Category: Business

MIL-OSI USA: Tuberville Reintroduces Legislation to Ban Foreign Adversaries from Buying American Farmland

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville
Legislation would prohibit the sale of agricultural land to Iran, North Korea, China, and Russia
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) and U.S. Senator Jim Banks (R-IN) reintroduced the Protecting America’s Agricultural Land from Foreign Harm Act, which would prohibit the sale of U.S. agricultural land to any individual or entity tied to the governments of Iran, North Korea, China, or Russia. The legislation follows Senator Tuberville’s recent reintroduction of the Foreign Adversary Risk Management (FARM) Act to better vet foreign purchases of America’s farmland.
1819 News first reported the reintroduction of the bill.
“For too long, we’ve sat by while foreign nations have been trying to take over our nation’s agricultural industry,” said Senator Tuberville. “Our adversaries are always looking for any way to get their foot in the door and jeopardize our national security—including our agricultural assets. There’s no reason why foreign adversaries should be allowed to buy American farmland. Not only is it dangerous for our farmers, but it’s disastrous for our national security. It’s past time to take action to protect our American farmers and consumers from threats to our food security. I’m proud to reintroduce this legislation with Senator Banks, and will continue fighting to protect America’s farmland and put our farmers and producers first.”
“Food security is national security. Leaving America’s basic needs vulnerable to extortion by foreign control is not an option,” said Senator Banks. “This bill prevents foreign adversaries, including communist China, from owning American farmland in Indiana and across the U.S.—a no-brainer. Proud to lead this effort alongside Senator Tuberville and Rep. Strong.”
U.S. Representative Dale Strong (R-AL-05) also introduced companion legislation in the U.S. House of Representatives.
“Chinese investment in U.S. farmland, much of which is in close proximity to sensitive national security sites, presents an enormous threat not only to our food, fiber, and fuel markets but also to our national security. As the CCP, Iran, Russia, and North Korea look to exploit weaknesses in our free and open society, it is our responsibility to ensure that the American people are protected against those who seek to undermine our national interest,” said Congressman Strong.
Specifically, the Protecting America’s Agricultural Land from Foreign Harm Act would:
Restrict foreign ownership of U.S. agricultural land, forests, and timberland by Iran, North Korea, China, and Russia,
Prohibit participation in certain USDA programs for individuals from Iran, North Korea, China, and Russia,
Close loopholes to ensure adequate reporting of foreign owned U.S. agricultural land,
Establish a federal tax lien if a violation occurs and amend civil penalties,
Establish more in-depth public data sets through online database,
Require U.S. Department of Agriculture (USDA), Department of National Intelligence (DNI), and Government Accountability Office (GAO) to submit individual reports to Congress.
Read the bill or learn more here.
BACKGROUND
Over the past few years, the United States has experienced a rapid increase in foreign investment in the agricultural sector, particularly from China. Growing foreign investment in agriculture and other essential industries, like health care and energy, threaten our country’s national security and ability to survive. Senator Tuberville has long been a vocal critic of foreign ownership of American farmland and other elements of our food supply chain. As Alabama’s voice on the Senate Ag Committee, Senator Tuberville has been sounding the alarm about foreign ownership of American farmland and other elements of our food supply chain.
According to USDA data from December 2023, foreign investors own approximately 45 million acres of U.S. agricultural land. This represents an increase of over 1.5 million acres in one calendar year. Foreign ownership of U.S. agricultural land increased modestly increased from 2012 to 2017 at an average increase of 0.6 million acres per year. However, since 2017, this number skyrocketed to an annual average of 2.6 million acres annually. Additionally, between 2010 and 2021, entities or individuals from China increased their ownership of U.S. agricultural land more than twentyfold, from 13,720 acres to 383,935 acres. Alabama has the fourth-highest amount of foreign-owned agricultural land in the United States, with 2.2 million acres, most of which is forestland.
Earlier this year, Senator Tuberville reintroduced the Foreign Adversary Risk Management (FARM) Act, a bipartisan, bicameral bill that would ensure the Committee on Foreign Investment in the United States (CFIUS) acknowledges the importance of our agricultural industry and supply chains by adding the Secretary of Agriculture as a permanent member of the committee. Currently, CFIUS does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses.
MORE:
Tuberville Continues Efforts to Secure America’s Farmland from Foreign Adversaries
Tuberville Continues Fighting Foreign Influence in American Agriculture
Second Democrat Ag Secretary Endorses Central Provision in Tuberville’s FARM Act
Biden Ag Secretary Endorses Central Part of Tuberville’s FARM Act
Tuberville Continues Push to Combat Chinese Influence in U.S. Agriculture
Tuberville, Jackson Lead Bipartisan, Bicameral Effort to Protect Ag Industry from Foreign Interference
Tuberville Introduces Bipartisan Bill to Ban Foreign Adversaries from Buying U.S. Farmland
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 19, 2025
MIL-OSI: PIMCO Global Income Opportunities Fund Renews At-The-Market Equity Program

Source: GlobeNewswire (MIL-OSI)

Not for distribution to United States newswire services or for dissemination in the United States

TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — PIMCO Global Income Opportunities Fund (TSX: PGI.UN) (the “Fund”) announced today that the Fund has renewed its at-the-market equity program (the “ATM Program”). The ATM Program allows the Fund to issue Class A units of the Fund (the “Units”) having an aggregate sale price of up to $80,000,000, to the public from time to time, at the discretion of PIMCO Canada Corp. (the “Manager”). Any Units issued under the ATM Program will be sold at the prevailing market price at the time of sale through the Toronto Stock Exchange (“TSX”) or any other marketplace in Canada on which the Units are listed, quoted or otherwise traded. This ATM Program replaces the prior at-the-market equity program of the Fund, which commenced on January 20, 2023 and expired on February 16, 2025.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Manager’s sole discretion. The ATM Program will be effective until March 14, 2027, unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with its investment objectives, investment strategies and investment restrictions.

Sales of Units through the ATM Program will be made pursuant to the terms of an equity distribution agreement entered into by the Fund (the “Equity Distribution Agreement”), dated February 18, 2025, with National Bank Financial Inc. (the “Agent”).

Sales of Units will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Units in Canada. Since Units will be distributed at prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated February 18, 2025 (the “Prospectus Supplement”) to the Fund’s short form base shelf prospectus dated February 14, 2025 (the “Shelf Prospectus”).

Copies of the Prospectus Supplement, the Shelf Prospectus and the Equity Distribution Agreement may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent, and are available on SEDAR+ at www.sedarplus.ca.

The Manager retains Pacific Investment Management Company LLC (“PIMCO”), to provide investment management services to the Fund.

About PIMCO

PIMCO is a global leader in active fixed income with deep expertise across public and private markets. PIMCO invests their clients’ capital across a range of fixed income and credit opportunities, drawing upon PIMCO’s decades of experience navigating complex debt markets. PIMCO’s flexible capital base and deep relationships with issuers have helped PIMCO become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

This is not an offer to sell Units and not a solicitation of an offer to buy Units in any region where the offer or sale is not permitted. Before you invest, you should carefully read the Fund’s disclosure documents and consider carefully the risks you assume when you invest in the Units. There can be no assurance that the Fund will achieve its investment objectives or be able to structure its investment portfolio as anticipated. Copies of the Fund’s disclosure documents may be obtained from your financial advisor.

Forward-Looking Statements

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Fund, the Manager and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Fund, the Manager and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund, the Manager and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.

You will usually pay brokerage fees to your dealer if you purchase or sell Units on the TSX. If the Units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying the Units and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning the Units. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in these documents.

Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

A short form base shelf prospectus and a prospectus supplement containing important detailed information about the securities being offered have been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the Equity Distribution Agreement, the short form base shelf prospectus and the prospectus supplement may be obtained from the Agent. Investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the Manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2025, PIMCO

The products and services provided by PIMCO Canada Corp. may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.
PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.

PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350.

Contact:
Agnes Crane
PIMCO – Media Relations
Ph. 212-597-1054
Email: Agnes.Crane@pimco.com

The MIL Network –

February 19, 2025
MIL-Evening Report: With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue

Source: The Conversation (Au and NZ) – By Ranjana Gupta, Senior Lecturer, Accounting Department, Auckland University of Technology

Jirsak/Shutterstock

The profit made on every breakfast bowl of weet-bix is tax exempt, giving Sanitarium Health Food Company, owned by the Seventh-day Adventist Church, an advantage over other breakfast food companies. But this could be about to change.

Under current rules, New Zealand’s charities are allowed to run businesses as long as the profits are not for personal gain. This means the government gives up millions in tax revenue from charities across the government.

In December, Finance Minister Nicola Willis proposed revising the tax rules for charitable organisations. The changes are set to be announced with this year’s Budget. According to Willis, there was about NZ$2 billion of “profit” in the charitable sector that was not subject to tax.

My new research – to be published later this year – looks at the integrity and fairness of the taxation framework that gives exemptions to charitable organisations competing directly with the for-profit sector.

Striking the right balance between supporting legitimate charitable activities and preventing the abuse of tax concessions is crucial for ensuring a level playing field in the tax system.

My study shows the tax exemption system in New Zealand, as it stands now, is not really fair and equitable. And it is past time for this to change.

For the public benefit

Under New Zealand’s charity law, a charitable organisation must operate for the public benefit and relieve the government of its burden to provide welfare services and assist disadvantaged people.

A paper prepared by the Tax Working Group, an advisory group that looked at New Zealand’s tax system between 2017 and 2019, estimated 30% of registered charities were likely to have some sort of trading activities, such as second-hand stores.

To be eligible for tax exemptions, any gains from businesses must be reinvested in the organisation’s charitable activities.

The traditional justification for granting charitable organisations tax concessions is that they are dedicated to the greater good of society. The concessions are also meant to offset the disadvantages charities face in accessing capital.

But by treating the producers of identical goods and services differently, there is a risk of compromising horizontal equity principles – basically the idea that taxpayers in similar positions should pay similar amounts of tax.

There are concerns for the tax system’s integrity when charitable organisations shift their focus from providing a public good to providing private or unrelated goods (commercial activities).

In these cases, it is clear that tax breaks should be limited.

When governments offer tax breaks, they forego tax revenue. Governments end up having to raise money from other sources to meet their total tax collection targets, such as increasing tax rates on non-exempt firms, items and individuals.

Taxing unrelated activities

Overseas tax systems take a different view of exemptions for charities, offering examples for New Zealand to follow.

In the United Kingdom, for example, charities cannot undertake commercial trading activities unrelated to their charitable purposes while claiming exemption from income tax. This ensures fair competition between commercial activities.

In the United States, “unrelated business income” is subject to tax, restricting concessions to ensure the tax regime matches conventional tax policy or social welfare policy.

In Australia, commercial trading unrelated to the charity’s core purpose is not allowed.

Ensuring transparency

To ensure greater transparency over who gets an exemption, the financial statements of all charities in New Zealand should also be filed on the Charities Register. These statements should be publicly available.

Charities also need to become more responsible and equitable in their operations. There needs to be stricter regulation, and compliance measures should be implemented. These would prevent tax exemption misuse that benefits a specific group or individuals.

The time for reviewing charitable purposes is long overdue in New Zealand, particularly given the UK and Australia have set out their concepts of charitable purposes in recent years.

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

– ref. With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue – https://theconversation.com/with-billions-in-profit-exempt-from-tax-changes-to-nzs-charity-rules-are-long-overdue-249575

MIL OSI Analysis – EveningReport.nz –

February 19, 2025
MIL-OSI China: Chinese FM chairs UN debate

Source: China State Council Information Office

Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, chairs an open debate of the Security Council on “Practicing Multilateralism, Reforming, and Improving Global Governance” under the agenda item “Maintenance of International Peace and Security” on Feb. 18, 2025. [Photo/Chinese Ministry of Foreign Affairs]

On Tuesday, Feb. 18, Chinese Minister for Foreign Affairs Wang Yi chaired an open debate of the Security Council on “Practicing Multilateralism, Reforming, and Improving Global Governance” under the agenda item “Maintenance of International Peace and Security.”

The year 2025 marks the eightieth anniversary of the founding of the United Nations and the victory in the World Anti-Fascist War. The ministerial-level meeting, held under China’s presidency of the Council, provided an opportunity for Member States to review the history of the United Nations, reaffirm their commitment to multilateralism, and jointly build a just and equitable global governance system.

Wang Yi noted that over the past 80 years, the world has witnessed accelerated multi-polarization and economic globalization. People around the world have forged ahead together to overcome challenges. It has been a time of the Global South’s rise and growing strength, as well as a period when societies have emerged from the shadow of the Cold War and moved beyond bipolar confrontation. However, true global peace and common prosperity have yet to be fully realized.

“The international community drew painful lessons from the scourge of two world wars, and the United Nations was founded,” Wang Yi said at the UN Security Council meeting, stressing the need to “reinvigorate true multilateralism, and speed up efforts to build a more just and equitable global governance system” in the face of global crises.

Wang Yi reiterated China’s support for all efforts conducive to peace talks in Ukraine. On the Middle East, he emphasized the importance of upholding the two-state solution. “Gaza and the West Bank are the homeland of the Palestinian people, not a bargaining chip in political trade-offs. The Palestinians governing Palestine is an important principle that must be followed in the post-conflict governance of Gaza,” he said.

Wang Yi also emphasized that UN Security Council resolutions are legally binding and must be upheld by all countries.

MIL OSI China News –

February 19, 2025
MIL-OSI Video: RBNZ February 2025 Monetary Policy Statement: Adrian Orr

Source: Reserve Bank of New Zealand (video statements)

Hear from our Governor Adrian Orr about today’s decision made by the Monetary Policy Committee to reduce the Official Cash Rate by 50 basis points to 3.75%.

https://www.youtube.com/watch?v=7qXj4NSxKhk

MIL OSI Video –

February 19, 2025
MIL-OSI USA: Reed Works to Nix “Carried Interest” Tax Loophole & Make Wall Street Pay Its Fair Share

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC –In an effort to restore fairness to the tax code, U.S. Senator Jack Reed (D-RI) is seeking to close the “carried interest” tax loophole, which lets private equity firms and Wall Street managers at investment partnerships pay a lower tax rate on their income than most American workers.

Reed is teaming up with U.S. Senator Tammy Baldwin (D-WI) to introduce the Carried Interest Fairness Act (S. 445). Their legislation would ensure that income earned by investment managers of private equity, venture capital, and hedge funds is taxed at the same rate paid by the vast majority of Americans. The non-partisan Congressional Budget Office (CBO) estimates that ending the loophole could reduce the federal deficit by $13 billion through 2034.

Under the current system, fund managers get paid up to two percent of assets as a regular fee, plus twenty percent of the fund’s profits. The managers pay regular income tax on the two percent, but when it comes to their share of the profits, which is called “carried interest,” they usually pay only the lower long-term capital gains tax rate. In a sense, they are converting income from labor into capital gains. So even though the investors are putting up the fund’s capital and taking the risk, the fund managers are able to treat their part of the fund’s earnings as a capital gain, subject only to a top capital gains tax rate at 20 percent compared to the top federal income tax rate of 37 percent for the wealthiest Americans.

“Americans feel the system is fixed against them, and this big, fat loophole sure seems that way. This commonsense legislation would close a glaring loophole in the tax code and restore a key measure of fairness so that wealthy fund managers pay the same rate as regular working Americans. It would end preferential treatment for Wall Street elites and prevent these wealthy executives from paying lower rates than their salaried employees. Everyone has a right to earn their pay, but there shouldn’t be a special set of tax breaks just for the wealthy and well-connected. Congress needs to close this loophole, simplify the tax code, and enact other sensible reforms that will strengthen our economy,” said Senator Reed, a senior member of the Senate Banking Committee.

“Wall Street investors should not be paying less in taxes than Wisconsin firefighters, teachers, and small business owners. But right now, the wealthiest Americans are gaming our tax system to get out of paying their fair share, passing their tax burden onto working Wisconsinites,” said Senator Baldwin.

Despite President Donald Trump previously pledging “we will eliminate the carried interest deduction and other special interest loopholes…” during the 2016 election, his 2017 Tax Cuts and Jobs Act “failed to eliminate [the] key deduction used by wealthy investment firms that Trump had vowed to kill,” leading PolitiFact to rate this a “Promise Broken.”

In 2017, Senate Republicans rejected an amendment to the Trump tax bill by Senator Baldwin to close the carried interest loophole.

In 2022, Senator Reed and the majority of his Democratic colleagues pushed for a provision to eliminate the carried interest loophole as part of the Inflation Reduction Act. But with a 50-50 split in the U.S. Senate, the measure was stripped out of the underlying bill after then-Senator Kyrsten Sinema (I-AZ) objected to its inclusion.

In addition to Baldwin and Reed, the Carried Interest Fairness Act is cosponsored by U.S. Senators Chris Van Hollen (D-MD), Patty Murray (D-WA), Brian Schatz (D-HI), Ed Markey (D-MA), Amy Klobuchar (D-MN), Tim Kaine (D-VA), Jeff Merkley (D-OR), Peter Welch (D-VT), Elizabeth Warren (D-MA), Cory Booker (D-NJ), Bernie Sanders (I-VT), and Mazie Hirono (D-HI).

Companion legislation has been introduced in the U.S. House of Representatives by Congresswoman Marie Gluesenkamp Perez (D-WA-03).

The legislation is endorsed by Communications Workers of America, Americans for Tax Fairness, the American Federation of Teachers (AFT), Public Citizen, American Federation of State, County and Municipal Employees (AFSCME), Alliance for Retired Americans, Americans for Financial Reform, Take on Wall Street, Patriotic Millionaires, 20/20 Vision, Community Catalyst, Main Street Alliance, American Federation of Government Employees, Small Business Minority, Economic Policy Institute, and the National Women’s Law Center.

MIL OSI USA News –

February 19, 2025

MIL-OSI New Zealand: Finance – ASB lowers variable rates for personal, business and rural customers

Source: ASB

ASB is dropping variable interest rates across personal, business and rural lending by 0.50%, passing on today’s Official Cash Rate (OCR) cut in full.

ASB’s Executive General Manager Personal Banking Adam Boyd says, “In the past six months, we’ve reduced our variable rates by nearly 2%, and we’re pleased to be passing on today’s OCR cut to all customers who hold a floating loan with us. We dropped rates on a number of our fixed home loan terms last week and we have highly competitive rates on the six, 12- and 18-month terms which are currently the most popular amongst our customers.”

The OCR decrease is also being reflected in some of ASB’s savings rates. Savings On Call will move to 1.15% while ASB’s youth account, Headstart and its bonus saver account Savings Plus will both shift to 3.15%.

“An easing interest rate cycle can mean different things for home or business owners and savers. Our teams are here to support any customers who want to discuss their options.”

Home Loan*	Current Rates	New Rates	Rate Change
Housing Variable	7.39%	6.89%	– 0.50%
Orbit Variable	7.49%	6.99%	– 0.50%
Back My Build	4.94%	4.44%	– 0.50%

Note – Back My Build applications are no longer open to new customers.

*These changes are effective from Friday 21^st February 2025 for new lending customers, and Friday 28^th February 2025 for existing lending customers.

Business Loan*	Current Rates	New Rates	Rate Change
Business and Rural Floating Base Rate	5.69%	5.19%	– 0.50%
Business Base Rate	12.52%	12.02%	– 0.50%
Rural Base Rate	9.76%	9.26%	– 0.50%
Corporate Indicator Rate	6.93%	6.43%	– 0.50%
Special Purpose Base Rate	5.50%	5.00%	-0.50%

* These changes are effective from Thursday 27^th February 2025 for both new and existing customers.

Savings	Band	Current Rates	New Rates	Rate Change
Savings On Call & ASB Cash Fund	All Balances	1.65%	1.15%	– 0.50%
Savings Plus	No Bonus	1.20%	0.70%	– 0.50%
	Partial Bonus	1.30%	0.80%	– 0.50%
	Full Bonus	3.65%	3.15%	– 0.50%
Headstart	All Balances	3.65%	3.15%	– 0.50%

*These changes are effective from Friday 28th February 2025 for new and existing customers

ASB has practical information for customers on the current interest rate environment available on its website as well support to help customers take control of their financial wellbeing and achieve their goals at its Financial Wellbeing Hub: https://www.asb.co.nz/banking-with-asb/financial-wellbeing.html

MIL OSI New Zealand News –

February 19, 2025

MIL-OSI New Zealand: Growing economy good for jobs and opportunities

Source: New Zealand Government

The Reserve Bank’s positive outlook indicates the economy is growing and people can look forward to more jobs and opportunities, Finance Minister Nicola Willis says.

The Bank today reduced the Official Cash Rate by 50 basis points.

It said it expected further reductions this year and employment to pick up in the second half of the year.

“This is good news for New Zealanders. A growing economy means more money in people’s pockets, more jobs and more opportunities,” Nicola Willis says.

“The Government knows many families and businesses are doing it tough, but evidence is mounting that they can look forward to better times.

“Today’s reduction in the Official Cash Rate is the fourth since August last year and confirms inflation is firmly back under control.

The rate has now fallen 1.75 points since August to 3.75 per cent. Further reductions will put more downward pressure on interest rates.

“That is good news for businesses as well as families. More money in people’s pockets means more money flowing through tills.

“There are signs that that is already beginning to occur.

“Business and consumer confidence are both trending upwards and last week the BNZ and Business NZ reported that growth in manufacturing had risen to its highest level since September 2022.

“After a period of decades-high inflation, high interest rates and cost-of-living pressures, the economy is heading in the right direction.”

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI Australia: Using gen AI tools for business? Be aware of the (many) limitations on your IP protections
Source: Allens Insights

With proceedings still on foot in several jurisdictions, there is currently significant uncertainty as to the legal position on IP infringement, which may also vary between jurisdictions. Unsurprisingly, this has caused users concern that they might inadvertently infringe a third party’s IP rights by using an AI tool—eg by publishing an AI output that reproduces a copyright work used in the tool’s underlying training data.

To allay those concerns, most major AI providers have publicly announced that they will indemnify their customers against liability for third party IP infringement claims. Based on our review of the relevant T&Cs, however, it is clear that the devil is in the detail—there are many circumstances in which users of AI tools will not be protected if they are found to infringe a third party’s IP rights.

Of the T&Cs for the AI tools that we reviewed, all of the paid tools included some form of IP indemnity. For providers that offer both free and paid versions of their AI tools, an indemnity is only offered to users of the paid version of the service. This means that, as a general proposition, users of the free versions of these tools remain exposed to the risk that their use of the AI tool may be found to infringe third party IP. Meta AI, which is only offered as a free tool, does not come with any indemnity as to AI outputs under its standard terms.

For the providers that do offer an IP indemnity for their paid tools, it is generally subject to several limitations, including the following.
- The indemnities are subject to varying exclusions that apply regarding particular uses of the AI tool, such as claims resulting from:
  - the combination of the provider’s product with other third party products;
  - the user’s applications, products or services into which the AI tool has been integrated;
  - fine-tuning, customisation or other modification of the tool or output;
  - input or training data provided by users;
  - disabling or not implementing tools and filters offered by the provider to mitigate risk;
  - non-compliance with the applicable terms of use or with applicable laws, regulations or industry standards;
  - generating or using an output in a manner that the user knows or ought to know is likely to infringe third party rights; or
  - using an output after receiving notice of an infringement claim by the rights holder, or after being notified by the provider to stop using the tool.
- In the case of three of the AI tools, the indemnity notably excludes claims based on trade mark or related rights.
- In the case of two of the AI tools, the indemnity will only apply if the user gives the provider notice of the relevant claim and permits the provider to control the defence of the claim, among other things.
Businesses that use AI tools should be aware of these limitations—particularly those that intend to use AI outputs in external-facing materials, where the practical risk of an aggrieved third party identifying an infringement of their IP rights is higher.

It is also important to consider how the risk of infringing third party IP rights might vary between different products and providers. For example, using an AI tool that is trained exclusively on the provider’s proprietary and licensed-in data, or the user’s own data, carries a lower risk of infringing third party IP rights than using an AI tool that is trained on general third party data scraped from the internet.

MIL OSI News –
February 19, 2025

MIL-OSI Australia: $5.6 million to help develop Aboriginal organisations and businesses across NSW

Source: New South Wales Premiere

Published: 19 February 2025

Released by: Minister for Aboriginal Affairs and Treaty, Minister for Regional NSW

The Minns Government is providing Aboriginal businesses and organisations with business investment, skills development and training opportunities that will help them attract new customers, expand their operations and plan and prepare for the future.

A total of 42 Aboriginal businesses and organisations will receive a share of $5.6 million to invest in business mentoring and coaching, upskilling and training, the development of strategic business plans and governance frameworks and purchasing assets to expand operations.

The Aboriginal business sector in regional NSW is growing and access to training, development, and investment is vital for the success of both Aboriginal organisations and communities.

Dharra Jerky and Secret Harvest in Dubbo, Booma Food Group in Cessnock, Binjang Tea in Wellington, Deniliquin’s Barka Treats, and Native Botanical Brewery and Dream Builders on Country in the Central Coast are among the businesses who will boost production and pursue larger market opportunities through this funding.

The NSW Government is dedicated to closing the gap by removing barriers that hinder access to business training, mentoring and capital investment for Aboriginal people in regional NSW.

These growth opportunities have been made possible by $1.29 million from the NSW Government’s Regional Aboriginal Partnerships Program Round 2 and $4.33 million from the Regional Development Trust’s Aboriginal Economic Development Package.

According to a 2022 NSW Treasury report there are some 737 NSW Indigenous businesses registered with the Aboriginal procurement organisation, Supply Nation, the most of any state or territory.

Median annual revenue for these businesses is $303,000, with each employing a median full-time equivalent staff of 3.8.

Minister for Regional New South Wales Tara Moriarty said:

“Aboriginal businesses and organisations in regional NSW have a unique connection to land, culture and community, with traditional knowledge and cultural practices integrated into their businesses.

“Not only do Aboriginal businesses and organisations contribute to the regional local economies, but they also contribute to environmental sustainability and cultural development in regional communities.

“Getting the best training and resources into these regions is the first step in bridging skills gaps, supporting sustainable growth and creating jobs.”

Minister for Aboriginal Affairs and Treaty David Harris said:

“The Minns Government is strongly committed to supporting Aboriginal-owned businesses and organisations to continue to grow and develop.

“By giving regional Aboriginal communities the tools they need we can help boost local economies now and into the future, promoting long term success.”

CEO of the NSW Indigenous Chamber of Commerce Deb Barwick said:

“Access to tailored mentoring, training and business development opportunities will allow Aboriginal businesses to strengthen their operations and expand their reach.

“Supporting the growth of Aboriginal businesses in regional NSW drives economic development and creates lasting, meaningful opportunities for local communities.

“This funding ensures Aboriginal businesses are equipped with the tools to build their capacity, improve governance and unlock their full potential.”

Aboriginal business Dharra Jerky founder Hayden Williams said:

“I started making jerky as a hobby about six years ago and I have been proud to watch it begin to bloom into something much bigger.

“This support is giving me a great opportunity to upgrade my equipment so I can take my small business to the next level.”

Proponent	Project name	Location
Yurruungga Aboriginal Corporation	Governance Enhancement Initiative for Yurruungga Aboriginal Corporation	Bellingen Shire Council
Gathangga Wakulda Aboriginal Corporation	Growing Atanga Wakulda	Port Macquarie-hastings Council
Djiyagan Dhanbaan Incorporation	Nyiirun Djiyagan Wakulda, Women’s Festival	Port Macquarie-hastings Council
Walhallow Local Aboriginal Land Council	Walhallow Aboriginal Cultural Tourism Business Capacity Building	Liverpool Plains Shire Council
Barka Treats	Dog Food Production Enhancement	Edward River Council
Bunyah Local Aboriginal Land Council	Bunyah LALC Guulabaa Cafe Enterprise Equipment	Port Macquarie-hastings Council
Binjang Tea	Binjang Tea Capacity Building: Fostering Cultural Heritage and Sustainable Business Growth	Dubbo Regional Council
Native Botanical Brewery	Native Botanical Brewery’s “Pops Country” Initiative: Cultivating Indigenous Heritage from Bush to Brewery	Central Coast Council
BS Ellis and ML Ellis	Business diversification and capacity uplift	Eurobodalla Shire Council
Strong Movement	The Athlete Performance and Conditioning Enhancement Program	Tamworth Regional Council
LORE AUSTRALIA PTY LTD	Develop a business plan to grow and expand LORE Australia	Bellingen Shire Council
Bugalwan Indigenous Corporation	Ma Banyahr	Central Coast Council
Strong Spirit Services Ltd	Strong Spirit Cultural Pathways Program	Port Macquarie-hastings Council
Aboriginal Advancement Alliance Trading As Acadiam	Buzz Bus Activating Communities Road Trip – engaging, aligning and pathways to local jobs	Cessnock City Council
Mingaan Wiradjuri Aboriginal Corporation	Mingaan Wiradjuri Aboriginal Corporation Website upgrade with booking platform	Lithgow City Council
Bangguri Gadhu Cultural Tours	Bermagui Survival Day	Bega Valley Shire Council
Bara Barang Corporation Ltd	Dream Builders On Country : Raspberry Fields Business Planning	Central Coast Council
Dharra Jerky	Expanding Indigenous-Owned Dharra Jerky: Strengthening Manufacturing, Retail, and Wholesale Operations for Regional Growth	Dubbo Regional Council
Red Chief Local Aboriginal Land Council	Red Chief Aboriginal Cultural Tourism Business Planning Initiative	Gunnedah Shire Council
Integr8y	Integr8y – Building Capacity for Aboriginal Business Growth through Tender and Grant Writing Expertise: A Strategic Approach to Securing Contracts and Economic Empowerment	Tamworth Regional Council
Brennan Cultural Enterprise Pty Ltd T/A Waagayamba Consultants	Igniting Growth: Empowering Aboriginal Businesses with Virtual Support and Mentoring	Clarence Valley Council
Mara-Mara Community Incorporated	Renovations To Mara-Mara Community Incorporated	Tamworth Regional Council
JA Berry & DJ Carney t/as Cafe2823	Cafe2823 Courtyard & Function Area	Narromine Shire Council
Euraba Paper Aboriginal Corporation	Euraba Paper Company upgrade project	Moree Plains Shire Council
Tranby Aboriginal Co-operative Limited	Community Capacity Development Project: Building Governance and Enterprise Development opportunities	Mid North Coast and North Western LALC regions
Secret Harvest Pty Ltd	Skin Care Manufacturing	Dubbo Regional Council
Twofold Aboriginal Corporation	Twofold Solar Energy System – Off Grid Solar System to supply campground and other buildings on site	Bega Valley Shire Council
Unkya Local Aboriginal Land Council	Gumbaynggirr Keeping Place – Completion & Activation Project	Nambucca Valley Council
Jaanymili Bawrrungga Aboriginal Corporation	Gumbaynggirr Native Seedling Enterprise: Cultivating Growth and Sustainability	Nambucca Valley Council
Native Botanical Brewery	Native Botanical Brewery Expansion Wambelong Creek Coffee “Bush to Brewery” initiative	Central Coast Council
Awabakal Local Aboriginal Land Council	Winjirra Events	Lake Macquarie City Council
Booma Food Group Pty Ltd	Booma Food Biz Growth	Cessnock City Council
Waminda South Coast Women’s Health & Wellbeing Aboriginal Corporation	Sustaining our Blak Cede Enterprise	Shoalhaven City Council
More Cultural Rehabs Less Jails	Yindyamarra Landcare	Dubbo Regional Council
Gari Yala Pty Ltd T/As Chocolate On Purpose	Ngunggilanha Native Garden & Chocolate Nexus: Reclaiming Culture, Activating Wisdom, Empowering Community	Wingecarribee Shire Council
Grafton Ngerrie Local Aboriginal Land Council	Grafton Ngerrie Nursery Enterprise: Cultivating Economic Growth and Cultural Prosperity	Clarence Valley Council
Home Of Recovery	Home of Recovery Up Lift	Dubbo Regional Council
Gadhungal Marring	Native nursery, mentorship program and managment tools	Shoalhaven City Council
Aralumbin Pty Ltd	Project “Bush to You” brings bush foods to every plate, bridging the gap and collectively educating Australia.	Tweed Shire Council
Yurruga Indigenous Corporation	Yurruga Sustainable Solar Project Uplift and Expansion	Dubbo Regional Council
Bega Local Aboriginal Land Council	Building resilience and sustainability and focusing on circularity through a cultural lens	Bega Valley Shire Council
Wiradjuri Condobolin Corporation Limited	Galari Horticulture – Green house	Lachlan Shire Council

MIL OSI News –

February 19, 2025

MIL-OSI Australia: New strata laws ensure fairer rules for fees and charges
Source: New South Wales Government 2

Headline: New strata laws ensure fairer rules for fees and charges

Published: 19 February 2025

Released by: Minister for Better Regulation and Fair Trading

Legislation improving the way strata communities operate passed the NSW Parliament last night.
The reforms will help owners repair and maintain common property, support the uptake of sustainability and accessibility infrastructure, and give owners more options to pay levies when facing financial stress.

This legislation is the Minns Labor Government’s third tranche of strata law reforms and builds on changes which came into effect on 3 February 2025, requiring strata managers in NSW to provide significantly more The reforms will help owners repair and maintain common property, support the uptake of sustainability and accessibility infrastructure, and give owners more options to pay levies when facing financial stress.

The laws will:
- Protect owners corporations from unfair contract terms such as limits on a strata managing agent’s liability.
- Encourage the uptake of sustainable infrastructure such as solar panels and electric vehicle charging by prohibiting bylaws that block the infrastructure due to external appearance.
- Protect owners from bill shock by requiring developers to have initial levy estimates to be independently certified, including increased penalties for non-compliance.
- Make it easier to terminate strata managing agents and building manager agreements if they carry on a business that is contrary to the law.
- Prescribe training requirements for strata committee members to help them perform their roles.
- Allow Fair Trading to enter into enforceable undertakings with owners corporations that do not meet their duties to maintain and repair common property.
- Help owners in financial hardship by requiring owners corporations to offer a payment plan before taking debt recovery action and prohibiting blanket rules to refuse payment plans.
- Make it easier to install accessibility infrastructure in common areas by lowering the voting threshold for approval from 75% to a majority vote.
This legislation is the Minns Labor Government’s third tranche of strata law reforms and builds on changes which came into effect on 3 February 2025, requiring strata managers in NSW to provide significantly more detailed information to owners’ corporations about their services and relationships, to increase transparency and accountability within the strata sector.

Strata managers must now disclose any connections with suppliers and developers, provide detailed breakdowns of insurance quotes including commissions and broker fees, and report in real time if any new connections or interests arise.

The NSW Government’s reforms will be enforced by a dedicated Strata and Property Services Taskforce within NSW Fair Trading, backed by an $8.4 million investment.

Consumer confidence in strata is vital to the government’s housing agenda, and the Taskforce will be focussed on high impact initiatives to support the 1.2 million people living in strata across NSW.

The Taskforce will strengthen compliance and enforcement, dispute resolution, and regulatory reform within the strata sector, with a focus on raising professional standards and delivering better outcomes for consumers.

For more information, visit the NSW Fair Trading website here: https://www.fairtrading.nsw.gov.au/housing-and-property/strata-and-community-living

Quotes attributed to Minister for Better Regulation and Fair Trading Anoulack Chanthivong:

“The family home is often the biggest financial investment most of us will make – when it is in a strata community the Minns Labor Government is making sure that there are protections in place to help owners make informed decisions on the future of the property.

“Repairs to common property are the obligation of the owners’ corporation, and these reforms help to ensure the hard-earned money of individual owners invested in the property will prevent it from being run down, become a safety risk or cause greater damage through neglect.

“These changes will make buying into strata more transparent and improve the building owners experience when they receive the keys from the developer.”

Quotes attributed to Fair Trading Commissioner Natasha Mann:

“The number of strata schemes in New South Wales has grown from around 70,000 at the end of 2015 to more than 87,000 – creating a greater need for targeted, proactive regulation to ensure practitioners and businesses in the property industry are properly trained and supervised.

“The Strata and Property Services Taskforce is improving the NSW Government’s oversight of real estate and strata managing agents by bringing together new and existing specialist staff across Fair Trading to uplift its enforcement of NSW strata and property laws – restoring consumer confidence and lifting standards across the sector.”
MIL OSI News –
February 19, 2025
MIL-OSI USA: SBA Offers Relief to Missouri Businesses, Nonprofits and Residents Affected by November Storms

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA)announced that low‑interest federal disaster loans are available to Missouri businesses, nonprofits and residents affected by the severe storms, tornadoes, straight-line winds and flooding that occurred Nov. 3‑9, 2024. The SBA issued a disaster declaration in response to a request received from Gov. Mike Kehoe on Feb. 14, 2025.

The disaster declaration covers Pulaski County.

Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may also be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and private nonprofit (PNP) organizations that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

The loan amount can be up to $2 million with interest rates as low as 4% for businesses, 3.625% for nonprofits and 2.563% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

SBA has established a virtual Disaster Loan Outreach Center (DLOC) where customer service representatives will be on hand to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their electronic loan application. Applicants may call or email as indicated below.

Virtual Disaster Loan Outreach Center
Monday – Friday
8:00 a.m. – 4:30 p.m. PT
FOCWAssistance@sba.gov
(916) 735-1531

The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

To apply online, visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return for physical damage applications is April 21, 2025. The deadline to return economic injury applications is Nov. 18, 2025.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: McConnell Proud to Confirm Lutnick as Commerce Secretary

US Senate News:

Source: United States Senator for Kentucky Mitch McConnell

Washington, D.C. – U.S. Senator Mitch McConnell (R-KY) issued the following statement today regarding the confirmation of Howard Lutnick as U.S. Secretary of Commerce:

“The American people handed the Trump Administration a crystal-clear mandate to hit the brakes on President Biden’s reckless spending and runaway inflation. It’s time to provide working families some much-needed relief through commonsense, pro-growth policies that drive investment and get Americans back to work. I’m optimistic that Secretary Lutnick, with his decades of experience in the private sector, will be a valuable partner as Republicans work to reverse the last four years of economic heartache.”

MIL OSI USA News –

February 19, 2025

MIL-OSI: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024

Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) — February 19, 2025 – Orca Energy Group Inc. (“Orca” or the “Company” and includes PanAfrican Energy Tanzania Limited (“PAET“) and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.

INDEPENDENT RESERVES EVALUATION
The Company’s conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the “Songo Songo PSA“) with the Tanzanian Petroleum Development Corporation (the “TPDC“) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. (“McDaniel“), an independent reserves evaluator, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook“) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“). The Songo Songo PSA expires upon the expiry of TPDC’s Songo Songo licence in respect of the Songo Songo gas field (the “Songo Songo Licence“) in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the “McDaniel Report“).

All of the Company’s reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company’s working interest share in reserves.

The Company’s Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at www.sedarplus.ca. The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release.

HIGHLIGHTS

Total Proved (“1P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet (“Bcf“) compared to 85.0 Bcf at year end 2023, representing a 53% decrease.
Total Proved plus Probable (“2P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease.
The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7.
Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease.
Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease.
The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence.
The following tables outline the Company’s conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel’s forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026.

		Company Gross Reserves	Company Net Reserves
		Conventional. Natural Gas	Conventional. Natural Gas
		MMcf	MMcf
Proved
	Developed Producing	40,244	28,020
	Developed Non-Producing	–	–
	Undeveloped	–	–
Total Proved		40,244	28,020
Probable		1,224	803
Total Proved plus Probable		41,469	28,823

Net Present Value of Future Net Revenue of Gas Reserves

	Before and After Future Income Tax Expenses Discounted at										Unit Value
	Before and After Future Income Tax Expenses Discounted at										Before and After Tax at 10%
	0	%	5	%	10	%	15	%	20	%	$/Mcf
($’000)
Proved
Developed Producing	67,574		64,549		61,824		59,357		57,112		2.21
Developed Non-Producing	–		–		–		–		–		–
Undeveloped	–		–		–		–		–		–
Total Proved	67,574		64,549		61,824		59,357		57,112		2.21
Probable	3,160		3,016		2,887		2,769		2,663		3.60
Total Proved plus Probable	70,735		67,565		64,710		62,126		59,775		2.25

Notes:

During the third quarter of 2015, The Petroleum Act, 2015 (the “Act“) was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority (“EWURA“). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country’s commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act.
On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the “Natural Gas Pricing Policy“). Article 260(3) of the Act preserves the Company’s pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company’s ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time.
On January 16, 2018, Orca sold (the “First Swala Transaction“) 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation (“PAEM“), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca’s ownership of 92.07 percent of PAET’s gross reserves. On July 21, 2023, the Company repurchased (the “Second Swala Transaction”) the 7.933% shares in PAEM eliminating Swala’s interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca’s ownership of 100% of PAET’s gross reserves.
“Company Gross Reserves” are the total of the Company’s working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company.
“Company Net Reserves” are the total of the Company’s working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company’s royalty interests in such reserves.
Company Gross and Net Reserves are based on the Company’s 100 percent ownership interest in the reserves following the Second Swala Transaction.
Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania (“PSA“), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company’s revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company’s accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values.

McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company’s reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA.

			Songo Songo gas prices
Year	Brent crude $/bbl	Proved $/Mcf		Proved plus probable $/Mcf	Annual inflation %

2025	76.50	5.15		5.20	2
2026	78.03	5.25		5.32	2

Note: Brent price forecast based on the McDaniel January 1, 2025 price forecast.

The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing.

Orca Energy Group Inc.

Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

For further information please contact:

Jay Lyons
Chief Executive Officer
+44 (0)20 8434 2754
ir@orcaenergygroup.com

For media enquiries:
Celicourt (PR)
Mark Antelme
Jimmy Lea
Orca@celicourt.uk
+44 (0)20 8434 2754

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Abbreviations

bbl	cubic meters
Mcf	thousand cubic feet
MMcf	million standard cubic feet

Forward Looking Information

Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, “forward-looking statements” or “statements“) that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Orca’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca.

In particular, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company’s reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates.

These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca’s future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca’s exploration and production rights; Orca’s local operational dependence and focus of its existing contracts; Orca’s future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca’s dependency on its management and technical team; Orca’s business plan including the additional capital required to execute such plans; commercializing Orca’s interests in any hydrocarbons produced from future licence areas; Orca’s ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca’s operations in a litigious environment; global populism; Orca’s future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca’s current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca’s controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca’s issued and outstanding securities; Orca’s status as a holding company that’s ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca’s subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca’s receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania’s official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca’s reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company’s business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca’s growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca’s conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

Management has included the above summary of assumptions and risks related to forward-looking information provided in this news release in order to provide investors with a more complete perspective on Orca’s current and future operations and such information may not be appropriate for other purposes. Orca’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Orca will derive. These forward-looking statements are made as of the date of this news release and Orca disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Oil and Gas Advisory

The Company’s conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company’s conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023.

Additional reserves information required under NI 51-101 are included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at www.sedar.com.

This news release contains estimates of the net present value of Orca’s future net revenue from the Company’s reserves. The net present value of future net revenue attributable to the Company’s reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company’s reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company’s reserves. The recovery and reserve estimates of the Company’s conventional natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

The MIL Network –

February 19, 2025

MIL-OSI USA: 02.18.2025 Sen. Cruz Files Bill to Repeal Costly Chemical Tax on American Manufacturers

US Senate News:

Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) reintroduced the Chemical Tax Repeal Act today. The bill eliminates the Superfund excise tax imposed by the Infrastructure Investment and Jobs Act passed in 2021. That law re-imposed taxes on 42 different chemicals, critical minerals, and metallic elements used in common household items such as plastics, rubber, concrete, soap, lightbulbs, and electronics.
Upon reintroduction, Sen. Cruz said, “We should be unleashing American manufacturing and strengthening our economy, not increasing the tax burden on Texan and American businesses. Repealing this tax will strengthen the competitiveness of American industries, protect jobs, and ensure everyday essentials remain affordable for American families. I urge my colleagues to expeditiously take up and advance this bill.”
U.S. Chamber of Commerce said, “The U.S. Chamber of Commerce supports the efforts of Senator Ted Cruz and Representative Beth Van Duyne to repeal the Superfund Tax. This tax has increased costs for essential household items and undermined the competitiveness of American manufacturers, yet the EPA has failed to accelerate site cleanups despite the additional revenue. We urge Congress to act swiftly to remove this burden and strengthen the U.S. economy.”
American Chemistry Council said, “We welcome the Senate reintroduction of the Chemical Tax Repeal Act and commend Senators Cruz, Barrasso, Kennedy, Lee, and Cornyn for their leadership on this key issue for America’s economy. Estimates by the Joint Committee on Taxation indicate that the excise taxes could result in a nearly $15 billion hit to the U.S. economy by the time they expire at the end of 2031. The taxes are affecting chemical supply chains and markets and continue to increase costs for consumers and businesses. … We urge additional lawmakers to join the legislation and look forward to swift passage by both chambers.”
Eric R. Byer, President & CEO, Alliance for Chemical Distribution (ACD) said, “The Alliance for Chemical Distribution (ACD) commends Senators Cruz, Kennedy, Cornyn, Barrasso, and Lee for championing the Chemical Tax Repeal Act, which aims to alleviate the undue burdens and uncertainties imposed by the reinstated Superfund Tax. Since its reimplementation in 2021, this tax has posed significant regulatory and financial hurdles for our members, many of whom operate small, family-owned businesses. The situation is further exacerbated by unclear guidance from the Internal Revenue Service. ACD strongly advocates for the prompt enactment of the Chemical Tax Repeal Act to enable the chemical distribution industry to continue its essential operations without the constraints of this excise tax.”
The bill was co-sponsored by Sens. John Kennedy (R-La.), John Cornyn (R-Texas), John Barrasso (R-Wyo.), and Mike Lee (R-Utah).
Read the bill text here.
BACKGROUND
The Chemical Tax, also known as the Superfund Tax, existed from 1987-1995 and was used to mitigate certain contaminated sites around the country with mixed success and high costs. The 2021 Infrastructure Investment and Jobs Act re-imposed the tax at twice its prior levels. The costs imposed by this measure travel down the supply chain, increasing prices for manufacturing materials to final products. Texas is home to forty percent of the nation’s chemical manufacturing plants.
Sen. Cruz’s legislation received support from the U.S. Chamber of Commerce, American Chemistry Council, Alliance for Chemical Distribution (ACD), Vinyl Institute, National Taxpayers Union (NTU), Taxpayer Protection Alliance (TPA), Battery Council International (BCI), Americans for Prosperity (AFP), and Institute of Makers of Explosives (IME).
Sen. Cruz previously introduced the Chemical Tax Repeal Act in April 2023 and December 2021.

MIL OSI USA News –

February 19, 2025
MIL-OSI USA: arner, Colleagues Warn IRS that Staffing Cuts will Wreak Havoc on Tax Refunds, Taxpayer Service, and Undermine Law Enforcement

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Finance Committee, joined colleagues in warning the Trump administration and Internal Revenue Service (IRS) leadership that staffing reductions at the IRS resulting from Trump’s hiring freeze and potential layoffs would likely delay tax refunds, harm taxpayer service and undermine law enforcement efforts.
The senators urged the administration to end the IRS hiring freeze immediately, avoid further staffing cuts, and protect the Criminal Investigation division that plays a key role in combating drug and human trafficking, terrorism and sanctions evasion.
Regarding the impact of the hiring freeze and layoffs on taxpayer refunds and service, the senators wrote: “Americans need the IRS to be fully staffed with employees who can answer their questions, process their returns, send refunds, and keep IRS systems online and functional. It is nearly inevitable that this hiring freeze, compounded by layoffs and further reductions in staff mandated as a result of Elon Musk’s unprecedented power grab, will delay refunds and degrade taxpayer service. Millions of Americans plan their budgets around timely refunds every filing season. These reckless decisions on the part of Elon Musk and the Trump administration will likely cause serious financial hardship for people across the country.”
Regarding the impact on law enforcement and national security they continued, “IRS Criminal Investigation is at the forefront of federal law enforcement efforts to investigate fentanyl trafficking by cartels, human trafficking, terrorism financing, and sanctions evasion. For example, CI was the lead investigative agency in the largest international fentanyl/opioid seizure in U.S. history. This operation took down a massive drug trafficking operation and seized 864 kg of drugs, including an astounding 64kg of fentanyl and fentanyl-laced opioids, enough to kill thousands of people. CI was also responsible for the dismantling of several large fentanyl trafficking networks operated by the Sinaloa cartel, including a collaboration with Chinese money laundering organizations. An indefinite hiring freeze at CI would endanger both public safety and national security by directly hampering multi-agency efforts to pursue and dismantle these highly dangerous criminal networks.”
The letter was also signed by Finance Committee Ranking Member Ron Wyden (D-OR), and U.S. Sens. Chuck Schumer (D-NY), Sheldon Whitehouse (D-RI), Elizabeth Warren (D-MA) Bernie Sanders, (I-VT), Tina Smith (D-MN), Ben Ray Luján (D-NM), and Peter Welch (D-VT).

MIL OSI USA News –

February 19, 2025
MIL-OSI New Zealand: Real change boosts farmer confidence, but Paris commitments still cause concern

Source: ACT Party

ACT Agriculture spokesperson Mark Cameron is welcoming Federated Farmers’ latest Farm Confidence Survey, which shows farmer confidence has jumped to a 10-year high, but says there is more work to be done – including resolving challenges posed by our climate commitments.

“Finally, we’ve got a Government committed to letting farmers farm, and it’s clear the real change ACT is resonating with rural New Zealand.

“We’ve reined in waste and refocused the Reserve Bank on tackling inflation to bring interest rates down. We’ve kept agriculture out of the Emissions Trading Scheme and axed Labour’s anti-farmer policies including the ute tax and new resource management regime,” says Mr Cameron.

“The progress is good, but farmers still deserve better. More work is underway to cut rural red tape, such as the repeal and replacement of the RMA that puts property rights first, so farmers can farm without having to worry about vacuous concepts like the mana and mauri of the water. The work I’m leading on the rural banking inquiry will ascertain exactly why farmers are getting a raw deal and how much woke banking practices have to do with it.

“The Farm Confidence Survey shows climate policy has farmers increasingly on edge. This reflects what farmers are telling me. The Paris Agreement requires us to sign up to increasing costly targets, prime rural land gets covered in pine trees, farmers get lumped with new bills and red tape.

“People need to eat, they need their baby formula, and if we shut down efficient Kiwi farms, that production will just be shifted offshore to countries that are less efficient. How’s that good for the environment? It’s a nonsense.

“Rural New Zealand deserves an honest conversation about what these targets mean, how much they’ll cost, and the implications if we were to consider withdrawing. Resolving these questions would do a great deal to lift confidence higher.”

MIL OSI New Zealand News –

February 19, 2025
MIL-OSI United Kingdom: ‘Ronan’s Law’ to see toughest crackdown yet on knife sales online
Source: United Kingdom – Government Statements

Retailers will need to report suspicious and bulk purchases of knives on their platforms to police, with tougher sentences for selling knives to under 18s.
Image: Getty Images

Stricter rules for online retailers selling knives will be introduced by the government, along with tougher penalties for failing to enforce them, as we pursue every avenue to protect young people from knife crime.

Following tragedies where the unlicensed sale of these weapons online has led to young people being killed, retailers will be required to report any bulk or suspicious-looking purchases of knives on their platforms to police to prevent illegal resales happening across social media accounts.

Underlining our commitment to stop these weapons from reaching young people, we will increase the sentence for selling weapons to under 18s from 6 months to up to 2 years prison time, which could apply to an individual who has processed the sale or a CEO of the company.

This increased penalty will also apply to the sale or supply of prohibited offensive weapons such as recently banned zombie-style knives, following police evidence outlined by Commander Stephen Clayman, the National Police Chiefs’ Council lead for knife crime, where he identified a discrepancy in current legislation which means there is more leniency for illegally selling weapons than possessing one.

And in recognition of the broad array of knives – legal or banned – that are involved in knife attacks, a new offence of possessing an offensive weapon with intent for violence will be introduced in the Crime and Policing Bill which will come with a prison sentence of up to 4 years in prison. This means that no matter if the weapon in possession is legal or not, if there is intent to cause violence, it is a crime.

The government will also explore through a consultation later this year whether a registration scheme should be put in place for all online retailers selling knives so that only responsible sellers are able to sell knives. This follows the government’s recent announcement that we will significantly strengthen ID checks on the sale and delivery of knives to keep our streets safe as part of the Plan for Change.

Home Secretary, Yvette Cooper said:

It is horrifying how easy it is for young people to get hold of knives online even though children’s lives are being lost, and families and communities are left devastated as a result.

Not enough has been done to tackle the online market over recent years which is why we made it an urgent priority in our manifesto and the measures today will be underpinned by investment for a new dedicated police unit to go after those who are breaking the law and putting children and teenagers lives at risk.

We are honouring our commitment to introduce Ronan’s Law in memory of Ronan Kanda who was tragically killed in 2022. I am so grateful to the Kanda family for their endless perseverance in ensuring governments take the right actions to protect young people from further tragedy.

This government has set an ambitious mission for the country to halve knife crime over the next decade and we will pursue every possible avenue to save young lives.

Last autumn, the Home Secretary commissioned Commander Clayman to conduct an end-to-end review into the sale of knives online. The review, being published today, exposed lethal loopholes in the sale of knives online which are allowing dangerous weapons to end up in the wrong hands.

The review highlighted the lack of minimum standards for age verification and delivery checks. That is why the government has announced that a stringent two-step system will be mandated for all retailers selling knives online.

National Police Chiefs’ Council lead for Knife Crime, Commander Stephen Clayman said:

A key focus in our fight to tackle knife crime and improve the safety of our communities is limiting the accessibility of knives wherever possible, restricting their availability and the routes to purchase. All too often in policing, we are dealing with the horrific consequences of knife crime and seeing how it devastates individuals and families.

The evidence in the end-to-end review clearly demonstrates just how easy it is for anyone to purchase a knife online, often avoiding any age verification at all, or where it is in place, exploiting vulnerabilities, especially with delivery.

We welcome the government’s commitment in working with policing and partners to tackle knife crime and these new measures will significantly enhance our response to this.

Today’s new measures will collectively be known as ‘Ronan’s Law’ in honour of Ronan Kanda who was tragically killed in 2022 in a case of mistaken identity near his home in Wolverhampton aged 16.

Ronan’s killers, who were also teenagers, illegally bought lethal weapons online and collected them from the Post Office on the day of the attack, with no age or identity verification taking place. It was later revealed that one of Ronan’s teenage killers had bought more than 20 knives online, including by using his mother’s ID. Today’s measures to close lethal loopholes in the online sale of knives deliver on a manifesto commitment to introduce Ronan’s Law and are the result of tireless campaigning by Ronan’s mother Pooja and sister Nikita to restrict young people’s access to weapons online and to protect other families from the same heartbreak.

Mother of Ronan and campaigner, Pooja Kanda said:

In 2022, I lost my son, Ronan, to knife crime and mistaken identity. In 2023, we sat in the courtroom where we were shown a Ninja sword and 25+ bladed articles. Looking at them, I knew my son didn’t stand a chance. Without proper ID checks, the online sale of these bladed articles played a crucial role in this tragedy. How was this allowed? A 16-year-old managed to get these weapons online and sold these weapons to other people. I knew we could not go on like this, and our fight for what was right had begun. Proper ID checks by sellers, as well as postal and delivery services, played a crucial role.

We welcome the government’s plans to tackle the online sale of these weapons. Retailers, social media, and sellers need to take on more responsibilities. We welcome the proposal of a registration scheme, where the government will continue to implement stricter measures on the online sale of bladed articles. We have so much work to tackle knife crime; this is a much-needed beginning.

This part of Ronan’s law will provide much-needed barriers against knife crime. I wish this was done years ago, and my son would be with me today.

Patrick Green, CEO of Ben Kinsella Trust said:

I am pleased to see that the government is listening to frontline organisations and is tightening the legislation needed to eliminate the supply of dangerous and intimidating weapons.

These new laws, particularly the focus on reporting suspicious purchases and stronger age verification, will compel retailers to take responsibility for their actions. It has been our stated position that a licencing system for retailers is only way to ensure that specialised knives are only sold to those with legitimate and lawful need.

A licensing system will ensure that only reputable retailers who comply with the law and prioritise public safety will be able to sell knives.

In the spring, the Home Office intends to launch a consultation into a registration scheme for retailers in order to sell knives online.

The government has an ambitious mission to halve knife crime over the next decade and tackling the online space is a core part of that plan. We have already announced that we will introduce significant fines in the region of £10,000 for tech executives who fail to remove illegal knife crime content from their platforms and a mandatory two-step verification system for all retailers selling knives online. This will require customers to submit photo ID at the point of sale and again at the point of delivery. In addition, delivery companies will only be able to deliver a bladed article to the same person who purchased it.

Since coming into government, ministers have acted with urgency to ban zombie-style knives and machetes, accelerate a ban on ninja swords and address the online market in order to keep weapons off the streets and out of the wrong hands. The government is also steadfast in its commitment to making prevention a central part of its knife crime action plan through the new Young Futures Programme, which will identify young people at risk of being drawn into violent crime and provide the interventions necessary to steer them in the right direction.

Graham Wynn, Assistant Director of Regulatory Affairs at the British Retail Consortium, said:

Retailers take their responsibilities seriously and are fully committed to playing their part in making sure knives don’t make their way into the wrong hands. We look forward to considering the full details of the new proposal and welcome the commitment from the Home Office to meet retailers on this vital issue to ensure the safe sale of knives.

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Updates to this page

Published 19 February 2025
MIL OSI United Kingdom –
February 19, 2025

MIL-OSI: Purpose Investments Inc. Announces February 2025 Distributions

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of February 2025 for its open-end exchange-traded funds and closed-end funds (“the Funds”).

The ex-distribution date for all Open-End Funds is February 26, 2025. The ex-distribution date for all closed-end funds is February 28, 2025.

Open-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Apple (AAPL) Yield Shares Purpose ETF – ETF Units	APLY	$0.1667	02/26/2025	03/04/2025	Monthly
Purpose Canadian Financial Income Fund – ETF Series	BNC	$0.1225¹	02/26/2025	03/04/2025	Monthly
Purpose Global Bond Fund – ETF Units	BND	$0.0840	02/26/2025	03/04/2025	Monthly
Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units	BRKY	$0.1000	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Units	BTCY	$0.0850	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units	BTCY.B	$0.0970	02/26/2025	03/04/2025	Monthly
Purpose Bitcoin Yield ETF – ETF USD Units	BTCY.U	US $0.0815	02/26/2025	03/04/2025	Monthly
Purpose Credit Opportunities Fund – ETF Units	CROP	$0.0875	02/26/2025	03/04/2025	Monthly
Purpose Credit Opportunities Fund – ETF USD Units	CROP.U	US $0.0975	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield – ETF Units	ETHY	$0.0405	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield ETF – ETF Non-Currency Hedged Units	ETHY.B	$0.0500	02/26/2025	03/04/2025	Monthly
Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units	ETHY.U	US $0.0395	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – ETF Units	FLX	$0.0461	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units	FLX.B	$0.0551	02/26/2025	03/04/2025	Monthly
Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units	FLX.U	US $0.0385	02/26/2025	03/04/2025	Monthly
Purpose Global Bond Class – ETF Units	IGB	$0.0860¹	02/26/2025	03/04/2025	Monthly
Microsoft (MSFT) Yield Shares Purpose ETF – ETF units	MSFY	$0.1100	02/26/2025	03/04/2025	Monthly
Purpose Enhanced Premium Yield Fund – ETF Series	PAYF	$0.1375¹	02/26/2025	03/04/2025	Monthly
Purpose Total Return Bond Fund – ETF Series	PBD	$0.0590¹	02/26/2025	03/04/2025	Monthly
Purpose Core Dividend Fund – ETF Series	PDF	$0.1050¹	02/26/2025	03/04/2025	Monthly
Purpose Enhanced Dividend Fund – ETF Series	PDIV	$0.0950¹	02/26/2025	03/04/2025	Monthly
Purpose Real Estate Income Fund – ETF Series	PHR	$0.0720¹	02/26/2025	03/04/2025	Monthly
Purpose International Dividend Fund – ETF Series	PID	$0.0780	02/26/2025	03/04/2025	Monthly
Purpose Monthly Income Fund – ETF Series	PIN	$0.0830¹	02/26/2025	03/04/2025	Monthly
Purpose Multi-Asset Income Fund – ETF Units	PINC	$0.0840	02/26/2025	03/04/2025	Monthly
Purpose Conservative Income Fund – ETF Series	PRP	$0.0600¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund – ETF Series	PYF	$0.1100¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF Series	PYF.B	$0.1230¹	02/26/2025	03/04/2025	Monthly
Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series	PYF.U	US $0.1200¹	02/26/2025	03/04/2025	Monthly
Purpose Core Equity Income Fund – ETF Series	RDE	$0.0875¹	02/26/2025	03/04/2025	Monthly
Purpose Emerging Markets Dividend Fund – ETF Units	REM	$0.0950	02/26/2025	03/04/2025	Monthly
Purpose Canadian Preferred Share Fund – ETF Units	RPS	$0.0950	02/26/2025	03/04/2025	Monthly
Purpose US Preferred Share Fund – ETF Series	RPU	$0.0940	02/26/2025	03/04/2025	Monthly
Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units²	RPU.B / RPU.U	$0.0940	02/26/2025	03/04/2025	Monthly
Purpose Strategic Yield Fund – ETF Units	SYLD	$0.0970	02/26/2025	03/04/2025	Monthly
AMD (AMD) Yield Shares Purpose ETF – ETF Series	YAMD	$0.2000	02/26/2025	03/04/2025	Monthly
Amazon (AMZN) Yield Shares Purpose ETF- ETF Units	YAMZ	$0.4000	02/26/2025	03/04/2025	Monthly
Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units	YGOG	$0.2500	02/26/2025	03/04/2025	Monthly
META (META) Yield Shares Purpose ETF – ETF Series	YMET	$0.1600	02/26/2025	03/04/2025	Monthly
NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units	YNVD	$0.7500	02/26/2025	03/04/2025	Monthly
Tesla (TSLA) Yield Shares Purpose ETF – ETF Units	YTSL	$0.5500	02/26/2025	03/04/2025	Monthly

Closed-End Funds	Ticker Symbol	Distribution per share/unit	Record Date	Payable Date	Distribution Frequency
Big Banc Split Corp, Class A	BNK	$0.1200¹	02/28/2025	03/14/2025	Monthly
Big Banc Split Corp, Preferred Shares	BNK.PR.A	$0.0700¹	02/28/2025	03/14/2025	Monthly

Estimated February 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

The February 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

Fund Name	Ticker Symbol	Estimated Distribution per unit	Record Date	Payable Date	Distribution Frequency
Purpose USD Cash Management Fund – ETF Units	MNU.U	US $0.3407	02/26/2025	03/04/2025	Monthly
Purpose Cash Management Fund – ETF Units	MNY	$0.2707	02/26/2025	03/04/2025	Monthly
Purpose High Interest Savings Fund – ETF Units	PSA	$0.1125	02/26/2025	03/04/2025	Monthly
Purpose US Cash Fund – ETF Units	PSU.U	US $0.3244	02/26/2025	03/04/2025	Monthly

Purpose expects to issue a press release on or about February 25, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be February 26, 2025.

(1)	Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
(2)	Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD; however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.

About Purpose Investments Inc.

Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information, please email us at info@purposeinvest.com

Media inquiries:
Keera Hart
keera.hart@kaiserpartners.com
905-580-1257

Commissions, trailing commissions, management fees, and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

The MIL Network –

February 19, 2025

MIL-OSI: Prospera Energy Inc. Announces Leadership Changes

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSXV: PEI, OTC: GXRFF) (“Prospera,” “PEI,” or the “Corporation”) announces that the company’s Chief Executive Officer, Samuel David, is no longer employed with the company, effective immediately. Mr. David resigned from the Board of Directors, effective November 18, 2024.

The Board, consisting of Brian McConnell, Mark Lacey, Matthew Kenna, and Executive Chairman Shubham Garg will lead the company’s strategic vision and business plan going forward, supported by CFO Chris Ludtke and COO Darren Jackson. The company continues on its business plan with a priority on optimizing and bringing online predictable, low-decline heavy oil barrels from its Saskatchewan pools. A service rig has been active intermittently through February’s record cold weather, with 6 well workovers complete in Hearts Hill and the service rig now in Luseland working on a 14 well program.

About Prospera

Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

For Further Information:

Shawn Mehler, PR
Email: investors@prosperaenergy.com

Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com

Shubham Garg, Chairman of the Board
Email: sgarg@prosperaenergy.com

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

February 19, 2025
MIL-OSI Global: Ne Zha 2: the ancient philosophies behind China’s record-breaking new animated film

Source: The Conversation – Global Perspectives – By Yanyan Hong, PhD Candidate in Communication and Media Studies, University of Adelaide

IMDB

On the surface, Ne Zha 2: The Sea’s Fury (2025), the sequel to the 2019 Chinese blockbuster Nezha: Birth of the Demon Child, is a high-octane, action-packed and visually stunning animated spectacle, full of hilarious moments and thrilling fight scenes.

But beneath all that, it’s something much deeper: a bold re-imagining of Chinese traditional mythology, cultural history and philosophies.

Unlike Hollywood’s classic hero’s journey, Ne Zha 2 is rooted in Chinese thought, weaving together ideas from Buddhism, Confucianism, Daoism, Mohism, Legalism and more.

Through the story of a baby-faced warrior god who battles demons, it channels centuries of Chinese tradition into something refreshing, relevant and undeniably global.

The film’s success speaks for itself. Directed by Yang Yu (aka Jiao Zi), Ne Zha 2 has shattered multiple global box office records, pulling in more than US$1 billion in China in just one week.

It has entered the top 10 highest-grossing films of all time, and has become the highest-grossing animated film – outperforming Inside Out 2 (2024).

But what makes Ne Zha 2 so compelling beyond its visual spectacle? At its heart, it’s an inspiring story about identity, free will, self-determination and rebellion – ideas that resonate far beyond China.

A child hero forged in myth and philosophy

Ne Zha is a rebellious deity in traditional Chinese folklore – a boy born with immense superpower, who defies both divine and social expectations.

Most people who know of Ne Zha will trace his legend back to Fengshen Yanyi, or Investiture of the Gods, a Ming Dynasty novel that blends mythology with historical elements.

Ne Zha’s true origins, however, trace back to India.

“Ne Zha” is a shortened transliteration of the Sanskrit Nalakuvara (or Nalakūbara), an Indian mythological figure who appears in Buddhist and Hindu mythology.

As Buddhism spread to China during the Tang Dynasty, Ne Zha evolved from an intimidating guardian deity into the rebellious, fire-wheeled warrior we know today.

In Ne Zha 2, this “fighting spirit” against authority and hierarchy is taken even further, turning the story into a deeper philosophical exploration of morality, fate, self-worth and power.

Good and evil – a Daoist perspective

One of the most thought-provoking aspects of Ne Zha 2 is how it challenges the idea of good and evil.

In Daoist philosophy, evil and good, often known as Yin and Yang, are not absolute, but are rather shifting, interconnected forces.

Through its two protagonists: the “Demon Pill” (Ne Zha) and his noble dragon prince buddy, “Spirit Pearl” (Ao Bing), the film beautifully reflects this Daoist idea of balance and self-discovery.

Their merging further blurs the line between hero and villain and brings to life a core concept from the 2,400-year-old text Dao De Jing (Tao Te Ching), written around 400 BC by Chinese philosopher Laozi (also called Lao Tzu).

Laozi emphasises that righteousness and villainy aren’t always what they seem. “When the world knows beauty as beauty, there arises ugliness,” he says.

Those we assume to be noble may turn out to be dark inside, while those deemed evil might be fighting for what is right.

Ne Zha’s character in the film embodies this Daoist philosophy. Echoing the Xisheng Jing, The Scripture of Western Ascension, he declares, “My fate is up to me, not the Heaven.”

He is the demon child who is willing to die fighting for his own destiny, proving that even the smallest, most underestimated individual can change the world.

Beyond family bonds: rebirth of Confucianism

In one scene, Ne Zha is struck by the “heart-piercing curse”, a brutal spell that covers his body in ten thousand thorns, causing unbearable pain and keeping him under control by targeting his heart. Ne Zha’s human mother, Lady Yin, clings to him as his thorns pierce her skin – yet she refuses to let go.

It’s a moment of heartbreak, parental love and inner awakening. As his mother takes her final breath, in Ne Zha’s grief, his body shatters into a million pieces. And then, he is reborn.

This is the film’s emotional climax, in which the so-called demon child awakens to “Rén” (benevolence), a core Confucian virtue.

Confucianism teaches that true morality isn’t imposed by rules but arises naturally from within. Ne Zha doesn’t just seek revenge, he awakes to fight for those who have been oppressed, embracing his identity with unwavering resolve.

But perhaps the most profound transformation comes from the dragon prince Ao Bing. As the last hope of his people, burdened by centuries of expectation, he finally makes a choice, not for legacy, not for his ancestors, but for himself.

In this moment, his once-imposing father Dragon King releases his grip: “Your path is yours to forge.”

The weight of tradition gives way to something new, reflecting a changing China where younger generations are defining their own paths.

Wisdom of Legalism and Mohism

Beyond Daoist and Confucian ideals, Ne Zha 2 also weaves in Legalist reform and Mohist resistance. These philosophies challenge rigid hierarchies (or in Ne Zha’s case, “divine order”) and advocate for collective justice.

Across Ne Zha’s three major trials and the climactic celestial-demon war, a brutal truth emerges: those deemed unworthy – whether groundhogs, mystical beings, or ordinary humans – are sacrificed to uphold the elite’s rule.

Take the small groundhogs. Dressed in patched clothes, surviving on pumpkin porridge. They’ve never harmed anyone. Yet, they are mercilessly crushed in the name of celestial balance.

Then there’s Shiji Niangniang, or Lady Rock, a recluse who harms no one. She indulges only in her own beauty and speaks to her enchanted mirror. Yet the heavens brand her a demon, sealing her fate.

A similar cruelty befalls the Dragon Clan and the people of Chentangguan, all caught in a war where they are mere pawns on a celestial chessboard.

Even the last battle is not just Ne Zha’s fight, but a battlefield showing the Chinese spirit of collectivism. Dragons, shrimp soldiers, crab generals, octopus warriors, humans and millions of goblins stand side by side to rewrite destiny.

The celestial-demon war itself plays out like a lesson in Sun Tzu’s Art of War, which states that “All warfare is based on deception.” War is about strategy, resilience and the unstoppable will to rise.

Ne Zha carries the weight of Eastern cultural essence: Daoist balance, Confucian ethics, Mohist resistance, Legalist reform and the strategic wisdom of The Art of War. It is a truly Chinese story, igniting next year’s Oscar buzz and sparking a global awakening to Eastern culture.

Just as Ne Zha is reborn in flames, so too does Chinese animation rise, not by breaking from its past, but by forging a bold future.

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

– ref. Ne Zha 2: the ancient philosophies behind China’s record-breaking new animated film – https://theconversation.com/ne-zha-2-the-ancient-philosophies-behind-chinas-record-breaking-new-animated-film-249850

MIL OSI – Global Reports –

February 19, 2025
MIL-OSI China: HKSAR gov’t to co-host briefing on new agreement under CEPA

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

HONG KONG, Feb. 18 — A briefing regarding the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) will be held on Wednesday to outline the new measures and arrangements for the business sector, said John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), on Tuesday.

Signed on Oct. 9, 2024, between the HKSAR government and the Ministry of Commerce, the Second Agreement Concerning Amendment to the CEPA Agreement on Trade in Services took effect upon inking and will be officially implemented as of March 1, 2025.

The agreement is designed to lower barriers for Hong Kong enterprises and professionals seeking access to the Chinese mainland services market, said Lee. It introduces new measures in key service areas where Hong Kong has advantages and removes the requirement that service providers must operate in Hong Kong for three years before entering most service sectors, he added.

The agreement also includes provisions allowing eligible Hong Kong businesses to select Hong Kong law for contracts and designate Hong Kong as the arbitration venue, Lee noted.

The Ministry of Commerce and the HKSAR government will jointly organize a briefing in Hong Kong. Representatives from more than 10 ministries, relevant offices and the HKSAR government will introduce the measures and implementation arrangements in detail according to different service industries.

In addition to business developments, Lee highlighted that March will feature a series of popular cultural, artistic, and sporting events, alongside several major conferences and exhibitions. On the housing front, the average waiting time for public rental housing applicants is set to decrease to 5.3 years by the end of 2024, marking a reduction of 0.2 years and the lowest figure in six years.

MIL OSI China News –

February 19, 2025
MIL-OSI USA: PHOTOS: Capito Attends EPA Signing Event Approving West Virginia’s Class VI Well Authority

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito
WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, today joined U.S. Secretary of the Interior Doug Burgum and Congressman Riley Moore (R-W.Va.), as U.S. Environmental Protection Agency (EPA) Administrator Lee Zeldin signed a final rule approving West Virginia’s request to regulate the injection of carbon dioxide into deep rock formations. This action officially grants West Virginia the authority to oversee and administer the Class VI well program for deploying carbon capture, utilization, and storage (CCUS) projects. Video of today’s event is available here.
“I’m thrilled that Administrator Zeldin has affirmed his support for West Virginia’s approval to permit Class VI wells for carbon capture, and that we are officially bringing this important authority to those who know our state best. West Virginia has proven ourselves as a leader in this field, and with this announcement, has become the fourth state to receive Class VI well primacy. Today’s signing marks an important step in the continuation of West Virginia’s proud tradition of being an energy state and our efforts to contribute to American energy dominance,”Chairman Capito said.
“To Power the Great American Comeback, we need to produce more energy right here in the United States, and that requires cooperative federalism and permitting reform. As one of my first acts as EPA Administrator, I am proud to sign this rule to allow West Virginia the independence it needs to permit and regulate itself, while also working to safeguard our environment and drinking water. Under President Trump’s leadership, we will continue to advance conservation and foster economic growth for families across the country,” Administrator Zeldin said.
BACKGROUND:
Senator Capito has continuously advocated for West Virginia to be granted Class VI well primacy. In May 2023, Senator Capito introduced legislation to streamline state primacy applications for Class VI wells. In November 2023, Senator Capito urged the EPA to more quickly grant state primacy for Class VI storage wells and disburse funding from the Infrastructure Investment and Jobs Act, which she fought to include for future CCUS projects in the state. Last November, Senator Capito applauded EPA’s proposal to grant West Virginia this authority, and sent a letter in support of approval to the Agency in December. Senator Capito applauded West Virginia’s final approval to permit Class VI wells last month.
Photos from today’s event are included below:

U.S. Senator Shelley Moore Capito (R-W.Va.) is introduced by Interior Secretary Doug Burgum at the signing event approving West Virginia’s Class VI well program primacy

U.S. Senator Shelley Moore Capito (R-W.Va.) provides remarks at the signing event approving West Virginia’s Class VI well program primacy

U.S. Senator Shelley Moore Capito (R-W.Va.) joins EPA Administrator Lee Zeldin, Interior Secretary Doug Burgum, and Congressman Riley Moore (R-W.Va.) for the signing event approving West Virginia’s Class VI well program primacy

MIL OSI USA News –

February 19, 2025
MIL-OSI Security: Utah Man Accused of Bank Robbery in Custody

Source: Office of United States Attorneys

SALT LAKE CITY, Utah – A Utah man was indicted by a federal grand jury in Salt Lake City after he allegedly robbed two banks on two different days in Salt Lake County.

Robert Buckley Hardy, 47, of Salt Lake County, Utah, was originally charged by complaint on February 7, 2025, and taken into custody.

According to court documents, Hardy, entered a Chase Bank in Cottonwood Heights on January 30, 2025, at approximately 3:17 p.m. Hardy allegedly asked the bank teller if an appointment was necessary and was told no. Hardy then handed the teller a manila envelope with several documents and left the bank. The documents referenced several United States and government actions regarding money laundering, drug trafficking, sex trafficking, and corruption. One document also stated, “assume that this is an active bomb threat.” One document read, “I need $2001 for it to be considered a felony and get the un-kompromised FBI bank robbery division to respond.”

Court documents allege, on February 6, 2025, Hardy entered a Chase Bank in Salt Lake City at approximately 2:04 p.m. Hardy allegedly told the teller it was a robbery and gave the teller various manila envelopes with documents inside and a typed note that read, “poor people steal because they are hungry. Rich people steal because they are greedy.” The note also said, “I need this evidence chain in the hands of the FBI bank robbery division and the local and federal police.” The note read, “please stuff at least $2001 into the bag for me. And make certain the FBI gets this.” The teller complied and gave Hardy $2001.00.

Surveillance footage from the investigation and a Utah Driver’s License photo identified Hardy. Hardy was taken into custody without incident.

Hardy is charged with bank robbery. His initial appearance on the indictment is February 21, 2025, at 11:45 a.m. in courtroom 8.4 before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

The case is being investigated by the FBI Salt Lake City Field Office.

Acting United States Attorney Felice John Viti of the District of Utah made the announcement.

Assistant United States Attorney Carlos A. Esqueda of the U.S. Attorney’s Office for the District of Utah is prosecuting the case.

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

An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

February 19, 2025
MIL-OSI: Value Partners Announces Proposed Fund Merger

Source: GlobeNewswire (MIL-OSI)

WINNIPEG, Manitoba, Feb. 18, 2025 (GLOBE NEWSWIRE) — Value Partners Investments Inc. (“Value Partners”), the manager of the Value Partners Pools, today announces its proposal to merge (the “Merger”) VPI Mortgage Pool (the “Terminating Fund”) into a high interest savings pool, effective on or about April 17, 2025, subject to unitholder approval. The high interest savings pool is anticipated to begin operations on or about March 24, 2025, pending regulatory approval. Effective on or about March 17, 2025, securities of the Terminating Fund will no longer be available for purchase.

A unitholder meeting of the Terminating Fund will be scheduled on or about April 16, 2025, where unitholders will be asked to approve the Merger. A notice of meeting will be mailed on or about March 26, 2025 to all investors of record as of March 17, 2025.

The Independent Review Committee has provided a positive recommendation that the Merger, if implemented, will achieve a fair and reasonable result for the Terminating Fund.

About Value Partners Investments Inc.
Value Partners is an investment management firm founded in 2005 that offers investment products and services through experienced financial advisors at investment dealers and mutual fund dealers across Canada. Value Partners is a registered investment fund manager, portfolio manager and exempt market dealer with approximately $5.4 billion in assets under management on behalf of Canadian families and businesses.

For further information, please contact:

Gregg Filmon
President
Value Partners Investments Inc.
Phone: (204) 949-0059

The MIL Network –

February 19, 2025
MIL-OSI USA: Solving the Child Care Shortage: Governor Shapiro and Lt. Governor Davis Lead Roundtable on 2025-26 Budget Proposal to Expand Child Care Workforce with Community Leaders, Parents, and Families in Allegheny County

Source: US State of Pennsylvania

February 18, 2025 – Pittsburgh, PA

Solving the Child Care Shortage: Governor Shapiro and Lt. Governor Davis Lead Roundtable on 2025-26 Budget Proposal to Expand Child Care Workforce with Community Leaders, Parents, and Families in Allegheny County

Governor Josh Shapiro and Lt. Governor Austin Davis hosted a roundtable at the YMCA Child Development Center at Duquesne University to highlight the Governor’s 2025-26 proposed budget, which builds on his efforts to make child care more accessible and affordable. Over the past two years, Governor Shapiro has taken steps to lower child care costs, and this year’s budget proposal focuses on expanding the child care workforce to ensure more Pennsylvania families can access the care they need.

Governor Shapiro, Lt. Governor Davis, Second Lady Blayre Holmes Davis, and key stakeholders, including President of the YMCA of Greater Pittsburgh Amy Kienle, CEO of Partner4Work Robert Cherry, child care workers and teachers, and parents participated in the roundtable. Leadership from the Greater Pittsburgh YMCA, Duquesne University, Early Learning Investment Commission (ELIC), and the General Assembly also attended. The discussion focused on the Governor’s proposed budget investments to address workforce challenges, reduce costs, and increase access to quality child care for Pennsylvania families.

“My budget prioritizes workforce development to tackle shortages in critical sectors like child care,” said Governor Shapiro. “With 3,000 unfilled child care jobs across Pennsylvania, too many families are struggling to find safe, affordable care – forcing parents out of the workforce and making it harder to get ahead. That’s why I’m proposing a $55 million investment to provide child care workers with at least $1,000 in recruitment and retention bonuses, strengthening our workforce and helping to solve this problem.”

Speaker list:
Governor Josh Shapiro
Lt. Governor Austin Davis
Second Lady Blayre Holmes Davis
Amy Kienle, President/CEO, YMCA of Greater Pittsburgh
Robert Cherry, CEO, Partner4Work
Tracey Spear, Child Care Center Director
Amanda Eadie, Teacher & Duquesne Student
Hana Naghamouchi, Teacher & Duquesne Student

MIL OSI USA News –

February 19, 2025
MIL-OSI: Currency Exchange International, Corp. Announces Strategic Decision to Discontinue Operations of its Subsidiary, Exchange Bank of Canada, Pursue Referral Agreements with Appropriate Parties, and Seek Discontinuance from the Bank Act
Source: GlobeNewswire (MIL-OSI)
- Exchange Bank of Canada is to cease operations and refer the majority of its banknote and payments customers and selected employees to interested parties;
- Currency Exchange International reiterates long-term positive outlook, with strategic focus on high potential U.S. business growth by leveraging its proprietary FX and payment software.
TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX: CXI) (OTC: CURN), today announced its decision to cease the operations of its wholly-owned subsidiary, Exchange Bank of Canada (“EBC”), a federally chartered, non-deposit-taking, non-lending Canadian Schedule I bank. Following the cessation of operations, EBC intends to apply to the Minister of Finance (Canada) to discontinue from the Bank Act. The voluntary discontinuance is expected to be completed in the 4th quarter of 2025, subject to receipt of all necessary regulatory approvals.

On January 7, 2025, CXI announced that a Special Committee of independent directors was actively considering a range of strategic options for EBC with the aim of identifying opportunities to maximize long-term value for shareholders. After the assessment of strategic options, assisted by an independent financial advisor, INFOR Financial Inc., CXI’s Board has decided to discontinue operations of its subsidiary, EBC. As part of this process, the Special Committee actively explored different options and supported a plan to cease EBC’s operations, pursue referral agreements for both the majority of its customers and select employees to well-established Canadian financial businesses, and seek discontinuance from the Bank Act.

“The decision to seek discontinuance from the Bank Act for EBC was taken very seriously and not made lightly and reflects a difficult business environment in Canada. We are optimistic that the contemplated referral agreements are the best outcome for EBC stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI. “Importantly, the CXI group continues to perform very well. This strategic move allows CXI to focus resources on its U.S. operations, where we see significant growth potential with both existing and new client relationships.”

CXI’s long-term outlook remains positive due to the Company’s focus on its growing fintech businesses in the U.S. and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued. In connection with the cessation of operations and discontinuance, certain one time costs will be incurred, primarily over the next six months, largely driven by restructuring, vendor termination fees, severance obligations, professional fees and other related charges. CXI expects to remain profitable during this period. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders.

CXI is grateful to all EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.

The Company plans to host a conference call on Wednesday, February 19, 2025 at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number:

Toll Free: 1 (800) 717-1738

Conference ID number: 00133

About Currency Exchange International, Corp.

Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), related APIs to core banking platforms, and personal relationship managers.

Contact Information

For further information please contact:
Bill Mitoulas
Investor Relations
(416) 479-9547
Email: bill.mitoulas@cxifx.com
Website: www.cxifx.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), the conclusion of referral agreements for customers and selected employees, regulatory approvals required for the discontinuance process, establishing direct correspondent banking relationships to support its U.S. payments business, the management of employee and customer transitions, the Company’s liquidity position during the cessation and discontinuance period, financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions.

Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, a failure to obtain the necessary approvals for referral agreements for customers and selected employees or an inability to conclude such arrangements on a basis which is beneficial to the Company and its selected employees, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC.

Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024.

The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release.

The MIL Network –
February 19, 2025
MIL-OSI: Talonvest Secures $14.4M in Financings for two California Properties

Source: GlobeNewswire (MIL-OSI)

NEWPORT BEACH, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) — Talonvest Capital, Inc. is proud to announce two recent closings for SoCal Self Storage. The first was a $7,200,000 non-recourse permanent loan for a self storage facility located at 2550 Willow Lane in Thousand Oaks, California. The property spans 54,937 NRSF and features a total of 525 units. The property benefits from its prime location along the 101 Freeway, which sees over 170,000 vehicles per day. Concurrently, Talonvest negotiated a second loan on behalf of SoCal Self Storage for a facility encompassing 42,979 NRSF spanning 499 units and located in the economically vibrant community of Torrance, California. The $7,200,000 non-recourse refinance loan features a 10-year loan, full-term interest only payments, and an attractive fixed interest rate.

Thanks to the lender competition facilitated by Talonvest, the client secured cash out, loan terms surpassing those offered by life companies, financial cash management triggers waived, and a loan spread well below 200 bps on both transactions. Bill Bromiley, Principal of Syndicated Real Estate Investments, remarked, “The Talonvest team secured an excellent interest rate while structuring favorable loan terms for us, and they proactively managed a seamless closing.” Denny Geiler, Principal of Polo Properties, LLC, added, “Their deep understanding of the capital markets was invaluable, and their hands-on involvement throughout the process had a direct and positive impact on our results.” The Talonvest team responsible for these assignments included Eric Snyder, Kim Bishop, Ivan Viramontes, Morgan Johnson and Lauren Maehler.

About Talonvest Capital Inc.

Talonvest Capital is a commercial real estate advisory firm specializing in sourcing cutting-edge lending programs and advising on capital market trends for industrial, self-storage, multifamily, office, and retail property owners. Talonvest Capital offers a unique boutique approach by leveraging the company’s collective institutional knowledge and remaining highly engaged throughout the entire assignment, including the closing process, to deliver tailored capital solutions for their clients. Learn more at https://talonvest.com.

Thousand Oaks, CA

Torrance, CA

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/df7d6e81-7b58-458f-bb15-905101bbcc6c

https://www.globenewswire.com/NewsRoom/AttachmentNg/7078ee40-6c8a-4c41-b9db-ec8708468e8e

The MIL Network –

February 19, 2025
MIL-Evening Report: Australian LGBTIQ+ politicians were hit with vile online abuse at the last federal election. The coming campaign could be even worse

Source: The Conversation (Au and NZ) – By Elise Stephenson, Deputy Director, Global Institute for Women’s Leadership, Australian National University

Newly published research has found clear evidence that openly lesbian, gay, bisexual, trans, intersex, and queer+ (LGBTIQ+) Australian politicians were disproportionately targeted with personal abuse on social media at the last federal election. Given global trends, it’s unlikely to be any different this year.

Simply logging off is not an option for candidates, who need to communicate with voters. As a result, some politicians will continue to face risky online visibility.

Since Elon Musk acquired Twitter/X, hate speech has surged, particularly for public figures such as parliamentarians.

So what do these trends mean for queer candidates ahead of this year’s election? And why does it matter for the next generation of politically engaged young people?

Queer politicians targeted

We analysed more than 100,000 tweets across the Twitter profiles of eight openly queer politicians and candidates (Penny Wong, Julian Hill, Nita Green, Tim Wilson, Janet Rice, Rachael Jacobs, Claire Garton, Stephen Bates) during the 2022 federal election campaign. We compared them with eight other politicians (Zoe Daniel, Graham Perrett, Lidia Thorpe, Anthony Chisholm, Barbara Pocock, Simon Birmingham, Deborah O’Neill, David Shoebridge) in the same period.

We suspected that political hopefuls who publicly identified as LGBTIQ+ may have experienced greater levels of abuse and harassment. But what we found surprised us.

The level of online intimidation was roughly the same for queer and non-queer politicians. However, the type of abuse differed significantly.

Queer politicians endured highly personal harassment that specifically targeted their gender or physical appearance. They suffered nasty queer-specific slurs, transphobic messages and ableist language. Essentially, nothing that was related to their policies or politics.

Meanwhile, straight, cisgender politicians received harassment that was typically political in nature. More of it focused on their party or platform. It wasn’t as personal (with the exception of Thorpe, who received high levels of racist abuse). While overtly hostile, for straight politicians in general much of the harassment received might be considered an unavoidable part of the democratic political process in the social media age.

Our research provides a useful retrospective of some of the vitriol that proliferated during the last election.

One such event began with YouTube commentator Jordan Shanks breaking a salacious story of repeated sexual misconduct by staffers in Canberra, purportedly in MPs offices and in the parliamentary multi-faith prayer room.

Our data tracked the way queer male politicians were wrongly affiliated and tagged in the scandal. They were unfairly accused and ridiculed. The unfounded attacks were non-partisan, involving politicians from across the major parties. This indicated a single point of commonality – their sexuality.

Liberal MP Tim Wilson, who had no involvement in the scandal, received over 2000 tweets explicitly mentioning the incident. Many were overtly homophobic, using terms such as “toy boy”, “rentboy”, “parasite” and “prayer room pervert”.

How it puts off politically engaged young people

The data indicates that queer politicians face a double bind. The personal hate they experience negatively impacts them as individuals and also distracts from genuine political debate. Trolling, hate speech, and a prohibitive online environment stymies open and constructive political dialogue.

Furthermore, identity based harassment discourages queer people from pursuing political careers in the first place. Or staying in politics once they’ve experienced the hate. It erodes their sense of safety when engaging in public discourse and undermines the foundations upon which democracy is built.

In a follow-up study of 98 politically engaged, young gender and sexuality diverse people, we found that online violence and a lack of workplace safety were some of the biggest barriers for them in considering a career in politics.

The upcoming election

We expect the personal harassment of queer politicians will continue to escalate across multiple platforms, including X, Facebook and Instagram.

For instance, we have seen a sharp rise in anti-LGBTIQ+ hate and extremism across the United States. Online spaces are likely to become even less safe for queer politicians in 2025, than they were in 2022.

Big tech is making it easier for abuse and harassment to flourish in the online world.

Musk has fired 80% of engineers responsible for content regulation on X. He has also liked transphobic tweets and deemed the words “cis and “cisgender ” to be slurs, that were subsequently banned on X.

Meta’s Mark Zuckerberg has also removed protections that prevented hate speech on Facebook.

More users are deserting X due to the malicious content and lack of safeguards. But with a closely integrated social media environment, online violence can follow politicians across platforms, both social and legacy. There is no escaping the bile.

Demanding better of online platforms

Social media regulation is difficult. Tech giants have already threatened to withdraw their services from Australia over laws that would force them to pay for news content.

Online platforms may claim to only be the “messenger”, but the reality is that design features like anonymity and business decisions like removing content moderation will cause even more harm.

Until a critical mass of countries demand better protections, some individuals, including queer politicians, will always be at a disadvantage in this asymmetric online war.

Elise Stephenson receives funding from the Australian Research Council. Elise is part of research projects funded by the eSafety Commissioner on combating online violence. The research quoted in this article received funding from the Gender Institute at the ANU.

Gosia Mikolajczak collaborates with Women for Election on a project funded by the Australian Government Office for Women, aiming to increase the number and diversity of women running for public office. She has previously worked on an Australian Research Council Linkage project that examined gender inequalities in local government in Victoria.

Blair Williams and Jack Hayes do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Australian LGBTIQ+ politicians were hit with vile online abuse at the last federal election. The coming campaign could be even worse – https://theconversation.com/australian-lgbtiq-politicians-were-hit-with-vile-online-abuse-at-the-last-federal-election-the-coming-campaign-could-be-even-worse-250039

MIL OSI Analysis – EveningReport.nz –

February 19, 2025
MIL-OSI United Nations: In Day-Long Security Council Debate, Speakers Offer Divergent Views on ‘New’ Global Order, Stress Need to Update Global Governance

Source: United Nations General Assembly and Security Council

During a day-long Security Council debate on practicing multilateralism and reforming global governance today, speakers stressed the urgent need to update the United Nations — founded 80 years ago — including reforms to the Council itself and to the global economic order to better address twenty-first-century challenges.

“One can draw a direct line between the creation of the United Nations and the prevention of a third world war,” said António Guterres, Secretary-General of the United Nations, recalling that the UN was “born out of the ashes” of the second. The UN remains the “essential, one-of-a-kind meeting ground to advance peace, sustainable development and human rights”, he said. However, “eight decades is a long time”, he said, emphasizing that while the “hardware” for international cooperation exists, “the software needs an update”.

As global challenges demand multilateral solutions, he pointed out that the Pact for the Future puts forward concrete solutions to strengthen the machinery of peace, advance coordination with regional organizations and includes the first multilateral agreement on nuclear disarmament in more than a decade. It also includes efforts to prevent an arms race in outer space, advance discussions on lethal autonomous weapons and recognizes the UN’s role in preventive diplomacy.

“But the Pact does even more for peace,” he said, as it recognizes that the international community must address the root causes of conflict and tension and that the Council “must reflect the world of today”. Guided by the Pact, he said that multilateralism — “the beating heart of the United Nations” — can became an even more powerful instrument of peace. “But multilateralism is only as strong as each and every country’s commitment to it,” he added, urging all Member States to continue updating global problem-solving mechanisms to “make them fit for purpose, fit for people and fit for peace”.

Shift of Power to Global South

Wang Yi, Minister for Foreign Affairs of China — Council President for February — then spoke in his national capacity to recall that representatives of his country were the first to sign the Charter of the United Nations, “writing with the Chinese calligraphy brush an important chapter in world history”. Now, though, comprehensive peace and shared prosperity remain elusive. Noting the rise of the Global South on the world stage, he insisted that “international affairs should no longer be monopolized by a small number of countries” and the fruits of global development should not be enjoyed by only a few countries. China, as the world’s largest developing country, has become the major trading partner of more than 150 countries and regions and is promoting high-quality Belt and Road cooperation to contribute to global prosperity and development.

“The continuing inequalities of the global financial system have further aggravated today’s crises,” said Mohammad Ishaq Dar, Deputy Prime Minister and Minister for Foreign Affairs of Pakistan, adding that “the very fabric of the world order established under the UN Charter is in danger of being torn apart”. Urging reform of the International Monetary Fund (IMF) and the World Bank, he pointed out that the current system favours the rich, while developing nations are trapped in a cycle of poverty and debt.

Also underlining the need to reform the global economic order, Selma Bakhta Mansouri, Secretary of State to the Minister for Foreign Affairs of Algeria, said that current financial arrangements are largely led by developed States. It is necessary to ensure a “flexible and sustainable financing mechanism for African States and to work towards improving or easing their debt burden,” she stressed. She also noted that Africa represents more than a quarter of UN Member States, but continues to be deprived of permanent representation on the Council.

Similarly, Francess Piagie Alghali, Deputy Minister for Foreign Affairs and International Cooperation of Sierra Leone, said that Africa remains the most glaring victim of inequitable Council composition. Without structural reform, the organ’s performance and legitimacy will continue to be questioned, she said, also highlighting Africa’s exclusion from multilateral development banks. Highlighting the African Union’s theme of the year — Justice for Africans and People of African Descent through Reparations — she stressed the need to urgently rectify the historical injustices perpetuated against the continent.

Push for Two Permanent Security Council Seats for Africa

Ahmed Moallim Fiqi, Minister for Foreign Affairs and International Cooperation of Somalia, also reiterated the need for a “deep-rooted reform” of the Council, stressing that African States should be granted two permanent seats that include the right to veto. Stating that the UN Charter must be the “linchpin” and “our lodestar” as the international community embarks on reforming the multilateral system, he also noted that Council resolutions are being trampled upon, calling for effective mechanisms to bolster the UN’s capacity to guarantee international peace and security.

“It is illogical that Africa does not feature among permanent members,” observed France’s representative, underscoring: “That must change.” Two African States must hold permanent seats on the Council, and he added that Africa’s demand for veto power is “legitimate”. The representative of Denmark, in that vein, stated that the world needs a more-representative Council — “one which redresses the historical injustice done to the African continent”. She added: “We cannot seriously tackle the issues facing multilateralism when the Security Council continues to operate in a reality of yesteryear.”

“The Security Council is arguably the least representative and most undemocratic of global institutions,” added Guyana’s representative, pointing out that the Council faces the risk of becoming irrelevant. “We have seen repeatedly how the current structure and decision-making format — particularly the use of the veto — have thwarted the will” of the wider membership, she said. Greece’s representative, for his part, expressed support for “any model of reform that is fair, strengthens the UN as a whole and transforms the Security Council into a more democratic, efficient, representative and accountable body”.

Russian Federation, China Accused of Being Drivers of Instability

Meanwhile, the representative of the United States said that “two of the greatest drivers of instability in the world today hold veto power”, spotlighting the Russian Federation’s bloody war in Ukraine and China’s exploitation of its developing-nation status. “We need to take a close look at where this institution is falling short,” she added. Therefore, the United States is currently reviewing its support to the UN, and she said that “we will consider whether actions of the Organization are serving American interests, and whether it can be reformed”.

As to why the UN is falling short of its ambitions, the representative of the United Kingdom observed that “there is more to this than the often-mentioned liquidity crisis”. While the Organization’s membership has increased, it is not fully representative of today’s “multipolar world”, she said. Further, the Council is often characterized as “ineffective geopolitical theatre”, and she added that — while reform is needed — “this body has the tools to implement its peace and security mandate”.

“It is time to rescue multilateralism from ruinous mistrust,” stressed Panama’s representative, urging States to ensure that, rather that floundering, the system flourishes and prospers. Observing that his country has been reaping the rewards of multilateralism since its independence, he said that diplomatic efforts lead to the end of the colonial enclave and to the recovery of “our Canal”.

BRICS Surpasses G7 in Gross Domestic Product

The representative of the Russian Federation noted that developed countries have siphoned off $62 trillion in resources from the Global South since 1960, highlighting Moscow’s efforts to advance anti-colonial agendas at the UN. And “there have been tectonic shifts in the global economy”, with BRICS (Brazil, Russian Federation, India, China, South Africa) accounting for 37 per cent of the global gross domestic product (GDP), surpassing 29 per cent represented by the Group of 7 (G7) countries, he added, stressing the need for a more equitable global financial architecture. Rejecting the West’s domination at the Security Council as “a relic of the past”, he said that his country advocates for indivisible security in Eurasia without infringing on others’ interests.

“It is extraordinary that 193 Member States — with each of us at different stages of political and economic development, like-minded or even antagonistic — gather every day in this very building to discuss and solve current and future issues,” observed the representative of the Republic of Korea. “This should not be taken for granted,” he stressed, stating that the UN’s convening role is the “driving engine of multilateralism”. Slovenia’s representative, similarly, noted that the UN “enabled the power of rules to replace the rule of power”. Citing former Secretary-General Dag Hammarskjöld, he said: “It is not big Powers who need the UN for their protection. It is all the others.”

Unilateralism Versus Multilateralism

As the floor opened to the wider membership, Celinda Sosa Lunda, Minister for Foreign Affairs of Bolivia, pointed to the need for radical change within the UN structure in view of the myriad threats to the planet’s very existence. “We are fighting for the transition towards a multipolar world,” she stressed. “Today the world is in a state of flux,” said Jeje Odongo Abubakhar, Minister for Foreign Affairs of Uganda, pointing to the “palpable loss of trust” in age-old institutions and mechanisms. Observing that many world leaders now favour unilateralism, he stressed: “The future of multilateralism depends on the willingness of State and non-State actors to re-imagine and revitalize the system.”

On that, Carlos Fernández de Cossío, Vice Minister for Foreign Affairs of Cuba, said that it has become crucial to defend multilateralism given “the withdrawal of the world’s greatest Power from international bodies”. He also opposed “trends towards the privatization of the Organization, turning it into a tool that represents the interests of major Powers and large transnational capital”. Meanwhile, Péter Szijjártó, Minister for Foreign Affairs and Trade of Hungary, said that, during the “global dictatorship of the international liberal mainstream”, the UN has failed to be a platform for peace. He therefore stressed that the UN must adjust itself to the new global political reality or “lose its significance”.

Waleed Abdul Karim El-Khereiji, Vice Minister for Foreign Affairs of Saudi Arabia, also said that the increasing crisis of confidence in the UN demands reform. Further, “current bloody incidents” call for firm responses from the multilateral system. “No people should feel abandoned by the international community,” stressed Fedor Rosocha, Director General of the Directorate for International Organizations and Human Rights in the Ministry for Foreign and European Affairs of Slovakia, stressing that the Council must not be passive in the fact of conflict, crisis and atrocity.

The fact that “no new world war has happened” is not a consolation to Ukrainians whose towns have been destroyed, observed Mariana Betsa, Deputy Minister for Foreign Affairs of Ukraine. Multilateral institutions are being undermined from within, she said, urging that permanent Council members be limited in their use of the veto when they have a conflict of interest in the matter under consideration. She added: “If the UN begins to resemble a boxing ring — with fighters, their supporters and passive spectators — the prospects for global security will be bleak.”

MIL OSI United Nations News –

February 19, 2025

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How it puts off politically engaged young people

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