NewzIntel.com

Category: Business

  • MIL-OSI: Form 8.3 – [GLOBALDATA PLC – 22 05 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 GLOBALDATA PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 22 MAY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 0.01p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 11,051,955 1.3703    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 11,051,955 1.3703    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.01p ORDINARY SALE 8,265 192.65p
    0.01p ORDINARY PURCHASE 1,765 193.85p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 23 MAY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Bilibili Inc. Announces Completion of US$690 Million Convertible Senior Notes and Offering of Class Z Ordinary Shares in Connection with Hedging Transactions of Certain Convertible Notes Investors and Terms of Concurrent Repurchase

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, May 23, 2025 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (Nasdaq: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced (i) the completion of its offering (the “Notes Offering”) of US$690 million in aggregate principal amount of convertible senior notes due 2030 (the “Notes”), including the initial purchasers’ full exercise of option to purchase an additional US$90 million in aggregate principal amount of the Notes, and (ii) the completion of the previously announced concurrent offering of its 10,281,240 Class Z ordinary shares that have been borrowed from non-affiliate third parties and offered in a separate underwritten offering.

    Notes Offering

    The Notes have been offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

    The Notes constitute senior, unsecured obligations of the Company. The Notes will mature on June 1, 2030, unless repurchased, redeemed or converted in accordance with their terms prior to such date. Holders may convert their Notes at their option at any time prior to the close of business on the seventh scheduled trading day immediately preceding the maturity date. The initial conversion rate of the Notes is 42.1747 Class Z ordinary shares per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately HK$185.63 per Class Z ordinary share and represents a conversion premium of approximately 27.1% above the closing price HK$146.00 per Class Z ordinary share of the Company on the Hong Kong Stock Exchange on May 21, 2025) and a premium of approximately 32.5% to the clearing share price of the Concurrent Delta Offering of HK$140.10 per Class Z ordinary share of the Company, and is subject to adjustment upon the occurrence of certain events. Upon conversion, subject to certain procedures and conditions set forth in the terms of the Notes, the Company will cause to be delivered the Company’s Class Z ordinary shares, par value US$0.0001 per share. Holders may elect to receive the Company’s American depositary shares (“ADS”), each representing one Class Z ordinary share, in lieu of Class Z ordinary shares deliverable upon conversion.

    The Notes will bear interest at a rate of 0.625% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on December 1, 2025.

    The Company plans to use the net proceeds from the Notes Offering to enhance its content ecosystem to facilitate user growth, facilitate IP asset creation, and unleash its inherent potential. The Company also plans to use the net proceeds from the Notes Offering to improve its overall monetization efficiency, fund the Concurrent Repurchase (as defined below), fund future repurchases (from time to time) under its share repurchase program, and for other general corporate purposes.

    The Notes, the Class Z ordinary shares deliverable upon conversion of the Notes or the ADSs deliverable in lieu thereof have not been registered under the Securities Act, or any state securities laws. They may not be offered or sold within the United States or to U.S. persons, except in reliance on the exemption from registration under the Securities Act.

    Concurrent Delta Offering

    The Company also completed the concurrent offering of its 10,281,240 Class Z ordinary shares that have been borrowed from non-affiliate third parties and offered in a separate underwritten offering by Goldman Sachs (Asia) L.L.C. and Morgan Stanley Asia Limited (the “Underwriters” and the “Concurrent Delta Offering”, respectively), each acting severally on behalf of itself and/or its respective affiliates, at HK$140.10 per Class Z ordinary share. The Underwriters used the resulting short position to facilitate hedging transactions by certain investors subscribing for the Notes, who employ a convertible arbitrage strategy (the “Convertible Arbitrage Investors”). The Company has been advised that each Underwriter has concurrently entered into off-market privately negotiated derivative transactions relating to the Class Z ordinary shares, which enabled Convertible Arbitrage Investors to establish their initial short positions in the Class Z ordinary shares to hedge market risk in the Notes. The number of Class Z ordinary shares subject to the Concurrent Delta Offering generally corresponds to such initial short positions of the Convertible Arbitrage Investors. No new Class Z ordinary shares have been issued in the Concurrent Delta Offering.

    The Company has filed an automatic shelf registration statement on Form F-3 (including a prospectus) with the SEC. The Concurrent Delta Offering has been made only by means of a prospectus supplement and the accompanying prospectus. You may obtain these documents by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, a copy of the prospectus supplement and the accompanying prospectus may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Prospectus Department, Email: Prospectus-ny@ny.email.gs.com, Telephone: 1 (866) 471-2526; or Morgan Stanley Asia Limited, c/o Morgan Stanley & Co. LLC, 180 Varick Street, New York, New York 10014, Attention: Prospectus Department, Email: prospectus@morganstanley.com, Telephone: 1 (866) 718-1649.

    The Company has subscribed for and been allocated 5,588,140 of its Class Z ordinary shares offered in the Concurrent Delta Offering for an aggregate amount of approximately HK$782.9 million at the offering price (the “Concurrent Repurchase”). The Concurrent Repurchase is being made pursuant to the Company’s existing share repurchase program. The Company used part of the proceeds from the Notes Offering for the Concurrent Repurchase. The Concurrent Repurchase enables investors to establish some of their initial short positions in the Class Z ordinary shares to hedge market risk in the Notes and reflects the Company’s confidence in its long-term strategy and growth. The repurchased shares will be cancelled.

    This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of these securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

    About Bilibili Inc.

    Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed our users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.

    For more information, please visit: http://ir.bilibili.com.

    For investor and media inquiries, please contact:

    In China:

    Bilibili Inc.
    Juliet Yang
    Tel: -86-21-2509-9255 Ext. 8523
    Email: ir@bilibili.com

    Piacente Financial Communications
    Helen Wu
    Tel: -86-10-6508-0677
    Email: bilibili@tpg-ir.com

    In the United States:

    Piacente Financial Communications
    Brandi Piacente
    Tel: -1-212-481-2050
    Email: bilibili@tpg-ir.com

    The MIL Network –

  • MIL-OSI: Form 8.3 – [CRANEWARE PLC – 22 05 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 CRANEWARE PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 22 MAY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 1,712,784 4.8370    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 1,712,784 4.8370    

    NOTE: On 22/05/2025 there was a transfer out of 668 shares by a discretionary client.

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p ORDINARY SALE 335 2091p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 23 MAY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Jitterbit Placed in 2025 Gartner® Magic Quadrant™ for Integration Platform as a Service

    Source: GlobeNewswire (MIL-OSI)

    ALAMEDA, Calif., May 23, 2025 (GLOBE NEWSWIRE) — Jitterbit, a global leader in accelerating business transformation for enterprise systems, today announced that it has been positioned by Gartner as a Visionary in the Magic Quadrant™ for iPaaS, core to the Jitterbit Harmony platform. The evaluation was based on specific criteria that analyzed the company’s overall completeness of vision and ability to execute.

    “As part of the unified, AI-infused Harmony platform, Jitterbit iPaaS is empowering users of all skill levels to build and manage integrations with unprecedented speed and simplicity,” said Jitterbit CTO and SVP of Engineering Manoj Chaudhary. “This recognition highlights Jitterbit’s consistent innovation and visionary approach within the industry.”

    Jitterbit Harmony, which includes iPaaS, App Builder, API Manager and EDI offerings, is designed for line-of-business leaders and IT/IS experts to collaborate on critical automation, application development and orchestration initiatives. The platform empowers both groups to build AI agents that seamlessly integrate with their complex enterprise architecture, driving unprecedented efficiency and innovation while maintaining rigorous control, transparency and accountability.

    Gartner® Magic Quadrant™ reports are a culmination of rigorous, fact-based research in specific markets, providing a wide-angle view of the relative positions of the providers in markets where growth is high and provider differentiation is distinct. Providers are positioned into four quadrants: Leaders, Challengers, Visionaries and Niche Players. The research enables you to get the most from market analysis in alignment with your unique business and technology needs.

    View a complimentary copy of the Magic Quadrant™ report to learn more about Jitterbit’s strengths and cautions, among other provider offerings, at https://www.jitterbit.com/report/the-2025-gartner-magic-quadrant-for-ipaas/.

    Gartner disclaimer
    Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    About Jitterbit
    For organizations ready to modernize and innovate, Jitterbit provides a unified AI-infused low code platform for integration, orchestration, automation, and app development that accelerates business transformation, boosts productivity, and unlocks value. The Jitterbit Harmony platform, including iPaaS, API Manager, App Builder and EDI, future-proofs operations, simplifies complexity and drives innovation for organizations globally. Learn more at www.jitterbit.com and follow us on LinkedIn.

    MEDIA CONTACT:
    Geoff Blaine
    Jitterbit
    Email: geoff.blaine@jitterbit.com

    The MIL Network –

  • MIL-OSI Asia-Pac: HKSAR Government’s response to Fitch’s affirmation of Hong Kong’s “AA-“credit rating and “stable” outlook

    Source: Hong Kong Government special administrative region

    In response to the report from Fitch today (May 23) on maintaining Hong Kong’s “AA-“credit rating and “stable” outlook, a Government spokesman made the following response:

    We noted Fitch’s decision to maintain Hong Kong’s credit rating at “AA-” with a “stable” outlook. Fitch recognised Hong Kong’s strong credit fundamentals, including large fiscal buffers, robust external finances, and a low level of fiscal debt. It also pointed out that our banking sector is resilient, with solid funding and liquidity.

    Hong Kong’s financial system remains robust, with a consistently healthy level of overall asset quality in the banking sector according to international standards. Bank deposits have continued to grow. As of the end of March this year, the total amount of bank deposits in Hong Kong was near $18 trillion, marking an 11 per cent year-on-year increase.

    Data have demonstrated the continuous reinforcement and enhancement of Hong Kong’s status and functions as an international financial centre. The confidence of global investors in Hong Kong is strengthening. The capital markets are active. For the stock market, the Hang Seng Index rose by 18 per cent last year, and has increased by over 15 per cent since the beginning of this year. The total market capitalisation of Hong Kong stocks has exceeded $41 trillion. The average daily turnover in the first four months of 2025 surpassed $250 billion, representing a 144 per cent increase compared to the same period last year. The initial public offering (IPO) market is also thriving, with cumulative funds raised exceeding $60 billion. This week, the Hong Kong Exchanges and Clearing Limited welcomed the world’s largest IPO activity so far this year.

    The fiscal situation of the Hong Kong Special Administrative Region Government has remained robust. In the 2025-26 Budget, reinforced fiscal consolidation was set out. It focuses primarily on containing expenditure growth, supplemented by revenue increase. It will gradually restore balance to government accounts. According to the Government’s medium-range forecast, the Operating Account (i.e. the Government’s daily income and expenses) is expected to be largely balanced in this financial year, and will return to surplus in the next financial year (2026-27). The Capital Account mainly involves capital works expenditure, which represents investments for the future, such as the development of the Northern Metropolis. Therefore, the Government will make flexible use of market resources, including increasing the scale of bond issuance, to fast-track the related projects. Even if so, the level of deficit in the Capital Account will gradually decrease starting from the 2026-27 financial year. Overall, after counting the proceeds from bond issuance, the Consolidated Accounts will return to surplus in the 2028-29 financial year.

    The tariff war has increased global economic uncertainty, and the world economy is facing broad challenges. However, international trade tensions have recently eased to a certain extent, and the Mainland’s economy has continued to grow steadily, supported by more proactive fiscal policies and moderate expansionary monetary policies. These will benefit the trade performance in Hong Kong and the region. Meanwhile, the Mainland’s high-level two-way opening up, as well as its pursuit of green transition, innovation and technology, and digital economy, will continue to create business and investment opportunities for Hong Kong. 

    Leveraging its unique advantages of connecting with both the Mainland and the rest of the world under the “one country, two systems” arrangement, Hong Kong will aptly adjust to the global trade realignment and seize opportunities. In fact, more Mainland and international companies are establishing international headquarters, research and development centres and regional offices in Hong Kong to expand their global business. For example, in 2024, the number of companies in Hong Kong with parent companies located outside Hong Kong increased by about 10 per cent to nearly 10 000, reaching a new historical high. The Office for Attracting Strategic Enterprises and Invest Hong Kong have also achieved good results in attracting businesses and investments.

    As a “super connector” and “super value-adder”, Hong Kong will continue to actively link the Mainland with the world. While reinforcing connections with traditional markets, we will also forge more economic and investment networks with new markets, particularly those in the Global South. Furthermore, Hong Kong will deepen integration with the Guangdong-Hong Kong-Macao Greater Bay Area. These will allow us to open up new growth points and inject greater impetus into our economy.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Approved Shau Kei Wan Outline Zoning Plan amended

    Source: Hong Kong Government special administrative region

    Approved Shau Kei Wan Outline Zoning Plan amended* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification. Issued at HKT 16:00

    The Town Planning Board today (June 23) announced amendments to the approved Shau Kei Wan Outline Zoning Plan (OZP).

    The amendments mainly involve the following items:

    (i) rezoning a site at A Kung Ngam Village and its adjacent areas from “Open Space” (“O”), “Green Belt”, “Other Specified Uses” annotated “Business” (“OU(B)”), “Other Specified Uses” annotated “Comprehensive Recreational Development Area” and areas shown as ‘Road’ to “Residential (Group A)6” for public housing development;

    (ii) rezoning a site to the north of Ming Wah Dai Ha from “O”, “Residential (Group A)” (“R(A)”) and “Government, Institution or Community” (“G/IC”) to “Residential (Group A)5” for public housing development;

    (iii) rezoning a site at 5 A Kung Ngam Village Road from “OU(B)” to “OU(B)1” to facilitate the wholesale conversion of the existing building to hospital; and

    (iv) rezoning a site at 456 Shau Kei Wan Road from “G/IC”, “O” and an area shown as ‘Road’ to “G/IC(1)” to facilitate the redevelopment of an existing social services building.

    Opportunity is also taken to amend the Notes and Explanatory Statement of the OZP to reflect the above amendments and to update the general information of various land use zonings and the planning circumstances, where appropriate.

    The draft Shau Kei Wan OZP No. S/H9/19, incorporating the amendments, is available for public inspection during office hours at (i) the Secretariat of the Town Planning Board, (ii) the Planning Enquiry Counters, (iii) the Hong Kong District Planning Office and (iv) the Eastern Home Affairs Enquiry Centre.

    Any person may make written representations in respect of the amendments to the Secretary of the Town Planning Board on or before August 23. Any person who intends to make a representation is advised to read the Town Planning Board Guidelines No. 29B on “Submission and Publication of Representations, Comments on Representations and Further Representations under the Town Planning Ordinance” (TPB PG-No. 29B).

    Submission of a representation should comply with the requirements set out in TPB PG-No. 29B. In particular, the representer should take note of the following:

    * If the representer fails to provide his or her full name and the first four alphanumeric characters of his or her Hong Kong identity card or passport number as required under TPB PG-No. 29B, the representation submitted shall be treated as not having been made; and
    * The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.

    The Guidelines and the submission form are available at the above locations (i) and (ii) and the Town Planning Board’s website (www.info.gov.hk/tpb).

    Copies of the draft Shau Kei Wan OZP are available for sale at the Map Publications Centres in North Point and Yau Ma Tei. The electronic version of the OZP can be viewed on the Town Planning Board’s website (www.info.gov.hk/tpb).

    Ends/Friday, June 23, 2023
    Issued at HKT 16:00

    MIL OSI Asia Pacific News –

  • MIL-OSI Video: Focus Session – TARGET Services – T2S: T+1 initiative

    Source: European Central Bank (video statements)

    In order to achieve the objective of further promoting settlement efficiency in the EU, a potential move to a shorter standard securities settlement cycle, namely T+1 is envisaged. Gain insight on the potential implications on the TARGET2-Securities (T2S) to facilitate the transition to T+1.

    George Kalogeropoulos, Deputy Head of Market Infrastructure Development Division, ECB

    https://www.youtube.com/watch?v=XRR-XtrMYM0

    MIL OSI Video –

  • MIL-OSI Video: Focus Session – TARGET Services – ECMS: Operational aspects

    Source: European Central Bank (video statements)

    The ECMS becomes the fourth TARGET Service in operation on 16 June 2025. Learn more about the system’s key operational features once the ECMS is live.

    Irene Katsalirou, Deputy Head of Market Infrastructure Management Division, ECB

    https://www.youtube.com/watch?v=EgogloAr9_w

    MIL OSI Video –

  • MIL-OSI Video: Focus Session – TARGET Services – T2/TIPS: Non-banks payment service providers access to T2 and TIPS

    Source: European Central Bank (video statements)

    As of October 2025, non-bank Payment Service Providers (PSPs) meeting certain requirements will be able to access T2 (for settling payments) and TIPS (for settling instant retail payments), following the adopted policy of the Eurosystem. Find out more on the requirements and preparatory work to ensure their onboarding to TARGET and the related amendments to the TARGET Guideline.

    Sylvain Debeaumont, Head of Market Infrastructure Management Division, ECB

    https://www.youtube.com/watch?v=tfLbvjGi3Mg

    MIL OSI Video –

  • MIL-OSI Video: Focus Session – TARGET Services – TIPS: Improving cross-border payments

    Source: European Central Bank (video statements)

    The Eurosystem is exploring initiatives to help improve cross-border payments within the EU and beyond. Learn more on the status of the implementation of a cross-currency settlement in TARGET Instant Payment Settlement (TIPS).

    Karen Birkel, Head of Market Infrastructure Development Division, ECB

    https://www.youtube.com/watch?v=xIQFbqj0mjo

    MIL OSI Video –

  • MIL-OSI Video: Focus Session – TARGET Services – Closing remarks

    Source: European Central Bank (video statements)

    Dimitri Pattyn, Deputy Director General, Market Infrastructure and Payments, ECB

    https://www.youtube.com/watch?v=XrCepXT0kOM

    MIL OSI Video –

  • MIL-OSI Video: Focus Session – TARGET Services – Welcome address

    Source: European Central Bank (video statements)

    Focus Session – TARGET Services: A glance into the future

    Welcome address
    The go-live of the Eurosystem Collateral Management System (ECMS) on 16 June 2025 adds the final piece of the Eurosystem’s puzzle to create a more integrated and innovative European financial infrastructure, as outlined in 2015. Learn more about where we stand today and where we are heading to as we take a glance into future initiatives regarding the TARGET Services.

    Ulrich Bindseil, Director General, Market Infrastructure and Payments, ECB

    https://www.youtube.com/watch?v=bA2EUX9EG8E

    MIL OSI Video –

  • MIL-OSI Europe: Poland: EIB extends €700 million for development of two major new offshore wind farms

    Source: European Investment Bank

    EIB

    • European Investment Bank is the largest lender by far to Bałtyk 2 and Bałtyk 3 offshore wind farms developed by Norway’s Equinor and Poland’s Polenergia.
    • The two large-scale farms in the Baltic Sea will produce enough energy to power two million homes.
    • Third major renewables investment in Poland this year highlights the EU climate bank’s leading role in driving energy transition.

    The European Investment Bank (EIB) signed an agreement to provide €700 million for the construction of two large-scale offshore wind farms developed by Norway’s Equinor and Poland’s Polenergia off the Polish coast of the Baltic Sea. The twin Bałtyk 2 and Baltyk 3 wind farms will have a shared capacity of 1.44 GW and are expected to go online fully in 2028.

    “Bałtyk 2 and Bałtyk 3 are important projects for Poland’s decarbonisation plans as they will produce enough clean electricity to meet annual demand of two million households. The European Investment Bank has provided €350 million for each wind farm, which makes us the biggest lender by far among some 30 financial institutions involved,” said EIB Vice-President Teresa Czerwińska. “This is the EIB’s third major renewables investment in Poland only this year and our third financing for Polish offshore wind farms in the Baltic Sea in general, which highlights our dedication to developing green energy in Poland as a prerequisite for both economic competitiveness and security.”

    Located some 30 kilometres off the Polish coastal towns of Ustka and Łeba, the two fixed-bottom wind farms will consist of a hundred wind turbines of 14.4 MW each. Primarily supplied by European companies, the joint venture between Equinor, a leading international player in the offshore wind sector, and Poland’s largest private energy group Polenergia will also contribute to modern development of the EU’s cohesion regions.

    Background information  

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

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. In Poland, the EIB Group invested €5.7 billion euros last year, nearly half of which went to climate and environment projects, including energy transition.

    A trusted partner of the multifaceted energy transition in Poland, the EIB made a leading contribution earlier this year to the development of another offshore wind farm in the Baltic Sea, Baltica 2, the EU’s largest such wind park to date. In 2023, the EIB also financed Poland’s first offshore wind farm.

    InvestEU
    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects, leveraging on the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and mobilising at least €372 billion in additional investment.

    Poland: EIB extends €700 million for development of two major new offshore wind farms
    Poland: EIB extends €700 million for development of two major new offshore wind farms
    ©EIB
    Download original
    Poland: EIB extends €700 million for development of two major new offshore wind farms
    Poland: EIB extends €700 million for development of two major new offshore wind farms
    ©EIB
    Download original
    Poland: EIB extends €700 million for development of two major new offshore wind farms
    Poland: EIB extends €700 million for development of two major new offshore wind farms
    ©EIB
    Download original
    European Commission
    Logo
    ©European Commission
    Download original

    MIL OSI Europe News –

  • MIL-OSI Europe: EU Fact Sheets – Direct taxation: Personal and company taxation – 22-05-2025

    Source: European Parliament

    The field of direct taxation is not directly governed by European Union rules. Nevertheless, a number of directives and the case-law of the Court of Justice of the European Union (CJEU) establish harmonised standards for taxation of companies and private individuals. Moreover, actions have been taken to prevent tax evasion and double taxation.

    MIL OSI Europe News –

  • MIL-OSI Security: FBI Seeking Information Related to a Bank Robbery in Anchorage

    Source: US FBI

    ANCHORAGE, AK—At approximately 3:18 p.m., on October 14, 2021, an unknown suspect entered a First National Bank Alaska branch located at 1210 West Northern Lights Boulevard in Anchorage, and presented a note demanding money from a bank employee. The suspect then fled the scene on a bicycle.

    Witnesses have described the suspect as a slim male individual, approximately 5’5” to 5’7” in height. A vehicle of interest was also seen in the area, which can be described as a dark-colored Dodge Durango with a white decal on the back window, and possibly a spare tire on the rear driver’s side of the vehicle.

    If the public has any information concerning the bank robbery, please contact the FBI at 907-276-4441 or online at tips.fbi.gov.

    MIL Security OSI –

  • MIL-OSI Security: Anchorage Businessman Agrees to Pay $397,990 for COVID-Relief Loan Fraud

    Source: US FBI

    ANCHORAGE – An Anchorage businessman has entered into a global resolution with the Office of the United States Attorney for the District of Alaska to resolve federal investigations into his fraudulently obtaining $164,000 in small business loans and advances under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The global resolution includes a criminal non-prosecution agreement and civil settlement agreement.

    According to the settlement documents, Robert Gross, 65, submitted fraudulent and misleading information to obtain Economic Injury Disaster Loan Program (EIDL) loans and advances, a source of relief under the CARES Act. While applying for the EIDL program between April 6 and September 3, 2020, Gross made false statements about the revenue, number of employees and related wages of the six entities in which he had ownership interests, specifically:

    • Glacier State Services, Inc.
    • Bistro IT, LLC
    • RB Enterprises, LLC
    • Meritage Management Co.
    • AK Denali Group, LLC
    • 32 Mile Investments, LLC. 

    As part of the criminal non-prosecution agreement, Gross admitted making fraudulent statements and agreed to terms in lieu of criminal prosecution. In the civil settlement agreement, Gross agreed to repay the loans in full, plus damages in the amount of $242,990 to the United States.  

    “During a global pandemic, the defendant took advantage of aid programs designed as a lifeline providing critical relief for hardworking people in our communities impacted by COVID,” said Acting U.S. Attorney Bryan Wilson, District of Alaska. “Our office is committed to working with our law enforcement partners to hold accountable individuals who exploit the CARES Act.”

    “Making false statements to fraudulently gain access to SBA program funds is deplorable,” said SBA Office of Inspector General’s Western Region Special Agent in Charge Weston King. “SBA OIG will relentlessly pursue evidence of fraud against SBA’s programs aimed at assisting the nation’s small businesses struggling with the pandemic challenges. I want to thank the U.S. Attorney’s Office for its leadership and dedication to pursuing justice.”

    “While small businesses across the nation, including here in Alaska, continue to suffer due to the ongoing pandemic, the defendant chose to exploit the relief programs designed to help businesses in time of need,” said Special Agent in Charge Antony Jung of the FBI Anchorage Field Office. “The FBI and our federal partners will continue to work closely to detect and hold accountable those who take advantage of public health emergencies.”

    The Federal Bureau of Investigation (FBI) and the U.S. Small Business Administration (SBA), Office of Inspector General, Western Regional Office investigated the case.

    Assistant U.S. Attorneys John Fonstad and Michael Heyman prosecuted the case.

    Anyone with information about attempted fraud involving COVID-Relief can report it to the Department of Justice by calling the National Center for Disaster Fraud Hotline at 866-720-5721 or filing an online complaint form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. 

    The EIDL program is designed to provide economic relief to small businesses that are experiencing a temporary loss of revenue. EIDL program funds can be used to cover a wide array of working capital and normal operating expenses. The CARES Act was enacted on March 27, 2020, to provide emergency assistance to individuals, families and businesses affected by the coronavirus pandemic. Among other things the CARES Act simplified the EIDL program application process and allocated additional funding to the EIDL program.

    ###

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Secures Guilty Verdict in Nigerian Romance Scheme

    Source: US FBI

    ALBUQUERQUE – Following a four-day trial and less than three hours of deliberation, a federal jury returned a guilty verdict against two Nigerian nationals who participated in an international romance scheme.

    According to court documents and evidence presented at trial, the scheme, which began in January 2016, involved the creation of a fictitious persona named “Glenn Brown” on the dating website eHarmony.com. Olutayo Sunday Ogunlaja, 39, and Abel Adeyi Daramola, 37, both Nigerian nationals, worked with another individual who used this fake profile to initiate a romantic relationship with a victim in Albuquerque, New Mexico and subsequently request money from them. Throughout the course of the fraud, the victim was led to believe that their financial assistance was necessary for “Glenn Brown” to complete a purported construction project in Malaysia and return safely to the United States.

    The victim sent approximately $560,000 to various accounts in the United States, Canada, and Malaysia between January 2016 and April 2017. On September 27, 2016, the victim wired approximately $28,000 to a Woodforest Bank account in the name of Daramola Cars, as instructed by the fraudulent “Glenn Brown” persona. Daramola subsequently wired $18,000 to a seafood importer in Denmark and issued a check for $14,000.

    Daramola denied any knowledge of the romance scheme, however the FBI’s investigation uncovered extensive evidence, including text and WhatsApp correspondence on Daramola‘s phone, revealing his role as a provider of bank accounts for various fraud schemes including romance fraud schemes.

    Ogunlaja‘s involvement included using his Bank of America account for receiving fraudulent funds. Specifically, on March 9 and March 15, 2016, “Glenn Brown” instructed the victim to deposit $20,000 cash into Ogunlaja‘s account. Following these deposits, Ogunlaja made multiple cash withdrawals and transfers to Daramola’s account.

    Following the verdict, the Court ordered that Ogunlaja and Daramola remain on conditions of release pending sentencing, which has not been scheduled. At sentencing, Ogunlaja and Daramola each face up to 20 years in prison.

    There is no parole in the federal system.

    U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

    The FBI Albuquerque Field Office investigated this case. Assistant U.S. Attorney Jeremy Peña is prosecuting the case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Little Rock Woman Sentenced to 41 Months in Prison for COVID Relief Fraud

    Source: US FBI

          LITTLE ROCK—A Little Rock woman was sentenced to 41 months in federal prison after fraudulently obtaining nearly $2 million in Paycheck Protection Program (PPP) loans intended to provide relief for small businesses affected by COVID-19. Jonathan D. Ross, Acting United States Attorney for the Eastern District of Arkansas, and Diane Upchurch, Special Agent in Charge of the FBI Little Rock Field Office, announced the sentence of Ganell Tubbs, 41.

          Tubbs pleaded guilty to bank fraud in December 2020 and admitted that she purported to own two businesses: The Little Piglet Soap Company, LLC, and Suga Girl Customs, LLC. According to the Arkansas Secretary of State, neither business is in good standing, and both businesses list Tubbs’ residence and personal phone number as the business contact information.

          On April 30, 2020, Tubbs submitted a PPP application representing that Suga Girl Customs had paid $1,385,903 in wages and compensation during the first quarter of 2020. She was approved for a PPP loan of $1,518,887 and received the funds on May 5, 2020, but two days later, she used the proceeds to make an $8,000 payment on her personal student loan. The following week, Tubbs spent approximately $6,000 in online purchases at retailers including Apple, Michael Kors, Sephora, North Face, Nike, and others.

          Similarly, on May 5, 2020, Tubbs submitted another PPP application, this time regarding The Little Piglet Soap Company. Based on the false representations she made in the loan application, The Little Piglet Soap Company received a PPP loan for $414,375.

          The indictment, which was returned by a grand jury on July 7, 2020, charged Tubbs with two counts of bank fraud, two counts of making a false statement on a loan application, and one count of engaging in a monetary transaction with proceeds of unlawful activity. Tubbs’ earlier guilty plea to one count of bank fraud was received in exchange for dismissal of the remaining charges.

          United States District Judge Brian S. Miller imposed the sentence, which included two years of supervised release in addition to the 41 month prison sentence. Judge Miller also ordered Tubbs to pay $14,000 restitution, as the rest of the nearly $2 million was able to be recovered previously. The FBI, the Small Business Administration – Office of Inspector General, and the U.S. Treasury Inspector General for Tax Administration conducted the investigation. Assistant United States Attorneys Pat Harris and Jamie Dempsey prosecuted the case.

    # # #

    This news release, as well as additional information about the office of the

    United States Attorney for the Eastern District of Arkansas, is available online at

    https://www.justice.gov/edar

    Twitter:

    @EDARNEWS

    MIL Security OSI –

  • MIL-OSI Security: Albany Man Sentenced to Prison for Pandemic Relief Fraud

    Source: US FBI

    ALBANY, NEW YORK – Scott Solomon, age 38, of Albany, was sentenced today to 13 months in prison, to be followed by 3 years of supervised release, for defrauding a loan program meant for businesses struggling with the financial effects of the coronavirus pandemic.

    United States Attorney Carla B. Freedman and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

    In previously pleading guilty to two counts of bank fraud, Solomon admitted that in 2020, he fraudulently applied for and obtained Paycheck Protection Program (PPP) loans for two restaurants in Saratoga Springs, New York, that he had once operated. Solomon submitted false and forged tax documents as part of each loan application, and lied about each restaurant’s number of employees and payroll.

    At the time Solomon applied for the loans, neither restaurant was operational, and Solomon used the loaned funds, totaling $163,993, in ways he knew were prohibited by the PPP. Solomon also fraudulently obtained forgiveness of one of the loans, in the amount of $87,500, by falsely telling the lender that he used the loaned funds for payroll.

    PPP loans, which were issued by financial institutions in 2020 and 2021 and guaranteed by the U.S. Small Business Administration, needed to be used by the borrowing business only on certain, permissible expenses, such as payroll costs, interest on mortgages, rent, and utilities. 

    Senior United States District Judge Frederick J. Scullin, Jr. also ordered Solomon to pay $163,993 in restitution and to forfeit that same amount as proceeds of his crimes.

    Solomon has two prior felony convictions for grand larceny, as well as a prior misdemeanor conviction for possession of a forged instrument.

    The FBI investigated this case and Assistant U.S. Attorney Michael Barnett prosecuted this case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. 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.

    MIL Security OSI –

  • MIL-OSI Security: Mountain Home Couple Plead Guilty to Charges in Connection with Obtaining COVID-19 Relief Funds

    Source: US FBI

    Fort Smith, Arkansas – David Clay Fowlkes, Acting United States Attorney for the Western District of Arkansas, announced that James Read, age 44, and his wife, Crystal Payne, age 42, both of Mountain Home, Arkansas, pleaded guilty to charges stemming from their attempts to obtaining pandemic relief funds unlawfully.  The Honorable Judge P. K. Holmes III accepted the pleas in the U.S. District Court in Fort Smith.

    According to the plea agreement in his case, Read applied to the Small Business Administration for Payment Protection Program (PPP) funds, which, as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, are forgivable loans intended for businesses struggling with essential expenses, such as payroll, during the pandemic. In that application, Read provided inflated wage and employee data about his business, SnowbirdBob LLC, and provided falsified tax documents. He further admitted to laundering the PPP loan proceeds by purchasing a new vehicle.

    Read also pleaded guilty to one count of wire fraud for attempting to obtain unemployment benefits for himself and others in Louisiana. He falsely represented that he lived and worked in Louisiana to Louisiana’s state unemployment administrator.

    Payne pleaded guilty to a single count for false statements made in her own PPP loan application.

    Read and Payne’s sentencings will be later determined by the court, following the U.S. Probation Office’s completion of a presentence investigation.Based on his guilty plea, the maximum penalties Read faces include imprisonment for up to 30 years and a fine of up to $1,000,000.  Payne faces up to five years imprisonment and a fine of up to $250,000.

    The PPP allows qualifying small-businesses and other organizations to receive loans with a maturity of two years and an interest rate of 1%. PPP loan proceeds must be used by businesses on payroll costs, interest on mortgages, rent, and utilities. The PPP allows the interest and principal on the PPP loan to be forgiven if the business spends the loan proceeds on these expense items within a designated period of time after receiving the proceeds and uses at least a certain percentage of the PPP loan proceeds on payroll expenses. 

    The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act was the authorization of up to $349 billion in forgivable loans to small businesses for job retention and certain other expenses, through the PPP. In April 2020, Congress authorized over $300 billion in additional PPP funding.

    The case was investigated by IRS-Criminal Investigations, the Federal Bureau of Investigations, the Treasury Inspector General for Tax Administration (TIGTA), and the Small Business Administration Office of the Inspector General. Assistant United States Attorney Hunter Bridges is prosecuting the case for the United States.

    MIL Security OSI –

  • MIL-OSI Security: President of North Carolina-Based Entertainment Company Agrees to Plead Guilty to Embezzling from Television Production

    Source: US FBI

    LOS ANGELES – A New York man who is the president of an entertainment production company based in North Carolina has agreed to plead guilty to a federal criminal charge for embezzling more than $200,000 from a television production.

    David Ozer, 58, of Roslyn Heights, New York, was charged via information with one count of wire fraud. In a plea agreement also filed today, Ozer agreed to plead guilty to the felony offense, which carries a statutory maximum penalty of 20 years in federal prison.

    Ozer is expected to make his initial appearance in United States District Court in downtown Los Angeles in the coming weeks.

    As alleged in the information, Ozer is a producer and the president of Strong Studios Inc., a production company based in Charlotte, North Carolina. He also is the producer of “Safehaven,” a supernatural thriller television series. According to his plea agreement, Ozer defrauded Ravenwood-Productions LLC, the principal financial backer of “Safehaven” by misappropriating approximately $214,486 in production funds from bank accounts for the production.

    To create the false appearance that the funds he embezzled were spent on legitimate production costs, Ozer created fraudulent accounting records, including falsified invoices, and forged a letter purportedly from his accountant. In reality, Ozer’s accountant did not write the letter, the contents of the letter were false, and Ozer used his accountant’s name without his accountant’s authorization.

    Ozer provided these falsified documents to a lawyer for Strong Studios and caused him to transmit them in an email on January 3, 2024, to an attorney for Ravenwood-Productions.

    The FBI is investigating this case.

    Assistant United States Attorneys Alexander B. Schwab of the Corporate and Securities Fraud Strike Force and Matt Coe-Odess of the General Crimes Section are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI Security: Analyst Indicted for Alleged Scheme to Manipulate Stock Market Via Media Campaigns Then Trading Contrary to His Public Positions

    Source: US FBI

    LOS ANGELES – A stock analyst and frequent guest on business television news channels has been charged in a 19-count indictment alleging he used his public platform to illicitly profit by manipulating stock market activity and trading contrary to the position he presented to the public, the Justice Department announced today.

    Andrew Left, 54, formerly of Beverly Hills but who now resides in Boca Raton, Florida, is charged with one count of engaging in a securities fraud scheme, 17 counts of securities fraud, and one count of making false statements to federal investigators.

    Left is expected to be arraigned in the coming weeks in United States District Court in downtown Los Angeles.

    “This defendant allegedly used his platform as a securities commentator to manipulate the markets and enrich himself in the process,” said United States Attorney Martin Estrada. “The integrity of our securities markets is essential to the health of our financial system, and those who undermine that integrity imperil the savings of hard-working people. My office’s Corporate and Securities Fraud Strike Force will continue to protect the public by rooting out malfeasance by corporate insiders who believe they are above the law.”

    “Mr. Left’s presence on financial television networks and his significant online following provided him with a credible platform to allegedly disguise his intentions and manipulate the investing public for personal gain,” said Akil Davis, the Assistant Director in Charge of the FBI’s Los Angeles Field Office. “The FBI and our partners at the SEC and the U.S. Attorney’s Office are committed to holding accountable individuals who manipulate stocks for personal benefit at the expense of others.”           

    “Mr. Left allegedly used his influence and platform to manipulate the market for his own gain, while lying to investors and the public to maintain his clout in front of his viewing audience and unsuspecting followers,” said Inspector in Charge Eric Shen, Criminal Investigations Group, United States Postal Inspection Service. “Postal Inspectors believe the market should be fair and equal for all investors, based on truth, and not fiction; when it is not, we will spare no resource to bring those to justice who violate the public trust placed in advisors in the financial field.”

    According to the indictment returned on Thursday, Left is a securities analyst, trader, and frequent guest commentator on business cable news channels such as CNBC, Fox Business, and Bloomberg Television. He also conducted business under the name “Citron Research,” an online moniker he created as a vehicle for publishing investment recommendations. Citron’s online presence included a website and a social media account on X, formerly known as Twitter.

    Using Citron’s online platform, Left commented on publicly traded companies and asserted that the market incorrectly valued the companies’ stock, advocating that the current price was too high or too low. Left’s recommendations often included an explicit or implicit representation about Citron’s trading position and a “target price,” which he represented as his own view of the security’s true future value. As alleged in the indictment, Left used his social media following and public platform to earn at least $16 million in quick profits by fraudulently manipulating the stock market from at least March 2018 to October 2023.

    Knowing that Citron’s reputation with investors had the power to move markets, Left allegedly selected a publicly traded company about which he intended to publish commentary with the intention of manipulating its share price. Left prepared commentary about the company for dissemination through Citron. Sometimes, the commentary represented Left’s own work. Other times, Left disseminated as his own the commentary of third parties. The commentary routinely included sensationalized headlines and inflammatory language to maximize the immediate impact their publication would have on the stock market.

    In the leadup to publication of Citron’s commentary, Left allegedly established long or short positions in a company in his trading accounts, so he profited by taking advantage of the intended short-term movement in the company’s share price caused by his commentary. To exploit his advance knowledge of the timing and subject of the forthcoming commentary on the company, Left allegedly often built his positions using inexpensive, short-dated options contracts that expired the same day that he published his commentary. 

    According to the indictment, he also submitted limit orders to close his positions as soon as the company’s shares reached a certain price – often at prices vastly different from the target prices Citron’s commentary touted. Though Left represented to the public that his recommendations were to be trusted, behind the scenes, Left allegedly took contrary trading positions to reap quick profits off the stocks he either promoted or pilloried through Citron.

    To maintain the illusion of Citron’s independence and the credibility of its commentary, Left allegedly concealed Citron’s financial relationships with hedge funds. According to the indictment, for example, Left lied to law enforcement that Citron “never” exchanged compensation with a hedge fund or coordinated trading with a hedge fund in advance of the issuance of its commentary.

    For example, in November 2018, Left allegedly wrote a portfolio manager about Nvidia Corp., a publicly traded technology company based in Santa Clara, California. In the message, Left wrote, “Do you want to make some fast money[.] Put together a thesis why nvda is oversold . . . We can destroy it . . . Just read the analyst notes from this past quarter and assemble the best of the ideas.”

    Later that morning, Left took financial positions in Nvidia, including short-dated call options that expired three days later. Short-dated options can offer quick profits if a stock suddenly moves in the narrow timeframe before expiration.

    Left then promoted Nvidia as a favorable investment on Citron’s Twitter account, stating, “Citron buys $NVDA. This is the first time in 2 years stock offers an appealing risk-reward to investors . . . We see $165 before we see $120.” At the time, Nvidia’s stock was trading at approximately $143.64. The tweet was reported on by major media outlets.

    Despite his representation that he expected Nvidia’s share price to rise to $165, less than two hours after announcing “Citron buys $NVDA,” Left sold all his pre-tweet positions Nvidia was trading within a range of approximately $150 – $151, for a profit of at least than $960,000. Nvidia closed at a high of $154 on the day of Left’s tweet and fell to $144 the next day.

    According to the indictment, Left also furthered his scheme by misrepresented his trading positions during public appearances on news programs. After denouncing one company as a “fraud” on CNBC’s “Fast Money,” for example, Left allegedly falsely claimed to have covered only a “small size” of his position in the company’s stock when, earlier that same day, he had already closed out the majority of his position following the publication of commentary through Citron.

    An indictment is merely an allegation, and the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    If convicted, Left would face a statutory maximum sentence of 25 years in federal prison for the securities fraud scheme count, up to 20 years in federal prison for each count of securities fraud, and up to five years in federal prison for the false statements count.

    The FBI and the United States Postal Inspection Service are investigating this matter.

    Assistant United States Attorneys Alexander B. Schwab and Brett A. Sagel of the Corporate and Securities Fraud Strike Force, and Trial Attorneys Lauren Archer and Matthew Reilly of the Justice Department’s Criminal Division’s Fraud Section are prosecuting this case.

    The Justice Department’s Criminal Division’s Fraud Section uses the Victim Notification System (VNS) to provide victims with case information and updates related to this case. Victims with questions may contact the Fraud Section’s Victim Assistance Unit by calling the Victim Assistance phone line at 1-888-549-3945 or by emailing victimassistance.fraud@usdoj.gov. To learn more about victims’ rights, please visit www.justice.gov/criminal-vns/victim-rights-derechos-de-las-v-ctimas.

    MIL Security OSI –

  • MIL-OSI Security: Former Jericho Road Employee Charged with Theft of Government Funds

    Source: US FBI

    BUFFALO, N.Y.-U.S. Attorney Trini E. Ross announced today that Dejan Karlovic, 29, of Amherst, NY, was arrested and charged by criminal complaint with theft of government funds, which carries a maximum penalty of 10 years in prison and a $250,000 fine.

    Assistant U.S. Attorney David J. Rudroff, who is handling the case, stated that according to the complaint, between October 16, 2023, and July 2, 2024, Karlovic was employed by Jericho Road as a Senior Grants Accountant. In this position, he had access to three commercial credit cards issued through M&T Bank. Among the expenses charged to these credit cards were charges purportedly related to UHAUL, with many of the most significant UHAUL related charges supported by invoices from an entity named D and D. Between March 1 and June 26, 2024, there were more than $574,000 in D and D related transactions conducted on the credit cards.

    In March 2024, Jericho Road switched its credit card process to an online credit card management system called Ramp. Ramp accounts were issued to a limited number of personnel, which did not include Karlovic. One employee who was to receive a Ramp account with administrative access, did not establish his user profile in a timely manner. However, an unknown individual established the employee’s profile on Ramp. At approximately the same time the profile was established, an invitation for administrative access to Ramp was sent to Karlovic and a credit card through Ramp was issued to Karlovic. Karlovic was questioned about this, and he admitted that he received the invitation. Karlovic’s access to the Ramp credit card was revoked. However, when the Ramp program was rolled out to Jericho Road, Karlovic received access to two credit cards. He was to manage the program expenses related to these cards, and was able to make legitimate program purchases using both these credit cards. Between April 10 and June 17, 2024, there were more than $10,000 in D and D related transactions that were conducted on one of the two credit cards Karlovic had access to through Ramp.

    Subsequent investigation determined that some of the funds allegedly stolen by Karlovic in the name of D and D, were transferred to his personal bank account at Northwest Bank. The timing of the transactions coincided with transactions on the M&T credit cards. Jericho Road became aware of the suspicious nature of the transactions involving D and D, conducted an internal investigation, and concluded that the charges were not for legitimate business purposes. Since Karlovic’s access was revoked, no new purchases from D and D have cleared on Ramp.

    The criminal complaint is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.  

    # # # #

    MIL Security OSI –

  • MIL-OSI United Kingdom: York and North Yorkshire set to benefit from recent trade deals

    Source: United Kingdom – Executive Government & Departments

    Press release

    York and North Yorkshire set to benefit from recent trade deals

    The three trade deals that we have struck in three weeks will benefit a range of manufacturing sectors that employ nearly 9% of all people in York and North Yorkshire.

    • Prime Minister to meet with the Mayor of York and North Yorkshire David Skaith to discuss the benefits of his recent trade deals.
    • Comes as we’ve nailed three trade deals in as many weeks to deliver growth that is a priority for the Plan for Change.
    • Delivers a welcome boost to a range of manufacturing sectors that employ nearly 9% of people in the region.

    The three trade deals that we have struck in three weeks will benefit a range of manufacturing sectors that employ nearly 9% of all people in York and North Yorkshire. 

    Reducing India’s tariffs on machinery, slashing tariffs on car exports in both deals and our agreement with the US to remove the 25% tariff on steel provides stability for more than 1,500 businesses in the region employing 43,000 people. 

    This means greater job security for workers and stronger economic growth to create more jobs across York and North Yorkshire – delivering on the priorities in our Plan for Change.

    Prime Minister Keir Starmer said:

    The trade deals that we have closed delivers stability for nearly 9% of people in York and North Yorkshire who are employed in manufacturing. 

    It also will create opportunities for more seamless trade, attracting inward investment that will grow the local economy and make a difference to people’s lives. 

    These changes will be felt everywhere, whether it’s lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across York and North Yorkshire.

    Over 31,000 people employed in agriculture across the region will also benefit from our agreement with the EU, which reduces red tape and burdens on business, meaning regional specialties like crab, Yorkshire Pudding and cheeses will face easy access to the UK’s biggest trading market.

    The agreement also protects British steel exports from new EU rules and restrictive, providing further security for 8,400 jobs in the steel industry across Yorkshire and the Humber.

    Business and Trade Secretary Jonathan Reynolds said:

    The three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.

    We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For businesses in North Yorkshire, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.

    The Prime Minister will tell the English Mayors and the Leaders from the Devolved Governments at a meeting of the Council of Nations and Regions in London today (Friday 23 May) that his trade deals with India, the United States and the EU will deliver economic growth that will improve people’s lives at home.  

    He will challenge those in attendance to drive economic growth in their local areas to deliver for working people.  

    Tom Richardson, Chief Commercial Officer, Warrendale Group Limited, said:  

    While we are yet to see the full detail of the agreement, having less red tape when exporting will be welcome to us as a UK beef production business; this will hopefully allow us to reduce time and costs when exporting our products and therefore could open up more markets in the EU to ultimately benefit the farmers producing beef for us.

    Our increased trade with India will unlock opportunities for every region in the UK to access the world’s fastest growing economy, including in York and North Yorkshire’s manufacturing sector.

    Under the Free Trade Deal that was concluded, India has agreed to remove tariffs on a wide variety of UK agri-food products. This will deliver significant benefits for the region’s farming and horticultural sector that produces 20% of all the UK’s agri-food.

    In the same week, we negotiated a first of its kind agreement with the US that will reduce tariffs on UK car exports and remove tariffs on steel, protecting two key industries in the region that employ thousands of people. 

    The US deal also opens the way to a wider UK-US Economic Deal, opening up access for our world leading services industries – including those in York and North Yorkshire. 

    Just this week, the Prime Minister acted in the national interest by confirming a new agreement with the European Union that will deliver on his core mission to grow the economy, creating more jobs in York and North Yorkshire, raising living standards and putting more money in people’s pockets.  

    At today’s meeting of the Council of Nations and Regions the Prime Minister will also lead discussions about spreading AI to help working people access the services that they need in their local areas.

    Updates to this page

    Published 23 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: West of England to benefit from recent trade deals

    Source: United Kingdom – Executive Government & Departments

    Press release

    West of England to benefit from recent trade deals

    The three trade deals that we have struck in three weeks will benefit manufacturing that accounts for around 5% of all employment in the West of England.

    • Prime Minister to meet with the Mayor for the West of England Helen Godwin to discuss the benefits of his recent trade deals.
    • Comes as we’ve nailed three trade deals in as many weeks to deliver growth that is a priority for the Plan for Change.
    • Agreement with the EU a huge boost to 64,000 people employed in agriculture across the South West.

    The three trade deals that we have struck in three weeks will benefit manufacturing that accounts for around 5% of all employment in the West of England. 

    Reducing India’s tariffs on machinery, reducing the US tariff on cars and removing American tariffs on UK aerospace will support employers with a significant presence in the region like Airbus, Rolls-Royce and GKN Aerospace. 

    This means job security for workers, jobs creation supported in local communities and higher living standards across the West of England – priorities that we are delivering through Plan for Change.

    Prime Minister Keir Starmer said:

    The trade deals that we have closed provides certainty for the 5% of all working people who are employed in manufacturing, delivers security for their families and puts more in people’s pockets.  

    It also will create opportunities for more seamless trade, attracting inward investment that will grow the local economy and make a difference to people’s lives.   

    These changes will be felt everywhere, whether it’s lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across the West of England.

    68,000 people employed in agriculture (a fifth of all agriculture workers in England) across the South West will benefit significantly from our trade deal with the EU, that removes red tape and burdens on business, meaning regional specialties like Cheddar Cheese now have easy access to the UK’s biggest trading market.

    In another win for local producers, the deal means goods like Gloucestershire sausages that previously could not be exported can now be sold to customers in the EU.

    Business and Trade Secretary Jonathan Reynolds said:

    The three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.

    We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For businesses in the West of England, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.

    The Prime Minister will tell the English Mayors and the Leaders from the Devolved Governments at a meeting of the Council of Nations and Regions in London today (Friday 23 May) that his trade deals with India, the United States and the EU will deliver economic growth that will improve people’s lives at home.  

    He will challenge those in attendance to drive economic growth in their local areas to deliver for working people.  

    John Harrison, Chair of Airbus UK, said:

    We welcome this new chapter in the UK-EU relationship. In an uncertain world, closer cooperation gives businesses greater certainty and unlocks new opportunities for investment, innovation and growth.

    For Airbus, with our unique industrial footprint across both the UK and EU, this reset provides a vital platform to strengthen partnerships in defence, space and civil aerospace, areas where collaboration is essential to Europe’s long-term security and competitiveness.

    Our increased trade with India will unlock opportunities for every region in the UK to access the world’s fastest growing major economy, including the West of England. 

    Under the Free Trade Deal that was concluded, the barriers to trading have been dropped, with India agreeing to reduce tariffs on products including advanced machinery, aerospace and medical devices that are made in the West of England. 

    Based on 2022 trade alone, this amounts to India cutting tariffs worth over £400 million when the deal comes into force, which will more than double to around £900 million after 10 years.    

    India reduced tariffs on medical devices and machinery exported from the UK, that will deliver significant benefits for firms across Bristol and the wider region. 

    The deals both support collaboration on green energy tech, aligning with the region’s initiatives in renewables and energy innovation. They also bring benefits to the financial, digital and services companies that are based in Bristol which employ local people and generate economic growth across the region. 

    Just this week, the Prime Minister acted in the national interest by confirming a new agreement with the European Union that will deliver on his core mission to grow the economy, creating more jobs in the West of England, raising standards and putting more money in people’s pockets.  

    At today’s meeting of the Council of Nations and Regions the Prime Minister will also lead discussions about spreading AI to help working people access the services that they need in their local areas.

    Updates to this page

    Published 23 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Teesside to benefit from recent trade deals

    Source: United Kingdom – Executive Government & Departments

    Press release

    Teesside to benefit from recent trade deals

    The three trade deals that we have struck in three weeks will boost the Tees Valley’s manufacturing industries (9% of local jobs), with tariffs on car exports slashed alongside a range of other measures.

    • Prime Minister to meet with the Metro Mayor of the Tees Valley Ben Houchen to discuss the benefits of his recent trade deals.
    • Comes as we’ve nailed three trade deals in as many weeks to deliver growth that is a priority for the Plan for Change.
    • Delivers a welcome boost to a range of manufacturing sectors that employs 9% of local jobs.

    The three trade deals that we have struck in three weeks will boost the Tees Valley’s manufacturing industries (9% of local jobs), with tariffs on car exports slashed alongside a range of other measures.   

    Reducing India’s tariffs on machinery, slashing tariffs on car exports in both deals and our agreement with the US to remove the 25% tariff on steel provides stability for the biggest employers in the region like Nissan, the engine manufacturer Cummins and Caterpillar.   

    This means greater job security for workers, stronger economic growth to support more jobs and higher living standards across the Tees Valley – priorities that we are delivering through our Plan for Change.

    Prime Minister Keir Starmer said: 

    The trade deals that we have closed delivers stability for manufacturing in the Tees Valley that employs 9% of all people.   

    It also will create opportunities for more seamless trade, attracting inward investment that will grow the local economy and make a difference to people’s lives.   

    These changes will be felt everywhere, whether it’s lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across the Teesside.

    10,123 people employed in agriculture across the North East are also set to benefit from our trade deal with the EU. It means less checks and red tape, meaning farmers and producers who grow food across the region now have easy access to the EU, the UK’s biggest trading partner.

    This deal also protects British steel exports from new rules and restrictive tariffs, helping to protect 3,050 people working in the steel industry across the North East.

    Business and Trade Secretary Jonathan Reynolds said:

    The three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.

    We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For businesses in Teesside, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.

    The Prime Minister will tell the English Mayors and the Leaders from the Devolved Governments at a meeting of the Council of Nations and Regions in London today (Friday 23 May) that his trade deals with India, the United States and the EU will deliver economic growth that will improve people’s lives at home.    

    He will challenge those in attendance to drive economic growth in their local areas to deliver for working people.   

    Our increased trade with India will unlock opportunities for every region in the UK to access the world’s fastest growing major economy, including for businesses in the Tees Valley like independent production company Wander.

    Chloe Clover, Co Founder and CEO at Wander:

    Trade deals like these are game changing for ambitious businesses because they open doors, spark innovation and make international growth possible.

    The support Wander received from DBT on our recent trade missions to SXSW Austin and Amsterdam gave us the perfect platform to expand our services globally. We connected with major industry players, explored new markets and showcased our expertise at roundtables.

    We attended bootcamps ahead of the missions and were introduced to other agencies and potential clients & partners.

    Under the Free Trade Deal that was concluded, tariffs on cars sold to India will come down from over 100% to 10% under a quota, while other tariff reductions on aerospace parts will also benefit Teesside’s manufacturing sector. 

    Based on 2022 trade alone, this amounts to India cutting tariffs worth over £400 million when the deal comes into force, which will more than double to around £900 million after 10 years.     

    In the same week, we negotiated the first of its kind agreement with the US that will reduce tariffs on UK car exports and remove tariffs on steel, protecting two key industries in Teesside that employ thousands of people.  

    Just this week the Prime Minister acted in the national interest by confirming a new agreement with the European Union that will deliver on his core mission to grow the economy, creating more jobs in Teesside, raising living standards and putting more money in people’s pockets.    

    At today’s meeting of the Council of Nations and Regions the Prime Minister will also lead discussions about spreading AI to help working people access the services that they need in their local areas.

    Updates to this page

    Published 23 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Wales to benefit from recent trade deals

    Source: United Kingdom – Executive Government & Departments

    Press release

    Wales to benefit from recent trade deals

    Trade deals with India, US and the EU that have seen tariffs on key industries slashed are set to help drive growth in Wales.

    • Prime Minister to meet with the First Minister of Wales Eluned Morgan to discuss the benefits of his recent trade deals
    • Comes as we’ve nailed three trade deals in as many weeks to deliver growth that is a priority for the Plan for Change
    • Delivers job security for workers in Wales and more opportunities for Welsh Industry

    Trade deals with India, US and the EU that have seen tariffs on key industries slashed are set to help drive growth in Wales. 

    These deals will deliver benefits that communities across Wales will feel – supporting job creation, reducing costs and expanding export opportunities.

    This means stronger economic growth across Wales – delivering our Plan for Change.

    Prime Minister Keir Starmer said:

    These trade deals deliver long term security for people in Wales. They will create opportunities for more seamless trade and attract inward investment to grow the economy, making a difference to people’s lives.  

    These changes will be felt everywhere, whether it’s lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across Wales.

    The Prime Minister will tell the English Mayors and the Leaders from the Devolved Governments at a meeting of the Council of Nations and Regions in London today (Friday 23 May) that his trade deals with India, the United States and the EU will deliver economic growth that will improve people’s lives at home.  

    He will challenge those in attendance to drive economic growth in their local areas to deliver for working people.  

    Russell Greenslade, Director, CBI Wales, said:

    As an export-led economy, the government’s commitment to free and fair trade will be welcomed by firms across Wales.

    Amid ongoing geopolitical uncertainty and economic headwinds, these agreements with the US, India and the EU will reduce existing barriers to trade and provide Welsh firms with a renewed sense of optimism as they look to seize new international opportunities.

    Deals like these will be critical to driving growth, creating jobs and raising living standards across our nation.

    Over 200 Welsh businesses exported goods worth £226 million to India last year and this could grow even further under the new trade deal.

    Welsh farmers will benefit from the India deal with tariffs on lamb reduced from 33% to 0%. Wales has a vibrant creative sector, and the deal provides enhanced copyright protections for producers so they can be confident that works will continue to be protected for at least 60 years.

    Welsh food and drink producers will also no longer face huge delays and red tape to export into the EU while some products like Welsh sausages and lamb mince will no longer be blocked. The deal has been welcomed by the Head of Wales at the Federation of Small Businesses and by the National Farmers Union Cymru who highlighted that Wales exports £813m of food and drink a year to the EU – 75% of all exports and more than the UK level of 57%. 

    Wales is also home to a thriving clean energy sector employing over 58,000 people and generating over £4.8 billion in revenue – this deal will support further development as we gain unprecedented access to India’s procurement market as they transition towards a net zero economy. The sector will also benefit from the new EU deal which agrees cooperate on clean energy and link our schemes for emissions trading – worth up to £3.8 billion a year to our economy in the long run.

    Secretary of State for Wales Jo Stevens said:

    The trade deals with India, the US and the EU are great news for Welsh consumers, Welsh business, and Welsh jobs.

    Taken together these deals mean a huge boost for our key industries, from farming to green energy and the creative sector. We want to grow our economy and create secure well-paid jobs and by unlocking new markets and opportunities we can deliver on that promise.

    Our increased trade with India will unlock opportunities for every region in the UK to access the world’s fastest growing economy, including for Wales.

    Wales’s steel industry has also been supported by the US trade deal which has eliminated the previous steel tariffs of 25% and our deal with the EU adds further protection for steel by safeguarding steel exports from new EU tariffs.

    Under the historic deal reached with the US last week, we have agreed reciprocal market access on beef that will benefit farmers in Wales, will a total UK quota of 13,000 metric tonnes. There will be no weakening of UK food standards on imports.

    Business and Trade Secretary Jonathan Reynolds said:

    The three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.

    We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For Welsh businesses, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.

    Just this week, the Prime Minister continued to act in Britain’s national interest by confirming a new agreement with the European Union that will deliver on his core mission to grow the economy, create more jobs in Wales, raising living standards and put more money in people’s pockets.

    At today’s meeting of the Council of Nations and Regions the Prime Minister will also lead discussions about spreading AI to help working people access the services that they need in their local areas.

    Updates to this page

    Published 23 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Scotland to benefit from recent trade deals

    Source: United Kingdom – Executive Government & Departments

    Press release

    Scotland to benefit from recent trade deals

    Trade deals with India, US and the EU slashing tariffs on key industries and opening markets are set to help drive growth in Scotland and put money in Scots’ pockets.

    • Prime Minister to meet with the First Minister of Scotland to discuss recent trade deals and the boon for Scotland.
    • Comes as we’ve nailed three trade deals in as many weeks to deliver growth that is a priority for the Plan for Change.
    • Iconic Scottish produce such as Salmon, Whisky, Gin and Irn Bru boosted by easier access to international markets.

    Trade deals with India, US and the EU slashing tariffs on key industries and opening markets are set to help drive growth in Scotland and put money in Scots’ pockets.

    These deals represent tangible benefits for communities throughout Scotland, supporting jobs, reducing costs, expanding export opportunities for iconic Scottish products and making it easier to go on holiday.

    This means stronger economic growth for firms across Scotland – delivering on our Plan for Change.

    Prime Minister Keir Starmer said:

    These trade deals deliver long term security for people in Scotland. They will create opportunities for more seamless trade and attract inward investment to grow the economy, making a difference to people’s lives.   

    These changes will be felt everywhere, whether it’s lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across Scotland.

    The new agreement with the European Union, the UK’s largest trading market, will directly address challenges faced by Scottish exporters since 2019. The Scottish salmon industry has estimated that between 2019 and 2023, Scottish Salmon export values experienced a net loss of around £75 million. Our deal makes it significantly easier to sell Scottish goods to European markets. We’ve also unlocked a new salmon market through our deal with India, with tariffs dropping from 33% to 0%.

    Tavish Scott, chief executive of Salmon Scotland, said: 

    We welcome the UK Government’s efforts in moving at pace to secure trade deals that will grow and strengthen market opportunities for our farmers.

    Ministers rightly recognise salmon as the jewel in the crown of our world-class produce and its vital role in the economy of coastal communities and across the UK.

    Securing frictionless access to key markets such as the EU, along with expanding opportunities in India, is crucial to protect our producers from unnecessary barriers like tariffs and red tape.

    Scottish salmon’s high standards of quality and sustainability set it apart globally, helping to drive investment and support 12,500 jobs across the Highlands and Islands and beyond.

    We look forward to continuing to work with government to build on this momentum, including further progress with the US, and to ensure Scotland’s salmon sector continues to thrive on the world stage.

    The landmark deal with India has slashed tariffs on Scotland’s most iconic products. Scottish distillers will immediately see these halved from 150% to 75% and eventually to just 40% over the next decade.

    Other industries boosted by the deal include soft drinks and food that will ramp up Scotland’s export economy, supporting jobs and increasing prosperity across the country.

    Secretary of State for Scotland Ian Murray said:

    Our trio of trade deals shows we are championing Scottish products and businesses on the global stage. From our world-renowned whisky distilleries to our cutting-edge green energy sector, Scotland has so much to offer international markets. But more importantly as part of our Plan for Change this means more money in people’s pockets.

    By securing better access to the European Union, United States and India, we’re creating real opportunities for Scottish businesses to grow, supporting jobs in communities from the Highlands to the Borders.

    The Prime Minister will tell the English Mayors and the Leaders from the Devolved Governments at a meeting of the Council of Nations and Regions in London today (Friday 23 May) that his trade deals with India, the United States and the EU will deliver economic growth that will improve people’s lives at home.   

    He will challenge those in attendance to drive economic growth in their local areas to deliver for working people.   

    Business and Trade Secretary Jonathan Reynolds said:

    The three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.

    We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For Scottish businesses, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.

    In the US Tariffs on British steel and aluminium will be removed. In addition to vital assurances for life science, there are reductions for the automotive industry with US tariffs cut from 27.5% to 10% for 100,000 vehicles every year and Indian tariffs dropping from 110% to 10% under a quota.

    New reciprocal market access has also been agreed on beef – with UK farmers given a tariff free quota for 13,000 metric tonnes without compromising the sector’s high standards.

    At today’s meeting of the Council of Nations and Regions the Prime Minister will also lead discussions about spreading AI to help working people access the services that they need in their local areas.

    Updates to this page

    Published 23 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Committee to agree delivery plan for 2025/26 UK Shared Prosperity Fund

    Source: Scotland – Highland Council

    At the meeting Economy and Infrastructure Committee next week (Thursday 28 May) members will decide how over £3 million of funding from the UK Government through the UK Shared Prosperity Fund (UKSPF) will be used over the next 12 months to deliver a positive impact across communities.

    The proposed 2025/26 Highland UKSPF Delivery Plan is made up of a range of projects geared to delivering positive impacts across the Highlands, building on the successes of the 2022-25 Delivery Plan and introducing new interventions, all aimed at maximising the return on the 2025/26 investment.

    Chair of the Committee, Councillor Ken Gowans said: “At our meeting in February we noted the progress  being made across a range of interventions under the 2022 – 25 UKSPF priorities of Communities and Places, Supporting Local Business and People and Skills. Now we know the Highland allocation for 2025/26, we need to agree a solid delivery plan that will deliver within the timescale as it is critical that funding is used in this current financial year.

    “To ensure optimal use is made of our allocation, the report that will be presented to members recommends that we build on the successes of the 2022-25 UKSPF Delivery Plan. This will allow us to include a mix of new and extended initiatives based on impacts projects have had so far, lessons learned, and to tie in with our economic development priorities.

    He added: “This funding is a very important additional investment specifically targeted to benefit the people of Highland by supporting communities, businesses, employment and tourism. As a Council, we have been very successful in using UKSPF to support initiatives and community development throughout Highland across a very broad range of applications, so I hope the committee will support the recommendations.”

    23 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: North East of England to benefit from recent trade deals

    Source: United Kingdom – Executive Government & Departments

    News story

    North East of England to benefit from recent trade deals

    Top job creators in the North East of England’s automotive industry are set to benefit from new trade deals with India and the US that slashes tariffs and boosts access to the world’s fastest growing economy.

    • Prime Minister to meet with the Mayor of North East England Kim McGuiness to discuss the benefits of his recent trade deals.
    • Comes as we’ve nailed three trade deals in as many weeks to deliver growth that is a priority for the Plan for Change.
    • Boost for top job creators and delivers long term security for 14,000 workers employed in the automotive industry locally.

    Top job creators in the North East of England’s automotive industry are set to benefit from new trade deals with India and the US that slashes tariffs and boosts access to the world’s fastest growing economy.

    This means long-term stability for 14,000 people employed in the sector and security for their families. 

    It will also deliver opportunities for major job creators in the region like Nissan, Hitachi and Caterpillar to grow – the first priority of our Plan for Change.

    Prime Minister Keir Starmer said:

      These trade deals that we have closed delivers stability for the 14,000 workers employed in the automotive manufacturing in the North East.    It also will create opportunities for more seamless trade, attracting inward investment that will grow the local economy and make a difference to people’s lives.    These changes will be felt everywhere, whether it’s lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across the North East Combined Authority.

    10,123 people employed in agriculture across the North East are also set to benefit from our trade deal with the EU. It means less checks and red tape, meaning farmers and producers who grow food across the region now have easy access to the EU, the UK’s biggest trading partner.

    This deal also protects British steel exports from new rules and restrictive tariffs, helping to protect 3,050 people working in the steel industry across the North East.

    Business and Trade Secretary Jonathan Reynolds said:

      The three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.

    We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For businesses in the North East, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.

    The Prime Minister will tell the English Mayors and the Leaders from the Devolved Governments at a meeting of the Council of Nations and Regions in London today (Friday 23 May) that his trade deals with India, the United States and the EU will deliver economic growth that will improve people’s lives at home.  

    He will challenge those in attendance to drive economic growth in their local areas to deliver for working people.  

    The benefits of the India deal for local businesses and workers have been praised by Professor Carl Stephen Patrick Hunter, Chairman of Coltraco Ultrasonics Limited & Director General of The Durham Institute of Research, Development & Innovation. 

    Professor Carl Stephen Patrick Hunter OBE said:  

      Coltraco Ultrasonics is strongly supportive of the India Free Trade Agrement and proud to have modestly contributed to and advising the British negotiating team on various chapters.   The UK private sector can now, because of the India FTA, the Windsor Framework CPTPP, and a variety of other UK FTAs, look out to the world, balancing our exporting and investment opportunities between the USA, the EU and Asia Pacific.    It is a tremendous success and we thank British and Indian Civil Servants for their public service in the UK-India FTA.

    Our increased trade with India will unlock opportunities for every region in the UK to access the world’s fastest growing economy, including the North East.

    Under the Free Trade Deal that was concluded, tariffs on cars sold to India will come down from over 100% to 10% under a quota.  

    In the same week, we negotiated a first of its kind agreement with the US that will reduce tariffs on car exports to 10% for the first 100,000 vehicles per year, almost the total number of UK vehicles exported to the country last year. 

    Just this week, the Prime Minister acted in the national interest by confirming a new agreement with the European Union that will deliver on his core mission to grow the economy, creating more jobs in the North East, raising living standards and putting more money in people’s pockets.  

    At today’s meeting of the Council of Nations and Regions the Prime Minister will also lead discussions about spreading AI to help working people access the services that they need in their local areas.

    Updates to this page

    Published 23 May 2025

    MIL OSI United Kingdom –