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Category: Commerce

  • MIL-OSI: NowVertical Secures Up to $26 Million USD in Financing with HSBC to Fuel Growth

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 30, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NowVertical” or the “Company“), a leading data and AI solutions provider, announced that NowVertical, NowVertical UK Ltd. and NowVertical Group, Inc. and certain of their affiliates have entered into a senior secured facilities agreement (the “Facilities Agreement”) with HSBC UK Bank plc (“HSBC”), as arranger, original lender and agent. Unless otherwise specified, all dollar amounts are expressed in U.S. dollars.

    Pursuant to the Facilities Agreement, NowVertical UK Ltd. and NowVertical Group, Inc., as borrowers, have access to credit facilities of up to $18 million (together, the “Facilities”) which may be increased by up to an additional $8 million upon the approval of HSBC, for total credit of up to $26 million.

    “This Financing Agreement is truly transformational for NowVertical,” said Sandeep Mendiratta, CEO of NowVertical. “It simplifies our capital structure by consolidating debt previously spread across multiple lenders into a single, long-term facility with significantly improved terms. This provides immediate access to capital to fuel our organic growth under the ‘One Brand, One Business’ strategy, while also positioning us to pursue targeted, strategic acquisitions. Importantly, the Facilities give us the flexibility to renegotiate or fully retire our existing convertible loan, materially reducing our cost of capital and preserving our cash position. Combined with a shift from short-term to long-term debt, this strengthens our balance sheet and allows us to operate with greater agility. HSBC’s support reflects the institutional confidence we’ve unlocked by evolving into a single, integrated business—providing enhanced capital access and a stronger foundation for scalable, strategic growth.”

    “We are pleased to support NowVertical’s next phase of growth,” said Chris Winter, Senior Corporate Relationship Director at HSBC. “This partnership underscores our confidence in NowVertical’s vision and growth strategy.”

    Pursuant to the Facilities Agreement, the borrowers have access to the Facilities, a portion of which will be used to repay existing debt, with the remainder available for general working capital purposes and acquisitions. The Facilities consist of: (i) a $6 million term loan, amortizing equally over 5 years and maturing on the fifth anniversary of the Facilities Agreement; and (ii) a $12 million revolving credit facility with an initial 3-year term, which may be extended for up to an additional 24 months. In addition, amounts available under the revolving credit facility may be increased to $20 million upon the exercise of an accordion option and certain ancillary facilities, subject to HSBC’s consent.

    Amounts drawn under the Facilities shall bear interest at a competitive interest rate ranging from 2.25% per annum to 3.75% per annum in respect of the term loan and 1.75% per annum to 3.25% per annum in respect of the revolving credit facility, in each case above the SOFR floating rate, with rates increasing or decreasing based on NowVertical’s net leverage position. In addition, NowVertical is obligated to pay a commitment fee in respect of undrawn amounts available under the revolving credit facility. The initial blended interest rate on the Facilities is approximately 7.25%.

    In connection with entering into the Facilities Agreement, NowVertical will use amounts available under the Facilities to prepay certain existing term debt, including obligations to TD Bank and Export Development Canada. The obligations of the borrowers under the Facilities have been guaranteed by NowVertical and certain of NowVertical’s subsidiaries, including NowVertical UK Limited, NowVertical UK Holdings Limited, Acrotrend Solutions Limited, NowVertical Group, Inc., and Resonant Analytics, LLC (collectively, the “Guarantors”), and security granted by the Company and the Guarantors, including: (i) a pledge of all of the issued and outstanding shares of each of the material Guarantors; and (ii) a security interest in substantially all of the assets of the Company and certain of the Guarantors.

    Concurrently with the execution of the Facilities Agreement, NowVertical entered into a subordination agreement with HSBC and TSX Trust Company (“TSX Trust”), in its capacity as trustee under the debenture indenture dated as of October 5, 2022, pursuant to which TSX Trust confirmed the subordination of the amounts owing to the holders of senior unsecured convertible debentures to obligations of NowVertical under the Facilities Agreement.

    NowVertical is pleased to have worked with Fort Capital Partners as its advisor on this transaction.

    About NowVertical Group Inc.
    NowVertical is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services, the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions.

    For further details about NowVertical, please visit www.nowvertical.com.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    For further information, please contact:

    Andre Garber, CDO 
     IR@nowvertical.com 

    Investor Relations: Bristol Capital Ltd.
    Stefan Eftychiou
     stefan@bristolir.com
    +1(905)326-1888 x60 

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together “forward-looking statements“), including, with respect to the availability of funds under the Facilities, the ability of NowVertical to utilize funds under the Facilities, the effect of the Facilities on NowVertical’s operations contemplated in this press release on NowVertical’s business, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to service the Company’s debt; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2024. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network –

  • MIL-OSI Asia-Pac: CFS announces food safety report for April

    Source: Hong Kong Government special administrative region

    CFS announces food safety report for AprilIssued at HKT 15:00

    The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (May 30) released the findings of its food safety report for last month. The results of about 4 400 food samples tested (including food items purchased online) were found to be satisfactory except for four unsatisfactory samples that were announced earlier. The overall satisfactory rate was 99.9 per cent.

    A CFS spokesman said that about 1 200 food samples were collected for microbiological tests, and about 3 200 samples were taken for chemical and radiation level tests.

    The microbiological tests covered pathogens and hygiene indicators; the chemical tests included testing for pesticides, preservatives, metallic contaminants, colouring matters, veterinary drug residues and others; and the radiation-level tests included testing for radioactive caesium and iodine in samples collected from imported food from different regions.

    The samples comprised about 1 400 samples of vegetables and fruit and their products; about 400 samples of cereals, grains and their products; about 400 samples of meat and poultry and their products; about 700 samples of milk, milk products and frozen confections; about 500 samples of aquatic and related products; and about 1 000 samples of other food commodities (including beverages, bakery products and snacks).

    The four unsatisfactory samples comprised a prepackaged milk product sample detected with milk fat content not in compliance with the regulations, and three frozen confection samples found to contain coliform bacteria exceeding the legal limit.

    The CFS has taken follow-up actions on the above-mentioned unsatisfactory samples, including informing the vendors concerned of the test results, instructing them to stop selling the affected food items, and tracing the sources of the food items in question.

    The spokesman reminded the food trade to ensure that food is fit for human consumption and meets legal requirements. Consumers should patronise reliable shops when buying food and maintain a balanced diet to minimise food risks.

    Separately, in response to the Japanese Government’s discharge of nuclear-contaminated water at the Fukushima Nuclear Power Station, the CFS will continue enhancing the testing on imported Japanese food, and make reference to the risk assessment results to adjust relevant surveillance work in a timely manner. The CFS will announce every working day on its dedicated webpage (www.cfs.gov.hk/english/programme/programme_rafs/daily_japan_nuclear_incidents.html) the radiological test results of the samples of food imported from Japan, with a view to enabling the trade and members of the public to have a better grasp of the latest safety information.

    Ends/Friday, May 30, 2025
    Issued at HKT 15:00

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Survivor Assistance Available at Three New Locations

    Source: US Federal Emergency Management Agency

    Headline: Survivor Assistance Available at Three New Locations

    Survivor Assistance Available at Three New Locations

    LITTLE ROCK, Ark

    – The state of Arkansas, FEMA and the U

    S

    Small Business Administration have added three sites that offer face-to-face help for residents affected by the March 14-15 and April 2-22 severe storms, tornadoes and flooding

    Homeowners and renters in the impacted counties may be eligible for FEMA disaster assistance for losses not covered by insurance

    Specialists are available to help you apply for FEMA assistance, review your existing application and submit documents needed to move your application forward

    The new locations include:FULTON COUNTYHardy Fire Station203 Church StreetHardy, AR 72452Days: May 30 – June 7; hours: 9 a

    m

    to 6 p

    m

    Monday to Friday; 9 a

    m

    to 1 p

    m

    Saturday; Closed Sunday CRITTENDEN COUNTYEarle City Hall                                                                     1005 2nd StreetEarle, AR 72331 Days: June 2 – June 4; hours: 8 a

    m

    to 6 p

    m

     CRAIGHEAD COUNTYLake City – City Hall406 Court StreetLake City, AR 72437 Days: June 2 – June 4; hours: 8 a

    m

    to 6 p

    m

     Additional locations are listed online at x

    com/FEMARegion6 and facebook

    com/FEMARegion6/

    Survivors in Greene, Hot Spring, Independence, Izard, Jackson, Lawrence, Randolph, Sharp and Stone counties may apply for federal assistance if they had damage in the March storms

    Similarly, those who were affected by the April storms, tornadoes and flooding in Clark, Clay, Craighead, Crittenden, Desha, Fulton, Hot Spring, Jackson, Miller, Ouachita, Pulaski, Randolph, Saline, Sharp, St

    Francis and White counties may also apply

    Survivors affected by both the March and April storms should file a separate claim for each

    Here are the ways to apply:Go to DisasterAssistance

    govDownload the FEMA App for mobile devicesCall the FEMA Helpline at 800-621-3362 between 6 a

    m

    and 10 p

    m

    CT

    Help is available in most languages

     If you use a relay service, captioned telephone or other service, you can give FEMA your number for that service

    For an accessible video on how to apply for assistance, go to Three Ways to Register for FEMA Disaster Assistance – YouTube

    The Small Business Administration offers low-interest disaster loans to homeowners, renters, nonprofit organizations and businesses of any size

    To apply online, visit https://lending

    sba

    gov or call 800- 659-2955

    For people who are deaf, hard of hearing, or have a speech disability, dial 711 to access telecommunications relay services

    For the latest information about Arkansas’ recovery, visit fema

    gov/disaster/4865 or fema

    gov/disaster/4873

    Follow FEMA Region 6 on social media at x

    com/FEMARegion6 and at facebook

    com/FEMARegion6/

    thomas

    wise
    Fri, 05/30/2025 – 00:50

    MIL OSI USA News –

  • MIL-OSI USA: FEMA, SBA and the State of Texas Are Opening Additional Disaster Recovery Centers in South Texas

    Source: US Federal Emergency Management Agency

    Headline: FEMA, SBA and the State of Texas Are Opening Additional Disaster Recovery Centers in South Texas

    FEMA, SBA and the State of Texas Are Opening Additional Disaster Recovery Centers in South Texas

    AUSTIN – In coordination with the Texas Division of Emergency Management (TDEM), FEMA and U

    S

    Small Business Administration (SBA) staff will open three additional Disaster Recovery Centers (DRCs) on May 30 to offer face-to-face help to residents of the four South Texas counties affected by the severe storms and flooding that occurred March 26-28

    Homeowners and renters in Cameron, Hidalgo, Starr and Willacy counties may be eligible for FEMA assistance for losses not covered by insurance

    FEMA and SBA will support state-led recovery efforts at the recovery centers

    Staff can help survivors apply for federal assistance

    They can also identify potential needs and connect survivors with local, state and federal agencies, as well as nonprofits and community groups

    The new DRCs join the four already open in the affected counties

     All seven centers will be open Friday, May 30, and will remain open daily from 8 a

    m

    to 7 p

    m

    :Cameron CountyNEW: San Benito Parks and Recreation Building705 N Bowie St

    San Benito, TXHarlingen Convention Center701 Harlingen HeightsHarlingen, TX 78552Hidalgo CountyNEW: Las Palmas Community Center1921 N

    25th St

      McAllen, TX  NEW: Pharr Development & Research Center  850 W

    Dicker Rd  Pharr, TXWeslaco EDC275 S

    Kansas Ave

    Weslaco, TX 78596Starr CountyStarr County Courthouse Annex100 N FM 3167Rio Grande City, TX 78582 Willacy CountySebastian Community Center434 West 8th St

    Sebastian, TX 78594 Residents can visit any open center to meet with representatives of FEMA, the state of Texas and the SBA

    No appointment is needed

    Additional locations may be added

    All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology

    If you need a reasonable accommodation or sign language interpreter, please call 833-285-7448 (press 2 for Spanish)

    FEMA staff are easily recognizable by their official photo identification (ID)

    If you meet people offering assistance, first ask to see their ID before giving them your personal information

    They may have FEMA clothing, but that can be easily imitated

     FEMA staff can help residents in several ways including:Checking the status of an application already in the system and making minor changes to applications

    Contacting faith-based organizations, community groups, private sector businesses and public libraries that may have the capability to distribute disaster-related information to residents in the impacted counties

    Identifying organizations providing disaster-related services and/or resources to the public for long-term recovery

    Gathering information about impacts to communities

    Providing flyers explaining how to apply for disaster assistance

    Survivors with homeowners or renters insurance should first file a claim with their insurance company as soon as possible

    If your policy does not cover all your damage expenses, you may then be eligible for federal assistance

    SBA’s Customer Service Representatives are available at the centers to answer questions, assist business owners complete their disaster loan application, accept documents and provide updates on an application’s status

    For information and to apply online visit SBA

    gov/disaster

    Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba

    gov for more information on SBA disaster assistance

    For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services

    Survivors can apply to FEMA in several ways including going online to DisasterAssistance

    gov, downloading the FEMA App for mobile devices or calling the FEMA Helpline at 800-621-3362

    Calls are accepted every day from 6 a

    m

    to 10 p

    m

    CT

    Help is available in most languages

     If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA the number for that service

    To view an accessible video about how to apply visit: Three Ways to Register for FEMA Disaster Assistance – YouTube

    For more information, visit fema

    gov/disaster/4871

    Follow FEMA Region 6 on social media at x

    com/FEMARegion6 and at facebook

    com/FEMARegion6/

    myla

    ashton
    Thu, 05/29/2025 – 18:56

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Remuneration package for Members of Eighth-Term LegCo

    Source: Hong Kong Government special administrative region

    Remuneration package for Members of Eighth-Term LegCo 
    A Government spokesman said today (May 30) that the Independent Commission had conducted a thorough review on the remuneration package for Members of the Eighth-Term LegCo. The Independent Commission had adopted a holistic approach and taken into account a host of factors before arriving at its recommendations.
     
    Factors that the Independent Commission had considered include:

    (a) the role and functions of LegCo Members;
    (b) the objective to enable a broad spectrum of quality individuals from different sectors of the community to serve the public in the capacity of LegCo Members vis-a-vis other pursuits;
    (c) the provision of a remuneration package that is adequate for LegCo Members to discharge their core duties;
    (d) views of LegCo Members;
    (e) utilisation rates of the allowances currently available to Members;
    (f) the economic situation of Hong Kong; and
    (g) market rates of salaries and rentals.
     
    Concerning the proposals put forward by the LegCo Subcommittee on Members’ Remuneration and Operating Expenses Reimbursement (LegCo Subcommittee) to the Independent Commission in July last year, the Independent Commission considers the proposals to adopt a weighted index as the basis for annual adjustment to Members’ Office Operation Expenses Reimbursement (OOER) and abolish the one-third reduction in the monthly remuneration for LegCo Members who also serve on the Executive Council (ExCo) (Dual Members) reasonable. However, in the face of the economic situation and the pressure on public finances, including the Government proposing in the 2025-26 Budget to reinforce the fiscal consolidation programme to strictly contain public expenditure, the Independent Commission recognises that it may not be a suitable time to implement changes in the remuneration package for LegCo Members which may lead to additional financial implications.   
     
    The Independent Commission has also reviewed other components of the remuneration package, including the monthly remuneration for the LegCo President, the President’s Deputy and other LegCo Members, end-of-service gratuity and medical allowance, as well as the OOER, Entertainment and Travelling Expenses Reimbursement (ETER), Setting Up and Information Technology Expenses Reimbursement (SUITER) and Winding Up Expenses Reimbursement (WUER). The Independent Commission considers the current levels adequate and recommends that status quo be maintained for these items. The Independent Commission therefore recommends that the existing remuneration package of the Seventh-Term LegCo be adopted for Members of the Eighth-Term LegCo. 
     
    “The Government expresses its gratitude towards the Independent Commission for its dedicated efforts in and valuable advice on reviewing the remuneration package for Members of the Eighth-Term LegCo, as well as to the LegCo Subcommittee for making proposals to the Independent Commission.
     
         “On the proposal to abolish the one-third reduction in the monthly remuneration for Dual Members, the Government accepts the observations of the Independent Commission that as a matter of principle, a Dual Member is performing two roles and does not devote lesser time in LegCo as compared with their counterparts, and should be entitled to both honoraria in full. The Government also acknowledges the contributions and dedication of Dual Members to society, particularly in balancing their dual roles in both the ExCo and LegCo to assist the Government in gathering public opinions and explaining policies,” the spokesman said. 
     
    In accordance with the said decision, the remuneration package for Members of the Eighth-Term LegCo (based on the rate effective from October 1, 2024) (Note 1) will comprise:(b) end-of-service gratuity at 15 per cent of the total remuneration for the term (payable at term end per term);
    (c) medical allowance at $37,890 per annum;
    (d) OOER at $2,984,860 per annum;
    (e) ETER at $238,400 per annum (Note 3);
    (f) SUITER at $375,000 per term (Note 4); and
    (g) WUER (being 1/12 of the annual OOER plus actual severance payments per term).
     
    Based on the remuneration package effective from October 1, 2024, the total funding for the remuneration package for Members of the Eighth-Term LegCo is estimated to be about $1.76 billion, or about $19.7 million per Member per term.  Implementing the results of the current review will not bring about additional financial implications.
     
    The Independent Commission is chaired by Mr Carlson Tong and comprises Mr Kevin Lam, Ms Winnie Tam, Mr Philip Tsai, Professor Alexander Wai and Ms Winnie Wong as members. It advises the Chief Executive, among others, on the remuneration package for LegCo Members. The Independent Commission started a comprehensive review of the remuneration package for Members of the Eighth-Term LegCo in mid-2024 and completed it in May 2025. The Independent Commission’s Review Report is available at www.admwing.gov.hk/pdf/IC Report_Eng.pdf 
    Note 1: The existing mechanism whereby Members’ monthly remuneration, medical allowance, OOER, ETER and the LegCo President’s additional entertainment allowance will be adjusted in October each year in accordance with movements of the Consumer Price Index (C) will be maintained.
     
    Note 2: The existing arrangement that the monthly remuneration for the LegCo President, the President’s Deputy and Dual Members will be fixed at 200 per cent, 150 per cent and two-thirds of the monthly remuneration of their fellow LegCo Members respectively will be maintained.
     
    Note 3: The LegCo President is entitled to an additional President’s Entertainment Allowance at $238,630 per annum.
     
    Note 4: For Members who have claimed setting up expenses in the previous term, they can claim $262,500 in the new term.
    Issued at HKT 17:15

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SFST’s speech at “Hong Kong Night” business networking reception and seminar in Vancouver, Canada (English only) (with photo)

    Source: Hong Kong Government special administrative region

    SFST’s speech at “Hong Kong Night” business networking reception and seminar in Vancouver, Canada (English only) (with photo) 
    Distinguished guests, industry leaders and innovators, friends in Canada and from around the world,
     
    Good evening, everyone. Thanks for having me today for this very special occasion, called “Hong Kong Night”. I must say I always wonder why we have “Hong Kong night” in broad daylight. I suppose it could be a distinctive feature of this city which everybody loves. Just now, our colleague from Cathay Pacific mentioned to me that there will be a draw right after for tickets so I’m sure that explains why you are all here.
     
    Let me give you some flavour in terms of how Hong Kong has been faring, and also at the same time some talking points that you may want to share after this session. I want to give you an overview in terms of how Hong Kong has done so far in financial services under my portfolio, and also in particular the reason why I’m here in Vancouver because this is my last stop, after Toronto and also Ottawa. Through this visit, I had the opportunity to see many people at the government, regulators and also financial institutions. What I am impressed most is that it’s really a place where people are looking for a change. You already have a new government. At the same time, you are looking for ways to diversify, in terms of your economy, and also in terms of financial activities. So I think Hong Kong comes at the right time, where it’s a very viable option, either you are a corporate, an individual, or even an investor, to consider that in the context of diversification.
     
    Before I further proceed, maybe first of all, let me give you an overview of how Hong Kong’s been faring so far. I’ve been asked a lot in terms of the impact of tariffs on Hong Kong. I understand that there will be a fireside chat by Rocky (the Director and Head of Policy Research of the Financial Services Development Council, Dr Rocky Tung) later on, and I’ll leave that to the experts. But that said, Hong Kong being a service economy, I must say we don’t have much to export. At the same time, we are a free economy as stipulated in our Basic Law. So far so good in terms of our resilience, I would say, in the broader context of geopolitical change.
     
    More specifically, in our capital market, recently we do see an upsurge in our stock market. Right now, our average daily turnover is exceeding US$32 billion, and also we’ve welcomed a number of key mega IPOs (initial public offerings), like the recent one is CATL (Contemporary Amperex Technology Co Limited). It’s a major or global battery manufacturer for EVs (electric vehicles), and they just got listed at the same time, offering a shares equivalent to the size of around HK$41 billion. And funny enough, when you look at the composition of the investors, we have those from the US. At the same time, we also have investors from the Middle East, where the Kuwait Sovereign Wealth Fund, what we call the KIA, Kuwait Investment Authority, actually put in US$500 million in that offer. So you can see that despite all the talk about the deglobalisation or decoupling, finance, in particular, capital formation takes place, and also monies after returns.
     
    Of course, that is not alone in terms of what we are welcoming. We also welcome Canadian companies to list in Hong Kong as well. Right now, we have around six Canadian companies already listed in Hong Kong, like Manulife and also some of the mining and oil and gas companies. I do very much welcome many more listings, especially from this part of the world, where it could be tech, could be mining, or for other types of new economic activities.
     
    The second part I want to highlight, apart from how Hong Kong has been faring, is in terms of my observations so far this year, so far in my visit. Apart from the general ones that I just highlighted, I do see a number of areas that Hong Kong and Canada can work together. First of all, wealth management, because I got the chance to see and meet a number of insurance companies and banks from this part of the world. In fact, many of them are heavily invested and also have a strong presence in Hong Kong, like Manulife, which takes up 27 per cent of our Mandatory Provident Fund, a pension service system in Hong Kong. And also Sun Life, which is in collaboration with Dah Sing Bank in Hong Kong through the bank insurance businesses. Also we have CIBC (Canadian Imperial Bank of Commerce) and others that already have a strong presence in corporate banking in Hong Kong.
     
    Many people see wealth management as an emerging trend, an area where we should work together. Because in the way that we see the world, like all of you, people are looking for ways to diversify. Many of the traditional markets where people want to park their wealth in the Anglo-Saxon world, people are still changing their minds in terms of whether they should diversify through geography or through products. In either way, Hong Kong is an option, because we have been the largest offshore cross-boundary wealth management centre so far in Asia, and we are looking to be the biggest one in the world. It is an area that we are very keen to develop further. Right now, we have 2 700 single family offices. We are going to have facilitated at least 200 more family offices by the end of this year. Also, we are going to have more tax concessions for family offices to cover private credit, carbon credit, and virtual assets. I will leave these details to our Invest Hong Kong colleagues. They will have all the details. All I want to say is wealth management, in particular in terms of family offices and high-net-worth individuals, is an area that I think Hong Kong can walk closely together with this country.
     
    The second area that I think is important to note in terms of collaboration is about what the host mentioned just now – the Web Summit Vancouver. The reason that I’m here is because we just passed a law to regulate stablecoin issues in Hong Kong. It is a big topic, not just in Hong Kong, but regionally, because many people see virtual assets as speculative. But that said, stablecoins being underpinned by fiat currency is a different animal, which potentially can be used in the form of payment. At a time when the US dollar or US-related assets are being questioned, I think many of the alternatives, also at the same time, in the form of stablecoins, have that role to play.
     
    In that regard, I have more to share in terms of our ecosystem effort to build an ecosystem in Hong Kong for our virtual assets. We have already 10 virtual asset exchanges, and also at the same time, we are going to issue licenses for stablecoin issuers. And very soon, we will also regulate these virtual asset custodians. For anyone of you who are participating, in this space, I do urge you to look at what Hong Kong has done and also at the same time how you can leverage the opportunities for your own development.
     
    Last but not least, in terms of what I want to inform this group is having debriefed all of you about what Hong Kong has done in terms of wealth management and virtual assets and also fintech in general, I’m sure that you do see a lot of need to come to Hong Kong. So even though you may not be able to get those free tickets, I’m sure you’re all rich enough to buy your own and also give yourself a reason to come to Hong Kong soon. And anytime, anywhere, you’re most welcome. Thank you.
    Issued at HKT 16:49

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by CE at Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation

    Source: Hong Kong Government special administrative region

    Speech by CE at Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation 
    Honourable Minister Wang Yi (Member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs), Your Excellencies, ministers and officials from around the world, honourable representatives of international organisations, distinguished guests, ladies and gentlemen,
     
    Good morning. I am delighted to join you on this historic occasion: to celebrate with you the signing of the Convention on the Establishment of the International Organization for Mediation.
     
    Gathered here today, in the Hong Kong Special Administrative Region of the People’s Republic of China, are high-level representatives of over 80 countries from Asia, Africa, Latin America and Europe; and from the United Nations and about 20 international organisations. A very warm welcome to Hong Kong!
     
    It is a privilege for us to host this signing ceremony, and to serve as the IOMed headquarters, once the Convention enters into force.
     
    This singular occasion is made possible by the ongoing and dedicated efforts of China, our country, in working with around 20 states, since late 2022, to establish an intergovernmental organisation devoted to mediation. After five rounds of intensive negotiation since 2023, co-ordinated by the IOMed Preparatory Office, the negotiating states concluded the very Convention signed today.
     
    The IOMed will become the world’s first intergovernmental international legal organisation dedicated to resolving international disputes through mediation. It also reflects our shared confidence in mediation as a peaceful means to maintain international peace and security, as stipulated in the Charter of the United Nations.
     
    The IOMed will provide a pathway for countries – regardless of culture, language and legal system – to resolve international disputes based on mutual respect and understanding. This is increasingly important amid mounting geopolitical tensions. When protectionism threatens to derail the international trade order, and when unilateralism looms over global supply chains, it is dialogue – not division – that restores balance.
     
    China has long championed equity and unity. The Chinese virtue of “和而不同”, meaning “harmony in diversity”, is deeply rooted in our community and culture. This value of mutual respect in spite of differences also sits at the heart of mediation, the IOMed, and a world that seeks co-operation over conflict.
     
    Despite geopolitical turbulence, Hong Kong builds bridges, not walls. Under our unique “one country, two systems” principle, Hong Kong is the only world city that enjoys both the China advantage and the global advantage. With the support of the National 14th Five-Year Plan, Hong Kong has risen as an international legal and dispute resolution services centre in the Asia-Pacific region.
     
    We are the only common law jurisdiction in China, and the only jurisdiction in the world with a bilingual common law system in both Chinese and English. We have a long tradition of the rule of law, and our courts exercise their judicial power independently. Hong Kong’s Court of Final Appeal, which is vested with the power of final adjudication, has on its bench eminent jurists from both Hong Kong and overseas common law jurisdictions.
     
    Our robust, efficient and well-respected legal system is supported by world-class legal and dispute resolution professionals. Often bilingual or even multilingual, they are well-versed in international rules and practices, and help to position Hong Kong as a preferred venue for dispute resolution.
     
    In this year’s International Arbitration Survey, Hong Kong is the most preferred seat of arbitration in the Asia-Pacific region, and shares second place globally with another jurisdiction. Our economy also came first in “business legislation” and “international trade” in the World Competitiveness Yearbook. In the latest Business Ready Report published by the World Bank Group, Hong Kong ranks eighth in “dispute resolution” among the 50 economies covered.
     
    All this underscores Hong Kong’s effectiveness as a “super connector” and “super value-adder” among many economies. We contribute to cross-border investment and economic activity through our top-notch professional services. Our “one country, two systems” advantages make us well-placed to be the headquarters of the important institution of the IOMed.
     
    The Hong Kong Special Administrative Region Government is devoted to supporting the IOMed’s provision of friendly, flexible, economical and efficient mediation services. We actively promote a vibrant culture of mediation. In fact, it is a general policy to incorporate a mediation clause in all government contracts. We are also enhancing the system on local accreditation and disciplinary matters of the mediation profession.
     
    And we go all out to build bridges with the world. Hong Kong will actively promote the IOMed’s valuable work in settling international disputes through mediation, and advocate mediation as a global tool for peace and justice across borders.
     
    Ladies and gentlemen, the establishment of the IOMed’s headquarters in Hong Kong is a great honour for our city. The headquarters, as you may know, will be based in the building that once housed the Wan Chai Police Station, just a stone’s throw away from here. Built in 1932, this iconic building has a long association with law and order in Hong Kong. From its prime downtown location, it has also witnessed the transformation of our city that has long treasured unity. In its new role as the IOMed headquarters, the building will play a vital part in the future of Hong Kong as a centre for international legal and dispute resolution services.
     
    We are working to complete the conversion of the building for its new mission. I’m happy to say that it could open its doors as early as the end of this year. We look forward not only to welcoming its new occupants, but also to supporting them in building new bridges for a more connected, peaceful and prosperous future through mediation.
     
    I would like to express my sincere gratitude to the Central Government for its staunch support of Hong Kong, allowing Hong Kong the honour of housing the IOMed headquarters here. My sincere gratitude also goes to the international community, for placing your trust and confidence in our city. Let’s renew our commitment to peace, justice and the rule of law. Let’s cultivate a mediation culture together. Let’s build a strong IOMed for a global community of shared future founded on peace and prosperity. Please enjoy the day and enjoy Hong Kong. Thank you.
    Issued at HKT 11:50

    NNNN

    MIL OSI Asia Pacific News –

  • Centre issues norms to curb illegal sale of radio equipment on e-com sites

    Source: Government of India

    Source: Government of India (4)

    The Central Consumer Protection Authority (CCPA), under the Ministry of Consumer Affairs, Food and Public Distribution, on Friday issued norms to curb the illegal sale of radio equipment on e-commerce sites.

    The Guidelines for the Prevention and Regulation of Illegal Listing and Sale of Radio Equipment including Walkie Talkies on E-Commerce Platforms, 2025, aims to curb the unauthorised sale of wireless devices that may pose risks to consumer safety.

    The devices can mislead consumers regarding their legal position and interfere with critical communication networks, including those used by law enforcement and emergency services, said the Ministry.

    The guidelines were finalised following extensive inter-ministerial consultations with the Department of Telecommunications (DoT) and the Ministry of Home Affairs (MHA), where it was observed that walkie-talkies are being sold on e-commerce platforms without mandatory and clear disclosures regarding the requirement of wireless operating license or compliance with applicable laws.

    The product listings for walkie-talkies do not specify whether the device requires a license from the concerned authority for use.

    “The omission of details such as frequency range, licensing obligations under the Indian Telegraph Act, 1885, or the Wireless Telegraphy Act, 1933, and the Use of Low Power, Very Low Power Short Range Radio Frequency Devices (Exemption from Licensing Requirement) Rules, 2018 and the potential legal consequences of unauthorised use, misleads consumers into believing that the devices are freely operable by the general public,” the Ministry said.

    Further, the guidelines mandate that only authorised and compliant walkie-talkie devices operating on permitted frequencies are listed for sale on online platforms.

    It stated that product listings must specify frequency ranges and other technical parameters and include proof of regulatory approval (equipment type approval). It also requires e-commerce entities to undertake due diligence and verify regulatory compliance, including licensing where applicable, and listings lacking frequency information or necessary certification should be taken down.

    The new norms also prohibit misleading advertisements or product descriptions that may misinform consumers about the legal usage of such devices.

    Sellers should ensure that equipment listed for sale does not operate on frequencies that are not exempted from the requirement of frequency assignment and authorisation by the DOT and ensure that the frequency bands on the product description are clearly labelled.

    The guidelines also outline penalties and enforcement mechanisms for violations by the Consumer Protection Act, 2019.

    Previously, the CCPA issued 13 notices against 16, 970 product listings to leading digital marketplaces against the listing and sale of walkie-talkies on e-commerce platforms. These were found without proper frequency disclosure, licensing information, or Equipment Type Approval (ETA), thereby, violating the Consumer Protection Act, 2019.

    “These platforms are under constant monitoring and examination, in addition to notification of the guidelines,” the Ministry said.

    (IANS)

  • MIL-OSI United Kingdom: James Bamberg is appointed to the ACNRA Board

    Source: United Kingdom – Executive Government & Departments

    News story

    James Bamberg is appointed to the ACNRA Board

    The Secretary of State has appointed James Bamberg as a Board Member for the Advisory Council on National Records and Archives. This is a 4 year term from 10 March 2025 to 9 March 2029

    James Bamberg

    James (Jim) Bamberg is an historian and author who was formerly the official historian of BP plc. He wrote two volumes of BP’s official history published by Cambridge University Press and a third unpublished volume. He was also responsible for BP’s archives, in which capacity he proposed and managed the relocation of the archives to the University of Warwick and their opening to public access. On leaving BP he joined Harvard Business School as the Alfred D. Chandler International Visiting Scholar in Business History. He afterwards worked as an independent consultant and formed his own historical consultancy company, Storica Ltd.

    Jim holds a first class honours degree and a PhD in history from the University of Cambridge, as well as an honours degree in Fine Art from Goldsmiths, University of London. He has been a Visiting Fellow at the University of Reading; a Research Associate at the University of Cambridge; President of the Association of Business Historians; and a Fellow of the Royal Historical Society.

    Remuneration and Governance Code

    Board Members will be remunerated at a rate of £386 per day. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. James has declared no significant political activity.

    Updates to this page

    Published 30 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: TRA proposes countervailing measure on PET from India be kept

    Source: United Kingdom – Executive Government & Departments

    Press release

    TRA proposes countervailing measure on PET from India be kept

    The TRA has set out its intended recommendation in a Statement of Essential Facts for its review of countervailing measures on PET from India.

    Polyethylene Terephthalate (PET)

    The Trade Remedies Authority (TRA) has published its initial findings that a countervailing measure on imports of polyethylene terephthalate (PET) from India be maintained for a further five years. 

    The proposal, published in a Statement of Essential Facts follows an assessment that subsidised imports are likely to recur if the measure was no longer applied and that injury to UK industry would also be likely to recur. The TRA also found that maintaining the measure is in the economic interest of the UK. 

    The TRA found that while Indian imports of PET during the investigation period were low (just 24 tonnes in 2023), the subsidy programmes identified in the original EU measure still exist and are likely to continue. The investigation also concluded that UK industry remains vulnerable to injury, with falling sales, reduced production capacity, and evidence of underutilisation among domestic producers. 

    The intended recommendation is to maintain existing countervailing duty rates, ranging from 0% to 13.8%, until August 2029. 

    Interested parties now have until 13 June 2025 to comment on the SEF. Responses will be considered before the TRA makes its final recommendation to the Secretary of State for Business and Trade. 

    The SEF and public file for this case can be accessed here

    Notes to editors:

    • The Trade Remedies Authority (TRA) is the UK body that investigates whether trade remedy measures are needed to counter unfair trading practices and unforeseen surges in imports. 

    • The TRA is an arm’s length body of the Department for Business and Trade. 

    • The period of investigation for this transition review was 1 January 2023 – 31 December 2023. The injury period was 1 January 2020 – 31 December 2023. 

    • This review forms part of the UK’s ongoing assessment of trade remedy measures transitioned from the European Union. 

    • Polyethylene Terephthalate (PET) is a type of plastic commonly used in food and beverage packaging, including bottles and containers. 

    • Countervailing (anti-subsidy) duties are one of three trade remedy tools used to address goods that are being unfairly subsidised by overseas governments and causing injury to UK industry.

    Updates to this page

    Published 30 May 2025

    MIL OSI United Kingdom –

  • PM Modi stresses green energy, infrastructure growth and farmer welfare in Bihar

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi, on Friday, underlined the central government’s commitment to building a modern and self-reliant Bihar, with a strong focus on green energy, infrastructure development, and farmer welfare.

    Addressing a gathering in Bihar’s Karakat, PM Modi highlighted the ongoing construction of a solar park in Kajra as a step towards increasing the state’s renewable energy capacity. He said the initiative aligns with the larger national agenda of clean energy transition and reflects the government’s resolve to reduce dependence on fossil fuels.

    Speaking on the benefits of the PM-KUSUM scheme, the Prime Minister said farmers are being empowered to generate additional income through solar energy. He also noted that the use of renewable-powered agricultural feeders is ensuring a reliable power supply to farmlands, contributing to enhanced agricultural productivity. “These efforts have not only improved the quality of life in rural areas but have also ensured greater safety for women,” he added.

    The Prime Minister emphasised that modern infrastructure brings maximum benefits to villages, the poor, farmers, and small industries by linking them to national and international markets. He said that new investments in the state are generating new employment opportunities and propelling economic growth.

    Recalling the Bihar Business Summit held last year, PM Modi noted that several companies had expressed interest in investing in the state. He said the resulting industrial development is helping reduce migration by enabling people to find jobs closer to home. Improved transportation facilities, he added, are allowing farmers to market their produce across wider regions, further boosting the agricultural economy.

    Reiterating the government’s commitment to the welfare of farmers, the Prime Minister said over 75 lakh farmers in Bihar are benefitting from the PM-Kisan Samman Nidhi scheme. He announced the setting up of a Makhana Board in the state and highlighted that Bihar’s Makhana has received a Geographical Indication (GI) tag, which is helping farmers gain better recognition and returns for their produce.

    He also said the Union Budget this year has made provisions for setting up a National Institute for Food Processing in Bihar, which will further support the food processing industry and benefit local farmers.

    In a major announcement, the Prime Minister informed the public that the Union Cabinet has recently approved an increase in the Minimum Support Price (MSP) for 14 Kharif crops, including paddy. He said the decision would ensure better returns for farmers and boost their income during the upcoming crop season.

    The Prime Minister’s address was part of a larger event during which he launched and laid the foundation stone for development projects worth ₹48,500 crore, encompassing infrastructure, energy, transport, and agriculture.

     

  • MIL-OSI: Aurora Mobile’s GPTBots.ai Welcomes the Enhanced DeepSeek-R1-0528 Model to Power Enterprise AI Solutions

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, May 30, 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 the integration of newly updated DeepSeek-R1-0528—a groundbreaking open-source reasoning AI model that rivals proprietary giants like OpenAI’s o3 and Google’s Gemini 2.5 Pro—into its leading enterprise-grade AI platform GPTBots.ai. This significant update, released by DeepSeek, brings enhanced reasoning capabilities and developer-friendly features, further empowering GPTBots.ai to deliver cutting-edge AI solutions to enterprises worldwide.

    Why DeepSeek-R1-0528 Matters for GPTBots.ai Users

    The DeepSeek-R1-0528 model brings substantial advancements in reasoning capabilities, achieving notable benchmark improvements such as AIME 2025 accuracy rising from 70% to 87.5% and LiveCodeBench coding performance increasing from 63.5% to 73.3%. These enhancements empower GPTBots.ai users to tackle complex tasks in domains like math, science, business, and programming with greater precision and efficiency.

    Additionally, the model’s reduced hallucination rate, along with support for JSON output and function calling, ensures seamless integration into business workflows, delivering reliable and consistent results. These improvements align perfectly with the mission of GPTBots.ai to provide secure, scalable, and enterprise-ready AI solutions.

    Smaller Variants for Scalable Deployments

    For enterprises with limited compute resources, DeepSeek has introduced a distilled version, DeepSeek-R1-0528-Qwen3-8B, optimized for smaller-scale applications. This variant achieves state-of-the-art performance among open-source models while requiring only 16 GB of GPU memory, making it accessible for businesses with modest hardware setups.

    Open Source, Enterprise-Ready

    DeepSeek-R1-0528 is available under the permissive MIT License, supporting commercial use and customization. This open-source approach aligns with the commitment of GPTBots.ai to offering flexible, cost-effective solutions that empower enterprises to build tailored AI applications without the constraints of proprietary models.

    What This Means for GPTBots.ai Clients

    By integrating DeepSeek-R1-0528, GPTBots.ai enhances its platform’s ability to deliver advanced AI solutions for industries such as finance, healthcare, education, and e-commerce. Whether it’s automating customer support, optimizing decision-making, or generating actionable insights, GPTBots.ai clients can now access even more powerful tools to drive innovation and efficiency.

    Looking Ahead

    The release of DeepSeek-R1-0528 underscores the growing potential of open-source AI models in enterprise applications. GPTBots.ai has swiftly integrated DeepSeek’s latest advancements into its platform, enabling businesses to stay ahead in the rapidly evolving AI landscape.

    About GPTBots.ai

    GPTBots.ai is an enterprise AI agent platform that empowers businesses to streamline operations, enhance customer experiences, and drive growth. Offering end-to-end AI solutions across customer service, knowledge search, data analysis, and lead generation, GPTBots.ai enables enterprises to harness the full potential of AI with ease. With seamless integration into various systems, and support for scalable, secure deployments, GPTBots.ai is dedicated to reducing costs, accelerating growth, and helping businesses thrive in the AI era.

    For more information, please visit www.gptbots.ai.

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

    The MIL Network –

  • MIL-OSI Russia: Financial news: The deposit auction of the Moscow Small Business Lending Assistance Fund will take place on 30.05.2025

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.M.M.

    Categories24-7, Mil-SOSI, Moscow, Moscow Stock Exchange, Russian Economy, Russian Federal, Russian Language, Russian economy

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    Date of the deposit auction 05/30/2025
    Placement currency Rub
    Maximum amount of funds placed (in placement currency) 300,000,000.00
    Placement period, days 40
    Date of deposit 05/30/2025
    Refund date 07.07.2025
    Minimum placement interest rate, % per annum 20.25
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 300,000,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Treaty General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 10:30 to 10:40
    Applications in competition mode from 10:40 to 10:45
    Setting a cut-off percentage or declaring the auction invalid until 10:55
       
    Additional terms Placement of funds with the possibility of early withdrawal of the entire deposit amount and payment of interest accrued on the deposit amount at the rate established by the deposit transaction, in the event of non-compliance of the Bank with the requirements established by clause 2.1. of the Regulation “On the procedure for selecting banks for placing funds of the Moscow Small Business Lending Assistance Fund in deposits (deposits) under the GDS” (as amended on the date of the deposit transaction), early withdrawal at the “on demand” rate, interest payment monthly, on the last business day of the month, without replenishment

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: SFST meets Canadian officials

    Source: Hong Kong Information Services

    Secretary for Financial Services & the Treasury Christopher Hui met financial officials in Ottawa on Wednesday and business representatives in Vancouver yesterday, as he continued a five-day visit to Canada.

    Mr Hui met Canadian Deputy Minister of Finance Chris Forbes on Wednesday. They discussed the challenges posed by unilateralism and protectionism, and how Hong Kong and Canada might collaborate to achieve mutual benefits in areas such as the gold market and virtual assets.

    Mr Hui told Mr Forbes that as global economic gravity continues to shift eastwards, Hong Kong has been exploring new growth areas and expanding international co-operation. He said this includes efforts by a working group to promote gold market development.

    In a meeting with Canada’s Superintendent of Financial Institutions Peter Routledge, Mr Hui spoke of Hong Kong’s perseverance in upholding a robust regulatory regime across different financial institutions and financial products.

    Mr Routledge praised Hong Kong for its advanced development in the area of digital assets, stating that it sets an example for other regions.

    Mr Hui then met Senator Woo Yuen-pau at Parliament Hill and brief hum on Hong Kong’s effort in maintaining its status as an international financial centre through various measures.

    He mentioned the recent affirmations of Hong Kong’s credit ratings by Fitch, S&P and Moody’s, adding that these fully demonstrate Hong Kong’s resilience in maintaining stability amid increasing global economic and financial uncertainties.

    During his short stay in Ottawa, Mr Hui also paid a courtesy call to China’s Ambassador to Canada Wang Di.

    Mr Wang said Hong Kong has its own distinctive advantages which can enable it to be a bridgehead in driving closer ties between China and Canada in addition to fostering direct co-operation between Hong Kong and Canada.

    In Vancouver yesterday, Mr Hui met Fraser Institute Board Chair Mark Scott and some other prominent business figures to update them on Hong Kong’s financial development.

    Mr Hui welcomed the think-tank’s ranking of Hong Kong as the world’s freest economies in its Economic Freedom of the World 2024 Annual Report.

    Later, he spoke at a business lunch hosted by the Hong Kong-Canada Business Association (Vancouver Chapter), and participated in a fireside chat.

    Mr Hui then met representatives of the Canadian Imperial Bank of Commerce and briefed them on development in areas such as wealth management and digital assets in Hong Kong.

    The day concluded with a business networking reception and seminar organised by Invest Hong Kong (Canada).

    Addressing the audience, Mr Hui highlighted the Government’s dedication to integrate Web3 innovations into the real economy by introducing a licensing regime for fiat-referenced stablecoin issuers, and to foster the development of Web3 and digital assets.

    He also mentioned Hong Kong’s determination to expand the financial value chain to sustain the world-class status of its financial markets. Two forward-looking moves are to build an international gold trading market and create a commodity trading ecosystem in Hong Kong, he said.

    Mr Hui added that, with Canada enjoying a prominent position in the global gold market and the Toronto Stock Exchange being the world’s pre-eminent stock exchange for mining companies, co-operation between Hong Kong and Canada can establish an East-West financial corridor for the world.

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: GPs will be a great help for managing ADHD medications. But many patients will still need specialists

    Source: The Conversation (Au and NZ) – By Adam Guastella, Professor and Clinical Psychologist, Michael Crouch Chair in Child and Youth Mental Health, University of Sydney

    The New South Wales government this week announced reforms that will allow some GPs to treat and potentially diagnose attention-deficit hyperactivity disorder (ADHD).

    This aims to make ADHD care more accessible and less expensive and follows changes in Western Australia and Queensland, which have increased GPs’ role in diagnosing and prescribing for ADHD.

    Previously, only specialists (usually paediatricians and psychiatrists) could diagnose ADHD and prescribe the most commonly used ADHD stimulant medications.

    This reform comes on the back of evidence of extensive wait times for ADHD care and costs too high for many people.

    But while up-skilling GPs to treat ADHD will benefit many patients, some people with more complex cases will still need to see a specialist.

    What’s planned for NSW?

    Under this new framework, the NSW government proposes a two-stage plan.

    In phase one, around 1,000 GPs will be trained to support the ongoing prescribing of ADHD medications.

    In phase two a smaller number, about 100 GPs, will receive more intensive training to conduct ADHD assessments, make diagnoses and initiate ADHD medications.

    For phase two the initial focus will be on children and adolescents and then the trial will extend to adults.

    Why a diagnosis is crucial for people with ADHD

    The recent Senate inquiry into ADHD highlighted growing awareness about the daily struggles of people with ADHD across Australia.

    People with ADHD have serious difficulties with attention, impulsivity and hyperactivity, which impact across the lifespan and many settings where people live, learn, work and play.

    ADHD is linked to many poor outcomes and is even associated with higher rates of accidental injury and death.

    ADHD treatments, such as stimulant medication, has been shown be safe, effective and to substantially lower risks of negative outcomes. But to receive these treatments, a person needs to first receive a diagnosis.

    GPs can play an important role managing ADHD

    There is also no question that GPs are more accessible than specialists, both in terms of availability and cost.

    They already provide ongoing management for a wide range of chronic medical conditions such as diabetes, high blood pressure and obesity. They are highly skilled in monitoring outcomes and adjusting treatments.

    With the right training, they bring many transferable skills to ADHD care. Increasing their ability to take over ongoing prescribing for people diagnosed and stabilised on treatment is low risk and has shown to be effective in a range of studies.

    However, although the proposal to increase the role of GPs in ADHD care is a step in the right direction, it is not without challenges.

    GPs may struggle to assess complex patients

    Collaborative care involves general practitioners working with specialists and specialist teams to provide care. If GPs don’t have specialists to rely on for expert advice about ongoing management, many will choose not to provide ADHD care. Ongoing support and strong links between specialist and primary care services will be essential.

    GPs may also struggle to assess and diagnose complex cases.

    The vast majority of people with ADHD will have other mental health conditions, but some of these other conditions (such as anxiety conditions) can also result in symptoms that appear like ADHD.

    For these complex situations, specialist services with multidisciplinary teams of doctors and allied health providers (such as psychologists and occupational therapists) will still be needed.



    Read more:
    Wondering about ADHD, autism and your child’s development? What to know about getting a neurodevelopmental assessment

    To ensure high-quality care and reduce the potential for misdiagnosis and incorrect treatment, it will be even more important that specialists are available to provide additional services when required.

    There is little detail currently in the NSW proposal about how specialist multidisciplinary services will be supported to ensure this happens. And funding models for this will need to be established to support existing guidelines.

    Bringing GPs into the assessment and diagnosis to initiate treatment is positive but comes with added pressures to manage assessment and treatment.

    There are many cases in the media of poor diagnostic process, where patients were misdiagnosed with conditions such as ADHD after inadequate assessments. These practices may be driven by financial rewards and a poor application of evidence-based guidelines.

    Sometimes teams of clinicians and allied health providers will be needed for a diagnosis.
    Alex and Maria photo/Shutterstock

    Could this lead to over-diagnosis? Or correct under-diagnosis?

    In Australia, the debate about whether ADHD is under- or over-diagnosed is ongoing. There reality is that there is almost certainly a mixture of both.

    The real rates of ADHD are estimated at around 7% in Australian children and 2.5% in adults. While these rates have remained stable for many years, the rates of clinical diagnosis and treatment have increased dramatically, particularly in young women.

    Around 6% of children and adolescents currently receive ADHD medications, similar to the actual rates of ADHD in the population. For adults, the rates of ADHD medication use remain low for those over 45 years. For those between 18 and 44 years, rates now sit at around 2%.

    One interpretation of these figures is that most children, adolescents and adults with ADHD are now getting the support they need.

    However, if we remember the strong evidence that many Australians are struggling to access ADHD care, particularly in under-resourced, regional and remote areas, the more likely answer is that a combination of “misdiagnosis” and “missed diagnosis” means that sometimes diagnoses are not done correctly.

    This highlights the importance of focusing on the need for accurate assessment as the cornerstone of high quality ADHD care. In its answer to the question of who should assess and diagnose ADHD, the Australian ADHD guideline focuses on training and skills rather than which profession conducts the assessment.

    There is no reason that GPs cannot develop these skills, but they will require adequate training and ongoing support to do so, and they will need time to commit to these assessments.

    Finally, we need to make sure medication is not the only option available. Research shows ADHD medications provide effective treatment. But they should never be the only form of treatment offered.

    Sadly, reports show medical treatments are relied upon more frequently in more disadvantaged communities where access to other supports can be difficult.

    These reforms will do little to increase access to psychological and allied health supports to ensure the right care can be provided to people with ADHD.



    Read more:
    GPs could improve access to ADHD treatment. But we still need specialists to diagnose and start medication

    Adam Guastella receives funding from the NSW Government for the evaluation of mental health supports provided to children and families in health services. He has received funding from research agencies (ARC, NHMRC, MRFF) for the evaluation of assessment and supports related to neurodevelopmental conditions and for independent and sponsored clinical trials for the evaluation medical and psychological therapies. He is affiliated with Neurodevelopment Australia.

    David Coghill has been a consultant for with Takeda, Medice, Servier, Novartis. He receives research funding from the NHMRC and royalties from Oxford University Press and Cambridge University Press. He is the president of Australasian ADHD Professional Association.

    – ref. GPs will be a great help for managing ADHD medications. But many patients will still need specialists – https://theconversation.com/gps-will-be-a-great-help-for-managing-adhd-medications-but-many-patients-will-still-need-specialists-257610

    MIL OSI Analysis – EveningReport.nz –

  • India to be fastest-growing economy for next 30 years: Piyush Goyal

    Source: Government of India

    Source: Government of India (4)

    India is poised to remain the fastest-growing large economy for the next three decades, with a sustained annual growth rate of 6–7%, Union Commerce and Industry Minister Piyush Goyal said on Thursday.

    Speaking at the Confederation of Indian Industry (CII) Annual Business Summit 2025, Goyal said the government is aiming to push growth to 8% at constant prices.

    “Even amidst international upheavals, we are among the better-performing emerging markets,” he said. “Today, India holds the world’s fourth-largest foreign exchange reserves in the world at about $690 billion. Our inflation has remained below 4% for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management.”

    Goyal emphasized that India remains an attractive investment destination. Over the past two decades, Indian companies have delivered nearly 20% CAGR returns, he noted, adding that Foreign Direct Investment (FDI) inflows continue to break records. “We are back on track on the growth trajectory, working through international trading relations,” he said.

    On trade agreements, Goyal pointed to major progress on Free Trade Agreements (FTAs) with the UAE, Australia, the UK, and the four EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland). “We are well on track with our bilateral trade agreement with the USA and making fast progress with the European Union’s 27-nation bloc. We have also launched negotiations with New Zealand,” he said.

    Goyal said the EFTA countries have committed $100 billion in FDI over the next 15 years, potentially catalyzing a total investment of $500 billion. “This ecosystem could attract an additional $500 billion,” he added. The investment clause in the EFTA deal is the first of its kind globally, and the figures exclude contributions from Norway’s sovereign wealth fund.

    Despite global volatility, Goyal said India continues to be a pillar of global growth. The International Monetary Fund (IMF) has projected that India will become the world’s third-largest economy by GDP by 2027.

    Highlighting government’s sustained push for ease of doing business, the Goyal said that over 40,000 compliances have been reduced, several laws have been decriminalised, and nearly 2,000 obsolete laws have been removed from the statute book. He noted that the Jan Vishwas Bill reflects the trust between the government and people.

    “The Act promotes self-certification, encourages businesses to offer suggestions to improve ease of doing business, and simplifies people’s lives. It reflects a government that trusts its stakeholders,” he said.

    On the sustainability front, he pointed out that renewable energy coupled with storage is now available at ₹3.30 per kilowatt hour—among the lowest globally. “Solar and wind plus storage make a compelling case for data centres to come to India. We have a large interconnected grid with low-cost clean energy to power these centres. This is not just about sustainability – it is an economic case,” he said.

    Reaffirming Prime Minister Narendra Modi’s vision for inclusive development, Goyal said the government is working to ensure that every citizen has access to quality healthcare, education, and basic needs. “Free healthcare, quality education and basic needs are being addressed. We are now seeing employment growth, and skill development centres are playing a key role. No child should be deprived, and no man should be left behind,” he said.

  • Foreign Secretary Vikram Misri meets business leaders in US, focuses on tech and trade cooperation

    Source: Government of India

    Source: Government of India (4)

    Indian Foreign Secretary Vikram Misri and Deputy National Security Advisor Pavan Kapoor met with leading U.S. business executives during a roundtable hosted by the U.S.-India Strategic Partnership Forum (USISPF) on Thursday, focusing on bolstering bilateral cooperation in key sectors.

    The Indian Embassy in Washington, D.C., described the discussions as “engaging.”

    “They emphasized the importance of G2G, academia, and industry collaboration to advance critical and emerging technologies in defence and strategic domains — key to transforming the partnership for the 21st century,” the embassy said in a post on X.

    USISPF, in a statement, said the dialogue focused on expanding cooperation under the TRUST initiative—an effort to build a secure, transparent, and resilient innovation ecosystem through stronger public-private-academic engagement.

    Misri’s three-day visit to the U.S. (May 27–29) focused on strategic and economic ties with Washington. His agenda included meetings with Deputy Secretary of State Christopher Landau and Under Secretary of Commerce Jeffrey Kessler.

    According to the U.S. Department of State, Landau reaffirmed the strength of the U.S.-India partnership.

    “He underscored the importance of fair and reciprocal market access to fostering economic growth and prosperity in both countries. The Deputy Secretary emphasised the importance of enhanced cooperation on migration and counternarcotics,” the State Department said in a statement.

    “The Deputy Secretary and the Foreign Secretary also reaffirmed their shared desire to maintain regional stability and peace,” the statement added

    (With inputs from IANS)

  • MIL-OSI Australia: Employing staff? Our video explains your super obligations

    Source: New places to play in Gungahlin

    As an employer, you must pay super guarantee (SG) for your eligible employees and contractors in full, on time and to the right fund.

    Before 1 July 2025, the SG rate is 11.5%. From 1 July onwards, the SG rate increases to 12%.

    You must pay SG at least quarterly but you can pay it more often to help manage your cashflow. Find out more at ato.gov.au/cashflowcoachingkit The next quarterly SG payment is due 28 July. There are penalties if you don’t pay on time.

    This video explains your super obligations so you can avoid extra paperwork, charges, or penalties.

    For more information visit ato.gov.au/superforemployers

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

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    MIL OSI News –

  • MIL-OSI Asia-Pac: Mediation body established in HK

    Source: Hong Kong Information Services

    Chief Executive John Lee

    I am delighted to join you on this historic occasion: to celebrate with you the signing of the Convention on the Establishment of the International Organization for Mediation (IOMed).

    Gathered here today, in the Hong Kong Special Administrative Region of the People’s Republic of China, are high-level representatives of over 80 countries from Asia, Africa, Latin America and Europe; and from the United Nations and about 20 international organisations. A very warm welcome to Hong Kong!

    It is a privilege for us to host this signing ceremony, and to serve as the IOMed headquarters, once the convention enters into force.

    This singular occasion is made possible by the ongoing and dedicated efforts of China, our country, in working with around 20 states, since late 2022, to establish an intergovernmental organisation devoted to mediation. After five rounds of intensive negotiation since 2023, co-ordinated by the IOMed Preparatory Office, the negotiating states concluded the very convention signed today.

    The IOMed will become the world’s first intergovernmental international legal organisation dedicated to resolving international disputes through mediation. It also reflects our shared confidence in mediation as a peaceful means to maintain international peace and security, as stipulated in the Charter of the United Nations.

    The IOMed will provide a pathway for countries – regardless of culture, language and legal system – to resolve international disputes based on mutual respect and understanding. This is increasingly important amid mounting geopolitical tensions. When protectionism threatens to derail the international trade order, and when unilateralism looms over global supply chains, it is dialogue – not division – that restores balance.

    China has long championed equity and unity. The Chinese virtue of “和而不同”, meaning “harmony in diversity”, is deeply rooted in our community and culture. This value of mutual respect in spite of differences also sits at the heart of mediation, the IOMed, and a world that seeks co-operation over conflict.

    Despite geopolitical turbulence, Hong Kong builds bridges, not walls. Under our unique “one country, two systems” principle, Hong Kong is the only world city that enjoys both the China advantage and the global advantage. With the support of the National 14th Five-Year Plan, Hong Kong has risen as an international legal and dispute resolution services centre in the Asia-Pacific region.

    We are the only common law jurisdiction in China, and the only jurisdiction in the world with a bilingual common law system in both Chinese and English. We have a long tradition of the rule of law, and our courts exercise their judicial power independently. Hong Kong’s Court of Final Appeal, which is vested with the power of final adjudication, has on its bench eminent jurists from both Hong Kong and overseas common law jurisdictions.

    Our robust, efficient and well-respected legal system is supported by world-class legal and dispute resolution professionals. Often bilingual or even multilingual, they are well-versed in international rules and practices, and help to position Hong Kong as a preferred venue for dispute resolution.

    In this year’s International Arbitration Survey, Hong Kong is the most preferred seat of arbitration in the Asia-Pacific region, and shares second place globally with another jurisdiction. Our economy also came first in business legislation and international trade in the World Competitiveness Yearbook. In the latest Business Ready Report published by the World Bank Group, Hong Kong ranks eighth in dispute resolution among the 50 economies covered.

    All this underscores Hong Kong’s effectiveness as a super connector and super value-adder among many economies. We contribute to cross-border investment and economic activity through our top-notch professional services. Our “one country, two systems” advantages make us well-placed to be the headquarters of the important institution of the IOMed.

    The Hong Kong Special Administrative Region Government is devoted to supporting the IOMed’s provision of friendly, flexible, economical and efficient mediation services. We actively promote a vibrant culture of mediation. In fact, it is a general policy to incorporate a mediation clause in all government contracts. We are also enhancing the system on local accreditation and disciplinary matters of the mediation profession.

    And we go all out to build bridges with the world. Hong Kong will actively promote the IOMed’s valuable work in settling international disputes through mediation, and advocate mediation as a global tool for peace and justice across borders.

    Ladies and gentlemen, the establishment of the IOMed’s headquarters in Hong Kong is a great honour for our city. The headquarters, as you may know, will be based in the building that once housed the Wan Chai Police Station, just a stone’s throw away from here. Built in 1932, this iconic building has a long association with law and order in Hong Kong. From its prime downtown location, it has also witnessed the transformation of our city that has long treasured unity. In its new role as the IOMed headquarters, the building will play a vital part in the future of Hong Kong as a centre for international legal and dispute resolution services.

    We are working to complete the conversion of the building for its new mission. I am happy to say that it could open its doors as early as the end of this year. We look forward not only to welcoming its new occupants, but also to supporting them in building new bridges for a more connected, peaceful and prosperous future through mediation.

    I would like to express my sincere gratitude to the central government for its staunch support of Hong Kong, allowing Hong Kong the honour of housing the IOMed headquarters here. My sincere gratitude also goes to the international community, for placing your trust and confidence in our city. Let’s renew our commitment to peace, justice and the rule of law. Let’s cultivate a mediation culture together. Let’s build a strong IOMed for a global community of shared future founded on peace and prosperity. Please enjoy the day and enjoy Hong Kong. Thank you.

    Chief Executive John Lee gave this speech at the Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation on May 30.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Super funds paying personal financial advice fees

    Source: New places to play in Gungahlin

    We’ve released our Practical Compliance Guide (PCG) that addresses the amendments made to the Income Tax Assessment Act 1997 (ITAA 1997) under Schedule 1 of the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024.

    The PCG sets out a methodology that super funds can use to determine the extent to which payments of financial advice fees satisfy paragraph (d) of table item 5 of subsection 295-490(1) of the ITAA 1997. This section of the guidance doesn’t apply to SMSFs.

    The PCG also outlines our compliance approach that applies to all super funds, including SMSFs, in relation to a super fund’s obligation to withhold from payments for personal financial advice fees in the income years prior to 1 July 2019.

    To read the PCG, visit PCG 2025/1.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

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    MIL OSI News –

  • MIL-OSI: High Arctic Overseas Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the quarter ended March 31, 2025, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

    The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

    Mike Maguire, Chief Executive Officer commented on the Corporation’s first quarter 2025 financial and operating results:

    “Having established High Arctic Overseas Holdings Corp. with dedicated Management and a resilient core business, this Corporation is well placed to participate meaningfully in anticipated future major project developments.

    Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

    I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

    2025 FIRST QUARTER HIGHLIGHTS

    • Drilling rig 103 remains suspended and drilling rigs 115 and 116 remain cold-stacked;
    • Manpower and rental services maintained similar activity levels to Q4 2024;
    • Revenue and operating margins significantly reduced compared to Q1 2024, largely as a result of rig 103 operating in Q1 2024 versus being suspended in Q1 2025; and
    • Disciplined cashflow management resulted in exiting Q1 2025 with working capital of over $20 million.

    Business strategy

    Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones:

    • Leveraging our core PNG planning and logistics capability to diversify ‎our service offerings;
    • Deploying idle assets into profitable operations;
    • Strengthening local content & participation in the PNG finance and investment communities;
    • An established and efficient corporate structure; and
    • Seeking opportunities to expand and root the business in the Australasian region.

    2025 Strategic Objectives

    • Relentless focus on safety excellence and quality service delivery;
    • Reduce general and administrative expenditures;
    • Grow the manpower business in Papua New Guinea;
    • Maximize potential participation in future major Papua New Guinea projects; and
    • Pursue expansionary transactions that increase shareholder value.

    Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

    For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three months ended March 31, 2025, including all comparative periods.

    In the above results discussion, the three months ended March 31, 2025 may be referred to as the “quarter” or “Q1 2025” and the comparative three months ended March 31, 2024 may be referred to as “Q1 2024”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates.

    FIRST QUARTER 2025 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

        Three months ended March 31,
    (thousands of USD except per share amounts)       2025     2024  
    Operating results:        
    Revenue       2,510     11,134  
    Net income (loss)       (1,225)     2,501  
    Per share (basic and diluted) (1)(2)     ($0.10)   $0.20  
    Operating margin (3)       714     4,315  
    Operating margin as a % of revenue (3)       28.4%     38.8%  
    EBITDA (3)       (286)     3,588  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.29  
    Adjusted EBITDA (3)       (202)     3,530  
    Adjusted EBITDA as a % of revenue (3)       (8.0%)     31.7%  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.28  
    Operating income (loss) (3)       (998)     2,720  
    Per share (basic and diluted) (1)(2)     ($0.08)   $0.22  
    Cash flow:        
    Cash flow from operating activities       (825)     5,348  
    Per share (basic and diluted) (1)(2)     ($0.07)   $0.43  
    Funds flow from operations (3)       (256)     3,314  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.27  
    Capital expenditures       74     550  
         
    (thousands of USD except per share amounts and common
    shares outstanding)    		     March 31, 2025 December 31, 2024
    Financial position:        
    Working capital (3)       20,212     20,602  
    Cash and cash equivalents       13,902     14,930  
    Total assets       34,133     35,287  
    Shareholder’s equity       29,766     30,953  
    Per share (4)     $2.39   $2.49  
    Common shares outstanding       12,448,166     12,448,166  
    (1)  For periods when the Corporation incurred a net loss the shares outstanding under the Corporation’s equity incentive plans for the periods presented are excluded from the calculation of diluted weighted average number of common shares as the outstanding options were anti-dilutive.
    (2)  For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. See “2024 Corporate Reorganization” section of this Press Release and the Corporation’s Financial Statements for additional details.
    (3)  Readers are cautioned that Operating margin, Operating margin as a % of revenue, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Adjusted EBITDA as a % of revenue, Operating income (loss), Funds flow from operations and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for additional details on the calculations of these measures.
    (4)  Shareholders’ equity per share calculated based on the number of common shares outstanding as at the relevant date.
     

    Operating Results

        Three months ended March 31,
    (thousands of USD, unless otherwise noted)     2025   2024  
    Revenue     2,510   11,134  
    Operating expenses     (1,796)   (6,819)  
    Operating margin (1)     714   4,315  
    Operating margin percentage (1)     28.4%   38.8%  
    (1)   See “Non-IFRS Measures”
     

    Customer-owned rig 103 has been suspended since the second half of 2024 compared to being operational in the first 5.5 months in 2024. As such, the majority of Q1 2025 revenue is from the provision of equipment rental and skilled personnel to key customers within PNG’s oil and gas industry. While minor, the Corporation is seeing increased equipment rental revenues from other industries within PNG. As noted above, revenues for Q1 2024, were inclusive of rig 103 drilling activities plus revenue from the provision of equipment rental and skilled personnel into PNG’s oil and gas industry.

    The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

    Liquidity and Capital Resources

        Three months ended March 31,
    (thousands of USD)     2025   2024  
    Cash provided by (used in) operations:        
    Operating activities     (825)   5,348  
    Investing activities     (74)   (550)  
    Financing activities     (117)   (124)  
    Effect of foreign exchange rate changes     (12)   –  
    Increase (decrease) in cash     (1,028)   4,674  
    (thousands of USD, unless otherwise noted)     As at
    March 31, 2025    		   As at
    Dec 31, 2024    		  
    Current assets     24,230   24,706  
    Working capital(1)     20,212   20,602  
    Working capital ratio(1)     6.0:1   6.0:1  
    Cash and cash equivalents     13,902   14,930  
     (1)  See “Non-IFRS Measures”
     

    Liquidity and Capital Resources
    Cashflows from Operating Activities

    For the three months ended March 31, 2025, cash used in operating activities was $825 (Q1 2024 – cash generated was $5,348). The change in operating cash flow was driven by reduced revenue generating activities and changes in non-cash working capital. Changes in non-cash working capital are listed in Note 13 of the Financial Statements and represent temporary differences as inventory is purchased in support of anticipated sales, deferred revenue is earned and related party balances post the Arrangement.

    Cashflows from Investing Activities

    For the three months ended March 31, 2025, cash used in investing activities was $74 (Q1 2024 – $550). Cash outflows associated with investing activities were directed towards capital expenditures for additional rental assets. The Corporation continues to seek opportunities to invest in additional capital assets, in particular where it can do so with support of customer take-or-pay agreements.

    Cash flows from Financing Activities

    For the three months ended March 31, 2025, cash used in financing activities was $117 (Q1 2024 – $124). Cash outflows associated with finance activities were directed towards lease obligation payments.

    Outlook

    Consistent with the outlook provided by the Corporation in Q4 2024 the outlook for the Corporation’s core business in PNG for the remainder of 2025 remains subdued. Current quarter operating results were largely driven by manpower and rental services delivered to its key customers in PNG’s oil and gas industry. With no near-term drilling activity currently contracted, the Corporation expects equipment rental and manpower to continue as the primary revenue generating activity for 2025. The second half of 2025 is expected to see a decline in these activities as certain projects supported by the Corporation are expected to conclude, and customers have deferred non-essential work as they realize low and volatile near-term commodity prices.

    The Corporation is buoyed by an increase in recent enquiries for services and requests for pricing which may lead to a future upswing in revenue generating activity. The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings. The Corporation also continues to pursue business expansion opportunities in PNG, participating in requests for tender and actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

    Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

    Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG, a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

    The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

    There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defense projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

    NON-IFRS MEASURES

    This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

    These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

    For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q1 2025 MD&A, which is available online at www.sedarplus.ca.

    About High Arctic ‎Overseas Holdings Corp.

    High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

    For further information, please contact:

    Mike Maguire
    Chief Executive Officer
    1.587.320.1301

    High Arctic Overseas Holdings Corp.
    Suite 2350, 330–5th Avenue SW
    Calgary, Alberta, Canada T2P 0L4
    www.higharctic.com
    Email: info@higharctic.com

    Forward-Looking Statements
    This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the ability of the Corporation to expand its geographic customer base outside of PNG, and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

    With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks.

    The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth in this Press Release and in the Corporation’s annual 2024 MD&A, which is available on SEDAR+.

    The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Quantum eMotion Announces Brokered LIFE Financing of C$6,000,000

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    MONTREAL, May 29, 2025 (GLOBE NEWSWIRE) — Quantum eMotion Corp. (“QeM” or the “Corporation”) (TSX.V: QNC; OTCQB: QNCCF) is pleased to announce a best efforts brokered private placement for total gross proceeds of at least C$6,000,000 (the “Offering”), consisting of at least 4,000,000 units of the Corporation (each a “Unit”) at a price of C$1.50 per Unit (the “Offering Price”), pursuant to the listed issuer financing exemption (the “LIFE Exemption”) under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”).

    Each Unit will consist of (i) one common share in the capital of the Corporation (a “Share”), and (ii) one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share (a “Warrant Share”) at a price of C$1.82 for a period of 3 years following the Closing Date (as defined herein).

    The Corporation intends to use the net proceeds raised from the Offering to accelerate the pace of its research and development (“R&D”) efforts, expand the R&D team, hire staff for the commercialization initiatives underway and expanding the presence of QeM in the USA and other markets and for general working capital needs.

    A.G.P. Canada Investments ULC (“Agent“) is acting as the sole bookrunner and agent for the Offering and A.G.P./Alliance Global Partners is acting as sole U.S. placement agent for the Offering.

    Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the securities issued pursuant to the LIFE Exemption are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. The Units may also be offered to persons in the United States pursuant to exemptions from the registration requirements under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and all applicable U.S. state securities laws, as well as outside Canada and the United States on a basis which does not require the qualification or registration of any of the Corporation’s common shares or require the Corporation to be subject to any ongoing disclosure requirements under any domestic securities laws.

    There is an offering document related to the Offering that can be accessed under the Corporation’s profile at www.sedarplus.ca and on the Corporation website at https://www.quantumemotion.com/. Prospective investors should read this offering document before making an investment decision.

    It is expected that closing of the Offering will take place on or about June 2, 2025 (the “Closing Date”). Closing of the Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals.

    As consideration for their services, the Agent will receive an aggregate cash fee equal to 6.0% of the gross proceeds of the Offering. In addition, the Corporation will issue to the Agent non-transferable warrants (the “Agent Warrants”) representing 4.0% of the aggregate number of Units issued pursuant to the Offering. Each Agent Warrant will entitle the holder to purchase one common share of the Corporation at price of C$1.66 for a 30-month period from the date of issuance.

    This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act” ), and such securities may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons absent registration or an applicable exemption from U.S. registration requirements. “United States” and “U.S. persons” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

    About Quantum eMotion

    The Company’s mission is to address the growing demand for affordable hardware and software security for connected devices. Thanks to its patented Quantum Random Number Generator, QeM has become a pioneering force in classical and quantum cybersecurity solutions. This security solution exploits quantum mechanics’ built-in unpredictability and promises to provide enhanced protection for high-value assets and critical systems. For further information, please visit our website at https://www.quantumemotion.com/ or contact us at: info@quantumemotion.com

    The Company intends to target highly valued Financial Services, Healthcare, Blockchain Applications, Cloud-Based IT Security Infrastructure, Classified Government Krown Technologies and Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics) and Quantum Cryptography.

    For further information, please visit our website at https://www.quantumemotion.com/ or contact:

    Francis Bellido, Chief Executive Officer

    Tel: 514.956.2525

    Email: info@quantumemotion.com

    Website: www.quantumemotion.com

    Cautionary Note regarding Forward-Looking Statements

    This news release contains “forward-looking information” within the meaning of applicable securities laws, which is based upon the Corporation’s current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Corporation’s expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering, the completion of the Offering, if it is to be completed at all; the expected Closing Date; and the completion of the Corporation’s business objectives, and the timing, costs, and benefits thereof. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Corporation. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating risks inherent to the cybersecurity industry, the value of the Corporation’s intangible assets, completing proof of concept studies, protecting intangible assets rights, timing and availability of external financing on acceptable terms or at all, the possibility that future results will not be consistent with the Corporation’s expectations, increases in costs, changes in legislation and regulation, changes in economic and political conditions and other risks involved in the cybersecurity industry and inherent to new technologies, such as risk of obsolescence, slow adoption and competing technological advances; and those risks set out in the Corporation’s public documents filed on SEDAR+ at www.sedarplus.ca.

    Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Corporation and the risks and challenges of its business, investors should review the Corporation’s annual filings that are available at www.sedarplus.ca. The Corporation provides no assurance that forward-looking statements or forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and information. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking information.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI Australia: NAB backs farmers and Victorian Drought taskforce

    Source: Premier of Victoria

    NAB today announced its support for a new Victorian Drought Response Taskforce.

    NAB Group CEO Andrew Irvine said: “NAB is ready to play our role in helping farmers, their families and regional Victorian businesses and communities as they deal with the devastating impacts of the drought.

    “Multi-generational farmers who have been on the same land for over a century are telling us it is one of the worst droughts on record. Some of them are making the heart-breaking decision to reduce their stock because they can’t afford to feed them or provide enough water.  Businesses that service farms are hurting too.

    “It’s also vital we consider the mental health impacts for the farmers, their families, and those businesses and communities that support them.”

    NAB does a third of all lending to farmers and many NAB bankers live and farm in areas impacted by the drought. NAB’s Regional and Agribusiness Executive Khan Horne will represent NAB on the taskforce to provide the perspectives of customers.

    Mr Irvine said NAB was here to help any customer who needed financial support.

    “For any farmer or business, please call your bank.  The sooner you call the sooner we can help,” he said.

    Help may range from payment pauses, changes to your repayments and temporary relief from existing financial commitments. NAB can also provide access to mental health support for any customer who needs it.

    Environment

    SEE ALL TOPICS

    Media Enquiries

    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News –

  • MIL-OSI USA: As Wildfire Season Begins, Cantwell Demands Trump Administration Stop Putting Lives & Property at Risk & Immediately Lift National Weather Service Hiring Freeze

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    05.29.25
    As Wildfire Season Begins, Cantwell Demands Trump Administration Stop Putting Lives & Property at Risk & Immediately Lift National Weather Service Hiring Freeze
    Senator warned Lutnick in Feb. that gutting NOAA & NWS would cripple weather forecasting, threaten public safety; Jackson, KY, NWS office lost overnight staffing & meteorologist-in-charge as severe storms moved across the region May 16, leaving 18 dead; Pendleton, OR, NWS office covering Central WA does not have enough meteorologists to cover overnight shifts
    EDMONDS, WA – U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, demanded that the Trump Administration immediately exempt the National Weather Service (NWS) from its current federal hiring freeze so that citizens and communities will not be left to fend for themselves without adequate warnings as both hurricane season and wildfire season rapidly approach.  
    “On February 19, 2025, I wrote to Secretary Lutnick to urge protection of NOAA’s workforce and exempt the NWS and other safety related jobs from the hiring freeze due to the crucial role they play in protecting lives, property, and our national economy,” wrote Sen. Cantwell in a letter to Commerce Secretary Howard Lutnick and OPM Acting Director Charles Ezell.  “Now that we have seen the fallout from these ill-advised cuts, I once again demand the Administration immediately provide NOAA with a public safety exemption to the federal hiring freeze so the agency can take immediate steps to fill critical positions and prevent a further breakdown in life-saving forecasts and warnings.”
    Multiple recent reports have documented the impacts of the hiring freeze. The Washington Post reports that “Some…forecasting teams are so critically understaffed that the agency is offering to pay moving expenses for any staff willing to transfer to those offices, according to notices recently sent to employees…” And the New York Times found that “The National Weather Service is preparing for the probability that fewer forecast updates will be fine-tuned by specialists, among other cutbacks, because of ‘severe shortages’ of meteorologists and other employees, according to an internal agency document.” These reports make clear that action must be taken immediately to avoid a catastrophic gap in capacity in the face of a future storm or wildfire.
    “For at least half a century, NWS has provided weather forecasting 24 hours a day, seven days a week, but with the Administration’s cuts, at least eight weather forecasting offices no longer have enough meteorologists to cover overnight shifts,” the Senator wrote. “The Pendleton, Oregon office that covers central Washington will stop staffing overnight shifts, and we’ll lose the consistent local knowledge about weather hazards that impacts the accuracy of forecasts and warnings needed to inform transportation agencies, farmers, schools, firefighters, emergency responders, and other public officials that rely on accurate and timely forecasts and warnings.”
    Months before the current crisis, Sen. Cantwell called for an exemption and accurately predicted exactly the situation we are in now.
    The full text of Sen. Cantwell’s letter is available HERE and below.
    Dear Secretary Lutnick and Mr. Ezell,
    The Administration’s dismantling of the National Oceanic and Atmospheric Administration (“NOAA”) workforce has crippled the National Weather Service (“NWS”). The firing of probationary employees, early retirements, and other Administration efforts have led to more than 560 departures from NWS, a 33% reduction from historic levels, leaving many locations critically understaffed and the agency scrambling to fill the gaps.
    NOAA initiated an agency-wide effort on May 13, 2025, to relocate existing personnel to temporarily fill 155 positions in “critically understaffed” locations across NWS. This proposed solution may serve as a stopgap, but it is not a viable long-term strategy.
    On February 19, 2025, I wrote to Secretary Lutnick to urge protection of NOAA’s workforce and exempt the NWS and other safety related jobs from the hiring freeze due to the crucial role they play in protecting lives, property, and our national economy. Now that we have seen the fallout from these ill-advised cuts, I once again demand the Administration immediately provide NOAA with a public safety exemption to the federal hiring freeze so the agency can take immediate steps to fill critical positions and prevent a further breakdown in life-saving forecasts and warnings.
    For at least half a century, NWS has provided weather forecasting 24 hours a day, seven days a week, but with the Administration’s cuts, at least eight weather forecasting offices no longer have enough meteorologists to cover overnight shifts. The Pendleton, Oregon office that covers central Washington will stop staffing overnight shifts, and we’ll lose the consistent local knowledge about weather hazards that impacts the accuracy of forecasts and warnings needed to inform transportation agencies, farmers, schools, firefighters, emergency responders, and other public officials that rely on accurate and timely forecasts and warnings. Additionally, 30 of the 122 weather forecast offices are currently lacking their highest-ranking official, known as the meteorologist-in-charge, including at offices that cover major metropolitan areas such as New York City, Cleveland, Houston, and Tampa. The office in Jackson, Kentucky lost both overnight staffing and their meteorologist-in-charge and was left scrambling to find adequate staffing on May 16, 2025, as severe storms moved across the region, ultimately killing 18 people in Kentucky.
    The staffing shortages are also impacting NWS’s ability to collect and disseminate the weather data that underpins NOAA’s own forecasts and warnings as well as serves as the foundation for the entire U.S. weather enterprise. There are over 90 vacancies among the specialized staff who maintain and repair the NWS’s Doppler radar and Automated Surface Observing Systems greatly increasing the chances of equipment outages. These systems are the cornerstone of NWS’s severe weather warning operations and provide pilots and air traffic controllers with the data they need to safely manage air traffic and minimize delays. Additionally, at least 10 weather forecast offices have suspended or limited their weather balloon launches, which for decades have occurred twice daily to gather data on a steady cadence. Carrying instruments called radiosondes, the balloons rise to 115,000 feet and gather vital atmospheric data that cannot easily be replicated by satellites or other instruments. Without this information forecasts become less accurate and less reliable.
    June 1 marks the start of hurricane season, and many parts of the country are already contending with wildfires and violent storms. Every living former Director of the NWS, from both Republican and Democratic administrations, wrote and released an open letter to the American people warning about the impact of staffing and program cuts. The Directors “stand united against the loss of staff and resources at NWS and are deeply concerned about NOAA as a whole…[Their] worst nightmare is that weather forecast offices will be so understaffed that there will be needless loss of life.”?
    Granting a public safety exemption to the hiring freeze is essential to prevent further degradation of our nation’s weather readiness. Please provide the Committee with a response by June 1, 2025, explaining how you will resume hiring at the NWS to ensure consistent weather forecasting coverage. 

    MIL OSI USA News –

  • MIL-OSI New Zealand: Tristan Gilbertson reappointed to the Commerce Commission

    Source: Ministry of Business Innovation and Employment (MBIE)

    Mr Gilbertson has been reappointed for a second 5-year term, starting on 8 June 2025 and ending on 7 June 2030.

    Mr Gilbertson is a commercial lawyer with extensive international experience in the telecommunications sector. During his first term as Telecommunications Commissioner, he led work programmes relating to the economic regulation of telecommunications services, the development of retail service quality guidelines, and the monitoring and enforcement of competition in telecommunications markets. He was also involved in the Commission’s wider competition and consumer work – including the recent market study into banking.

    Prior to joining the Commission, he held senior executive positions at Vodafone Group Plc, Telecom New Zealand Ltd (now Spark) and Digicel Group Ltd, where he led legal and regulatory teams supporting the development and growth of these businesses.

    The Commission comprises 4 to 8 members appointed by the Governor-General. These members include:

    • Chair
    • Deputy Chair
    • Telecommunications Commissioner
    • Grocery Commissioner

    At least 1 member must be a barrister and solicitor of at least 5 years’ standing.

    The Minister of Commerce and Consumer Affairs recommends Commissioners for appointment for their knowledge and experience in the fields of industry, commerce, economics, law, accountancy, public administration or consumer affairs.

    The Telecommunications Commissioner is appointed by the Governor-General on the recommendation of the Minister for Media and Communications.

    MIL OSI New Zealand News –

  • MIL-OSI China: US stocks close higher on firm Nvidia earnings

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

    U.S. stocks ended higher on Thursday, as investors digested Nvidia’s earnings results and continued to navigate ongoing tariff-related uncertainty.

    The Dow Jones Industrial Average rose 117.03 points, or 0.28 percent, to 42,215.73. The S&P 500 added 23.62 points, or 0.40 percent, to 5,912.17. The Nasdaq Composite Index increased by 74.93 points, or 0.39 percent, to 19,175.87.

    Ten of the 11 primary S&P 500 sectors ended in green, with real estate and health leading the gainers by adding 0.95 percent and 0.74 percent, respectively. Meanwhile, communication services bucked the trend by losing 0.35 percent.

    Later in the day, a federal appeals court reinstated U.S. President Donald Trump’s broad tariffs, at least temporarily, overturning a lower court’s ruling on Wednesday that had blocked them on the grounds that their implementation process was “unlawful.”

    “The chances for a major slowdown because of the tariffs or a major consumer price increase definitely have gone down a little bit, not to zero because God knows what they’re going to do,” said Norbert Michel, vice president and director at the Cato Institute’s Center for Monetary and Financial Alternatives, referring to legal actions the Trump administration can take.

    Meanwhile, Nvidia shares surged 3.24 percent on Thursday, following the company’s first-quarter earnings release after the close on Wednesday. The gain put the stock on pace for its highest closing level since January.

    Despite a notable 8-billion-U.S.-dollar revenue impact from U.S. export restrictions to China, investor sentiment was lifted by strong guidance from Nvidia CEO Jensen Huang and robust demand for AI infrastructure, particularly around Nvidia’s upcoming Blackwell chip rollout.

    “The 50 billion China market is effectively closed to U.S. industry,” Huang said about the restrictions. “We are exploring limited ways to compete, but Hopper is no longer an option. China’s AI moves on with or without U.S. chips.” For the quarter, Nvidia posted revenue of 44.1 billion U.S. dollars, beating Bloomberg consensus estimates of 43.3 billion and sharply up from 26 billion dollars a year ago.

    Elsewhere, Best Buy lowered its full-year outlook, citing economic uncertainty tied to the tariffs, which led to a drop in its stock. Attention has now turned to Costco’s upcoming earnings release, as retailers face growing pressure. Trump recently told Walmart it should absorb the costs from higher import duties, following its latest earnings report.

    On the economic front, jobless claims in the United States rose more than expected last week, signaling potential softness in the labor market. Additionally, the Commerce Department revised its estimate for the first-quarter gross domestic product, showing the economy contracted at an annualized rate of 0.2 percent, a slight improvement from the initial reading. 

    MIL OSI China News –

  • MIL-OSI USA: Pallone Speaks Out on the House Floor Against the GOP Tax Scam

    Source: United States House of Representatives – Congressman Frank Pallone (6th District of New Jersey)

    Republican Leaders Brought the Bill to the House Floor in the Middle of the Night

    Washington, D.C. – Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (D-NJ) delivered the following remarks on the House floor around 4 a.m. in opposition to President Trump’s One Big Ugly Bill as Republican leaders rushed to pass their tax scam under cover of night:

    For months, President Trump and Congressional Republicans have been promising that they would not cut Medicaid or Medicare. The reality is that Republicans are cutting both Medicaid and Medicare in this bill. They’re essentially repealing parts of the Affordable Care Act. This bill will destroy the health care system in this country, and it keeps getting worse with each GOP amendment. 

    The GOP Tax Scam takes health care away from at least 13.7 million Americans so they can give giant tax breaks to billionaires and big corporate interests. It’s a shameful reverse Robin Hood scheme – they are stealing from you to give to the rich.  

    Republicans are stripping health care away from people by putting all sorts of burdensome and time-consuming roadblocks in the way of people just trying to get by. The vast majority of people on Medicaid already working. This is not about work – it’s about burying people in so much paperwork that they fall behind and lose their health coverage.  

    And if someone loses their coverage through Medicaid, this GOP Tax Scam also bans them from getting coverage through the ACA Marketplace. It’s just one of the cruel ways this bill basically repeals the ACA and makes it more difficult for people to get affordable health insurance. 

    Now, the Republican bill also makes it more difficult for states to finance their share of Medicaid costs by preventing them from implementing new provider taxes. This will be catastrophic for states as their health care needs change over time and will force them to either increase taxes on their residents or cut health care services.  

    For those of you who will say it doesn’t impact Medicare, the GOP Tax Scam will also cut Medicare—I repeat Medicare—by about $500 billion due to sequestration. These Medicare cuts will lead to reduced access to care for seniors, longer wait times for appointments, and increased costs.  

    Mr. Speaker, the GOP Tax Scam destroys the American health care system by cutting over a trillion dollars and this bill should be defeated. 

    I yield back. 

    MIL OSI USA News –

  • MIL-OSI USA: Reed, Warren, Wyden Urge Investigation to Determine if DOGE Employees’ Committed Criminal Violations of Federal Ethics Laws

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC — U.S. Senators Elizabeth Warren (D-MA), Jack Reed (D-RI), and Ron Wyden (D-OR) sent a letter to the Department of Justice (DOJ), Office of Government Ethics (OGE), and Inspector Generals at the Department of the Treasury, Internal Revenue Service (IRS), and Consumer Financial Protection Bureau (CFPB) urging their offices to investigate whether Department of Government Efficiency (DOGE) employees broke the law by working to dismantle government agencies while holding hundreds of thousands of dollars in private companies. The lawmakers are Ranking Members of the Senate Banking, Housing, and Urban Affairs Committee; Senate Armed Services Committee; and Senate Finance Committee, respectively. 

    “These DOGE employees’ conflicts of interest and role in the mass firings at CFPB, Treasury, and IRS undermine the integrity of their decision-making and the actions taken by the agencies where they work,” the three senators wrote.

    Recent reporting by Politico revealed that Tom Krause, the leader of the Treasury’s DOGE team, has financial holdings worth hundreds of thousands of dollars in companies like JPMorgan Chase, Bank of America, PNC, U.S. Bank, Wells Fargo, Deutsche Bank, Morgan Stanley, and Santander—all companies that have business before Treasury or provide services to the Department. Krause has also been responsible for leading Treasury’s efforts to modernize the Treasury’s IT and financial infrastructure while owning shares of big tech companies like Google, Oracle, and Amazon. 

    Krause and two other Treasury employees, Todd Newnam and Linda Whitridge, also own shares of Intuit, the parent company of TurboTax, which for years has attempted to sabotage the IRS Direct File program. Direct File allows taxpayers to file their taxes for free and directly with the IRS instead of using private sector programs like TurboTax. In recent months, DOGE fired the program’s development team and the Trump administration has reportedly decided to end the program. 

    “It would be deeply disturbing if DOGE employees with a financial stake in Intuit were involved with overseeing and dismantling the Direct File initiative, which would directly benefit Intuit and these employees’ financial holdings,” the lawmakers wrote. 

    ProPublica also recently reported that Gavin Kliger, a DOGE aid at the Consumer Financial Protection Bureau (CFPB), was warned by ethics officials that he held stock in companies that “employees are forbidden from owning.” These holdings include as much as $715,000 of investments in barred companies such as Apple Inc., Tesla Inc., Alphabet Inc., and two cryptocurrencies, all companies subject to investigation by the CFPB. Three days later, despite ethics officials’ warnings, Kliger participated in layoffs at the agency, including firing the ethics lawyers that warned him of his conflicts. 

    At least one expert has described Mr. Kliger’s actions as “look[ing] like a pretty clear-cut violation’” of the federal criminal conflict-of-interest statute, which could carry a fine of up to $250,000 and up to five years in prison. 

    “Together, these three examples underscore what appears to be a pervasive problem with Elon Musk and DOGE employees trampling ethics rules and laws to benefit their own pockets at the expense of the American public,” wrote the senators. 

    The senators called on the DOJ, OGE, and Inspectors Generals of the Treasury, Office for Tax Administration, and the Federal Reserve to investigate the legality of these employees’ conflicts and whether they have violated federal ethics laws. 

    “Neither Mr. Musk nor those working on his behalf in DOGE are above the law, and if they have failed to follow it, the Department of Justice (DOJ) and other relevant government officials should act to hold them accountable,” the senators concluded.

    Full text of the letter follows:

    Dear Attorney General Bondi, Acting Director Greer, Ms. Sciurba, Ms. Hill, and Mr. Gibson:

    We write regarding new reports that DOGE employees at the Treasury, Internal Revenue Service (IRS), and the Consumer Financial Protection Bureau (CFPB) have been engaged in the dismantling of these agencies while holding hundreds of thousands of dollars of stock in private companies benefitting from these individuals’ efforts to eliminate key programs, staff, and policies. This poses a clear conflict of interest and potential criminal violation of federal ethics law, which bars any Federal government employee from “participat[ing] personally and substantially…[in any] particular matter in which [they] … ha[ve] a financial interest.” A willful violation of the law would subject these individuals to a fine of up to $250,000 and up to five years in prison. We request that your offices investigate this matter.

    Neither Mr. Musk nor those working on his behalf with DOGE are above the law, and if they have failed to follow it, the Department of Justice (DOJ) and other relevant government officials should hold them accountable.

    First, earlier this month, reporting revealed that Tom Krause, the leader of Treasury’s DOGE team and top official overseeing Treasury’s Bureau of the Fiscal Service, has financial holdings worth hundreds of thousands of dollars in companies that have business before Treasury or provide services to the Department. Some of Mr. Krause’s holdings—including hundreds of thousands of dollars’ worth of shares of JPMorgan Chase, Bank of America, PNC, U.S. Bank, Wells Fargo, Deutsche Bank, Morgan Stanley, and Santander—are in financial institutions that provide financial services to and purchase U.S. debt securities directly from Treasury. In addition, Mr. Krause has also been responsible for leading Treasury’s efforts to “modernize its IT and financial infrastructure,” despite owning shares of big tech firms like Google, Oracle, and Amazon. Experts have described this as “a massive, glaring red flag of a conflict of interest.”

    Second, the same report also indicated that Mr. Krause and two other Treasury DOGE team members—Todd Newnam and Linda Whitridge—own shares of Intuit, the parent company of TurboTax, which has been engaged in a years’ long attempt to sabotage the IRS’ free tax filing program, “Direct File.” This easy-to-use program allows taxpayers to file their taxes for free and directly with the IRS, rather than use private sector tax preparation software like TurboTax. Troublingly, the program has been targeted for elimination by DOGE: months after Musk posted that DOGE had “deleted” a team that contributed to Direct File’s development, reports surfaced that the Trump Administration had decided to end the program. It would be deeply disturbing if DOGE employees with a financial stake in Intuit were involved with overseeing and dismantling the Direct File initiative, which would directly benefit Intuit and these employees’ financial holdings.

    Third, last month, ProPublica reported that Gavin Kliger, a DOGE aide at the CFPB, was warned by ethics attorneys “that he held stock in companies that employees are forbidden from owning — and was advised not to participate in any actions that could benefit him personally.” These holdings include as much as $715,000 of investments in barred companies such as Apple Inc., Tesla Inc., Alphabet Inc., and two cryptocurrencies. These companies are on the CFPB’s “Prohibited Holding” list since they are “subject to examination by the Bureau.”

    Three days later, Mr. Kliger “participated in mass layoffs at the agency anyway, including the firings of the ethics lawyers that warned him” of his conflicts. The conflicts are obvious: “a defanged and downsized consumer watchdog is unlikely to aggressively regulate those and other companies, freeing them of compliance costs and the risk associated with examinations and enforcement actions. That in turn could boost their stock prices and benefit … Kliger.” At least one expert has described Mr. Kliger’s actions as “look[ing] like a pretty clear-cut violation’” of the federal criminal conflict-of-interest statute

    Together, these three examples underscore what appears to be a pervasive problem with Elon Musk and DOGE employees trampling ethics rules and laws to benefit their own pockets at the expense of the American public. These DOGE employees’ conflicts of interest and role in the mass firings at CFPB, Treasury, and IRS undermine the integrity of their decision-making and the actions taken by the agencies where they work.

    To be clear, there continues to be uncertainty about the specific circumstances surrounding these individuals’ conflicts, including whether they may have divested from some or all of their conflicted holdings, whether their actions may have constituted involvement in “particular matters” that will have a “direct and predictable effect” on their financial interests, or whether they may have received waivers from relevant Designated Agency Ethics Officials or White House officials. But the American people deserve answers regarding whether their own interests may have been undermined by Trump Administration officials that acted in violation of federal ethics laws.

    Given these open questions, we ask that your offices investigate this matter. The Treasury Inspector General (Treasury IG), Treasury Inspector General for Tax Administration (TIGTA), and Inspector General of the Federal Reserve (Fed IG) should conduct a broad review of whether these and other DOGE representatives may have engaged in illegal or inappropriate efforts at the Treasury, IRS, and CFPB. The Department of Justice (DOJ) should investigate whether these and other DOGE representatives may have violated federal ethics law by abusing their official roles for the benefit of private companies in which they have a vested financial interest. We also ask that the Office of Government Ethics examine this matter and recommend any potential violations for appropriate enforcement action.

    Thank you for your attention to this important matter.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Murray, Van Hollen Urge GAO to Continue Investigating Administration’s Withholding of Congressionally Appropriated Funds

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Senator Patty Murray (D-Wash.), Vice Chair of the Senate Appropriations Committee, and U.S. Senator Chris Van Hollen, Ranking Member of the Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies, have sent a letter to the U.S. Comptroller General Gene Dodaro urging the Government Accountability Office (GAO) to continue to investigate the Administration’s withholding of Congressionally appropriated funds. The GAO has the authority to determine whether the Administration is violating the Impoundments Control Act by illegally withholding funds, and the Senators’ letter follows GAO’s recent finding that the Department of Transportation was in fact doing so. In their letter, the Senators press GAO to continue working on the 39 cases and counting of potentially illegal impoundments it has identified and stress that the GAO must move forward with or without the Administration’s cooperation.

    “As members of the Senate Appropriations Committee, we have tracked with growing alarm the pauses and cancellation of federal funding across agencies since the start of the Trump Administration. We have noted at least $430 billion in funding has been blocked, an amount equivalent to nearly a third of the discretionary budget,” the Senators begin.

    “Agencies were required to submit spend plans for fiscal year 2025 on April 29, but most did not supply plans or provided insufficient detail to allow the Committee to ensure they are allocating resources in accordance with the law. The Administration has also stopped publicly posting apportionment documents as required by the Financial Services and General Government Appropriations Act of 2023, weakening Congress’s ability to conduct effective oversight,” they continue.

    “In a Committee hearing on April 29, you testified that the GAO has 39 ongoing investigations into potentially illegal impoundments. […] In your testimony on April 29, you indicated that in some cases you were waiting on information from agencies on their justifications for funding freezes. We appreciate that GAO works to ascertain intent as part of any investigation under the Impoundment Control Act (ICA), and that your good faith requests for information from the Administration allow you to obtain a fuller picture of the circumstances surrounding a withholding. […] However, GAO was similarly stonewalled by the prior Trump Administration, when the Office of Management and Budget and the State Department failed to provide necessary information about potential impoundments of Foreign Military Financing Funds. GAO noted then, and we agree, that the delay in response had “constitutional significance” as it obstructed an investigation that Congress delegated to GAO under the ICA,” they note.

    The Senators go on to urge, “As Congress begins deliberations on the fiscal year 2026 appropriations bills, it is critical that we understand how the Administration is executing current law, and whether, through programmatic delay or illegal impoundment, funds are in danger of expiring without obligation. If the Administration is breaking the law without consequence, the fundamental separation of powers and Congressional power of the purse is under serious threat. We encourage you to continue to report to Congress as quickly as possible on any violations of the ICA. In the event of a violation, Congress has also invested GAO with the authority to file suit to ensure funds are spent in accordance with the law.”

    The full text of the letter is available here and below.

    Dear Comptroller Dodaro,

    As members of the Senate Appropriations Committee, we have tracked with growing alarm the pauses and cancellation of federal funding across agencies since the start of the Trump Administration. We have noted at least $430 billion in funding has been blocked, an amount equivalent to nearly a third of the discretionary budget.

    Agencies were required to submit spend plans for fiscal year 2025 on April 29, but most did not supply plans or provided insufficient detail to allow the Committee to ensure they are allocating resources in accordance with the law. The Administration has also stopped publicly posting apportionment documents as required by the Financial Services and General Government Appropriations Act of 2023, weakening Congress’s ability to conduct effective oversight.

    As the President enters his fifth month in office, the argument that programs are simply paused for review becomes increasingly less credible. In addition, executive orders and public statements from the President, his cabinet, and the so-called Department of Government Efficiency indicate a clear intention to stop funding for certain agencies and programs entirely. Those statements have frequently aligned with the cancellation of grants and contracts, indicating that they are implementing cuts in fiscal year 2025 in violation of appropriations law, rather than proposing cuts for fiscal year 2026 for Congressional consideration.

    As you know, Congress has authority under the Constitution to appropriate funds, and the Executive Branch must expend those funds as the law dictates. And as GAO has stated, “Faithful execution of the law does not permit the President to substitute his own policy priorities for those that Congress has enacted into law.”

    In a Committee hearing on April 29, you testified that the GAO has 39 ongoing investigations into potentially illegal impoundments. We appreciate GAO’s completion of its first legal opinion, that the Department of Transportation violated the recording statute and the Impoundment Control Act (ICA) by improperly recording program liabilities and illegally withholding mandatory funds for the National Electric Vehicle Infrastructure (NEVI) Formula Program. The NEVI program was authorized by the bipartisan Infrastructure Investment and Jobs Act and, as you noted, “[t]he Constitution grants the President no unilateral authority to withhold funds from obligation.” We agree with your conclusion, and will expect the Department of Transportation to immediately make the withheld funds available to the states.

    In your testimony on April 29, you indicated that in some cases you were waiting on information from agencies on their justifications for funding freezes. We appreciate that GAO works to ascertain intent as part of any investigation under the Impoundment Control Act (ICA), and that your good faith requests for information from the Administration allow you to obtain a fuller picture of the circumstances surrounding a withholding.

    However, GAO was similarly stonewalled by the prior Trump Administration, when the Office of Management and Budget and the State Department failed to provide necessary information about potential impoundments of Foreign Military Financing Funds. GAO noted then, and we agree, that the delay in response had “constitutional significance” as it obstructed an investigation that Congress delegated to GAO under the ICA.

    GAO also noted, in its investigation of the illegal impoundment by the Department of Defense that occurred at the same time, that while OMB provided an explanation for the withholding, its explanation did not adequately justify the action. GAO said that “the burden to justify a withholding of budget authority rests with the executive branch.” You reiterated that in your decision on the Department of Transportation’s illegal withholding of NEVI program funds. In the absence of fulsome responses from the Administration, we encourage GAO to carefully examine the public record, including court records in cases filed against agencies, to inform your investigation into whether agencies are demonstrating the intent to illegally impound funds.

    As Congress begins deliberations on the fiscal year 2026 appropriations bills, it is critical that we understand how the Administration is executing current law, and whether, through programmatic delay or illegal impoundment, funds are in danger of expiring without obligation. If the Administration is breaking the law without consequence, the fundamental separation of powers and Congressional power of the purse is under serious threat.

    We encourage you to continue to report to Congress as quickly as possible on any violations of the ICA. In the event of a violation, Congress has also invested GAO with the authority to file suit to ensure funds are spent in accordance with the law.

    We appreciate the investigations GAO has already undertaken and your vital role in carrying out the ICA to ensure that the President faithfully executes the law as required by our Constitution. We look forward to your legal opinions and analysis of the Administration’s fiscal year 2025 implementation.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: SBA Opens Business Recovery Center in Weslaco

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of a SBA Business Recovery Center (BRC) in Hidalgo County to assist small businesses, private nonprofit (PNP) organizations and residents who sustained economic losses and physical damage from severe storms and flooding occurring March 26‑28.

    Beginning Friday, May 30, SBA customer service representatives will be on hand at the Business Recovery Center in Weslaco to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    HIDALGO COUNTY
    Business Recovery Center
    Valley Metro Transit Center
    Boardroom
    510 S. Pleasantview Dr.
    Weslaco, TX  78596

    Opens at 12 p.m. Friday, May 30

    Mondays – Fridays, 8 a.m. – 5 p.m.

    The following BRC location is open and continues to serve survivors:

    CAMERON COUNTY
    Business Recovery Center
    Harlingen Chamber of Commerce
    311 E. Tyler Ave.
    Harlingen, TX  78550

    Mondays – Thursdays, 8 a.m. – 5 p.m.
    Fridays, 8 a.m. – 4 p.m.

    “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face‑to‑face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

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

    Interest rates are as low as 4% for small businesses, 3.62% for nonprofits, and 2.75% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

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

    The deadline to apply for physical damage applications is July 21, 2025. The deadline to apply for economic injury applications is Feb. 23, 2026.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News –