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Category: Commerce

  • MIL-OSI USA: Wyden Blasts Republicans for Giving Big Banks the Green Light to Gouge American Families

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    March 27, 2025
    Republicans Support for Raising Overdraft Fees Will Cost Americans $5 Billion a Year
    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., released the following statement today on Republicans voting to abolish a Biden-era rule that was set to reduce the cost of overdraft fees and improve transparency for consumers: 
    “It comes as no surprise that Republicans have once again broken their promise to lower costs and handed big banks a victory on the backs of American families who are already struggling to keep their heads above water due to Trump’s chaos. Throwing this rule in the trash gives the biggest banks the power to continue charging consumers 5 billion dollars in excessive overdraft fees every year, while Trump and his uber wealthy MAGA friends shamefully showboat their newly purchased Teslas from the richest man alive.”
    Last year, Wyden joined Democratic senators in sending a letter to the Consumer Financial Protection Bureau (CFPB) supporting the rule, including a $5 cap on overdraft fees. 

    MIL OSI USA News –

  • MIL-OSI Europe: Isabel Schnabel: Financial literacy and monetary policy transmission

    Source: European Central Bank

    Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the 2025 Mais Lecture at Bayes Business School

    London, 27 March 2025

    According to our latest public opinion survey, more than 90% of respondents are aware of the European Central Bank.[1][2] But when asked about our tasks, only 43% said they know that the ECB is responsible for maintaining price stability, despite inflation continuing to be the most important issue for European citizens.[3]

    These findings are part of a broader societal phenomenon: the widespread lack of financial literacy.

    Financial literacy is the ability to understand and apply basic financial concepts. It empowers individuals to make informed financial choices, mitigate investment risks and make provisions for old age.

    In my lecture today, I will argue that financial literacy also matters for the transmission of monetary policy. I will show that financially literate individuals react more strongly to interest rate changes, are more willing to take on risk and are more forward-looking when forming inflation expectations.

    Together, these factors suggest that greater financial literacy tends to strengthen the transmission of central bank policies to the real economy. Therefore, it can make monetary policy more effective in achieving its objectives and lower the sacrifice ratio – that is, the cost of reducing inflation in terms of lost output or higher unemployment.

    For this reason, central banks, including the ECB, have increased their efforts to foster financial literacy. Such initiatives strengthen trust in central banks and support broader policy goals, including progress on the European savings and investment union.

    Financial literacy varies widely across socio-economic groups

    In 2021 G20 finance ministers and central bank governors recognised financial literacy as an essential skill for empowering people and supporting individual and societal well-being.[4] It is defined as the ability to understand and effectively use basic financial concepts to take personal financial decisions.

    Such decisions are taken at various stages of life. People have to decide how much of their income they want to spend and to save, how to best invest their savings, how to finance big purchases like an apartment or a house, and how to make provisions for old age or emergencies. This requires an understanding of how interest rates and inflation affect the return on various financial products and the cost of borrowing.

    The sharp economic fluctuations over the past few years have underscored how important financial literacy is for the well-being of households. The surge in inflation in the aftermath of the pandemic and the sharp rise in interest rates after a decade of low rates have highlighted the need for individuals to properly understand and react to a changing inflation and interest rate environment.

    Economists Annamaria Lusardi and Olivia Mitchell developed the “Big Three” financial literacy questions, which have become a widely used measure of financial literacy (Slides 2 to 4).[5]

    These questions assess basic knowledge in three areas that are of key importance for households’ financial decision-making: the concept of compound interest, the importance of inflation for the purchasing power of savings, and the benefits of diversifying a portfolio across different assets.[6] People are usually considered to be financially literate if they can answer all these three questions correctly.

    Numerous surveys collect information about the level of financial literacy across various countries and socio-economic groups, and the ECB has contributed to this effort by including questions on financial literacy in its consumer expectations survey.

    These surveys show that many people struggle to answer all three questions correctly. In the euro area, less than half of respondents, around 48%, managed to get all three questions right (Slide 5).

    Moreover, financial literacy varies widely across socio-economic groups.

    First, financial literacy is lower for younger people. Those aged below 50 display below-average financial literacy, which could negatively affect their ability to build up long-term wealth or their decisions about major purchases.[7]

    Second, women have on average significantly lower financial literacy than men. This could lead to a higher risk of financial hardship and could explain why women are more often at risk of old-age poverty.[8]

    Third, financial literacy increases with educational attainment and income, potentially reinforcing inequality as, on average, financially literate people take better financial decisions.[9]

    Finally, there is considerable variation across countries, also within the euro area. Financial literacy tends to be higher in northern European countries.

    Financial literacy matters for monetary policy transmission

    These differences have important implications for individuals, but they may also have an impact on the effectiveness of macroeconomic policies.

    Monetary policy is a case in point. The effectiveness of monetary policy relies on the smooth transmission of policy decisions – especially changes to key policy rates – to financing conditions and, from there, to economic activity and inflation.

    Today I will focus on three key channels through which financial literacy can influence the transmission of our monetary policy: the interest rate channel, the risk-taking channel and the inflation expectations channel.[10]

    Financially literate households react more strongly to interest rate changes

    In standard macroeconomic models, monetary policy works mainly through the interest rate channel: an increase in interest rates shifts intertemporal trade-offs in the direction of higher savings and less consumption due to a substitution effect. Higher interest rates dissuade firms from investing and households from purchasing houses or durable goods.

    Policymakers frequently use these models to derive policy prescriptions, thereby implicitly assuming that households react in an optimal way to changes in interest rates by adjusting their borrowing and saving.

    However, a lack of financial literacy in part of society could be one reason that not all people behave in the way that models with rational expectations assume. Consequently, policymakers may make mistakes in predicting household behaviour, affecting the way monetary policy is transmitted to the real economy.[11]

    For example, survey evidence suggests that financially literate households are more responsive to changes in interest rates.

    On the one hand, this reflects the fact that these households are more attentive to interest rate developments. Among financially literate households, 62% report paying “some”, “much” or “a great deal” of attention to the level of interest rates. For households with low financial literacy, this share is only 49% (Slide 6).[12]

    On the other hand, a financially literate person has a better understanding of how interest rate changes will affect their financial situation and how they should best respond.

    The experience of recent years is a good example. When the ECB raised its policy rates in 2022 to fight inflation, financially literate individuals understood that this created more beneficial conditions for saving and less attractive conditions for borrowing, strengthening policy transmission. By contrast, less financially literate people reacted much less strongly to the dramatic change in the interest rate environment (Slide 7).

    In other cases, the impact on transmission is less clear.

    Households with high levels of financial literacy preferred fixed-rate loans when interest rates were low, but less so when interest rates were high (Slide 8). This behaviour tends to slow down policy transmission, as it insulates these households from changes in the interest rate environment. By contrast, less financially literate households did not significantly adjust their preferences when interest rates increased sharply.[13]

    The financial literacy of borrowers and depositors may also affect how swiftly and strongly banks pass through changes in policy rates to financing conditions. This is a key step in monetary policy transmission.

    The more attentive households are to interest rates, the more likely they are to search for the best possible interest rate for both loans and deposits. Indeed, according to the consumer expectations survey, financially literate households are more likely to “shop around” for the best terms of debt products (Slide 9, left-hand side).

    The same is true for deposits. During the recent hiking cycle, banks had to increase deposit rates to prevent a deposit flight as depositors shifted from low-yielding deposits to higher-yielding investments.[14]

    Such behaviour is likely linked to financial literacy. In fact, during the recent tightening cycle, cash accounts of corporates, which are managed by finance professionals, received higher interest rates for both overnight and term deposits than those of households (Slide 9, right-hand side).

    Higher funding costs for banks then also translate into higher bank lending rates, strengthening the transmission of policy rates to financing conditions.

    Financial literacy increases risk-taking and stock market participation

    A second important transmission channel of monetary policy operates through investors’ risk appetite. This is the risk-taking channel.

    Monetary policy influences people’s willingness to take risks, with looser monetary policy being associated with greater risk-taking, as investors have an incentive to switch from safe assets to higher‑yielding alternatives.[15] Increased risk-taking, particularly through greater stock market participation, amplifies the aggregate effects of monetary policy adjustments.[16]

    Research indicates that financial literacy plays a crucial role in determining the extent to which households engage in risk-taking by investing in the stock market or other risk assets.[17] Financially literate households are much more likely to invest in stocks or mutual funds, thereby strengthening monetary policy transmission (Slide 10, left-hand side).

    Differences can also be found in the mortgage market.

    A higher share of financially literate households take out mortgages and other loans than is the case for households with low financial literacy, although the difference is quantitatively much smaller than for stocks (Slide 10, right-hand side). Changes in aggregate consumption in response to interest rate adjustments are to a large extent driven by households with mortgages.[18]

    Higher risk-taking may also affect monetary policy indirectly by mobilising private capital for riskier and more productive investments. More risk capital should lead to higher productivity growth and hence a higher natural interest rate, r-star, giving central banks greater scope to stimulate the economy through lower interest rates due to a greater distance to the zero lower bound.[19]

    The effects of higher risk-taking can be self-reinforcing. If a larger share of the population rebalances their portfolios by switching from savings products or bonds to stocks in response to looser monetary policy, this may encourage firms to make additional investments. The increase in investment leads to higher aggregate income, in turn leading to more investment in the stock market.[20] Through this channel, stock market participation can magnify the investment response to monetary policy shocks.[21]

    Wealth effects provide another amplifying channel, as looser monetary policy tends to go hand-in-hand with a better performance of riskier assets, increasing household wealth and fostering consumption, with important distributional consequences. However, as shown over the recent tightening cycle, asset prices may behave differently. Over this period, the dampening effect of higher rates on stock prices was more than offset by stronger risk sentiment, leading to a surge in stock prices. Such wealth effects weakened monetary policy transmission in the most recent hiking cycle.

    Lastly, financially literate households have been shown to be more likely to build up precautionary savings, making them better able to cope with financial shocks and smooth their consumption.[22] This may slow monetary transmission, as these households can initially draw on cash buffers when the cost of borrowing increases through policy tightening. Hence, the impact of financial literacy on risk-taking may also go in the opposite direction.

    Financially literate households are more forward-looking when forming inflation expectations

    A third key transmission channel of monetary policy is the inflation expectations channel.

    Since consumption and investment decisions as well as price and wage-setting processes reflect expectations about the future pace of price changes, household inflation expectations shape inflation dynamics. A growing body of research suggests that consumers’ expectations matter greatly for the transmission of monetary policy, possibly more than those of financial market participants.[23]

    Research by the International Monetary Fund shows that, over the recent inflation episode, near-term inflation expectations became an increasingly important driver of inflation in advanced economies (Slide 11, left-hand side).[24]

    In turn, factors that can reduce the sensitivity of inflation expectations to actual inflation developments can contribute to bringing inflation down more quickly. And the lower the sensitivity, the lower the sacrifice ratio, allowing for swift disinflation without causing high unemployment or a deep recession.

    It is therefore crucial that central banks understand how households form these expectations.

    Research shows that policy tightening has a stronger dampening effect on near-term inflation expectations and inflation when a greater share of people in the economy are forward-looking (Slide 11, right-hand side).[25]

    Forward-looking households form their expectations on the basis of a broader set of information, including central bank policies and their expected impact on the economy, while backward-looking households base their expectations to a larger degree on past inflation experience.

    Therefore, a higher share of backward-looking households means that the central bank must tighten monetary policy more to achieve the same drop in inflation.

    The degree to which households are forward-looking likely depends on their level of financial literacy.

    Survey evidence indicates that households with higher financial literacy pay more attention to inflation.

    52% of financially literate households pay “much” or “a great deal” of attention to inflation. This share stands at just 45% for the less financially literate (Slide 12, left-hand side). Higher attention also implies that these people are easier to reach through central bank communication.[26]

    However, these data also suggest that even for financially literate people, almost one half do not pay much attention to inflation. This may explain why inflation perceptions are often very persistent, adapting slowly to actual inflation dynamics. While headline inflation in the euro area dropped by almost 8 percentage points from its peak in October 2022 until the end of 2023, inflation perceptions fell by much less (Slide 12, right-hand side).

    Again, there is some difference of inflation perceptions across different levels of financial literacy: while the inflation perceptions of both groups were similar when inflation had reached its peak, those of financially literate people are now 1.6 percentage points lower than those of less financially literate people.

    Inflation expectations paint a similar picture. The one-year ahead inflation expectations of financially literate households have dropped much more quickly than those of the less financially literate (Slide 13, left-hand side).

    These two findings are linked and reflect the fact that individuals’ inflation perceptions have a substantial impact on their expectations of future inflation.[27]

    Overall, the share of consumers with inflation expectations broadly anchored around 2% – meaning that three-year inflation expectations are between 1.5% and 2.5% – has fluctuated around a level of only 17%, indicating a low degree of anchoring.

    Again, there are notable differences in inflation expectations linked to financial literacy. The share of consumers with medium-term inflation expectations anchored around 2% is significantly higher for financially literate households. However, these households have also been more responsive to actual inflation developments, with the share of consumers with medium-term inflation expectations around 2% declining more sharply when inflation surged and rising more strongly when it came down (Slide 13, right-hand side).[28]

    The observed differences in the formation of inflation expectations translate into lower deviations of individual one-year ahead forecasts from inflation perceptions at that time for more financially literate people, implying a lower subjective forecast error (Slide 14). In other words, households with higher levels of financial literacy tend to have more accurate inflation expectations.[29]

    Financial literacy also affects household perceptions of real, i.e. inflation-adjusted, incomes, with implications for monetary policy transmission. Over the past three years, real private consumption has increased more slowly than real disposable income. This can be partly explained by household misperceptions of their real income developments.[30]

    While over 50% of households in the euro area experienced positive real income growth in 2024, only 11% perceived that their real income had increased (Slide 15, left-hand side). The net percentage of pessimistic households is highest for the bottom half of the income distribution, and it is also higher for households with low financial literacy (Slide 15, right-hand side).

    This implies that lower inflation due to restrictive monetary policy generally had a weaker impact on consumption due to such misperceptions, dampening the recovery.

    The need for enhanced financial education initiatives

    The evidence presented explains why central banks have a keen interest in promoting financial literacy and improving financial knowledge.

    In our 2021 monetary policy strategy review, we acknowledged that communication to broader audiences is key for monetary policy. That is why we have put more emphasis on explaining our monetary policy decisions to the general public in an accessible way.[31]

    Since President Lagarde took office, the Governing Council has made significant progress in making communication more accessible. For example, the introductory statement to the press conference after our monetary policy decisions has been replaced with the monetary policy statement, which offers a more concise and compelling narrative, while significantly reducing the textual complexity of monetary policy announcements, thereby increasing readability (Slide 16). To reach audiences beyond experts, the statement has been complemented by highly accessible, visualised statements, available in all EU languages.[32]

    When people understand how monetary policy works, they tend to trust central banks more.[33] And people’s trust in the central bank and in its ability to maintain price stability has been shown to help anchor inflation expectations and increase the share of forward-looking people in the economy.[34]

    Knowledge about the ECB is linked to financial literacy. Financially literate households tend to be significantly more knowledgeable about the ECB and its inflation objective (Slide 17).

    This has implications for the ECB’s credibility. In the most recent inflationary episode, the share of households with high financial literacy that trusted the ECB to maintain price stability over the next three years rose notably after the ECB had embarked on its hiking cycle and inflation had come down significantly (Slide 18).

    By contrast, households with low financial literacy lost confidence in the ECB’s ability to maintain price stability as interest rates rose. Even when inflation had already come down significantly, the share of households that trusted the ECB’s ability to maintain price stability remained low. This is in line with recent evidence from the United States, where 60% of survey respondents believe that high interest rates cause high inflation.[35]

    Therefore, to maintain and improve their credibility, central banks should help people understand their policy actions and their economic effects through communication and enhance their efforts to improve financial literacy.[36]

    At the ECB, we are taking active steps to do this. We have expanded our communication efforts towards the general public by offering explainers on YouTube (through our “Espresso Economics” channel), by speaking more frequently on TV, by engaging on social media and by producing regular podcasts.

    Earlier this month, on International Women’s Day, the ECB took another step in promoting financial literacy by committing to five joint actions with national central banks, also aimed at closing the gender gap in financial literacy.[37]

    These include raising awareness, establishing a central bank financial literacy network, collaborating with national authorities for consumer protection, developing a harmonised financial literacy dataset across Europe, and focusing communication efforts on key moments in life, such as early education, taking out a major loan or building a pension.

    Of course, such efforts can only complement, not replace, much broader efforts needed from governments and the education system. And it requires a long-term effort, with progress likely to be incremental.

    Financial literacy is also an important cornerstone of the savings and investment union, one of the European Commission’s flagship projects.[38]

    Under its first pillar, it aims to encourage citizens to invest in capital markets, which can contribute to financing part of the massive investments needed for the green and digital transitions.[39] As I said before, financial literacy increases the willingness to make such investments. Therefore, an improvement in financial literacy is seen as essential to achieving the stated objectives. That is why the European Commission will adopt a financial literacy strategy, in line with the ECB’s efforts.

    Conclusion

    Let me conclude.

    Financial literacy is an essential life skill that not only empowers individuals to make informed financial decisions but can also make monetary policy more effective.

    Financially literate individuals respond more strongly to interest rate changes, are more willing to take on risk and are more forward-looking when forming inflation expectations. This tends to strengthen the transmission of central bank policies to the real economy.

    However, significant differences in financial literacy across socio-economic groups highlight the need for continued educational initiatives.

    Fostering financial literacy can support policy effectiveness, enhance public trust in central banks and help people make better financial decisions, ultimately contributing to a stronger economy and individual well-being.

    As Benjamin Franklin, who spent more than 16 years here in London, once said, “an investment in knowledge pays the best interest.”

    Thank you.

    MIL OSI Europe News –

  • MIL-OSI: Dominican Republic: A Global Benchmark for Investment

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, March 27, 2025 (GLOBE NEWSWIRE) — In a global context marked by increasing economic uncertainty and market volatility, the Dominican Republic is consolidating itself as a global benchmark for foreign investment, especially for companies seeking new destinations from which to operate to reduce costs, mitigate risks, and strengthen the resilience of their supply chains.

    With a GDP growth of 5.0% in 2024, the highest in all Latin America and the Caribbean, the country remains one of the most dynamic, outperforming larger economies. For the coming years, this impressive dynamism is expected to continue, with IMF growth projections of 4.5% and 5.1% for 2025 and 2026, respectively, driven by solid political and social stability, a robust financial system, and favorable economic policies for business development. This extraordinary performance has also strengthened the confidence of international investors, reflected in the improvement of the country’s credit rating by major rating agencies such as S&P Global and Fitch Ratings.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    Thus, beyond its idyllic landscapes, the Dominican Republic has managed to establish itself as a key destination for Foreign Direct Investment (FDI). In 2024, according to the United Nations Conference on Trade and Development (UNCTAD), FDI in the country increased by 7.1%, representing 41% of the capital flows captured by Central America.

    The Dominican Republic Industrial Tech revolution is no longer a secret – it’s a movement. This dynamic shift is not only transforming the country’s industrial landscape but is also positioning the Dominican Republic as a central hub for technological innovation, creating exciting opportunities for growth and international partnerships.

    Global companies continue to choose the Dominican Republic to relocate their operations in key sectors such as medical and pharmaceutical products, electrical and electronic devices, textile manufacturing, tobacco and its derivatives, jewelry, among others. Clearly, this outlook shows that nearshoring is not an emerging trend, but a reality in the country. We’ve seen how innovation, investment, and talent are transforming the nation into a powerhouse of technological advancement.

    Free Zones in the Dominican Republic: Engine of Economic Diversification and Nearshoring

    The growing interest in creating more resilient, sustainable, and closer supply chains to end consumer markets has made nearshoring a key competitive strategy for companies. In this context, the Dominican Republic, located just two hours by air and two days by sea from the United States, offers multiple competitive advantages:

    • Geographic proximity to the world’s largest consumer markets.
    • Legal security and clear, predictable rules of the game.
    • Top-level connectivity and logistics infrastructure, with 8 international airports, 18 seaports, 5 logistics centers, and 33 logistics operator companies. This infrastructure includes ports that have positioned themselves as important terminal operators, playing a strategic role in the sustainability of global supply chains.
    • Several Free Trade Agreements, including DR-CAFTA and EPA, which open the doors to more than 900 million potential consumers worldwide.
    • Competitive operational costs.

    These extraordinary advantages, combined with the attractive tax incentives offered by the Free Zones Regime, make the Dominican Republic an unbeatable investment destination for companies looking to relocate or expand their manufacturing operations.

    Free Zones, which have been successfully implemented for over half a century without modifications, have played a crucial role in the industrial and social development of the country, attracting the attention of global companies, including those on the Fortune 500 list, and consolidating themselves as a key pillar of the economy. Their main benefits include:

    • 100% tax exemptions on national and local taxes.
    • Access to a skilled and competitive workforce, with experience in advanced manufacturing processes.
    • Specialized training and development programs.
    • Simplified customs processes that streamline export logistics.
    • Competitive wage structures tailored to the Free Zones Regime.
    • Parks Operators which offer business services and solutions to facilitate the operations of Free Zones companies.

    Clearly, this is an exceptional regime for companies interested in developing operations with certainty and predictability, strengthening their supply chains, and successfully navigating disruptions and changes in the global environment.

    About the Ministry of Industry, Commerce, and MSME’s (MICM)
    MICM is the government agency responsible for the formulation, adoption, monitoring, evaluation, and control of policies in the fields of industry, exports, foreign trade, free zones, special regimes, and SMEs.

    Contact Information

    Ministry of Industry, Commerce, and MSME’s (MICM)
    Vice Ministry of Free Zones and Special Regimes
    (1) 809-685-5171 ext. 1017
    www.micm.gob.do

    For more information, visit:
    www.drfreezones.com

    The MIL Network –

  • MIL-OSI USA: Boulder, Colorado Named New Host of Sundance Film Festival Beginning in 2027

    Source: US State of Colorado

    Press conference to be held at 2 p.m. today in downtown Boulder 

    BOULDER — Today, the Sundance Institute named Boulder, Colorado as the new host of the Sundance Film Festival starting in 2027. To celebrate the announcement, a press conference will be held at 2 p.m. today, March 27, in front of the Boulder Theater on the southwest corner of 14th and Spruce in downtown Boulder, Colorado. State officials, including Gov. Polis, Sundance Institute representatives, and Visit Boulder are all expected to speak. Members of the media who plan to attend should RSVP to Ally Sullivan at ally.sullivan@state.co.us.

     “I’m beyond excited to welcome the Sundance Film Festival to Colorado starting in 2027. Powerful films tell our stories; who we were, who we are, and who we aspire to be. Here in Colorado we also celebrate the arts and film industry as a key economic driver, job creator, and important contributor to our thriving culture. Now, with the addition of the iconic Sundance Film Festival, we can expect even more jobs, a huge benefit for our small businesses including stores and restaurants, and to help the festival achieve even greater success. Thank you to the Sundance Film Festival and all of the partners including the City of Boulder, Visit Boulder, the Boulder Chamber of Commerce, and I also want to thank the bipartisan legislators and leadership who have worked tirelessly to make this possible,” said Governor Jared Polis. 

    Today’s announcement follows the submission of a winning proposal by the Boulder Convention and Visitors Bureau (Visit Boulder) with support from the Colorado Office of Economic Development and International Trade (OEDIT), the Colorado Office of Film Television and Media (COFTM), OEDIT’s Business Funding & Incentives Division, Colorado Creative Industries (CCI), the Colorado Tourism Office (CTO) and a regional coalition of partners, including the City of Boulder, the Boulder Chamber, the University of Colorado Boulder, and the Stanley Film Center. The proposal to host the Sundance Film Festival in Boulder has also secured bipartisan support, including the sponsors of HB25-1005, which is still moving through the legislative process, House Majority Leader Monica Duran, Rep. Brianna Titone, Sen. Judy Amabile and Sen. Mark Baisley. 

    “We’re beyond excited that Boulder has been chosen as the future home for the Sundance Film Festival. With its thriving creative spirit, stunning mountain backdrop, and welcoming community, Boulder offers a truly one-of-a-kind experience for filmmakers and attendees alike. This moment is a testament to what happens when a community comes together to champion art, culture, and connection. Congratulations, Boulder and all of Colorado — this is our moment to shine!” said Charlene Hoffman, CEO of Visit Boulder. 

    Through this historic opportunity, Colorado will honor the Festival’s roots in the mountain west, while supporting its ongoing growth and success and boosting the state’s creative economy. The Festival’s presence in Boulder will benefit the region and beyond, increasing tourism and boosting sales to restaurants and small businesses during a quiet time of year, while bolstering Colorado’s creative economy and generating new jobs for Coloradans. 

    “Colorado has long been known for its culture of collaboration, and that spirit was on full display throughout the proposal process. Recognizing the opportunity to strengthen our creative economy, create new jobs for Coloradans, boost tourism and elevate Colorado on the global stage, a diverse group of partners came together to showcase Colorado as the ideal next home for the Sundance Film Festival. The relationships we have built and strengthened, especially our partnership with the Sundance Institute, will ensure the Festival’s next act is a tremendous success,” said OEDIT Executive Director, Eve Lieberman. 

    “We are thrilled to welcome the Sundance Film Festival to Colorado and work with our new partners at the Sundance Institute to ensure a smooth transition to Boulder in 2027. We can think of no better partner to elevate filmmaking and storytelling in Colorado and look forward to celebrating the many creative milestones that lie ahead,” said Colorado Film Commissioner, Donald Zuckerman. “With our world-renowned Rocky Mountain landscapes, well-established creative communities, strong hotel bed base, and robust domestic and international connectivity through Denver International Airport, Colorado is the perfect stage for the Sundance Film Festival’s next act. Congratulations to Boulder, and welcome to our new Festival partners!” said Colorado House Majority Leader Monica Duran. 

    “Hosting the Sundance Film Festival is an incredible win for the Boulder region and the state of Colorado. The 2024 festival generated $132 million in gross domestic product, created 1,730 jobs paying $69.7 million in wages, and attracted 24,000 out-of-state visitors who spent an average of $735 a day. We expect to see a similar impact for Coloradans and look forward to welcoming the Festival in 2027,” said Colorado Rep. Brianna Titone. 

    “The Tax Incentive for Film Festivals is advancing through the Colorado legislature with bipartisan support, paving the way for today’s historic announcement and demonstrating our state’s commitment to ensuring the success of the Sundance Film Festival in Colorado. This exciting news will elevate our creative industries and create new jobs for Coloradans for years to come,” said Colorado Sen. Judy Amabile. 

    “Today’s announcement is a tremendous win for Colorado small businesses. We welcome the Sundance Film Festival making its new home in Boulder. This will boost sales at restaurants, retailers and other small businesses throughout the region that rely on tourism, bringing much needed revenue to Colorado communities during a quiet time of year,” said Colorado Sen. Mark Baisley.

     About Visit Boulder 

    Visit Boulder, the Convention and Visitors Bureau, is the official destination marketing organization for the city of Boulder, Colorado. Established in 1985, Visit Boulder strengthens the local economy by inspiring visitor connections to Boulder’s vibrant landscape and unique culture. (www.bouldercoloradousa.com) 

    About the Colorado Office of Economic Development and International Trade 

    The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT. 

    ###

    MIL OSI USA News –

  • MIL-OSI: SafeCard Reviews (Read Before Buying): Does It Really Work or Is It a Scam?

    Source: GlobeNewswire (MIL-OSI)

    MONROE, La., March 27, 2025 (GLOBE NEWSWIRE) — The world is gradually going fully digital with the advent of many of the latest technologies. We have embraced the convenience it brings with each tap, swipe, and contactless payment, even though it brings with it a new set of vulnerabilities. The proliferation of digital technologies raises the possibility of illegal access to private data, and resultant theft of personal information. This is where RFID-blocking technology comes into play, and SafeCard is one gadget that has generated a lot of attention.

    SafeCard Reviews

    SafeCard is designed to serve as a portable protector for your personal and financial data. According to the manufacturer claims and many consumer reports, It successfully prevents unwanted scanning by erecting an imperceptible barrier around your credit cards, passports, and other RFID-enabled devices using an innovative RFID and NFC blocking technology. To put it another way, SafeCard quietly protects your sensitive information in the background so you may profit from online transactions without worrying about cybercrime all the time.

    The SafeCard has been trending online and on different blogs because of the many claims and features users stand to gain from getting it. Also, users have asked many questions with the aim of confirming the authenticity and manufacturer’s claims. Is the SafeCard Worth My Dime? SafeCard Consumer Reports? Benefits of SafeCard? How Is the SafeCard better than an RFID Blocking Wallet? You will get to learn the answers to these and even more by the end of this review.

    We will holistically be looking at SafeCards performance, features, consumer reports, usefulness, and design. We are aware that making an informed choice requires a clear, factual analysis of the device’s functionality in real-world situations and we will be giving you just that. We will also discuss actual user experiences of the SafeCard from people in the USA, and Canada. Let’s get started!

    What Is SafeCard?
    (SafeCard Reviews USA, Canada, Australia)

    SafeCard is a thin and lightweight innovative card designed to keep you safe from unwanted access to your digital information. SafeCard provides a crucial line of security for your credit cards, passports, and other RFID-enabled devices in this age of contactless payments and growing cyberthreats. It prevents possible scanners from intercepting your data by establishing an imperceptible electromagnetic barrier using innovative RFID and NFC blocking technologies. Even in crowded public areas, this protective field guarantees that your personal identification and financial information stay private.

    SafeCard has an incredibly tiny design, unlike traditional RFID-blocking devices that come in the form of large wallets or separate sleeves. It blends in perfectly with any wallet, pocketbook, or cardholder thanks to its slightly thicker than one millimeter thickness, which keeps the design simple and elegant without adding extra bulk. SafeCard is a great option for anyone looking for both style and security because of its small size.

    The SafeCard functions passively so it doesn’t need batteries, recharging, or complicated setup. It automatically starts protecting your data by thwarting unauthorized scanning efforts as soon as it is put next to your cards. Whether you’re traveling, commuting, or just running your daily affairs, its sturdy, water-resistant materials guarantee that it can endure normal wear and tear. Essentially, SafeCard offers 24/7 security against digital theft by fusing an innovative technology with a user-friendly design.

    Does The SafeCard Really Work?

    By employing RFID and NFC blocking technology, SafeCard creates an imperceptible electromagnetic barrier that protects your private information from unwanted scanning attempts. SafeCard actively blocks radio frequency signals that hackers could otherwise intercept when it is in your wallet with your credit cards, passports, and other RFID-enabled devices.

    Your financial and personal information is always safe because of this passive interference, which operates constantly without the need for batteries or any setup. SafeCard eliminates the risk of digital theft by creating a protective barrier around your cards that stops skimming devices from accessing or sending your data. Because of its incredibly thin and light form, it fits neatly into any wallet or pocketbook and offers strong yet covert security wherever you go.

    SafeCard essentially provides a hassle-free, automated solution to protect your digital data around-the-clock. It is indispensable for anyone interested in digital security.

    DON’T MISS OUT: SafeCard is Available At A Special Price – Click Here To Order From The Official Website

    What Are the Special Features Of SafeCard?
    (SafeCard Reviews United States)

    The SafeCard has become a must-have device, especially for frequent travelers. Let’s quickly look at the features of the SafeCard RFID/NFC blocking card.

    • Advanced NFC and RFID Blocking Technology: To protect your private data from online scammers, SafeCard uses state-of-the-art NFC (Near Field Communication) and RFID (Radio Frequency Identification) blocking technology. The SafeCard blocks unwanted scanning attempts before they can intercept your financial data by forming a strong undetectable electromagnetic barrier of about 5 centimeters. SafeCard provides complete protection for all RFID-enabled devices, including credit and debit cards, identification badges, smart passports, and tap-to-pay devices, in contrast to traditional security methods that might only protect a subset of cards. Even the most sophisticated skimming tools are made ineffective by the SafeCard tried-and-true protection system, providing you with peace of mind in any crowded or public location.
    • Slim and Compact Design: The days of compromising convenience and style for security are long gone. The smart thin design of the SafeCard, which is only 1.1 mm thick, makes it nearly identical to a regular credit card. Its incredibly thin profile makes it fit neatly into any wallet, pocketbook, or cardholder without adding extra bulk. SafeCard fits in perfectly with your lifestyle, regardless of whether you’re a minimalist who appreciates clean design or someone who carries numerous cards and documents on a regular basis. In addition to preserving your wallet’s overall appearance, its small size guarantees that all of the RFID-enabled cards in your collection are protected without the mess of bulky wallets or conventional RFID-blocking sleeves.
    • 24/7 Protection: SafeCard’s capacity to provide continuous protection without any active action is one of its best qualities. SafeCard offers 24/7 security without requiring batteries or recharging thanks to its passive operation. Its protection field is instantly activated when it is placed next to your RFID-enabled cards, guaranteeing that no unlawful scan is missed. Your personal information is always protected thanks to its always-on security system, whether you’re at home, on the road, or in a crowded public area. SafeCard’s dependable, continuous operation allows you to concentrate on your day while your digital security is taken care of automatically, eliminating the need for planned maintenance or downtime.
    • No Setup Required: SafeCard’s design philosophy is centered on ease of usage. There is no installation, configuration, or technical expertise needed. The SafeCard starts protecting you as soon as you put it in your wallet with your RFID-enabled cards. It’s a simple plug-and-play experience with no buttons to click, software upgrades to handle, or complicated instructions to follow. SafeCard is perfect for users of all ages and technical skill levels because of its simple usage.
    • Award-Winning Innovation: Both customers and industry professionals have acknowledged SafeCard’s superiority. This device, which has received praise and prizes from respectable organizations all around the world, is praised for its innovative approach to digital security. SafeCard has established itself as a reliable and creative solution in digital security thanks to thousands of good reviews and an expanding user base of over 10,000 happy customers. It is the preferred option for people looking for dependable, cutting-edge protection against digital theft due to its demonstrated track record of accomplishment. Choosing SafeCard ensures that you’re always one step ahead of cyber threats by investing in a device that has undergone extensive testing and been praised for its effectiveness and inventiveness.
    • Lightweight: SafeCard is the perfect addition for everyone who appreciates portability because, in spite of its strong security measures, it is remarkably light. Its feather-light design practically never adds weight to your daily carry, maintaining the convenience and comfort of your wallet.
    • Long-lasting and durable: SafeCard’s design places a strong emphasis on durability to make sure it can handle the rigors of regular use. SafeCard is made from high-quality, durable materials and is designed to withstand physical wear and tear, including scratches and water spillage. The sturdy design ensures that your card will stay in perfect shape for lengthy periods of time, offering ongoing protection without the need for regular replacements. SafeCard’s resilience guarantees that it will continue to be a reliable defender of your digital data regardless of the challenges provided by inclement weather or the demands of regular use..
    • Travel-Friendly: SafeCard is a necessary travel companion that blends ease and security for those who travel frequently. You may carry it covertly everywhere you go thanks to its small form, which fits neatly into any pocket or travel wallet without calling attention to itself. SafeCard’s dependable security is especially helpful in transit hubs where RFID skimming is more likely, like train stations, airports, and crowded cities. SafeCard guarantees that your sensitive information is protected during your travels. You can now concentrate on your experiences without having to worry about digital theft thanks to this travel-friendly feature.

    Are SafeCards Safe?

    SafeCards are designed to protect against illegal digital scanning and RFID skimming. SafeCard creates a barrier that keeps your RFID cards and documents protected when you slide them into your wallet.

    SafeCards provide complete protection for all RFID-enabled objects, including credit cards, passports, and even key cards, so it’s not just about stopping one kind of card. The verified efficiency reduces the possibility of illegal data collection in congested public areas such as busy transit stations, shopping malls, and airports.

    Once positioned next to your cards, they constantly protect your information around-the-clock because they don’t need batteries or active setup. Thanks to this hands-off design, you won’t have to bother about upkeep, which guarantees that your data is safe every day.

    The increasing quantity of glowing client testimonials also supports its safety. SafeCards are praised by users for providing peace of mind by lowering the danger of fraud and identity theft. Cybersecurity experts agree that SafeCards are a helpful personal security tool. The SafeCards is 100% safe and will not disappoint when you need them the most!

    How Do You Use SafeCard?

    SafeCard doesn’t require any technical setup and is incredibly user-friendly. Unlike other security devices, SafeCard runs passively, so you don’t need to charge it, turn it on, or do any other maintenance. Use SafeCard effectively by doing the following:

    • Unbox and Place SafeCard in Your Wallet: Place SafeCard in your wallet, purse, or cardholder just like you would with a regular credit card.
    • Place SafeCard Next to Your RFID-Enabled Cards: Keep your SafeCard near your contactless payment cards, identification cards, or passports for optimal security. One SafeCard can be used to protect several cards.
    • Take Advantage of Automatic RFID Protection: SafeCard begins to function as soon as it is in your wallet. By emitting a low-frequency signal that tampers with RFID scanners, it stops unauthorized access to private data.

    Is SafeCard Shield Legit?

    SafeCard Shield, a small and powerful RFID-blocking card made to protect your private data, is one product that has drawn a lot of interest. But is the SafeCard Shield genuine? The answer is definitely yes!

    SafeCard Shield’s innovative RFID and NFC blocking technology keeps data thieves at bay by erecting an imperceptible barrier around your RFID-enabled cards. Even with sophisticated scanning tools, SafeCard Shield ensures hackers cannot access your information, including your credit card, passport, or work ID. SafeCard Shield provides universal protection and is remarkably thin and light, unlike conventional RFID-blocking wallets that are large and costly.

    SafeCard Shield’s passive, battery-free operation is one of the things that makes it stand out as a genuine security tool. SafeCard Shield operates automatically around the clock, unlike other RFID blockers that need to be charged or powered by external sources. It offers immediate, continuous security without requiring setup, activation, or upkeep; just put it in your wallet next to your RFID-enabled cards.

    Thousands of excellent reviews from happy clients around the world are another indication of SafeCard Shield’s genuineness. Many users have reported feeling more at ease while traveling, shopping, or commuting in crowded areas. Additionally, tech reviewers and security experts have acknowledged SafeCard Shield as a straightforward and effective method of preventing unwanted RFID reading.

    Additionally, SafeCard Shield is composed of premium, long-lasting materials that guarantee protection for an extended period. Even after regular usage, its scratch-proof and water-resistant design ensures dependability. You can rely on SafeCard Shield to safeguard your private information for many years. SafeCard Shield is entirely legit!

    CLICK HERE NOW TO GET SAFECARD DIRECTLY FROM THE OFFICIAL WEBSITE AT A MASSIVE DISCOUNT

    Best Places To Use SafeCard (SafeCard Review)

    SafeCard is a flexible addition to your daily security routine because it is made to offer strong protection wherever you go. Your credit cards, passports, and other RFID-enabled devices will always be protected thanks to its sophisticated passive RFID and NFC blocking technology.

    Airports are one of the best places for frequent travelers to take advantage of SafeCard. SafeCard provides a covert layer of security in crowded terminals where digital skimming is common. As you move through congested security lines, lounges, and boarding gates, it guards against illegal scanning.

    Another situation where SafeCard excels is on public transit. Because of the close quarters and quick person turnover, buses, trains, and subways are frequently hotspots for digital pickpocketing. A proactive step that protects your personal information while you commute every day is keeping your SafeCard in your wallet.

    SafeCard is also used in restaurants and retail establishments. The possibility of illegal data collection rises as more companies use contactless payment methods. SafeCard helps guarantee that your digital payment information remains safe as you take advantage of the convenience of tap-to-pay transactions, whether you’re at a busy restaurant, a small boutique, or a retail mall.

    The device is equally useful in professional environments such as co-working spaces and offices. Credit, debit, and access cards are among the several cards that business workers frequently carry. By using SafeCard in these settings, possible data breaches that can happen in open-plan workplaces or while traveling for work are avoided. It adds an additional degree of protection without disrupting your productivity.

    Furthermore, SafeCard can be used most effectively at educational institutions and public gatherings like conferences, concerts, and festivals. SafeCard makes sure that your financial and personal information is safe from any cyber threats in these busy places where there are many distractions and personal security can occasionally take a backseat. The SafeCard blends in well with your lifestyle wherever you are because of its thin, light design.

    Pros of SafeCard (SafeCard Reviews)

    Below are a few benefits of having the SafeCard with you all the time:

    • Advanced RFID and NFC blocking technology.
    • Incredibly thin design blends in perfectly with any wallet without adding bulk.
    • No need for batteries
    • Offers round-the-clock protection.
    • Several RFID-enabled cards are protected at once
    • Sturdy, water-resistant, and scratch-resistant.
    • Thin and lightweight
    • User-friendly for people
    • No-setup installation needed.
    • 30-day money back guarantee

    Cons (SafeCard Reviews)

    Below are a few drawbacks of the SafeCard:

    • Only RFID-enabled devices are protected; physical theft is not covered.
    • Only works when kept in the same wallet as your cards.
    • Retail availability is limited because purchases can only be made on the official website.
    • Limited in stock so hurry while supplies last.

    DON’T MISS OUT: SafeCard is Available At A Special Price – Click Here To Order From The Official Website

    SafeCard Reviews Consumer Reports USA, Canada, Australia, UK

    Below are reviews from verified users of the SafeCard:

    • Melissa H. | Verified Buyer -“I love going to holiday markets, but after watching my friend lose hundreds to a scammer, I knew I needed protection. SafeCard blocks thieves silently, and I haven’t had an issue since. It’s the best purchase I’ve made for my security!”
    • Rachel T . | Verified Buyer – “While traveling through Rio, I discovered my bank account had been drained by scammers. I was devastated. A fellow traveler recommended SafeCard, and it’s been a lifesaver ever since. No more stolen data, no more stress. Now I can travel with confidence knowing my wallet is secure.”
    • James K. | Verified Buyer -“I bought a 3-pack of SafeCards so my wife and kids could have one too. Now, wherever we go, we know our data is secure. It’s such a relief!”

    How Much Does A SafeCard Cost?

    Right now, the SafeCard is currently being offered at a discounted price, especially if you purchase straight from the manufacturer. The SafeCard at its current price is unquestionably a fantastic deal for a product with such high-end features. The following costs are associated with obtaining your own SafeCard:

    Where Can I Order SafeCard in the USA, Canada, and Australia?

    To ensure that you receive the genuine product with full warranty coverage, it is recommended that you purchase SafeCard directly from the manufacturer’s official website.

    Buying from the official website not only guarantees authenticity but also gives you access to any special offers, discounts, or package discounts that might not be available from third-party sellers. Additionally, the official website ensures that your private card information is secure. On the manufacturer’s website, you can easily place your order with hassle-free shipping guaranteed.

    CLICK HERE NOW TO BUY SAFECARD DIRECTLY FROM THE OFFICIAL WEBSITE AT A MASSIVE DISCOUNT

    SafeCard Reviews: Frequently Asked Questions

    We will be providing answers to some frequently asked questions on the SafeCard RFID blocking device. Please go through it as you will gain extra information about the use and functioning of the device:

    Do Safe Shield Cards Really Work?

    SafeCard has been shown to be successful in preventing unwanted RFID scanning, according to several user reports and independent evaluations. It greatly lowers the risk of data skimming, a typical tactic used by fraudsters, by erecting an imperceptible barrier around your RFID-enabled cards. SafeCard’s innovative design and technologies provide a strong line of defense that improves your overall digital security.

    What is the difference between SafeCard and conventional RFID-blocking wallets?

    Conventional RFID-blocking wallets are designed to use integrated panels or several large sleeves, which can be inconvenient and add extra weight. Conversely, SafeCard provides an even higher degree of security but is made to be thin and undetectable. Multiple cards are protected simultaneously by its single-card design, which eliminates the need for separate compartments.

    Is it simple to use SafeCard?

    Definitely, SafeCard’s ease of use is one of its main benefits. No buttons need to be pressed, no complex setup, and no technical knowledge is required. SafeCard starts working as soon as you put it in your wallet with your RFID-enabled cards. It is the perfect answer for people from all walks of life because of its passive functioning, which guarantees users can enjoy continuous protection without worrying about configuration or recharging.

    Can other RFID-enabled devices be used with SafeCard?

    SafeCard is designed to provide all-around safety for many RFID-enabled devices all at once. SafeCard’s innovative technology builds a complete barrier that prevents unwanted scanning attempts on a variety of devices, including credit cards, debit cards, passports, access cards, and even identification badges. It is a practical option for anyone wishing to secure several RFID devices without having to deal with buying separate protective gear or tools.

    Who needs the SafeCard?

    Anyone who wants to improve their digital security and uses RFID-enabled devices should consider getting the SafeCard. This includes professionals with hectic schedules, frequent travelers, students, and even casual users who are worried about RFID skimming threats. It is a useful addition for people who appreciate convenience and security because of its simplicity of use, small size, and dependable protection. SafeCard can be easily incorporated into your lifestyle, regardless of whether you’re a tech expert or someone searching for a simple security solution.

    What are the opinions of actual users regarding SafeCard?

    The majority of actual user reviews have been favorable, with numerous clients complimenting SafeCard on its efficiency, ease of use, and stylish appearance. When traveling or shopping in congested areas, users report feeling more at ease. For those who are worried about the security issues associated with RFID, the high customer satisfaction percentage indicates that it is a smart investment.

    Conclusion on SafeCard RFID Blocking Card Reviews

    Modern RFID and NFC blocking technology employed by SafeCard prevents unwanted scanning and safeguards private data on credit cards, passports, and other RFID-enabled devices. It’s incredibly thin profile guarantees protection without the hassle of bulk or complicated setups, while also preserving the elegant appearance of contemporary wallets.

    During our review, we found that SafeCard’s smooth, passive protection sets it apart from other conventional RFID-blocking devices. The SafeCard starts protecting your digital data as soon as it is in your wallet and doesn’t require any further upkeep or power sources. Customers have praised the device’s longevity, highlighting its scratch- and water-resistant design as two significant daily-use benefits.

    SafeCard provides a practical and dependable defense against typical travel risks including digital theft and unauthorised data skimming. Its strong performance and simple design make it a desirable option for frequent travelers, busy professionals, and anybody else worried about the security of their personal information.

    Many USA consumer reports support the manufacturer’s claims with many real users stating that it exceeded their expectations. The SafeCard is a wise and proactive way to stay safe in these dangerous times of sophisticated data theft. Why travel scared when you can do your trips confidently with SafeCard? You can stay safe all through your trips by getting your own SafeCard!

    DON’T MISS OUT: SafeCard is Available At A Special Price – Click Here To Order From The Official Website

    Contact: SafeCard
    Email: support@safecardshield.com

    Disclaimer:
    This article is intended for informational and educational purposes only. It does not constitute professional, legal, or cybersecurity advice. While SafeCard may help reduce the risk of RFID-based digital theft, no security product can guarantee 100% protection in all scenarios. Individual results may vary based on usage and other factors. Always exercise general caution and follow best practices when safeguarding your financial and personal data. The publisher and all parties involved in the creation and distribution of this content are not liable for any misuse, loss, or damages arising from the use or reliance on the information provided herein. Always consult the official product website or customer support for the most accurate and updated details.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/5b2f8b2b-7614-471e-bc04-df63db036bea

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b1e8d76f-8ecf-4176-a754-f9f916e782ff

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7e1131b2-5041-4305-8773-cc7188774ecf

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4ad570a4-17b3-4a6f-aaa3-17fc4a2788e1

    The MIL Network –

  • MIL-OSI: Phyllis Nomura Promoted to Chief Financial Officer of First Fed Bank and First Northwest Bancorp

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., March 27, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (NASDAQ: FNWB) and its subsidiary First Fed Bank (collectively the “Company”), today announced the promotion of Phyllis Nomura to Executive Vice President and Chief Financial Officer of First Fed. She will also serve as EVP/CFO and as Treasurer for First Northwest. Nomura joined First Fed as Senior Director of Accounting in November 2024.

    “We are excited to welcome Phyllis to our executive team. She was hired in 2024 as part of our management succession plan and brings over 30 years of experience in accounting, finance, and audit. Her leadership skills and experience are a meaningful addition to our team,” said Matt Deines, President and CEO of FNWB and First Fed.

    “I am deeply honored to step into the role of Chief Financial Officer. In the time I have been a part of this incredible team, I’ve witnessed first-hand our unwavering commitment to our mission to improve the lives of those we serve. I am thrilled to be working alongside our talented team and to continue building on our strong foundation and creating value for our customers, employees, communities, and shareholders,” said Nomura.

    Nomura brings more than 20 years of financial experience in Chief Financial Officer (CFO) positions. Prior to joining First Fed, she served as CFO of the YWCA Seattle King Snohomish, located in Seattle, from May 2023 to November 2024, and CFO of Kosmos Management, in Seattle, from August 2016 to November 2022, and CFO of First Sound Bank, also in Seattle, from June 2013 to January 2016. She held other CFO positions prior to First Sound Bank and served as an Auditor and Senior Audit Manager at Deloitte from January 1994 to September 2001. Nomura holds a Bachelor of Business Administration degree from Grand Valley State University and is a licensed CPA.

    Consistent with the management succession plan, Geri Bullard will continue to serve as Chief Operating Officer leading the Bank’s initiatives to enhance profitability, efficiency, and back-office operations. She is responsible for our core operating system and related systems. Her financial background will be invaluable to the Bank as she focuses on leading departments that are critical to our success.

    “Geri is the hardest working person I have ever known. She has handled her responsibilities as CFO with aplomb, managing our Accounting and Finance Team, SEC reporting, budgeting and financial planning. She has significantly enhanced the Accounting and Finance teams, our financial reporting, investment portfolio, expense management, financial analysis, interest rate and liquidity reporting and capital management. Her work with our balance sheet restructure over the past five quarters helped place us in the position to return to profitability in 2025 and beyond. She is a loyal and trusted advisor to me, the Board, and the entire Senior Team,” said Deines.

    About FNWB

    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 18 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. First Fed is headquartered in Port Angeles, Washington.

    First Fed Bank was recognized by Puget Sound Business Journal as a Best Workplace in 2023 and top Corporate Philanthropist in 2023 and 2024. By popular vote, First Fed received 2024 awards for Best Bank and Best Lender in Best of the Peninsula for Clallam County. First Fed is a Member FDIC and equal housing lender.

    Contact: Matthew P. Deines
    President & CEO
    (360) 457-0461

    The MIL Network –

  • MIL-OSI: AssetMark Announces Organizational Changes as Adhesion CEO Barrett Ayers Plans to Retire at End of 2025

    Source: GlobeNewswire (MIL-OSI)

    CONCORD, Calif., March 27, 2025 (GLOBE NEWSWIRE) — AssetMark, a leading wealth management solutions provider, today announced that Barrett Ayers, President and CEO of Adhesion, will retire after 20 years at Adhesion. Michael Kim, in addition to his current role as CEO of AssetMark, will assume the role of President and CEO of Adhesion Wealth. Adhesion Wealth is a wholly owned subsidiary of AssetMark. Mr. Ayers will remain an employee through the end of 2025 before retiring.

    Since acquiring Adhesion Wealth in 2022, AssetMark has continued to enhance its RIA-focused solutions, technology, and services. As part of this ongoing commitment, AssetMark remains dedicated to providing RIAs with the most comprehensive, efficient, and scalable platform to support their growth and client success.

    “We want to express our deep gratitude to Barrett for his dedication and contributions to Adhesion Wealth. His leadership has been instrumental in shaping the firm, which today provides enhanced efficiency and flexibility for RIAs. Adhesion Wealth is a trusted platform for independent advisors nationwide, and we will continue to invest and grow in the RIA market. The RIA space is experiencing an exciting phase of growth, innovation, and investment, and we remain laser-focused on equipping advisors with the tools, technology, and expertise they need to thrive,” said Michael Kim, President and CEO of AssetMark and Adhesion Wealth.

    As part of AssetMark’s continued investment, Adhesion Wealth will introduce a suite of consulting services, including Advanced Planning, Outsourced Marketing, and Business Consulting, designed to help RIAs accelerate organic growth in 2025. Over time, Adhesion Wealth plans to implement AssetMark’s industry-renowned capabilities including institutional tax management, tax transition solutions, and private market investments—empowering advisory firms with enhanced tools to better serve their clients.

    Ayers commented, “It has been the honor of a lifetime to lead Adhesion Wealth, supporting an incredible community of advisors. Watching their focus on delivering exceptional client outcomes has been truly inspiring. With Michael at the helm, alongside the most gifted and dedicated team in the business, I am confident that Adhesion and AssetMark will take the platform – and our advisors – to new heights.”

    Lou Maiuri, Group CEO and Chairman of AssetMark remarked, “Barrett’s legacy is one of innovation, hard work, and an unwavering commitment to empowering independent advisors. We thank him for his invaluable contributions to both Adhesion and the broader RIA community. I am confident that the exceptional leadership team we’ve assembled at AssetMark and Adhesion will continue to deliver on our mission—providing advisors with industry-leading solutions to drive client success.”

    About AssetMark

    AssetMark operates a wealth management platform whose mission is to help financial advisors and their clients. AssetMark, together with its affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions, serves advisors at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Its ecosystem of solutions equips advisors with services and capabilities to help deliver better investor outcomes by enhancing their productivity, profitability, and client satisfaction.

    With a history going back to 1996, AssetMark has over 1,000 employees, and its platform serves over 10,700 financial advisors and over 317,000 investor households. As of December 31, 2024, the Company had over $139 billion in platform assets. AssetMark, Inc. is a Registered Investment Adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.assetmark.com. Follow us on LinkedIn.

    Media:
    Vesselina Davenport
    Public Relations & Communications
    vesselina.davenport@assetmark.com

    The MIL Network –

  • MIL-OSI Economics: Transforming the future of learning and work with AI skilling

    Source: Microsoft

    Headline: Transforming the future of learning and work with AI skilling

    Discover how Microsoft and Pearson are equipping learners with AI skills for the future.

    Over the past few years, companies around the world have seen a paradigm shift in how individuals consume content and attain new skills—changes that will only continue to accelerate and evolve in the AI era. A global IDC survey1 found that a lack of skilled workers is the biggest challenge for enterprises implementing AI technology within their organizations. This shift highlights the need for continuous adaptation to emerging technologies and collaborative efforts to bridge the AI skills gap.

    The 2024 Work Trend Index Annual Report from Microsoft and LinkedIn also found that 66% of leaders say they wouldn’t hire someone without AI skills. As we celebrate National AI Literacy Day in the US on March 28 this year, it’s clear that no one company will likely be able to meet the opportunities of tomorrow. We believe it’ll take innovative partnerships to meaningfully impact the lives of people around the world with AI literacy and skills development.

    Empowering learners with essential AI skills

    Microsoft and Pearson, the world’s lifelong learning company, announced a strategic collaboration to help address one of the top challenges facing organizations globally: skilling for the era of AI. The partnership will focus on providing employers, workers, and learners with AI-powered products and services to help prepare the current and future workforce across industries for the evolving landscape of work in an AI-powered economy. By combining Pearson’s expertise in learning and assessment with Microsoft’s cloud and AI technologies, this partnership will play a foundational role in helping organizations realize the full value of AI through reskilling.

    Microsoft and Pearson are addressing the challenges and opportunities around reskilling at the ASU-GSV Summit in San Diego, US, April 6-9, 2025. The summit is dedicated to the scaled innovations in the delivery of education and workforce skills that are critical to creating a world in which all people have equal access to the future.

    At ASU-GSV, Microsoft Corporate Vice President of Worldwide Learning, Jeana Jorgensen, will join Pearson President of Workforce Skills, Vishaal Gupta, for a discussion on transforming skills development and talent planning for the AI era. They’ll talk about how rapid intervention is needed or we risk the AI skills gap becoming a skills chasm, threatening the ability of individuals and organizations to thrive in an AI-powered future.

    I’ll be also joining Vishaal and Jeana for a discussion at ASU-GSV on skilling for the AI era. We’ll dive deeper into how the Microsoft and Pearson collaboration will transform and scale AI skilling and help organizations equip learners and workers with the critical skills they need to succeed in a technology-driven world.

    Rethinking reskilling

    Given the urgent need to rethink learning and reskill workers, Microsoft and Pearson will collaborate in several ways, including:

    • Personalized learning at scale – Pearson will power its trusted and world-renowned content, assessment, upskilling, and certification services with Microsoft Azure cloud computing and AI infrastructure. This partnership will help Pearson further scale AI and technology capabilities across the business, expanding personalized learning and AI-enabled services to millions of learners, at different stages in their learning journey across the globe.
    • Innovative collaboration – Pearson and Microsoft will launch a strategic collaboration aimed at helping people build AI proficiency and technical skills through new AI credentials and certifications. Additionally, Pearson and Microsoft will collaborate on a series of copilots, agents, and AI tools targeted at helping people develop skills—such as English language learning—and identify skills gaps seamlessly while they work.
    • Investing in technology-driven careers – Microsoft will extend its current partnership with Pearson VUE, a key provider of Microsoft Cloud and Office certifications, through 2029. These certifications have already helped millions of young people, educators, and workers prepare for jobs that use Microsoft’s world-class technology. This expansion will open these vital credentials to scores of additional learners and workers around the world.
    • Powering the Pearson workforce – After having piloted and tested Microsoft 365 Copilot, Pearson will expand its use by deploying it to its global workforce. This is part of an ongoing effort to introduce workplace AI tools that enhance efficiency, creativity, and productivity and drive better operational performance.
    Try Microsoft 365 Copilot Chat

    The partnership extends the efforts of both Microsoft and Pearson to provide AI skilling to people across the globe. In 2024, Microsoft and its partners trained and certified over 23 million people in digital skills. Pearson launched its Generative AI Foundations certification to equip professionals and students with the essential skills needed to work with generative AI technologies. Additionally, organizations around the world use Pearson VUE, along with Pearson’s AI-powered Faethm capability, and Credly badging to diagnose, assess, and certify skills.

    Develop your AI skills

    Curious about additional ways to develop AI literacy and build AI skills? Get started today and join the Microsoft AI Skills Fest. Registration is open now to engage in deep dives, experiential content, hackathons, and practical sessions that will enhance your AI skills over 50 days of discovery and learning, starting April 8, 2025.

    Register for the AI Skills Fest

    There’s a significant opportunity to work together to build AI skills and empower the future workforce. Whether you, your team, or your students are just getting started or looking to refine your capabilities, discover resources to support your journey.

    1 IDC InfoBrief: sponsored by Microsoft, 2024 Business Opportunity of AI, IDC# US52699124, November 2024

    MIL OSI Economics –

  • MIL-OSI Security: Irvine Man Sentenced to Nearly Four Years in Federal Prison for Stealing and Reselling High-End Violins and for Robbing Bank in O.C. Last Year

    Source: Federal Bureau of Investigation (FBI) State Crime News

    SANTA ANA, California – An Orange County man was sentenced today to 46 months in federal prison for orchestrating a scheme to steal high-value violins and robbing a bank in Irvine.

    Mark Meng, 58, of Irvine, was sentenced by United States District Judge David O. Carter, who scheduled a restitution hearing for June 24 in this case.

    Meng pleaded guilty in September 2024 to one count of wire fraud and one count of bank robbery. He has been in federal custody since May 2024.

    From August 2020 to April 2023, Meng schemed to steal valuable violins and keep or resell them for his personal gain. Meng – posing as a collector of musical instruments – contacted violin shops across the country to express interest in receiving the violins on loan for a trial period to determine if he wished to buy them. In some cases, he purchased violin bows before asking for the violins on a trial-period basis.

    After receiving each violin, Meng negotiated a purchase price for it, kept the instrument beyond the trial period, then provided the violin shops with a check or set of checks for the violin, knowing the whole time the checks he wrote to the violin shops would be rejected due to insufficient funds.

    When a violin-shop representative contacted Meng to inform him that the shop’s bank had rejected his checks, he sent a new series of checks, which also later were rejected due to insufficient funds. Sometimes, Meng lied to the violin shops by falsely telling them he had mailed the violin back to them, but that they had been lost in the mail. Eventually, Meng stopped communicating with the violin shops.

    After fraudulently obtaining the violins, Meng re-sold them to a buyer – often during the trial periods from the violin shops. For example, on February 1, 2023, a victim loaned Meng a Guilio Degani violin – valued at $175,000 – pursuant to a trial-period contract, which required Meng to return or purchase the violin by February 10, 2023. However, Meng attempted to sell this violin to a buyer – who was unaware of the violin’s stolen origin.

    According to court documents, Meng also stole the following:

    • one Lorenzo Ventapane violin, dated 1823, and valued at $175,000;
    • one Guilio Degani violin, dated 1903, and valued at $55,000;
    • one Caressa & Francais violin, dated 1913, and valued at $40,000;
    • one Francais Lott violin bow, stamped “Lupot,” and valued at $7,500;
    • one Gand & Bernardel violin, dated 1870, and valued at $60,000;
    • one French, Charles J.B. Colin Mezin violin, valued at $6,500; and
    • one German, E.H. Roth Guarneri violin, valued at $6,500.

    Despite knowing that he did not own these violins and violin bows, Meng sold three of these stolen violins and a violin bow to a victim for a total of $44,700.

    In January 2023, Meng emailed one violin shop in Alexandria, Virginia, to express an interest in obtaining the Ventapane violin and the Degani violin on a trial basis, all the while intending to fraudulently obtain then re-sell them.

    On April 2, 2024, Meng entered a bank branch in Irvine, wearing a hat, sunglasses, a bandana covering his face, and blue latex gloves. Meng gave the bank teller a note stating “$18,000. Withdraw. Please. Stay Cool. No harm. Thx.” When the teller told Meng she did not have access to the money he demanded, Meng responded, “Give me whatever you have.” The teller, fearing harm to herself and her co-workers, handed Meng $446.

    The FBI’s Art Crime Team investigated this matter, with assistance from the Irvine Police Department and the Glendale Police Department.

    Assistant United States Attorneys Laura A. Alexander and Mark A. Williams, both of the Environmental Crimes and Consumer Protection Section, prosecuted this case.

    MIL Security OSI –

  • MIL-OSI USA: In Case You Missed It: Capito Op-Ed: The Surface Transportation Opportunity Before Us

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    WASHINGTON, D.C. – In an op-ed published in the Washington Times, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, detailed her vision for the upcoming Surface Transportation Reauthorization Bill. In the piece, Chairman Capito outlines three key principles that she believes are important for this reauthorization to achieve, and priorities that will address issues within our country’s surface transportation network. 
    “When it comes to my vision for the upcoming surface transportation reauthorization bill, I have three key principles that I believe will jumpstart this conversation. By focusing on these fundamental outcomes, I’m confident that we can work towards a legislative solution that will deliver results for the American people,” Chairman Capito writes.
    The full op-ed is available here and below.
    The Surface Transportation Opportunity Before Us
    By: U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works Committee
    The Washington Times 
    March 27, 2025
    Our roads and bridges are what connect us to the people and things that matter most in our lives, and all the places we travel to every day. They help American businesses, large and small, create jobs and economic opportunities, and enable their competitiveness in the global marketplace. They connect everything around us from Point A to Point B.
    The responsibility given to Congress to ensure a safe and reliable transportation network for our country originates in Article One of our Constitution and was affirmed when the Federal Aid Road Act was enacted in 1916. Today, the Federal-aid Highway Program provides the funding and policy for the transportation network that all Americans and businesses rely on — and that network requires continued investment and improvement. This is something I know well, and I’m thrilled to be the chairman of the Environment and Public Works Committee during a Congress where we will need to pass a surface transportation reauthorization bill.
    This legislation supports the Federal-aid Highway Program, among other important policies and funding priorities that impact surface transportation in our country. While some might look at this as a legislative challenge, I view it as an incredible opportunity. Throughout my tenure on the EPW Committee, I have made infrastructure a central priority. Now as chairman, I look forward to continuing my work to modernize our transportation network.
    When it comes to my vision for the upcoming surface transportation reauthorization bill, I have three key principles that I believe will jumpstart this conversation. By focusing on these fundamental outcomes, I’m confident that we can work towards a legislative solution that will deliver results for the American people.
    Principle One: Improving the safety and reliability of America’s surface transportation network with impactful investments. In recent years, we’ve seen a major increase in the number of federal transportation programs. This leads to a duplicative and confusing process to get funding out the door, disrupts the focus of federal funding, and lessens the impact that the Federal-aid Highway Program can make.
    We can make investments that instead optimize the impact of federal funding by prioritizing our commitment to the safe and reliable movement of goods and people, and giving project partners certainty to invest over a longer period of time. We should focus on eliminating duplicative programs that often invite regulatory overreach, and rather increase funding for the highway formula programs that our states rely on.
    Principle Two: Reforming and modernizing federal programs and policies to increase efficiency. We all know that, as currently structured, federal requirements can add red tape that increases costs and slows down project completion. We all want to deliver transportation benefits faster and save money for American taxpayers. That’s truly a win-win.
    We need to take a serious look at federal requirements to determine how to best make improvements to our planning and procurement procedures, environmental review process for projects, and discretionary grants and loans requirements. By reforming and modernizing these requirements, we can create certainty for partners who make these projects happen.
    Principle Three: Addressing the variety of surface transportation needs across all states. Obviously, different states have different needs. I wouldn’t expect West Virginia, with our mountainous peaks and valleys, to prioritize the same transportation projects as other states in different parts of the country.
    By avoiding top-down mandates from Washington, D.C., we can provide the flexibility needed to address the individual improvements our states require. The Federal-aid Highway Program can support our common goals while ensuring that federal rules, regulations, programs, or policies recognize these different needs in our states.
    The vision I’ve laid out is broad, but that’s intentional. It will take the collaboration of my Senate colleagues and many others as we move toward completing the bill before September 2026. We must always be pragmatic, and work in a bipartisan fashion to develop a bill in the Senate that sets us up for a productive conversation on this reauthorization effort across both chambers of Congress.
    At the end of the day, we all know how important our surface transportation is, and the role that it plays in keeping our country’s economy and people on the move. There is an excellent opportunity ahead of us to make a pivotal impact on our transportation network, and one that I intend to see through.
    U.S. Senator Shelley Moore Capito is the Chairman of the Senate Environment and Public Works Committee, and also serves on the Appropriations, Commerce, and Rules Committees. She is the Chairman of the Senate Republican Policy Committee, making her the fourth highest ranked Senate Republican.

    MIL OSI USA News –

  • MIL-OSI Canada: Small and Medium Business Tax Credit Arrives in Saskatchewan

    Source: Government of Canada regional news

    Released on March 27, 2025

    Pilot Project Supports Small and Medium-Sized Businesses in the Food, Beverage, Machinery and Transportation Sectors

    Today, the Government of Saskatchewan introduced legislation that will see the creation of a new Small and Medium Enterprise (SME) Tax Credit. 

    “Small and medium-sized businesses are foundational for the strength of our Provincial economy, during a time when increasing local investment is more important than ever,” Trade and Export Development Minister Warren Kaeding said. “With this new incentive, more small and medium-size businesses will be able to build equity, allowing them to grow, which leads to more jobs for our growing workforce. This is just one of the many ways that our budget delivers to the people of the province.”

    The program is a three-year pilot, which will function similar to the province’s successful Saskatchewan Technology Startup Incentive (STSI). The pilot targets enterprises in the food and beverage manufacturing, and the machinery and transportation equipment sectors.

    The program will include a 45 per cent non-refundable tax credit for individuals or corporations who invest in the equity of an eligible Saskatchewan SME. It will have an annual cap of $7 million on the total non-refundable tax credits awarded, processed on a first-come first-served basis. An eligible SME is defined as a Saskatchewan-based business with between five and 49 employees, with a minimum of 50 per cent of those employees residing in Saskatchewan. 

    Since 2014, the number of small businesses has risen 4.9 per cent in the province. 

    Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces for growth. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second highest anticipated percentage increase among the provinces.

    The SME Tax Credit pilot program will be in effect from July 1, 2025 to June 30, 2028. The program will begin accepting applications in late 2025. 

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: Cegedim Full year 2024 results: Operating profitability improved

    Source: GlobeNewswire (MIL-OSI)

     

    PRESS RELEASE

    Quarterly financial information as of December 31, 2024
    IFRS – Regulated information – Audited

    Full year 2024 results: Cegedim’s operating profitability improved

    • 2024 revenues rose 6.3% to €654.5 million
    • Recurring operating income(1) increased 24.7% to €39.5 million
    • Recurring operating margin came to 6.0% in 2024, up from 5.1% in 2023

    Boulogne-Billancourt, France, March 27, 2025, after the market close

    Cegedim generated consolidated revenues of €654.5 million in 2024, an increase of 6.3%, and recurring operating income(1)of €39.5 million, a 24.7% increase. Recurring operating margin was 6.0%, up from 5.1% one year earlier.

    Consolidated income statement

      2024 2023 Change
      (in €m) (in %) (in €m) (in %) (in %)
    Revenue 654.5 100% 616.0 100.0% +6.3%
    EBITDA(1) 123.6 18.9% 108.8 17.7% +13.5%
    Depreciation and amortization -84.1 -12.8% -77.2 -12.5% +9.0%
    Recurring operating income(1) 39.5 6.0% 31.7 5.1% +24.7%
    Other non-recurring operating income and expenses(1) -28.4 -4.3% -11.7 -1.9% -143.0%
    Operating income 11.1 1.7% 20.0 3.2% -44.5%
    Financial result -20.9 -3.2% -11.9 -1.9% -75.8%
    Total tax -5.8 -0.9% -14.8 -2.4% -61.1%
    Net profit attributable to owners of the parent -14.7 -2.2% -7.4 -1.2% -98.6%
    Earnings per share (in euros) -1.1 – -0.5 – -120.0%

    Consolidated revenues: rose €38.5 million, or +6.3%, to €654.5 million in 2024 compared with €616.0 million in 2023. The positive scope effect of €8.2 million, or 1.4%, was attributable to the first-time consolidation of Visiodent starting March 1, adjusted for the deconsolidation of INPS from Cegedim’s accounts since December 10. The positive currency impact was €1.1 million, or 0.2%. Like-for-like(2) revenue increased +4.7% over the period.

    Recurring operating income(1): rose €7.8 million in 2024 to €39.5 million compared with €31.7 million in 2023. It amounted to 6.0% of 2024 revenue compared with 5.1% in 2023. This increase was driven chiefly by the profitability improvement in the insurance businesses, especially the Software and BPO offerings, as well as further strong growth in Cegedim Business Services in Human Resources and in digitalized flow services for businesses and healthcare. Another highlight of the year’s results was the very strong performance of the marketing in pharmacies offering and the positive contribution from the first-time consolidation of Visiodent.

    Other non-recurring operating income and expenses(1): amounted to an expense of €28.4 million in 2024 compared with an income of €11.7 million in 2023. Following the voluntary placement of its INPS subsidiary in administration, the Group recognized a capital loss of €8.8 million. The remainder consists of an €8.6 million asset impairment charge on its software for pharmacies business in France and the United Kingdom and a goodwill impairment charge of €4.7 million related to its Clamae subsidiary. Of this total of €28.4 million, the cash impact was only €5.7 million, related principally to payroll costs.

    Depreciation and amortization expenses: rose €6.9 million in 2024. Amortization of R&D costs rose €6.0 million year on year compared with 2023, and depreciation of capital expenditures rose €2.4 million as a result of investments in the operations of cegedim.cloud and C-Media. Amortization of intangible assets and depreciation of right-of-use assets declined by €1.5 million.

    EBITDA: the €14.8 million or 13.5% increase between 2023 and 2024 was the result of a stabilization in payroll costs, external expenses and purchases used relative to the pace of revenue growth, reflecting the special attention the Group paid to cost control.

    Financial result: was a loss of €20.9 million, down €9.0 million compared with 2023, owing to a provision related to the voluntary placement of INPS in administration and the increase in interest expense owing to the new financing arrangement put in place in the summer.

    Total tax: came to a charge of €5.8 million, down €9.0 million compared with 2023. As a reminder, note that in 2023 the Group made a €12.3 million accounting adjustment to previously recognized deferred tax assets. The adjustment had no cash impact and was intended to reflect recent developments in judicial precedent that led the Group to measure its potential unrealized gain more conservatively.

    Analysis of business trends by division

    in millions of euros Total Software & Services Flow Data & Marketing BPO Cloud & Support
    Revenue            
    2023 as reported 616.0 326.6 95.9 114.9 71.5 7.1
    2023 reclassified (*) 616.0 302.3 93.4 114.9 71.5 33.9
    2024 654.5 307.8 100.3 125.9 82.7 37.8
    Change +6.3% +1.8% +7.3% +9.6% +15.8% +11.3%
                 
    Recurring operating income(3)            
    2023 as reported 31.7 4.2 12.1 15.9 4.0 -4.5
    2023 reclassified (*) 31.7 2.3 11.2 15.9 4.1 -1.8
    2024 39.5 5.1 12.5 16.5 7.2 -1.9
    Change +24.7% +126.7% +11.8% +3.5% +77.2% -5.0%
                 
    Recurring operating margin            
    2023 as reported 5.1% 1.3% 12.6% 13.9% 5.5% -62.9%
    2023 reclassified (*) 5.1% 0.8% 11.9% 13.9% 5.7% -5.2%
    2024 6.0% 1.7% 12.4% 13.1% 8.7% -4.9%
                 

    (*)As of January 1, 2024, our Cegedim Outsourcing and Audiprint subsidiaries—which were previously housed in the Software & Services division—as well as BSV—formerly of the Flow division—have been moved to the Cloud & Support division in order to capitalize on operating synergies between cloud activities and IT solutions integration.

    • Software & Services: 2024 revenue rose 1.8%, boosted by the HR solutions, insurance businesses and the first-time consolidation of Visiodent from March 1, 2024. The pharmacy business and Cegedim Santé felt the impact of comparisons with Ségur public health investment spending, while the international businesses recorded a business contraction owing to the decision to wind down, then shutter its software for doctors business in the United Kingdom.

    Recurring operating income (REBIT) amounted to €5.1 million in 2024, a €2.8 million increase compared with income of €2.3 million in 2023. Of this income, €3.2 million flowed from the firmer business trends at Cegedim Santé, chiefly as a result of the first-time consolidation of Visiodent. This cost control policy together with strong activity levels boosted the Insurance business, and HR solutions also made a positive contribution to the improvement in recurring operating income. The pharmacy software business in France was adversely affected by the slowdown in equipment sales after many pharmacies updated their equipment in 2023. The international businesses recorded a small decrease in their recurring operating income owing to the deconsolidation of INPS, which incurred expenses for the Pharmacy business in the United Kingdom.

    Software & Services Change
    2024/2023 reclassified
    in millions of euros 2024 2023 reclassified (*) 2023 as reported
    Revenue 307.8 302.3 326.6 +5.5 +1.8%
    Cegedim Santé 80.2 76.5 76.5 +3.7 +4.8%
    Insurance, HR, Pharmacies, and other services 176.7 173.3 197.6 +3.4 +2.0%
    International businesses 50.9 52.5 52.5 -1.6 -3.0%
    Recurring operating income(4) 5.1 2.3 4.2 +2.8 +126.7%
    Cegedim Santé 0.3 -2.9 -2.9 +3.2 +111.9%
    Insurance, HR, Pharmacies, and other services 13.3 12.8 14.7 +0.5 +4.4%
    International businesses -8.5 -7.6 -7.6 -0.9 -12.4%

    (*)As of January 1, 2024, our Cegedim Outsourcing and Audiprint subsidiaries—which were previously housed in the Software & Services division—have been moved to the Cloud & Support division in order to capitalize on operating synergies between cloud activities and IT solutions integration.

    • Flow: Revenue rose 7.9%, propelled by e-business, e-invoicing, and digitized data exchanges (+5.6%), and by the Third-party payer business (+9.9%), which was supported by the powerful momentum of its fraud detection and long-term illness detection offerings.         
      The €1.3 million improvement, or +11.8% increase, in recurring operating income was driven by the rapid growth in the business and by a tight grip on expenses and payroll costs.
    • Data & Marketing: Revenue came to €125.9 million, up +9.6% on the back of a record performance by the Marketing division. It posted growth of 19.9%, underpinned by its phygital media communication strategy and boosted by special campaigns during the Olympic Games. Even though performance in 2023 was highly impressive, the Data business still managed to post growth of 1.6% in 2024.

    The division’s recurring operating income(1) grew by €0.6 million or +3.5% owing to the Marketing division converting robust revenue growth into operating income growth. On the other hand, the slowdown in international Data was a drag on the division’s profitability.

    • BPO: the division’s revenues grew 15.8% in 2024 compared with 2023, owing principally to services managed on behalf of health and personal protection insurers, which grew by 20.2% as a result of its flourishing overflow business and a favorable comparison linked to the start of the new contract with Allianz on April 1, 2023. Revenues from services management on behalf of HR departments rose 5.5%.

    The division’s recurring operating income rose by €3.1 million, or +77.2%. Most of this increase came from BPO Business services, which benefited from the tight control of payroll costs amid revenue growth and an allocation of its internal IT expenses more appropriate for its business level. The business for insurers posted an increase in recurring operating income, despite the costs incurred on the Allianz contract, as a result of the improvement in the profitability of other BPO contracts and, crucially, the impact of its flourishing overflow offering.

    • Cloud & Support: the Cloud & Support division posted a revenue increase of €3.9 million on the back of its expanded range of sovereign cloud-backed products and services, which earned the ANSSI security visa for SecNumCloud

    certification. The 2024 recurring operating loss(1) was €1.9 million, almost stable compared with 2023, demonstrating the Cloud business’ ability to offset the support activity expenses.

    Highlights

    To the best of the Company’s knowledge, there were no events or changes during 2024 that would materially alter the Group’s financial situation.

    • Acquisition of Visiodent

    On February 15, 2024, Cegedim Santé acquired Visiodent, a key French publisher of management software for dental practices and health clinics. Visiodent launched the market’s first 100% SaaS solution, Veasy, at a time of significant expansion for those organizations. Its users now include the country’s largest nation-wide networks of health clinics, both cooperative and privately owned, as well as several thousand dental surgeons in private practice. Visiodent generated revenue of c.€10 million in 2023 and began contributing to Cegedim Group’s consolidation scope on March 1, 2024.

    On December 10, 2024, Cegedim announced that it had voluntarily placed its UK subsidiary—INPS, which sells software for doctors—under administration.

    • New financing arrangement

    On July 31, 2024, Cegedim announced that it had secured a new financing arrangement consisting of a €230 million syndicated loan. The arrangement is split into €180 million of lines drawn upon closing to refinance the Group’s existing debt (RCF and Euro PP, which were to mature in October 2024 and October 2025 respectively) and an additional, undrawn revolving credit facility (RCF) of €50 million. This new financing arrangement will bolster the Group’s liquidity and extend the maturity of its debt to, respectively, 5 years (€30 million, payments every six months); 6 years (€60 million, repayable upon maturity); and 7 years (€90 million, repayable upon maturity).

    Cegedim S.A. has been subject to two tax audits since 2018, which have resulted in reassessments relating to the use of tax-loss carryforwards contested by the tax authorities. After consultation with its lawyers and based on the applicable tax law and ample precedent, Cegedim S.A. believes that the tax authorities’ proposed reassessments are unwarranted. As a result, the Company has appealed the decision and continues to explore its options for contesting the reassessments.

    In the event of an unfavorable ruling, based on the tax losses used up to December 31, 2024, Cegedim S.A. would have to book tax expense of €30.8 million in its P&L, of which it has already paid €23 million, and to cancel €4.1 million in deferred tax assets, which would not entail any cash outflow.

    In the last quarter of 2023, the Company referred this dispute to the administrative court, and the dispute is likely to continue for several years.

    Significant transactions and events post December 31, 2024

    To the best of the Company’s knowledge, there were no post-closing events or changes after December 31, 2024, that would materially alter the Group’s financial situation.

    Outlook

    Based on the currently available information, the Group expects 2025 like-for-like(1) revenue growth to be in an approximative range of 2-4% relative to 2024. Recurring operating income should continue to improve, following a similar trajectory to 2024.

    These targets are not forecasts and may need to be revised if there is a significant worsening of geopolitical, macroeconomic, or monetary risks.

    —————

    The Audit Committee met on March 26, 2025. The Board of Directors, chaired by Jean-Claude Labrune, met on March 27, 2025. It approved the consolidated financial statements at December 31, 2024, and will ask the Shareholders’ Meeting to approve the financial statements for the year 2024. The consolidated accounts have been audited. The statutory auditors’ report will be issued once the formalities required for submission of the Universal Registration Document have been completed.

    The Universal Registration Document will be available in a few days’ time, in French and in English, on our website.

    ———

    (1) At constant scope and exchange rates.

    WEBCAST ON MARCH 27, 2025, AT 6:15 PM (PARIS TIME)
    The webcast is available at:www.cegedim.fr/webcast

    The fiscal 2024 results presentation is available on the website:

    https://www.cegedim.fr/finance/documentation/Pages/presentations.aspx

    Financial calendar for 2025

    2025 March 28 at 10:00 am

    April 24 after the close

    June 13 at 9:30 am

    July 24 after the close

    September 25 after the close

    September 26 at 10:00 am

    October 23 after the close

    		 SFAF meeting

    Q1 2025 revenues

    Shareholders’ meeting

    H1 2025 revenues

    H1 2025 results

    SFAF meeting

    Q3 2025 revenues

    Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

    Disclaimer
    This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on March 27, 2025, no earlier than 5:45 pm Paris time.
    The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2023 Universal Registration Document filed with the AMF on April 3, 2024, under number D.24-0233.

    About Cegedim:
    Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs nearly
    6,700 people in more than 10 countries and generated revenue of over €654 million in 2024.
    Cegedim SA is listed in Paris (EURONEXT: CGM).
    To learn more please visit: www.cegedim.fr
    And follow Cegedim on X: @Cegedimgroup, LinkedIn, and Facebook.

    Aude Balleydier
    Cegedim
    Media Relations and
    Communications Manager

    Tel.: +33 (0)1 49 09 68 81
    aude.balleydier@cegedim.fr

    		 Damien Buffet
    Cegedim
    Head of
    Financial Communication

    Tel.: +33 (0)7 64 63 55 73
    damien.buffet@cegedim.com

    		 Céline Pardo
    Becoming RP Agency
    Media Relations Consultant

    Tel.:         +33 (0)6 52 08 13 66
    cegedim@becoming-group.com

    		  

    Appendix

    Consolidated financial statements at December 31, 2024

    • Assets at December 31, 2024
    In thousands of euros 12/31/2024 12/31/2023
    Goodwill arising on acquisitions 235,747 199,787
    Development costs 857 1,562
    Other intangible assets 190,555 192,616
    Intangible assets 191,412 194,178
    Land 594 544
    Buildings 1,451 1,660
    Other property, plant and equipment 51,539 45,829
    Advances and non-current assets in progress 4,876 831
    Right-of-use assets                   86,273                   89,718
    Property, plant and equipment 144,733                 138,582
    Equity investments 0 0
    Loans 14,156 15,332
    Other financial assets 5,820 5,230
    Financial assets excluding investments in affiliates 19,976 20,563
    Investments in affiliates 15,354 22,065
    Deferred tax assets 16,597 19,747
    Prepaid expenses: long-term proportion – –
    Non-current assets 623,819                 594,922   
    Goods held for resale 6,741 5,498
    Advances and deposits received on orders 1,296 3,703
    Trade receivables: short-term portion 186,003 175,199
    Other receivables: short-term portion 66,945 59,563
    Current tax credits 29,152 16,495
    Cash equivalents 0 0
    Cash 49,577 46,606
    Prepaid expenses: short-term portion 23,357 22,082
    Current assets 363,071 329,146
    Total assets 986,890 924,068
    • Liabilities and equity at December 31, 2024
    In thousands of euros 12/31/2024 12/31/2023
    Share capital 13,432 13,337
    Retained earnings 268,728 282,521
    Group unrealized exchange gains/losses -3,105 -12,275
    Group profit (loss) -14,707 -7,407
    Shareholders’ equity, Group share 264,348 276,175
    Non-controlling interest 18,156 18,381
    Equity 282,503             294,556   
    Financial liabilities 223,777 188,546
    Lease liabilities 77,639 78,761
    Deferred tax liabilities 1,654 5,600
    Post-employment benefit obligations 33,024 31,007
    Provisions 2,073 2,521
    Non-current liabilities 338,167             306,435   
    Financial liabilities 10,315 3,006
    Lease liabilities 14,118 14,789
    Trade payables and related accounts 71,784 61,734
    Current tax liabilities 279 235
    Tax and social security liabilities 128,289 121,371
    Provisions 1,502 1,730
    Other liabilities 139,932 120,212
    Current liabilities 366,220             323,077   
    TOTAL Liabilities and equity             986,890               924,068  
    • Income statement as of December 31, 2024
    In thousands of euros 12/31/2024 12/31/2023
    Revenue 654,496 615,995
    Purchases used -29,565 -28,547
    External expenses -143,770 -138,544
    Taxes and duties -4,468 -5,352
    Payroll costs -349,803 -331,748
    Impairment of trade receivables and other receivables and on contract assets -1,984 -2,444
    Allowances to and reversals of provisions -4,832 -2,714
    Other operating income and expenses 1,640 431
    Share of profit (loss) from affiliates included in operating income 1,853 1,757
    EBITDA(1) 123,567 108,834
    Depreciation expenses other than right-of-use assets -66,934 -59,471
    Depreciation expenses of right-of-use assets -17,149 -17,693
    Recurring operating income(1) 39,484 31,670
    Impairment of goodwill arising on acquisitions -4,667 –
    Non-recurring operating income and expenses -23,730 -11,687
    Other non-recurring operating income and expenses(1) -28,397 -11,687
    Operating income 11,087 19,983
    Income from cash and cash equivalents 1,650 475
    Cost of gross financial debt -17,902 -11,742
    Other financial income and expenses -4,629 -614
    Financial result -20,881 -11,881
    Income taxes -4,010 -4,509
    Deferred taxes -1,770 -10,336
    Total taxes -5,780 -14,845
    Share of profit (loss) from affiliates 440 -1,195
    Consolidated net profit -15,134 -7,937
    Group share -14,708 -7,407
    Non-controlling interests -426 531
    Average number of shares excluding treasury stock 13,706,333 13,610,429
    Earnings per share (in euros) -1.1 -0.5

    (1) Alternative performance indicator.

    • Cash flow statement as of December 31, 2024
    In thousands of euros 12/31/2024 12/31/2023
    Consolidated net profit -15,133 -7,937
    Share of profit (loss) from affiliates -2,293 -561
    Depreciation and amortization expenses and provisions 93,449 84,010
    Capital gains or losses on disposals of operating assets 8,030 -1,816
    Cash flow after cost of net financial debt and taxes 84,053 73,695
    Cost of net financial debt 20,881 11,881
    Tax expense 5,780 14,845
    Cash flow from operating activities before tax and interest 110,714 100,420
    Tax paid -16,216 -4,233
    Change in working capital requirement: requirement – –
    Change in working capital requirement: release 7,350 1,736
    Cash flow generated from operating activities after tax paid and change in working capital requirements 101,848 97,923
    Acquisitions of intangible assets -58,607 -53,538
    Acquisitions of property, plant and equipment -31,309 -21,952
    Acquisitions of financial assets – -1,036
    Disposals of property, plant, and equipment and of intangible assets 4,969 2,598
    Disposals of financial assets 934 805
    Change in deposits received or paid 3,904 83
    Impact of changes in consolidation scope -36,878 -3,371
    Dividends received from outside the Group 5,663 1,114
    Net cash flow used in investing activities -111,324 -75,296
    Capital increase 985 0
    Dividends paid to minority shareholders of consolidated companies -105 -2
    Dividends paid to shareholders of the parent company – –
    New borrowings 180,000 0
    Repayments of borrowings -136,398 -263
    Employee profit sharing -445 -65
    Repayment of lease liabilities -17,283 -19,796
    Interest paid on borrowings -8,880 -5,050
    Other financial income received 4,098 966
    Other financial expenses paid -8,856 -6,861
    Net cash flow generated/(used in) financing activities 13,116 -31,071
    Change in net cash excluding currency impact 3,640 -8,444
    Impact of changes in foreign currency exchange rates -672 -503
    Change in net cash 2,968 -8,947
    Opening cash 46,606 55,553
    Closing cash 49,574 46,606
    • Financial covenants
    In thousands of euros 12/31/2024 Criterion
    Net debt(1) 172,489  
    EBITDA(2) 103,551  
    Leverage ratio 1.67 < 2.5
    In thousands of euros 12/31/2024 Criterion
    Interest expense 10,192  
    EBITDA(2) 103,551  
    Interest cover ratio 10.16 > 4.5

    (1)   excluding employee profit sharing liabilities, the FCB loan,and IFRS 16 liabilities and excluding cash allocated to BPO insurance activities
    (2)   Recurring EBITDA excluding IFRS 16 amortization impact

    The Group complied with all these covenants as of December 31, 2024, and there is no foreseeable risk of default.

    (1)   Alternative performance indicator. See pages 112–113 of the 2023 Universal Registration Document.
    (2)   At constant scope and exchange rates.

    (1)   Alternative performance indicator. See pages 112–113 of the 2023 Universal Registration Document.

    (1)   Alternative performance indicator. See pages 112–113 of the 2023 Universal Registration Document.

    Attachment

    The MIL Network –

  • MIL-OSI USA: SBA Announces T-Mobile as a Gold Cosponsor for National Small Business Week 2025

    Source: United States Small Business Administration

    WASHINGTON — Today, the U.S. Small Business Administration announced T-Mobile as a gold cosponsor for National Small Business Week, taking place May 4-10, 2025. This marks T-Mobile’s fourth year cosponsoring National Small Business Week at the gold level, reinforcing its commitment to supporting the success of America’s entrepreneurs and job creators.

    “SBA is grateful for the private-sector sponsors who make National Small Business Week possible,” SBA Administrator Kelly Loeffler said. “Across every industry, big businesses rely on small businesses every day – and when we empower our local entrepreneurs, our entire economy benefits. By helping to promote small businesses, our cosponsors are highlighting the innovation, dedication, and importance of America’s job creators – while supporting the resources and opportunities to help them thrive.”  

    For more than 60 years, National Small Business Week has served as the SBA’s annual tribute to America’s small businesses and innovative startups, who serve as the tireless engine of our economy and the backbone of our communities. T-Mobile’s support of this week-long celebration aligns with the company’s commitment to help small businesses grow.

    “We’re proud to join the SBA in celebrating the big impact small businesses have in our communities,” Callie Field, President of T-Mobile Business Group said. “They are the driving force behind local economies, fueling job creation and growth across America. And T-Mobile is here to support them with the tools they need to thrive in a highly connected, digital-first world.”

    Details on National Small Business Week, the virtual summit, registration and speakers are featured on National Small Business Week and will be updated as additional information and activities are confirmed. Local events will be featured on Find upcoming events and are identifiable by searching with #SmallBusinessWeek.  

    # # #

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and 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.

    Cosponsorship Authorization #24-44-C. SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.

    MIL OSI USA News –

  • MIL-OSI Europe: EBA identifies payment fraud, indebtedness and de-risking as key issues affecting consumers in the EU

    Source: European Banking Authority

    The European Banking Authority (EBA) published today the 9th edition of its biennial Consumer Trends Report for 2024/25. The Report has identified payment fraud, indebtedness, and de-risking as the most important issues affecting EU consumers. The Report is based on information provided by the national authorities of the 27 EU Member States, selected national and EU consumer associations, EU industry associations, national ombudsmen, as well as quantitative data from a variety of sources, including for the first time the EBA’s new Retail Risk Indicators, which the EBA publishes separately since 2022 with a view to identify potential consumer harm.

    The Report summarises the input the EBA has received to conclude that payment fraud is still the most significant issue for EU consumers. This also reflects the emergence of new types of fraud, such as social engineering techniques. In this type of scams, payers are manipulated into making a payment to the fraudsters, who have adapted their techniques to elude the application of the strong customer authentication requirements imposed by EU law.

    Indebtedness emerges as the second most relevant issue reported to the EBA, with a significant rise of what is commonly referred to as ‘Buy-Now-Pay-Later’ credit and other types of small, fast, accessible and short-term credit. Inadequate creditworthiness assessment practices of lenders and poor disclosure of pre-contractual information are found to be key drivers to indebtedness.

    De-risking is the third most relevant issue reported to the EBA, with more consumers facing increased difficulties in opening and retaining payment accounts, access to which is a prerequisite for residents in the EU to be able to participate in the EU economy. This issue is reported to materialise in the form of refused onboarding of new and the offboarding of existing consumers and seems to be affecting mostly specific categories of consumers, i.e., migrants, refugees, the homeless, cross-border workers, and individuals with poor financial histories.

    Following these findings, the EBA will consider which actions to take in 2025/26 to address the topical issues identified in 2024/25 and with the aim of further enhancing consumer protection across the EU.

    Legal basis and background

    The Consumer Trends Report 2024/25 has been developed in fulfilment of the EBA’s mandate set out in Article 9(1) of its founding Regulation, which requires the Authority to take a leading role in promoting transparency, simplicity and fairness in the market for consumer financial products or services across the internal market, including by collecting, analysing and reporting on consumer trends.

    MIL OSI Europe News –

  • MIL-OSI Video: High-level visit from Cambodia

    Source: World Trade Organization – WTO (video statements)

    Director-General Ngozi Okonjo-Iweala met Nimul Cham, Cambodia’s Minister of Commerce, during her country’s Trade Policy Review.

    The third review of the trade policies and practices of Cambodia takes place on 26 and 28 March 2025. Learn more: https://www.wto.org/english/tratop_e/tpr_e/tp569_e.htm

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=r1C8EdHNMi4

    MIL OSI Video –

  • MIL-OSI United Kingdom: Environment Secretary Steve Reed – Circular Economy speech

    Source: United Kingdom – Executive Government & Departments

    Speech

    Environment Secretary Steve Reed – Circular Economy speech

    Speech by Environment Secretary Steve Reed at the Dock Shed in London, setting out his vision for a circular economy

    Thanks to British Land and Mace for hosting us at the Dock Shed today.

    The views up here are absolutely spectacular.

    I don’t think any of us can ever tire of looking at that iconic London skyline. No matter how many times you’ve seen it before.

    Or seeing the city shift and grow as buildings go up and down, as spaces are developed. As communities are created.

    When I was Lambeth Council Leader, I was co-chair of the Vauxhall Nine Elms Redevelopment – that’s the biggest regeneration project in Europe.

    But what people don’t always see is the waste that kind of development can produce.

    62% of all waste generated in the United Kingdom comes from construction.  

    That’s resources lost from our economy.

    Lost economic value.

    As we meet our commitment as a Government to build 1.5 million homes, the infrastructure for clean green energy and a reliable and clean water supply, the datacentres to make the UK an AI superpower, we can and we must get better use out of our materials and eradicate waste.

    Mace and British Land – and many others in the room – are already rising to the challenge.

    In this building alone, thousands of tonnes of carbon were saved by smarter material choices, meaning every structure has a smaller carbon footprint.

    The stone floor beneath your feet is completely recycled.

    And in new buildings across the development, British Land and Mace are using material passports to digitally track all components so they can be adapted and reused in the future.

    Later this morning I’m looking forward to visiting the Paper Garden, just a few minutes from here, transformed from an old printworks into an education centre and a garden, where 60% of materials have been retained or reclaimed, including railway sleepers and the logs of fallen trees from Epping Forest.

    The principles of a Circular Economy are embedded in these designs.

    That’s what I want to talk about today.

    Not just in construction but across all sectors.

    We have an opportunity to end the throwaway society and move to a futureproofed economy.

    Where things are built to last.

    Where products are designed to be reused and repaired. And materials given new life again and again.

    This isn’t about merely modifying the way we currently manage waste.

    I want to work with all of you to fundamentally transform our economy so we get more value from it.

    When I was in opposition, this is what business leaders told me they wanted a Labour Government to do.

    So when I became Secretary of State for Defra, I made creating a Circular Economy one of my five core priorities for that department.

    British businesses want to make this change.

    So now it’s part of the Government’s national Plan for Change.

    But it needs long-term direction on how regulation will develop.

    So you can plan with certainty, so we can build the infrastructure we need, and financial institutions and businesses can invest with confidence.

    Today I want to set that direction so, together, we can make the Circular Economy a reality.

    Turn back the years and the things Britain made were built to last.

    Washing machines would be fixed, clothes mended, broken pieces of furniture repaired. 

    But in recent times we’ve become trapped in a throwaway culture.

    It’s easier and quicker to replace something on Amazon than get it fixed.

    Our lives follow a ‘take, use and throw’ model that is economically unsustainable, creates mountains of waste that we have to bury or burn, and leaves our supply chains vulnerable and exposed.

    Yet we know the British public support change.

    Carrier bags sold by the main supermarkets have reduced by over 98% since 2014.

    We’ve cleaned up streets, rivers and beaches by banning single-use plastic items like cutlery and polystyrene cups.

    Both policies had huge public support.

    But we are falling behind the rest of the world.

    This Government is changing that.

    Packaging Extended Producer Responsibility will begin later this year, incentivising businesses to remove unnecessary packaging and make their products more recyclable and refillable.

    Simpler Recycling for the workplace starts next week.

    And a standardised, national approach to household recycling – paper, card, plastic, glass, metals and food waste – will be introduced next year so everyone understands more clearly what they can recycle and how they recycle it.

    This will end postcode confusion about bin collections and make sure households, workplaces and businesses never have to deal with the madness of 7 separate bin collections which the previous Conservative Government legislated to inflict on us.

    And this April, we will appoint the business-led organisation that will launch the UK’s first Deposit Management Scheme for drinks containers starting in 2027.

    Less than 60% of waste electricals are collected for reuse or recycling.

    4 in 5 of our plastic products are still made from virgin materials.

    Our household recycling rates haven’t improved in 15 years.

    UK landfill sites absolutely astonishingly cover an area almost as big as Greater London. 

    We burn 12 million tonnes of waste collected by councils every year.

    We throw away £22 billion in edible food annually. Four and a half billion in clothes. 2 and a half billion in usable furniture.

    This is bad for the environment, bad for society and it’s bad for the economy.

    We are literally shovelling money down the drain.

    Under Michael Topham’s leadership at the Environmental Services Association, our biggest recycling companies are stepping up to the challenge.

    Our reforms are giving them the confidence to invest £10 billion pounds in the UK’s recycling infrastructure over the next decade, creating over 21 thousand jobs right across the country.

    I know parts of the industry have concerns around the impacts of some of these reforms.

    We are listening. And we’ll keep listening to make sure the changes work for businesses.

    Based on businesses’ feedback, we’ll appoint a producer-led organisation to lead our packaging reforms, building on the successful business-led board that steered them to this stage.

    We’ve published estimated base fees for year one of the scheme, rather than ranges, to give businesses more certainty.

    And we have stopped mandatory labelling requirements to avoid any trade friction or increased costs within the UK and with the EU.

    We’ve also worked with the Food Standards Agency to confirm they will take up the role of competent authority, carrying out the checks to verify the suitability of recycling processes producing food-grade recycled plastics for trade, so we can uphold the value of high-quality UK recycled plastics on export markets.

    Beyond our packaging changes, our ban on disposable plastic vapes comes into force in June.

    We are changing the law so online marketplaces and vape producers pay their fair share to recycle the electricals that they put on the market – encouraging them to consider other options like reuse.

    We’ve set aside £15 million to reduce food waste from farms and ensure it reaches families in need.

    And we’ve set strict conditions for new energy-from-waste plants so they work better for local communities and maximise the value of resources that can’t be re-used or recycled.

    I’m proud of where we’ve got to so far. But I know these reforms are still not enough.

    We need a bigger shift to an economic system that encourages repair, reuse and innovation, where resources are used again and again, and waste is designed out of the system right from the start.

    I worked in business for 16 years, with responsibility for driving up profit and driving down cost.  

    To make this bigger shift, I know we must help you unlock innovation and technologies that will open new revenue streams.

    Work with local government to ensure the right infrastructure is in place.

    And show the public that the circular economy is not some abstract concept, but something that will bring real benefits to them, their families, small businesses and communities right across the UK.

    A Circular Economy makes sense.

    In the Netherlands, financial organisations like InvestNL and innovations such as the Denim Deal for textiles are stimulating innovation in every corner of their economy.

    I want the UK to match this. And then go further.

    Moving from our current throwaway society is vital to grow the economy and deliver our Plan for Change, so we can give working people economic security, and give our country national security.

    Towns and cities in every region will benefit from new investment that keeps materials in use for longer, whether in manufacturing and product design, processing or recycling facilities, or in the rental, repair and resale sectors.

    This will provide thousands of high quality, skilled jobs right across the country, getting more people into work, wages into pockets, and driving the regional economic growth this Government was elected to deliver.

    If you want to put a figure on it, external analysis suggests circular economy policies have the potential to boost the economy by £18 billion a year, every year.

    A Circular Economy is also a more resilient economy.

    Recent disruptions to global supply chains from the Covid 19 pandemic to Russia’s illegal invasion of Ukraine make it clear we can no longer rely on importing 80% of our raw materials from abroad.

    These include the materials and components essential to our phones, computers, electric vehicles, hospital equipment and clean energy infrastructure. And that’s to name just a few.

    To ensure our national security in an increasingly unstable world, we have no choice.

    We must embrace circular, local supply chains to reduce our exposure to global shocks and prevent us running out of critical resources.

    As the Chancellor has said, we need to remove barriers for British businesses, investors and entrepreneurs and grow the supply-side of our economy.

    It’s not just the economy though.

    Extracting resources and processing them is responsible for over half of global greenhouse gas emissions.

    Moving away from the linear make, use and throw model is vital to meeting our Net Zero and Environment Targets.

    It will mean less rubbish ending up in landfill. Fewer plastics under our feet and choking the seas, taking hundreds of years to break down.

    We can make better use of that land, whether for agriculture, housing, nature or green energy infrastructure.

    It will mean burning less waste. Less litter on our streets. Less fly tipping on the side of our roads.

    It will mean people can feel more pride in their communities.

    British businesses are already showing us what’s possible.

    From innovative tech startups turning waste into valuable materials, to social enterprises giving used goods a second life.

    Like SUEZ working with the Greater Manchester Combined Authority to give hundreds of tonnes of pre-loved items like furniture, bikes and toys a brand new lease of life.

    Reselling them to the local community at affordable prices or donating them to local charities.

    Too Good to Go, established in Copenhagen and spanning multiple global cities including here in London, which has over 100 million users and saved over 400 million meals.

    Low Carbon Materials in Durham, using alternative construction materials to decarbonise roads across the country.

    Or Ecobat Solutions’ in Darlaston recovering valuable materials from end-of-life lithium-ion batteries through their innovative recycling plant.

    I want to support businesses like these to succeed.

    By facilitating the transition you told me this sector wants to make.

    That’s why I set up the Circular Economy taskforce, bringing together experts from government, industry, academia and civil society to work with businesses on what they want to see so we create the best possible conditions for investment.

    I’m delighted to have so many members of the taskforce here with us in the room this morning.

    Under the leadership of Andrew Morlet and Professor Paul Ekins, the taskforce will work with businesses to develop the first ever Circular Economy Strategy for England.

    We will publish the Strategy in the coming Autumn.

    It will include the long-term regulatory roadmaps that businesses asked for, showing the journey to circularity, sector by sector, so you have the certainty and direction to invest in the future.

    We will start with five sectors that have the greatest potential to grow the economy: chemicals and plastics; construction; textiles; transport; and agrifood.

    This includes exploring how we can protect our battery supply so we can electrify the UK’s vehicle fleet, working with the Chancellor to make sure levers including the Plastics Packaging Tax help support the stability and growth of our plastics reprocessing sector, or how we harness new technologies to stop burning materials like the plastic films on packs of strawberries or mushrooms, but instead give them a new life.

    We’re already seeing innovation in plastic films by the company Quantafuel based in Denmark, and Viridor who are here today, alongside others, want to develop chemical recycling plants following that model here in the UK.

    It includes how we build on the industry led coalition ‘Textiles 2030’ to transform our world-leading fashion and textiles industry, tackle food waste to improve food security and bring benefits for consumers, businesses and the environment, and lower construction costs and emissions as we build 1.5 million homes during the lifetime of the current Parliament.

    In these roadmaps, we’ll learn from international best practice, including from the European Union.

    Until now, countries such as the Netherlands, Denmark and Germany have led the way on circularity.

    Our Strategy will give British businesses the support they need so we can put the UK back in the race.

    It will provide the freedom for businesses to harness the entrepreneurial spirit and innovation that Britain has long been known for.

    Those of you here today are the champions for this change.

    You were the first off the start line. You’ve battled to do what’s right for the environment, the economy, and the future of our country.

    I want to thank you for that.

    Businesses will lead the transition to a Circular Economy.

    It’s up to us to work together to bring the wider business community and society with us.

    We need to show the country that the Circular Economy is not just a diagram on a page.

    It’s cleaner streets, greener parks, and less fly-tipping in communities we’re proud to call home.

    It’s new income for businesses, thousands of skilled jobs, and economic growth in every region of the country.

    It’s resilience in the face of global supply chain shocks, and it’s essential for our national security.

    The Circular Economy is our chance to improve lives up and down the country. To grow our economy.

    And protect our beautiful environment for generations to come.

    I’m genuinely excited about what we can achieve together.

    My ask from you is simple.

    Please tell the taskforce, and tell me, what you need from us.

    Then work with us so we can make it happen.

    Thank you.

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Christmas Village receives sparkling reviews

    Source: Scotland – City of Aberdeen

    Aberdeen’s Christmas Village is set to return to the city later this year following positive feedback on last year’s event.

    Councillors from the Finance and Resources Committee yesterday agreed an update on the event after an independent evaluation of the Christmas Village was undertaken by Aberdeen and Grampian Chamber of Commerce.

    Committee Convener Councillor Alex McLellan said: “Aberdeen’s Christmas Village continues to be hugely popular with local residents, and visitors to the city, over the festive period.

    “Aberdeen City Council, working in partnership with Aberdeen Inspired, will continue to build on the successes of previous years as we move towards the 2025 festive period.”

    Aberdeen City Council Co-Leader Councillor Ian Yuill said: “The feedback from last year’s Christmas Village is key as we look towards the future and continue to create a fun and engaging attraction that can be enjoyed by all ages.

    “I would like to thank everyone involved in the Christmas Village for their continued hard work and support in making this a fantastic event.”

    The Evaluation found that:

    • 98% of visitors thought the event should be repeated in the future;
    • 91% rated the market as ‘good’ or ‘excellent’;
    • 87% from outside Aberdeen said that the Christmas Village improved their perception of the city;
    • 87% said they were ‘very likely’ or ‘certain’ to recommend the event to friends and family;
    • 97% of businesses in the Curated in the Quad Market said that the stall was good for their business.

    The Aberdeen Christmas Village was delivered last year in partnership with John Codona’s Pleasure Fairs, Aberdeen Inspired, and Charlie House, with the event raising more than £32,000 for the charity.

    Last year saw the addition of a thrill ride alongside the traditional ferris wheel, a new festive light trail, as well as the return of a relaxed festive space in Union Terrace Gardens, which also hosted the Nativity Scene. The event was more inclusive than ever with relaxed sessions, free community events, and sensory packs available to borrow.

    The Christmas Village is held from mid-November to the end of December and includes festive food and drink, an ice rink, fun showground rides for all ages, and Curated in the Quad, a Christmas market featuring more 64 local makers including food, drink, crafts, and gifts.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Governor Stein Submits HUD Action Plan, Urges Swift Approval to Accelerate Rebuilding in Western North Carolina

    Source: US State of North Carolina

    Headline: Governor Stein Submits HUD Action Plan, Urges Swift Approval to Accelerate Rebuilding in Western North Carolina

    Governor Stein Submits HUD Action Plan, Urges Swift Approval to Accelerate Rebuilding in Western North Carolina
    lsaito

    Raleigh, NC

    Yesterday, Governor Stein submitted the state’s proposed Action Plan for a $1.4 billion federal disaster recovery grant to address unmet housing, infrastructure, and economic revitalization needs in western North Carolina. 

    The Governor’s Office submitted the plan to the U.S. Department of Housing and Urban Development (HUD) for approval after incorporating feedback from the 30-day public comment period. North Carolina is the fastest state to have submitted a plan following a major hurricane in the past decade and is eager to start the process to put federal housing money to work for the people who need it.

    “To rebuild damaged communities, we must rebuild people’s homes and our critical infrastructure,” said Governor Josh Stein. “I am grateful to the many North Carolinians who provided input on this plan over the past 30 days, and I urge the federal government to review and approve it swiftly so we can jumpstart permanent home rebuilding as quickly as possible.” 

    In his third executive order Governor Stein created a new division at the Commerce Department to administer the HUD CDBG-DR program for western North Carolina. The new Division of Community Revitalization, led by Deputy Secretary Stephanie McGarrah, spearheaded the development of the Action Plan proposal as well as the comprehensive engagement program to solicit feedback, which included in-person public meetings in six western North Carolina locations.

    CDBG-DR grants focus on longer-term rebuilding rather than immediate needs for shelter. CDBG-DR grants address unmet needs in three core areas of recovery – housing, infrastructure, and economic revitalization. The Helene Action Plan proposes most funds go to housing recovery for low and moderate income residents, with the remaining funds targeted for infrastructure rebuilding and economic revitalization, particularly for small businesses and commercial districts.

    “We are moving with urgency so that western North Carolina receives the relief it needs,” said North Carolina Commerce Secretary Lee Lilley. “I am grateful to the public for their comments and to everyone who has worked to get this plan submitted, and I eagerly await its approval by HUD.”

    Currently the pending HUD CDBG-DR grant for the State of North Carolina stands at $1.4 billion, subject to federal approval of the state’s Action Plan. As the state awaits HUD approval, the Division of Community Revitalization’s housing recovery work has already gotten underway thanks to a recent appropriation of $120 million in state funds from the General Assembly for home reconstruction and repair. Although damage assessments are still ongoing, the current allotment of $1.42 billion will fall short of the unmet housing needs facing the region. A separate HUD CDBG-DR grant of $225 million was allocated directly to the City of Asheville to administer.

    Click here to read the Action Plan. 

    Mar 27, 2025

    MIL OSI USA News –

  • MIL-OSI Security: 15 charged in scheme to defraud government aid programs

    Source: Office of United States Attorneys

    HOUSTON – Fourteen Texas residents and one Louisiana woman have been indicted for participating in schemes using falsified documents to obtain Paycheck Protection Program (PPP) loans and unemployment insurance benefits, announced U.S. Attorney Nicholas J. Ganjei.

    The final five taken into custody are expected to make their initial appearances before U.S. Magistrate Dena Hanovice Palermo at 2 p.m. Those include Brittany Garner-Richard, 38, Humble; Miguel Bell, 39, Port Arthur; Candace Booker and Andrea King, both 33 and of Beaumont; and Joshe Johnson, 34, Corrigan.

    A federal grand jury returned the 18-count indictment March 4. 

    The charges allege Ebone Myrriah Mott, 37, Houston, conspired with others to falsify applications and claims to help them qualify for PPP loans and unemployment insurance benefits for which they were not otherwise eligible.

    Mott allegedly created fictitious companies, prepared falsified records and submitted the applications on behalf of co-conspirators. The charges allege they paid her for her assistance – approximately $200 up front and 10% of the payouts. 

    The Small Business Administration relied on the fraudulent loan applications, insurance claims and falsified supporting records in the application process and the subsequent disbursement of loan proceeds or benefits, according to the charges. 

    Mott is charged with one count of conspiracy to commit wire fraud and 17 counts of wire fraud.

    In addition to Garner-Richard, Bell, Booker, King and Johnson, all others are also charged in the conspiracy and one or two counts of wire fraud. They were also taken into custody between March 23-26 and include Tiara Petties, 31, and Jennifer Petties, 32, both of Livingston; Kierra Patrice Chancey, 29, and Dekovan Williams, 28, both of Nacogdoches; Roy Shemeaker, 38, Dallas; Trakeesha Nishell Brown, 40, Lufkin; Veronica Moses, 40, Diboll, Travecia Hampton-Isabell, 37, Whitehouse, and Frankie Desiree Bogany 33, Vivian, Louisiana.  

    PPP loans are a source of financial relief The Coronavirus Aid, Relief and Economic Security (CARES) Act provides. The CARES Act is a federal law enacted in March 2020 designed to provide emergency financial assistance to Americans who were suffering economic effects the COVID-19 pandemic caused. Unemployment insurance provides benefits to persons who are out of work due to no fault of their own and who meet other eligibility requirements of state laws.

    If convicted, each face up to 20 years in federal prison and a possible $250,000 maximum fine. 

    The Department of State – Diplomatic Security Service, Department of Labor – Office of Inspector General and California Employment Development Department conducted the investigation. Assistant U.S. Attorney Michael Day is prosecuting the case.  

    An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law. 

    MIL Security OSI –

  • MIL-OSI USA: Bipartisan Shaheen, Kennedy Legislation to Improve Support for Rural Small Businesses Advances out of Small Business Committee

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – Today, bipartisan legislation co-led by U.S. Senators Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Committee on Small Business and Entrepreneurship, and John Kennedy (R-LA) was advanced out of the U.S. Senate Committee on Small Business and Entrepreneurship (SBC). The Coordinated Support for Rural Small Businesses Act would direct the U.S. Small Business Administration (SBA) to designate an Assistant Administrator for its Office of Rural Affairs and codifies ongoing cooperative efforts between the SBA and the U.S. Department of Agriculture (USDA) to improve support for rural small businesses. The bill now heads to the full Senate for consideration.

    “Small businesses are the backbone of rural communities but often face higher barriers to accessing federal programs and resources that would help them thrive,” said Shaheen. “I’m pleased that my colleagues on the Small Business Committee cleared the way for our bipartisan bill to increase coordination between federal agencies—bringing us one step closer to delivering more support for rural small businesses across the country.”

    “Louisiana’s small businesses provide good paying jobs to folks throughout our state and support local economic growth. I’m glad to introduce this bipartisan bill to continue our investments in rural America,” said Kennedy.

    To help rural small businesses, the Coordinated Support for Rural Small Businesses Act directs SBA and USDA to expand outreach to rural lenders and small businesses about agency programs and convene working groups to:

    • Identify synergies among the two agencies’ loan programs.
    • Assess where SBA and USDA can coordinate in delivering resources through lenders, resource partners like Small Business Development Centers (SBDCs) and others.
    • Coordinate SBA’s Small Business Investment Company (SBIC) program and USDA’s Rural Business Investment Company (RBIC) program, as well as disaster recovery programs at both agencies.
    • Share best practices among the two agencies, rural economic development groups and others, and evaluate how cooperatives can access SBA programs.
    • Collaborate on technical assistance with procurement, exporting and innovation.

    A one pager of the bill is available here.

    As a former small business owner and now a top member of the Small Business and Entrepreneurship Committee, Shaheen fights for New Hampshire’s—and America’s—small businesses. During her time as Chair of the committee, Shaheen focused on addressing some of the biggest challenges small business owners face. Shaheen also leads the bipartisan Helping Small Businesses THRIVE Act with Kennedy that would direct SBA to create a new program that helps small businesses lock in the cost of commodities, like gasoline or lumber, in order to protect against the future volatile price of energy and other expenses. Shaheen also recently joined her Senate colleagues in introducing the Small Business Technological Advancement Act to help small business owners integrate digital tools into their businesses.

    Shaheen is the top Democrat on the U.S. Senate Appropriations Subcommittee that oversees funding for USDA and leads efforts to ensure rural small businesses can access the resources they need. Shaheen has supported more than 230 New Hampshire small businesses who have received over $25 million to lower energy bills and cut costs through USDA’s Rural Energy for America Program. Shaheen recently visited a small business in Lisbon that is using funding she championed to make energy efficiency upgrades.

    MIL OSI USA News –

  • MIL-OSI USA: Senators Hassan, Shaheen, Goodlander Urge Department of Justice to Protect Retention Incentives for FCI Berlin Workforce

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    (Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH), along with U.S. Congresswoman Maggie Goodlander (NH-02), are urging the U.S. Department of Justice and the Federal Bureau of Prisons (BOP) to reverse a recent decision to cut retention incentives provided to several federal corrections facilities across the country, including at Federal Correctional Institution (FCI) Berlin. In a letter to U.S. Attorney General Pam Bondi and Associate Deputy Director of the Federal Bureau of Prisons, Shaheen, Hassan and Goodlander highlight that the decision would worsen persistent staffing shortages that threaten FCI Berlin’s operational capacity and security. 

    The lawmakers wrote, in part: “FCI Berlin has had a 25 percent retention incentive authorized since 2023. As the nationwide staffing crisis makes it difficult to recruit new officers, these retention incentives have been instrumental in ensuring that the facility is able to retain and adequately pay existing staff, keeping the facility operational. However, even despite this critical assistance, FCI Berlin’s custody department is currently staffed at only 64 percent, with far reaching consequences as stretched-thin correctional officers must take on unreasonable amounts of overtime to help maintain the daily operations of the facility.” 

    They continued: “There is no doubt that the abrupt reduction in retention benefits will have real financial impacts on those who bravely serve FCI Berlin and its population. We urge you to find a solution to provide the highly professional and dedicated staff at FCI Berlin with the compensation they deserve for their work and, at a minimum, allow this facility and others facing chronic understaffing to continue to receive their full retention incentives as originally authorized.” 

    The lawmakers concluded: “Now more than ever, we remain committed to working with you to ensure FCI Berlin has the resources and support it requires to continue its integral work in our state.” 

    Read the full text of the letter here. 

    Shaheen has long advocated on behalf of FCI Berlin. In 2011, Shaheen fought to get FCI Berlin open. During the 2019 government shutdown, Shaheen spoke on the Senate floor about the damaging impacts the shuttered federal government had on FCI Berlin staff members. In 2023, Shaheen was instrumental in ensuring corrections officers, medical personnel and support staff at the facility received access to these critical retention incentives. Further, during her time as Chair of the Senate Commerce, Justice, Science, and Related Agencies Appropriations Subcommittee, Shaheen repeatedly secured language in annual government funding legislation calling attention to the BOP staffing crisis nationwide.  

    Last month, Shaheen offered an amendment to the Republican budget resolution that would have raised pay for Federal Bureau of Prisons correctional officers in New Hampshire and across the country. Additionally, Shaheen offered an amendment to last week’s continuing resolution that would have preserved retention incentives at federal correctional facilities ahead of this weekend’s impending cut. 

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray, SSA Employees and WA State Residents Who Rely on Social Security Sound Alarm on DOGE Decimating Social Security Administration

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    FACT SHEET: Trump and Musk’s Plot to Make It Harder for Americans to Get Their Social Security Benefits

    Current SSA employee retiring because of overwhelming demoralization and stress SSA staff are experiencing from Trump and Elon’s attacks on SSA: “I was not expecting to leave now, but I’m exhausted and demoralized, like many other employees around the region… I feel immense guilt for leaving my coworkers behind—like I’m in the last lifeboat of a sinking ship.”

    *** WATCH HERE; DOWNLOAD HERE ***

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual press conference with current and former Social Security Administration employees and people in Washington state who rely on Social Security benefits and Social Security Disability Insurance (SSDI) calling out Trump, Elon Musk, and Congressional Republicans for their plans to dismantle the Social Security Administration (SSA) and the real threats it poses to Americans’ hard-earned Social Security benefits.

    SSA has plans to lay off thousands of employees—a significant proportion of its workforce at a time when SSA is already at a 50-year staffing lows—shutter local offices across the country, and cut phone services. In just the last week, Trump’s SSA has begun requiring Americans who file for benefits by phone to verify their identity using an online system or provide documentation in person at a field office—creating serious hardships for millions of elderly and disabled Americans who lack computers and have limited mobility to access in-person help. Trump and Musk’s actions to gut SSA will make it harder for Americans who have spent their lives paying into Social Security to get the benefits they have earned—and to get the help accessing those benefits they need. The Republican Continuing Resolution, written without any Democratic input, effectively endorses many of these plans by forcing staffing reductions due to inadequate funding.

    “Cutting Social Security staff and closing offices isn’t going to reduce the deficit or make the government more efficient. Instead, making it harder for millions of Americans to apply for the benefits they have earned, and delaying processing is simply another way of cutting Social Security benefits. That appears to be the goal here, all to make more room for tax cuts for billionaires,” said Senator Murray. “Social Security is a promise. But more than that—it’s a lifeline that keeps millions of people afloat, sometimes with heads just above the water. That was my parents once upon a time. It is countless other families today. And Trump and Musk are trying to cut that lifeline. I am not going to let them get away with sabotaging Social Security in the shadows, and neither are the American people.”

    The Trump administration’s plans to gut SSA come as Elon Musk calls Social Security “the biggest Ponzi scheme of all time,” and Commerce Secretary Howard Lutnick suggested people wouldn’t mind if the government simply skipped sending one of their Social Security checks, and if they complained otherwise they were “fraudsters.”

    “Every single retirement claim that we do, every disability claim, every Social Security number replacement card, those are all real people—and we know that. We work directly with the public, who are often in very difficult times in their lives when they need us. We need to be able to help them quickly,” said Laura Novakoski, who has worked at the Social Security Administration for more than 30 years, including at the Portland Metro field office for the last 12 years—where she served constituents from Southwest Washington and Oregon. Laura is retiring from SSA in large part because of the overwhelming demoralization and stress SSA staff are experiencing as a direct result of Trump and Elon’s reckless actions. Laura also serves as Secretary of AFGE Local 3937, which represents SSA employees throughout Washington, Oregon, Idaho, and Alaska. “Appointing Acting Commissioner Dudek and nominating Bisignano for Commissioner continues a trend of this administration appointing agency heads who don’t believe in the mission of their own agency, and will actively work to dismantle it.”

    “I was not expecting to leave now, but I’m exhausted and demoralized, like many other employees around the region. The constant stress has a real impact on our physical and mental health,” Laura continued. “I feel immense guilt for leaving my coworkers behind—like I’m in the last lifeboat of a sinking ship. We are serious, hardworking people. We are taxpayers. The people who rely on Social Security are, too. We expect the representatives we elected to take care of the program and strengthen it. I don’t think we should let Social Security be toyed with by those who have no stake in it and no concern for the ramifications to real people. I don’t think we should let it be taken apart and taken over by private interests and billionaires.”

    “The Social Security Administration is under a withering attack.  Sensitive information about past and present workers and their families has been compromised. Thousands of workers have been lost from an Agency already at a 50-year staffing low. Disability benefit applicants wait years for final decisions. 30,000 died last year while waiting. All of this crushes employee morale and public confidence, and is a prelude to privatization,” said Steve Kofahl, a retired SSA employee and President Emeritus of AFGE Local 3937, which represents SSA employees throughout Washington, Oregon, Idaho, and Alaska.

    “I have been on Social Security since the age of 18 and on Social Security Disability Income since I was 22. My schizophrenia symptoms started when I was 12. I was officially diagnosed at 19 and placed in a group home run by Transitional Resources. At 23, with the help of Transitional Resources, I moved into an apartment in the neighborhood where I grew up, close to my family and friends. Social Security subsidizes a portion of my rent, which has allowed me to live on my own for more than 10 years,” said Joey Wilson, a Washington state resident who relies on SSDI benefits and has previously shared his story with the Seattle Times. “Social Security is in the crosshairs of budget cuts, cuts that would completely throw millions of Americans living with disabilities into chaos. These are people who need responsive services for emergencies, people who count on regular appointments, people whose consistency of care cannot be jeopardized. It already takes hours to get hold of Social Security on an average day of the week over the phone. Think about the impact and damage the proposed cuts will do to individuals with disabilities. Please help support those who cannot advocate for themselves.”

    “Last week in class we talked about changes coming to Social Security access. I’ve encouraged them to create accounts on SSA.gov to avoid in-person visits — a hardship for those who don’t drive. As we age, it’s more likely that we need to move to a smaller home, or an assistive environment. We may want to change banks or designate someone to manage our account should we become unable. All of this could be an easy phone call to direct SSA in the changes needed,” said Sara Lambert, a senior in Carnation, WA who receives Social Security benefits and volunteers her time at a local Sno-Valley Senior Center helping other seniors sign up for the Social Security benefits they have earned. “I continue to hear news reports of unelected, unvetted, and unknown people invading Social Security looking for supposed fraud, but I’ve yet to see documented proof of any fraud. Also, I’d like to know how my personal information will be safeguarded, and that my guaranteed benefits will continue. A missed Social Security check will create hardship for honest, hardworking taxpayers who are supposed to be in their “golden years.” We’re experiencing frustration and fear in Carnation, as I expect is the case around the country. Maybe the billionaires trying to run the country haven’t experienced living paycheck to paycheck recently. Can we at least ask that they learn a little Civics 101?”

    Senator Murray has an extensive record of protecting Social Security benefits and fighting to secure essential funding for the SSA—and she has been tirelessly raising the alarm about the threat Elon Musk’s DOGE poses to Americans’ hard-earned benefits. Under Senator Murray’s leadership as Chair last Congress, the Senate Appropriations Committee secured $14.2 billion for SSA in the Fiscal Year 2024 Labor, Health and Human Services, Education and Related Agencies Appropriations Bill—a $100 million increase over Fiscal Year 2023 funding levels—and advanced a draft Fiscal Year 2025 Appropriations Bill that would provide another $509 million increase for SSA. Millions of Americans rely on Social Security and have earned benefits over lifetimes of work. Half of seniors rely on Social Security for most of their income and a quarter of seniors rely on Social Security for at least 90% of their income.   

    Senator Murray’s full remarks, as delivered on today’s press call are below and video is HERE:

    “We are here today to sound the alarm. Because Social Security is a promise—and Trump and Musk are doing everything they possibly they can do to break that promise.

    “Trump can huff and puff and promise he won’t touch Social Security until he’s blue in the face.

    “But here are the facts: they are firing workers and encouraging them to leave en masse. They are shuttering offices across the country. They are throwing up barriers for seniors and people with disabilities. They are jamming up the phone lines and wait times—and they are doing it all without a care in the world.

    “Seriously—they may as well be telling people who need Social Security, ‘good luck you’re on your own.’

    “After all, Trump’s own Commerce Secretary basically said he doesn’t think anyone will mind if their benefits get cut off for a month or two—and if you did complain, you’re probably a fraudster. Well, does he know any real people? I don’t think so.

    “And Elon hasn’t shown the slightest concern that while he is leading a witch hunt for dead people on Social Security, SSA has incorrectly declared living people dead—including here in Washington state—and wrongly stole thousands of dollars in benefits out of people’s bank accounts. 

    “Not to mention, Trump administration officials are accidentally sending war plans to reporters over text message—and now we’re supposed to trust a 20-year old DOGE employee with every piece of data SSA has on everyone? I don’ think so!

    “Career civil servants and leadership with decades of experience at SSA have resigned because of what Elon Musk and DOGE are trying to do.

    “Meanwhile, Trump’s acting head of the Social Security Administration… First, tried to stop parents in Maine from being able to apply for a Social Security number for their newborns at the hospital, after Trump got into a fight with the governor. Then, threw an entirely different tantrum and threatened to shut down the entire agency because a Judge said he couldn’t hand over everyone’s private financial data to Elon Musk’s DOGE minions.

    “And now, on Trump’s orders, is requiring people go to Social Security offices in person to verify their identity—at the same time they are firing workers and shuttering offices!

    “Now, it’s not hard to imagine why some of the richest people in the world don’t get it. Elon Musk is never going to go hungry because he missed a Social Security check.

    “But it’s also not hard to see how what they are doing is really dangerous. If Social Security wrongly declares you dead in Elon’s conspiracy purge—that is a problem. If you can’t verify your identity because there is no office near you, and no appointment available for months—that is a problem. If your private financial data is compromised because Elon’s DOGE minions are mucking around with no oversight—that is a problem.

    “And if Social Security breaks down and misses payments because billionaires like Trump and Elon don’t care, or because the Acting Commissioner doesn’t have the first clue what he’s doing, or because they are all actively sabotaging the entire program—that is a MAJOR problem, for tens of millions of Americans.

    “Social Security administrative expenses represent less than 1 percent of benefits paid. It’s about 0.2 percent of total government spending. Cutting Social Security staff and closing offices is not going to reduce the deficit or make the government more efficient.

    “Instead, it is making it harder for millions of Americans to apply for the benefits they have earned, and delayed processing. And it’s simply another way of cutting Social Security benefits.

    “That appears to be the goal here, all why? To make more room for tax cuts for billionaires.

    “And I think there’s a pretty basic reason I understand that while all these clueless, careless, and completely out of touch billionaires don’t seem to know or care.

    “It’s because I actually hear from people every day who rely on Social Security. And I actually remember how badly my parents needed Social Security. I know what a weight was lifted when they were finally eligible for their benefits, and I know how crushing it will be for families if Trump and Musk succeed in grinding this program into the ground.

    “Because here is the thing: Social Security is a promise, but more than that—it’s a lifeline that keeps millions of people afloat, sometimes with their heads just above the water.

    “That was my parents once upon a time. It is countless other families today. And Trump and Musk are trying to cut that lifeline.

    “Well I am not going to let them get away with sabotaging social security in the shadows, and neither are the American people.

    “I am going to keep this in the spotlight, and keep pushing back with everything I’ve got to protect Social Security, and keep our promise to Americans.”

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Industry leaders discuss how new ports strategy can drive city’s growth plans

    Source: City of Plymouth

    Industry leaders and port operators at the Port Strategy event

    Industry leaders have been invited to play a part in Plymouth’s ambitious plans to drive growth in its four ports and further strengthen its position as a leader in marine innovation and transitioning to net zero.

    A special roundtable meeting for industry leaders heard how a new Ports Strategy sets out a clear vision for growing the economic contribution of Plymouth’s ports, creating green jobs and ensuring the city remains at the forefront of marine technology, sustainable development and maritime skills.

    Business leaders were asked to consider how to foster ongoing collaboration between the Council, harbour authorities, port operators, and other key stakeholders to drive forward new initiatives, and what their roles could be in making progress against the six recommendations in the strategy:

    • Investing in and developing maritime skills as a key enabler of future growth and to anchor the benefits of this growth in local communities
    • Preserving space for the ports with more detailed work to determine future requirements
    • Maintaining Plymouth’s expertise in innovation in marine autonomy, clean propulsion and digital ocean technology
    • Fostering communication and collaboration to promote Plymouth’s ports and to identify and drive forward new initiatives
    • Supporting investment in infrastructure to ensure the ports remain competitive
    • Recognising the significant role that the ports can play in preparing for net zero and the opportunity and benefits that this could deliver in productivity and job creation.
    Industry leaders discuss the new Ports Strategy

    Councillor Tudor Evans, Leader of Plymouth City Council, said: “Plymouth’s ports are the beating heart of the city’s economy. They support a diverse range of industries and are driving innovation in marine autonomy, clean propulsion, and digital ocean technologies.

    “The new strategy is a blueprint for ensuring that Plymouth remains a global leader in the marine sector while also securing long-term prosperity for our communities. The event with business leaders and port operators gave us an important chance to discuss the opportunities and get their valuable input.”

    Plymouth’s ports currently underpin a marine and defence sector that employs over 20,100 full-time equivalents (FTEs), contributing 22 per cent of the city’s GVA. Plymouth also boasts the largest concentration of marine employment of any local authority in England, with sector wages exceeding both local and national averages.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Emergency fund launches to support the city’s third sector ahead of longer-term review

    Source: Scotland – City of Edinburgh

    Charities due to lose funding from the Edinburgh Integration Joint Board (EIJB) will be able to apply for emergency support from the City of Edinburgh Council.

    A one-off Third Sector Resilience Fund will launch tomorrow (Friday 28 March) and will remain open for two weeks. It will only be open to organisations in Edinburgh directly impacted by the closure of the EIJB’s third sector grants programme and applications must be made by 12 noon on Friday 11 April.

    This package of support will include a funded programme worth £1m to allow third sector advice providers to continue to offer income maximisation, debt, and welfare advice services previously funded by the EIJB grants programme.

    Applications will be reviewed and reported to a special meeting of the Policy and Sustainability Committee on Monday 12 May, with the intention of releasing funds in June.

    Further work is progressing to review the relationship between the public sector and third sector in Edinburgh, to improve funding certainty in future years.

    Council Leader, Jane Meagher, said:

    Many of these local charities are at the forefront of helping those in our city with the greatest need. We’ve urgently been working to provide a lifeline to those affected by the closure of the previous grants programme, and I’m really pleased that we’ve found a way forward.

    This fund should provide enough money to potentially support all 64 affected organisations for up to nine months. It must be said that this is a one-off emergency fund – we need to act quickly, and I urge applications to be made as soon as possible.

    Alongside this we must develop a stronger way of supporting the third sector in our city. We recognise that the EIJB, like the Council, is under significant financial pressure and there needs to be longer-term change.

    Tackling poverty and inequality is one of the biggest challenges we’ve set ourselves as a city and this will be a really important piece of work – for us, for our partners and for the whole third sector.

    Benjamin Napier, CEO of Citizens Advice Edinburgh, is a member of the third sector reference group which the Council has set up as it reviews the funding relationship the city has with charities.

    He said:

    We welcome this investment in the third sector and hope it will go some way to providing resilience, while we continue our work with colleagues across the Council to find a longer-term solution.

    We recognise the pressures on public funding and thank the Council for their efforts in securing this funding. The third sector in Edinburgh plays a vital and very cost-effective role in supporting some of the most vulnerable people in our communities.

    We look forward to strengthening the relationship between the Council and the third sector. By working together in this way, we can create real and lasting change for our citizens.

    The City of Edinburgh Council Third Sector Resilience Fund is a short term, one off, draw down resource using reserves agreed for use during 2025/26.

    The fund aims to:

    • Provide financial support in 2025/26 for Edinburgh based third sector organisations significantly impacted by the closure of the EIJB Grants Programme
    • Ensure that the closure of the EIJB Grants Programme does not affect, disrupt, or delay the delivery of other grant funded or commissioned projects and services in the city during 2025/26.

    Towards these aims:

    • The funding is for the period 1 July 2025 to 31 March 2026, whilst the wider review of the Council’s approach to supporting the third sector in Edinburgh is undertaken during 2025/26
    • Is intended to ensure the viability and survival of the third sector organisations whilst a new sustainable long-term approach, aligned with the Council’s Business Plan priorities, is developed for implementation from 2026/27 onwards
    • Not intended to provide costs associated with closure of an organisation because of the loss of EIJB grant funding, and
    • Not intended to be used for delivery of any specific projects or services that would be the direct function of the EIJB(noting that this fund will provide resilience until such time as the EIJB’s Strategic Plan is published and any future procurement processes are confirmed and made available to the 3rd sector).

    Please email policyandinsight@edinburgh.gov.uk for the full criteria for the fund and to apply.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: CMA’s Annual Plan to drive growth by promoting competition, protecting consumers and enhancing business and investor confidence

    Source: United Kingdom – Executive Government & Departments

    Press release

    CMA’s Annual Plan to drive growth by promoting competition, protecting consumers and enhancing business and investor confidence

    Ambitious 2025 to 2026 CMA programme will prioritise action to drive growth and investment whilst fulfilling its core purpose to promote competition and protect consumers.

    • CMA commits to improving key aspects of how it works, driving greater pace, predictability, proportionality and improved process. 

    • CMA will support the UK Government’s Industrial Strategy, using its powers to drive growth and unlock investment. 

    • CMA to use new powers under the Digital Markets, Competition and Consumers Act to unlock opportunities for growth across the UK digital economy and the wider economy; and enhance consumer confidence by supporting business compliance and tackling poor corporate practices.

    Following extensive engagement with business, investment and consumer groups, and reflecting the Government’s draft strategic steer, the Competition and Markets Authority (CMA) has published its Annual Plan 2025 to 2026.  

    The plan sets out the CMA’s firm commitment to use its competition and consumer protection powers to drive positive outcomes for UK consumers and businesses across the economy. It also lays out how the CMA will reflect the new draft strategic steer from government in its activities over the coming year. The draft steer reinforces the importance of a strong, independent competition and consumer protection regime, situating this squarely in the context of the UK Government’s growth mission.    

    Focus areas   

    The CMA plans to target its markets work toward unlocking investment in critical infrastructure and identifying opportunities for key horizontal enablers (like access to data or technology adoption) which could have a multiplier effect on growth. It will also give particular focus – across its powers – to priority sectors in the Industrial Strategy where effective competition could spur growth, or remove barriers to the flow of capital, innovation, and the scaling of UK businesses.  

    Notably, the CMA plans to deploy its deep anti-bid rigging expertise and AI capabilities to help the Government identify and tackle bid rigging in public procurement – potentially opening up opportunities for new entrants as well as billions of pounds in savings for UK taxpayers.  

    The plan also frames the CMA’s carefully considered approach to its new powers under the Digital Markets, Competition and Consumers Act (DMCCA), with detail around early activity in both the new digital markets and new consumer protection regimes. The CMA particularly emphasises the value of effective consumer protection to both business and consumer confidence, signalling that it will use its enforcement powers proportionately to put money back into people’s pockets and protect the level-playing field for fair-dealing businesses.  

    Improving how the CMA works  

    The plan reasserts the CMA’s commitment to its ongoing programme of rapid, meaningful changes based around four key principles – pace, predictability, proportionality and process (business engagement). Following direct feedback from businesses and investors, the CMA committed to implementing these ‘4Ps’ across its functions late last year, starting with merger control.  

    The plan outlines the considerable progress made thus far and signals more to come in the near future, notably across the new digital and consumer functions. The CMA also emphasises the importance of continued, constructive engagement with a diverse range of stakeholders – particularly through the CMA Growth and Investment Council and through deeper relationships with startups and investors.  

    Sarah Cardell, CEO of the Competition and Markets Authority, said:  

    The Government has been clear that its number one priority is economic growth, and the CMA has a key role to play in supporting that. The fundamentals of our role – to promote dynamic markets, support productivity and innovation, and to protect consumer interests – remain as vital and relevant for the UK as they have ever been.  

    This Annual Plan lays out an ambitious programme of work to support economic growth and long-term prosperity for the UK, rooted in our commitment to promote competition and protect consumers, and clearly reflecting the clear draft strategic steer provided to us by government.  

    Based on valuable stakeholder feedback, we have made a firm commitment to continued, rapid evolution around key aspects of how we work, which we know are critical to business and investor confidence and UK global competitiveness.

    Doug Gurr, Interim Chair of the Competition and Markets Authority, said:  

    We have really challenged ourselves as an organisation on how we can contribute to the growth mission set out by government, which we know is vital for the UK. Because the foundations of what the CMA does – strong competition and consumer protection – can make a big difference to achieving it.  

    We have a real chance now, as we deliver this rich plan of work and continued improvements in how we operate, to build that all-important confidence amongst companies and investors that the UK is a great place to do business.

    Justin Madders, Minister for Employment Rights, Competition and Markets, said:  

    We have been clear that we expect regulators to focus on driving economic growth, as well as lending their expertise to support the Government in improving the public sector.   

    We welcome this plan set out by the CMA which will help it focus on delivering growth and supporting consumers across the country. I’d encourage other regulators to look to the CMA Plan as they prepare their own strategies.

    Notes to editors: 

    1. In a speech at the techUK Tech Policy Conference 2025, CEO Sarah Cardell set out how the CMA will apply the ‘4Ps’ framework to its digital markets and consumer work in support of economic growth. 

    2. All enquiries from journalists should be directed to the CMA press office by email on press@cma.gov.uk or by phone on 020 3738 6460.

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Baltic Horizon Fund general meeting of investors and a notice to convene a new general meeting of investors

    Source: GlobeNewswire (MIL-OSI)

    Extraordinary General Meeting (hereinafter the “General Meeting”) of Baltic Horizon Fund unit-holders and Swedish Depositary Receipt (hereinafter the “SDR”) holders (hereinafter together the “Investors”) took place on 27 March 2025 in Tallinn, Estonia.  

    Proposed agenda of the meeting, as proposed by a unitholder, was the following:

    1. Decision to elect Andrius Smaliukas as a new member of the supervisory board of Baltic Horizon Fund as of 1 May 2025 for a period of two years.
    2. Decision to elect Milda Dargužaitė as a new member of the supervisory board of Baltic Horizon Fund as of 1 May 2025 for a period of two years.
    3. Decision to elect Antanas Anskaitis as a new member of the supervisory board of Baltic Horizon Fund as of 1 May 2025 for a period of two years.
    4. Decision to pay remuneration to the chairman of the supervisory board for fulfilling obligations of the member of the supervisory board in the amount of EUR 36,000 per calendar year.
    5. Decision to pay remuneration to supervisory board members, other than  the chairman, for fulfilling obligations of the member of the supervisory board in the amount of EUR 11,000 per calendar year.
    6. Decision to recall Reimo Hammerberg, Monica Hammer and David Bergendahl from the position of the supervisory board member of Baltic Horizon Fund with the last date of the office being 30 April 2025.

    3 investors were registered as attending the meeting, holding less than 1% of the fund units which is below the required quorum. Investors were not able to adopt the proposed resolutions.

    Notice to convene a new general meeting

    According to section 10.11 of the rules of the fund, the management company Northern Horizon Capital AS convenes a new general meeting, with the same agenda.

    The new general meeting of Baltic Horizon Fund is to be held on 7 April 2025 at 13:00 (local Estonian time) at the office of Northern Horizon Capital AS at Roseni 7 (A tower), 6th floor, 10111 Tallinn, Estonia. Registration for the meeting will begin at 12:00. The General Meeting will be held in English.

    The meeting is convened in accordance with sections 10.3.3, 10.5, 10.11, 11.2 of the Rules of Baltic Horizon Fund and section 47-1 of the Investment Funds Act of Estonia.

    Investors are invited to join the webinar to view the General Meeting online on 7 April 2025 at 13:00. Investors are invited to issue a power of attorney with instructions for voting to exercise their rights as an Investor. We propose the Investors to consider designating fund manager Tarmo Karotam as their authorised representative (please see instructions below and templates at Annex 1).

    To join the webinar, please register via the following link:

    https://nasdaq.zoom.us/webinar/register/WN_vSmhsW1uQhqwRaTQ3EBXBA

    You will be provided with the webinar link and instructions how to join successfully. The webinar will be recorded and available online for everyone at the company’s website on www.baltichorizon.com.

    The total number of units and votes in Baltic Horizon Fund amounts to 143,562,514.

    Agenda, as proposed by the unitholder:

    1. Decision to elect Andrius Smaliukas as a new member of the supervisory board of Baltic Horizon Fund as of 1 May 2025 for a period of two years.
    2. Decision to elect Milda Dargužaitė as a new member of the supervisory board of Baltic Horizon Fund as of 1 May 2025 for a period of two years.
    3. Decision to elect Antanas Anskaitis as a new member of the supervisory board of Baltic Horizon Fund as of 1 May 2025 for a period of two years.
    4. Decision to pay remuneration to the chairman of the supervisory board for fulfilling obligations of the member of the supervisory board in the amount of EUR 36,000 per calendar year.
    5. Decision to pay remuneration to supervisory board members, other than  the chairman, for fulfilling obligations of the member of the supervisory board in the amount of EUR 11,000 per calendar year.
    6. Decision to recall Reimo Hammerberg, Monica Hammer and David Bergendahl from the position of the supervisory board member of Baltic Horizon Fund with the last date of the office being 30 April 2025.

    Investors are invited to send questions and comments on the agenda to the Baltic Horizon fund manager at Tarmo.Karotam@nh-cap.com by 31 March 2025. Northern Horizon Capital AS will respond to the questions and comments at the meeting itself.

    Participation – requirements and notice

    Investors who are entered in the Baltic Horizon Fund registry of unit-holders maintained by Nasdaq CSD SE and holders of SDRs registered in the Euroclear Sweden AB system ten days before the date of the General Meeting, i.e. at the end of business of Nasdaq CSD SE on 28 March 2025, are entitled to participate in the meeting.

    In order to facilitate the registration process, investors whose units are registered in their own name are invited to provide notice of their attendance by 4 April 2025 to bhfmeeting@nh-cap.com. Notice should include name, personal identification number (or the registration number of the legal person), address, number of units represented and, if applicable attendance of any representatives, along with the name and personal identification number of the representatives. The attendance of a representative does not deprive the unit-holder of the right to participate at the meeting.

    Instructions to holders of Baltic Horizon Fund SDRs registered with Euroclear Sweden AB in Sweden

    IMPORTANT REQUIREMENT: SDR holders whose SDR-s are registered with Euroclear Sweden AB via a bank or other nominee are required to notify their bank or nominee account provider by end of business of 28 March 2025 to temporarily add their name on the Euroclear Sweden AB owner register.

    Representation under a power of attorney

    Investors whose representatives are acting under a power of attorney are requested to prepare a written power of attorney for the representative in Estonian or English (templates can be found at Annex 1).

    A copy of the executed power of attorney should be sent to bhfmeeting@nh-cap.com together with the notice of participation. In case the power of attorney is issued by a legal person, a certified copy of the registration certificate (or equivalent certificate of authority) shall also be submitted together with, as applicable, the documents certifying the authority of the representative in case the power of attorney is signed by a person under a power of attorney.

    Baltic Horizon Fund is registered in Estonia, which means that any power of attorney (or any certified copy of the registration certificate of a legal person) issued in a foreign country should be notarised and accompanied by an apostille. The apostille requirement applies, for example, to powers of attorney issued and notarised in Sweden or Finland. 

    Instructions for the day of the General Meeting

    We kindly ask Investors to bring a personal identification document, and for their representatives also to present the original written power of attorney in English or Estonian. In case the Investor is a legal person, documentation in Estonian or English certifying the authority of the Investor’s representative or the signatory of the power of attorney will also be requested.

    Data collected by Northern Horizon Capital AS from powers of attorney, the unitholders registry maintained by Nasdaq CSD SE, and the list of holders of SDRs registered in the Euroclear Sweden AB system will be used for the purpose of registration and preparing the voting list for the meeting.

    Northern Horizon Capital AS proposals on the agenda items

    1. Decision to elect Andrius Smaliukas as a new member of the supervisory board of the Baltic Horizon Fund

    According to section 11.2 of the Rules of Baltic Horizon Fund the members of the supervisory board shall be appointed at the general meeting for a period of at least two years. The  proposal is to elect Andrius Smaliukas as a new member of the supervisory board.

    Dr. Smaliukas is the Managing Partner at MMSP, a Lithuanian law firm focused on strategic corporate advisory and dispute resolution. He previously partnered at one of the leading Pan-Baltic firm, Valiunas Ellex, and holds nearly 20 years of experience as an arbitrator and international arbitration lead counsel. Dr. Smaliukas earned his Ph.D. and Master of Laws from Vilnius University, conducted postgraduate research at Oxford, and completed executive programs at Cambridge Judge Business School and Harvard Law School. Dr.Smaliukas serves on the boards of Staticus Group, Kesko Senukai, has extensive advisory experience in commercial real estate M&A and investment management across the Baltic countries.

    Andrius Smaliukas does not hold any units of the Baltic Horizon Fund.

    1. Decision to elect Milda Dargužaitė as a new member of the supervisory board of the Baltic Horizon Fund

    According to section 11.2 of the Rules of Baltic Horizon Fund the members of the supervisory board shall be appointed at the general meeting for a period of at least two years. The proposal is to elect Milda Dargužaitė as a new member of the supervisory board.

    Milda Dargužaitė is the former CEO of Northern Horizon Capital A/S, the shareholder of Northern Horizon Capital AS. She was responsible for managing the company’s operations and strategic direction, including the development of new funds and investment vehicles. Milda has significant experience in both the public and private sectors, locally and internationally. She joined the company in 2018 after roles as the Chancellor at the Lithuanian Prime Minister’s Office, Managing Director of Invest Lithuania, and advisor to the Lithuanian Minister of Economy. Milda has a wealth of experience in finance and portfolio management from her time at Goldman Sachs in New York and Barclays in London. Milda Dargužaitė was the supervisory board member of Northern Horizon Capital AS from July 2018 until September 2023.

    Milda holds a bachelor’s degree in Mathematics and Economics from Middlebury College and a master’s degree in Operations Research and Financial Engineering from Princeton University. She has served on the boards of several Northern Horizon Group entities.

    Milda Dargužaitė does not hold any units of the Baltic Horizon Fund.

    1. Decision to elect Antanas Anskaitis as a new member of the supervisory board of the Baltic Horizon Fund

    According to section 11.2 of the Rules of Baltic Horizon Fund the members of the supervisory board shall be appointed at the general meeting for a period of at least two years. The proposal is to elect Antanas Anskaitis as a new member of the supervisory board.

    Antanas Anskaitis is a partner at Grinvest which is a private investment company with interests in real estate and transportation. Antanas has over 20 years of real estate investment management experience (out of which 16 within Northern Horizon Capital group). Since 2015 until 2020 Antanas managed a successful Baltic-Polish investment portfolio on behalf of Partners Group and lead over 30 commercial property transactions in the Baltics and Poland having experience both on sell and buy side. Antanas has MSc in Management and Economics.

    Grinvest through its subsidiary in Estonia Gene Investments OÜ is the largest unitholder in Baltic Horizon Fund (>25%) at the time of this notice.

    1. Decision to pay remuneration to the chairman of the supervisory board

    According to section 11.11 of the Rules of Baltic Horizon Fund, supervisory board members are entitled to remuneration for their service. The amount of remuneration payable to the chairman and members of the supervisory board shall be decided at the general meeting. According to section 11.4 of the Rules of Baltic Horizon Fund, supervisory board members elect a chairman from among themselves in the first meeting after election of any new member(s).

    The supervisory board in this composition intends working in close liaison with Northern Horizon Capital AS in the subcommittees and meet at least once a month while Baltic Horizon Fund is in the turnaround phase. The proposal is therefore to pay remuneration to the chairman of the supervisory board in the amount of EUR 36,000 per calendar year.

    1. Decision to pay remuneration to supervisory board members

    According to section 11.11 of the Rules of Baltic Horizon Fund, supervisory board members are entitled to remuneration for their service. The amount of remuneration payable to the chairman and members of the supervisory board shall be decided at the general meeting. 

    The proposed remuneration is the same as for the current members of the supervisory board. The unitholder proposes to remunerate each supervisory board member (except the chairman, who shall be remunerated in accordance with point 4 above) in the amount of EUR 11,000 per calendar year.

    1. Decision to recall Reimo Hammerberg, Monica Hammer and David Bergendahl from the position of the supervisory board member of Baltic Horizon Fund

    According to section 10.3.3 of the Rules of Baltic Horizon Fund the members of the supervisory board shall be recalled at the general meeting.

    Annex 1:

    1. Form of power of attorney to appoint a representative for the general meeting (in Estonian)
    2. Form of power of attorney to appoint a representative for the general meeting (in English)

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: Statement on behalf of the Transition Board

    Source: United Kingdom – Executive Government & Departments

    News story

    Statement on behalf of the Transition Board

    The Tata Steel / Port Talbot Transition Board met on 27th March 2025.

    The Tata Steel / Port Talbot Transition Board met on 27th March 2025.

    The Secretary of State for Wales and Chair of the Transition Board, Rt Hon Jo Stevens MP sought endorsement from the Board on a £3.27 million mental health and well-being fund, designed to support affected workers, families, and associated communities. The funding will bolster and expand the current services provided by the local authority and third sector partners. This support will look to provide grants to community groups, school support, and mental health advisory services.

    This has been a challenging time for the communities impacted by Tata Steel UK’s transition. By ensuring the third sector is properly funded, resourced and equipped to deliver essential services within the community, this Board is demonstrating its commitment to securing the right mental health support for those impacted. The Board understands that with this preventative action good mental health and resilience can be safeguarded within the community ensuring a healthy workforce, which in turn steers people away from long term sickness, securing jobs and livelihoods while boosting economic growth for the whole region.

    The Board also received updates on:

    • Tata Steel UK’s decarbonisation programme;
    • The Department of Business and Trade’s plans for a steel strategy;
    • The Transition Board funds that have already been announced, including applications received for the Supply Chain fund, and support being provided from the Employment and Skills fund.

    Those in attendance included: Rt Hon Jo Stevens MP, Secretary of State for Wales; Rebecca Evans MS, Cabinet Secretary for Economy, Energy and Planning in the Welsh Government; Sarah Jones MP, Minister of State in the Department for Energy Security and Net Zero and the Department of Business and Trade; Cllr Steve K Hunt, Leader of Neath Port Talbot Council; Frances O’Brien, CEO of Neath Port Talbot Council; Rajesh Nair, CEO of Tata Steel UK; Stephen Kinnock, MP for Aberafan Maesteg; David Rees, MS for Aberavon; Luke Fletcher MS for the region of South Wales West; Sarah Williams-Gardener; independent member of the Board; Alun Davies, National Officer for Steel & Metals, Community Union and Tom Hoyles, Politics, Press and Research Officer, GMB Wales.

    -ends-

    Updates to this page

    Published 27 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI: MissionSquare Retirement welcomes Joshua Hsu as vice president and head of firm strategy

    Source: GlobeNewswire (MIL-OSI)

    Washington, D.C., March 27, 2025 (GLOBE NEWSWIRE) — MissionSquare Retirement is pleased to announce the appointment of Joshua Hsu as the firm’s new vice president and head of firm strategy. Hsu joined the team on Feb. 18, bringing a broad range of experience from his tenure at McKinsey & Company, where he previously served as an associate partner in the Wealth and Asset Management Practice.

    “We are excited to welcome Joshua to MissionSquare Retirement,” said Andre Robinson, chief executive officer and president of MissionSquare Retirement. “Joshua’s extensive experience in strategy design and execution, coupled with his innovative approach to growth and transformation, will be invaluable as we continue to enhance our offerings and expand our impact in the retirement services industry.”

    In his newly created role as vice president and head of firm strategy, Hsu will play a pivotal role in shaping the strategic direction of MissionSquare. He reports directly to Drue Holloway, chief strategy officer, helping to support efforts to drive strategic development and ensure alignment with the organization’s goals.

    “Joshua’s leadership will be crucial as we navigate the evolving landscape of retirement services,” added Holloway. “His focus on operational excellence and ability to drive innovation aligns perfectly with our mission to provide exceptional retirement solutions to our customers.”

    During his time at McKinsey, Hsu led numerous growth transformations and bottom-line impact initiatives for financial services clients, resulting in significant revenue increases and operational efficiencies. He spearheaded McKinsey’s consumer research around the latest shifts in pre-retiree and retiree needs to shape innovation in the retirement ecosystem. His expertise in customer experience, capability building, and digital transformations was instrumental in driving sustainable growth for his clients.

    Hsu holds a Master of Business Administration from Northwestern University’s Kellogg School of Management and a bachelor’s degree in economics from the Wharton School at the University of Pennsylvania.

    About MissionSquare Retirement

    Since its founding in 1972, MissionSquare Retirement has been dedicated to simplifying the path to retirement security for public service employees. As a mission-based, nonstock, nonprofit financial services company, we manage and administer over $72.0 billion in assets.* Our commitment to delivering results-oriented retirement plans, education, investments, and personalized advice sets us apart. Explore how we enable public service workers to build a secure financial future. For more information, visit www.missionsq.org or follow the company on Facebook, LinkedIn, and X.

    *As of December 31, 2024. Includes 457(b), 401(a), 403(b), Retirement Health Savings (RHS) plans, Employer Investment Program (EIP) plans, affiliated IRAs, and investment-only assets.

    The MIL Network –

  • MIL-OSI United Kingdom: Council set to launch latest round of business grants at support roadshow

    Source: City of Wolverhampton

    Grants will be offered between £3,000 and £100,000, at a maximum 50% intervention rate of total project costs the funding is for.

    Funding will come from the UK Shared Prosperity Fund (UKSPF).

    The latest grants will be launched at a free Business Support Roadshow – supported by Business Growth West Midlands – at Molineux Stadium (WV1 4QR) on Tuesday 8 April, between 10am and 12.30pm, where full details of grant eligibility, impact measures and the application processes will be shared along with details of some of the other new business support programmes.

    The window for Expressions of Interest in the grants will open the same day and close on 30 April, 2025.

    To book a place at the Business Support Roadshow, visit Wolverhampton Business Support Roadshow Tickets, Tue 8 Apr 2025 at 10:00 | Eventbrite

    Councillor Chris Burden, City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, said: “In Wolverhampton, we are utilising the UKSPF funds to support SMEs in maximising their offer and capitalising on opportunities being generated by investment in our city.

    “The allocation of UKSPF funding over the past 12 months is helping to create more than 80 new jobs, safeguard a further 179, and underpin a projected average growth rate of over 14%.

    “I would urge businesses to sign up for the event on 8 April to find out exactly what funding is available to them.

    “Following the event there will also be support in place to help guide businesses through the process to access these grants.”

    Wolverhampton business Barr and Grosvenor – manufacturers of calibrated weights and producers of specialised castings in iron, brass, bronze and other white metals – benefitted from the previous round of grants, securing £14,000 for a capital investment critical to securing a contract to renovate Blackfriars Bridge in London.

    Dominic Grosvenor, Barr and Grosvenor Managing Director, said: “The advice and support from Ross Edgley at the council’s business growth team has been invaluable – it’s great to know that help is always close at hand. They not only helped me secure the grant but also introduced me to a number of other organisations that are able to support my business.”

    The company lists an array of high profile conservation projects amongst its works, including the restoration of The Iron Bridge in Shropshire, the production of a new Shrine to St Chad in Lichfield Cathedral, the casting of bronze door locks for galleon lighting columns down The Mall for the Queen Mother’s funeral, door hinges for the Palace of Westminster and bronze handrails for Westminster Cathedral. The company also played a key role in the regeneration of the Springfield Brewery site in Wolverhampton.

    Applications for the grants are on a competitive basis, subject to availability of funds, and distributed at the discretion of the council.

    If you need help with your grant application or have a general query, you can get in touch by emailing business.development@wolverhampton.gov.uk or calling the business support phone line on 01902 555572 between 9am and 5pm from Monday to Thursday or from 9am to 4.30pm on Fridays.

    MIL OSI United Kingdom –

  • MIL-OSI China: China to advance follow-up procedures of WTO case after US accepts tariff consultations: commerce ministry

    Source: China State Council Information Office

    China will proceed with follow-up procedures of its World Trade Organization (WTO) case against the United States for imposing additional tariffs on Chinese goods after the United States agreed to consultations under the WTO dispute settlement mechanism, a Ministry of Commerce spokesperson said on Thursday.

    The United States agreed to consultations on March 14, and China will advance subsequent procedures in accordance with WTO rules, spokesperson He Yadong told a regular press briefing.

    When asked about U.S. Senator Steve Daines’ recent visit to China, He noted that economic and trade departments from both countries have maintained communication through various channels.

    The spokesperson reiterated China’s firm opposition to U.S. unilateral imposition of additional tariffs and its stance against the politicization, weaponization, and instrumentalization of economic and trade issues.

    China is willing to engage in candid dialogue with the United States based on mutual respect, equality and mutual benefit, the spokesperson said. 

    MIL OSI China News –