The RSF arrangement concluded with the implementation of six of the seven measures scheduled for the third and final review. These measures will help improve the management of scarce water resources, further liberalize the electricity sector, and address the climate risks on the stability of the fiscal position and the financial system. The gradual introduction of the carbon tax was not implemented as the authorities needed to undertake further analysis of its impact and deeper consultations with public and private stakeholders.” 

    Morocco: Selected Economic Indicators, 2020–30

    Population: 36.8 million; 2024

    		    

    Per capita GDP: $3,817; 2023

    		        

    Quota: SDR 894.4 million

    		    

    Poverty rate: 4.8 percent; 2013

    		        

    Main exports: automobiles, phosphate and derivatives; 2023

    		                

    Key export markets: France and Spain (42% of total trade); 2023

    		          
     

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030
             

    Proj.

    Output (annual percent change)

    		                      

    Real GDP growth

    -7.2

    8.2

    1.5

    3.4

    3.2

    3.9

    3.7

    3.6

    3.6

    3.6

    3.6

    Real nonagricultural GDP growth

    -7.2

    7.0

    3.2

    3.6

    4.1

    3.7

    3.7

    3.7

    3.7

    3.7

    3.7
                           

    Employment (percent)

    		                      

    Unemployment

    11.9

    12.3

    11.8

    13.0

    13.3

    13.2

    12.9

    12.4

    12.1

    11.9

    11.8
                           

    Prices

    		                      

    Inflation (end of period)

    -0.3

    3.2

    8.3

    3.4

    0.7

    2.1

    2.2

    2.2

    2.1

    2.0

    2.0

    Inflation (period average)

    0.7

    1.4

    6.6

    6.1

    0.9

    2.2

    2.3

    2.2

    2.1

    2.0

    2.0
                           

    Central government finances (percent of GDP) 1/

    		                      

    Revenue

    27.0

    25.1

    28.4

    27.9

    30.1

    30.4

    29.4

    28.1

    28.1

    28.1

    28.1

    Expenditure

    34.1

    31.0

    33.8

    32.3

    34.2

    34.3

    32.8

    31.4

    31.3

    31.2

    31.2

    Fiscal balance

    -7.1

    -5.9

    -5.4

    -4.5

    -4.1

    -3.9

    -3.4

    -3.3

    -3.2

    -3.1

    -3.1

    Public debt

    72.2

    69.4

    71.5

    69.5

    70.0

    68.9

    67.7

    66.8

    66.2

    65.6

    65.1
                           

    Money and credit (annual percent change)

    		                      

    Broad money

    8.4

    5.1

    8.0

    4.0

    7.9

    4.6

    4.6

    4.6

    4.6

    4.6

    4.6

    Claims to the economy 2/

    4.9

    3.8

    7.1

    5.3

    6.9

    4.5

    4.1

    4.2

    4.2

    4.2

    4.2

    Balance of payments

    		                      

    Current account (percent of GDP)

    -1.2

    -2.3

    -3.5

    -0.6

    -1.5

    -2.0

    -2.2

    -2.6

    -2.9

    -3.1

    -3.3

    Exports of goods (in U.S. dollars, annual percent change)

    -4.4

    34.4

    15.1

    -0.5

    8.6

    6.6

    7.3

    6.9

    6.8

    6.7

    6.7

    Imports of goods (in U.S. dollars, annual percent change)

    -12.0

    32.1

    21.9

    -2.6

    8.0

    8.1

    7.5

    7.4

    7.3

    6.4

    6.2

    Merchandise trade balance (percent of GDP)

    -12.8

    -14.0

    -20.2

    -17.3

    -17.3

    -17.8

    -18.0

    -18.3

    -18.6

    -18.6

    -18.5

    FDI (percent of GDP)

    0.8

    1.1

    1.2

    0.2

    0.7

    1.4

    1.5

    1.6

    1.6

    1.7

    1.7

    Gross reserves (months of imports)

    7.2

    5.8

    5.3

    5.4

    5.2

    5.2

    5.2

    5.2

    5.1

    5.1

    5.2

    External Debt (percent of GDP)

    54.2

    45.5

    46.9

    50.2

    47.8

    49.2

    50.0

    50.9

    50.2

    54.0

    57.3

    Exchange rate

    		                      

    REER (annual average, percent change)

    1.4

    1.6

    -3.2

    0.9

    …

    …

    …

    …

    …

    …

    …

    Memorandum Items:

    		                      

    Nominal GDP (in billions of U.S. dollars)

    121

    142

    131

    144

    155

    166

    177

    188

    199

    212

    225

    Net imports of energy products (in billions of U.S. dollars)

    -5.3

    -8.4

    -15.1

    -12.0

    -11.5

    -12.1

    -12.3

    -12.8

    -13.2

    -13.7

    -14.1

    Local currency per U.S. dollar (period average)

    9.5

    9.0

    10.2

    10.1

    9.9

    …

    …

    …

    …

    …

    …

    Sources: Moroccan authorities; and Fund staff estimates.

    –––––––––––

    1/ Include grants.

    2/ Includes credit to public enterprises.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/03/18/pr-2568-morocco-imf-concludes-2025-art-iv-consult-3rd-review-under-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: NexusX Achieves Highest Level Compliance Certification from the Asia-Pacific Financial Alliance (APFA), Setting a New Benchmark for Global Digital Asset Trading

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, CA, March 18, 2025 (GLOBE NEWSWIRE) — Global leading cryptocurrency exchange NexusX today announced that it has officially received the “AAA Digital Asset Service Provider” certification from the Asia-Pacific Financial Alliance (APFA). This makes it the first digital asset trading platform in the world to meet the top three standards for anti-money laundering (AML), user asset segregation, and operational transparency. This certification further solidifies NexusX’s position as a top-tier compliant exchange globally, providing users with a safer, more transparent, and compliant digital asset trading environment.

    NexusX: A Global Leader in Compliant Cryptocurrency Trading

    NexusX is a cryptocurrency exchange registered in the United States and holds a FinCEN MSB license. It is dedicated to providing secure, efficient, and compliant cryptocurrency trading services to users worldwide. Recognized by international financial regulatory bodies, NexusX employs top-tier security technologies, AI-driven risk control systems, and global liquidity support to offer a diverse range of financial products, including spot trading, futures trading, DeFi trading, and NFT trading.

    Achieving the APFA certification further demonstrates NexusX’s industry-leading position in financial compliance, security regulation, and user asset protection.

    NexusX Enhances Trading Security Through APFA Certification

    APFA is one of the most authoritative financial regulatory organizations in the Asia-Pacific region, and its “AAA Digital Asset Service Provider” certification is considered the highest compliance standard globally. According to the compliance audit report released by APFA, NexusX excels in the following areas:

     – Cold wallet reserve coverage rate of 102%, ensuring complete asset segregation and protection against hacking and fund misappropriation risks.

    – All fiat assets are held in partner banks regulated by the International Banking Association (IBA), ensuring the safety and compliance of fiat funds.

    – An intelligent anti-money laundering (AML) system that covers 20 countries, capable of automatically monitoring and blocking suspicious transactions, significantly enhancing platform security.

    – Transparent and verifiable operational data, with all transaction data synchronized in real-time to financial regulatory agencies in various countries, ensuring legality and compliance.

    “Compliance is the cornerstone of global service,” said Jonathan Reynolds, CEO of NexusX, at the press conference. “NexusX has successfully integrated regulatory interfaces from 20 countries through our self-developed regulatory sandbox system, achieving real-time compliance for trading data.” This means that both individual users and institutional investors can enjoy bank-level security and transparency when trading on NexusX.

    NexusX Achieves 95% Retention Rate Among Institutional Investors, Becoming a Trusted Exchange

    In the context of global regulatory compliance, NexusX’s market performance continues to rise. According to the latest disclosures from the internationally recognized auditing firm VeriTrust:

    – In Q2 2025, NexusX’s trading volume in the global compliant market reached 38%, far exceeding the industry average.

    – NexusX boasts a retention rate of 95% among institutional investors, making it one of the most trusted digital currency trading platforms by institutions.

    – Daily trading volume has significantly increased, with global users surpassing 15 million, making it one of the fastest-growing digital asset trading platforms worldwide.

    Industry analysts believe that NexusX, as the safest and most compliant cryptocurrency exchange globally, is attracting an increasing number of Wall Street investment banks, hedge funds, and sovereign funds to enter the crypto market due to its robust compliance system, advanced trading technology, and solid market performance.

    NexusX’s Future Development Strategy: Building the Safest Digital Asset Trading Ecosystem

    As NexusX rapidly develops in the global market, the platform will continue to strengthen its compliance framework and promote the legitimization of the global digital asset market:

    – Expanding Global Compliance Licenses: Plans to apply for higher-level digital asset trading licenses in key markets such as the EU, Japan, Singapore, UAE, and Australia.

    – Upgrading AI Trading Risk Control Systems: Utilizing artificial intelligence and big data analytics to optimize trading security and reduce market manipulation risks.

    – Launching Institutional-Level Compliance Services: Collaborating with top international legal teams and auditing firms to attract more large financial institutions, family offices, and fund companies into the NexusX ecosystem.

    – Enhancing On-Chain Asset Management: Using smart contracts and transparent on-chain ledgers to ensure all transactions are verifiable, traceable, and auditable, completely eliminating malicious manipulation.

    Industry experts point out that NexusX’s APFA certification signifies its compliance capabilities equivalent to traditional financial institutions, positioning NexusX to become the most trusted trading platform in the global digital asset trading market. This certification not only boosts confidence among global investors but also drives the entire industry toward a more compliant, transparent, and secure future.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    Website: https://trade.nexusxing.com

    The MIL Network –

  • MIL-OSI United Kingdom: Press Release – Expressions of Interest – Jersey Ferry Tuesday 18 March 2025

    Source: Channel Islands – States of Alderney

    Press Release
    Date: 18th March 2025

    Economic Development seeks Ferry Service operator between Jersey and Alderney

    The Economic Development Committee recognises the importance of connectivity to the island and is keen to expand ferry service offerings to Alderney.
    In keeping with the States established procurement procedures, and to demonstrate value for money to local taxpayers, the States is inviting Expressions of Interest (EOI) for a seasonal ferry service between the Island and Jersey for the 2025 summer season.

    The opportunity is open to ferry service providers with vessels of up to 12-passenger capacity to operate between the Spring Bank Holiday at the end of May until the end of September.
    The successful applicant will also have an option to extend to 2026 subject to review by both parties.

    It is envisaged that a minimum service for the Alderney-Jersey route would involve at least four rotations per week to accommodate overnight stays in Alderney.
    At this stage, potential providers are being asked to provide basic details to the States including vessel, proposed timetable and fares and what support the service may require from the States. Once initial submissions have been received, a more detailed process will be carried out to select the provider in time to commence the service in May.

    Details about the EOI and the procurement process can be found at the link: CHttpHandler.ashx

    Chair of the Economic Development Committee, Stuart Clark said ‘the seasonal ferry services to Guernsey for visitors and residents alike have been an important factor in Alderney’s transport offering. The limited travel links to Jersey have also been well noted and the Committee feels that direct links to Jersey is a market that should be tested and exploited.’

    Closing date for submission of EOI is March 28th 2025.

    Ends

    MIL OSI United Kingdom –

  • MIL-OSI USA: Luján Discusses Social Security, Medicare, and Medicaid with Seniors, Hosts Roundtable on Needs of New Mexico Food Banks

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Santa Fe, N.M. – On Monday, U.S. Senator Ben Ray Luján (D-N.M.) visited the Mary Esther Gonzales Senior Center in Santa Fe to meet with seniors and discuss his efforts to protect Social Security, Medicare, and Medicaid for New Mexicans from attacks by Elon Musk and the Trump administration. Senator Luján then traveled to Albuquerque to convene a roundtable at Roadrunner Food Bank to discuss the specific needs of New Mexico food banks and stakeholders and efforts to support New Mexicans in the Farm Bill.
    Mary Esther Gonzales Senior Center, Santa Fe, N.M.

    “It was an honor to meet with New Mexican seniors today and hear firsthand how vital programs like Social Security and Medicare are to their livelihoods. Standing up for our seniors is important to me, especially in the face of threats to programs that our seniors rely on. Elon Musk called Americans’ hard-earned benefits ‘the big one to eliminate’ and a ‘Ponzi Scheme.’ That’s unacceptable,” said Senator Luján.
    “Over 100,000 seniors in New Mexico rely on Medicaid, and 460,000 New Mexicans are covered by Medicare. Without Medicaid, most older adults who need help with daily activities would not be able to afford home-based or nursing facility care,”continued Senator Luján. “That’s just not right. I will continue fighting to protect our seniors against attacks from the Trump administration.”
    Roadrunner Food Bank, Albuquerque, N.M.

    “It was a privilege to meet with folks at Roadrunner Foodbank to learn more about the needs of our food banks, farmers, producers, and stakeholders. The Musk-Trump funding freeze and broad and indiscriminate firings across the federal government have devastated communities across America, leaving countless families uncertain where their next meal would come from. Foodbanks across New Mexico ensure families in need have access to nutritious meals. But now, Elon Musk, President Trump, and Congressional Republicans are threatening critical funding for nutrition support – putting New Mexico families at risk,” said Senator Luján.
    “As Ranking Member of the Senate Committee on Agriculture, Nutrition and Forestry’s Subcommittee on Food and Nutrition, Specialty Crops, Organics, and Research, I will continue to fight to protect programs like the Supplemental Nutrition Assistance Program (SNAP) and the Emergency Food Assistance Program (TEFAP),” continued Senator Luján. “These programs are lifelines for thousands of New Mexicans, and gutting these resources hurts our families and threatens our communities and the economy,”
    “Taking aim at funding that supports community members struggling to get enough food to eat (particularly highly nutritious foods) and positively impacts local growers and producers is only accomplishing one thing: harming New Mexicans and Americans. If the goal is healthier communities, we should be investing in support for locally produced foods going to community members, not stripping away those programs and funds,” said Katy Anderson, Road Runner Foodbank VP-Strategy, Partnerships, and Advocacy.
    “The Local Food Purchase Assistance Cooperative Agreement Program (LFPA) created an opportunity to implement an innovative approach to improving access to nutritious food through the food security network while strengthening the resilience of New Mexico’s local food system. For the first time, the food security network and the local agriculture community worked together to foster change—and it worked! The abrupt dissolution of this program harms everyone—producers, food banks, food-insecure individuals, and the critical relationships that sustain New Mexico’s communities,” said Jill Dixon, Executive Director of The Food Depot.
    “These cuts hurt farmers, and the adage is true as ever:  no farmers, no food.  The Local Food Purchasing program allowed local farms like ours to have predictable, meaningful contracts delivering the fresh healthy food we grow to food banks and schools, ensuring local food reached the people who need it most. Thanks to this highly successful program, NM farmers pivoted their crop plans and distribution strategies to feed our communities. Now, with funding cuts, crops are in the fields but won’t be able to reach the hungry children and families in our communities.  We must invest in programs that support farmers to keep farming, and keep local food accessible to everyone—not just those who can afford it,” said Juliana Ciano, Reunity Resources.
    “The Local Food Purchase Assistance Cooperative Agreement Program (LFPA) is a perfect example of how a federal government investment puts ‘America First.’ Investing in skilled American ranchers and farmers, who use America’s natural resources to grow healthy, nutritious American beef and produce. Which in turn have stimulated growth in rural economies by creating more jobs and businesses to package and distribute this locally grown food into local markets that pay a ‘fair’ market price. This is a concept that is Making America Great Again. My hopes are that the LFPA program will be re-evaluated for funding because of the true value that it is bringing to rural economies and the well-being of Americans across the country,” said Manny Encinias, President of Trilogy Beef Community.
    “These cuts are really a shame, as during the last three years, New Mexico’s Regional Farm to Food Bank program has been a national standout, spending more than $3.6 million with small- and medium-scale producers, many of whom themselves live in low-income, low-access food areas,” said Denise Miller, executive director of the New Mexico Farmers’ Marketing Association.

    MIL OSI USA News –

  • MIL-OSI: Annual general meeting of Spar Nord Bank A/S

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 07

            

    Annual general meeting of Spar Nord Bank A/S

    Results of the annual general meeting held on 18 March 2025:

    • The report by the Board of Directors, the audited financial statements and the proposal for allocation of profits were approved.
    • The remuneration report for 2024 and the level of the Board’s remuneration in 2025 were approved.
    • The authorisation to the Company to buy treasury shares was approved.
    • Deloitte Statsautoriseret Revisionspartnerselskab was appointed as external auditors to audit the Company’s financial statements and to prepare a report on the Company’s sustainability reporting.
    • The proposals from the Board of Directors to amend the Articles of Association were approved.

    Election of members to the Board of Directors
    Kjeld Johannesen (Nibe), Per Nikolaj Bukh (Risskov), Morten Bach Gaardboe (Slagelse), Henrik Sjøgreen (Gentofte), Lisa Lund Holst (Virum), Michael Lundgaard Thomsen (Aalborg) and Mette Louise Kaagaard (Birkerød) were re-elected as board members.

    In addition, the Board of Directors consists of members elected by the employees: Jannie Skovsen, chairman of Spar Nord Kreds, Gitte Holmgaard, deputy chairman of Spar Nord Kreds, and Rikke Marie Christiansen, HR Partner.

    At the subsequent board meeting, the Board of Directors elected Kjeld
    Johannesen as chairman and Per Nikolaj Bukh as deputy chairman.

    Spar Nord
    Martin Bach
    SVP Corporate Communication

    Attachment

    The MIL Network –

  • MIL-OSI Security: Security News: Wealthy Miami Man Pleads Guilty to Decades-Long Scheme to Defraud the IRS

    Source: United States Department of Justice 2

    A Miami man pleaded guilty yesterday to conspiring with others to defraud the United States by concealing millions of dollars in assets and income in undisclosed Swiss bank accounts.

    According to court documents and statements made in court, between 1985 and 2020, Dan Rotta hid more than $20 million in assets in dozens of secret Swiss accounts at five different Swiss banks, including UBS, Credit Suisse, Bank Bonhôte, and Bank Julius Baer. The accounts were held in his own name, in the names of sham structures, and, in one instance, a pseudonym. Over the years, Rotta earned tens of millions of dollars of income from these assets that he did not report on his tax returns and that he used to fund his lavish lifestyle. He caused a substantial tax loss to the IRS.

    Rotta employed increasingly elaborate schemes to keep his accounts hidden. Over the years, he kept his accounts open, in part, by falsely representing that he was not a U.S. citizen, leveraging his Brazilian citizenship to claim he was a Brazilian citizen residing in Brazil.

    Starting in 2008, after it was reported publicly that UBS and its bankers were under criminal investigation for helping U.S. taxpayers evade their taxes, Rotta closed his UBS account and moved his funds to Credit Suisse and Bank Bonhôte.

    In 2011, after the IRS obtained records related to one of Rotta’s Swiss accounts, Rotta nominally changed the documentation of his accounts at Credit Suisse and Bank Bonhôte to make it appear that his co-conspirator, a Brazilian national and resident, owned the assets in the accounts. Despite the change, Rotta continued to control the assets and transferred millions of dollars out of those accounts for his use.

    Shortly after Rotta changed the account documentation, the IRS began auditing Rotta. During the audit, Rotta falsely denied that he owned the assets in the foreign financial accounts and, instead, claimed that the millions of dollars he withdrew from the accounts were non-taxable loans from foreign nationals. Rotta provided the IRS with fake promissory notes and false affidavits from the foreign nationals to corroborate his claims. During the audit, Rotta continued to use the funds in his foreign accounts to fund his lifestyle in the United States, but to conceal his use of the funds from the IRS, he often routed transfers from his foreign accounts through nominee accounts and attorney trust fund accounts in the United States.

    The IRS did not believe Rotta’s story and assessed millions of dollars of additional taxes as well as penalties and interest against him. Rotta sought to reverse the assessments by filing a false petition in U.S. Tax Court. In that petition, Rotta, through his attorney, falsely denied having any foreign accounts and attached fictitious loan documents. Furthermore, the nominee account owners traveled to the United States to retell the false loan story to IRS attorneys.

    In 2017, after Rotta presented evidence that the purported loans had been repaid, the IRS reversed the deficiencies and agreed that Rotta owed no additional tax. Unbeknownst to the IRS, however, the “loan repayments” were fake: the funds that Rotta purportedly repaid went back into accounts that Rotta controlled shortly after the IRS dismissed the suit. Also as part of the conspiracy, Rotta had his U.S.-based attorneys create sham trust structures that he used to transfer his assets to the United States without alerting the IRS. On paper, it appeared that Rotta’s co-conspirator funded the trusts for Rotta’s benefit. In reality, Rotta funded the trusts with transfers from Swiss accounts.

    In 2019, Rotta became aware that the IRS would receive additional account records from Switzerland that contradicted the false claims that he had previously made. To avoid criminal liability, Rotta applied to participate in the IRS’s voluntary disclosure practice. Under that practice, taxpayers who failed to comply with their tax and reporting obligations can make timely, accurate, and complete disclosures of their conduct, which may offer a path to resolve their non-compliance and limit their criminal exposure. Rotta made false statements in his submission, including falsely claiming that the assets in the Swiss accounts mostly belonged to others, and that any funds provided to Rotta were non-taxable gifts. Rotta also claimed that the nominee account owner gifted Rotta money because the nominee had no children to benefit from the funds. In fact, the nominee had two children.

    Rotta is scheduled to be sentenced on June 4. He faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Hayden O’Byrne for the Southern District of Florida, and Executive Special Agent in Charge Kareem Carter of IRS Criminal Investigation (IRS-CI)’s Washington, D.C., Field Office made the announcement.

    Special Agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., and dedicated to uncovering international tax crimes, is investigating the case.

    Senior Litigation Counsels Sean Beaty and Mark Daly and Trial Attorneys Patrick Elwell and William Montague of the Tax Division, as well as Senior Litigation Counsel Christopher J. Clark for the Southern District of Florida, are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Banking: AGNICO EAGLE COMPLETES ACQUISITION OF 100% OF O3 MINING

    Source: Agnico Eagle Mines

    (All amounts expressed in Canadian dollars unless otherwise noted)

    TORONTO, March 18, 2025 /CNW/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle“) and O3 Mining Inc. (TSXV: OIII), (OTCQX: OIIIF) (“O3 Mining“) are pleased to jointly announce that Agnico Eagle has today completed the acquisition of 100% of the outstanding common shares of O3 Mining (the “Common Shares“) pursuant to the amalgamation (the “Amalgamation“) of O3 Mining and Agnico Eagle Abitibi Acquisition Corp., a wholly-owned subsidiary of Agnico Eagle.  O3 Mining is now a wholly-owned subsidiary of Agnico Eagle. 

    The Amalgamation constituted the subsequent acquisition transaction contemplated by Agnico Eagle’s board-supported take-over bid to acquire O3 Mining. Under the Amalgamation, shareholders of O3 Mining, other than Agnico Eagle, will receive $1.67 in cash per Common Share (the “Consideration“).

    It is expected that the Common Shares will be delisted from the TSX Venture Exchange on or around March 20, 2025 and O3 Mining will file an application to cease to be a reporting issuer under Canadian securities laws.

    Additional Information and How to Receive the Consideration

    Additional information concerning the Amalgamation is contained in the notice of special meeting and management information circular of O3 Mining (the “Circular“) dated February 13, 2025.  The Circular is available under O3 Mining’s issuer profile on SEDAR+ at www.sedarplus.ca.

    In order to receive the Consideration (less applicable withholdings), each registered shareholder must properly complete and duly execute the letter of transmittal enclosed with the Circular and deliver such letter of transmittal, together with all other necessary documents and instruments to Odyssey Trust Company, in its capacity as depositary for the Amalgamation, at the address specified in the letter of transmittal and otherwise in accordance with the instructions contained in the letter of transmittal.  Non-registered shareholders whose Common Shares are registered in the name of an investment advisor, broker, bank, trust company, custodian, nominee or other intermediary must contact such intermediary for instructions and assistance in exchanging their Common Shares for the Consideration.  

    If you have any questions or require assistance, please contact Laurel Hill Advisory Group, by phone at 1-877-452-7187 or by e-mail at assistance@laurelhill.com.

    Information for Warrantholders

    Any warrants to acquire Common Shares (the “Warrants“) that remain outstanding may be exercised prior to the expiry time thereof in accordance with the terms of the Warrant Indenture governing the Warrants, as amended, and will receive on exercise, in lieu of Common Shares, $1.67 in cash. The Warrant Indenture has been amended by a supplemental indenture to give effect to the foregoing. In connection such amendment, the exercise form to be used by holders of outstanding Warrants has been amended and replaced with an amended exercise form attached as Appendix E to the Circular.  For additional information, please contact investor.relations@agnicoeagle.com or call (416) 947-1212.

    About Agnico Eagle Mines Limited

    Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

    Cautionary Note Regarding Forward-Looking Information

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation that is based on current expectations, estimates, projections, and interpretations about future events as at the date of this news release. Forward-looking information and statements are based on estimates of management by Agnico Eagle and O3 Mining, at the time they were made, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the timing for the delisting of O3 Mining from the TSX Venture Exchange and for O3 Mining to cease to be a reporting issuer; and the receipt of $1.67 in cash on the exercise of Warrants. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, expectations relating to the timing for the delisting of the Common Shares and O3 Mining (or its successor) filing an application to cease to be a reporting issuer under applicable securities laws; and expectations concerning the outstanding Warrants. Agnico Eagle and O3 Mining caution that the foregoing list of material factors and assumptions is not exhaustive. Although the forward-looking information contained in this news release is based upon what Agnico Eagle and O3 Mining believe, or believed at the time, to be reasonable expectations and assumptions, there is no assurance that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither O3 Mining, nor Agnico Eagle nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Agnico Eagle and O3 Mining do not undertake, and assume no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable law. These statements speak only as of the date of this news release. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Agnico Eagle or any of its affiliates or O3 Mining.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 

    SOURCE O3 Mining Inc.

    MIL OSI Global Banks –

  • MIL-OSI Security: Wealthy Miami Man Pleads Guilty to Decades-Long Scheme to Defraud the IRS

    Source: United States Attorneys General 13

    A Miami man pleaded guilty yesterday to conspiring with others to defraud the United States by concealing millions of dollars in assets and income in undisclosed Swiss bank accounts.

    According to court documents and statements made in court, between 1985 and 2020, Dan Rotta hid more than $20 million in assets in dozens of secret Swiss accounts at five different Swiss banks, including UBS, Credit Suisse, Bank Bonhôte, and Bank Julius Baer. The accounts were held in his own name, in the names of sham structures, and, in one instance, a pseudonym. Over the years, Rotta earned tens of millions of dollars of income from these assets that he did not report on his tax returns and that he used to fund his lavish lifestyle. He caused a substantial tax loss to the IRS.

    Rotta employed increasingly elaborate schemes to keep his accounts hidden. Over the years, he kept his accounts open, in part, by falsely representing that he was not a U.S. citizen, leveraging his Brazilian citizenship to claim he was a Brazilian citizen residing in Brazil.

    Starting in 2008, after it was reported publicly that UBS and its bankers were under criminal investigation for helping U.S. taxpayers evade their taxes, Rotta closed his UBS account and moved his funds to Credit Suisse and Bank Bonhôte.

    In 2011, after the IRS obtained records related to one of Rotta’s Swiss accounts, Rotta nominally changed the documentation of his accounts at Credit Suisse and Bank Bonhôte to make it appear that his co-conspirator, a Brazilian national and resident, owned the assets in the accounts. Despite the change, Rotta continued to control the assets and transferred millions of dollars out of those accounts for his use.

    Shortly after Rotta changed the account documentation, the IRS began auditing Rotta. During the audit, Rotta falsely denied that he owned the assets in the foreign financial accounts and, instead, claimed that the millions of dollars he withdrew from the accounts were non-taxable loans from foreign nationals. Rotta provided the IRS with fake promissory notes and false affidavits from the foreign nationals to corroborate his claims. During the audit, Rotta continued to use the funds in his foreign accounts to fund his lifestyle in the United States, but to conceal his use of the funds from the IRS, he often routed transfers from his foreign accounts through nominee accounts and attorney trust fund accounts in the United States.

    The IRS did not believe Rotta’s story and assessed millions of dollars of additional taxes as well as penalties and interest against him. Rotta sought to reverse the assessments by filing a false petition in U.S. Tax Court. In that petition, Rotta, through his attorney, falsely denied having any foreign accounts and attached fictitious loan documents. Furthermore, the nominee account owners traveled to the United States to retell the false loan story to IRS attorneys.

    In 2017, after Rotta presented evidence that the purported loans had been repaid, the IRS reversed the deficiencies and agreed that Rotta owed no additional tax. Unbeknownst to the IRS, however, the “loan repayments” were fake: the funds that Rotta purportedly repaid went back into accounts that Rotta controlled shortly after the IRS dismissed the suit. Also as part of the conspiracy, Rotta had his U.S.-based attorneys create sham trust structures that he used to transfer his assets to the United States without alerting the IRS. On paper, it appeared that Rotta’s co-conspirator funded the trusts for Rotta’s benefit. In reality, Rotta funded the trusts with transfers from Swiss accounts.

    In 2019, Rotta became aware that the IRS would receive additional account records from Switzerland that contradicted the false claims that he had previously made. To avoid criminal liability, Rotta applied to participate in the IRS’s voluntary disclosure practice. Under that practice, taxpayers who failed to comply with their tax and reporting obligations can make timely, accurate, and complete disclosures of their conduct, which may offer a path to resolve their non-compliance and limit their criminal exposure. Rotta made false statements in his submission, including falsely claiming that the assets in the Swiss accounts mostly belonged to others, and that any funds provided to Rotta were non-taxable gifts. Rotta also claimed that the nominee account owner gifted Rotta money because the nominee had no children to benefit from the funds. In fact, the nominee had two children.

    Rotta is scheduled to be sentenced on June 4. He faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Hayden O’Byrne for the Southern District of Florida, and Executive Special Agent in Charge Kareem Carter of IRS Criminal Investigation (IRS-CI)’s Washington, D.C., Field Office made the announcement.

    Special Agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., and dedicated to uncovering international tax crimes, is investigating the case.

    Senior Litigation Counsels Sean Beaty and Mark Daly and Trial Attorneys Patrick Elwell and William Montague of the Tax Division, as well as Senior Litigation Counsel Christopher J. Clark for the Southern District of Florida, are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI USA: Wealthy Miami Man Pleads Guilty to Decades-Long Scheme to Defraud the IRS

    Source: US State of North Dakota

    A Miami man pleaded guilty yesterday to conspiring with others to defraud the United States by concealing millions of dollars in assets and income in undisclosed Swiss bank accounts.

    According to court documents and statements made in court, between 1985 and 2020, Dan Rotta hid more than $20 million in assets in dozens of secret Swiss accounts at five different Swiss banks, including UBS, Credit Suisse, Bank Bonhôte, and Bank Julius Baer. The accounts were held in his own name, in the names of sham structures, and, in one instance, a pseudonym. Over the years, Rotta earned tens of millions of dollars of income from these assets that he did not report on his tax returns and that he used to fund his lavish lifestyle. He caused a substantial tax loss to the IRS.

    Rotta employed increasingly elaborate schemes to keep his accounts hidden. Over the years, he kept his accounts open, in part, by falsely representing that he was not a U.S. citizen, leveraging his Brazilian citizenship to claim he was a Brazilian citizen residing in Brazil.

    Starting in 2008, after it was reported publicly that UBS and its bankers were under criminal investigation for helping U.S. taxpayers evade their taxes, Rotta closed his UBS account and moved his funds to Credit Suisse and Bank Bonhôte.

    In 2011, after the IRS obtained records related to one of Rotta’s Swiss accounts, Rotta nominally changed the documentation of his accounts at Credit Suisse and Bank Bonhôte to make it appear that his co-conspirator, a Brazilian national and resident, owned the assets in the accounts. Despite the change, Rotta continued to control the assets and transferred millions of dollars out of those accounts for his use.

    Shortly after Rotta changed the account documentation, the IRS began auditing Rotta. During the audit, Rotta falsely denied that he owned the assets in the foreign financial accounts and, instead, claimed that the millions of dollars he withdrew from the accounts were non-taxable loans from foreign nationals. Rotta provided the IRS with fake promissory notes and false affidavits from the foreign nationals to corroborate his claims. During the audit, Rotta continued to use the funds in his foreign accounts to fund his lifestyle in the United States, but to conceal his use of the funds from the IRS, he often routed transfers from his foreign accounts through nominee accounts and attorney trust fund accounts in the United States.

    The IRS did not believe Rotta’s story and assessed millions of dollars of additional taxes as well as penalties and interest against him. Rotta sought to reverse the assessments by filing a false petition in U.S. Tax Court. In that petition, Rotta, through his attorney, falsely denied having any foreign accounts and attached fictitious loan documents. Furthermore, the nominee account owners traveled to the United States to retell the false loan story to IRS attorneys.

    In 2017, after Rotta presented evidence that the purported loans had been repaid, the IRS reversed the deficiencies and agreed that Rotta owed no additional tax. Unbeknownst to the IRS, however, the “loan repayments” were fake: the funds that Rotta purportedly repaid went back into accounts that Rotta controlled shortly after the IRS dismissed the suit. Also as part of the conspiracy, Rotta had his U.S.-based attorneys create sham trust structures that he used to transfer his assets to the United States without alerting the IRS. On paper, it appeared that Rotta’s co-conspirator funded the trusts for Rotta’s benefit. In reality, Rotta funded the trusts with transfers from Swiss accounts.

    In 2019, Rotta became aware that the IRS would receive additional account records from Switzerland that contradicted the false claims that he had previously made. To avoid criminal liability, Rotta applied to participate in the IRS’s voluntary disclosure practice. Under that practice, taxpayers who failed to comply with their tax and reporting obligations can make timely, accurate, and complete disclosures of their conduct, which may offer a path to resolve their non-compliance and limit their criminal exposure. Rotta made false statements in his submission, including falsely claiming that the assets in the Swiss accounts mostly belonged to others, and that any funds provided to Rotta were non-taxable gifts. Rotta also claimed that the nominee account owner gifted Rotta money because the nominee had no children to benefit from the funds. In fact, the nominee had two children.

    Rotta is scheduled to be sentenced on June 4. He faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Hayden O’Byrne for the Southern District of Florida, and Executive Special Agent in Charge Kareem Carter of IRS Criminal Investigation (IRS-CI)’s Washington, D.C., Field Office made the announcement.

    Special Agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., and dedicated to uncovering international tax crimes, is investigating the case.

    Senior Litigation Counsels Sean Beaty and Mark Daly and Trial Attorneys Patrick Elwell and William Montague of the Tax Division, as well as Senior Litigation Counsel Christopher J. Clark for the Southern District of Florida, are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 18.3.2025

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, STOCK EXCHANGE RELEASE, 18 March 2025 at 6.30 PM (EET)
           
           
    WithSecure Corporation: SHARE REPURCHASE 18.3.2025  
           
    In the Helsinki Stock Exchange      
           
    Trade date           18.3.2025    
    Bourse trade         Buy    
    Share                  WITH    
    Amount             15 000 Shares  
    Average price/ share    0,9562 EUR  
    Total cost            14 343,00 EUR  
           
           
    WithSecure Corporation now holds a total of 181 890 shares  
    including the shares repurchased on 18.3.2025    
           
    The share buybacks are executed in compliance with Regulation   
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.  
           
           
    On behalf of Withsecure Corporation    
           
    Nordea Bank Oyj      
           
    Janne Sarvikivi           Sami Huttunen    
           
           
    Contact information:      
    Laura Viita      
    Vice President Controlling, Investor relations and Sustainability
    WithSecure Corporation      
    Tel. +358 50 4871044      
    Investor-relations@withsecure.com      

    Attachment

    The MIL Network –