NewzIntel.com

Category: Business

  • MIL-OSI USA: Gillibrand, Bipartisan Group Of Senators Introduce Legislation To Establish Stablecoin Regulatory Framework

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand

    Today, U.S. Senator Kirsten Gillibrand, together with Senators Bill Hagerty (R-TN), Tim Scott (R-SC), and Cynthia Lummis (R-WY), introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation to establish a clear regulatory framework for payment stablecoins.

    “The bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins Act protects consumers by requiring stablecoin issuers to maintain one-to-one reserves, prohibiting algorithmic stablecoins, and requiring issuers to comply with U.S. anti-money-laundering and sanctions rules,” said Senator Gillibrand. “Importantly, it will empower responsible innovation, maintain U.S. leadership in digital assets and blockchain technology, and keep crypto companies and jobs onshore. The future of stablecoins and cryptocurrency has strong bipartisan support. I’m proud to introduce this bill with Senators Hagerty, Lummis and Scott, and I look forward to working together to pass this important legislation.”

    Dollar-denominated payment stablecoins are digital assets pegged to the U.S. dollar. They can improve transaction efficiency, expand financial inclusion, and strengthen the dollar’s supremacy as the world reserve currency by driving demand for U.S. Treasuries.

     The GENIUS Act:

    1. Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value;
    2. Establishes clear procedures for institutions seeking licenses to issue stablecoins;
    3. Implements reserve requirements and light-touch, tailored regulatory standards for stablecoin issuers;
    4. For issuers of more than $10 billion of stablecoins, applies the Federal Reserve’s regulatory framework to depository institutions and the Office of the Comptroller of the Currency’s framework for nonbank issuers;
    5. Allows for state regulation of issuers under $10 billion in market capitalization and provides a waiver process for issuers exceeding the threshold to remain state-regulated; and
    6. Establishes supervisory, examination, and enforcement regimes with clear limitations.

    Full text of the GENIUS Act can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Rosen’s Bipartisan Bill to Help Lower Child Care Costs, Expand Availability Advances Out of Committee

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    A Recent Report Labels Entire State Of Nevada As A “Child Care Desert”
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) announced that her bipartisan Small Business Child Care Investment Act has advanced out of the Senate Committee on Small Business and Entrepreneurship. This bipartisan legislation will help lower child care costs by increasing the availability of affordable, high-quality child care for Nevada families. It allows non-profit child care providers that otherwise qualify as small businesses to access larger and more flexible loans from the U.S. Small Business Administration. 
    A recent report labeled the entire state of Nevada as a “child care desert,” and found that nearly 75 percent of children below the age of five don’t have access to a licensed child care provider. The report deemed the cost of child care a “huge concern” in Nevada and found it often to be more expensive than college tuition. It also attributed the lack of affordable and accessible child care to the worker shortage that Nevada businesses report experiencing.
    “The lack of affordable, quality child care options is hurting hardworking Nevada families and forcing them to make tough financial choices,” said Senator Rosen. “That’s why I’ve been working across the aisle to pass my bipartisan bill to help lower costs by increasing access to affordable child care in our state. This legislation will help nonprofits, community organizations, churches, synagogues, and others to set up or expand child care centers, and I’m glad to see it advance out of committee today.”
    Senator Rosen continues working to lower child care costs for Nevada’s hardworking families. Last year, she joined a bipartisan bill to provide child care services for police officers and support law enforcement families. Senator Rosen also joined in helping to introduce the Child Care for Working Families Act, legislation that would help lower child care costs for an average American family to no more than $10-a-day. During a confirmation hearing in the U.S. Senate Armed Services Committee, Senator Rosen secured a commitment from General David Allvin, Air Force Chief of Staff, to cut red tape in a program designed to make child care available for military families like Airmen at Nellis and Creech Air Force Bases who work overnight shifts.

    MIL OSI USA News –

  • MIL-OSI Australia: Allens’ trusted expertise recognised in 2024 banking and finance rankings

    Source: Allens Insights

    Allens secured top rankings in the 2024 syndicated loans and project finance league tables, reflecting a strong year of activity driven by complex cross-border financings, infrastructure investment, and evolving lender dynamics.

    The firm maintained its market-leading position in syndicated loans, with standout rankings across multiple league tables:

    Bloomberg

    • First in APAC (ex Japan) – borrower lead counsel by deal count
    • First in APAC (ex Japan) – lender lead legal adviser by value
    • Second in APAC (ex Japan) – borrower legal adviser by value

    Debtwire

    • First in APAC (ex Japan) – lead bank legal counsel
    • First in Australia – lead bank legal counsel
    • Second in APAC (ex Japan) – borrower legal counsel
    • Second in Australia – borrower legal counsel

    Infralogic

    • First in APAC – project finance legal adviser by value and deal count
    • First in Australia and New Zealand – project finance legal adviser by value and deal count

    LSEG (formally Refinitiv)

    • Second in APAC (inc Japan) – borrower legal adviser by value and deal count
    • Second in Australia – borrower legal adviser by value and deal count

    ‘These results reflect the trust our clients place in us to advise on their most strategic and high-value financings. We are fortunate to work with market-leading lenders, sponsors, and borrowers across the region, supporting them on complex transactions that drive investment and growth,’ said Partner and Head of Banking & Finance Tim Stewart.

    ‘The market remains highly active, particularly in project finance and structured lending, and we expect this momentum to continue into 2025 as borrowers and lenders adapt to evolving regulatory and economic conditions.’

    Highlights in 2024 included advising:

    MIL OSI News –

  • MIL-OSI USA: Jefferson, Do Non-inflationary Economic Expansions Promote Shared Prosperity? Evidence from the U.S. Labor Market

    Source: US State of New York Federal Reserve

    Thank you, Professor O’Connell, for that kind introduction and for the opportunity to talk to this group.1 I am delighted to be back at Swarthmore College. This special community brings back fond memories of fantastic students, great colleagues, and pedagogical excellence.

    Yesterday, I discussed my outlook for the current U.S. economy. I highlighted how the economy is growing and appears to be roughly in balance, with low unemployment and declining inflation. Today, I will review some of the historical evidence pertaining to periods when the Federal Reserve has achieved both components of its dual mandate, maximum employment and stable prices, on a sustained basis—that is, periods of long non-inflationary economic expansions. My title question is whether economic evidence indicates that such expansions also result in greater shared prosperity.
    My focus will be on the labor market. A reason for this focus is that for many individuals, their employment attachment is a key determinant of their household’s overall well-being. My approach will be to compare the current labor market with the labor market at the end of 2019—that is, at the end of the most recent long, non-inflationary expansion. Such a comparison provides a lens through which to view the prospects for broadly shared prosperity fostered by the current U.S. labor market.
    The remainder of my talk is organized as follows. First, I describe the labor market at the end of 2019. After that, I discuss the state of the labor market in the immediate aftermath of the COVID-19 pandemic. Then, I describe the current labor market situation. Next, I discuss possible reasons why strong labor markets facilitate broad-based prosperity. Before concluding, I consider whether the benefits of long expansions are persistent.
    The Labor Market on the Eve of the COVID-19 PandemicLet’s begin the exploration of my title question with a careful look at the situation during the historically strong labor market on the eve of the COVID-19 pandemic. Following the 2007-09 Global Financial Crisis, the U.S. economy expanded for 128 consecutive months, making it the longest economic expansion in U.S. history. During this period, as shown in figure 1, the aggregate unemployment rate fell steadily from a peak of 10 percent in October 2009 to 3.5 percent in September 2019, the lowest recorded in nearly 50 years. Job opportunities were plentiful in this strong labor market, with the ratio of vacancies to job seekers hovering around 1.2 throughout 2019, implying that businesses were seeking to fill more open positions than there were workers actively searching for employment. Moreover, while some long economic expansions have led to an unwelcome rise in prices, inflation remained low and stable. Indeed, the Federal Reserve was grappling with inflation somewhat below, rather than above, its longer-run 2 percent target.
    In addition, and perhaps related to the length of the expansion, the pre-pandemic labor market was remarkable in terms of the broad-based gains seen across demographic groups, which contributed to a historic narrowing of employment disparities. For instance, as shown in figure 2, the unemployment rate among African Americans, the solid red line, has usually been about twice as high as that for white individuals, the solid blue line, and is more sensitive to the state of the business cycle. The unemployment rate among Hispanics, the dotted green line, falls between these two groups. In late 2019, however, both African American and Hispanic unemployment rates had fallen to the lowest levels on record up to that point, significantly narrowing the persistent unemployment gaps between these groups. Before this, the greatest improvement in the unemployment rate among African Americans was at the end of the 1991–2001 economic expansion, which itself was the second longest expansion in U.S. history. But in 2019, the unemployment rate for African Americans was about 2 percentage points lower than it was in early 2001.
    The influence of the long expansion on employment gaps also was evident for other groups of workers. Like minorities, individuals with less education, and especially those who have not completed high school, also experience higher cyclical volatility in their employment.2 In 2019, as shown in figure 3, the unemployment rate gaps between workers with less than a high school education, the solid red line, and those who have attained at least a bachelor’s degree, the solid purple line, also were near multidecade lows. Further, the strong labor market created new opportunities for teens and younger workers, groups whose employment prospects, and even long-term career trajectories, are especially sensitive to the cyclical state of the economy.3
    Beyond narrowing gaps between workers actively searching for a job, the strong pre-pandemic labor market also helped draw many new participants into the labor force. Among prime-age workers, those aged 25 to 54, the labor force participation rate began rising again around 2015, as shown in figure 4, reversing a declining trend. This was true among both men, the solid black line, whose participation had been steadily declining since the 1950s, and women, the dashed red line, whose participation had previously peaked in early 2000. Labor force participation among women was rising especially briskly in the months just before the pandemic, essentially reversing its entire decline over the previous 20 years. While this partially reflects broader demographic trends such as increasing educational attainment, participation was rising for both women with and without a college degree after 2015, suggesting that the strong labor market played a part in this reversal.
    Turning now from employment and participation to earnings, nominal wages were growing solidly before the pandemic. As with gains in employment, the strong labor market was especially beneficial for some groups. Most noticeably, as shown in figure 5, wage growth for the bottom quartile of earners, the solid red line, started to pick up about five years into the expansion, in late 2014, and by 2019 was significantly stronger than for workers in higher earnings quartiles, the solid purple line.4 These differences in wage growth are important, as they imply convergence in levels and, therefore, declining wage inequality as the bottom of the distribution catches up to higher earners. Similarly, wages were growing faster for non-white workers relative to white workers in 2019, though differences by educational attainment were less pronounced at the time.
    Looking back now, the U.S. economy in 2019 was in a good place. The labor market was tight but not overheating, bringing widespread gains to workers. Further, had it not been for the sudden and dramatic interruption of the COVID-19 pandemic, this strong labor market was expected to persist. In December 2019, the median Federal Open Market Committee (FOMC) participant expected the aggregate unemployment rate to remain below 4 percent through the end of 2022 while inflation was expected to move back up to the Committee’s 2 percent objective.5 Had this long, non-inflationary expansion continued as the Committee forecast, gaps in employment and earnings across groups may have continued to narrow as well.
    The Labor Market Following the COVID-19 PandemicThe expansion, however, was cut short by the COVID-19 pandemic. In April 2020, the unemployment rate, as shown in figure 6, briefly surged to 14.8 percent, its highest rate since the Great Depression while the share of Americans seeking jobs (not shown) plummeted. Moreover, those same groups that had benefited from the strong pre-pandemic labor market—African American and Hispanic workers, women, and individuals without a college degree—generally fared worse at the onset of the pandemic. Although some of these groups typically experience greater losses in economic downturns, factors unique to the pandemic, including greater exposure to the industries most affected by lockdowns, also contributed to disparities in job losses. For instance, unlike a typical recession, the pandemic disproportionately affected service industries, which employ a larger share of women than industries like construction and manufacturing, which are generally more cyclically sensitive.
    Just as the pandemic itself led to unprecedented losses in the labor market, the subsequent recovery was unprecedented in many ways. As the health risk abated and the economy reopened, labor demand surged as businesses attempted to re-hire workers, but many workers remained on the sidelines. By late 2021, the labor force participation rate was still well below its pre-pandemic level. Vacancies rose to record levels, while, at the same time, quits, as shown in figure 7, surged as workers sought out new job opportunities, leading some to refer to the post-pandemic recovery as the “Great Resignation.” Consequently, as shown in figure 8, the gap between available jobs, the solid black line, and available workers, the dashed red line, which had been just over 1 million positions in late 2019, widened to over 6 million, the equivalent of two job openings for every unemployed worker. This was an exceptionally tight labor market, far exceeding any in recent history, including the labor market before the pandemic.
    The strong post-pandemic aggregate economy reversed the disparities between groups that initially widened in 2020. The aggregate unemployment rate fell to 3.4 percent in April 2023, its lowest since 1969. That same month, the unemployment rate for African Americans fell to 4.8 percent, the lowest level on record and 1/2 percentage point below the previous record set in 2019, as shown in figure 9 by the red solid line, which is the difference between the unemployment rate for African Americans and its own average in the year 2019.
    Although labor force participation was initially slower to recover, the labor force participation rate among prime-age women climbed to its highest level ever in 2023, well above even pre-pandemic levels, as shown in figure 10 by the red dashed line, which is the difference between the labor force participation rate for women and its own average in the year 2019.
    The tight labor market also led to a surge in nominal wage growth, especially for workers lower in the earnings distribution. In fact, as shown in figure 11, wage growth for low-wage workers, the solid red line, was strong enough, with a peak wage growth close to 7.5 percent in 2022, to drive a meaningful compression in the aggregate wage distribution (not shown). Economic research suggests that the pandemic recovery reversed around one-third of the increase in the aggregate ratio of the 90th percentile to the 10th percentile wage inequality since the 1980s.6 These gains at the bottom of the income distribution also were reflected in the experience of different demographic groups, as shown in figure 12, with stronger wage growth for nonwhite workers, the dashed red line, relative to white workers, the solid black line, and, unlike even the pre-pandemic expansion, for workers with a high school education or less relative to those with a bachelor’s degree or more.
    Unlike the noninflationary pre-pandemic expansion, however, these nominal wage gains coincided with rising prices, reducing many workers’ actual purchasing power. Real wage growth deflated by the personal consumption expenditures price index, which adjusts for the effect of inflation on workers’ purchasing power, was negative for many workers in 2022, despite strong aggregate employment growth. Further, the costs of inflation also vary across groups, and there is evidence that rising prices may hurt lower-income populations more.7 This underscores the connection between the two components of the Federal Reserve’s dual mandate to promote both maximum employment and stable prices, since the benefits of strong labor markets are eroded when accompanied by an unwelcome rise in inflation.
    The Current Labor Market SituationLet me turn now to the labor market situation more recently. As the economy has recovered from the pandemic, the labor market has come into better balance. By mid-2024, the gap between available jobs and available workers—I’ll show that figure again here—had essentially returned to where it was in 2019, reflecting both a decline in vacancies and improvements in labor supply. Various indicators pointed to a labor market that was still tight, but no longer overheating.
    Currently, the labor market remains solid, on balance, and inflation continues a bumpy descent toward the FOMC’s 2 percent objective. Layoff activity and initial claims for unemployment insurance, shown in figure 13, remain low by historical standards even as job openings have moved down to more normal levels. The unemployment rate appears to have leveled off close to what the median FOMC participant currently sees as its long-run sustainable level of 4.2 percent.8 While employment gaps between certain demographic groups have widened a touch since 2022, they remain historically narrow. Further, a welcome development as inflation has moderated is that real wage growth has picked up even as nominal wage growth has slowed. Though wages are now growing similarly across demographic groups, the narrowing of the wage gap across demographic groups realized in 2021 and 2022 persists.
    How Do Strong Labor Markets Facilitate Broad-Based Prosperity?Looking back at long, noninflationary episodes like the pre-pandemic expansion raises the question of why strong labor markets have been especially beneficial for certain demographic groups. Although the literature has not reached a definite conclusion to this question, researchers have pointed to several economic mechanisms that may help explain these patterns.
    In 1973, the economist Arthur Okun argued that “high-pressure” labor markets—such as those in 2019 and during the pandemic recovery—allowed workers to move up the job ladder, creating new opportunities for individuals on the margins of the labor market.9,10 Further, he argued that when job openings are difficult to fill, employers relax hiring standards, creating new opportunities for individuals who otherwise might struggle to find employment. Consistent with this argument, economic research shows that as the labor market strengthened from 2010 to 2014, employers reduced education and experience requirements in online job postings.11 Economic research also highlights the role of more productive job-worker matches as tight labor markets facilitate a re-allocation of labor to better and more productive jobs.12 On the participation side, the labor force participation rate tends to respond to business cycles with a significantly longer lag than the unemployment rate, for instance, due to the stickiness of decisions related to caregiving or educational responsibilities. This suggests that long expansions are especially important for drawing non-participants back into the labor market.13
    Of course, each business cycle is different, making it difficult to draw general conclusions from past episodes. The pandemic recovery, for example, led to a rise in retirements, far more than what would have been expected given population aging.14 On the downside, this contributed to the significant shortage of workers as the economy was reopening. On the upside, it may have created more opportunities for younger workers to move up the job ladder than is typical during a normal expansion, making Okun’s argument especially relevant. The COVID-19 pandemic also was a remarkable reallocation shock, and elevated quits and job switching may have improved the quality of matches between businesses and workers more than usual, potentially contributing to strong productivity growth and wage gains.
    Perhaps paradoxically, excessively tight labor markets may not be beneficial to lower-wage workers in the long run. Some economists argue that hiring difficulties may lead firms to adopt technologies that substitute, rather than complement, workers, ultimately reducing labor demand.15 Similarly, an overheating labor market may lead some workers to prioritize short-term gains over longer-term career stability. Empirical evidence, for example, suggests that during economic expansions some young people choose to take an unstable job that is likely to disappear in the next recession, rather than invest in training opportunities.16
    Are the Benefits of Long Expansions Lasting?Another key question for policymakers is whether the benefits of long expansions can be sustained, given that the same groups who benefit disproportionately from strong labor markets also fare worse in recessions. Again, the literature, while not conclusive, offers some reasons for cautious optimism. There is some empirical evidence that suggests that the benefits of tight labor markets are somewhat persistent, at least for African Americans and women.17 The fact that labor market disparities that worsened during the pandemic returned to their pre-pandemic levels so quickly following the pandemic may be another reason to be hopeful.
    ConclusionLet me conclude by offering an answer to my title question. The weight of the historical evidence I discussed today suggests that broadly shared economic prosperity is more likely when the economy grows over time with low unemployment and stable prices. While the early part of the current expansion was inflationary, the intent of monetary policy actions over the past few years has been to return us to a prolonged period where prices are stable and the labor market remains solid. The historical experience of the U.S. labor market suggests that long, noninflationary expansions are associated with narrower gaps in employment and earnings, with minority groups and less-educated workers benefiting disproportionately from sustained periods of strong economic growth. Such benefits can help make up for the disproportionate losses experienced by the same groups during economic downturns and, in some cases, may even lead to lasting gains.
    Finally, let me return to where I started, the Federal Reserve’s dual mandate: maximum employment and stable prices. The historical evidence that I have reviewed tonight suggests that shared prosperity is a byproduct of sustained accomplishment of our mission.
    Thank you.

    ReferencesAaronson, Stephanie R., Mary C. Daly, William L. Wascher, and David W. Wilcox (2019). “Okun Revisited: Who Benefits Most from a Strong Economy? (PDF)” Brookings Papers on Economic Activity, Spring, pp. 333–75.
    Akerlof, George A., Andrew K. Rose, and Janet L. Yellen (1988). “Job Switching and Job Satisfaction in the U.S. Labor Market (PDF),” Brookings Papers on Economic Activity, no. 2, pp. 495–582.
    Autor, David, Arindrajit Dube, and Annie McGrew (2023). “The Unexpected Compression: Competition at Work in the Low Wage Labor Market,” NBER Working Paper Series 31010. Cambridge, Mass.: National Bureau of Economic Research, March (revised May 2024).
    Betts, Julian R., and Laurel L. McFarland (1995). “Safe Port in a Storm: The Impact of Labor Market Conditions on Community College Enrollments,” Journal of Human Resources, vol. 30 (Autumn), pp. 741–65.
    Cajner, Tomaz, John Coglianese, and Joshua Montes (2021). “The Long-Lived Cyclicality of the Labor Force Participation Rate,” Finance and Economics Discussion Series 2021-047. Washington: Board of Governors of the Federal Reserve System, July.
    Dellas, Harris, and Plutarchos Sakellaris (2003). “On the Cyclicality of Schooling: Theory and Evidence,” Oxford Economic Papers, vol. 55 (January), pp. 148–72.
    Dellas, Harris, and Vally Koubi (2003). “Business Cycles and Schooling,” European Journal of Political Economy, vol. 19(4), pp. 843–59.
    Jefferson, Philip N. (2005). “Does Monetary Policy Affect Relative Educational Unemployment Rates?” American Economic Review, vol. 95 (May), pp.76–82.
    ——— (2008). “Educational Attainment and the Cyclical Sensitivity of Employment,” Journal of Business and Economic Statistics, vol. 26 (October), pp. 526–35.
    Krueger, Alan B. (2002). “Economic Scene: As Recovery Builds, the Less Educated Go to the End of the Employment Line,” New York Times, March 7.
    Modestino, Alicia Sasser, Daniel Shoag, and Joshua Ballance (2016). “Downskilling: Changes in Employer Skill Requirements over the Business Cycle,” Labour Economics, vol. 41 (August), pp. 333–47.
    Montes, Joshua, Christopher Smith, and Juliana Dajon (2022). ” ‘The Great Retirement Boom’: The Pandemic-Era Surge in Retirements and Implications for Future Labor Force Participation,” Finance and Economics Discussion Series 2022-081. Washington: Board of Governors of the Federal Reserve System, November.
    Okun, Arthur M. (1973). “Upward Mobility in a High-Pressure Economy (PDF),” Brookings Papers on Economic Activity, no. 1, pp. 207–52.
    Orchard, Jacob (2021), “Cyclical Demand Shifts and Cost of Living Inequality,” working paper, February (revised September 2022).
    Oreopoulos, Philip, Till von Wachter, and Andrew Heisz (2012). “The Short- and Long-Term Career Effects of Graduating in a Recession,” American Economic Journal: Applied Economics, vol. 4 (January), pp. 1–29.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Jefferson (2005, 2008). Return to text
    3. See Oreopoulos, Von Wachter, and Heisz (2012). Return to text
    4. Nominal wages in the figure are measured by the Atlanta Fed’s Wage Growth Tracker. Series show 12-month moving averages of the median percent change in the nominal hourly wage of individuals observed 12 months apart. Workers are assigned to wage quartiles based on the average of their wage reports in both the Current Population Survey and outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile. Return to text
    5. The December 2019 median forecast of FOMC participants is taken from the Summary of Economic Projections (SEP), which is available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm. FOMC participants submit projections of future economic activity and their individual views of the appropriate path of monetary policy conditional thereupon four times a year. These projections are published as the SEP. The SEP is neither a consensus forecast nor is it a commitment to a policy path. Rather, it shows the median, central tendency, and range of the participants’ projections estimated using the 19 individual projections. Return to text
    6. See Autor, Dube, and McGrew et al. (2023). Return to text
    7. See Orchard (2022). Return to text
    8. See the December 2024 median forecast of FOMC participants in the SEP, which is available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm. Return to text
    9. See Okun (1973). Return to text
    10. While there is no official definition of a “high-pressure” labor market, the term usually refers to a period when the unemployment rate is below its natural rate—that is, below its long-run sustainable level. Return to text
    11. See Modestino and others (2016). Return to text
    12. See Akerlof, Rose, and Yellen (1988). Return to text
    13. See Cajner, Coglianese, and Montes (2021). Return to text
    14. See Montes, Smith, and Dajon (2022). Return to text
    15. See Krueger (2002). Return to text
    16. Specifically, empirical evidence indicates that educational enrollment rates go down during expansions. For four-year college enrollment rates, see Dellas and Sakellaris (2003); for community college enrollment rates, see Betts and McFarland (1995); for high school enrollment rates, see Dellas and Koubi (2003). Return to text
    17. See Aaronson and others (2019). Return to text

    MIL OSI USA News –

  • MIL-OSI USA: Senate Confirms Scott Turner as Secretary of HUD

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – The United States Senate confirmed Scott Turner to serve as the 19th Secretary of Housing and Urban Development (HUD) by a vote of 54 to 44 today. U.S. Senator Kevin Cramer (R-ND), a member of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement after voting in favor of Turner’s nomination.

    “Scott Turner is first and foremost a leader, and he will be an excellent Secretary of Housing and Urban Development,” said Cramer. “He has a fundamental understanding of supply-side policies, and he knows what landlords need to provide affordable housing options where they’re needed most. Local and tribal communities across North Dakota will benefit from his expertise as a builder and developer.”

    MIL OSI USA News –

  • MIL-OSI USA: Senate Banking Committee Hearing Examines Impacts of Debanking

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – The Senate Banking, Housing, and Urban Affairs (Banking) Committee held a hearing today to ensure banks and financial institutions make lending and services decisions based on impartial, risk-based analysis, not political or reputational favoritism. In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions have used their economic standing to categorically exclude law-abiding industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, and energy producers. 

    Prior to the hearing, U.S. Senator Kevin Cramer (R-ND), a member of the Senate Banking Committee, reintroduced his Fair Access to Banking Act, which protects fair access to financial services and ensures banks operate in a safe and sound manner. The legislation requires lending and services decisions to be based on impartial, risk-based analysis, not political or reputational favoritism.

    Cramer explained his legislation does not require banks to take specific actions, but rather prohibits them from categorically discriminating against legal industries. Cramer noted that the reason “some of the bank presidents, who have never dared say it out loud, tell me they support [the Fair Access to Banking Act] is because they want this burden removed from them. They want this political pressure from their 30-year-old staff or the regulator they fear, or the political movement of the day, or the activist investors trying to impose their values, they want that removed from them.”

    [embedded content]

    “What’s your sense of a bill like a Fair Access to Banking Act that again, it’s not saying you have to bank this industry,” asked Cramer. “It says you’re prohibited from discriminating against. Does this seem like a radical idea?”

    “I think the regulators have pushed debanking of industries, which is what you talking about,” replied Mike Ring, President, CEO and Co-Founder of Old Glory Bank. “I think mid-level executives push debanking of individuals for political causes.”

    “What needs to be done, consistent with the Act that you have introduced, is simply that there’s more transparency and there’s more notice when these kinds of [regulatory] decisions are made,” responded Stephen Gannon, a partner at Davis Wright Tremaine, LLP, a financial services expert.“There’s been a long sort of volume of executive orders coming out of the [Trump] White House, but one of them revived an executive order from 2019 called 13892. That executive order gives more due process to folks who wish to contest the actions of regulators than the due process clause itself allows.”

    MIL OSI USA News –

  • MIL-OSI: Euronet Announces Fourth Quarter and Full Year 2024 Earnings Release Date and Conference Call Details

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kansas, Feb. 05, 2025 (GLOBE NEWSWIRE) — Euronet (or the “Company”) (NASDAQ: EEFT) announced today it will release fourth quarter and full year 2024 earnings results prior to the market opening on Thursday, February 13, 2025. Euronet will hold a conference call the same day at 9:00 a.m. Eastern Time to discuss the results.

    The conference call and accompanying slide show presentation will be accessible via webcast by following the link posted on http://ir.euronetworldwide.com. Participants wanting to access the conference call by telephone must register at Euronet Worldwide Fourth Quarter 2024 Earnings Call to receive dial-in information. While not required, it is recommended participants join the call five minutes prior to the event start.

    A webcast replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com and will remain available for one year.

    About Euronet Worldwide, Inc.

    Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, POS services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster, and more secure for everyone. 

    A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,292 installed ATMs, approximately 949,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 766,000 POS terminals at approximately 348,000 retailer locations in 63 countries; and a global money transfer network of approximately 595,000 locations serving 198 countries and territories. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

    The MIL Network –

  • MIL-OSI China: US withdraws from UN Human Rights Council

    Source: China State Council Information Office

    U.S. President Donald Trump on Tuesday signed an executive order withdrawing the United States from the UN Human Rights Council (UNHRC).

    The executive order also stops funding for the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), and requires the U.S. State Department to reevaluate the UN Educational, Science and Cultural Organization (UNESCO).

    Trump made his announcement on the same day he met with Israeli Prime Minister Benjamin Netanyahu, whose country has consistently criticized both the human rights body and UNRWA for alleged bias against Israel.

    During Trump’s first term, the United States withdrew from the UNHRC in June 2018. In February 2021, then Secretary of State Antony Blinken said in a statement that the Joe Biden administration would reengage with the council as an observer.

    Since 1950, UNRWA has been assisting Palestinian refugees in Jordan, Lebanon, Syria, the Gaza Strip and the West Bank, including East Jerusalem.

    MIL OSI China News –

  • MIL-OSI China: Peng Liyuan chats over tea with wife of Kyrgyz president

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

    Peng Liyuan, wife of Chinese President Xi Jinping, chats over tea with Aigul Japarova, wife of Kyrgyz President Sadyr Japarov, in Beijing, capital of China, Feb. 5, 2025. [Photo/Xinhua]

    BEIJING, Feb. 5 — Peng Liyuan, wife of Chinese President Xi Jinping, chatted over tea with Aigul Japarova, wife of Kyrgyz President Sadyr Japarov, in Beijing on Wednesday.

    Peng welcomed Japarova, who is accompanying President Japarov on a state visit to China on the occasion of the Spring Festival. Noting that China and Kyrgyzstan have a traditional friendship, Peng expressed the hope that the people of both countries will maintain frequent exchanges and build close connections.

    Cultural exchanges are an important bridge for people-to-people exchanges, Peng added, expressing the hope that China-Kyrgyzstan people-to-people exchanges and cooperation will flourish.

    Peng also voiced appreciation for Japarova’s enthusiasm in social charity and public welfare, and looked forward to strengthening cooperation between China and Kyrgyzstan concerning the protection of the rights and interests of women, children and vulnerable groups, so as to jointly benefit the two peoples.

    Japarova extended Chinese New Year greetings to Peng and expressed sincere gratitude for the warm reception. She highly praised the significant achievements of China’s economic and social development, and expressed her willingness to actively promote Kyrgyzstan-China people-to-people exchanges and cooperation and continuously enhance the friendship between the two peoples.

    MIL OSI China News –

  • MIL-OSI: LNG Energy Group Announces New Director Appointments

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) — LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FRA: E26) (the “Company” or “LNG Energy Group”) is pleased to announce the appointment of Mr. Chad McGuffin and Mr. Matt Molak to its Board of Directors of the Company, effective immediately.

    Mr. McGuffin is the President of Lewis Energy Group, L.P. (“LEG”) and Mr. Molak is the Chief Financial Officer of LEG. Effective immediately, Mr. Lawler and Mr. Jumper have resigned from the Board of Directors of the Company. The appointments are subject to the approval of the TSX Venture Exchange.

    About LNG Energy Group

    The Company is focused on the acquisition and development of oil and gas exploration and production assets in Latin America.

    For more information, please see below:

    Website:
    www.lngenergygroup.com

    Investor Relations:
    Angel Roa, Chief Financial Officer
    Email: investor.relations@lngenergygroup.com
    Telephone: +57-321-943-9396

    Find us on social media:
    LinkedIn: https://www.linkedin.com/company/lng-energy-group-inc/
    Instagram: @lngenergygroup
    X: @LNGEnergyCorp

    The MIL Network –

  • MIL-OSI United Kingdom: Government rips up rules to fire-up nuclear power

    Source: United Kingdom – Executive Government & Departments

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    • Prime Minister puts Britain back in the global race for nuclear energy.
    • Changes will allow for Small Modular Reactors for the first time.
    • Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    Reforms to planning rules will clear a path for smaller, and easier to build nuclear reactors – known as Small Modular Reactors –to be built for the first time ever in the UK. This will create thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people.

    This is the latest refusal to accept the status quo, with the government ripping up archaic rules and saying not to the NIMBYs, to prioritise growth. It comes after recent changes to planning laws, the scrapping of the 3-strike rule for judicial reviews on infrastructure projects, and application of common-sense to environmental rules.

    For too long the country has been mired by delay and obstruction, with a system too happy to label decisions as too difficult, or too long term. The UK was the first country in the world to develop a nuclear reactor, but the last time a nuclear power station was built was back in 1995. None have been built since, leaving the UK lagging behind in a global race to harness cleaner, more affordable energy.

    The industry pioneered in Britain has been suffocated by regulations and this saw investment collapse, leaving only one nuclear power plant – Hinkley Point C – under construction. And this was after years of delay caused by unnecessary rules – meaning companies produced a 30,000-page environmental assessment to get planning permission.

    Meanwhile, China is constructing 29 reactors, and the EU has 12 at planning stage, giving these places a huge advantage in the global race to harness new technologies, create jobs and deliver cleaner, cheaper, independent energy.

    Investors want to get on and build reliable, cheap nuclear power, which will in turn support critical modern infrastructure, such as supercomputers to power the UK’s ambitions – but they have been held back.

    Today’s plan will shake up the planning rules to make it easier to build nuclear across the country – delivering jobs, cheaper bills in the long term, and more money in people’s back pockets. This will be achieved by:

    Including mini-nuclear power stations in planning rules for the first time – so firms can start building them in the places that need them.

    Scrapping the set list of 8-sites – which meant nuclear sites could be built anywhere across England and Wales.

    Removing the expiry date on nuclear planning rules – so projects don’t get timed out and industry can plan for the long term. 

    Setting up a Nuclear Regulatory Taskforce – that will spearhead improvements to the regulations to help more companies build here. This will report directly to the PM. 

    This is the Government delivering on a manifesto commitment to galvanise nuclear to help the UK achieve energy security and clean power, while securing thousands of good, clean jobs.

    Prime Minister Keir Starmer said:

    This country hasn’t built a nuclear power station in decades. we’ve been let down, and left behind. 

    Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.  

    I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long. 

    My government was elected to deliver change. I’ll take the radical decisions needed to wrestle Britain from its status quo slumber, to turbocharge our plan for change.

    Currently, nuclear development is restricted to eight sites – as part of archaic planning rules that haven’t been looked at since 2011. With the reforms unveiled today, the refreshed planning framework will help streamline the process to encourage investment and enable developers to identify the best sites for their projects, supporting development at a wider range of locations.  

    Developers will be encouraged to bring forward sites as soon as possible at the pre-application stage in the planning process, speeding up overall timelines.  

    It will include new nuclear technologies such as small and advanced modular reactors for the first time, providing flexibility to co-locate them with energy intensive industrial sites such as AI data centres. 

    These technologies are cheaper and quicker to build than traditional nuclear power plants and require smaller sites, meaning they can be built in a greater variety of locations.  

    There will also continue to be robust criteria for nuclear reactor locations, including restrictions near densely populated areas and military activity, alongside community engagement and high environmental standards. 

    Energy Secretary Ed Miliband said: 

    Build, build, build – that is what Britain’s clean energy mission is all about.  

    The British people have been left vulnerable to global energy markets for too long – and the only way out is to build our way to a new era of clean electricity. 

    Nuclear power creating thousands of skilled jobs. That is what this government will deliver.

    Alongside reforms to the siting process, a specialist taskforce will lead on making sure nuclear regulation incentivises investment, to deliver new projects more quickly and cost efficiently, while upholding high safety and security standards. 

    Britain is currently considered one of the world’s most expensive countries in which to build nuclear power. The taskforce will speed up the approval of new reactor designs and streamline how developers engage with regulators.  

    Nuclear regulation will cover both civil and defence nuclear to help unlock economic growth in the sector.  

    The taskforce will better align the UK with international partners so reactor designs approved abroad could be green lit more quickly, minimising expensive changes. It will also examine how to reduce duplication and simplify processes where there are multiple regulators covering overlapping issues, as well as ensuring regulatory decisions are both safe and proportionate. 

    The work will help the issues faced by projects such as Hinkley Point C, where three European regulators reached different assessments on the reactor design, leading to delays and increased costs. 

    The UK’s rigorous safety standards and record will continue to be upheld. Nuclear plants are designed with multiple layers of safety measures including making them robust enough to withstand a direct aircraft impact. 

    This is part of the government push to drive growth – building on the Prime Minister’s announcement to overhaul the legal challenges to major infrastructure projects including nuclear – with Sizewell C having suffered increased legal costs and uncertainty as a result of local activists taking them to court.  

    In a volatile world, where oil and gas prices are driven by tyrants like Putin, the drive for new nuclear is an integral part of the government’s plans to replace the UK’s dependence on fossil fuel markets with clean homegrown energy, to make the UK energy independent and protect consumers with clean, homegrown power.  

    Since July, the government has committed to driving forward new nuclear including further funding for Sizewell C at the Autumn Budget 2024.  

    Great British Nuclear also continues to progress the small modular reactor competition, with contract negotiations currently underway. 

    Gary Smith, GMB General Secretary, said: 

    GMB has long said there can be no net zero without new nuclear. 

    For too long, the failure to deliver new nuclear has weakened our energy security and undermined economic growth. 

    Sizewell C stands ready and waiting for the green light to power up our country’s future. 

    Now we need to see spades in the ground without delay.

    Alistair Black, Senior Director, UK at X-energy said: 

    Opening up new siting opportunities for a fleet of advanced reactors will help unlock tens of billions of pounds of investment and growth across the country, bringing clean secure electricity and heat for industry. 

    We welcome this step today, and the intent to streamline assessment processes whilst ensuring robust regulatory standards continue to be met. We look forward to reviewing this in detail and responding to the consultation.

    Simone Rossi, CEO of EDF in the UK, said:

    As a major operator, investor and developer, EDF welcomes the proposals designed to speed up new nuclear projects in the UK and unlock economic growth.

    Nuclear is essential to a secure, low carbon energy system and is the ideal partner to renewables. There is a great opportunity to build new infrastructure across England and Wales, to replace aging stations and take advantage of available skills, existing grid connections and supportive communities.

    “The opportunity will only be fully realised with the necessary reforms to planning and regulation, alongside continuing to build on the critical work at Hinkley Point C and Sizewell C to further develop skills and supply chains.”

    Darren Hardman, CEO, Microsoft UK, said: 

    We welcome the government’s plans to accelerate the building of safe, modern nuclear as part of the energy mix. Economic growth will require increased energy supply for the UK, but we must not lose sight of our ambitions for a fully decarbonised grid.

    Chair of Great British Nuclear Simon Bowen said:

    Nuclear energy is a powerful tool for growing the UK’s economy. By expanding the range of sites where safe, secure, reliable, and clean nuclear energy plants can be built, there is huge potential to positively transform areas facing economic uncertainty. 

    Today’s announcement also signals exciting opportunities to co-locate nuclear energy generation on data centre sites and to decarbonise industrial processes.

    Nuclear is one of the safest and cleanest forms of energy generation. The new independent nuclear regulation taskforce will help unlock growth and investment by providing clarity and certainty while ensuring regulations are fit for purpose.

    Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

    This is the Prime Minister’s strongest signal yet that new nuclear is critical to the growth and clean power mission. A more streamlined planning system will give certainty to investors, the supply chain and communities, and will enable us to get on with building new nuclear plants on more sites and at pace for a cleaner, more secure power system.

    We need to make Britain the best possible place to build new nuclear, both large-scale and SMRs, which means avoiding unnecessary stumbling blocks and ensuring regulations are proportionate to our urgent need for low carbon power, energy security and good jobs.

    Jonathan Geldart, Director General of the Institute of Directors, said:

    The government is right to identify nuclear power as a crucial contributor to the UK’s future electricity needs. This development shows the right desire to overcome the significant challenges involved in building back nuclear at scale, in terms of planning obstacles and project delivery. Despite these challenges, today’s announcement marks a significant move forward.

    Mike Clancy, General Secretary of Prospect said:

    The government’s ambition to drive forward a new generation of nuclear power after decades of delay is exactly what Britain needs.

    Nuclear is not only essential for hitting our Net Zero goals and maintaining energy security, it also creates thousands of good, well-paid jobs in areas of the country where they are sorely needed.

    Speeding up the approval of new sites and new reactors is an important step towards enabling investment in new nuclear. The government’s support for Sizewell C is also a welcome vote of confidence in the sector and bringing this project to a Final Investment Decision will provide a strong foundation for its future growth.

    The success of Britain’s world class nuclear sector is built on a robust regulatory process, and we welcome a review of this framework to ensure it is supporting investment while still providing assurance that high safety standards are being maintained.

    Cathal O’Rourke, Laing O’Rourke’s Group Chief Executive Officer said:

    This announcement is a significant step forward for the UK’s nuclear industry. The clarity provided by these new planning rules, the focus on streamlining the regulatory process, and the emphasis on standardising reactor designs is precisely the sort of clear, unequivocal direction the industry needs.

    Having played a central role in delivering nuclear capacity at Hinkley Point C, we understand the complexities of these projects firsthand and these new measures, particularly around regulatory reform and streamlined planning, will be invaluable in ensuring future projects, like Sizewell C, can be delivered more efficiently and cost-effectively.  

    In particular, standardisation and an industrialised approach will be key to driving down costs and accelerating construction timelines, ensuring we can deploy new nuclear capacity efficiently and at pace by adopting a “copy, improve, repeat” approach to design and implementation. This type of approach would also improve worker welfare conditions on site from a physical and wellbeing perspective.

    This clear signal from government will unlock investment, create jobs nationwide for shared prosperity, including an ability to plan for long-term investment in apprenticeships, and ensure the UK can benefit from clean, locally supplied nuclear power for generations to come.

    Chris Conboy, Managing Director, Nuclear EMEA at AtkinsRéalis said:

    We welcome plans to accelerate new nuclear developments. Speeding up lengthy planning processes would help to bring forward new projects faster, strengthening the UK’s world-class nuclear supply chain and creating jobs and skills across the country. 

    Nuclear will be the cornerstone of a reliable net zero energy system. We need both large and small nuclear technologies to realise our AI ambitions, bolster our energy security, and enable the sustainable development of towns, cities and industries across the UK: building the right technology in the right locations is vital to power the UK’s growth agenda and meet our net zero goals.

    David Omand, former Director of GCHQ said: 

    It is very welcome to see this government pushing forward on their commitment to national security by making the UK more energy secure and speeding up nuclear power to boost growth across the country. Nuclear is critical to national security, and taking this kind of action is a mark of the seriousness with which Keir Starmer takes the challenges of modern geopolitics. I fully support this push to knock down barriers to safe, modern nuclear as part of the nation’s critical infrastructure.

    Kim Darroch, former National Security Adviser said: 

    As a former National Security Adviser, I think driving for as much homegrown clean power as possible in this age of global turbulence should be among our top national security objectives. So I welcome the Prime Minister’s intervention to accelerate the regeneration of our nuclear power industry.

    Julian David OBE, CEO, techUK said: 

    If we want the UK economy to keep growing, we must invest in our energy infrastructure. We are pleased to see the Government announce new plans to reform planning rules to expand new energy generation. This move will boost the economy, create new jobs, and ensure the UK is not reliant on external agents for its own energy supply.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Government rips up rules to fire-up nuclear power

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    • Prime Minister puts Britain back in the global race for nuclear energy.
    • Changes will allow for Small Modular Reactors for the first time.
    • Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    Reforms to planning rules will clear a path for smaller, and easier to build nuclear reactors – known as Small Modular Reactors –to be built for the first time ever in the UK. This will create thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people.

    This is the latest refusal to accept the status quo, with the government ripping up archaic rules and saying not to the NIMBYs, to prioritise growth. It comes after recent changes to planning laws, the scrapping of the 3-strike rule for judicial reviews on infrastructure projects, and application of common-sense to environmental rules.

    For too long the country has been mired by delay and obstruction, with a system too happy to label decisions as too difficult, or too long term. The UK was the first country in the world to develop a nuclear reactor, but the last time a nuclear power station was built was back in 1995. None have been built since, leaving the UK lagging behind in a global race to harness cleaner, more affordable energy.

    The industry pioneered in Britain has been suffocated by regulations and this saw investment collapse, leaving only one nuclear power plant – Hinkley Point C – under construction. And this was after years of delay caused by unnecessary rules – meaning companies produced a 30,000-page environmental assessment to get planning permission.

    Meanwhile, China is constructing 29 reactors, and the EU has 12 at planning stage, giving these places a huge advantage in the global race to harness new technologies, create jobs and deliver cleaner, cheaper, independent energy.

    Investors want to get on and build reliable, cheap nuclear power, which will in turn support critical modern infrastructure, such as supercomputers to power the UK’s ambitions – but they have been held back.

    Today’s plan will shake up the planning rules to make it easier to build nuclear across the country – delivering jobs, cheaper bills in the long term, and more money in people’s back pockets. This will be achieved by:

    Including mini-nuclear power stations in planning rules for the first time – so firms can start building them in the places that need them.

    Scrapping the set list of 8-sites – which meant nuclear sites could be built anywhere across England and Wales.

    Removing the expiry date on nuclear planning rules – so projects don’t get timed out and industry can plan for the long term. 

    Setting up a Nuclear Regulatory Taskforce – that will spearhead improvements to the regulations to help more companies build here. This will report directly to the PM. 

    This is the Government delivering on a manifesto commitment to galvanise nuclear to help the UK achieve energy security and clean power, while securing thousands of good, clean jobs.

    Prime Minister Keir Starmer said:

    This country hasn’t built a nuclear power station in decades. we’ve been let down, and left behind. 

    Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.  

    I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long. 

    My government was elected to deliver change. I’ll take the radical decisions needed to wrestle Britain from its status quo slumber, to turbocharge our plan for change.

    Currently, nuclear development is restricted to eight sites – as part of archaic planning rules that haven’t been looked at since 2011. With the reforms unveiled today, the refreshed planning framework will help streamline the process to encourage investment and enable developers to identify the best sites for their projects, supporting development at a wider range of locations.  

    Developers will be encouraged to bring forward sites as soon as possible at the pre-application stage in the planning process, speeding up overall timelines.  

    It will include new nuclear technologies such as small and advanced modular reactors for the first time, providing flexibility to co-locate them with energy intensive industrial sites such as AI data centres. 

    These technologies are cheaper and quicker to build than traditional nuclear power plants and require smaller sites, meaning they can be built in a greater variety of locations.  

    There will also continue to be robust criteria for nuclear reactor locations, including restrictions near densely populated areas and military activity, alongside community engagement and high environmental standards. 

    Energy Secretary Ed Miliband said: 

    Build, build, build – that is what Britain’s clean energy mission is all about.  

    The British people have been left vulnerable to global energy markets for too long – and the only way out is to build our way to a new era of clean electricity. 

    Nuclear power creating thousands of skilled jobs. That is what this government will deliver.

    Alongside reforms to the siting process, a specialist taskforce will lead on making sure nuclear regulation incentivises investment, to deliver new projects more quickly and cost efficiently, while upholding high safety and security standards. 

    Britain is currently considered one of the world’s most expensive countries in which to build nuclear power. The taskforce will speed up the approval of new reactor designs and streamline how developers engage with regulators.  

    Nuclear regulation will cover both civil and defence nuclear to help unlock economic growth in the sector.  

    The taskforce will better align the UK with international partners so reactor designs approved abroad could be green lit more quickly, minimising expensive changes. It will also examine how to reduce duplication and simplify processes where there are multiple regulators covering overlapping issues, as well as ensuring regulatory decisions are both safe and proportionate. 

    The work will help the issues faced by projects such as Hinkley Point C, where three European regulators reached different assessments on the reactor design, leading to delays and increased costs. 

    The UK’s rigorous safety standards and record will continue to be upheld. Nuclear plants are designed with multiple layers of safety measures including making them robust enough to withstand a direct aircraft impact. 

    This is part of the government push to drive growth – building on the Prime Minister’s announcement to overhaul the legal challenges to major infrastructure projects including nuclear – with Sizewell C having suffered increased legal costs and uncertainty as a result of local activists taking them to court.  

    In a volatile world, where oil and gas prices are driven by tyrants like Putin, the drive for new nuclear is an integral part of the government’s plans to replace the UK’s dependence on fossil fuel markets with clean homegrown energy, to make the UK energy independent and protect consumers with clean, homegrown power.  

    Since July, the government has committed to driving forward new nuclear including further funding for Sizewell C at the Autumn Budget 2024.  

    Great British Nuclear also continues to progress the small modular reactor competition, with contract negotiations currently underway. 

    Gary Smith, GMB General Secretary, said: 

    GMB has long said there can be no net zero without new nuclear. 

    For too long, the failure to deliver new nuclear has weakened our energy security and undermined economic growth. 

    Sizewell C stands ready and waiting for the green light to power up our country’s future. 

    Now we need to see spades in the ground without delay.

    Alistair Black, Senior Director, UK at X-energy said: 

    Opening up new siting opportunities for a fleet of advanced reactors will help unlock tens of billions of pounds of investment and growth across the country, bringing clean secure electricity and heat for industry. 

    We welcome this step today, and the intent to streamline assessment processes whilst ensuring robust regulatory standards continue to be met. We look forward to reviewing this in detail and responding to the consultation.

    Simone Rossi, CEO of EDF in the UK, said:

    As a major operator, investor and developer, EDF welcomes the proposals designed to speed up new nuclear projects in the UK and unlock economic growth.

    Nuclear is essential to a secure, low carbon energy system and is the ideal partner to renewables. There is a great opportunity to build new infrastructure across England and Wales, to replace aging stations and take advantage of available skills, existing grid connections and supportive communities.

    “The opportunity will only be fully realised with the necessary reforms to planning and regulation, alongside continuing to build on the critical work at Hinkley Point C and Sizewell C to further develop skills and supply chains.”

    Darren Hardman, CEO, Microsoft UK, said: 

    We welcome the government’s plans to accelerate the building of safe, modern nuclear as part of the energy mix. Economic growth will require increased energy supply for the UK, but we must not lose sight of our ambitions for a fully decarbonised grid.

    Chair of Great British Nuclear Simon Bowen said:

    Nuclear energy is a powerful tool for growing the UK’s economy. By expanding the range of sites where safe, secure, reliable, and clean nuclear energy plants can be built, there is huge potential to positively transform areas facing economic uncertainty. 

    Today’s announcement also signals exciting opportunities to co-locate nuclear energy generation on data centre sites and to decarbonise industrial processes.

    Nuclear is one of the safest and cleanest forms of energy generation. The new independent nuclear regulation taskforce will help unlock growth and investment by providing clarity and certainty while ensuring regulations are fit for purpose.

    Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

    This is the Prime Minister’s strongest signal yet that new nuclear is critical to the growth and clean power mission. A more streamlined planning system will give certainty to investors, the supply chain and communities, and will enable us to get on with building new nuclear plants on more sites and at pace for a cleaner, more secure power system.

    We need to make Britain the best possible place to build new nuclear, both large-scale and SMRs, which means avoiding unnecessary stumbling blocks and ensuring regulations are proportionate to our urgent need for low carbon power, energy security and good jobs.

    Jonathan Geldart, Director General of the Institute of Directors, said:

    The government is right to identify nuclear power as a crucial contributor to the UK’s future electricity needs. This development shows the right desire to overcome the significant challenges involved in building back nuclear at scale, in terms of planning obstacles and project delivery. Despite these challenges, today’s announcement marks a significant move forward.

    Mike Clancy, General Secretary of Prospect said:

    The government’s ambition to drive forward a new generation of nuclear power after decades of delay is exactly what Britain needs.

    Nuclear is not only essential for hitting our Net Zero goals and maintaining energy security, it also creates thousands of good, well-paid jobs in areas of the country where they are sorely needed.

    Speeding up the approval of new sites and new reactors is an important step towards enabling investment in new nuclear. The government’s support for Sizewell C is also a welcome vote of confidence in the sector and bringing this project to a Final Investment Decision will provide a strong foundation for its future growth.

    The success of Britain’s world class nuclear sector is built on a robust regulatory process, and we welcome a review of this framework to ensure it is supporting investment while still providing assurance that high safety standards are being maintained.

    Cathal O’Rourke, Laing O’Rourke’s Group Chief Executive Officer said:

    This announcement is a significant step forward for the UK’s nuclear industry. The clarity provided by these new planning rules, the focus on streamlining the regulatory process, and the emphasis on standardising reactor designs is precisely the sort of clear, unequivocal direction the industry needs.

    Having played a central role in delivering nuclear capacity at Hinkley Point C, we understand the complexities of these projects firsthand and these new measures, particularly around regulatory reform and streamlined planning, will be invaluable in ensuring future projects, like Sizewell C, can be delivered more efficiently and cost-effectively.  

    In particular, standardisation and an industrialised approach will be key to driving down costs and accelerating construction timelines, ensuring we can deploy new nuclear capacity efficiently and at pace by adopting a “copy, improve, repeat” approach to design and implementation. This type of approach would also improve worker welfare conditions on site from a physical and wellbeing perspective.

    This clear signal from government will unlock investment, create jobs nationwide for shared prosperity, including an ability to plan for long-term investment in apprenticeships, and ensure the UK can benefit from clean, locally supplied nuclear power for generations to come.

    Chris Conboy, Managing Director, Nuclear EMEA at AtkinsRéalis said:

    We welcome plans to accelerate new nuclear developments. Speeding up lengthy planning processes would help to bring forward new projects faster, strengthening the UK’s world-class nuclear supply chain and creating jobs and skills across the country. 

    Nuclear will be the cornerstone of a reliable net zero energy system. We need both large and small nuclear technologies to realise our AI ambitions, bolster our energy security, and enable the sustainable development of towns, cities and industries across the UK: building the right technology in the right locations is vital to power the UK’s growth agenda and meet our net zero goals.

    David Omand, former Director of GCHQ said: 

    It is very welcome to see this government pushing forward on their commitment to national security by making the UK more energy secure and speeding up nuclear power to boost growth across the country. Nuclear is critical to national security, and taking this kind of action is a mark of the seriousness with which Keir Starmer takes the challenges of modern geopolitics. I fully support this push to knock down barriers to safe, modern nuclear as part of the nation’s critical infrastructure.

    Kim Darroch, former National Security Adviser said: 

    As a former National Security Adviser, I think driving for as much homegrown clean power as possible in this age of global turbulence should be among our top national security objectives. So I welcome the Prime Minister’s intervention to accelerate the regeneration of our nuclear power industry.

    Julian David OBE, CEO, techUK said: 

    If we want the UK economy to keep growing, we must invest in our energy infrastructure. We are pleased to see the Government announce new plans to reform planning rules to expand new energy generation. This move will boost the economy, create new jobs, and ensure the UK is not reliant on external agents for its own energy supply.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Fischer Legislation to Improve Passenger Vehicle Safety Passes Commerce Committee

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    U.S. Senator Deb Fischer’s (R-Neb.) legislation to improve passenger vehicle safety passed out of the Senate Commerce Committee today. The She Develops Regulations In Vehicle Equality and Safety (She DRIVES) Act passed unanimously and is now eligible for a vote on the Senate floor.

    If signed into law, the She DRIVES Act would enhance passenger safety by updating U.S. crashworthiness testing procedures. Today, the dummies used during crash testing are modeled after the average height and weight of an adult male. This bill would require the use of a female crash test dummy in addition to the male dummy, a reform that will save thousands of lives and prevent tens of thousands of serious injuries. In addition to Senator Fischer, the legislation is cosponsored by U.S. Senators Patty Murray (D-Wash.), Marsha Blackburn (R-Tenn.), and Tammy Duckworth (D-Ill.).

    “Today, women are 17 percent more likely to be killed in auto crashes than men. That tragic statistic is a preventable one. Our bill will update crash test dummy standards to reflect the diversity of drivers on our roads, ensuring protection and safety for more Americans. I’m grateful a bipartisan group of my colleagues voted yes on this commonsense legislation, and I look forward to getting it passed soon,” said Senator Fischer.  

    “Women are far more vulnerable than men to sustaining serious injuries from a car crash,” said Senator Blackburn. “The She DRIVES Act would help keep our mothers and daughters safer on the road by ensuring that women are finally represented in crash testing.”

    “We can be doing so much more to improve roadway safety and make sure visiting a family member or a routine trip to the grocery store doesn’t end in tragedy,” said Senator Duckworth. “I’m proud our bipartisan legislation passed through committee and is now that much closer to helping us save lives by ensuring our crash test standards better represent the safety needs of all Americans. I’ll continue to work with Senator Fischer as we push for the full Senate to pass this bipartisan bill—because all Americans deserve safer roadways.”

    “We applaud Senator Fischer for her steadfast leadership in advancing the She DRIVES Act and ensuring that vehicle safety standards account for all drivers and passengers,” said Women Drive Too Co-Chairs Susan Molinari and Beth Brooke. “This bill is a critical step toward modernizing crash testing to reflect the real-world experiences of women on the road. We are grateful for the bipartisan support from the Commerce Committee and look forward to working with Congress to see this life-saving legislation become law.”

    “For far too long, vehicle safety testing standards have failed American women. Today, with the advancement of the bipartisan She DRIVES Act, the Senate Commerce Committee voted to end this fatal discrimination. While this victory is a testament to the power of collaboration across the aisle and country, the fight is not over yet. Now, it’s up to the full Senate get this across the finish line,” said Drive US Forward President and Founder Maria Weston Kuhn.

    MIL OSI USA News –

  • MIL-OSI Banking: Samsung Electronics Highlights Galaxy S25 Ultra’s Mobile Gaming Capabilities at #PlayGalaxy Cup

    Source: Samsung

     
    On January 25, Samsung Electronics hosted the third #PlayGalaxy Cup in San Francisco. Collaborating with “Call of Duty®: Mobile” from game developer and publisher Activision, the #PlayGalaxy Cup showcased the Galaxy series’ innovative gaming performance in a tournament broadcasted live to gaming fans around the world via YouTube and Twitch.
     

     
    Participating players used the Galaxy S25 Ultra and fully demonstrated the mobile device’s unmatched gaming capabilities. Powered by Qualcomm’s Snapdragon 8 Elite for Galaxy, the Galaxy S25 Ultra supports seamless gameplay even for high-performance games such as “Call of Duty®: Mobile.” Vulkan optimization sets a new standard for mobile gaming with a true-to-life graphic experience, and the enlarged Vapor Chamber optimizes the Galaxy S25 Ultra’s cooling system for more stable gameplay.
     
    Named #PlayGalaxy Cup: The Greatest Rivalry With “Call of Duty®: Mobile,” the tournament was centered around an exciting battle between two of North America’s premiere “Call of Duty®: Mobile” eSports teams. World-renowned professional players participated — including Aerith and Vague from Tribe Gaming and AyeoRaph and Cartels from Luminosity Gaming. The presence of popular game streamers Bobby Plays and TeeP further intensified the rivalry between Team Tribe and Team Luminosity.
     

     
    Livestreamed globally on famous “Call of Duty®: Mobile” content creator iFerg’s YouTube channel, the tournament captivated mobile gaming fans around the world and attracted an impressive three million views. Popular streamers jasontheween, stableronaldo and Arky hosted a #PlayGalaxy Cup watch party and engaged with fans through livestreams at the venue. Meanwhile, “Call of Duty®: Mobile” streamer NoahSunday and other content creators held their own #PlayGalaxy Cup watch parties remotely.
     
    On the day of the event, the venue was packed with more than 250 enthusiastic fans cheering for their favorite teams. A large screen at the center of the arena vividly displayed the Galaxy S25 Ultra’s immersive graphics, quick response time and smooth, seamless gameplay — revealing new possibilities in mobile gaming.
     
    “I am thrilled to see my favorite Tribe players and watch their gameplay in person,” said one Tribe Gaming fan who visited on-site. “I am on the edge of my seat throughout every round, wondering which team will win.”
     
    The Galaxy S25 Ultra hands-on zone was prepared on-site, allowing audience members to experience the Galaxy S25 Ultra’s gaming performance themselves.
     

     
    “Thanks to the Galaxy S25 Ultra’s excellent gaming performance, each team member could perform at their best and lead us to victory,” said Aerith from Tribe Gaming, captain of the winning team.
     
    “The Galaxy S25 Ultra’s outstanding gaming performance provided a console-level gaming experience on mobile,” said TeeP, professional “Call of Duty®: Mobile” player and content creator.
     
    During the tournament rehearsals, the Galaxy Buds3 Pro and JBL Quantum ONE headphones delivered exceptional audio quality that captivated players. Participants praised the wireless earbuds and headphones for their delay-free, realistic sound effects and professional-grade gaming performance.
     
    “Thanks to the sound and noise-cancelling capabilities of the JBL Quantum One headphones, we were able to focus on the game and enjoy a more lifelike gameplay experience,” said Cartels from Team Luminosity.
     
    “The #PlayGalaxy Cup was an excellent opportunity to demonstrate the Galaxy S25 Ultra’s powerful gaming capabilities to the world,” said Kiwook Moon, Head of Influencer Marketing Group, Mobile eXperience Business at Samsung Electronics. “We will continue to provide more innovative and immersive mobile gaming experiences through Galaxy devices.”
     
    For further details, please visit Samsung Newsroom.
     
    Activision, Call of Duty and the stylized letter M are trademarks of Activision Publishing, Inc. All other trademarks and trade names are the property of their respective owners.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Samsung Electronics Unveils 6G White Paper and Outlines Direction for AI-Native and Sustainable Communication

    Source: Samsung

    Samsung Electronics has published a 6G white paper titled “AI-Native & Sustainable Communication,” detailing the latest trends in next-generation mobile communication technologies.
     
    Following the first 6G white paper “The Next Hyper-Connected Experience for All.” in July 2020, this white paper covers the latest trends driving 6G standardization and next-generation mobile communications — including evolving market and technology needs, emerging services, key attributes of 6G and enabling technologies.
     
    Samsung aims to integrate the latest AI technology throughout the telecommunication system and improve network quality for a future-oriented and sustainable user experience.
     
    “We are intensifying our 6G research efforts, focusing on AI-enabled communication technologies and sustainable networks,” said Charlie Zhang, Senior Vice President of Advanced Communications Research Center (ACRC), Samsung Research. “As the telecommunication industry accelerates 6G standardization this year, Samsung will develop technologies to align with market demands.”
     

     
     
    Market and Technology Trends Toward 6G
    Mobile data traffic has surged, driven by the proliferation of AI technologies and the rise of streaming services. Now more than ever, there is a pressing need for technological advancements to manage increased data traffic and enhance user experiences in next-generation mobile communications.
     
    Since the introduction of 5G, the telecommunications industry has been particularly focused on optimizing system operations, sustainability and user experiences. Beyond communication performance improvements such as data rates and latency, there is an urgency to reduce operating costs, enhance energy efficiency, expand service coverage and introduce innovative technologies such as AI.
     
     
    Emerging Services
    5G-Advanced will provide further enhanced 5G performance and incorporate AI to support new services and use cases — ultimately becoming the foundation for 6G technology.
     
    In this white paper, some key emerging services such as immersive extended reality (XR), digital twin, massive communication, ubiquitous connectivity and fixed wireless access (FWA) are highlighted.
     

     

    Immersive Extended Reality (XR): Offers truly immersive user experiences by integrating and interacting with the virtual and real worlds, attracting attention across industries such as entertainment, healthcare and science.
     
    Digital Twin: Creates virtual replicas of physical entities — including objects, people, devices and places — using 6G technology to allow remote monitoring, problem detection and control.
     
    Massive Communication: Simultaneously connects numerous sensors, machines, terminals and other devices to networks and supports automation and management of smart cities, homes and factories.
     
    Ubiquitous Connectivity: Expands service areas by extending terrestrial network coverage and interworking between terrestrial and non-terrestrial network components — including satellites and high-altitude platform stations (HAPS).
     
    Fixed Wireless Access (FWA): Allows wireless delivery of broadband services that traditionally required wired connections to become recognized as a key driver of expanding telecommunications businesses.

     
     
    6G Key Attributes
    In the white paper, Samsung highlighted four key attributes crucial to adapting to evolving market demands — AI-native, sustainable network, ubiquitous coverage and secure and resilient network.
     

     

    AI-Native: Incorporates the latest AI technologies into communication functionalities from system design to the development, management and operation of systems for performance improvements.
     
    Sustainable Network: Reduces operational costs and increases user satisfaction by improving the energy efficiency of both networks and terminals.
     
    Ubiquitous Coverage: Decreases capital expenditures (CAPEX) of networks and enhances service quality by expanding communication service areas and strengthening connectivity via interconnecting terrestrial and non-terrestrial networks.
     
    Secure and Resilient Network: Ensures network security, user privacy and resilience for significant advancements in computing capabilities and AI technology for the 2030s.

     
     
    6G Timeline
    With the release of this white paper, Samsung solidifies its leadership in shaping the direction of 6G research and key technologies.
     
    The telecommunications industry and standardization organizations have been researching 6G since 2020. In 2030, the 6G technology standards are expected to be finalized — following candidate technology development, evaluation and consensus-building processes. With the recent timelines from the International Telecommunication Union Radiocommunication Sector (ITU-R)1 and 3rd Generation Partnership Project (3GPP),2 momentum for 6G research and development is expected to intensify.
     
    Samsung will continue to lead global standardization efforts and prepare for the 6G era while incorporating lessons learned from 5G commercialization and adapting to new market requirements.
     
    Last November, Samsung held the Silicon Valley Future Wireless Summit and hosted an in-depth discussion with industry experts on the convergence of telecommunications and AI technologies. The company demonstrated AI-RAN technologies and Proof of Concept (PoC) results, showcasing the possibilities of AI-native technologies and garnering significant interest from major telecommunications operators.
     
     
    1 ITU is the United Nations specialized agency for information and communication technologies with memberships of 193 Member States and more than 1,000 companies, universities, research institutes and international and regional organizations. The ITU’s Radiocommunication Sector (ITU-R) is responsible for regulating and standardizing global radio communication.2 3GPP is dedicated to developing the global unified technical specifications for mobile communications.

    MIL OSI Global Banks –

  • MIL-OSI: RentFi Launching, Making Real Estate Investment Available to Everyone

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, BVI, Feb. 05, 2025 (GLOBE NEWSWIRE) — RentFi has successfully launched its blockchain-based real estate investment platform, making property investment as simple as buying a token. Through its $RENT token, now actively trading, investors worldwide can earn rental income without the traditional hurdles of property ownership.

    “Real estate investment has always been profitable but often unreachable for most people. We’ve changed that by making it as easy as buying any other digital asset,” explains the RentFi Foundation. “Anyone with a smartphone can now invest in real estate and earn rental income.”

    RentFi’s platform transforms how people invest in property through several key innovations:

    The platform distributes rental income in two ways: 50% goes directly to token holders as regular passive income, while the other 50% is used for token buybacks and burns, helping increase token value over time.

    Built on the Solana blockchain, RentFi ensures that transactions are fast and affordable. The platform has set a maximum supply of 100 million tokens, and implementing a deflationary system that supports long-term value growth.

    “Traditional real estate investment typically requires large down payments, complex paperwork, and ongoing property management,” says the RentFi Foundation. “Our platform eliminates these barriers. Token holders can start earning rental income without dealing with tenants, maintenance, or legal complexities.”

    The project’s innovative approach provides several benefits for investors:

    • Access to a diverse property portfolio, reducing the risks typically associated with single-property investments
    • Regular rental income distributed automatically to token holders
    • No property management responsibilities
    • Easy entry and exit through token trading
    • Potential for token value appreciation through systematic buybacks

    RentFi marks a significant step forward in making real estate investment accessible to everyone. Through its global portfolio, the platform combines the stability of property investment with the convenience of digital assets, creating new opportunities for both experienced investors and newcomers to the real estate market.

    Investors interested in participating can now purchase $RENT tokens through major cryptocurrency exchanges. For more information about RentFi and its innovative approach to real estate investment, visit rentfi.io or follow on X: @RentFi_io

    About RentFi

    RentFi Limited, the first-ever Real Estate Investment Trust (REIT) on blockchain, is revolutionizing property investment by making it accessible to everyone. By combining traditional real estate with blockchain technology, RentFi creates new opportunities for global investors to earn rental income without the complexities of direct property ownership.

    Social Links

    X: https://x.com/RentFi_io

    Pinterest: https://www.pinterest.com/rentfi/

    LinkedIn: https://www.linkedin.com/company/rentfi-io/

    YouTube: https://www.youtube.com/@RentFi

    Facebook: https://www.facebook.com/profile.php?id=61572318017380

    Telegram: https://t.me/rentfi_io

    Media Contact

    Brand: RentFi

    Contact: media team

    Email: support@rentfi.io

    Website: https://rentfi.io

    The MIL Network –

  • MIL-OSI USA: Ricketts, Foreign Relations Committee Republicans Call for Sanctions on Communist China for Transferring Missile Propellants to Iran

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    February 5, 2025

    WASHINGTON, D.C. – Yesterday, U.S. Senator Pete Ricketts (R-NE), a senior member of the Senate Foreign Relations Committee, Senator Jim Risch (R-ID), Chairman of the Foreign Relations Committee, and six other Senators sent a letter to Secretary of State Marco Rubio encouraging the sanctioning of Chinese entities involved in transferring missile propellant ingredients to Iran. The letter comes in response to multiple reports that two Iranian cargo ships are set to deliver 1,000 tons of missile propellant ingredients from Communist China to Iran’s Islamic Revolutionary Guard Corps (IRGC). The critical ingredients would enable the IRGC to produce hundreds of midrange missiles.

    “Reimposing maximum pressure on the Iranian regime requires imposing costs on Communist China,” the senators wrote. “We encourage the administration to identify and sanction any entities involved in transferring missile propellants to Iran, including any Chinese companies sourcing the propellants and any Chinese ports that allow sanctioned Iranian ships to dock. Additionally, if the press reports referenced above are accurate, we urge you to work with our global partners to intercept and stop the shipments currently underway. Finally, the administration should pressure Beijing to reverse its decision to green light Iran’s drawdown of stored oil or face severe consequences.”

    In addition to Ricketts and Risch, other signatories include Senators John Cornyn (R-TX), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Bill Hagerty (R-TN), and Rick Scott (R-FL). All are members of the Foreign Relations Committee. 

    Read the full letter here or below:

    Dear Secretary Rubio,

    We write to express our growing concern over recent reports that two Iranian cargo ships are set to deliver 1,000 tons of a critical ingredient for missile propellant – sodium perchlorate – from Communist China to Iran’s Islamic Revolutionary Guard Corps (IRGC). This amount of sodium perchlorate would enable the IRGC to produce hundreds of midrange missiles and bolster its efforts to sow discord, promote terrorism, and even directly attack our ally, Israel, once again.

    According to the Financial Times, the first Iranian vessel, the Golbon, departed from Communist China on January 21 and the second, the Jairan, is expected to leave in early February.[1] Both of these vessels are linked to the Islamic Republic of Iran Shipping Line (IRISL), which is sanctioned by the U.S.

    The last 15 months have clearly shown that Tehran’s missile program poses a direct threat to the United States, Israel and other allies and partners in the Middle East and Europe. Since October 7, 2023, the Houthis in Yemen have launched hundreds of missiles at Israel and at commercial cargo vessels and U.S. Navy warships in and around the Red Sea.[2] Hezbollah has fired over 8,000 missiles at Israel.[3] Most concerning, on April 13, Iran directly attacked Israel for the very first time firing over 120 ballistic missiles.[4] On October 1, Iran was even more belligerent, firing 180 ballistic missiles at Israel in the largest ballistic missile attack in history.[5]

    Today, however, Iran is weakened and vulnerable. Its missile inventories are depleted from its aforementioned attacks against Israel, its shipment of ballistic missiles to Russia, and Israeli Defense Force airstrikes that have degraded its missile production facilities. As a result, Tehran has turned to the partner that it has relied on for supplying solid-propellant for its missiles for decades—Communist China.[6]

    Communist China, Iran, Russia, and North Korea continue to increase their coordination as part of a growing axis of authoritarians. Not only is Communist China propping up Iran’s missile program, it also recently gave Tehran the go-ahead to begin drawing down and selling millions of barrels of Iranian oil that have been stored in onshore facilities in Chinese ports for years. Alarmingly, the revenue from these oil sales has already been earmarked for the IRGC.[7]

    Reimposing maximum pressure on the Iranian regime requires imposing costs on Communist China. We encourage the administration to identify and sanction any entities involved in transferring missile propellants to Iran, including any Chinese companies sourcing the propellants and any Chinese ports that allow sanctioned Iranian ships to dock. Additionally, if the press reports referenced above are accurate, we urge you to work with our global partners to intercept and stop the shipments currently underway. Finally, the administration should pressure Beijing to reverse its decision to green light Iran’s drawdown of stored oil or face severe consequences.

    We appreciate your prompt attention to this matter. We stand ready to work with the administration to thwart Iran’s missile program and protect our allies.

    MIL OSI USA News –

  • MIL-OSI Australia: Bendigo NEXT presents a dynamic program to inspire business innovation

    Source: State of Victoria Local Government 2

    The region’s biggest tourism conference, Bendigo NEXT, returns with an exciting program tailored for tourism professionals and businesses to thrive in Greater Bendigo.

    Presented by Be.Bendigo in partnership with the City of Greater Bendigo and the Bendigo Tourism Board, Bendigo NEXT’s one-day showcase is from 10am to 4pm on Monday February 24 at the Quality Lakeside Hotel.

    City Manager Economy & Experience James Myatt said Bendigo NEXT was a must-attend event for businesses eager to drive innovation, growth, and success in Bendigo and beyond.

    “This year’s Bendigo NEXT conference builds on its tourism-focused roots whilst incorporating dynamic business training seminars designed to appeal to a broader audience in the business community,” Mr Myatt said.

    “From the latest trends to practical tools for growth, this event is packed with insightful presentations, interactive workshops, strategies, and a networking session to connect and build new partnerships.

    The MC for the day’s event is Bendigo Tourism Chair Kath Bolitho and the conference features an impressive program to inspire including:

    • Victorian Tourism Industry and Council Updates & the Future of Business with AI with Despina Karatzias
    • Upgrading nbn across the Bendigo region in 2025 with Emy Peel, Head of nbn Local – Victoria/Tasmania
    • Workforce Requirements and Opportunities with Martin Collins from the Victorian Skills Authority
    • Attracting Multicultural Visitors to Bendigo with Bendigo Heritage Attractions
    • Accessible Content for Businesses with City of Greater Bendigo Community Engagement Officer Angela McKinley
    • 2025 Highlights and Opportunities in Bendigo with Bendigo Art Gallery Curator Lauren Ellis, Manager Bendigo Venues & Events Julie Amos, Manager Major Events Nicole McNamara and Manager Destination and Experience Glenn Harvey

    Be.Bendigo incoming CEO Hayley Tibbett said the program offered something for everyone.

    “We’re really excited to be partnering with the City of Greater Bendigo to deliver the 2025 Bendigo NEXT Conference,” Ms Tibbett said.

    “This is a dynamic and forward-thinking event that builds on its tourism-focused expertise with new elements to support small business owners and entrepreneurs.

    “The program will deliver a wide of range of topics from expert-led presentations on critical topics like AI, workforce development, multicultural tourism, to interactive workshops on finance, marketing, and customer service tailored to your business needs.

    “The conference is more accessible than ever, designed to deliver practical insights and meaningful connections that will help businesses thrive. We encourage tourism professionals, small business owners, and innovators across all industries to join us for a day of learning, inspiration, and networking.”

    Bendigo NEXT stands for Networking, Emerging trends, eXperiences, and Technology.

    To register, visit:

    MIL OSI News –

  • MIL-OSI: LeddarTech Announces Listing Transfer to the Nasdaq Capital Market; Comments on Recent Positive Business Developments

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, today announced that it has received approval from the Nasdaq Stock Market (“Nasdaq”) to transfer the listing of its securities from the Nasdaq Global Market to the Nasdaq Capital Market. The Company’s Common Shares and publicly traded warrants will continue to trade under the symbols “LDTC” and “LDTCW,” respectively. The transfer of the Company’s listing to the Nasdaq Capital Market is not expected to have any impact on trading in the Company’s securities. This transfer is expected to take effect as of the opening of trading on February 6, 2025.

    As previously disclosed, the Company received notifications from Nasdaq indicating the Company had failed to comply with certain continued listing requirements for the Nasdaq Global Market. In connection with the transfer of its listing to Nasdaq Capital Market, the Company had either cured such deficiencies or met the applicable standards on the Nasdaq Capital Market, and will be subject to robust Nasdaq Capital Market listing standards going forward.

    “We look forward to further growth and development of LeddarTech on the Nasdaq,” said Frantz Saintellemy, President and CEO of LeddarTech. “We are excited about our business momentum, as demonstrated by the selection of LeddarVision, our fusion and perception software solution, by one of the world’s leading commercial vehicle OEMs (original equipment manufacturers) for their advanced driver assistance system (ADAS) program for 2028 model year vehicles. We believe this win along with other recent announcements validate our commercial strategy and reflect the momentum that is building with our business.”

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics and ability to comply with Nasdaq Capital Markets listing standards in the future. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, projects, prospects and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.

    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI: Gevo to Participate in Virtual Investor Meeting About Recent Closing of Acquisition of Net-Zero North

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo., Feb. 05, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) will participate in a virtual investor presentation and live Q&A, featuring Gevo’s CEO, Dr. Patrick Gruber, and Gevo’s Vice President of Corporate Development, Eric Frey, that will discuss the closing of Gevo’s acquisition of low-carbon ethanol and carbon capture assets at Net-Zero North. The virtual presentation will take place on February 6, 2025, at 10:00am ET.

    Investors and other persons interested in learning more about the virtual investor presentation can find information and registration details at the following link:
    https://www.renmarkfinancial.com/events/renmark-virtual-non-deal-roadshow-nasdaq-gevo-RYaaPSJEzQ

    About Gevo
    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including sustainable aviation fuel (“SAF”), motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Media Contact
    Heather Manuel
    VP of Stakeholder Engagement & Partnerships
    PR@Gevo.com

    Investor Relations Contact
    Eric Frey
    VP, Corporate Development
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Encourages Stockholders of OMIC, BERY, WMPN, ALVR to Act Now

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 05, 2025 (GLOBE NEWSWIRE) —

    Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Singular Genomics Systems, Inc. (Nasdaq: OMIC), relating to the proposed merger with Deerfield Management Company, L.P. Under the terms of the agreement, Deerfield will acquire Singular Genomics in an all-cash transaction for $20.00 per share.

    ACT NOW. The Shareholder Vote is scheduled for February 19, 2025.

    Click here for more https://monteverdelaw.com/case/singular-genomics-systems-inc-omic/. It is free and there is no cost or obligation to you.

    • Berry Global Group, Inc. (NYSE: BERY), relating to the proposed merger with AMCOR plc. Under the terms of the agreement, Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively.

    ACT NOW. The Shareholder Vote is scheduled for February 25, 2025.

    Click here for more information https://monteverdelaw.com/case/berry-global-group-inc-bery/. It is free and there is no cost or obligation to you.

    • William Penn Bancorporation (Nasdaq: WMPN), relating to its proposed merger with Mid Penn Bancorp, Inc. Under the terms of the agreement, shareholders of William Penn will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock. Additionally, all options of William Penn will be rolled into Mid Penn equivalent options. The implied transaction value is approximately $13.58 per William Penn share.

    ACT NOW. The Shareholder Vote is scheduled for April 2, 2025.

    Click here for more information https://monteverdelaw.com/case/william-penn-bancorporation-wmpn/. It is free and there is no cost or obligation to you.

    • AlloVir, Inc. (Nasdaq: ALVR), relating to its proposed merger with Kalaris Therapeutics. Under the terms of the agreement, AlloVir will acquire 100% of the outstanding equity interest of Kalaris. Upon completion, pre-Merger AlloVir stockholders are expected to own approximately 25.05% of the combined company.

    ACT NOW. The Shareholder Vote is scheduled for March 12, 2025.

    Click here for more information https://monteverdelaw.com/case/allovir-inc-alvr/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Silicon Motion Announces Results for the Period Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

    • Fourth quarter of 2024 sales decreased 10% Q/Q and decreased 6% Y/Y
      • SSD controller sales: 4Q of 2024 decreased 5% to 10% Q/Q and decreased 5% to 10% Y/Y
      • eMMC+UFS controller sales: 4Q of 2024 decreased 10% to 15% Q/Q and were flat Y/Y
      • SSD solutions sales: 4Q of 2024 decreased 35% to 40% Q/Q and decreased 25% to 30% Y/Y
    • Announced annual cash dividend of $2.00 per American Depositary Share (“ADS”)

    Financial Highlights

      4Q 2024 GAAP 4Q 2024 Non-GAAP*
     • Net sales $191.2 million (-10% Q/Q, -6% Y/Y) $191.2 million (-10% Q/Q, -6% Y/Y)
     • Gross margin 46.8% 47.0%
     • Operating margin 10.3% 16.5%
     • Earnings per diluted ADS $0.68 $0.91
      Full Year 2024 GAAP Full Year 2024 Non-GAAP*
     • Net sales $803.6 million (+26% Y/Y) $803.6 million (+26% Y/Y)
     • Gross margin 46.1% 46.2%
     • Operating margin 11.6% 15.3%
     • Earnings per diluted ADS $2.69 $3.43

    * Please see supplemental reconciliations of U.S. Generally Accepted Accounting Principles (“GAAP”) to all non-GAAP financial measures mentioned herein towards the end of this news release.

    TAIPEI, Taiwan and MILPITAS, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended December 31, 2024. For the fourth quarter of 2024, net sales (GAAP) decreased sequentially to $191.2 million from $212.4 million in the third quarter of 2024. Net income (GAAP) increased to $23.0 million, or $0.68 per diluted ADS (GAAP), from net income (GAAP) of $20.8 million, or $0.62 per diluted ADS (GAAP), in the third quarter of 2024.

    For the fourth quarter of 2024, net income (non-GAAP) decreased to $30.9 million, or $0.91 per diluted ADS (non-GAAP), from net income (non-GAAP) of $31.0 million, or $0.92 per diluted ADS (non-GAAP), in the third quarter of 2024.

    All financial numbers are in U.S. dollars unless otherwise noted.

    Fourth Quarter of 2024 Review

    “We continued to execute well in the fourth quarter of 2024 despite the challenging consumer market, delivering revenue within our guided range and further expanding of our gross margin,” said Wallace Kou, President and CEO of Silicon Motion. ”For the full-year 2024, revenue rebounded strongly, growing 26% as compared to full-year 2023 and well above our initial expectations at the start of the year. For the full-year 2024, gross margin (non-GAAP) increased to 46.2% from 43.0% in 2023 despite the overall market weakness in the second half of 2024. We successfully launched our industry-leading PCIE Gen 5 controllers in the second half of 2024, winning four of the six flash makers and multiple module maker customers, which are all anticipated to ramp up throughout 2025. While the consumer market remains challenging in the near-term, we remain focused on delivering strong, sustainable long-term growth by broadening our product portfolio, expanding into new markets and growing our market share in the consumer, enterprise, automotive, industrial and commercial storage markets.”

    Key Financial Results

    (in millions, except percentages and per ADS amounts) GAAP Non-GAAP
    4Q 2024 3Q 2024 4Q 2023 4Q 2024 3Q 2024 4Q 2023
    Revenue $191.2 $212.4 $202.4 $191.2 $212.4 $202.4
    Gross profit $89.5 $99.3 $88.5 $89.9 $99.3 $89.3
    Percent of revenue 46.8% 46.7% 43.7% 47.0% 46.8% 44.1%
    Operating expenses $69.9 $74.8 $71.0 $58.3 $65.1 $61.5
    Operating profit $19.7 $24.5 $17.6 $31.6 $34.2 $27.8
    Percent of revenue 10.3% 11.5% 8.7% 16.5% 16.1% 13.8%
    Earnings per diluted ADS $0.68 $0.62 $0.63 $0.91 $0.92 $0.93

    Other Financial Information

    (in millions) 4Q 2024 3Q 2024 4Q 2023
    Cash, cash equivalents, restricted cash and short-term investments—end of period $334.3 $368.6 $369.0
    Routine capital expenditures $7.3 $7.4 $3.5
    Dividend payments $16.8 $16.8 $16.7

    During the fourth quarter of 2024, we had $10.8 million of capital expenditures, including $7.3 million for the routine purchases of testing equipment, software, design tools and other items, and $3.5 million for building construction in Hsinchu.

    Business Outlook
    “Longer-term, we expect to continue increasing our market share within the mobile and PC markets through greater outsourcing by the NAND flash makers, which should drive greater revenue and profitability for Silicon Motion,” said Mr. Kou. “This year, we expect to benefit from the introduction of several new products, including our 8-channel PCIe Gen 5 controller that started shipping in the second half of 2024, our new UFS 4.1 controller for the mobile market that will begin to ramp-up in the second half of this year, and our new 4-channel mainstream PCIe Gen 5 that we expect to launch late this year. Additionally, we will benefit from our many automotive controllers that are rapidly expanding across multiple applications and our MonTitan suite of enterprise controllers that just started shipping in the second half of 2024 and are expected to increase in the second half of this year. Consumer demand remains weak in the first half of 2025 and is proving more challenging than we initially anticipated; however, we expect a strong rebound in the second half of this year driven from new product introductions and new project wins with our OEM customers, reaching close to a run-rate of $1 billion in annual revenue in 4Q25.”

    For the first quarter of 2025, management expects:

    (in millions, except percentages) GAAP Non-GAAP Adjustment Non-GAAP
    Revenue $158m to $167m
    -17.5% to -12.5% Q/Q    		 — $158m to $167m
    -17.5% to -12.5% Q/Q
    Gross margin 46.9% to 47.4% Approximately $0.1m* 47.0% to 47.5%
    Operating margin 2.3% to 5.2% Approximately $7.5m to $8.5m** 7.7% to 9.7%

    * Projected gross margin (non-GAAP) excludes $0.1 million of stock-based compensation.
    ** Projected operating margin (non-GAAP) excludes $7.5 million to $8.5 million of stock-based compensation and dispute related expenses.

    Conference Call & Webcast:
    The Company’s management team will conduct a conference call at 8:00 am Eastern Time on February 6, 2025.

    Conference Call Details
    Participants must register in advance to join the conference call using the link provided below. Conference access information (including dial-in information and a unique access PIN) will be provided in the email received upon registration.

    Participant Online Registration:
    https://register.vevent.com/register/BI742c56c62eb0464e9ba0c61a39fa4c91

    A webcast of the call will be available on the Company’s website at www.siliconmotion.com.

    Discussion of Non-GAAP Financial Measures

    To supplement the Company’s unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation and other items, including gross profit (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (non-GAAP), net income (non-GAAP), and earnings per diluted ADS (non-GAAP). These non-GAAP measures are not in accordance with or an alternative to GAAP and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

    Our non-GAAP financial measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target’s performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management’s perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

    • the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;
    • the ability to better identify trends in the Company’s underlying business and perform related trend analysis;
    • a better understanding of how management plans and measures the Company’s underlying business; and
    • an easier way to compare the Company’s operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

    The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

    Stock-based compensation expense consists of non-cash charges related to the fair value of restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

    Restructuring charges relate to the restructuring of our underperforming product lines, principally the write-down of NAND flash, embedded DRAM and SSD inventory valuation and severance payments. 

    M&A transaction expenses consist of legal, financial advisory and other fees related to the transaction.

    Dispute related expenses consist of legal, consultant, other fees and resolution related to the dispute.

    Foreign exchange loss (gain) consists of translation gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

    Realized/Unrealized loss (gain) on investments relates to the disposal and net change in fair value of long-term investments.

     
    Silicon Motion Technology Corporation
    Consolidated Statements of Income
    (in thousands, except percentages and per ADS data, unaudited)
     
      For Three Months Ended   For the Year Ended
      Dec. 31,     Sep. 30,     Dec. 31,     Dec. 31,     Dec. 31,  
      2023     2024     2024     2023     2024  
      ($)     ($)     ($)     ($)     ($)  
    Net Sales 202,379     212,412     191,160     639,142     803,552  
    Cost of sales 113,854     113,142     101,635     368,752     432,862  
    Gross profit 88,525     99,270     89,525     270,390     370,690  
    Operating expenses                  
    Research & development 56,432     58,486     54,156     174,357     217,822  
    Sales & marketing 6,205     7,009     7,360     26,920     27,450  
    General & administrative 7,600     9,315     8,350     27,923     31,354  
    Loss from settlement of litigation 720     –     –     1,312     1,250  
    Operating income 17,568     24,460     19,659     39,878     92,814  
    Non-operating income (expense)                  
    Interest income, net 4,221     3,518     3,768     12,246     14,528  
    Foreign exchange gain (loss), net (1,117 )   (488 )   1,046     914     1,391  
    Realized/Unrealized gain(loss) on investments (51 )   (602 )   956     8,002     601  
    Others, net 8     –                    –     8     –  
    Subtotal 3,061     2,428     5,770     21,170     16,520  
    Income before income tax 20,629     26,888     25,429     61,048     109,334  
    Income tax expense (benefit) (464 )   6,045     2,389     8,175     18,614  
    Net income 21,093     20,843     23,040     52,873     90,720  
                       
    Earnings per basic ADS 0.63     0.62     0.68     1.59     2.70  
    Earnings per diluted ADS 0.63     0.62     0.68     1.58     2.69  
                       
    Margin Analysis:                  
    Gross margin 43.7%     46.7%     46.8%     42.3%     46.1%  
    Operating margin 8.7%     11.5%     10.3%     6.2%     11.6%  
    Net margin 10.4%     9.8%     12.1%     8.3%     11.3%  
    　 　 　 　 　 　 　 　 　 　
    Additional Data:                  
    Weighted avg. ADS equivalents 33,416     33,687     33,690     33,353     33,642  
    Diluted ADS equivalents 33,587     33,700     33,814     33,470     33,722  
    Silicon Motion Technology Corporation
    Reconciliation of GAAP to Non-GAAP Operating Results
    (in thousands, except percentages and per ADS data, unaudited)
     
      For Three Months Ended   For the Year Ended
      Dec. 31,     Sep. 30,     Dec. 31,     Dec. 31,     Dec. 31,  
    2023     2024     2024     2023     2024  
    ($)     ($)     ($)     ($)     ($)  
    Gross profit (GAAP) 88,525     99,270     89,525     270,390     370,690  
    Gross margin (GAAP) 43.7%     46.7%     46.8%     42.3%     46.1%  
    Stock-based compensation (A) 106     63     162     406     311  
    Restructuring charges 648     –     164     3,996     209  
    Gross profit (non-GAAP) 89,279     99,333     89,851     274,792     371,210  
    Gross margin (non-GAAP) 44.1%     46.8%     47.0%     43.0%     46.2%  
                          
    Operating expenses (GAAP) 70,957     74,810     69,866     230,512     277,876  
    Stock-based compensation (A) (5,680 )   (3,595 )   (9,585 )   (17,141 )   (16,645 )
    M&A transaction expenses 288     –     –     (2,606 )   –  
    Dispute related expenses (3,477 )   (6,076 )   (1,999 )   (6,973 )   (13,135 )
    Restructuring charges (638 )   –     –     (5,217 )   –  
    Operating expenses (non-GAAP) 61,450     65,139     58,282     198,575     248,096  
                       
    Operating profit (GAAP) 17,568     24,460     19,659     39,878     92,814  
    Operating margin (GAAP) 8.7%     11.5%     10.3%     6.2%     11.6%  
    Total adjustments to operating profit 10,261     9,734     11,910     36,339     30,300  
    Operating profit (non-GAAP) 27,829     34,194     31,569     76,217     123,114  
    Operating margin (non-GAAP) 13.8%     16.1%     16.5%     11.9%     15.3%  
                       
    Non-operating income (expense) (GAAP) 3,061     2,428     5,770     21,170     16,520  
    Foreign exchange loss (gain), net 1,117     488     (1,046 )   (914 )   (1,391 )
    Realized/Unrealized holding loss (gain) on investments 51     602     (956 )   (8,002 )   (601 )
    Non-operating income (expense) (non-GAAP) 4,229     3,518     3,768     12,254     14,528  
                       
    Net income (GAAP) 21,093     20,843     23,040     52,873     90,720  
    Total pre-tax impact of non-GAAP adjustments 11,429     10,824     9,908     27,423     28,308  
    Income tax impact of non-GAAP adjustments (1,202 )   (649 )   (2,049 )   (4,169 )   (3,064 )
    Net income (non-GAAP) 31,320     31,018     30,899     76,127     115,964  
                       
    Earnings per diluted ADS (GAAP) $0.63     $0.62     $0.68     $1.58     $2.69  
    Earnings per diluted ADS (non-GAAP) $0.93     $0.92     $0.91     $2.27     $3.43  
                       
    Shares used in computing earnings per diluted ADS (GAAP) 33,587     33,700     33,814     33,470     33,722  
    Non-GAAP adjustments 110     109     181     129     84  
    Shares used in computing earnings per diluted ADS (non-GAAP) 33,697     33,809     33,995     33,599     33,806  
                       
    (A) Excludes stock-based compensation as follows:                  
    Cost of sales 106     63     162     406     311  
    Research & development 4,103     2,377     6,670     11,709     11,284  
    Sales & marketing 361     455     978     1,858     1,954  
    General & administrative 1,216   　 763   　 1,937   　 3,574   　 3,407  
    Silicon Motion Technology Corporation
    Consolidated Balance Sheet
    (In thousands, unaudited)
     
      Dec. 31,   Sep. 30,   Dec. 31,
      2023   2024   2024
      ($)   ($)   ($)
    Cash and cash equivalents 314,302   313,924   276,068
    Accounts receivable (net) 194,701   202,726   233,744
    Inventories 216,950   214,574   201,154
    Refundable deposits – current 49,656   51,102   54,645
    Prepaid expenses and other current assets e17,636   38,246   31,187
    Total current assets 793,245   820,572   796,798
    Long-term investments 17,116   16,878   17,326
    Property and equipment (net) 167,417   181,983   188,398
    Other assets 30,183   29,304   30,354
    Total assets 1,007,961   1,048,737   1,032,876
               
    Accounts payable 55,586   30,888   17,773
    Income tax payable 7,544   14,444   13,176
    Accrued expenses and other current liabilities 149,680   131,143   168,624
    Total current liabilities 212,810   176,475   199,573
    Other liabilities 60,455   62,673   59,548
    Total liabilities 273,265   239,148   259,121
    Shareholders’ equity 734,696   809,589   773,755
    Total liabilities & shareholders’ equity 1,007,961   1,048,737   1,032,876
    Silicon Motion Technology Corporation
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
     
      For Three Months Ended   For the Year Ended
        Dec. 31,     Sep. 30,     Dec. 31,     Dec. 31,     Dec. 31,  
        2023     2024     2024     2023     2024  
        ($)     ($)     ($)     ($)     ($)  
    Net income   21,093     20,843     23,040     52,873     90,720  
    Depreciation & amortization   5,356     6,664     7,256     21,810     25,331  
    Stock-based compensation   5,786     3,658     9,747     17,547     16,956  
    Investment losses (gain) & disposals   (432 )   602     (956 )   (8,217 )   (601 )
    Changes in operating assets and liabilities   11,582     22,280     (45,245 )   65,070     (55,213 )
    Net cash provided by (used in) operating activities   43,385     54,047     (6,158 )   149,083     77,193  
                         
    Purchase of property & equipment   (10,758 )   (12,436 )   (10,836 )   (50,313 )   (44,449 )
    Proceeds from disposal of properties   1,228     –     3     1,228     3  
    Purchase of long-term investments   –     –     (4,173 )   –     (4,173 )
    Disposal of long-term investments   –     –     4,432     –     4,432  
    Net cash used in investing activities   (9,530 )   (12,436 )   (10,574 )   (49,085 )   (44,187 )
                         
    Dividend payments   (16,676 )   (16,812 )   (16,814 )   (16,690 )   (67,254 )
    Net cash used in financing activities   (16,676 )   (16,812 )   (16,814 )   (16,690 )   (67,254 )
                         
    Net increase (decrease) in cash, cash equivalents & restricted cash   17,179     24,799     (33,546 )   83,308     (34,248 )
    Effect of foreign exchange changes   1,508     186     (717 )   (1,373 )   (409 )
    Cash, cash equivalents & restricted cash—beginning of period   350,303     343,611     368,596     287,055     368,990  
    Cash, cash equivalents & restricted cash—end of period   368,990     368,596     334,333     368,990     334,333  


    Shareholder Litigation:
    On August 31, 2023, a Silicon Motion ADS holder (the “Plaintiff”) filed a putative class action complaint in the United States District Court for the Southern District of California, captioned Water Island Event-Driven Fund v. MaxLinear, Inc., No. 23-cv-01607 (S.D. Cal.), asserting claims against MaxLinear, Inc. (“MaxLinear”) and two of its officers (the “MaxLinear Defendants”) for alleged violations of (i) Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder and (ii) Section 20(a) of the Exchange Act, in connection with alleged false and misleading statements made by the MaxLinear Defendants between June 6, 2023 and July 26, 2023 concerning MaxLinear’s intent to consummate the merger agreement it had entered into with Silicon Motion. On August 28, 2024, the Court dismissed the complaint against the MaxLinear Defendants without prejudice for lack of standing.  On September 18, 2024, the Plaintiff filed an amended complaint against the MaxLinear Defendants, and also added Silicon Motion and two of its officers (the “Silicon Motion Defendants”), asserting substantially similar claims under the Exchange Act. The complaint seeks compensatory damages, including interest, costs and expenses, and such other equitable or injunctive relief that the court deems appropriate. The motion to dismiss the amended complaint is fully briefed. The Silicon Motion Defendants believe that the claims asserted against them are without merit and intend to defend themselves vigorously.

    About Silicon Motion:
    We are the global leader in supplying NAND flash controllers for solid state storage devices.  We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications.  We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at www.siliconmotion.com.

    Forward-Looking Statements:
    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

    The MIL Network –

  • MIL-OSI: Silicon Motion Announces New $50 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    TAIPEI, Taiwan and MILPITAS, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today announced that its Board of Directors has authorized a new share repurchase program and approved related cash disbursement for the Company to repurchase up to $50 million of its American Depositary Shares (“ADSs”) over a six-month period (the “Repurchase Program”), effective immediately.

    “We experienced significant top-and-bottom-line growth in fiscal year 2024 as our strategy to capture greater market share and diversify our product portfolio and addressable markets is delivering results,” said Wallace Kou, President & CEO of Silicon Motion. “We are confident that our opportunities are expanding over the long-term as we enter the enterprise market with our new MonTitan platform and expand our presence in automotive, IoT, gaming, wearables and other emerging growth markets. We remain confident in our strategy, growth prospects and strong financial position and are committed to opportunistically repurchasing our shares when we believe the current equity value may not accurately reflect the strength of our business longer-term.”

    Repurchases made under the Repurchase Program will be made in the open market or according to other methods in compliance with the safe harbor provisions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), subject to market conditions, applicable legal requirements and other factors. The Company expects to use cash on hand to fund the ADS repurchases. The Repurchase Program does not obligate the Company to acquire any particular amount of ADSs, and it may be suspended at any time at the Company’s discretion.

    As of December 31, 2024, the Company had approximately $334.3 million of cash, cash equivalents, restricted cash and short-term investments.

    About Silicon Motion:

    We are the global leader in supplying NAND flash controllers for solid state storage devices.  We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications.  We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at www.siliconmotion.com.

    Forward-Looking Statements:

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

    The MIL Network –

  • MIL-OSI Submissions: Africa – Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan

    SOURCE: Islamic Corporation for the Development of the Private Sector (ICD)

    Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan. The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the corporation’s ongoing commitment to Egypt’s economic development

    CAIRO, Egypt, February 5, 2025/ — The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank Group (IsDB), has signed it’s the Country Work Program 2025 for Egypt, marking a significant milestone in its strategic partnership with the country.

    The signing ceremony took place in Cairo, in the presence of key government officials, including HE Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank; HE Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport; and HE Dr. Sherif Farouk, Minister of Supply and Internal Trade.

    The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the corporation’s ongoing commitment to Egypt’s economic development.

    The 2025 country work program focuses on strengthening the private sector and driving economic growth in Egypt. Key initiatives include direct financing, investments, and financing tools aimed at boosting key sectors such as industry, infrastructure, energy, and agriculture.

    Additionally, the program seeks to enhance financial inclusion by providing lines of finance to Egyptian banks, particularly to support small and medium-sized enterprises (SMEs). ICD also plans to raise market awareness about the importance of Islamic finance as a tool for development and to facilitate access to capital markets by forming strategic alliances with international investors.

    One of the key components of the program is ICD’s intention to provide up to $100 million in new financing to support private sector projects in Egypt.

    Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: “The Islamic Corporation for the Development of the Private Sector has proven, over the past years, its vital role in supporting the member countries of the Organization of Islamic Cooperation (OIC) by providing innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth, creating job opportunities, and enhancing the role of the private sector, particularly small and medium-sized enterprises.”

    He added: “We recognize that the private sector plays a pivotal role in the economic development process, and therefore, a large part of this cooperation will focus on empowering entrepreneurs and supporting small and medium-sized industries, which are the cornerstone of any strong economy. Through this program, efforts will be made to provide the necessary financing for these industries, as well as encourage innovation and entrepreneurship. This support will contribute to creating new job opportunities, enhancing sustainable economic growth, and improving competitiveness in regional and international markets.”

    Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, praised the successful partnership with the Islamic Corporation for the Development of the Private Sector (ICD). She highlighted the continuation of this fruitful partnership through the ICD’s Country Work Program in the Arab Republic of Egypt for 2025, which includes supporting the private sector in various diverse aspects. The program will allocate $100 million to financial institutions to finance small and medium-sized enterprises, as well as providing funding for large private sector companies operating in strategic sectors that are crucial to economic development. This includes particularly the industrial and agricultural sectors, which are key components of the country’s structural reform plan aimed at enhancing their contribution to GDP.

    Eng. Hani Salem Sonbol, Acting CEO of ICD, commented: “We are proud of our long-standing strategic partnership with the Arab Republic of Egypt. In 2025, we aim to deepen this relationship further by supporting the Egyptian government’s development plans. Our focus will be on enhancing the capacity of Egypt’s private sector and financial institutions, especially in supporting SMEs. Additionally, we will leverage our expertise to provide advisory services in the sukuk sector, particularly in assisting Egypt with issuing foreign currency sukuk and attracting new international investments to bolster financial flexibility.”

    He further added, “Our efforts will also include supporting the Arab-African Trade Bridges (AATB) Program, which aims to increase investments in member states, including Egypt.”

    Since its inception, ICD has provided Egypt with a total of $315 million in financing, including support for private sector companies, financial lines for banks, and direct investments in key sectors such as energy, food, and industry. This financing has played a crucial role in boosting economic growth, creating jobs, and fostering the development of Egypt’s private sector.

    About the Islamic Corporation for the Development of the Private Sector:
    ICD, a member of the Islamic Development Bank (IsDB) Group, is a multilateral financial institution established in 1999. ICD promotes economic development in member countries by financing private sector projects, fostering competition and entrepreneurship, offering advisory services, and encouraging cross-border investments. It holds strong credit ratings, including A2 by Moody’s, A+ by Fitch, and A- by S&P. ICD focuses on Shari’ah-compliant financing for projects like infrastructure and private equity funds, aiming to create jobs and boost exports.

    For more information, visit: www.ICD-ps.org.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Scott Applauds Scott Turner’s Confirmation as Secretary of Housing and Urban Development

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    Senator Scott: “As HUD Secretary, Scott will make himself known. He will create access to quality, affordability housing…he will work to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market.” 

    WASHINGTON — Today, the Senate voted to confirm Scott Turner as President Trump’s Secretary of Housing and Urban Development (HUD) by a vote of 55-44. Following the vote, U.S. Senator Tim Scott (R-S.C.), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, spoke on the Senate floor to highlight Secretary Turner’s life story, qualifications to lead HUD, and their share goal of addressing the housing crisis and increasing access to quality, affordable housing opportunities for Americans across the country. 

    During Secretary Turner’s hearing before the Senate Banking Committee, Senator Scott highlighted Mr. Turner’s record and leadership directing investments in Opportunity Zones, Senator Scott’s initiative under the Tax Cuts and Jobs Act to increase development in economically distressed communities. Senator Scott noted he looks forward to working with Secretary Turner to cut bureaucratic red tape, advance commonsense housing solutions, and put more Americans on the path to homeownership.

    Click here to watch Senator Scott’s remarks.

    Senator Scott’s full remarks as delivered: 

    Thank you, Mr. President.

    The Department of Housing and Urban Development’s mission is to create strong, sustainable communities and support affordable homes.

    Yet, under President Biden and his administration, the department failed to serve our nation’s most vulnerable.

    Here is the truth: we are facing a homelessness crisis in America.

    The latest homelessness survey found an 18 percent increase in homelessness year-over-year, increasing the number of homelessness in our country to nearly 772,000 Americans not able to find a place to lay their head.

    This is unacceptable!

    On top of that, we are facing an affordability crisis in our country as well.

    During President Biden’s tenure, mortgage rates ballooned 150 percent, and rents 20 percent.

    Over the last four years, far-left housing policies and burdensome regulations have put the American Dream out of reach for millions and millions of hardworking, dedicated patriots throughout our nation.

    It’s no secret that HUD is in serious need of new leadership.

    Fortunately, there is good news: help is right over there. And it’s on its way.

    My good friend Scott Turner has a remarkable life story – tremendous life story.

    Scott is a native Texan who has had an exceptional journey from professional athlete to public servant.

    Scott came from humble beginnings, but he never let those circumstances define who he is. Actually, Scott in high school – I believe it was – worked at a barbecue shop. What I love about Scott is he has an affection for the truth – he told me himself – he conceded that South Carolina barbecue is better than Texas. I’m glad he has no microphone to say anything right now I’m just you that is a man I can appreciate.

    He went on and had a successful career in the NFL, nine seasons as a cornerback, playing for the Denver Broncos, the San Diego Chargers, and yes, the Washington Redskins. And I note that he did not play for America’s team, the Dallas Cowboys.

    Everybody, nobody, can be perfect.

    After hanging up his cleats, Scott served two terms in the Texas State Legislature and then went to work in the Trump administration.

    As the Executive Director of the White House Opportunity and Revitalization Council, Scott helped implement the Opportunity Zones initiative I that created, directing over $50 billion in private sector capital into hard-hit, typically majority minority communities – breathing hope and opportunity not only into the neighborhoods of the people desperately, passionately praying for hope. And with less than a 5 percent gentrification rate. That’s what I call success.

    His story and his perspective are essential tools that he will bring to the table to fight the increase of homelessness, to fight the 150 percent ballooning of our mortgages, and to fight back against a 20 percent increase in rents.

    As HUD Secretary, Scott will make himself known. He will create access to quality, affordability housing…he will work to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market.

    It’s time to make America’s economy work working class Americans.

    It is time for a blue-collar comeback. And I’m so thankful that we have a man prepared to put in 24 hours a day, seven days a week, if necessary, so more people – not 772,000 Americans but more Americans will have a place to lay their head because they’re no longer homeless. More Americans will be able to afford a home because interest rates will come down, the housing supply will increase, and we will thank God Almighty that we live in a land where opportunity is more available because the right person, at the right time, in the right place, says yes.

    Mr. President, I’m very thankful that Scott Turner is the Secretary of Housing and Urban Development. But I’m more thankful that we have a president making good decisions to put America back on the right track.

    I yield back the balance of my time.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Scott Shines Light on Debanking of Americans, Pledges Solutions

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — At today’s Senate Banking Committee hearing focused on debanking, Senator Tim Scott (R-S.C.) highlighted the importance of access to financial services, citing his own story of obtaining a loan to start his small business. Senator Scott called out the Biden administration’s financial regulators who exploited their power and pressured financial institutions to cut off services to individuals and businesses. Senator Scott pledged that the committee will work to find solutions to address this issue, and he reiterated that no regulator, and no bank, is above the principles of fairness and market access.

    Senator Scott’s opening remarks as delivered:  

    Good morning and thank you all for being with us today.

    We’re here to address an issue that strikes at the core of what it means to live in a free and fair society: access to financial services. 

    Every federally legal business and law-abiding citizen deserves to be treated equally, regardless of political views or ideological leanings.  

    This is an issue that is deeply personal to me.

    When my grandfather was growing up in the Jim Crow South, banks did business with people they felt looked the right way – based on the color of their skin. 

    One’s ability to get a loan to finance their home or state a business was based primarily on the color of their skin. And in the 1940s, my mother experienced the same redlining that has been persistent, pervasive, and unfortunate for decades.

    Thankfully, our nation continues to evolve in the right direction.

    And in the 1990s, when I was starting my small business, I went to a bank and looked for an opportunity to get a loan. I’ll say, without any question, at that time as a kid growing up in poverty in a single parent household my best asset – Mr. Ricketts – was a 1990, ten-year old car with 253,000 miles. One would not consider that an asset, perhaps a liability, but it was my only means of transportation. And I will tell you, without a doubt, for me, it was an asset.

    The bank, however, helped me completely understand it was not. However, in those days someone could get a character loan, because of your time in a community, because of your relationships with local and community banks. Because of that, not only was my financial life changed, not only did my American Dream become a reality, but more importantly, my mother’s American Dream became a reality.

    We saw the strengthening confidence in our banking system, because things had changed in the right direction.

    With that loan everything seemed to get better.

    Had I not gotten that line of credit, I may not be here chairing this committee today.

    You see my story is so consistent with so many other Americans story that really reflects positively on the American Dream.

    In this country, access to credit is one of the cornerstones of building your American Dream.

    Owning a home and starting a business are challenging journeys filled with complexities, and achieving success is never a guarantee, nor should it be. 

    That’s why access to financial services is so important.

    The United States is home to a vast competitive network of banks and payment providers, creating one of the most robust and diverse financial services ecosystems on the planet. 

    It is this incredible landscape that offers countless opportunities for homeowners and entrepreneurs to build a healthy foundation and make strides toward achieving their version of the American Dream. 

    However, it is incredibly alarming and disheartening to hear stories about financial institutions cutting off services to digital asset firms, political figures, and conservative-aligned businesses and individuals.

    Under the Biden administration, we’ve seen the rise of what many are calling Operation Chokepoint 2.0, where federal regulators exploited their power, pressuring banks to cut off services to individuals and businesses with conservative disposition, or folks aligned with industries they just didn’t like – like the color of one’s skin in my family’s history.

    I wholeheartedly believe that debanking someone over their political ideology is un-American and goes against the core values that our nation was founded on. 

    Today, we’ll have an opportunity to hear from Anchorage Digital’s CEO, whose OCC-chartered bank was debanked, Old Glory Bank’s CEO, who started a bank to serve those who had been debanked, and from a legal expert with extensive experience navigating these regulatory abuses, and from a policy expert at the Brookings Institution. 

    This hearing will also examine how practices similar to the original Operation Chokepoint have persisted, despite assurances that they would end. 

    We’ll investigate the role both regulators and financial institutions have played in these harmful practices, which hurt not just businesses but also consumers and our entire economy.

    This issue should concern every American, regardless of political affiliation and that’s why I am committed a bipartisan solution to stop this form of discrimination. 

    This hearing is just the beginning.

    We are here to shine a bright light on these unacceptable practices and to hold those responsible accountable. The message is crystal clear: no regulator, and no bank, is above the principles of fairness and market access. 

    Speaking of shining a light, I was so glad to see that just a couple of hours ago, the FDIC under President Trump’s leadership released a fresh set of never-before-seen supervisory documents, which further prove that Chokepoint 2.0 was real.

    I will be going through the documents in greater detail, but rest assured for those in this room, and those watching at home, they paint a disgusting and disheartening picture of abuse. 

    As Acting Chair Hill characterized them, “these and other actions sent the message to banks that it would be extraordinarily difficult—if not impossible—to move forward [with crypto related activities].” 

    I commend the new FDIC leadership for its commitment to transparency, but it is a shame that it took an election – an election – for the agency to begin following the laws of our country.

    Thank you. I look forward to hearing from our witnesses and working with colleagues on both sides of the aisle to stop debanking and protect every American’s right to participate fully in the economy.

    MIL OSI USA News –

  • MIL-OSI USA: Hoeven, Peters Introduce Legislation to Help Ensure Access to Safe Infant Formula, Prevent Shortages

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    02.05.25

    WASHINGTON – Senators John Hoeven (R-N.D.) and Gary Peters (D-Mich.) introduced bipartisan legislation to help prevent future infant formula shortages. The senators’ bill comes in response to bacterial contamination at an infant formula manufacturing plant in Michigan that caused the deaths of 9 infants and infant formula recalls that triggered a nationwide shortage in 2022. The legislation would strengthen U.S. Food and Drug Administration (FDA) oversight of infant formula manufacturing to improve the security of U.S. infant formula supply and ensure American families have access to safe formula.

    “Access to safe infant formula is essential for families across the U.S., and as shortages in recent years have demonstrated, improvements are needed to ensure our nation continues to have a secure supply of this important product,” said Senator Hoeven. “Our legislation would build greater resiliency into the infant formula market, helping to protect against contamination and bolstering supplies to prevent future shortages.”

    “As a father and grandfather, I was devastated for the parents who lost their children. Parents deserve to know with complete confidence that the formula they are giving their babies is safe. I’m working to make sure something like that never, ever happens again,” said Senator Peters. “This commonsense bill would help intercept contaminated formula from reaching the shelves in the first place by allowing the FDA to have a hand in testing for dangerous bacteria. Doing so will help protect our children, but also prevent families from facing another nationwide shortage where folks were struggling to both find and afford infant formula.”

    The Protect Infant Formula from Contamination Act (PIFCA) would take a three-pronged approach to reduce the risk of infant formula contamination. Specifically, the bill would: 

    • Strengthen safety reporting and ensure timely corrective action.
      • The bill requires infant formula manufacturers to conduct testing for Cronobacter or Salmonella in infant formula marketed for consumption.
      • The legislation also requires manufacturers to notify FDA within one business day of detecting contamination, while setting timelines for investigation and corrective action.
      • This improves upon current law, under which manufacturers are only required to notify the FDA if the product has left the company’s control.
    • Enhance market resiliency.
      • The FDA would be required to monitor and quarterly report on the in-stock rates of infant formula, as well as work with the U.S. Department of Agriculture and other agencies to ensure markets can meet demand over the long term.
    • Increase accountability and consultation.
      • The FDA would be required to issue a progress report to Congress on implementation of the long-term national strategy that it developed after the 2022 recall and shortage.
      • The bill would also require FDA to consult with industry on contamination mitigation best practices and ways to maximize infant formula supply.

    MIL OSI USA News –

  • MIL-OSI USA: DAUPHIN COUNTY – After Budget Address, Governor Shapiro and Secretary Dr. Val Arkoosh to Visit Childcare & Early Learning Center to Highlight the Governor’s Proposed Investments in the Childcare Workforce

    Source: US State of Pennsylvania

    February 06, 2025 – Harrisburg, PA

    ADVISORY – DAUPHIN COUNTY – After Budget Address, Governor Shapiro and Secretary Dr. Val Arkoosh to Visit Childcare & Early Learning Center to Highlight the Governor’s Proposed Investments in the Childcare Workforce

    Governor Josh Shapiro and Secretary of Human Services Dr. Val Arkoosh will visit CrossPoint Early Learning Center to talk about the Governor’s emphasis on workforce development in his 2025-26 Budget Proposal and his plans for expanding Pennsylvania’s childcare workforce.

    During his first two years in office, Governor Shapiro signed into law a historic expansion of the Child and Dependent Care Enhancement Tax Credit and created a new tax credit for businesses who want to contribute to their employees’ childcare costs. Those two initiatives helped make childcare more affordable – and the Governor’s proposal this year would make childcare more available through an investment of $55 million to support childcare workforce recruitment and retention grants.

    WHO:
    Governor Josh Shapiro
    Secretary of Human Services Dr. Val Arkoosh
    Senator Patty Kim
    Representative Justin Fleming
    Suzanne Brubacher, Director of CrossPoint Early Learning Center

    WHEN:
    Thursday, February 6, 2025, at 1:45PM

    WHERE:
    CrossPoint Early Learning Center
    430 Colonial Road,
    Harrisburg, PA 17109

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Florida Man Pleads Guilty to Embezzling from Employer

    Source: Office of United States Attorneys

    BOSTON – The former finance director of a Florida-based company pleaded guilty to embezzling more than $5.7 million from his employer.

    Paul Schnitzer, 51, of Clermont, Fla., pleaded guilty to wire fraud. U.S. District Court Judge Leo T. Sorokin scheduled sentencing for May 6, 2025. Schnitzer was first charged in May 2024, indicted by a grand jury in June 2024, and detained in October 2024 after violating his conditions of pretrial release.

    Between January 2022 and May 2024, Schnitzer made more than 100 transfers out of his employer’s operating bank account into an investment account he controlled, disguised as “equity distributions.” To hide these transfers, Schnitzer falsified financial reports to the Massachusetts-based investment firm that owned the company. Schnitzer also secretly used a line of credit to replenish the balance in the company’s operating account after he had stolen from it.

    The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the loss to the victim. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorney David M. Holcomb of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: New York Man Sentenced To 84 Months In Prison For Conspiring To Engage In Multimillion Dollar Wire Fraud Scheme

    Source: Office of United States Attorneys

    NEWARK, N.J. – A New York man was sentenced today to 84 months in prison for conspiring to commit wire fraud, Acting U.S. Attorney Vikas Khanna announced. 

    Terrell Fuller, 34, of Baldwin, New York, previously pleaded guilty before U.S. District Judge Stanley R. Chesler to an information charging him with conspiring to commit wire fraud.

    According to documents filed in the case and statements made in court:

    Fuller and his co-conspirators submitted a fraudulent application to the Small Business Administration, which caused the SBA to provide them with approximately $1,200,000. In addition, Fuller and his co-conspirators opened bank accounts in the names of various entities and individuals, deposited illegally obtained or fraudulent checks into those accounts, and then withdrew and attempted to withdraw money from the accounts. Further, Fuller, using stolen personal identifying information, fraudulently rented locations to live in New York and failed to pay more than $400,000 in rent and fees for those locations. Through the conspiracy, Fuller and his co-conspirators obtained more than $2,000,000 in money and property through their fraudulent actions.

    In addition to the prison term, Judge Chesler sentenced Fuller to 3 years of supervised release and $2,289,816.06 in restitution.

    Acting U.S. Attorney Khanna credited special agents of the Federal Bureau of Investigation, Franklin Township Resident Agency, under the direction of Acting Special Agent in Charge Terence G. Reilly, and special agents of the Internal Revenue Service – Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark.

    The government is represented by Assistant U.S. Attorney Andrew Kogan of the Cybercrime Unit in Newark.

                                         ###

    Defense counsel: Scott Leemon, New York City, New York

    MIL Security OSI –