Category: Commerce

  • MIL-OSI Asia-Pac: President Lai meets delegation led by US House Natural Resources Committee Chair Bruce Westerman

    Source: Republic of China Taiwan

    Details
    2025-05-27
    President Lai meets and hosts luncheon for delegation led by Governor Lourdes A. Leon Guerrero of Guam
    On the morning of May 27, President Lai Ching-te met with a delegation led by Governor Lourdes A. Leon Guerrero of Guam and her husband, and hosted a luncheon for the delegation at noon. In remarks, President Lai noted that this is the governor’s first trip to Taiwan, fully demonstrating the Guam government’s support and high regard for Taiwan. The president said that Guam, being the closest United States territory to Taiwan, is an important bridge for collaboration between Taiwan and the US. He stated that aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas to further advance industrial development for both sides. He said that, as we begin a new chapter, we look forward to working together to generate even more momentum in bilateral cooperation and exchanges. A translation of President Lai’s remarks follows: On behalf of the people of Taiwan, I extend a warm welcome to Governor Leon Guerrero and her delegation. Last year, I transited through Guam en route for visits to Taiwan’s diplomatic allies in the Pacific. The enthusiastic reception I received from the government, legislature, people, and members of our overseas community in Guam was very touching and left me with a deep impression. During the morning tea reception hosted by Governor Leon Guerrero, we joined in singing our respective national anthems, as well as the Fanohge CHamoru. I also received at the Guam Legislature a copy of a Taiwan-friendly resolution it passed on behalf of the people of Taiwan. And I still remember to this day the striking scenery of the governor’s house and the warm reception I received there. It is therefore a great pleasure to meet with all of you today here at the Presidential Office. This is Governor Leon Guerrero’s first trip to Taiwan. Your visit fully demonstrates the Guam government’s support and high regard for Taiwan. As we begin a new chapter, we look forward to working with you to generate even more momentum in bilateral cooperation and exchanges. Taiwan and Guam are like family. We share the Austronesian spirit and culture. Our wide-ranging and mutually-beneficial collaboration is very fruitful. And now, we are facing the challenges of climate change, public health and medicine, and regional security together. The world is rapidly changing and tensions in the Indo-Pacific continue to rise. But if we combine our strengths, come together as one, and enhance cooperation, we can maintain regional peace, stability, and prosperity. Last Tuesday, I delivered an address on my first anniversary of taking office. I mentioned that for many years, Taiwan, the US, and our democratic partners have actively engaged in exchange and cooperation. Taking a market-oriented approach, we will promote an economic path of staying firmly rooted in Taiwan and expanding the global presence of our enterprises while strengthening ties with the US. Guam is the closest US territory to Taiwan. It is an important bridge for collaboration between Taiwan and the US. Last month, we were pleased to see United Airlines officially launch direct flights between Taipei and Guam. I believe this will benefit tourism and economic and trade exchanges for both sides. In the area of health care, many hospitals in Taiwan already offer referral services to patients from Guam. Both Governor Leon Guerrero and I have backgrounds in medicine. It is my hope that Taiwan and Guam can continue to work hand in hand to create even more positive outcomes from cooperation in public health and medical services. During the governor’s visit, aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas. There is potential for more exchanges in aquaculture, food processing, hydroculture, manufacturing, pharmaceuticals, and recycling. This will further advance industrial development in Taiwan and Guam. In closing, I thank Governor Leon Guerrero and all our distinguished guests for backing Taiwan. I wish you all a smooth and successful visit.  Governor Leon Guerrero then delivered remarks, saying that she is very happy to come to Taiwan. She said that after learning during President Lai’s visit to Guam last year that he is a medical doctor, she felt more relaxed because healthcare colleagues are one in their endeavor to help enhance the health and well-being of people. She then expressed her heartfelt appreciation for the invitation to Taiwan.  Governor Leon Guerrero said that as they learn more about opportunities for collaboration with Taiwan, they are humbled by the hospitality they have experienced. In both of our islands, she said, hospitality is more than just a custom – it forms a part of our identities. She noted that despite being nearly 2,000 miles apart, we are connected by the Pacific Ocean and common roots, and our ancestors both value family, community, and tradition. That is why being here today, she said, she feels a strong sense of familiarity, like reconnecting with old friends. The governor remarked that Taiwan has evolved so quickly in all areas of essential life, sustenance, economy, and prosperity, adding that Taiwan’s resources in such areas as health, education, data, AI, advanced technology, aquaculture, agriculture, and commerce enhance our economic stability. She stated her belief that in collaboration and support, and working with each other, we can gain prosperity, maintain freedom and democracy, and live in peace.  Governor Leon Guerrero stated that their delegation is here to see how they can partner with Taiwan to help raise the quality of life for both our peoples, mentioning that one special concern of theirs is tourism. Tourism, she said, is the most influential engine and driver for the economy and quality of life in Guam, but they cannot have a vibrant economy and tourism without air connectivity. She added that they are prepared to help in any way to provide incentives and low-cost fees so that they can get more airlines from Taiwan to establish permanent flight schedules to Guam, so as to drive development in Guam’s tourism industry. Governor Leon Guerrero then proceeded to introduce each of the members of her delegation before remarking that while they have been very busy on this visit they are always reminded of the freedom and democracy that the people must protect. She said she looks forward to a great, strong relationship between Taiwan and Guam in cooperation on social and economic issues, in culture, marketing, tourism, and freedom and democracy. Among those in attendance were First Gentleman Jeffrey A. Cook, Chief of Staff Jon Junior Calvo, Director of the Department of Administration Edward Birn, General Manager of the Guam Visitors Bureau Regine Biscoe Lee, Deputy Executive Manager of the Guam International Airport Authority Artemio “Ricky” Hernandez, Board of Directors Chairman of the Guam International Airport Authority Brian J. Bamba, Deputy General Manager of the Guam Economic Development Authority Carlos Bordallo, Director of Landscape Management Systems Guam Bob Salas, Chairperson of the Guam Chamber of Commerce Tae Oh, President of the University of Guam Anita Borja Enriquez, and Director of the Guam Taiwan Office Felix Yen (嚴樹芬). After the meeting, President Lai, accompanied by Vice President Bi-khim Hsiao, hosted a luncheon for Governor Leon Guerrero, her husband, and the delegation.

    Details
    2025-05-27
    President Lai meets delegation from European Parliament
    On the morning of May 27, President Lai Ching-te met with a delegation from the European Parliament. In remarks, President Lai thanked the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait and voice support for Taiwan. The president expressed hope for an even closer relationship and diversified cooperation between Taiwan and the European Union. The president said that Taiwan and the EU can work together in such areas as semiconductors, AI, and green energy to create more resilient supply chains for global democracies and contribute to global prosperity and development. A translation of President Lai’s remarks follows: I warmly welcome our guests to the Presidential Office. After being elected last year, MEPs Reinis Pozņaks and Beatrice Timgren are making their first visits to Taiwan, demonstrating support for Taiwan through concrete action. On behalf of the people of Taiwan, I extend my sincerest welcome and appreciation. I would also like to take this opportunity to thank the European Parliament for continuing to pay close attention to peace and stability across the Taiwan Strait. Just last month, the European Parliament adopted resolutions with regard to annual reports on the implementation of the European Union’s Common Foreign and Security Policy and Common Security and Defence Policy. These resolutions reaffirmed the EU’s steadfast commitment to maintaining the status quo across the Taiwan Strait. The European Parliament also condemned China for continuing to take provocative military actions against Taiwan and emphasized that Taiwan is a key democratic partner in the Indo-Pacific region. It called on the EU and its member states to continue working closely with Taiwan to strengthen economic, trade, and investment ties. Once again, I thank the European Parliament for voicing support for Taiwan. Just as MEPs Pozņaks and Timgren are visiting Taiwan to strengthen Taiwan-EU exchanges, our Minister of Economic Affairs Kuo Jyh-huei (郭智輝) also led a delegation to Europe last year, marking the first in-person dialogue between high-ranking economic and trade officials of Taiwan and the EU. Moving ahead, we look forward to bringing Taiwan-EU ties even closer and to diversifying our cooperation. The EU is Taiwan’s largest source of foreign investment. Both sides are highly complementary in such areas as semiconductors, AI, and green energy. Through our joint efforts, we can create more resilient supply chains for global democracies and further contribute to global prosperity and development. Looking ahead, I hope that MEPs Pozņaks and Timgren will continue to make the case in the European Parliament for the signing of a Taiwan-EU economic partnership agreement. This would not only yield mutually beneficial development, but also consolidate economic security and boost international competitiveness for both sides. In closing, I am sure that you will gain a deeper understanding of Taiwan through this visit. Please feel welcome to come back as often as possible as we continue to elevate Taiwan-EU ties.  MEP Pozņaks then delivered remarks, saying that it is a great honor to be here and thanking everybody involved in arranging this trip that allows them the opportunity to better know Taiwan. He added that it is definitely not the last time they will be here, as Taiwan is a very beautiful country. MEP Pozņaks mentioned that he comes from Latvia, and despite their being on the other side of the world, they know how the Taiwanese people feel, because they also have a big neighbor who is claiming that Latvia belongs to them. Unfortunately, he said, there is already war in Europe, but he is confident that their situation is similar to Taiwan’s, adding that they have a neighbor who uses disinformation attacks. MEP Pozņaks said that we live in very challenging times, and that our choices will define the future of the world, asking whether it will be a world where the rule of law prevails or where physical power and aggression succeeds. Coming from a small country, he said he clearly understands that for them there is no other possibility; they must protect the world where the rule of law prevails. That is why now, he emphasized, it is very crucial for all democracies around the world to stick together to protect our freedoms, values, and democracy. MEP Timgren then delivered remarks, thanking President Lai for meeting with them and saying it is a big honor. Noting that they arrived here two days ago and that while she really loves Taiwan, its food, and the good weather, she stated that the reason they are here is because of the values that we share, our good relationships, and solidarity with other democratic countries in the world, which is important for them in Europe and in Sweden. MEP Timgren, referring to MEP Pozņaks’s earlier remarks, said that they face a big threat from Russia that is discernible even in the European Parliament. Actually, she pointed out, there is a war inside Europe that shows us how important it is that we support one another. She said that the Russian people thought it would be easy to take over Ukraine, but it was not, because all European countries stepped up and provided weapons and support. And that is why, MEP Timgren said, it is important that democratic countries maintain good relationships and let China and Russia see that we have good relationships, because a part of defense is solidarity. In closing, she expressed her gratitude for having the honor to be here in this beautiful country.

    Details
    2025-05-20
    President Lai hosts state banquet for President Surangel Whipps Jr. of Republic of Palau
    On the evening of May 20, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, hosted a state banquet at the Presidential Office in honor of President Surangel Whipps Jr. of the Republic of Palau and his wife. In remarks, President Lai said that he looks forward to working closely with President Whipps to promote tourism exchanges and sports cooperation so that Taiwan and Palau shine brightly together on the international stage. A translation of President Lai’s remarks follows: It is a pleasure to host this banquet tonight at the Presidential Office for President Whipps, First Lady Valerie Whipps, and the esteemed members of their delegation. Welcome to Taiwan. During my trips to Palau in 2022 and last year, President and First Lady Whipps received me with great hospitality. Wearing my island shirt, I enjoyed a very friendly reception from the people of Palau. It felt warm and friendly, just like being welcomed back home. The first time I visited Palau, President Whipps and I piloted a boat to the Milky Way lagoon. We both tried volcanic mud facial masks. We also fished together and enjoyed the breeze as we walked on the beach. Last year, on my second visit to Palau, I was honored to be invited to address the National Congress. I also observed the results of the close bilateral cooperation between our two nations. Due to its world-famous ocean scenery, Palau is sometimes referred to as “God’s aquarium.” And it is even possible to snorkel with sharks. It leaves a deep impression. Nothing compares to seeing Palau firsthand. During the COVID-19 pandemic, Taiwan and Palau launched a travel bubble that created a safe means of travel. Now, with the pandemic behind us, I hope that even more Taiwanese can tour Palau and gain a greater understanding of our diplomatic ally. In addition to tourism exchanges, I mentioned on my visit to Palau last year that I hoped Taiwan and Palau could promote sports cooperation by providing training away from home. Next month, Palau will be holding the Pacific Mini Games. And right now, Palau’s national baseball and table tennis teams are holding training sessions here in Taiwan. We will do our utmost to support Palau’s national players and we hope they stand out and achieve outstanding results in the events. I look forward to working closely with President Whipps so that Taiwan and Palau shine brightly together on the international stage. Thank you! Mesulang! President Whipps then delivered remarks, saying that it is truly an honor to be here once again one year after President Lai’s inauguration. Mentioning that this is his first state visit after being reelected to a second term, he said that it is important to be here among friends, and that we are more than friends, we are family. He thanked President Lai for the generous words and, most importantly, Taiwan’s enduring support. He remarked that our relationship continues to get stronger in each passing year. President Whipps said that President Lai’s diplomacy initiative, leadership, and vision deeply resonate with them. Diplomacy must be rooted in our shared values, he said, and an unwavering support for our allies and a commitment to a sustainable, inclusive development are all deeply appreciated by their people. President Whipps emphasized that, as we look into the future and the challenges that we face, from security to climate change, it is so important that we are united. He added that it is important for the world, and especially important for them in Palau, that they stand up for Taiwan, so that Taiwan can participate on international fora that address climate change, security, and health, because they know the world is better when Taiwan has a seat at the table. Mentioning that Palau will host the Pacific Islands Forum next year, President Whipps said that Palau remains committed to working closely with Taiwan to ensure a successful event, and that they will continue to speak up for Taiwan’s indispensable contributions as we stand together against any efforts to silence or isolate democratic partners. President Whipps said that our nations have navigated challenges and emerged stronger, bound by a partnership that is built on trust, respect, and hope for a better world. Whether it is in clean energy, education, smart medicine, or tourism, our shared journey is just beginning, he said, and we are stronger together.  Also in attendance at the banquet were Palauan Minister of State Gustav Aitaro, Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.

    Details
    2025-05-20
    President Lai and President Surangel S. Whipps, Jr. of Palau hold bilateral talks and witness signing of cooperation agreements  
    On the afternoon of May 20, following a welcome ceremony with military honors for President Surangel S. Whipps, Jr. of the Republic of Palau and his wife, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Whipps at the Presidential Office. The two leaders also jointly witnessed the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation. In remarks, President Lai thanked Palau for standing firm in its backing of Taiwan’s international participation as geopolitical tensions continue to increase in the Pacific region. He added that he looks forward to the cooperative ties between Taiwan and Palau continuing to expand into even broader areas, allowing our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. A translation of President Lai’s remarks follows: I welcome our guests to Taiwan once again. Last year on May 20, President Whipps led a delegation to attend the inauguration ceremony for myself and Vice President Hsiao. I am delighted, on the anniversary of my first year in office, to meet with old friends of Taiwan again, as President Whipps returns for this visit. Taiwan-Palau relations have grown even closer in recent years thanks to the strong support of President Whipps. In 2022, during my term as vice president, I led a delegation to Palau as a demonstration of how our nations were together boosting tourism development as we jointly faced the challenges of the COVID-19 pandemic. Every time I visit Palau, and every time I meet with President Whipps, I feel very deeply that Taiwan and Palau are like family. We are both maritime nations and share a common Austronesian heritage and culture. We are also staunch partners in upholding such values as freedom, democracy, and respect for human rights. Last December, when I went on my first overseas trip since taking office, one of the nations I visited was Palau. We celebrated the 30th anniversary of Palau’s independence and 25 years of diplomatic relations, underscoring our friendly ties. Taiwan and Palau enjoy close exchanges and cooperation in a range of areas, including climate change, education, agriculture and fisheries, healthcare, humanitarian assistance, sports, and culture. After this meeting, President Whipps and I will witness the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation, demonstrating once again our diverse collaboration and strong friendship. I believe that by working together, Taiwan and Palau can contribute to each other’s development and overcome the regional and global challenges we currently face. In particular, as geopolitical tensions continue to increase in the Pacific region, Palau has wisely and courageously upheld democratic values and stood firm in its backing of Taiwan’s international participation. Palau has never stopped voicing support for Taiwan, including at the United Nations General Assembly, the World Health Organization, the UN Framework Convention on Climate Change Conference of the Parties, and the UN Ocean Conference. We have been deeply moved by this support. I thank President Whipps again for his high regard and support for Taiwan. I look forward to the cooperative ties between our nations continuing to expand into even broader areas. This will allow our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. President Whipps then delivered remarks, saying that it is a great honor for him to be here, standing in this historic place – a symbol of strength, resilience, and the democratic spirit of the Taiwanese people. On behalf of the government of Palau, President Whipps extended heartfelt gratitude to President Lai and the people of Taiwan for the warm welcome and gracious hospitality toward him and his delegation. President Whipps then extended sincere thanks for President Lai’s visit to Palau in December – his second visit to Palau – and for having Minister of Foreign Affairs Lin Chia-lung (林佳龍) attend his inauguration as a special envoy. He added that this also marks his third visit to Taiwan since President Lai took office, saying that this demonstrates the strength of our growing relationship. President Whipps indicated that the increased engagements and numerous entrepreneurs that President Lai has brought from Taiwan to Palau have resulted in fruitful visits, and that President Lai’s leadership represents hope, unity, and continued advancement of democracy and freedom, not only for Taiwan, but for the broader Indo-Pacific region. President Whipps went on to say that this visit to Taiwan reaffirms our deep friendship and shared values between our two nations. He emphasized that Palau and Taiwan are bound not by proximity, but by purpose, in that both are island nations and believe in human dignity, the rule of law, and the right of our people to determine their own futures. President Whipps stated that although we are celebrating 26 years of diplomatic relations, Taiwan has been a steadfast partner of Palau for decades, and that one of the MOUs they are signing further extends the relationship that began in December of 1984. From healthcare and medical missions, to education, agriculture, renewable energy, infrastructure, the private sector, tourism development, and climate resilience, he said, our cooperation has improved lives and strengthened our communities. The president also indicated that during the COVID-19 pandemic, Taiwan stood with Palau, noting that both sides began the tourism bubble, and that President Lai came to Palau to reopen the two weekly direct flights that have now been increased to four. That solidarity will never be forgotten, he said. As the world faces growing uncertainty and complex challenges from climate change to global tensions, President Whipps said, this friendship becomes even more vital. The president concluded his remarks by expressing hope that both nations continue to stand together, work together, and advocate together for peace, prosperity, and for the right of small nations to be seen, heard, and respected. After the bilateral talks, President Lai and President Whipps witnessed the signing of the technical cooperation agreement and the agreement on diplomatic staff training cooperation by Minister Lin and Palauan Minister of State Gustav Aitaro. The delegation also included Palauan Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.  

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News

  • Operation Sindoor outreach: Supriya Sule led delegation meets Indian diaspora in South Africa

    Source: Government of India

    Source: Government of India (4)

    An all-party Indian Parliamentary delegation led by MP Supriya Sule interacted with members of the Indian community in South Africa, reaffirming India’s strong and unified stance against terrorism.

    “All-party delegation led by Hon’ble MP Supriya Sule interacted with Indian community in South Africa. They emphasised India’s national consensus and collective resolve against terrorism in all its forms. Commended the wholehearted support of Indian diaspora to eradicate the scourge of terrorism,” the Indian High Commission in South Africa posted on X.

    The community interaction in Johannesburg marked the beginning of the delegation’s official engagements in South Africa.

    According to the High Commission of India in Pretoria, the delegation conveyed India’s zero-tolerance policy towards cross-border terrorism and reiterated the country’s commitment to counter-terrorism without escalating regional tensions.

    The delegation briefed the community about Operation Sindoor, India’s recent calibrated and proportionate response to a terror incident, which underscores the country’s firm yet measured approach to safeguarding national security.

    The MPs stressed the importance of dismantling terrorism infrastructure that has been used for decades against India and called for a global end to differentiating between terrorists and their sponsors.

    Earlier in the day, the delegation was welcomed by High Commissioner Prabhat Kumar, who briefed them on the key dimensions of the India-South Africa bilateral relationship and the upcoming engagements.

    The delegation is scheduled to continue its South Africa visit in Cape Town on May 28 (Wednesday), where meetings with members of the South African Parliament and government ministers are planned.

    The delegation includes prominent MPs from across the political spectrum: Supriya Sule, Rajiv Pratap Rudy, Vikramjeet Singh Sahney, Manish Tewari, Anurag Singh Thakur, Lavu Sri Krishna Devarayalu, Anand Sharma (former Minister of Commerce & Industry), V. Muraleedharan (former Minister of State for External Affairs), and Syed Akbaruddin (former Permanent Representative of India to the United Nations).

    (IANS)

  • MIL-OSI Asia-Pac: SFST urges Toronto companies to re-domicile (with photos)

    Source: Hong Kong Government special administrative region

    SFST urges Toronto companies to re-domicile  
    He visited two Canada-based insurance companies that have extended their business to Hong Kong. Mr Hui met separately with the President and Chief Executive Officer, Mr Phil Witherington, and the Chief Financial Officer, Mr Colin Simpson, of Manulife; as well as the Executive Vice-President and Chief Financial Officer, Mr Tim Deacon, and the Executive Vice-President and Chief Strategy and Enablement Officer, Ms Linda Doughety, of SunLife. He introduced them to the newly enacted legislation on re-domiciliation of companies, encouraging them to consider re-domiciling their companies to Hong Kong to enjoy the relevant legal and taxation convenience, as well as to lower their compliance costs for satisfying two sets of regulatory requirements. He also mentioned that on the very first day the company re-domiciliation regime came into effect last Friday, an international insurance group immediately announced its plan to re-domicile its company to Hong Kong. This news was the best testament to the regime’s effectiveness in enhancing companies’ operational efficiency, thereby consolidating Hong Kong’s position as a leading international financial centre.
     
    Under the new regime, non-Hong Kong-incorporated companies may apply to re-domicile to Hong Kong if they fulfil requirements concerning company background, integrity, member and creditor protection, solvency, etc, while maintaining their legal identity as a body corporate to ensure business continuity. If the company’s actual similar profits are also taxed in Hong Kong after re-domiciliation, the Government will provide the company with unilateral tax credits to eliminate double taxation.
     
    Mr Hui pointed out that Hong Kong has a strong foundation in investment and trade, making it an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as to establish captive insurers. There are vast opportunities for insurance companies in Hong Kong. 
     
    At noon, Mr Hui attended a business luncheon organised by the Hong Kong Economic and Trade Office (Toronto), Invest Hong Kong (Canada) and the National Club. He gave a presentation themed “Hong Kong as an anchor of stability amid the changing world” to showcase to the attending financial leaders the stellar figures recorded in the financial market, and banking and monetary markets. He also talked about the Government’s efforts in aligning with international standards and boosting the development of green and sustainable finance and the virtual asset market. He said that, with its competitive advantages and proactive measures, as well as the stability and predictability of its financial market, Hong Kong has been earning the confidence of global investors. Mr Hui also had a fireside chat with the President of the National Club, Mr Arnie Guha, and answered questions from the floor. The luncheon was well received. Participants were attracted by the various new developments in Hong Kong’s financial markets introduced by Mr Hui.
     
    In the afternoon, Mr Hui met with the Chief Executive Officer of the Ontario Securities Commission (OSC), Mr Grant Vingoe, and OSC representatives. The Securities and Futures Commission of Hong Kong entered into a Memorandum of Understanding with the OSC in mid-May to include Ontario of Canada in its list of acceptable inspection regimes for strengthening the regulatory collaboration and exchange of information between the two regulators. Both Mr Hui and Mr Vingoe agreed that in today’s shifting global landscape, collaboration with trusted allies would ensure capital markets remain robust and resilient.
     
    In the evening, Mr Hui had a dinner meeting with the President of the Hong Kong-Canada Business Association (HKCBA) (Toronto Chapter), Mr Joseph Chaung, and board members to brief them on the latest developments and future direction of Hong Kong’s financial market. The HKCBA has members in eight Canadian cities to foster bilateral trade.
     
    Mr Hui also paid a courtesy call to the Consul-General of the People’s Republic of China in Toronto, Mr Luo Weidong. Both expressed their anticipation that Hong Kong, with the support of the nation and its solid foundation and forward-looking measures in financial areas, will engage in more co-operation with Canada.
     
    On May 28 (Toronto Time), Mr Hui will travel to Ottawa to meet with government financial officials.
    Issued at HKT 12:26

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Murray, Cantwell, Health Care Providers and Advocates Slam Republican Health Care Cuts Threatening to Kick Nearly 14 Million Americans Off Their Health Insurance—Including 274,000 People in WA

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    At least 274,000 people in Washington state could lose their health insurance under the Republican plan through steep cuts to Medicaid and the Affordable Care Act, according to nonpartisan estimates
    Parent of young Washington state resident on Medicaid: “It is absolutely devastating to think that a singular vote from a group of people who don’t know Nate, and don’t fully understand the terrifying impact losing Medicaid could have, could take this all away from him, all in the name of reducing waste.”
    *** VIDEO OF FULL PRESS CONFERENCE HERE***
    ***PHOTOS AND B-ROLL FROM EVENT HERE***
    Seattle, WA — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, and Senator Maria Cantwell (D-WA), senior member of the Senate Finance Committee and ranking member of the Senate Commerce Committee, held a press conference laying out how Republicans’ reconciliation bill that passed through the House this week will be devastating for Washington state’s health care system and the 1.95 million people across Washington state who rely on Apple Health, Washington state’s Medicaid program, and the 300,000+ Washingtonians who access coverage through the state’s Affordable Care Act marketplace (Washington Healthplanfinder).
    The legislation passed by House Republicans last week would cut nearly $1 trillion from America’s health care system and is the largest cut to Medicaid in history. The nonpartisan Congressional Budget Office (CBO) estimates that the legislation will lead to 13.7 million Americans getting kicked off their health insurance—between the drastic cuts to Medicaid and the sabotage of the Affordable Care Act and refusal to expand tax credits Democrats passed to lower health insurance premiums.
    At least 274,000 people in Washington state could lose their health insurance under the Republican plan, according to estimates based on the nonpartisan CBO’s analysis. That includes approximately 194,000 people in Washington state who will lose Medicaid coverage, and approximately 79,000 people who will lose ACA coverage. This figure doesn’t even account for the more sweeping health care cuts that House Republicans slotted in and passed at the last minute in the early morning of May 22nd. Among other things, Republicans’ bill would institute work reporting requirements, which have been proven not to increase employment and just strip health care coverage from people who are already working or exempt—this would put more than 620,000 Washingtonians at risk of losing their health care coverage or having it delayed because of a wall of new paperwork. The Republican bill would also reduce the federal match rate by 10 percent for states like Washington that provide health care coverage to noncitizens—this would be a devastating $460 million annual loss in federal Medicaid funding for Washington state, or nearly a $2 billion loss over the next four years. Additionally, the Republican bill includes a provision to defund Planned Parenthood, threatening the closure of up to 200 health centers across the country. Planned Parenthood runs 26 health centers in Washington state. Republicans are advancing the legislation through the budget reconciliation process, which only requires a simple majority to pass in both chambers of Congress.
    “The legislation Republicans are pushing through Congress is the largest cut to Medicaid in American history—let that sink in. In Washington state, we are looking at: at least 194,000 people losing their Apple Health coverage under this bill. And that number rises to a quarter of a million people in our state getting kicked off their health care if you include all the ways Republicans are sabotaging the ACA in this bill and letting important health care tax credits for middle class families expire. Under Republicans’ bill, Washington state would lose an estimated 2 billion dollars in federal Medicaid funding over the next four years—that’s catastrophic for our state’s budget,” said Senator Murray. “Altogether, the health care cuts in Republicans’ mega-bill will mean hospitals and nursing homes shutting down—especially in rural areas—millions of people getting kicked off Medicaid or their coverage under the Affordable Care Act, people blocked from accessing the benefits they are rightly eligible for because of a new wall of paperwork and red tape, Planned Parenthood health centers closing their doors, kids with disabilities losing out on the care they need, medical debt skyrocketing, and insurers leaving the Marketplace, leaving families and small business owners with little or no options for coverage. Needless to say—all of that means higher costs and less access to care for everyone, not just people on Medicaid.”
    “For the life of me I do not understand how some of the same Republicans who represent the areas of our state most reliant on Medicaid ever looked at this bill, looked at what it would do to the people they serve and said, ‘count me in!’ The fact of the matter is not complicated. Republicans want to pass a bill that will hurt the middle class and working families, to give a handout to some of the richest companies on the planet. Republicans know that is bad policy. They know that is massively unpopular—they know they are adding trillions to the national debt. That is why they are trying to jam this through with as little scrutiny as possible. Remember, we managed to stop Trump and Republicans from repealing the Affordable Care Act back in 2017. Public outcry matters—we have seen that even this administration is not totally immune from public pressure. We need to show Republicans that the American people are watching, and they will have to answer to their constituents,” Senator Murray continued.
    “The people here in Washington who have to deal with this issue — who know that their rural hospitals could go under, or their health clinics could be affected, or the cost of care could go up in their communities and make everything more expensive — they know that we also have to stop this legislation. We need to say to the President of the United States: He has to stop trying to dismantle the Affordable Care Act. He cannot propose ideas that literally will leave these providers without resources,” Senator Cantwell said. “We do not need to have Robin Hood in reverse. We do not need to steal from Medicaid the stability of our health care system and give a tax break to big corporations. We need to stop this effort as soon as possible. Senator Murray and I will be fighting every day on the Senate floor to convince our colleagues that this is not only a wrongheaded approach — it is going to cost the American people.”
    One in five adults, three in five nursing home residents, and three in eight people with disabilities in Washington are covered by Apple Health. Medicaid provides health care for over 800,000 children in Washington state—nearly half of children—and more than 45 percent of births in Washington state are covered by Medicaid—in rural Washington, that number goes up to more than 70 percent on births. Medicaid is also largest payer for opioid use disorder treatment in Washington state. Washington state spends approximately $21 billion on Medicaid annually—approximately $8 billion of that is paid for by the state, and approximately $13 billion is paid for by the federal government.
    “As a physician, I see firsthand how lack of health insurance leads to delayed care, resulting in more death, more advanced diseases that are significantly more expensive to treat, and more economic burden. Denying access to health insurance shifts the financial burden to emergency services and public systems, ultimately increasing overall healthcare costs for taxpayers,” said Dr. Jesus Iniguez, Medical Director at Sea Mar Community Health Centers.
    “Nurses are present at every level of care delivery. We are on the front line, and deal with the consequences when patients avoid care because of a lack of coverage. These cuts are not only cruel – they are harmful to the stability of our entire healthcare system and will not only impact those who are on Medicaid. We will all feel it. The ripple effect of something as monumental as the cuts they are currently proposing would send shock waves throughout the entire health care system, reducing access to care for millions,” said Edna Cortez, a pediatric nurse and member of the Washington State Nurses Association (WSNA).
    “If the bill that passed the US House last week becomes law, it will be one of the most devastating attacks on health care access in American history. By banning Planned Parenthood from seeing Medicaid patients, the bill targets our organization and the patients who rely on us for care every day. The people who passed this bill wish for Planned Parenthood health centers to close their doors, and for people to lose access to affordable health care – and for many, access to health care altogether. And if this bill becomes law, their unbelievably cruel wish will be granted. Health centers will close, maybe even here in Washington. Planned Parenthood Federation of America estimates that 200 health centers will close nationwide, 90 percent of which are located in states like Washington where abortion is still legal. As you’ve heard today, people will lose their insurance coverage through cuts to Medicaid and the Affordable Care Act,” said Brita Lund, Manager of Planned Parenthood Northgate Health Center. “Nearly 40 percent of our affiliate’s patients in Western Washington are Medicaid recipients. This is about much more than abortion, which already cannot be covered by federal Medicaid dollars. This money goes to birth control, cancer screenings, and STI testing. All of which are now at risk. Every single day at the health center I manage in Northgate, we help people sign up for Apple Health and Medicaid. Not just help them access services – we ask them a few screening questions and then show them how to enroll in the program, because when they walked through the door, they did not have insurance – and many did not even know it was an option available to them. Our front desk receptionist is the longest tenured employee in our Planned Parenthood affiliate, and might be the longest tenured Planned Parenthood employee in the state. She estimates that she personally enrolls one to three people every single work day. Over her career of 36 years, that means she has likely enrolled more than 1800 people. And that’s just her. There are providers and staff like her at every Planned Parenthood health center in the country, and at places like Sea Mar, who help patients sign up for Medicaid. Because everyone deserves to get the care they need, no matter what. If this bill becomes law, hospitals will close. Clinics will close. Long term care facilities will close. And everyone, not just Medicaid recipients, will be punished.”
    “Nate is 20 years old and autistic. He has an intellectual disability and requires support throughout the day to ensure his needs are met, much of which he receives through Home and Community Based Waiver services. Nate has a job at our local neighborhood pizza shop, where he works four hours a week building pizza boxes and doing other odd jobs with the support of a job coach. He of course gets a paycheck for his work, but he also gets a free slice of pizza and a coke after every shift, which he loves. He adores his job and is so proud of the ways he contributes to his community. Building the life of his dreams, and filling his days with enrichment and social connection when school ends, will not be easy, but with the help of Medicaid services the way they are now, Medicaid services such as health insurance, employment support, personal care, and home and community based waiver services, we’re starting to see a pathway to making it a reality. It’s a steep one, but the pathway is there,” said Rachel Nemhauser, parent of Nate and the Director of Family Support Services at The Arc of King County. Nate is one of the almost 280,000 adults with disabilities on Medicaid in Washington state, and Rachel shared his story with his permission. “But if the proposed Medicaid cuts go through, this dream vanishes. It threatens to reduce or eliminate the job support he counts on, making it impossible for him to stay employed. It threatens to reduce his access to health care, making it harder for people with vulnerable health to stay healthy and continue to work. It threatens to create paperwork and administrative barriers so burdensome and complicated that it’s almost impossible not to make a mistake once in a while. It is absolutely devastating to think that a singular vote from a group of people who don’t know Nate, and don’t fully understand the terrifying impact losing Medicaid could have, could take this all away from him, all in the name of reducing waste.”
    Nationwide, nearly half of children in America are enrolled in Medicaid and the Children’s Health Insurance Program (CHIP), and Medicaid pays for nearly half of births in the U.S. Medicaid also pays for services for 2 in 3 nursing home residents and pays for home-based services for close to 2 million seniors—allowing them to age safely at home—as well as close to 3 million people with disabilities and other health conditions. Medicaid also covers 1 in 4 people with a mental health or substance use disorder, and serves as the largest payer for mental health and substance use services for communities nationwide amid an ongoing overdose and opioid epidemic made worse by an influx of fentanyl.
    Recent polling from KFF Health found 82 percent of adults think Medicaid funding should either increase or stay the same and large majorities of people across parties, those who voted for Trump in 2024, and adults living in rural areas say the program is “very important” for their local community. Polling from Hart Research found that 71 percent of voters who backed Trump said cutting Medicaid would be unacceptable, and voters overall were even more opposed to it.
    Senator Murray’s full remarks at today’s press conference are below:
    “Republicans are looking to make history of the absolute worst kind.
    “Last week, overnight, House Republicans passed the single largest transfer of wealth from the poor to the rich in the history of our country.
    “Reading this bill, you realize pretty quickly why did this in the dead of night. At least 7.6 million people losing Medicaid coverage, millions more losing health coverage and seeing costs go up, students having their Pell Grants cut, not to mention the biggest cut to SNAP in history—all to help fuel up corporate jets and executive bonuses with tax cuts for billionaires.
    “But—bad news for Republicans—we are not going to let them keep the American people in the dark. We are going to put a bright and burning spotlight on this big, ugly, disaster of a bill. The legislation Republicans are pushing through Congress is the largest cut to Medicaid in American history—let that sink in.
    “In Washington state, we are looking at least 194,000 people losing their Apple Health coverage under this bill. And that number rises to a quarter of a million people in our state getting kicked off their health care if you include all the ways Republicans are sabotaging the ACA in this bill and letting important health care tax credits for middle class families expire.
    “Under Republicans’ bill, Washington state would lose an estimated 2 billion dollars in federal Medicaid funding over the next four years—that’s catastrophic for our state’s budget. And on top of all that Republicans’ bill would defund Planned Parenthood—a longtime goal of anti-abortion extremists that would be absolutely devastating for women’s health care in our state and across the country. Defunding Planned Parenthood would put 200 health centers at risk of closure across the country and put critical cancer screenings and birth control even further out of reach. And by the way, it would actually cost taxpayers money $300 million dollars over the next decade, according to nonpartisan estimates.
    “Altogether, the health care cuts in Republicans’ mega-bill will mean: hospitals and nursing homes shutting down—especially in rural areas; millions of people getting kicked off Medicaid or their coverage under the Affordable Care Act; people blocked from accessing the benefits they are rightly eligible for because of a new wall of paperwork and red tape; Planned Parenthood health centers closing their doors; kids with disabilities losing out on the care they need; medical debt skyrocketing; and insurers leaving the Marketplace, leaving families and small business owners with little or no options for coverage.
    “Needless to say, all of that means higher costs and less access to care for everyone, not just people on Medicaid. But I have to say, for the life of me, I do not understand how some of the same Republicans who represent the areas of our state most reliant on Medicaid—ever—looked at this bill, looked at what it would do to the people they serve, and said, “count me in!”
    “Now, it’s worth noting, House Republicans did make some last-minute changes, but not what you might expect. They made sure more people will lose their health care sooner. And they made sure it will be more expensive to get health coverage on the exchanges. Oh, and don’t forget they got rid of a tax on gun silencers. Seriously—of all things!?
    “The people at the top? The billionaires and biggest corporations? They are doing fine. You don’t need to shower them with money taken out of the pockets of struggling families.
    “And you know what? If you want to help American businesses, all you have to do is pass legislation to stop Trump’s trade war which is hurting businesses and driving up costs. Doesn’t that sound better than taking food from hungry kids to give Elon Musk another tax break? Doesn’t that make more sense than kicking seniors out of nursing homes? Doesn’t that seem a little more reasonable that cutting patients off from their health care?
    “The fact of the matter is not complicated. Republicans want to pass a bill that will hurt the middle class and working families, to give and handout to some of the richest companies on the planet. Republicans know that is bad policy. They know that is massively unpopular. They know they are adding trillions to the national debt. That is why they are trying to jam this through with as little scrutiny as possible.
    “But we are putting this heist on full blast and fighting back against it with everything we’ve got. Remember, we managed to stop Trump and Republicans from repealing the Affordable Care Act back in 2017.
    “So, my message to everyone is—now is the time to get loud, speak out, talk to your friends and family in Republican districts, call your Member of Congress. And remember, you are not powerless.
    “Public outcry matters—we have seen that even this administration is not totally immune from public pressure. We need to show Republicans that the American people are watching, and they will have to answer to their constituents.”

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Acting SFST’s speech at HKVCA Greater China Private Equity Summit 2025 (English only)

    Source: Hong Kong Government special administrative region

    Acting SFST’s speech at HKVCA Greater China Private Equity Summit 2025 (English only) 
    Rebecca (Co-Founder and Managing Director of Asia Alternatives, Ms Rebecca Xu), Conrad (Founder and Chairman of Strategic Year Holdings, Mr Conrad Tsang), distinguished guests, ladies and gentlemen,
     
         Good morning. It is my great pleasure to join you at the HKVCA’s flagship event – the Greater China Private Equity Summit – a global gathering of professionals and industry leaders of the private equity and venture capital sector.
     
         Today, the global economy is confronted by geopolitical tensions and economic fragmentation, and threatened by the rise of unilateralism and protectionism. Against this backdrop, it is all the more necessary to have a stable and predictable “super connector” with an overall conducive business environment.
     
         This is exactly what Hong Kong stands to provide. Earlier this year, the International Monetary Fund has reaffirmed Hong Kong’s position as an international financial centre and recognised Hong Kong’s resilient financial system, as supported by robust institutional frameworks, ample policy buffers, and the smooth functioning of the Linked Exchange Rate System. Indeed, Hong Kong ranked third in the world and first in Asia in the latest Global Financial Centers Index, whilst topping its “investment management” and “finance” matrix globally.
     
    China connectivity
     
         One unique advantage of Hong Kong is our preferential access to the Mainland China market. Last year (2024) marked the 10th anniversary of the mutual market access programmes between the Mainland and Hong Kong financial markets. Various mutual access programmes have been introduced one after another and have thrived over the past few years. The Connect Schemes allow international investors to conveniently invest in the Mainland China market through Hong Kong. At the same time, they enable Mainland investors to diversify their asset allocation through Hong Kong, facilitating the two-way flow of capital between the Mainland market and international markets, as well as the internationalisation of the Renminbi.
     
         The content and scope of mutual access have continued to deepen and expand, now encompassing a wide range of offerings, including stocks, bonds, exchange-traded funds, derivatives for risk management, and more. Real estate investment trusts will also soon be included in the Connect Schemes.
     
         Meanwhile, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is fast emerging as a young and massive consumer market that is increasingly affluent, and has a growing demand for quality financial products and services, and a need for diversified asset allocation. Home to 87 million people with a GDP (Gross Domestic Product) per capita of US$40,000 on a purchasing power parity basis, the GBA presents immense potential in driving the synergistic development of Hong Kong and other GBA cities.
     
         Tapping into the potential of this market, the GBA Cross-boundary Wealth Management Connect (WMC) was launched in 2021 and enhanced in February last year. The WMC provides GBA residents with a formal, direct and convenient channel for cross-boundary investment in diversified wealth management products. As of the end of April this year, about 154 000 individual investors in the GBA participated in the WMC, and cross-boundary fund remittances totalled close to RMB112 billion.
     
         Another recent case of our continued endeavour to deepen the mutual access and strengthen financial market development is the enhancements to the Mainland-Hong Kong Mutual Recognition of Funds (MRF) arrangement in January this year. By relaxing sales restrictions and allowing Hong Kong funds to delegate investment management functions overseas, the measures significantly increased the diversity of fund products, enhanced the scale of funds, and brought a positive effect to the distribution of MRF funds.
     
    Asset and wealth management hub
     
         With the your staunch support, we are solidifying Hong Kong’s role as an international asset and wealth management centre. As at the end of 2023, the assets under management (AUM) of the Hong Kong’s asset and wealth management business reached about US$4 trillion, registering a growth of about 30 per cent over five years, and 64 per cent of the capital was sourced from non-Hong Kong investors, underscoring our city’s role as a trusted gateway for global capital seeking access to opportunities across Asia and beyond. Our leadership is further evidenced by our standing as Asia’s largest hedge fund hub and Asia’s largest cross-border wealth management centre.
     
         As of the end of April this year, there were 1 125 limited partnership funds registered in Hong Kong, representing a growth of over 30 per cent on a year-on-year basis. According to an industry report, as of the end of first quarter this year, the AUM of Hong Kong’s private equity business amounted to about US$230 billion, ranked second in Asia, just trailing the Mainland China market.
     
         To drive development on this front, we are welcoming alternative asset funds to list in Hong Kong. The Securities and Futures Commission has recently issued a circular to clarify the regulatory requirements for authorising closed-ended funds that invest mainly in private and less liquid assets, thereby encouraging sizeable alternative asset funds, including those investing in private equity, private credit, and infrastructure equity or debt, to list in Hong Kong.
     
         I am sure this is a move welcomed by the industry, with benefits to investors that are multifold. On one hand, investors have broadened investment choices for diversification. On the other hand, investors may tap into opportunities previously only available to institutional and professional investors. Those with a long-term investment horizon may potentially achieve higher returns and a more stable valuation.
     
         Another welcome move, I believe, is our proposal to enhance the tax incentives for funds, single family offices and carried interest. These proposals aim to expand the scope of qualifying funds to include vehicles such as pension and endowment funds, while also increasing the range of eligible asset classes for tax concessions including emerging instruments like carbon credits, emission derivatives, insurance-linked securities, private credit investments, and virtual assets. In addition, we plan to enhance the tax concession arrangement on the distribution of carried interest by private equity funds by removing the existing HKMA (The Hong Kong Monetary Authority)’s certification requirement and eliminating the reference to a hurdle rate. We have completed the industry consultation and we are now formulating the relevant enhancement measures with financial regulators based on the feedback received. We target to work out the details of the proposals this year and submit the legislative proposals to the Legislative Council for consideration next year. If approved, the relevant measures will take effect from the year of assessment 2025/26, which begins on April 1 this year.
     
         Another focus area of ours is the family office sector. The growth of family offices has been particularly noteworthy, with over 2 700 single family offices operating in Hong Kong as of the end of 2023. More than half of them are managing portfolios exceeding US$50 million, and in particular, over 30 percent are managing portfolios over US$100 million, reflecting Hong Kong’s appeal to ultra-high-net-worth individuals (UHNWIs) and institutional investors alike. Backing this claim is a market report last year that ranked Hong Kong first in Asia and second in the world in terms of the population size of UHNWIs in 2023 among global cities. This is a testament to our city’s potential and capacity to attract and nurture wealth, further solidifying our position as a global wealth management and family office hub.
     
         Targeting this segment with promising growth potential, we have been implementing a series of policy measures to support the development of the family office business after we issued the Policy Statement on Developing Family Office Businesses in Hong Kong in 2023. Among others, we are fostering collaboration, networking and knowledge sharing across the family offices from around the world via the Hong Kong Academy for Wealth Legacy for the current and next generation of wealth owners.
     
         We also launched the New Capital Investment Entrant Scheme in March 2024 where Limited Partnership Funds are included as Permissible Investment Assets. As of the end of April this year, 1 257 applications have been received, potentially bringing in an investment amount of over HK$37 billion to Hong Kong.
     
    Closing
     
         Ladies, and gentlemen, Hong Kong is well-positioned to maintain and enhance its status as a leading international financial centre, notable for our certainty, transparency, and predictability. Our ongoing efforts to establish new ties, attract new capital and foster innovation will ensure our continued strength as a “super connector” in an ever-changing world.
     
         As we continue to bridge global investors with opportunities in the international and Mainland markets, we look to the HKVCA and other professionals alike to foster industry development through leveraging on our distinct advantages.
     
         On this note, I would like to thank the HKVCA again for hosting today’s event and your continued contribution to the industry. I wish you all an enjoyable and rewarding summit today. Thank you.
    Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI China: Full Text: Speech by Chinese Premier Li Qiang at the opening ceremony of the ASEAN-China-GCC Economic Forum

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

    Full Text: Speech by Chinese Premier Li Qiang at the opening ceremony of the ASEAN-China-GCC Economic Forum

    KUALA LUMPUR, May 28 — Chinese Premier Li Qiang on Tuesday delivered a speech at the opening ceremony of the ASEAN (the Association of Southeast Asian Nations)-China-GCC (the Gulf Cooperation Council) Economic Forum 2025.

    The following is the full text of the speech:

    Speech by H.E. Li Qiang

    Premier of the State Council of the People’s Republic of China

    At the Opening Ceremony of The ASEAN-China-GCC Economic Forum

    Kuala Lumpur, May 27, 2025

    Your Honorable Prime Minister Dato’ Seri Anwar Ibrahim,

    Distinguished Guests,

    Business Leaders, Ladies and Gentlemen,

    It gives me great pleasure to join you in Kuala Lumpur for the opening ceremony of the ASEAN-China-GCC Economic Forum.

    The ASEAN-China-GCC Summit is successfully held today. We have agreed to strengthen our trilateral partnership and ushered in a new chapter of trilateral cooperation. The leaders of participating countries have had in-depth discussions under the theme of “Synergizing Economic Opportunities Toward Shared Prosperity.” It is widely agreed that profound and complex transformations are taking place in the global political and economic landscape, the common challenges countries face in their development are increasing, and the scarcity of development opportunities makes them all the more precious, increases the urgency of cooperation, and calls for more vision. In this context, our discussions are highly relevant and should involve all related sectors, particularly the business community, so as to pool wisdom and build consensus among more stakeholders. Let me take this opportunity to share with you three observations.

    First, given everything that is going on, opportunities can be created if we join hands to meet the challenges. At present, economic globalization is suffering heavy blows never seen before. The values we pursue all along, such as peace, development and win-win cooperation, are severely challenged. Properly addressing these issues will bring significant opportunities for the countries of our three sides. Amid heightened geopolitical conflict, rivalry and confrontation, we can create long-term strategic opportunities when we deepen mutual trust and strengthen solidarity. The rapid development of Asia in the past decades offers a profound lesson: Only solidarity, mutual trust, peace and stability can bring development and prosperity. All countries are part of a close-knit community with a shared future. In the absence of mutual trust, problems may be amplified and cooperation becomes impossible. Yet with solidarity and mutual trust, we can render each other strategic support and cultivate broader and more sustainable high-standard economic cooperation, thus ensuring long-term, steady development. Amid rising protectionism and unilateralism, we can unleash enormous market opportunities when we continue to open wider and remove barriers. Countries of our three sides have all benefited from economic globalization and gained great development opportunities from integration into the world market. Our markets, when connected, will form one of the world’s largest intra-regional markets and produce a multiplier effect. Building the big market will allow our countries to reap and share more benefits. Amid more decoupling practice, supply-chain disruptions and trade barriers, we can create opportunities for transformation and upgrading when we keep sharing resources and empowering one another. Countries vary in resource endowments and industrial structure. They bring different strengths to and gain from international industrial cooperation. This will maximize the use of resources, and boost industrial performance and sustained development for all who take part.

    Second, the friendly cooperation between China, ASEAN and GCC countries has a long history and a bright future. More than 2,000 years ago, the earliest camel caravan from China reached the Middle East, and the first Chinese fleet landed in Nanyang (Southeast Asia). Ever since then, trade and people-to-people exchanges have connected us throughout over 20 centuries, strengthening and flourishing over time. These rich historical links will ensure even more successes in our future cooperation. Together, we will find greater potential for development. We are about a quarter of the world’s population and the global economy, but only about 5 percent of global trade. A lot remains untapped. As we deepen our cooperation, our trade and investment will grow continuously and uplift our nations as well as our businesses. Together, our economies will work more efficiently. When factors of production move more easily between our countries and our industries are connected more closely, the cost of energy and other resources will go down, logistics will be faster, financial services will be more efficient, and more advanced technologies will give us strong impetus. The competitiveness and resilience of our economies will grow substantially, and our development will be more efficient and secure. Together, we will create more dynamic ecosystems of innovation. We are all outstanding innovators, each excelling in our own ways. Greater cooperation will enable our innovative talents to better learn from and complement one another, and provide first-class R&D support and rich application scenarios for innovation and creation to sow the seeds for more new industries and new forms of business. This will allow us all to stand taller in the global landscape of innovation.

    The future of our trilateral cooperation is boundless like the oceans. It is upon us to take real actions in order to steer and shape it. China stands ready to work with ASEAN and GCC countries to strengthen alignment of development strategies, deepen cooperation on regional integration, and promote trade and investment liberalization and facilitation. At the same time, we must firmly uphold the WTO-centered multilateral trading system, and stand for a stable and orderly global market environment. As the ongoing scientific revolution and industrial transformation unfold, let us join hands to seize the early opportunities, expand high-tech cooperation, safeguard the stable and unimpeded industrial and supply chains, and keep breaking new ground in our common development.

    Third, with its high-quality development, China will consistently inject new impetus into the trilateral cooperation. In terms of development momentum, the Chinese economy has been growing steadily since the beginning of this year. With a year-on-year GDP growth of 5.4 percent in the first quarter, China is one of the fastest-growing major economies in the world. In the first four months of this year, we’ve seen strong development in the industrial sector, resilient export despite external pressure, and sustained expansion of new growth drivers. The figures speak for themselves: The added value of industrial enterprises above the designated size grew by 6.4 percent year-on-year; export increased by 7.5 percent compared with the same period last year; the added value of high-tech manufacturing and the investment in high-tech services went up by 9.8 percent and 11.3 percent year-on-year respectively; and production and sales of new energy vehicles both exceeded four million. Smart factories now cover more than 80 percent of the manufacturing sectors. These achievements speak volumes about the great stability of the Chinese economy. As President Xi Jinping said, the Chinese economy is not a pond, but an ocean. This vast ocean can withstand fierce winds and heavy rains. Each storm weathered only deepens its resilience and makes it more open and inclusive.

    In terms of macro policies, facing risks and challenges from the external environment, we made clear that more proactive and effective macro policies will be implemented and that a more proactive fiscal policy and an appropriately accommodative monetary policy will be adopted. Fiscal expenditures hit a record high and the regulation of monetary and financial aggregates has been significantly strengthened, providing a strong underpinning for the expansion of aggregate demand. Going forward, we will continue to strengthen counter-cyclical adjustments in light of the changing circumstances. Whatever challenges lie ahead in the future, we have the capability and confidence to maintain the steady and long-term development of the Chinese economy.

    In terms of strategic goals, China is a super-sized economy that enjoys the unique strength of major economies, i.e., domestic demand is the main driver and domestic circulation is possible. We are increasingly placing our strategic priority on expanding domestic demand and strengthening domestic circulation with a view to enhancing the internal driving force of the Chinese economy. We have accelerated efforts to implement the strategy of expanding domestic demand and have launched special initiatives to boost consumption. As more policy resources are given to consumption, a huge demand potential will be unleashed. We are also further deepening reform comprehensively and accelerating the high-end, smart and green industrial transformation, which will create new, additional demand. The Chinese economy is of great breadth and depth, which can provide a huge market for quality products from all over the world. We will stay committed to expanding high-standard opening up, take more measures to advance voluntary and unilateral opening up, and enable domestic and international circulations to reinforce each other, so that companies across the world, including those from ASEAN and GCC countries, can fully share in the opportunity of China’s development.

    Ladies and Gentlemen,

    Friends,

    Cooperation is the only right way to overcome common challenges. China stands ready to work together with ASEAN and GCC countries to embrace greater openness and cooperation, promote steady economic growth, and join hands to synergize economic opportunities toward shared prosperity. Thank you.

    MIL OSI China News

  • Foreign Secretary Misri in US to strengthen strategic tech and trade ties

    Source: Government of India

    Source: Government of India (4)

    Foreign Secretary Vikram Misri met with US Under Secretary Jeffrey Kessler in Washington on Tuesday to discuss convening the India-US Strategic Trade Dialogue at an early date and to explore deeper cooperation in critical and emerging technologies.

    The meeting is seen as a step forward in bolstering high-level collaboration between India and the United States in strategically vital sectors. Discussions focused on reinforcing existing institutional frameworks and accelerating joint initiatives in technology and trade.

    The Indian Embassy in Washington posted on X, stating, “Foreign Secretary Vikram Misri met Under Secretary Jeffrey Kessler to advance India-US cooperation in critical & emerging technologies. They also discussed early convening of the India-US Strategic Trade Dialogue to deepen tech & trade collaboration.”

    Misri is currently on a three-day visit to the US, during which he will engage with senior members of the Trump administration. According to the Ministry of External Affairs (MEA), the visit follows up on Prime Minister Narendra Modi’s official trip to the US in February 2025.

    That visit marked the launch of the ‘India-US COMPACT’—Catalysing Opportunities for Military Partnership, Accelerated Commerce and Technology—a strategic framework introduced by PM Modi and US President Donald Trump to expand collaboration in defense, trade, and technology.

    It was Modi’s first trip to the US since Trump’s second inauguration in January 2025. He was among the first world leaders invited by the new administration, visiting within three weeks of the swearing-in.

    The visit also comes amid President Trump’s recent remarks claiming credit for mediating a ceasefire agreement between India and Pakistan earlier this month. However, Indian officials have strongly refuted the claim.

    New Delhi maintains that the ceasefire came about due to Pakistan’s appeals following intense Indian military operations during Operation Sindoor, which targeted Pakistani air bases. Officials have underscored that the pressure from India’s offensive left Islamabad with little choice but to seek de-escalation.

    External Affairs Minister S. Jaishankar clarified last week that while the US had reached out to India between May 7 and 10, it was not acting alone, and multiple countries had engaged with New Delhi during the period.

    -IANS

  • MIL-OSI: Brooge Energy Limited Announces Proposed Sale of BPGIC FZE and BPGIC Phase III FZE

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, May 27, 2025 (GLOBE NEWSWIRE) — Brooge Energy Limited, (“BEL“) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services, today announced entering into a conditional sale and purchase agreement (the “Acquisition Agreement“) for the proposed sale of 100% of the total issued share capital of each of Brooge Petroleum and Gas Investments Company FZE (“BPGIC FZE“) and Brooge Petroleum and Gas Investment Company Phase III FZE (“BPGIC Phase III FZE“, collectively with their subsidiaries referred to as the “BPGIC Group“), to Gulf Navigation Holding PJSC (“GulfNav“) (the “Transaction“).

    Key highlights:  This acquisition is part of GulfNav’s long-term vision to become a key player in the energy sector by expanding its storage and logistics capabilities with BPGIC Group’s state-of-the-art infrastructure, which includes advanced facilities for the storage of fuel oil, crude oil, and petroleum products. These assets will complement GulfNav’s existing operations and allow them to provide an integrated storage and transportation solution. The integration of the two businesses is expected to drive operational efficiencies, enhance service offerings, and create substantial value for stakeholders.

    BEL’s Board of Directors commented, “We are pleased to be nearing the closing of our strategic transaction with GulfNav. After careful diligence by both parties, we have outlined the proposed terms and conditions the Board believes is in the best interest of ensuring long-term value creation for our shareholders.”

    Principal Terms and Conditions of the Acquisition Agreement

    Consideration Structure  

    The total consideration (the “Consideration“) payable under the Transaction amounts to c. USD 884 million (AED 3,245,000,000). This Consideration will be satisfied through the following means:

    1. Cash Consideration: c. USD 125.3 million (AED 460,000,000) in cash, which will be paid as follows:
      1. c. USD 65 million (AED 239,650,000) will be paid into the Completion Escrow Account (subject to any deductions of transaction expenses and for known leakage (if any)); and
          1. c. USD 60 million (AED 220,350,000) will be paid into an escrow account for the benefit of ASMA Capital Partners B.S.C.(c) (“ASMA“) in connection with the settlement of certain outstanding liabilities of BPGIC Holdings Limited (under liquidation) to ASMA’s subsidiary, MENA Energy Services Holdings Limited, in order to facilitate the conclusion of the Transaction.
            1. Consideration Shares: The allotment and issue on completion of 358,841,476 ordinary shares in the share capital of GulfNav, credited as fully paid, at a price of USD 0.34 (AED 1.25) per share, with a total subscription price of c. USD 122 million (AED 449 million).    
            1. Mandatory Convertible Bonds: c. USD 636 million (AED 2,336 million) to be satisfied by the issue by GulfNav on completion of Mandatory Convertible Bonds, which will convert into ordinary shares in the share capital of GulfNav in accordance with the terms of such Mandatory Convertible Bonds. The Mandatory Convertible Bonds (upon their conversion into shares in GulfNav) will entitle the holder to the same economic benefits as the Consideration Shares.

            The Consideration Shares and any Mandatory Convertible Bonds which will convert into shares in the share capital of GulfNav will be subject to a 12-month lock-up period from their date of issuance or conversion, as the case may be.

            The Consideration is expected to be distributed by way of dividend at an appropriate time following completion.

            Conditions to completion of the Transaction

            Under the terms of the Acquisition Agreement, completion of the Transaction is conditional upon customary conditions, including:

            (a)                Shareholder Approval – GulfNav’s shareholders passing a special resolution to approve the amendment of its articles of association to remove any foreign ownership restrictions;

            (b)               Regulatory Approval – GulfNav obtaining all necessary regulatory approvals of the Transaction, including an mandatory tender offer waiver, issuance and transferability of the Mandatory Convertible Bonds and the admission of the Consideration Shares;

            (c)                GulfNav Consents – GulfNav obtaining written consent to the Transaction from certain third parties;

            (d)               First Mandatory Convertible Bond Offering – GulfNav successfully completing a capital raise (via the issuance of mandatory convertible bonds to existing shareholders) in order to fund the Cash Consideration element of the Consideration;

            (e)                BEL Consents – BEL obtaining written consent to the Transaction from certain third parties, including bondholders;

            (f)                Settlement of Claims – BEL entering into formal agreements for the full and final settlement of certain claims related to the BPGIC Group; and

            (g)               Commercial Registration – completion of the commercial registration process with the Fujairah Free Zone Authority to transfer the shares of the BPGIC Group by BEL to GulfNav.

            Other noteworthy terms

            BEL and GulfNav will each provide a customary set of warranties, as is typical in transactions of similar nature. 

            Completion is expected to occur within five Business Days after the satisfaction (or, if capable of waiver, waiver) of any applicable conditions in accordance with the terms of the Acquisition Agreement.

            BEL and GulfNav will endeavor to complete the Transaction as soon as practicable, and in any event prior to the Long Stop Date, being the date falling three months from the date of the Acquisition Agreement unless otherwise agreed by the parties.

            Following completion, each  party is expected to have pro-rata representation on the board of directors of GulfNav in accordance with applicable laws and regulations in the United Arab Emirates.

            BEL expects to provide further information regarding the distribution of the Consideration to BEL’s shareholders and other beneficiaries nearer the time of completion.  The Consideration Shares and Mandatory Convertible Bonds and other securities of GulfNav have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act“), and may not be offered or sold in the United States except pursuant to an applicable exemption from, or in a transaction not subject to the registration requirements of the Securities Act. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States.

            About Brooge Energy Limited

            BEL is a Cayman Islands-based infrastructure provider which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services. BEL conducts the business and operations through its subsidiary BPGIC FZE. BPGIC FZE is strategically located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE. Its business differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low product losses.

            About Gulf Navigation Holding PJSC

            GulfNav is a prominent maritime and shipping company based in Dubai, UAE. With a diverse fleet and comprehensive services, GulfNav is committed to delivering excellence in the maritime industry.

            Forward-Looking Statements

            This press release contains statements that are not historical facts and constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including risks described in public reports filed by BEL with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEL does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

            Investor Contact
            KCSA Strategic Communications
            Valter Pinto, Managing Director
            +1 212-896-1254
            BROG@kcsa.com

        The MIL Network

  • MIL-OSI Russia: Dalian Port Resumes International Cruise Ship Departures After 5-Year Break

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    DALIAN, May 27 (Xinhua) — The international cruise ship Adora Mediterranea set sail from the port of Dalian in northeast China on Tuesday evening, marking the resumption of international cruise services from the port after a five-year hiatus.

    The ship departed from Dalian International Cruise Center with 2,618 passengers on board. The cruise route includes popular destinations such as the Japanese cities of Fukuoka and Sasebo, as well as Jeju Island in the Republic of Korea.

    The 292m long Adora Mediterranea, with a gross tonnage of 86,000 gross tons, can accommodate up to 2,680 passengers, offering guests 1,057 cabins and suites.

    According to Adora Cruises Limited Business Development Director Guo Jia, the ship is scheduled to make a total of five international voyages from its home port of Dalian during peak seasons in May, June and September. Each voyage will last five days and four nights, she said. –0–

    MIL OSI Russia News

  • MIL-OSI Global: How ongoing deforestation is rooted in colonialism and its management practices

    Source: The Conversation – France – By Justine Loizeau, Postdoctoral research fellow in sustainability and organization, Aalto University

    As early as 1917, the Michelin company invested in plantations to produce rubber in what is now Vietnam. Here, hevea trees are seen in Southeast Asia in 1913. W. F. de Bois Maclaren, The Rubber Tree Book.

    Half of the world’s forests were destroyed during the 20th century, with three regions mainly affected: South America, West Africa and Southeast Asia. The situation has worsened to the point that, in 2023, the European Parliament voted to ban the import of chocolate, coffee, palm oil and rubber linked to deforestation.


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    A long-standing dependence on raw materials

    These products are at the heart of our economies and consumption habits. The case of rubber is particularly emblematic. Without this material, there would be no tyres and, thus, no cars, bicycles, sealing joints or submarine communication cables. Industrial rubber production depends on extracting latex, a natural substance that rubber trees such as hevea produce. Under pressure from corporations and states, Brussels last October announced a one-year postponement of its law regulating rubber imports.

    This dependence on the rubber industry is not new. Rubber was central to the second industrial revolution, especially with the rise of automobiles and new management methods. While this history often centres on factories, citing contributions from figures such as Frederick Taylor and Henry Ford and industrial giants like Michelin, its colonial roots are less well known.

    Indeed, rubber – like the other resources mentioned above – has been and continues to be primarily produced in former colonial territories. In many cases, rubber trees are not native to the regions where they have been cultivated. Rubber seeds from South America, where latex was already extracted by picking, were transported by colonists to empires for the development of plantations. In particular, the French colonial empire, spanning Africa and Southeast Asia, saw a significant expansion of hevea plantations at the expense of primary forests. Monocultures of rubber trees replaced thousands of hectares.

    Ford in the Amazon, Michelin in present-day Vietnam

    This management model was favoured because it allowed for lower extraction costs from the coloniser’s perspective. For example, in 1928, Henry Ford negotiated an agreement with the Brazilian government granting him a 10,000 km2 concession of forest land to establish Fordlandia, a settlement designed to produce the rubber needed for his factories. However, this industrial utopia in the Amazon failed due to resistance from Indigenous people and a fungal disease that ruined the plantations.

    Business Insider reports on the Fordlandia fiasco.

    Following the same model, Michelin invested in plantations in present-day Vietnam as early as 1917. The plantation model and new management methods reduced the cost of rubber production and accelerated its global distribution. These management practices spread across the British, Dutch and French empires, becoming dominant in Southeast Asia in the early 20th century at the expense of primary forests.




    À lire aussi :
    Allowing forests to regrow and regenerate is a great way to restore habitat


    The ‘Taylorization’ of work and nature

    Rubber plantations resulted from applying Taylorism not only to workers – especially colonised workers – but also to nature. Both people and trees were subjected to a so-called “scientific” organisation of labour. In our article, L’arbre qui gâche la forêt The Tree That Spoils the Forest, published in the Revue française de gestion (French Journal of Management) in 2024, we analysed historical archives, including a variety of newspapers from 1900 to 1950, covering national, local, colonial and thematic (scientific, cultural, etc.) perspectives. We show that this organisational model is based on an accounting undervaluation of indigenous people’s labour and of nature. This undervaluation is embodied in the metric of the cost price (i.e. the total cost of production and distribution) and in the shared concern to see it lowered. “Ultimately, it’s the cost price that must determine the fate of rubber,” stated the newspaper L’Information financière, économique et politique on February 1, 1914.

    In the eyes of some, Asians who were labelled as “coolies” and Brazilian “seringueiros” comprised a low-cost labour pool, with no mention of their working conditions and despite very high mortality rates. “Coolie” is a derogatory colonial term that refers to agricultural labourers of Asian heritage, while “seringueiros” refers to workers in South American rubber plantations.

    “By the way, in the Far East, there are reservoirs of labour (Java Island, English Indies), which supply plantations with workers who, while not the most robust, provide regular work at a very advantageous cost price.” (L’Information financière, économique et politique, November 11, 1922)

    Concerning trees, only the plantation costs were considered, silencing the human and ecological costs of primary forest destruction.

    “In the first year, some 237 francs will have to be spent on the clearing itself; then the planting, with staking […] and weeding, will represent an expense of 356 francs. […] For the following years, all that remains to be done is to consider the maintenance costs, cleaning, pruning, care, supply of stakes, replacement, etc. This will result in an expenditure of 1,250 francs for the first five years.” (L’Information financière, économique et politique, January 31, 1912)

    The ‘Cheapization’ of life

    The focus on cost price leads to standardisation of management practices by aligning with what is cheapest, at the expense of ever more intense exploitation of human and non-human workers. In other words, these assumptions about the construction of accounting metrics and the circulation of these metrics play a role in the “cheapization” of human and non-human labour. We borrow the concept of “cheapization” from the environmental historian Jason W. Moore. In his view, the development of capitalism is marked by a “cheapization of Nature”, which includes, within the circuits of capitalist production and consumption, humans and non-humans whose work does not initially have a market value. Living beings are thus transformed into a commodity or factor of production: “animals, soils, forests and all kinds of extra-human nature” are being put to work.




    À lire aussi :
    What actually makes avocados bad for the environment?


    Why does this colonial past matter?

    These ways of managing people and nature continue to this day. Many industries still rely on the extraction of natural resources at low cost and in large quantities in the countries of the global south. Rubber is not the only resource whose exploitation dates to the Industrial Revolution: palm oil, sugar, coffee and cocoa have also had, and still have, an impact on the forests of the global south and are based on the work of local people. The exploitation of these resources is also often the fruit of colonial history. In 1911, the Frenchman Henri Fauconnier brought the first palm oil seeds, a plant originally from Africa, to Malaysia. More than a century later, the country remains a leading palm oil producer, a resource largely responsible for the deforestation of primary forests.

    Beyond the case of rubber alone, we question the link between the pursuit of profit in formerly colonised territories, the destruction of the environment and the exploitation of local populations on two levels. Not only are primary forests destroyed to feed short-term profits, but habituation to this mode of environmental management is a historical construct. We must remember this when looking at news from countries with colonial pasts. Whether we’re talking about preserving the Amazon rainforest, poisoning soil and human bodies with chlordecone in the Antilles, or building a pipeline in Uganda, we need to take a step back. What are the historical responsibilities? What are the links between creating economic activities here and exploiting ecosystems and local populations there? What role do management theories and tools play in realising or reproducing these exploitative situations?

    At a time when the ecological and social emergency is constantly invoked to call for the transformation of management practices and business models, the rubber example invites us to consider the colonial matrix of managerial practices and the Western historical responsibilities that led to this same emergency. And suppose we have to turn to other forms of management tomorrow: who may legitimately decide how to bring about this change? Are former colonisers best placed to define the way forward? Knowledge of colonial history should encourage us to recognise the value of the knowledge and practices of those who were and remain the first to be affected.


    The COCOLE project is supported by the French National Research Agency (ANR), which funds project-based research in France. The ANR’s mission is to support and promote the development of fundamental and applied research in all disciplines, and to strengthen dialogue between science and society. To find out more, visit the ANR website.

    Antoine Fabre has received funding from the French National Research Agency
    via the programme “Counting in a colonial situation. French Africa (1830-1962)” (ANR-21-CE41-0012, 2021-2026).

    Pierre Labardin is a professor at La Rochelle University. He has received funding from the French National Research Agency via the programme “Counting in a colonial situation. French Africa (1830-1962)” (ANR-21-CE41-0012, 2021-2026).

    Clément Boyer et Justine Loizeau ne travaillent pas, ne conseillent pas, ne possèdent pas de parts, ne reçoivent pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’ont déclaré aucune autre affiliation que leur poste universitaire.

    ref. How ongoing deforestation is rooted in colonialism and its management practices – https://theconversation.com/how-ongoing-deforestation-is-rooted-in-colonialism-and-its-management-practices-257578

    MIL OSI – Global Reports

  • MIL-OSI Security: Husband and Wife Each Sentenced to 12 Months in Prison for Covid Fraud

    Source: Office of United States Attorneys

    TRENTON N.J. – A New Jersey and Florida husband and wife were sentenced to 12 months in prison for fraudulently obtaining approximately $790,000 in federal Economic Injury Disaster Loans (EIDL) loans, U.S. Alina Habba announced.

    Diana Valteri, 42, and Edmond Haxhillari, 43, of Sparta, New Jersey, and Palm Beach Gardens, Florida, previously plead guilty before U.S. District Judge Robert Kirsch to informations charging the couple with wire fraud and money laundering. Judge Kirsch imposed the sentences in Trenton federal court.

    According to documents filed in this case and statements made in court:

    From in or around June 2020 through August 2020, Valteri and Haxhillari participated in a fraudulent scheme to receive $790,000 in COVID-19 emergency relief loans and cash advances meant for distressed small businesses under the EIDL program. Valteri and Haxhillari submitted fraudulent loan applications on behalf of several businesses that purported to have employees and revenue but were actually shell companies with no business operations. After receiving the EIDL funds based on their fraud, Valteri and Haxhillari diverted the proceeds for their own personal gain.

    U.S. Attorney Habba credited special agents of the FBI, Newark Field Office under the direction of Special Agent in Charge Terrence G. Reilly; special agents of Internal Revenue Service – Criminal Investigation, Newark Field Office, under the direction of Special Agent in Charge Jenifer Piovesan; special agents of the Social Security Administration, Office of the Inspector General, Boston-New York Field Division, under the direction of Special Agent in Charge Amy Connelly, and special agents from the Small Business Administration, Office of the Inspector General under the direction of Special Agent in Charge Amaleka McCall-Brathwaite, Eastern Regional Office, with the investigation leading to the charges.

    The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    The government is represented by Assistant U.S. Attorneys Fatime Meka Cano and Aja Espinosa of the Economic Crimes Unit in Newark.

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

                                                                           ###

    Defense counsel: William Tunkey, Esq. and Joseph Nascimento, Esq. 

    MIL Security OSI

  • MIL-OSI: TransAlta Renews Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 27, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (“TransAlta” or the “Company”) (TSX: TA) (NYSE: TAC) announced today that the Toronto Stock Exchange (“TSX”) has accepted the notice filed by the Company to implement a normal course issuer bid (“NCIB”) for a portion of its common shares (“Common Shares”).

    Pursuant to the NCIB, TransAlta may repurchase up to a maximum of 14,000,000 Common Shares, representing approximately 4.7% of the 296,449,829 Common Shares issued and outstanding as at May 20, 2025. Purchases under the NCIB may be made through open market transactions on the TSX and any alternative Canadian trading systems on which the Common Shares are traded, based on the prevailing market price. Any Common Shares purchased under the NCIB will be cancelled.

    Transactions under the NCIB will depend on future market conditions. TransAlta will initially retain discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX and other regulatory requirements. The period during which TransAlta is authorized to make purchases under the NCIB commences on May 31, 2025, and ends on May 30, 2026, or such earlier date on which the maximum number of Common Shares are purchased under the NCIB or the NCIB is terminated at the Company’s election.

    Under TSX rules, not more than 481,658 Common Shares (being 25% of the average daily trading volume on the TSX of 1,926,633 Common Shares for the six months ended April 30, 2025) can be purchased on the TSX on any single trading day under the NCIB, with the exception that one block purchase in excess of the daily maximum is permitted per calendar week.

    TransAlta has repurchased and cancelled 7,963,000 Common Shares on the open market through the facilities of the TSX and/or alternative Canadian trading systems at an average price of $12.00 per share under its prior NCIB approved by the TSX on May 27, 2024, for the twelve-month period commencing May 31, 2024.

    The NCIB provides the Company with a capital allocation alternative with a view to providing long-term shareholder value. TransAlta’s Board of Directors and Management believe that, from time to time, the market price of the Common Shares does not reflect their underlying value and purchases of Common Shares for cancellation under the NCIB may provide an opportunity to enhance shareholder value.

    About TransAlta Corporation:
    TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.

    For more information about TransAlta, visit its website at transalta.com.

    Cautionary Statement Regarding Forward-looking Information:
    This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “may”, “will”, and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to TransAlta’s intentions with respect to the NCIB, the effects of repurchases of Common Shares and purchases thereunder, including any enhancement to shareholder value. These statements are based on TransAlta’s belief and assumptions based on information available at the time the assumptions were made. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the entering into of an automatic securities purchase plan; legislative or regulatory developments; any significant changes to Common Share price or trading volume; continued availability of capital and financing; changes to general economic, market or business conditions; business opportunities that become available to, or are pursued by TransAlta; and other risk factors contained in the Company’s annual information form and management’s discussion and analysis. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information, which reflect TransAlta’s expectations only as of the date of this news release. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 

    Note: All financial figures are in Canadian dollars unless otherwise indicated.

    For more information:

    The MIL Network

  • MIL-Evening Report: Australia could tax Google, Facebook and other tech giants with a digital services tax – but don’t hold your breath

    Source: The Conversation (Au and NZ) – By Fei Gao, Lecturer in Taxation, Discipline of Accounting, Governance & Regulation, The University of Sydney, University of Sydney

    Tada Images/Shutterstock

    Tech giants like Google, Facebook and Netflix make billions of dollars from Australian users every year. But most of those profits are not taxed here.

    To address this tax gap, some countries have introduced a new kind of tax called the digital services tax, or DST. It applies to revenue earned from users in a country, even if the company has no physical operations there. Some European Union member countries, the UK and Canada have all introduced such a tax.

    In Australia, it is estimated the five largest tech giants recorded A$15 billion in revenue in Australia last year, but combined they paid only $254 million in tax.

    Australia has never contemplated imposing a similar tax. New Zealand tried but backed down last week after the United States threatened to impose higher tariffs on New Zealand goods.

    So what’s holding Australia back?

    How 20th-century tax treaties create 21st-century problems

    To understand why Australia thinks its hands are tied on the taxation of the multinational tech giants, we need to step back in time.

    About 100 years ago, Australia and other developed nations decided to tax residents on all their income earned worldwide, while non-residents were taxed only on income earned locally.

    After the second world war, Australia entered into tax treaties so foreign companies selling to Australian customers would no longer be taxed here. Instead, those companies’ home countries would tax all their profits.

    As the world moved to digital products this century, it became easy for giant multinational enterprises offering advertising on social media (such as Facebook and Instagram), advertising on search platforms (Google), and streaming services (Netflix) to provide those services from abroad. Little or no activity is conducted through local branches.

    But countries where the sales are made have increasingly questioned the wisdom of having forfeited their taxing rights over income by foreign providers.

    The rise of the digital services tax

    The obvious solution would have been to renegotiate the treaties. This would restore the right of countries like Australia to tax foreign companies’ profits made from local customers or users.

    However, treaty renegotiation is slow and complex. So several European countries, beginning with France in 2019, came up with a short-cut solution.

    They introduced a discrete new tax on sales of digital services, called digital services taxes (DSTs). While the specific design varies by country, most DSTs apply a low tax rate, typically between 3% and 5%, on revenue rather than profits. They target large digital platforms that earn money from users within the taxing country, regardless of the company’s location.

    Because DSTs are levied on revenue and are structured as separate from income tax, governments argued they could be introduced without breaching income tax treaties.

    The new taxes quickly became popular and spread widely.
    In Australia, the Greens have called for a DST, but both major parties have remained steadfast in their objection to a new tax. This is due to the concern that the US may impose retaliatory tariffs on Australian goods.

    US tech bosses at the inauguration of President Trump: (from left to right) CEO of Meta Mark Zuckerberg, Lauren Sanchez, Amazon founder Jeff Bezos, CEO of Google Sundar Pichai and X CEO Elon Musk.
    Julia Demaree Nikhinson/AFP

    How big is the tax loss?

    Australians are enthusiastic consumers of digital products. Depending on which companies are included in the calculation, the annual revenues vary between $15 billion and $26 billion a year, but only a fraction of that is taxed here.

    At a time when the federal budget is forecasting deficits for the foreseeable future, Australia is foregoing potentially millions in lost revenue from these digital giants.

    While Australia has avoided a DST as a solution to the income tax loss, it has been willing to regulate and tax foreign digital companies in other ways.
    Australia collects 10% goods and services tax, or GST, on digital services provided to Australian companies, including streaming platforms and app subscriptions.

    This helps ensure foreign providers are taxed similarly to domestic ones when it comes to the GST.

    Australia has also imposed non-tax obligations on digital giants such as the requirement that digital platforms pay Australian media outlets for using their news content.




    Read more:
    Australia’s ‘coercive’ news media rules are the latest targets of US trade ire


    Serious hurdles for reform

    In February, the Trump administration described DSTs as tools used by foreign governments to “plunder American companies” and warned retaliatory tariffs would be imposed in response.

    The accompanying White House fact sheet singled out Australia and Canada, arguing the US digital economy dwarfs those countries’ entire economies. It suggested any attempt to tax US tech companies would not go unanswered.

    Six weeks later, the US imposed a 10% tariff on most Australian exports to the US and a 25% tariff on steel and aluminium exports.

    The US sees its penal tariff plans as a useful negotiating tool to pressure trading partners into retreat on a broad range of peripheral complaints, including the digital services tax.

    To date, only two countries have retreated: New Zealand and India. Other countries are standing firm.

    In Australia, the Greens have called for the adoption of a DST, but the current and previous governments remain firm in their opposition. There is concern about antagonising the US at a delicate time when our broader trade relations are under scrutiny.

    For the foreseeable future, the digital giants will continue to earn billions from Australian users. Most of those profits will remain beyond the reach of Australian tax law.

    Richard Krever receives funding from the ARC

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

    ref. Australia could tax Google, Facebook and other tech giants with a digital services tax – but don’t hold your breath – https://theconversation.com/australia-could-tax-google-facebook-and-other-tech-giants-with-a-digital-services-tax-but-dont-hold-your-breath-257251

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: From surprise platypus to wandering cane toads, here’s what we found hiding in NSW estuaries

    Source: The Conversation (Au and NZ) – By Maarten De Brauwer, Senior Research Scientist in Marine and Estuarine Ecology, Southern Cross University

    Maarten De Brauwer

    Rivers up and down the north coast of New South Wales have been hammered again, just three years after devastating floods hit the Northern Rivers and Hawkesbury-Nepean Valley.

    The events of 2022 sparked our latest research into the estuaries of NSW. These special places, where the rivers meet the sea, are teeming with life. Now – for the first time – we can reveal what lives where, in maps based on tell-tale traces of DNA.

    Together with Indigenous rangers from six language groups, we surveyed 34 estuaries to capture evidence of living species – everything from microbes to fish, plants and mammals.

    We were surprised to find platypus in places they had not been seen for years. We also identified elusive native species such antechinus and rakali, and 68 invasive or pest species including cane toads – spreading further south than previously thought.

    This catalogue of species in NSW estuaries can be used by authorities and scientists – but anyone, anywhere can explore the map online.

    Mapping life in NSW estuaries (Southern Cross University)

    Estuaries are vital, yet many questions remain

    First Nations Peoples have long recognised the vital importance of the areas where land meets sea. Estuaries are have provided food resources for thousand of years and are home to important historical and contemporary cultural sites.

    Today, 87% of Australians live within 50km of the sea. This makes estuaries one of the most intensively used areas of NSW. They provide critical habitats such as seagrass or mangroves, host high biodiversity, and have a high social value as places for recreational activities such as fishing.

    Yet research into the species that live in estuaries is mostly limited to large estuaries such as Sydney Harbour, Botany Bay or Port Stephens.

    NSW has excellent water quality monitoring programs, and vital habitats such as seagrass meadows have been the subject of long-term mapping programs. However, large gaps remain.

    Understanding how biodiversity in estuaries changes over time, especially in response to extreme events, can help governments design appropriate responses to maintain or restore ecosystem health. But with nearly 200 estuaries in NSW, studying changes in biodiversity is not a simple task.

    Find out what lives in your local estuary free, online.
    Wilderlab

    Our DNA detective work

    Measuring salinity or oxygen levels in water is relatively straightforward, using equipment on the shoreline or hanging off the side of a boat. Finding out what lives where is much more difficult. This where new genetic methods come in.

    Collecting environmental DNA samples at the Clarence River estuary.
    Southern Cross University

    Life forms leave tell-tale traces of DNA in the environment. Animals may shed hair, skin or scales, as well as poo. Plants produce pollen and leaves that end up in the water.

    We matched small snippets of DNA to find the species it belonged to – a bit like scanning a barcode in the supermarket.

    This technique allows us to analyse the full extent of biodiversity in estuaries. This includes not just fish, but also species at the base of the food chain such as microscopic algae – all from a few litres of water.

    Indigenous rangers live and work on Country and know it well. We formed alliances with six groups of Indigenous rangers through the state’s Cultural Restoration Program:

    • Batemans Bay Local Aboriginal Land Council (Walbunja)
    • Bega Local Aboriginal Land Council
    • Jali Local Aboriginal Land Council
    • Jerinja Local Aboriginal Land Council
    • LaPeruse Local Aboriginal Land Council (Gamay)
    • Yaegl Wadyarr Gargle Land and Sea Contractors.

    Our research builds on the different strengths and interests of local groups. The rangers worked with us all the way through, from the design phase to selecting sampling sites of ecological or cultural significance, helping to conduct surveys and working with scientists to interpret the results.

    Trained in environmental DNA methods, rangers can monitor their Country independently in future.

    What did we find?

    We now have the largest publicly available biodiversity dataset for NSW estuaries. It covers everything from single-celled algae at the base of the food chain, to top predators such as great white sharks and white-bellied sea eagles.

    Anyone can explore the interactive map to find out what lives in the estuaries nearby or further afield.

    Rangers detected platypus in the lower reaches of Bega River, in places where they were thought to have disappeared. Totemic species such as dolphins were widespread across the state, including urban estuaries such as Botany Bay in Sydney, while mullet and bream were found shifting between the mouth and further upriver. Cane toads were found at Sandon River in the Northern Rivers region, and most recently in Coffs Harbour, much further south than expected.

    These results mean a lot to local Indigenous mobs. They can integrate contemporary scientific results into traditional ecological knowledge and use both approaches to better understand how estuaries respond to extreme weather events or activities such as habitat restoration.

    We also recently returned to sample sites following Tropical Cyclone Alfred and the extreme rainfall events in March. Being able to compare the data to a well-established baseline survey means we will be able to see which species were worst affected.

    Knowledge sharing for the future

    Two-way knowledge sharing between Indigenous knowledge holders and research scientists is improving our understanding of estuarine health.

    The results of this project will help Indigenous groups to care for their Country while also improving scientific knowledge to better respond to environmental impacts such as floods for decades to come.

    The project was a team effort. L to R: Kait Harris (NSW Departments of Primary Industries and Regional Development), Maarten De Brauwer (Southern Cross University), Shaun Laurie (Yaegl Rangers), and Amos Ferguson (Yaegl Rangers).
    Southern Cross University

    The authors wish to acknowledge this program was delivered collaboration with and on behalf of the Departments of Primary Industries and Regional Development (DPIRD), Fisheries & Forestry, with funding provided by the Australian and NSW governments under Disaster Recovery Funding Arrangements as part of the NSW Estuary Asset Protection program (NEAP).

    Maarten De Brauwer received funding from the federal government’s Disaster Recovery Funding Arrangements (Riparian Stabilisation Package) as part of the NSW state government’s Estuary Asset Protection program. He is a board member of the Southern eDNA Society.

    Kaitlyn Harris works for NSW Department of Primary Industries and Regional Development.

    Kelly Gittins works for the NSW Department of Primary Industries and Regional Development.

    ref. From surprise platypus to wandering cane toads, here’s what we found hiding in NSW estuaries – https://theconversation.com/from-surprise-platypus-to-wandering-cane-toads-heres-what-we-found-hiding-in-nsw-estuaries-257123

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Grassley, Cornyn Introduce Bipartisan Bill to Safeguard Consumers’ Genetic Data After 23andMe Bankruptcy Sparks Privacy Concerns

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) joined Sens. John Cornyn (R-Texas) and Amy Klobuchar (D-Minn.) to introduce the Don’t Sell My DNA Act to safeguard consumers’ sensitive genetic data during corporate bankruptcy proceedings.
    The Don’t Sell My DNA Act strengthens consumer privacy protections by:
    Modernizing the Bankruptcy Code to include genetic information in the definition of “personally identifiable information”;
    Requiring written notice and affirmative consumer consent prior to the use, sale or lease of genetic information during bankruptcy proceedings; and
    Requiring the trustee or debtor in possession of genetic information to permanently delete any data not subject to a sale or lease.
    “Consumers should feel confident that any personal information shared with a public company isn’t up for grabs when that company files for bankruptcy,” Grassley said. “This bill would fill gaps in current law to help safeguard consumers’ genetic information and ensure Americans’ DNA isn’t treated like any other financial asset.”
    “Advances in DNA testing have allowed Americans to have unprecedented access to important insights about their genetics, but these companies must have a plan to protect this data in the event of bankruptcy,” Cornyn said. “By updating the bankruptcy code, this legislation would safeguard Americans’ sensitive genetic information to ensure it cannot be weaponized against them or made public without their knowledge and consent.”
    “For too long companies have profited off of Americans’ data while consumers have been left in the dark, which is especially concerning in light of reports that 23andMe plans to sell customer genetic data assets to a large pharmaceutical company,” Klobuchar said. “This bill will put new protections in place to safeguard Americans’ privacy while giving consumers greater control over how their sensitive health data is shared.”
    Audio of Grassley discussing the bill is available HERE.
    Read the full bill text HERE.
    Background:
    Recent bankruptcies of genetic testing and biotech companies – such as 23andMe – have raised concerns about the protection of consumers’ sensitive genetic data.
    Under current law, the Bankruptcy Code prohibits entities from selling off “personally identifiable information,” which prevents identity theft, financial fraud and the unauthorized use of personal information. While the current definition of “personally identifiable information” includes an individual’s name, address, email, phone number, social security number and credit card number, it does not include protections for genetic information. This legislation closes that gap.
    -30-

    MIL OSI USA News

  • MIL-OSI: Gevo Promotes Leke Agiri to Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo., May 27, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), is pleased to announce the appointment of Oluwagbemileke (Leke) Agiri as Chief Financial Officer, effective as of May 21, 2025. Mr. Agiri succeeds L. Lynn Smull, who will continue with the Company in a new role as Executive Vice President and Senior Advisor to the Chief Executive Officer, focusing on strategic initiatives and to aide and support a seamless transition.

    Mr. Agiri brings extensive experience and leadership in corporate finance, capital markets, and strategic growth, both organic and inorganic. Since joining Gevo in August 2022, he has served in key leadership roles, most recently as Executive Vice President, Finance, where he has been instrumental in driving financial strategy and planning. His prior experience includes finance positions in the renewable energy and energy sectors at organizations including Bank of America (BAC), Occidental Petroleum Corporation (OXY) and Anadarko Petroleum Corporation (APC). Mr. Agiri earned a Masters in Business Administration in Finance and Energy from Jones Graduate School of Business at Rice University and a Bachelor of Science in Chemical Engineering from the University of Virginia.

    “We’ve been developing Leke to replace me as the CFO as I approach retirement in my future. Leke has stepped up to every challenge that we have thrown at him. I look forward to a smooth transition with him. It’s my duty to make sure I can help Gevo in any way possible. I also look forward to bringing my skills to bear on some of the exciting projects that Gevo is developing,” said Lynn Smull, Executive Vice President and former CFO of Gevo.

    “Leke has been an integral part of our finance team and has demonstrated outstanding leadership and expertise in advancing Gevo’s mission,” said Patrick Gruber, CEO of Gevo. “His appointment reflects our long–term succession planning and confidence in his ability to help lead Gevo through its next phase of growth.

    This leadership evolution reflects Gevo’s commitment to building a strong, future-ready team capable of executing on its ambitious goals for innovation and value creation.”

    About Gevo
    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including synthetic aviation fuel (“SAF”), motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring, and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Forward-Looking Statements
    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including the promotion of Leke Agiri, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

    Media Contact
    Heather L. Manuel
    VP, Stakeholder Engagement & Partnerships
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Finance & Strategy
    IR@gevo.com

    The MIL Network

  • MIL-OSI: Gevo Appoints Industry Veteran James Barber, Ph.D. to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo., May 27, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO), a leader in sustainable aviation fuel and renewable chemicals, announced today the appointment of James J. Barber, Ph.D., to its Board of Directors. Dr. Barber brings decades of executive leadership and board experience in public and private companies including fuels, chemicals, biobased materials, micro-optics, carbon nanofibers, joint ventures and licensing. Dr. Barber currently serves on the board of directors of Graham Corporation (NYSE: GHM), where he chairs the Compensation Committee and is a member of the Audit and Nomination and Governance Committees.

    Dr. Barber holds a Ph.D. in Organic Chemistry from the Massachusetts Institute of Technology (MIT) and a B.S. in Chemistry from Rensselaer Polytechnic Institute. He is also a recipient of the American Chemical Society’s Henry F. Whalen, Jr. Award for Business Development and holds a Directorship Certification from the National Association of Corporate Directors.

    “We welcome Dr. Barber to the Board,” said Dr. Patrick R. Gruber, CEO of Gevo. “His deep technical expertise, strategic acumen, and boardroom leadership will be invaluable as we grow our company.”

    About Gevo
    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including synthetic aviation fuel (“SAF”), motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market-driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Forward-Looking Statements
    Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, without limitation, including the promotion of James Barber, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

    Media Contact
    Heather L. Manuel
    VP, Stakeholder Engagement & Partnerships
    PR@gevo.com

    Investor Contact
    Eric Frey, PhD
    Vice President of Finance & Strategy
    IR@gevo.com

    The MIL Network

  • MIL-OSI: Kayne Anderson Energy Infrastructure Fund Announces Appointment of New Independent Directors

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 27, 2025 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company” or “KYN”) announced today the appointments of Holli C. Ladhani and Michael N. Mears as independent directors of the Company, effective immediately. Following the retirements of Anne K. Costin and Albert L. Richey earlier this year, the appointments of Ms. Ladhani and Mr. Mears return the Company’s Board to eight members, seven of whom are independent.

    Holli C. Ladhani is an experienced executive and board director in the energy, chemicals, power, and infrastructure sectors. Ms. Ladhani most recently served as President, Chief Executive Officer, and a member of the board of directors of Select Energy Services, Inc., a publicly traded provider of water management and chemical solutions to the energy industry. Prior to that, she was Chairman and CEO of Rockwater Energy Solutions, where she also held earlier executive roles, including Chief Financial Officer. Earlier in her career, Ms. Ladhani served as Executive Vice President and CFO of Dynegy Inc., and began her professional journey at PricewaterhouseCoopers.

    Ms. Ladhani currently serves on the boards of Quanta Services, Inc. (NYSE: PWR), AmSpec, and the forthcoming Amrize spin-off from Holcim (NYSE: AMRZ). She previously served on the boards of Marathon Oil (until its acquisition by ConocoPhillips in 2024), Atlantic Power, Noble Energy, and Rosetta Resources. She has also served on the Board of Trustees of Rice University since 2018. Ms. Ladhani holds a Bachelor of Business Administration in Accounting from Baylor University and an MBA from Rice University.

    Michael N. Mears is an accomplished executive in the energy infrastructure sector and an experienced director in the energy and power sectors. Mr. Mears most recently served as Chairman, President, and Chief Executive Officer of Magellan Midstream Partners, L.P., a publicly traded pipeline and storage company, from 2011 until his retirement in April 2022. He joined Magellan at its formation in 2002 and held several senior leadership roles, including Chief Operating Officer and Senior Vice President of Transportation and Terminals. Prior to Magellan, Mr. Mears held a range of management positions at Williams Pipeline Company, the predecessor to Magellan, where he began his career in 1985.

    Mr. Mears currently serves on the boards of Devon Energy Corporation (NYSE: DVN) and Sempra (NYSE: SRE). At Sempra, he chairs the Corporate Governance Committee and serves on the Executive and Compensation and Talent Development Committees. Mr. Mears holds a Bachelor of Science degree in Chemical and Petroleum Refining Engineering from the Colorado School of Mines.

    “We are honored to welcome Holli and Mike to KYN’s Board of Directors,” said Jim Baker, Chairman, President, and CEO. “Their extensive experience in the energy and power sectors – as both senior executives and directors – will bring valuable insight to our Board. The energy and power infrastructure sectors continue to be very dynamic, and I am confident their insights will strengthen our ability to evaluate opportunities in these sectors with greater perspective,” concluded Mr. Baker.

    Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

    The Company pays cash distributions to common stockholders at a rate that may be adjusted from time to time. Distribution amounts are not guaranteed and may vary depending on a number of factors, including changes in portfolio holdings and market conditions. 

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

    Contact investor relations at 877-657-3863 or cef@kayneanderson.com.

    The MIL Network

  • MIL-OSI: NI Holdings, Inc. Announces Executive Leadership Appointments

    Source: GlobeNewswire (MIL-OSI)

    FARGO, N.D., May 27, 2025 (GLOBE NEWSWIRE) — NI Holdings, Inc. (the “Company”, NASDAQ: NODK) today announced several strategic leadership appointments to support the company’s long-term growth and execution of its core business strategies.

    “We are excited to announce multiple executive leadership appointments,” said Seth Daggett, President and Chief Executive Officer of NI Holdings. “These individuals bring deep operational knowledge, extensive industry experience and strategic insight to our executive team.”

    Kevin Elfstrand has been promoted to Senior Vice President and Chief Accounting Officer. He will continue to oversee the Accounting department and lead external financial reporting. Mr. Elfstrand brings over 20 years of experience in the property and casualty insurance industry, including 17 years at Travelers Companies, Inc., where he most recently served as Assistant Vice President of Corporate Audit. He began his career at Deloitte and is a Certified Public Accountant (CPA). He holds a bachelor’s degree in accounting from Saint John’s University in Minnesota.

    Brandon Nicol has been promoted to Senior Vice President of Reinsurance and Chief Underwriting Officer. In this role, Mr. Nicol will lead the Company’s underwriting strategy and reinsurance. He has 19 years of experience across the insurance and reinsurance industries, including roles at AmericanAg, XL Catlin, COUNTRY Financial, and State Farm. Mr. Nicol holds the Chartered Property and Casualty Underwriter (CPCU), Associate in Reinsurance (Are), and Agribusiness and Farm Insurance Specialist (AFIS) designations and serves as a Major in the U.S. Army National Guard and Army Reserves. He holds a bachelor’s degree in insurance from Illinois State University.

    Chris Oen has been promoted to Senior Vice President and Chief Claims Officer. Mr. Oen will continue to lead the Claims department, drawing on his 30 years of experience in the property and casualty insurance industry. He joined NI Holdings in 2007 and has held progressively senior roles during his time with the Company. Mr. Oen serves on several industry boards, including as Chairperson of the North Dakota Auto Assigned Claims Plan, and is a veteran of the Army National Guard. He holds a bachelor’s degree from the University of North Dakota and holds the Associate in Claims (AIC) designation.

    Dominic Weber has been promoted to Senior Vice President and Chief Actuary. Mr. Weber will continue to lead the Actuarial department and oversee reserving, ratemaking, and predictive analytics initiatives. With more than 42 years of experience in the property and casualty insurance industry, Mr. Weber previously served as Vice President and Chief Actuary at Society Insurance. He is a Fellow of the Casualty Actuarial Society (FCAS) and a Member of the American Academy of Actuaries (MAAA). He holds a bachelor’s degree in actuarial science from the University of Nebraska – Lincoln.

    Doug Duncan has been recently hired as Senior Vice President and Chief Information Officer. In this newly created role, Mr. Duncan will lead the Company’s technology strategy and oversee modernization initiatives to support business growth. He brings more than 25 years of technology leadership experience, including previous roles as Chief Information Officer at Columbia Insurance Group and Senior Vice President at Swiss Re. He holds a Master of Business Administration from Colorado State University and a bachelor’s degree from the University of Kansas.

    “The leadership of Kevin, Brandon, Chris, Dominic and Doug will strengthen our capabilities and help us better serve our shareholders, policyholders, and agents,” added Daggett. “We are confident these leaders will play a critical role in advancing our strategic priorities. Their diverse experience and proven leadership will help position NI Holdings for continued success.”

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

    Safe Harbor Statement
    Some of the statements included in this news release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results could vary materially. Factors that could cause actual results to vary materially include risks we describe in the periodic reports we file with the Securities and Exchange Commission. You should not place undue reliance on any such forward-looking statements. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

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

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

    The MIL Network

  • MIL-OSI Economics: Verizon to speak at Bernstein conference May 29

    Source: Verizon

    Headline: Verizon to speak at Bernstein conference May 29

    NEW YORK – Sowmyanarayan Sampath, executive vice president for Verizon (NYSE, Nasdaq: VZ), and CEO for Verizon Consumer, is scheduled to speak at the Bernstein Strategic Decisions Conference on Thursday, May 29, at 8:00 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.

    For details on Verizon’s most recent financial results, view the company’s 1Q25 earnings results here.

    MIL OSI Economics

  • MIL-OSI USA: Chairman Aguilar: Only Democrats want to make health care more accessible and more affordable

    Source: US House of Representatives – Democratic Caucus

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI – May 20, 2025

    WASHINGTON, D.C. — Today, House Democratic Caucus Chair Pete Aguilar and Vice Chair Ted Lieu were joined by Representatives Kim Schrier, M.D. and Shontel Brown for a press conference about the Republican Budget, which kicks millions of Americans off their health insurance and prevents families from meeting their basic needs. 

    CHAIRMAN AGUILAR: I’m grateful to be joined by Vice Chair Lieu and Dr. Schrier and Representative Brown for joining us here today to talk about the importance of protecting health care and nutrition across this country.

    I want to begin by offering our condolences to the victims of deadly storms in Missouri and Kentucky. We also want to send President Biden and his family our support as they grapple with the former President’s cancer diagnosis. We know that Joe Biden will approach this fight with the same grace that he’s shown throughout his life. We also know that Joe Biden would be the first to say that every American deserves the same level of health care that he is being provided.

    That’s why House Democrats are fighting to protect health care that Donald Trump and House Republicans are attacking. In the dead of night, House Republicans are working to ram through their agenda to kick millions of Americans off of health insurance and to take food assistance from families who need it most. As grocery prices rise, they’re going to take food out of the mouths of mothers, children and veterans, while making health care even more expensive—just for the single purpose of providing more tax cuts for billionaires and corporations who continue to make record profits. Remember: the Republican Budget doesn’t make Medicaid or SNAP more efficient or more fair. All this bill does is ensure that billionaires—who have never had to worry about a hospital bill or putting food on the table—can continue to pay less in taxes than teachers, firefighters and nurses. 

    Only Democrats want to make health care more accessible and more affordable for everyone. Republicans are hellbent on driving up costs for health insurance and ending basic needs programs. They are willing to inflict pain on millions of Americans just to make their campaign donors happy. That. Is. Wrong. And we will continue to fight back at every step for the American people so they can have the peace of mind of a good-paying job with good benefits. 

    Next, I’ll turn it over to Vice Chair Ted Lieu.

    VICE CHAIR LIEU: Thank you, Chairman Aguilar, and honored to be joined today by Congressmembers Kim Schrier and Shontel Brown. First, I’d like to talk about the charges against Congresswoman LaMonica McIver. Those charges are baseless and politically motivated. Three reasons why: First, Congresswoman McIver had a statutory authority to be at that detention center; she was conducting her oversight duties. Second, if what she did was purportedly so awful that it results in criminal charges, how is it possible they literally gave her a tour of the facility? Afterwards, they escorted her around and gave her a tour of that facility while she was conducting oversight. And third, she was trying to prevent the unlawful arrest of the Mayor of Newark. And guess what? She was right. Because the Trump Justice Department dropped all charges against the Mayor of Newark. So, we asked them to also drop charges against LaMonica. This is a baseless, politically motivated distraction.

    And what are they distracting us from? This big, ugly bill that they’re going to have a meeting on at 1 a.m. in the morning. I mean, who does that, right? You do that because you don’t want the American public to know what’s in your big, ugly bill. But we know what’s in it. It has the largest cut to health care in U.S. history, about a trillion dollars. And then also, it’s going to kick off approximately 14 million people off health care. And why are they doing this? To impose the largest tax cut for billionaires in U.S. history. So that’s basically what this big, ugly bill does. And they’re trying to move it through in the dead of night at 1 a.m. We asked the Republicans to listen to the American people and work on what Democrats are trying to work on, which is lowering the cost of rent and groceries and consumer products. That’s what we should be focused on. And it’s now my honor to introduce the great Representative from the State of Washington, Dr. Kim Schrier. 

    REP. SCHRIER: Well, thank you, Vice Chair Lieu. It’s really an honor to be here, but the reason is outrageous, and I want to express that outrage on behalf of my constituents. That the Republicans at this moment are attempting to make the largest cut ever in Medicaid, and the largest cut ever in SNAP, that would be $715 billion out of Medicaid, which would kick 13.7 million Americans off of their health insurance. And let me just reiterate, why are they doing this? They are doing this to pay for a tax cut for the wealthiest Americans, like Elon Musk. It is morally bankrupt and it is fiscally, incredibly irresponsible. We just spent 26 and a half hours in the Energy and Commerce Committee last week, spending the vast majority of that time—and by the way, starting at about two o’clock in the morning—talking about these cuts to Medicaid and how they would devastate our constituents and also the broader health care system.

    I want to be clear, one out of three Washingtonians depend on Medicaid. Most of them don’t even know they’re on Medicaid, because we call it Apple Health, and I’m trying to make that point so that people understand how this impacts them personally. So I think about, as a pediatrician, I think about my patients on Medicaid or on Apple Health who will no longer be able to come to their pediatrician’s office for screenings, for a simple cold, for a cough and get treated in a half hour. Now they’re going to go to the emergency room, the most expensive place to get care. They’re going to drive up costs: that cost will be provided for free, and then everybody pays. And I think then about my patients who are not on Medicaid, because they’re going to be waiting longer in the emergency room, they’re going to be paying more. Premiums are going to go up if we want to keep these hospitals and emergency rooms open. And that brings us to other parts of my district, the rural areas, where hospitals may close because they depend so heavily on Medicaid and Medicare. 

    I want to tell you a quick story of a little four-year-old girl named Ila in my district. She is the outcome of a normal, uneventful pregnancy. She was lucky enough to go to our rural hospital called Kittitas Valley Healthcare, and they have a labor and delivery department. She was delivered. There were major complications. She almost died, but they had the staff and the expertise to rescue her, to stabilize her and to Life Flight her to Seattle Children’s. And then I have been reflecting, as have her parents, who are insured, about what would have happened had Medicaid been cut, had labor and delivery there been cut, had she not had that opportunity for rescue and for transport to save her life, and we all know what the answer would have been. I’ve been in hundreds of deliveries. Some go well, some don’t, and you don’t always know until that moment. So I want to emphasize, Medicaid is part of the three-legged stool that is our health care system. If Medicaid is cut in this dramatic way, that stool will fall. It’ll mean hospital closures, higher rates for all of us, emergency room long waits, a sicker community and a poorer community and it is reckless and morally reprehensible. So at this point, I’m going to turn this over to Representative Shontel Brown from Ohio to talk about the terrible cuts that they are doing to food benefits, also for our most vulnerable populations. Thank you. 

    REP. BROWN: Thank you, doctor. Good morning, everyone. I’m Congresswoman Shontel Brown, Vice Ranking Member of the House Agriculture Committee and representing Ohio’s 11th Congressional District. I’m honored to be here along with Chair Aguilar, Vice Chair Lieu and Congresswoman Schrier. Last week, we saw this legislation up close in the Agriculture Committee, and Ranking Member Craig and my Democratic colleagues on Agriculture fought this legislation for two days. I didn’t just read the bill, I felt it. I felt the cruelty. I felt the callousness. And let me tell you, I was angry. I am still angry. $300 billion in cuts. Let me repeat that: $300 billion in cruel, calculated cuts to nutrition programs. And on top of that, onerous new restrictions and requirements that are designed to deny people the help they need. If this bill passes, millions—yes, millions—of Americans are going to lose nutrition benefits they desperately need. And for what? The biggest cut to food assistance in history, just to hand millionaires a $68,000 tax break, and the top .1 percent a staggering $300,000?

    Let me tell you what this means for my community. One in five. One in five households in my district in Northeast Ohio rely on SNAP. That’s not some statistic from somewhere. That’s my neighbors, that’s my family. Those are my church members. It is me. Because growing up, I was one of those households. And the issue of work requirements really hits home for me, literally. I had epilepsy growing up. I had petit mal seizures and my mother—my strong, brave, exhausted mother—couldn’t work, not because she didn’t want to, but because she couldn’t leave her child who might collapse at any moment. My mom didn’t want to be on food stamps. No parent wants that, but we needed it. And this bill, this bill, would have denied us that lifeline. We’re taking assistance away from people that need it to give those resources to people that don’t.

    Make no mistake, this is not fiscal responsibility. This is not belt-tightening. This is a giveaway. People who rely on SNAP, they’re not leading easy lives. They’re caregivers. They have people at home with disabilities and serious illnesses, children. And these folks are not hard to find. I had one woman contact me, Cheryl from Cleveland Heights. She’s retired. Her husband is disabled. Her father is 92 years old and he’s disabled. She worked in advertising for 25 years. Now, she’s got a house full of people to take care of, and they rely on SNAP. This bill punishes Cheryl and people like her. It takes away the basic benefits they need to survive, all to pay for tax cuts for the wealthiest among us. And make no mistake, this bill will make us sicker. This bill will make us poorer. This bill will make us weaker. So it is my privilege to stand here with my colleagues and fight this bill. We cannot let this pass. 
     

    Video of the full press conference and Q&A can be viewed here.

    ###

    MIL OSI USA News

  • MIL-OSI USA: Turkish Manufacturer will Establish First American Facility in Wayne County, Create 216 Jobs

    Source: US State of North Carolina

    Headline: Turkish Manufacturer will Establish First American Facility in Wayne County, Create 216 Jobs

    Turkish Manufacturer will Establish First American Facility in Wayne County, Create 216 Jobs
    lsaito

    Raleigh, NC

    Today Governor Josh Stein announced that Pelsan Tekstil A.S., a global leader in breathable film technologies for the hygiene and medical sectors, will establish its first production facility in the United States in Wayne County, creating 216 jobs. The company will make an $82.6 million investment in Goldsboro.

    “North Carolina is pleased to welcome Pelsan as it opens its first facility in the United States,” said Governor Stein. “Our skilled workforce, combined with North Carolina’s convenient East Coast location, enables companies to efficiently produce and deliver high-quality products to their customers.”

    Pelsan was established in 2006 as a subsidiary to the Hassan Group, which has more than 80 years of experience in nonwoven and polymer film technologies. Pelsan was the first company in Turkey to manufacture breathable polyethylene films and today offers one of the industry’s most advanced product portfolios. The company’s project in Goldsboro establishes its first U.S. facility for manufacturing various lines of breathable films for hygiene and medical applications, enabling Pelsan to respond more efficiently to rising demand across North America.

    “This expansion is a major strategic milestone for us,” said Ali Sisman, CEO of Pelsan Tekstil. “Our decision to invest in North Carolina underscores our belief in the region’s strong workforce, robust infrastructure, and its alignment with our values of innovation and collaboration. This facility represents a significant new chapter in our company’s journey. We are at a pivotal moment – at the intersection of life and innovation. This journey of transformation and progress is not just ours, but one we share with every individual seeking change, growth, and a better tomorrow.”

    “We continue to see strong interest in our state from international companies looking to expand into North America,” said Commerce Secretary Lee Lilley. “Our business-friendly reputation and proven competitive advantages continue to attract top-tier companies like Pelsan from around the globe.”

    Although wages will vary depending on the position, the average salary for the new jobs will be $48,789. The current average wage in Wayne County is $46,211.

    The company’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by more than $719.5 million. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $2,065,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

    The project’s projected return on investment of public dollars is 115 per cent, meaning for every dollar of potential cost, the state receives $2.15 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.                           

    “We welcome this vote of confidence in Wayne County, Goldsboro, and our state overall,” said Representative John Bell. “These new manufacturing jobs and the company’s significant capital investment will bring new job opportunities for our people and will boost the local economy.”

    “The new jobs and the investment into Goldsboro will bring economic growth and stability to Eastern NC”, said Senator Buck Newton. “On behalf of Wayne County, we welcome Pelsan to our community and we will continue to support this company as it grows. I am looking forward to witness the benefits this project will bring.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, the North Carolina Community College System, Wayne Community College, North Carolina Global TransPark Economic Development Region, Wayne County, the City of Goldsboro, Wayne County Development Alliance, North Carolina’s Southeast, and Duke Energy. 

    May 27, 2025

    MIL OSI USA News

  • MIL-OSI USA: Welch Travels to Ottawa to Talk Trump’s Tariffs Welch Will Host Roundtable Wednesday with Impacted Vermont Businesses at Orvis Rod Shop and Factory 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C.—U.S. Senator Jeanne Shaheen (D-N.H.), Ranking Member of the Senate Foreign Relations Committee, and U.S. Senators Peter Welch (D-Vt.), Kevin Cramer (R-N.D.), Amy Klobuchar (D-Minn.), and Tim Kaine (D-Va.) traveled to Ottawa, Canada late last week to meet with Canadian dignitaries, including Prime Minister Mark Carney, Foreign Minister Anita Anand, Minister of National Defense David McGuinty, Minister of Industry Mélanie Joly, the Business Council of Canada, and other leading Canadian companies and business groups. The Senators underscored bipartisan support for a U.S.-Canada partnership and reiterated their commitment to a strong trading relationship between the United States and Canada. The U.S. policymakers released the following joint statement at the conclusion of their visit to Ottawa:  
    “We were glad to participate in a bipartisan delegation to Canada and meet with Prime Minister Carney, members of his new cabinet and Canadian business leaders. Our engagements in Ottawa served as an important reminder of the deep economic, security and cultural ties that bind our two nations. We held open and honest discussions on issues ranging from tariffs and trade to increasing defense spending and strengthening military cooperation through NATO, as well as continuing support for Ukraine. These conversations are emblematic of the historically constructive relationship the United States has had, and must continue to have, with our northern neighbor. The U.S.-Canada relationship has made us all safer and more prosperous, protecting our continent from foreign threats and transforming North America into a hub of global trade, innovation and investment. The trip has reaffirmed our joint desire to move past current tensions in the bilateral relationship and lay the groundwork for a stronger partnership moving forward,” said Shaheen, Welch, Cramer, Klobuchar, and Kaine. 
    View photos below: 
    Photo Credit: U.S. Embassy Ottawa 
    Photo Credit: U.S. Embassy Ottawa 
    Photo Credit: The Office of the Prime Minister of Canada, Lars Hagberg 
    On Wednesday, Senator Welch will convene Vermont businesses and manufacturers at the Orvis Rod Shop & Factory in Manchester to discuss President Trump’s tariffs and trade war. Senator Welch has hosted roundtables in Stowe, Newport, St. Albans, and virtually to hear concerns and first-hand stories from Vermont and Canadian leaders impacted by the trade war.   
    LOGISTICS:  Who: Senator Peter Welch; Vermont businesses and manufacturers  Date: Wednesday, May 28, 2025, at 1:00 PM  Location: Orvis Rod Shop & Factory: 4182 Main St, Manchester, VT 05254  (parking in back of lot) Media Note: Press should RSVP to Elisabeth_St.Onge@welch.senate.gov  

    MIL OSI USA News

  • MIL-OSI USA: IAM Union Workers at Pratt & Whitney in Connecticut Achieve Contract Victory, Ending Three-Week Strike

    Source: US GOIAM Union

    HARTFORD, Conn., May 27, 2025 — Approximately 3,000 IAM Union Local 1746 and Local 700 (District 26) members have voted by 74% to ratify a new four-year collective bargaining agreement with engine-maker Pratt & Whitney, officially ending the three-week strike that began on Monday, May 5. Members will return to work tomorrow.

    IAM members at Pratt & Whitney produce and maintain jet aircraft engines for military and commercial jets, such as the KC-46 air refueling tanker, the F-35 joint strike fighter, and the A320 commercial airliner.

    The new agreement addresses key member concerns surrounding wage growth, retirement security, and job stability. The ratification follows a new round of bargaining and a strong show of solidarity from IAM members and their allies across the state of Connecticut.

    Some highlights of the agreement ratified by IAM Union Local 1746 and Local 700 (District 26) members include:

    • Job Security:
      • Continued operations in East Hartford and Middletown facilities through 2029.
      • No involuntary layoffs if parts are subcontracted for more than 90 days without a return date.
      • New agreement regarding job protections for turbine airfoil production and a voluntary separation program.
    • Contract Term: New four-year contract from May 28, 2025 to May 4, 2029.
    • Wages:
      • 6% increase in the first year (includes $0.57 cost-of-living adjustment added to base pay, 2% special adjustment, and 4% general wage increase).
      • Future general wage increases: 3.5% (2026), 3% (2027), and 3% (2028).
    • Promotions: Pay increase of $1 or up to the maximum pay for the new job level, whichever is less.
    • Pension Plan:
      • Pension payment amount increases from $94 to $113 (effective June 1, 2025).
      • Pension plan contributions end December 31, 2028, and a savings plan will begin January 1, 2029.
      • New options for retirees to receive their pension as a lump sum or while still employed.
    • Savings Plan:
      • The maximum weekly matched contribution rises to $115 by 2028, matched 100%.
      • Company automatic contributions increase each year with the GWIs, starting at $118 in 2025.
    • Work Schedules: More flexible workweek options for employees.

    “Our committee worked tirelessly to ensure our members’ priorities were heard, and this agreement is a direct result of that determination,” said IAM Union District 26 Directing Business Representative Jeff Santini. “We are proud of what was achieved at the table and even prouder of the solidarity shown by our membership throughout this process.”

    IAM leadership credited the strength and unity of the membership in securing an improved offer from the company.

    “Pratt & Whitney is a leader in the aerospace industry because of the dedication and skill of our members,” said IAM Union Eastern Territory General Vice President David Sullivan. “The voice of the membership was heard loud and clear — and this new agreement reflects the value they bring to Pratt & Whitney. I commend this committee for reflecting the will of the membership.”

    This agreement shows the negotiating committee’s commitment to protecting the future for all generations of workers

    “We fight every day for the well-being of our IAM members across North America,” said IAM Union International President Brian Bryant. “This ratified agreement is a testament to the power of collective bargaining and the importance of respecting the workforce. We look forward to continuing our partnership with Pratt & Whitney in a way that strengthens both our members and the company.”

    IAM Union members at Locals 700 and 1746 play a critical role in Pratt & Whitney’s military and commercial aerospace production.

    “Our members stood together with strength and resolve,” said IAM Local 700 President Wayne McCarthy. “This agreement includes real gains for our members and proves what we can accomplish when we stick together.”

    IAM members were supported on the picket lines by the Connecticut AFL-CIO and from the likes of U.S. Sen. Richard Blumenthal, U.S Sen. Chris Murphy,  U.S. Rep. Rosa DeLauro, U.S. Rep. John Larson, U.S. Rep. Joe Courtney, U.S. Rep. Jahana Hayes, Gov. Ned Lamont, Lt. Gov. Susan Bysiewicz, State Attorney General William Tong, State Treasurer Erick Russell, as well as many other state and local officials.

    “We went into these negotiations with clear goals, and thanks to the support and unity of our membership, we’ve delivered results,” said IAM Local 1746 President Howie Huestis. “This contract puts our members in a stronger position for the future, and we’re proud of the work that went into making it happen.”

    The IAM Union (International Association of Machinists and Aerospace Workers) is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, shipbuilding, railroad, transit, healthcare, automotive, and other industries across the United States and Canada.

    The post IAM Union Workers at Pratt & Whitney in Connecticut Achieve Contract Victory, Ending Three-Week Strike appeared first on IAM Union.

    MIL OSI USA News

  • MIL-OSI USA: Ezell, Carter Introduce the Capacity Building for Business Districts Pilot Program to Support Small Communities

    Source: United States House of Representatives – Congressman Mike Ezell (Mississippi 4th District)

    Congressman Mike Ezell (R-MS4) and Congressman Troy Carter (D-LA2) introduced the Capacity Building for Business Districts Pilot Program Act to increase technical assistance to organizations assisting small communities who are trying to increase business through The United States Economic Development Administration (EDA) Research and National Technical Assistance (RNTA) grant program.

    “The Capacity Building for Business Districts Pilot Program is a smart investment in the people and organizations that power local economies,” Ezell said. “By strengthening the operational and technical abilities of business district organizations, we’re laying the foundation for job creation, local wealth building, and an improved quality of life in underserved areas of South Mississippi. Through targeted technical assistance and better access to the U.S. Economic Development Administration’s RNTA grant program, we’re making sure small communities have the tools they need to build stronger, more competitive business districts and achieve lasting economic growth.”

    “Small businesses are the backbone of our economy. This bipartisan legislation will help grow capacity in our business districts and create more equitable economic opportunities in Louisiana. It would increase vital resources for many organizations in my district that conduct critical, on-the-ground work to uplift small, local businesses. I’m proud to co-lead this effort again this Congress with Rep. Ezell,”  Carter said.

    “We applaud the introduction of the Capacity Building for Business Districts Pilot Program and are grateful for Rep. Carter’s co-sponsorship of this important legislation and his continued support to Main Street districts and organizations across New Orleans and Louisiana,” Dasjon S. Jordan, Executive Director, Broad Community Connections said.

    “By strengthening existing place-making efforts and serving as a catalyst for economic growth and development by creating a sense of place and pride for the community, the Downtown Hattiesburg Association is improving the quality of life in Hattiesburg. Added resources for capacity and technical assistance to expand our work will increase our impact. We are grateful for Rep. Ezell’s support to make that vision a reality,” Marlo Dorsey, Board Member, Mississippi Main Street Association and Hattiesburg Downtown Association said.

    “Sankofa Community Development Corporation is excited about the Capacity Building for Business Districts Pilot Program to offer opportunities to strengthen economic development initiatives. We initiated the Lower Ninth Ward Main Street project in alliance with a network of organizations, community stakeholders, and local businesses. We look forward to seeing its positive impact on the growth of small businesses and revitalization of our historic commercial corridor,” Rashida Ferdinand, Founder and Chief Executive Officer, Sankofa Community Development Corporation said.

    “As an organization dedicated to promoting, enhancing, and supporting our community’s downtown district, Main Street Pascagoula is incredibly thankful for Representative Mike Ezell’s support of the Capacity Building for Business Districts Pilot Program. We are confident that this Program will prove tremendously impactful for our community and other districts engaged in revitalization efforts, and we look forward to what the future holds,” Susannah Northrop, Director, Main Street Pascagoula said.

    “Picayune Main Street’s mission is to preserve the historic character and integrity of our community’s downtown commercial and residential district, as well as to enhance the culture and quality of life through active community involvement. While we have seen successes, the additional support enabled through the Capacity Building for Business Districts Pilot Program would equip our organization to take this mission to new heights, facilitating small business growth, job creation, and enhanced quality of place for our community,” Reba Beebe, Director, Picayune Main Street, Inc. said.

    “The Mississippi Main Street Association is thankful for Representative Ezell’s leadership of this legislation. As Mississippi’s leading organization for preservation-based community and economic development, we are excited about the potential of this funding to strengthen our network of organizations committed to supporting our downtowns and small businesses,” Jim Miller, Executive Director, Mississippi Main Street Association said.

    ‘We applaud Representatives Ezell and Carter for introducing the Capacity Building for Business Districts Pilot Program. This program will provide critical resources to locally based, non-profit organizations that support small business ownership and economic revitalization in urban neighborhoods and rural communities across the country,” Matthew Josephs, Senior Vice President for Policy, Local Initiatives Support Corporation (LISC) said.

    “We believe Main Streets are the backbone of the small business economy. Main Street America is pleased to support the Capacity Building for Business Districts Pilot Program. We thank Representatives Ezell and Carter for recognizing the critical role that business district organizations, such as Main Street programs, play in creating thriving local economies,” Erin Barnes, President and CEO, Main Street America said.

    “The Capacity Building for Business Districts Pilot Program represents a powerful opportunity to support local leaders in rural America who are working hard to build vibrant local economies. By enabling the U.S. Economic Development Administration to collaborate with trusted national nonprofits to direct federal resources, we would be taking an important step to drive sustainable economic growth, and revitalize places, like rural communities, that are often overlooked and underfunded,” Matt Dunne, Founder and Executive Director, Center on Rural Innovation said.

    “This legislation represents overdue investment in the community development organizations that help so many business districts adapt and thrive. By giving them access to the flexible capital and technical support they need, it strengthens these organizations’ ability to serve local entrepreneurs, revitalize neighborhood corridors, and meet the business needs of the communities they know best,” Frank Woodruff, Executive Director of Community Opportunity Alliance (formerly NACEDA) said.

    Background:

    Currently, grants under RNTA are not used for capacity-building assistance and pass-through funds to local entities. Additionally, there is no EDA resource dedicated to business district organizations or business districts that are already assisting these entities.

    The Capacity Building for Business Districts Pilot Program Act is expected to benefit small businesses and underserved communities by providing them with the expertise necessary to apply for RNTA grants. These grants will enable communities to fund projects that boost local economies, foster innovation, and strengthen their overall business infrastructure.

    ###

    MIL OSI USA News

  • Data Users Conference in Hyderabad highlights India’s investment and informal sector trends

    Source: Government of India

    Source: Government of India (4)

    The National Statistics Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), held a Data Users Conference at the Indian School of Business (ISB) in Hyderabad on May 27. The conference focused on bridging the gap between data producers and users through discussions on the ASUSE 2023–24 and the Forward-Looking Private Sector CAPEX Investment Intentions Survey.

    More than 200 participants from academia, policy, industry, and international organizations joined the discussions. MoSPI Secretary Dr. Saurabh Garg highlighted innovations like the monthly PLFS release, the CAPEX survey, and a revamped data portal, reiterating the ministry’s ‘Data for Development’ vision.

    Chief Economic Advisor Dr. V. Anantha Nageswaran emphasized the importance of granular data in policymaking and praised MoSPI’s integration of administrative datasets and AI tools. ISB Dean Prof. Madan M. Pillutla and NSS DG Ms. Geeta Singh Rathore underscored the significance of collaboration, capacity-building, and data accessibility.

    Technical sessions explored ASUSE’s new sampling design, the policy relevance of CAPEX data, and its value for MSMEs. A panel discussion highlighted capital formation trends, the role of households in GFCF, and the need for better access to microdata and stronger state-level systems.

    Key takeaways included expanding ASUSE profiling, aligning CAPEX data with Vision 2047 goals, tracking MUDRA’s impact, and integrating renewable energy investment intentions into future surveys.

    The conference reaffirmed the collective commitment to advancing data-driven governance in India.

  • MIL-OSI Asia-Pac: Remarks at question and answer session of Working Group on Promoting Silver Economy press conference (with photos)

    Source: Hong Kong Government special administrative region

    Remarks at question and answer session of Working Group on Promoting Silver Economy press conference Issued at HKT 20:40

    The Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing, held a press conference today (May 27) on measures to be implemented by the Working Group on Promoting Silver Economy together with the Secretary for Commerce and Economic Development, Mr Algernon Yau; the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; the Under Secretary for Labour and Welfare, Mr Ho Kai-ming; and the Under Secretary for Innovation, Technology and Industry, Ms Lillian Cheong. Following are Mr Cheuk’s remarks at the question and answer session:

    Reporter: Some English questions. First, because you mentioned that the Government will encourage post-50s to rejoin the labour market, do you have a target of how many more people above 50 will be rejoining the workforce, and what kinds of jobs or industries should attract the most of these people? And the second question, given the current economic situation of Hong Kong, how do you expect these measures to contribute to the economy and the GDP? And when will you review your measures? Thank you.

    Deputy Chief Secretary for Administration: I take your questions briefly, and then I see if other colleagues may have anything to supplement. On the possible addition to the labour force, in 2024, the labour participation rate of Hong Kong people above the age of 60 is about 23.7 per cent, while the overall – if you take the whole Hong Kong workforce into account – the labour participation rate is 54.7 per cent. If you look at the figure in 2025 this year, the first quarter, the figure I gave you just now was relating to people above the age of 60, which could go up to as high as 70-something, 80-something. But if you zoom in on the age bracket of 60 to 69, the labour participation rate in the first quarter of 2025 is 38.8 per cent. If you look at the overall labour participation rate and the labour participation rate of this age bracket, it will give you a differential of about 16 per cent. Theoretically, that is the number that we can go for.

    Your second question is about how our measures would contribute to GDP growth. I mentioned this in the reply to an earlier question. I think instead of setting a KPI, which actually is not appropriate for this kind of programme, which involves implementation by many outside parties, and the result of which is rather beyond the control of the administration, I think it is more realistic or instructional to look at what we are talking about in terms of what the magnitude of the silver economy is. Worldwide, the practice to measure silver economy is to look at the consumption of the elderly. In 2024, the elderly spending of people aged 60 and above amounted to $342 billion, and in 10 years’ time, it is predicted to grow to $496 billion, that is the kind of magnitude of silver spending. If we can achieve a 5 per cent growth a year, say if we just take the first year as an illustration, that would amount to $17 billion, which is quite substantial.

    (Please also refer to the Chinese portion of the remarks.)

    Ends/Tuesday, May 27, 2025
    Issued at HKT 20:40

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Man Charged in Connection With CARES Act Loan Fraud

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release


    The United States Attorney’s Office for the District of Colorado announces that Joseph Ronald Trenkle, 54, formerly of Cherry Hills Village, Colorado and currently of Dorado, Puerto Rico, has been charged in a criminal information with one count each of wire fraud and money laundering.

    According to the information, between April 30, 2020, and February 25, 2022, Trenkle applied for and received $1,850,000 in COVID-19 Economic Injury Disaster Loans (EIDL) from the Small Business Administration (SBA) and $2,999,995 in Paycheck Protection Program (PPP) funds from an SBA-approved lender.  The information alleges that after first obtaining an EIDL loan in March 2020, Trenkle made two requests to increase the amount of his EIDL and made false representations as part of each of request.  The information further alleges that Trenkle submitted two fraudulent PPP loan applications, and also submitted fraudulent applications for PPP loan forgiveness for each PPP loan.

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted in March 2020 and was designed to provide emergency financial assistance to Americans dealing with the economic impact of the COVID-19 pandemic.  The CARES Act created the PPP, a program administered by the SBA that provided loans to small businesses to retain workers, maintain payroll, and certain other expenses consistent with PPP rules.  Additionally, the CARES Act authorized the SBA to provide EIDLs to eligible small businesses experiencing substantial financial disruptions due to the COVID-19 pandemic.

    The defendant made his initial appearance on May 22, 2025, in Denver in front of Magistrate Judge Cyrus Y. Chung.

    The charges contained in the information are allegations and the defendant is presumed innocent unless and until proven guilty.

    This case is being investigated by the Federal Bureau of Investigation, Federal Deposit Insurance Corporation Office of Inspector General, Internal Revenue Service Criminal Investigation, and Small Business Administration Office of Inspector General.  The case is being prosecuted by Assistant United States Attorney Craig Fansler.

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

    Case Number: 25-cr-00150-RMR

    MIL OSI USA News

  • MIL-OSI: BitMart Research—The Rise of USD1 and the GENIUS Act: Trump’s Push to Reshape the Stablecoin Market

    Source: GlobeNewswire (MIL-OSI)

    Mahe, Seychelles, May 27, 2025 (GLOBE NEWSWIRE) — BitMart Research, the research arm of BitMart Exchange, has released a comprehensive report examining a pivotal moment in the evolution of digital finance. As the U.S. accelerates efforts to regulate the stablecoin ecosystem through the groundbreaking GENIUS Act, the launch of USD1—a fully fiat-backed stablecoin associated with former President Donald Trump’s family—signals a major shift in both regulatory alignment and market power. This in-depth analysis explores the legal, financial, and political implications of the GENIUS Act and USD1’s rapid ascent, highlighting their combined potential to redefine the stablecoin landscape and solidify U.S. dominance in the global digital asset economy.

    Preface

    Since the collapse of TerraUSD (UST) in 2022, the market share of algorithmic stablecoins has continued to decline. As an algorithmic stablecoin, UST was not backed by any fiat currency or assets but relied solely on an algorithmic mechanism to maintain its peg to the U.S. dollar. Once confidence collapsed and the mechanism failed, a chain reaction ensued in the market. In contrast, fiat-backed stablecoins—such as USDT, USDC, and USD1—which are supported by highly liquid assets like U.S. dollars and Treasury bonds, have gradually become the mainstream. However, even these stablecoins continue to face scrutiny regarding their regulatory compliance and transparency. To address these challenges, the United States has recently accelerated the advancement of the GENIUS Act, aiming to establish a comprehensive regulatory framework for the stablecoin market.

    1. GENIUS Act

    Significance of the GENIUS Act to the Crypto Market

    The GENIUS Act plays a pivotal role in the regulation of the crypto market, particularly in the realm of stablecoins. Its core provisions include restrictions on issuance eligibility, reserve requirements, compliance obligations, user protection, and international applicability. The Act clearly stipulates that stablecoins must be fully backed by an equivalent amount of highly liquid assets, ensuring that users can redeem their holdings at any time. To protect token holders, the assets of an issuer must be prioritized for user repayment in the event of bankruptcy.

    Moreover, issuers must strictly comply with anti-money laundering (AML) and counter-terrorism financing (CFT) requirements to prevent the misuse of stablecoins for illicit purposes. Overall, while the GENIUS Act enhances regulatory oversight and protects user rights, it also raises the entry bar for stablecoin issuers in the short term. Existing issuers will be required to restructure their asset reserves, disclosure practices, and internal systems, which may entail significant costs and operational complexity.

    Key Provisions of the GENIUS Act

    1. Licensing and Regulatory Framework

    The Act permits only three types of entities to issue payment stablecoins:

    • Subsidiaries of banks or credit unions
    • Non-bank financial institutions approved by federal regulators (e.g., institutions regulated by the OCC)
    • State-licensed issuers that meet federal “substantive equivalence” standards

    The Act adopts a dual regulatory system:

    • Issuers with a market cap over $10 billion must be subject to federal oversight
    • Smaller issuers may be regulated at the state level, provided they meet federal baseline requirements

    2. Reserve and Asset Segregation Requirements

    All stablecoins must be backed by 100% reserves and can only use highly liquid assets, such as:

    • Cash and demand deposits
    • Short-term U.S. Treasury securities (≤ 93 days)
    • Short-term repurchase agreements (≤ 7 days, under central bank oversight)
    • Central bank reserves

    Customer assets must be strictly segregated from operating funds, cannot be re-pledged, and may only be temporarily pledged for short-term liquidity purposes.

    3. Transparency, Auditing, and Accountability Mechanisms

    Issuers are required to disclose reserve asset compositions monthly and undergo audits by certified public accounting firms.Regulators will also establish standards for capital adequacy, liquidity, and risk management.

    • Issuers with a market cap over $50 billion will face stricter audit and compliance standards
    • CEOs and CFOs must sign monthly compliance certifications
    • False statements may lead to criminal liability

    4. AML and National Security Compliance

    Stablecoin issuers are classified as financial institutions under the Bank Secrecy Act and must implement AML and sanctions compliance programs, including:

    • Transaction monitoring
    • Risk assessments
    • Filing of suspicious activity reports

    5. Restrictions on Foreign Issuers and Big Tech

    Foreign stablecoin issuers that fail to comply with U.S.-equivalent standards will be prohibited from operating in the U.S.Large technology companies (e.g., Meta, Amazon) must meet stringent financial compliance, user privacy, and fair competition requirements to prevent monopolistic behavior and systemic risks.

    6. Consumer Protection and Bankruptcy Priority

    Stablecoin holders will have priority claims on issuer assets in the event of bankruptcy.To avoid conflicts of interest, the Act prohibits members of Congress and senior executive officials from participating in stablecoin issuance during their term in office.

    7. Legal Classification and Regulatory Clarity

    The Act explicitly states that payment stablecoins are not classified as securities or commodities, thus excluding them from SEC and CFTC jurisdiction. This provides legal clarity and prevents overlapping regulation.

    Legislative Progress

    As of May 22, the GENIUS Act passed a motion to proceed to debate with 69 votes in favor and 31 against, entering the amendment phase. With the House and Senate rapidly advancing their respective versions of stablecoin legislation and a rare bipartisan consensus on crypto regulation, the Act is widely expected to complete the legislative process by Q4 2024.

    1. Introduction to USD1

    Background of USD1

    USD1 is a U.S. dollar-pegged stablecoin launched in March 2025 by World Liberty Financial Inc. (WLFI), a DeFi platform controlled by members of former U.S. President Donald Trump’s family. Each USD1 token is designed to maintain a 1:1 peg to the U.S. dollar and is fully backed by reserves consisting of short-term U.S. Treasury securities, U.S. dollar deposits, and cash equivalents.

    The project emphasizes regulatory compliance and transparency, with reserve assets regularly audited by a third-party accounting firm and custodied by BitGo, a leading digital asset custody provider. The project’s key figures include Zach Witkoff, co-founder of WLFI, and Eric Trump, Donald Trump’s son, who also serves as WLFI’s head.

    Current Status of USD1

    As Bitcoin recently broke its all-time high and interest in USD1 surged, ecosystem partners associated with the USD1 network have gained significant market attention. Tokens from partnered projects—such as Buildon, Lista DAO, StakeStone, Haedal, and Cookie—have experienced sharp price increases, fueling enthusiasm around the “WLFI + USD1” narrative.

    As of mid-May 2025, USD1’s market capitalization surpassed $2.1 billion, making it the seventh-largest stablecoin. Since its launch in March, USD1 has rapidly expanded across Ethereum, BNB Chain, and more recently, the Tron network.However, according to official statements from WLFI, USD1 is primarily targeted at institutional users. Its most notable real-world application to date is its selection by MGX, an Abu Dhabi-based investment firm, as the official stablecoin for a $2 billion investment into Binance, marking USD1’s first major institutional use case.

    USD1 Ecosystem Partnerships

    BUILDon

    BUILDon is a meme token representing the cultural mascot of the BSC (BNB Smart Chain) builder community. On May 17, the project officially announced the addition of a USD1 trading pair, and has since actively engaged with WLFI on social media. On May 22, WLFI publicly disclosed the purchase of BUILDon’s native token B, triggering a price surge of over 450%.

    StakeStone

    On May 9, StakeStone announced a partnership with WLFI to provide omnichain liquidity infrastructure and cross-chain staking yield services for USD1 users. On May 22, following Binance’s listing of USD1, StakeStone’s native token STO rose over 20% in a single day.

    Lista

    On May 7, Lista DAO announced a strategic partnership with WLFI. The Lista ecosystem plans to add USD1 to its treasury, introduce a USD1/lisUSD LP pair, and support USD1 as CDP collateral. On May 22, following the Binance listing news, Lista’s token price jumped 37.9% in one day.

    In addition to these core partners, USD1 is now supported across various DeFi protocols including Venus Protocol, Aster, Meson Finance, and Falcon Finance, enabling its use for trading, collateralization, and liquidity provisioning.

    On the custody and liquidity side, BitGo is responsible for holding the reserve assets, while BitGo Prime offers institutional-grade liquidity and trading services. DWF Labs has deployed several DeFi liquidity pools for USD1 and has committed $25 million in WLFI token purchases to support the ecosystem.For wallets and consumer applications, USD1 has been integrated into platforms like TokenPocket, HOT Wallet, Pundi X, and Umy, enabling its use in payments, hotel bookings, and merchant settlements within various Web3 scenarios.

    Comparison Between USD1 and Competitors

    Mechanically, USD1 shares many similarities with leading stablecoins such as USDT and USDC. It follows a 1:1 reserve model, backed primarily by U.S. Treasury securities, cash, and other highly liquid assets, with third-party custody and periodic audits to ensure transparency and regulatory compliance.What sets USD1 apart is its unique political brand value. Backed by the Trump family through WLFI, USD1 has experienced exceptionally rapid early-stage growth, most notably being selected as the official stablecoin for MGX’s $2 billion investment in Binance. This momentum is largely driven by the Trump family’s public influence and political capital, which has bolstered confidence in the stablecoin’s credibility and regulatory soundness.

    However, it’s worth noting that the previously launched $TRUMP meme coin, also associated with the Trump name, experienced significant price volatility, raising concerns about its stability and long-term value. This historical context may impact investor confidence in USD1—especially when considering the broader political dynamics that can influence sentiment and risk in the crypto market.

    1. Future Outlook

    The GENIUS Act is not merely a regulatory framework for stablecoins—it represents a broader strategic initiative by the United States to strengthen the international dominance of the digital dollar. By promoting the issuance of compliant, USD-pegged stablecoins, attracting global capital inflows into U.S. Treasury assets, and imposing stricter controls on foreign issuers, the Act aims to enhance both the security and stability of the overall crypto market while mitigating the risk of incidents like the TerraUSD collapse.

    Against this backdrop, highly compliant stablecoin projects are well-positioned to gain greater market recognition. For instance, USD1, with its strong political and institutional backing, may benefit significantly as the GENIUS Act moves forward. Its ecosystem partners and integrations could play an increasingly important role in the future digital asset landscape.

    About BitMart

    BitMart is the premier global digital asset trading platform. With millions of users worldwide and ranked among the top crypto exchanges on CoinGecko, it currently offers 1,700+ trading pairs with competitive trading fees. Constantly evolving and growing, BitMart is interested in crypto’s potential to drive innovation and promote financial inclusion. New users can register here to unlock an $8,000+ welcome bonus.

    Risk Warning:

    The information provided is for reference only and should not be considered a recommendation to buy, sell or hold any financial asset. All information is provided in good faith. However, we make no representations or warranties, express or implied, as to the accuracy, adequacy, validity, reliability, availability or completeness of such information.

    All cryptocurrency investments (including returns) are highly speculative in nature and involve significant risk of loss. Past, hypothetical or simulated performance is not necessarily indicative of future results. The value of digital currencies may rise or fall, and there may be significant risks in buying, selling, holding or trading digital currencies. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment objectives, financial situation and risk tolerance. BitMart does not provide any investment, legal or tax advice.

    The MIL Network

  • MIL-OSI USA: Ernst, Blunt Rochester Secure Supply Chains to Bolster Domestic Manufacturing

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    Published: May 27, 2025
    WASHINGTON – U.S. Senators Joni Ernst (R-Iowa) and Lisa Blunt Rochester (D-Del.) are introducing new legislation to decrease our reliance on foreign adversaries for key materials and boost manufacturing in rural America.
    The Critical Infrastructure Manufacturing Feasibility Act will drive investment and job creation here at home by instructing the Secretary of Commerce to conduct a study identifying critical goods that are currently being imported and find ways to help domestic producers manufacture them in rural areas and industrial parks.
    “I am working to make ‘Made in America’ the norm instead of the exception,” said Ernst. “That starts with ensuring that our manufacturers are able to get the materials they need right here instead of having to import supplies from halfway around the world. Beyond boosting domestic industry, this bill is also about safeguarding our national security by ensuring that we are not dependent on any foreign adversary for critical goods that we need.”
    “Supply chains are key to global competitiveness and our national security,” said Blunt Rochester. “This bipartisan legislation will help us identify where we rely too heavily on foreign imports for critical infrastructure and explore how we can bring that manufacturing home. Strengthening domestic production not only protects our supply chains, it supports American jobs, revitalizes local economies, and reinforces our nation’s resilience if global manufacturing disruptions occur.”
    Click here to view the bill.
    Background:
    Ernst has led the fight to supercharge domestic manufacturing through her bipartisan Made in America Manufacturing Finance Act that doubles the loan limit for Small Business Administration (SBA) 7(a) loans to ensure that government does not stand in the way of the manufacturing explosion happening under the Trump administration.
    She has also worked to secure our medical supply chain from China, so that the health of our citizens is not dependent on the whims of Beijing.

    MIL OSI USA News