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  • MIL-OSI: The Herzfeld Caribbean Basin Fund, Inc. Announces Distribution in Stock and Cash

    Source: GlobeNewswire (MIL-OSI)

    MIAMI BEACH, Fla., May 09, 2025 (GLOBE NEWSWIRE) — The Herzfeld Caribbean Basin Fund, Inc. (NASDAQ: CUBA) (the “Fund”) today announced that the Fund will pay a distribution pursuant to the Fund’s managed distribution policy (the “Policy”) using a combination of shares of common stock and cash.

    Distribution in Stock and Cash:

    The Fund has announced a distribution to be paid as follows:

    Declaration Date Ex-Date Record Date Payment Date Per Share
    05/09/2025 05/23/2025 05/23/2025 06/30/2025 $0.2325
             

    The distribution for stockholders will be paid in cash or shares of our common stock at the election of stockholders. The total amount of cash distributed to all stockholders will be limited to 20% of the total distribution to be paid, excluding any cash paid for fractional shares. The remainder of the distribution (approximately 80%) will be paid in the form of shares of our common stock. The exact distribution of cash and stock to any given stockholder will be dependent upon his/her election as well as elections of other stockholders, subject to the pro-rata limitation.

    The number of shares of common stock to be issued to stockholders receiving all or a portion of the dividend in shares of common stock will be based on the volume weighted average price per share of common stock on the Nasdaq Capital Market on June 12, 13, and June 16, 2025.

    Management believes that the cash and stock distribution will allow the Fund to strengthen its balance sheet and to be in a position to capitalize on potential future investment opportunities.

    The schedule above applies to the distribution for stockholders of record on the close of business on the record date.

    The details of the distribution will be described in the election form and accompanying materials that will be mailed to stockholders in connection with the distribution not later than promptly following the record date. Election forms must be returned on or before 5:00 p.m. Eastern Time on June 16, 2025 to be effective.

    Stockholders who do not return a timely and properly completed election form before the election deadline will be deemed to have made an election to receive 100% of their distribution in stock.

    Participants in the Fund’s dividend reinvestment plan will also receive an election form. The investment feature of the dividend reinvestment plan will be suspended for the distribution and will be reinstated after the distribution has been completed.

    Stockholders who hold their shares through a bank, broker or nominee, or in “street name” will not receive an election form directly from the Company and should receive information regarding the election process from their bank, broker or nominee. Street name holders should contact their bank, broker or nominee for additional information.

    In determining whether to elect to receive distributions in the form of stock or cash, stockholders are reminded that the Fund has filed preliminary proxy materials (“Proxy Materials”) with the U.S. Securities and Exchange Commission in connection with a special meeting of stockholders to be held on June 17, 2025, for its stockholders to consider and vote on proposals necessary to approve the Fund’s conversion from its current investment strategy and redirect the Fund to focus on a “CLO Equity Strategy”. With this change, the Fund’s primary investment objective will change to a total return strategy with a secondary objective of generating high current income for stockholders. In accordance with the change in investment objective, the Fund will focus on investing in equity and junior debt tranches of collateralized loan obligations, or “CLOs”. CLOs are portfolios of collateralized loans consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors. In addition, the Proxy Materials describe other changes to be implemented by the Fund, including a) revisions to the terms of the investment management agreement between the Fund and is investment adviser, Thomas J. Herzfeld Advisors, Inc., and b) changes to the fundamental policies applicable to the Fund. Stockholders can obtain the Proxy Materials (when available) free of charge from the SEC’s website at www.sec.gov. The definitive Proxy Statement for the Fund also will be posted (when available) on the Fund’s website at www.herzfeld.com/cuba. In addition, free copies (when it becomes available) of the definitive Proxy Statement and other documents filed with the SEC may also be obtained by directing a request to the Fund at (800) 854-3863.

    Stockholders should consider the matters discussed in the Proxy Materials when determining whether to make the election to receive stock or cash with respect to the distribution.

    The Fund expects that distributions under the Policy will exceed investment income and available capital gains and thus expects that distributions under the Policy will likely include returns of capital for the foreseeable future. A return of capital may occur, for example, when some or all of a stockholder’s investment is paid back to the stockholder. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Furthermore, a return of capital distribution is not a guarantee of future distributions or yield. Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to maintain the level of distributions called for under its Policy, the Fund may have to sell portfolio securities at a less than opportune time.

    The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized capital gains and return of capital. All amounts are expressed per common share.

      Current Distribution % Breakdown of the Current Distribution Total Cumulative Distributions for the Fiscal Year to Date % Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
    Net Investment Income $0.00 0% $0.00 0%
    Net Realized Short- Term Capital Gains $0.00 0% $0.00 0%
    Net Realized Long- Term Capital Gains $0.2122 91.25% $0.2122 45.6%
    Return of Capital $0.0203 8.75% $0.2528 54.4%
    Total (per common share) $0.2325 100% $0.4650 100%
             

    The primary purpose of the Policy is to provide stockholders with a constant, but not guaranteed, fixed minimum rate of distribution (currently set at the annual rate of 15% of the Fund’s net asset value as determined on June 30, 2024). The Board recently amended the Policy to maintain the 15% annual rate of distribution, but at quarterly, semi-annual or annual periods of distribution to be reviewed by the Board each quarter. The purpose of the modification is to allow the Fund to maintain its 15% annual distribution of NAV, but provide flexibility in determining the timing of those distributions in order to account for required year-end regulatory distributions of capital gains necessary to maintain the Fund’s tax-free status. The Fund cannot predict what effect, if any, the Policy will have on the market price of its shares or whether such market price will reflect a greater or lesser discount to net asset value as compared to prior to the adoption of the Policy.

    The amount distributed per share is subject to change at the discretion of the Board. The Policy is subject to ongoing review by the Board to determine whether it should be continued, modified or terminated. The Board may amend the terms of the Policy, suspend the Policy, or terminate the Policy at any time without prior notice to the Fund’s stockholders if it deems such actions to be in the best interest of the Fund or its stockholders. The amendment or termination of the Policy could have an adverse effect on the market price of the Fund’s shares. On May 9, 2024, the Board approved certain modifications to the Policy and extended the Policy through June 30, 2025.

    With each distribution that does not consist solely of net investment income, the Fund will issue a notice to stockholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to stockholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Fund will send stockholders a Form 1099-DIV for the respective calendar year that will tell them how to report these distributions for federal income tax purposes. Stockholders should consult their tax advisor for proper tax treatment of the Fund’s distributions.

    Under the Policy, the Fund will distribute all available investment income to its stockholders, consistent with its investment objective and as required by the Internal Revenue Code of 1986, as amended (the “Code”). The amount distributed per share is subject to change at the discretion of the Fund’s Board of Directors (“Board”). If sufficient investment income is not available, the Fund will distribute long-term capital gains and/or return capital to its stockholders in order to maintain its managed distribution level. The Fund is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.

    Future distributions by the Fund may be made in cash or using a combination of shares of common stock and cash, as shall be determined from time to time by the Board.

    About Thomas J. Herzfeld Advisors, Inc.

    Thomas J. Herzfeld Advisors, Inc., founded in 1984, is an SEC registered investment advisor, specializing in investment analysis and account management in closed-end funds. The Firm also specializes in investment in the Caribbean Basin. The HERZFELD/CUBA division of Thomas J. Herzfeld Advisors, Inc. serves as the investment advisor to The Herzfeld Caribbean Basin Fund, Inc. a publicly traded closed-end fund (NASDAQ: CUBA).

    More information about the advisor can be found at www.herzfeld.com.

    Past performance is no guarantee of future performance. An investment in the Fund is subject to certain risks, including market risk. In general, shares of closed-end funds often trade at a discount from their net asset value and at the time of sale may be trading on the exchange at a price which is more or less than the original purchase price or the net asset value. An investor should carefully consider the Fund’s investment objective, risks, charges and expenses. Please read the Fund’s disclosure documents before investing.

    Forward-Looking Statements

    This press release, and other statements that TJHA or the Fund may make regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating to: management’s beliefs that the cash and stock distribution will allow the Fund to strengthen its balance sheet and to be in a position to capitalize on potential future investment opportunities, when there can be no assurance either will occur; the tax consequences of the distributions to stockholders; and other factors may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Fund’s or TJHA’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. TJHA and the Fund caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and TJHA and the Fund assume no duty to and do not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Fund, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, particularly with respect to Cuba and other Caribbean Basin countries, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Fund or in the Fund’s net asset value; (2) the relative and absolute investment performance of the Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, and regulatory, supervisory or enforcement actions of government agencies relating to the Fund or TJHA, as applicable; (8) terrorist activities, international hostilities and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or TJHA or the Fund; (9) TJHA’s and the Fund’s ability to attract and retain highly talented professionals; (10) the impact of TJHA electing to provide support to its products from time to time; (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions; and (12) the effects of an epidemic, pandemic or public health emergency, including without limitation, COVID-19. Annual and Semi-Annual Reports and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on TJHA’s website at www.herzfeld.com/cuba, and may discuss these or other factors that affect the Fund. The information contained on TJHA’s website is not a part of this press release.

    Contact:
    Tom Morgan
    Chief Compliance Officer
    Thomas J. Herzfeld Advisors, Inc.
    1-305-777-1660

    The MIL Network –

  • MIL-OSI: Preferred Bank Announces New Chief Risk Officer

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, May 09, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has named Nick Pi to the position of Executive Vice President and Chief Risk Officer. Mr. Pi has served as the Bank’s Chief Credit Officer since 2015 and will continue to oversee the credit function. Mr. Pi will now also oversee the BSA and Compliance Departments as well.

    Li Yu, Chairman and CEO of the Bank said “Nick has been a very strong leader in Credit Administration and we’re excited to have someone with his experience and knowledge taking over the role of Chief Risk Officer. We feel this is an important step in developing our enterprise risk oversight. Please join me in congratulating Nick”.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2 branches), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2 branches) and two branches in New York (Flushing and Manhattan) and one branch in the Houston suburb of Sugar Land, Texas. Additionally, the Bank operates a Loan Production Office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    AT THE COMPANY: AT FINANCIAL PROFILES:
    Edward J. Czajka Jeffrey Haas
    Executive Vice President General Information
    Chief Financial Officer (310) 622-8240
    (213) 891-1188 PFBC@finprofiles.com

    The MIL Network –

  • MIL-OSI USA: Klobuchar, Cantwell, Colleagues Call on President Trump to Reverse the Firing of Consumer Product Safety Commissioners

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    WASHINGTON, D.C. – U.S. Senators Amy Klobuchar(D-MN), member of the Senate Commerce Committee’s subcommittee on Consumer Protection, Technology, and Data Privacy, and Maria Cantwell (D-WA), Ranking Member of the Senate Committee on Commerce, Science, and Transportation, along with Senators Ed Markey (D-MA) and Richard Blumenthal (D-CT) are calling on President Trump to reverse the firing of the Consumer Product Safety Commission’s three Democratic Commissioners, Commissioner Hoehn-Saric, Commissioner Trumka, and Commissioner Boyle. 
    “We write to express serious concern regarding your intention to fire the three Democratic Commissioners from the Consumer Product Safety Commission (CPSC),” wrote the Senators. “This move compromises the ability of the federal government to apply data-driven product safety rules to protect Americans nationwide, away from political influence.”
    “We urge you to immediately reverse this order and allow the three Democratic CPSC Commissioners to continue their work to protect consumers, especially children and families, from hazardous products,” the Senators continued. 
    The full text of the letter is available here and below.
    Dear President Trump: 
    We write to express serious concern regarding your intention to fire the three Democratic Commissioners from the Consumer Product Safety Commission (CPSC). This move compromises the ability of the federal government to apply data-driven product safety rules to protect Americans nationwide, away from political influence. We urge you to immediately reverse this order and allow the three Democratic CPSC Commissioners to continue their work to protect consumers, especially children and families, from hazardous products. 
    Congress established the CPSC in the Consumer Product Safety Act as an independent regulatory commission composed of five bipartisan Commissioners, appointed by the President and confirmed by the Senate. Since 1972, the CPSC has regulated the manufacture and sale of products ranging from children’s toys to fireworks, working to protect the public from unreasonable risks of injury or death. In fiscal year 2024 alone, the CPSC negotiated and implemented the recall of 153 million consumer product units and conducted more than 4,100 indepth investigations to remove defective and potentially harmful products from shelves. For over 50 years, the CPSC’s bipartisan commissioners have carried out this critical work to ensure that Americans can feel confident about the safety and reliability of the products they use every day. 
    As at other independent agencies, CPSC Commissioners are appointed by the President and confirmed by the Senate to staggered, seven-year terms. The Consumer Product Safety Act establishes that the President may remove Commissioners only “for neglect of duty or malfeasance in office but for no other cause.” Further, the Act is explicit about the legal requirement for bipartisanship on the CPSC, mandating that “not more than three of the Commissioners shall be affiliated with the same political party.” These provisions exist to limit the Commissioners’ exposure to political influence, allowing them to focus entirely on their job of protecting American consumers. 
    Despite these clear, congressionally-mandated protections, late on Thursday May 8, you announced your intention to fire the CPSC’s three Democratic Commissioners, Commissioner Hoehn-Saric, Commissioner Trumka, and Commissioner Boyle, without cause. This action degrades the ability of CPSC to establish robust product safety protections and casts doubt on its capacity to pursue recalls and investigations without being influenced by the politics of the day. 
    More than ninety years ago, the Supreme Court ruled that Congress has the authority to create bipartisan, multi-member commissions to serve the public without undue political influence. More recently, in 2020, the Court refused to rule that the President has the power to remove members of bipartisan commissions at-will. As you know, the President can lawfully exercise influence over the Commission by nominating new members and appointing the Chair. This illegal order to terminate three CPSC Commissioners without cause stands in opposition to clear legislative guidelines and nearly a century of Supreme Court precedent. It must be reversed. 
    Commissioners Hoehn-Saric, Trumka, and Boyle must be allowed to continue their work at the CPSC and carry out its vital mission to protect American consumers. 
     

    MIL OSI USA News –

  • MIL-OSI USA: Ahead of Mother’s Day, Senator Murray, King County Executive Braddock, Moms and Local Parents Slam Trump’s “Baby” Tax, Painful Unnecessary Price Hikes for Families

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington Post: Trump’s tariffs hit baby industry hard, threatening parents with price hikes, shortages

    Axios: “Baby tax”: Trump tariffs send baby gear prices soaring

    *** B-ROLL AND PHOTOS HERE***

    Seattle, WA — Today, ahead of Mother’s Day, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a press conference at WestSide Baby in Seattle to highlight how President Trump’s chaotic trade war is raising costs on moms and families across the board. Trump’s sweeping tariffs are the highest in decades, and are estimated to cost American families more than $4,000 per year—the largest tax increase since 1968.

    Senator Murray was joined by King County Executive Shannon Braddock, Executive Director of WestSideBaby Allie Lindsay Johnson, Brittney Geleynse owner of Clover Toys, and local moms and parents who all outlined how Trump’s tariffs are already raising the cost of items moms need for their families, purchases that can’t be pushed off—from car seats and strollers, to high chairs, kids clothes, and cribs.

    The press conference comes as new reporting lays out how Trump’s tariffs are making it more expensive to raise kids, driving up prices on children’s products and threatening shortages of critical baby gear at a time when household budgets are already under strain.

    “The last thing any mom wants right now is higher costs for things like diapers, high chairs, and car seats—but that is exactly what Donald Trump is delivering with his nonsense trade war,” said Senator Murray. “His across-the-board tariffs are already raising prices for new moms and families. With all the costs new parents are going to have to pay for these goods, Trump has essentially announced a new ‘baby’ tax. If you are a billionaire, Republicans are getting ready to give you a massive tax break. But babies? Moms? Dads? Trump says you are out of luck. Yes, Trump’s ‘baby’ tax is going to mean fewer toys, smaller birthdays—but it is also going to mean parents struggling to buy high chairs or specialty formula, struggling to buy a safe bassinet, or a stroller, or a car seat.”

    “Well, my message to moms is: I got into politics to fight for moms like me—and I am never going to stop,” continued Senator Murray. “I know what you are going through, all the things you already have to worry about. You should not have to worry about Trump’s new baby tax driving up costs as well. Congress CAN reverse these tariffs—we could do it next week if Republicans chose to. So, I am going to be lifting up your voices, and using mine—to push for Congress to act and demand this administration reverse their incredibly damaging price hikes on families.”

    “Tariffs that drive up the cost of baby essentials like car seats, strollers and diapers aren’t just bad economics—they’re bad values,” said King County Executive Shannon Braddock. “Working families are the ones who pay the price. We need real leadership in Washington, D.C., and I’m grateful Senator Murray is standing with us in this fight.” 

    “Children should not be the casualties of a trade war. Items like car seats, strollers, and cribs aren’t luxuries—they’re critical for a child’s safety and development. At WestSide Baby, we regularly see parents forced to choose between paying rent or buying a car seat. For families facing poverty or sudden financial strain, even small price increases can mean going without or making unsafe compromises,” said Allie Lindsay Johnson, Executive Director of WestSide Baby.

    “As a parent, I want the best possible future for my children. I want to give them the tools and opportunities to get ahead in life, not put limits on what they can do. But Trump’s unnecessary tariffs are increasing prices on my baby’s basic needs like his formula, stroller, and car seat,” said Salia Gartrell, a public school teacher and mother of four from Kent, WA. “My family isn’t the only one feeling the financial squeeze from these bad tariffs. Even though my boys are active in their community, and my husband and I work hard to give them every opportunity, the rising costs of living that are due to bad policies like Trump’s Baby Tax leave me and my husband no other choice but to cut back on what our kids can do.”

    “Tariffs on imported toys present a significant operational challenge for Clover Toys, directly impacting our costs and forcing us to navigate complex pricing and inventory decisions,” said Brittney Geleynse owner of Clover Toys. “We are committed to our customers and the Seattle community, and we’re working hard to manage these pressures while continuing to offer the curated selection they expect from their local toy store.”

    Senator Murray has been a vocal opponent of Trump’s chaotic trade war from the very start and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade and calling on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier last month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.

    Murray has also been sounding the alarm on Trump’s tariffs across Washington state. Recently, Senator Murray held a roundtable discussion in Tacoma with local businesses and ports, met with farmers in Yakima to discuss the consequences of Trump’s tariffs, and held a roundtable discussion in Vancouver at a local metal fabrication company to highlight how Trump’s trade war is hurting businesses and our economy Washington state. Last month, Senator Murray met with small business owners in Seattle’s University District to hear how Trump’s tariffs and the broader economic uncertainty are affecting them, and later she met with farmers in Skagit County to discuss tariffs, and visited Blaine near the Canadian border to highlight the impacts of Trump’s trade war. Just last week, Senator Murray rallied her West Coast colleagues and ports from Washington state and California to sound the alarm on how Trump’s tariffs will mean bare shelves, higher prices, and painful layoffs.

    From Groundwork Collaborative – Trump’s Tariffs are increasing prices on everything:

    Car seats: UPPAbaby, a major manufacturer of car seats and strollers, announced increased prices across most of its products beginning May 5. Nuna has increased prices by $50, and Evenflo has increased prices by 10-40%.

    • This represents a major challenge for parents, as car seats – which can run over $400 – are required by law in all 50 states and should be bought new due to safety concerns.
    • New parents spend, on average, $1,000 on baby safety gear.

    Strollers: To put it in Trump’s words, prices are rising for “the thing that you carry the babies around in.” UPPAbaby’s popular Vista stroller just increased from $900 to $1,200. Or, for a cheaper option, Bombi’s flagship stroller now costs $225 instead of $199.

    • Few strollers are made in the U.S. Most are made in China, while others come from Italy, Taiwan, Hungary, and the Netherlands.

    Cribs: Since the average parent spends approximately $2,000 on a new nursery, it is terrible news that three-quarters of all baby furniture is made in China. The Consumer Product Safety Commission does not recommend buying used cribs, as unsafe sleep environments are the main cause of injuries and deaths with nursery products.

    • The popular smart bassinet SNOO is manufactured in China and might soon cost more than its current $1,695 price tag.

    High Chairs & Sippy Cups: The CEO of popular baby accessory brand Munchkin, Steve Dunn, said the company will increase prices on about 90% of products, likely by at least 20%. Their cheapest high chair is currently $170.

    Clothes: Carter’s has already raised prices on many items. Approximately 74% of its products are sourced from Cambodia, Vietnam, Bangladesh, and India, which now face the 10% universal tariff rate.

    Toys: About 80% of all toys imported to the U.S. come from China, according to the Toy Association. Mattel CFO Anthony DiSilvestro has warned of possible price hikes as 40% of Mattel toys come from China.

    Senator Murray’s remarks, as delivered, are below:

    “As families across the country get ready to celebrate Mother’s Day, the last thing any mom wants right now is higher costs for things like diapers, high chairs, and car seats—but that is exactly what Donald Trump is delivering with his all-out trade war. His across-the-board tariffs are ALREADY raising prices for new moms and families.

    “Because just about every single car seat sold in this country, just about every single stroller, just about every bassinet and changing table—is made somewhere else. And the vast majority of them are made in China—meaning Trump’s tariffs will jack up the cost by 145%. To say nothing of baby clothes made in other countries in the Pacific, or specialty baby formulas imported from Europe, or the materials and machinery we import—even for products made in America—like bamboo fibers in some diapers.

    “With all the costs new parents are going to have to pay for these goods, Trump has essentially announced a new “baby” tax. If you are a billionaire,  Republicans are getting ready to give you a massive tax break. But babies? Moms? Dads? Trump says you are out of luck.

    “Maybe this is hard for a billionaire who calls strollers “the thing that you carry babies around in” to understand—but most babies in America aren’t born with a golden spoon in their mouth. Parents are already struggling, the concern I hear from new parents almost more than anything else—is simply “how do we afford this?” After all, child care can cost more than college tuition and Trump’s trade war is just going to make that—and everything else—worse.

    “This isn’t about having to skimp on Christmas—though Trump has made it all too clear he’s eager to play Grinch, and toys are definitely going to get more expensive. Trump’s new taxes are making sure of that.


    “But every parent understands there is yet a bigger problem here. There are a lot of costs that are not really optional! You can’t just not buy diapers. You can’t just go without high chairs or sippy cups—even though manufactures are already warning about 20 percent price increases.

    “And—as much as they like to wriggle out of them—you can’t just go without baby clothes—even though three-quarters of them are made abroad and are about to get taxed out the wazoo. And those are just everyday necessities—don’t forget the big ticket items. No family should have to choose between cost and safety as they’re making decisions for their children.

    “Some companies have already raised stroller prices by hundreds of dollars. And then there’s cribs. The average parent already spends two thousand dollars on a crib—this is a critical item. And three-quarters of all baby furniture is made in China—meaning Trump wants to slap a 145% tax on it.

    “The same goes for car seats which are virtually all made in China. You absolutely cannot just go without a car seat, and safety experts emphasize you should not buy them used. But with Trump’s 145% tax—parents are wondering how they can even afford them at all. That’s what Trump’s trade war is doing to families! Trump’s baby tax is not just expensive for families and it is not just one more callous and careless policy from a billionaire without a clue—it is also dangerous.

    “Yes, it is going to mean fewer toys, smaller birthdays—but it is also going to mean parents struggling to buy high chairs or specialty formula, struggling to buy a safe bassinet, or a stroller, or a car seat.

    “Well my message to moms: I got into politics to fight for moms like me—and I am never going to stop. I know what you are going through, all the things you already have to worry about. You should not have to worry about Trump’s new baby tax driving up costs as well. Congress CAN reverse these tariffs—we could do it next week if Republicans chose to. So, I am going to be lifting up your voices, and using mine—to push for Congress to act and demand this administration reverse their incredibly damaging price hikes on families.”

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Discusses Bringing Medicine Manufacturing to Northwest Louisiana

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    SHREVEPORT – U.S. Senator Bill Cassidy, M.D. (R-LA) today visited the facility on Line Avenue in Shreveport that was once owned by Dr. Reddy’s Laboratories. He spoke with officials from the North Louisiana Economic Partnership (NLEP) and Louisiana Economic Development (LED) on what they’re doing to find new ownership for the facility, so medicine can again be produced there.
    “President Trump is doing his best to make the United States a place where businesses invest in,” said Dr. Cassidy. “We need increased domestic manufacturing of drugs. I’m committed to the economic development of Northwest Louisiana, and bringing in full production facilities for drugs and other goods.”

    Cassidy’s visit comes on the heels of a major announcement by the White House of an $11 billion boost by Gilead Sciences to its domestic operations. During President Trump’s second term, eight other pharmaceutical companies have made multi-billion dollar investments in domestic manufacturing, according to a White House press release issued yesterday.

    According to NLEP, the Dr. Reddy’s site can produce up to 4 billion tablets per year. Cassidy was met by Mr. Justyn Dixon, President and CEO of NLEP.
    “Senator Cassidy has long been a champion for North Louisiana, and we deeply appreciate all he has done – and continues to do – for our region,” said Mr. Dixon. “With the growing number of pharmaceutical companies announcing plans to reshore or expand manufacturing operations, we believe the Dr. Reddy’s site provides these companies the ideal speed to market opportunity. We appreciate the Senator taking the time to visit and engage directly to gain a deeper understanding of this valuable outlet.”
    Additionally, Cassidy joined the President last week for an “Invest in America” event, where Trump thanked Cassidy for his support. Under President Trump’s leadership, key investments have been made in Louisiana, including a $5.8 billion investment by Hyundai Steel which will create 1,500 jobs, and an $18 billion investment by Venture Global and $17.5 billion investment by Woodside Energy for liquefied natural gas.

    MIL OSI USA News –

  • MIL-OSI Africa: Nigeria Unlocks Intra-African Trade with New Pan-African Payment & Settlement System (PAPSS) Policy Boost

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

    CAIRO, Egypt, May 9, 2025/APO Group/ —

    The Pan-African Payment & Settlement System (PAPSS) warmly welcomes the new circular from the Central Bank of Nigeria (CBN), announcing a significant streamlining of documentation requirements for PAPSS transactions in Nigeria.

    This progressive policy, announced on 28 April 2025, sets the stage for faster, more cost-effective, and more inclusive participation by Nigerians and Nigerian businesses, especially Small and Medium Enterprises (SMEs), involved in intra-African commerce under the African Continental Free Trade Area (AfCFTA).

    With the new announcement, individuals and businesses in Nigeria will now be able to make PAPSS transactions efficiently; with less delays occasioned by paperwork. Only basic KYC (Know Your Customer) and AML (Anti-Money Laundering) documents are required for clearance of payments under US$2,000 (for individuals) and US$5,000 (for corporates) per month. This makes it easier for Nigerian SMEs to trade across Africa under the AfCFTA, with fewer heavy documentation barriers than ever before.

    The announcement also empowers commercial banks to source foreign exchange for PAPSS through Nigeria’s Foreign Exchange market.

    As PAPSS continues to expand across Africa — with 16 countries, 14 payment switches, and more than 150 commercial banks now connected, including 22 banks in Nigeria — the streamlined requirements will eliminate barriers and encourage broader use of our secure, instant, local currency-based platform.

    Mike Ogbalu III, CEO of PAPSS, commented: “Today marks a transformational milestone for Nigerian commerce and for the larger vision of African economic integration. We are grateful to the Central Bank of Nigeria for its unwavering support and vision in propelling Nigeria towards seamless intra-African payments under the AfCFTA.

    “This bold policy move by the CBN will empower banks, businesses, and entrepreneurs to connect, trade, and pay more easily than ever before. The directive removes excess paperwork from a large number of transfers, empowering Nigerian businesses to participate more freely in the African Continental Free Trade Area by utilising our secure, local currency-based platform.

    “We also expect Nigerian banks to begin integrating PAPSS into their digital platforms such as mobile apps and online banking in the near future, promoting even wider adoption.

    “PAPSS is at the forefront of the African advancement towards a truly borderless African economy and achieving the ultimate goal of economic self-determination. We encourage all stakeholders across the continent to follow in Nigeria’s footsteps, embrace PAPSS, and become part of the transformation that will define the way Africa does payments and accelerate the realisation of the African Continental Free Trade Area goals.”

    MIL OSI Africa –

  • MIL-OSI USA: Former D.C.-Area Attorney Charged with Tax Crimes and Making False Statements to Federal Authorities

    Source: US State of California

    An indictment was unsealed today charging an attorney with evading taxes on approximately $1 million of income, as well as filing false tax returns and making false statements to federal authorities. Richard Graham Foote O’Donoghue previously lived in Washington, D.C., but currently lives in the United Kingdom. He was arrested on entering the United States on May 9, based on the criminal charges.

    The following is according to the indictment: from 2012 through 2015, O’Donoghue made substantial income first as an independent contractor for several non-U.S. businesses, including a defense contractor based out of Dubai, United Arab Emirates, and then as CEO of that contractor. While he was CEO, O’Donoghue also allegedly received significant bonuses and benefits including a car and driver and a rented luxury villa for his family.

    According to the indictment, O’Donoghue did not timely file tax returns for tax years 2012 through 2014. In 2016, however, O’Donoghue hired a return preparer to prepare tax returns for 2012 through  tax year 2015. O’Donoghue allegedly provided false information to his return preparer about his employment and income. For example, O’Donoghue allegedly told the return preparer that he was the general manager of the company, not the CEO, and concealed his bonuses and the expenses the company paid on his behalf. These lies allegedly caused the return preparer to prepare and file false tax returns for those years that underreported his income by approximately $1 million. Because O’Donoghue had previously made estimated payments, his false returns allegedly requested refunds from the IRS of more than $247,000 — much of which the IRS paid out.

    The indictment further alleges that in February 2023, O’Donoghue made false statements about his income and other matters to law enforcement agents and Department of Justice prosecutors.

    If convicted, O’Donoghue faces a maximum penalty of five years in prison for each tax evasion count, a maximum penalty of three years in prison for each count of subscribing to a false tax return, and a maximum penalty of five years in prison for the false statements count. O’Donoghue also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Edward R. Martin Jr. for the District of Columbia made the announcement.

    IRS Criminal Investigation and the Special Inspector General for Afghanistan Reconstruction are investigating the case, with assistance from His Majesty’s Revenue & Customs of the United Kingdom. Assistance was also provided by the Joint Chiefs of Global Tax Enforcement (J5), which brings together the taxing authorities of Australia, Canada, the Netherlands, the United Kingdom, and the United States.

    Assistant Chief Sarah Ranney and Trial Attorney Ezra Spiro of the Tax Division and Assistant U.S. Attorney Joshua Gold for the District of Columbia are prosecuting the case.

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

    MIL OSI USA News –

  • MIL-OSI Security: Former D.C.-Area Attorney Charged with Tax Crimes and Making False Statements to Federal Authorities

    Source: United States Attorneys General 13

    An indictment was unsealed today charging an attorney with evading taxes on approximately $1 million of income, as well as filing false tax returns and making false statements to federal authorities. Richard Graham Foote O’Donoghue previously lived in Washington, D.C., but currently lives in the United Kingdom. He was arrested on entering the United States on May 9, based on the criminal charges.

    The following is according to the indictment: from 2012 through 2015, O’Donoghue made substantial income first as an independent contractor for several non-U.S. businesses, including a defense contractor based out of Dubai, United Arab Emirates, and then as CEO of that contractor. While he was CEO, O’Donoghue also allegedly received significant bonuses and benefits including a car and driver and a rented luxury villa for his family.

    According to the indictment, O’Donoghue did not timely file tax returns for tax years 2012 through 2014. In 2016, however, O’Donoghue hired a return preparer to prepare tax returns for 2012 through  tax year 2015. O’Donoghue allegedly provided false information to his return preparer about his employment and income. For example, O’Donoghue allegedly told the return preparer that he was the general manager of the company, not the CEO, and concealed his bonuses and the expenses the company paid on his behalf. These lies allegedly caused the return preparer to prepare and file false tax returns for those years that underreported his income by approximately $1 million. Because O’Donoghue had previously made estimated payments, his false returns allegedly requested refunds from the IRS of more than $247,000 — much of which the IRS paid out.

    The indictment further alleges that in February 2023, O’Donoghue made false statements about his income and other matters to law enforcement agents and Department of Justice prosecutors.

    If convicted, O’Donoghue faces a maximum penalty of five years in prison for each tax evasion count, a maximum penalty of three years in prison for each count of subscribing to a false tax return, and a maximum penalty of five years in prison for the false statements count. O’Donoghue also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Edward R. Martin Jr. for the District of Columbia made the announcement.

    IRS Criminal Investigation and the Special Inspector General for Afghanistan Reconstruction are investigating the case, with assistance from His Majesty’s Revenue & Customs of the United Kingdom. Assistance was also provided by the Joint Chiefs of Global Tax Enforcement (J5), which brings together the taxing authorities of Australia, Canada, the Netherlands, the United Kingdom, and the United States.

    Assistant Chief Sarah Ranney and Trial Attorney Ezra Spiro of the Tax Division and Assistant U.S. Attorney Joshua Gold for the District of Columbia are prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI: Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date April 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 09, 2025 (GLOBE NEWSWIRE) — At the end of the settlement date of April 30, 2025, short interest in 3,156 Nasdaq Global MarketSM securities totaled 13,300,707,903 shares compared with 13,211,633,004 shares in 3,143 Global Market issues reported for the prior settlement date of April 15, 2025. The mid-April short interest represents 2.40 days compared with 1.76 days for the prior reporting period.

    Short interest in 1,636 securities on The Nasdaq Capital MarketSM totaled 2,645,060,429 shares at the end of the settlement date of April 30, 2025, compared with 2,609,354,721 shares in 1,634 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00.

    In summary, short interest in all 4,792 Nasdaq® securities totaled 15,945,768,331 shares at the April 30, 2025 settlement date, compared with 4,777 issues and 15,820,987,725 shares at the end of the previous reporting period. This is 1.92 days average daily volume, compared with an average of 1.52 days for the prior reporting period.

    The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

    For more information on Nasdaq Short interest positions, including publication dates, visit
    http://www.nasdaq.com/quotes/short-interest.aspx
    or http://www.nasdaqtrader.com/asp/short_interest.asp.

    About Nasdaq:
    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.     

    Media Contact:
    Maximilian Leitenberger
    Maximilian.leitenberger@nasdaq.com

    NDAQO

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a098cc6b-342f-4208-8453-43a9f3f84002

    The MIL Network –

  • MIL-OSI: Matador Technologies Inc. Announces Non-Brokered Private Placement

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 09, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA, OTCQB: MATAF), a Bitcoin-focused technology and investment company, is pleased to announce a non-brokered private placement offering of up to 5,454,546 units (the “Units”) at a price of $0.55 per Unit, for aggregate gross proceeds of up to C$3,000,000 (the “Offering”).

    Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share of the Company at a price of $0.75 for a period of twelve (12) months from the date of issuance.

    The Warrants will be subject to an acceleration clause: in the event that the closing price of the Company’s common shares on the TSX Venture Exchange (the “TSXV”) is equal to or exceeds $1.05 for five (5) consecutive trading days at any time following the date which is four months and one day after the closing date, the Company may accelerate the expiry date of the Warrants to the date that is thirty (30) days following the dissemination of a press release announcing such acceleration.

    The securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws.

    The Offering is being conducted pursuant to available exemptions from prospectus requirements and will be made to “accredited investors” in all provinces of Canada and in such other jurisdictions as the Company may determine, in accordance with applicable securities laws.

    The net proceeds of the Offering are expected to be allocated approximately one-third to each of the following: (i) the purchase of Bitcoin; (ii) advancing the Company’s gold acquisition and Grammies business initiatives; and (iii) general corporate purposes.

    The Offering is subject to customary closing conditions, including the receipt of all necessary approvals, including that of the TSX Venture Exchange.

    For additional information, please contact:

    Media Contact:
    Sunny Ray
    President
    Email: sunny@matador.network
    Phone: 647-932-2668

    About Matador Technologies Inc.

    Matador Technologies Inc. is a publicly traded Bitcoin ecosystem company that holds Bitcoin as its primary treasury asset and builds products to enhance the Bitcoin network. Through a self-reinforcing model that combines strategic Bitcoin accumulation, Bitcoin-native product development, and participation in digital asset infrastructure, Matador aims to grow long-term shareholder value without dilution.

    The Company’s flagship offering, the Digital Gold Platform, allows users to buy, sell, and trade 1-gram gold units inscribed as Bitcoin Ordinals—bridging traditional value with decentralized technology. With a Bitcoin-first strategy, a debt-free balance sheet, and a clear focus on innovation, Matador is helping shape the future of financial infrastructure on Bitcoin.

    Learn more at www.matador.network.

    Cautionary Statement Regarding Forward-Looking Information

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

    Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with the implementation of the Company’s treasury management strategy and the launch of its mobile application as currently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the potential acquisition of Bitcoin and/or US dollars, the pricing of such acquisitions and the timing of future operations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

    The MIL Network –

  • MIL-OSI: NI Holdings, Inc. Reports Results for First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    FARGO, N.D., May 09, 2025 (GLOBE NEWSWIRE) — NI Holdings, Inc. (NASDAQ: NODK) announced today results for the quarter ended March 31, 2025.

    Summary of First Quarter 2025 Results – Continuing Operations
    (All comparisons vs. continuing operations for the first quarter of 2024, unless noted otherwise)

    • Direct written premiums of $67.7 million compared to $83.0 million. This reduction was driven by Non-Standard Auto (-58.8%) due to strategic decisions to exit Nevada and significantly reduce written premium in the Chicago market to improve profitability, partially offset by Home and Farm (7.1%) driven by higher new business in North Dakota as well as rate and insured value increases.
    • Combined ratio of 94.4% driven by strong performance in Home and Farm and Private Passenger Auto.
    • Net investment income increased 3.0% to $2.8 million, driven by relatively consistent yields on a higher average invested asset base.
    • Basic earnings per share of $0.31 compared to basic earnings per share of $0.33.
      Three Months Ended March 31,
    Dollars in thousands, except per share data
    (unaudited)    		   2025   2024   Change
    Direct written premiums $67,728 $83,041   (18.4%)
    Net earned premiums $67,497 $69,884   (3.4%)
    Loss and LAE ratio   57.1%   57.4%   (0.3 pts)
    Expense ratio   37.3%   36.5%   0.8 pts
    Combined ratio   94.4%   93.9%   0.5 pts
    Net income attributable to NI Holdings $6,460 $6,935   (6.8%)
    Continuing operations $6,460 $6,419   0.6%
    Discontinued operations   –   ($516)   NM
    Return on average equity   10.4%   12.1%   (1.7 pts)
    Basic earnings per share $0.31 $0.31   –
    Continuing operations $0.31 $0.33   (6.1%)
        NM = not meaningful

    Management Commentary

    “We are pleased to start off 2025 with another quarter of underwriting profitability, continuing the positive momentum which began to emerge in the fourth quarter of 2024,” said Seth Daggett, President and Chief Executive Officer. “We achieved solid growth across our core personal line segments, primarily in North Dakota due to increased new business and continued strong retention, while also benefiting from favorable weather conditions and lower large loss frequency in our Home and Farm segment. We implemented numerous expanded underwriting and distribution actions throughout North Dakota and South Dakota, tied directly to our strategy of further targeted organic growth in these markets.  

    While overall top-line direct written premiums decreased year-over-year, the reduction was driven by accelerated execution of aggressive strategic actions focused on returning our Non-Standard Auto segment to profitability. 

    Overall, our results point toward the strength of our underlying core business, including numerous competitive advantages we have in these markets. We’re confident that our renewed focus on this business will support our primary objective of creating lasting value for our shareholders through sustained growth and profitability over time.”

    Securities and Exchange Commission (SEC) Filings
    The Company’s Quarterly Report on Form 10-Q and latest financial supplement can be found on the Company’s website at www.niholdingsinc.com. The Company’s filings with the SEC can also be found at www.sec.gov.

    About the Company
    NI Holdings, Inc. is an insurance holding company. The Company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings. NI Holdings’ financial statements are the consolidated financial results of NI Holdings; Nodak Insurance, including Nodak’s wholly-owned subsidiaries American West Insurance Company, Primero Insurance Company, and Battle Creek Insurance Company; Direct Auto Insurance Company; and Westminster Insurance Company until the date of sale.

    Safe Harbor Statement
    Some of the statements included in this news release, particularly those anticipating future financial performance, including investment performance and yields, business prospects, growth and operating strategies, the impact of underwriting changes and other strategic actions on operating results, our plans to increase investments in people and technology, enhance distribution management efforts, and focus on expense management initiatives, our ability to generate consistent profitable growth and create lasting value for our shareholders, and similar matters, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could vary materially. Factors that could cause actual results to vary materially include: our ability to maintain profitable operations, the adequacy of the loss and loss adjustment expense reserves, business and economic conditions, the changes in the international trade policies and the potential impact of such changes, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, adverse and catastrophic weather events, including the impacts of climate change, legal and judicial developments, changes in regulatory requirements, our ability to integrate and manage successfully the insurance companies we may acquire from time to time, the impact of inflation on our operating results, and other risks we describe in the periodic reports we file with the SEC. You should not place undue reliance on any such forward-looking statements. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our SEC reports, including, but not limited to our Annual Report on Form 10-K, as filed with the SEC.

    Investor Relations Contact:
    Matt Maki
    Executive Vice President, Treasurer and Chief Financial Officer
    701-212-5976
    IR@nodakins.com

    The MIL Network –

  • MIL-OSI USA: Overwatch Game Developers Secure Union Recognition with Communications Workers of America

    Source: Communications Workers of America

    Irvine, Calif. – Nearly 200 game developers behind Activision Blizzard’s hit franchise Overwatch have joined the Communications Workers of America (CWA), becoming the latest group of video game workers at Microsoft-owned studios to form a wall-to-wall union. A neutral arbitrator confirmed today that an overwhelming majority of workers have either signed a union authorization card or indicated that they wanted union representation via an online portal. The workers will be members of CWA Local 9510 in Orange County, Calif., and Microsoft has recognized the union.

    “The massive layoffs in the video game industry, and at my own studio, became one of the first reasons I started to learn about how to organize to create a healthier workplace for everyone,” said Frank Le Cocq, VFX artist and organizing committee member. “When we began our union efforts, it was empowering to know that our coworkers next door at World of Warcraft had already successfully gone through the process.”

    The Overwatch Gamemakers Guild-CWA (OWGG-CWA) is a wall-to-wall unit that includes game developers across all disciplines, including design, production, engineering, art, sound, and quality assurance.

    “After a long history of layoffs, crunch, and subpar working conditions in the global video game industry, my coworkers and I are thrilled to be joining the broader union effort to organize our industry for the better, which has been long overdue,” said Foster Elmendorf, senior test analyst II and organizing committee member. “Workers organizing themselves and striving for better conditions as a group allows us to present initiatives that would not only improve our workplace but video games overall.”

    Over 2,600 workers at Microsoft-owned studios have formed a union with CWA, following a groundbreaking labor neutrality agreement for worker organizing. With a union, workers will be able to collectively push for workplace improvements like layoff protections, job security, wage increases, limits to outsourcing, and remote work protections.

    “I’m organizing because I believe in this company, our teams, and the work we do together. Unionizing is about having a seat at the table so that we can work with leadership to build better, more sustainable working conditions,” said Jess Castillo, senior test analyst II and organizing committee member. “Ultimately, when we’re supported and thriving, we can deliver the best possible experiences to our players, which is what brought all of us here in the first place.”

    “California continues to be a hub for video game organizing, and we are excited to welcome Overwatch game developers to CWA alongside our video game union siblings at World of Warcraft and SEGA of America,” said CWA Local 9510 President Jason Justice. “When workers come together to build power, we become able to ensure a brighter future for all.”

    The announcement from OWGG-CWA is the latest update in organizing the tech and video game industry, as over 6,000 workers in the United States and Canada have organized with the Campaign to Organize Digital Employees (CODE-CWA) since launching five years ago. Nearly 500 video game workers have also joined United Videogame Workers-CWA, an industry-wide video game union working to build power irrespective of employer or current job status.

    ###

    About CODE-CWA

    The Campaign to Organize Digital Employees (CODE-CWA) is a network of worker-organizers and their staff working every single day to build the voice and power necessary to ensure the future of the tech, game, and digital industries in the United States and Canada. CODE-CWA is a project of the Communications Workers of America, which represents hundreds of thousands of workers throughout tech, media, telecom, and other industries who stand together to fight for justice on the job and in our communities.

    cwa-union.org @cwaunion

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Vermont Private Nonprofits Affected by June Severe Storms and Flooding

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Vermont of the June 10 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms and flooding occurring June 22-24, 2024.

    The disaster declaration covers the county of Lamoille.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature with financial losses directly related to the disaster. Example of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 3.25% and terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

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

    The deadline to return economic injury applications is June 10, 2025.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Pennsylvania Small Businesses and Private Nonprofits Affected by October Drought

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP)organizations in Pennsylvania of the June 9 deadline to apply for low interest federal disaster loans to offset economic losses caused by the drought beginning Oct. 1, 2024.

    The disaster declaration covers the counties of Allegheny, Beaver, Fayette, Greene, Washington and Westmoreland in Pennsylvania as well as Brooke, Hancock, Marshall and Ohio in West Virginia.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

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

    “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

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

    The deadline to return economic injury applications is June 9, 2025.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to New York Small Businesses and Private Nonprofits Affected by Severe Storms, Tornadoes and Flooding

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in New York of the June 9 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms, tornadoes and flooding occurring July 10, 2024.

    The disaster declaration covers the New York counties of Clinton, Essex, Franklin, Hamilton, Herkimer, Jefferson, Lewis, Onieda, Oswego, St. Lawrence, Warren, and Washington as well as the counties of Addison and Chittenden in Vermont.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses and PNPs providing non-critical services of a governmental nature impacted by financial losses directly related to the disaster. Example of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the Small Business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% for private nonprofit organizations, and terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to a disaster.

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

    The deadline to return economic injury applications is June 9, 2025.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –

  • MIL-OSI Security: Lakeland Man Pleads Guilty to Bank Fraud

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    Tampa, Florida – United States Attorney Gregory W. Kehoe announces that Abraham Othman Yacoub (27, Lakeland) has pleaded guilty to bank fraud. Yacoub faces a maximum penalty of 30 years in federal prison. A sentencing date has not yet been set.

    According to the plea agreement, from at least January 2021 until February 2023, Yacoub made dozens of fraudulent deposits and withdrawals on behalf of his companies, Visionary Auto Body LLC and Visionary Auto Care LLC, at financial institutions throughout the Middle District of Florida. Yacoub deposited the same previously deposited checks into business banking accounts that he controlled at different financial institutions, knowing that the checks had previously been deposited and paid, causing the victim banks to credit his accounts for the amounts of the checks. Yacoub then withdrew, transferred, or otherwise spent the funds credited to his accounts before the financial institution realized that the checks had previously been deposited.

    Yacoub also drafted fraudulent business checks from closed business bank accounts in the name of Visionary Auto Body and Visionary Auto Care, knowing that those accounts had been closed and, therefore, that there were no funds remaining to cover the amount of the check he had drafted. Yacoub withdrew, transferred, or spent the funds credited by the bank based on these fraudulent checks, or attempt to do so, before the financial institution realized that the account on which the check had been drafted was closed and did not contain any funds to cover the amount of the check.

    Yacoub has agreed to forfeit $ 181,540.51, the total loss to these financial institutions that Yacoub’s schemes caused.  

    This case was investigated by the Federal Bureau of Investigation. It is being prosecuted by Assistant United States Attorney Karyna Valdes.

    MIL Security OSI –

  • MIL-OSI: Orange Bank & Trust Expands Commitment to Construction and Trade Industries

    Source: GlobeNewswire (MIL-OSI)

    MIDDLETOWN, N.Y., May 09, 2025 (GLOBE NEWSWIRE) — Orange Bank & Trust Company, an economic engine of New York’s Hudson Valley for more than 133 years, is pleased to announce an investment and deeper focus on the construction and trade industries. The Bank has chosen Patrick Smith, SVP, former Relationship Manager of the Bank’s Mount Vernon branch and a seasoned banker with extensive knowledge of the construction industry, to spearhead this initiative.

    Orange Bank & Trust has a proven track record of serving the construction and trade community and has organically grown the size and scope of this portfolio, which has helped build its reputation as the premier bank within this vertical. In addition, the Bank is uniquely positioned geographically in the industrial corridor that exists in the Lower Westchester and Northern Bronx markets.

    “The construction and trade industries are a key component within the communities in which we serve, and we are excited to build upon our expertise in these areas of our business,” said Michael Gilfeather, President and CEO of Orange Bank & Trust. “We recognize the importance contractors and developers place on relationships, including working with the same trusted sub-contractors—for example, architects, suppliers, plumbers, and electricians—and the Bank has become one of these trusted partners.”

    Gilfeather continued, “Patrick’s deep understanding of the unique financial needs of these clients enables us to further enhance our offerings and deliver even greater value to them. In addition, the Bank is combining its unique AI abilities with internal and external data to identify connections between clients and prospects, while increasing efficiency and client satisfaction.”

    Frank Petrillo, President of Petrillo Stone, a longtime client of Orange Bank & Trust, said the Bank is well-positioned to support the construction and trade industry.

    Frank said, “With a comprehensive suite of customized products, in-depth industry knowledge, and a significant client base of contractors, developers, and related businesses, Orange Bank is the ideal choice for local trades. The Bank’s high-touch, personalized service model has been instrumental in building strong, lasting relationships with its contractor clientele.”

    Patrick Smith, SVP of Orange Bank & Trust Company, will spearhead the Bank’s new dedicated focus on construction and trade clients.

    About Orange Bank & Trust Company
    Orange Bank & Trust Company is the Hudson Valley’s premier financial institution focusing on commercial lending, business banking, payment processing and wealth management services. For more than 133 years, Orange Bank & Trust Company has been an economic engine of the community, with more than $2.5 billion in assets and playing a vital role in increasing opportunities for local businesses, creating jobs for generations of residents, spurring region-defining developments, and maximizing investments to neighborhood-serving non-profits. The Bank is regularly recognized as one of New York’s top places to work.

    Contact Info:
    Candice Varetoni
    AVP Marketing Officer
    cvaretoni@orangebanktrust.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9c3d9d6-143d-4807-981e-d1e1665ad678

    The MIL Network –

  • MIL-OSI USA: Cantwell, Risch Introduce Bipartisan Bill to Expand Small Business Disaster Coordination

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    05.09.25
    Cantwell, Risch Introduce Bipartisan Bill to Expand Small Business Disaster Coordination
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Committee on Small Business and senior member of the Senate Committee on Finance, and U.S. Senator Jim Risch (R-ID) introduced the bipartisan Small Business Disaster Coordination Act to improve on-the-ground support for small businesses affected by disasters.
    This bill would allow Small Business Administration (SBA) resource partners to assist businesses outside their usual service areas in an emergency. The Small Business Disaster Coordination Act would also require the SBA to work with these partners on disaster planning and response, ensuring local networks can share recovery-related information. 
    “Wherever disasters strike, it has to be all-hands-on-deck,” said Sen. Cantwell. “This bill will ensure SBA partners such as Small Business Development Centers, SCORE, and Women’s Business Centers can work with local partners to assist small businesses as they recover.”
    “From catastrophic wildfires to disastrous flooding, SBA resource partners stand ready to assist small businesses in times of emergency,” said Sen. Risch. “By expanding opportunities for these partners to help through my Small Business Disaster Coordination Act, we can ensure that the small businesses vital to our communities and economy stick around for years to come.”
    Sen. Cantwell and Sen. Risch are joined by U.S. Senators Mike Crapo (R-ID), Gary Peters (D-MI), and Michael Bennet (D-CO) in introducing the legislation.
    The Small Business Disaster Coordination Act has received support from America’s Small Business Development Centers (SBDCs), SCORE, and the Association of Women’s Business Centers.

    MIL OSI USA News –

  • MIL-OSI USA: Ranking Members Mfume, Connolly Issue Statement on Appointment of New Postmaster General

    Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

    WASHINGTON, D.C. — Today, Rep. Kweisi Mfume, Ranking Member of the Subcommittee on Government Operations, and Rep. Gerald E. Connolly, Ranking Member of the Committee on Oversight and Government Reform, issued a joint statement following the announcement of David Steiner, a FedEx board member and former Waste Management CEO, as the next Postmaster General of the United States by the U.S. Postal Board of Governors:

    “The American people deserve and expect an independent, fair, and accessible Postal Service that operates without prejudice or political influence.  It is our sincere hope that as Postmaster General, Mr. Steiner will put the interests of the American people and the U.S. Postal Service ahead of any whims or demands of an Administration that has failed to respect the independence of this trusted institution and has instead worked to undermine and privatize America’s mail service. The Oversight Committee will be keeping a very close eye on the actions of the new Postmaster, especially considering DOGE’s infiltration of the agency, and it is our hope that Mr. Steiner will commit to a productive and collaborative relationship with Congress,” said the lawmakers.   

    Ranking Members Mfume and Connolly are leading Congressional oversight and investigations into the Trump Administration’s relentless attacks on the U.S. Postal Service and DOGE’s infiltration of the agency:

    • On March 31, Ranking Members Mfume and Connolly sent a letter to Amber F. McReynolds, Chair of the United States Postal Service’s Board of Governors (the Governors), escalating Congress’s concerns that DOGE is attempting to actively undermine the stability and integrity of the Postal Service.
       
    • On March 18, Ranking Member Connolly sent a letter to Postmaster General Louis DeJoy demanding a copy of the agreement the Postmaster General signed with DOGE, allowing Elon Musk to infiltrate the independent U.S. Postal Service, gain access to its data and systems, and make drastic cuts to the service.
       
    • On March 17, in response to the agreement between Postal Service and DOGE, Rep. Kweisi Mfume, Ranking Member of the Subcommittee on Government Operations, Ranking Member Connolly, and Rep. Raja Krishnamoorthi, Ranking Member of the Subcommittee on Health Care and Financial Services led Committee Democrats in sending a letter to Chairman James Comer demanding an immediate public hearing on the Trump Administration and DOGE’s plans for the Postal Service. 
       
      • Later that day, Ranking Member Connolly issued a statement after Postmaster General DeJoy sent a letter to Congress trying to explain why he entered the Postal Service into an agreement with the General Services Administration and DOGE representatives.
         
    • On March 13, Ranking Member Connolly released a statement after Postmaster General Louis DeJoy sent a letter to Congress admitting he “signed an agreement with the General Services Administration and DOGE representatives” and is allowing Elon Musk to infiltrate the U.S. Postal Service. DeJoy’s letter suggested alarming actions for DOGE to pursue that would easily lead to the privatization and politicization of the Postal Service.
       
    • On February 22, Ranking Member Connolly led Committee Democrats in sending a letter to President Trump demanding he immediately abandon any plans that would either dismantle or privatize the U.S. Postal Service or undermine its independence in any way.  The letter followed reporting from the Washington Post that the Trump Administration is preparing a plan to fire the bipartisan Postal Board of Governors and absorb the Postal Service into the Department of Commerce, “potentially throwing the 250-year-old mail provider and trillions of dollars of e-commerce transactions into turmoil.”  The Members also cited subsequent reporting from CNN showing “the White House was silent on the question as to whether it is interested in privatizing the service, which is something that Trump has voiced support for in the past.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Hickenlooper, Colleagues Call on Trump Admin to Address Impact of Fired IVF Researchers, Support Access to IVF

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado

    CDC, under Trump admin orders, fired the IVF team responsible for unbiased information for American families seeking fertility treatment

    WASHINGTON – Today, U.S. Senator John Hickenlooper joined 12 of his Senate colleagues to call on Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. to address the impact of the Trump administration’s reckless decision to fire the Centers for Disease Control and Prevention (CDC) team responsible for providing support and unbiased information for American families seeking fertility treatment.

    “The Trump administration is now moving beyond broken promises to purposely dismantling the very system that provides hopeful families with accountability and transparency regarding fertility clinic success rates,” wrote the senators.

    Specifically, the administration fired the Assisted Reproductive Technology Surveillance and Research team (ARTS), a team of deeply qualified scientists and public health practitioners who analyzed IVF clinic data success rates and conducted important clinic oversight. ARTS provided unbiased information for patients seeking fertility treatment, collecting and maintaining data on approximately 98 percent of all IVF and assisted reproductive technology cycles performed in the United States.

    “Your actions threaten hopeful parents and families’ ability to access high-quality, safe, and effective fertility care,” continued the senators.

    Full text of the letter available HERE and below.

    Dear Secretary Kennedy:

    We write regarding reports that the U.S. Department of Health and Human Services (HHS) eliminated the team responsible for tracking assisted reproductive technology success rates, including in vitro fertilization (IVF), across the country. These firings impede HHS’s ability to comply with the law and have devastating consequences for all people who are trying to become parents and rely on this information to thoughtfully and safely grow their families.

    Infertility affects millions of Americans throughout their lifetimes, and can have a profound impact on a person, couple, and family. IVF and other assisted reproductive technologies can be a lifeline. As of 2021, almost 90,000 infants born were conceived through IVF, a significant increase over the 47,818 infants born in 2011, just ten years prior, who were conceived through IVF and other assisted reproductive technologies. Because IVF is a complicated and expensive process, the American people deserve access to the best information possible to inform their family building journey.

    Unfortunately, hollowing out National Assisted Reproductive Technology (ART) Surveillance System capabilities and capacity is consistent with Donald Trump’s deceitful and disingenuous rhetoric on IVF. Just last year, then-candidate Trump promised the American people that if elected, Donald Trump would make IVF free for every American, declaring, “[w]e are going to be, under the Trump administration, we are going to be paying for that treatment” and claiming, “[w]e’re going to be mandating that the insurance company pay [for IVF].” These comments have proven to be bold-faced lies.

    Roughly one month after being sworn in, Donald Trump issued an IVF Executive Order that did nothing to fulfill his promise to make IVF free for every American. The Trump administration is now moving beyond broken promises to purposely dismantling the very system that provides hopeful families with accountability and transparency regarding fertility clinic success rates.

    The Fertility Clinic Success Rate and Certification Act of 1992 (FCSRCA), authored by Senator Ron Wyden, is the cornerstone of consumer protections as people seek to grow their families through IVF. It was passed in large part to assure transparency for patients seeking IVF care. The law requires all fertility clinics to report pregnancy success rates to the federal government in a standardized manner and for this information to be published publicly. These responsibilities are delegated to the Centers for Disease Control and Prevention (CDC). The CDC is also responsible for establishing licensure and accreditation processes for IVF laboratories and delegating the oversight of these responsibilities to an approved organization. Since the passage of FCSRCA, the increase in IVF and other assisted reproductive technologies has been substantial and, consequently, the importance of the law’s mandates has only grown.

    The Assisted Reproductive Technology Surveillance and Research team (ARTS) was housed within the CDC’s Division of Reproductive Health. This team of six carried-out the CDC’s statutorily mandated responsibilities under the FCSRCA, including conducting IVF clinic data analysis related to success rates, yearly audits and site visits, and monitoring lab certification status. The team collects and maintains data on approximately 98 percent of all IVF and assisted

    reproductive technology cycles performed in the United States.

    The team was composed of deeply qualified and trained scientists, including statisticians, doctors, and people with advanced degrees in epidemiology and public health. Across the team, there were combined decades of experience and deep expertise in the complex field of assisted reproductive technology. The ARTS team was also a careful steward for decades worth of highly sensitive, personally identifiable information (PII) related to IVF procedures, including the

    medical history of both hopeful parents undergoing IVF and their children, demographic information, and more.

    The ARTS team was uniquely well-suited to carry-out the CDC’s extensive responsibilities under FCSRCA, and its positive impact on the field and the lives of millions of Americans is impossible to quantify. The team’s work increased the likelihood of healthy pregnancies and births conceived via IVF and other assisted reproductive technologies. No other resource or dataset exists that comprehensively tracks as many IVF and other assisted reproductive

    technology cycles across the country as the ARTS team did.

    The ARTS team also played a major role in informing clinical guidelines and improving IVF safety and access. This team also built a patient-facing IVF success estimator to help people make informed, individualized decisions about where, when, and how to receive fertility care.

    The ARTS team was also passionate about being a source of unbiased information for fertility patients. Given the broad range of specialized knowledge required to carry-out these duties, it is hard to imagine that others at CDC, or any agency, would be able to step-in and fill these roles.

    Your actions threaten hopeful parents and families’ ability to access high-quality, safe, and effective fertility care. The American people deserve assurances that their rights under the FCSRCA will continue to be guaranteed, as Congress intended. In closing, we demand that you immediately rehire every civil servant formerly on the ARTS team. Further, please respond to the questions below by Friday, May 16:

    1. When will you reinstate the entirety of the ARTS team?
    1. How many employees on the ARTS team, and any supporting contracts, have been fired since January 20, 2025? Please provide a complete breakdown by position, provide information on GS level and veteran status, and clearly state the justification for termination. This accounting should include any employees who have since been reinstated or placed on administrative leave, noting that change in status.
    1. Which officials at HHS were involved in these staffing reduction decisions and what planning, if any, was undertaken prior to these reductions? Please describe the events that unfolded and name each office that was involved in the decision. Further, please name the official(s) who approved the staffing reductions as well as specifically indicate if any of the below individuals, or direct reports to these individuals, were involved in the decision-making. Name any such direct reports.
      1. Elon Musk, Special Government Employee, DOGE.
      2. Amy Gleason, Acting Administrator, DOGE.
      3. Susan Monarez, Acting Director, First Assistant to the Director, Principal Deputy Director, CDC.
    1. Without an ARTS team, how will the CDC continue to carry-out its statutorily-required responsibilities under FCSRCA? Please provide a detailed plan, including noting who has the expertise, skills, capacity, and resources to carry-out the responsibilities formerly carried-out by the ARTS team.
    1. Have, or will, any of the CDC’s responsibilities previously carried-out by the ARTS team been contracted out?
      1. If so, what assurance will you give the American people that the data and analysis produced will be comprehensive, transparent, publicly accessible and cover all IVF cycles annually, as the ARTS team did?
      2. If so, please describe the cost of contracting out these services.
    1. In some instances, the HHS’s Reduction In Force (RIF) efforts have been characterized as final. Those same people have stated that, as per the nature of the layoffs, the roles and responsibilities previously carried out by fired staff cannot be refilled. Is this characterization of the RIF efforts correct?
      1. If so, how can the CDC continue to carry-out its statutorily required responsibilities under FCSRCA?
    1. What communication, if any, has been given to IVF clinics in connection with the ARTS layoffs and how to report data going forward? If any such communication was distributed, please produce it.
    1. Does the CDC continue to collect data from IVF clinics across the country?
      1. If so, who is responsible for collecting that data and where is the data presently being stored?
    1. People considering and undergoing IVF and other assisted reproductive technologies rely on up-to-date information to make informed medical decisions. Each year, CDC collects data from IVF clinics across the country and standardizes this information into a public-facing website and report.
      1. As of the ARTS team’s firings, the 2023 data had been fully collected. What is the anticipated release date for the 2023 IVF report? Has this timeline been impacted by the ARTS layoffs?
      2. Have any of the information categories published in previous years been removed or altered? If so, please describe the changes that have been made to information categories and provide a rationale for any changes.
    1. The ARTS team was operational for over 30 years and the historical information it held related to ARTS is uniquely instructive to public health efforts and contains sensitive PII about hopeful parents undergoing IVF and their children. How will the CDC maintain patient confidentiality, protect PII, and sustain this critical database moving forward? Please provide a detailed plan.
      1. Further, who is presently in charge of the historical information previously held by the ARTS Team and where is this information held?
    1. Was the decision to dismiss the ARTS team made in consultation with any nongovernmental entities, including nonprofits, think tanks, advocacy organizations, research or educational institutions, or public policy research organizations.
      1. If so, please provide any written documents or correspondence that informed this decision and name all non-governmental entities involved in the decision to terminate the ARTS team.

    MIL OSI USA News –

  • MIL-OSI: Purple Pepe secures new exchange listings and marks first real estate use case

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., May 09, 2025 (GLOBE NEWSWIRE) — Meme coin Purple Pepe (PURPE) continues its eventful year with a series of significant developments—securing new exchange listings and completing one of the first-ever U.S. real estate transactions to accept a memecoin as payment.

    Launched less than a year ago, PURPE began as a meme-driven experiment and has quickly evolved into one of the most resilient, community-led projects in the crypto space. The token is now trading on Poloniex, LBank, BitMart, Coinstash, Biconomy, and Slingshot, positioning it for potential Tier-1 exchange listings as its holder base climbs past 45,000 and its all-time high market cap approaches $140 million.

    In a groundbreaking move for real-world utility, Missouri-based real estate developer Daniel Westermier is now accepting PURPE as payment for a commercial property in Sedalia, MO (65301). This milestone places PURPE among the first memecoins to be used in U.S. property transactions. Interested buyers can contact Mr. Westermier directly at dwestermier@gmail.com.

    “Accepting PURPE for real estate isn’t a gimmick—it’s the beginning of a new economic layer where community coins have real-world value,” added Daniel Westermier, the first U.S. property developer to list a commercial building for memecoin payment.

    The project’s momentum is further fueled by a sizable grassroots following, including the WallStreetBets Facebook community, which boasts over 550,000 members—one of the most active trading groups on the platform.

    “What started as a meme became a mission. PURPE isn’t just riding the hype cycle—we’re building something with staying power,” said Christopher Berrios, founder of the WallStreetBets Facebook group and a key force behind the token’s resurgence.

    Looking ahead, PURPE is gearing up for a full-scale community presence at the Bitcoin Conference in Las Vegas, taking place May 27–29.

    About Purple Pepe (PURPE)

    Purple Pepe (PURPE) is a community-powered memecoin launched in 2024 that quickly transformed from a viral joke into a serious force in crypto. Known for its engaged following and real-world use cases, PURPE is proving that memecoins can be more than internet culture—they can be financial vehicles with tangible impact.

    For more information
    Website: www.purpe.xyz
    X (Twitter): @PurplePepeS0L
    Telegram: https://t.me/Purpe_SOL
    WallStreetBets Facebook Group: https://www.facebook.com/share/g/16QrnBvMue/

    Property for sale to be accepted by Purpe for payment.

    Contact:
    Christopher Berrios,
    CTO
    Christopher@purple.xyz

    Disclaimer: This is a paid post and is provided by Purple Pepe. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0e292a14-0689-49dd-9f75-35aa452053d7

    The MIL Network –

  • MIL-OSI USA: On Same Day Senate Republicans Strip Internet Access from Students and Educators, President Trump Attempts to Illegally End Bipartisan Law to Connect Seniors, Veterans, and Rural Communities

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Trump’s NTIA Nominee Testified: “I commit to implementing NTIA’s statutory requirements, including with respect to the Digital Equity Act”
    New Mexico Was Expected to Receive $14.3 Million in Grants, Covers 91.7% of State Population
    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Telecommunications and Media Subcommittee, issued the following statement in response to President Trump’s announcement that he will “end” the Digital Equity Act (DEA), which Congress passed as part of the Bipartisan Infrastructure Law:
    “On the same day Senate Republicans voted to strip internet access from students and educators, President Trump is illegally attempting to end a program that connects millions of people to the online world. In New Mexico, we know the difference between slow internet, fast internet, and no internet and the challenges that come with it. Our students, seniors, veterans, and small businesses rely on internet access for education, health care, economic opportunity, and public safety. President Trump is leaving our communities in the dark.
    “The President does not have the authority to unilaterally end this bipartisan law, deem it unconstitutional, or withhold funding that was appropriated by Congress. Congressional Democrats will fight back – and Republicans must stand up to defend this law that benefits all of our constituents.”
    In April, President Trump’s nominee to lead the National Telecommunications and Information Administration (NTIA) told members of the Senate Commerce Committee, “I commit to implementing NTIA’s statutory requirements, including with respect to the Digital Equity Act.”Yet on Thursday, President Trump announced that he would illegally end this bipartisan law, jeopardizing billions of dollars that states rely on to expand broadband access. On the same day, Senate Republicans voted to strip internet access millions of students and educators. 
    In 2020, then-U.S. Representative Luján introduced the Digital Equity Act to provide funding for state and community digital inclusion efforts. In 2023, Senator Luján introduced the Digital Equity Foundation Act, legislation to establish a nonprofit foundation to channel public and private investments toward closing the digital divide and advancing digital equity, inclusion, and literacy.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Completes First Review of the Extended Fund Facility Arrangement with Pakistan and Approves the Request for an Arrangement under the Resilience and Sustainability Facility

    Source: IMF – News in Russian

    May 9, 2025

    • The IMF Executive Board completed the first review under the Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw the equivalent of about $1 billion. The authorities have demonstrated strong program implementation, which has contributed to improving financing and external conditions, and a continuing economic recovery.
    • Moving forward, policy priorities will include advancing reforms to strengthen competition, raise productivity and competitiveness, reform SOEs, improve public service provision and energy sector viability, and build climate resilience.
    • The Executive Board also approved the authorities request for an arrangement under the Resilience and Sustainability Facility (RSF), which will support Pakistan’s efforts in building economic resilience to climate vulnerabilities and natural disasters, with access of around $1.4 billion.

    Washington, DC: Today, the Executive Board of the International Monetary Fund (IMF) completed the first review of Pakistan’s economic reform program supported by the EFF Arrangement. This decision allows for an immediate disbursement of around $1 billion (SDR 760 million), bringing total disbursements under the arrangement to about $2.1 billion (SDR 1.52 billion). In addition, the IMF Executive Board approved the authorities’ request for an arrangement under the Resilience and Sustainability Facility (RSF), with access of about US$1.4 billion (SDR 1 billion).

    Pakistan’s 37-month EFF was approved on September 25, 2024, and aims to build resilience and enable sustainable growth. Key priorities include (i) entrenching macroeconomic sustainability through consistent implementation of sound macro policies, including rebuilding international reserve buffers and broadening of the tax base; (ii) advancing reforms to strengthen competition and raise productivity and competitiveness; (iii) reforming SOEs and improving public service provision and energy sector viability; and (iv) building climate resilience.

    Pakistan’s policy efforts under the EFF have already delivered significant progress in stabilizing the economy and rebuilding confidence, amidst a challenging global environment. Fiscal performance has been strong, with a primary surplus of 2.0 percent of GDP achieved in the first half of FY25, keeping Pakistan on track to meet the end-FY25 target of 2.1 percent of GDP. Inflation fell to a historic low of 0.3 percent in April, and progress on disinflation and steadier domestic and external conditions, have allowed the State Bank of Pakistan to cut the policy rate by a total of 1100 bps since June 2025. Gross reserves stood at $10.3 billion at end-April, up from $9.4 billion in August 2024, and are projected to reach $13.9 billion by end-June 2025 and continue to be rebuilt over the medium term.

    The RSF will support the authorities’ efforts to reduce vulnerabilities to natural disasters and to build economic and climate resilience. The authorities’ program: (i) prioritizes resilience to natural disasters and strengthen public investment processes at all levels of government; (ii) makes the use of scarce water resources more efficient, including through better pricing; (iii) strengthens coordination of natural disaster response and financing between federal and provincial governments; (iv) improves the information architecture, for and disclosure of, climate-related risks by banks and corporates; and (v) supports Pakistan’s efforts to meet its mitigation commitments and reduce related macro-critical risks.

    Following the Executive Board discussion, Nigel Clarke, Deputy Managing Director and Chair, made the following statement:

    “Pakistan has made important progress in restoring macroeconomic stability despite a challenging environment. Since the approval of the Extended Fund Facility, the economy continues to recover, with inflation sharply lower and external buffers notably stronger. Risks to the outlook remain elevated, however, particularly from global economic policy uncertainty, rising geopolitical tensions, and persistent domestic vulnerabilities. Against this backdrop, the authorities need to maintain sound macroeconomic policies and accelerate reforms to safeguard the macroeconomic gains and underpin stronger and sustainable, private sector-led medium-term growth.

    “The steadfast implementation of the FY2025 budget and the passage of key fiscal reforms, notably the Agricultural Income Tax, underpin the process of rebuilding policy making credibility. Continuing to mobilize greater revenue from undertaxed sectors and the noncompliant will make the tax system more equitable and efficient. This, combined with federal and provincial spending discipline, will strengthen sustainability, build resilience, and reduce the public sector’s crowding out of private credit.

    “Timely implementation of power tariff adjustments has helped reduce the stock and flow of circular debt. Meanwhile, cost-side reforms are showing early signs of success but need to be accelerated to safeguard the energy sector’s viability and improve Pakistan’s competitiveness.

    “The State Bank of Pakistan’s (SBP) tight monetary policy stance has been pivotal in reducing inflation to historic lows. Monetary policy should remain appropriately tight and data-dependent to ensure inflation is anchored within the SBP’s target range. A more flexible exchange rate will facilitate the adjustment to external and domestic shocks, aiding the rebuilding of reserves. Prompt action to address undercapitalized financial institutions and vigilance over the financial sector are necessary for financial stability. Strengthening of AML/CFT frameworks is also needed.

    “Accelerating structural reforms will unlock Pakistan’s competitiveness, creating conditions to attract high-impact private investment. Reform priorities include reducing trade and investment barriers, advancing SOE reforms, and decisively strengthening governance and anti-corruption institutions.

    “Reducing Pakistan’s vulnerability to extreme weather events will enhance macroeconomic stability and fiscal sustainability. The reforms under the Resilience and Sustainability Facility aim to build resilience to natural disasters by strengthening public investment processes, supporting efficient use of scarce water resources, strengthening coordination of natural disaster response and financing, improving the information on climate-related risks, and supporting Pakistan in meeting its international commitments.”

    Table 1. Pakistan: Selected Economic Indicators, FY2023–FY2025 1/

    Population: 236.0 million (2023/24)

    Per capita GDP: US$1,566.0 (2023/24)

    Quota: SDR 2,031 million

    Poverty rate: 21.9 percent

    Main exports: Textiles (US$16.3 billion, 2023/24)

    (national line; FY2019)

    Key export markets: European Union, United States, UAE

    FY2024

    FY2025

    FY2026

    Proj.

    Proj.

    Output and prices (% change)

    Real GDP at factor cost

    2.5

    2.6

    3.6

    Employment (%)

    Unemployment rate

    8.3

    8.0

    7.5

    Prices (%)

    Consumer prices, period average

    23.4

    5.1

    7.7

    Consumer prices, end of period

    12.6

    6.5

    6.6

    General government finances (% GDP)

    Revenue and grants

    12.6

    15.9

    15.2

    Expenditure

    19.4

    21.6

    20.3

    Budget balance, including grants

    -6.8

    -5.6

    -5.1

    Budget balance, excluding grants

    -6.8

    -5.7

    -5.1

    Primary balance, excluding grants

    0.9

    2.1

    1.6

    Underlying primary balance (excluding grants) 2/

    0.9

    1.0

    1.6

    Total general government debt excl. IMF obligations

    67.9

    71.2

    69.2

    External general government debt

    22.7

    24.0

    22.2

    Domestic general government debt

    45.2

    47.3

    47.0

    General government debt incl. IMF obligations

    70.1

    73.6

    71.9

    General government and government guaranteed debt incl. IMF

    74.1

    77.6

    75.6

    Monetary and credit (% change, unless otherwise indicated)

    Broad money

    16.0

    11.0

    14.6

    Private credit

    6.0

    11.0

    17.5

    Six-month treasury bill rate (%) 3/

    21.5

    …

    …

    Balance of Payments (% GDP, unless otherwise indicated)

    Current account balance

    -0.5

    -0.1

    -0.4

    Foreign direct investment

    0.6

    0.5

    0.6

    Gross reserves (millions of U.S. dollars) 4/

    9,390

    13,921

    17,682

    Months of next year’s imports of goods and services

    1.6

    2.3

    2.8

    Total external debt

    31.7

    33.1

    31.3

    Exchange rate (% change)

    Real effective exchange rate

    15.4

    …

    …

       Sources: Pakistani authorities; World Bank; and IMF staff estimates and projections.

       1/ Fiscal year ends June 30.

     

     

    		              

       2/ Excludes one-off transactions, including asset sales. In FY25 it excludes the projected windfall from exceptionally high SBP dividends.

     

       3/ Period average.

    		                

       4/ Excluding gold and foreign currency deposits of commercial banks held with the State Bank of Pakistan.

    		                
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

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

    https://www.imf.org/en/News/Articles/2025/05/09/pr-25137-pakistan-imf-completes-1st-rev-of-eff-arrang-and-approves-req-for-arrang-under-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Reconciliation Recommendations of the House Committee on Homeland Security

    Source: US Congressional Budget Office

    Legislation Summary

    H. Con. Res. 14, the Concurrent Resolution on the Budget for Fiscal Year 2025, instructed the House Committee on Homeland Security to recommend legislative changes that would increase deficits up to a specified amount over the 2025-2034 period. As part of the reconciliation process, the House Committee on Homeland Security approved legislation on April 29, 2025, that would increase deficits.

    Estimated Federal Cost

    The reconciliation recommendations of the House Committee on Homeland Security would increase deficits by $67.1 billion over the 2025-2034 period. The estimated budgetary effects of the legislation are shown in Table 1. The costs of the legislation fall within budget functions 450 (community and regional development) and 750 (administration of justice).

    Table 1.

    Estimated Budgetary Effects of Reconciliation Recommendations Title VI, House Committee on Homeland Security, as Ordered Reported on April 29, 2025
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2025-2029

    2025-2034
     

    Increases in Direct Spending

    		    

    Budget Authority

    69,007

    0

    0

    0

    0

    0

    0

    0

    0

    0

    69,007

    69,007

    Estimated Outlays

    *

    1,978

    4,963

    8,683

    12,250

    13,458

    11,145

    7,984

    4,556

    2,130

    27,874

    67,147
     

    Net Increase in the Deficit

    From Changes in Direct Spending

    		    

    Effect on the Deficit

    *

    1,978

    4,963

    8,683

    12,250

    13,458

    11,145

    7,984

    4,556

    2,130

    27,874

    67,147

    Basis of Estimate

    For this estimate, CBO assumes that the legislation will be enacted in summer 2025. CBO’s estimates are relative to its January 2025 baseline and cover the period from 2025 through 2034. Outlays of appropriated amounts were estimated using historical obligation and spending rates for similar programs.

    Direct Spending

    Enacting this legislation would increase direct spending by $67.1 billion over the 2025-2034 period (see Table 2). All of that amount would result from specified direct appropriations for activities performed by Customs and Border Patrol (CBP) and the Federal Emergency Management Agency (FEMA).

    Border Barrier System Construction, Invasive Species, and Border Security Facilities Improvements. Section 60001 would appropriate $51.6 billion for border barrier system construction and related activities, increasing outlays by $49.7 billion over the 2025-2034 period, CBO estimates.

    Border Barrier System and Technology. The legislation would appropriate $46.5 billion for CBP to construct, upgrade, and replace components of the barrier system along the southwestern, northern, and maritime borders of the United States.

    Based on an analysis of information from CBP and historical rates of spending on border construction projects, CBO estimates that enacting the provision would increase outlays by $44.6 billion over the 2025-2034 period.

    CBO expects that all of the funds provided by the legislation will be obligated before the period of availability expires at the end of 2029. However, we do not expect that all funds will be spent during the 2025-2034 period based on the historical spending patterns for other federal construction projects and because the pace of spending for construction projects typically spans more than five years from the time funds are obligated. (Under the rules that govern the federal budget, CBP would need to return any unspent funds to the Treasury on September 30, 2034.)

    CBP Facilities and Checkpoints and Invasive Species Eradication. The legislation also would appropriate $5.0 billion for CBP to lease, acquire, and construct new facilities and checkpoints, and to upgrade or replace existing facilities and $50 million to eradicate invasive plant species along the border, increasing outlays by those amounts over the 2025‑2034 period.

    U.S. Customs and Border Protection Personnel and Fleet Vehicles. Section 60002 would appropriate $8.3 billion for CBP to recruit, hire, and train, personnel and to procure new vehicles and technology, increasing outlays by $8.3 billion over the 2025-2034 period.

    CBP Personnel and Training. The legislation would appropriate the following amounts for CBP personnel and training:

    • $4.1 billion for CBP to hire, train, and, in some cases, rehire federal employees as border patrol agents, field operations officers, air and marine agents, and support staff; and
    • $2.1 billion for signing and retention bonuses.

    CBP currently employs about 19,000 border patrol agents, 26,000 officers, and 1,400 air and marine operators. The agency indicates that the funding provided by the legislation would be used to hire approximately 8,500 employees, including 5,000 officers and 3,000 border patrol agents. Using information from the agency, CBO expects that officers and agents would be hired gradually over the next 10 years, with most additions occurring in the next five years, and that enacting this provision would increase outlays by $6.2 billion over the 2025-2034 period.

    Training, Recruitment, and Screening and Patrol Vehicle Procurement. Additionally, the legislation would appropriate the following amounts, increasing outlays equal to the appropriated amounts over the 2025-2034 period:

    • $750 million for CBP to train staff at Federal Law Enforcement Training Centers and to improve those facilities;
    • $600 million for marketing, recruitment, applicant screening, and programs to facilitate staff reassignments and relocation; and
    • $813 million for CBP to lease or purchase patrol vehicles.

    U.S. Customs and Border Protection Technology, National Vetting Center, and Other Efforts to Enhance Border Security. Section 60003 would appropriate $6.3 billion for CBP to procure, upgrade, and integrate new technology into the border control system, increasing outlays by $6.3 billion over the 2025-2034 period.

    The funding would include:

    • $4.5 billion for surveillance towers, linear ground detection systems, nonintrusive inspection systems, and scanners for the agency’s biometric entry and exit program;
    • $1.2 billion for CBP to acquire or upgrade various air and marine systems, including aircraft, watercraft, and unmanned aircraft systems, which CBO expects would be procured in bulk purchases; and
    • $517 million for other CBP activities, including funds to combat drug trafficking, to support screening of applicants by the National Vetting Center, and for other activities including commemorations of events related to border security.

    State and Local Law Enforcement Presidential Residence Protection. Section 60004 would appropriate $300 million for the Federal Emergency Management Agency (FEMA) to reimburse state and local law enforcement agencies for costs incurred to protect the private residences of the President, increasing outlays by $300 million over the 2025-2034 period. Most of those amounts would cover overtime pay for officers and other personnel.

    State Homeland Security Grant Program. Section 60005 would appropriate $2.6 billion for FEMA to support state and local law enforcement agencies addressing security threats, increasing outlays by $2.6 billion over the 2025-2034 period.

    The funding would include:

    • $1 billion to reimburse state and local governments for security, planning, and other costs related to hosting the 2028 Olympic Games;
    • $625 million for similar activities for the 2026 FIFA World Cup;
    • $500 million for FEMA to enhance state and local governments’ detection and monitoring of threats from unmanned aircraft systems; and
    • $450 million for the Operation Stonegarden Grant Program, which covers costs for personnel and equipment incurred by state and local governments as part of joint operations to secure U.S. borders.

    Uncertainty

    Significant uncertainty surrounds CBO’s projections of the pace at which CBP would obligate funds and the total amount the agency could spend by 2034 to construct walls, fences, facilities, and checkpoints for the border barrier system. These amounts significantly exceed amounts previously provided for similar activities. For example, over the 2018‑2021 period, lawmakers appropriated about $5.5 billion for physical barriers on the southwestern border of the United States. By the end of 2024, CBP had spent roughly $2.6 billion—less than half of the amount provided.

    How quickly funds provided in this legislation would be spent will depend on factors that include the availability of contractors; fluctuations in the cost and availability of materials; and CBP’s ability to acquire private land or obtain access to state, local, or tribal property.

    Based on information from the agency, CBO expects that some stages of the process could progress more quickly than they might have in the past—many aspects of planning, land acquisition, and permitting for certain segments of the border have been completed or streamlined. However, the pace of spending on construction funded by the legislation is uncertain and the total amounts spent over the 2025-2034 period could be larger or smaller than CBO estimates here.

    Considerable uncertainty also surrounds projections of the pace at which CBP would hire new personnel, particularly border patrol agents and officers. Although the legislation would provide funding for signing and retention bonuses and increase spending on marketing, recruitment, and screening of new employees, significant uncertainty exists about how responsive the labor supply might be to fill those positions. In recent years, because of background checks, training requirements, and other pre-employment processes, the time to recruit and hire new officers has ranged from 300 to 600 days. As a result, the pace of spending on personnel over the 2025-2034 period could be faster or slower than CBO estimates here.

    Pay-As-You-Go Considerations

    The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays that are subject to those pay-as-you-go procedures are shown in Table 1.

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting the legislation would not increase net direct spending or on‑budget deficits in any of the four consecutive 10-year periods beginning in 2035.

    Mandates

    The legislation contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

    Mandates: Rachel Austin

    Estimate Reviewed By

    Justin Humphrey
    Chief, Finance, Housing, and Education Cost Estimates Unit

    Kathleen FitzGerald
    Chief, Public and Private Mandates Unit

    Christina Hawley Anthony
    Deputy Director of Budget Analysis

    H. Samuel Papenfuss 
    Deputy Director of Budget Analysis

    Chad Chirico 
    Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    [Table 2 begins on the next page.]

    Return to Reference

    Table 2.

    Estimated Changes in Direct Spending Under Reconciliation Recommendations Title VI, House Committee on Homeland Security, as Ordered Reported on April 29, 2025
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2025-2029

    2025-2034
     

    Increases in Direct Spending

    		    

    Sec. 60001, Border Barrier System Construction, Invasive Species, and Border Security Facilities Improvements

    		                    

    Budget Authority

    51,550

    0

    0

    0

    0

    0

    0

    0

    0

    0

    51,550

    51,550

    Estimated Outlays

    *

    934

    2,850

    5,505

    8,208

    9,776

    9,333

    7,031

    4,124

    1,929

    17,497

    49,690

    Sec. 60002, U.S. Customs and Border Protection Personnel and Fleet Vehicles

    		                    

    Budget Authority

    8,316

    0

    0

    0

    0

    0

    0

    0

    0

    0

    8,316

    8,316

    Estimated Outlays

    *

    427

    842

    1,399

    1,949

    2,093

    763

    408

    257

    178

    4,617

    8,316

    Sec. 60003, U.S. Customs and Border Protection Technology, National Vetting Center, and Other Efforts to Enhance Border Security

    		                    

    Budget Authority

    6,266

    0

    0

    0

    0

    0

    0

    0

    0

    0

    6,266

    6,266

    Estimated Outlays

    *

    212

    577

    1,023

    1,403

    1,330

    991

    534

    173

    23

    3,215

    6,266

    Sec. 60004, State and Local Law Enforcement Presidential Residence Protection

    		                    

    Budget Authority

    300

    0

    0

    0

    0

    0

    0

    0

    0

    0

    300

    300

    Estimated Outlays

    *

    11

    74

    106

    84

    21

    4

    0

    0

    0

    275

    300

    Sec. 60005, State Homeland Security Grant Program

    		                  

    Budget Authority

    2,575

    0

    0

    0

    0

    0

    0

    0

    0

    0

    2,575

    2,575

    Estimated Outlays

    *

    394

    620

    650

    606

    238

    54

    11

    2

    0

    2,270

    2,575

    Total Changes

    		                        

    Budget Authority

    69,007

    0

    0

    0

    0

    0

    0

    0

    0

    0

    69,007

    69,007

    Estimated Outlays

    *

    1,978

    4,963

    8,683

    12,250

    13,458

    11,145

    7,984

    4,556

    2,130

    27,874

    67,147
     

    Net Increase in the Deficit

    From Changes in Direct Spending

    		    

    Effect on the Deficit

    *

    1,978

    4,963

    8,683

    12,250

    13,458

    11,145

    7,984

    4,556

    2,130

    27,874

    67,147

    * = between zero and $500,000; Budget authority includes specified amounts only.

    MIL OSI USA News –

  • MIL-OSI USA: Two Startups Secure $255,000 in Funding Through North Dakota’s Angel Match Program

    Source: US State of North Dakota

    The North Dakota Department of Commerce announced today that two companies were approved for a total of $255,000 in investment through the Angel Match Program (AMP) during the first quarter of 2025.

    “The Angel Match Program is designed to empower entrepreneurs who are tackling real-world challenges with bold ideas,” said Commerce Deputy Director – Economic Development & Finance / Head of Investments and Innovation, Shayden Akason.

    “Whether it’s helping consumers navigate complex insurance claims or creating smarter, more transparent supply chains, these companies represent the kind of innovation we’re proud to support in North Dakota.”

    Investment highlights:

    • Tugboat Solutions, Inc., received a $100,000 investment. Tugboat helps home insurance policy holders overturn and correct wrongfully denied and underpaid insurance claims that would otherwise go uncontested.
    • Verdethos, Inc. was approved for a $155,000 investment for working capital. Verdethos is a software solution for supply chain logistics & traceability of commodities.

    Established in 2021, the North Dakota Angel Match Program (AMP) supports early-stage, high-growth North Dakota businesses by matching private investment commitments. The program is managed by the North Dakota Development Fund. To date, fifteen companies have secured AMP funding.

    More information about the NDDF and the AMP can be found at belegendary.link/North-Dakota-Development-Fund.

    MIL OSI USA News –

  • MIL-OSI Security: Marystown — Arrest warrant issued for TJ Fudge

    Source: Royal Canadian Mounted Police

    Burin Peninsula RCMP is looking to arrest wanted man, 21-year-old TJ Lawrence Fudge, who is actively evading police. Fudge is believed to be hiding in St. John’s and is originally from Grand Bank.

    Fudge is wanted in relation the following charges:

    • Possession of a controlled substance – three counts
    • Impaired driving – two counts
    • Dangerous driving
    • Possession of a weapon for a dangerous purpose
    • Operating a vehicle with a suspended license

    No photo is currently available of Fudge.

    Anyone having information about the current location of TJ Fudge is asked to contact Burin Peninsula RCMP at 709-279-3001. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

    MIL Security OSI –

  • MIL-OSI Economics: Phillips 66 Provides Statement of Critical Facts

    Source: Phillips

    Provides Clarity on Important Topics where Elliott Has Sought to Mislead Investors
    Reiterates Strength of Company’s Transformative Strategy and the Valuable Skills of Phillips 66’s Board and Nominees in Contrast to Elliott’s Risky, Misleading Analysis and Conflicted Nominees
    Phillips 66 Urges Shareholders to Vote “FOR” ONLY Phillips 66’s Nominees on the WHITE Proxy Card

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE:PSX) today provided investors with important information to make fully informed voting decisions at the Phillips 66 Annual Meeting on May 21, 2025. This overview is intended to ensure investors understand the facts on these critical topics as they assess how to cast their upcoming vote.
    Reliable, Long-Term Value Creation
    Since Mark Lashier became President & CEO, Phillips 66 outperformed against relevant benchmarks,delivering total shareholder returns of 67%(compared to the S&P 500 Energy at 45%, and our Synthetic Proxy Peer Median1 at 42%).2
    In under 3 years, the Companyreturned over$14 billion to shareholdersthrough share repurchases and dividends. We grew our dividend at a 15% CAGR since the spinoff3in 2012, and our annual dividend paidincreased every year.
    While the Board recognizes the reliable returns we have provided for our shareholders,we are never satisfied and continuously review our portfolio with a sharp focus on long-term value creation.
    Investors and analysts recognize the long-term potential inherent in the execution of our transformational strategy, which is in its early innings:
    “PSX remains a Large Cap refining top pick. PSX’s management team is focused on delivering growth at attractive returns, and further diversification and improvements to refining uptime might combine to restore PSX’s premium positioning. We are Overweight rated.” (Wells Fargo (4/25/2025))4
    Effective Board Governance
    Elliott helped to select Bob Pease and he has proven to be a constructive challenger in the boardroom. As Bob has directly stated, he supports the Board because it is actively working to get to the right answer, not protecting any individual’s interests.
    The Phillips 66 Board has demonstrated an ability to consistently refresh the boardroom. To ensure fresh and independent viewpoints, we have added five new independent directors in the past four years and two new nominees stand for election at this year’s Annual Meeting.
    Our directors and nominees have unparallelled experience taking decisive and transformative action when it makes sense, and together they have overseen more than $300 B in breakup or major divestiture transactions.
    “[Mark Lashier] stressed that the board has taken a look at strategic options in the past and continues to do so regularly. As such, questions surrounding the makeup of the portfolio have been asked inside the boardroom. And answered. He also added there are plenty of folks in the boardroom who have been involved in spinoffs elsewhere and they’d be the kind of people who’d be raising their hand if they thought this one made sense. Lastly, he pointed out that “incredible dis-synergies” and “massive tax burdens” would come from midstream monetization. In today’s deck, PSX claims these costs could amount to $28/share.”(Gordon Haskett (4/28/2025))4
    Elliott’s Flawed Thesis to Separate Midstream and Sell CPChem
    The Board has absolutely evaluated a breakup of Midstream and sale of CPChem, and following meaningful consideration, came to the conclusion that neither action is in the best interest of long-term shareholders at this time.
    Simply put, Elliott’s analysis is based on speculative analysis and flawed assumptions:
    Elliott’s $50 billion Midstream analysis ignores or significantly underestimates tax leakage, dis-synergies, buying power of potential buyers, among other factors that would destroy value uplift in a sale and/or spin scenario.
    Elliott’s valuation of CPChem has appreciated by 50% to $15 billion since 2023, while Chemical peers have traded down 19%5during the same time frame.
    We have carefully evaluated and disclosed important details around Elliott’s flawed analysis in our recent investor presentation, which outlines the facts around the costs and risks of a CPChem sale or Midstream spin and the long-term value of the integrated business.

    We know the market recognizes Elliott’s analysis is based on speculative valuations and flawed assumptions:
    “Sale of companies may not work as: 1) buyers for these large assets are limited, 2) tax leakage could be high, 3) standalone Refining multiple may suffer (PSX is trading at a premium to MPC on standalone Refining).” (Citi (3/14/2025))4
    “We believe selling CPChem ahead of two large projects coming online and close to the bottom of the margin cycle may not be the right idea.” (Citi (2/13/2025)) 4
    Refining Performance
    Refining performance has been improving meaningfully, and we remain committed to continuously increasing margins in our Refining business.
    As a result of optimizing our integrated value chain and cost reduction efforts, our R&M EBITDA outperforms our core peer group by $2.80 per barrel6in the Central Corridor and is in-line globally.
    Between 2022 and 2024, Phillips 66 reduced refining adjusted controllable costs by $1.08 per barrel7, a 15% improvement and 44% above our original $0.75 per barrel target. These results surpassed both Marathon and Valero’s respective cost improvements over the same period.7
    By 2027, we aim to further reduce refining adjusted controllable costs from $5.90 to $5.50 per barrel.8We expect that every $0.50 per barrel of cost reduction will improve adjusted EBITDA by roughly $315 million.9
    We know the market sees the progress we are making:
    “[We] recently analyzed PSX refining EBITDA per barrel on a like-for-like basis with peers, adjusting for Marketing, Midstream, and turnaround accounting. We found that PSX performs in-line with peers based on our analysis … This is better than the consensus view that PSX refining earnings lags peers.” (TD Cowen (4/27/2025)) 4
    “Management highlighted the completion of its large turnaround program, which should support improved refining earnings through the remainder of the year. We note the company remains focused on improving operational execution and yields across its refining footprint though accretive capital investments.” (Goldman Sachs (5/1/2025)) 4
    The Risk of Elliott’s Nominees
    Elliott’s nominees, who have histories of value destruction, pose a risk to shareholders’ investments and have redundant experience relative to our more qualified nominees.
    Sigmund Cornelius and Brian Coffman both hold concerning and poorly disclosed ties to Elliott and Gregory Goff (CEO of Amber Energy, an Elliott portfolio company, who is pursuing an acquisition of CITGO, our direct competitor), creating serious questions about their ability to act in the best interests of all Phillips 66 shareholders.
    There are serious questions about Elliott’s expectation of director loyalty. Elliott’s attempt to replace Bob Pease while denying Phillips 66 access to interview and evaluate its nominees is a clear testament to the activist’s expectation of loyalty rather than true independence.
    Phillips 66 Has the Right Nominees
    John Lowe has over 30 years of experience in the energy sector and has created tangible value both in his executive and board positions at publicly traded energy companies.
    Bob Pease, who we appointed with support from Elliott, has extensive refining and commercial experience from his over 39-year career, and his leadership overseeing major corporate transformations has made him a highly effective Director.
    Nigel Hearne has substantial international upstream and downstream operating experience and will provide valuable refining operations and HS&E expertise.
    Howard Ungerleider holds over 30 years of chemicals leadership experience and oversaw the financial complexities of one of the largest and most complex mergers and spin-off transactions in recent history as CFO of DowDuPont.
    Your Vote Matters
    Phillips 66’s Board of Directors urges shareholders to use only the WHITE proxy card to vote:
    “FOR” all four of the candidates proposed by the Company and not Elliott’s four nominees;
    “FOR” management’s proposal to approve the declassification of the Board of Directors; and
    “AGAINST” Elliott’s proposal requiring annual director resignations, which implementing would violate Delaware law and put your Board at significant legal and reputational risk
    The Board strongly recommends that shareholders safeguard their investment in Phillips 66 by casting their vote as soon as possible, regardless of plans to attend the Annual Meeting virtually on May 21, 2025.
    Shareholders may receive materials from Elliott Management that say “gold proxy card” or “gold voting instructions” or similar. Phillips 66 recommends that shareholders DISCARD any Gold voting materials they may receive from Elliott. Shareholders may cancel out any vote made using a Gold proxy card by voting again TODAY using the Company’s WHITE proxy card. Only the latest-dated vote will count.
    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
    Forward-Looking Statements
    This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
    Additional Information
    On April 8, 2025, Phillips 66 filed a definitive proxy statement on Schedule 14A (the “Proxy Statement”) and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and its solicitation of proxies for Phillips 66’s director nominees and for other matters to be voted on. This communication is not a substitute for the Proxy Statement or any other document that Phillips 66 has filed or may file with the SEC in connection with any solicitation by Phillips 66. PHILLIPS 66 SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED WITH THE SEC AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents (including the WHITE proxy card) filed by Phillips 66 with the SEC without charge from the SEC’s website at www.sec.gov. Copies of the documents filed by Phillips 66 with the SEC also may be obtained free of charge at Phillips 66’s investor relations website at https://investor.phillips66.com or upon written request sent to Phillips 66, 2331 CityWest Boulevard, Houston, TX 77042, Attention: Investor Relations.
    Certain Information Regarding Participants
    Phillips 66, its directors, its director nominees and certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such persons and their respective interests in Phillips 66, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on April 8, 2025, including in the sections captioned “Beneficial Ownership of Phillips 66 Securities” and “Appendix C: Supplemental Information Regarding Participants in the Solicitation.” To the extent that Phillips 66’s directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.
    Use of Non-GAAP Financial Information
    Non-GAAP Measures—This news release includes non-GAAP financial measures, including, “adjusted EBITDA” and “refining adjusted controllable costs.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods and to help facilitate comparisons with other companies in our industry. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations to, or further discussion of, the most comparable GAAP financial measures can be found within or at the end of the news release materials.
    This news release also includes forward-looking non-GAAP financial measure estimates such as, but not limited to “adjusted EBITDA” and “refining adjusted controllable costs” which, as used in certain places herein, are forward looking non-GAAP financial measures. These forward-looking estimates or targets depend on future levels of revenues and/or expenses, including amounts that could be attributable to non-controlling interests or related joint ventures, which are not reasonably estimable at this time. Accordingly, reconciliations of these forward-looking non-GAAP financial measures to the nearest GAAP financial measure cannot be provided without unreasonable effort. Below are definitions of these non-GAAP measures and identification of the most directly comparable GAAP measure.
    EBITDA is defined as estimated net income plus estimated net interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as estimated EBITDA plus the proportional share of selected equity affiliates’ estimated net interest expense, income taxes, and depreciation and amortization less the portion of estimated adjusted EBITDA attributable to noncontrolling interests. Net income is the most directly comparable GAAP financial measure for the consolidated company and income before income taxes is the most directly comparable GAAP financial measure for operating segments. Refining adjusted controllable cost is the sum of operating and SG&A expenses for our Refining segment, plus our proportional share of operating and SG&A expenses of two refining equity affiliates that are reflected in equity earnings of affiliates. The per barrel amounts are based on total processed inputs, including our proportional share of processed inputs of an equity affiliate, for the respective period.
    References in this news release to shareholder distributions and returns to shareholders refer to the sum of dividends paid to Phillips 66 stockholders and proceeds used by Phillips 66 to repurchase shares of its common stock. References in this news release to “synergies” or “dis-synergies” are supported by management’s estimates and assumptions. These estimates are derived from the Company’s internal projections and other relevant data. However, because these synergies or dis-synergies are not calculated in accordance with generally accepted accounting principles (GAAP), they cannot be directly reconciled to GAAP measures. The Company believes that these non-GAAP measures provide valuable insight into optimization benefits but cautions that such synergies or dis-synergies may not be realized in full or at all.
    Basis of News release—Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
    Calculated as the weighted average of Refining (CVI, DINO, DK, MPC, PBF, VLO), Midstream (OKE, TRGP, WMB), and Chemicals (DOW, LYB, WLK) Performance Proxy Peers’ TSR based on the weighting of consensus NTM EBITDA estimates for PSX’s segments.
    Total Shareholder Return (“TSR”) calculated from June 30, 2022 to March 31, 2025.
    Dividend CAGR calculated from initial dividend of $0.20 per share in 3Q 2012 to $1.15 per share in 4Q 2024.
    Permission to use quotations was neither sought nor obtained.
    Calculated as median of % change in price performance of Chemicals peers (DOW, LYB, WLK) between Elliott’s 2023 letter and Elliott’s 2025 letter.
    Last three-year average (2022-2024). “Core Peers” calculated as average of MPC and VLO. “Other Peers” calculated as average of CVI, DINO, DK and PBF. R&M EBITDA calculated as regional net operating margin plus adjustments to reconcile with stated Adjusted Worldwide R&M Adjusted EBITDA. “R&M” includes PSX Refining + PSX Marketing & Specialties segments and is most comparable to MPC and VLO, which report their Refining and Marketing operations as a single segment. A combined Refining and Marketing & Specialties presentation of Adjusted EBITDA is shown for peer comparison only and is not reflective of how the Phillips 66 chief operating decision maker evaluates performance; rather, Refining and Marketing & Specialties are reviewed as two separate operating segments.
    Excludes adjusted turnaround expenses; non-GAAP financial measure. Reconciliation to the nearest GAAP measure can be found in slide 78 of the “Investor Presentation”here. PSX and peers exclude turnaround expense to be comparable; however, peer disclosure on other items e.g., corporate allocations and SG&A, varies and is not directly comparable to PSX methodology, which is inclusive of these items. For further details, refer to pages 16 and 17 of the “Investor Presentation” foundhere.
    Excluding adjusted turnaround expense, post-ceasing of operations at Los Angeles Refinery.
    Based on 2024 Adjusted Total Processed Inputs which include our proportional share of processed inputs of equity affiliates adjusted for projected impacts of cessation of operations of Los Angeles Refinery assuming throughput of 139 MBD at 2024 West Coast region utilization (94%) (~630 MMbbls).

    Source: Phillips 66

    MIL OSI Economics –

  • MIL-OSI Security: Chicago Residents Sentenced to Prison for Stealing Over $100,000 From North Pole Business Through Wire Fraud, Money Laundering Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    FAIRBANKS, Alaska – Two Chicago residents were sentenced to prison today for their roles in defrauding a North Pole restaurant of over $128,000 from July to August 2022.

    Jacob Centeno, 40, was sentenced to three and a half years in prison and will serve three years on supervised release, while his co-defendant Amber Davila, 36, was sentenced to two years in prison and will serve three years on supervised release.

    According to court documents, in August 2022, the owner of the North Pole restaurant noticed funds missing from a business bank account. The victim discovered that between Aug. 4-9, 2022, all of the funds intended for deposit into the restaurant’s account had been diverted to an unrecognized bank account. The total amount of funds diverted was $128,246.05.

    An investigation revealed that, Centeno and Davila opened and used two shell companies in Chicago to steal the restaurant’s funds. In July 2021, they registered EROS LLC and opened a business bank account for the company. In July 2022, the defendants used stolen personal information to register ORODMEDLINE LLC and opened another business bank account for that company.

    On July 29, 2022, an unknown co-conspirator surreptitiously changed the business bank account information connected to the restaurant to the fraudulent ORODMEDLINE LLC bank account so that the funds could be diverted. An email confirming the account change was sent to the restaurant, but Centeno, Davila and their co-conspirator unlawfully accessed the victim’s email, filled out the confirmation form and returned it to the sender. They then deleted all the email traffic to conceal their actions.

    Centeno and Davila used the stolen funds from the ORODMEDLINE LLC account to purchase over $41,000 in money orders in Chicago. Centeno and Davila deposited the money orders into various personal and business accounts in amounts of less than $10,000 to avoid Bank Secrecy Act reporting requirements, and then moved the money to other accounts to further conceal their scheme.

    Centeno and Davila were indicted in June 2024 and pleaded guilty on Jan. 31, 2025. Centeno and Davila both pleaded guilty to all 16 counts of the indictment.  In handing down the sentence, the Court emphasized the lasting impact the defendant’s conduct will have on the victims in this case.

    “Mr. Centeno and Ms. Davila orchestrated an elaborate fraud scheme from Chicago to steal over $100,000 from a small business in North Pole, Alaska – 3,300 miles away,” said U.S. Attorney Michael J. Heyman for the District of Alaska. “This sentence sends a clear message—we will aggressively pursue and hold accountable criminals in any state who exploit innocent Alaskans for personal gain. I want to thank the FBI and North Pole Police Department for uncovering the truth and delivering justice to the victim.”

    “To fund their own fraudulent lifestyle, the defendants’ complex and interstate fraud scheme involved stealing funds from a local business in North Pole, Alaska, affecting innocent victims along the way,” said Special Agent in Charge Rebecca Day of the FBI Anchorage Field Office. “Today’s sentencings demonstrate that distance and complexity are no barriers to justice for the FBI, the U.S. Attorney’s Office, and our law enforcement partners in Alaska.”  

    The FBI Anchorage Field Office, Fairbanks Resident Agency, FBI Chicago Field Office and North Pole Police Department investigated the case.

    Assistant U.S. Attorney Carly Vosacek prosecuted the case, with significant legal support from the U.S. Attorney’s Office, Northern District of Illinois.

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    MIL Security OSI –

  • MIL-OSI: CPS to Host Conference Call on First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Las Vegas, Nevada, May 09, 2025 (GLOBE NEWSWIRE) — Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced that it will hold a conference call on Tuesday, May 13, 2025 at 1:00 p.m. ET to discuss its first quarter 2025 operating results.

    Those wishing to participate can pre-register for the conference call at the following link https://register-conf.media-server.com/register/BIa727447d5fdf49d4b7da9c96f3d668b7. Registered participants will receive an email containing conference call details for dial-in options. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the schedule start time. A replay will be available beginning two hours after conclusion of the call for 12 months via the Company’s website at https://ir.consumerportfolio.com/investor-relations.

    About Consumer Portfolio Services, Inc.

    Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.

    Investor Relations Contact

    Danny Bharwani, Chief Financial Officer

    949-753-6811

    The MIL Network –

  • MIL-OSI USA: Rep. Scholten Introduces Bipartisan Bill to End Tax Breaks for Drug Ads, Focus on Affordability and Innovation

    Source: United States House of Representatives – Congresswoman Hillary Scholten – Michigan

    WASHINGTON, DC – U.S. Congresswoman Hillary Scholten (MI03), alongside Reps. Greg Murphy, M.D., Angie Craig, and Nick Begich, introduced the bipartisan No Handouts for Drug Advertisements Act, which would no longer allow for-profit drug companies to receive special tax breaks for the advertising of their products.

    “I’m committed to rooting out waste and abuse in our budget at every turn, and this is a big one,” said Rep. Scholten. “This bill alone would cut our federal deficit by billions annually. Families in West Michigan and across the country are feeling the pinch of rising health care and prescription drug costs, and every dollar spent on TV ads is a dollar not going to lowering drug prices or funding life-saving research. The No Handouts for Drug Advertisements Act is a smart, bipartisan step to lower health care costs and rein in waste in our budget.” 

    By removing the tax deduction for ads, the No Handouts for Drug Advertisements Act would help curb wasteful spending and increase federal tax revenue—an estimated $1.5 to $1.7 billion annually from just ten of the largest pharmaceutical companies. These are the kinds of bipartisan solutions that should be considered by Congress, rather than the proposed drastic cuts to Medicaid. For nearly one in four Americans, affording medication is a struggle. While drug companies rake in tens of billions, millions of Americans are forced to decide whether to skip doses or stop taking their medications altogether, simply because they cannot afford the prescriptions they need.

    The United States is one of only two countries in the world that even allows direct-to-consumer pharmaceutical advertising at all. These marketing campaigns drive up consumer demand for costly, brand-name medications—often when cheaper or more appropriate alternatives are available—without improving health outcomes. In 2023 alone, pharmaceutical spending in the U.S. rose 13.6% compared to the previous year, reaching a staggering $722.5 billion. Drug companies currently spend around $6 billion per year on advertising.

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    MIL OSI USA News –