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Category: Commerce

  • MIL-OSI USA: Oklahoma Survivors Can Apply for SBA Loans

    Source: US Federal Emergency Management Agency

    Headline: Oklahoma Survivors Can Apply for SBA Loans

    Oklahoma Survivors Can Apply for SBA Loans

    OKLAHOMA CITY – Businesses and residents in seven Oklahoma counties impacted by the March 14-21 wildfires and straight-line winds are eligible to apply for low-interest disaster assistance loans from the U

    S

    Small Business Administration (SBA)

    FEMA partners with other agencies to meet the needs of survivors after a disaster, and SBA loans are the largest source of federal recovery funds

    Residents and businesses in Cleveland, Creek, Lincoln, Logan, Oklahoma, Pawnee and Payne counties can apply for these loans if they sustained property damage

    Affected homeowners, renters and businesses do not need to wait for an insurance settlement before submitting an SBA loan application – and are under no obligation to accept an SBA loan if an application is approved

    Residents can still apply for an SBA loan if they received assistance from FEMA

    Interest rates can be as low as 4 percent for businesses, 3

    25 percent for private nonprofit organizations and 2

    688 percent for homeowners and renters with terms up to 30 years

    Loan amounts and terms are set by SBA and are based on each applicant’s financial condition

    Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement

    SBA disaster loan repayment begins 12 months from the date of the first disbursement

    Homeowners may be eligible for a disaster loan of up to $500,000 for primary residence repairs or rebuilding

    The SBA may also be able to help homeowners and renters with up to $100,000 to replace important personal property, such as damaged automobiles

    Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace damaged property, destroyed real estate, inventory, machinery and equipment, and other essential assets

    The SBA can lend additional funds for measures that help protect, prevent or minimize disaster damage from occurring in the future

     SBA also offers Economic Injury Disaster Loans (EIDL) for small businesses, small agricultural cooperatives, nurseries, and private nonprofits to help recover from economic damage caused by a declared disaster

     The SBA’s Economic Injury Disaster Loan (EIDL) program may be used to cover operating expenses, including fixed debts, payroll, rent, and other bills not paid due to the disaster

    EIDLs are available even if the business or private nonprofit did not suffer any physical damage

    The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises

    Oklahoma residents can apply for a disaster loan online at SBA

    gov/disaster or by calling 800-659-2955

     For the latest information about Oklahoma’s recovery, visit fema

    gov/disaster/4866

     Follow FEMA Region 6 on social media at x

    com/FEMARegion6 and at facebook

    com/FEMARegion6/
    thomas

    wise
    Mon, 06/16/2025 – 20:03

    MIL OSI USA News –

  • MIL-OSI USA: Meijer Issues Recall on Frederik’s Dark Chocolate Almonds Due to Presence of Undeclared Cashews

    Source: US Food and Drug Administration

    Summary

    Company Announcement Date:
    June 13, 2025
    FDA Publish Date:
    June 16, 2025
    Product Type:
    Food & BeveragesAllergens
    Reason for Announcement:

    Recall Reason Description
    Undeclared cashews

    Company Name:
    Meijer
    Brand Name:

    Brand Name(s)
    Frederick’s by Meijer

    Product Description:

    Product Description
    Dark Chocolate Almonds

    Company Announcement
    GRAND RAPIDS, Mich., June 13, 2025 – Meijer is announcing a recall of certain packages of Frederik’s Dark Chocolate Almonds because they may also contain dark chocolate-covered cashews, which are not declared on the label. People who have an allergy or severe sensitivity to cashews run the risk of a serious or life-threatening allergic reaction if they consume the product.
    The recall includes Frederik’s Dark Chocolate Almonds in black stand-up pouches sold at Meijer stores in Michigan, Indiana, Illinois, Ohio, Kentucky, and Wisconsin with a sell-by date of 05/07/2026 or 05/28/2026, and 8-count, 1.5-ounce multi-pack boxes with a sell-by date of 05/05/2026. Meijer has not received any claims of illness associated with this recall to date.
    The following products are included in the recall:

    UPC 

    Recalled Product Name 

    Sell By Date(s) 

    7-08820-68730-1

    Frederik’s by Meijer Dark Chocolate Almonds (12 oz.)

    05/07/2026,05/28/2026

    7-19283-11923-0

    Frederik’s Dark Chocolate Almonds 8-count 1.5 oz.

    05/05/2026

    This recall was initiated after Meijer was informed of the issue by a customer who received the product.
    Customers with allergies or sensitivities to cashews should discontinue use and return the product to the customer service desk at any Meijer store for a full refund. Customers with questions regarding this recall can contact Meijer at 800-543-3704 from 7 a.m.-1 a.m. EDT daily. Customers with questions or concerns about their health are encouraged to contact their primary care provider.
    About Meijer: Meijer is a privately owned, family-operated retailer that serves customers at more than 500 supercenters, grocery stores, neighborhood markets, and express locations throughout the Midwest. As the pioneer of the one-stop shopping concept, more than 70,000 Meijer team members work hard to deliver a friendly, seamless in-store and online shopping experience featuring an assortment of fresh foods, high-quality apparel, household essentials, and health and wellness products and services. Meijer is consistently recognized as a Great Place to Work and annually donates at least 6 percent of its profit to strengthen its communities. Additional information on the company can be found by visiting newsroom.meijer.com.

    Company Contact Information

    Consumers:
    Meijer
    800-543-3704

    Product Photos

    Content current as of:
    06/16/2025

    Regulated Product(s)

    Topic(s)

    Follow FDA

    MIL OSI USA News –

  • MIL-OSI Africa: Private sector urged to use SAYouth.mobi to create more job opportunities

    Source: South Africa News Agency

    President Cyril Ramaphosa has called on businesses and other public sector entities to use SAYouth.mobi to provide more pathways for young people to earning and learning.

    In his weekly newsletter, the President reflected that the country observed Youth Day on 16 June in tribute to the generations of young people who continue to inspire the ongoing pursuit for social justice, equality and opportunity for all.

    “The private sector needs to use all available mechanisms, including the Employee Tax Incentive, to hire young people.

    “South Africa’s young people deserve to lead lives of dignity. Unemployment is robbing far too many youths of this right. As government and business, let us continue to work together and do all within our means to empower young people to find jobs and create their own opportunities,” the President said. 

    WATCH | Youth Day commemoration 

    [embedded content]

    President Ramaphosa said that if the country is to live up to the democratic promise for which so many sacrificed their lives, it is essential to invest in today’s generation of young people and unleash their potential.

    Like many parts of the world, he highlighted that South Africa is grappling with high youth unemployment. 

    “To overcome this challenge, we need an approach that includes investing in education and skills development, fostering youth entrepreneurship and implementing targeted employment programmes focusing on young people,” he said. 

    As part of this work, government established the Presidential Employment Stimulus and the Presidential Youth Employment Intervention, initiatives that are providing opportunities to hundreds of thousands of young people at a time when not enough jobs are being created to absorb new entrants into the labour market.

    Since it began in 2020, the Presidential Employment Stimulus has provided more than two million jobs and livelihood opportunities. Of the participants in the programme to date, 72% are young people and 66% are women.

    A vital part of government’s efforts to empower young people is the SAYouth.mobi platform, which is a single point for unemployed young South Africans to access opportunities for work, training and learning.

    There are now over 4.7 million young people registered on the SAYouth platform and the Department of Employment and Labour’s employment services database. Through these platforms, young people have been supported to access over 1.6 million earning opportunities.

    “Last week in the City of Tshwane, I met with a number of young people who told me excitedly they had been approached by potential employers who had seen their profiles on SA Youth.mobi.

    “I want to encourage young job-seekers to utilise this trusted recruitment platform at https://sayouth.mobi/. Registration is free and the app is zero rated, meaning you can access the site and its contents without incurring any data charges,” the President said. 

    READ | Presidential Youth Initiative continues to empower SA’s most excluded youth

    The President said government has also focused on providing workplace experience and on-the-job training. He added that young people have often expressed frustration around the onerous experience requirements from employers, which effectively serve as a barrier to entry for them. 

    In 2019, government abolished the work experience requirement for entry level jobs in the public sector. Through the Youth Employment Service, a collaboration with the private sector, thousands of young people have been placed in workplace experience opportunities in a range of economic sectors.

    “The extent and scale of the youth unemployment crisis means that we should not focus solely on placing more young people in formal, existing jobs, but that we must bolster skills development and foster an entrepreneurial culture.

    “It is critical that we overcome the mismatch between the skills available in the workforce and market need,” he said. 

    President Ramaphosa said this is why government is investing in vocational training. 

    “We have increased funding to Technical and Vocational Education and Training (TVET) colleges and subsidies for the operationalisation of new campuses. Each year, we are placing thousands of learners and graduates into workplace experience opportunities.

    “Entrepreneurship is a key economic growth driver, but rates of entrepreneurial activity in South Africa are relatively low compared to other countries. We are working to foster an enabling environment that allows more young people to become self-employed,” the President said. 

    The Presidential Youth Employment Intervention has been working with the National Youth Development Agency and the Department of Small Business Development to financial and non-financial support to young people for their businesses.

    “Through all of these initiatives, the state has supported millions of young South Africans with work opportunities, work experience and skills development. However, we can only vastly scale up the employment of young people with greater private sector involvement,” the President said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Hong Kong ranks among world’s top three most competitive economies in World Competitiveness Yearbook 2025

    Source: Hong Kong Government special administrative region

         In the latest World Competitiveness Yearbook (WCY) 2025 published by the International Institute for Management Development (IMD), Hong Kong’s global competitiveness rises by two places further to third globally, after improving by two places to fifth last year. This marks Hong Kong’s return to the global top three for the first time since 2019. 
     
         WCY 2025 shows that Hong Kong’s competitiveness improves significantly, with a total score of 99.2 out of 100 and an increase of 7.7 points, representing the largest increase among the global top 10 economies.
     
         Among the four competitiveness factors in WCY 2025, Hong Kong rises to second globally in “Government efficiency” and “Business efficiency”. Its respective rankings in “Economic performance” and “Infrastructure” also improve to sixth and seventh globally. As regards the competitiveness sub-factors, Hong Kong tops the rankings in “Tax policy” and “Business legislation”, and ranks second globally in “International investment”, “Education” and “Finance”, and third globally in “International trade” and “Management practices”. 
     
         A Government spokesperson said today (June 17), “Having taken into account a host of factors including objective data and business opinions, the IMD’s WCY 2025 has reaffirmed Hong Kong as one of the most competitive economies in the world with a continuous rise in ranking. Hong Kong’s scores in overall terms and in many areas have improved in WCY 2025, showing that the HKSAR Government’s policy directions are on the right course and that various policies have yielded results. In particular, ‘Government efficiency’ is ranked second globally, which reflects the inherent excellence and competence of civil servants, and also validates that the change in government culture led by the Chief Executive to drive result-oriented policies has borne fruit. With the efforts of civil servants and the leadership of the governing team, the Government can efficiently deliver results that benefit our people and bring them better livelihoods. In addition, our ranking in ‘Business efficiency’ also comes second globally, reflecting business leaders’ positive views on Hong Kong’s competitiveness, as well as Hong Kong’s strengths including the rule of law, independent exercise of judicial power, a simple tax system with low tax rates, an efficient and transparent market, a robust financial system, a facilitating business environment aligned with international best practices, and free flow of capital, information, goods and talent, which are affirmed by the business community.”
     
         The spokesperson stated, “Hong Kong’s economic growth this year is forecast to be 2 per cent to 3 per cent. Against this backdrop, the number of companies registered in Hong Kong reached a new high. Hong Kong is in a period of economic restructuring. Some industries are performing very well, while others, such as the retail and catering industries, are facing challenges. The Government has announced a series of measures to support small and medium-sized enterprises, assisting them in upgrading and transforming, enhancing their brands, and exploring new markets.
     
         “In the face of a complicated global economic and political landscape, Hong Kong will understand changes accurately, respond to changes scientifically, and embrace changes proactively. We will continue to actively integrate into the overall national development and align with national development strategies to consolidate our functional role as a ‘super connector’ and a ‘super value-adder’, while continuously strengthening our governance systems and governance efficacy. We will strengthen international exchanges and co-operation, expand and deepen regional trade, and explore new markets, with a view to building a vibrant economy, striving for development, and improving people’s livelihoods on all fronts. With the staunch support of the country, Hong Kong is poised to achieve higher-quality and more sustainable development.”

    MIL OSI Asia Pacific News –

  • MIL-OSI: Antalpha Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, June 17, 2025 (GLOBE NEWSWIRE) — – Antalpha Platform Holding Company (“Antalpha” or the “Company”) (NASDAQ: ANTA), a leading fintech platform serving the Bitcoin mining ecosystem, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    “Antalpha is off to a great start in 2025 with first quarter revenue growing 41% and net income growing 423% year over year. The scalability of Antalpha Prime’s fintech platform has enabled us to grow profitability faster than revenue. On top of our strong core business, the Company is exploring new areas of digital asset lending, including enabling our partners to provide Ethereum-collateralized loans and our clients to finance GPUs for AI inference computing,” said Paul Liang, chief financial officer of Antalpha.

    First Quarter 2025 Financial and Operational Highlights

        Three Months Ended March 31,    
    (US dollars in millions, unaudited)   2024   2025   % Change
    Total Revenue   $ 9.65     $ 13.60       41 %
    Net Income   $ 0.28     $ 1.46       423 %
    Adjusted EBITDA (non-GAAP)   $ 0.51     $ 2.49       392 %
    Adjusted EBITDA Margin (non-GAAP)*     5 %     18 %        
                             
          As of March 31,          
    (US dollars in billions, unaudited)     2024       2025       % Change 
    Supply Chain Loans Outstanding   $ 0.48     $ 0.58       22 %
    Bitcoin Loans Outstanding   $ 0.60     $ 1.19       98 %
    Total Loans Outstanding   $ 1.08     $ 1.77       64 %
                             

    * For more information regarding adjusted EBITDA and adjusted EBITDA margin, see “Non-GAAP Measures” and “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.”

    Business Highlights

    • Antalpha has purchased approximately US$20 million in XAUt to date, as part of its digital gold treasury strategy. This creates a strategic hedge against macroeconomic volatility and further strengthen the resilience of the collateral pool of the Company. The Company is unique in the deployment of a gold treasury strategy, in that it is synergistic to its core business. Acquiring digital gold will not only improve Antalpha’s risk management, it will also pave the way for expansion into new businesses.
    • The Company raised US$56.7 million gross proceeds, from the issuance of 4.4 million shares through its IPO on NASDAQ on May 14, 2025. As a strategic investor, Tether purchased 1.9 million shares, representing 8.1% of the Company’s ordinary shares immediately after the IPO, from the IPO offering.

    First Quarter 2025 Financial Results
    Total revenue was US$13.6 million, increasing 41% year over year.

    • Tech platform fee (on Bitcoin loans) was US$3.5 million, increasing 286% year over year.
    • Tech financing fee (on supply chain loans) was US$10.1 million, increasing 15% year over year.

    Operating expenses totaled US$12.4 million, increasing 30% year over year.

    • Funding cost was $6.6 million, increasing 18% year over year.
    • Non-funding operating expenses were US$5.8 million, increasing 47% year over year, primarily due to an increase in labor expenses, professional services and share-based compensation.

    Operating income was US$1.2 million, compared to US$0.1 million for the same period last year, reflecting the scalability of the Antalpha Prime platform.

    Net income was $1.5 million, increasing 423% year-over-year. Non-GAAP net income was US$1.8 million, increasing 554% year-over-year. Adjusted EBITDA (non-GAAP) was $2.5 million, increasing 392% year-over-year. For more information regarding non-GAAP net income and adjusted EBITDA, see “Non-GAAP Measures” and “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.”

    Financial Guidance
    For the second quarter of 2025, Antalpha expects revenues to be between US$16 million and US$17 million, representing a growth rate of 40% to 50% year over year, assuming Bitcoin price remains at the $100,000 level.

    The above forecast is based on the current market conditions and reflects Antalpha’s current and preliminary view, which is subject to substantial uncertainties. The Company does not undertake any obligation to update any forward-looking statements, except as required by law.

    Conference Call Information
    Antalpha’s management will hold an earnings conference call at 8:00 A.M. on June 17, 2025, U.S. Eastern Time.

    Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Q1 2025 Antalpha Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registration, you will be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you in a calendar invite.

    For registration, please click: 
    https://register-conf.media-server.com/register/BI0bcb89f8f5d548dd9cbb0600510464f1

    All participants must use the link provided above to complete the online registration process in advance of the conference call.

    Additionally, a live and archived webcast of this conference call will be available at http://ir.antalpha.com.

    Non-GAAP Measures
    In addition to financial measures presented under generally accepted accounting principles in the United States, or GAAP, Antalpha evaluates non-GAAP financial measures such as non-GAAP operating income, non-GAAP net income, adjusted EBITDA and adjusted EBITDA margin.

    The Company believes these adjustments eliminate the effects of certain non-cash and/or non-recurring items that the Company believes complements management’s understanding of its ongoing operational results. However, non-GAAP measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in its industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of its non-GAAP financial measures as tools for comparison. Antalpha will continually evaluate the usefulness of such metrics. The Company believe that non-GAAP measures may be helpful to investors because they provide consistency and comparability with past financial performance and with how management views its financial performance.

    Adjusted EBITDA (non-GAAP) represents net income before interest (if non-operating), taxes, depreciation and amortization, and share-based compensation expenses. Its funding cost is an operating item and a significant component of its business. As such, it is not excluded from adjusted EBITDA (non-GAAP). Adjusted EBITDA Margin represents the ratio between adjusted EBITDA and revenue.

    Non-GAAP net income represents net income before share-based compensation expenses. Non-GAAP operating income represents operating income before share-based compensation expenses.

    For more information on non-GAAP financial measures, please see “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures.”

    About Antalpha
    Antalpha is a leading fintech company specializing in providing financing, technology, and risk management solutions to institutions in the digital asset industry. As the primary lending partner of Bitmain, Antalpha offers Bitcoin supply chain and margin loans through the Antalpha Prime technology platform, which allows customers to originate and manage their digital assets loans, as well as monitor collateral positions with near real-time data.

    Safe Harbor Statement
    This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Antalpha’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Antalpha’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Antalpha does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    Condensed Consolidated Statements of Income
    (in USD, except for shares data, unaudited)

      Three months ended March 31,
    2024 2025 
    Revenue    
    Technology financing fee 8,735,121 10,080,373
    Technology platform fee 911,405 3,516,114
    Total revenue 9,646,526 13,596,487
    Operating expenses    
    Funding cost 5,583,985 6,566,046
    Technology and development 1,198,379 1,285,360
    Sales and marketing 872,113 972,816
    General and administrative 1,682,482 3,145,642
    Other cost 237,414 448,910
    Total operating expenses 9,574,373 12,418,774
    Operating income 72,153 1,177,713
    Non-operating income(i) 287,300 706,288
    Income before income tax 359,453 1,884,001
    Income tax expense 81,057 428,148
    Net income 278,396 1,455,853
    Weighted average number of ordinary shares    
    Basic* 19,250,000 19,250,000
    Diluted* 19,250,000 21,826,667
    Earnings per share    
    Basic* 0.01 0.08
    Diluted* 0.01 0.07

    *Giving retroactive effect to the reverse stock split effected on April 18, 2025.
    (i) Non-operating income includes other income and fair value change on crypto assets and liabilities.


    Condensed Consolidated Balance Sheets
    (in USD, unaudited)

        As of December 31,   As of March 31,
        2024   2025
    Assets                
    Cash and cash equivalents     5,926,655       2,438,894  
    Crypto assets held (including USDC)     60,952,988       53,831,765  
    Accounts receivable     4,091,740       5,332,230  
    Amounts due from related parties     2,123,933       3,523,014  
    Loan receivables, current     300,701,527       385,451,505  
    Prepaid expenses and other current assets     4,265,800       4,310,603  
    Crypto assets collateral receivable from related party, current     665,966,988       600,533,009  
    Total current assets     1,044,029,631       1,055,421,020  
                     
    Deferred tax assets     1,218,845       923,043  
    Loan receivables, non-current     128,166,851       192,559,409  
    Crypto assets collateral receivable from related party, non-current     71,040,098       159,170,468  
    Investment     5,814,162       5,814,162  
    Other non-current assets(i)     4,372,642       3,550,039  
    Total non-current assets     210,612,598       362,017,121  
    Total assets     1,254,642,229       1,417,438,141  
                     
    Liabilities and shareholders’ equity                
    Amounts due to related parties     7,820,838       11,335,614  
    Accrued expenses and other current liabilities(ii)     9,074,568       7,120,268  
    Loan payables due to related party, current     279,445,336       397,600,624  
    Crypto assets collateral payable to customers, current     693,852,753       600,562,518  
    Total current liabilities     990,193,495       1,016,619,024  
                     
    Loan payables due to related party, non-current     128,166,851       192,559,409  
    Crypto assets collateral payable to customers, non-current     88,943,818       159,170,468  
    Operating lease liabilities, non-current     953,821       885,059  
    Total non-current liabilities     218,064,490       352,614,936  
    Total liabilities     1,208,257,985       1,369,233,960  
                     
    Total shareholders’ equity     46,384,244       48,204,181  
    Total liabilities and shareholders’ equity     1,254,642,229       1,417,438,141  

    (i) Other non-current assets include deferred offering costs, property and equipment and right-of-use assets.
    (ii) Accrued expenses and other current liabilities include accrued liabilities, other payables and the current portion of lease liabilities.


    Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures
    (in USD, unaudited)

      Three months ended March 31,
    2024   2025  
    Operating income 72,153   1,177,713  
    Add: Share-based compensation expenses –   364,083  
    Operating income (non-GAAP) 72,153   1,541,796  
         
    Net income 278,396   1,455,853  
    Add: Share-based compensation expenses –   364,083  
    Net income (non-GAAP) 278,396   1,819,936  
    Add: Income tax expense 81,057   428,148  
    Add: depreciation and amortization expense 146,978   242,146  
    Adjusted EBITDA (non-GAAP) 506,431   2,490,230  
    Revenue 9,646,526   13,596,487  
    Adjusted EBITDA margin (non-GAAP) 5 % 18 %

    The MIL Network –

  • MIL-OSI Africa: Africa Data Centres and Blue Turtle Technologies partner to accelerate South Africa’s digital infrastructure and cloud transformation

    Africa Data Centres (https://www.AfricaDataCentres.com), a business of Cassava Technologies, a pan-African technology group, has formed a commercial partnership with Blue Turtle Technologies, one of South Africa’s leading enterprise IT solutions providers, to deploy colocation services in the Cape Town and Midrand data centres. This agreement marks a significant step in expanding South Africa’s enterprise cloud and digital infrastructure ecosystem, enabling secure, scalable, and compliant colocation and private hosted cloud services for local enterprise customers. 

    The partnership enables Blue Turtle Technologies to deploy several racks, providing their enterprise clients with access to world-class, secure, and compliant colocation and private hosted cloud services. Additionally, this collaboration will also allow South African businesses the opportunity to rapidly embrace cloud computing, digital transformation, and data-driven operations in a scalable, compliant, and high-performance colocation environment.   

    “This partnership enables us to offer customers trusted colocation and private cloud solutions in two of South Africa’s most strategic data centre locations,” said Jan Hitge, Business Development Manager, Managed Services at Blue Turtle Technologies. “As enterprise clients increasingly look for secure, scalable, and cost-efficient alternatives to on-premises infrastructure, we anticipate strong market uptake – a confidence reflected in the accelerated ramp-up timeline we’ve committed to.” 

    By providing high-availability colocation services backed by regulatory compliance, low-latency connectivity, and disaster recovery capabilities, the partnership is expected to support enterprises in modernising their IT environments, enhancing security posture, and meeting evolving data sovereignty requirements under laws such as South Africa’s Protection of Personal Information Act (POPIA). 

    “This agreement is about more than just filling racks; it’s about enabling digital transformation across the economy,” said Adil El Youssefi, CEO of Africa Data Centres. “Blue Turtle brings a strong client base and the ability to scale rapidly, making them an ideal partner in our mission to deliver secure, resilient, and sustainable digital infrastructure across South Africa. As demand for trusted infrastructure continues to climb, we will work towards this partnership evolving to support broader cloud initiatives, edge computing, and AI-ready infrastructure deployments.” 

    With commercial partners like Blue Turtle, Africa Data Centres continues to expand its footprint and impact across the continent, powering the next phase of enterprise transformation and solidifying South Africa’s status as a leading technology hub in Africa. 

    Africa Data Centres, which operates the continent’s largest interconnected, vendor- and cloud-neutral data centre platform, will benefit from Blue Turtle’s strong go-to-market capabilities and proven track record in delivering IT solutions to South Africa’s enterprise sector. 

    Distributed by APO Group on behalf of Africa Data Centres.

    Africa Data Centres:
    Africa Data Centres owns and operates Africa’s largest network of interconnected, carrier and cloud-neutral data centre facilities. Bringing international experts to the pan-African market, Africa Data Centres is a trusted partner for rapid and secure data centre services and interconnections across Africa. Strategically located in South, East and West Africa our world-class data centre facilities provide a home for all business-critical data for Africa’s small, medium and large enterprises and global hyperscale customers. https://www.AfricaDataCentres.com 

    MIL OSI Africa –

  • MIL-OSI Banking: Yannis Stournaras: Welcome speech – Household Finance and Consumption Network meeting

    Source: Bank for International Settlements

    It is with great pleasure that I welcome you today to the Bank of Greece, for the June meeting of the Household Finance and Consumption Network (HFCN). We are proud to host this important event. The work that all of you, HFCN economists and statisticians, are doing is critical, as it provides useful insights into how our policymaking process ultimately affects the public.

    The Household Finance and Consumption Survey (HFCS) has cemented itself as the pinnacle of harmonised pan-European household data-gathering. It started off as a much needed input to our monetary policy deliberations. Before the HFCS, only a handful of member states conducted their own household finance surveys, in an unharmonized fashion. We then often had to rely on aggregate statistics, or patterns of behavior identified from the Fed’s Survey of Consumer Finances. This was not ideal, as there are significant differences between the US and the euro area. The HFCS serves to fill that gap, improving our understanding of key features of household economic behaviour in Europe.

    The Global Financial Crisis laid bare the need to improve our understanding of how the economy works and how monetary policy functions. The workhorse model of our profession, the New Keynesian Representative Agent model, was useful, but had substantial shortcomings which became evident at that juncture, in particular the fact that it ignored most types of household heterogeneity. As luck would have it, the first wave of the HFCS started exactly as the sovereign debt crisis was unfolding.

    But why is it important to measure the heterogeneity of households as regards their spending and wealth accumulation? From a monetary policy standpoint, two issues stand out:

    The first has to do with how monetary policy transmission works on the household side. With a representative agent model, only interest rate changes matter, via the Euler equation. Recent research (Auclert, 2019), however, documents additional channels, related to heterogeneity across households in terms of i) their marginal propensity to consume (due to liquidity constraints), ii) the effect of monetary policy on earnings, and iii) the distribution of nominal debt liabilities. For instance, if monetary easing redistributes income towards low earners, who tend to consume more of it, then the effects of policy are amplified relative to standard channels. Such effects can only be captured through surveys like the HFCS. And indeed, the network has produced a rich set of findings along these lines.

    The second issue involves the opposite concern, namely how transmission itself affects different sets of households. This was especially important during the asset purchase programs, as it was often argued that asset purchases increased inequality by inflating the prices of assets held by the wealthy. However, this ignored the earnings channel of monetary policy, via which QE in fact reduces income inequality, while having little effect on wealth inequality (Lenza and Slacalek, 2024).

    More recently, the HFCS was used to analyse another crucial issue, the distributional effects of inflation (Pallotti et al., 2024). The study found substantial heterogeneity across countries and age groups in terms of welfare losses, driven by heterogeneity in nominal net positions across households. Indeed, half of the 25-44 year olds gained (though a reduction in real debt) at the expense of retirees. Interestingly, losses were uniform across the consumption distribution, as rigid rents served as a hedge for the poor.

    The HFCN has clearly been doing a great job in highlighting the quantitatively important dimensions of household heterogeneity in the euro area. I see two avenues for further work:

    First, administrative data or data from the ECB’s Consumer Expectations Survey could complement the information collected by the HFCS to further deepen our understanding of the above questions.

    Second, a somewhat unexplored topic, and a natural next step, would be to move from documenting heterogeneity to understanding the causes of heterogeneity.  For instance, at the Bank of Greece we included a short module in the fifth wave of the HFCS, to examine whether people with a refugee background have different inclinations towards the accumulation of immovable assets. Going forward, it would be worthwhile to explore what other types of questions could be added to the survey, so as to further explore the drivers of household heterogeneity.

    At the Eurosystem, we take pride in our ability to design surveys and independently conduct research, so as to inform policy. This is crucially important, especially in a world where public discourse, notably on issues of distribution and inequality, seems to be  under intense scrutiny in both policy debate and academic research. Surveys such as the HFCS and the ensuing research output become even more important, as we gradually come to realise that heterogeneity does matter for policy design. This makes it even more crucial that we continue such work.

    Last but not least: May I take the opportunity to commemorate our distinguished and beloved colleague Sotiris Saperas, late member of the HFCN, not only for his scientific expertise, his valuable contribution to the HFCS project, but also for his kindness and exemplary character.

    Thank you for your contribution to the HFCN and I wish you a very fruitful meeting.

    References

    Auclert, Adrien (2019), “Monetary Policy and the Redistribution Channel,” American Economic Review,

    109(6), 2333–2367.

    Laudenbach, Christine and Ulrike Malmendier and Alexandra Niessen-Ruenzi (2025), “The Long-lasting Effects of Living under Communism on Attitudes towards Financial Markets,” Journal of Finance.

    Lenza, Michele, and Jiri Slacalek (2024), “How Does Monetary Policy Affect Income and Wealth Inequality? Evidence from Quantitative Easing in the Euro Area,” Journal of Applied Econometrics.

    Pallotti, Filippo and Gonzalo Paz-Pardo and Jiri Slacalek and Oreste Tristani and Giovanni Violante, (2024), “Who bears the costs of inflation? Euro area households and the 2021–2023 shock,” Journal of Monetary Economics, vol. 148(S).

    MIL OSI Global Banks –

  • MIL-OSI Africa: Infobip Unveils Conversational Experience Orchestration Platform (CXOP): The Next Generation of Artificial Intelligence (AI)-Powered Customer Conversations


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    Global cloud communications platform Infobip (www.Infobip.com) today announced its Conversational Experience Orchestration Platform (CXOP) — a game-changing solution that places agentic AI at the heart of every customer interaction. CXOP enables brands to move beyond static, rules-based workflows to deliver dynamic, goal-oriented conversations across marketing, sales, and support — at scale. The announcement builds on Infobip’s AI Hub, marking a major step forward by natively infusing agentic AI across Infobip’s entire award-winning product stack — unifying channels, data, and automation into a single intelligent platform.

    Built on Microsoft Azure OpenAI in Foundry Models, CXOP uses intelligent AI agents to orchestrate personalized customer journeys across channels like WhatsApp, RCS, and web chat. These agents understand context, act autonomously, and seamlessly collaborate with human teams when needed — reducing time to resolution, improving loyalty, and cutting costs.

    Today’s consumers expect instant, relevant, and seamless interactions no matter what the channel. CXOP meets this demand by unifying messaging, automation, and AI-powered assistance within a single, intelligent platform that adapts to behavior, sentiment, and intent in real time.

    With CXOP, businesses can:

    • Deliver empathetic, goal-driven AI interactions across channels
    • Slash response times and reduce service costs through automation
    • Increase lead conversion and campaign performance with real-time personalization
    • Support hybrid teams with human-in-the-loop for complex cases
    • Launch fast with no-code or full-code deployment options

    At its core, CXOP leverages a network of intelligent, agentic AI assistants that understand user intent and execute context-sensitive workflows. These agents don’t just answer — they guide, solve, and act, creating fluid, human-like experiences from lead generation to retention.

    “CXOP enables enterprises to move beyond static workflows and deliver intelligent, empathetic interactions at scale,” said Ivan Ostojić, Chief Business Officer at Infobip. “It’s a foundational step toward building AI-first customer experiences that drive measurable business impact.”

    “Using agentic AI instead of a rules-based automation, Infobip’s new CXOP is an enhancement for customer experiences,” said Myladie Stoumbou, Sr Director ISV Partnerships, at Microsoft. “Available within the Microsoft Azure Marketplace, clients can access such certified products and eliminate the complexity of managing individual vendor relationships.”

    Distributed by APO Group on behalf of Infobip.

    For more information, contact:

    Marcelo Nahime  


    marcelo.nahime@infobip.com   

    Bojana Mandić 
    Bojana.Mandic1@infobip.com

    About Infobip:
    Infobip is a global cloud communications platform that enables businesses to build connected experiences across all stages of the customer journey. Accessed through a single platform, Infobip’s omnichannel engagement, identity, user authentication and contact centre solutions help businesses and partners overcome the complexity of consumer communications to grow business and increase loyalty. It offers natively built technology with the capacity to reach over seven billion mobile devices and ‘things’ in 6 continents connected to over 9,700+ connections of which 800+ are direct operator connections. Infobip was established in 2006 and is led by its co-founders, CEO Silvio Kutić, Roberto Kutić and Izabel Jelenić.

    Recent award wins include:

    • Infobip ranked as Leader in the Omdia CPaaS Universe Report for the third time (April 2025)
    • Infobip ranked an Established Leader in the Juniper Research Conversational AI Leaderboard (Feb 2025)
    • Infobip named a CPaaS Leader for the third time in the IDC MarketScape (Feb 2025)
    • Infobip named one of the top CPaaS providers in Metrigy’s CPaaS MetriRank Report (Dec 2024)
    • Infobip named number one among Established Leaders in RCS Business Messaging in Juniper Research’s RCS Business Messaging Competitor Leaderboard 2024 (Nov 2024)
    • Infobip recognized as the number one provider in the AIT Fraud Prevention market by Juniper Research (Oct 2024)
    • Infobip named a Leader in the Gartner® Magic Quadrant™ for Communications Platform as a Service (CPaaS) 2024 for the second year running (June 2024)
    • Infobip named to Fast Company’s Annual List of the World’s Most Innovative Companies (March 2024)

    MIL OSI Africa –

  • Coal Ministry achieves milestone with allocation of 200th coal block

    Source: Government of India

    Source: Government of India (4)

    The Ministry of Coal on Tuesday announced a historic milestone with the allocation of its 200th coal mine under the commercial mining initiative, highlighting the government’s push to transform and liberalize India’s coal sector.

    “The issuance of the allocation order for the Marwatola–II coal block to Singhal Business Private Limited reaffirms the Ministry’s commitment to advancing sectoral reforms, fostering private participation, and bolstering national self-reliance in coal production. With this achievement, the Ministry continues to pave the way for a more resilient, transparent, and future-ready coal ecosystem,” the Coal Ministry said in a statement.

    The Ministry added that it stands steadfast in its commitment to nurturing an environment conducive to investment, reducing procedural impediments, and enabling the expeditious operationalisation of coal blocks across the country.

    “This milestone, reflects the Ministry’s visionary approach – one that seeks not only to enhance domestic coal production but also to rebalance the national energy matrix by reducing dependence on imports and strengthening long-term energy security. The cumulative effect of such initiatives bolsters both economic growth and strategic autonomy,” the Ministry said.

    This achievement also shows the success of recent reforms, including the introduction of commercial coal mining, the single-window clearance system, and the use of digital governance tools. Together, these initiatives have redefined the coal sector’s landscape, creating new opportunities for private enterprises and driving India’s shift toward a more sustainable and secure energy future.

  • MIL-OSI United Kingdom: British aerospace manufacturers to benefit from UK-US trade deal

    Source: United Kingdom – Executive Government & Departments

    Press release

    British aerospace manufacturers to benefit from UK-US trade deal

    British aerospace manufacturers to benefit from UK-US trade deal as further details announced

    • UK aerospace sector to see tariffs removed completely as further progress is made on the UK-US trade deal
    • Benefits of deal to be felt by UK auto sector also, who will be able to export to the US by the end of the month under the newly lowered 10% tariff quota 
    • It will save hundreds of millions annually for plane and car makers with lowered tariffs and protect tens of thousands of jobs across both sectors , delivering on our Plan for Change

    For the first time, the US has committed to reducing tariffs on UK aerospace goods such as engines and similar aircraft parts from the general 10% tariff being applied to all other countries, which is expected to come into force by the end of the month.

    This deal is a huge win for the UK’s world-class aerospace sector currently facing additional 10% tariffs, helping make companies such as Rolls Royce more competitive and allowing them to continue to be at the cutting edge of innovation. 

    British car manufacturers can also breathe a sigh of relief as they will be able to export to the US at a 10% tariff rate as part of the recently agreed landmark UK-US trade deal by the end of the month.  

    The UK is the only country to have secured this agreement with the US which reduces car export tariffs from 27.5%, saves car manufacturers hundreds of millions a year, and protects tens of thousands of jobs, delivering on our Plan for Change.

    Business and Trade Secretary, Jonathan Reynolds said: 

    We agreed this deal with the US to ensure jobs and livelihoods in some of our most vital sectors were protected, and since then we have been focused on delivering those benefits to businesses. 

    Bringing trade deals into force can take several months, yet we are delivering on the first set of agreements in a matter of weeks. And we won’t stop there. 

    As part of our Plan for Change, this government is doing all it can to reduce the pressures on businesses by lowering costs, speeding up delivery times and helping them to navigate in a time of global uncertainty.  

    Chief Executive of the Society of Motor Manufacturers and Traders (SMMT), Mike Hawes said:

    This is great news for the UK automotive industry, helping the sector avoid the severest level of tariffs and enabling many manufacturers to resume deliveries imminently.

    We wait to see the full details of the deal and how it will be administered but this will be a huge reassurance to those that work in the sector and bolster the confidence of our important US customers.

    The fact the UK has secured a deal, ahead of many competitors, and which makes automotive a priority, should be recognised as a significant achievement.

    Thanks to the UK-US deal, the UK is the only country to be exempt from the global tariff of 50% on steel and aluminium. As the Prime Minister and President Trump have again confirmed, we will continue to go further and make progress towards 0% tariffs on core steel products as agreed.  

    We have agreed reciprocal access to 13,000 metric tonnes beef for both US and British farmers – meaning the UK can export to the US too. We have been clear that any US imports will need to meet UK food safety standards, and that has not changed since we agreed this deal.

    Both countries remain focused on securing significantly preferential outcomes for the UK pharmaceutical sector and work will continue to protect industry from any further tariffs imposed as part of Section 232 investigations. 

    This deal is one of many international agreements this government has secured recently to boost our economy, including a trade deal with India which will add £4.8 billion to the UK economy and £2.2 billion in wages every year and a renewed EU deal which will add nearly £9 billion to the UK economy by 2040 on SPS and emissions measures alone. 

    Today’s announcement is the result of work happening at pace between both governments to lower the burden on UK businesses, especially the sectors most impacted by the tariffs. We will update Parliament on the implementation of quotas on US beef and ethanol, part of our commitment to the US under this deal.

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Namibia

    Source: IMF – News in Russian

    June 17, 2025

    • Namibia’s economy faces challenges from heightened global trade policy tensions, increased weather shocks, a structural shift in the global diamond market, and high structural unemployment.
    • Ensuring macroeconomic stability requires maintaining fiscal prudence while creating space for growth-enhancing measures, managing the monetary policy to safeguard the peg, and enhancing the resilience of the financial sector.
    • To generate employment through inclusive private sector-led growth that is weather-shock-resilient, bold structural reforms are essential. Additionally, a comprehensive strategy is needed to leverage the potential opportunities presented by recent oil discoveries.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Namibia.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    Namibia’s economic growth decelerated from 5.4 percent in 2022 to 3.7 percent in 2024 as a decline in production in response to lower diamond prices outweighed momentum stemming from rising gold and uranium prices. Oil exploration plateaued in 2024 following a spike in 2023, while agriculture contracted sharply due to the drought of 2023–24, the most severe in a century. Inflation has fallen, reflecting a drop in food and fuel prices in international markets.

    Looking ahead, growth is projected to remain subdued in the near and medium term. The end of the drought is expected to boost growth in 2025; however, increased global trade policy uncertainty, particularly related to U.S. tariffs, and the weak diamond market will dampen momentum, with growth forecast at 3¾ percent for 2025 and 2026. Over the medium term, growth is projected to be about 3 percent, constrained by structural rigidities despite increased public capital expenditure. Average CPI inflation is projected to ease to 4.1 percent in 2025 and remain around 4.5 percent in the medium term.

    Risks to the outlook are tilted to the downside. Key external downside risks include commodity price fluctuations, further worsening of global trade tensions, a deepening of economic fragmentation, and tighter global financial conditions. Domestic downside risks include social discontent resulting from continued high unemployment and inequality and increased volatility associated with weather shocks. Upside risks include an easing of global trade policy tensions and faster development of oil, gas, and green hydrogen projects.

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They took positive note of Namibia’s economic resilience, with slowing inflation and improved external position, despite the challenging external environment and welcomed the new government’s commitment to fostering inclusive growth and build resilience to climate shocks. Noting the subdued growth outlook reflecting global trade policy uncertainty and domestic structural rigidities, high unemployment, and inequality, Directors emphasized the need for further efforts to harness Namibia’s economic potential and raise per capita income by promoting a private sector led, inclusive, weather resilient, and diversified economy.

    Directors welcomed the authorities’ commitment to maintaining fiscal discipline and creating space for growth enhancing measures. They called for sustained and larger fiscal consolidation over the medium term to entrench the favorable public debt dynamics and strengthen the external position. Directors stressed the need to accelerate fiscal reforms including enacting a comprehensive civil service reform to contain the wage bill, state owned enterprise reforms, strengthening public financial and investment management, and enhancing tax administration to solidify fiscal consolidation. At the same time, they recommended increasing public investment to enhance growth, expanding social protection, and building resilience to weather shocks. They encouraged the authorities to continue their efforts to establish, with Fund technical assistance, a strong governance framework for the sovereign wealth fund and a natural resource management framework to safeguard long term macroeconomic stability and support economic development.

    In the absence of capital outflows, Directors recommended gradually aligning the policy rate with that of the South African Reserve Bank (SARB) to safeguard the currency peg, taking advantage of SARB’s rate reductions. They stressed, however, that the Bank of Namibia should remain vigilant to economic conditions.

    Directors welcomed the continued progress in enhancing financial sector resilience, notably through the introduction of the bank resolution policy. They encouraged the authorities to continue to monitor risks including from the sovereign bank nexus and household debt. Directors recommended finalizing additional policy measures, including counter cyclical capital buffers and strengthened cooperation on crisis resolution. Continued efforts to strengthen the AML/CFT framework are crucial to expedite removal from the FATF grey list.

    Directors highlighted that bold structural reforms are essential to fostering sustainable, inclusive, and private sector led growth and improving external competitiveness. They recommended addressing key barriers, including by improving human capital and reducing skill mismatches, enhancing the business climate, strengthening governance, and fostering digitalization. Directors supported developing a set of policies aimed at harnessing prospective oil, gas, and green hydrogen for economic diversification and job creation.

    It is expected that the next Article IV Consultation with Namibia will be held on the standard 12-month cycle.

     

    Namibia: Selected Economic Indicators, 2022–30

    Population (2024, million):                                      3.0                           Per-capita GDP (2024, USD):                                                        4471.8

    Quota (current, millions of SDR, percent of total):  54.6                          Poverty (2015, percent of national poverty line):                         17.4

    Main exports:                                                          Diamonds, Fish, Gold, Uranium, Copper.

    Key export markets:                                                South Africa, Botswana, China, Zambia, and Belgium.

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    Est.

    Proj.
                       

    Percent change, unless otherwise specified

    Output

    		                  

    Real GDP growth

    5.4

    4.4

    3.7

    3.8

    3.7

    2.9

    3.0

    3.0

    3.0

    Nominal GDP growth

    12.2

    11.3

    7.1

    8.8

    9.3

    7.4

    7.6

    7.6

    7.6

    Nominal GDP (billions of USD)

    205.6

    228.9

    245.1

    266.8

    291.7

    313.4

    337.1

    362.5

    389.9

    Nominal GDP per capita (USD)

    4,407

    4,236

    4,472

    4,673

    4,898

    5,037

    5,192

    5,346

    5,513

    GDP Deflator

    6.4

    6.6

    3.3

    4.9

    5.5

    4.4

    4.4

    4.4

    4.4

    Prices

    Consumer prices (average)

    6.1

    5.9

    4.2

    4.1

    4.5

    4.5

    4.5

    4.5

    4.5

    Consumer prices (end of period)

    6.9

    5.3

    3.4

    4.5

    4.5

    4.5

    4.5

    4.5

    4.5

    Percent of GDP, unless otherwise specified

    Central Government Budget 1/

    Revenue and grants 2/

    30.5

    35.1

    36.5

    33.2

    32.8

    33.1

    33.3

    33.3

    33.3

      of which: SACU receipts

    6.7

    10.5

    11.2

    7.7

    7.9

    8.2

    8.5

    8.5

    8.4

    Expenditure

    36.1

    37.6

    40.4

    38.8

    37.7

    36.8

    36.6

    36.5

    36.5

      Of which: personnel expenditure

    14.9

    13.9

    14.1

    13.5

    12.8

    12.3

    12.2

    12.2

    12.2

      Of which: capital expenditure and net lending

    3.1

    2.9

    3.9

    4.0

    3.9

    3.5

    3.5

    3.5

    3.5

    Primary balance

    -1.2

    2.7

    1.2

    -0.5

    0.2

    1.4

    1.7

    1.7

    1.7

    Overall fiscal balance

    -5.7

    -2.4

    -3.9

    -5.7

    -4.8

    -3.7

    -3.3

    -3.3

    -3.3

    Overall fiscal balance ex. SACU

    -12.4

    -12.8

    -15.1

    -13.4

    -12.8

    -12.0

    -11.8

    -11.7

    -11.7

    Public debt, gross

    67.5

    66.0

    66.2

    62.3

    62.2

    62.0

    61.1

    60.1

    59.3

    Investment and Savings

    Investment

    20.1

    27.3

    25.6

    22.1

    19.0

    17.8

    16.8

    16.8

    16.8

      Public

    2.6

    2.4

    2.4

    2.6

    2.5

    2.3

    2.3

    2.3

    2.3

      Others (incl. SOEs)

    14.1

    23.7

    21.3

    19.5

    16.5

    15.5

    14.5

    14.5

    14.5

      Change inventories

    3.4

    1.2

    2.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Savings

    7.3

    12.0

    10.3

    6.6

    5.4

    5.2

    4.6

    5.1

    5.5

      Public

    -3.2

    -0.2

    0.1

    -1.3

    -1.1

    -0.4

    0.1

    0.2

    0.2

      Others (incl. SOEs)

    10.6

    12.2

    10.2

    7.9

    6.5

    5.6

    4.5

    4.8

    5.3

    Percent change, unless otherwise specified

    Money and Credit

    Broad money

    0.0

    10.7

    9.7

    9.1

    8.6

    7.9

    8.4

    7.7

    7.6

    Credit to the private sector

    4.2

    2.8

    3.5

    4.9

    6.2

    4.1

    5.4

    5.5

    5.5

    BoN repo rate (percent) 3/

    6.75

    7.75

    7.00

    6.75

    …

    …

    …

    …

    …
     

                                                                                       Percent of GDP, unless otherwise specified

    Balance of Payments

    		                    

    Current account balance

    -12.6

    -15.3

    -15.3

    -15.5

    -13.7

    -12.6

    -12.1

    -11.7

    -11.3

    Financial account balance

    -13.3

    -15.9

    -17.2

    -9.3

    -15.4

    -13.6

    -12.3

    -11.8

    -11.8

    Gross official reserves

    22.3

    23.2

    25.1

    18.4

    20.1

    21.2

    21.5

    21.6

    22.2

    Reserves (in months of imports)

    3.9

    3.8

    4.4

    3.4

    3.8

    4.1

    4.2

    4.2

    4.5

    External debt

    71.7

    76.0

    74.6

    68.0

    67.5

    66.8

    65.5

    63.6

    61.8

    of which: public (incl. IMF) 4/

    17.5

    16.6

    14.7

    7.9

    7.3

    6.8

    6.4

    6.0

    5.5

    Exchange rate

    REER (percent, yoy)

    -3.6

    -6.3

    2.7

    …

    …

    …

    …

    …

    …

    Average exchange rate (Namibian dollar per USD)

    16.4

    18.5

    18.3

    …

    …

    …

    …

    …

    …

    Sources: Namibian authorities; and IMF staff calculations.

    1/ Figures are for the fiscal year as a percent of GDP. The fiscal year runs from April 1 to March 31.

    2/ Revenue excludes the line “transactions in assets and liabilities” classified as part of revenue in budget documents. It captures proceeds from asset sales, realized valuation gains from holdings of foreign currency deposits, and other items which are not classified as revenue according to the IMF’s Government Finance Statistics Manual 2010.

    3/ Figure for 2025 is as of April 16, 2025.

    4/ The ratio is calculated by dividing the stock as March 31 by nominal GDP for the fiscal year.
                                           

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

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Namibia page.

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

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    https://www.imf.org/en/News/Articles/2025/06/13/pr-25198-namibia-imf-executive-board-concludes-2025-art-iv-consult

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: EngageLab Empowers Tea Beverage Brand Global Expansion with Customer Engagement Solution

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, June 17, 2025 (GLOBE NEWSWIRE) — EngageLab, a leading omni-channel customer engagement platform provider, is proud to announce its successful partnership with a prominent Chinese tea beverage brand, supporting the company’s global expansion through EngageLab’s high-delivery rate AppPush notification capabilities. This Chinese new tea beverage brand has recently achieved a significant breakthrough in overseas markets by presenting Eastern tea culture through a modern lens. Built on a foundation of premium original leaf tea, the brand has strategically expanded across global markets through carefully tailored localization strategies. The company has successfully established thousands of stores across more than 100 countries and regions, positioning itself as a leading Chinese brand in the fresh-made tea beverage sector throughout Southeast Asia, North America, and other key markets worldwide.

    With rapid business growth and global expansion, the brand encountered challenges in its overseas notification services, such as unstable channel quality and unreliable message delivery. These issues impacted user experience and the efficiency of global operations.

    To address these challenges, the brand partnered with EngageLab, adopting its AppPush solution to comprehensively optimize overseas messaging services and achieve three major improvements:

    • Superior Delivery Capabilities Supporting Global Expansion
      As the brand expanded to over 100 countries, especially in emerging markets like Southeast Asia, complex network environments posed challenges to efficient communication. EngageLab AppPush integrated international mainstream system channels such as FCM and APNS, along with major smartphone manufacturer push channels including Xiaomi, Huawei, OPPO, vivo, and self-built enhanced channels. This improved message delivery rates by approximately 40%, providing robust technical support for global operations.
    • Intelligent Cross-Regional Push Notifications Enabling Localized Operations
      Operating across diverse countries and regions, the brand faced varying user needs and operational strategies. EngageLab AppPush’s dynamic AppKey switching function brought tremendous convenience. When users switch countries within the app, the SDK can apply corresponding country/regional SDK configurations through simple API calls. This enables the brand to flexibly develop and implement independent push strategies, user behavior tracking, and marketing campaigns for different markets, without the need to develop and maintain multiple app versions, significantly reducing development and maintenance costs and enhancing regional market responsiveness.
    • Global Multi-Data Center Layout Ensuring Compliant Operations
      In a global environment where data sovereignty and privacy protection are highly valued, compliant handling of user data is crucial for international enterprises. EngageLab has deployed distributed data centers in multiple strategic locations worldwide (including Singapore, Virginia USA, Frankfurt Germany, Hong Kong China, etc.), providing robust localized data compliance solutions. The brand can intelligently select the most appropriate data storage and processing nodes based on users’ regions, strictly adhering to local privacy regulatory requirements.

    About EngageLab
    EngageLab is a world-leading AI-powered omnichannel customer engagement solution provider, unites technology and versatility to offer seamless customer interactions across every channel, including Email, AppPush, WebPush, OTP, SMS and WhatsApp Business. It empowers businesses to build lasting relationships and achieve higher conversions and retention. With a strong focus on innovation and performance, EngageLab supports businesses in over 220 countries and regions, delivering more than 1 million messages every second across various channels.

    For more information about EngageLab and its suite of solutions, visit www.engagelab.com.

    For Media Inquiries:
    Contact: marketing@engagelab.com
    Website: www.engagelab.com

    The MIL Network –

  • MIL-OSI: EngageLab Empowers Tea Beverage Brand Global Expansion with Customer Engagement Solution

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, June 17, 2025 (GLOBE NEWSWIRE) — EngageLab, a leading omni-channel customer engagement platform provider, is proud to announce its successful partnership with a prominent Chinese tea beverage brand, supporting the company’s global expansion through EngageLab’s high-delivery rate AppPush notification capabilities. This Chinese new tea beverage brand has recently achieved a significant breakthrough in overseas markets by presenting Eastern tea culture through a modern lens. Built on a foundation of premium original leaf tea, the brand has strategically expanded across global markets through carefully tailored localization strategies. The company has successfully established thousands of stores across more than 100 countries and regions, positioning itself as a leading Chinese brand in the fresh-made tea beverage sector throughout Southeast Asia, North America, and other key markets worldwide.

    With rapid business growth and global expansion, the brand encountered challenges in its overseas notification services, such as unstable channel quality and unreliable message delivery. These issues impacted user experience and the efficiency of global operations.

    To address these challenges, the brand partnered with EngageLab, adopting its AppPush solution to comprehensively optimize overseas messaging services and achieve three major improvements:

    • Superior Delivery Capabilities Supporting Global Expansion
      As the brand expanded to over 100 countries, especially in emerging markets like Southeast Asia, complex network environments posed challenges to efficient communication. EngageLab AppPush integrated international mainstream system channels such as FCM and APNS, along with major smartphone manufacturer push channels including Xiaomi, Huawei, OPPO, vivo, and self-built enhanced channels. This improved message delivery rates by approximately 40%, providing robust technical support for global operations.
    • Intelligent Cross-Regional Push Notifications Enabling Localized Operations
      Operating across diverse countries and regions, the brand faced varying user needs and operational strategies. EngageLab AppPush’s dynamic AppKey switching function brought tremendous convenience. When users switch countries within the app, the SDK can apply corresponding country/regional SDK configurations through simple API calls. This enables the brand to flexibly develop and implement independent push strategies, user behavior tracking, and marketing campaigns for different markets, without the need to develop and maintain multiple app versions, significantly reducing development and maintenance costs and enhancing regional market responsiveness.
    • Global Multi-Data Center Layout Ensuring Compliant Operations
      In a global environment where data sovereignty and privacy protection are highly valued, compliant handling of user data is crucial for international enterprises. EngageLab has deployed distributed data centers in multiple strategic locations worldwide (including Singapore, Virginia USA, Frankfurt Germany, Hong Kong China, etc.), providing robust localized data compliance solutions. The brand can intelligently select the most appropriate data storage and processing nodes based on users’ regions, strictly adhering to local privacy regulatory requirements.

    About EngageLab
    EngageLab is a world-leading AI-powered omnichannel customer engagement solution provider, unites technology and versatility to offer seamless customer interactions across every channel, including Email, AppPush, WebPush, OTP, SMS and WhatsApp Business. It empowers businesses to build lasting relationships and achieve higher conversions and retention. With a strong focus on innovation and performance, EngageLab supports businesses in over 220 countries and regions, delivering more than 1 million messages every second across various channels.

    For more information about EngageLab and its suite of solutions, visit www.engagelab.com.

    For Media Inquiries:
    Contact: marketing@engagelab.com
    Website: www.engagelab.com

    The MIL Network –

  • MIL-OSI: Aurora Mobile’s EngageLab Empowers Tea Beverage Brand Global Expansion with Customer Engagement Solution

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, June 17, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its subsidiary EngageLab, a leading omni-channel customer engagement platform provider, has partnered with a prominent Chinese tea beverage brand. The partnership will support the brand’s global expansion by leveraging EngageLab’s high-delivery rate AppPush notification capabilities. This Chinese new tea beverage brand has recently achieved a significant breakthrough in overseas markets by presenting Eastern tea culture through a modern lens. Built on a foundation of premium original leaf tea, the brand has strategically expanded across global markets through carefully tailored localization strategies. It has successfully established thousands of stores across more than 100 countries and regions, positioning itself as a leading Chinese brand in the fresh-made tea beverage sector throughout Southeast Asia, North America, and other key markets worldwide.

    With rapid business growth and global expansion, the brand encountered challenges in its overseas notification services, such as unstable channel quality and unreliable message delivery. These issues impacted user experience and the efficiency of global operations.

    To address these challenges, the brand partnered with EngageLab, adopting its AppPush solution to comprehensively optimize overseas messaging services and achieve three major improvements:

    • Superior Delivery Capabilities Supporting Global Expansion

    As the brand expanded to over 100 countries, especially in emerging markets like Southeast Asia, complex network environments posed challenges to efficient communication. EngageLab AppPush integrated international mainstream system channels such as FCM and APNS, along with major smartphone manufacturer push channels including Xiaomi, Huawei, OPPO, vivo, and self-built enhanced channels. This improved message delivery rates by approximately 40%, providing robust technical support for global operations.

    • Intelligent Cross-Regional Push Notifications Enabling Localized Operations

    Operating across diverse countries and regions, the brand faced varying user needs and operational strategies. EngageLab AppPush’s dynamic AppKey switching function brought tremendous convenience. When users switch countries within the app, the SDK can apply corresponding country/regional SDK configurations through simple API calls. This enables the brand to flexibly develop and implement independent push strategies, user behavior tracking, and marketing campaigns for different markets, without the need to develop and maintain multiple app versions, significantly reducing development and maintenance costs and enhancing regional market responsiveness.

    • Global Multi-Data Center Layout Ensuring Compliant Operations

    In a global environment where data sovereignty and privacy protection are highly valued, compliant handling of user data is crucial for international enterprises. EngageLab has deployed distributed data centers in multiple strategic locations worldwide (including Singapore, Virginia USA, Frankfurt Germany, Hong Kong China, etc.), providing robust localized data compliance solutions. The brand can intelligently select the most appropriate data storage and processing nodes based on users’ regions, strictly adhering to local privacy regulatory requirements.

    About EngageLab
    EngageLab is a world-leading AI-powered omnichannel customer engagement solution provider, unites technology and versatility to offer seamless customer interactions across every channel, including Email, AppPush, WebPush, OTP, SMS and WhatsApp Business. It empowers businesses to build lasting relationships and achieve higher conversions and retention. With a strong focus on innovation and performance, EngageLab supports businesses in over 220 countries and regions, delivering more than 1 million messages every second across various channels.
    For more information about EngageLab and its suite of solutions, visit www.engagelab.com.

    About Aurora Mobile Limited
    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.
    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement
    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:
    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen
    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI: IDEX Biometrics ASA: Registration of share capital increase – 17 June 2025

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the announcement by IDEX Biometrics ASA (the “Company”) on 11 April 2025 regarding the 11 April 2025 Extraordinary General Meeting’s resolution to carry out a subsequent offering by issuance of up to 600,000,000 new shares in the Company. Reference is also made to the announcement on 6 June 2025 regarding the subsequent offering being 8x oversubscribed, resulting in the issuance of 600,000,000 new shares at a subscription price per share of NOK 0.01, raising gross proceeds of NOK 6 million.

    The share capital increase has duly been registered in the Norwegian Register of Business Enterprises. Following the share capital increase, the Company’s share capital is NOK 44,316,309.99 divided into 4,431,630,999 shares, each with a nominal value of NOK 0.01.

    For further information contact:

    Kristian Flaten, CFO

    E-mail: ir@idexbiometrics.com

    Tel: +47 95092322

    About IDEX Biometrics

    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com

    About this notice

    This notice was published by Kristian Flaten, CFO, 17 June 2025 at 10:42 CET on behalf of IDEX Biometrics ASA.  This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    The MIL Network –

  • MIL-OSI Banking: Samsung Strengthens Premium Retail Footprint in Pune with New Viman Nagar Experience Store

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, inaugurated another experience store in Viman Nagar in Pune, further reinforcing its commitment to enhancing premium retail presence across cities. Spanning 1050 sq. ft., the new store offers a one-stop destination for customers to explore Samsung’s cutting-edge innovations and seamless connected ecosystem under one roof.
     
    The store features dedicated zones showcasing the latest smartphones, tablets, laptops, smartwatches, smart rings, and the innovative SmartThings ecosystem that supports connected living. Through interactive displays and hands-on experiential areas, visitors can discover how seamlessly these devices integrate across productivity, entertainment, wellness and smart home automation.
     
    Located in one of Pune’s most affluent and high-footfall neighbourhoods, the new Samsung experience store offers customers an opportunity to explore and engage with the brand’s latest innovations across categories. As cities emerge as growth drivers, this store is poised to serve as a vital retail touchpoint, enabling deeper consumer engagement and strengthening Samsung’s presence in these high-potential markets.
     
    “At Samsung, our aim is to create inspiring retail experiences that bring innovation closer to our customers. The inauguration of our premium experience store in Viman Nagar, Pune, marks another significant step in strengthening our premium presence. This new store embodies our broader vision of growing our premium retail presence and offering a holistic, all-in-one destination that brings together cutting-edge innovation, meaningful customer engagement, and outstanding service, all under one roof,” said Sumit Walia, Vice President, Head of D2C Business & Corporate Marketing at Samsung India.
     
    Reinforcing its commitment to customer satisfaction and digital empowerment, the new store will host Samsung’s flagship ‘Learn @ Samsung’ initiative, which has seen success in other locations across India. This programme offers a variety of workshops designed to equip consumers—especially millennials and Gen Z—with the skills and knowledge to make the most of advanced tech. These interactive sessions that provide hands-on experiences with Galaxy devices, cover topics such as AI-powered photography, productivity, creativity and digital doodling, enhancing both user engagement and tech proficiency.
     
    To celebrate the launch, customers visiting the store can avail:
     

    Over 30 free subscriptions across leading OTT, music, wellness, and infotainment platforms.
    Exclusive discounts on over 40 brand gift cards and over 25 top deals from premium brands.
    Buy-1-Get-1-Free buffet deals across over 100 premium restaurants across India.
    Paytm First membership rewards, special travel savings on flights, and discounts at over 14,000 restaurants nationwide.

     
    The store also introduces Samsung Store+, a user-friendly digital platform that enables in-store visitors to explore detailed product information and conveniently choose home delivery, creating a smooth and integrated online-offline shopping experience. In addition, a dedicated service centre within the store ensures enhanced post-purchase support for customers.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Government appoints Emma Jones CBE as new Small Business Commissioner to help tackle late payments

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government appoints Emma Jones CBE as new Small Business Commissioner to help tackle late payments

    Government appoints new Small Business Commissioner as part of efforts to boost SMEs and tackle late payments

    • The new Small Business Commissioner has been appointed to take a leading role in tackling late payments and unfair payment practices 

    • Jones brings wealth of entrepreneurial experience as founder of Enterprise Nation to support UK’s 5.5m small businesses 

    • Appointment reinforces government commitment to creating fair business environment as part of Plan for Change 

    As part of the Government’s mission to support small businesses, Emma Jones CBE, founder of Enterprise Nation, has today been announced as the new Small Business Commissioner. 

    She will take up the role on 23rd June 2025 following the completion of Liz Barclay’s four-year term as the current Commissioner.  

    Liz Barclay was instrumental in designing and delivering the new Fair Payment Code which launched in December 2024.  

    Since then, over 300 businesses have already become Fair Payment Code awardees with a commitment to paying their suppliers quickly.  

    Liz has also played a key role in helping design potential future legislative measures to tackle late payments and long payment terms, with a major consultation set to be published in the coming months. 

    Small Business Minister Gareth Thomas said: 

    “I’m delighted that in Emma Jones’s appointment, we have someone who has long championed small firms and entrepreneurs right across the UK. I am confident that her passion and expertise will ensure small firms have a powerful advocate fighting in their corner. 

    “As part of our Plan for Change, I’m determined to make the UK the world’s best place to be an SME, tackling late payments, improving access to finance and getting more small firms exporting around the world – and today’s appointment is a crucial part of that process. 

    “And I want to thank Liz Barclay for her work over the past four years as Commissioner, during which time she has worked tirelessly in supporting the nation’s small businesses.” 

    In her new position, Emma will be a key player in tackling late payments and long payment terms for small businesses and the self-employed. This Government is committed to tackling this problem, which has for too long been a scourge for small businesses. Research has found that in 2024, SMEs were owed on average £21,400 in late payments.

    New Small Business Commissioner Emma Jones CBE said: 

    “Having done it myself, I know the commitment it takes to start and grow a successful business. Founders tell me they are time poor and spending too many precious hours on non-productive work like chasing debt. This is limiting their capacity to focus on growth and we want to change that.

    “Through the Office of the Small Business Commissioner, we will make life easier for small business owners by leveraging technology to speed up payments and access to support.

    “This work will be delivered in partnership with government and industry with a shared desire to enable founders to focus on what they do best and retain the UK’s status as a great place to start and grow a business.”

    The Small Business Commissioner plays a vital role in supporting the UK’s 5.5 million small businesses by working to ensure they are treated fairly by larger companies and can access the support they need to thrive. The office also provides practical advice and resources to help small businesses resolve payment disputes and navigate commercial challenges. 

    The appointment furthers the government’s agenda to create a fair and supportive environment for small businesses to thrive, recognising their critical role in job creation, economic growth and community prosperity across the UK. 

    The Government has already announced a raft of measures to support small firms across the country. 

    A revamped Board of Trade tasked with helping more small firms was launched earlier this year, and comes ahead of a major consultation to tackle the scourge of late payments. 

    Last year, the Treasury extended business rates relief for the hospitality sector and the Business Secretary announced a new Business Growth Service to make it easier and quicker for SMEs to access and benefit from the right government advice and support for their business. 

    This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments. 

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Celebrations as 17 Ministry of Defence Silver ERS Award winners are announced in Wales

    Source: United Kingdom – Executive Government & Departments

    News story

    Celebrations as 17 Ministry of Defence Silver ERS Award winners are announced in Wales

    17 organisations in Wales have been awarded the 2025 Defence Employer Recognition Scheme (ERS) Silver Award among more than 300 nationally.

    Employers in Wales that have actively demonstrated their support for the armed forces community through implementing practical policies in the workplace have been recognised with the prestigious Defence Silver ERS Award.

    The 17 Welsh winners will be invited to receive their award as honoured guests at a Royal Gun Salute ceremony at the Pierhead Building, Cardiff Bay, on 17 July.

    The 17 recipients are:

    • Active4Blood
    • Andy Swan Driver Services Ltd
    • Bulldogs Boxing and Community Activities
    • Cobra Life Martial Arts Ltd
    • Events Medical Team – Saltney Ltd
    • Henry Williams and Son (Roads) Ltd
    • Platts Group
    • Riverside Retreat Veterans Camp CIC
    • Shadow Response Security & Medical Ltd
    • The Royal Welch Fusiliers Museum Trust
    • Business in Focus Limited
    • IG Doors Limited
    • MPH Construction
    • Powys Teaching Health Board
    • R&M Williams Limited
    • V3 Group (UK) Ltd
    • Bridgend College

    Major General Jamie Gordon, Chief Executive of the Council of Reserve Forces’ and Cadets’ Associations, said:

    These Silver Award winners are trusted allies of defence. They don’t just talk about support—they show it, every day, through flexible policies, visible advocacy, and long-term commitment to those who serve. This is about more than good intentions, it’s about practical, sustained support that strengthens our national resilience. It is very pleasing that they have been recognised for all they do for our reservists, veterans and cadets.

    Gareth Jones, Veterans Project Manager, Bulldogs Boxing and Community Activities, said:

    Bulldogs BCA is incredibly proud and deeply honoured to have been awarded the Silver Award as part of the Armed Forces Covenant Employer Recognition Scheme. This recognition reflects our unwavering commitment to supporting the armed forces community, including veterans, reservists, and their families.

    We are thrilled that our efforts to provide opportunities, understanding, and practical support have been acknowledged at such a prestigious level. This award not only highlights the values at the heart of Bulldogs BCA, but also strengthens our resolve to continue championing those who have served our country with dedication and respect.

    To achieve Silver, organisations must proactively demonstrate that the armed forces community are not unfairly disadvantaged as part of their recruitment policies. They must also ensure that their workforce is aware of the policies that benefit defence personnel, including reservists, veterans, Cadet Force Adult Volunteers, and military families.

    The scheme has 3 levels: Bronze, Silver and Gold, awarded to organisations that support defence personnel and encourage others to do the same.

    Mr Craig Middle, the MOD’s DRM for South Wales, said:

    Achieving the Silver ERS award has been a journey for all of our deserved winners. This journey has involved an exploration into what all aspects of the defence community can do for their teams. Many congratulations to all of this year’s winners – we look forward to celebrating with them in person next month.

    Find out how your organisation can support the armed forces community through the Armed Forces Covenant and Defence Employer Recognition Scheme:

    Contact

    Craig Middle, Defence Relationship Manager (DRM) for South Wales:

    Tony Fish, Defence Relationship Manager (DRM) for North Wales:

    Updates to this page

    Published 17 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Public Statement Concerning the Imposition of a Civil Penalty on Edwin A Fryer Accountant (‘EAF’)

    Source: Isle of Man

     1. Action

    1.1 The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred upon it under each of section 27 of the Designated Businesses (Registration and Oversight) Act 2015 (the “Act”) and regulation 5(7) of the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 (the “Regulations”).

    1.2 The making of such public statement supports the Authority’s regulatory objectives of, among other things, securing an appropriate degree of protection for customers of persons carrying on a regulated activity, reducing financial crime and maintaining confidence in the Isle of Man’s financial services industry.

    1.3 Following an inspection of EAF by the Authority under section 14 of the Act (the “Inspection”), which identified a number of contraventions by EAF in relation to the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (the “Code”), and the opening of a formal investigation (the “Investigation”), the Authority has deemed it appropriate, necessary and proportionate, in all the circumstances, that EAF be required to pay a civil penalty imposed under the Regulations.

    1.4 The Regulations allow for penalties to be imposed at two levels depending on the seriousness of the contraventions of the Code identified. Penalties imposed equate to a percentage of the relevant person’s income (as such terms are defined in the Regulations). In this instance, the Authority has deemed that the contraventions of the Code identified, in all of the circumstances, merit that a civil penalty be imposed in the higher, Level 2, penalty bracket.

    1.5 The civil penalty imposed on EAF is the sum of £2,640 which is discounted by 10% to £2,376 (the “Civil Penalty”).

    1.6 The level of the Civil Penalty reflects the fact that EAF co-operated with the Authority and agreed settlement at an early stage.

    1.7 As with all discretionary civil penalties issued by the Authority, the level of the Civil Penalty is calculated as a percentage of EAF’s relevant annual income at the time that the contraventions noted within this public statement were identified. The absolute amount of the Civil Penalty relative to other civil penalties that have been issued by the Authority previously is not necessarily indicative of the seriousness of the contraventions and is determined each time on the facts of a particular matter and regard is had by the Authority to the level and the percentage of civil penalties imposed in other matters. In determining the Civil Penalty, the Authority considered mitigating factors specific to the circumstances of this case.  

     

    2. Background

    2.1 EAF is a sole practitioner who at all material times has been registered with the Authority as an External Accountant, Tax Adviser and Payroll Agent under the Designated Business (Registrations and Oversight) Act 2015.

    2.2 The Authority’s on-site Inspection in June 2024 and the subsequent Investigation identified a significant number of contraventions of the Code by EAF (the “contraventions”).

    2.3 The contraventions were systemic and longstanding, reaching back to EAF’s initial registration under the Act in 2019, evidencing that EAF had materially contravened the Code over a significant period.

    2.4 EAF’s failure to establish, record, operate and maintain adequate AML/CFT procedures and controls, as required by the Code, increases the vulnerability of EAF being used for money laundering or terrorist financing (including proliferation financing).

    2.5 EAF has engaged positively with the Authority throughout this matter in a timely and constructive manner.

     

    3. Key Findings from Inspection Report and Investigation

    Contraventions of the Code identified by the Inspection and Investigation included:

    3.1 EAF failed to establish, record, operate or maintain procedures and controls relating to its Business Risk Assessment (“BRA”), Customer Risk Assessment (“CRA”), customer screening, ongoing monitoring, including transaction monitoring, and monitoring and testing compliance with the AML/CFT legislation (paragraph 4 of the Code).

    3.2 EAF failed to carry out a BRA and therefore failed to estimate the risk of ML/FT posed by his business and customers (paragraph 5 of the Code).

    3.3 EAF failed to carry out CRAs for his customers and therefore failed to estimate the risk of ML/FT posed by his customers (paragraph 6 of the Code).

    3.4 EAF failed to carry out a Technology Risk assessment and therefore failed to estimate the risk of ML/FT posed by his customers (paragraph 7 of the Code).

    3.5 EAF failed to establish, record, or maintain Customer Due Dilligence information such as onboarding, photo identification or proof of address documents, in relation to New Business Relationships, therefore failing to take reasonable measures to verify the identity of new customers and not taking reasonable measures to establish the source of funds of new clients (paragraph 8 of the Code).

    3.6 EAF, in relation to his customers who were not a natural person, failed to adequately identify the beneficial owner as required by the Code (paragraph 12 of the Code).

    3.7 EAF, in relation to his customers, failed to perform, record or document Ongoing Monitoring as required by the Code, and undertook no Ongoing Monitoring or screening of customers to check for exposure to sanctions, Politically Exposed Person or adverse information as required by the Code. EAF’s failure to establish Source of Funds (“SOF”) before a business relationship was entered into meant he was not in a position to scrutinise transactions to determine whether or not they were consistent with the expected SOF of a transaction. As no CRAs were undertaken, EAF was unable to determine whether transactions were consistent with the customer’s business and risk profile (paragraph 13 of the Code).

    3.8 EAF did not establish, record, maintain or operate appropriate procedures and controls for the purpose of determining whether any customer (amongst other individuals) was, or subsequently became, a Politically Exposed Person (paragraph 14 of the Code).

    3.9 EAF did not establish and maintain separate registers to record internal disclosures, external disclosures, or any other disclosures to the Financial Intelligence Unit (paragraph 28 of the Code).

    3.10 EAF failed to establish, record, maintain and operate appropriate procedures and controls for monitoring and testing compliance with the AML/CFT legislation. EAF failed to produce reports in accordance with the requirements of paragraph 30(2) of the Code. Such reports are required at least annually and serve as a confirmation of the firm’s adherence to its legal obligations and the robustness of its AML/CFT framework (paragraph 30 of the Code).

    3.11 EAF failed to provide or arrange staff AML/CFT education and training as required by the Code (paragraph 32 of the Code).

    3.12 EAF failed to adequately meet the record keeping and record retention requirements of the Code (paragraphs 33 & 34 of the Code).

    4. Key Learning Points for Industry

    4.1 The Island’s National Risk Assessment currently assesses the accountancy sector’s level of risk for money laundering as medium, with the risk of terrorist financing being assessed as medium Low. The comparative size of the accountancy sector in the Isle of Man, the wide breadth of activities, the range of businesses from sole practitioners up to large international firms and the attractiveness of the sector to criminals are some of the factors that have led to the money laundering risk rating. It is recognised that accountants have knowledge and specific technical abilities which can make them attractive to professional money launderers and that the accounting sector may be used by money launderers to provide additional layers of legitimacy to criminal financial arrangements, especially where large sums may be involved. Whilst accountants and tax advisers do not ordinarily handle funds, they will often see more of a customer’s overall affairs than any other single financial institution or designated business. It is therefore important that all firms in this sector understand the sector specific AML/CFT risks to their businesses, in order to adequately mitigate those risks.

    4.2 Having understood the ML/FT risks they are exposed to, relevant persons must establish procedures and controls to maintain an appropriate risk framework including a BRA, CRA and TRA which must be recorded. The relevant person must operate these procedures and controls, meaning they must undertake the relevant risk assessments according to those procedures. Relevant persons must also maintain their risk assessment procedures to ensure they remain effective and up to date enabling the relevant person to manage and mitigate their ML/FT risks. This involves reviewing their procedures and documenting updates to those procedures as well as capturing the rationale for any variations from it. Such procedures and controls must be risk based meaning they should be tailored and proportionate to the relevant person’s particular circumstances.”

    4.3 Whilst the size, nature and scale of a relevant person’s business are factors that can be taken into consideration in developing its risk framework, compliance with the Code is mandatory. All firms undertaking business in the regulated sector have an obligation to conduct their affairs in a manner that adequately mitigates the risks faced by it in order to ensure that the Isle of Man retains its reputation as a responsible, and well regulated, international financial centre. Compliance with the Code is the cornerstone of mitigating those risks.

    4.4 The Authority has a dedicated AML/CFT section on its website where sector specific guidance for Accountants and Tax Advisers; and Payroll Agents can be found alongside the AML/CFT requirements and links to useful AML/CFT resources.

    4.5 The Authority is committed to taking reasonable, proportionate, and appropriate action to address contraventions of the Code in order to help it achieve its regulatory objectives of protecting consumers, reducing financial crime and maintaining the reputation of the Isle of Man’s finance sector through effective regulation.

    MIL OSI Economics –

  • MIL-OSI: Button Unveils “Creator Media,” Empowering the Creator Economy with Retail Media Alongside Leading Creator Companies at Cannes Lions, Following Major New Funding by PSG

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) — Button, the creator commerce and retail media platform, today announced its newest innovation, “Creator Media,” in a groundbreaking partnership with leading creator companies. The new solution was officially unveiled today at the Cannes Lions International Festival of Creativity, where one year ago, Button introduced its innovative Retail Media Inventory Solution in partnership with industry giants. Today marks the exciting expansion of that product. Button has extended the same infrastructure beyond retailers and publishers, now to creators and networks, connecting the dots between content, commerce, and conversion.

    This announcement follows a strategic growth investment from PSG, a leading growth equity firm that specializes in partnering with software and technology-enabled services companies to capitalize on transformational growth.

    Button’s announcement of Creator Media capitalizes on the explosive growth of both the creator economy, currently estimated at over $250 billion, and the rapidly expanding retail media sector, which is expected to surpass $180 billion in market size in 2025. These advancements have been driven by brands increasingly prioritizing reaching users and seeking to find high-intent offsite partners that will re-engage users and drive brand sales.

    Creator Media, powered by Button and in partnership with a collection of industry leading creator companies, seamlessly integrates retail media strategies into creator content – enabling brands, sellers, and the manufacturers of products to connect performance budgets to creators.

    Creator Media and the interest surrounding this launch validate that the largest trends of the year are combining. This convergence is fostering a tidal wave of change and opportunity, bigger than what the advertising industry has seen since the advent in mobile.

    By enabling creator networks and their creators to have unprecedented opportunities to monetize their influence by driving measurable sales of brands, sellers, and manufacturers’ products, a new opportunity for growth is emerging for creators. In the same way, brands gain access to authentic and engaging content from trusted voices, enhancing their exposure in performant and transparent ways that were previously hard to scale.

    “The launch of Creator Media marks a pivotal moment in recognizing the immense value creators bring to the commerce landscape,” said Michael Jaconi, Co-Founder and CEO of Button. “By introducing this capability, we’re betting on our role as an underpinning of this economy – one built to help creator networks, creator agencies, and their retail partners unveil new ways to create more value together. We see ourselves as the infrastructure of the creator economy, and every day, we’re inventing solutions that give our creator platform partners and our retail partners more ways to grow.”

    Evan Wray, President at Later, shared, “Button is always pushing the envelope on innovation and testing of new concepts in the market. The combination of brand and seller budgets alongside creators’ high intent traffic is a recipe for success that Later and Mavely is excited to be building upon.”

    Sam Else, Senior Director of Business Development at Linktree, shared, “After integrating Button into our Linktree Shops program, the conversion rate on product purchases increased, enabling creators on our platform to make more money.”

    What is Creator Media?

    Button’s newest feature leveraging the Button infrastructure, enabling retail media inventory and retail media powered links from these 3 marketer types to be seamlessly enabled in Creators’ campaign creation processes.

    How it works for users?

    While users are shopping, they’ll either see new content on creator pages through sponsored content widgets or through landing pages that populate along their shopping journeys. These experiences provide access to products that complement their current shopping experience.

    How it works for Creators?

    As creators create content, they’ll be prompted with specific Creator Media campaigns that are relevant to the content they’ve created in the past or that they’re in the process of creating. At the tap of a Button, they’ll be able to activate these campaigns.

    How it works for Marketers?

    Today’s program is a closed beta, and companies that partner with Underscore, The Shelf, Mavely, and Linktree are the only companies with access today. If you’d like to participate, please reach out to marketing@usebutton.com.

    About Button

    Button is the leading mobile commerce and retail media platform built for the creator economy. Powering frictionless commerce experiences between the world’s largest retailers, publishers, and creator networks, Button is one of the largest independent drivers of commerce on the internet. Button drives over $1B in commerce per month, and has been named a best place to work every year since its founding. It’s now backed by PSG, one of the world’s most renowned growth equity companies.

    About PSG

    PSG is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities, and build strong teams. Having backed more than 150 companies and facilitated over 520 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, London, Madrid, Paris, and Tel-Aviv.

    Contact: 
    Rachel@samsonpr.com

    The MIL Network –

  • MIL-OSI China: Bamboo boom: Anji’s bamboo industry drives green development

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

    China SCIO | June 17, 2025

    Photo taken on June 12, 2025 shows the view of Yucun village of Anji county, eastern China’s Zhejiang province. Anji county has made great efforts to promote the green development in rural areas. [Photo by Cui Can/China SCIO]

    In the lush hills of Anji county, eastern China’s Zhejiang province, summer comes with the dense, whispering green of bamboo forests. Here, a single stalk of bamboo, humble and fast-growing, can find its way into upscale European restaurants as sleek dinnerware, or appear as a minimalist bamboo lamp on the shelves of MUJI and IKEA stores worldwide.

    With about 720 square kilometers of bamboo groves, Anji has embraced bamboo as both a cultural symbol and an economic resource. Today, it is emerging as a pioneer in developing bamboo industry to drive green development. 

    “Bamboo is not only tough and durable, but also renewable,” said Liu Yu, chief expert of the Zhejiang Provincial Department of Ecology and Environment. “Compared to wood, which can take over a decade to mature, bamboo is harvest-ready in just four to six years and can regrow without replanting.”

    Liu also noted that responsible harvesting benefits the ecosystem. “If left uncut, bamboo becomes prone to disease and pests. Its aggressive root system can also outcompete other plant life, reducing biodiversity.”

    A worker processes bamboo at a company in Anji county of Huzhou city, Zhejiang province, June 13, 2025. [Photo by Cui Can/China SCIO]

    To harness bamboo’s environmental potential, China in 2022 launched a “Bamboo as a Substitute for Plastic” initiative in collaboration with the International Bamboo and Rattan Organization. A year later, the National Development and Reform Commission and several other government departments introduced a three-year action plan to accelerate initiative. Anji was named one of the program’s first demonstration bases.

    Currently, more than 1,000 enterprises in Anji are involved in the bamboo industry, over 40 of which are large-scale operations. Around 70% of their products are exported to markets like the U.S., Europe, Japan, and South Korea, said Zhou Jihui, who oversees the “Bamboo for Plastic” project at Anji Development and Reform Bureau.

    Photo taken on June 13, 2025 shows the bamboo packaging, lighting, and tableware produced by a company in Anji county of Huzhou city, Zhejiang province. [Photo by Cui Can/China SCIO]

    Zhejiang Fenghui Bamboo and Wooden Products Co. Ltd., founded in 1990, is one of Anji’s largest bamboo manufacturers and exporters. When General Manager Liang Fenghui took over the business from his father in 2014, the company focused on low-value raw products like bamboo poles and fences. “The profit margins were slim, and environmental standards were rising. Many companies shut down, and some bamboo forests were abandoned,” he recalled. “We had to transform.”

    The company began to invest in developing a more diversified product line, ranging from bamboo kitchenware and dining items to garden products. It now offers a portfolio of over 1,000 bamboo products.

    And as Anji aligns itself with China’s broader green development strategy, local bamboo manufacturers like Fenghui are making sustainability a priority. “Our production process is now cleaner, and we’ve developed machinery that improves material utilization by at least 20%,” Liang said. 

    Today, Bamboo tableware accounts for 60% of the company’s revenue. It exports bamboo packaging, lighting, and tableware to clients across Japan, France, Spain, and the U.S. In 2024, the company’s export value reached 150 million yuan (about US$21 million), with Japan and France each accounting for 20% of sales, and the U.S. around 10%.

    According to Zhou of Anji Development and Reform Bureau, the county’s bamboo sector has improved incomes for more than 51,000 local farming households. In 2024 alone, bamboo-related income increased each household’s earnings by an average of 6,500 yuan. “And 167 village collectives each saw their revenues grow by more than 1 million yuan,” she said.

    Photo taken on June 13, 2025 shows bamboo tableware at a company in Anji county of Huzhou city, Zhejiang Province. [Photo by Cui Can/China SCIO]

    As Anji accelerates its “Bamboo for Plastic” initiative, the county has been exploring more ways to bring bamboo into everyday life. In hospitality, bamboo toothbrushes, combs, and takeaway cutlery are replacing plastics. In local markets, plastic bags have been gradually phased out in favor of biodegradable ones made from bamboo powder. “They decompose within three months and are stronger than plastics,” Zhou noted.

    And whereas plastic products are generally cheaper than bamboo products of the same kind, Zhou said price isn’t always the key concern. “Consumers, especially in hospitality, often care more about the product’s look and whether it matches their brand image than about the cost. That gives us more room to innovate.”

    To meet this rising demand, Liang is investing in design and branding. “We’re incorporating traditional Chinese cultural elements into packaging and product design to appeal to younger consumers. And with cross-border e-commerce platforms, we’re reaching more global audiences.”

    In 2024, the total output value of Anji’s bamboo industry reached 19.2 billion yuan, up 7% over the previous year, according to Zhou. “That was nearly 2.6 billion yuan more than in 2022. The growth momentum is very strong.”

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Algernon Yau to visit France

    Source: Hong Kong Information Services

    Secretary for Commerce & Economic Development Algernon Yau will depart this evening for France, where he will visit Toulouse, Bordeaux, Cognac and Paris to promote Hong Kong’s favourable business environment and its advantages as a wine and liquor trading hub. 

    During the trip, the commerce chief will meet representatives of the French business sector and attend business roundtables to exchange views with local wine and liquor producers.

    He will also attend the China Forum 2025, organised by Business France, to promote Hong Kong’s unique role as a gateway to the Mainland market.

    Mr Yau will return to Hong Kong on the morning of June 26. During his absence, Under Secretary for Commerce & Economic Development Bernard Chan will be Acting Secretary.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Ambassador Douglas Yu-Tien Hsu and Director General David Cheng-Wei Wu Attend ATBC Australia–Taiwan Young Business Leaders (YBL) Program Successful Candidates Announcement Ceremony

    Source: Republic of China Taiwan

    Taiwan in Australia Ambassador Douglas Yu-Tien Hsu and Taiwan in Sydney Director General David Cheng-Wei Wu were pleased to attend the announcement ceremony for the successful candidates of the Australia–Taiwan Young Business Leaders (YBL) Program, hosted by the Australia-Taiwan Business Council (ATBC) and the Chinese International Economic Cooperation Association (CIECA), with the Australian Office in Taipei joining virtually.
    Ambassador Hsu noted that the YBL Program, supported by the National Foundation for Australia-China Relations, reflects the shared commitment of Taiwan and Australia to deepening economic cooperation, fostering talent, and pursuing a sustainable and innovative future. He thanked ATBC CEO Ching-Mei Maddock for uniting key partners and encouraged participants to lead boldly and collaborate openly in shaping a resilient, inclusive future。
    Robert Fergusson, Representative of the Australian Office in Taipei, highlighted that while Taiwan and Australia maintain strong cooperation in traditional sectors such as energy, natural resources, and agriculture, the program showcases growing potential in forward-looking fields including renewable energy, biotech, semiconductors, and AI.
    ATBC Chairman John Toigo emphasized that this initiative builds on the success of the 2022 pilot “Australia-Taiwan Emerging Business Leaders Program “, and reminded young leaders that sincere trust remains the foundation of lasting business relationships.
    CIECA Secretary-General Frank Wu encouraged the selected youth leaders to leverage this platform to broaden their global outlook, deepen cross-border partnerships, and become new drivers of Taiwan–Australia cooperation and regional sustainability.
    Sincere appreciation to ATBC and CIECA for leading this important initiative. May the program empower every participant to forge meaningful partnerships and drive new momentum in Australia–Taiwan collaboration.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SCED to visit France

    Source: Hong Kong Government special administrative region

    SCED to visit France　　
         During the trip, Mr Yau will meet with the French business sector and attend business roundtables to exchange views with local wine and liquor producers. He will also attend the China Forum 2025 organised by Business France to promote Hong Kong’s unique role as a gateway to the Mainland market. 
     
         Mr Yau will return to Hong Kong on June 26 morning. The Under Secretary for Commerce and Economic Development, Dr Bernard Chan, will be the Acting Secretary for Commerce and Economic Development during Mr Yau’s absence.
    Issued at HKT 12:29

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Protecting buyers from dodgy car sales

    Source: Australian Capital Territory Policing

    Consumer Affairs Victoria is pursuing legal action to protect consumers from car sellers who break the law.

    It’s currently targeting licensed and unlicensed sellers whose conduct has undermined consumers’ rights when buying a used car.

    Two companies operating car businesses in Dandenong and Cranbourne were recently suspended from trading. They had failed to deliver cars to customers, to pay or transfer stamp duty, and to return deposits on cancelled contracts.

    More than 200 customers have so far claimed over $330,000 from the Motor Car Traders Guarantee Fund, after losing money dealing with CMG Automotive and CHM Motors. The fund compensates Victorians who suffer financial loss as the result of dealing with a licensed car business that breaks the law.

    Consumer Affairs is now asking VCAT to permanently cancel CMG Automotive’s licence.

    In a separate case, unlicensed car trader Zequn Wang, was recently convicted and fined $25,000. Wang bought or sold 84 cars between January 2022 and September 2023. This is far greater than the four cars per year limit you can trade without a licence.

    The Office of Public Prosecutions has now launched an appeal on Consumer Affairs’ behalf to the County Court, believing the sentence handed down was inadequate.

    In Victoria, unlicensed traders face maximum penalties of up to $19,000, or 15% of the sale price, for each car they buy, sell or exchange.

    Buying a used car? Things you need to know

    Consumer Affairs also provides information and advice so Victorians can make informed choices when buying a car.

    For many people, it’s one of the biggest purchases they’ll make. Understanding your rights can help you to be happy on the road.

    A new campaign will promote the laws that protect you when you’re buying a second-hand car. Demand for used cars rose 12% nationally last year.

    Buying from a licensed trader provides a cooling-off period, clear title and warranty. Combined with having access to compensation from the Motor Car Traders Guarantee Fund if things go wrong, these are strong protections not available if you buy from an unlicensed seller.

    Learn more about buying a used car safely and follow Consumer Affairs Victoria on Instagram.

    MIL OSI News –

  • MIL-OSI Security: Florida Man Sentenced to 100 Months’ Imprisonment for Wire Fraud and Tax Evasion

    Source: Office of United States Attorneys

    Robert Rahrle Operated a Fake Business Purporting to Send Gift Baskets into Prisons

    SYRACUSE, NEW YORK – Robert Rahrle, age 35, formerly of Florida and now residing in the Northern District of New York, was sentenced last week to 100 months’ imprisonment to be followed by 3 years of supervised release for wire fraud and tax evasion. United States Attorney John A. Sarcone III and Harry T. Chavis, Special Agent in Charge of the New York Field Office, Internal Revenue Service, Criminal Investigation (IRS-CI), made the announcement.

    As part of his previously entered guilty plea, Rahrle admitted that from 2017 through 2024, he ran a fraudulent online gift basket website called iCare Gifting Solutions LLC.  iCare purported to cater to families of incarcerated individuals, promising to send care packages into prisons.  iCare charged hundreds of customers approximately $50 per gift basket but never sent the gift packages.

    In addition to defrauding iCare’s customers, Rahrle evaded his federal taxes. He self-prepared and filed tax returns for tax years 2017 and 2018 that falsely reported business losses and failed to report hundreds of thousands of dollars of gross receipts.

    Senior United States District Judge Glenn T. Suddaby also ordered Rahrle to pay a $2,000,000 money judgment and $178,651 in restitution to the Internal Revenue Service with restitution to the individual victims of Rahrle’s fraud offense to be determined at a later date.

    U.S. Attorney Sarcone said: “Driven by greed, Rahrle operated a years’ long fraud scheme scamming people out of millions of dollars.  For that he will pay a high price a spend the next 8 years in federal prison.  My office will vigorously pursue consumer scam artists like the defendant to protect the public and the public fisc.”

    “Mr. Rahrle took advantage of those who wanted to help others and literally did not deliver what was promised.  While care packages were left unsent, he pocketed the money with little regard of the consequences.  This sentence sees to it that Mr. Rahrle will spend a lot of time behind bars, and perhaps he’ll learn firsthand the potential value of a legitimate care package business,” said Harry T. Chavis, Special Agent in Charge of IRS-CI New York.

    This case was investigated by IRS-CI, the United States Postal Inspection Service (USPIS), and the Criminal Investigation Division of the U.S. Secret Service. It is being prosecuted by Assistant United States Attorney Michael D. Gadarian.

    MIL Security OSI –

  • India, Cyprus unveil strategic roadmap, strongly condemn Pahalgam terror attack

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi’s official visit to Cyprus concluded with the adoption of a Joint Declaration outlining a roadmap for deepened strategic cooperation between the two nations, according to a press release issued by the Prime Minister’s Office.

    The Ministry of External Affairs and the Government of Cyprus also released coordinated statements underscoring the breadth of this renewed partnership. As per the PMO release, Cyprus expressed solidarity and unwavering support to India in its fight against cross-border terrorism and strongly condemned the recent terrorist attacks in Pahalgam, Jammu and Kashmir.

    Both leaders “strongly condemned the gruesome killing of civilians in the recent heinous terrorist attacks in Pahalgam,” reiterating their zero-tolerance approach to terrorism. The press release also highlighted the shared commitment of both sides to strengthening EU-India relations.

    With Cyprus assuming the Presidency of the Council of the European Union in early 2026, both sides pledged to work towards the timely conclusion of the EU-India Free Trade Agreement by the end of 2025, calling it a move of “significant economic and strategic potential.”

    According to the release, Prime Minister Modi’s visit — the first by an Indian Prime Minister to Cyprus in over two decades — was described as a “historic milestone” that “reaffirms the deep and enduring friendship between the two nations.”The visit was seen as a celebration of a shared past and a “forward-looking partnership” rooted in strategic vision and mutual trust.

    The declaration noted that both leaders held wide-ranging discussions on bilateral, regional, and global issues, acknowledging growing cooperation in economic, technological, and people-to-people domains. Cyprus and India committed to furthering collaboration “as trusted and indispensable partners contributing to regional and global peace, prosperity, and stability.”

    The joint declaration reaffirmed both sides’ shared values–democracy, multilateralism, rule of law, and sustainable development–and their support for a rules-based international order grounded in the UN Charter and international law.

    Both leaders emphasized the importance of UNCLOS in securing freedom of navigation and maritime sovereignty. Cyprus reiterated support for India’s permanent membership in a reformed United Nations Security Council.

    Both countries agreed to coordinate closely within the UN, Commonwealth, and other international organizations, including supporting each other’s multilateral candidacies. The release also detailed the two sides’ agreement to hold regular political dialogue, led by their respective foreign ministries, and to implement a bilateral Action Plan to guide cooperation across key sectors.

    On defence and security, both nations reaffirmed their zero-tolerance approach to terrorism, condemned terrorism in all its forms, and emphasized dismantling terrorist infrastructure and financing. Cyprus expressed solidarity with India’s fight against cross-border terrorism, and the two sides emphasized accountability for perpetrators.

    Recognizing the changing global security environment, the leaders stressed the importance of enhancing strategic autonomy, cyber defence, and maritime cooperation. They agreed to explore greater naval collaboration, port calls, and joint maritime training.

    The declaration further underlined the importance of institutional cooperation in emergency preparedness and crisis response, including evacuation and Search and Rescue (SAR) efforts. On connectivity, Cyprus and India reiterated the significance of the India-Middle East-Europe Economic Corridor (IMEC) as a multi-nodal initiative to promote economic integration and regional stability.

    Cyprus was described as a gateway into Europe and welcomed as a hub for Indian maritime and logistics enterprises. In the areas of trade, innovation, and technology, both leaders supported expanding bilateral trade and investment.

    They called for a Cyprus-India Business Forum and supported enhanced collaboration in innovation, artificial intelligence, and digital infrastructure. The release also mentioned plans to finalize a related MoU to promote research and tech partnerships. Acknowledging people-to-people ties as a strategic pillar, the declaration confirmed efforts to finalize a Mobility Pilot Program Arrangement by the end of 2025. Both sides also agreed to improve tourism and explore direct air connectivity.

    An agreement to prepare a comprehensive 2025-2029 Action Plan to steer bilateral relations was included in the joint declaration, under the supervision of the foreign ministries of both countries. (ANI)

  • MIL-OSI USA: Ernst Meets with Local Iowa Leaders

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    RED OAK, Iowa – Over the past few weeks, U.S. Senator Joni Ernst (R-Iowa) has met with local leaders representing cities and chambers of commerce across Iowa to discuss their top priorities.
    Ernst’s discussions included the Siouxland Chamber of Commerce, the Greater Des Moines Partnership, the Ames Regional Economic Alliance, the Dubuque Area Chamber of Commerce, the Quad Cities Chamber, and the City of Cedar Rapids.
    “Whether traveling River to River or in meetings with constituents, hearing directly from folks at home about the issues that matter most to them is essential to my efforts to bring Iowa common sense and values to Washington,” said Senator Ernst. “From my work to resolve Urbandale’s ZIP code boundary dispute and standing up for the National Guard’s 185th Air Refueling Wing in Sioux City to unleashing small business innovation as Chair of the Senate Small Business and Entrepreneurship Committee, I will always bring Iowans’ concerns to the highest levels.”

    Ernst meets with leaders from the City of Bondurant.
    Download photos from more of her meetings here.
    See what local leaders are saying about Ernst’s work for Iowans:
    “For 70 years, the Siouxland Chamber of Commerce has descended upon our nation’s capital to share our primary concerns, priorities, and political positions,” said Chris McGowan, President of the Siouxland Chamber of Commerce. “With this in mind, we are here this week, with over 40 Siouxland business leaders, to advocate for our tri-state community with our federal elected officials, including United States Senator Joni Ernst.”
    “Strong businesses create strong communities. The Dubuque Area Chamber of Commerce met with the Iowa delegation to underscore the importance of certainty to guarantee investment in our communities,”said Molly Grover, President of the Dubuque Area Chamber of Commerce. “We’re here with our community leaders from the public and private sector to advocate for a robust business climate conducive to economic job growth and development as well as a more vibrant and prosperous Dubuque.”
    “We are incredibly grateful for Senator Ernst’s support for Iowa, including to create high-quality jobs and a stable tax base,” said Hollie Zajicek, Director of the Economic Development Director for the City of Norwalk and Commissioner of the Greater Des Moines Sister Cities Commission. “I remember working with Senator Ernst years ago when she was the auditor for Montgomery County. I’m proud to say she’s the same person now that she was then; genuine, kind, hardworking, brave, and always doing the right thing for taxpayers, the great state of Iowa, and our amazing United States of America. We look forward to her continuous work to put Iowans first for many years to come.” 
    “We greatly appreciate discussing the issues that are most important to our community with Senator Ernst and her staff while in Washington, D.C.,” said Bob Andeweg, Mayor of the City of Urbandale.“The Senator has a proven track record of not only listening to our needs and concerns but taking action to address them and serve Iowans. Look no further than her work to resolve the ongoing ZIP code boundary dispute in Urbandale. She has been a leader in resolving this issue to get our residents the timely and efficient mail service they need.”
    “It was an honor to join Senator Ernst in Washington, D.C., and advocate alongside fellow Chamber leaders and city officials on key issues impacting the Des Moines region,” said Tiffany Menke, President of the Urbandale Chamber of Commerce. “For Urbandale, one of the most pressing concerns is the ZIP code boundary challenge, which affects everything from business perception to service delivery. We’re grateful for Senator Ernst’s openness to hearing our concerns and her ongoing commitment to supporting Iowa’s local economies through responsive, informed policymaking.”
    “The Partnership trip provides an opportunity for us to come together and advocate for the issues we see as most impactful to Central Iowa,” said Doug Elrod, Mayor of the City of Bondurant. “Senator Ernst takes the time to dig in and understand these, along with the specific issues which are important for Bondurant.  We feel she knows our community and has been with us along our journey. We are thankful to the Senator and her team for their service to Central Iowa and Bondurant!”
    “Meeting with Senator Ernst and her staff in Washington, DC is a critical opportunity for our members and community stakeholders to ensure their voices are heard at the highest levels,” said Dan Culhane, President and CEO of the Ames Regional Economic Alliance. “These visits strengthen our advocacy efforts and reinforce our shared priorities, which is why we place such a strong emphasis on being present and engaged in our nation’s capital.”
    “We were proud to represent Cedar Rapids in Washington, D.C. this week, meeting with members of our federal delegation and key administration officials to advocate for critical infrastructure and economic development projects,” said Tiffany O’Donnell, Mayor of the City of Cedar Rapids. “We explored targeted grant opportunities and strengthened federal partnerships to help turn today’s conversations into tomorrow’s benefits for our community. We also expressed our appreciation for Senator Ernst’s continued support in advancing important projects like our Flood Control System and 8th Avenue Bridge replacement.”

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Names Small Business of the Week, PowerTech

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    Published: June 16, 2025

    Throughout this Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.

    RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Small Business Committee, today announced her Small Business of the Week: PowerTech of Pottawattamie County. Throughout the 119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    “Josh and Cody have generated a company that delivers not just expertise, but heart,” said Chair Ernst. “From emergency response to community outreach, PowerTech provides top-tier electrical services that truly spark trust across commercial, industrial, and residential clients in Iowa. Operating out of multiple state-of-the-art facilities, they’ve become a current leader in the Council Bluffs community.”

    Download photos from Ernst’s recent visit to PowerTech here.
    Since acquiring the business in 2016, longtime friends Josh Kallsen and Cody Forristall have transformed PowerTech into one of the Midwest’s premier electrical service providers. Headquartered in Council Bluffs, the company offers 24/7 facility maintenance, generator services, emergency response, and comprehensive electrical solutions for residential, commercial, and industrial clients. In 2020, they launched Power to Give, a philanthropic initiative that supports employee volunteerism with local nonprofits – particularly those serving children and mental health causes. Through their PowerTech Cares Program, they donate electrical services to a family in need each month.
    Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

    MIL OSI USA News –

  • MIL-OSI Banking: RM of BTS Becomes Samsung Art TV Global Ambassador

    Source: Samsung

    ▲ RM, a global icon and a widely respected art connoisseur, has become the official face of Samsung Art TVs. As an ambassador, he will share his commentary on artwork via Samsung Art Store, inviting users and fans to explore the world of art through his unique lens. (Photo courtesy of BIGHIT MUSIC)
     
    Samsung Electronics today announced RM of 21st century pop icons BTS as the official ambassador for Samsung Art TVs.1 The appointment is one of RM’s official activities following his highly anticipated return from mandatory military service in Korea.
     
    As a globally recognized art connoisseur, RM has made headlines for his deep appreciation of the arts, including visits to leading museums and his private collection of contemporary artwork. Now, in his role as Samsung Art TV ambassador, RM will bring his distinctive voice and passion for visual art to Samsung TV users around the world.
     
    “RM’s passion for art and culture deeply resonates with our vision to make art more accessible through technology,” said Hun Lee, Executive Vice President of the Visual Display (VD) Business at Samsung Electronics. “We’re thrilled to welcome him as the ambassador for Samsung Art TVs, and we believe his voice will inspire a new generation to explore the world of art in meaningful, personal ways.”
     

     
    Samsung Art TVs, known for their fusion of advanced display technology and artistic expression, serve as immersive platforms where art comes to life. Through Samsung Art Store2 — a subscription-based service featuring over 3,500 high-resolution artworks in 4K — users can now enjoy curated content with insights from RM himself. His personal reflections and commentary on select works will be accessible directly on Samsung Art Store, providing fans and art enthusiasts with a unique window into his aesthetic sensibilities.
     
    “As someone who finds deep inspiration and comfort in art, I’m honored to partner with Samsung to share my journey and love for visual creativity,” said RM. “Through this collaboration, I hope more people can connect with art in their everyday lives — just like I do.”
     
    As part of his new role, RM will appear at Art Basel, which is one of the world’s premier international art fairs and is held in Basel, Switzerland. There, he will host a special session to share his thoughts on contemporary art, collecting and the cultural significance of visual storytelling. Highlights from this event, including exclusive insights and behind-the-scenes moments, will be published on the Samsung Global Newsroom.
     
    RM’s partnership with Samsung Art TVs sets the stage for a new dialogue between art, technology and global pop culture. Through this collaboration, Samsung continues to elevate its commitment to making world-class art more accessible and personal — now with RM as the bridge between fans and the art world.
     
    For more information, visit www.samsung.com.
     
     
    About RM of BTS
    RM (Kim, Namjun) is a South Korean rapper, songwriter, music producer and the leader of 21st century pop icons BTS. His discography includes solo mixtapes RM (March 2015) and mono. (October 2018), as well as solo albums Indigo (December 2022) and Right Place, Wrong Person (May 2024), which showcase his remarkable versatility across genres. As a creative powerhouse and avid art enthusiast, RM is renowned for crafting profound lyrics often inspired by various art forms. His flexible and philosophical approach to music and ability to push creative boundaries with cutting-edge collaborations has led him to work with a diverse range of artists, including Erykah Badu, Anderson .Paak, Lil Nas X, HONNE, Mahalia, and more. On May 24, 2024, RM released his critically-acclaimed second solo album Right Place, Wrong Person.
     
     
    1 Samsung Art TVs include MICRO LED, The Frame, The Frame Pro, Neo QLED 8K, Neo QLED and QLED models starting from Q7F and above.
    2 Samsung Art Store is an art subscription service available on Samsung Art TVs, including The Frame, NEO QLEDs and QLEDs. Currently available in 117 countries around the world, Samsung Art Store offers over 70 partners and 3,500 artworks in 4K quality. Through Samsung Art Store, subscribers can enjoy artwork from world-class galleries and masters at home and use it to create new interior designs every day.

    MIL OSI Global Banks –