NewzIntel.com

Category: Business

  • MIL-OSI: D. Boral Capital Served as Co-manager to U.S. Energy Corp. (Nasdaq: USEG) in connection with its up to $12.1 Million Public Offering

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Jan. 27, 2025 (GLOBE NEWSWIRE) — U.S. Energy Corp. (NASDAQ: USEG, “U.S. Energy” or the “Company”) announced today the closing of its previously announced underwritten public offering of 4,871,400 shares of its common stock, which includes 635,400 shares sold pursuant to the exercise in full by the underwriters of their over-allotment option, par value $0.01 per share, at a public offering price of $2.65 per share, for total net proceeds, after underwriting commissions, of approximately $12.1 million.

    U.S. Energy plans to use the net proceeds of the offering to fund growth capital for its industrial gas development project, including new industrial gas wells and processing plant and equipment, and to support upcoming operations. The proceeds received by the Company from the exercise of the over-allotment option may be utilized to purchase shares of common stock from Sage Road Capital, LLC, a related party, or its affiliates at a price equal to the net offering price received by the Company.

    Roth Capital Partners acted as sole book-running manager for the offering. Johnson Rice & Company and D. Boral Capital acted as co-managers for the offering. The Loev Law Firm, PC represented the Company and K&L Gates LLP represented the underwriters in the offering.

    The offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) and became effective on September 15, 2022. The prospectus supplement and accompanying base prospectus relating to the offering are available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained by sending a request to: Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147, email at rothecm@roth.com.

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

    ABOUT U.S. ENERGY CORP.

    We are a growth company focused on consolidating high-quality assets in the United States with the potential to optimize production and generate free cash flow through low-risk development while maintaining an attractive shareholder returns program. We are committed to being a leader in reducing our carbon footprint in the areas in which we operate. More information about U.S. Energy Corp. can be found at www.usnrg.com.

    Contact Us:

    D. Boral Capital
    590 Madison Avenue, 39th Floor
    New York, NY 10022
    Main Phone: +1 (212) 970-5150
    www.dboralcapital.com
    info@dboralcapital.com

    FORWARD-LOOKING STATEMENTS

    Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation: (1) the expected use of proceeds, including, but not limited to the repurchase of certain shares of common stock; (2) the ability of the Company to grow and manage growth profitably and retain its key employees; (3) risks associated with the integration of recently acquired assets; (4) the Company’s ability to comply with the terms of its senior credit facilities; (5) the ability of the Company to retain and hire key personnel; (6) the business, economic and political conditions in the markets in which the Company operates; (7) the volatility of oil and natural gas prices; (8) the Company’s success in discovering, estimating, developing and replacing oil, natural gas and helium reserves; (9) risks of the Company’s operations not being profitable or generating sufficient cash flow to meet its obligations; (10) risks relating to the future price of oil, natural gas, NGLs and helium; (11) risks related to the status and availability of oil, natural gas and helium gathering, transportation, and storage facilities; (12) risks related to changes in the legal and regulatory environment governing the oil, gas and helium industry, and new or amended environmental legislation and regulatory initiatives; (13) risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; (14) technological advancements; (15) changing economic, regulatory and political environments in the markets in which the Company operates; (16) general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; (17) actions of competitors or regulators; (18) the potential disruption or interruption of the Company’s operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company’s control; (19) pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; (20) inflationary risks and recent changes in inflation and interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; (21) risks related to military conflicts in oil producing countries; (22) changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; (23) the amount and timing of future development costs; (24) the availability and demand for alternative energy sources; (25) regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; (26) uncertainties inherent in estimating quantities of oil, natural gas and helium reserves and projecting future rates of production and timing of development activities; (27) risks relating to the lack of capital available on acceptable terms to finance the Company’s continued growth, potential future sales of debt or equity and dilution caused thereby; (28) the review and evaluation of potential strategic transactions and their impact on stockholder value and the process by which the Company engages in evaluation of strategic transactions; and (29) other risk factors included from time to time in documents U.S. Energy files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and future annual reports and quarterly reports. These reports and filings are available at www.sec.gov. Unknown or unpredictable factors also could have material adverse effects on the Company’s future results.

    The MIL Network –

  • MIL-OSI: CareCloud Achieves Record-Breaking Shareholder Turnout and Record Yes Votes to Approve Increase in Authorized Shares

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., Jan. 27, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leading provider of healthcare technology and generative AI solutions for medical practices and health systems nationwide, today held its special meeting (“Special Meeting”) of CareCloud’s common stock shareholders. At the Special Meeting, a record-breaking 10.8 million shareholders, representing 85% of the votes cast, approved an amendment to the Company’s Certificate of Incorporation to increase the Company’s authorized shares of common stock from 35 million to 85 million shares.

    “We thank our shareholders for their overwhelming support of our proposal,” said Stephen Snyder, Co-Chief Executive Officer of CareCloud.

    The detailed voting results are reflected in the Form 8-K to be filed today with the Securities and Exchange Commission (the “SEC”). Certain information contained in this press release is a summary of relevant portions of the Definitive Proxy Statement and other materials filed with the SEC. The entirety of the filings is available on the SEC’s website and on https://ir.carecloud.com/common-stock-special-proxy.

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    To listen to video presentations by CareCloud’s management team, read recent press releases and view our latest investor presentation, please visit ir.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:

    Stephen Snyder
    Co-CEO
    CareCloud, Inc.
    ir@carecloud.com 

    The MIL Network –

  • MIL-OSI USA: Senator Marshall joins NewsNation: The Hill to Discuss President Trump’s First Week in Office

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined NewsNation: The Hill to discuss President Trump’s first week in office, promises made and promises kept, and Cabinet confirmation hearings, including RFK. Jr who will be testifying this week in front of both the Finance Committee and Health, Education, Labor, and Pensions (HELP) Committee. Senator Marshall sits on both committees, and has been an advocate for RFK Jr. and Making America Health Again.
    You may click HERE or on the image above to watch Senator Marshall’s full interview. 
    Highlights from Senator Marshall’s interview include:
    On Trump’s Removal of Inspectors General: 
    “First of all, remind everybody President Reagan did basically the same thing. Look, these inspector generals have lost their way, and this is part of President Trump’s promises made, promises kept. He said he was going to drain the swamp over the past several years, record amounts of improper payments from the federal government – $250 billion of improper payments. The inspector generals have turned from a watchdog into somebody who’s protecting the agency. So he’s cleaning house, he’s starting over, and I think it’s a great move.” 
    “There are some really good people there, right? But I think when you sit there trying to sort out the good guys from the bad guys, sometimes you have to let them all go, and then, like President Reagan, maybe you rehire some of them as well, but we’ll get the reports eventually. But we need people working for the American people, not for the agency.”
    On RFK Jr. Path Forward for Confirmation: 
    “Farmers and ranchers, just like Bobby Kennedy and myself, want America to be healthy again, and they’re all in. I think that Bobby would share with you is that the farmers and ranchers are indeed the heroes. I think that Bobby recognizes that 90% of rural America supported President Trump. Every time I see President Trump, the first thing he asks me is, Roger, how are your farmers and ranchers doing.”
    “We’re already doing so many of the things that Bobby is talking about. Precision agriculture is not a dream anymore, that we are growing more with less. We’re growing more food with less fertilizers, with less pesticides. Soil health we’re embracing, that nobody more than sorghum is in the sorghum industry… We’re doing regenerative soil practices already.”
    “Last point I’ll make is this- President Trump ran on two things, I think. He ran on making America more prosperous, and then on security. And one of the things he said is grocery prices, so we can’t do anything that’s inflationary. So we got to thread this needle. We need more innovation, but we don’t need inflation. And you know, my job is to help bridge that gap, and I’m just all in with Bobby to help Make America Healthy Again. 60% of Americans with a chronic disease right now, and I think a lot of that’s impacted by what they eat and the toxins exposed to.”
    “I think Bobby, like myself, believes in the sanctity of the relationship between the patient and the doctor, and I want to make sure that we provide the mom, whether it’s my daughter or my daughter in law… We want to make sure that they have the right information, and I don’t think the CDC has done a good job on providing us that information… mostly there’s not enough transparency around it. A little common sense is going to go a long way. And I think Bobby Kennedy will thread the needle… I think the priority will be nutrition and the toxins that we are exposed to.”
    “I think what you’re going to hear Bobby say is the President’s policies are my policies. Bobby and I don’t agree on everything, but we agree that we want to Make America Healthy Again. We share the same goals. He’s a game changer. I think that, and more importantly, is this, there is an army, a groundswell of people out there that are supporting him.”
    On Kansas Troops Deployed to Southern Border:
    “So I’m very grateful for those people that volunteered to wear the uniform, realizing that the southern border is a national security issue, if anybody understands and appreciates their families. I served my dad, served my brother, served my son is serving. I appreciate them, and some 300 soldiers are going to be going to that border.” 
    “But what I’m upset about is this summer, 3,000 soldiers from Fort Riley are going to Europe next year, another 5,000 soldiers from Fort Riley going to Europe. Why do we need 100,000 soldiers from the United States in Europe?”

    MIL OSI USA News –

  • MIL-OSI USA: Crapo Urges Senate Colleagues to Support Scott Bessent to be Treasury Secretary

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) delivered remarks on the Senate Floor urging his Senate colleagues to support Scott Bessent to be Secretary of the U.S. Department of the Treasury.

    As delivered:
    “Thank you, Mr. President.
    “In about an hour or so, we are going to vote on cloture on the nomination for Scott Bessett to be the Treasury Secretary of the United States, and I rise today to urge my colleagues to vote in favor of this motion.
    “A Treasury Secretary heads the agency charged with supporting economic growth, representing U.S. interests before foreign nations and global financial markets and organizations, managing the federal treasury and overseeing financial institutions, to name just a few of those important responsibilities. 
    “Past successful Treasury Secretaries have understood business and financial markets, as well as foreign policy, national security, budgets and regulation.
    “Mr. Bessent’s impressive background positions him for similar success.  He has worked for the last three decades as one of the sharpest minds in the global financial industry.  He has decades of academic, professional and leadership experience relevant to these positions.
    “When it comes to Mr. Bessent qualifications, there is no room for debate.  His background and training are tailor made for the for this role, and he has the demeanor and character to be an effective secretary.  His powerful presentation at his hearing about his desire to serve in government in order to make a meaningful difference was impressive to all.
    “It includes restoring prosperity and opportunity that our nation experienced during President Trump’s first term in office.  As Mr. Bessent stated, accomplishing key tasks like extending vital tax cuts for all Americans is literally a pass/fail exercise, and I look forward to working closely with him to ensure that we succeed.
    “I strongly agree with a sentiment my colleague Senator Graham shared at the nomination hearing that if qualifications – and I might add, character – are one’s test, voting to confirm Mr. Bessent is one of the easiest we could ever take. 
    “In prior congresses, I’ve joined with many of my Republican colleagues in voting for well-qualified Treasury Secretary candidates put forward by a Democrat president, even though I didn’t agree with all of the positions they advocated.  Mr. Bessent’s candidacy ought to enjoy similar support, and I encourage my colleagues on both sides of the aisle to join with me in advancing his nomination.
    “He is the right person for this job, and I commend President Trump, in making such an excellent selection.”

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Storm Éowyn recovery

    Source: Scottish Government

    Impacts continue to be felt.

    The Scottish Government’s Resilience Room (SGORR) met this afternoon to hear about further progress to reconnect power and reopen rail lines and schools following Storm Éowyn.

    It heard:

    • 5,900 properties are without power, with the vast majority expected to be reconnected in the course of today or tomorrow
    • Network Rail has restored enough infrastructure to allow around 75% of services to resume, and is working at pace to open up the remaining lines
    • At least two schools are confirmed to be closed tomorrow

    Justice and Home Affairs Secretary Angela Constance said:

    “Three days after the worst of Storm Éowyn, we can see how the sheer scale of the damage continues to impact Scotland’s return to normal. I want to thank everyone who is playing their part, day and night, to get services back up and running.

    “Utilities companies are working as fast as possible, in often challenging in weather conditions, and have reconnected over 280,000 properties. Around 5,900 properties are still without power and companies are in touch with those households to estimate restoration times and offer welfare or other support.

    “While trunk roads and ferries are largely operating as normal, the railway continues to recover and Network Rail has experienced over 500 incidents. ScotRail were scheduled to operate 50% of services today but this has increased to around 73% over the course of today. We can however expect continued disruption on some lines to last until later this week, so I would ask passengers to be patient and check ScotRail and Network Rail information before they travel. 

    “A very small number of schools will be closed tomorrow and relevant councils will be in touch with parents and pupils where appropriate.”

    Background 

    SGoRR was chaired by Justice and Home Affairs Secretary Angela Constance and attended by Transport Secretary Fiona Hyslop, Education Secretary Jenny Gilruth, Rural Affairs and Islands Secretary Mairi Gougeon and Minister for Agriculture and Connectivity Jim Fairlie. They were joined by representatives from the Met Office, Police Scotland, Transport Scotland, SEPA, transport and utilities companies and resilience partners.

    Met Office weather warnings are available on the Met Office website. 

    Flood alerts are issued by the Scottish Environmental Protection Agency and can be viewed on their website. 

    Advice on preparing for severe weather can be found on the Ready Scotland website.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Federal Court Orders Lions of Forex and Owner to Pay $685,000 For Foreign Currency Fraud

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced the Southern District of Florida entered orders of default final judgement against Roberto Pulido aka Berto Delvanicci and his company, Lions of Forex LLC, both of Miami, Florida.
    The orders stem from the CFTC’s complaint filed Sept. 28, 2023, charging Pulido with fraudulently soliciting at least four clients to trade leveraged or margined retail off-exchange foreign currency (forex) and charging LOF with aiding and abetting Pulido’s fraudulent scheme [See CFTC Press Release No. 8795-23].
    Under the terms of the orders, the defendants are required to pay, jointly and severally, approximately $172,000 in restitution to defrauded clients and over $516,000 in civil monetary penalties. The court’s decision also permanently enjoins the defendants from engaging in conduct that violates the Commodity Exchange Act, as charged, and permanently bans them from registering with the CFTC and from trading in any CFTC-regulated markets. The orders resolve the CFTC’s lawsuit against both defendants.
    Case Background
    The orders filed Nov. 13, 2024, find from approximately January 2019 to March 2021, Pulido, aided by LOF, fraudulently solicited clients to trade leveraged or margined retail off-exchange forex on their behalf. Several clients subscribed to a retail forex signals trading service LOF offered that would send signals to buy or sell retail forex for a monthly fee, and, for a higher monthly fee, offered live one-on-one training with Pulido. LOF offered this signals trading service through its website which touted Pulido as a “seven-figure trader.” Pulido, in various social media platforms claimed significant profits trading retail forex. After prospective clients were identified through LOF’s signals subscriptions, Pulido made various material misrepresentations and omissions to the clients, including falsely representing they would earn guaranteed monthly profits by having Pulido use his discretion to trade retail forex on their behalf, and clients could withdraw their funds at any time. However, Pulido failed to pay the promised monthly returns and when clients requested their funds, he did not return a significant portion of the clients’ funds.
    The orders also find LOF aided Pulido’s fraud by, among other things, receiving client funds into its own bank accounts; allowing Pulido to use the accounts in connection with his fraudulent scheme; touting Pulido’s supposed trading expertise on the LOF website; and using the LOF email address to communicate with clients whom Pulido defrauded.   
    The CFTC appreciates the assistance of the Florida Office of Financial Regulation, the Eastern Caribbean Securities Regulatory Commission, and the Financial Services Authority of St. Vincent & the Grenadines.
    The Division of Enforcement staff responsible for this action include Elizabeth C. Brennan, David MacGregor, Lenel Hickson, Manal S. Sultan and former staff member Steven I. Ringer.   
    CFTC’s Commodity Fraud Advisory
    The CFTC has issued several customer protection fraud advisories that provide the warning signs of fraud, including the Foreign Currency (Forex) Trading Fraud Advisory, to help customers identify this sort of scam.
    The CFTC strongly urges the public to verify a company’s registration with the Commission at NFA BASIC before committing funds. If unregistered, a customer should be wary of providing funds to that entity
    Suspicious activities or information, such as possible violations of commodity trading laws, should be reported to the Division of Enforcement via a Toll-Free Hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online or contact the CFTC Whistleblower Office.  Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected paid from the CFTC Customer Protection Fund financed through monetary sanctions and paid to the CFTC by violators of the CEA.

    MIL OSI USA News –

  • MIL-OSI Security: Owners of Florida Labor-Staffing Companies Sentenced for Tax and Immigration Fraud and Money Laundering

    Source: United States Attorneys General 13

    Two Ukrainian nationals who were extradited from the Kingdom of Thailand to the United States in September 2024 were sentenced today on charges related to labor-staffing companies they operated in Florida. Oleg Oliynyk and Oleksandr Yurchyk were each sentenced to 15 years in prison for conspiracy to defraud the United States and conspiracy to commit money laundering.

    According to court documents, Oliynyk, Yurchyk and others owned and operated a series of labor-staffing companies in South Florida — including Paradise Choice LLC, Paradise Choice Cleaning LLC, Tropical City Services LLC and Tropical City Group LLC — from at least April 2008 and August 2021. Through these staffing companies, Oliynyk, Yurchyk and co-defendants Oleksandr Morgunov, Mykhaylo Chugay and Volodymyr Ogorodnychuk facilitated the employment of non-resident aliens in the hospitality industry who were not authorized to work in the United States and helped evade the assessment and collection of more than $25 million of federal income and employment taxes.

    In addition to the term of imprisonment, U.S. District Court Judge Jose E. Martinez ordered Oliynyk and Yurchyk to each serve three years of supervised release, pay $10,863,233.05 in restitution to the United States and to forfeit $11 million.

    Oliynyk and Yurchyk are the latest defendants sentenced as part of Operation RoomKey, a joint criminal investigation initiative led by the Tax Division, the U.S. Attorney’s Office for the Southern District of Florida, Homeland Security Investigations (HSI) and IRS Criminal Investigation (IRS-CI).

    Co-defendant Chugay, was convicted at trial in June 2022, and was sentenced in August 2022 to more than 24 years in prison. Co-defendants Morgunov and Ogorodnychuk each pleaded guilty and were sentenced to 96 months in prison and 48 months in prison, respectively.

    In March 2022, Mikus Berzins, former City of Key West Police Officer Igor Kasyanenko, Roman Riabov and Andrejs Kozlovs each pleaded guilty to their crimes in the operation of the labor staffing company, Phoenix ADB Services Inc. (Phoenix ADB), which, according to court records, facilitated the employment of aliens without work authorization.

    In May 2022, the court sentenced Igor Kasyanenko and Riabov to 22 months and 18 months in prison, respectively, for their roles in the tax and immigration conspiracy. The court also sentenced Berzins and Kozlovs to 28 months and 12 months in prison, respectively, for knowingly hiring ten or more aliens who were not authorized to work in the United States. Later, in September 2023, Nataliya Vasylivna Kasyanenko, a former housekeeping manager at a large Key West hotel, was sentenced for participating in the tax and immigration conspiracy related to the operation of Phoenix ADB.

    Batyr Myatiev, the owner and operator of two labor staffing companies, AmeriHos LLC and Golden Sands Management LLC, pleaded guilty in March 2023 and was sentenced in June 2023 to 32 months in prison. According to court records, Myatiev’s labor staffing companies caused a tax loss to the United States of more than $3.5 million and facilitated the employment of aliens without work authorization.

    In July 2023, Eka Samadashvili and Davit Pavliashvili were sentenced for their respective roles in the operation of several labor staffing companies, including PSEB Services JD Inc., Paradise Hospitality Solutions LLC, Paradise Hospitality Group LLC, Paradise Hospitality Inc. and HBSM Corp. According to court records, these labor staffing companies caused a tax loss to the United States of more than $8.4 million and facilitated the employment of non-resident aliens in hotels, bars and restaurants in Key West and elsewhere who were not authorized to work in the United States.

    Finally, in March 2024, Petr Sutka was sentenced to four years in prison for his role in operating a series of labor staffing companies — including PSEB Specialty Service Inc., Perfect Service Excellent Benefits Services Inc., Starline Hospitality Inc., Norbert Janitorial Service Inc., E.S.F. Services Inc. and Expert Services F.S. Inc. — which, according to court records, caused a tax loss to the United States of more than $3.5 million and facilitated the employment of aliens without work authorization. In April 2024, Sutka’s co-defendants, Zdenek Strnad and Vasil Khatiashvili, were each sentenced to more than three years, respectively, for their roles in the tax and immigration conspiracy.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Michael S. Davis for the Southern District of Florida made the announcement.

    HSI and IRS-CI are investigating the case.

    Senior Litigation Counsel Sean Beaty and Trial Attorneys Jessica A. Kraft, Matthew C. Hicks and Wilson Rae Stamm of the Tax Division and Senior Litigation Counsel Chris Clark for the U.S. Attorney’s Office for the Southern District of Florida are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Eight Defendants Arrested on Federal Grand Jury Indictment Alleging Large-Scale Smuggling Scheme from China through L.A.-Area Ports

    Source: Office of United States Attorneys

    LOS ANGELES – Federal law enforcement has arrested eight defendants charged in an indictment alleging a conspiracy among logistic companies’ executives, warehouse owners and truck drivers to smuggle hundreds of millions of dollars’ worth of counterfeit and other illegal goods from China into the United States via the Ports of Los Angeles and Long Beach, the Justice Department announced today.

    The 15-count indictment, returned last month and unsealed Friday, charges nine defendants with conspiracy, smuggling and breaking customs seals. The defendants allegedly took containers flagged for off-site secondary inspection, unloaded the contraband, then stuffed the targeted containers with filler cargo to deceive customs officials and evade law enforcement.

    During the investigation into this group, investigators seized more than $130 million in contraband, and the organization is believed to be responsible for smuggling at least $200 million worth of goods. According to the indictment, a search of one warehouse used by the group led to the seizure in June 2024 of $20 million worth of counterfeit items including shoes, perfume, luxury handbags, apparel and watches.

    Seven defendants were arrested Friday, an eighth was taken into custody Saturday evening, and one defendant is a fugitive. The seven arrested last week were arraigned Friday in United States District Court, where each pleaded not guilty to the charges against them. A trial date was scheduled for March 18. The eighth defendant, who was arrested on unrelated state charges, is expected to be arraigned in federal court in the coming days.

    “Secure seaports and borders are critical to our national security,” said Acting United States Attorney Joseph T. McNally. “The smuggling of huge amounts of contraband from China through our nation’s largest port hurts American businesses and consumers. The charges and arrests here demonstrate our commitment to enforce our customs laws and keep the American public safe.”     

    “Homeland Security Investigations (HSI) Los Angeles and its partners are committed to enforcing customs laws and practices, facilitating legitimate trade, and protecting the integrity of the nation’s supply chain,” said HSI Los Angeles Special Agent in Charge Eddy Wang. “The $1.3 billion dollars’ worth of contraband seized during the investigation into this type of scheme illuminates how complex smuggling schemes try to exploit our legitimate trade practices and the American consumer.”

    The 15-count indictment details a conspiracy to coordinate the shipment of large quantities of contraband from China to the United States through the Port of Los Angeles from at least August 2023 to June 2024. The defendants charged are:

    • Weijun Zheng, 57, a.k.a. “Sonic,” of Diamond Bar, the lone fugitive in the case, who controls several logistics companies operating in the Los Angeles area;
    • Hexi Wang, 32, of El Monte, who manages K&P International Logistics LLC, a City of Industry-based company that hires commercial truckers to transport shipping containers from the Port of Los Angeles;
    • Jin “Mark” Liu, 42, of Irvine, the owner of K&P International Logistics LLC and who managed the finances of one of the warehouses where contraband was unloaded and issued payments to truck drivers who transported smuggled goods;
    • Dong “Liam” Lin, 31, of Hacienda Heights, who – along with Zheng – controlled and operated one of the contraband warehouses;
    • Marck Anthony Gomez, 49, of West Covina, the owner and operator of Fannum Trucks LLC, a West Covina-based company that coordinated the movement of shipping containers from the Port of Los Angeles, including large shipments of contraband smuggled into the United States from China;
    • Andy Estuardo Castillo Perez, 32, of Apple Valley, a driver for M4 Transportation Inc., a Carson-based company that transports shipping containers from the Port of Los Angeles;
    • Jesse James Rosales, 41, of Apple Valley, who coordinated truckers from the ports to warehouses;
    • Daniel Acosta Hoffman, 41, of Hacienda Heights, worked with Rosales to bring cargo containers from the Port of Los Angeles to warehouses; and
    • Galvin Biao Liufu, 33, of Ontario, directed and managed truck drivers to bring the contraband into the warehouses.

    According to the indictment, Zheng, Wang, Liu and others maintained and operated warehouses to store, conceal and sell large amounts of contraband goods that were illegally imported into the United States from China. When the contraband containers were selected by U.S. Customs and Border Protection (CBP) for inspection, the defendants hired commercial truck drivers to transport the containers from the Port of Los Angeles to locations that the conspirators controlled, including warehouses in the City of Industry that were controlled or managed by Zheng, Wang and others.

    At these locations, co-conspirators broke the security seals on the shipping containers and removed the contraband from inside. Then, they affixed counterfeit security seals onto the containers to conceal that cargo had been removed from them. Zheng, Wang and others then directed co-conspirators to transport the containers – after they had been emptied of much of their original cargo and re-secured with counterfeit seals – to CBP-authorized locations for the remaining cargo to be presented to customs officials for inspection.

    Zheng, Wang, Liu and others paid fees to co-conspirators, including Gomez and Castillo Perez, that were substantially above normal trucking fees to transport the contraband shipping containers.

    To date, law enforcement has seized more than $1.3 billion worth of counterfeit goods associated with this and similar seal-swapping schemes.

    “It was a team of CBP agriculture specialists assigned to the Los Angeles/Long Beach seaport who in 2023, during a routine examination of a container made the initial discovery,” said Cheryl Davies, U.S. Customs and Border Protection, Director of Field Operations in Los Angeles. “This case attests to their unwavering vigilance, upmost professionalism, and keen focus in protecting the integrity of lawful trade, a key component of our critical national security mission.”

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

    If convicted of all charges, the defendants would face a statutory maximum sentence of five years in federal prison for each conspiracy count, up to 10 years in federal prison for each count of breaking customs seals, and up to 20 years in prison for each smuggling count.

    Homeland Security Investigations, U.S. Customs and Border Protection, and Coast Guard Investigative Services are investigating this matter.

    This effort is part of an Organized Crime Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF. 

    Assistant United States Attorneys Colin S. Scott and Amanda B. Elbogen of the Terrorism and Export Crimes Section are prosecuting this matter.

    MIL Security OSI –

  • MIL-OSI USA: Now Open: Free, Easy Online Tax Filing

    Source: US State of New York

    Governor Kathy Hochul today urged New Yorkers to consider using the Direct File program in New York State to ease the burden of filing taxes. The joint project with the IRS, available starting today, allows taxpayers to file their federal and state taxes online at no cost. Building on Governor Hochul’s initiative to make New York more affordable, this program helps the average New York taxpayers save around $260 in tax preparation fees.

    “Direct File is a common-sense approach to filing taxes,” Governor Hochul said. “If you have a basic return, you’ll find that it’s easy to complete the process and that you can save hundreds of dollars in tax preparation fees.”

    The Tax Department estimates that 3.4 million New Yorkers will be able to use Direct File this year. To find out if you’re eligible, visit the New York State Tax Department’s webpage.

    New York State Department of Taxation and Finance Acting Commissioner Amanda Hiller said, “Direct File is a safe, secure system that you can access from a smartphone or desktop computer. Qualified New Yorkers can answer simple questions instead of filling out forms or paying a preparer to complete their income return.”

    New York piloted Direct File with the IRS in 2024. In its first year, the program was open for a limited time to a limited number of taxpayers. Some 14,000 New Yorkers used Direct File last year and 96 percent reported a positive experience.

    The 2025 Direct File Program — available starting today — expands eligibility, covering more tax credits and different types of income. The Tax Department estimates that 3.4 million New Yorkers will be able to use Direct File this year. New Yorkers with 2024 wages of up to $200,000, or $250,000 if filing a joint return, may qualify.

    Direct File is part of Governor Hochul’s ongoing effort to save New Yorkers money and improve government services. As part of her FY 2026 Budget, Governor Hochul proposed a middle class tax cut to deliver nearly $1 billion in tax relief to more than 8.3 million New Yorkers. When fully phased in, the middle class tax cut will deliver hundreds of dollars in average savings to nearly 77 percent of filers — representing three out of every four taxpayers. Additionally, Governor Hochul proposed New York’s first-ever inflation refund that will put $3 billion back in the pockets of 8.6 million taxpayers. Joint tax filers who make $300,000 or less will receive a $500 payment and all single New York taxpayers who make $150,000 or less will receive a $300 payment. Governor Hochul also proposed a vast expansion of New York’s Child Tax Credit that will double or triple the current credit in many cases, offering up to $1,000 annually per child under four and up to $500 per child aged four to 16. This marks the largest increase in the credit’s history, significantly surpassing the current maximum of $330 per child.

    More information on the Governor’s Affordability Agenda is available online.

    For more information on Direct File, visit the New York State Tax Department’s webpage.

    MIL OSI USA News –

  • MIL-OSI: Radix and Celanese Partnership Leverages AI to Harness the Power of Industrial Data

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Jan. 27, 2025 (GLOBE NEWSWIRE) — Radix, a global technology solutions company at the forefront of industrial digital transformation, and Celanese, a global chemical and specialty material company, are proud to collaborate with Cognite, the global leader in data and AI for industry, on the development of JO.AI, a groundbreaking generative AI-powered solution designed to revolutionize operations in asset-intensive industries.

    Born from the successful development and implementation at Celanese by Radix through their engineering intelligence expertise – and powered by Cognite Data Fusion®, the market-leading DataOps and AI platform for enterprise-scale, complex industrial data management projects – JO.AI is poised to redefine how industrial manufacturers leverage data for enhanced productivity and operational excellence at scale.

    JO.AI will be showcased at the upcoming ARC Industry Leadership Forum 2025 taking place in Orlando, Florida, from February 10-13 under the theme “On the Ground: Accelerate. Optimize. Scale.” Radix will showcase and discuss how the powerful industrial solution is optimizing the future of smart digital manufacturing, directly addressing the challenges faced across industries such as Energy, Chemical, Manufacturing, Oil & Gas, Power Generation & Distribution, Pulp & Paper, and Metals, Mining & Minerals. Industrial manufacturers often struggle to unlock the full potential of their data, even with the presence of data aggregators.

    JO.AI solves this problem by acting as an advanced Industrial Copilot, enabling intuitive, natural language interaction with the Industrial Knowledge Graph provided by Cognite Data Fusion® to make complex data easier to access and action into intelligence tailored specifically for the process industry. JO.AI leverages Cognite Data Fusion’s unmatched data management and comprehensive AI infrastructure to enable the Gen AI application to carry out more complex operations with greater accuracy.

    With Cognite Data Fusion® as its backbone, JO.AI combines operational insights with pre-trained AI agents focused on specific process use cases. “AI has proven to be a valuable business catalyst in today’s dynamic manufacturing landscape, offering unparalleled opportunities for optimization and innovation,” said Sameer Purao, Senior Vice President and CIO at Celanese. “We developed JO.AI – in collaboration with Radix, on top of the robust data foundation provided by Cognite Data Fusion® – to harness the power of AI to improve efficiency, reduce costs and elevate overall productivity.

    Additionally, AI enables smart production through real-time data analysis, facilitating data-driven decisions, process optimization and swift response to market demand. Incorporating AI into our manufacturing operations is not just a technological advancement, but also a competitive advantage.”

    “Digital transformation, especially with AI-powered solutions, is only as strong as the data foundation it’s built upon,” said Bill Hendricks, President of Cognite Americas. “Cognite accelerates time-to-value by enabling seamless integration and management of complex industrial data, providing the essential infrastructure for innovative applications like JO.AI. Working alongside a forward-thinking partner like Radix, who shares our commitment to pushing the boundaries of industrial innovation, we empower organizations to unlock unprecedented value from their data and drive real operational impact.”

    JO.AI empowers operators and engineers in four key areas:

    1. Optimized Operator Rounds: JO.AI provides insights that ensure operations teams are focusing their rounds on the right checklists.

    2. Data-Driven Checklist Management: It recommends the optimal frequency of checklist items, identifies areas with high-volume issues, and highlights deviations.

    3. Balanced Workload: JO.AI helps ensure that the checklist workload is appropriate for each shift.

    4. Streamlined Maintenance: The solution facilitates maintenance and work notification opportunities, recommending resource plans and even assisting operators in writing work orders.

    “JO.AI represents a significant leap forward in the application of AI for industrial settings and asset intensive industries,” said Alex Clausbruch, CEO of Radix North America. “By combining Radix’s expertise in AI and software development with Celanese’s deep industry knowledge, we’ve created a solution that not only addresses the current challenges of data utilization but also unlocks new levels of efficiency and optimization. We believe JO.AI will be a game-changer for asset-intensive industries.”

    “The development of JO.AI is a testament to the power of collaboration and innovation,” added Justin Conroy, Vice President, Digital Product Portfolio at Radix. “We’ve worked closely with Celanese to ensure that JO.AI meets the specific needs of industrial operators worldwide. This solution is not just about technology; it’s about empowering people and teams with the insights they need to make better decisions and drive real business value.”

    Radix will be participating as a Gold Sponsor at the ARC Leadership Forum 2025 in Orlando next month with several opportunities to engage with industry leaders, customers, partners and learn more about JO.AI and its capabilities.

    About Radix

    Founded in 2010, Radix is a privately held global technology solutions company providing consulting, engineering, operations technology, and data and software technology solutions. Radix combines key capabilities and practices to empower customers to thrive along their digital transformation journey. Radix provides technology-based, data-driven solutions to industrial and non-industrial companies worldwide. Radix has experience leading projects in more than 30 countries and has more than 1,700+ employees around the globe, with North American headquarters in Houston, Texas, main headquarters in Rio de Janeiro, additional offices in Sao Paulo and Belo Horizonte, and a presence in Singapore and Amsterdam. To learn more, visit www.radixeng.com.

    About Celanese

    Celanese is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We are committed to sustainability by responsibly managing the materials we create for their entire lifecycle and are growing our portfolio of sustainable products to meet increasing customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese is a Fortune 500 company that employs approximately 12,400 employees worldwide with 2023 net sales of $10.9 billion.

    About Cognite

    Cognite makes Generative AI work for industry. Leading energy, manufacturing, and power & renewables enterprises choose Cognite to deliver secure, trustworthy, and real-time data to transform their asset-heavy operations to be safer, more sustainable, and more profitable. Cognite provides a user-friendly, secure, and scalable platform that makes it easy for all decision-makers, from the field to remote operations centers, to access and understand complex industrial data, collaborate in real time, and build a better tomorrow. Visit us at www.cognite.ai and follow us on LinkedIn and X.

    For more information:
    Citalouise Geiggar, Ph.D.
    citalouise.geiggar@radixeng.com 
    Radix

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/05e54c82-5dbb-4054-b519-e0f42ecc5bf1

    The MIL Network –

  • MIL-OSI United Kingdom: Minister visits Sri Lanka strengthening UK partnership and boosting growth

    Source: United Kingdom – Executive Government & Departments

    Minister for the Indo-Pacific Catherine West visits Sri Lanka with a focus on boosting exports and economic growth.

    • UK Minister for the Indo-Pacific set to meet with new Sri Lankan government minsters as part of the first official visit of new UK government.  
    • Minister will set out plans to strengthen UK-Sri Lanka partnership – from inclusive economic growth, anti-corruption, human rights to national reconciliation.
    • The Minister will welcome new export initiatives set to bolster UK-Sri Lanka trade.

    Inclusive economic growth, anti-corruption, human rights and national reconciliation are on the agenda as Catherine West, Minister for Indo-Pacific will meet President Anura Kumara Dissanayake and other key government ministers.  

    The visit marks the first ministerial visit to Sri Lanka since the formation of new governments in both countries.  

    The Minister will strengthen valuable UK-Sri Lanka trade links, boosting growth for UK and Sri Lankan businesses. She will launch new export procedure handbooks, helping Sri Lankan businesses better access the UK market through the Developing Countries Trading Scheme (DCTS). 

    The Minister will also travel to Jaffna to emphasise the UK’s ongoing support for human rights, reconciliation, climate resilience and minority rights.  

    She will meet with local political leaders and civil society organisations working on post-conflict rehabilitation, as well as visiting the only FCDO-funded climate adaptation project which directly addresses groundwater depletion and its impact on agriculture and local communities.

    Minister for Indo-Pacific, Catherine West said:  

    I am so pleased to make my first official visit to Sri Lanka and meet the new government so soon after they have taken office. I have heard a lot about the country from my UK constituents of Sri Lankan heritage; and I have experienced their warm hospitality.   

    The UK and Sri Lanka share a dynamic modern partnership. I look forward to exploring our potential to grow our relationship through trade, economic growth and education. 

    I believe social and economic development are vital to sustained growth. The UK remains steadfast in our commitment to tackling corruption, supporting human rights progress including long-standing grievances, and taking action on the impacts of climate and nature.

    The Minister will meet the British Council to discuss the growing education partnership as Sri Lanka positions itself as regional hub for transnational education (TNE).  

    UK High Commissioner to Sri Lanka, Andrew Patrick said: 

    Minister Catherine West’s visit marks an important moment – the first meeting of our two new governments. To see the Minister visit so soon after elections underscores the UK government’s commitment to strengthening our bilateral partnership. We’ll see lots of activity in the months ahead, as we work with the government on their agenda of reform.

    The visit highlights the shared ambition of our two governments to deepen collaboration, and address shared challenges such as economic growth, climate change and human rights. 

    Background

    • The minister will meet with Prime Minister Harini Amarasuriya and Foreign Minister Vijitha Herath. 
    • The Developing Countries Trading Scheme cuts tariffs, removes conditions and simplifies trading rules for 65 developing countries.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 27 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Cambodia

    Source: IMF – News in Russian

    January 27, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Cambodia.

    Cambodia’s economy has continued to recover, albeit at a modest pace. We project real GDP to grow from 5.5 percent in 2024 to 5.8 percent in 2025 and inflation to pick up from 0.5 percent in 2024 to 2 percent in 2025 and remain contained. However, risks to the outlook are tilted to the downside from both external factors and domestic vulnerabilities, including from policy changes by major trading partners, geoeconomic fragmentation, and continued weakness in the construction and real estate sectors.

    The recovery remains uneven. Real GDP growth is driven mainly by external demand, with a strong rebound in garment exports and high growth in agricultural exports. Tourism has experienced a structural shift in its composition, resulting in a lagged recovery in tourism receipts. Growth in non-tradable sectors remains weak. After a sustained credit expansion that lifted the credit-to-GDP ratio from 24 percent in 2010 to 135 percent in 2023, credit growth has come to a near halt. The construction and real estate sectors are undergoing a correction, with rising non-performing loans and emerging signs of private-sector debt overhang.

    We project the fiscal deficit at 2.4 percent of GDP in 2025, down from 3 percent in 2024, with a gradual fiscal consolidation envisaged in the medium-term fiscal framework. Public debt remains well-contained, staying below 30 percent of GDP over the next decade. The current account balance is projected to swing back to a deficit of 1.8 percent of GDP in 2024 as strong demand for imports outpaces the recovery in exports and tourism. The deficit is projected to increase somewhat in 2025, reaching 2.5 percent of GDP, with export growth expected to moderate. 

    Executive Board Assessment2

    Executive Directors welcomed the continuing recovery of the Cambodian economy, driven by strong growth in garment and agricultural exports, and improving tourism activity. Nonetheless, the recovery has been uneven, and while growth is expected to continue, risks to the outlook are tilted to the downside. Directors underscored the importance of policies to safeguard macro financial stability, ensure a durable and inclusive recovery, and achieve the authorities’ development goals over the medium term.

    Directors supported a neutral fiscal stance in the near term and highlighted the importance of gradual and high-quality consolidation over the medium term underpinned by sound fiscal frameworks to maintain debt sustainability and strengthen economic resilience. They welcomed the recent publication of a medium-term fiscal framework but recommended strengthening it with more conservative and transparent fiscal rules. Directors stressed the need to further mobilize revenues through rationalizing tax exemptions and implementing tax policy reforms, while enhancing spending efficiency and strengthening public investment management, in order to help rebuild fiscal buffers and safeguard priority social and capital spending. Directors welcomed efforts to foster the development of the domestic government bond market as Cambodia’s access to concessional foreign financing will be reduced when it graduates from Least Developed Country status. They also stressed the need for sound management of fiscal risks from state-owned enterprises and public-private partnerships.

    Directors supported the measured pace of monetary policy normalization while maintaining adequate financial system liquidity. They encouraged continuing efforts to modernize the monetary policy framework to enhance policy transmission and support de-dollarization. Noting the ongoing corrections in the construction and real estate sectors, declining FDI inflows, and rising nonperforming loans, Directors encouraged phasing out forbearance measures and developing a comprehensive plan to safeguard financial stability. They recommended strengthening risk-based supervision, improving macroprudential policy, enhancing coordination among financial sector supervisory agencies, and intensifying oversight of the real estate sector.

    Directors highlighted the importance of structural reforms to promote economic diversification and improve competitiveness. They encouraged the authorities’ efforts to enhance human capital, invest in infrastructure, strengthen the business environment, address climate vulnerabilities, and promote renewable energy to attract more diversified FDI. They also underscored the importance of strengthening governance and institutions, improving transparency, enhancing the AML/CFT framework, and addressing data limitations through  capacity development.

    Table 1. Cambodia: Selected Economic Indicators, 2021 – 29 1/

    Per capita GDP (2022, US$): 1,546                   Life expectancy (2019, years): 75.5

    Population (2022, million):    16.7                    Literacy rate (2019, percent):  87.7
     

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    Est.

    Proj.

    Output and prices (annual percent change)

    		                  

    GDP at constant prices

    3.1

    5.1

    5.0

    5.5

    5.8

    6.2

    6.0

    6.0

    6.0

    Inflation (end-year)

    3.7

    2.9

    2.7

    1.5

    2.1

    3.2

    3.0

    3.0

    3.0

    (Annual average)

    2.9

    5.3

    2.1

    0.4

    2.1

    3.2

    3.0

    3.0

    3.0
                       

    Saving and investment balance

    (in percent of GDP)

    		                  

    Gross national saving

    0.8

    15.6

    33.6

    30.7

    30.0

    29.2

    29.2

    29.2

    29.3

    Government saving

    0.3

    3.1

    4.1

    5.1

    6.1

    7.1

    8.1

    9.1

    10.1

    Private saving

    0.5

    12.5

    29.5

    25.6

    23.9

    22.1

    21.1

    20.1

    19.2

    Gross fixed investment

    30.4

    34.6

    32.3

    32.5

    32.5

    32.5

    32.5

    32.5

    32.5

    Government investment

    6.6

    5.6

    5.8

    5.2

    4.5

    4.3

    4.2

    3.9

    3.8

    Private investment

    23.8

    29.0

    26.5

    27.4

    28.0

    28.2

    28.4

    28.6

    28.7
                       

    Money and credit (annual percent change, unless otherwise indicated)

    		                  

    Broad money

    16.4

    8.2

    12.5

    8.5

    7.9

    10.5

    11.3

    9.1

    9.0

    Private sector credit

    23.6

    18.5

    3.5

    4.0

    7.0

    10.0

    10.0

    10.0

    10.0

    Velocity of money 2/

    1.1

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0
                       

    Public finance (in percent of GDP)

    		                  

    Revenue

    15.8

    18.1

    15.9

    14.9

    14.9

    14.9

    15.0

    15.1

    15.2

    Domestic revenue

    14.7

    16.4

    14.7

    13.7

    13.7

    13.8

    14.0

    14.1

    14.4

    Of which: Tax revenue

    13.2

    14.7

    13.0

    12.1

    12.1

    12.2

    12.3

    12.5

    12.7

    Grants

    1.1

    1.7

    1.2

    1.2

    1.1

    1.1

    1.0

    0.9

    0.8

    Expenditure

    21.0

    18.4

    18.7

    17.9

    17.3

    17.1

    17.1

    17.2

    17.1

    Expense

    14.4

    12.8

    12.9

    12.7

    12.8

    12.8

    13.0

    13.3

    13.4

    Net acquisition of nonfinancial assets

    6.6

    5.6

    5.8

    5.2

    4.5

    4.3

    4.2

    3.9

    3.8

    Net lending (+)/borrowing(-)

    -5.2

    -0.3

    -2.8

    -3.0

    -2.4

    -2.2

    -2.1

    -2.1

    -2.0

    Net lending (+)/borrowing(-) excluding grants

    -6.3

    -2.0

    -4.0

    -4.2

    -3.6

    -3.3

    -3.2

    -3.0

    -2.8

    Net acquisition of financial assets

    -3.6

    1.4

    -0.3

    -0.2

    0.5

    0.3

    0.2

    0.3

    0.4

    Net incurrence of liabilities 3/

    1.6

    1.7

    2.5

    2.8

    2.9

    2.5

    2.4

    2.4

    2.4

    Total public debt (In percent of GDP)

    25.9

    25.0

    25.7

    26.8

    27.8

    27.8

    27.8

    27.7

    27.7

    Balance of payments (in millions of dollars, unless otherwise indicated)

    		                  

    Exports, f.o.b.

    19,527

    23,175

    23,569

    26,745

    28,595

    30,942

    33,449

    36,307

    39,457

       (Annual percent change)

    5.7

    18.7

    1.7

    13.5

    6.9

    8.2

    8.1

    8.5

    8.7

    Imports, f.o.b.

    -30,726

    -31,995

    -26,553

    -31,055

    -33,244

    -35,626

    -38,605

    -41,871

    -45,434

       (Annual percent change)

    46.4

    4.1

    -17.0

    17.0

    7.0

    7.2

    8.4

    8.5

    8.5

    Current account (including official transfers)

    -10,886

    -7,572

    555

    -847

    -1,269

    -1,794

    -1,993

    -2,175

    -2,283

        (In percent of GDP)

    -29.6

    -19.0

    1.3

    -1.8

    -2.5

    -3.3

    -3.3

    -3.4

    -3.2

    Gross official reserves 4/

    20,265

    17,805

    19,998

    20,753

    23,064

    26,887

    30,951

    35,422

    40,351

        (In months of prospective imports)

    7.0

    7.3

    6.9

    6.6

    6.9

    7.4

    7.9

    8.3

    8.7
                       

    Total public debt (in millions of dollars)

    9,505

    9,971

    11,187

    12,473

    13,932

    15,218

    16,508

    17,912

    19,453

    (In percent of GDP)

    25.9

    25.0

    25.7

    26.8

    27.8

    27.8

    27.8

    27.7

    27.7

    External debt (in millions of dollars, unless                                    otherwise indicated)

    		                  

    Public external debt

    9,505

    9,971

    11,187

    12,387

    13,726

    14,939

    16,178

    17,548

    18,978

    (In percent of GDP)

    25.9

    25.0

    25.7

    26.6

    27.4

    27.3

    27.2

    27.1

    27.0

    Public debt service

    397

    427

    449

    418

    439

    458

    482

    506

    533

    (In percent of exports of goods and services)

    2.0

    1.7

    1.6

    1.3

    1.3

    1.2

    1.2

    1.2

    1.1

    Nominal effective exchange rate (index, trade partners by CPI)

    113.3

    122.4

    123.3

    …

    …

    …

    …

    …

    …

    Real effective exchange rate

    (index, based on CPI)

    125.3

    134.0

    132.4

    …

    …

    …

    …

    …

    …

    Memorandum items:

    		                  

    Nominal GDP (in billions of Riels)

    150,793

    164,059

    177,719

    190,603

    205,946

    225,291

    245,726

    267,845

    292,066

    (In millions of U.S. dollars)

    36,797

    39,838

    43,304

    46,568

    50,180

    54,745

    59,548

    64,733

    70,395

    Sources: Cambodian authorities; and IMF staff estimates and projections.

    1/ Based on the rebased GDP.

    		                

    2/ Ratio of nominal GDP to the average stock of broad money.

    		                

    3/ Includes statistical discrepancy.

    		                

    4/ Includes unrestricted foreign currency deposits held at the National Bank of Cambodia.

    		                

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

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.  

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Alexander Muller

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

    https://www.imf.org/en/News/Articles/2025/01/27/pr-25017-cambodia-imf-executive-board-concludes-2024-article-iv-consultation-with-cambodia

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Credit Agricole SA : Crédit Agricole Personal Finance & Mobility finalizes the GAC Leasing equity project to support the growth of GAC Group’s electric vehicle sales in China

    Source: GlobeNewswire (MIL-OSI)

    Massy – January 27th, 2025

    Crédit Agricole Personal Finance & Mobility
    finalizes the GAC Leasing equity project to support the growth of GAC Group’s electric vehicle sales in China

    • CA Personal Finance & Mobility finalizes the planned acquisition of 50% of the equity interests of GAC Finance Leasing Co. Ltd. (GAC Leasing), which becomes Guangzhou GAC-Sofinco Finance Leasing Co Ltd (GAC-Sofinco Leasing), the leasing company of one of the largest Chinese manufacturers Guangzhou Automobile Group Co., Ltd. (GAC Group), via a reserved capital increase.
    • With this new joint venture, CA Personal Finance & Mobility will offer financial and operational leasing solutions on the Chinese market in 2025 and will thus promote the deployment of electric vehicles in China.
    • This transaction consolidates a partnership existing since 2009 between CA Personal Finance & Mobility and GAC Group with the creation of GAC-Sofinco AFC, a 50-50 joint venture. The latter operates throughout China and offers automotive financing and services to the GAC-Honda, GAC-Toyota, AION, HYPTEC and GAC Motor networks, serving more than 3,000 dealers.

    CA Personal Finance & Mobility becomes a 50% shareholder in GAC-Sofinco Leasing

    Following a reserved capital increase, CA Personal Finance & Mobility owns 50% of GAC-Sofinco Leasing. The company has been operating on the Chinese market since 2004 and offers financial and operational leasing solutions to GAC customers and its dealer network.

    Through this transaction, CA Personal Finance & Mobility and GAC group are strengthening the leasing offer proposed to Chinese customers, thereby stimulating the sale of electric vehicles, which already represent 60% of the leasing contracts of the new GAC-Sofinco Leasing on a portfolio of more than 200,000 vehicles.

    All necessary authorizations from competition authorities and competent regulators have been obtained. The impact on the CET1 ratio of Crédit Agricole S.A. and that of the Crédit Agricole group will be very limited. 

    « This transaction reaffirms the importance of our long-standing partnership with GAC group. It will enable us to support together and over the long term the development of the particularly dynamic electric automobile market in China. »

    Stéphane PRIAMI – CEO of Crédit Agricole Personal Finance & Mobility

    Key figures:

    • In 2023, GAC group was the 4th largest automotive group in China
    • More than 2.5 million vehicles sold in 2023 worldwide
    • 39,90% of electrified vehicles sold in 2023

    Press Contact

    Adeline Tardif
    presse@ca-cf.fr
    +33 (0)1 87 38 02 88 / +33 (0)6 20 18 84 92

    About Crédit Agricole Personal Finance & Mobility

    Crédit Agricole Personal Finance & Mobility is a leader in personal financing and a provider of access to all mobility solutions in Europe. It distributes directly, at the point of sale or on its partners’ e-commerce platforms, a wide range of financing solutions – amortizable credit, revolving credit, leasing and credit buyback – with associated services including insurance, split payment solutions and services dedicated to mobility, with the aim of meeting the challenges of energy transition in mobility, housing and consumption. Its financing solutions and services are offered in France via Sofinco, in Italy via Agos, in Germany via Creditplus, in Portugal via Credibom, in Spain via Sofinco Espana, in Morocco via Wafasalaf, and in China via GAC-Sofinco (automotive financing only). Crédit Agricole Personal Finance & Mobility aims to be the leader in electric mobility in Europe and offers a mobility continuum in the 22 countries where it is present (leasing, medium and short-term rental, subscription, car sharing, installation of charging stations, etc.). The company relies on Leasys, a joint venture equally owned by Stellantis, CA Auto Bank and Drivalia, the pan-European leader in automotive financing, rental and mobility, Crédit Agricole Mobility Services, a comprehensive service offering dedicated to mobility and the development of automotive financing in its universal subsidiaries in Europe and in Crédit Agricole Regional Banks and at LCL via Agilauto. CA Personal Finance & Mobility acts every day in the interest of its 17.2 million customers and society. As of December 31, 2023, CA Personal Finance & Mobility managed €113 billion in outstanding credit. More information: www.ca-personalfinancemobility.com

    Attachment

    The MIL Network –

  • MIL-OSI: Planisware selected by Northrop Grumman to drive innovation and enhance operational excellence

    Source: GlobeNewswire (MIL-OSI)

    Planisware Enterprise selected by Northrop Grumman as enterprise-wide Program Management System to drive innovation and enhance operational excellence

    San Francisco, California, January 27, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announced today that Northrop Grumman Corporation, a leading global aerospace and defense technology company, has selected Planisware Enterprise to serve as its enterprise-wide program management system.

    “We are honored to partner with Northrop Grumman as they continue to implement digital technologies across their business,” said Loic Sautour, Chief Executive Officer at Planisware. “Planisware will act as a key partner in their digital transformation efforts, streamlining portfolio management technology across the end-to-end product lifecycle.”

    Contacts

    Investor Relations: Benoit d’Amécourt
    benoit.damecourt@planisware.com
    +33 6 75 51 41 47

    Media: Brunswick Group
    Hugues Boëton / Tristan Roquet Montégon
    planisware@brunswickgroup.com
    +33 6 79 99 27 15 / +33 6 37 00 52 57

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With more than 700 employees across 14 offices, Planisware operates at significant scale serving circa 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit https://planisware.com/ and connect with Planisware on LinkedIn.

    Attachment

    The MIL Network –

  • MIL-OSI: RUBIS: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 20 to 24 January 2025

    Source: GlobeNewswire (MIL-OSI)

    Paris, 27 January 2025, 06:00pm

    Issuer Name: Rubis (LEI: 969500MGFIKUGLTC9742)
    Category of securities: Ordinary shares (ISIN: FR0013269123)
    Period: From 20 to 24 January 2025

    Upon the authorisation granted by the Ordinary Shareholders’ Meeting held on 11 June 2024 to implement a share buyback program, the Company carried out, between 20 to 24 January 2025, the repurchases of its own shares in order to transfer them to employees and/or corporate officers of the Company and/or companies related to it in the context of a shareholding plan.

    Aggregate presentation per day and per market:

    Name of issuer Identification code of issuer (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume
    (in number of shares)    		 Daily weighted average price of the purchased shares * Market (MIC Code)
    RUBIS 969500MGFIKUGLTC9742 21/01/2025 FR0013269123 2,488 25.0174 AQEU
    RUBIS 969500MGFIKUGLTC9742 21/01/2025 FR0013269123 10,558 24.9677 CEUX
    RUBIS 969500MGFIKUGLTC9742 21/01/2025 FR0013269123 2,444 24.9598 TQEX
    RUBIS 969500MGFIKUGLTC9742 21/01/2025 FR0013269123 23,800 24.9288 XPAR
    RUBIS 969500MGFIKUGLTC9742 22/01/2025 FR0013269123 2,508 24.9153 AQEU
    RUBIS 969500MGFIKUGLTC9742 22/01/2025 FR0013269123 10,840 24.9125 CEUX
    RUBIS 969500MGFIKUGLTC9742 22/01/2025 FR0013269123 2,483 24.9325 TQEX
    RUBIS 969500MGFIKUGLTC9742 22/01/2025 FR0013269123 24,496 24.9205 XPAR
    RUBIS 969500MGFIKUGLTC9742 23/01/2025 FR0013269123 2,403 24.8564 AQEU
    RUBIS 969500MGFIKUGLTC9742 23/01/2025 FR0013269123 11,015 24.8576 CEUX
    RUBIS 969500MGFIKUGLTC9742 23/01/2025 FR0013269123 2,593 24.8509 TQEX
    RUBIS 969500MGFIKUGLTC9742 23/01/2025 FR0013269123 22,660 24.8559 XPAR
    RUBIS 969500MGFIKUGLTC9742 24/01/2025 FR0013269123 2,505 25.0306 AQEU
    RUBIS 969500MGFIKUGLTC9742 24/01/2025 FR0013269123 11,520 25.0218 CEUX
    RUBIS 969500MGFIKUGLTC9742 24/01/2025 FR0013269123 2,886 25.0233 TQEX
    RUBIS 969500MGFIKUGLTC9742 24/01/2025 FR0013269123 23,570 25.0212 XPAR
    * Four-digit rounding after the decimal TOTAL 158,769 24.9368  

    Detailed presentation per transaction:

    Detailed information on the transactions carried out from 20 to 24 January 2025 is available on the Company’s website (www.rubis.fr) in the section “Investors – Regulated information – Share buyback programme”.

      Contact
      RUBIS – Legal Department
      Tel. : + 33 (0)1 44 17 95 95

    Attachment

    The MIL Network –

  • MIL-OSI: Fluent, Inc. Named to Ad Age’s 2025 Best Places to Work List

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 27, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a leading commerce media solutions company, today announced it has been recognized as one of Ad Age’s 2025 Best Places to Work, appearing on the list as #18.

    Ad Age Best Places to Work is an annual ranking of companies that set the standard in terms of pay, benefits, corporate culture, and leadership. The 2025 list honors 50 companies that demonstrated excellence and adaptability as the advertising industry and media landscape continued to evolve over the past year.

    With nearly 200 employees across the US and Canada, Fluent will continue to invest into its commerce media team as it executes a strategic pivot toward a growing suite of commerce media solutions.

    “We are honored to be recognized in Ad Age’s 2025 Best Places to Work rankings,” said Patrick Sweeney, VP of People at Fluent. “Our commitment to cultivating top talent and fostering a performance-driven culture allows us to deliver outstanding experiences for consumers and measurable results for clients. As an emerging leader in the commerce media space, we’re proud to celebrate this milestone as we continue to drive positive momentum for our business and people.”

    Fluent is dedicated to building a collaborative and supportive work environment where innovation and creativity thrive. Offering benefits that prioritize well-being and professional growth, employees enjoy access to mental health services, flexible paid time off and work schedules, and mentorship programs that connect junior staff with senior leaders. Fluent’s commitment to giving back is equally strong, with annual community service events and a generous donation-matching program empowering employees to support the causes they care about.

    “The companies on Ad Age’s 2025 Best Places to Work list have shown a deep commitment to building workplaces where employees truly want to be—no small feat in today’s challenging labor market,” said Dan Peres, President of Ad Age. “Earning this recognition isn’t just a win for company culture; it also strengthens an organization’s reputation, making it a more attractive place for top talent.”

    Ad Age produced Best Places to Work 2025 in partnership with Workforce Research Group, a research firm specializing in identifying and recognizing great places to work. The competition was open to agencies, ad tech firms, data and research firms, brand or corporate marketing departments or groups, and in-house agencies of marketers.

    Ad Age’s scoring system factors in employee responses and a company’s policies and practices on topics including pay and benefits, work/life balance, recruitment, training, and development. The winners reflect the highest overall numerical scores based on an analysis of questionnaires submitted by employers and survey responses from their employees.

    To see current job openings at Fluent, visit https://fluentco.com/careers/.

    About Fluent, Inc.

    Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging diverse ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit https://www.fluentco.com/.

    About Ad Age

    Created in 1930 to cover a burgeoning industry with objectivity, accuracy and fairness, Ad Age continues to be powered by award-winning journalism. Today, Ad Age is a global media brand focusing on curated creativity, data and analysis, people and culture, and innovation and forecasting.

    Contact Information

    Investor Relations
    Fluent, Inc.
    InvestorRelations@fluentco.com

    The MIL Network –

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Cambodia

    Source: International Monetary Fund

    January 27, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Cambodia.

    Cambodia’s economy has continued to recover, albeit at a modest pace. We project real GDP to grow from 5.5 percent in 2024 to 5.8 percent in 2025 and inflation to pick up from 0.5 percent in 2024 to 2 percent in 2025 and remain contained. However, risks to the outlook are tilted to the downside from both external factors and domestic vulnerabilities, including from policy changes by major trading partners, geoeconomic fragmentation, and continued weakness in the construction and real estate sectors.

    The recovery remains uneven. Real GDP growth is driven mainly by external demand, with a strong rebound in garment exports and high growth in agricultural exports. Tourism has experienced a structural shift in its composition, resulting in a lagged recovery in tourism receipts. Growth in non-tradable sectors remains weak. After a sustained credit expansion that lifted the credit-to-GDP ratio from 24 percent in 2010 to 135 percent in 2023, credit growth has come to a near halt. The construction and real estate sectors are undergoing a correction, with rising non-performing loans and emerging signs of private-sector debt overhang.

    We project the fiscal deficit at 2.4 percent of GDP in 2025, down from 3 percent in 2024, with a gradual fiscal consolidation envisaged in the medium-term fiscal framework. Public debt remains well-contained, staying below 30 percent of GDP over the next decade. The current account balance is projected to swing back to a deficit of 1.8 percent of GDP in 2024 as strong demand for imports outpaces the recovery in exports and tourism. The deficit is projected to increase somewhat in 2025, reaching 2.5 percent of GDP, with export growth expected to moderate. 

    Executive Board Assessment2

    Executive Directors welcomed the continuing recovery of the Cambodian economy, driven by strong growth in garment and agricultural exports, and improving tourism activity. Nonetheless, the recovery has been uneven, and while growth is expected to continue, risks to the outlook are tilted to the downside. Directors underscored the importance of policies to safeguard macro financial stability, ensure a durable and inclusive recovery, and achieve the authorities’ development goals over the medium term.

    Directors supported a neutral fiscal stance in the near term and highlighted the importance of gradual and high-quality consolidation over the medium term underpinned by sound fiscal frameworks to maintain debt sustainability and strengthen economic resilience. They welcomed the recent publication of a medium-term fiscal framework but recommended strengthening it with more conservative and transparent fiscal rules. Directors stressed the need to further mobilize revenues through rationalizing tax exemptions and implementing tax policy reforms, while enhancing spending efficiency and strengthening public investment management, in order to help rebuild fiscal buffers and safeguard priority social and capital spending. Directors welcomed efforts to foster the development of the domestic government bond market as Cambodia’s access to concessional foreign financing will be reduced when it graduates from Least Developed Country status. They also stressed the need for sound management of fiscal risks from state-owned enterprises and public-private partnerships.

    Directors supported the measured pace of monetary policy normalization while maintaining adequate financial system liquidity. They encouraged continuing efforts to modernize the monetary policy framework to enhance policy transmission and support de-dollarization. Noting the ongoing corrections in the construction and real estate sectors, declining FDI inflows, and rising nonperforming loans, Directors encouraged phasing out forbearance measures and developing a comprehensive plan to safeguard financial stability. They recommended strengthening risk-based supervision, improving macroprudential policy, enhancing coordination among financial sector supervisory agencies, and intensifying oversight of the real estate sector.

    Directors highlighted the importance of structural reforms to promote economic diversification and improve competitiveness. They encouraged the authorities’ efforts to enhance human capital, invest in infrastructure, strengthen the business environment, address climate vulnerabilities, and promote renewable energy to attract more diversified FDI. They also underscored the importance of strengthening governance and institutions, improving transparency, enhancing the AML/CFT framework, and addressing data limitations through  capacity development.

    Table 1. Cambodia: Selected Economic Indicators, 2021 – 29 1/

    Per capita GDP (2022, US$): 1,546                   Life expectancy (2019, years): 75.5

    Population (2022, million):    16.7                    Literacy rate (2019, percent):  87.7
     

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    Est.

    Proj.

    Output and prices (annual percent change)

    		                  

    GDP at constant prices

    3.1

    5.1

    5.0

    5.5

    5.8

    6.2

    6.0

    6.0

    6.0

    Inflation (end-year)

    3.7

    2.9

    2.7

    1.5

    2.1

    3.2

    3.0

    3.0

    3.0

    (Annual average)

    2.9

    5.3

    2.1

    0.4

    2.1

    3.2

    3.0

    3.0

    3.0
                       

    Saving and investment balance

    (in percent of GDP)

    		                  

    Gross national saving

    0.8

    15.6

    33.6

    30.7

    30.0

    29.2

    29.2

    29.2

    29.3

    Government saving

    0.3

    3.1

    4.1

    5.1

    6.1

    7.1

    8.1

    9.1

    10.1

    Private saving

    0.5

    12.5

    29.5

    25.6

    23.9

    22.1

    21.1

    20.1

    19.2

    Gross fixed investment

    30.4

    34.6

    32.3

    32.5

    32.5

    32.5

    32.5

    32.5

    32.5

    Government investment

    6.6

    5.6

    5.8

    5.2

    4.5

    4.3

    4.2

    3.9

    3.8

    Private investment

    23.8

    29.0

    26.5

    27.4

    28.0

    28.2

    28.4

    28.6

    28.7
                       

    Money and credit (annual percent change, unless otherwise indicated)

    		                  

    Broad money

    16.4

    8.2

    12.5

    8.5

    7.9

    10.5

    11.3

    9.1

    9.0

    Private sector credit

    23.6

    18.5

    3.5

    4.0

    7.0

    10.0

    10.0

    10.0

    10.0

    Velocity of money 2/

    1.1

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0
                       

    Public finance (in percent of GDP)

    		                  

    Revenue

    15.8

    18.1

    15.9

    14.9

    14.9

    14.9

    15.0

    15.1

    15.2

    Domestic revenue

    14.7

    16.4

    14.7

    13.7

    13.7

    13.8

    14.0

    14.1

    14.4

    Of which: Tax revenue

    13.2

    14.7

    13.0

    12.1

    12.1

    12.2

    12.3

    12.5

    12.7

    Grants

    1.1

    1.7

    1.2

    1.2

    1.1

    1.1

    1.0

    0.9

    0.8

    Expenditure

    21.0

    18.4

    18.7

    17.9

    17.3

    17.1

    17.1

    17.2

    17.1

    Expense

    14.4

    12.8

    12.9

    12.7

    12.8

    12.8

    13.0

    13.3

    13.4

    Net acquisition of nonfinancial assets

    6.6

    5.6

    5.8

    5.2

    4.5

    4.3

    4.2

    3.9

    3.8

    Net lending (+)/borrowing(-)

    -5.2

    -0.3

    -2.8

    -3.0

    -2.4

    -2.2

    -2.1

    -2.1

    -2.0

    Net lending (+)/borrowing(-) excluding grants

    -6.3

    -2.0

    -4.0

    -4.2

    -3.6

    -3.3

    -3.2

    -3.0

    -2.8

    Net acquisition of financial assets

    -3.6

    1.4

    -0.3

    -0.2

    0.5

    0.3

    0.2

    0.3

    0.4

    Net incurrence of liabilities 3/

    1.6

    1.7

    2.5

    2.8

    2.9

    2.5

    2.4

    2.4

    2.4

    Total public debt (In percent of GDP)

    25.9

    25.0

    25.7

    26.8

    27.8

    27.8

    27.8

    27.7

    27.7

    Balance of payments (in millions of dollars, unless otherwise indicated)

    		                  

    Exports, f.o.b.

    19,527

    23,175

    23,569

    26,745

    28,595

    30,942

    33,449

    36,307

    39,457

       (Annual percent change)

    5.7

    18.7

    1.7

    13.5

    6.9

    8.2

    8.1

    8.5

    8.7

    Imports, f.o.b.

    -30,726

    -31,995

    -26,553

    -31,055

    -33,244

    -35,626

    -38,605

    -41,871

    -45,434

       (Annual percent change)

    46.4

    4.1

    -17.0

    17.0

    7.0

    7.2

    8.4

    8.5

    8.5

    Current account (including official transfers)

    -10,886

    -7,572

    555

    -847

    -1,269

    -1,794

    -1,993

    -2,175

    -2,283

        (In percent of GDP)

    -29.6

    -19.0

    1.3

    -1.8

    -2.5

    -3.3

    -3.3

    -3.4

    -3.2

    Gross official reserves 4/

    20,265

    17,805

    19,998

    20,753

    23,064

    26,887

    30,951

    35,422

    40,351

        (In months of prospective imports)

    7.0

    7.3

    6.9

    6.6

    6.9

    7.4

    7.9

    8.3

    8.7
                       

    Total public debt (in millions of dollars)

    9,505

    9,971

    11,187

    12,473

    13,932

    15,218

    16,508

    17,912

    19,453

    (In percent of GDP)

    25.9

    25.0

    25.7

    26.8

    27.8

    27.8

    27.8

    27.7

    27.7

    External debt (in millions of dollars, unless                                    otherwise indicated)

    		                  

    Public external debt

    9,505

    9,971

    11,187

    12,387

    13,726

    14,939

    16,178

    17,548

    18,978

    (In percent of GDP)

    25.9

    25.0

    25.7

    26.6

    27.4

    27.3

    27.2

    27.1

    27.0

    Public debt service

    397

    427

    449

    418

    439

    458

    482

    506

    533

    (In percent of exports of goods and services)

    2.0

    1.7

    1.6

    1.3

    1.3

    1.2

    1.2

    1.2

    1.1

    Nominal effective exchange rate (index, trade partners by CPI)

    113.3

    122.4

    123.3

    …

    …

    …

    …

    …

    …

    Real effective exchange rate

    (index, based on CPI)

    125.3

    134.0

    132.4

    …

    …

    …

    …

    …

    …

    Memorandum items:

    		                  

    Nominal GDP (in billions of Riels)

    150,793

    164,059

    177,719

    190,603

    205,946

    225,291

    245,726

    267,845

    292,066

    (In millions of U.S. dollars)

    36,797

    39,838

    43,304

    46,568

    50,180

    54,745

    59,548

    64,733

    70,395

    Sources: Cambodian authorities; and IMF staff estimates and projections.

    1/ Based on the rebased GDP.

    		                

    2/ Ratio of nominal GDP to the average stock of broad money.

    		                

    3/ Includes statistical discrepancy.

    		                

    4/ Includes unrestricted foreign currency deposits held at the National Bank of Cambodia.

    		                

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

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.  

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Alexander Muller

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

    MIL OSI Economics –

  • MIL-OSI Global: Rural communities in Québec are embracing ‘mushroom tourism’ to boost local economies

    Source: The Conversation – Canada – By Amélie Cloutier, Professor of Strategy and Innovation, Université du Québec à Montréal (UQAM)

    Mycotourism combines mushroom foraging in natural habitats with culinary traditions and rural culture, offering a unique experience distinct from traditional tourism. (Shutterstock)

    Mycotourism, or mushroom tourism, is becoming increasingly popular as travellers seek out more nature-focused experiences. This unique tourism niche combines guided mushroom foraging with culinary traditions and rural culture to offer travellers an experience distinct from more traditional forms of tourism.

    Mycotourism has significant economic and environmental potential to boost local economies, particularly in rural areas, while also fostering a deeper connection between visitors and nature. When it is practised sustainably, it can also help conserve local ecosystems and cultural traditions by sharing traditional mushroom harvesting methods and ecological knowledge with the public.

    The growing popularity of mycotourism reflects a larger shift toward forest-related and gastronomy tourism. Forest-related tourism includes activities like foraging and product harvesting as travellers seek closer connections to nature, while gastronomy tourism involves travellers seeking out culinary experiences.

    Rural tourism, too, has seen growing interest in recent years. United Nations Tourism designated 2020 as the “Year of Tourism and Rural Development” and mycotourism aligns with this focus, as it is tied closely to rural economies, often involving small, seasonal businesses that face seasonal and visibility challenges.

    In response to this trend, the Québec government has revealed a 2024-2029 strategy to establish the province as a premier culinary destination with a promising future. As mycotourism grows, it aligns with Québec’s broader culinary and tourism goals.

    Mycotourism: A brief overview

    While mushroom foraging has long been practised informally in many parts of the world, it’s now evolving into a formalized tourism industry, led by local experts to ensure safety. Countries such as Mexico, Spain, Portugal, Scotland and South Africa are current pioneers in this market.

    Spain, where mycotourism originated, leads the way with its well-established “micoturismo” industry, especially in the Castilla y León region.

    While mushroom foraging has long been practised informally in many parts of the world, it’s now evolving into a formalized tourism industry.
    (Shutterstock)

    In Canada, Québec has become a hotspot for mycotourism thanks to its rich natural landscapes, including vast forests and diverse ecosystems. The province has seen increased demand from both local and international visitors.

    The Québec regions of Kamouraska and Mauricie, in particular, have emerged as leaders in North American mycotourism. This surge, which was boosted by the COVID-19 pandemic, has positioned these regions as key destinations for mushroom enthusiasts.

    The number of amateur mycology circles and their members has also risen sharply in the province, reflecting a growing interest in wild mushrooms.

    However, despite its growth, mycotourism remains relatively unfamiliar to many Canadians. It signals an untapped opportunity for the tourism industry in the country.

    Overcoming industry challenges

    The mycotourism sector faces several challenges, including fragmented initiatives, which presents challenges in areas like promotion, infrastructure and knowledge sharing.

    There is a need for better co-ordination among mycotourism stakeholders. In Québec, these stakeholders include regional tourism associations, sectoral tourism associations like Terroir et Saveurs du Québec.

    Establishing a unified platform or network for mycotourism stakeholders stakeholders could facilitate the exchange of best practices, improve promotion and support its sustainable growth.

    By closely monitoring new initiatives, researchers, entrepreneurs and tourism professionals can better understand the challenges and opportunities in this field.

    This collaborative approach would identify potential partners for future collaborations, highlight resources and tools and ensure the development of this industry respects all the stakeholders, including Indigenous communities.

    Canada is well-positioned to become a global leader in mycotourism.
    (Shutterstock)

    Our mushroom tourism research

    Our recent research study sheds light on the growth of the mycotourism industry in Québec. Through an in-depth environmental scan, we identified 57 providers across the province, with the majority concentrated in Mauricie and Bas-Saint-Laurent, including the region of Kamouraska.

    We found that most mycotourism businesses in Québec are micro or very small enterprises, which means collaboration and networking are both essential for supporting their growth and sustainability.

    The activities offered by these providers fell into five main categories:

    1. Events and learning: Includes festivals, conferences, training sessions and courses.
    2. Culinary experiences: Features culinary workshops and tasting sessions.
    3. Guided tours and hosting: Encompasses guided tours and group hosting events.
    4. Nature exploration and foraging: Includes guided, self-picking foraging expeditions.
    5. Accommodations with mushroom picking: Lodging experiences that allow guests to participate in mushroom picking during their stay.

    In addition, our study identified four types of enterprises in the sector. These ranged from solo ventures specializing in niche activities, to versatile solo ventures with a diverse range and experiences and services, to slightly larger businesses focusing on targeted services.

    It’s clear that Québec’s mycotourism sector is dynamic, with businesses continually developing new and innovative offerings. The wide range of experiences offered are designed to attract new segments of tourists interested in agritourism, gastronomy or other unique accommodations.

    Unlocking mycotourism potential

    As mycotourism continues to grow, it is crucial for small-scale initiatives in this sector to gain stronger support and recognition from tourism authorities, regional organizations and government agencies.

    Without this support, these businesses may struggle to overcome challenges like limited visibility, fragmented efforts and insufficient resources. If these challenges are not addressed, it could hinder the growth of the sector and its ability to contribute to local economies and rural development.

    With its vast forests, rich biodiversity and developing agritourism and gastronomy sectors, Canada is well-positioned to establish itself as a top destination for mushroom enthusiasts. But to fully realize its full potential, Canada must create an environment that promotes innovation, collaboration and investment in mycotourism.

    Amélie Cloutier receives funding from FRQSC.

    Marc-Antoine Vachon receives funding from Développement Économique Canada pour les régions du Québec et de la Fondation de l’UQAM grâce à un don de Transat A.T..

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

    – ref. Rural communities in Québec are embracing ‘mushroom tourism’ to boost local economies – https://theconversation.com/rural-communities-in-quebec-are-embracing-mushroom-tourism-to-boost-local-economies-246392

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Woodland restoration boost after Teesside company civil sanction

    Source: United Kingdom – Government Statements

    A woodland restoration project has received a boost after a Teesside company paid £290,000 to Tees Valley Wildlife Trust for breaching its Environmental Permit.

    An area of cleared woodland.

    The Lazenby Bank Woodland Restoration Project includes improvements to 215 acres of woodland near Wilton International industrial complex at Teesside.

    It comes after Sembcorp Utilities (UK) Ltd, which operates a biomass power station at Wilton, breached its environmental permit by wrongly classifying hazardous waste as non-hazardous during its disposal at landfill.

    It submitted an Enforcement Undertaking to the Environment Agency proposing a charitable donation to Tees Valley Wildlife Trust of £290,000. It’s also introduced new operating procedures to ensure waste is disposed of correctly in future.

    An Enforcement Undertaking is a voluntary offer made by companies or individuals to make amends for their offending, and usually includes a payment to an environmental charity to carry out environmental improvements in the local area.

    Work carried out on the site, next to Wilton International, includes:

    • Clearing unmanaged coniferous woodland to restore habitats where ancient woodland is present – a high priority nationally for conservation.
    • Seeding and re-planting with a greater variety of native trees to improve wildlife biodiversity and diversity of woodland, delivering long-term carbon sequestration.
    • Improved access to the area through new and improved access gates, footpaths and tracks to improve community access to the natural environment in what is an urban area.
    • Community engagement to encourage volunteers to get involved in tree planting as well as training placements with young people from the community to reduce anti-social behaviour.

    The image shows an example of improved natural woodland.

    The Trust will also use the funds to carry out river channel management over three years at nearby Coatham Marsh nature reserve to maintain good habitat conditions for wildlife.

    Ian Preston, Installations Team Leader at the Environment Agency in the North East, said:

    We always consider enforcement options on a case by case basis and Enforcement Undertakings allow companies to put right what went wrong and contribute to environmental improvements and outcomes.

    In this case the payment has allowed a planned and important community project to be delivered at pace – an environmental investment that has enhanced the local area for people and wildlife.

    Tom Harman, Chief Executive of Tees Valley Wildlife Trust, added:

    It’s vital to see funds like this being reinvested into protecting our landscapes for people and wildlife.

    Lazenby Bank Woodland and Coatham Marsh are incredible nature assets for our communities in the Tees Valley. The project will help restore nationally important habitats for priority species and secure improvements for public access.

    Image shows an example of improved natural woodland. Credit: Tees Valley Wildlife Trust.

    Waste was misclassified

    In September 2019 the Environment Agency carried out an audit into Sembcorp’s disposal of Incinerator Bottom Ash (IBA), which is a product of the incineration process.

    Enquiries revealed Sembcorp had classified all its IBA as non-hazardous and disposed of it at a non-hazardous landfill.

    But data showed that its IBA contained concentrations of lead, copper, zinc and nickel – waste that should be classified as hazardous.

    Data supplied from 2015 onwards showed the misclassification had been taking place since at least that date.

    An independent report from a company instructed by Sembcorp concluded that while the IBA should have been classified as hazardous, there was no significant risk to human health or the environment as a result of the wrong disposal. Environment Agency specialists agreed with this conclusion.

    Sembcorp accepted responsibility for the misclassification and set out all the steps it had taken to prevent it happening in the future. As soon as the issue had been identified the company started disposing of its IBA at a hazardous landfill facility.

    Updates to this page

    Published 27 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Acting Chairman Pham to Launch Public Roundtables on Innovation and Market Structure

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — Commodity Futures Trading Commission Acting Chairman Caroline D. Pham is launching a series of public roundtables on evolving trends and innovation in market structure, including issues such as affiliated entities and conflicts of interest, prediction markets, and digital assets. Pham renewed calls for open public engagement and increased transparency by the CFTC on its policy approach to changes in derivatives markets last year. 
    “As I have long said, the CFTC must take a forward-looking approach to shifts in market structure to ensure our markets remain vibrant and resilient while protecting all participants,” Pham said. “Innovation and new technology has created a renaissance in markets that presents new opportunities that are accessible to more people, as well as risks. The CFTC will get back to basics by hosting staff roundtables that will develop a robust administrative record with studies, data, expert reports, and public input. A holistic approach to evolving market trends will help to establish clear rules of the road and safeguards that will promote U.S. economic growth and American competitiveness.”
    Over the next several months, the CFTC will engage with industry leaders, market participants, other market structure experts, and public interest groups through open and transparent public roundtables to provide the CFTC with the best information and latest data. Details about the series will be provided as they become available.

    MIL OSI USA News –

  • MIL-OSI Russia: “You need to have the knowledge, skills and competencies to build a successful business in the Eastern markets”

    Translation. Region: Russian Federation –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    © Mikhail Dmitriev / Higher School of Economics

    HSE Expert Club “Eastern perspective» held its first event — a business session dedicated to launching and developing a successful business in India. The club was created by HSE experts to discuss tools, trends and insights on cooperation between Russia and the countries of Southeast Asia, the Near and Middle East, and North Africa. The participants were addressed by experts with many years of successful experience working in the Indian market in the interests of the world’s largest corporations.

    It is no coincidence that the first event of the Eastern Perspective was dedicated to India. Today, this country is the fastest growing economy in the world among the G20 countries with more than 7 percent annual GDP growth, a growing consumer market and high rates of technological progress. This opens up unique opportunities for Russian companies, emphasized the moderator of the event, Deputy Director for Marketing Communications at the National Research University Higher School of Economics Dmitry Chubarov.

    India is one of the most promising countries for entrepreneurs planning to start or grow their business.

    Leading world experts today call this country a “market of billions of chances,” said the associate professor Schools of Oriental Studies Faculty of World Economy and World Politics HSE University Olga Kharina. “Many countries want to have India as a partner, and Western countries are already doing this successfully. Therefore, we also need to use this chance in our own interests – the interests of business and, of course, the state,” she noted.

    Today, the dynamics of the development of Indian industries are as follows: the share of industrial products in the import structure reaches 50%, the annual growth of the beauty industry is 76%, the share of fintech in the volume of attracted financing among startups is 40%, and the share of e-commerce in the volume of attracted financing among startups is 20%. The average age of the population of this country is 28 years, which makes it one of the largest labor markets in the world. About 70% of the population is young people under 35 years old.

    In 2023, India accounted for more than 40% of all smartphone sales in Asia. The number of internet users in India is expected to reach 700 million by 2025. There are already about 450 million, and 1.2 billion mobile users. The Indian smartphone market is the fastest growing in the world. In addition, in 2020, a $ 1.4 trillion transport infrastructure plan was adopted, which includes improving roads, railways and airports. Textile exports are expected to reach $ 100 billion by 2027. India is the second largest producer of crude steel in the world, and the third largest aviation market. The value of the chemical and petrochemical industry reaches $ 1,178 billion, and auto component exports are worth $ 13.3 billion.

    Olga Kharina reviewed several cases related to the development of business of Russian entrepreneurs in India. Their experience showed that obtaining all the necessary permits for work in this country is a more complicated process than expected. It is also important to take into account the specifics of working with local regulatory authorities and carefully study the legislation and tax procedures.

    Olga Kharina also presented a “treasure map” of Indian states, each of which has its own economic characteristics and laws. Thus, the state of Maharashtra (where the financial center of Mumbai is located) is the largest taxpayer and an important center for business. The state of Uttar Pradesh is the most populous (more than 220 million people), but the economy is mainly agricultural. The state of Gujarat is a leader in the production and export of such goods as chemicals, petrochemicals and textiles.

    “India is located in the center of South Asia and has a strategic position as a gateway between East and West Asia. With access to the Indian Ocean, it plays a key role in trade and transport between the countries of Central Asia, the Middle East, Southeast Asia and East Africa. Russia and India maintain close economic ties that are strengthening every year. In recent years, various agreements have been signed on mutual trade, as well as on strategic partnership in the fields of energy, defense and technology,” the speaker emphasized.

    As for the most promising areas for business, India is one of the largest consumers of energy resources, and Russian companies can develop their activities in the field of oil and gas supplies, as well as participate in energy projects. Russia can also offer its developments in the field of IT and innovative technologies, especially in the field of artificial intelligence, machine learning and blockchain. In addition, India is an important importer of agricultural products, and Russian companies can supply there grain, fish, meat, dairy products. At the same time, Indian technologies in agribusiness can be useful for Russian farmers.

    The Indian government actively supports the “Make in India” program, which is aimed at developing manufacturing and stimulating foreign investment in the country.

    “You need to have the knowledge, skills and competencies to build a successful business in new markets, which we now call the Global East – friendly markets that are supported by both Russia and other countries,” emphasized Natalia Guseva, professor at the Faculty of World Economy and World Politics at the HSE and head of the HSE educational programs “Business with the East.”

    She presented the educational programs “Eastern Perspective” for entrepreneurs working with countries of the Near and Middle East, North Africa, and the Indo-Pacific region.

    The university currently offers three such programs. The flagship five-month program isEastern Perspective: Strategy and Tactics for Building a Business” combines the experience and practices of entering new markets in developed countries of the Global East. Intensive three-month program “Eastern Perspective: The Basics of Building a Business” is aimed at obtaining practical knowledge on business development, launching international projects in various sectors of the economy with the countries of the Global East. The three-week program “Eastern Perspective: The Practice of Building a Business in India” focuses on knowledge, strategies and practices for building a successful business in India.

    “You will have a clear understanding of the potential and specifics of Eastern markets depending on what company you work for or what startup you plan to do. When entering new markets, offering your products and services, you must have a clear understanding of the vectors and potentials of development, the features of the financial and tax systems. You also need to understand the main political trends, the features of the local society. You need to clearly assess the export potential, due to which you will compete. Most Russian companies that had experience in international business were mainly focused on the European markets, and that competition strategy was mainly based on low prices, but in the Eastern markets this strategy will be ineffective,” Natalia Guseva emphasized.

    Expert in developing GR tools and strategies for promoting companies on the Indian market, representative of the media conglomerate The Times of India Group in Russia Nair Devadathan spoke about the country’s features that businessmen entering this market should pay attention to. Thus, according to him, caste, religiosity and beliefs are very important in Indian society (for example, entrepreneurs build relationships with partners based on astrological horoscopes). Business connections are also of great importance: to enter the market, it is necessary to find a partner from among local residents – this way the company will be able to receive many preferences and more favorable conditions. “India should be understood as Bollywood,” he said. At the same time, this country loves Russian culture, especially theater and film adaptations.

    According to Nair Devadathan, not only large companies and medium-sized businesses can succeed in this country, but also small production facilities and even individual entrepreneurs – such examples already exist. At the same time, Indian consumers may be interested in absolutely any product, including those subject to sanctions, or services – for example, from the beauty industry or the arts, education or tourism.

    “Promoting Russia is a business in itself. All our young people use social networks, so you need to pay attention to this,” he is convinced.

    In conclusion, Dmitry Chubarov invited the business session participants to take the HSE educational programs dedicated to the East. “The expertise, experience and cases that will be discussed will not be based on abstract textbooks, but on the daily successful practice of both Russian and international companies that are currently operating in the Indian market,” he summed up.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Security: Harford County Man Sentenced for Aggravated Identity Theft and Bank Fraud Scheme

    Source: Office of United States Attorneys

    Defendant also participated in scheme to illegally obtain $28,350 in unemployment insurance benefits from the State of California during COVID-19 Pandemic.

    Baltimore, Maryland – U.S. District Judge Julie R. Rubin sentenced Victor Ojo, 30, of Belcamp, Maryland, to 72 months in federal prison, followed by three years of supervised release.

    Victor Ojo received the sentence for aggravated identity theft and his role in an attempted bank-fraud scheme that had an intended loss amount of $1.5 million. Additionally, Victor Ojo admitted to participating in a fraudulent scheme to obtain $28,350 in unemployment insurance benefits. So, Judge Rubin ordered Victor Ojo to forfeit $20,014.03 and to pay $78,350 in restitution.

    Erek L. Barron, U.S. Attorney for the District of Maryland, announced the sentence with Andrew McKay, Special Agent in Charge of the Treasury Inspector General for Tax Administration’s (TIGTA) Mid-Atlantic Field Division, and Scott Moffit, Special Agent in Charge of TIGTA’s Cybercrime Investigations Division.

    According to his guilty plea, from April 2016 through at least August 2019, Victor Ojo conspired with Damilola Ojo, Jamelia Thompson, Raissa Kaossele, and others, to commit bank fraud using the Internal Revenue Service’s (IRS) Modernized Internet Employer Identification Number (MODIEIN) system. The MODIEIN is the IRS system that allows users to register for a unique Employer Identification Number (EIN). It requires users to enter the valid name and Social Security Number of a real living person to obtain an EIN for a business.

    The defendant and his co-conspirators created and used various EINs to carry out the scheme. They obtained many of the EINs from the IRS using stolen Personally Identifiable Information. These EINs, in conjunction with fraudulently obtained state business certificates, allowed the co-conspirators to open bank accounts at various financial institutions to deposit stolen and/or altered checks and to receive fraudulently obtained wire transfers and other funds. Many of the wire transfers were the result of Business Email Compromises. Once obtained, the co-conspirators rapidly withdrew the proceeds, transferring them to other bank accounts.

    Victor Ojo and his co-conspirators victimized individuals through identity theft, businesses through financial account compromise, and banks through misdirecting wire transfers and making fraudulent transactions. After Victor Ojo’s arrest, law enforcement discovered evidence linking him to fraudulent activity. Law enforcement found numerous financial documents; a jacket, shirt, and hat that they saw Victor Ojo wearing in bank-surveillance footage while interacting with the fraudulent accounts; and a $14,000 check with someone else’s name on it. They also found passports in other people’s names and a Colorado ID with authentication features in someone else’s name.

    In the plea agreement, Victor Ojo admitted that he engaged in additional fraudulent activities prior to his arrest for bank-fraud conspiracy. Specifically, Victor Ojo and co-conspirators fraudulently obtained $28,350 in unemployment insurance benefits from the State of California using a victim’s identification.

    Around August 1, 2021, the California Employment Development Department (EDD) issued a Bank of America debit card in that victim’s name to an address in Lanham, Maryland. The card was linked to a Bank of America account that the EDD deposited a total of $28,350 in unemployment insurance benefits into. 
     

    The EDD made the first deposit on August 8, 2021. On August 10, 11, 24, and 25, Victor Ojo used the card to withdraw thousands of dollars from various ATMs in Harford County, Maryland. Victor Ojo was also captured on surveillance cameras making the withdrawals on August 10, 11, and 25.

    U.S. Attorney Barron commended the TIGTA for its work in the investigation.  Mr. Barron also thanked Assistant U.S. Attorneys Joseph L. Wenner, Paul Riley, and John D’Amico who prosecuted the federal case. He also recognized Joanna B.N. Huber, Maryland COVID-19 Strike Force Paralegal Specialist, for her assistance.

    The District of Maryland Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic.  The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    ###

    MIL Security OSI –

  • MIL-OSI Canada: Red Tape Awareness Week: Minister Nally

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: Governor Lamont Nominates Judge William Bright to the Supreme Court, Judge Robin Wilson to the Appellate Court, and 13 Other Jurists to the Superior Court

    Source: US State of Connecticut

     

    (HARTFORD, CT) – Governor Ned Lamont today announced that he is forwarding to the Connecticut General Assembly the nominations of several jurists to serve in positions on Connecticut’s courts, including the Honorable William H. Bright, Jr. as an associate justice of the Supreme Court, the Honorable Robin L. Wilson as a judge of the Appellate Court, and 13 other jurists as judges of the Superior Court.

    Additionally, the governor is nominating two jurists to serve as family support magistrates and three as administrative law judges on the Workers’ Compensation Commission.

    “Nominating judges to serve on our courts is one of the most important responsibilities of a governor, especially because judges are the final authority on the interpretation of the law and the constitution, and for ensuring that justice is administered fairly and without prejudice,” Governor Lamont said. “Judge Bright has been an excellent leader of our Appellate Court over these last four and a half years, and he has had an impressive career handling all types of cases both on the trial and appellate levels. Likewise, Judge Wilson is an incredibly well-respected member of Connecticut’s legal community, having served in the Superior Court for more than two decades. I am confident that these nominees each have the high standards and qualifications the people of Connecticut deserve to have serving for them on the bench.”

    Judge Bright, 62, of Columbia, is currently the chief judge of the Appellate Court. He is being nominated to fill the associate justice seat on the Supreme Court that was most recently held by the Honorable Raheem L. Mullins, who was recently nominated by Governor Lamont to become chief justice.

    Judge Bright has served on the Appellate Court since 2017 and as chief judge since 2020. In the role of chief judge, he has been responsible for managing the operations of the Appellate Court, in addition to sitting on a full docket of cases, assigning cases to authoring judges, reviewing all opinions of the court before publication, overseeing clerks for judge trial referees, and addressing personnel and building management issues.

    Immediately prior to his nomination to the Appellate Court, Judge Bright served as a judge of the Superior Court from 2008 to 2017, presiding over criminal, civil, habeas corpus, and juvenile trials. While on the Superior Court, he served as the presiding judge of the Connecticut Judicial Branch’s statewide mediation program in 2017, chief administrative judge for civil matters from 2015 to 2017, administrative and presiding judge for the Tolland Judicial District from 2013 to 2017, and presiding judge of a civil complex litigation docket from 2011 to 2013.

    Before being nominated to the bench, he was a partner with the law firm of McCarter and English from 2003 to 2008, and with Cummings and Lockwood from 1987 to 2003. With both firms, he worked as a trial attorney, handling cases in both state and federal courts and representing individuals, government entities, and small and large businesses in environmental, property, and commercial matters.

    Judge Bright graduated from Dickinson College in Carlisle, Pennsylvania, summa cum laude, and earned a Juris Doctor degree, with honors, from the University of Chicago Law School. He is a James W. Cooper Fellow of the Connecticut Bar Foundation and a member emeritus of the Oliver Ellsworth Inn of Court.

    “I want to thank Governor Lamont for his faith and confidence in me,” Judge Bright said. “It is truly an honor to be nominated and considered for a position on our state’s highest court. It has been my distinct pleasure to serve the people of Connecticut as a judge of the Superior Court and the Appellate Court over the past 17 years. If confirmed, I promise to bring to my job as an associate justice of our Supreme Court the same work ethic, fidelity to the law, and respect for the parties and attorneys who appear before us that I have strived to demonstrate every day since becoming a judge.”

    Judge Wilson, 64, of New Haven, is currently a judge of the Superior Court, where she has served since 2003. She is being nominated to fill the seat on the Appellate Court that will become vacant following the confirmation of Judge Bright to serve on the Supreme Court.

    Judge Wilson is presently assigned to the Waterbury Complex Litigation Docket, presiding over complex civil cases. Prior to this, she served in the Civil Division of the New Haven Judicial District for 15 years, also presiding over complex civil cases, including medical and legal malpractice cases, motor vehicle accident cases involving catastrophic injuries, and commercial contract disputes.

    Immediately prior to her nomination to the Superior Court, she served as an administrative law judge on the Workers’ Compensation Commission from 1994 to 2003. She also worked from 1986 to 1994 as an assistant attorney general in the Connecticut Office of the Attorney General, serving in both the Child Support Department and the Workers’ Compensation Department.

    In recognition of her influence and leadership, Judge Wilson has been honored as one of the NAACP’s 100 Most Influential Blacks in Connecticut and as one of the 100 Women of Color Leadership in the State of Connecticut.

    Judge Wilson earned a Bachelor of Arts degree in government, with honors, from Connecticut College, a Juris Doctor degree from Northeastern University School of Law, and a Master of Laws degree in labor relations from New York University School of Law.

    “I am deeply honored and humbled by Governor Lamont’s nomination to serve as an Appellate Judge for the State of Connecticut,” Judge Wilson said. “It is an absolute honor and privilege to have this opportunity. If confirmed by the legislature, I am committed to upholding the principles of fairness, justice, and integrity as I take on this important responsibility and will work hard every day to prove myself worthy of the governor’s trust. Thank you, Governor Lamont, for entrusting me with this opportunity to serve our great state.”

    There are currently 22 judicial vacancies in the Superior Court. The 13 nominations Governor Lamont is making to fill those positions include:

    • David G. Bothwell, 55, of Fairfield: Bothwell graduated from Villanova University in Villanova, Pennsylvania, and obtained his Juris Doctor degree from Quinnipiac University School of Law. He currently serves as legal counsel and legislative liaison to the Connecticut Board of Pardons and Paroles. Prior to that, he spent his entire career as a criminal defense attorney in both his own private practice, as well as many years with the Connecticut Division of Public Defenders.
    • Tracie C. Brown, 53, of Windsor: Brown graduated from Southern Connecticut State University and obtained her Juris Doctor degree from the University of Connecticut School of Law. She is currently the chief operating officer for the Connecticut Department of Motor Vehicles. Previously, she was the assistant legal director for the Connecticut Department of Correction, where she focused on constitutional and employment law. Prior to that, she served as a principal attorney and commission counsel for the Connecticut Freedom of Information Commission. In that capacity, she presided over contested cases as a hearing officer and represented the commission at the Connecticut Superior Court, Appellate Court, and Supreme Court.
    • Michael C. D’Agostino, 53, of Hamden: D’Agostino graduated from the University of Virginia and obtained his Juris Doctor degree from the University of Virginia School of Law. He is currently a partner at Morgan Lewis and Bockius, residing in its Hartford office, where he handles a wide range of commercial litigation matters for clients in Connecticut’s courts, as well as courts across the country. From 2013 to 2025, he served the 91st Assembly District of Hamden in the Connecticut House of Representatives, and in this capacity severed for several years as the House chair of the General Law Committee.
    • Jesse Giddings, 43, of North Haven: Giddings graduated from the University of Maryland, College Park and obtained his Juris Doctor degree from Roger Williams University School of Law. He is currently a supervisory assistant state’s attorney in the Hartford State’s Attorney Office. Prior to that, he served as an assistant state’s attorney in Hartford, focusing primarily on the prosecution of serious felony cases.
    • Diana M. Gomez, 42, of Easton: Gomez graduated from Central Connecticut State University and obtained her Juris Doctor degree from Quinnipiac University School of Law. She is currently an assistant public defender in the Ansonia-Milford Judicial District, specializing in criminal defense of indigent defendants. She has worked in the Connecticut Division of Public Defender Services for the past eleven years. Prior to serving as a public defender, she worked in private practice. Additionally, she serves on many boards, committees and commissions.
    • Donald R. Green, 58, of Meriden: Magistrate Green graduated from Trinity College and obtained his Juris Doctor degree from the University of Connecticut School of Law. He is currently a family support magistrate and has served in this capacity for six years. He presides over cases involving adjudication of parentage, child support, modifications, and contempt petitions. He was formerly an assistant attorney general at the Connecticut Office of the Attorney General, where he served primarily in the Child Protection Department.
    • Kaitlin A. Halloran, 41, of West Hartford: Halloran graduated from New York University and obtained her Juris Doctor degree from the University of Connecticut School of Law.  In 2010, she co-founded Halloran & Halloran, where her practice focused on personal injury, wrongful death claims, medical malpractice and business litigation. Halloran & Halloran merged with BBB Attorneys in 2021, where she litigated complex cases.  Halloran also maintains a very active pro bono special education law practice and has helped many families navigate the system and access services for their children.
    • Angeline Ioannou, 55, of West Hartford: Ioannou is a graduate of Sacred Heart University and obtained her Juris Doctor degree from Widener University School of Law (now Widener University Commonwealth Law School) in Wilmington, Delaware. She is currently the managing partner of the Hartford office of Lewis Brisbois Bisgaard and Smith, LLP.  Ioannou has more than 25 years litigating complex tort and medical malpractice matters involving wrongful death and catastrophic injuries.
    • Kevin C. Kelly, 65, of Stratford: Kelly obtained a Bachelor of Arts degree from Assumption University in Worcester, Massachusetts, a Master of Arts degree from Fairfield University, and a Juris Doctor degree from the University of Connecticut School of Law. He is currently an attorney and owner of Kevin Kelly and Associates, a practice that is focused on elder law, estate planning, probate administration and litigation, and municipal law. Prior to his legal career, he worked for the Connecticut Department of Social Services. From 2011 to 2025, he served the 21st Senatorial District of Monroe, Seymour, Shelton, and Stratford in the Connecticut State Senate, and in this capacity represented his caucus for several years as minority leader.
    • Daniel Shapiro, 58, of Westbrook: Shapiro graduated from Hamilton College in Clinton, New York, and obtained his Juris Doctor from Vermont Law School, where he also obtained a Master of Studies in environmental law. He is currently a deputy associate attorney general and chief of health and education for the Connecticut Office of the Attorney General. He has practiced law for more than 30 years with a primary focus on health and education matters. Prior to his current role, Shapiro worked as an attorney for the Connecticut Department of Public Health and as an attorney for the Connecticut Legislative Commissioners’ Office.
    • Kevin Shea, 58, of Madison: Shea graduated from the University of Connecticut and obtained his Juris Doctor degree from the University of Connecticut School of Law. He is a partner with Clendenen and Shea, LLC in New Haven, where he has practiced for the past 24 years representing individuals, companies, institutions, and municipalities as both plaintiffs and defendants in a broad range of civil litigation. He was previously an associate with Delaney, Zemetis, Donahue, Durham, and Noonan, P.C., and Wiggin and Dana, LLP, and worked as an in-house litigation attorney with United States Surgical Corporation in Norwalk.
    • Latonia C. Williams, 41, of West Hartford: Williams graduated from Howard University and obtained her Juris Doctor degree from the University of Connecticut School of Law. She is currently a partner at Shipman and Goodwin LLP, where her practice focuses on a range of commercial litigation matters in both state and federal courts, including commercial bankruptcies, landlord-tenant disputes, and commercial foreclosures. Additionally, she serves on the State of Connecticut Judicial Branch Client Security Fund Committee, the board of directors for Statewide Legal Services of Connecticut, Inc., and as her firm’s hiring chair.
    • Yonatan Zamir, 48, of Woodbridge: Zamir graduated from University of Illinois and received his Juris Doctor from Hofstra University School of Law. He is currently a staff attorney at New Haven Legal Assistance Association, where his focus is on housing law and eviction prevention. He also co-teaches the Reentry Clinic at Yale Law School, through which he supervises students in serving clients facing barriers to reentry in areas such as housing and employment, as well as in assisting those clients’ seeking pardons or criminal conviction erasure. Prior to coming to Connecticut, he served as counsel to a member of Congress and a Congressional committee. He started his legal career at the Legal Aid Society of New York.

    The two family support magistrate nominees include:

    • Benedict R. Daigle, 43, of Cromwell: Daigle obtained a Bachelor of Arts degree and Master of Public Administration degree from the University of Connecticut, and a Juris Doctor degree from the University of Connecticut School of Law. He currently serves as an assistant public defender, legislative/family magistrate for the Connecticut Division of Public Defender Services. Prior to that, he held roles with the City of Hartford, the Connecticut Association for Community Action, and other government and nonprofit entities. He serves in several roles within the Connecticut Bar Association, including as a member of the House of Delegates and Board of Governors and co-chair of the Legal Aid and Public Defense Committee. He has served as a board member of various nonprofit organizations.
    • LeeAnn Neal, 39, of Waterbury: Neal graduated from the University of Massachusetts at Amherst and obtained her Juris Doctor degree from Quinnipiac University School of Law. She is currently an assistant attorney general in the Connecticut Office of the Attorney General, serving in the child protection section. In this role, she represents the Connecticut Department of Children and Families in state court proceedings. Prior to her current position, she worked as a staff attorney at the Center for Children’s Advocacy, where she advocated for youth in education and delinquency cases. She also previously served as an assistant state’s attorney with the Connecticut Division of Criminal Justice, representing the state in both adult criminal and juvenile delinquency matters in the New Britain and Waterbury Judicial Districts.

    The three workers’ compensation administrative law judge nominees include:

    • Michael L. Anderson, 54, of North Stonington: Anderson graduated from the University of New Hampshire and the University of Connecticut, and obtained his Juris Doctor degree from Vermont Law School. He is currently a trial lawyer with Anderson Trial Lawyers in Norwich, where he represents injured workers in the Workers’ Compensation Commission and those seriously injured due to the negligence of others. He currently serves as chairman of the Town of North Stonington Board of Finance. He has been practicing law for more than 20 years.
    • Christine Conley, 42, of Groton: Conley graduated from Bay Path University in Longmeadow, Massachusetts, and obtained her Juris Doctorate from Western New England University in Springfield, Massachusetts. She is currently an attorney with McGann, Bartlett and Brown, LLC, where she represents employers and municipalities in defending work-related injuries. She has experience in worker’s compensation and personal injury, representing both plaintiffs and defendants.  She is a Connecticut board certified workers’ compensation specialist. She formerly worked for Embry, Neusner and Arscott, and the Law Offices of Lori M. Comforti, representing individuals with workers’ compensation and personal injury cases. Prior to representing individuals, she was an associate at Murphy and Beane. From 2017 to 2025, she served the 40th Assembly District of Groton and New London in the Connecticut House of Representatives.
    • Colette Griffin, 66, of Newtown: Griffin graduated from the University of Bridgeport and obtained her Juris Doctor degree from Quinnipiac School of Law. She is currently a partner with Strunk Dodge Aiken Zovas and has served as the chair of both the workers’ compensation and animal law sections of the Connecticut Bar Association. She was previously a partner with Howd and Ludorf, LLC, where she began and ran their workers’ compensation practice. She serves on the workers’ compensation legal advisory and medical advisory committees.

     

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James and Pine Barrens Commission File Lawsuit Against Roberts Premier Development for Violations in Protected Conservation Area

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James and the Central Pine Barrens Joint Planning and Policy Commission (Pine Barrens Commission) today filed a lawsuit against Long Island developer David Roberts and his company, Roberts Premier Development, LLC (Roberts Premier), for removing trees and vegetation to construct a commercial cabinetry and woodworking business on protected Pine Barrens land without proper approval. The Pine Barrens are located on top of Long Island’s largest source of drinking water, and their preservation is necessary to ensure residents’ access to clean water. Roberts damaged 13,000 square feet of this land by clearing natural vegetation and grading soil to build a 5,500 square foot commercial barn without authorization from the Pine Barrens Commission, harming the Pine Barrens’ delicate ecosystem. With this lawsuit, Attorney General James and the Pine Barrens Commission seek to require Roberts to remove the barn and associated infrastructure, restore the property to its previous state, and pay civil penalties for the destruction he caused.

    “Long Island’s Pine Barrens are one of New York’s most precious environmental treasures, and we are committed to protecting it,” said Attorney General James. “Preserving this land is critical to the health of Long Island’s drinking water. Any bad actor that takes action to harm our protected lands must be held accountable. I am grateful to the Commission for their partnership and look forward to continuing our work together to ensure the Pine Barrens are preserved for generations to come.”

    “We’re happy to partner with Attorney General James in this action against Roberts Premier Development. There’s a reason the Long Island Pine Barrens Protection Act included a Comprehensive Land Use Plan that has for three decades guided land use in this spectacular region,” said Central Pine Barrens Commission Executive Director Judith Jakobsen. “It’s because there’s a place for development in the Central Pine Barrens and a place for ecological preservation. When someone breaks the rules, they should suffer the consequences.”

    The Long Island Central Pine Barrens is a 106,000-acre natural area in Suffolk County that is home to some of New York’s greatest ecological diversity, including many endangered or threatened animal and plant species. In 1993, New York adopted the Long Island Pine Barrens Protection Act, which established the Pine Barrens Commission to safeguard the Pine Barrens and develop and oversee a comprehensive land use plan for the area. The Act designated 55,000 acres of the Pine Barrens as a core preservation area and specified that any entity seeking to engage in development activities such as clearing, excavation, or construction in the area must apply for and receive a waiver from the Pine Barrens Commission.

    Roberts Premier acquired a four-acre Pine Barrens property in Brookhaven, Suffolk County in July 2022. The property falls within a residential zoning district that strictly prohibits any non-residential use of land. In August 2022, Roberts applied for a permit from the town to build a new 5,500 square foot barn but did not apply for any waiver from the Pine Barrens Commission for its planned clearing, excavation, and construction on protected Pine Barrens land. Before hearing back from the town on his building permit application, Roberts moved forward with the project, clearing vegetation, grading the land, and fully constructing a new barn. Roberts was issued a building permit on November 28, 2022.

    In March 2023, the town alerted the Pine Barrens Commission that approximately 13,000 square feet of natural vegetation had been removed from Roberts’ property and that a new barn had been constructed in its place. By this time, Roberts Premier had added storage containers, which are not permitted in residential districts, and set up parking areas and paved roadways on the protected land. The Commission discovered in June 2023 that a custom cabinetry and millwork business, Green Leaf Cabinet Corp., had set up a website citing the Pine Barrens property as its business address and included a map directing potential customers to the newly constructed barn.

    The compound built by Roberts Premier on protected Pine Barrens land.

    In April 2023, the Pine Barrens Commission issued a Notice of Violation to Roberts and Roberts Premier, stating that the company had engaged in prohibited conduct by building the new barn for non-residential use and clearing Pine Barrens land without authorization. In June 2023, the Commission inspected the property and found extensive evidence that Roberts was conducting a commercial carpentry business on the property, including industrial-grade manufacturing woodworking equipment and machinery, commercial-grade power supply, construction equipment, and industrial-grade HVAC equipment.

    The lawsuit filed today seeks to mandate the removal of the unauthorized structure and associated infrastructure and require the development and implementation of a restoration plan for the affected land under the Commission’s supervision. Attorney General James is also seeking civil penalties of up to $25,000 per violation and $1,000 for each day the violations persist. The lawsuit follows unsuccessful attempts to negotiate a resolution with Roberts Premier and Roberts.

    This matter was handled for the Pine Barrens Commission by Executive Director Judith Jakobsen, Pine Barrens Manager Julie Hargrave, Enforcement Officer Frank Carbone, and Counsel John C. Milazzo. 

    This matter was handled for OAG by Assistant Attorney General Abigail Katowitz-Liu and Section Chief Elizabeth Morgan of the Environmental Protection Bureau under the supervision of Deputy Bureau Chief Monica Wagner. The Environmental Protection Bureau is led by Bureau Chief Lemuel M. Srolovic and is part of the Division for Social Justice, which is led by Chief Deputy Attorney General Meghan Faux and overseen by First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News –

  • MIL-OSI USA: Record Attendance at State Parks in 2024

    Source: US State of New York

    Governor Kathy Hochul today announced state parks, historic sites, campgrounds and trails operated by the New York State Office of Parks, Recreation and Historic Preservation (State Parks) saw a record 88.3 million visits in 2024. Total visits statewide surged by over four million, which is a five percent increase compared to the previous record year in 2023. These numbers reflect Governor Hochul’s commitment to expanding access to parks and outdoor recreation, including her investment in the park system’s 100th anniversary last year, the 2024 total solar eclipse viewing events that broke state tourism records, and her free swimming initiatives.

    “This new attendance record is a result of our commitment to expanding opportunities for residents and visitors alike to enjoy safe, healthy recreation, whether it’s through swimming, hiking, camping, or gathering to take in our world-class vistas, beaches and waterfalls,” Governor Hochul said. “We are fortunate that our state parks offer a much-needed break from the addictive digital landscape many are exposed to, and with my “Unplug and Play” strategy, we are going to make sure even more New Yorkers and future generations have access to phenomenal recreational facilities in their state parks and in their own communities.”

    Over the last two decades, State Parks’ attendance has climbed steadily, increasing 66 percent, with last year marking the 12th consecutive annual increase. Contributing to this surge in visitation was the New York State park and historic site system’s Centennial in 2024. The year-long celebration honored influential figures and milestone moments in State Parks’ development and gave the agency an opportunity to connect with local communities across the state by hosting dozens of Centennial-themed events.

    On April 8, State Parks hosted a range of events and activities to celebrate the rare total solar eclipse that passed through western New York, the Finger Lakes, and the Adirondacks. Governor Hochul was one of 45,000 visitors who experienced the celestial event at Niagara Falls State Park. The eclipse brought record-setting tourism numbers in New York from April 6 to April 9 of last year.

    Governor Hochul’s free swimming initiatives fortified the new record. Prior to the July 4 weekend last year, Governor Hochul removed swimming pool entry fees at State Parks for the entire summer. Through Labor Day, pool attendance increased 36 percent, with over 542,000 people visiting a State Park pool. Twenty-two facilities hosted free swimming lessons, tripling the number of facilities from previous years and teaching over 2,000 students how to swim.

    State Parks Commissioner Pro Tempore Randy Simons said, “State Parks is one of the most admired parks systems in the world, welcoming many millions more visitors than ever before to unplug and play! Governor Hochul’s continued support for outdoor recreation and land conservation, paired with the passion and hard work of our State Parks team, undoubtedly helped us reach this new record. We look forward to working with partners around the state to keep the momentum going, aid in the mental and physical wellness of all, drive affordability and help deliver economic boosts to communities around the Empire State for years to come.”

    Assemblymember Ron Kim said, “I am incredibly excited to join Governor Hochul and my colleagues in continuing to invest in our state parks, recreational areas, and cultural sites. They have proven to be an essential engine for New York’s economic development, bringing millions of annual visitors and immeasurable intrinsic value to our communities, which is critical for long-term sustainable growth.”

    Camping continued to be an in-demand offering at State Parks in 2024 with 2,206,986 campers pitching their tents at New York’s state park facilities. With more than 226,000 reservations, those campers spent a collective 753,731 nights under the stars while providing a boost to local economies.

    The New York State Parks Wellness Challenge  was launched Jan. 1 to encourage both mental wellness and outdoor recreation while also educating residents and visitors on wellness-focused activities within State Parks in 2025. The challenge was designed to align with Governor Hochul’s efforts to encourage New Yorkers to get off their devices and enjoy the outdoors. The challenge includes 50 missions that can be completed at various State Parks. Once participants finish 25 of the available 50 missions, they will receive a commemorative sticker and postcard mailed to their address as a prize.

    Governor Hochul’s Fiscal Year 2026 Executive Budget proposes $200 million for State Parks to invest in and aid the ongoing transformation of New York’s flagship parks and support critical infrastructure projects throughout the park system. The Governor’s new Unplug and Play initiative also earmarks $100 million for construction and renovation of community centers through the Build Recreational Infrastructure for Communities, Kids and Seniors (NY BRICKS), $67.5 million for the Places for Learning, Activity and Youth Socialization (NY PLAYS) initiative helping New York communities construct new playgrounds and renovate existing playgrounds; and an additional $50 million for the Statewide Investment in More Swimming (NY SWIMS) initiative supporting municipalities in the renovation and construction of swimming facilities.

    The New York State Office of Parks, Recreation and Historic Preservation oversees more than 250 parks, historic sites, recreational trails, golf courses, boat launches and more, and welcomes over 88 million visitors annually. For more information on any of these recreation areas, visit  parks.ny.gov, download the free  NY State Parks Explorer app  or call (518) 474-0456. Connect with them on  Facebook,  Instagram,  X (formerly Twitter), the  OPRHP Blog or via the OPRHP Newsroom.

    MIL OSI USA News –

  • MIL-OSI Security: Richmond Heights Hotel Manager Sentenced to 39 Months in Prison for Financial Fraud

    Source: Office of United States Attorneys

    ST. LOUIS – U.S. District Judge Henry E. Autrey on Thursday sentenced the former assistant general manager of a Richmond Heights, Missouri hotel to 39 months in prison for committing multiple frauds and ordered her to repay $226,882.

    From March to October of 2023, Angelique Patterson, 40, manipulated the hotel’s reservation system to alter the records of customers who had paid using cash or credit cards. Patterson retroactively changed those reservations to falsely show that the customers had used the hotel’s loyalty rewards system “points” for their stay. She then added her own credit or debit card information into the system and had the customers’ payments “refunded” to her.

    On Oct. 4, 2023, although not on duty, Patterson tried to use the hotel’s desk computer and a coworker’s credentials to fraudulently refund herself an additional $61,998.

    Patterson also used hotel customers’ credit card information from August through September of 2021 to make fake charges via the entertainment company she owned, Angel Entertains LLC. She obtained or tried to obtain $109,000 that way.

    Patterson pleaded guilty in U.S. District Court in St. Louis in September to five counts of wire fraud.

    The FBI investigated the case. Assistant U.S. Attorneys Gwen Carroll and Cort VanOstran prosecuted the case. 

    MIL Security OSI –

  • MIL-OSI Africa: African Mining Week (AMW) 2025 to Showcase Projects Advancing African Mining Value Addition

    Source: Africa Press Organisation – English (2) – Report:

    CAPE TOWN, South Africa, January 27, 2025/APO Group/ —

    African Mining Week (AMW) 2025, taking place in Cape Town from October 1-3, will center on the theme, From Extraction to Beneficiation: Unlocking Africa’s Mineral Wealth. The event will highlight initiatives aimed at enhancing Africa’s mineral value chains and promoting local processing to drive economic growth.

    Research indicates that Africa could generate up to $2 billion in additional mining revenue and create up to 3.8 million jobs by 2030 through expanded manufacturing of value-added mining products. As Africa’s premier mining platform, AMW 2025 will convene global investors, policymakers and industry leaders to explore opportunities in Africa’s midstream and downstream sectors, featuring panel discussions, project showcases and high-level deal signings.

    Africa stands as a global leader in mining, home to unparalleled reserves of the minerals essential for shaping the future of technology and industry. To harness this vast potential, African Mining Week will serve as a premier platform for exploring the full spectrum of mining opportunities across the continent. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference (https://AECWeek.com/) from October 1-3, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contactingsales@energycapitalpower.com

    Africa’s push for local mineral processing is gathering momentum. In Zimbabwe, a ban on raw lithium exports implemented in 2022 has resulted in over $1 billion in processing investments. Key projects include the Rwizi Rukuru refinery, Shengxiang Investments’ lithium processing facility in Goromonzi, and Chengxin Lithium’s Sabi Star Mine concentrator, all contributing to domestic processing capacity. Similarly, Tanzania’s recent ban on raw lithium exports is driving international investment into value-added projects, while Nigeria has partnered with Avatar New Energy to establish a 400,000-ton-per-day lithium refinery launched in 2024.

    Ghana has also made headway with the inauguration of the Royal Ghana Gold Refinery last August, which represents its first facility for refining gold for export and  aligns with the nation’s strategy to drive economic growth through value addition. Guinea is collaborating with Emirates Global Aluminium to establish an alumina refinery, leveraging its substantial mineral resources.

    South Africa remains a leader in mineral beneficiation, utilizing its resources and industrial expertise to advance downstream processing. Key projects include the Thaba Joint Venture, set to begin production in early 2025, with an annual target of 13,000 ounces of platinum group metals and 400,000 tons of metallurgical-grade chrome concentrate from tailings and run-of-mine deposits. Meanwhile, the $4.5 billion KwaZulu-Natal Titanium Beneficiation Complex, led by Nyanza Light Metals, aims to produce 80,000 tons of titanium dioxide annually, reinforcing South Africa’s position in advanced mineral processing.

    AMW 2025 will be held alongside the African Energy Week: Invest in African Energies 2025 conference, offering delegates access to key players across mining, energy, and finance industries. Together, these events will provide unparalleled opportunities for collaboration and investment, driving Africa’s vision for value-added mining development.

    MIL OSI Africa –

  • MIL-OSI: XMS Capital Partners Enhances Private Capital Raising and Merchant Banking Capabilities with the Addition of Paul Glover as Managing Director

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Jan. 27, 2025 (GLOBE NEWSWIRE) — XMS Capital Partners, LLC (“XMS”), a global, independent financial services firm focused on providing M&A, corporate advisory, capital raising and asset management services, is pleased to announce the addition of Paul Glover as Managing Director.

    “Paul brings exceptional expertise, connectivity and strategic thinking in XMS’ key sectors to the role. Paul has a unique blend of experience as an advisor, investor, operator and entrepreneur, providing the firm and our clients with invaluable insights and leadership. We see tremendous opportunity in expanding our capital raising and merchant banking capabilities,” said Ted Brombach, Co-Managing Partner at XMS.

    “I am very excited to be joining XMS in a role that enables me to bring to bear my various experiences to support the firm’s growth and enhance value for its clients,” said Mr. Glover. “I have great respect for the team and culture that XMS has built, and I look forward to working with my new colleagues.”

    About Paul Glover

    Mr. Glover joins XMS with over 30 years of experience in investment banking, capital markets, principal investing and strategic financial leadership. Based in New York City, Mr. Glover will work closely with XMS’ bankers in the US and Europe across sectors on capital raising and financing initiatives, as well as supporting the firm’s merchant banking activities.

    Most recently, Mr. Glover was Chief Financial Officer of CellPoint Digital, a payment orchestration platform, where he oversaw its finance, legal, HR and compliance functions. In addition, he also was involved in raising multiple financing rounds. Prior to CellPoint, Mr. Glover served as Head of Private Capital Markets at R.W. Pressprich, and as Chief Executive Officer of Bridgenorth Capital, a boutique investment bank he founded after working as a special situations investor at OneCapital Management. Mr. Glover previously held senior roles in capital markets at Bankers Trust and at Deutsche Bank where he sat on its Global Markets Management Committee as Global Co-Head of Structured Capital Markets. 

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory, capital raising and asset management services to clients. It has offices in Chicago, Boston, Dallas and London. For more information, please visit www.xmscapital.com.

    Media Contact
    Samantha Bailey
    XMS Capital Partners
    Phone: 312.262.5642
    www.xmscapital.com

    The MIL Network –

  • MIL-OSI Global: How Canada and the U.S. can still tackle climate change in a second Trump era

    Source: The Conversation – Canada – By Andy Hira, Professor of Political Science, Simon Fraser University

    U.S. President Donald Trump has once again withdrawn the United States from the Paris agreement on climate change.

    There is a palpable sense of fear among environmentalists and those concerned about climate change following Trump’s re-election. His “drill baby drill” support for fossil fuels in the U.S. and frequent criticisms of renewable energy suggest that the world can expect to see a U.S. government that is far less interested in addressing climate change.

    In addition to leaving the Paris deal, Trump is likely to peel back the climate change elements of former president Joe Biden’s Inflation Reduction Act (IRA) and disempower the Environmental Protection Agency (EPA). Trump’s nominee to head the EPA, Lee Zeldin, has promised to “pursue energy dominance.” Meanwhile, Chris Wright, Trump’s choice for energy secretary, is the CEO of Liberty Energy, a fracking company.

    While a majority of Americans recognize the dangers of climate change, how they prioritize action to address it tends to fall along partisan lines, with Republican voters seeing a trade-off with economic growth.

    Despite the challenges a second Trump administration is likely to bring, Canada can continue to address climate change by working with sub-national leadership in the U.S.

    Donald Trump signs an executive order withdrawing from the Paris climate agreement.

    U.S. states still making progress

    There are clear indications that Trump will move to dismantle key environmental policies. A dominant Trump adviser, Tesla CEO Elon Musk, has indicated his support for removing US$7,500 tax credits for the purchase of electric vehicles (EVs), apparently viewing it as a way to undermine Tesla competitors.

    But this move is opposed by other automakers that have invested billions into developing new supply chains.

    Furthermore, dismantling the IRA could undermine Trump’s broader economic agenda. Chinese companies have already leapfrogged their U.S. competitors when it comes to EVs. Biden’s tariffs on Chinese EVs and his promotion of battery supply chains are perfectly compatible with Trump’s own desire to bolster American manufacturing.

    However, despite the negative outlook on climate policy at the federal level, several U.S. states have made significant progress. Many American states already have significant and rapidly growing contributions from renewable energy, including Republican-led states such as Iowa and Texas, which generated respectively 60 and 20 per cent of its electricity from wind in 2024.

    In addition, 24 American states are projected to reduce net carbon emissions by 27 to 39 per cent by 2030, and 45 states and the District of Columbia have EV support policies. Meanwhile, California and 11 other states have EV mandates.

    Globally, solar and offshore wind costs have declined dramatically since 2010 by 89 per cent and 68 per cent, respectively. According to the 2024 levelized cost of energy estimates by financial advisory firm Lazard, onshore wind in the U.S. is fully competitive with natural gas. Utility-level solar is also within the cost range of natural gas.

    California’s decision to ban gas cars by 2035 has been supported by automakers, though the deadline remains hotly contested. California has offered the same EV tax credit if the federal one is eliminated.

    What Canada should do

    Canada must accelerate its own transition to a low-carbon economy by supporting renewable energy initiatives in engineering, construction, transportation and carbon sequestration.

    Renewable energy opportunities that align with U.S. interests exist, and can be pursued irrespective of Trump’s policies. For example, Canada has an opportunity, jointly with the U.S., to expand our mutual critical mineral industry.

    Electrification is set to proceed apace regardless of the political leanings of governments, and the transformation of transportation from fossil fuels to electricity and battery power will require vast amounts of lithium, a mineral Canada has in large quantities. It will also require large investments in cutting-edge battery technology, which is a key limitation to green electrification.

    Canada can play a crucial role in the U.S. critical strategic minerals program. Canada is a critical source of such minerals, and can play a significant role in developing North American EV and battery supply chains.

    Considering both the need for these minerals and how tightly integrated the auto industry is in North America, such integration of supply chains fits within Trump’s general goal of reducing reliance on China. Canada can leverage this role to try to ensure it captures key portions of the supply chain that will create good jobs, particularly as oil demand inevitably winds down.

    Canada could also be a key partner in expanding nuclear energy production. We understand the resistance many have to this suggestion, but it’s worth reconsidering given the intermittency of renewable energy such as wind and solar.



    Read more:
    With nuclear power on the rise, reducing conspiracies and increasing public education is key

    Canada is the second-largest producer of uranium in the world. It has experience developing safe nuclear reactors, and technological advances have improved reactive safety and performance in recent decades.

    As part of reconciliation efforts, Canada must engage Indigenous Peoples in renewable energy discussions and actions on their own lands. Canadian governments should partner with Indigenous communities to provide them opportunities to ensure that investments in green energy are made appropriately and the benefits are shared fairly.

    Lastly, Canada should assist low-income countries to develop appropriate technologies to advance their adoption of renewable energy — think something like a federal renewable energy outreach program.

    By taking these steps, Canada could make significant contributions to helping tackle climate change both in North America and around the world.

    Andy Hira is the Director of the Clean Energy Research Group based at Simon Fraser University. The group has received funding from the Willow Grove Foundation and SFU.

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

    – ref. How Canada and the U.S. can still tackle climate change in a second Trump era – https://theconversation.com/how-canada-and-the-u-s-can-still-tackle-climate-change-in-a-second-trump-era-246290

    MIL OSI – Global Reports –