Category: Commerce

  • MIL-OSI USA: Cortez Masto Condemns Trump Administration for Letting a Credit Union off the Hook for Overcharging Military Families

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Ruben Gallego (D-Ariz.) and six of their colleagues sent a letter to the Trump administration condemning its decision to release Navy Federal Credit Union (NFCU) from its obligation to pay $95 million in penalties and restitution, effectively excusing them from accountability for charging millions in illegal surprise overdraft fees to their members who are primarily military families and veterans.

    Since the Consumer Bureau opened in 2011, Nevadans have submitted 580 complaints against NFCU, including 433 in just the past three years.

    “In 2024, the CFPB found that between 2017 and 2022, NFCU charged overdraft fees on ATM withdrawals and debit card purchases – even when accounts showed sufficient funds,” the senators wrote in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought. “In response, the Bureau issued a consent order requiring NFCU to pay $95 million in penalties and restitution: $80.6 million directly to harmed consumers and $15 million to the CFPB’s victims relief fund.”

    That order was rescinded on July 1, 2025.

    “As former CFPB officials have noted, this decision raises serious concerns about whether the Bureau is still capable – or even willing – to fulfill its legal mandate,” the senators continue. “At a minimum, the public and Congress deserve answers.”

    The letter is endorsed by the Consumer Federation of America. “The Trump-era CFPB cannot reverse this consent order and simultaneously claim that it is prioritizing the interests of servicemembers,” said Adam Rust, Director of Financial Services for the Consumer Federation of America. “This action has diverted millions of dollars owed to military families—an unacceptable breach of trust. Acting Director Vought owes the public a clear and immediate explanation.”

    Read the full letter, including the questions posed by the senators to Acting Director Vought, here.

    Senator Cortez Masto is a champion for our service members, veterans, and their families. She worked across the aisle to get legislation helping veterans exposed to Agent Orange and expanding benefits for women veterans signed into law. The Senator sent a letter to U.S. Department of Veterans Affairs Secretary Collins demanding he provide answers on the mass terminations of personnel across the VA, specifically those in Nevada, and how those terminations would impact services to Nevada veterans.

    MIL OSI USA News

  • MIL-OSI USA: Cortez Masto Condemns Trump Administration for Letting a Credit Union off the Hook for Overcharging Military Families

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Ruben Gallego (D-Ariz.) and six of their colleagues sent a letter to the Trump administration condemning its decision to release Navy Federal Credit Union (NFCU) from its obligation to pay $95 million in penalties and restitution, effectively excusing them from accountability for charging millions in illegal surprise overdraft fees to their members who are primarily military families and veterans.

    Since the Consumer Bureau opened in 2011, Nevadans have submitted 580 complaints against NFCU, including 433 in just the past three years.

    “In 2024, the CFPB found that between 2017 and 2022, NFCU charged overdraft fees on ATM withdrawals and debit card purchases – even when accounts showed sufficient funds,” the senators wrote in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought. “In response, the Bureau issued a consent order requiring NFCU to pay $95 million in penalties and restitution: $80.6 million directly to harmed consumers and $15 million to the CFPB’s victims relief fund.”

    That order was rescinded on July 1, 2025.

    “As former CFPB officials have noted, this decision raises serious concerns about whether the Bureau is still capable – or even willing – to fulfill its legal mandate,” the senators continue. “At a minimum, the public and Congress deserve answers.”

    The letter is endorsed by the Consumer Federation of America. “The Trump-era CFPB cannot reverse this consent order and simultaneously claim that it is prioritizing the interests of servicemembers,” said Adam Rust, Director of Financial Services for the Consumer Federation of America. “This action has diverted millions of dollars owed to military families—an unacceptable breach of trust. Acting Director Vought owes the public a clear and immediate explanation.”

    Read the full letter, including the questions posed by the senators to Acting Director Vought, here.

    Senator Cortez Masto is a champion for our service members, veterans, and their families. She worked across the aisle to get legislation helping veterans exposed to Agent Orange and expanding benefits for women veterans signed into law. The Senator sent a letter to U.S. Department of Veterans Affairs Secretary Collins demanding he provide answers on the mass terminations of personnel across the VA, specifically those in Nevada, and how those terminations would impact services to Nevada veterans.

    MIL OSI USA News

  • MIL-OSI USA: Senator Peters Secures Funding to Strengthen Public Safety, Michigan Manufacturing, and Great Lakes Protections in Appropriations Bill

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) helped secure funding in the Fiscal Year 2026 Commerce, Justice, Science and Related Agencies Appropriations Act to fund Michigan priorities, high-impact local projects, and federal programs that support manufacturing, our environment and Great Lakes, public safety, law enforcement, and cutting-edge research.

    “This bipartisan legislation advances critical projects in Michigan and across the country,” said Senator Peters. “The bill makes needed investments to strengthen public safety, support local law enforcement, and boost Michigan’s economic competitiveness. It will also help safeguard our state’s precious natural resources and the Great Lakes for future generations. I’m proud to have helped secure this funding and will keep working to get it across the finish line.”

    Meanwhile, the House of Representatives is considering their own funding bills. The Senate and House will then need to reach an agreement on a final funding bill and have it pass both chambers before being sent to the President to be signed into law.

    The bill includes numerous measures led and supported by Peters, including:

    Strengthening Michigan’s Manufacturing Sector

    Preventing Illegal Trump Administration Cuts to Manufacturing Programs: The bill included language Senator Peters authored to prevent the Department of Commerce from unilaterally defunding or withdrawing contracts from Manufacturing Extension Partnership (MEP) Programs – like the Michigan Manufacturing Technology Center. The bill also includes $175 million for the MEP program despite the Trump Administration’s budget proposal to eliminate it. This program helps small and medium manufacturers grow their business, integrate advanced manufacturing techniques and technology, and works to strengthen our domestic manufacturing supply chain. For every dollar of federal investment, MEP generates $24.60 in new sales growth for manufacturers and $27.50 in new investment. This translates into $4.3 billion in new sales annually. In 2024, the Michigan Manufacturing Tech Center estimated they helped 584 businesses produce over $150 million in sales growth and over $100 million in investments. For every $1 of a company’s investment, the Center returns $18 in financial returns.

    Addressing Unfair Chinese Trade Practices: Peters secured language in the bill recognizing that non-allied nations like China are becoming large global exporters of electric vehicles and underscoring a concern that these electric vehicles will soon flood the U.S. market. Some Chinese motor vehicle producers are seeking to establish manufacturing plants in Mexico and other strategic locations to sidestep U.S. tariffs. Peters’ provision in the bill directs the U.S. Trade Representative (USTR), in consultation with other relevant departments and agencies, to examine non-allied nations’ non-market policies and practices related to electric vehicles, including policies that prevent U.S auto manufacturers from competing in their markets on a level playing field.

    USMCA: In the summer of 2026, the United States’ trade agreement with Mexico and Canada will undergo a mandatory review period. Peters secured language directing the Office of the United States Trade Representative to pursue changes to the agreement that will improve the agreement’s labor standards, prevent China from taking advantage of it, and onshore more manufacturing jobs throughout the United States, including Michigan.

    National Institute of Standards and Technology (NIST): The bill invests heavily in the National Institute of Standards and Technology. These resources will help NIST advance research in cutting-edge fields like carbon dioxide removal, artificial intelligence, quantum information science, and cybersecurity. NIST will also develop standards, tools, and tests to help ensure AI systems operate safely.

    Making Michigan Communities Safer

    PAWS Act: Peters secured $3 million in the Fiscal Year 2026?Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act for the Emergency and Transitional Pet Shelter and Housing Assistance Grant Program, which was established by Peters’ Pet and Women Safety (PAWS) Act. The grant program, administered by the Department of Justice, provides emergency and transitional shelter options for domestic violence survivors with companion animals. Peters secured language in the Commerce, Justice, Science and Related Agencies Appropriations Act encouraging the Department of Justice to continue providing robust funding for grants under the program.

    Project Safe Neighborhood: Peters secured funding in the bill for the Project Safe Neighborhoods initiative – a nationwide law enforcement program that uses evidence-based and data-driven approaches to reduce violent crime. Last Congress, the Senate passed Peters’ bipartisan legislationto reauthorize the Project Safe Neighborhoods program.

    Promoting Community Policing in Oakland County: The bill includes $1 million to modernize Oakland County’s Courts and Law Enforcement Management Information Systems (CLEMIS), which will improve transparency of law enforcement activity and promote community policing.

    Improving Criminal Investigation in Van Buren County: Peters secured $576,000 in the bill for Van Buren County to support purchase of rapid-processing DNA technology, which will reduce a current backlog and enable crimes to be solved more efficiently.

    Purchasing New Patrol Vehicles in Kalamazoo: The bill includes $490,000 to help the City of Kalamazoo upgrade its public safety vehicles, which will allow personnel to respond to service calls safely and efficiently.

    Making Road Patrols Safer in Oakland County: The bill would provide $26,000 for the Oakland County Sherriff’s Office to purchase safety equipment for motorcycle patrol officers.

    Supporting Safe Traffic Stops in Warren: Peters secured $38,000 in the bill to help the City of Warren Police Department purchase new safety equipment to aid officers during traffic stops and investigations.

    Improving the Health of the Great Lakes: The bill includes $1,500,000 for the Great Lakes Commission to improve the health of the Great Lakes. Specifically, funding will help address water quality, nutrient pollution, harmful algal blooms, aquatic invasive species, and coastal management throughout the Great Lakes region.

    Upgrading Police Communications in Marquette: The bill would provide $264,000 for the City of Marquette to purchase new portable radios, which would improve emergency response for Marquette Police Department officers.

    Upgrading Aging Patrol Vehicle Fleet in Houghton: The bill includes $385,000 for the City of Houghton to purchase new police patrol vehicles, helping to improve emergency response throughout the region.

    Bolstering AI Research to Help Small and Medium Sized Manufacturers: Senator Peters secured $2,000,000 in this bill to support Michigan Tech’s research into and deployment of AI standards and practices that would help boost small and medium manufacturers in Michigan.

    Westland Police Technology Update: The bill also includes $100,000 to upgrade aging computer systems in police squad cars in Westland.

    Preventing Violence Against Women: The bill contains increased funding for the Office on Violence Against Women (OVW) and its lifesaving programs. Grants from OVW programs support training for police officers, state domestic violence and sexual assault coalitions, rape prevention programs, homicide reduction initiatives, domestic violence hotlines, women’s shelters, transitional housing, and rural support services. In addition, Peters secured language in the bill directing the Department of Justice to develop best practices, in consultation with Middle Eastern and North African (MENA) community-based organizations, for the investigation and prosecution of violence against MENA women.

    Improving Police-Community Relations: The bill provides funding for State and Local Law Enforcement Assistance and Community Oriented Policing Services (COPS) Office grant programs which aim to strengthen police-community relations.

    Addressing Substance Use Disorder in Our Communities: The bill provides significant funding to help our communities and first responders address substance use disorders, including opioids, and to address drug trafficking.

    Court Appointed Special Advocate (CASA) Program: Peters helped secure funding for the Court Appointed Special Advocates (CASA) program. This program is critical to thousands of abused or neglected children who have highly trained and extremely dedicated advocates appointed on their behalf, and to child victims who are still waiting for the presence of a consistent, caring adult to speak for their best interests in the courtroom and in the community. This funding will help improve outcomes for every abused and neglected child, as was the intention of Congress when it enacted the Victims of Child Abuse Act of 1990.

    Investing in Sustainable Solutions to Protect Michigan’s Environment, Natural Resources

    Great Lakes Environmental Research Laboratory: The bill provides funding for the Great Lakes Environmental Research Lab (GLERL), which studies the dynamic environments and ecosystems of the Great Lakes. The work produced and shared by GLERL informs local decisions for safe and sustainable resource management throughout the Great Lakes Basin. GLERL research also plays a crucial role in the work carried out by the Coast Guard’s Center of Expertise for Oil Spill Preparedness and Response in Sault Ste Marie. Peters secured language in the bill recognizing the importance of continued support for the work of the Great Lakes Center of Expertise for Oil Spill Preparedness and Response, which examines the impacts of oil spills in freshwater environments and develops effective responses. Peters-led efforts made the Great Lakes Center of Expertise a reality. Peters authored and passed legislation into law establishing the Great Lakes Center of Expertise in 2018, and then successfully secured $4.5 million in total to kick-start the initiative the following year. Peters then announced the Great Lakes Center of Expertise will be headquartered in two Michigan locations to maximize research and operational capabilities. As a member of the Appropriations Committee, Peters has continued to secure funding to support the Center’s work.

    Great Lakes Monitoring: The U.S. Integrated Ocean Observing System (IOOS) is the nation’s premier ocean, coasts, and Great Lakes observing program. The bill provides funding to fill critical gaps in our nation’s ocean and Great Lakes observation infrastructure. It will also ensure the availability of coastal data to inform management decisions on oil spill planning and response, navigation safety, fisheries management, and harmful algal blooms.

    Addressing Harmful Algal Blooms: The bill supports the National Ocean Service’s research on harmful algal blooms (HABs). This funding is vital to preserving the health of the Great Lakes, which provide drinking water to more than 40 million people; support a $16 billion recreational boating industry; and draw 37 million anglers, hunters, and bird watchers each year. HABs, which produce toxic or harmful effects on people and wildlife, have been reported in the Great Lakes and in every U.S. coastal state. According to NOAA, their occurrence may be on the rise.

    Coastal Zone Management Grants: This bill provides much-needed funding for NOAA’s Coastal Zone Management Program, which provides grants to states with approved coastal zone management plans for the protection, restoration, and enhancement of coastal zone areas, including those in the Great Lakes region. All eight Great Lakes states have active Coastal Zone Management programs committed to preserving the health of the Lakes and the $6 trillion regional economy they help sustain. This unique program is essential to the economic and ecological importance of our coastlines and Great Lakes shorelines while supporting state and local efforts to address critical management issues such as coastal hazards, habitat, and water quality.

    Marine Debris Program: The NOAA Marine Debris Program is a joint effort that supports national and international efforts to prevent, identify, and reduce the occurrence of marine debris. The program leverages resources from state and local agencies, tribes, non-governmental organizations, academia, and industry for innovative research, outreach, and education initiatives. This bill provides funding to allow this important work to continue.

    Improving the Census Process to Ensure Michigan Communities Are Accurately Represented

    Census Bureau: The bill provides funding for the U.S. Census Bureau, however, it provides less funding than is required to meet the needs of the upcoming 2030 decennial census. The census and other key federal surveys are tied to important outcomes for communities in Michigan and across the country, including federal resources for education, health care and infrastructure. The resources allocated by this bill will give the Census Bureau the tools it needs to prepare for the 2030 Census, produce critical economic data, and ensure the public can access high-quality data that keeps pace with the needs of our nation. This funding is essential to ensuring the Bureau does not fall behind on crucial preparations and can control long-term costs. The Senate Homeland Security and Governmental Affairs Committee, where Peters serves as Ranking Member, is responsible for conducting oversight of the Census Bureau. Peters previously convened a hearing in downtown Detroit to examine impacts of the 2020 Census on Michigan. Peters also convened a hearing in 2021 with senior federal officials to examine how lawmakers can work to improve operations at the Census Bureau. Peters has also pressed the Census Bureau to ensure it addresses 2020 Census undercounts and improves annual population data.

    Investing in Science, Innovation, and the STEM Workforce

    Michigan Technological University AI Program: Peters secured $2.5 million in funding from the Safe and Secure AI Manufacturing Implementation Program for Michigan Technological University to support research into and deployment of AI standards and practices to support small and medium manufacturers.

    National Aeronautics and Space Administration (NASA): The bill provides continued funding for key NASA science and STEM education programs that support cutting edge research and scholarships at Michigan’s Universities. The STEM education programs also strengthen our aerospace workforce pipeline. These programs were partially eliminated under the Trump Administration’s budget request.,

    Fully Fund the Artemis Space Mission: This bill includes full funding that Senator Peters’ championed for the Artemis Mission, which is set to take the United States back to the Moon as well as, eventually, to Mars. This mission was partially eliminated under the Trump budget proposal. The Artemis program is supported by Michigan Aerospace manufacturers and one of the astronauts participating in the upcoming Artemis III mission is a Michigander, Christina Koch.

    National Science Foundation: Senator Peters helped secure $9 billion in funding for the National Science Foundation. This level of funding avoids the catastrophic 55% cut proposed by the Trump Administration, which would have devastated U.S. scientific and STEM leadership, and harmed Michigan’s research institutions’ ability to continue to do cutting edge research.

    Implementation of Peters’ PROSWIFT Act: Peters secured funding for the pilot program Peters created through his Promoting Research and Observations of Space Weather to Improve the Forecasting of Tomorrow (PROSWIFT) Act. The program aims to strengthen our nation’s ability to predict severe space weather events and mitigate their harmful impacts on Earth – work being spearheaded at Michigan’s own Universities.

    Improving Access to Reentry: Peters secured language in the bill directing Residential Reentry Centers, where individuals often go between prison and full return to their communities, to better collect ID-related data. A 2022 Government Accountability Office (GAO) report found that opportunities exist to better assist incarcerated people with obtaining ID documents prior to release. Peters’ language requires an assessment from BOP regarding the feasibility of contracting with additional state DMVs to provide identification document services to qualifying individuals prior to release.

    National Marine Fisheries Services – Studying PFAS in Fish: The bill recognizes the threat posed by the concentration of PFAS detected in fish tissue. The bill directs NOAA to conduct fish tissue sampling and monitoring of PFAS to evaluate the impacts on aquatic health.

    MIL OSI USA News

  • MIL-OSI USA: NASA-Derived Textiles are Touring France by Bike

    Source: NASA

    During the Tour de France, athletes have to maintain a constant speed while bike riding for dozens of miles through cold rains and summer heat. These cyclists need gear that adapts to the different environments they encounter. One company is using a material with NASA origins to ensure these athletes stay comfortable while taking their grand tours.
    Phase-change materials use basic properties of matter to maintain a steady temperature. When a substance melts from a solid to a liquid, the material absorbs heat, and when it becomes solid again, it releases that heat. In the 1980s, Triangle Research Corporation received a NASA Small Business Innovation Research award to explore how phase-change materials could be incorporated into textiles to control temperatures in spacesuit gloves. By placing phase-change materials in small capsules woven throughout a textile, these temperature-regulating properties can be tuned to the comfort of the human body. While these textiles weren’t incorporated into any gloves flown on NASA missions, they formed the basis for a new product, sold under the name Outlast.
    Outlast has since become one of the most widely distributed temperature-regulating fabrics, found in products such as bedding, loungewear, and office chairs. It has seen especially extensive use in activewear, ranging from jogging clothes to professional sports gear. 
    Founded in 2001 and based in Fréjus, France, the company Ekoï makes clothing and accessories for cyclists, particularly those who bike competitively. The company first encountered Outlast at the Performance Days fabric trade fair in Munich, Germany, and was impressed with its capabilities as well as its NASA heritage.
    “When you say NASA, it’s always impressive.” said Celine Milan, director of textiles at Ekoï. “At the beginning we were even saying in here in our offices, ‘Wow, this technology was developed by NASA.’ It’s on another level.”
    Ekoi’s Outlast line officially launched in July 2022, during that year’s Tour de France. Over the course of that race, the company found it improved cyclists’ performance in the event’s mountain stages, where elevation changes mean wide swings in temperature. It also improved athletes’ aerodynamics, as their jerseys could stay closed in warmer environments, rather than opening them to let in wind.
    Today, Ekoï sells several products that incorporate Outlast materials, including jerseys, gloves, and socks. These products are internationally known for their NASA heritage. Whether engineering for astronaut’s comfort in space or competitive athletes, NASA aims for excellence. 
    Learn more about NASA’s Spinoff Technologies: https://spinoff.nasa.gov/

    MIL OSI USA News

  • MIL-OSI USA: San Saba County Disaster Recovery Center Opens July 19

    Source: US Federal Emergency Management Agency

    Headline: San Saba County Disaster Recovery Center Opens July 19

    San Saba County Disaster Recovery Center Opens July 19

    AUSTIN, Texas – A Disaster Recovery Center will open Saturday, July 19, in San Saba County to offer face-to-face help to survivors who had damage or losses from the severe storms and flooding in Central Texas

    Homeowners, renters and eligible non-residents may receive FEMA assistance for losses not covered by insurance

    Survivors with homeowner’s or renter’s insurance should first file a claim with their insurance company as soon as possible

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

    The Disaster Recovery Center is located at:San Saba Civic Center1190 S Thomas Stewart Dr

    San Saba, TX 76877Hours: 8 am

    to 7 p

    m

    dailyFEMA and the U

    S

    Small Business Administration are supporting the Texas Division of Emergency Management, which is leading efforts to help survivors apply for federal disaster assistance

    Center specialists can also identify potential needs and connect survivors with local, state and federal agencies as well as nonprofit organizations and community groups

     Disaster Recovery Centers are accessible to people with disabilities and those with access and functional needs

    They are also equipped with assistive technology

    If you need a reasonable accommodation or an American Sign Language interpreter, call 833-285-7448 (press 2 for Spanish)

    Here are the ways to apply for FEMA disaster assistance:Visit DisasterAssistance

    govUse the FEMA mobile appCall the FEMA Helpline at 800-621-3362

     Lines are open from 6 a

    m

    to 10 p

    m

    CT daily

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

    Helpline specialists speak many languages

    Press 2 for Spanish

    Visit any Disaster Recovery Center to receive in-person assistance

    No appointment is needed

     To find a center close to you, use your ZIP code to search FEMA

    gov/DRC

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

     For the latest information about the Texas recovery, visit fema

    gov/disaster/4879

    Follow FEMA Region 6 on social media at x

    com/FEMARegion6 and at facebook

    com/FEMARegion6
    toan

    nguyen
    Fri, 07/18/2025 – 16:43

    MIL OSI USA News

  • MIL-OSI USA: AG Labrador Leads States Backing Trump’s Decision to End Racial Discrimination in Federal Contracting

    Source: US State of Idaho

    Home Newsroom AG Labrador Leads States Backing Trump’s Decision to End Racial Discrimination in Federal Contracting

    BOISE — Attorney General Raúl Labrador led a 20-state coalition in filing an amicus brief urging a federal court to approve the Trump Administration’s decision to stop enforcing racial discrimination in federal transportation contracting. The brief, filed in Mid-America Milling Company v. United States Department of Transportation, supports a proposed consent order that would end the federal government’s enforcement of race-based preferences in the Disadvantaged Business Enterprise (DBE) program.
    “The DBE program requires states receiving federal funds to award a certain percent of federal transportation contract dollars to minority and women-owned businesses, regardless of whether those businesses submit the lowest bids,” said Attorney General Labrador. “This federal mandate forces states to sometimes reject the most qualified, cost-effective contractors based solely on the race and gender of business owners, resulting in higher costs for taxpayers. The Trump Administration is right to end this, and Idaho is proud to support them in doing so.”
    In Idaho, this discrimination has proven expensive. Over a recent 44-month period, the DBE program required Idaho’s Transportation Department to reject the lowest bid eight times, wasting $15.2 million in total project costs that could have been spent on other transportation projects. In one example, Idaho was forced to reject a $2.2 million bid and instead accept a $2.7 million bid to meet these federal demographic targets.
    The Mid-America Milling case was originally filed during the Biden Administration, challenging the DBE program as unconstitutional racial discrimination, and the Biden Administration vigorously defended the discriminatory program. After President Trump took office, his Administration reversed course, acknowledging that the program violates the Constitution and agreeing to a consent order that would stop enforcing it. The coalition’s brief urges the court to approve the proposed consent order, arguing that the DBE program violates the Equal Protection Clause.
    The $15.2 million figure represents only cases where the lowest bid was rejected outright. According to an MIT study cited in the brief, the total cost may be significantly higher because DBE requirements artificially inflate most contract prices. The study found that when California ended race-based contracting preferences, state contract costs fell 5.6% compared to federal contracts that still required such preferences.
    Joining Idaho are attorneys general from Alabama, Arkansas, Florida, Indiana, Iowa, Kansas, Kentucky, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, and West Virginia, along with the Arizona Legislature.
    Read the brief here.

    MIL OSI USA News

  • MIL-OSI USA: H.R. 2027, Returning SBA to Main Street Act of 2025

    Source: US Congressional Budget Office

    Bill Summary

    H.R. 2027 would require the Small Business Administration (SBA) to relocate 30 percent of its employees from its headquarters in Washington, D.C., to regional offices throughout the United States and reduce its headquarters office space by 30 percent. Those changes would be contingent upon the agency determining that they would reduce costs to the federal government.

    Estimated Federal Cost

    The estimated budgetary effect of H.R. 2027 is shown in Table 1. The costs of the legislation fall within budget function 370 (commerce and housing credit).

    Table 1.

    Estimated Changes in Spending Subject to Appropriation Under H.R. 2027

     

    By Fiscal Year, Millions of Dollars

     
     

    2025

    2026

    2027

    2028

    2029

    2030

    2025-2030

    Salaries and Benefits

                 

    Estimated Authorization

    *

    -4

    -10

    -8

    -2

    -2

    -26

    Estimated Outlays

    *

    -3

    -9

    -9

    -3

    -2

    -26

    Overhead Expenses

                 

    Estimated Authorization

    0

    5

    6

    -5

    -5

    -5

    -4

    Estimated Outlays

    0

    4

    6

    -3

    -5

    -5

    -3

    Total Changes

                 

    Estimated Authorization

    *

    1

    -4

    -13

    -7

    -7

    -30

    Estimated Outlays

    *

    1

    -3

    -12

    -8

    -7

    -29

    Basis of Estimate

    CBO assumes that H.R. 2027 will be enacted near the end of fiscal year 2025, that the SBA would not begin to relocate employees until 2026, and that the Congress would reduce annual appropriations by the estimated amounts each year. Outlays were estimated using historical obligation and spending rates.

    Spending Subject to Appropriation

    CBO estimates that implementing H.R. 2027 would decrease spending subject to appropriation by $29 million over the 2025-2030 period. The Congress appropriated $974million for the SBA’s administrative expenses in fiscal year 2025.

    Salaries and Benefits. H.R. 2027 would require the SBA to relocate 30 percent of its employees currently assigned to work at the headquarters in Washington, D.C., to regional offices throughout the United States within one year and to adjust their compensation for the new location. Additionally, employees would no longer be allowed to telework unless they qualify for an accommodation under the Americans with Disabilities Act.

    There are currently about 900 full-time employees assigned to work at the SBA headquarters; under the bill, about 270 employees would need to be relocated. CBO assumes that half of those employees would relocate in 2026, and half would choose to leave the agency. CBO expects that it would take about two years for the SBA to hire new employees at regional offices to replace those that leave the agency. The lag in hiring new employees accounts for about 50 percent of the estimated reduction in costs for salaries and benefits.

    Salaries and benefits for federal employees vary by location. Based on information from the SBA, CBO expects that the average salaries and benefits of those employees in 2026 would decrease from about $208,000 to $201,000. Employees that relocate would be eligible to receive amounts to cover their household’s transportation expenses, temporary housing and assistance with selling and purchasing a home.

    Using information from the Department of Agriculture, which relocated two subagencies in 2019, CBO estimates that average relocation expenses would be about $70,000 per employee. Additionally, some employees that leave the SBA would be eligible for severance averaging about $55,000 per employee. After accounting for anticipated inflation, attrition, and the time required to hire new employees, CBO estimates that implementing H.R. 2027 would reduce the costs of SBA’s salaries and benefits by $26 million over the 2025-2030 period. Any reduction in spending would be subject to future appropriations being reduced by the estimated amounts.

    H.R. 2027 also would require the SBA to report within six months on the number of employees at its headquarters who would be eligible to be relocated and a plan for implementing those changes. CBO estimates that the report would cost less than $500,000.

    Overhead Expenses. H.R. 2027 also would require the agency to reduce office space at its headquarters location by 30 percent within two years. Using information from the SBA, CBO estimates that overhead expenses (including rent, security, and telecommunications services) for the affected employees at the SBA headquarters totaled about $6 million in 2025 compared to costs of about $1.5 million at regional offices for the same number of employees.

    Finally, the SBA would require assistance from the General Services Administration (GSA) to locate and set up additional office space in regional offices. Using information from GSA, CBO estimates that the new working and meeting space, furniture, and workstation purchases, and installation of information technology and audiovisual equipment would cost $10 million. CBO expects those costs would be incurred in 2026 and 2027.

    After accounting for inflation, attrition, and the time required for hiring, and acquiring space and under the assumption that the SBA would reduce its office space in Washington, D.C., CBO estimates that implementing the bill would reduce overhead costs for the SBA by $3million over the 2025-2030 period. Any reduction in spending would be subject to future appropriations being reduced by the estimated amounts.

    Uncertainty

    CBO’s estimate of H.R. 2027 is subject to uncertainty because determining how many employees would relocate and the costs associated with their relocation is uncertain. For example, if the SBA paid severance to those that choose to leave the agency, decided not to hire new employees to offset expected attrition, or paid higher or lower relocation expenses, the actual costs could be higher or lower than those estimated.

    Additionally, if employees chose to retire and collect retirement benefits earlier than they would under current law, spending on retirement benefits, which are recorded in the budget as direct spending, would change.

    Pay-As-You-Go Considerations

    Enacting the bill would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting H.R. 2027 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2036.

    Mandates

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

    Previous CBO Estimate

    On June 27, 2025, CBO transmitted a cost estimate for S. 298, the Returning SBA to Main Street Act, as reported by the Senate Committee on Small Business and Entrepreneurship on March 4, 2025. The two bills are similar, and CBO’s estimates of their budgetary effects are the same.

    Estimate Reviewed By

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

    Kathleen FitzGerald 
    Chief, Public and Private Mandates Unit

    H. Samuel Papenfuss 
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News

  • MIL-OSI USA: H.R. 2027, Returning SBA to Main Street Act of 2025

    Source: US Congressional Budget Office

    Bill Summary

    H.R. 2027 would require the Small Business Administration (SBA) to relocate 30 percent of its employees from its headquarters in Washington, D.C., to regional offices throughout the United States and reduce its headquarters office space by 30 percent. Those changes would be contingent upon the agency determining that they would reduce costs to the federal government.

    Estimated Federal Cost

    The estimated budgetary effect of H.R. 2027 is shown in Table 1. The costs of the legislation fall within budget function 370 (commerce and housing credit).

    Table 1.

    Estimated Changes in Spending Subject to Appropriation Under H.R. 2027

     

    By Fiscal Year, Millions of Dollars

     
     

    2025

    2026

    2027

    2028

    2029

    2030

    2025-2030

    Salaries and Benefits

                 

    Estimated Authorization

    *

    -4

    -10

    -8

    -2

    -2

    -26

    Estimated Outlays

    *

    -3

    -9

    -9

    -3

    -2

    -26

    Overhead Expenses

                 

    Estimated Authorization

    0

    5

    6

    -5

    -5

    -5

    -4

    Estimated Outlays

    0

    4

    6

    -3

    -5

    -5

    -3

    Total Changes

                 

    Estimated Authorization

    *

    1

    -4

    -13

    -7

    -7

    -30

    Estimated Outlays

    *

    1

    -3

    -12

    -8

    -7

    -29

    Basis of Estimate

    CBO assumes that H.R. 2027 will be enacted near the end of fiscal year 2025, that the SBA would not begin to relocate employees until 2026, and that the Congress would reduce annual appropriations by the estimated amounts each year. Outlays were estimated using historical obligation and spending rates.

    Spending Subject to Appropriation

    CBO estimates that implementing H.R. 2027 would decrease spending subject to appropriation by $29 million over the 2025-2030 period. The Congress appropriated $974million for the SBA’s administrative expenses in fiscal year 2025.

    Salaries and Benefits. H.R. 2027 would require the SBA to relocate 30 percent of its employees currently assigned to work at the headquarters in Washington, D.C., to regional offices throughout the United States within one year and to adjust their compensation for the new location. Additionally, employees would no longer be allowed to telework unless they qualify for an accommodation under the Americans with Disabilities Act.

    There are currently about 900 full-time employees assigned to work at the SBA headquarters; under the bill, about 270 employees would need to be relocated. CBO assumes that half of those employees would relocate in 2026, and half would choose to leave the agency. CBO expects that it would take about two years for the SBA to hire new employees at regional offices to replace those that leave the agency. The lag in hiring new employees accounts for about 50 percent of the estimated reduction in costs for salaries and benefits.

    Salaries and benefits for federal employees vary by location. Based on information from the SBA, CBO expects that the average salaries and benefits of those employees in 2026 would decrease from about $208,000 to $201,000. Employees that relocate would be eligible to receive amounts to cover their household’s transportation expenses, temporary housing and assistance with selling and purchasing a home.

    Using information from the Department of Agriculture, which relocated two subagencies in 2019, CBO estimates that average relocation expenses would be about $70,000 per employee. Additionally, some employees that leave the SBA would be eligible for severance averaging about $55,000 per employee. After accounting for anticipated inflation, attrition, and the time required to hire new employees, CBO estimates that implementing H.R. 2027 would reduce the costs of SBA’s salaries and benefits by $26 million over the 2025-2030 period. Any reduction in spending would be subject to future appropriations being reduced by the estimated amounts.

    H.R. 2027 also would require the SBA to report within six months on the number of employees at its headquarters who would be eligible to be relocated and a plan for implementing those changes. CBO estimates that the report would cost less than $500,000.

    Overhead Expenses. H.R. 2027 also would require the agency to reduce office space at its headquarters location by 30 percent within two years. Using information from the SBA, CBO estimates that overhead expenses (including rent, security, and telecommunications services) for the affected employees at the SBA headquarters totaled about $6 million in 2025 compared to costs of about $1.5 million at regional offices for the same number of employees.

    Finally, the SBA would require assistance from the General Services Administration (GSA) to locate and set up additional office space in regional offices. Using information from GSA, CBO estimates that the new working and meeting space, furniture, and workstation purchases, and installation of information technology and audiovisual equipment would cost $10 million. CBO expects those costs would be incurred in 2026 and 2027.

    After accounting for inflation, attrition, and the time required for hiring, and acquiring space and under the assumption that the SBA would reduce its office space in Washington, D.C., CBO estimates that implementing the bill would reduce overhead costs for the SBA by $3million over the 2025-2030 period. Any reduction in spending would be subject to future appropriations being reduced by the estimated amounts.

    Uncertainty

    CBO’s estimate of H.R. 2027 is subject to uncertainty because determining how many employees would relocate and the costs associated with their relocation is uncertain. For example, if the SBA paid severance to those that choose to leave the agency, decided not to hire new employees to offset expected attrition, or paid higher or lower relocation expenses, the actual costs could be higher or lower than those estimated.

    Additionally, if employees chose to retire and collect retirement benefits earlier than they would under current law, spending on retirement benefits, which are recorded in the budget as direct spending, would change.

    Pay-As-You-Go Considerations

    Enacting the bill would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting H.R. 2027 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2036.

    Mandates

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

    Previous CBO Estimate

    On June 27, 2025, CBO transmitted a cost estimate for S. 298, the Returning SBA to Main Street Act, as reported by the Senate Committee on Small Business and Entrepreneurship on March 4, 2025. The two bills are similar, and CBO’s estimates of their budgetary effects are the same.

    Estimate Reviewed By

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

    Kathleen FitzGerald 
    Chief, Public and Private Mandates Unit

    H. Samuel Papenfuss 
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News

  • MIL-OSI USA: National Anti-Counterfeiting Month Resolution Unanimously Passes Senate

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Sen. Chris Coons (D-Del.), co-chairs of the Congressional Trademark Caucus, welcomed the Senate’s unanimous passage of their resolution designating July as “National Anti-Counterfeiting and Consumer Education and Awareness Month.” The bipartisan effort aims to drive awareness of the economic importance of trademarks and their role in protecting consumers.

    Grassley and Coons are joined on the resolution by Sens. Thom Tillis (R-N.C.) and Mazie Hirono (D-Hawaii).

    “Counterfeit products threaten our economy and consumers’ health and well-being,” Grassley said. “I’m glad to lead this bipartisan effort to educate Americans on the dangers of illicit knockoffs and the economic value of trademarks.”

    “Americans should have confidence that the products they’re buying are legitimate and safe – that they have been tested for dangerous chemicals, comply with regulatory standards and aren’t supporting criminal enterprises,” Coons said. “Businesses should be able to protect and sell their innovative products without fear that every new idea will be stolen. My resolution with my Congressional Trademark Caucus co-chair, Senator Grassley, protects American businesses, the public and our economy by raising awareness of counterfeit goods, and I’m glad the Senate has shown it shares this goal by unanimously passing our resolution.”

    “Counterfeit products hurt American businesses and put consumers at serious risk,” Tillis said. “I’m proud to support this resolution recognizing the importance of trademark protections and raising awareness on the dangers of counterfeiting.”

    “The true cost of counterfeiting cannot be measured in dollars alone, but in the injuries to consumers caused by often dangerous fakes, in diminished investments to drive the next wave of innovation by American businesses, in jobs lost to unfair competition, and increasingly, by the threats such products pose to our national security,” said Travis Johnson, Vice President for Legislative Affairs of the International Anti-Counterfeiting Coalition. “We applaud the passage of S.Res. 314, and thank the sponsors – Senator Grassley, Senator Coons, Senator Hirono and Senator Tillis – both for their leadership on this issue, and for their recognition of the vital role that education can play in helping to protect consumers, legitimate businesses and the economy as a whole.”

    “Illicitly traded goods—including apparel, footwear, accessories, and travel goods—undermine trusted American brands but also threaten the jobs and livelihoods of millions of U.S. workers and the safety of American consumers and the environment. Thank you to Senator Grassley and Senator Coons for again recognizing the need for this ‘National Anti-Counterfeiting and Consumer Education and Awareness Month’ – bringing vital attention to the role trademarks play in both the U.S. economy and the protection of consumers. AAFA applauds these essential national efforts to continue to raise consumer awareness of the dangerous and growing counterfeit crisis,” said Steve Lamar, President and CEO of the American Apparel & Footwear Association.

    Read the full resolution HERE.

    Background:

    As co-chair of the Congressional Trademark Caucus and former chairman of the Senate Finance Committee, Grassley is a longtime advocate for consumer safety and intellectual property rights. In 2021, the Grassley-backed INFORM Consumers Act was signed into law, ensuring transparency of third-party sellers in online retail marketplaces. Grassley has also introduced legislation to halt counterfeit imports and spearheaded a resolution highlighting the dangers of counterfeit prescription drugs.

    -30-

    MIL OSI USA News

  • MIL-OSI: 21Shares Files for 21Shares FTSE Crypto 10 Index ETF and 21Shares FTSE Crypto 10 ex-BTC Index ETF

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 18, 2025 (GLOBE NEWSWIRE) — 21Shares US LLC today announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for two Funds, the 21Shares FTSE Crypto 10 Index ETF and the 21Shares FTSE Crypto 10 ex-BTC Index ETF.

    The exchange-traded funds are the first crypto basket ETFs to be registered under the Investment Company Act of 1940. Each Fund is designed to offer diversified exposure to the crypto market through dedicated indexes, constructed by 21Shares and maintained by FTSE Russell.

    • The 21Shares FTSE Crypto 10 Index ETF tracks a market cap-weighted index of the top ten largest crypto assets globally. This index dynamically adjusts to reflect the size and success of each asset, allowing the market itself to determine the leaders. Larger, more relevant cryptocurrencies naturally hold greater weights, capturing the evolving landscape of the crypto space.
    • The 21Shares FTSE Crypto 10 ex-BTC Index ETF tracks a separate FTSE Russell index that excludes Bitcoin, investing exclusively in cryptocurrencies and blockchain networks that focus on real-world applications beyond Bitcoin’s macro hedge proposition.

    Asset inclusion in the index is subject to a dual-layer research review by both FTSE Russell and 21Shares.

    Structured as 1940 Act funds, the ETFs also offer investors a familiar and more tax-efficient vehicle, qualifying for Form 1099 tax reporting instead of the more complex K-1 forms often associated with other structures.

    “These filings represent a step in 21Shares’ regulatory engagement in the U.S.,” said Federico Brokate, Head of U.S. Business at 21Shares. “Investors are increasingly looking for diversified and easy-to-access ways to participate in the long-term growth of digital assets, and 21Shares aims to provide ETF structures to satisfy this demand, subject to regulatory approval.”

    “The methodology and structure behind our digital asset pricing and indices were developed to give investors strategic allocation tools”, said Kristen Mierzwa, Head of Digital Assets at FTSE Russell. “Collaborating with 21Shares on a market exposure pair – with and without Bitcoin – underscores our commitment to innovation in digital asset investing.”

    21Shares is launching the two Funds in partnership with ETF Solutions by Teucrium, who serves as the adviser and white-label platform supporting the development and efficient market entry of these products.

    A registration statement relating to the Funds has been filed with the SEC but has not yet become effective.

    About 21Shares

    21Shares AG, an affiliate of 21Shares US LLC, the sponsor to the 21Shares FTSE Crypto 10 Index ETF and 21Shares FTSE Crypto 10 ex-BTC Index ETF, is one of the world’s leading cryptocurrency exchange traded product providers, and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialised research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com.

    Media Contact

    Matteo Valli: matteo.valli@21shares.com
    Alethea Jadick: ajadick@sloanepr.com

    Important Information

    The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or financial instruments in any jurisdiction, including the United States. Some of the information published herein may contain forward-looking statements and readers are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties, and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness, or availability of the information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained herein may not be considered as economic, legal, tax, or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof. Investments in crypto-related securities involve significant risk, including volatility and regulatory uncertainty. There is no guarantee that the Funds will be approved by the SEC or made available to investors.

    A registration statement relating to the securities of the Index ETFs has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

    The MIL Network

  • MIL-OSI USA: Wyden, Colleagues Condemn Trump Administration for Letting Credit Union Off the Hook for Overcharging Military Families

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    July 18, 2025

    Washington, D.C. U.S. Senator Ron Wyden, D-Ore., said today he has joined Senate colleagues in condemning the Trump administration for its recent decision to terminate the consent order against Navy Federal Credit Union (NFCU), effectively excusing it from accountability for charging millions in illegal surprise overdraft fees to their members – primarily active-duty service members, veterans, Department of Defense employees, and their families.

    “In 2024, the CFPB found that between 2017 and 2022, NFCU charged overdraft fees on ATM withdrawals and debit card purchases – even when accounts showed sufficient funds,” the senators wrote in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought. “In response, the Bureau issued a consent order requiring NFCU to pay $95 million in penalties and restitution: $80.6 million directly to harmed consumers and $15 million to the CFPB’s victims relief fund.”

    That order was rescinded on July 1, 2025.

    “As former CFPB officials have noted, this decision raises serious concerns about whether the Bureau is still capable – or even willing – to fulfill its legal mandate,” the senators continue. “At a minimum, the public and Congress deserve answers.”

    The letter was led by U.S. Senator Ruben Gallego, D-Ariz. In addition to Wyden, the letter was cosigned by U.S. Senators Catherine Cortez Masto, D-Nev., Chris Van Hollen, D-Md., Tammy Duckworth, D-Ill., Raphael Warnock, D-Ga., Elizabeth Warren, D-Mass., and Angela Alsobrooks, D-Md.

    “The Trump-era CFPB cannot reverse this consent order and simultaneously claim that it is prioritizing the interests of servicemembers,” said Adam Rust, Director of Financial Services for the Consumer Federation of America. “This action has diverted millions of dollars owed to military families—an unacceptable breach of trust. Acting Director Vought owes the public a clear and immediate explanation.”

    The full text of the letter is here.

    MIL OSI USA News

  • MIL-OSI: 21Shares Files for 21Shares FTSE Crypto 10 Index ETF and 21Shares FTSE Crypto 10 ex-BTC Index ETF

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 18, 2025 (GLOBE NEWSWIRE) — 21Shares US LLC today announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for two Funds, the 21Shares FTSE Crypto 10 Index ETF and the 21Shares FTSE Crypto 10 ex-BTC Index ETF.

    The exchange-traded funds are the first crypto basket ETFs to be registered under the Investment Company Act of 1940. Each Fund is designed to offer diversified exposure to the crypto market through dedicated indexes, constructed by 21Shares and maintained by FTSE Russell.

    • The 21Shares FTSE Crypto 10 Index ETF tracks a market cap-weighted index of the top ten largest crypto assets globally. This index dynamically adjusts to reflect the size and success of each asset, allowing the market itself to determine the leaders. Larger, more relevant cryptocurrencies naturally hold greater weights, capturing the evolving landscape of the crypto space.
    • The 21Shares FTSE Crypto 10 ex-BTC Index ETF tracks a separate FTSE Russell index that excludes Bitcoin, investing exclusively in cryptocurrencies and blockchain networks that focus on real-world applications beyond Bitcoin’s macro hedge proposition.

    Asset inclusion in the index is subject to a dual-layer research review by both FTSE Russell and 21Shares.

    Structured as 1940 Act funds, the ETFs also offer investors a familiar and more tax-efficient vehicle, qualifying for Form 1099 tax reporting instead of the more complex K-1 forms often associated with other structures.

    “These filings represent a step in 21Shares’ regulatory engagement in the U.S.,” said Federico Brokate, Head of U.S. Business at 21Shares. “Investors are increasingly looking for diversified and easy-to-access ways to participate in the long-term growth of digital assets, and 21Shares aims to provide ETF structures to satisfy this demand, subject to regulatory approval.”

    “The methodology and structure behind our digital asset pricing and indices were developed to give investors strategic allocation tools”, said Kristen Mierzwa, Head of Digital Assets at FTSE Russell. “Collaborating with 21Shares on a market exposure pair – with and without Bitcoin – underscores our commitment to innovation in digital asset investing.”

    21Shares is launching the two Funds in partnership with ETF Solutions by Teucrium, who serves as the adviser and white-label platform supporting the development and efficient market entry of these products.

    A registration statement relating to the Funds has been filed with the SEC but has not yet become effective.

    About 21Shares

    21Shares AG, an affiliate of 21Shares US LLC, the sponsor to the 21Shares FTSE Crypto 10 Index ETF and 21Shares FTSE Crypto 10 ex-BTC Index ETF, is one of the world’s leading cryptocurrency exchange traded product providers, and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialised research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com.

    Media Contact

    Matteo Valli: matteo.valli@21shares.com
    Alethea Jadick: ajadick@sloanepr.com

    Important Information

    The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or financial instruments in any jurisdiction, including the United States. Some of the information published herein may contain forward-looking statements and readers are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties, and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness, or availability of the information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained herein may not be considered as economic, legal, tax, or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof. Investments in crypto-related securities involve significant risk, including volatility and regulatory uncertainty. There is no guarantee that the Funds will be approved by the SEC or made available to investors.

    A registration statement relating to the securities of the Index ETFs has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

    The MIL Network

  • MIL-OSI USA: Wyden, Colleagues Condemn Trump Administration for Letting Credit Union Off the Hook for Overcharging Military Families

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    July 18, 2025
    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., said today he has joined Senate colleagues in condemning the Trump administration for its recent decision to terminate the consent order against Navy Federal Credit Union (NFCU), effectively excusing it from accountability for charging millions in illegal surprise overdraft fees to their members – primarily active-duty service members, veterans, Department of Defense employees, and their families.
    “In 2024, the CFPB found that between 2017 and 2022, NFCU charged overdraft fees on ATM withdrawals and debit card purchases – even when accounts showed sufficient funds,” the senators wrote in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought. “In response, the Bureau issued a consent order requiring NFCU to pay $95 million in penalties and restitution: $80.6 million directly to harmed consumers and $15 million to the CFPB’s victims relief fund.”
    That order was rescinded on July 1, 2025.
    “As former CFPB officials have noted, this decision raises serious concerns about whether the Bureau is still capable – or even willing – to fulfill its legal mandate,” the senators continue. “At a minimum, the public and Congress deserve answers.”
    The letter was led by U.S. Senator Ruben Gallego, D-Ariz. In addition to Wyden, the letter was cosigned by U.S. Senators Catherine Cortez Masto, D-Nev., Chris Van Hollen, D-Md., Tammy Duckworth, D-Ill., Raphael Warnock, D-Ga., Elizabeth Warren, D-Mass., and Angela Alsobrooks, D-Md.
    “The Trump-era CFPB cannot reverse this consent order and simultaneously claim that it is prioritizing the interests of servicemembers,” said Adam Rust, Director of Financial Services for the Consumer Federation of America. “This action has diverted millions of dollars owed to military families—an unacceptable breach of trust. Acting Director Vought owes the public a clear and immediate explanation.”
    The full text of the letter is here.

    MIL OSI USA News

  • MIL-OSI USA: Governor Kehoe Announces Eleven Appointments to Various Boards and Commissions, Fills One County Vacancy

    Source: US State of Missouri

    JULY 18, 2025

     — Today, Governor Mike Kehoe announced eleven appointments to various boards and commissions and filled one county vacancy.

    Beth Banker, of Kansas City, was reappointed to the Child Abuse and Neglect Board.

    Ms. Banker is the clinical director for the Child Protection Center. She previously served as an art therapist and consultant at Operation Breakthrough. An active member of her community, Banker serves on the American Professional Society on the Abuse of Children (APSAC) and the Missouri Juvenile Justice Advisory Group. Banker earned a master’s degree in social work from Boston University.

    Cary Corley, Ph.D., of Lee’s Summit, was appointed to the Committee of Professional Counselors.

    Mr. Corley is currently the owner and clinical director of Corley Counseling, LLC. He previously served as a counselor for  Peace Partnership, a non-profit counseling center. Dr. Corley is an active member of his community, serving as a Sunday school and leadership institute teacher, marriage counselor, and seminar speaker at Abundant Life Church.  He is also a member of his Homeowners Association Elections Committee. Mr. Lee earned his Doctorate of Counseling Psychology from Midwestern College.

    Sarah Chapman, from Auxvasse, was appointed as the student representative to the Southeast Missouri State University Board of Governors.

    Ms. Chapman is a student ambassador for Southeast Missouri State University Admissions. She is a member of the Student Government Association and the National Society of Leadership and Success. Chapman is currently pursuing a double major in english and music at Southeast Missouri State University.

    Jeffery Davis, of Wardsville, was appointed to the Southeast Missouri State University Board of Governors.

    Mr. Davis is the executive director of Government Affairs for BNSF Railway. He previously served as the commissioner and chairman of the Missouri Public Service Commission. Davis is an active member of his community, serving on the Missouri Railroad Association and the Missouri Chamber of Commerce. Davis earned his Bachelor of Arts in Political Science from Southeast Missouri State University.

    Lee Harris, Ph.D., of Independence, was appointed to the Committee of Professional Counselors.

    Mr. Lee is the owner and therapist at AHA Mental Health. Harris also serves as the program manager of Adult and Family Services for ReDiscover, a nonprofit community mental health center that provides comprehensive programs and services for adults and children. He previously served as a program supervisor at the Child Abuse Prevention Association. Lee his Doctorate of Behavioral Health from Arizona State University.

    Todd Hays, of Monroe City, was reappointed to the Missouri State Fair Commission.

    Mr. Hays is a fifth-generation farmer operating a farrow-to-finish hog operation and row crop farm. He is an active member of his community, currently serving as vice president of the Missouri Farm Bureau and Monroe City Agri-Leaders, and previously served on the Monroe City Fair Board for over 15 years. Hays holds an Associate of Arts in Business Marketing from Moberly Area Community College.
     

    Jared Hill, of Kansas City, was appointed to the Missouri State Fair Commission.

    Mr. Hill is the president and owner of Mainline Services LLC, a railroad maintenance and emergency services company. Prior to Mainline, Hill served as the president of HB Trucking LLC. He is a member of the Platte County Fair Board, working tirelessly to promote agricultural education, youth programs, and community events. Hill is also an active member of Eagle Scout Troop 249.

    Megan Hill, of Marble Hill, was appointed as the Bollinger County Clerk.

    Ms. Hill previously served as the deputy recorder of deeds for the Bollinger County Courthouse before stepping in as the county clerk in an interim capacity. Prior to public service, she worked as an accounting manager at SEMO Options Inc. Hill earned a Bachelor of Science in Business Management from National American University.

    Matthew Kliethermes, Ph.D, of Maryland Heights, was reappointed to the Child Abuse and Neglect Review Board.

    Mr. Kliethermes is a clinical professor at the University of Missouri – St. Louis, serving as the training director for the Children’s Advocacy Services of Greater St. Louis. A leader in his field, he serves on several boards including the American Psychological Association and the National Child Traumatic Stress Network. Kliethermes earned his doctorate in clinical psychology from St. Louis University.

    Monica Lyle, of St. James, was appointed to the Child Abuse and Neglect Review Board.

    Ms. Lyle is a counselor for the Salem R-80 School District. She previously served as a counselor for the Rolla #31 School District and the director of education for Perimeter of Missouri. Lyle has been highly involved in several professional organizations, including the American School Counselor Association and the Missouri School Counselor Association. Lyle earned a master’s degree in counseling from Missouri Baptist University.

    Lesia Shelton, of Buffalo, was reappointed to the Governor’s Council on Disability.

    Ms. Shelton provides specialized employment services for the deaf and hard of hearing at Preferred Family Healthcare. An engaged member of her community, she serves as a member of the Deaf Awareness Group of Southwest Missouri and volunteers for the Dallas County Sheriff’s Posse. Shelton is a licensed Missouri Interpreter for the Deaf and Hard of Hearing.

    Jonathan Truesdale, of Raymore City, was appointed to the Lincoln University Board of Curators.

    Mr. Truesdale is an attorney at Truesdale Law, LLC in the Greater Kansas City area, specializing in criminal defense, probate law, and personal injury. He previously served as an attorney for Maryland Office of Public Defense. In addition to his professional career, Truesdale is a member of the Mercury Club of Kansas City. Truesdale earned his Juris Doctor from The Ohio State University Moritz College of Law.

    ###

    MIL OSI USA News

  • MIL-OSI Africa: Professor Benedict Oramah recognised for long service as Export Trading Group (ETG), TRACE, KCB and CBZ toast award success at 32nd Afreximbank Annual Meetings

    Source: APO – Report:

    Key Highlights

    • The third edition of the Pan-African Business and Development Awards has recognised and celebrated leading businesses on the continent and in the diaspora in alignment with Afreximbank’s push for a promotion of a Global Africa
    • Marking his distinguished tenor, Professor Benedict Oramah, outgoing Afreximbank President, was honoured with the Bank’s Long Service Award alongside other employees
    • Export Trading Group (ETG) won the Global Africa Business Leader Award 2025 for fostering economic growth across the continent and enhancing food security
    • KCB Group Plc, Kenya and CBZ Bank, Zimbabwe emerged winners of the Afreximbank Financial Institutions Award 2025 for banking institutions with more than $500m and less than $500m capital respectively for having played a pivotal role in bridging the trade finance gap in Africa.
    • TRACE, a multimedia platform dedicated to the entertainment and empowerment of people of African descent won the Diaspora Business of the Year Award for their impact in strengthening continental and diaspora ties.

    African Export-Import Bank (Afreximbank) (www.Afreximbank.com) hosted the third edition of the Pan-African Business and Development Awards in association with the Business Council for Africa (BCA) on Wednesday June 25, 2025, at a colourful Gala Dinner attended by more than 400 dignitaries including business and political leaders from Nigeria, across Africa and the diaspora.

    The Pan-African Business and Development Awards, held annually during the Afreximbank Annual Meetings, are designed to celebrate and recognise transformative businesses and financial institutions within the African continent and in the diaspora in keeping with the Bank’s vision for a Global Africa.

    Export Trading Group (ETG), operational in nearly 20 countries on the continent, won the Global Africa Business Leader Award, 2025 for fostering economic growth across the continent and enhancing food security by connecting smallholder farmers with regional and global markets, improving livelihoods and boosting intra-African trade, reflecting Afreximbank’s mandate of fostering trade and economic growth across the continent. The company’s investments in storage, logistics, and processing infrastructure have helped reduce post-harvest losses and increased value addition.

    This year, TRACE, the multimedia platform dedicated to the entertainment and empowerment of people of African descent, won the Diaspora Business of the Year award for its impact in strengthening continental and diaspora ties through the vehicle of entertainment. Its mission is to uplift African identity through music, education, and storytelling. TRACE’s platforms reach and support over 5,000 artists and 1,000 brands annually. It employs hundreds across Africa, contributing hundreds of millions of dollars in value.

    Two banking giants were recognised in the Afreximbank Financial Institutions Award2025. KCB Group Plc, Kenya’s largest bank by assets emerged winner of the award for banking institutions with more than $500m capital while CBZ Bank, also Zimbabwe’s largest Bank emerged winner of the Afreximbank Financial Institutions Award-2025 for banking institutions with less than $500m capital.

    KCB, which won in the same category in 2024, was recognised for facilitating local and cross-border trade finance through various products as well as mitigating risks inherent in trade on behalf of its customers. One of the first East African banks to enhance financial inclusion and economic growth, it has positioned itself as an enabler for businesses and consumers to transact efficiently across African borders.

    CBZ Bank from Zimbabwe has played a pivotal role in bridging the trade finance gap in Africa by leveraging strategic partnerships, introducing innovative products, and executing a comprehensive pan-African vision. During the 31st Afreximbank Annual meetings held in Nassau, The Bahamas last year, CBZ Bank and Afreximbank inked two deals (https://apo-opa.co/44ZDCxm) totalling $80 million consisting of US$60 million line of credit and $20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility signalling their continued collaboration aimed at promoting economic development.

    In a speech delivered on behalf of Professor Benedict Oramah, President and Chairman of Board of Directors at Afreximbank, the Bank’s Senior Executive Vice President, Denys Denya, said: “This Awards event is our way of saying thank you to everyone who, regardless of size or significance of your role, has contributed to furthering the course of development in Africa. I would like to take this opportunity to congratulate you. With these awards, we reaffirm our commitment to the shared goal of transforming the African economy and restoring the dignity of Africans, regardless of their geographic location.”

    Arnold Ekpe, former group CEO of Ecobank Transnational Incorporated and chair of the BCA, in his remarks, commented on the importance of recognising and celebrating institutions that contribute to Africa’s development, which he said, “has become the defining essence of Afreximbank.”

    A major highlight of the awards ceremony was the recognition of four long serving Afreximbank staff members for their dedicated service of between 25 and 30 years. This esteemed group included Professor Benedict Oramah who was honoured for over three decades at the Bank with ten years spent at the helm as President and Chairman of Board of Directors.

    Presenting the long service award to Prof. Oramah, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy said: “Tonight, we acknowledge not just a remarkable career, but a transformative journey spanning three decades. Under your leadership, the bank hasn’t just scaled; it has soared, championing strategies that have fundamentally reshaped trade and development across Africa. Nigeria is incredibly proud of your achievements, your leadership, and your unwavering commitment to the economic prosperity of our continent. You are a true son of the soil; a shining example of what dedication and vision can accomplish.”

    The Pan-African Business and Development Awards are hosted by Afreximbank in association with the BCA. The awards series was launched in 2023 to recognise those organisations and leaders that epitomise the pan-African spirit by leading the way in building substantive and transformative cross-border businesses.

    – on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

    Follow on Social Media: 
    X: https://apo-opa.co/4nVC0NN
    Facebook: https://apo-opa.co/44SE54f 
    LinkedIn: https://apo-opa.co/459VM0t 
    Instagram: https://apo-opa.co/44WtHZo

    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

    For more information, visit: www.Afreximbank.com

    Media files

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    MIL OSI Africa

  • MIL-OSI USA: Rep. Young Kim Recognized for Work to Strengthen U.S.-Asia Trade, Investment

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – This week, U.S. Representative Young Kim (CA-40), chairwoman of the House Foreign Affairs East Asia and Pacific Subcommittee, was recognized by American Chambers of Commerce (AmChams) of Asia Pacific for her valuable contribution to increase trade and investment between the United States and the Asia Pacific.  

    “In our global economy, economic policy should be at the forefront of our U.S. foreign policy. Anything less is unacceptable and hurts American businesses both here at home and overseas,” said Congresswoman Kim. “I am humbled to be recognized by AmChams of Asia Pacific and will keep working as East Asia and Pacific Subcommittee Chairwoman to ensure our foreign policy prioritizes fair policies that strengthen American businesses’ access to foreign markets.”  

    Congresswoman Kim has championed improving the State Department’s economic statecraft policy and led commonsense bills to deepen engagement in the region and promote fair trade policies and level the playing field such as:  

    • The People’s Republic of China (PRC) is Not a Developing Country Act, which became law in the FY24 NDAA to ensure the United States opposes the PRC’s “developing country” label in international organizations; 
    • The Reviewing Economic and Protection Objectives for the Reciprocal Tariffs Act (REPORT) Act to restore Congressional oversight of the executive branch’s tariff authority; 
    • The Taiwan Non-Discrimination Act to promote the inclusion of Taiwan as a member of the International Monetary Fund; 
    • The Taiwan Travel and Tourism Coordination Act to enhance U.S.-Taiwan economic and trade ties, expand market access in the Indo-Pacific region, and facilitate safer travel to the U.S.; 
    • The PARTNER with ASEAN Act to extend diplomatic privileges to ASEAN partners, promoting market access and mutual economic prosperity; and, 
    • The Strengthening the Quad Act to boost Quad cooperation, including on technology and energy innovation, critical minerals supply chains, and other economic priorities. The Quad includes the U.S., Australia, Japan, and India.  

    MIL OSI USA News

  • MIL-OSI USA: Virginia The Only State In America Where The Unemployment Rate Rose In June, Per U.S. Bureau of Labor Statistics

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

     The U.S. Bureau of Labor Statistics (BLS) today reported that the unemployment rate in Virginia rose again in June, to 3.5 percent. The BLS report notes that “Virginia had the only rate increase” in the month of June. This was the sixth consecutive increase in Virginia’s unemployment rate, the first time the Commonwealth’s unemployment has continuously risen over half a year since the Great Recession job losses of 2008-2009.

    Virginia’s rising unemployment rate comes amid the Trump Administration’s purges of thousands of federal workers and contractors across the Commonwealth, many of which are not captured in this data because they will not take effect until subsequent months. CNBC just downgraded Virginia in its annual “Top State for Business” rankings to the lowest point in nearly a decade, specifically citing “federal job cuts.” Recent mass firings by the Trump Administration are likely to substantially increase these cuts even further in coming months.

    The rising unemployment rate in Virginia may also be an early indicator of broader damage to the Commonwealth’s economy which Virginia-based forecasters warn could be severe. Yet despite these warnings and increasingly threatening strains on local governments, Governor Youngkin and Lieutenant Governor Earle-Sears have so far continued to support the Trump Administration’s mass layoffs and broader cuts to the federal government’s footprint in Virginia.

    Congressman Don Beyer (D-VA), who serves as the top House Democrat on the Congressional Joint Economic Committee, said:

    “With six monthly unemployment increases in a row and the only June increase in America, this can no longer be waived away: Virginia’s unemployment rate is clearly rising in a sustained way, and it is a certainty that this increase is being driven by the Trump Administration’s policies. Trump’s mass firings and cuts are draining Virginia’s economy, while also hurting the services Virginians depend on, and many of those cuts are not even showing up in the data yet. I fear it will only get worse as the number of workers purged rises and the economic damage spreads further to other sectors of our economy.

    “Governor Youngkin took office in 2022 at a time of historic job growth in Virginia, with an unemployment rate of 2.7 percent the day he was sworn in. Youngkin and  Sears are presiding over a worrying increase in Virginia unemployment, but rather than stand up and fight for Virginians, they are cheering it on for purely political reasons. It’s hard to imagine a worse indictment of their leadership, and Virginians deserve better.”

    Historical economic data, including unemployment rates for states including Virginia, is tracked by the Federal Reserve Bank of St. Louis (FRED).

    Rep. Don Beyer (D-VA) is the Senior House Democrat on Congress’ Joint Economic Committee, and serves on the House Committee on Ways and Means, which has jurisdiction over major economic levers include tax policy, trade, and Social Security. He previously served as Virginia’s Lieutenant Governor from 1990-1998.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to Texas Small Businesses and Private Nonprofits Affected by Adverse Weather

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Texas of the deadline to apply for low interest federal disaster loans to offset economic losses caused by adverse weather conditions occurring as noted below.

    The disaster declarations cover the counties listed below:

    Declaration Number

    Primary
    Counties

    Neighboring
    Counties

    Incident Type

    Incident Date

    Deadline

    20929

    Bee, Kleberg and Live Oak Atascosa, Brooks, Duval, Goliad, Jim Wells, Karnes, Kenedy, McMullen, Nueces, Refugio and San Patricio Excessive Rain and Excessive Moisture July 10-29, 2024 8/19/25

    20930

    Bailey, Castro, Childress, Deaf Smith, Hale, Hansford, Lubbock, Randall, Runnels and Swisher Armstrong, Briscoe, Carson, Cochran, Coke, Coleman, Collingsworth, Concho, Cottle, Crosby, Floyd, Garza, Hall, Hardeman, Hockley, Hutchinson, Lamb, Lynn, Moore, Nolan, Ochiltree, Oldham, Parmer, Potter, Roberts, Sherman, Taylor, Terry and Tom Green; Curry, Quay and Roosevelt in New Mexico; Harmon and Texas in Oklahoma. Excessive Heat and High Winds Occurring June 1–Oct. 31, 2024 8/19/25

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

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

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

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

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

    Submit completed loan applications to SBA no later than Aug. 19.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI Submissions: ‘People who spent years saving lives are now struggling to survive’ – how we witnessed Trump’s USAID cuts devastate health programmes in Kenya

    Source: The Conversation – UK – By Rachael Eastham, Lecturer in Young People’s Health Inequalities, Division of Health Research, Lancaster University

    Homabay, Kenya, in February 2025. Rachael Eastham, CC BY

    My phone wouldn’t stop ringing – nurses, social workers, young mothers – all begging for help. ‘I’ve lost my job,’ ‘I have no food,’ ‘What do we do now?’ I felt helpless.

    These are the words of Rogers Omollo, founder and CEO of Activate Action – a youth-led non-profit organisation that supports young people with HIV and disabilities in Homa Bay, a town in west Kenya on the shores of Lake Victoria.

    As specialists in youth and sexual and reproductive health, we were on a field trip to learn from Omollo and others like him. We wanted to find out about the work they were doing to tackle HIV, stigma and health inequalities.

    But our time there was dominated by one thing: President Donald Trump’s executive order which put almost all international spending by the United States Agency for International Development (USAID) on pause for a 90-day review and subsequently took a wrecking ball to all international aid programmes funded by the US.

    In July, research published in The Lancet medical journal found that the US funding cuts towards foreign humanitarian aid could cause more than 14 million additional deaths by 2030, with a third of those at risk of premature deaths being children. Davide Rasella, who co-authored the report, said low- and middle-income countries were facing a shock “comparable in scale to a global pandemic or a major armed conflict”.

    In the immediate aftermath, we saw firsthand the profound impact the “pause” had in this community. Activate Action is not directly funded by USAID, but as we followed in the footsteps of our host, Omollo, meeting the organisation’s collaborators and beneficiaries, the true extent of the funding freeze became shockingly apparent.

    Places like Homa Bay relied heavily on USAID funding to keep hospitals and clinics running, to ensure access to essential medicines, and to support reproductive health and HIV programmes. The executive order, in principle, resulted in the immediate halting of over US$68 billion (£51 billion) in foreign aid, a substantial portion of which supports lifesaving reproductive health and HIV programmes worldwide.


    The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.


    As we walked through abandoned offices and healthcare facilities speaking to bewildered people out of work and in need of critical services in February 2025, the chilling reality set in. Omollo reflected:

    People who have spent years saving lives are now struggling to survive. The clinics are empty, the hope in their voices fading. It broke my heart. I wanted to scream, to fix it, but the truth hit hard – we can’t depend on one lifeline. If funding stops, lives should not. We must build something stronger, something that lasts.

    Research shows that global financial strain can foster a conservative political climate. For example, the global financial crisis of 2008 has been associated with the rise of right-wing populism.

    The current populist political climate is demonstrably hostile towards matters like reproductive health and rights. There are reports that reproductive rights are “backsliding” globally. For example, in the US abortion services have been increasingly restricted. In countries like Kenya, this is compounded by the longstanding global tendency towards anti-African or anti-black sentiment reflected in the foregrounding of stories that primarily depict Africa as a problem or a failure.

    So, before we even set off on our research trip to unite sexual and reproductive health advocates and collaborate with African partners, we knew we were swimming against this tide.

    Final figures remain unclear but in early 2025, the abrupt suspension of an estimated US$500 million of funding to Kenya was suggested by Amnesty International to have led to the layoff of 54,000 community health workers – many of whom had been part of robust, locally led responses to HIV, tuberculosis and malaria.

    The decision to do this was driven by US audit and efficiency “reevaluations” over 8,000 miles away in Washington. Decisions were made and implemented by small numbers of people within the Trump administration including Elon Musk, whose estimated individual wealth far exceeds the gross domestic product of many entire east African nations, including Kenya.

    Despite years of progress in community-based healthcare systems managed by Kenyans just like Activate Action, these cuts by one external donor disrupted critical services overnight. This also demonstrated that African health systems, no matter how effective, remain subject to profound external control.

    Our project was funded in October 2024, before Trump’s re-election. One week of activities in the UK, one week in Kenya. By the time Activate Action visited Lancaster, in the north of England, in January 2025, we had already started to raise eyebrows as our colleagues began receiving communications from USAID-funded initiatives about pausing projects. Two weeks later, by the time we gathered in Kenya, the immediate human cost was clear to see.

    ‘The field has been eviscerated’

    We sat at the back of a meeting observing training for an Activate Action initiative that would see community health champions offer peer support for their neighbours on safer sex and HIV prevention. In a building that was usually busy and populated by USAID-funded staff, the lights remained on in only one room.

    Before visiting Homa Bay, we knew of its reputation when it came to the so-called triple threat of gender-based violence, HIV infection and teenage pregnancy rates – all of which disproportionately affects this semi-rural county in west Kenya.

    As we watched the training, a colleague based in Europe (who was instrumental in connecting some of the members of our group) texted after learning we were in Kenya, saying:

    It’s terrifying. Document it. No one gets it. The field has been eviscerated.

    So, what did this evisceration look like?

    Staff directly affected by the order were either not permitted to talk about what was happening on the record or didn’t feel safe doing so. We spoke to at least five people who told us directly they couldn’t “speak out” and were nervous about us taking any photographs.

    An Activate Action event on International Condoms Day in February 2023.
    Rogers Omollo, CC BY

    We saw how scores of people were served their notice to cease projects, backdated and effective immediately – a stop work order, followed by (for reasons with cloudy legal foundations) official terminations to contracts. Their economic and professional futures left hanging in the balance.

    As we navigated workshops and meetings, Omollo (now unexpectedly advantaged through Activate Action not being USAID-funded) continued to receive multiple texts, calls and emails from people seeking work.

    A researcher we know working on a USAID supported HIV and maternity care project described doing frantic overtime in the face of uncertainty. She needed to put in hours of extra (unpaid) work to communicate with research participants as it would not be ethical to abruptly disappear on people currently engaged in an active research programme.

    She had no way to manage expectations with those she spoke to and no way of knowing if they were saying a final “thank you and goodbye” to the people she had been working with for months. Despite the descriptions of USAID project funds being “paused”, she was quickly served a full termination of employment notice.

    In east Africa, where this sudden and mass unemployment of vital technical and administrative staff is happening, more than half of young people aged 15-35 are unemployed. The rate is even higher among young women in rural areas (up to 66%.)

    A greater horror unfolds when you consider who these unemployed workers are usually paid to help because they serve communities with some of the highest needs related to HIV, teenage pregnancy and gender-based violence.

    The youth health facility we visited, for example, was locked up when we arrived. We sat in stunned silence in an empty three-roomed building with a youth HIV counsellor. We were shown photographs that showed how it was once a vibrant and busy place.

    Locked up youth health facility.
    Rachael Eastham, CC BY

    Here, the free services and information on HIV, contraception and mental health was being delivered by skilled and non-judgmental youth specialists. But it was closed down from January 20, 2025 and its future remains uncertain. A free condom dispenser outside lay empty, all supplies given out on closure day in a last ditch attempt to help young people remain safe over the coming weeks.

    In Homa Bay, huge achievements have been made in addressing teenage pregnancy and adolescent HIV infection in recent years. There has been a remarkable decline in prevalence rates, new infections, and HIV-related deaths, aided by robust treatment programmes that contribute to better health. People have been living with HIV at undetectable levels, therefore unable to transmit infection. But this “safe” status requires ongoing treatment with antiretroviral medication.

    What now in the absence of USAID?

    But at the time of our visit, the delivery of antiretroviral therapy was becoming more restricted and would require collection by the user every three weeks, rather than the usual three months, therefore lasting the user a shorter time. To service providers we spoke to, this increase in the frequency of collection of medication was known to be a significant barrier for people having to travel long distances more frequently without transport to get their supply replenished.

    Omollo explained to us that Homa Bay is also a medication hub, of sorts. People come here from other communities where, due to stigma, the risks of being identified as someone who is HIV positive in their own communities are much higher.

    Successes notwithstanding, Homa Bay county’s teenage pregnancy rate is over 20% and HIV prevalence is some of the highest in Kenya (15.2% overall in Homa Bay, higher than the national average of 3.7%), with 75% of new HIV infections across the country affecting young people aged under 34. There are almost as many people living with HIV in Homa Bay county as there are in the whole of the UK and many are children. In other words, the demand for accessible and sustained services is high and the impact of their absence is huge.

    Every conversation we had yielded new information about the reality. Gender-based violence projects were also suspended, in part because of the Trump administration’s intentions to end “gender ideology”. A service provider joked despondently during a presentation how: “I got sacked for saying gender.”

    In Kenya, femicide (the murder of women or girls because of their gender) has been described as a “crisis” requiring urgent action. In Homa Bay specifically, the sexual and gender-based violence statistics are higher than national averages and have been on the rise, especially among young people.

    This follows alarming countrywide coverage about femicide across Kenya including high profile and horrifying cases such as that of the Ugandan athlete Rebecca Cheptegei.. Official figures are unclear but there are currently widespread protests and calls to action related to this injustice.

    Activate Action had recently won one USAID award focusing on men living with HIV and substance use problems (factors that are both implicated in gender-based violence). Since the USAID funding freeze this offer has instantly been dissolved with no expectation of reinstatement.

    Meanwhile, the fight against cervical cancer – the leading cause of cancer death in Kenya – has also been hit.
    Human papilloma virus (HPV) vaccination campaigns across the county have stalled, despite the fact the vaccines help prevent cervical cancer.

    At one point, a 23-year-old mother of three small children asked us directly if we found it troubling (as she did) that she will not be able to receive maternal healthcare and her contraception. The list of effects is grim and feels endless.

    Collateral damage

    When our group convened for a workshop at a community venue with sexual and reproductive health and rights staff from across the area, the chatter was similarly focused on the effects of the USAID funding freeze, but this time in the direct shadow of operations.

    Next door, four-wheel drive Jeeps had been recalled and locked behind USAID premises gates, gathering dust instead of being out in the field delivering HIV outreach services. They represented the stasis of operations more widely.

    Dr Peter Ibembe, from a party of service providers visiting from Uganda, was formerly a Programme Director for the non-governmental organisation Reproductive Health Uganda where he was in charge of service delivery. He spoke to us about the atmosphere:

    An eerie tone of quiet has descended on the place. Many have been suddenly rendered jobless; creating mental stress, depression, anxiety. But there has also been an indirect effect on the wider community through the entire value chain: landlords, banks and other credit institutions; food vendors; gas stations; transportation facilities and companies; hotels, restaurants and lodges; schools hospitals and the like.

    Everyone has been left in limbo. Kenya, despite gradual improvements, is a lower middle income country. Poverty identified by the World Bank as a key development challenge for the nation with, in 2022, over 20 million Kenyans identified as living below the poverty line. So these knock-on effects can be drastic.

    At an organisational level we also saw clearly how the boundaries of any one project running within any organisation cannot be neatly drawn, nor can projects be plucked from this matrix discretely in the way we might imagine when we hear how “USAID projects” have been suspended. This way of thinking profoundly undermines the reality of what these cuts mean because many projects are interdependent and interrelated. Omollo added:

    Whilst Activate Action was not directly funded by USAID, the overall reduction in health services affects the community they serve. The lack of support for HIV prevention, mental health and economic empowerment programmes placed additional strain on grassroots organisations like us … which have had to fill gaps with limited resources.

    Omollo taking a selfie with Activate Action on International Condoms Day in February 2023.
    Rogers Omollo, CC BY

    Services the world over, especially community based services, usually operate with multiple funding streams each providing different projects. Naturally the people, resources and activities overlap. To stress, this is not evidence of the “corruption” the Trump administration claims it wants to weed out, but it is the reality of how services reliant on external funding work.

    It is usual that a patchwork of project grants function together to keep the doors open and the lights on. In fact, the sharing of operational resource is what bolsters an organisation’s capacity to serve its communities most effectively.

    Considering “USAID projects” as single discretely bounded entities belie the messy complexity of how community and healthcare services work.

    For another example of this kind of inter-connection, look no further than “table banking”. Table banking has been described as a “microcredit movement by women and for women” – effectively a DIY bank. We saw table banking used at Activate Action’s Street Business School, an initiative that tackles HIV through training women and building economic sustainability so they do not become trapped in poverty which may force them into have transactional sex. From a seated circle under trees, we watched as the collective pay in and take out loans to support their businesses from a central informal “bank account”.

    Beneficiaries from this project continue to come together every Thursday, pooling finances and taking loans to sustain their business needs for the coming week (for example, buying stock for their market stalls). They told us how they are planning to collaborate on a catering business which will mean the older, sicker members of the group remain able to work and earn.

    Similarly, Omollo told us how “a bit like table banking”, among his friends and colleagues, they also pool finance on a weekly basis to tick off items on a collective shopping list. He said: “One week we buy for one person, the next week, the next person and so on, until we all have a microwave.”

    These demonstrations of microfinance arguably present, however idealistic, inspiration for a more financially sustainable future whereby its principles offer a “light of hope” at grassroots level, possibilities for nations in meeting sustainable development goals and, crucially in this context, freedom from dependency on external donors.

    Social dictators of health

    When we planned this exchange project, we wanted to work with Activate Action because of our shared interests.

    Its explicit focus on the “social determinants of health” (the non-medical factors that affect health) is a refreshing departure from so many health programmes that seek to intervene on a person’s behaviour without attending to how it may be shaped by the wider social system.

    For example, in the case of Homa Bay, Activate Action works to address root causes, such as poverty. Poverty means that transactional sex (which could be sex for food or period products) is common. Unsafe sex can be a hallmark of these sexual encounters, increasing HIV risk and transmission. Helping women build businesses, earn their own money to buy food and make their own period pads, reduces the need to trade sex for necessities.

    As we sat discussing the various ways the cancelling of USAID would have devastating effects on different programmes and so the lives of different people, we realised how myriad social determinants – such as income, unemployment and healthcare services – are overwhelmingly contingent on distant regimes. Regimes run by people who seem to demonstrate little regard for the lives of disadvantaged and minoritised people.

    No period of consultation, no management of expectations – a profound example of how bigger systems that govern our social lives can, in fact, dictate the outcomes of our health.

    Antiretroviral drugs for HIV literally keep people alive and prevent transmission to others. Efforts to critique the USAID freeze by the inspector general of USAID, Paul Martin, saw him sacked. Again, no reason was given, and the White House did not have any comment.

    When we were trying to explore whether termination notices for staff in Kenya were even legal, one media report about a judicial effort to halt the USAID stop work order noted that Trump has a “high threshold for legal risk”. An insight into what type of threats we may need to consider when trying to understand risks to and protections for health in the future.

    Dr Ibembe, who provided closing remarks to our workshop, highlighted how “the effect of USAID cuts on the east African development landscape has been nothing short of seismic. It has created an environment of uncertainty, fear and stress. In some instances, up to 80% of health-related initiatives are donor supported. The funding and operational gap created is almost insurmountable.”

    This reliance on external financial support and limited domestic financing in Kenya and other sub-Saharan African countries is common. This makes a nation vulnerable. Kenya also experiences substantial “donor dependency” especially across the health system which makes it harder to absorb the shock of a donor pulling funds.

    In other words, this is a highly precarious system that is going through a shock which it will find incredibly difficult to withstand.

    The situation is a stark reminder of just how unfair the power dynamics are that dictate African health governance and sovereignty.

    Conversations about reducing the dependence of countries like Kenya on external donors have been going on for a long time. Throughout it has been acknowledged that any transition away from donor dependence needs to be carefully managed to avoid upsetting all the gains that have been made through initiatives like those funded by USAID. This has been completely impossible given the pace of change since January 2025 when the USAID stop work order came into play.

    African solutions to African problems

    The question now is not merely how African institutions will survive these disruptions but how they will leverage them as an impetus for change. Discussions about donor dependency arguably contribute to the framing of African states and institutions that are economically vulnerable and a “risk”. This in turn creates a negative bias that has recently been identified as costing African nations billions in lost or missed investment opportunities.

    While financial constraints are a reality, the dominance of stereotypes also means we may overlook the effective strategic responses and resilience demonstrated by African organisations over the years. The challenge is not simply to reduce donor reliance but to reposition African institutions as key architects of health solutions through approaches that emphasise ownership, sustainability and regional integration.

    Omollo talking to The Street Business School in January 2023.
    Rogers Omollo, CC BY

    The Afya na Haki (Ahaki) institute provides a clear example of this shift towards what they refer to as “Africentric” models of health governance. The aim is to build African solutions to African problems.

    This approach is anchored on four key pillars: amplifying positive African narratives; strengthening engagement with African regional institutions; supporting and fostering collaboration among African non-governmental organisations (NGOs) and other organisations; and bringing together African experts and communities to create knowledge that reflects local realities and needs.

    Yet, restrictive policies that pre-date the USAID cuts such as the global gag rule which means NGOs are prohibited from receiving any US government funding if they provide, advocate for, or even refer to abortion services, have significantly disrupted this work, forcing institutions to rethink their operational strategies. An Ahaki staff member told us how their core focus on empowering Africans has been “thrown into disarray”.

    Research that puts African stories and priorities front and centre is crucial – not just for shaping policies but for shifting the focus from dependence on external aid to African-led solutions and self-determination.

    ‘Hope hasn’t disappeared’

    Within days of the USAID executive order on January 20, the USAID website was unreachable and our colleagues in Homa Bay sat reeling. By February 14, just after our visit, it was confirmed that a federal judge had successfully blocked the funding suspensions, although the relevance of this for people and projects like those we met in Homa Bay, whose contracts had already been terminated, was limited.

    This executive order is one of many that has triggered global shockwaves. But for every action there is a reaction and we have also witnessed international resistance, from protests of USAID and nonprofit workers in Washington, to 500 Kenyan community workers demanding their unpaid salaries.

    Musk’s company Tesla has been subject to widespread boycott and coordinated protest by “Tesla Takedown” in over 250 cities around the world. Canada has also made strides to reject American imports and strengthen its domestic markets, building greater independence from the USA, echoing desires of many African nations in relation to US donor dependence.

    Musk suggested that USAID needs “to die” due to widespread corruption – an assertion that remains unsubstantiated. However, the violence and damage of this sentiment is being realised. As the sites we visited remain eerie and empty, gathering dust, our immediate concern is for the people and communities that agencies once funded by USAID represent and serve.

    Omollo, and others like him, are now finding new ways to navigate these problems. The ripple effects of the USAID funding freeze have hit hard, programs have stalled, uncertainty has grown and communities are feeling the strain.

    “But in the cracks, we’ve found ways to adapt,” he said. “At Activate Action, we’ve leaned on local partnerships, stretched every resource, and kept showing up for young people. Hope hasn’t disappeared; it’s just become something we fight for daily.”


    For you: more from our Insights series:

    To hear about new Insights articles, join the hundreds of thousands of people who value The Conversation’s evidence-based news. Subscribe to our newsletter.

    We would like to acknowledge the specific contribution of Rogers Omollo from Activate Action in developing this article.

    Christopher Baguma works with Afya na Haki as a Director of Programmes.

    ref. ‘People who spent years saving lives are now struggling to survive’ – how we witnessed Trump’s USAID cuts devastate health programmes in Kenya – https://theconversation.com/people-who-spent-years-saving-lives-are-now-struggling-to-survive-how-we-witnessed-trumps-usaid-cuts-devastate-health-programmes-in-kenya-256250

    MIL OSI

  • MIL-OSI Submissions: Testosterone gel: what happens if it rubs off on other people

    Source: The Conversation – UK – By Daniel Kelly, Senior Lecturer in Biochemistry, Sheffield Hallam University

    Marc Bruxelle/Shutterstock.com

    A case that first appeared in a medical journal several years ago has recently resurfaced in the media, highlighting an unexpected risk of hormone therapies: a baby girl in Sweden developed unusually large genitals after lying on her father’s bare chest, accidentally exposed to his testosterone gel.

    The incident is a reminder that hormone treatments, while safe when used correctly, can pose risks to others if proper precautions aren’t followed.

    Testosterone is a powerful sex hormone that plays a crucial role in male development. In the early months of life, babies undergo rapid development, making their bodies, and hormones, extremely sensitive. Even small amounts of testosterone absorbed through the skin can affect a baby’s development, particularly with repeated exposure.


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    During “mini-puberty” – a short surge in hormone levels occurring a few months after birth – boys experience rising testosterone levels that help complete reproductive system development and prime it for adulthood. This process also influences brain development.

    In girls, oestrogen rises slightly during this period, but testosterone remains very low. When a girl is exposed to external testosterone, such as from hormone gel, it can cause unexpected changes, including enlarged clitoris or fusion of the labia. This is precisely what occurred in the Swedish case.

    Testosterone gels are commonly prescribed to treat men with low testosterone deficiency. The gel is typically applied once daily to clean, dry skin on the shoulders, upper arms or stomach. These alcohol-based gels help the hormone absorb into the skin.

    While the gel dries within minutes, residue can remain on the skin for an hour or two after application. If someone touches the treated area too soon, or rests directly on it, they can inadvertently absorb some of the hormone. This risk is particularly significant for babies and children, whose thinner, more absorbent skin and developing bodies make them more vulnerable.

    Testosterone gels are also increasingly used off-label in women to treat menopause symptoms (such as low libido, low mood and fatigue) and at around one-tenth of the dose given to men. This lower dose is achieved by applying a smaller amount of the same male product — this time to the lower abdomen, buttocks or outer thighs.

    This means there’s much less hormone overall, but incidental exposure from women is also possible, for example, when holding a child soon after application.

    Some perspective

    While stories like this understandably cause concern, it’s crucial to understand the actual risk level. In the UK, around 50,000 to 100,000 people are prescribed testosterone on the NHS, with gel formulations popular due to their ease of application. If accidental exposure were common, we would see far more cases than the small number reported in medical journals.

    The instructions accompanying these gels are clear: apply only to specified areas, wash hands immediately, cover the skin once dry and avoid close skin contact for several hours. When these guidelines are followed, transfer is very unlikely.

    Thousands of people in the UK are prescribed testosterone replacement therapy.
    Monkey Business Images/Shutterstock.com

    In the case of the Swedish child, when the father stopped resting the baby on his bare chest, the genital changes reversed over time. This pattern holds true for other reported cases – if exposure stops early, many effects can fade naturally.

    However, in more severe or prolonged cases, children may need medical treatment. This could include hormonal tests, continued monitoring, anti-hormone treatment, or even surgery if physical changes don’t resolve. Early intervention is key, making it essential to consult a doctor if there’s any concern.

    For those with babies, young children, or pregnant partners at home, the solution is straightforward planning. Apply the gel when you won’t be in direct contact immediately afterwards, or consider alternative application methods such as injections, skin patches, or tablets (available in the US), which carry lower risks of unintentional exposure to others.

    This case serves as a valuable reminder that testosterone therapy, like all medications, comes with responsibilities. When used properly, it’s an effective treatment for men with diagnosed testosterone deficiency, improving sexual function and mood, with evidence suggesting it can also support muscle mass, bone health, and metabolism.

    There is no need to fear these treatments, but if you are prescribed this medication, use it responsibly and follow the instructions carefully.

    Daniel Kelly 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. Testosterone gel: what happens if it rubs off on other people – https://theconversation.com/testosterone-gel-what-happens-if-it-rubs-off-on-other-people-261110

    MIL OSI

  • MIL-OSI Submissions: Decoding hints that Xi Jinping may be under pressure to relinquish some of his power

    Source: The Conversation – UK – By Chee Meng Tan, Assistant Professor of Business Economics, University of Nottingham

    Political and economic pressures might force Chinese president and overall leader Xi Jinping to delegate some of his powers to his deputies in a highly significant move. This has prompted some observers and media outlets to speculate that Xi’s grip on power may be waning.

    A major part of why this is happening is likely to stem from Xi’s difficulties in dealing with China’s economic woes, which began from a real estate crisis in 2021. For years, the Chinese Communist Party (CCP) has relied on providing economic prosperity to legitimise its rule over the country.

    But the continuously lacklustre performance of the Chinese economy over the past four years coupled with Trump’s trade war with Beijing is making recovery a difficult task. And this is likely to be a factor that undermines Xi’s rule.


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    These rumours about Xi started just after the latest meeting, on June 30, of the politburo (the principal policy making body of the party), which brings China’s top leaders together to make major decisions.

    For people who don’t follow Chinese politics, the idea of Xi delegating some authority might seem nothing special. However, in understanding China, it’s important to understand that Xi has massive power, and it seems the politburo is signalling there are some changes on the horizon.

    What are the clues?

    Symbolism and indirect language play an important role in how the communist party communicates with Chinese people. The way it is done comes through slogans or key phrases, which are collectively known as “tifa (提法)”’.

    This method of information is important since it shapes political language and debate, and influences how a Chinese, and international, audience understands what’s going on. At first glance, the politburo’s call for enhancing “policy coordination” and the “review process” of major tasks may appear to indicate that the central government is seeking to ensure local officials follow through with Beijing’s agenda.

    But there is probably more to the politburo’s statement than meets the eye. The statement said that specialised bodies that exist within the party’s central committee, which includes the powerful commissions that Xi’s loyalists now hold, should focus on “guidance and coordination over major initiatives” and to “avoid taking over others’ functions or overstepping boundaries”“.

    For experienced China watchers there are hints here that this powerful decision-making body is making a veiled threat against Xi for holding on to too much power. But the opaque nature of China’s elite decision-making process, where a great deal of backroom politics occurs behind closed doors, means that decoding its messages isn’t always easy.

    China’s president Xi Jinping on a public outing, after several weeks when he was not seen in public.

    Because of all of this, there is increasing speculation that a power struggle is in progress. This isn’t entirely surprising given Xi’s purge of many senior party officials through anti-corruption campaigns and dominance over the highest levels of government is likely to have earned him many enemies over the years.

    Another sign that all isn’t going well with Xi’s regime is the removal of some his allies from key positions within the government. Xi began his anti-corruption campaign in 2012 when he became China’s leader. On paper, while officially framed as a drive to clean up corruption, evidence suggests that the campaign may have been used to remove Xi’s political rivals.

    The problem for Xi is that the campaign is being used against his loyalists as well. In October 2023, defence minister Li Shangfu, who was considered a Xi ally, was sacked due to what was later confirmed in 2024 to be from due to corruption charges. But the dismissals of Xi loyalists continued.

    Admiral Miao Hua, who was in charge of ideological control and personnel appointment within the armed forces and Xi’s associate since his days as a party official in Fujian province, was suspended from office in November 2024. And in June 2025, he was removed after being investigated for corruption .

    The previous month, General He Weidong, who was vice-chairman of the powerful Central Military Commission, was arrested also for alleged corruption. Are the purges a consequence of Xi ceding ground to political rivals? This is a possibility.

    But even if it weren’t and the purges are part of a concerted effort to stamp out corruption, Xi’s campaign will not only cast aspersions on his ability to appoint the right people into government, but also create a climate of fear among allies and potentially create further enemies. Either scenario puts Xi on the spot. But since Xi became China’s head of state in 2013, he and his loyalists have taken over leadership of many key national commissions, making him the most powerful Chinese leader since the time of Chairman Mao.

    These commissions include the Central Financial Commission, which regulates China’s financial markets, the Central Science and Technology Commission, which aims to accelerate China’s technological progress, and the Central Cyberspace Affairs Commission, which regulates China’s digital content.

    Who is on the up?

    But it looks like Xi is about to delegate some of his power, and there are some other decisions that may indicate a shift. For the first time since coming into power in 2012, Xi skipped the annual summit organised by the Brics group (named after Brazil, Russia, India, China and South Africa). Instead, from July 5 to 7 this year, Chinese premier Li Qiang, led a delegation to Rio de Janeiro.

    This isn’t the first time that Li has represented Xi in high-profile conferences abroad. In September 2023, Li attended the G20 summit in New Delhi, India, and has taken part in Asean summits.

    But the Brics appearance alongside with Li’s increasingly prominent role in economic policy making may suggest that his influence is on the rise, while Xi’s is declining. Watch this space.

    Chee Meng Tan 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. Decoding hints that Xi Jinping may be under pressure to relinquish some of his power – https://theconversation.com/decoding-hints-that-xi-jinping-may-be-under-pressure-to-relinquish-some-of-his-power-228240

    MIL OSI

  • MIL-OSI USA: Fischer Advances $5 Million for Nebraska’s Research Institutions

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Appropriations Committee, announced that she advanced $5 million for Nebraska’s research institutions through the Senate Appropriations Committee to fund bioeconomy, biomedical, and water quality research efforts. The funding was included in the Fiscal Year (FY) 2026Commerce, Justice, and Science (CJS) Appropriations Act, which now awaits consideration on the Senate Floor.

    “Nebraska’s research institutions are the backbone of the future bioeconomy, conservation, and biomedical research workforce. This funding not only fuels groundbreaking research – it strengthens local economies by supporting the contractors and businesses that make this work possible. I’m proud to advance this investment in Nebraska’s innovative research ecosystem and ensure that our institutions have the resources they need to succeed,” Fischer said.

    Funding projects advanced by Fischer for Nebraska are listed below:

    Growing Nebraska’s Bioeconomy
    Project Description: 
    Purchase equipment and develop space to design, build, test, model, and validate products that grow Nebraska’s bioeconomy.

    The project will provide resources for a new bio-engineering facility to support applications and solutions in biomedical research, agriculture, and biosecurity. Nebraska’s agriculture leadership uniquely positions the state to lead on these solutions across academia, industry, and government.
    Project Location: University of Nebraska – Lincoln
    Amount: $1,000,0000

    Instrumentation for Advanced Water Research
    Project Description:
     Equipment upgrades at the Water Sciences Laboratory and Conservation and Survey Division of the University of Nebraska—Lincoln to support water quality research.

    Groundwater as a drinking water source is increasingly impacted by environmental variables and agricultural production. The Water Sciences Laboratory, Conservation and Survey Division, and College of Engineering at the University of Nebraska-Lincoln provide quantitative methods for a wide variety of persistent and emerging challenges in water quality.
    Project Location: University of Nebraska—Lincoln
    Amount: $1,000,000

    Scientific Instrumentation for Biomedical Research
    Project Description:
     Modernize and expand comparative biomedical research training at the University of Nebraska at Kearney (UNK).

    At UNK, experiential learning is a cornerstone of the undergraduate learning experience with each student required to complete a hands-on learning project. A growing number of UNK students are pursuing health care careers. This funding expands and modernizes the current comparative biomedical research infrastructure to meet the demands of training these students.
    Project Location: University of Nebraska—Kearney
    Amount: $3,000,000

    MIL OSI USA News

  • MIL-OSI Russia: China strongly opposes Canada’s tightening restrictions on steel imports: China’s Ministry of Commerce

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 18 (Xinhua) — China expresses strong dissatisfaction and resolute opposition to the Canadian government’s recent decision to tighten restrictions on steel imports, a spokesman for China’s Ministry of Commerce said Friday.

    The official representative made a corresponding statement in response to a media inquiry on this issue.

    Finance Canada recently announced that, effective August 1, in response to U.S. steel tariffs and given the global steel glut, it will expand steel import quotas, tighten existing quota restrictions, and impose additional duties on above-quota imports. In addition, Canada will impose an additional 25 percent duty on imports of steel products smelted and cast in China from all countries except the United States.

    Commenting on the measures, a spokesman for China’s Ministry of Commerce said they violate World Trade Organization rules, destabilize the international trade order and harm China’s interests, representing a typical manifestation of unilateralism and protectionism.

    The official noted that the real reason for the difficulties in Canada’s steel industry is the unilateral tariff measures of the United States. However, Canadian authorities ignore the main contradiction and try to shift the damage to the industry to other trading partners, including China, he added.

    According to the official representative, the Canadian side’s actions are logically unfounded, legally illegal and practically useless. They will seriously damage normal trade and economic cooperation between China and Canada, he warned.

    The Chinese side calls on Canada, in the spirit of safeguarding the multilateral trading system and maintaining the overall context of China-Canada economic and trade relations, to promptly correct its wrong actions and lift the restrictive measures. China will take all necessary measures to resolutely protect the legitimate rights and interests of its enterprises, the spokesperson added. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News

  • MIL-OSI USA: Chetak LLC Group Recalls Sprouted Moth and Mung Due to Multi-State Salmonella Outbreak

    Source: US State of Rhode Island

    The Rhode Island Department of Health (RIDOH) is advising consumers that Chetak LLC Group recalled frozen Deep Sprouted Mat (Moth) and Deep Sprouted Moong (Mung), and RIDOH is advising businesses to not sell or serve the recalled products. These products are associated with a multi-state salmonella outbreak. Currently, there are no Rhode Island cases associated with this recall.

    Product The recalled products were distributed nationwide in retail stores and through mail orders and include: — Deep Sprouted Mat (Moth) in 1-pound (16 oz.) packages with the following lot codes printed on the back of the bag: IN 24330, IN 25072, IN 25108, IN 24353, IN25171, IN 24297, IN 25058,IN 25078, IN 24291, IN 25107, IN 24354, and IN 24292. — Deep Sprouted Moong (Mung) in 1-pound (16 oz.) packages with the following lot codes printed on the back of the bag: IN 24330, IN 25072, IN 25108, IN 24353, IN 25171, IN 24297, IN 25058, IN 25078, IN 24291, IN 25107, IN 24354, and IN 24292.

    Symptoms of Salmonella infection Illness usually occurs within 12 to 72 hours after eating food that is contaminated with Salmonella, and the symptoms usually last four to seven days. Symptoms include diarrhea, fever, and abdominal cramps. Children younger than five, the elderly, and people with weakened immune systems are more likely to have severe infections.

    Recommendations — Consumers, restaurants, and retailers should not eat, sell, or serve recalled products. — Consumers, restaurants, and retailers who bought or received the recalled products should wash hands, utensils, and surfaces with hot, soapy water before and after handling the recalled products. Follow FDA’s safe handling and cleaning advice and use extra care in cleaning and sanitizing any surfaces and containers that may have come in contact with these products to reduce the risk of cross-contamination. — Check your refrigerators and freezers for recalled products. If you have any recalled products, throw they away or return them to the store where you bought them. — Contact your healthcare professional if you think you may have symptoms of a Salmonella infection after eating the recalled products.

    More information and pictures of the recalled products are available on FDA’s website.

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    MIL OSI USA News

  • MIL-OSI: EverCommerce Announces Date of Second Quarter 2025 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    DENVER, July 18, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading provider of SaaS solutions for service SMBs, will report its second quarter 2025 financial results after the U.S. financial markets close on Thursday, August 6, 2025.

    Management will host a conference call on Wednesday, August 6 at 5:00 p.m. Eastern Time / 3:00 p.m. Mountain Time to discuss the Company’s financial results and provide a business update. Please visit the “Investor Relations” page of the Company’s website (https://investors.evercommerce.com/) for both telephonic and webcast access to this call; a replay will be archived on the website as well.

    About EverCommerce

    EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 725,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

    Investor Contact:
    Brad Korch
    SVP and Head of Investor Relations
    720-796-7664
    ir@evercommerce.com

    Press Contact:
    Jeanne Trogan
    VP of Corporate Communications
    512-705-1293
    press@evercommerce.com

    The MIL Network

  • MIL-OSI USA: The One Big Beautiful Bill Delivers Tax Relief, Family Affordability, Healthcare Security, and Economic Growth for Montana

    Source: US Congressman Ryan Zinke (Western Montana)

    Congressman Zinke voted to pass the Big Beautiful Bill after successfully leading an effort to remove public land sales from the legislation

    Washington, D.C – On July 3rd, Western Montana Congressman Ryan Zinke voted to pass the One Big Beautiful Bill (OBBB), a historic piece of legislation delivering major wins for Montana families, workers, seniors, and small businesses. The bill was signed into law by President Donald Trump on July 4th, cementing expanded tax relief, protection for critical healthcare and food security programs, strengthened border security, and a growth economy for Montanans and all American citizens. 

    “From protecting Montana jobs to increasing take-home pay and supporting small businesses, the One Big Beautiful Bill will deliver real results for Montana,” said Zinke. “This bill not only prevented the largest tax hike in American history but expanded tax relief for Social Security recipients, overtime earners, and tipped service industry workers. It reflects the core American promise: if you work hard, you should get what you earn. This legislation keeps that promise, while also reaffirming our support for those who need it most.”

    Key Wins for Montana in the OBBB:

    Wage Growth – Due to legislative provisions and tax cuts in the bill, wages in Montana will rise by an inflation-adjusted amount of $3,400 to $6,100 over the next four years.

    Take Home Pay – A typical family with two children can expect $7,000 to $9,900 more in take-home pay with the OBBB in place.

    Jobs Protected – The bill helps safeguard 22,000 full-time Montana jobs that would have been at risk if previous tax cuts were allowed to expire.

    No Taxes on Social Security – With new deductions, the average Montana senior will pay zero taxes on their Social Security benefits, delivering tax relief to over 200,000 seniors in the state.

    No Taxes on Overtime – Roughly 24% of Montana workers regularly work overtime and will see real benefits in their paychecks. As much as 64% of Montana workers are eligible for this relief.

    No Taxes on Tips – About 4% of Montana’s labor force work in tipped industries and will see direct tax relief.

    Death Tax Relief – The bill extends higher estate tax exemptions, protecting Montana’s family farms, ranches, and small businesses from being unfairly taxed at death.

    No Sale of Public Lands – Congressman Ryan Zinke was successful in stripping a provision selling more than 450,000 acres of public land from the “One Big Beautiful Bill Act”.  

    Protecting Healthcare Access and Food Security for Rural and Vulnerable Montanans:

    No Cuts to Medicare – The OBBB does not touch Medicare benefits. Not a single dollar is cut from services seniors rely on.

    Strengthening Medicaid and SNAP– The bill protects Medicaid and SNAP for pregnant women, children, seniors, people with disabilities, and low-income families. By removing illegal aliens from the rolls and requiring able bodied adults to work part time to receive benefits, it eliminates pathways for fraud and abuse, ensures only eligible Americans receive coverage, and strengthens the system for the truly vulnerable, not illegal immigrants and fraudsters.

    Support for Rural Hospitals – OBBB includes expanded protections for rural hospitals with $50 billion in targeted rural health grants under the “Rural Health Transformation Program” and gives states flexibility to support local providers, ensuring continued access to care in small towns and underserved areas. 

    Boosting Montana’s Economy:

    Small Business Support – The bill extends the 199A small business tax deduction to about 29,000 Montana firms, nearly 45% of all businesses in the state.

    Manufacturing Incentives – Targeted provisions support Montana’s manufacturing sector, which makes up 5% of total employment.

    Opportunity Zones Made Permanent – Montana has 25 Opportunity Zones, including 10 on tribal land, which have already created 3,000 jobs and led to the construction of 500 new housing units.

    Protecting the Northern and Southern Borders:

    Tackles the Opioid Epidemic – Fights the flow of illicit fentanyl and deadly drugs across the southern border, helping combat the opioid crisis devastating Montana families and tribal communities.

    Builds and Secures the Border Wall – Constructs hundreds of miles of new border wall and barriers to stop drug smuggling and human trafficking operations that reach Montana communities and Tribal Nations.

    Funds Immigration, Customs, and Border Agencies at Record Levels – Provides resources for over 18,000 new frontline enforcement personnel, including 10,000 new ICE officers, 5,000 Customs officers, and 3,000 Border Patrol agents. This will helping secure both the southern and northern borders, which were left dangerously exposed under the Biden administration.

    For additional information on the OBBB, visit: https://www.whitehouse.gov/obbb/

     

    ###

    MIL OSI USA News

  • MIL-OSI Africa: Key industry support for C&I Energy + Storage Summit Zambia 2025

    Source: APO

    The C&I Energy + Storage Summit Zambia (https://apo-opa.co/3IzeiGS), a landmark event for the Southern African Development Community (SADC) region, is set to launch on 27-28 August 2025 at The Pamodzi Hotel in Lusaka.

    The C&I Energy + Storage Summit Zambia introduces a dynamic platform to tackle energy challenges and deliver sustainable solutions for Zambia’s commercial and industrial (C&I) sectors. As part of the Power and Energy Portfolio of VUKA Group, a leading organiser of transformative industry events across Africa, this Summit will drive the SADC region’s energy future.

    “The region has the potential to respond to the demand for sustainable energy. It is undisputable that the SADC region can do better. But what we lack in our region is collaboration”, says Mr Makozo Chikote, Zambia Minister of Energy.

    Endorsements, Partners, and Sponsors

    The Summit is proudly endorsed by key industry associations and supported by a robust network of partners and sponsors committed to advancing Zambia’s energy landscape. Zambia Ministry of Energy, Zambia Development Agency (ZDA), Zambia Association of Manufacturers (ZAM), and the Pan African Chamber of Commerce and Industry (PACCI) have partnered with the event, which underscores C&I Energy + Storage Summit Zambia’s role in promoting policy advocacy, technology adoption, and investment in renewable energy. ZESCO is the proud host utility of the Summit, and they are joined by key sponsors such as Enerj, Hexing, WEG, and Vertiv.

    Advisory board comprising influential industry stakeholders

    Guiding the Summit’s direction is a distinguished Advisory Board of industry experts and thought leaders who shape the programme to address pressing challenges in commercial and industrial energy security. https://Energy-StorageSummit.com Board members include:

    • Ian Griffiths, Solar and Hydro Projects Developer
    • Johnstone Chikwanda, Global Ambassador of Energy and Climate Change, Forum of African Traditional Authorities (FATA)
    • Mbiko Banda, Electrical Engineer and Research Lead, Africa GreenCo
    • Rodgers K. Muyangwa, Senior Manager Research and Pricing – Economic Regulation, Energy Regulation Board
    • Rose Chikotola-Sichizya, Co-ordinator, Proudly Zambian Campaign
    • Liana Braxton, Managing Director, Sosimple Energy
    • Chimuka Nketani, Director: Investment, Zambia Development Agency
    • Brian Tahinduka, Energy Head: Africa Regions, Standard Bank

    Their expertise ensures sessions are relevant, informative, and aligned with stakeholder needs.

    Confirmed speakers

    The Summit features speakers who bring real-world experience from across the energy value chain, including pioneers in embedded generation, PPAs, and Zambia’s open-access framework. Notable speakers include:

    • Billy Onyango, Renewable Energy Consultant, Kenya Power
    • Chabuka Kawesha, Chairperson, Vice President (South Block), Pan African Chamber of Commerce and Industry
    • Chikoma Kazunga, Head of Business Development and New Ventures, Africa GreenCo
    • Helen Zulu, Country Director, ENGIE Energy Access Zambia

    These experts will share stories, challenges, and lessons learned to help attendees futureproof operations, secure financing, and scale clean energy solutions.

    Contact Babalwa Bungane for speaking opportunities at the Summit: Babalwa.bungane@wearevuka.com

    Download the Programme (https://apo-opa.co/4lL3LXN)

    Complimentary access for pre-qualified C&I project owners

    Designed for businesses grappling with unreliable utility power, load-shedding, price volatility, and operational pressures, the Hosted Buyer Programme connects participants directly with solution providers active in Zambia and the region, enabling peer-to-peer networking, insights from real-world implementations, and updates on regulatory changes, financing tools, and emerging technologies.

    Who Should Apply?

    • Commercial and industrial companies
    • Large energy users
    • Energy project owners and buyers

    Enquire about the Hosted Buyer Programme here: https://apo-opa.co/4fgxw0p

    Why Attend?

    This Summit is essential for businesses facing unreliable utility power and pursuing energy independence. Through masterclasses, case studies, and networking, participants will explore alternative energy and storage technologies to secure reliable energy, learn from early adopters about successful project execution, gain insights into regulatory frameworks and policy advocacy, mitigate financial and technical risks with expert advice, and build partnerships to accelerate project development.

    This event is critical for Zambia’s C&I sectors, which depend on effective energy solutions. Key industries include retail, powering stores and supply chains consistently; manufacturing, ensuring stable energy for production; agriculture and agri-processing, supporting irrigation and processing; property development, enabling sustainable buildings; and energy-intensive users, stabilising operations for mining and industry.

    Join Us

    Seize this opportunity to elevate your energy strategy, engage with top providers, and shape the future of Zambia and the SADC region. Whether a sponsor, delegate, hosted buyer, or investor, the C&I Energy + Storage Summit Zambia offers unmatched value.

    Register for the event (https://apo-opa.co/4lxHyMH)

    Distributed by APO Group on behalf of VUKA Group.

    For sponsorship or hosted buyer enquiries, contact:
    Marcel du Toit
    marcel.dutoit@wearevka.com

    About VUKA Group:
    As part of the Power and Energy Portfolio of VUKA Group (https://apo-opa.co/450xGnN), this Summit aligns with VUKA’s mission to connect industries, spark innovation, and fuel economic growth. VUKA Group is a premier organiser of conferences, exhibitions, and events across Africa, delivering tailored platforms for networking, knowledge sharing, and business development in energy and related sectors.

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    MIL OSI Africa

  • India-UAE Partnership Eyes Nuclear Energy and Advanced Technology as Next Breakthrough Sectors

    Source: Government of India

    Source: Government of India (4)

    India and the United Arab Emirates are solidifying their strategic partnership, setting their sights on nuclear energy and advanced technology as the next frontiers for collaboration. This move comes as bilateral trade has already surged past the $100 billion mark, five years ahead of schedule, cementing the UAE’s position as India’s third-largest trade partner. Speaking at an Observer Research Foundation Middle East event in Dubai, Indian Ambassador to the UAE, Sunjay Sudhir, highlighted how both nations are leveraging their unique strengths to forge resilient supply chains and foster sustainable growth, moving beyond traditional trade ties.

    Intensified high-level diplomatic engagement since September 2024, including visits from Sheikh Khalid and Crown Prince Sheikh Hamdan to India, has focused on substantive economic cooperation. Discussions during Crown Prince Sheikh Hamdan’s visit with Commerce and Industry Minister Piyush Goyal underscored the significant role of the Comprehensive Economic Partnership Agreement (CEPA) in accelerating bilateral trade, particularly progress on the Virtual Trade Corridor, a foundational element of the India-Middle East-Europe Economic Corridor (IMEEC). UAE investments in India have reached $23 billion, with a notable $4.5 billion committed in 2024 alone, following the finalization of the Bilateral Investment Treaty last year. Furthermore, local currency trade settlement now accounts for 10 percent of all bilateral transactions, reducing dependence on dollar-denominated exchanges.

    A significant stride in financial technology integration is the UAE’s Jaywan card, built entirely on India’s rupee card stack. Plans are also underway to connect banking messaging systems, offering an alternative to SWIFT networks, and to integrate India’s Unified Payments Interface (UPI) with the UAE’s Aani platform by November 2025, enabling Central Bank Digital Currency (CBDC) interoperability. Educational cooperation has also seen tangible results with the launch of IIT Abu Dhabi’s PhD program this year, alongside IIM Ahmedabad’s Dubai campus and IIFT Dubai. Defense collaboration has been elevated to the secretary level, featuring joint exercises such as Desert Cyclone, Desert Flag, and the India-France-UAE Trilateral Exercise, and extends to participation in major defense exhibitions like IDEX and Dubai Airshow, with 25 Indian companies actively involved. Hardware integration initiatives include components for the Tejas fighter aircraft and the development of drone and anti-drone systems.

    Nuclear cooperation is emerging as a transformative area, with the UAE currently generating 25 percent of its energy from nuclear sources (5.6 GW capacity) and aiming to double this by 2030. The Partnership for Accelerating Clean Energy (PACE) initiative involving the US, UAE, , coupled with synergies with France, positions nuclear energy as a key growth sector. The advanced technology partnership gained momentum at the Vibrant Gujarat Global Summit 2024.

    Discussions are also underway for collaboration in critical minerals and the space sector, including polar initiatives. The IMEEC project envisions a comprehensive connectivity corridor for containers, data, and energy through connected grids and subsea cables. The I2U2 framework (India, Israel, UAE, US) is expanding its focus to food security, with plans for two food parks in Gujarat and renewable energy projects targeting 60 GW capacity in Gujarat and Rajasthan. Ambassador Sudhir emphasized the potential benefits for India from the UAE’s 25 other Comprehensive Economic Partnership Agreements (CEPAs), which could provide diversified market access and manufacturing advantages, particularly for energy-intensive industries. The UAE’s recent inclusion in BRICS further enhances its role as a strategic gateway for India’s engagement with Africa through initiatives like Bharat Africa Setu. The legal predictability and stable environment in the UAE also make it an attractive destination for Indian manufacturing investments requiring significant energy inputs.

    Culturally, the BAPS Hindu temple in Abu Dhabi stands as a powerful symbol of the shared ethos, religious tolerance, and cultural inclusivity underpinning the broader strategic relationship, a testament to the graciousness of the Abu Dhabi government. As both nations navigate global economic uncertainties, their partnership exemplifies how complementary strengths can foster resilient supply chains and sustainable growth models, with nuclear energy and advanced technology at the forefront of their expanding cooperation.

  • MIL-OSI: HSBC Continental Europe Agrees to Sell French Portfolio of Home and Certain Other Retail Loans

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    18 July 2025

    HSBC CONTINENTAL EUROPE AGREES TO SELL FRENCH PORTFOLIO
    OF HOME AND CERTAIN OTHER RETAIL LOANS

    HSBC Continental Europe, an indirectly held subsidiary of HSBC Holdings plc (“HSBC Group”), today signed a memorandum of understanding with a consortium comprising Rothesay Life plc and CCF (together the “Consortium Buyer”) regarding the sale of its French portfolio of predominantly home and certain other retail loans (the “Portfolio”) retained after the disposal of its retail banking business in France1 (the “Potential Transaction”).

    At 31 December 2024, the Portfolio had an outstanding balance of €6.7bn.

    On 1 January 2025, the Portfolio was reclassified from hold-to-collect to hold-to-collect-and-sell, and during the first quarter of 2025, the HSBC Group recognised a €1.2bn ($1.3bn2) pre-tax fair value loss through other comprehensive income on the Portfolio, and a €0.1bn ($0.1bn2) fair value gain in the income statement on related interest rate hedges. The fair value loss on the Portfolio resulted in an approximately 0.2 percentage point reduction in the HSBC Group CET1 ratio, which stood at 14.7% at 31 March 20253.

    At completion of the Potential Transaction:

    • The loss recognised in other comprehensive income will be recycled to the income statement with no further impact on HSBC Group’s CET1 ratio.
    • The risk weighted assets (“RWAs”) of the Portfolio4 will be deconsolidated, resulting in an immaterial benefit on the HSBC Group CET1 ratio.

    The Potential Transaction is expected to complete in the fourth quarter of 2025, subject to the appropriate information and consultation processes with respective works councils. HSBC Continental Europe will work closely with the Consortium Buyer to enable a smooth transition.

    The Potential Transaction allows HSBC Continental Europe to further strengthen its focus on being the leading corporate and institutional bank in Europe, supporting international clients. HSBC is focused on increasing its leadership and market share in the areas where it has a clear competitive advantage, and where it has the greatest opportunities to grow and support its clients.

    Financial impact of the transaction on HSBC Continental Europe:

    • Since the reclassification of the Portfolio on 1 January 2025 from hold-to-collect to hold-to-collect-and-sell, HSBC Continental Europe recognised during the first quarter of 2025, a €1.2bn fair value pre-tax loss through other comprehensive income and a €0.1bn fair value gain in the income statement on related interest rate hedges. The fair value loss on the Portfolio resulted in an approximately 2 percentage points reduction in HSBC Continental Europe’s CET1 ratio, which stood at 18.8% at 31 December 20245.
    • At completion of the Potential Transaction, the loss recognised in other comprehensive income will be recycled to the income statement with no further impact on HSBC Continental Europe’s CET1 ratio. The RWAs6 of the Portfolio will be deconsolidated and it is estimated that the HSBC Continental Europe CET1 ratio will increase by approximately 0.3 percentage point.

    Contacts:

    Sophie Ricord | sophie.ricord@hsbc.fr | + 33 6 89 10 17 62
    Stéphanie Préaut | stephanie.preaut@hsbc.fr | +33 6 75 31 16 58

    HSBC Continental Europe
    Headquartered in Paris, HSBC Continental Europe is an indirectly held subsidiary of HSBC Holdings plc. HSBC Continental Europe comprises, in addition to corporate and institutional banking, private banking, insurance and asset management activities across Continental Europe, and includes the business activities of 10 European branches (in Belgium, Czech Republic, Germany, Ireland, Italy, Luxembourg, the Netherlands, Poland, Spain and Sweden) and two banking subsidiaries in Continental Europe (in Luxembourg and Malta). HSBC Continental Europe’s mission is to serve both customers in Continental Europe for their needs worldwide and Group customers for their needs in Continental Europe.

    HSBC Holdings plc
    HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London, HSBC serves customers worldwide from offices in 58 countries and territories. With assets of US$3.054 billion at 31 March 2025, HSBC is one of the world’s largest banking and financial services organisations.

    Rothesay Life plc
    Rothesay is the UK’s largest pensions insurance specialist. The company has over £70 billion of assets under management, securing the pensions of more than one million people and paying out, on average, over £300 million in pension payments each month.

    CCF Group
    CCF Group is a century-old French banking group specializing in wealth management and specialized financing. Wealth management services are provided under the CCF brand to 800,000 clients across France. Specialized financing focuses on personal loans and corporate financing.


    1 Completion of the sale of Retail Banking Business in France – 1 Jan 2024, HSBC.com
    2 At relevant prevailing FX rates during, and at the end of, the first quarter of 2025.

    3 HSBC Group CET1 ratio on a PRA basis.
    4 Excluding Operational Risk RWAs.
    5 HSBC Continental Europe CET1 ratio computed on an ECB basis.
    6 Excluding Operational Risk RWAs

    Attachment

    The MIL Network

  • MIL-OSI Security: Two Men Plead Guilty To Money Laundering In Connection With Phishing Scams That Targeted SF-Based Company, Other Victims

    Source: Office of United States Attorneys

    SAN FRANCISCO – George Aboagye and Dennis Jordan pleaded guilty to money laundering in connection with their roles in online phishing scams.  Aboagye entered his guilty plea today and Jordan pleaded guilty on July 10, 2025.  

    Aboagye, 44, who previously resided in Stone Mountain, Ga., and Jordan, 39, who previously resided in Dallas, Texas, were originally indicted by a federal grand jury in February 2024 and charged by superseding informations in July 2025.

    According to court documents and the plea agreements, in December 2019, Aboagye laundered $922,445.34 fraudulently obtained from a San Francisco-based business through a business email compromise scam.  Employees at the victim business received a fraudulent email that purported to be from one of the business’s actual service providers.  The email induced employees at the victim business to send a wire transfer in the amount of $922,445.34 to a bank account for a fake company.  Aboagye and others used the fake company’s bank account to receive and launder the proceeds from this scam.  

    To conceal the source of the fraudulently obtained funds, portions of the $922,445.34 were distributed to Aboagye and other individuals, including Jordan, who deposited a $20,000 cashier’s check derived from the fraud proceeds into a bank account he set up under another fake business name.  

    Aboagye also wired other ill-gotten proceeds into accounts held in his name, including portions of $173,315.70 fraudulently obtained from a North Dakota state agency in May 2020 as part of a business email compromise and fraudulent payments totaling $80,300 from the Small Business Administration in August 2020.  In sum, Aboagye admitted to laundering between $1.5 million to $3.5 million in fraudulent proceeds.

    Jordan also admitted to using multiple fake companies and identities to open bank accounts, which he then used to receive funds from various victims, including $15,000 in January 2020 from a victim in California who believed the money was going to be used to obtain a shipment of gold from Australia, and $40,000 in April 2020 from a victim in California who believed the money was being used to help Covid-19 research.  Jordan also used one such account to obtain a $220,000 loan through the Small Business Administration’s Covid-19 Paycheck Protection Program.  Jordan used some of these funds to purchase a residence for himself in Dallas.  In sum, Jordan admitted to laundering $336,600 in fraudulent proceeds.  

    United States Attorney Craig H. Missakian and FBI Special Agent in Charge Sanjay Virmani made the announcement.

    Both defendants have remained in custody since their arrests and both were remanded into custody following their guilty pleas.  Jordan and Aboagye are scheduled to be sentenced on Sept. 24, 2025, before U.S. District Judge Rita F. Lin.  Each defendant faces a maximum statutory penalty of 20 years in prison and a $500,000 fine.  Any sentence will be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    Assistant United States Attorneys S. Waqar Hasib and Kevin Yeh are prosecuting the case.  The prosecution is the result of an investigation by the FBI.
     

    MIL Security OSI