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Category: Commerce

  • MIL-OSI Economics: Qatar Airways YouTube ads showcase innovation, strategic partnerships, and enhanced passenger experiences, reveals GlobalData

    Source: GlobalData

    Qatar Airways YouTube ads showcase innovation, strategic partnerships, and enhanced passenger experiences, reveals GlobalData

    Posted in Business Fundamentals

    Qatar Airways’ YouTube advertising campaigns for the last six months (August 2024 to January 2025) focus on strategic collaborations, technological advancements, and enhancing passenger experiences. The airline leverages major global events, sports sponsorships and cutting-edge inflight technology to engage diverse audiences. By emphasizing seamless connectivity, luxury offerings, and exclusive partnerships, the campaigns appeal to sports enthusiasts, high-end travelers, and those seeking convenience. This approach reflects Qatar Airways’ commitment to elevating the travel experience and expanding its global presence, according to the Global Ads Platform of GlobalData, a leading data and analytics company.

    Sagar Kishor, Ads Analyst at GlobalData, comments: “Qatar Airways’ advertising campaign highlights its strategy of leveraging partnerships with prominent events like Formula 1 and the UEFA Champions League, while also showcasing innovations such as Starlink Wi-Fi and ORYX ONE. The ads emphasized the airline’s focus on enhancing both in-flight and on-ground experiences, aiming to enhance global connectivity and cultural engagement. By showcasing diverse destinations and highlighting the potential for unique travel experiences, the campaign aims to inspire and appeal to those seeking meaningful adventures and a comprehensive journey.”

    Below are the key focus areas of Qatar Airways’ advertisements, revealed by GlobalData’s Global Ads Platform:

    Technological innovation: Qatar Airways consistently showcases its adoption of new technologies, including Starlink-powered Wi-Fi, which is described as offering “the fastest Wi-Fi in the sky.” The airline also highlights advancements in aircraft design and passenger comfort, such as the Qsuite 2.0, aiming to provide a seamless and connected travel experience.

    Strategic partnerships: The airline’s collaborations with prominent sporting events and organizations, such as Formula 1, the UEFA Champions League, and FIFA, are prominently featured. These partnerships are used to associate Qatar Airways with excitement, global reach, and high performance, increasing overall brand visibility.

    In-flight entertainment: The airline emphasizes its exclusive entertainment offerings, such as the “Pit Stop” series on ORYX ONE, showcasing high-quality in-flight content that enhances the overall passenger experience. This approach highlights Qatar Airways’ commitment to providing a comprehensive and enjoyable travel journey.

    Human connection and personalization: The “Cabin Crew Essentials” and “Star in Your Own Adventure” advertisements focus on relatable stories and individual experiences. This approach fosters a sense of connection with the audience, positioning Qatar Airways as an enabler of personal journeys and meaningful moments.

    Destination promotion and global reach: Qatar Airways’ ads highlight its global reach with seamless connections to over 170 destinations, showcasing cultural landmarks from Texas, Italy, and Qatar. This positions the airline as a gateway to enriching travel experiences, promoting tourism, cultural exploration, and major events.

    MIL OSI Economics –

  • MIL-OSI: ThreeD Capital Inc. Provides Update on TODAQ Investment

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK) (OTCQX:IDKFF), a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to congratulate TODAQ Micro Inc. (“TODAQ Micro”) on the successful commercialization of its technology.

    ThreeD is an investor in TODAQ Micro. Additionally, ThreeD owns 478,739 preferred shares in TODAQ Holdings Inc. (“TODAQ Holdings”), the parent company of TODAQ Micro, as well as owning five TODA Note Royalty Certificates (“TDN Royalties”) with an aggregate maximum value of USD$279,613,283. Each TDN Royalty entitles the holder to receive royalty payments over time to the holder’s micropayment node, subject to certain terms and conditions. Each TDN has been fixed at $USD 1 per TDN by TODAQ Holdings.

    TODAQ Micro is now releasing its groundbreaking TAPPTM micropayments solution to address long-standing inefficiencies in the digital economy.

    The company’s first commercial deployment is in the entertainment industry, where TODAQ Micro is enabling a revolutionary “fair trade Netflix” experience with a new video platform called Truce Plus (‘Truce+’). Producers, studios and distributors that own Tier 1 movie, show, and documentaries face multiple headwinds trying to sell to the leading content platforms. These challenges include poor negotiating power, loss of relationship with the viewing customer, low upfront payments and poor revenue share terms, delayed payments, and limited transparency and recourse to name just a few. By embedding micropayments into Truce+ digital content transactions, TODAQ Micro enables these content owners to go directly to consumer (DTC) with a frictionless, real-time, pay as you go model that also enables users to instantly buy and rent content in a few seconds without needing to subscribe or login. The content producers are paid in real time and can also instantly micro distribute those revenues to cast, crew and other supply chain payees eliminating nearly all back office costs. The first commercial movie powered by TAPP will be available in February and is called the Flamingo Effect and is produced by Truce Studios in Denver, CO. The first half dozen content titles that include both American and Canadian Tier 1 producers of movies and TV shows will be available in Q1 with over 100 titles being put on the platform by the end of the year. The Truce+ platform can also provide instant referral bonuses and awards to studios and viewers that bring in additional followers. Fortune Business Insights values the global video streaming market size at USD 674 billion in 2024 with growth to USD 2,661 billion by 2032, exhibiting a CAGR of 18.7% during the forecast period, driven by Increasing Demand for Video on Demand (VoD) streaming services.

    “There are almost too many places TAPP can be applied. Given the massive size and growth rate of the streaming industry it was a natural first place to focus. In addition, the market pain felt by the subscription fatigued consumer and the content producers who feel that they are not getting a fair deal means we have a unique ability to make the market much better and larger for both parties. TAPP represents the only deeptech powered platform capable of enabling full microtransaction VoD (or MVoD) as a new streaming market category,” said Hassan Khan, CEO of TODAQ Micro.

    TODAQ Micro has garnered significant recognition, recently being named a Top 8 FinTech Startup by the Government of Canada and sent to Silicon Valley as part of the Canadian Technology Accelerator Program with the Canadian Consulate in San Francisco. The company boasts strong strategic partnerships and finalized a partnership with Oracle in the summer of 2024 to ensure it has massive capacity to scale, and to provide the streaming industry with micropayable data labelling for video content and AI conversational agents that can close movie sales, take payments, and initiate micro-distributions. TODAQ Micro has deployed its technology on Oracle Cloud Infrastructure (OCI) and successfully demonstrated multi-cloud transactions between OCI and Amazon AWS without reliance on traditional payment processors or blockchain networks. This innovation enables businesses to monetize micro-services without locking customers into subscriptions, providing a cost-efficient, pay-as-you-go alternative.

    Traditionally, enabling secure, private online web payments with a 5 second checkout for a consumer have not been possible and micro-payments of less than a dollar are impractical due to high processing costs. TODAQ’s technology eliminates intermediaries, enabling seamless transactions for businesses and consumers alike. Rather than using a blockchain, TODAQ solved the problem by returning to the original architecture of the World Wide Web and added a new Web Application Protocol called ADOT to coexist alongside HTTPS, SMTP and other older protocols built to handle websites, emails and other data. TODAQ also added another cryptographic technology called TODA to ensure portable integrity for these new web asset transactions. Together TODA and ADOT enable any software system to create, update, verify and transfer unique digital assets without requiring payment and authentication rails, or blockchains. This project took over six years, and involved collaboration with Cambridge University researchers at the Cambridge Centre for Redecentralization (CRDC) and support from the UK Research and Innovation Ministry alongside private investment. TAPP is the first ADOT Web native commercial application created.

    Sheldon Inwentash, Chairman and Chief Executive Officer of ThreeD, commented: “TODAQ Micro has made tremendous advancements, achieving major milestones with the commercialization of its technology and attracting tier one strategic partners. It has emerged as a leader in providing micropayment solutions without the high costs traditionally associated with such transactions. We are very pleased to have been an early-stage investor in TODAQ and look forward to seeing the company continue to scale and disrupt the industry.”

    More information about TODAQ Micro can be found through the ThreeD YouTube channel where Hassan Khan, CEO of TODAQ Micro, is interviewed.

    About ThreeD Capital Inc.

    ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.

    For further information:

    Jakson Inwentash
    Vice President Investments
    jinwentash@threedcap.com
    Phone: 416-941-8900 ext 107

    The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

    Forward-Looking Statements

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Often, but not always, these forward looking statements can be identified by the use of words such as “believe”, “believes”, “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

    Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes the expectations reflected in these forward-looking statements are reasonable, there can be no assurance they will prove accurate. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

    The MIL Network –

  • MIL-OSI: Bread Financial Provides Performance Update for January 2025

    Source: GlobeNewswire (MIL-OSI)

    COLUMBUS, Ohio, Feb. 11, 2025 (GLOBE NEWSWIRE) — Bread Financial® Holdings, Inc. (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions to millions of U.S. consumers, provided a performance update. The following tables present the Company’s net loss rate and delinquency rate for the periods indicated:

      For the
    month ended
    January 31,
    2025    		   For the
    month ended
    January 31,
    2024
      (dollars in millions)
    End-of-period credit card and other loans $ 18,366     $ 18,785  
    Average credit card and other loans $ 18,530     $ 18,915  
    Year-over-year change in average credit card and other loans   (2 %)     (9 %)
    Net principal losses $ 123     $ 128  
    Net loss rate   7.8 %     8.0 %
      As of
    January 31,
    2025    		   As of
    January 31,
    2024
      (dollars in millions)
    30 days + delinquencies – principal $ 1,032     $ 1,170  
    Period ended credit card and other loans – principal $ 16,874     $ 17,311  
    Delinquency rate   6.1 %     6.8 %

    About Bread Financial® 
    Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.

    To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements give our expectations or forecasts of future events and can generally be identified by the use of words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “project,” “plan,” “likely,” “may,” “should” or other words or phrases of similar import. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding, and the guidance we give with respect to, our anticipated operating or financial results, future financial performance and outlook, future dividend declarations, and future economic conditions.

    We believe that our expectations are based on reasonable assumptions. Forward-looking statements, however, are subject to a number of risks and uncertainties that are difficult to predict and, in many cases, beyond our control. Accordingly, our actual results could differ materially from the projections, anticipated results or other expectations expressed in this release, and no assurances can be given that our expectations will prove to have been correct. Factors that could cause the outcomes to differ materially include, but are not limited to, the following: macroeconomic conditions, including market conditions, inflation, interest rates, labor market conditions, recessionary pressures or concerns over a prolonged economic slowdown, and the related impact on consumer spending behavior, payments, debt levels, savings rates and other behaviors; global political and public health events and conditions, including ongoing wars and military conflicts and natural disasters; future credit performance, including the level of future delinquency and write-off rates; the loss of, or reduction in demand from, significant brand partners or customers in the highly competitive markets in which we compete; the concentration of our business in U.S. consumer credit; inaccuracies in the models and estimates on which we rely, including the amount of our Allowance for credit losses and our credit risk management models; the inability to realize the intended benefits of acquisitions, dispositions and other strategic initiatives; our level of indebtedness and ability to access financial or capital markets; pending and future federal and state legislation, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to financial regulatory reform and consumer financial services practices, as well as any such actions with respect to late fees, interchange fees or other charges; impacts arising from or relating to the transition of our credit card processing services to third party service providers that we completed in 2022; failures or breaches in our operational or security systems, including as a result of cyberattacks, unanticipated impacts from technology modernization projects or otherwise; and any tax or other liability or adverse impacts arising out of or related to the spinoff of our former LoyaltyOne segment or the bankruptcy filings of Loyalty Ventures Inc. (LVI) and certain of its subsidiaries and subsequent litigation or other disputes. In addition, the Consumer Financial Protection Bureau (CFPB) has issued a final rule that, absent a successful legal challenge, will place significant limits on credit card late fees, which would have a significant impact on our business and results of operations for at least the short term and, depending on the effectiveness of the mitigating actions that we have taken or may in the future take in anticipation of, or in response to, the final rule, may potentially adversely impact us over the long term; we cannot provide any assurance as to the effective date of the rule, the result of any pending or future challenges or other litigation relating to the rule, or our ability to mitigate or offset the impact of the rule on our business and results of operations. The foregoing factors, along with other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in forward-looking statements, are described in greater detail under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the most recently ended fiscal year, which may be updated in Item 1A of, or elsewhere in, our Quarterly Reports on Form 10-Q filed for periods subsequent to such Form 10-K. Our forward-looking statements speak only as of the date made, and we undertake no obligation, other than as required by applicable law, to update or revise any forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.

    Contacts 
    Brian Vereb — Investor Relations 
    Brian.Vereb@breadfinancial.com 

    Susan Haugen — Investor Relations 
    Susan.Haugen@breadfinancial.com 

    Rachel Stultz — Media 
    Rachel.Stultz@breadfinancial.com 

    The MIL Network –

  • MIL-OSI Economics: Award-winning Lufthansa Allegris cabin now bookable for further destinations

    Source: Lufthansa Group

    From now on, travelers can book flights with Lufthansa Allegris to additional destinations and select special Allegris seats. From March 30, the new long-haul cabin will also be available from Munich to San Diego and New York-Newark (from mid-April) and from the beginning of August also continuously to Charlotte. The connection to Bengaluru will continue to be offered. Guests who have already reserved a seat on these flights can look forward to a free upgrade to a comfortable Allegris seat. Passengers can initially experience the new First Class with its unique suites on flights to San Francisco, Chicago, San Diego, Shanghai and Bengaluru.

    “I am delighted that we are offering our guests Lufthansa Allegris on more and more routes. For flights to the USA alone, customers can choose between five destinations from Munich,” says Heiko Reitz, Chief Customer Officer Lufthansa Airlines. “We currently have nine A350-900s with Allegris on board at Lufthansa, six of which already offer our customers the new, highly exclusive First Class. Overall, our new cabin interior is extremely popular with guests – with satisfaction rates in Business Class of well over 90 percent.”

     

    All Allegris destinations from March 30 at a glance:

    –         San Francisco

    –         Shanghai

    –         Chicago

    –         New York-Newark (from April 15)

    –         San Diego

    –         Charlotte (continuously to Charlotte)

    –         Bengaluru

     

    For bookings in Business Class, the Classic Seat reservation remains free of charge. This offers all the benefits of the new Allegris travel class. Passengers can also book seats with additional comfort (the Business Class Suite, the Extra Space Seat with extra space, the Privacy Seat by the window and the Extra Long Bed with a reclining area of 2.20 meters) in advance via the seat reservation for an additional charge. Passengers can choose between the Privacy Seat and the Extra Long Bed from as little as 100 euros and the Extra Space Seat from 130 euros.

    The Lufthansa Business Class Suite is characterized by higher walls, sliding doors, extended personal space and a monitor measuring up to 68 centimeters. Passengers can reserve their personal suite in advance from 400 euros. Economy Class passengers can reserve a seat with more legroom for as little as 50 euros.

    As before, the suites in First Class can be reserved in advance free of charge. Guests can reserve the Suite Plus for single use for a surcharge of 1900. The Suite Plus also combines maximum comfort for the individual guest with the unique opportunity to travel together with a travel partner in a suite. In this case, First Class guests can book exclusively via the First Class Hotline at special rates.

    The most loyal Lufthansa Group frequent flyers enjoy very special benefits, for whom up to 80 percent of the seat options in Business Class can be selected free of charge, depending on their status.

    The Allegris Business Class has been honored with the International Design Award 2024 and the German Design Award 2025. The juries were particularly impressed by the innovative seating options, which meet the different needs of travelers. The integration of innovative elements such as seat heating and cooling offers an outstanding comfort experience and enables a customizable travel environment. The high recognizability of the airline brand is also underlined by the convincing seating concept.

    MIL OSI Economics –

  • MIL-OSI: Jan De Witte joins GHO Capital as Operating Partner

    Source: GlobeNewswire (MIL-OSI)

    Jan De Witte joins GHO Capital as Operating Partner

    Former CEO of Integra LifeSciences with significant strategic and operational experience to support GHO Capital’s portfolio

    London, UK – 11 February 2025: Global Healthcare Opportunities, or GHO Capital Partners LLP (“GHO”), the European specialist investor in global healthcare, is pleased to announce the appointment of Jan De Witte as Operating Partner.

    Jan is an accomplished senior executive with extensive experience leading international growth and transformation for global technology and life sciences companies. Prior to joining GHO, he was Chief Executive Officer and member of the Board of Directors at Integra LifeSciences (“Integra”, NASDAQ: IART), a global leader in regenerative tissue technologies, and neurosurgical and ENT solutions. At Integra Jan drove international expansion and operational excellence, and through strategic acquisitions and innovation added $1 billion to the total addressable market of the company’s offerings.

    Prior to Integra, Jan served as CEO of Barco N.V. (EBR: BAR), directing the advanced visualisation technology company’s digital transformation and global market expansion. He strengthened Barco’s position in the healthcare, entertainment, and enterprise sectors through new product launches and operational improvements and global market expansions. Earlier in his career, he spent 18 years at GE Healthcare leading global teams in Digital Health, Services, Manufacturing, Quality and Supply Chain across the Americas, EMEA, and Asia. Jan’s career started with foundational roles in Operations at Procter & Gamble and as Senior Consultant at McKinsey in Europe.

    Jan currently serves as a Director of ResMed Inc. (NYSE: RMD), a digital health and medical device leader. His board experience includes previous roles at Barco N.V. and international joint ventures. He holds an M.B.A. from Harvard Business School and Master’s and Bachelor’s degrees in electromechanical engineering with highest distinction from KU Leuven, Belgium.

    As Operating Partner, Jan will leverage his extensive leadership experience and global network to support and grow GHO’s portfolio companies, as well as supporting with the firm’s transatlantic deal origination.

    The Partners at GHO Capital commented: “Jan brings a wealth of healthcare industry expertise and a strong track record to our team as we look to implement our proven operational playbook and drive expansion and growth across our portfolio. The healthcare sector is experiencing significant innovation, supported by favourable market conditions, and Jan’s experience will help us identify businesses with the most substantial growth potential. On behalf of the entire GHO team, we warmly welcome him and look forward to the positive impact he will make.”

    Commenting on his new appointment, Jan De Witte, Operating Partner at GHO Capital, said: “My focus throughout my career has always been to support innovative healthcare companies as they grow and transform, whilst creating long-term investor value. I am excited to be joining GHO Capital, one of Europe’s leading healthcare specialist private equity firms, who are committed to driving the highest standards across the healthcare sector. I look forward to working with the team and leveraging my expertise to support GHO’s portfolio companies realise their full potential.”

    -Ends-

    Further information:

    GHO Capital Partners LLP

    T +44 20 3700 7440

    E IR@ghocapital.com

    About GHO Capital

    Global Healthcare Opportunities, or GHO Capital Partners LLP, is a leading specialist healthcare investment advisor based in London. GHO Capital applies global capabilities and perspectives to unlock high growth healthcare opportunities, targeting Pan-European and transatlantic internationalisation to build market leading businesses of strategic global value. GHO Capital’s proven investment track record reflects the unrivalled depth of our industry expertise and network. GHO Capital partners with strong management teams to generate long-term sustainable value, improving the efficiency of healthcare delivery to enable better, faster, more accessible healthcare. For further information, please visit www.ghocapital.com.

    The MIL Network –

  • MIL-OSI USA: Senator Marshall on Fox Business: The Democrats “Don’t Know What to Do”

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined The Bottom Line on Fox Business to discuss the Democrats flip-flopping on their bipartisan promises, the Department of Homeland Security (DHS) requesting Internal Revenue Service (IRS) personnel to protect the border, why the Federal Emergency Management Agency (FEMA) needs major reform, and the current status of President Donald Trump’s cabinet nominees.

    [embedded content]

    You may click HERE or on the image above to watch Senator Marshall’s full interview.
    Highlights from Senator Marshall’s interview include:
    On the Democrats reversing course on bipartisanship:
    “It looks like my friends across the aisle will work with anybody whose name is not Donald Trump. The way I see it up here right now, if this were an MMA fight, the Democrats would be tapping out. It’s like Donald Trump has hit them with body flip, body jab after body jab, and now they’re folding. They’ve lost their confidence. They don’t know what to do.”
    “This turn of bipartisanship is just a turn of convenience. But now we have Donald Trump doing what he said he was going to do. He’s going to get rid of waste, fraud, abuse, and incompetence, and now they’ve lost it, and Donald Trump is winning this fight.”
    “Yeah, take USAID, for instance. Congress asked multiple times – open these books up for us and show it to us. We’ve asked the Pentagon to assess their own spending as well, and it never happens. It’s taken someone like an Elon Musk to work for President Trump to do exactly what Americans ask him to do – and that’s get rid of this waste, fraud, and abuse.”
    On FEMA needing large-scale reform:
    “It’s been four months since hurricane Helene. We still have 3500 North Carolina families that don’t have a home. Something’s not working right here. Here’s a former Governor, Governor Noem there, saying, look, let’s let the Governors use some of that money and put it to work in the right way as well. So we’ve got to do something differently.”
    “Let’s not forget, it wasn’t too long that FEMA used over a billion dollars to take care and house people that were here illegally as well. So we need a redo there at FEMA. We need to start over. We need to pause and figure out how to do this the right way.”
    On deputizing and deploying IRS agents to the U.S. southern border at the request of DHS:
    “Promises made, promises kept here. President Trump said all hands on deck. I think most Americans would agree with me that the most significant initial concern to our country right now is this open southern border. So let’s use the IRS agents to chase the money. Think about this, all the human trafficking, all the fentanyl poisoning… behind that is money laundering. Who would be better than the IRS agents to track down that money laundering and work with the DHS agents? I think this is very good use of our resources as well.”
    “I just want to emphasize goodness, we’re losing 200 people Americans every day from fentanyl poisoning, and the money used for that is being laundered by the Chinese triad, this Chinese organized crime group, and using a crypto a lot of at times as well. So we need to unleash all the resources we have to secure our borders, but then chase the bad guys, as they say. And I think the IRS is very equipped to do this. Let’s work together. If, wherever the you know the hemorrhaging is going, let’s stop that hemorrhaging. And that’s exactly what President Trump’s doing here.”
    On President Trump’s Cabinet nominees advancing through confirmations: 
    “I want to brag on John Thune – Leader John Thune – and the job that he’s doing. We’re way ahead of Biden’s pace for getting people approved. I think we’re right there even with Barack Obama, his pace getting things approved, so we’re making progress.”
    “This is a big week. We have Tulsi Gabbard and Bobby Kennedy Jr. up in front of us today. I think those are probably the two toughest hurdles we’ve got going on. Kash Patel will be a little bit of a hurdle as well, but I think we’re making excellent progress.”
    “I think the senators up here are hearing Americans out there – they’re hearing across the country that they want Bobby Kennedy to be a game changer, to be a disrupter as well. You know, I saw something interesting this week that President Trump’s numbers with younger people especially went up like 10% – 10 points here in the past week or two. I think a lot of that is because of people like Tulsi Gabbard, people like Bobby Kennedy, Jr, Kash Patel, that relate to younger people as well. So it’s a great week. It’s a great month to be up here working with President Trump.”

    MIL OSI USA News –

  • MIL-OSI Economics: Christine Lagarde: European Parliament plenary debate on the European Central Bank Annual Report

    Source: Bank for International Settlements

    It is a great pleasure to take part in this plenary session and discuss your draft resolution on the ECB’s Annual Report.

    At the ECB, we are deeply committed to transparency and accountability, particularly in how we communicate with the public and their elected representatives in the European Parliament. In fact, in the last parliamentary term we interacted with this Parliament even more frequently than in previous terms.1

    At the same time, we greatly value the opportunity to hear the Parliament’s views. Your resolution and debate are an important pillar of the ECB’s accountability framework and a key channel for you to share your views with us – and we listen. For instance, next week will mark ten years since the ECB started publishing the accounts of the Governing Council’s monetary policy meetings2, a major step in enhancing our monetary policy communication and one that this Parliament had called for.

    This year’s draft resolution covers key issues that are central to the ECB’s mandate and the future of the euro area, including our response to inflation, the digital euro and the ECB’s role in supporting the EU’s broader economic policies. It also reflects the dynamic challenges we face in Europe today, and I look forward to hearing your thoughts on all of these issues and having a constructive dialogue with you.

    But let me first start by outlining our view on the current economic situation in the euro area and our monetary policy stance. I will then address the broader economic challenges we are facing and their implications for monetary policy.

    The euro area economy and the ECB’s monetary policy

    The euro area economy grew modestly in 2024. While output stagnated in the fourth quarter, it was still 0.9% higher than at the end of 2023. Surveys indicate that manufacturing continues to contract while services activity is expanding. Consumer confidence is fragile and, despite rising real incomes, households are hesitant to spend more.

    Nevertheless, the conditions for a recovery remain in place. A solid job market and higher incomes should strengthen consumer confidence and allow spending to rise. More affordable credit should boost consumption and investment over time. Exports should also support the recovery as global demand rises, although this is conditional on developments in international trade policies.

    Inflation stood at 2.5% in January and has recently developed broadly in line with staff projections. Core inflation has remained at 2.7% in recent months, reflecting a sideways movement in both services and goods inflation. Wage growth is moderating as expected, although it remains elevated, while profits are partially buffering the impact of wage increases on inflation.

    Inflation is set to return to our 2% medium-term target in the course of this year, with risks on both the upside and the downside. Greater friction in global trade would make the euro area inflation outlook more uncertain.

    In total, the ECB has lowered interest rates by 125 basis points since last June, and the deposit facility rate – the rate through which we steer the monetary policy stance – now stands at 2.75%. At our last meeting in January, we decided to lower our key interest rates by 25 basis points, based on an updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. In particular, the disinflation process in the euro area is well on track. Most measures of underlying inflation suggest that inflation will settle at around our target on a sustained basis. And while financing conditions continue to be tight, our recent interest rate cuts are gradually making borrowing less expensive.

    We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. We are not pre-committing to a particular rate path.

    A challenging economic environment for monetary policy

    Let me now turn to the broader economic environment and its implications for monetary policy.

    Europe has faced a series of unprecedented challenges in recent years, each with its own far-reaching impact. From the COVID-19 pandemic to surging energy prices and the geopolitical upheaval caused by Russia’s invasion of Ukraine, we have navigated our way through a storm of supply shocks. As we look ahead, the frequency of these shocks is likely to remain high.

    While we have weathered these crises, the past few years have also revealed missed opportunities and underinvestment in areas such as the digital transformation and the green transition – and the uncertainty surrounding trade and economic policy continues to weigh on consumption and investment.3 As a result, and as highlighted in reports by Enrico Letta and Mario Draghi, Europe finds itself lagging behind international competitors in productivity and growth.

    In a world driven by shifting global dynamics and rapid technological change, Europe must strike a delicate balance between achieving strategic autonomy and preserving its openness to the global economy. As President Ursula von der Leyen and I highlighted in a recent article, Europe’s response to these challenges must be bold and strategic. While the outlook may seem daunting, the prospects are more promising than they might appear.4

    One of Europe’s first priorities should be to deepen the Internal Market. By removing remaining barriers within the Single Market – barriers that effectively function like tariffs – we can unlock economies of scale, encourage innovation and reduce costs for consumers and producers alike. We are already home to a wealth of ideas and innovators. Our challenge is to transform these ideas into technologies that fuel economic growth. To do so, we need to reduce administrative burdens and foster an innovation-friendly environment.

    Another critical area is enhancing Europe’s autonomy in payments, which form the backbone of our economy and our single currency. At present, a few foreign providers dominate Europe’s payments landscape, leaving us vulnerable to external pressures. As we face an increasingly digital future, we must prepare the ground for a digital euro. This will ensure the resilience and public good nature of our payment systems. It will also provide a platform for private innovation in digital payments.

    With substantial savings at its disposal, Europe must channel more resources into private investment and scale up financing to support its innovators. A genuine capital markets union designed for citizens and businesses alike will be instrumental here.

    More broadly, investment must be the cornerstone of Europe’s economic transformation. The focus must be on investing in physical and digital infrastructure, research and development, and green technologies. These are not optional but essential investments required to drive productivity and guarantee Europe’s competitiveness on the global stage. Moreover, they will address our energy dependence and help us meet our climate goals – both pressing imperatives.

    In this regard, we welcome the European Commission’s Competitiveness Compass as a concrete roadmap for action, which will also support the ECB in maintaining price stability by reducing Europe’s susceptibility to supply shocks.

    That said, the ECB is not standing idle. We are committed to learning from the experiences of recent years. As part of the ongoing assessment of our monetary policy strategy, we are preparing for the risk of an increasingly volatile future. We are taking stock of a changed inflation environment and economic context. We are also focusing on the implications for monetary policy, our experiences with our evolving policy toolkit, our reaction function and how to better deal with risk and uncertainty in policy setting and communications. While the ECB continuously evaluates and adapts its economic models – a topic raised in your resolution – assessing new analytical needs will be one component of this assessment.

    Conclusion

    Let me conclude.

    The challenges facing Europe are immense, but solutions are within our reach. Our opportunity lies in more Europe.

    As Konrad Adenauer said 70 years ago, “European unity was the dream of a few. It became the hope for many. Today it is a necessity for all of us.” This sentiment rings true today more than ever.

    To jointly tackle Europe’s challenges, I am counting on the Parliament’s commitment. Within its mandate, the ECB will play its part. Ever since the introduction of the euro, the ECB has continuously adapted to changing economic environments to fulfil its mandate. We remain fully committed to delivering on this mandate. We are equally committed to maintaining our active and meaningful dialogue with the Parliament.

    Thank you for your attention. 

    MIL OSI Economics –

  • MIL-OSI Russia: Moscow entrepreneurs used the service of targeted selection of financial support measures more than five thousand times in 2024

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In 2024, using the service “Targeted selection of financial support measures”, accessible on the portal State Budgetary Institution “Small Business of Moscow” (MBM), entrepreneurs attracted over two billion rubles from the federal budget to develop their projects. This was reported inDepartment of Entrepreneurship and Innovative Development the city of Moscow.

    MBM specialists help entrepreneurs find suitable financial support measures at the federal level, and also explain in detail the procedure for obtaining them. In 2024, more than five thousand requests for the service were received from current entrepreneurs and aspiring businessmen.

    The most popular were preferential lending programs, which accounted for 59 percent of the total amount of attracted financing. Another 32 percent were guarantees and sureties, the remaining nine percent were subsidies, grants and investments. The main recipients of support were manufacturing companies (53 percent) and enterprises in the innovation sector (10 percent).

    State Budgetary Institution “Small Business of Moscow”, subordinate to the capital’s Department of Entrepreneurship and Innovative Development, helps residents open and develop their own businesses in the city. In business service centers, everyone can learn about financial and non-financial measures of state support. Entrepreneurs can attend free seminars, forums and trainings that will improve their professional skills and establish business contacts.

    More detailed information can be found on the portal MBM.Mos.ru or by phone: 7 495 225-14-14.

    Support for entrepreneurs in the capital is provided within the framework of the federal project “Small and medium entrepreneurship and support for individual entrepreneurial initiative”, which is part of the national project “Efficient and competitive economy”.

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

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

    https: //vv.mos.ru/nevs/ite/149910073/

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu and Mrs. Wu Attended the Grand Opening of OMMI DON Chatswood

    Source: Republic Of China Taiwan 2

    irector General David Cheng-Wei Wu and Mrs. Wu attended the grand opening of OMMI DON Chatswood, joining @Tim James MP, Shadow Minister for Small Business, Willoughby Deputy Mayor Angelo Rozos, Councillor Michelle Chuang, and Liberal candidate for Bradfield @Gisele Kapterian for the ribbon-cutting ceremony. They also took part in the traditional eye-dotting ritual, celebrating this exciting new milestone for Ommi’s .
    DG Wu praised Omar’s inspiring journey—overcoming challenges and taking Ommi’s Food & Catering to new heights. His resilience embodies the spirit of Taiwan and its people, and his success is a great example of how a Taiwanese business can thrive and become an integral part of the local community. It also reflects the diversity and vibrancy of Australia’s multicultural economy.
    We wish Omar and his team continued success and fulfillment in this exciting new chapter.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Manchester’s First Street Hub reaches completion milestone

    Source: United Kingdom – Executive Government & Departments

    A new state-of-the-art government office building in Manchester’s city centre has hit a key stage in its construction.

    A new state-of-the-art government office building in Manchester’s city centre has hit a key stage in its construction.

    The Government Property Agency (GPA) has confirmed it has accepted the handover of its new hub in First Street after the building reached practical completion of its Category A (Cat A) fit out and lease commencement. Works were completed by BAM Construct UK appointed by developer Ask Real Estate.

    This latest milestone continues the countdown to ready for service, with the nine-storey circa 12,000 square metre building now ready for the internal fit-out to commence.

    Once complete the hub will accommodate around 2,600 civil servants from departments including the Ministry for Housing, Communities and Local Government (MHCLG), the Department for Business and Trade (DBT), the Office for Standards in Education (OFSTED), and the Department for Education (DfE). It is expected that more than 150 roles will be relocated to Manchester from across several different government departments and agencies once the hub is operational.  

    The building forms part of the Government Hubs Programme supporting economic growth across the UK. The programme is rationalising the government’s estate in towns and cities across the UK, playing a pivotal role in delivering modern, customer-focused and varied workspaces where civil servants can thrive. The design recognises that different types of work require different spaces to enable collaboration, creativity and community regardless of how people choose to work.

    Parliamentary Secretary for the Cabinet Office, Georgia Gould, said:

    It’s great to see the Manchester First Street Hub move onto this next stage of construction.

    UK Government Hubs across the country help to consolidate our estate. Not only cutting waste by removing old inefficient buildings from our portfolio, but also giving people across the country the chance to work in the Civil Service, and driving economic growth in the local area.

    Georgina Dunn, the GPA’s Interim Director of Capital Projects, said:

    It’s very gratifying to reach this significant stage in the programme. This new state-of-the-art office will provide a home for civil servants from across the government in Manchester, making it one of the largest hubs for cross-departmental collaboration and operation outside London. The GPA remains immensely proud of the industry-leading sustainability, accessibility and workplace standards delivered by the Government Hubs Programme.

    A competitive tender process for the subsequent fit-out works has completed with the GPA due to make an announcement in the next few weeks.

    John Hughes, Managing Director at Ask Real Estate said:

    Bringing the GPA hub to practical completion is a huge testament to our commitment to driving sustainability in the workplace sector. Achieving a NABERS 5.5 Design for Performance rating – the first building in Manchester City Centre to reach this milestone – supports the high ambitions set by HM Government.

    First Street and its extended neighbourhood will be boosted significantly when the GPA takes occupation.

    The £105m development was forward-funded by Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, which will use the secure, long-dated and index-linked cashflows to pay the pensions of its policyholders over the coming decades.

    James Agar, Head of Real Estate Origination at PIC, added:

    We are delighted to have reached practical completion on such an important project for PIC. The First Street hub is a great example of what can be achieved through public private partnerships.

    The sustainability and ESG focus of this best-in-class building are clear to see, these were a key element of our investment case for the asset which will help us to pay the pensions of our policy holders.

    The building deepens our relationship with the GPA and will assist the UK Government in delivering the transition to Net Zero. We look forward to the GPA taking formal occupation of the building and welcoming more than 2,500 civil servants to the site.

    The First Street Hub is in the heart of Manchester and a few minutes’ walk from Oxford Road and Deansgate rail stations. It has been designed to be class-leading, meeting inclusive and accessible design standards.

    Lead developer Ask Real Estate and its joint venture partner, Richardson, secured a full pre-let of the Grade A BREEAM Excellent office building to the GPA which then signed a lease with building owners PIC in 2022.

    For more information contact the GPA’s comms team: comms@gpa.gov.uk

    Updates to this page

    Published 11 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Dialogue between science and government

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    A working meeting of representatives of regional executive authorities with a delegation of the Association of Innovative Regions of Russia (AIRR) was held in the Government of St. Petersburg. The event was dedicated to discussing issues of developing intellectual property, innovation and support for high-tech projects in the regions.

    Key government and business representatives addressed the participants with welcoming remarks. Deputy Chairman of the Committee for Industrial Policy, Innovation and Trade of St. Petersburg Dmitry Prozherin emphasized the importance of developing innovative infrastructure and protecting intellectual property for the region’s economic growth. Deputy of the Legislative Assembly of St. Petersburg, Chairman of the specialized commission on investments and the city branch of “Business Russia” Dmitry Panov noted the need to create favorable conditions for investment and the introduction of new technologies.

    Head of the Center for Strategic Communications of the Federal State Budgetary Institution “Federal Institute of Industrial Property” Daria Shipitsyna spoke about measures of state support in the field of intellectual property.

    Head of the regional direction of AIRR Dmitry Mitroshin gave a report on the development of the intellectual property system at the regional and federal levels. He emphasized the importance of integrating efforts to create a unified strategy in this area. Representatives of various regions of Russia shared their experience in intellectual property management, as well as successful cases of implementing innovative solutions.

    Of particular interest was the speech by the director of the SPbPU Center for Intellectual Property and Technology Transfer Ismail Kadiev. He proposed creating a regional center for intellectual property and technology transfer, which would become a platform for interaction between science, business and government. The initiative was supported and enshrined in the final document of the meeting.

    Natalia Petrova, Chairperson of the Board of the Intellectual Property Development Fund and CEO of the Patent and Legal Firm NEVA-PATENT LLC, spoke about the implementation of effective mechanisms for regulating intellectual property in the country’s regions. She noted that competent management of intellectual assets helps to increase the competitiveness of regions and attract investment.

    The delegation visited the innovation infrastructure facilities of St. Petersburg, including JSC Technopark of St. Petersburg. The participants familiarized themselves with the work of the Prototyping Center, the regional engineering center for electronic instrumentation, the laboratory of the regional engineering center for active pharmaceutical substances (RIC APS), and the demonstration site of Russian vendors.

    The event was an important step in strengthening cooperation between regions and federal structures in the field of intellectual property and innovation. Participants expressed confidence that such initiatives will contribute to the development of high-tech industries and increase the competitiveness of the Russian economy.

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

    MIL OSI Russia News –

  • MIL-OSI: International Petroleum Corporation Announces 2024 Year-End Financial and Operational Results and 2025 Budget, Reserves and Guidance

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operating results and related management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024. IPC is also pleased to announce its 2025 budget, including that IPC continues to progress the development of the Blackrod Phase 1 project in Canada in line with schedule and budget. IPC previously announced the renewal of the normal course issuer bid (NCIB) under which IPC may acquire a further 5.3 million common shares up to December 2025, in addition to the 2.2 million common shares already purchased for cancellation under the NCIB in December 2024 and January 2025. IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million and its 2025 average daily production guidance is between 43,000 and 45,000 barrels of oil equivalent (boe) per day (boepd). 2024 year-end proved plus probable (2P) reserves are 493 million boe (MMboe) and best estimate contingent resources (unrisked) are 1,107 MMboe.(1)(2)

    William Lundin, IPC’s President and Chief Executive Officer, comments: “We are very pleased to announce that IPC achieved strong operational results in 2024. Our average net production was 47,400 boepd for the full year, with very strong operational and ESG performance across all our areas of operation. 2024 was a very significant investment year for our Blackrod Phase 1 development project, and we have spent over two-thirds of the forecast capital expenditure by the end of 2024. We generated strong cash flows from our business, and we returned USD 102 million to shareholders through share buybacks in 2024. With gross cash resources of USD 247 million at 2024 year-end, we continue to be well positioned to deliver on our three strategic pillars of Organic Growth, Stakeholder Returns, and M&A that drive value creation for our stakeholders.(1)(3)

    On Organic Growth, we are very pleased with the progress of the development of Phase 1 of the Blackrod project, Canada, which remains in line with schedule and budget. Phase 1 of the Blackrod project continues to forecast first oil in late 2026, with peak production planned to increase to 30,000 bopd by 2028. In 2024, IPC achieved over 250% reserves replacement ratio, ending the year with 493 MMboe of 2P reserves, the highest in our history.(1)(2)

    On Stakeholder Returns, we completed the 2023/2024 NCIB program, purchasing and cancelling 8.3 million IPC common shares over the period of December 5, 2023 to December 4, 2024, representing approximately 6.5% of the common shares outstanding at the start of that program. We immediately recommenced purchasing under the renewed 2024/2025 NCIB, purchasing for cancellation 0.8 million common shares during December 2024 and over 1.4 million common shares during January 2024. We are permitted to purchase up to a further 5.3 million common shares by early December 2025, which will represent a 6.2% reduction in the number of shares common outstanding at the beginning of the 2024/2025 NCIB.

    On M&A, we continue to review potential opportunities in Canada and internationally. IPC’s principal focus continues to be on progressing the Blackrod Phase 1 development as well as developing our existing asset base in Canada, France and Malaysia.

    IPC is well-positioned for 2025 and beyond as our Blackrod Phase 1 project is progressing according to plan, our existing production operations continue to generate strong cash flows, and our balance sheet is strong. At the same time, we continue return value to our shareholders by repurchasing and cancelling our common shares under the NCIB. I look forward to another exciting year at IPC with our high quality assets and our highly skilled and motivated teams across all areas of operation.”

    2024 Business Highlights

    • Average net production of approximately 47,400 boepd for the fourth quarter of 2024 was in line with the guidance range for the period (51% heavy crude oil, 15% light and medium crude oil and 34% natural gas).(1)
    • Full year 2024 average net production was 47,400 boepd, above the mid-point of the 2024 annual guidance of 46,000 to 48,000 boepd.(1)
    • Development activities on Phase 1 of the Blackrod project progressed in 2024 on schedule and on budget, with forecast first oil in late 2026. All major third-party contracts have been executed and construction is advancing according to plan, including construction of the central processing facility (CPF) and well pad facilities, finalization of the midstream agreements for the input fuel gas, diluent and oil blend pipelines, and advancement of drilling operations. As at the end of 2024, over two-thirds of the forecast Blackrod Phase 1 development capital expenditure of USD 850 million has been spent since project sanction in early 2023.
    • Drilling activity at the Southern Alberta assets in Canada continued with a total of thirteen wells drilled during 2024.
    • Successful completion of planned maintenance shutdowns at Onion Lake Thermal (OLT) in Canada and the Bertam field in Malaysia during 2024.
    • 8.3 million common shares purchased and cancelled from December 2023 to early December 2024 under IPC’s 2023/2024 NCIB and a further 2.2 million common shares purchased for cancellation during December 2024 and January 2025 under the renewed 2024/2025 NCIB.
    • In Q3 2024, published IPC’s fifth annual Sustainability Report.

    2024 Financial Highlights

    • Operating costs per boe of USD 18.2 for the fourth quarter of 2024 and USD 17.0 for the full year, in line with the most recent 2024 guidance of less than USD 18.0 per boe for the full year.(3)
    • Strong operating cash flow (OCF) generation for the fourth quarter and full year 2024 amounted to MUSD 78 and MUSD 342, respectively.(3)
    • Capital and decommissioning expenditures of MUSD 129 for the fourth quarter and MUSD 442 for the full year 2024, in line with the full year guidance of MUSD 437.
    • Free cash flow (FCF) generation for the full year 2024 of negative MUSD 135, with negative FCF generation of MUSD 61 for the fourth quarter in line with expectations and taking into account the significant capital expenditures during the quarter in respect of the Blackrod project. FCF for the full year 2024, before 2024 Blackrod Phase 1 development expenditure of MUSD 351, was MUSD 216.(3)
    • Net debt of MUSD 209 and gross cash of MUSD 247 as at December 31, 2024.(3)
    • Net result of MUSD 0.4 for the fourth quarter of 2024 and MUSD 102 for the full year 2024.
    • Entered into a letter of credit facility in Canada during 2024 to cover operational letters of credit, giving full availability under IPC’s undrawn CAD 180 million Revolving Credit Facility.

    Reserves and Resources

    • Total 2P reserves as at December 31, 2024 of 493 MMboe, with a reserve life index (RLI) of 31 years.(1)(2)
    • Contingent resources (best estimate, unrisked) as at December 31, 2024 of 1,107 MMboe.(1)(2)
    • 2P reserves net asset value (NAV) as at December 31, 2024 of MUSD 3,083 (10% discount rate).(1)(2)(5)(6)

    2025 Annual Guidance

    • Full year 2025 average net production forecast at 43,000 to 45,000 boepd.(1)
    • Full year 2025 operating costs forecast at USD 18 to 19 per boe.(3)
    • Full year 2025 OCF guidance estimated at between MUSD 210 and 280 (assuming Brent USD 65 to 85 per barrel).(3)
    • Full year 2025 capital and decommissioning expenditures guidance forecast at MUSD 320, including MUSD 230 relating to Blackrod capital expenditure.
    • Full year 2025 FCF ranges from approximately MUSD 80 to 150 (assuming Brent USD 65 to 85 per barrel) before taking into account proposed Blackrod capital expenditures, or negative MUSD 150 to 80 including proposed Blackrod capital expenditures.(3)

    Business Plan Production and Cash Flow Guidance

    • 2025 – 2029 business plan forecasts:
      • average net production forecast approximately 57,000 boepd.(1)(8)
      • capital expenditure forecast of USD 8 per boe, including USD 3 per boe for growth expenditure.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,200 to 2,000 (assuming Brent USD 75 to 95 per barrel).(3)(8)
    • 2030 – 2034 business plan forecasts:
      • average net production forecast of approximately 63,000 boepd.(1)(8)
      • capital expenditure forecast of USD 5 per boe.(8)
      • operating costs forecast of USD 18 to 19 per boe.(3)(8)
      • FCF forecast of approximately MUSD 1,600 to 2,600 (assuming Brent USD 75 to 95 per barrel).(3)(8)
      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023
    Revenue 199,124   198,460     797,783   853,906
    Gross profit 42,774   39,955     210,171   250,514
    Net result 415   29,710     102,219   172,979
    Operating cash flow (3) 78,158   73,634     341,989   353,048
    Free cash flow (3) (61,476 ) (64,688 )   (135,497 ) 2,689
    EBITDA (3) 76,184   66,284     335,488   350,618
    Net Cash / (Debt) (3) (208,528 ) 58,043     (208,528 ) 58,043
                     

    IPC was launched in 2017 by way of spinning off the non-Norwegian assets from Lundin Energy. The strategy and vision from the outset was to be the international E&P growth vehicle for the Lundin Group by pursuing growth organically and through acquisitions. The foundation of this strategy was and is predicated on maximising long-term stakeholder value through responsible business operations focused on operational excellence and financial resilience to underpin optimal capital allocation decision-making.

    We are very pleased with the track record of value creation achieved by the company to date. IPC’s production, reserves, resources and cash flow exposure has increased materially through accretive acquisitions supplemented by base business investment. Excluding the growth capital expenditure assigned to the Blackrod Phase 1 development, over USD 1.5 billion in free cash flow (FCF) has been generated and over USD 0.5 billion has been returned to shareholders in the form of share buybacks since inception. IPC’s current shares outstanding are less than 5% higher than the original shares outstanding upon the formation of the company. IPC is determined to build on the historical success and the growth outlook has never been brighter.(3)

    2024 was a milestone year for the company through successfully delivering the largest capital investment campaign in its history. The record investment was accompanied by strong safety, operational and financial performance. IPC returned USD 102 million of value to shareholders in the year through share repurchases, whilst maintaining a strong balance sheet.

    Oil prices were rangebound in 2024 between Brent USD 70 to 90 per barrel, with a full year Brent average of USD 81 per barrel, in line with our original oil price sensitivities guided at CMD. The fourth quarter 2024 Brent price averaged USD 75 per barrel, the lowest quarterly price average in the year. The downward trend in benchmark oil prices through the second half of 2024 has been slightly reversed in current time as continuous crude inventory draws, strong demand, underwhelming non-OPEC production growth and continued OPEC production curtailments have supported the market balance. A new administration in the White House presents uncertainty for the oil market, as looming tariffs and sanctions pose a risk to global supply chain systems and trade flows. Around 40% of our 2025 Dated Brent and WTI exposure is hedged at USD 76 per barrel and USD 71 per barrel respectively.

    The fourth quarter 2024 WTI to WCS price differentials averaged less than USD 13 per barrel, around USD 2 per barrel lower than the full year average of USD 15 per barrel. The fourth quarter differential was the lowest quarterly average since the Covid pandemic in 2020 when benchmark oil prices were more than USD 30 per barrel less than current levels. The TMX pipeline is driving the tighter differentials with excess take-away capacity in the Western Canadian Sedimentary Basin (WCSB) relative to supply. Close to 50% of our 2025 WCS to WTI differential exposure is hedged at USD 14 per barrel, which should assist in mitigating adverse effects of potential US tariffs on Canadian production.

    Natural gas prices averaged CAD 1.5 per Mcf for 2024 and in the fourth quarter. Western Canada gas storage levels continue to sit above the five-year range. This is in part due to delays of the LNG Canada start-up project which was supposed to be onstream at end 2024, start-up is now anticipated for mid-2025. IPC has around 9,600 Mcf per day hedged at CAD 2.6 per Mcf for 2025.

    Fourth Quarter and Full Year 2024 Highlights

    During the fourth quarter of 2024, IPC’s assets delivered average net production of 47,400 boepd, in line with guidance for the quarter. Full year 2024 average net production of 47,400 boepd was above the 2024 mid-point guidance range of 46,000 to 48,000 boepd.(1)

    IPC’s operating costs per boe for the fourth quarter of 2024 was USD 18.2. Full year 2024 operating costs per boe was USD 17.0, in line with the most recent 2024 annual guidance of less than USD 18 per boe.(3)

    Operating cash flow (OCF) generation for the fourth quarter of 2024 was USD 78 million. Full year 2024 OCF was USD 342 million in line with the most recent guidance of USD 335 to 342 million.(3)

    Capital and decommissioning expenditure for the fourth quarter of 2024 was USD 129 million. Full year 2024 capital and decommissioning expenditure of USD 442 million was in line with guidance of USD 437 million.

    Free cash flow (FCF) generation was in line with guidance at negative USD 61 million during the fourth quarter of 2024, reflecting the higher level of capital expenditure on the Blackrod Phase 1 development project. Full year 2024 FCF generation was negative USD 135 million, in line with the most recent guidance of negative USD 140 to 133 million.(3)

    As at December 31, 2024, IPC’s net debt position was USD 209 million. IPC’s gross cash on the balance sheet amounts to USD 247 million which provides IPC with significant financial strength to continue progressing its strategies in 2025, including advancing the Blackrod development project, returning value to shareholders through the 2024/2025 NCIB, and remaining opportunistic to mergers and acquisitions activity.(3)

    Blackrod Project

    The Blackrod asset is 100% owned by IPC and hosts the largest booked reserves and contingent resources within the IPC portfolio. After more than a decade of pilot operations, subsurface delineation and commercial engineering studies, IPC sanctioned the Phase 1 Steam Assisted Gravity Drainage (SAGD) development in the first quarter of 2023. The Phase 1 development targets 259 MMboe of 2P reserves, with a multi-year forecast capital expenditure of USD 850 million to first oil planned in late 2026. The Phase 1 development is planned for plateau production of 30,000 bopd which is expected by early 2028.(1)(2)

    As at the end of 2024, USD 591 million of cumulative growth capital, has been spent on the Blackrod Phase 1 development since sanction with a peak annual investment of USD 351 million incurred in 2024. Significant progress has been made across all key scopes of the project including but not limited to: detailed engineering, procurement, fabrication, drilling, construction, third party transport pipelines, commissioning and operations planning. Site health and safety control has been excellent with zero lost time incidents since commercial development activities commenced.

    Looking forward, USD 230 million is planned to be spent in 2025 mainly relating to advancing the remaining fabrication, construction and substantial completion of the Central Processing Facility (CPF) for the Phase 1 development. The remaining growth capital expenditure to first oil is forecast to be spent in 2026 on drilling, completions and commissioning of the CPF with first steam anticipated by end Q1 2026.

    IPC is strongly positioned to deliver within plan with a clear line of sight to start-up. The Blackrod Phase 1 project is expected to generate significant value for all our stakeholders. And with over 1 billion barrels of best estimate contingent resources (unrisked) beyond Phase 1, IPC is pleased to announce a resource maturation plan that sees significant volume maturation into reserves through low cost of less than USD 0.15 per barrel. The 2P reserves attributable to Phase 1 has increased by 40 MMboe to 259 MMboe from year end 2023 to year end 2024.(2)

    As at the end of 2024, 70% of the Blackrod Phase 1 development capital had been spent since the project sanction in early 2023. All major work streams are progressing as planned and the focus continues to be on executing the detailed sequencing of events as facility modules are safely delivered and installed at site. The total Phase 1 project guidance of USD 850 million capital expenditure to first oil in late 2026 is unchanged. IPC intends to fund the remaining Blackrod Phase 1 development costs with forecast cash flow generated by its operations and cash on hand.

    Stakeholder Returns: Normal Course Issuer Bid

    During the period of December 5, 2023 to December 4, 2024, IPC purchased and cancelled an aggregate of approximately 8.3 million common shares under the 2023/2024 NCIB. The average price of shares purchased under the 2023/2024 NCIB was SEK 131 / CAD 17 per share.

    In Q4 2024, IPC announced the renewal of the NCIB, with the ability to repurchase up to approximately 7.5 million common shares over the period of December 5, 2024 to December 4, 2025. Under the 2024/2025 NCIB, IPC repurchased and cancelled approximately 0.8 million common shares in December 2024. By the end of January 2025, IPC repurchased for cancellation over 1.4 million common shares under the 2024/2025 NCIB. The average price of common shares purchased under the 2024/2025 NCIB during December 2024 and January 2025 was SEK 135 / CAD 17.5 per share.

    As at February 7, 2025, IPC had a total of 117,781,927 common shares issued and outstanding, of which IPC holds 508,853 common shares in treasury.

    Under the 2024/2025 NCIB, IPC may purchase and cancel a further 5.3 million common shares by December 4, 2025. This would result in the cancellation of 6.2% of shares outstanding as at the beginning of December 2024. IPC continues to believe that reducing the number of shares outstanding while in parallel investing in material production growth at Blackrod will prove to be a winning formula for our stakeholders.

    Environmental, Social and Governance (ESG) Performance

    As part of IPC’s commitment to operational excellence and responsible development, IPC’s objective is to reduce risk and eliminate hazards to prevent occurrence of accidents, ill health, and environmental damage, as these are essential to the success of our business operations. During the fourth quarter and for the full year 2024, IPC recorded no material safety or environmental incidents.

    As previously announced, IPC targets a reduction of our net GHG emissions intensity by the end of 2025 to 50% of IPC’s 2019 baseline and IPC remains on track to achieve this reduction. During 2024, IPC announced the commitment to remain at end 2025 levels of 20 kg CO2/boe through to the end of 2028.(4)

    Reserves, Resources and Value

    As at the end of December 2024, IPC’s 2P reserves are 493 MMboe. During 2024, IPC replaced 251% of the annual 2024 production. The reserves life index (RLI) as at December 31, 2024, is approximately 31 years.(1)(2)

    The net present value (NPV) of IPC’s 2P reserves as at December 31, 2024 was USD 3.3 billion. IPC’s net asset value (NAV) was USD 3.1 billion or SEK 287 / CAD 37 per share as at December 31, 2024.(1)(2)(5)(6)(7)

    In addition, IPC’s best estimate contingent resources (unrisked) as at December 31, 2024 are 1,107 MMboe, of which 1,025 MMboe relate to future potential phases of the Blackrod project.(1)(2)

    2025 Budget and Operational Guidance

    IPC is pleased to announce its 2025 average net production guidance is 43,000 to 45,000 boepd. IPC forecasts operating costs for 2025 between USD 18 and 19 per boe.(1)(3)

    IPC’s 2025 capital and decommissioning expenditure budget is USD 320 million, with USD 230 million forecast relating to Blackrod capital expenditure. The remainder of the 2025 budget in Canada includes drilling and ongoing optimization work at Onion Lake Thermal and Suffield Area assets. IPC also plans to advance the next phase of infill drilling and complete well maintenance works at the Bertam field in Malaysia. IPC expects to conduct technical studies for future development potential in France. In all of IPC’s areas of operation, IPC has significant flexibility to control its pace of spend based on the development of commodity prices during 2025.

    Notwithstanding a modest production decline expected in 2025, IPC’s production per share metric remains largely unchanged relative to 2024 and 2023. IPC has prioritised capital allocation to the transformational Blackrod Phase 1 development and share buybacks as opposed to further increasing its base business investment to preserve balance sheet strength and maximise long- term shareholder value.

    Further details regarding IPC’s proposed 2025 budget and operational guidance will be provided at IPC’s Capital Markets Day presentation to be held on February 11, 2025 at 15:00 CET. A copy of the Capital Markets Day presentation will be available on IPC’s website at www.international-petroleum.com.

    Notes:

    (1) See “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” below. See also the material change report (MCR) available on IPC’s website at www.international-petroleum.com and filed on the date of this press release under IPC’s profile on SEDAR+ at www.sedarplus.ca.
    (2) See “Reserves and Resources Advisory“ below. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of NPV, are described in the MCR. The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 boe as at December 31, 2024, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe, and 2P reserves of 493 MMboe as at December 31, 2024.
    (3) Non-IFRS measure, see “Non-IFRS Measures” below and in the MD&A.
    (4) Emissions intensity is the ratio between oil and gas production and the associated carbon emissions, and net emissions intensity reflects gross emissions less operational emission reductions and carbon offsets.
    (5) Net present value (NPV) is after tax, discounted at 10% and based upon the forecast prices and other assumptions further described in the MCR. See “Reserves and Resources Advisory” below.
    (6) Net asset value (NAV) is calculated as NPV less net debt of USD 209 million as at December 31, 2024.
    (7) NAV per share is based on 119,059,315 IPC common shares as at December 31, 2024, being 119,169,471 common shares outstanding less 110,156 common shares held in treasury and cancelled in January 2025. NAV per share is not predictive and may not be reflective of current or future market prices for IPC common shares.
    (8) Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s market capitalization is at close on January 31, 2025 (USD 1,557 million based on 146.8 SEK/share, 117.7 million IPC shares outstanding (net of treasury shares) and exchange rate of 11.10 SEK/USD). IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts. See “Forward-Looking Statements” and “Non-IFRS Measures” below.

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm exchange under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		       Or       Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
             

    This information is information that International Petroleum Corporation is required to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07:30 CET on February 11, 2025. The Corporation’s audited condensed consolidated financial statements (Financial Statements) and management’s discussion and analysis (MD&A) for the three months and year ended December 31, 2024 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Corporation’s website (www.international-petroleum.com).

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Forward-looking statements include, but are not limited to, statements with respect to:

    • 2025 production ranges (including total daily average production), production composition, cash flows, operating costs and capital and decommissioning expenditure estimates;
    • Estimates of future production, cash flows, operating costs and capital expenditures that are based on IPC’s current business plans and assumptions regarding the business environment, which are subject to change;
    • IPC’s financial and operational flexibility to navigate the Corporation through periods of volatile commodity prices;
    • The ability to fully fund future expenditures from cash flows and current borrowing capacity;
    • IPC’s intention and ability to continue to implement its strategies to build long-term shareholder value;
    • The ability of IPC’s portfolio of assets to provide a solid foundation for organic and inorganic growth;
    • The continued facility uptime and reservoir performance in IPC’s areas of operation;
    • Development of the Blackrod project in Canada, including estimates of resource volumes, future production, timing, regulatory approvals, third party commercial arrangements, breakeven oil prices and net present values;
    • Current and future production performance, operations and development potential of the Onion Lake Thermal, Suffield, Brooks, Ferguson and Mooney operations, including the timing and success of future oil and gas drilling and optimization programs;
    • The potential improvement in the Canadian oil egress situation and IPC’s ability to benefit from any such improvements;
    • The ability of IPC to achieve and maintain current and forecast production in France and Malaysia;
    • The intention and ability of IPC to acquire further common shares under the NCIB, including the timing of any such purchases;
    • The return of value to IPC’s shareholders as a result of the NCIB;
    • IPC’s ability to implement its GHG emissions intensity and climate strategies and to achieve its net GHG emissions intensity reduction targets;
    • IPC’s ability to implement projects to reduce net emissions intensity, including potential carbon capture and storage;
    • Estimates of reserves and contingent resources;
    • The ability to generate free cash flows and use that cash to repay debt;
    • IPC’s continued access to its existing credit facilities, including current financial headroom, on terms acceptable to the Corporation;
    • IPC’s ability to identify and complete future acquisitions;
    • Expectations regarding the oil and gas industry in Canada, Malaysia and France, including assumptions regarding future royalty rates, regulatory approvals, legislative changes, and ongoing projects and their expected completion; and
    • Future drilling and other exploration and development activities.

    Statements relating to “reserves” and “contingent resources” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Ultimate recovery of reserves or resources is based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

    Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.

    These include, but are not limited to general global economic, market and business conditions, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties, environmental and abandonment regulations.

    Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in the MD&A (See “Risk Factors”, “Cautionary Statement Regarding Forward-Looking Information” and “Reserves and Resources Advisory” therein), the Corporation’s material change report dated February 11, 2025 (MCR), the Corporation’s Annual Information Form (AIF) for the year ended December 31, 2023, (See “Cautionary Statement Regarding Forward-Looking Information”, “Reserves and Resources Advisory” and “Risk Factors”) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

    Management of IPC approved the production, operating costs, operating cash flow, capital and decommissioning expenditures and free cash flow guidance and estimates contained herein as of the date of this press release. The purpose of these guidance and estimates is to assist readers in understanding IPC’s expected and targeted financial results, and this information may not be appropriate for other purposes.

    Estimated FCF generation is based on IPC’s current business plans over the periods of 2025 to 2029 and 2030 to 2034, including net debt of USD 209 million as at December 31, 2024, with assumptions based on the reports of IPC’s independent reserves evaluators, and including certain corporate adjustments relating to estimated general and administration costs and hedging, and excluding shareholder distributions and financing costs. Assumptions include average net production of approximately 57 Mboepd over the period of 2025 to 2029, average net production of approximately 63 Mboepd over the period of 2030 to 2034, average Brent oil prices of USD 75 to 95 per bbl escalating by 2% per year, and average Brent to Western Canadian Select differentials and average gas prices as estimated by IPC’s independent reserves evaluator and as further described in the MCR. IPC’s current business plans and assumptions, and the business environment, are subject to change. Actual results may differ materially from forward-looking estimates and forecasts.

    Non-IFRS Measures
    References are made in this press release to “operating cash flow” (OCF), “free cash flow” (FCF), “Earnings Before Interest, Tax, Depreciation and Amortization” (EBITDA), “operating costs” and “net debt”/”net cash”, which are not generally accepted accounting measures under International Financial Reporting Standards (IFRS) and do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable with similar measures presented by other public companies. Non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

    The definition of each non-IFRS measure is presented in IPC’s MD&A (See “Non-IFRS Measures” therein).

    Operating cash flow
    The following table sets out how operating cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Revenue 199,124   198,460     797,783   853,906  
    Production costs and net sales of diluent to third party1 (119,371 ) (126,414 )   (447,481 ) (491,303 )
    Current tax (1,595 ) 1,588     (8,313 ) (14,457 )
    Operating cash flow 78,158   73,634     341,989   348,146  
                       

    1 Include net sales of diluent to third party amounting to USD 737 thousand for the fourth quarter of 2024 and the year ended December 31, 2024.

    The operating cash flow for the year ended December 31, 2023 including the operating cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 353,048 thousand.

    Free cash flow
    The following table sets out how free cash flow is calculated from figures shown in the Financial Statements:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Operating cash flow – see above 78,158   73,634     341,989   348,146  
    Capital expenditures (126,256 ) (128,825 )   (434,713 ) (312,729 )
    Abandonment and farm-in expenditures1 (3,364 ) (1,516 )   (8,302 ) (9,199 )
    General, administration and depreciation expenses before depreciation2 (3,569 ) (5,762 )   (14,814 ) (16,886 )
    Cash financial items3 (6,445 ) (2,219 )   (19,657 ) (5,812 )
    Free cash flow (61,476 ) (64,688 )   (135,497 ) 3,520  

    1 See note 19 to the Financial Statements
    2 Depreciation is not specifically disclosed in the Financial Statements
    3 See notes 5 and 6 to the Financial Statements

    The free cash flow for the year ended December 31, 2023 including the free cash flow contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 2,689 thousand. Free cash flow is before shareholder distributions and financing costs.

    EBITDA
    The following table sets out the reconciliation from net result from the consolidated statement of operations to EBITDA:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Net result 415   29,710     102,219   172,979  
    Net financial items 35,767   6,509     59,709   22,736  
    Income tax 3,852   4,691     33,325   55,362  
    Depletion and decommissioning costs 32,087   30,434     128,392   101,922  
    Depreciation of other tangible fixed assets 2,430   1,309     8,933   7,812  
    Exploration and business development costs 1,725   348     2,069   2,355  
    Depreciation included in general, administration and depreciation expenses1 308   389     1,241   1,569  
    Sale of assets2 (400 ) (7,106 )   (400 ) (19,018 )
    EBITDA 76,814   66,284     335,488   345,717  

    1 Item is not shown in the Financial Statements
    2 Sale of assets is included under “Other income/(expense)” but not specifically disclosed in the Financial Statements

    The EBITDA for the year ended December 31, 2023 including the EBITDA contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 350,618 thousand.

    Operating costs
    The following table sets out how operating costs is calculated:

      Three months ended December 31   Year ended December 31
    USD Thousands 2024   2023     2024   2023  
    Production costs 120,108   126,414     448,218   491,303  
    Cost of blending (36,036 ) (44,473 )   (152,735 ) (172,996 )
    Change in inventory position (4,633 ) 1,427     (1,473 ) 3,655  
    Operating costs 79,439   83,368     294,010   321,962  
                       

    The operating costs for the year ended December 31, 2023 including the operating costs contribution of the Brooks assets acquisition from the effective date of January 1, 2023 to the completion date of March 3, 2023 amounted to USD 328,763 thousand.

    Net cash / (debt)
    The following table sets out how net cash / (debt) is calculated from figures shown in the Financial Statements:

    USD Thousands December 31, 2024   December 31, 2023  
    Bank loans (5,121 ) (9,031 )
    Bonds1 (450,000 ) (450,000 )
    Cash and cash equivalents 246,593   517,074  
    Net cash / (debt) (208,528 ) 58,043  

    1 The bond amount represents the redeemable value at maturity (February 2027).

    Reserves and Resources Advisory
    This press release contains references to estimates of gross and net reserves and resources attributed to the Corporation’s oil and gas assets. For additional information with respect to such reserves and resources, refer to “Reserves and Resources Advisory” in the MD&A and the MCR. Light, medium and heavy crude oil reserves/resources disclosed in this press release include solution gas and other by-products. Also see “Supplemental Information regarding Product Types” below.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in Canada are effective as of December 31, 2024, and are included in the reports prepared by Sproule Associates Limited (Sproule), an independent qualified reserves evaluator, in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook) and using Sproule’s December 31, 2024 price forecasts.

    Reserve estimates, contingent resource estimates and estimates of future net revenue in respect of IPC’s oil and gas assets in France and Malaysia are effective as of December 31, 2024, and are included in the report prepared by ERC Equipoise Ltd. (ERCE), an independent qualified reserves auditor, in accordance with NI 51-101 and the COGE Handbook, and using Sproule’s December 31, 2024 price forecasts.

    The price forecasts used in the Sproule and ERCE reports are available on the website of Sproule (sproule.com) and are contained in the MCR. These price forecasts are as at December 31, 2024 and may not be reflective of current and future forecast commodity prices.

    The reserve life index (RLI) is calculated by dividing the 2P reserves of 493 MMboe as at December 31, 2024 by the mid-point of the 2025 CMD production guidance of 43,000 to 45,000 boepd. Reserves replacement ratio is based on 2P reserves of 468 MMboe as at December 31, 2023, sales production during 2024 of 16.6 MMboe, net additions to 2P reserves during 2024 of 41.7 MMboe and 2P reserves of 493 MMboe as at December 31, 2024.

    The reserves and resources information and data provided in this press release present only a portion of the disclosure required under NI 51-101. All of the required information will be contained in the Corporation’s Annual Information Form for the year ended December 31, 2024, which will be filed on SEDAR+ (accessible at www.sedarplus.ca) on or before April 1, 2025. Further information with respect to IPC’s reserves, contingent resources and estimates of future net revenue, including assumptions relating to the calculation of net present value and other relevant information related to the contingent resources disclosed, is disclosed in the MCR available under IPC’s profile on www.sedarplus.ca and on IPC’s website at www.international-petroleum.com.

    IPC uses the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). A BOE conversion ratio of 6:1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a 6:1 conversion basis may be misleading as an indication of value.

    Supplemental Information regarding Product Types

    The following table is intended to provide supplemental information about the product type composition of IPC’s net average daily production figures provided in this press release:

      Heavy Crude Oil
    (Mbopd)    		 Light and Medium Crude Oil (Mbopd) Conventional Natural Gas (per day) Total
    (Mboepd)
    Three months ended        
    December 31, 2024 24.3 7.1 95.9 MMcf
    (16.0 Mboe)    		 47.4
    December 31, 2023 25.7 6.6 103.8 MMcf
    (17.3 Mboe)    		 49.6
    Year ended        
    December 31, 2024 23.9 7.7 95.1 MMcf
    (15.8 Mboe)    		 47.4
    December 31, 2023 25.8 8.1 102.8 MMcf
    (17.1 Mboe)    		 51.1
             

    This press release also makes reference to IPC’s forecast total average daily production of 43,000 to 45,000 boepd for 2025. IPC estimates that approximately 55% of that production will be comprised of heavy oil, approximately 12% will be comprised of light and medium crude oil and approximately 33% will be comprised of conventional natural gas.

    Currency
    All dollar amounts in this press release are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars. References herein to CAD mean Canadian dollars.

    The MIL Network –

  • MIL-OSI USA News: Adjusting Imports of Steel into The United States

    Source: The White House

    class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
     
    A PROCLAMATION

    1. On January 11, 2018, the Secretary of Commerce (Secretary) transmitted to me a report on the Secretary’s investigation into the effect of imports of steel mill articles (steel articles) on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232).  The Secretary found and advised me of his opinion that steel articles are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
    2. In Proclamation 9705 of March 8, 2018 (Adjusting Imports of Steel Into the United States), I concurred in the Secretary’s finding that steel articles, as defined in clause 1 of Proclamation 9705 (as amended by clause 8 of Proclamation 9711 of March 22, 2018 (Adjusting Imports of Steel Into the United States)), are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States, and decided to adjust the imports of steel articles by imposing a 25 percent ad valorem tariff on such articles imported from most countries.  Proclamation 9705 further stated that any country with which the United States has a security relationship is welcome to discuss alternative ways to address the threatened impairment of the national security caused by imports from that country, and noted that, should the United States and that country arrive at a satisfactory alternative means to address the threat to the national security such that the President determines that imports from that country no longer threaten to impair the national security, I may remove or modify the restriction on steel articles imports from that country and, if necessary, adjust the tariff as it applies to other countries, as the national security interests of the United States require.
    3. In Proclamation 9705, I also directed the Secretary to monitor imports of steel articles and inform me of any circumstances that in the Secretary‘s opinion might indicate the need for further action under Section 232, as amended, with respect to such imports.  Pursuant to Proclamation 9705, the Secretary was authorized to provide relief from the additional duties, based on a request from a directly affected party located in the United States, for any steel article determined not to be produced in the United States in a sufficient and reasonably available amount or of a satisfactory quality, or based upon specific national security considerations.

    In subsequent proclamations, I noted the conclusion of discussions or the agreement on certain measures with the Argentine Republic (Argentina), Proclamation 9759 of May 31, 2018 (Adjusting Imports of Steel Into the United States); the Commonwealth of Australia (Australia), Proclamation 9759; the Federative Republic of Brazil (Brazil), Proclamation 9759; Proclamation 10064 of August 28, 2020 (Adjusting Imports of Steel Into the United States); Canada, Proclamation 9894 of May 19, 2019 (Adjusting Imports of Steel Into the United States; the United Mexican States (Mexico), Proclamation 9894; and the Republic of Korea (South Korea), Proclamation 9740 of April 30, 2018 (Adjusting Imports of Steel Into the United States).  President Biden noted the conclusion of discussions or the agreement on certain measures with the European Union (EU) on behalf of its member countries, Proclamation 10328 of December 27, 2021 (Adjusting Imports of Steel Into the United States); Proclamation 10691 of December 28, 2023 (Adjusting Imports of Steel Into the United States); Japan, Proclamation 10356 of March 31, 2022 (Adjusting Imports of Steel Into the United States); and the United Kingdom (UK), Proclamation 10406 of May 31, 2022 (Adjusting Imports of Steel Into the United States), on alternative ways to address the threat to the national security.  In addition, then-President Biden acknowledged the close relationship with Ukraine and exempted steel articles from Ukraine from the tariff. Proclamation 10403 of May 27, 2022 (Adjusting Imports of Steel Into the United States); Proclamation 10588 of May 31, 2023 (Adjusting Imports of Steel Into the United States); Proclamation 10771 of May 31, 2024 (Adjusting Imports of Steel Into the United States).  In Proclamation 10783 of July 10, 2024 (Adjusting Imports of Steel Into the United States), President Biden noted that imports of steel articles from Mexico had increased significantly as compared to their levels at the time of Proclamation 9894.  Accordingly, he implemented a melt and pour requirement for imports of steel articles that are products of Mexico and increased the section 232 duty rate for imports of steel articles and derivative steel articles that are products of Mexico that are melted and poured in a country other than Mexico, Canada, or the United States.

    • The Secretary has informed me that the initial 25 percent ad valorem tariff imposed by Proclamation 9705 has been an effective means of reducing imports, encouraging investment and expansion of production by domestic steel producers, and mitigating the threatened impairment of U.S. national security.  Following the initial imposition of 25 percent ad valorem tariffs, the U.S. steel capacity utilization rate increased to above 80 percent.
    • The Secretary has also informed me that, notwithstanding the impact of the tariff imposed by Proclamation 9705, imports of steel articles from certain countries exempted from the tariff or subject to alternative agreements have increased significantly, while excess capacity in the global steel industry has begun to increase again in recent years.  For example, imports from Canada increased 18 percent since Canada was excluded from the section 232 tariffs.  According to the Organization for Economic Cooperation and Development (OECD), global steel excess capacity is projected to reach approximately 630 million metric tons by 2026, more than total steel production in all OECD countries.  At the same time, exports of steel from the People’s Republic of China (China) have recently surged, exceeding 114 million metric tons through November 2024 while displacing production in other countries and forcing them to export greater volumes of steel articles and derivative steel articles to the United States. 
    • Total steel imports as a share of U.S. consumption increased significantly in 2024, reaching nearly 30 percent, similar to the import share of U.S. consumption at the time the Secretary issued his January 11, 2018, report.  Imports from countries with which the United States has reached alternative agreements have increased significantly as a share of total imports, from 74 percent in 2018 to 82 percent in 2024, while imports from countries subject to quantitative restrictions remain elevated regardless of changing U.S. demand conditions and the substantial investments made to expand the capabilities of the domestic industry.  Increasing and persistently high import volumes from countries exempted from the duties or subject to other alternative agreements like quotas and tariff-rate quotas have captured the benefit of U.S. demand at the domestic industry’s expense and transmitted harmful effects onto the domestic industry.  As steel import market share has increased, the domestic industry’s performance has been depressed, resulting in capacity utilization rates persistently lower than the 80 percent target level highlighted in the Secretary’s report. 
    • The Secretary has informed me that imports of steel articles from Canada and Mexico have increased significantly to levels that once again threaten to impair U.S. national security.  Volumes from both Canada and Mexico increased overall, from 7.77 million metric tons in 2020 to 9.14 million metric tons in 2024.  Imports have also surged in excess of historical norms of trade across numerous key product lines, such as long reinforcing bars, which have experienced import increases of 1,678 percent from Mexico and 564 percent from Canada.  These surges have occurred while authorities in those countries have supported otherwise uncompetitive producers with subsidies and other interventions that have exacerbated the global excess capacity crisis.  In addition, increasing import volumes and including Mexico’s imports from China, support a conclusion that there is transshipment or further processing of steel mill articles from countries that remain subject to the additional ad valorem tariff proclaimed in Proclamation 9705, or from countries seeking to evade quantitative restrictions.
    • The Secretary has also informed me that alternative agreements with trading partners including Australia, the members of the EU, Japan, and the United Kingdom have been less effective in eliminating the threatened impairment of U.S. national security than the additional ad valorem tariff proclaimed in Proclamation 9705.  As a result, imports of steel articles from these countries have increased as a share of total U.S. steel imports from 18.6 percent in 2020 to 20.7 percent in 2024.  In addition, from 2022 to 2024, imports from countries subject to quotas (Argentina, Brazil, and South Korea) increased by approximately 1.5 million metric tons, even as U.S. demand declined by more than 6.1 million tons during the period.  Argentina has continued to export steel to the United States at unsustainable quantities, especially a recent surge of semifinished products. Furthermore, Argentina’s lack of data transparency has continued to be of concern for the United States.  From official trade statistics released by Argentina, it is difficult to assess the levels of steel being imported from places like China and Russia, and other potential sources of excess capacity. Brazilian imports from countries with meaningful levels of overcapacity, specifically China have grown tremendously in recent years, more than tripling since the institution of this quota arrangement. 
    • At the same time, these alternative agreements have not resulted in sufficient action by these trading partners to address non-market excess capacity caused primarily by China, or sufficient cooperation by these trading partners on issues like trade remedies and customs matters or monitoring bilateral steel trade.  Some countries have also welcomed steel industry investments from non-market producers in countries like China seeking to exploit the agreements to obtain preferential access to the U.S. market.  The agreements have therefore been detrimental to U.S. steel production and national security.
    • The Secretary has informed me of similar problems with respect to the temporary exemption for imports of steel articles and derivative steel articles from Ukraine.  Rather than supporting the Ukrainian steel industry and alleviating the economic harm caused by the ongoing conflict, the benefits of this temporary exemption have accrued primarily to producers in EU member countries, which have significantly increased duty-free exports to the U.S. market of steel articles processed from Ukrainian semi-finished steel.  Since 2021, imports from Ukraine have remained steady at 0.5 percent of total U.S. imports, while imports from the European Union have increased 11.2 percent to 14.8 percent.  As a result of the temporary exemption, these imports enter the U.S. market subject to neither the ad valorem tariff proclaimed in Proclamation 9705, nor the tariff-rate-quota system applicable to other imports of steel articles from EU producers as proclaimed in Proclamation 10328.  This has facilitated evasion of both the section 232 measures and of antidumping duties that would be paid if the finished products were imported directly from Ukraine.
    • The Secretary has informed me that producers in countries that remain subject to the program have continued to evade the measures by processing covered steel articles into additional downstream steel derivative products that were not included in the additional ad valorem tariffs proclaimed in Proclamation 9705 and Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States).  Imports of products such as fabricated structural steel, prestressed concrete strand, and others, have increased significantly since the issuance of Proclamation 9705 and Proclamation 9980, eroding the domestic industry’s customer base and resulting in depressed demand for steel articles produced in the United States.
    • The Secretary has also informed me of certain ongoing challenges with the product exclusion process authorized by Proclamation 9705, Proclamation 9777 of August 29, 2018 (Adjusting Imports of Steel Into the United States), and Proclamation 9980 and implemented by subsequent regulations.  This process has resulted in exclusions for a significant volume of imports, in a manner that undermines the purpose of the section 232 measures and threatens to impair national security.  Certain general approved exclusions remain in effect for entire tariff lines of steel articles, notwithstanding the domestic industry’s potential to produce many excluded products. 
    • I determine that these developments and modifications to the tariffs announced in Proclamation 9705 have undermined the program’s national security objectives by preventing the domestic steel industry from achieving sustained production capacity utilization of at least 80 percent, as determined necessary in the Secretary’s report of January 11, 2018.  I also determine that they have failed to achieve their articulated objectives.  As a result, I determine that they have resulted in significantly increasing imports of steel articles that threaten to impair the national security.    
    • In light of the Secretary’s findings regarding the alternative agreements with South Korea proclaimed in Proclamation 9740; Argentina, Australia, and Brazil proclaimed in Proclamation 9759; Canada and Mexico proclaimed in Proclamation 9894; EU countries proclaimed in Proclamation 10328; Japan proclaimed in Proclamation 10356; and the United Kingdom proclaimed in Proclamation 10406, I have revisited the determinations in these proclamations.  In my judgment, the arrangements with these countries have failed to provide effective, long-term alternative means to address these countries’ contribution to the threatened impairment to the national security by restraining steel articles exports to the United States from each of them, limiting transshipment and surges and distorted pricing, and discouraging excess steel capacity and excess steel production. Thus, I have determined that steel articles imports from these countries threaten to impair the national security, and I have decided that it is necessary to terminate these arrangements as of March 12, 2025.  As of that date, all imports of steel articles and derivative steel articles from Argentina, Australia, Brazil, Canada, EU countries, Japan, Mexico, South Korea, and the United Kingdom shall be subject to the additional ad valorem tariff proclaimed in Proclamation 9705 with respect to steel articles and Proclamation 9980 with respect to derivative steel articles.  In my judgment, these modifications are necessary to address the significantly increasing share of imports of steel articles and derivative steel articles from these sources, which threaten to impair U.S. national security.  Replacing the alternative agreements with the additional ad valorem tariffs will be a more robust and effective means of ensuring that the objectives articulated in the Secretary’s January 11, 2018, report and subsequent proclamations are achieved.
    • For the same reasons, I have also revisited the determinations in Proclamation 10403, Proclamation 10558, and Proclamation 10771.  In my judgment, the arrangement with Ukraine has failed to provide effective, long-term alternative means to address Ukraine’s contribution to the threatened impairment to our national security by restraining steel articles exports to the United States from Ukraine, limiting transshipment and surges, and discouraging excess steel capacity and excess steel production. Thus, I have determined that steel articles imports from Ukraine threaten to impair the national security and have determined that it is necessary to terminate the temporary exemption for imports of steel articles and derivative steel articles from Ukraine as proclaimed in Proclamation 10403, Proclamation 10558, and Proclamation 10771.  In my judgment, terminating this exemption will prevent abuses that have resulted in significantly increasing imports from sources other than Ukraine, will prevent evasion of antidumping duties, and will support the domestic steel industry without harming Ukraine’s economic recovery. 
    • In light of the information provided by the Secretary that significantly increasing imports of certain derivative steel articles have depressed demand for steel articles produced by domestic steel producers, I have determined that it is necessary and appropriate in light of U.S. national security interests to adjust the tariff proclaimed in Proclamation 9705 and Proclamation 9980 to apply to additional derivative steel articles.  As of March 12, 2025, the additional derivative steel articles covered by this proclamation, as set out in Annex I to this proclamation, shall be subject to the ad valorem duties proclaimed in Proclamation 9705 and Proclamation 9980, except for derivative steel articles processed in another country from steel articles that were melted and poured in the United States.  For any derivative steel article identified in Annex I that is not in Chapter 73 of the HTSUS, the additional ad valorem duty shall apply only to the steel content of the derivative steel article.  The Secretary shall publish a notice in the Federal Register to this effect, including Annex I to this proclamation. 
    • The Secretary has informed me that his findings with regard to the product exclusion process present circumstances that in the Secretary’s opinion indicate the need for further action by the President under section 232.  Accordingly, as of the date of this proclamation the Secretary is no longer authorized to provide relief from the additional duties set forth in clause 2 of Proclamation 9705 for any steel article determined not to be produced in the United States in a sufficient and reasonably available amount or a satisfactory quality or based on specific national security determinations, and the product exclusion process as authorized in clause 3 of Proclamation 9705, clause 1 of Proclamation 9777, and clause 2 of Proclamation 9980 is terminated, effective immediately.  I have determined that terminating product exclusions is necessary to ensure that overly broad exclusions do not allow high volumes of imports to undermine the objectives articulated in the Secretary’s January 11, 2018, report and relevant subsequent proclamations.  This change will also relieve the administrative burden that the process has created.  Following this proclamation, and subject to any restrictions set forth in or pursuant to other provisions of applicable law, imports of any steel article or derivative steel article from any source and in any quantity will be available to U.S. importers, provided that the additional ad valorem tariffs are paid upon entry or withdrawal from warehouse for consumption.
    • Section 232 of the Trade Expansion Act of 1962, as amended, authorizes the President to take action to adjust the imports of an article and its derivatives if the President concurs with the Secretary’s finding that the article is being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security. 
    • Section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), authorizes the president to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.

    20.  The United States will monitor the implementation and effectiveness of these actions in addressing our national security needs, and I may revisit this determination, as appropriate.

         NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, section 604 of the Trade Act of 1974, as amended, and section 232 of the Trade Expansion Act of 1962, as amended, do hereby proclaim as follows: 

    • The provisions of Proclamation 9740 with respect to imports of steel articles from South Korea; Proclamation 9759 with respect to imports of steel articles from Argentina, Australia, and Brazil; Proclamation 10064 with respect to imports of steel articles from Brazil; Proclamation 9894 with respect to imports of steel articles from Canada and Mexico; Proclamation 10783 with respect to imports of steel articles from Mexico; Proclamation 10328 and Proclamation 10691 with respect to imports of steel articles and derivative steel articles from the EU; Proclamation 10356 with respect to imports of steel articles and derivative steel articles from Japan; Proclamation 10406 with respect to imports of steel articles and derivative steel articles from the United Kingdom; and Proclamation 10403, Proclamation 10558, and Proclamation 10771 with respect to steel articles and derivative steel articles from Ukraine shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025.  The provisions of clause 1 of Proclamation 9740 as applicable to imports of steel articles or derivative steel articles from Argentina, Australia, Brazil, Canada, Mexico, South Korea, and EU member countries shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025.  The provisions of clause 1 of Proclamation 9980 as applicable to imports of derivative steel articles from Argentina, Australia, Canada, Mexico, and South Korea shall be ineffective as of 12:01 a.m. eastern time on March 12, 2025.  As of 12:01 a.m. eastern time on March 12, 2025, all imports of steel articles and derivative steel articles from these countries shall be subject to the additional ad valorem tariffs proclaimed in Proclamation 9705 and Proclamation 9980.
    • Clause 2 of Proclamation 9705, as amended, is revised to read as follows:

    “(2)(a)  In order to establish certain modifications to the duty rate on imports of steel articles, subchapter III of chapter 99 of the HTSUS is modified as provided in the forthcoming annex to this proclamation set out in a subsequent Federal Register notice and any subsequent proclamations regarding such steel articles.

         (b)  Except as otherwise provided in this proclamation, or in notices published pursuant to clause 3 of this proclamation, all steel articles imports covered by heading 9903.80.01, in subchapter III of chapter 99 of the HTSUS, shall be subject to an additional 25 percent ad valorem rate of duty with respect to goods entered for consumption, or withdrawn from warehouse for consumption, as follows: (i) on or after 12:01 a.m. eastern time on March 23, 2018, from all countries except Argentina, Australia, Brazil, Canada, Mexico, South Korea, and the member countries of the European Union; (ii) on or after 12:01 a.m. eastern time on June 1, 2018, from all countries except Argentina, Australia, Brazil, and South Korea; (iii) on or after 12:01 a.m. eastern time on August 13, 2018, from all countries except Argentina, Australia, Brazil, South Korea, and Turkey; (iv) on or after 12:01 a.m. eastern time on May 20, 2019, from all countries except Argentina, Australia, Brazil, South Korea, and Turkey; (v) on or after 12:01 a.m. eastern time on May 21, 2019, from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea; (vi) on or after 12:01 a.m. eastern time on January 1, 2022, from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea, and except the member countries of the European Union through 11:59 p.m. eastern time on December 31, 2023, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive; (vii) on or after 12:01 a.m. eastern time on April 1, 2022, from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea, and except the member countries of the European Union through 11:59 p.m. eastern time on December 31, 2023, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive, and from Japan, for steel articles covered by headings 9903.81.25 through 9903.81.80, inclusive; (viii) on or after 12:01 a.m. eastern time on June 1, 2022, from all countries except Argentina, Australia, Brazil, Canada, Mexico, South Korea, and Ukraine through 11:59 p.m. eastern time on June 1, 2023, and except the member countries of the European Union through 11:59 p.m. eastern time on December 31, 2023, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive, and from Japan and the United Kingdom (UK), for steel articles covered by subheadings 9903.81.25 through 9903.81.78 and heading 9903.81.80, and from the member countries of the European Union, for steel articles covered by heading 9903.81.81; (ix) on or after 12:01 a.m. eastern time on June 1, 2023, from all countries except Argentina, Australia, Brazil, Canada, Mexico, South Korea, and Ukraine through 11:59 p.m. eastern time on June 1, 2024, and except the member countries of the European Union through 11:59 p.m. eastern time on December 31, 2023, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive, and from Japan and the UK, for steel articles covered by subheadings 9903.81.25 through 9903.81.78 and heading 9903.81.80, and from the member countries of the European Union, for steel articles covered by heading 9903.81.81, and from the member countries of the European Union where the steel used in the manufacture of the steel article is melted and poured in Ukraine through 11:59 p.m. eastern time on June 1, 2024, (x) on or after 12:01 a.m. eastern time on January 1, 2024, from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea, and except for Ukraine in accordance with the relevant proclamation as amended, and except the member countries of the European Union in accordance with the relevant proclamation as amended, for steel articles covered by headings 9903.80.65 through 9903.81.19, inclusive, and from Japan and the UK , in accordance the relevant proclamation as amended, for steel articles covered by subheadings 9903.81.25 through 9903.81.78 and heading 9903.81.80, and from the member countries of the European Union in accordance with the relevant proclamation as amended, for steel articles covered by heading 9903.81.81, and from the member countries of the European Union where the steel used in the manufacture of the steel article is melted and poured in Ukraine in accordance with the relevant proclamation as amended, and (xi) from all countries on or after 12:01 a.m. eastern time on March 12, 2025, unless suspended. Further, except as otherwise provided in notices published pursuant to clause 3 of this proclamation, all steel articles imports from Turkey covered by heading 9903.80.02, in subchapter III of chapter 99 of the HTSUS, shall be subject to a 50 percent ad valorem rate of duty with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern time on August 13, 2018, and prior to 12:01 a.m. eastern time on May 21, 2019.  These rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported steel articles, shall apply to imports of steel articles from each country as specified in the preceding three sentences.“

    • The first two sentences of clause 1 of Proclamation 9980 are revised to read as follows:

    “In order to establish increases in the duty rate on imports of certain derivative articles, subchapter III of chapter 99 of the HTSUS is modified as provided in Annex I and Annex II to this proclamation.  Except as otherwise provided in this proclamation, all imports of derivative aluminum articles specified in Annex I to this proclamation shall be subject to an additional 10 percent ad valorem rate of duty, and all imports of derivative steel articles specified in Annex II to this proclamation shall be subject to an additional 25 percent ad valorem rate of duty, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, as follows: (i) on or after 12:01 a.m. eastern time on February 8, 2020, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, the Commonwealth of Australia (Australia), Canada, and the United Mexican States (Mexico), and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, Mexico, and South Korea; (ii) on or after 12:01 a.m. eastern time on January 1, 2022, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, and Mexico, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Mexico, and South Korea; (iii) on or after 12:01 a.m. eastern time on April 1, 2022, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, and Mexico, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Japan, Mexico, and South Korea; (iv) on or after 12:01 a.m. eastern time on June 1, 2022, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, Mexico, and the UK, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Japan, Mexico, South Korea, and the UK, and except from Ukraine through 11:59 p.m. eastern time on June 1, 2023; (v) on or after 12:01 a.m. eastern time on March 10, 2023, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, Mexico, the UK, and Russia, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Japan, Mexico, South Korea, and the UK, and except from Ukraine through 11:59 p.m. eastern time on June 1, 2023; (vi) on or after 12:01 a.m. eastern time on June 1, 2023, these rates of duty, which are in addition to any other duties, fees, exactions, and charges applicable to such imported derivative aluminum articles or steel articles, shall apply to imports of derivative aluminum articles described in Annex I to this proclamation from all countries except Argentina, Australia, Canada, the member countries of the European Union, Mexico, the UK, and Russia, and to imports of derivative steel articles described in Annex II to this proclamation from all countries except Argentina, Australia, Brazil, Canada, the member countries of the European Union, Japan, Mexico, South Korea, and the UK, and except from Ukraine om accordance with the relevant proclamation as amended; and (vii) on or after 12:01 a.m. eastern daylight time on March 12, 2025, unless suspended, these rates of duty, which are in addition to any other duties, taxes, fees, exactions, and charges applicable to such imported derivative steel articles, shall apply to imports of derivative steel articles described in Annex II to this proclamation from all countries.”

    • Except as otherwise provided in this proclamation, all imports of derivative steel articles specified in Annex I to this proclamation or in any subsequent annex to this proclamation, as set out in a subsequent notice in the Federal Register, shall be subject to an additional 25 percent ad valorem rate of duty, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on the Commerce certification date in clause 8. These rates of duty, which are in addition to any other duties, taxes, fees, exactions, and charges applicable to such imported derivative steel articles, shall apply to imports of derivative steel articles described in Annex I to this proclamation from all countries, but shall not apply to derivative steel articles processed in another country from steel articles that were melted and poured in the United States. The Secretary shall continue to monitor imports of the derivative articles described in Annex I to this proclamation, and shall, from time to time, in consultation with the United States Trade Representative, review the status of such imports with respect to the national security of the United States.
    • For purposes of implementing the requirements in this proclamation, importers of steel derivative articles shall provide to U.S. Customs and Border Patrol within the Department of Homeland Security (CBP) any information necessary to identify the steel content used in the manufacture of steel derivative articles imports, covered by this Proclamation. CBP shall implement the information requirements as soon as practicable.
    • Within 90 days after the date of this proclamation, the Secretary shall establish a process for including additional derivative steel articles within the scope of the ad valorem duties proclaimed in Proclamation 9705, Proclamation 9980, and clause 4 of this proclamation.  In addition to inclusions made by the Secretary, this process shall provide for including additional derivative steel articles at the request of a producer of a steel article or derivative steel article, or an industry association representing one or more such producers, where the request establishes that imports of a derivative steel article have increased in a manner that threatens to impair the national security or otherwise undermine the objectives set forth in the Secretary’s January 11, 2018, report or any Proclamation issued pursuant thereto.  When the Secretary receives such a request from a domestic producer or industry association, the Secretary shall issue a determination regarding whether or not to include the derivative steel article or articles within 60 days of receiving the request. 
    • The provisions of clause 3 of Proclamation 9705, clause 1 of Proclamation 9777, clause 2 of Proclamation 9980, or any other provisions authorizing the Secretary to grant relief for certain products from the additional ad valorem duties or quantitative restrictions set forth in prior proclamations are hereby revoked.  As of 11:59 p.m. eastern time on the date of this proclamation, the Secretary shall not consider any product exclusion requests or renew any product exclusion requests in effect as of that date.  The Secretary shall take all necessary action to rescind the product exclusion process, including publication in the Federal Register.  Granted product exclusions shall remain effective until their expiration date or until excluded product volume is imported, whichever occurs first.  The Secretary shall terminate all existing general approved exclusions as of March 12, 2025.   
    • The modifications made by this proclamation in clause 4 shall be effective upon public notification by the Secretary of Commerce, that adequate systems are in place to fully, efficiently, and expediently process and collect tariff revenue for covered articles.
    • Any steel article or derivative article, except those eligible for admission under “domestic status” as defined in 19 CFR 146.43, that is subject to the duty imposed by this proclamation and that is admitted into a U.S. foreign trade zone on or after 12:01 a.m. eastern daylight time on March 12, 2025, must be admitted as “privileged foreign status” as defined in 19 CFR 146.41, and will be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading.  Any steel article or derivative steel article, except those eligible for admission under “domestic status” as defined in 19 CFR 146.43, that is subject to the duty imposed by this proclamation, and that was admitted into a U.S. foreign trade zone under “privileged foreign status” as defined in 19 CFR 146.41, prior to 12:01 a.m. eastern daylight time on March 12, 2025 , will likewise be subject upon entry for consumption to any ad valorem rates of duty related to the classification under the applicable HTSUS subheading added by this proclamation.  Pursuant to clause 8, the duties on steel derivatives established by clause 4 of this Proclamation shall be suspended until public notification by the Secretary of Commerce that adequate systems are in place to fully, efficiently, and expediently process and collect tariff revenue applicable to covered articles.
    • Any product listed in Annex Ito this proclamation or any subsequent annex published in the Federal Register pursuant to this Proclamation, that is subject to the additional duties imposed by this proclamation, and that is admitted into a U.S. foreign trade zone, except any product that is eligible for admission under “domestic status” as defined in 19 CFR 146.43, may only be admitted as “privileged foreign status,” as defined in 19 CFR 146.41, effective as of the date that the additional duties are imposed.
    • The Secretary, in consultation with the Commissioner of CBP, Security, and the heads of other relevant executive departments and agencies, shall revise the HTSUS so that it conforms to the amendments and effective dates directed in this proclamation within ten days of March 12, 2025.  The Secretary is authorized and directed to publish any such modification and future modifications to the HTSUS in the Federal Register.
    • CBP shall prioritize reviews of the classification of imported steel articles and derivative steel articles and, in the event that it discovers misclassification resulting in non-payment of the ad valorem duties proclaimed herein, it shall assess monetary penalties in the maximum amount permitted by law and shall not consider any evidence of mitigating factors in its determination.  In addition, CBP shall promptly notify the Secretary regarding evidence of any efforts to evade payment of the ad valorem duties proclaimed herein through processing or alteration of steel articles or derivative steel articles prior to importation.  In such circumstances, the Secretary shall consider the processed or altered steel articles or derivative steel articles for inclusion as derivative steel articles pursuant to clause 5 of this proclamation.
    • No drawback shall be available with respect to the duties imposed pursuant to this proclamation.

    (14)  The Secretary may issue regulations and guidance consistent with this proclamation, including to address operational necessity.

    (15) Any provision of a previous proclamation or Executive Order that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency.

         IN WITNESS WHEREOF, I have hereunto set my hand this

    tenth day of February, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

    MIL OSI USA News –

  • MIL-Evening Report: What are physician assistants? Can they fix the doctor shortage?

    Source: The Conversation (Au and NZ) – By Lisa Nissen, HERA Program Director – Health Workforce Optimisation Centre for the Business & Economics of Health, The University of Queensland

    Rawpixel.com/Shutterstock

    If you’ve tried to get an appointment to see a GP or specialist recently, you will likely have felt the impact of Australia’s doctor shortages.

    To alleviate workforce shortages, the Queensland government is considering introducing health workers called physician assistants more widely to the state’s health system.

    But the medical body representing physicians, the Royal Australasian College of Physicians, has warned thorough consultation with medical experts is needed first.

    So what exactly are physician assistants? And are they the solution to our workforce issues we’ve been looking for? Let’s look at what the evidence says – and the lessons from abroad.

    What is a physician assistant?

    Physician assistants, also known as physician associates, are trained health professionals who work under the supervision of a doctor. They undertake a variety of tasks including:

    • examining patients
    • ordering and interpreting blood tests
    • assisting in surgery
    • prescribing medicines.

    In general practice, physician assistants may also provide preventative health care such as giving vaccinations and providing health advice.

    Physician assistants commonly complete postgraduate-level university education and a hands-on training program. They may also need to have completed a health-based undergraduate degree.

    In most countries, physician assistants work under a “delegation” model. This means the treating doctor and physician assistant together determine the tasks the physician assistant can undertake, depending on their competence. As their skills and knowledge increase, the level of supervision changes accordingly.

    When were they first used?

    Similar roles have been used throughout history, including in the military. As early as the 1800s, trained assistants known as feldshers (or feldschers) provided basic medical care during times of war, for example in Russia, Bulgaria and Poland.

    The contemporary physician assistant role evolved in the 1960s in the United States. It was initially designed to use the skills of medically trained military servicemen.

    The first physician assistants were military servicemen.
    Andy Gin/Shutterstock

    Since then, it has become an accepted and well established part of the health care team in the US, where the medical profession supports the physician assistant role and contributes to its regulation.

    There are currently more than 178,000 physician assistants practising in the US, across a wide range of settings. Around one-quarter work in family/general medicine and one-fifth in rural and medically under-served areas.

    Physician assistants can be found in many countries, including Canada, New Zealand, the United Kingdom, Germany and the Netherlands.

    Australia previously trialled physician assistant in two states, Queensland and South Australia. Like other countries, the role was found to be effective and acceptable.

    What does the research say about their use?

    Most research about physician assistants originates from the US. Studies spanning several decades show physician assistants provide safe and appropriate care. They can competently undertake consultations, perform complex procedures, provide preventative health care, treat non-complex patients in the emergency department and provide a wide range of services in rural areas.

    Most studies have reported patient satisfaction with the physician assistant role.

    Research has found it’s cost-effective to use physician assistants, including for complex patients.

    Physician assistants can improve the continuity of patient care in hospitals, as they remain with their supervising doctor rather than moving between hospital areas as trainee doctors do. This enables them to maintain consistent contact with patients, their families and other members of the health-care team.

    Using physician assistants in emergency departments enables doctors to review more complex patients.

    In surgery, physician assistants can reduce the workload on resident doctors. They can prepare patients for surgery, review them afterwards and perform some surgical procedures. They can also reduce the time patients stay in hospital.

    Physician assistants can also provide care in rural and remote areas and have worked with Aboriginal health workers in remote areas of Australia.

    What do Australian policymakers need to consider?

    Like many other countries, the Australian health workforce is under pressure. Recent reviews have highlighted the need to examine how the health system and workforce can more effectively meet the needs of the community. This includes making better use of all current health professions by enabling them to perform the tasks they have been trained to do.

    Health professionals must ensure their care keeps patients safe and aligns with public expectations. This relies on appropriate education and training, funding and payment policies, governance and regulation. Effective regulation ensures health professionals are held accountable for their practice, according to defined professional practice expectations.

    Despite physician assistants being trialled in Queensland and SA, the role did not gain the support of the medical profession. As a result, only a small number of physician assistants are currently practising. And Australia no longer provides education programs for physician assistants.

    Several factors affected the acceptance of the physician assistant role.

    Their skills and competence weren’t widely understood or recognised. This meant their scope of practice was poorly defined, which may have been confusing for both patients and health professionals.

    The profession was also unable to access Medicare rebates or Pharmaceutical Benefits Scheme subsidies for patient consultations or scripts. This limited their full involvement in some health services such as general practice.

    What could we do better?

    Australia needs to learn from the available evidence when considering a possible role for physician assistants.

    In the US and Canada, for example, a close relationship between the medical and physician assistant professions has provided guidance and support for the role, and ensured physician assistants are accountable for their practice, through the development of “expected standards” of practice.

    As demand for health services increases, it makes sense to explore the addition of physician assistants to Australia’s health-care workforce, if safety and quality can be assured, and health care teams function optimally.

    Lisa Nissen receives funding from the Commonwealth Department and Aging and jurisdictional health departments for research related to Health Workforce Optimization and team based care.

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

    – ref. What are physician assistants? Can they fix the doctor shortage? – https://theconversation.com/what-are-physician-assistants-can-they-fix-the-doctor-shortage-247560

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Thousands of Australian pets may soon have ‘useless’ microchips. It’s a symptom of a bigger problem

    Source: The Conversation (Au and NZ) – By Bronwyn Orr, Veterinarian, Southern Cross University

    Mitchell Orr/Unsplash

    Late last year, rumours swirled online that HomeSafeID, a private Australian pet microchip registry, had stopped operating.

    On Feburary 5 2025, a notice appeared on the HomeSafeID website, ostensibly from the site’s administrator. It states the website “is likely to go offline” soon due to unpaid bills. This means the database of information stored on HomeSafeID would also go offline.

    There has been no official word from HomeSafeID as to the status of the company. HomeSafeID did not respond when The Conversation reached out for comment.

    According to the Australian Securities and Investment Commission (ASIC), the company is still registered and no insolvency notice has been published. However, it’s possible HomeSafeID has stopped operating or will do so in the near future.

    If this happens, any pet with a HomeSafeID registered microchip would no longer have searchable microchip details. If these pets become lost, vets and shelters will have no way of finding or verifying their owner.

    The situation is a symptom of a bigger problem with pet microchip registries in Australia – a lack of national oversight.

    Why should you microchip your pet?

    If your pet goes missing, their microchip is key to you being reunited. Vets and shelters can scan a stray animal’s microchip, search one of the seven microchip registries in Australia, find the pet owner’s details and contact them. Pet microchips significantly increase the likelihood lost pets will be reclaimed by their owners.

    In fact, microchipping pets is a legal requirement in all states and territories of Australia except the Northern Territory, although it is required in the City of Darwin. In New South Wales, fines for failing to microchip your pet range from A$180 to $880.

    A pet microchip should contain up-to-date details of the pet’s owner so they can be contacted if the animal becomes lost.
    Todorean-Gabriel/Shutterstock

    If HomeSafeID does go offline, many pets will have microchips that don’t connect to a database any more, making them essentially useless.

    It’s difficult to estimate the scale of the problem, but it could affect hundreds of thousands of pets, including ones adopted from RSPCA Queensland.

    According to ASIC, RSPCA Queensland was a part-owner of HomeSafeID until 2020. A spokesperson for the charity told The Conversation it has no current partnership with HomeSafeID, and “don’t know the extent of how many animals are affected”. Yesterday, RSPCA Queensland issued advice for pet owners to check their registration details.

    Where are microchip details stored?

    There are currently seven registries in Australia. Five are privately owned, including HomeSafeID, and two are owned by state governments, in NSW and South Australia. Pets microchipped in those states are meant to be registered with the state registry.

    The five private registries jointly fund a website called Pet Address, which allows you to search the five private databases to find where your pet’s details are stored.

    However, Pet Address doesn’t cover the state registries – these have to be searched separately. Only NSW vets and “authorised identifiers” (such as shelters) can access the pet owner details stored in the NSW registry.

    If a pet is moved to another state but their owner doesn’t update the registry, their microchip won’t be readable in the new location by non-NSW vets and shelters.

    There are currently no rules, regulations or even guidelines around how private pet microchip registries should operate in Australia. If a microchip database were to cease operating, there is no safety net to ensure information is automatically moved to another database.

    A vet can scan your pet’s microchip to retrieve the number and find out the registration details.
    Lucky Business/Shutterstock

    What can I do to make sure my pet’s microchip is up to date?

    Given current uncertainty around the HomeSafeID registry, pet owners across Australia should check their pets’ microchip numbers and find out which database they’re registered in.

    If you don’t already know your pet’s microchip number, vets and shelters can use a microchip scanner to find that number for you. Then, you can run it through Pet Address or the SA and NSW registries where relevant, to find out which database the number is registered on.

    If your pet’s microchip is currently with HomeSafeID, it might be prudent to move your pet’s details to another database. You can do this by contacting one of the other microchip registries and applying to register with their database (this may involve a small fee).

    Australia needs national coordination on pet microchipping

    Given it’s mandatory to microchip dogs and cats, it might seem strange there are no regulations or guidelines around how microchip registries should operate. However, this is a symptom of a much bigger issue.

    There is almost no national leadership or collaboration on companion animal issues in Australia. Pets are firmly the domain of state governments, with the federal government only really involved in the export and import of companion animals.

    There are, however, avenues for national coordination. The renewal of the Australian Animal Welfare Strategy is one, and the national Animal Health Committee is another.

    Regardless of who takes responsibility, it’s clear a round table on pet microchipping is urgently required to prevent hundreds of thousands of pets walking around with microchips that don’t work anymore.

    Otherwise, lost pets may find themselves at shelters and pounds unnecessarily, and animals that might have otherwise been returned home could end up being adopted, or worse, euthanised.

    Bronwyn Orr is a Director of the Walk In Clinic For Animals and Veterinary Support Group.

    – ref. Thousands of Australian pets may soon have ‘useless’ microchips. It’s a symptom of a bigger problem – https://theconversation.com/thousands-of-australian-pets-may-soon-have-useless-microchips-its-a-symptom-of-a-bigger-problem-249492

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: At CFPB Headquarters, Warren Sounds Alarm on Elon Musk’s Attack against Consumer Financial Protection Bureau

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 10, 2025

    “Donald Trump ran his campaign on lowering costs for working families…now he and his co-president, Elon Musk, have tried to shut down the agency that has delivered $21 billion to hardworking families.”

    “Congress built [the CFPB], and no one other than Congress — not Donald Trump, not Elon Musk, no one – can fire the financial cops.”

    Video of Remarks

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs (BHUA), delivered remarks at the headquarters of the Consumer Financial Protection Bureau (CFPB) in defense of the agency. The rally comes in response to billionaire Elon Musk and Project 2025 architect Russ Vought attempting to shut down the CFPB. 

    Transcript: Rally to Defend the Consumer Financial Protection Bureau
    February 10, 2025 
    As Delivered

    Senator Elizabeth Warren: I am so glad to be here with you today. My name is Elizabeth Warren, and I’m here with you to fight for our Consumer Financial Protection Bureau. 

    The CFPB is the cop on the beat, and that cop is the one that caught the crooks and, so far, has made them give back $21 billion. 

    That cop is the one that put that $21 billion right back into the hands of the American people who got cheated.  

    That cop is the one who has worked, day by day, to get your money back when some slimeball decided they could cheat you and there wouldn’t be anything you can do about it.

    Now, the CFPB is the little agency that has fought for us, and we’re here today to fight for the CFPB. Let’s give a huge cheer for the CFPB!  

    Donald Trump ran his campaign on lowering costs for working families. Yeah, now, he and his co-president, Elon Musk, have tried to shut down the agency that has delivered $21 billion to hardworking families. $21 billion to people who got cheated—and Trump and Musk want to just take that agency away.   

    Donald Trump and Elon Musk have told the financial cops at the CFPB to stand down. Now, think about this – I want you to think about this for a minute – no matter how big the scam, no matter how bold the trap, they have said just stand by and let the Wall Street boys take your money.  

    Well, we are here to fight back! We want our financial cops back on the beat! 

    This is a fight – and I want you to watch who this fight is between – this is a fight between millions of hardworking people, who just don’t want to get cheated, and a handful of billionaires like Elon Musk who want the chance to cheat them. 

    So here’s how we have to think about this: for every person who wants to buy a home without getting scammed, this fight is your fight.

    For every family that doesn’t want to get put out on the street in an illegal foreclosure, this is your fight.

    For every student who wants to borrow money to go to school without getting defrauded, this is your fight.

    For every member of our military who doesn’t want to get trapped by some sleazy payday lender – say it with me: this is your fight. 

    For every person who borrows money to buy a car and doesn’t want to get trapped in the fine print, this is your fight.

    For every American who doesn’t want to see Wall Street crash our economy again, this is your fight.  

    And for every American who doesn’t want some weird Elon Musk suck-up searching through your personal, private data, this is your fight.

    Your fight, my fight, our fight—and we will win this fight!

    Because, understand this – this fight is about more than one little agency.

    This fight is about more than just our financial rules and regulations.

    This fight is about more than just Democrat versus Republican politics. 

    This fight is about hardworking people versus the billionaires who want to squeeze more and more and more money out of them. And now, now is our time to put a stop to this!

    Look, these damn billionaires are making their moves right out in the open. Look at Elon. Please. No, just look. He invested $288 million to buy an election for Donald Trump. And now he is right here to collect on that investment.  

    Elon Musk owns “X,” which has been losing money like crazy. So Elon has a plan for a new payment platform called “X Money”. Elon wants X Money to touch every part of your financial life. 

    But Elon has got a problem: the financial cops. The CFPB is there to make sure that Elon’s new project can’t scam you or steal your sensitive personal data. So Elon’s solution? Get rid of the cops. Kill the CFPB. 

    This is like a bank robber trying to fire the cops and turn off the alarms just before he strolls into the lobby.

    We are here to fight back!  

    So I’ve got to ask: are you ready to stand up to the scammers?

    Are you ready to push back against the fraudsters?

    Are you ready to say no to Elon Musk?

    Look, after the 2008 financial crash and the big bank bailout, Congress created the CFPB to protect people from getting swindled.  

    Congress built it, and no one other than Congress — not Donald Trump, not Elon Musk, no one can fire the financial cops. 

    We are fighting back, and understand this: there is power in fighting back. Real power. We, the people, not Elon Musk, we the people have the real power in this country—and we are going to use that power.  

    So here it is: are you ready to fight for the little agency that fights for us? Are you ready to fight the billionaires who are trying to take over this country? Are you ready to say no to Elon Musk? 

    We will fight it out in Congress. We will fight it out in the courts. We will fight it out all across this country—and I promise you, we will win.  

    MIL OSI USA News –

  • MIL-OSI China: Shanghai to issue consumption vouchers for service sector

    Source: China State Council Information Office 3

    Tourists admire the skyline view of Lujiazui area at the Bund in Shanghai, east China, Jan. 6, 2020. [Photo/Xinhua]

    Shanghai will allocate 500 million yuan (about 69.73 million U.S. dollars) from its municipal budget to issue vouchers for the service sector, local officials announced at a press briefing on Monday.

    As part of an effort to boost spending, the vouchers will mainly support catering, tourism, cinemas and sports. The funds will be distributed as follows: 360 million yuan for catering, 90 million yuan for tourism, 30 million yuan for cinemas, and 20 million yuan for sports.

    Consumers can register for the lottery to receive catering and tourism vouchers starting Feb. 22. All vouchers will be valid for redemption starting from March 1 and will be fully distributed by the end of June.

    According to Zhu Min, director of the Shanghai Municipal Commission of Commerce, spending in the service sector is key to enhancing and upgrading Shanghai’s consumption market, as well as driving commodity consumption.

    In 2024, Shanghai issued 500 million yuan worth of vouchers for the catering, accommodation, cinema and sports sectors.

    MIL OSI China News –

  • MIL-OSI New Zealand: Better competition on the way for Kiwis

    Source: New Zealand Government

    The Government is progressing its ambitious, economy-wide review to improve competition, lift productivity, and drive down the cost of living, Commerce and Consumer Affairs Minister Andrew Bayly says.

    “Improved competition is a top priority for this Government. When competition is working well, New Zealand businesses – both big and small – can thrive. This has knock-on benefits for consumers, including greater choice and lower prices in key sectors like fuel, groceries, and banking,” says Mr Bayly.

    “That’s why I launched a review of our competition settings, set out in the Commerce Act, in December last year. Much of the Commerce Act has not been reviewed for over 20 years. I want to ensure our competition settings keep pace with market developments so both Kiwi businesses and consumers can get ahead.

    “Recent tweaks to our competition rules have mainly involved sector-specific legislation. In contrast, this review will improve our overarching competition settings and reduce the need for layers of reactive regulation in individual sectors.

    “We are moving at pace to progress this work. Public consultation has now closed on key parts of the review, including our merger control settings, potential new code-making powers, and modern tools to address anti-competitive conduct.

    “A big focus of the review is on merger settings. Over many decades, New Zealanders have felt first-hand some of the effects of mergers and unhealthy market competition: reduced innovation, a smaller range of goods and services, and increased prices.

    “Many of these could have been avoided if we had more robust merger controls in place. Improved merger settings can lead to better competition and Kiwis getting a fairer deal, and that is why I’ve ensured this is a core part of the review.

    “Thank you to those who provided feedback during this consultation period. Your views will help shape changes to our competition settings to support competitive, dynamic markets that will boost economic productivity and living standards.

    “I expect to announce decisions on next steps in due course.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Ernst Slashes the Red Tape

    US Senate News:

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

    WASHINGTON – After the Biden administration enacted more than $1.8 trillion in regulations that added 356 million new hours of paperwork, Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) is undoing the damage with legislation aimed at disrupting the bloated bureaucracy.
    Ernst’s Prove It Act requires federal agencies to demonstrate that any new regulation is compliant with existing laws and considers both the direct and indirect costs placed on small businesses.
     “As chair of the Senate Committee on Small Business and Entrepreneurship, unleashing Main Street by slashing red tape is a top priority,” said Ernst. “We are curbing the bloated bureaucracy and empowering job creators to innovate and lead us forward. If Washington thinks more regulations are needed, it will have to prove it.”
    Congressman Brad Finstad (R-Minn.) is introducing companion legislation in the U.S. House of Representatives.
    “As a member of the House Committee on Small Business, I am committed to protecting Main Street business owners in southern Minnesota from costly and burdensome regulations,” said Finstad. “The Prove It Act, which passed the House of Representatives in the 118th Congress with bipartisan support, is commonsense legislation that gives small business owners a seat at the regulatory table and holds federal agencies accountable for the impacts of their regulations. I’m proud to reintroduce this important legislation and look forward to continuing to fight against overregulation.”
    The Prove It Act would:

    Create a way for small businesses to raise concerns when regulators do not consider both the direct and indirect costs their regulations place on them;

    Allow small businesses to ask their chief advocate in government to review agencies’ work and make the government regulators prove they are fully compliant with existing laws;

    Exempt small businesses from the agency’s regulations altogether if regulators fail to comply with this review process; and
    Ensure small businesses can easily access preexisting guidance documents online and create a way for small businesses to directly raise questions or concerns with their regulators.

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Statement on Trump’s Latest Steel & Aluminum Tariffs: “He Wants to Double Down on Raising Costs for Americans Even More”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.10.25

    Cantwell Statement on Trump’s Latest Steel & Aluminum Tariffs: “He Wants to Double Down on Raising Costs for Americans Even More”

    In 2024, state imported $1.2B worth of steel & aluminum for aerospace, shipbuilding, electronics & more; Last week, Cantwell delivered a speech on Senate floor calling for increasing exports & voted against advancing Trump’s trade nominee

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and a senior member of the Senate Committee on Finance, issued the following statement in response to President Donald Trump’s new 25% tariffs on all steel and aluminum imports.

    “Many of Trump’s tariffs on steel and aluminum have been in place since 2018. Nothing was resolved and they added costs to cars, building materials, and energy projects. Now in 2025, he wants to double down raising costs for Americans even more,” Sen. Cantwell said.

    In Washington state, two out of every five jobs are tied to trade and trade-related industries. Combined, the state imported $1.21 billion worth of steel and aluminum last year – and the major industries and employers in Washington that rely on steel and aluminum include aerospace, shipbuilding, utilities, and electronics. When President Trump imposed steel tariffs in 2018, our trading partners immediately responded by imposing tariffs of their own on Washington products, especially agriculture, including cherries, apples, pears, and potatoes. Nationally, across all industries, the steel and aluminum tariffs resulted in a decrease in production worth about $3.4 billion per year, according to an ITC report.  The United States imports $58.81 billion in steel and aluminum every year.

    Last week, Sen. Cantwell also delivered a major speech on the Senate floor last week, arguing that the president’s arbitrary tariffs would threaten domestic job creation and economic growth in an Information Age. She outlined a strategy focused on building coalitions, growing exports, and establishing principles to support innovation in the Information Age.

    Sen. Cantwell also voted against advancing the nomination of Howard Lutnick, President Trump’s choice to be Secretary of the Department of Commerce, citing concerns with Lutnick’s support for Trump’s proposed tariffs. More information on how President Trump’s proposed tariffs on goods from Mexico, Canada, and China would affect consumers and businesses in the State of Washington can be found HERE.

    Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20 percent retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after then-President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe:  apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.

    In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

    In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.

    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    MIL OSI USA News –

  • MIL-OSI USA: U.S. Senators to Trump: Telling CFPB to Stop Work & Stand Down Puts Consumers & Military Families at Heightened Risk of Being Ripped Off

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – All Americans deserve a strong consumer watchdog to look out for their financial well-being, prevent scams, and hold offenders accountable.  This is especially true for servicemembers, veterans, and their families, who are disproportionally targeted by predatory lenders and abusive mortgage, debt collection, and credit card schemes and often face greater financial risks than civilian borrowers due to the nature of their military service.

    The Consumer Financial Protection Bureau (CFPB) collects, investigates, and monitors consumer complaints about financial products and services. It provides relief to consumers who have been wronged by unscrupulous financial providers.  Since the agency’s inception, the CFPB has returned over $21 billion back to consumers who have fallen victim to abusive and illegal activity.

    Unfortunately, the Trump Administration’s ill-advised move to shutter the CFPB and idle 2,000 of the bureau’s employees makes consumers more susceptible to predatory lending and other abusive financial practices. Moreover, the Trump Administration’s decision to stop supervision, enforcement, and litigation eliminates key Military Lending Act (MLA) and Servicemembers Civil Relief Act (SCRA) protections that prevent servicemembers from being exploited, according to a leading group of U.S Senators.  The financial and legal protections in these bipartisan laws—most notably a temporary reduction in interest rates on mortgages, credit cards, and auto loans—are critical to national defense and military readiness.  Troops should focus on their service obligations while on active duty, rather than worrying about making ends meet at home.

    After President Trump’s newly-installed acting CFPB Director Russell Vought instructed CFPB staff to suspend nearly all activities, stop supervising financial firms, and ordered employees to “stand down from performing any work task” for at least a week, U.S. Senator Jack Reed (D-RI) today joined with 9 of his Senate colleagues in sounding the alarm and urging the Trump Administration to reverse the order.  The Senators wrote a letter demanding the CFPB must perform its essential work supervising and investigating violations of consumer financial protection laws and taking forceful enforcement actions against scammers and payday lenders.

    “This morning, in your capacity as Acting Director of the Consumer Financial Protection Bureau (CFPB), you issued a directive to employees to cease all work without your express written approval.  This includes investigations, supervision, enforcement, and litigation activities, as well as all stakeholder engagement and public communications.  This decision leaves all Americans susceptible to predatory lending and other abusive practices, but in particular, it eliminates protections that prevent servicemembers from being exploited,” the 10 Senators wrote.

    In addition to Reed, who helped write the bipartisan MLA and the law creating the Office of Servicemember Affairs at the CFPB to serve as an independent watchdog for military personnel, the letter was signed by U.S. Senators Jeanne Shaheen (D-NH), Ben Ray Lujan (D-NM), Mark Warner (D-VA), Gary Peters (D-MI), Jeff Merkley (D-OR), Jon Ossoff (D-GA), Cory Booker (D-NJ), John Hickenlooper (D-CO), and Edward Markey (D-MA).

    “Nullifying the MLA and imperiling servicemembers’ rights under the SCRA will degrade military readiness, cost taxpayers money, and tarnish servicemembers’ records.  The Department of Defense (DOD) has stated that “high-cost debt can detract from mission focus, reduce productivity, and require the attention of supervisors and commanders.”  Morale suffers when servicemembers and their families are trapped in cycles of debt.  And taxpayers are on the hook when our servicemembers leave the military due to avoidable personal issues like financial insecurity.  According to DOD, each separated servicemember costs the Pentagon more than $58,000,” the Senators continued.

    “Accordingly, we request that the CFPB continue to supervise and investigate violations of the consumer financial protection laws and take forceful enforcement actions against lenders that violate the law, especially when it comes to predatory lending that harms our military readiness.  We also request that the CFPB continue to make public communications to consumers, especially to servicemembers regarding the rights that they are owed under the SCRA,” the letter concluded.

    Full text of the letter follows:

    February 10, 2025

    The Honorable Russell Vought, Director                                                                                          

    Office of Management and Budget                                        

    725 17th St. NW                                                                       

    Washington, DC 20303                                                         

    Dear Director Vought:

    This morning, in your capacity as Acting Director of the Consumer Financial Protection Bureau (CFPB), you issued a directive to employees to cease all work without your express written approval.  This includes investigations, supervision, enforcement, and litigation activities, as well as all stakeholder engagement and public communications.  This decision leaves all Americans susceptible to predatory lending and other abusive practices, but in particular, it eliminates protections that prevent servicemembers from being exploited. 

    This funding, supervision, enforcement, and communications freeze will hit military families especially hard.  Without a functional CFPB, military families will be stripped of their financial protections under the bipartisan Military Lending Act (MLA) that they have earned and deserve by serving our Nation.  The CFPB is the primary agency responsible for supervising and enforcing the MLA against nonbank financial companies, including payday lenders, pawnshops, and debt collectors who have charged servicemembers interest rates as high as 600% and who have threatened to derail their careers if they do not pay up. 

    The agency’s supervision and enforcement program has delivered concrete results for the military.  The CFPB has resolved 39 cases involving harm to servicemembers and veterans, returning $363 million to victims, including six enforcement actions for violations of the MLA.  Two additional MLA cases are currently pending in court, alleging that a pawn shop and an installment lender charged sky high interest rates to military families and engaged in deceptive practices to illegally harvest fees.  With these cases frozen, no supervision, staff locked out, and additional enforcement off the table, unscrupulous lenders will exploit these circumstances to engage in additional predatory lending.  The actions that you have taken since being installed as Acting Director betray our servicemembers and empower scammers who want to rip them off.

    Further, recent CFPB research identified a long-running pattern of lenders failing to decrease servicemembers’ interest rates while on active duty as required by the Servicemembers Civil Relief Act (SCRA).  These failures cost servicemembers thousands of dollars per year.  The CFPB’s public communications have held lenders accountable and helped servicemembers exercise their rights under Federal law.

    Nullifying the MLA and imperiling servicemembers’ rights under the SCRA will degrade military readiness, cost taxpayers money, and tarnish servicemembers’ records.  The Department of Defense (DOD) has stated that “high-cost debt can detract from mission focus, reduce productivity, and require the attention of supervisors and commanders.”  Morale suffers when servicemembers and their families are trapped in cycles of debt.  And taxpayers are on the hook when our servicemembers leave the military due to avoidable personal issues like financial insecurity.  According to DOD, each separated servicemember costs the Pentagon more than $58,000.

    Accordingly, we request that the CFPB continue to supervise and investigate violations of the consumer financial protection laws and take forceful enforcement actions against lenders that violate the law, especially when it comes to predatory lending that harms our military readiness.  We also request that the CFPB continue to make public communications to consumers, especially to servicemembers regarding the rights that they are owed under the SCRA. 

    We request your commitment no later than February 12, 2025.  Thank you for your attention to this important matter.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI: F&M Bank Welcomes Peter Schork as Regional President for Toledo, Ohio & Southeast Michigan

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 10, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) announced that Peter Schork has joined F&M as Regional President of the Toledo, Ohio, and Southeastern Michigan regions.

    Lars Eller, President and CEO of F&M stated, “As a proven community banker, Peter brings a wealth of experience to F&M. His leadership, deep market knowledge, and commitment to building strong relationships will be an invaluable resource to F&M as we continue to grow and serve our communities. We look forward to the impact he will make in driving success for our customers, employees, and stakeholders.”

    In his new role, Peter will oversee F&M’s presence in the Toledo, Ohio, and Birmingham, Michigan markets, including offices in Waterville, Swanton, Perrysburg, Sylvania, and Downtown Toledo, as well as F&M’s Loan Production Office in Troy and its Birmingham, Michigan location.

    Peter brings over 25 years of banking and financial experience to F&M. Prior to joining the Company, he served as the Ann Arbor President for Oxford Bank and co-founded the Ann Arbor State Bank serving as its President and CEO. In addition to his community bank experience, Peter was the CFO at Catalyst Commercial Real Estate, and the President of a Michigan-based title, mortgage, and real estate company. In addition to his business experience, Peter is a proud supporter of various community organizations. Currently, he serves on the Michigan Theater Board of Trustees, is a member of the Ray and Eleanor Cross Foundation and the Kiwanis Club of Ann Arbor and is a Board Member and Treasurer for the Homeless/Unhoused Mission. Peter holds a Master of Business Administration (M.B.A.) with a specialization in Finance from Eastern Michigan University.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    __________________________________________

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e11179be-cf20-449e-9416-ca1e8ff1fd2f

    The MIL Network –

  • MIL-OSI USA: Senator Reverend Warnock Issues Statement on CFBP Shutting Down Following Orders from Trump Administration

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Senator Reverend Warnock Issues Statement on CFBP Shutting Down Following Orders from Trump Administration

    Last Congress, Senator Reverend Warnock chaired the Subcommittee on Financial Institutions and Consumer Protection, which oversaw the Consumer Financial Protection Bureau (CFPB)

    Senator Reverend Warnock successfully pushed CFPB to remove medical debt from credit scores, impact 12% of Georgians with medical debt

    In partnership with Senator Reverend Warnock, CFPB addressed 266,560 complaints from Georgians, including 20,168 from servicemembers in the state

    Senator Reverend Warnock: “Georgians I speak to every day don’t have the financial flexibility of the world’s richest man, many of them only have a few hundred dollars in their bank account. Those are the Georgians who will suffer from CFPB’s closure”

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), former chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, issued the following statement on the closure of the Consumer Financial Protection Bureau (CFPB):

    “The Trump Administration is trying to squeeze the voices of the people out of our democracy so those in power can create more wealth for people like themselves. The Consumer Financial Protection Bureau is their latest target.”

    “This reckless action will hurt millions of Georgians and Americans across the country. The CFPB has been an eager partner in our work to protect working-class Americans from fraud, scams, and predatory companies. Fighting on behalf of consumers from mortgages and student loans to medical debt and junk fees, CFPB has returned billions to the public.”

    “Georgians I speak to every day don’t have the financial flexibility of the world’s richest man, many of them only have a few hundred dollars in their bank account. Those are the Georgians who will suffer from the CFPB’s closure. I will remain laser-focused on doing everything I can to protect the financial security of Georgians and committed to making sure the protections secured by CFPB aren’t rolled back.”

    Last Congress, Senator Warnock worked extensively with CFPB Chair, Rohit Chopra, to return funds and protect Georgians from future financial hardship, including:

    MIL OSI USA News –

  • MIL-OSI USA: Ricketts, Lankford Introduce Bill to Block Tax Breaks for Marijuana Businesses

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    February 10, 2025

    WASHINGTON, D.C. – Recently, U.S. Senators Pete Ricketts (R-NE) and James Lankford (R-OK)introduced the No Deductions for Marijuana Businesses Act. The legislation will prevent marijuana businesses from deducting business expenses from their federal taxes. 

    “The federal government should not be subsidizing an industry that profits from addiction and undermines public safety,” Ricketts said. “This bill ensures that marijuana businesses do not receive tax breaks while they continue to violate federal law.”

    “Marijuana doesn’t make our families stronger, our streets safer, or our workplaces more productive.”said Lankford. “Businesses who sell federally illegal drugs—including marijuana businesses—shouldn’t get federal tax breaks. This bill clarifies federal tax law to make sure a federally illegal product does not have a federally legal tax deduction.”

    “The federal government should not be in the business of giving tax relief to the federally illegal, addiction-for-profit marijuana industry. This legislation would prevent deficit increases while ensuring that taxpayers don’t foot the bill for the revenue gap made by tax write-offs for people who choose to violate federal law and poison our kids,” said Dr. Kevin Sabet, President and CEO of Smart Approaches to Marijuana (SAM).

    Since the Tax Equity and Fiscal Responsibility Act of 1982, tax law has prevented businesses trafficking Schedule I or II drugs from deducting business expenses. However, if the Biden Administration’s push to reschedule marijuana is successful, marijuana businesses would be able to take business deductions. This bill preempts that loophole and ensures that marijuana businesses would not be able to deduct business expenses from their taxes. 

    Bill text can be found here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: 10,000 more apprentices as Government slashes red tape to boost growth  

    Source: United Kingdom – Executive Government & Departments

    Shorter and flexible apprenticeships and new English and maths requirements to boost skills and support employers  

    Up to 10,000 more apprentices will be able to qualify per year as the government cuts red tape to boost economic growth by giving employers more flexibility over maths and English requirements. 

    Rules slowing down the training of workers in key industries like construction will also be changed as the government reveals plans to turbocharge growth industries with reduced bureaucracy for apprenticeships and new leadership also appointed for Skills England.  

    Leading employers have been calling for these changes. Businesses will now be able to decide whether adult learners over the age of 19 when they start their apprenticeship course will need to complete a level 2 English and maths qualification (equivalent to GCSE) in order to pass it. This means more learners can qualify in high demand sectors such as healthcare, social care and construction, helping to drive growth and meet government targets in key areas such as housebuilding.

    This could mean as many as 10,000 more apprentices per year will be able to complete their apprenticeship, unlocking opportunity in communities all over the country and breaking the link between background and success. It does not mean that apprentices won’t be assessed on core English and maths skills relevant to their occupation, but it does mean that apprentices will be able to focus more on their paid work.

    The minimum duration of an apprenticeship will be reduced to eight months, down from the current minimum of 12 months.

    Secretary of State for Education, Bridget Phillipson said:  

    Growing the economy and opportunity for all are fundamental Missions of our Plan for Change, and we are determined to support apprentices throughout this National Apprenticeship Week and beyond.

    Businesses have been calling out for change to the apprenticeship system and these reforms show that we are listening. Our new offer of shorter apprenticeships and less red tape strikes the right balance between speed and quality, helping achieve our number one mission to grow the economy. 

    Skills England will be a major driver in addressing the skills gaps needed to support employers up and down the country and I look forward to working with the new leadership.

    Craig Beaumont, Executive Director, Federation of Small Businesses said:  

    It’s encouraging to see Government shorten the length of apprenticeships, and give employers the right to decide whether Level 2 English and Maths is needed. These flexibilities should help SME employers fill skills gaps faster.

    These announcements come as the Education Secretary kicked off National Apprenticeship Week yesterday, which celebrates the achievements of apprentices around the country and the positive impact they make to communities, businesses, and the wider economy.  

    The plans also follow the Prime Minister’s announcement in October, when he pledged to reform the new growth and skills offer to ensure young people are better supported.   

    Three trailblazer apprenticeships in key shortage occupations will look to pioneer the new shorter apprenticeship approach, with apprentices in green energy, healthcare and film/TV production set to be able to take on these new courses.   

    Changes to the minimum length of an apprenticeship will be introduced from August 2025 subject to the legislative timetable, with changes to English and maths requirements coming into effect immediately. This will be hugely beneficial to employers in sectors like construction which have an urgent need for qualified workers, helping to meet the government’s mission to build 1.5 million homes by the end of this parliament.   

    The Education Secretary, Bridget Phillipson, has also announced that Phil Smith CBE will chair Skills England, the new nationwide body for skills, with Sir David Bell serving as Vice Chair. Tessa Griffiths and Sarah Maclean will jointly serve as CEO, while Gemma Marsh will serve as Deputy CEO. 

    Phil Smith is the former chair and CEO of international tech and telecoms giant Cisco. He brings extensive industry experience in digital, tech and innovation leadership and his appointment signals the seriousness of the government’s plan for growth, unlocked via a national vision for skills.   

    Sir David Bell has four decades of experience in the education and skills sector and is currently Vice-Chancellor and Chief Executive of the University of Sunderland  

    Phil Smith CBE said:

    I know from my time in industry how valuable direct engagement from employers can be in shaping government policy. 

    We need a dynamic skills system that can drive economic growth, and I’m excited to be involved in shaping Skills England as part of that.

    Sir David Bell said:   

    I look forward to working with Phil Smith, other colleagues in Skills England, and the Department for Education to help deliver economic growth and meet the nation’s skills needs. 

    I know from my experience in public policy and higher education that providing the skilled workforce which Britain requires depends on industry, government and education organisations working together. I am very confident therefore that Skills England will provide the strategic oversight to make that happen.

    Skills England will bring together key partners to meet the skills needs of the next decade across all regions of England. More than 700 stakeholders have already been engaged through roundtables, webinars and engagement events. 

    It will work with employers, national, regional and local government, providers, and unions to identify skills shortages and provide strong strategic direction for the skills system.  

    One of Skills England’s first orders of business will be to identify which apprenticeships would be best served by the shorter duration approach. Skills England will prioritise key shortage occupations as per the industrial strategy, helping to boost growth under our Plan for Change.   

    Euan Blair MBE, founder and CEO, Multiverse said: 

    This important announcement will do so much to widen and expand access to apprenticeships and should be welcomed as a move to put our skills system at the heart of the growth Mission. For years this requirement has created an artificial barrier between apprenticeships and those who could benefit from them, including young people from disadvantaged backgrounds and older workers whose roles are at risk of job displacement, while often diluting the quality and purpose of an apprenticeship. Apprenticeships are about giving as many people as possible the ability to improve their career prospects and contribute meaningfully to their employers: this move helps to underline that focus.

    Sharon Blyfield, Head of Early Careers at Coca-Cola Europacific Partners GB, said:

    At Coca-Cola Europacific Partners, we believe that the inclusion of functional skills as an exit for apprenticeships have often hindered many people from reaching their full potential. The announced changes will help make apprenticeships a more viable option to more people, not only new recruits but also for our current employees who missed out on these skills during their school years. These changes will enable them to successfully complete their apprenticeships without added barriers, which is brilliant news.

    Alex Hall-Chen Principal Policy Advisor, Sustainability, Skills, and Employment said:

    Apprenticeships are a vital tool in tackling the UK’s persistent skills shortages, and this announcement is a welcome step in removing unnecessary barriers to increasing apprenticeship numbers. 

    Research with IoD members clearly showed that giving employers flexibility when it comes to English and Maths qualifications for adult apprentices has the potential to unlock more apprenticeship opportunities. 

    Employers are well-placed to judge whether English and Maths qualifications are the most appropriate route to evidence or develop the literacy and numeracy skills needed for success in the given career path.

    Chris Bailey, Starbucks UK Early Careers Manager said:

    Starbucks UK welcomes the announcement around relaxing the requirements of functional skills for learners 19yrs+. Removing this significant barrier will support our commitment to enrolling more apprentices, particularly those who may have previously faced challenges with functional skills assessments. By embracing this change we can empower more of our Partners to gain valuable recognised qualifications, develop their skills, and progress within Starbucks and their careers.

    Lisa Pinfield, Group Director of Performance & Development, Capita said: 

    Making Functional Skills requirements more flexible for apprenticeships will open doors for more adult learners, especially those from diverse backgrounds. By removing unnecessary barriers, employers can welcome a wider pool of talented apprentices who bring valuable skills and experience. This change will help businesses grow, support social mobility, and give more people the chance to succeed through apprenticeships.

    Jo Rackham, Executive Director of People of the John Lewis Partnership, said:

    Apprenticeships help us build and retain the skills we need to deliver brilliant service to our customers and power our growth. They’ve helped 5,000 employees, or as we’re called Partners, progress in their careers since 2017.

    We welcome the relaxation in functional skills requirements. It’s an important step towards the reform needed to help more people access apprenticeships.  Gaining GCSE Maths and English qualifications can be a significant barrier to starting or completing one and we believe it will help more disadvantaged people, including those who leave the care system or those with learning disabilities, make a career for themselves.

    Matthew Percival, Future of Work and Skills Director, CBI said:

    Apprenticeships have an important role to play in building the skills for growth. Greater flexibility on minimum length and on English and Maths requirements will help businesses to offer more workers the opportunity to add to their skills.

    DfE media enquiries

    Central newsdesk – for journalists 020 7783 8300

    Updates to this page

    Published 11 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK-backed AI companies to transform British cancer care and spark new drug breakthroughs

    Source: United Kingdom – Executive Government & Departments

    New AI models to diagnose and treat cancer and other incurable diseases will be made possible thanks to joint public-private investment giving flexible funding to British AI firms and researchers.

    £82 million for 3 UK research projects Match-funding for European compute partnership.

    • £82.6 million in new flexible forms of research funding to support UK companies tackling cancer and accelerating drug discovery using AI and more
    • Collaboration between British and European experts on AI and High-Performance Computing gets match-funding boost
    • Backing for both these schemes shows the UK’s commitment to seizing the potential of new technologies like AI, to drive forward the Plan for Change

    The UK government is today (Tuesday 11 February) unveiling £82.6 million in new flexible forms of research funding, plus a new commitment to give UK researchers access to cutting-edge computing resources as part of a plan to unlock the power of AI.  

    Two of the three projects benefiting from this support, which is helping to pioneer new ways of conducting research, will harness the power of AI to develop treatments and diagnostics for diseases like cancer and Alzheimer’s.

    Coming as day two of the AI Action Summit gets underway, this is the latest evidence of the government’s commitment to seizing the potential of new technologies like AI to drive forward the Plan for Change, delivering economic growth and progress in key fields like health. 

    The government is putting £37.9 million backing behind three innovative British research projects, the Research Ventures Catalyst (RVC) programme. Together with a further £44.7 million in co-investment across the three projects, from other sources, this makes for a total £82.6 million backing. 

    The RVC programme is delivering novel ways of funding groundbreaking research, such as endowments, which are flexible and reflect the real needs of cutting-edge innovators. Too often, inflexible funding has been a barrier to some of the most innovative and creative research or has been an obstacle to new innovative businesses looking to scale-up. The RVC programme will support pioneering work training AI on the NHS’s vast pool of cancer data, drug discovery research, and more. 

    Today also sees the government expand UK involvement in the European High-Performance Computing (EuroHPC) Joint Undertaking by committing £7.8 million to fund UK researchers and businesses’ participation in EuroHPC research. This will mean British AI and high-performance computing researchers can work unobstructed with their peers across Europe. International collaboration and broad access to computational resources will be key to unlocking the benefits AI promises to deliver across society and the economy.

    These announcements come on the final day of the AI Action Summit in France, where world leaders and AI companies have been holding a series of talks focused on the opportunities the technology can deliver for communities across the globe. The opportunities of AI are an area the UK government has placed a heavy focus on to kickstart 2025 – unveiling a new blueprint with 50 proposals in January which will spark a decade of national renewal. 

    Science and Technology Secretary, Peter Kyle said: 

    The focus of this Summit has been on how we can put AI to work in the public interest, and today’s announcements are living proof of how the UK is leading that charge through our Plan for Change.  

    We’ve already set out a bold new blueprint for AI which will help to spark a decade of national renewal, and key to that plan is supporting our expert researchers and businesses with the support they need to drive forward their game-changing innovations. 

    Today, we open new avenues for them to do exactly that – building bridges with our international partners so the entire global community can share in the boundless opportunities of AI-powered progress and backing new innovative companies applying AI to tackle real-world challenges.

    Health and Social Care Secretary Wes Streeting said:

    NHS innovation saved my life when I was diagnosed with cancer and treated by a world-class surgeon equipped with a robot. I want more patients to benefit from this kind of groundbreaking treatment, and AI will be central to our efforts.

    This new funding is another step to unlock the enormous potential of AI for cancer research and drug discovery – ensuring more patients like me experience the highest quality care.

    AI will help us speed up diagnoses, cut waiting times for patients and free up staff, as we deliver our Plan for Change and shift the NHS from analogue to digital.

    EuroHPC is a high-powered compute partnership which pools EU resources with those of participating states. Businesses and researchers will now be supported to participate in EuroHPC research grants in the development of supercomputers and in their deployment to tackle the most pressing scientific challenges, working in tandem with like-minded partners on the continent. UKRI will work with businesses and researchers to support them to apply for grants where match-funding is available.   

    The three projects being supported by the Research Ventures Catalyst (RVC) programme. 

    PharosAI

    £18.9 million government funding plus £24.7 million co-investment. PharosAI, whose King’s College London site is being visited by AI Minister Clark today, will bring together decades of NHS and Biobank data and host it on a unified, powerful, secure, AI platform. This will revolutionise cancer care by accelerating the development of the next generation of AI models which will deliver new breakthroughs for diagnosing and treating the disease – transforming outcomes for patients and saving lives. 

    Professor Anita Grigoriadis, Professor of Molecular and Digital Pathology at King’s College London, CEO of PharosAI said:  

    AI has the potential to revolutionise cancer care. The UK has a real opportunity to be a major innovator, leading to faster diagnosis, novel and more targeted cancer treatments, and better-informed healthcare for patients. PharosAI will democratise cancer AI and create an ecosystem to navigate the path to AI-powered precision medicine. Thanks to the RVC programme, we will build an unique operational approach between King’s College London, Queen Mary University of London, Guy’s and St Thomas’ NHS Foundation Trust, Barts Health Trust and industry partners. Our innovative collaboration will accelerate scientific breakthroughs and bring vastly improved cancer care to tomorrow’s patients.

    Bind Research

    £12.9 million government funding plus £12.9 million co-investment. The team at Bind Research meanwhile will tap into AI to learn the rules of drugging currently undruggable proteins, offering hope to cure diseases that were once thought to be untreatable. It will do this by targeting disordered proteins associated with various diseases which could unlock scores of new avenues for treatment – potentially giving thousands of patients across the country a new lifeline. 

    Dr Gabi Heller, Dr Thomas Löhr, and Dr Gogulan Karunanithy, scientific co-founders, Bind Research said:

    The Research Ventures Catalyst Programme has been a game changer for Bind Research. It allowed us to reimagine our approach by adopting a not-for-profit Focused Research Organisation model – a strategy that, until now, was largely uncharted territory in the UK. This innovative structure enables us to harness collective expertise to deliver AI-enhanced tools and datasets as public goods to advance our mission of making disordered proteins druggable for everyone.

    MEMetic

    £6.1 million government funding plus £7.1 million co-investment. MEMetic will receive funding for work to revolutionise water management by combining nature’s highly evolved solutions with state-of-the-art polymer chemistry. This will support them to develop new solutions in a range of fields from lithium recovery in battery recycling, to facilitating clean water access – helping the world tackle the climate crisis. 

    Professor Alan Goddard and Dr Matthew Derry, Aston University said: 

    MEMetic represents the culmination of years of planning a significant, challenging, interdisciplinary research program which promises massive real-world benefits. This RVC award will allow us to leverage our fundamental science to create bespoke bioinspired filtration membranes for a range of industries. Such research really requires long term funding which is set up to take research to an applied setting and the Research Venture we envisage perfectly matches our philanthropic aims for water treatment for all.

    Notes to editors

    PharosAI is a joint venture between King’s College London, Queen Mary University of London, Guy’s and St Thomas’ NHS Foundation Trust, and Barts Health NHS Trust. 

    MEMetic is led by researchers at the Aston Institute for Membrane Excellence at Aston University.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 11 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Lee, Hageman Introduce Legislation to Protect Firearm Manufacturers and Dealers

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    WASHINGTON – Senator Mike Lee (R-UT) has introduced the Protection of Lawful Commerce in Arms Act Jurisdiction Act, which protects law-abiding American firearm manufacturers and sellers by creating an independent basis for removing frivolous lawsuits against them to federal court, especially those predicated on illegal use of their products by unrelated third parties. Rep. Harriet Hageman (R-WY) introduced the House version of the bill. It is co-sponsored by Sens. Josh Hawley (R-MO), Ted Budd (R-NC), Rick Scott (R-FL), Bill Cassidy (R-LA), and Marsha Blackburn (R-TN).   

    “We cannot allow law-abiding Americans to lose their Second Amendment rights through unjust attacks on those who legally make and sell firearms,” said Senator Lee. “This legislation will save businesses from frivolous lawsuits and forum-shopping by amending the Protection of Lawful Commerce in Arms Act, defending the right of all Americans to keep and bear arms.”

    “Anti-Second Amendment activists have long used lawfare as a weapon to attack our constitutional rights,” said Rep. Hageman. “Throughout my time in Congress, I’ve consistently defended law-abiding gunowners. This legislation reinforces my commitment by ensuring radical gun-control advocates cannot hurt firearm manufactures by filing politically motivated cases in state courts.”

    BACKGROUND

    Enacted in 2005, the Protection of Lawful Commerce in Arms Act provides a defense for gun manufacturers and dealers to use against frivolous suits when their products are legally manufactured and sold, but later used to commit crimes. However, because the PLCAA does not contain an independent basis for removal to federal court, state courts must look to the federal question jurisdiction statute (28 U.S.C. 1331) triggering the “well-pled complaint rule.” The “well-pled complaint rule” requires that the statutory basis for removal under 28U.S.C. 1331 be found on the face of the complaint filed by plaintiffs. Any answer or defense raised by the defendant is an insufficient basis for removal to federal court. This contrasts with the broader requirement of only a federal ingredient in either the claim or defense for Article III jurisdiction under the Constitution. State Attorneys General and plaintiffs have become creative in ensuring that complaints filed in state court do not trigger the well-pled complaint rule’s requirements for removal to federal court under the PLCAA. This necessitates adding an independent basis for removal of lawsuits against defendants who qualify for PLCAA protections.

    The Protection of Lawful Commerce in Arms Act Jurisdiction Act adds a provision to the PLCAA stating that cases filed in state court which meet the requirements for protection under the PLCAA can be removed to federal court so that gun manufacturers and dealers can qualify for the liability protections created by Congress. This legislation would further the PLCAA’s goal of ending abusive, frivolous litigation by reducing forum shopping and other attempts to weaponize our legal system against the firearms industry. 

    You can read the one-pager by clicking HERE. 

    You can read the bill text by clicking HERE.

    MIL OSI USA News –

  • MIL-OSI Russia: MIL Analysis – Five best articles in Russian for 10.02.2025

    MIL Analysis: Here are the top five Russian language articles published today. The analysis consists of five articles that are prioritized at the moment.

    Today’s analysis provides us with economic performance and engagement with different communities. There is also a trend towards respect for human rights. The economy in China is growing and prospering.

    Education is increasing computerization skills and introducing artificial intelligence.

    “Samaraneftegaz” shows the innovative activities of Rosneft. Oil reserves have grown. In addition, science is developing day by day, so NSU scientists have developed a technique for measuring ultra-low concentrations of radioactive substances.

    Below you can read one of the articles.

    1. Financial news: Rules for managing conflicts of interest for NPFs.

    Non-state pension funds (NPFs) will be required to identify and manage conflicts of interest. Funds will be able to allow conflicts to arise only if they have notified their clients and their rights are not violated. The Ministry of Justice of Russia has registered the corresponding decree of the Bank of Russia.

    2. Cultural Code of the Celestial Empire: How to Do Business in China.

    Higher School of Economics

    By 2035, China will overtake the US in terms of GDP and become the world’s largest economy. Today, there are over 108 million entrepreneurs and 50 million industrial enterprises in this country. Last year, the economy grew by 4.8%. This opens up unique opportunities for Russian companies. Vysshka experts tell us how to enter one of the most promising markets.

    3. Vyshka launches advanced training course on AI in education.

    The Computer Science Department of the National Research University Higher School of Economics is launching an advanced training course on artificial intelligence in education. The program is designed for educators, teachers, methodologists planning to integrate AI technologies into the educational process, as well as for management teams of educational institutions interested in improving educational processes through the introduction of AI.

    4. “Samaraneftegaz replenished oil reserves by 180%.

    “Samaraneftegaz (part of Rosneft’s oil production complex) added 19 million tons of commercial oil reserves by the end of 2024, which made it possible to replenish oil production 1.8 times.

    5. NSU scientists have developed a methodology for determining ultra-low concentrations of radioactive substances.

    Scientists of the Physics Department of Novosibirsk State University have developed a technique for measuring ultra-small concentrations of radioactive substances whose decay is accompanied by gamma radiation. Data collection is carried out using a detector made of ultrapure germanium, which is part of the equipment of the NSU Interdepartmental Laboratory of Atomic Physics and Spectrometry; a special hardware and software system has been created for data processing. The first project implemented with the use of this technique is research work to determine the level of radioactive substances (radon) in the soil of mines and coal mines in the Kemerovo region.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

  • MIL-OSI Security: South Carolina Woman Sentenced for Money Laundering in Relation to COVID-19 Relief Fraud Scheme

    Source: Office of United States Attorneys

    BLUEFIELD, W.Va. – Anna Marie Omar, 51, of Myrtle Beach, South Carolina, was sentenced today to five years of federal probation, including six months on home detention, and ordered to pay $23,410.60 in restitution for money laundering by engaging in monetary transactions in property derived from a fraudulent Paycheck Protection Program (PPP) loan. Omar admitted that she fraudulently obtained a $20,833 PPP loan guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

    According to court documents and statements made in court, on April 30, 2021, Omar applied for a PPP forgivable loan while living in Bluefield, West Virginia. PPP loans were available to qualifying independent contractors and self-employed individuals adversely impacted by the COVID-19 pandemic, to replace their normal income and for certain other expenses. Omar admitted that she falsely represented that she was an independent contractor, that she had earned $152,000 in gross income in that capacity during tax year 2020, that she earned that income while working for a water processing business, and that she had been in business since 2010. Omar further admitted that she obtained the COVID-19 relief money for her own personal use.

    A PPP lender approved Omar’s loan application and deposited $20,833 in loan proceeds into Omar’s personal checking account on May 17, 2021. Omar admitted that she transferred $12,216.70 of the loan proceeds from her personal checking account to her personal savings account the following day.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the West Virginia State Police – Bureau of Criminal Investigation (BCI), the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU), Homeland Security Investigations, the Horry County South Carolina Sheriff’s Office and the Myrtle Beach Police Department.

    Senior United States District Judge David A. Faber imposed the sentence. Assistant United States Attorney Jonathan T. Storage prosecuted the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

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

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 1:24-cr-36.

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    MIL Security OSI –

  • MIL-OSI: First National Bank Alaska named top ten bank in America by Forbes

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Feb. 10, 2025 (GLOBE NEWSWIRE) — Forbes selected Alaska’s largest community bank, First National Bank Alaska, as one of the top ten banks in the country for their annual list America’s Best Banks. First National ranked sixth in the nation and was the only bank in Alaska to make the list.

    The global media company evaluates 11 metrics, including growth, credit quality, profitability and stock performance.

    “We are honored to receive this recognition,” said First National Board Chair and CEO/President Betsy Lawer. “I want to extend my gratitude to our customers and congratulate the more than 600 local employees who provide excellent customer service every day. Being ranked as one of the top ten banks in America by Forbes is a reflection of employee dedication to helping fellow Alaskans succeed.”

    Alaska’s community bank since 1922, First National Bank Alaska proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.

    In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time running, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.

    For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency. Our dedicated team strives to provide exceptional customer service to meet the banking needs of our fellow Alaskans to help shape a brighter tomorrow.

    First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.

    CONTACT: Marketing
    (907) 777-3409

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