NewzIntel.com

Category: Commerce

  • MIL-OSI USA: China Tightens Grip on Critical Minerals – China Digital Times

    Source: United States Institute of Peace

    China has extended its dominance at home and abroad over critical minerals that are essential to future high-tech and renewable-energy industries. Amid intensifying geopolitical competition, Western countries are increasing their efforts to claw back market share while countries in the Global South, where many of these minerals are mined, are attempting to capitalize on growing global demand. A recent article on the subject by The Economist stated that in 2023 Chinese companies invested roughly $16 billion in foreign mines, the highest figure in a decade, up from less than $5 billion the year before. This month, Chinese companies have announced plans to invest billions of dollars in mines in Afghanistan, Ghana, Zambia, and the Philippines. Keith Bradsher at The New York Times reported that over the past few weeks, the Chinese government has enacted measures to increase its grip over the mining and refining of rare minerals within China by making it harder for foreign companies to purchase them:

    As of Oct. 1, exporters must provide the authorities with detailed, step-by-step tracings of how shipments of rare earth metals are used in Western supply chains. That has given Beijing greater authority over which overseas companies receive scarce supplies.

    China is also taking greater corporate ownership over the mining and production of the metals. In a deal that has received almost no attention outside the country, the last two foreign-owned rare earth refineries in China are being acquired by one of the three state-owned companies that already run the other refineries in China.

    Beijing’s recent moves to take charge of the supply chain include other obscure chemical elements that are also needed by semiconductor manufacturers. On Sept. 15, China’s Ministry of Commerce restricted exports of antimony, a material used in semiconductors, military explosives and other weaponry. Last year, the ministry imposed export controls on two other chemical elements, gallium and germanium, also needed to make chips.

    National security officials have tightened the flow of information about rare earths. They have labeled rare earth mining and refining as state secrets. Last month, the Ministry of State Security announced that two managers in the rare earths industry had been sentenced to 11 years in prison for leaking information to foreigners. [Source]

    In September, a coalition of 14 Western countries and the European Commission formed the Minerals Security Partnership, a new financing network to support critical mineral projects and break China’s dominance over this sector. Despite initiatives like these, the U.S. has struggled to compete with China for critical minerals, for many reasons. One is that Chinese state-owned companies “have periodically flooded world markets with rare earths to drive down the price whenever Western producers try to ramp up production,” Bradsher wrote. Just this week, Chinese mining giant CMOC announced that it reached its full-year cobalt production target three months ahead of schedule. Eric Olander from the China-Global South Project argued that “CMOC’s strategy is unrelated to pricing conditions and more about keeping Western rivals on the sidelines [,…which] gives China an unrivaled advantage over its rivals in the U.S., Europe, and Asia that are moving aggressively to cut Chinese firms out of their supply chains — which, at least for cobalt, is not going to be possible for a very long time.” Eliot Chen at The Wire China wrote about how American policymakers are considering expanding the U.S. stockpile of critical minerals to compete with China, which has been “the master of the game” when it comes to leveraging its stockpiles:

    “China’s stockpile has a dual purpose: one is defensive and the other is economic, to support domestic industry when prices get too high for downstream industries like the electricity sector, and then conversely when prices are too low and domestic producers like copper smelters have difficulty remaining profitable,” says [Gregory Wischer, principal at Dei Gratia Minerals, a critical minerals consultancy]. 

    What, exactly, China stockpiles is not publicly known, and Chinese authorities are rarely transparent about when they buy up and sell down their stockpiles. But because of the country’s dominance over much of the critical mineral supply chain, even rumors of its intentions can produce wild swings in the price of metals. For example, while Chinese lithium producers account for less than 20 percent of mine production, China refines more than two-thirds of the metal. For other metals like graphite, which has vital defense applications, Chinese refiners control more than 90 percent of the market. 

    China’s outsized influence over the market, combined with its heavy investment in mining assets abroad, have helped it consolidate its control over global supply. An about-face by Chinese policymakers over electric vehicle subsidies in 2018, for example, resulted in a glut of lithium on the market. Chinese companies were then able to step in and acquire distressed lithium miners in Australia and Canada relatively cheaply. [Source]

    China’s monopoly over various critical-mineral supply chains in Africa has motivated the U.S. government to increase engagement in the region. A major component of this U.S. strategy is the $4 billion Lobito Corridor project, which seeks to connect the Port of Lobito in Angola to Zambia and the Democratic Republic of Congo, thereby facilitating American and European access to cobalt and copper. But some local observers see selfish motives in this engagement. “This rivalry-driven approach narrows the scope for a partnership with Africa based on mutual benefit and long-term development. The continent, and the DRC in particular, should not be seen merely as a resource base to fuel external interests,” said Carlos Lopes, a professor at the Nelson Mandela School of Public Governance at the University of Cape Town in South Africa. He added, “Without a genuine commitment to local development, [the Lobito Corridor project] risks perpetuating Africa’s role as a supplier of raw materials rather than fostering economic transformation on the continent.” Analyzing China-Africa critical mineral cooperation in an article last month for the U.S. Institute of Peace, Cobus van Staden explored the potential for U.S.-China cooperation and described how African nations are looking to navigate both sets of relationships to their own benefit:

    The second factor complicating the narrative of direct competition [between the U.S. and China in the region] is the drive from African countries to locate more strategic mineral refining and related manufacturing in Africa. African critical mineral strategies, developed by continental bodies like the African Development Bank, emphasize local refining and value addition, an ambition now enjoying official Chinese support, as well as support from the U.S. through initiatives such as the Minerals Security Partnership among others. For example, the partners involved in the Lobito Corridor have similarly signed agreements with African countries to do more refining locally. These include EU agreements with Zambia and the DRC for mineral-driven value addition, and a trilateral agreement between Zambia, the DRC and the U.S. for domestic electric vehicle supply chain development.

    […] FOCAC 2024 put these complications [including whether Western nations can expand their refining capacities at home despite the potential for environmental and community pushback] in stark relief because it highlighted an increased sense of synergy and coordination around green energy and critical mineral value addition in the China-Africa relationship. A similar focus is developing between the continent and its Western partners. The question now is whether the continent will be able to wield both sets of relationships to its own benefit, even as great-power tensions over critical minerals heat up. [Source]

    MIL OSI USA News –

  • MIL-OSI USA: Rubio Calls Out PwC for Appeasing Communist China

    US Senate News:

    Source: United States Senator for Florida Marco Rubio

    The Chinese Communist Party (CCP) continues to increase scrutiny of Western auditing and consulting firms, including global consulting firm PricewaterhouseCoopers (PwC).

    Instead of distancing itself from Communist China, PwC has opted to strengthen its relationship with the regime. Notably, PwC’s China division has consulted for government officials in the Xinjiang Uyghur Autonomous Region, where Beijing is committing genocide against Uyghurs and other groups, appointed an apparent CCP member to the head of its China operations, and aligned itself with Beijing’s strategic goals by openly supporting China’s Belt and Road Initiative.

    U.S. Senator Marco Rubio (R-FL) sent a letter to PwC Global Chairman Mohamed Khande expressing concern over the company’s ties to the CCP and demanding answers on the threat those ties pose to U.S. interests.  

    • “Simultaneous engagements with foreign adversaries are unacceptable. PwC’s apparent deep connections with CCP-controlled entities raise questions about conflicts of interest that could preclude PwC from executing any contract for U.S. federal and state government agencies with fidelity.
    • “Global firms, such as PwC, who have grown prosperous from a free and democratic order governed by American values, can no longer seek to cater to, and profit from, both sides of this conflict.”

    The full text of the letter is below.

    Dear Mr. Khande:

    I write with regard to PricewaterhouseCoopers LLP’s (PwC) relationship with the Chinese Communist Party (CCP) and the Chinese government, including Chinese provincial and local government entities, and state-owned companies in the People’s Republic of China (PRC). Recently, media outlets have offered noteworthy coverage of the $62 million fine levied on PwC by China’s Ministry of Finance (MOF). While PwC’s questionable auditing work for Evergrande certainly deserves heightened scrutiny, reports have not adequately grappled with conflicts of interest seemingly rising from PwC’s deep entanglements with CCP-controlled and – affiliated entities, and, potentially, the Chinese government.

    PwC and its U.S. subsidiaries have a history of providing consulting services for U.S. federal agencies. Yet, mounting evidence suggests that PwC’s East Asia and China division (PwC China) has consulted government officials in the Xinjiang Uyghur Autonomous Region (XUAR), where Beijing is engaged in an active genocide against Uyghurs and other predominantly Muslim ethnic groups, contracted for numerous state-owned enterprises in China, and openly supported CCP efforts to undermine U.S. economic interests through support for in China’s Belt and Road Initiative (BRI).

    It is no secret that Chinese regulatory authorities have heightened scrutiny around PwC in the wake of its failure to identify $78 billion in misreported revenues by Evergrande. Key decisions made by PwC’s global leadership during this time suggest a pattern of catering to CCP goals when met with regulatory hostility. Until recently, PwC China boasted dozens of the largest Chinese state-owned enterprises on its list of auditing clients, including the Bank of China, China Railway Group Ltd., PetroChina Co. Ltd., People’s Insurance Company of China, and many others. PwC has lost many of these contracts in recent months, as Chinese regulators have discouraged China-based companies from contracting with PwC for auditing services amid the Evergrande fallout. Yet, to my surprise, as Chinese regulators have taken an increasingly hostile posture toward your firm—and sought to wrest control over Western auditors’ operations in mainland China—PwC has responded with attempts to appease the CCP, rather than decouple and de-risk from communist influence.

    In July 2024, amidst the height of Chinese regulatory scrutiny over PwC’s flawed Evergrande audits, PwC leadership appointed Daniel Li as Chairman of its China and East Asia practice. Li appears to be a member of the CCP and serves on the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC). The CPPCC is a political instrument that serves atop the CCP’s “united front” system—which is designed to cultivate ties with the entities the Party views as friendly—and steers the CCP’s policy aims. As such, Li’s appointment was a clear effort by PwC to win the trust of CCP authorities amid heightening tension by placing an individual with deep ties to the CCP at the helm of your firm’s China operations. While Hemione Hudson was selected to replace Li at the helm of PwC China last month, Li retains a significant role for PwC China—overseeing your firm’s auditing efforts in China.

    PwC’s deepening ties with the CCP are also evident in your firm’s consulting client selection. The Wall Street Journal reports that, last month, as PwC China’s auditing practice faced hostile regulatory actions over its Evergrande audits, your firm’s consulting unit signed a $200,000 contract with local government authorities in the XUAR. As you know, Beijing is actively committing genocide against Uyghurs and other predominately Muslim ethnic groups in the region. China’s abhorrent oppression of Uyghurs includes modern-day concentration camps, cultural reprogramming efforts, forced labor, and physical torture. Years of mounting evidence now places the reality of these atrocities beyond a shadow of doubt.

    Perhaps most concerning, PwC appears to have acted to publicly align its client engagements with CCP ambitions. PwC’s website openly boasts of the firm’s “Belt and Road United” project, started by your firm in 2017, with the expressed purpose of supporting China’s BRI. A document describing the initiative plainly states, “PwC aligns with the strategy through ongoing support for the Belt & Road Initiative.” In the same document, PwC further claims to be an “enabling influence,” and declares that PwC will “assist government departments and regulators in constructing and improving financial markets and regulatory systems in favor of the B&R Initiative.” The document also openly references the global reach of PwC’s client base, professing that “PwC is dedicated to sharing the full range of resources and practical experience sourced from across our expansive global network” to support BRI.

    PwC’s “Belt and Road United” project appears to have generated several spin-off initiatives in other PwC offices across the globe. For example, PwC Italy’s webpage advertises your firm’s “China Business Group”—a division of PwC with the self-described aim to “support Chinese companies doing business in Italy and successfully develop their external growth strategy in the Italian market.” The document claims that PwC stands at the ready to “support Chinese/Italian government organisations” and “introduce investment opportunities in Italy for potential Chinese clients.” This language appears to be a thinly-veiled attempt of PwC to court the favor of the CCP and secure contracts with Chinese state-owned enterprises by working to expand the influence and reach of Communist China around the globe.

    As noted, PwC and its U.S. subsidiaries consult for many leading U.S. industries, and the company has received substantial revenue from contracts with the U.S. government. When U.S. federal agencies hire private entities for consultation, it is an expectation that contractors will prioritize the best interests of the United States above all others. Simultaneous engagements with foreign adversaries are unacceptable. PwC’s apparent deep connections with CCP-controlled entities raise questions about conflicts of interest that could preclude PwC from executing any contract for U.S. federal and state government agencies with fidelity.

    Accordingly, I ask that you provide responses, along with supporting documentation, to the following questions no later than November 15, 2024:

    1. Please describe the extent of any existing contracts retained by PwC, or its U.S. subsidiaries and affiliates, to provide consulting services for U.S. state and federal government agencies.
    2. Do PwC, or any of its U.S. subsidiaries and affiliates, intend to pursue contracts with U.S. federal agencies in the future?
    3. Has the CCP, or any direct subdivision of the CCP, ever been a client of PwC or any of its subsidiaries?
    4. Has PwC ever provided consulting services for a China-based client that has concurrently been included on the U.S. Department of Defense’s 1260H List, the Department of Treasury’s Non-SDN Chinese Military-Industrial Complex Companies List, or the Department of Commerce’s Entity List? If so, please provide the following information for each client:
      • Name of the company
      • Nature of the company’s work
      • Nature of company’s relationship with the PRC and CCP
      • Duration of PwC’s consulting relationship with the company
      • Nature of PwC’s work on behalf of the company
    5. Do any of PwC’s current or past China-based clients work in the following sectors: military and civil defense, aerospace and aviation, energy and power generation, critical mineral mining and refining, steel and aluminum, new materials, shipbuilding, electric or gas combustion vehicle production, artificial intelligence, quantum computing, microelectronics, telecommunications, biotechnology, or high-speed rail? If so, please provide the following information for each client:
      • Name of the company
      • Nature of the company’s work
      • Nature of company’s relationship with the PRC and CCP
      • Duration of PwC’s consulting relationship with the company
      • Nature of PwC’s work on behalf of the company
    6. As noted above, brochures and materials on PwC’s website openly boast about the firm’s support for China’s Belt and Road Initiative, and its work advancing BRI goals in its consulting engagements abroad. Has PwC ever modified or intentionally crafted its consulting recommendations to U.S. clients, including U.S. federal agencies, in order to recommend cooperation with the BRI or portray the PRC’s BRI in a positive light?
    1. PwC performs hundreds of millions of dollars of work each year on behalf of the U.S.
      Government and American taxpayers. Please describe in detail all policies and safeguards PwC has implemented to ensure that work done on behalf of the United States government does not inform the work that your firm does for Chinese government entities and state-owned enterprises.
    2. PwC’s website lists statistics describing the firm’s work in the “Taiwan region.” Does PwC recognize Taiwan as a free and independent nation state?

    The United States of America, our allies, and Western businesses like PwC, face a fundamental threat. As my office has documented, for more than ten years, the CCP has acted on a concerted plan to supplant the United States as the ascendant global economic power, dominating global trade in the industries that will define the 21st century economy.6 This is not just a conflict over size of economies alone, it is also about which values will define our world. The CCP has been all too willing to commit genocide, oppress and censor citizens, and violate economic norms in its pursuit of power. Yet, it seeks to replace American values for the dignity of the human person and representative government with a global system that reflects its own character. Global firms, such as PwC, who have grown prosperous from a free and democratic order governed by American values, can no longer seek to cater to, and profit from, both sides of this conflict.

    Thank you for your attention to this important matter. 

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: PHOTOS: Capito Tours Berkshire Hathaway Site, Wraps Up Productive Week of Visits

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    JACKSON COUNTY, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.) traveled to Jackson County, W.Va. where she toured BHE Renewables’, a Berkshire Hathaway Energy business, first-of-its-kind solar energy microgrid-powered industrial site. The new plant, which will operate under the PCC subsidiary Titanium Metals Corporation, Inc. (TIMET), will employ approximately 200 people to manufacture titanium products for the aerospace and other industries, and is considered one of the largest development announcements in the state’s history. Senator Capito has been supportive of the project and last visited the site for the groundbreaking ceremony in March 2023.

    “BHE Renewables has the potential to transform and spark development in Jackson County. My staff and I have been involved in this process from the very beginning because we recognize the importance of smart economic growth to our state. I enjoyed the opportunity to see the progress firsthand today and learn more from the leaders about what’s ahead,” Senator Capito said.

    In addition to today’s visit, Senator Capito spent the rest of the week meeting with community leaders and professionals from a wide range of industries, as well as touring businesses and projects that are contributing to economic development across West Virginia.

    On Monday, Senator Capito delivered the keynote address at the Keystone Space Collaborative’s 2024 Conference in Pittsburgh, Pa. This event examines the impact of a thriving space industry on the regional Appalachian economy and job market. Learn more about the event here.

    On Tuesday, Senator Capito, who serves as Ranking Member of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies (Labor-HHS), delivered remarks at the ribbon cutting ceremony for the new West Virginia University (WVU) Medicine Thomas Orthopedic Hospital. The orthopedic hospital offers inpatient and outpatient surgical units, physical therapy, occupational therapy, as well as six orthopedic, spine, and nerve physician offices. Senator Capito also visited the West Virginia Hospital Association’s (WVHA) LEAD (Learn, Excel, Achieve, Deploy) pilot program training for new health care managers. Learn more here.

    On Wednesday, Senator Capito participated in the West Virginia Energy Summit in Charleston, W.Va. where she met with leaders in the energy space, delivered remarks, and received the inaugural West Virginia Women in Energy “Woman of the Year” award. Next, Senator Capito spoke to members of the West Virginia Broadcasters Association about some of the issues that are important to the industry. Learn more about the visits here.

    In case you missed it, Senator Capito also joined Maria Bartiromo on Fox Business Network’s, “Mornings with Maria” on Tuesday to discuss border security, inflation, and more. You can watch Senator Capito’s interview here.

    Photos from this week’s events are below:

    U.S. Senator Shelley Moore Capito (R-W.Va.) at the BHE Renewables solar energy microgrid-powered industrial site in Ravenswood, W.Va. on Friday, November 1, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) attends the 2024 Keystone Space Conference in Pittsburgh, Pa. on Monday, October 28, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) at the WVU Medicine Thomas Orthopedic Hospital ribbon cutting ceremony in Charleston, W.Va. on Tuesday, October 29, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) at the WVHA LEAD pilot program training in Charleston, W.Va. on Tuesday, October 29, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) accepts the first annual West Virginia Women in Energy “Woman of the Year” award and provides acceptance remarks at the 2024 Governor’s Energy Summit in Charleston, W.Va. on Wednesday, October 30, 2024.

    U.S. Senator Shelley Moore Capito (R-W.Va.) participates in the Women in Energy Breakfast at the 2024 Governor’s Energy Summit in Charleston, W.Va. on Wednesday, October 30, 2024.

    MIL OSI USA News –

  • MIL-OSI China: China to introduce new policies in November to boost consumption: official

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

    BEIJING, Nov. 1 — China will launch a series of consumption promotion events in five major cities in November and roll out new policies aimed at boosting consumer spending, Vice Minister of Commerce Sheng Qiuping said Friday.

    Sheng made the announcement during a press conference, noting that the policies will shore up the debut economy, bolster the wholesale and retail industries, and support pilot projects for modern commercial circulation in 20 cities, including Shanghai and Tianjin.

    Sheng said that the ministry will also pilot automotive sales reform and unveil health consumption action plans.

    The consumption promotion events will kick off on Sunday in Shanghai, Beijing, Guangzhou, Tianjin and Chongqing, which are designated as the country’s international consumption center cities.

    Emphasizing the importance of these cities, the vice minister noted that their retail sales of consumer goods account for over 13 percent of the national total, with imports of consumer goods exceeding 50 percent.

    Focusing on the debut economy, these cities will host a variety of activities related to shopping, dining and tourism, including food festivals, camping events and sporting activities, as well as exhibitions and performances. Local governments will roll out supportive measures, such as incentives for new store openings and consumer vouchers.

    Sheng said that these events will create a synergistic effect with the new policies, delivering tangible benefits to consumers.

    Stimulating consumption is a crucial component of China’s strategy to support economic recovery. This year, the government has already implemented various measures to expand domestic demand, including a large-scale trade-in program for consumer goods.

    In the first three quarters of 2024, China’s total retail sales of consumer goods reached 35.4 trillion yuan (about 5 trillion U.S. dollars), a year-on-year increase of 3.3 percent. Notably, the trade-in program has seen 1.68 million subsidy applications for automobiles as of Oct. 30, with the sales of household appliances reaching 24.03 million units.

    MIL OSI China News –

  • MIL-OSI China: Chinese vice premier welcomes Australian firms to cooperate more with China

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

    BEIJING, Nov. 1 — China welcomes Australian enterprises to strengthen cooperation with China in trade, investment, finance and other areas, Chinese Vice Premier He Lifeng said on Friday.

    He made the remarks in a meeting with an Australian high-level business delegation led by David Olsson, National President of the Australia China Business Council.

    While China is advancing high-level opening up and further easing market access, it will protect the national treatment and legitimate rights and interests of foreign-funded enterprises, said He, also a member of the Political Bureau of the Communist Party of China Central Committee.

    He welcomed Australian firms to share the opportunities brought by the Chinese modernization to achieve win-win results.

    Representatives of Australian enterprises said that they are optimistic about China’s economic prospects and are willing to commit to long-term cooperation with China and promote the sustainable development of bilateral economic and trade ties.

    MIL OSI China News –

  • MIL-OSI USA: ICYMI: Senator Marshall joins Varney & Co. on The Migrant Surge at The Border

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Kansas City, Kansas. – U.S. Senator Roger Marshall, M.D. joined Fox Business’ Varney & Co. to discuss the migrant surge at the southern border leading up to a potential Trump presidency, and his new op-ed, Farmers and Ranchers Turn to Trump to Deliver, that contrasts President Trump’s Farmers First agenda with the past four years of the Biden-Harris anti-agriculture agenda.
    Highlights from the interview include:
    On Migrant Surge at The Border:
    “That’s why we’re seeing a massive increase of people headed to the border right now trying to beat President Trump. Look, we have two administrations here. President Trump secured the border, Joe Biden and Kamala Harris made the situation worse. This is why over 90% of Kansans don’t feel safe in their own homes right now, in their own communities. We’re losing a young Kansan every day to fentanyl poisoning across the country, 300 deaths to fentanyl poisoning every day.”
    On President Trump Delivering for Rural America: 
    “Well, they’re going to get more trade markets, they are going to get less regulations. What Joe Biden and Kamala Harris gave us is a record drop in net farm income, a record drop in net farm income with increased regulations. They buried us in their regulations. Biden then Harris’s fuel prices, fertilizer prices and interest rates have just killed American farmers.”
    “President Trump rolled back regulations, but he gave us these trade markets as well. He gave us USMCA. He gave us Japan and South Korea as well. And all of that has been increased trade for American farmers. I think dairy is a great example. You think of Pennsylvania, Wisconsin – dairy states. We’ve increased dairy exports from 6 billion to $9 billion thanks to President Trump’s trade agreements. And of course, the answer to how many trade agreements did Kamala Harris get done? And the answer is zero.”

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Lee, Marshall, Slam DHS for Tuberculosis Surge in U.S. as a Result of Open Southern Border

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    “There are many laws on the books to combat illegal immigration and its harmful effects, and it is past time for this administration to use them.”
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senators Mike Lee (R-UT) and Roger Marshall (R-KS) in demanding answers from U.S. Department of Homeland Security (DHS) Secretary Alejandro Mayorkas as to how the department plans to address the surge in tuberculosis (TB) from illegal aliens being released into the U.S.
    In a letter to Secretary Mayorkas, the senators admonished his management of the worst border crisis in U.S. history, which has put the lives and property of Americans at risk of harm. They also demand answers, by November 13, 2024,  on whether the department is releasing aliens with TB, and what measures are being taken to prevent TB from spreading.
    “For the past 4 years, Joe Biden and Kamala Harris have willfully opened our borders, allowing millions of criminals, murderers, drug dealers, and terrorists to flood into our country unchecked,” said Senator Tuberville. “As a result, innocent Americans like Laken Riley and Jocelyn Nungaray have been brutally murdered by illegal aliens. But it doesn’t stop there – there have been no health screenings of these populations. Since the creation of the administration’s illegal parole programs, we have seen a 16% rise in Tuberculosis cases between 2022 and 2023 alone. How many more Americans have to needlessly lose their lives before the Biden-Harris administration will take the open border seriously? I join my Republican colleagues in calling on Secretary Mayorkas, Joe Biden, and Kamala Harris to secure the border and save American lives.”
    Full text of the letter can be found here and below.
    October 30th, 2024
    The Honorable Alejandro Mayorkas
    Secretary
    U.S. Department of Homeland Security
    Washington, D.C. 20528
    Secretary Mayorkas,
    Your mismanagement of the border continues to jeopardize the health and safety of American citizens. Due to your negligence and refusal to enforce our current laws, tuberculosis (TB) is rapidly spreading through the millions of unscreened illegal immigrants released into the interior of the United States putting American lives and health at severe risk.
    While the United States previously had one of the lowest TB rates globally, steadily declining for 27 years, your appointment as the Secretary of Homeland Security in February 2021 ushered in a new era. Since then, TB case counts have continuously increased each year with a 16% increase from 2022 to 2023 alone. It is well-documented by academics and government agencies such as the Centers for Disease Control and Prevention (CDC) and the National Institutes for Health (NIH) that foreign-born persons represent the greatest threat for the spread of TB, some of whom come from countries with TB rates as high as 60 times the U.S. rates.
    Despite this increasing human health risk, you have turned what was once border security into a rubber-stamp for any individual seeking access to the interior. Since the start of Fiscal Year 2021, Customs and Border Protection recorded nearly 11 million inadmissible encounters and roughly two million known “gotaways” who evaded Border Patrol agents with unknown numbers of illegal aliens evading detection altogether. Rather than requiring immigrants to apply for status prior to arriving at the border, and undergo health screenings, your policies encourage immigrants to unlawfully enter the interior with no meaningful processing, screening, or security analysis. As reported by the Federation for American Immigration Reform (FAIR), the top seven nationalities encountered by CBP—Mexico, Venezuela, Guatemala, Honduras, Cuba, Colombia, and Haiti—all have significantly higher TB case rates than the U.S. There can be no doubt that your administration’s failure to enforce the law is the cause for the dramatic and dangerous rise of TB in the U.S.
    While unscreened illegal immigrants are bringing TB into the U.S., they are not the only ones suffering from it. As the CDC noted on March 24, 2024, “National [TB] case counts increased among all age groups and among both U.S.-born and non-U.S.-born persons” [emphasis added]. Given TB’s status as one of the world’s leading airborne infectious diseases, it is no wonder that a frightening number of Americans are contracting it. While FAIR correctly details in its report how border counties are bearing the brunt of the TB influx, it is abundantly clear that Americans across the U.S. are feeling the harmful effects of open border policies. The Biden Harris Administration’s border crisis has made every town in America a border town.  Just this month, an illegal Chinese immigrant in Louisiana exposed hundreds of individuals in the U.S. to a rare and aggressive form of TB with high mortality rates.
    There are many laws on the books to combat illegal immigration and its harmful effects, and it is past time for this administration to use them. In addition to closing the border, detaining and deporting inadmissible aliens, and working with the administration to re-instate the Remain-in-Mexico policy, we request that you reinstate Title 42 expulsion authority for this dangerous communicable disease. It is your duty to protect the health and safety of the American people.  
    Given the severity and time-sensitive nature of this crisis, please provide detailed responses to the following inquiries no later than November 13, 2024:
    Does DHS recognize the correlation between increased illegal immigration to the U.S. from countries with high TB rates and the increase in TB cases in the U.S., including among U.S.-born persons?
    Has DHS taken any meaningful steps to mitigate the spread of TB from illegal immigrants entering the country from high-rate countries?  If yes, please explain.
    Does DHS recognize the increase in tuberculosis cases as a public health crisis?
    Has any DHS employee consulted with the White House on this issue?

    Since January 20th, 2021, how many illegal immigrants has DHS screened for TB or referred to HHS for screening?
    Are illegal immigrants screened for active and latent TB upon transfer to a detention facility?
    If an illegal immigrant tests positive for either form of TB, what are the quarantine/removal protocols to protect border patrol agents and other detainees from infection?

    Has DHS knowingly released or paroled illegal immigrants into the U.S. with an active or latent TB infection?
    Does DHS have a contingency plan to address the rising number of TB-positive illegal immigrants entering the U.S. and prevent the spread to Americans? 
     If so, please explain.
    Does this plan include coordination with the CDC and HHS to strengthen screening and testing protocols for TB-positive illegal immigrants?
     Does this plan include using Title 42 expulsion authority under 8 U.S.C. §1182 to render immigrants with TB inadmissible?

    Have you discussed this issue with HHS Secretary Xavier Becerra?
    If so, did the discussion include using Title 42 authority to declare TB a communicable disease of public health significance, thereby rendering immigrants with TB inadmissible?
    If not, why not?

    Have you discussed this issue with U.S. Surgeon General Dr. Vivek Murthy?
    If so, did the discussion include using Title 42 expulsion authority to suspend entry for immigrants with TB?
    If not, why not?

    Sincerely,
    MORE:
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    U.S. Senators Katie Britt, Tommy Tuberville, Bill Hagerty Hold DOJ Accountable for Failure to Prosecute Wrongful Voter Registration by Illegal Border Crossers
    Tuberville Questions Pentagon Nominees On Defense Spending, Border Wall Sales
    Tuberville Introduces Amendment to Secure the Border and Stop the Flow of Deadly Fentanyl
    Tuberville Demands Biden Admin Protect Unaccompanied Children at the Border From Traffickers, Criminals
    Tuberville Continues Fight to Secure Southern Border
    Tuberville Demands Answers from DHS Regarding Chinese Nationals and Suspected Terrorists Exploiting the Open Southern Border
    Tuberville, Colleagues Introduce Secure the Border Act of 2023
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    Tuberville, Colleagues Introduce Resolution to Strike Down Dangerous Biden Border Policy
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    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.

    MIL OSI USA News –

  • MIL-OSI China: China revises rules to ease foreign strategic investment in listed firms

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

    BEIJING, Nov. 1 — Chinese authorities on Friday released revised rules on foreign investors’ strategic investment in listed companies in a move to encourage foreign investors to make long-term and value investment in the country.

    The revised rules, jointly released by six government departments, including the Ministry of Commerce and the China Securities Regulatory Commission, allow foreign natural persons to make strategic investment in listed companies, a change from the old rules that only allowed foreign legal persons or organizations to make such investment.

    Capital requirement is also lowered under the new rules for foreign investors that do not become the controlling shareholders in listed firms. The latest capital requirement for them will be no less than 50 million U.S. dollars in total actual assets or no less than 300 million U.S. dollars in total managed actual assets.

    The new rules add tender offers as an extra option to make strategic investment. In the past, the only available options were private placements and share transfer agreements.

    For foreign investors intending to invest through the options of private placements or tender offers, they will be allowed to use shares of non-listed overseas companies as consideration shares for acquisition payment.

    The new rules also eased requirements on the shareholding ratio and the lock-up period. The shareholding ratio requirement is scrapped for foreign investors making investment through private placements, while the ratio requirements for the options of tender offers and share transfer agreements are lowered to 5 percent from the previous 10 percent.

    In order to encourage medium- and long-term investment, the requirement on lock-up period for acquired shares should be no shorter than a 12-month period under the new rules. This is reduced from no shorter than three years previously.

    A press briefing posted on the MOC’s website said that the revised measures seek to reduce the investment threshold for foreign investors, broaden the channels for foreign investment in the country’s securities market and encourage foreign investors to carry out long-term and value investment.

    It said that the scale of China’s securities market has further expanded in recent years with the sustained and healthy development of China’s economy and the nation’s deepened reform and opening up, adding that welcoming more high-quality foreign investment in listed companies will help promote China’s industrial upgrading as well as the healthy and stable development of China’s capital market.

    The revised rules are in line with the reform measures adopted at the Third Plenary Session of the 20th Central Committee of the Communist Party of China held in July this year, which vowed to open China’s commodity, services, capital, and labor markets wider to the outside world in an orderly manner, and facilitate foreign equity investment and venture capital investment in China.

    China issued rules for foreign investors to make strategic investments in listed companies back in 2005. Since then, foreign investors have made strategic investments in more than 600 listed companies.

    MIL OSI China News –

  • MIL-OSI: CORRECTION – Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2024 Corrected

    Source: GlobeNewswire (MIL-OSI)

    TEANECK, N.J., Nov. 01, 2024 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company of Bogota Savings Bank (the “Bank”), after market close today issued a correction to its financial results for the three and nine months ended September 30, 2024 (the “Revised Earnings Release”), which was issued prior to market open on November 1, 2024 (the “Original Earnings Release”). Interest expense on deposits (and similarly total interest expense) for the three and nine months ended September 30, 2024 reported in the Original Earnings Release was understated by $300,000 due to a misstatement of the rates paid on certain certificates of deposit during the three months ended September 30, 2024. As a result, the Revised Earnings Release reflects the following changes:

    At September 30, 2024

        Average rate for certificates of deposit Average rate
    for deposits    		  
      As Initially Reported 4.15% 3.55%  
      As Corrected 4.39% 3.95%  
             

    For Three Months Ended September 30, 2024

    (Dollars in thousands, except per share data) Interest paid on average certificates of deposit Interest paid on average interest-bearing deposits Net interest income Net interest income after provision (recovery) for credit losses (Loss) income before income taxes Income tax (benefit) expense Net (loss) income (Loss) earnings per common share – basic (Loss) earnings per common share – diluted
    As Initially Reported $ 5,327 $ 5,861 $ 2,957 $ 2,957 $ (320 ) $ (173 ) $ (147 ) $ (0.01 ) $ (0.01 )
    As Corrected $ 5,627 $ 6,161 $ 2,657 $ 2,657 $ (620 ) $ (253 ) $ (367 ) $ (0.03 ) $ (0.03 )
                                                   
      Cost of average certificates of deposit Cost of average interest-bearing deposits (Loss) Return on Average Assets (Loss) Return on Average Equity Interest rate spread Net interest margin Efficiency Ratio
    As Initially Reported 4.26 % 3.84 % (0.09 )% (0.72 )% 0.81 % 1.24 % 109.75 %
    As Corrected 4.50 % 4.04 % (0.07 )% (0.52 )% 0.66 % 1.15 % 120.78 %
                                 

    For Nine Months Ended September 30, 2024

    (Dollars in thousands, except per share data) Interest paid on average certificates of deposit Interest paid on average interest-bearing deposits Net interest income Net interest income after provision (recovery) for credit losses (Loss) income before income taxes Income tax (benefit) expense Net (loss) income (Loss) earnings per common share – basic (Loss) earnings per common share – diluted
    As Initially Reported $ 16,484 $ 18,085 $ 8,352 $ 8,282 $ (1,762 ) $ (741 ) $ (1,020 ) $ (0.08 ) $ (0.08 )
    As Corrected $ 16,784 $ 18,385 $ 8,052 $ 7,982 $ (2,062 ) $ (821 ) $ (1,240 ) $ (0.10 ) $ (0.10 )
                                                   
                                                   
      Cost of average certificates of deposit Cost of average interest-bearing deposits (Loss) Return on Average Assets (Loss) Return on Average Equity Interest rate spread Net interest margin Efficiency Ratio
    As Initially Reported 4.31 % 3.88 % (0.17 )% (1.23 )% 0.73 % 1.23 % 118.23 %
    As Corrected 4.39 % 3.95 % (0.20 )% (1.44 )% 0.68 % 1.18 % 122.18 %
                                 

    The full text of the corrected release is a follows:

    Teaneck, New Jersey, November 1, 2024 – Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported a net loss for the three months ended September 30, 2024 of $367,000, or $0.03 per basic and diluted share, compared to a net loss of $29,000, or $0.00 per basic and diluted share, for the comparable prior year period. The Company reported a net loss for the nine months ended September 30, 2024 of $1.2 million, or $0.10 per basic and diluted share, compared to net income of $1.8 million, or $0.14 per basic and diluted share, for the nine months ended September 30, 2023.

    On April 24, 2024, the Company announced it had received regulatory approval for the repurchase of up to 237,090 shares of its common stock, or approximately 5% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). The repurchase program does not have a scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. As of September 30, 2024, 163,790 shares have been repurchased pursuant to the program at a cost of $1.2 million.

    Other Financial Highlights:

    • Total assets increased $39.6 million, or 4.2%, to $978.9 million at September 30, 2024 from $939.3 million at December 31, 2023, due to an increase in securities, offset by a decrease in cash and cash equivalents and loans.
    • Cash and cash equivalents decreased $3.9 million, or 15.8%, to $21.0 million at September 30, 2024 from $24.9 million at December 31, 2023 as excess funds were used to purchase securities.
    • Securities increased $47.1 million, or 33.3%, to $188.7 million at September 30, 2024 from $141.5 million at December 31, 2023.
    • Net loans decreased $5.8 million, or 0.8%, to $708.9 million at September 30, 2024 from $714.7 million at December 31, 2023.
    • Total deposits at September 30, 2024 were $629.3 million, increasing $3.9 million, or 0.6%, as compared to $625.3 million at December 31, 2023, due to a $2.3 million increase in interest-bearing deposits, primarily in certificates of deposit, and a $1.6 million increase in non-interest bearing demand accounts. The average cost of deposits increased 128 basis points to 3.95% for the first three quarters of 2024 from 2.67% for the first nine months of 2023 due to higher interest rates and a larger percentage of deposits consisting of higher-costing certificates of deposit.
    • Federal Home Loan Bank advances increased $34.9 million, or 20.8% to $202.6 million at September 30, 2024 from $167.7 million as of December 31, 2023.

    Kevin Pace, President and Chief Executive Officer, said “The Bank continues its growth strategy focusing on core deposits and commercial lending. We have seen an uptick in our commercial pipeline this quarter that shows interest remains strong in our market. Offering new desirable technology through partnerships with our providers is a key initiative we are focusing on going into 2025.  This will allow us to attract new customers in our competitive environment.”

    “The Bank completed its third stock repurchase program earlier this year and promptly began its fourth buyback. We remain diligent in our efforts to show confidence and deliver value to our shareholders.”

    Income Statement Analysis

    Comparison of Operating Results for the Three Months Ended September 30, 2024 and September 30, 2023

    Net income decreased by $338,000 to a net loss of $367,000 for the three months ended September 30, 2024 from a net loss of $29,000 for the three months ended September 30, 2023. This decrease was primarily due to a decrease of $560,000 in net interest income, partially offset by a decrease of $171,000 in salaries and employee benefit costs, an increase of $128,000 in income tax benefit and a $38,000 increase in non-interest income.

    Interest income increased $1.3 million, or 14.3%, from $9.3 million for the three months ended September 30, 2023 to $10.6 million for the three months ended September 30, 2024 primarily due to higher yields on interest-earning assets and an increase in the average balance of securities. 

    Interest income on cash and cash equivalents decreased $30,000, or 17.9%, to $138,000 for the three months ended September 30, 2024 from $168,000 for the three months ended September 30, 2023 due to a $2.6 million decrease in the average balance to $10.2 million for the three months ended September 30, 2024 from $12.8 million for the three months ended September 30, 2023, reflecting the use of excess cash to purchase securities. The decrease was offset by an 18 basis point increase in the average yield from 5.21% for the three months ended September 30, 2023 to 5.39% for the three months ended September 30, 2024 due to the higher interest rate environment.

    Interest income on loans increased $401,000, or 5.0%, to $8.4 million for the three months ended September 30, 2024 compared to $8.0 million for the three months ended September 30, 2023 due primarily to a 24 basis point increase in the average yield from 4.45% for the three months ended September 30, 2023 to 4.69% for the three months ended September 30, 2024, and to a lesser extent, a $876,000 increase in the average balance to $711.6 million for the three months ended September 30, 2024 from $710.7 million for the three months ended September 30, 2023.

    Interest income on securities increased $889,000, or 88.2%, to $1.9 million for the three months ended September 30, 2024 from $1.0 million for the three months ended September 30, 2023 primarily due to a $48.7 million increase in the average balance to $187.2 million for the three months ended September 30, 2024 from $138.5 million for the three months ended September 30, 2023, and a 114 basis point increase in the average yield from 2.91% for the three months ended September 30, 2023 to 4.05% for the three months ended September 30, 2024 due to the higher interest rate environment. 

    Interest expense increased $1.9 million, or 31.1%, from $6.1 million for the three months ended September 30, 2023 to $8.0 million for the three months ended September 30, 2024 due to higher costs and average balances on certificates of deposit and borrowings.

    Interest expense on interest-bearing deposits increased $1.3 million, or 27.0%, to $6.2 million for the three months ended September 30, 2024 from $4.9 million for the three months ended September 30, 2023. The increase was due to a 93 basis point increase in the average cost of deposits to 4.04% for the three months ended September 30, 2024 from 3.11% for the three months ended September 30, 2023. The increase in the average cost of deposits was due to the higher interest rate environment and a change in the composition of the deposit portfolio.  The average balances of certificates of deposit decreased $831,000 to $497.3 million for the three months ended September 30, 2024 from $498.1 million for the three months ended September 30, 2023 while the average balance of NOW/money market accounts and savings accounts decreased $9.0 million and $2.1 million for the three months ended September 30, 2024, respectively, compared to the three months ended September 30, 2023.

    Interest expense on Federal Home Loan Bank advances increased $582,000, or 47.7%, from $1.2 million for the three months ended September 30, 2023 to $1.8 million for the three months ended September 30, 2024. The increase was primarily due to an increase in the average balance of $71.6 million to $196.9 million for the three months ended September 30, 2024 from $125.3 million for the three months ended September 30, 2023. The increase was slightly offset by a decrease in the average cost of borrowings of 22 basis points to 3.64% for the three months ended September 30, 2024 from 3.86% for the three months ended September 30, 2023 due to new borrowings being at lower rates. At September 30, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. During the three months ended September 30, 2024, the use of the cash flow and fair value hedges reduced the interest expense on the Federal Home Loan Bank advances and certificates of deposit by $498,000.

    Net interest income decreased $560,000, or 17.4%, to $2.7 million for the three months ended September 30, 2024 from $3.2 million for the three months ended September 30, 2023.  The decrease reflected a 35 basis point decrease in our net interest rate spread to 0.66% for the three months ended September 30, 2024 from 1.01% for the three months ended September 30, 2023. Our net interest margin decreased 32 basis points to 1.15% for the three months ended September 30, 2024 from 1.47% for the three months ended September 30, 2023.

    We did not record a provision for credit losses for the three months ended September 30, 2024 or September 30, 2023 due to moderate loan growth and improved economic conditions.

    Non-interest income increased by $38,000, or 13.0%, to $327,000 for the three months ended September 30, 2024 from $290,000 for the three months ended September 30, 2023.  Bank-owned life insurance income increased $23,000, or 11.6%, due to higher balances during 2024 and gain on sale of loans increased $12,000 compared to no gain on sale of loans for the comparable period last year due to the sale of a $400,000 residential loan in 2024.

    For the three months ended September 30, 2024, non-interest expense decreased $56,000, or 1.5%, over the comparable 2023 period. This was due to a $171,000, or 7.5% reduction in salaries and employee benefits, which decreased due to lower headcount and increased expenses in 2023 related to the retirement of the previous Chief Executive Officer, and a $40,000, or 31.9%, decrease in advertising expenses.  Our FDIC insurance assessment also decreased by $26,000, or 19.8%.  These decreases were partially offset by an increase in professional fees of $99,000, or 66.4%, due to higher consulting expense related to strategic business planning. Data processing expense also increased $100,000, or 48.8%, due to higher processing costs.

    Income tax expense decreased $128,000, or 102.1%, to a benefit of $253,000 for the three months ended September 30, 2024 from a $125,000 benefit for the three months ended September 30, 2023. The decrease was due to a reduction of $466,000 in taxable income. 

    Comparison of Operating Results for the Nine Months Ended September 30, 2024 and September 30, 2023

    Net income decreased by $3.1 million, or 168.1%, to a net loss of $1.2 million for the nine months ended September 30, 2024 from net income of $1.8 million for the nine months ended September 30, 2023.   This decrease was primarily due to a decrease of $4.0 million in net interest income, partially offset by a decrease of $1.2 million in income tax expense.

    Interest income increased $3.4 million, or 12.4%, from $27.7 million for the nine months ended September 30, 2023 to $31.1 million for the nine months ended September 30, 2024 due to higher yields on interest-earning assets and an increase in the average balance of securities, partially offset by a decrease in the average balance of loans and cash and cash equivalents. 

    Interest income on cash and cash equivalents decreased $8,000, or 1.9%, to $415,000 for the nine months ended September 30, 2024 from $423,000 for the nine months ended September 30, 2023 due a $2.3 million decrease in the average balance to $9.1 million for the nine months ended September 30, 2024 from $11.4 million for the nine months ended September 30, 2023, reflecting the decrease of liquidity due to increased securities purchases. This decrease was offset by a 111 basis point increase in the average yield due to the higher interest rate environment.

    Interest income on loans increased $1.1 million, or 4.5%, to $24.9 million for the nine months ended September 30, 2024 compared to $23.8 million for the nine months ended September 30, 2023 due primarily to a 20 basis point increase in the average yield from 4.46% for the nine months ended September 30, 2023 to 4.66% for the nine months ended September 30, 2024, offset by a $1.9 million decrease in the average balance to $711.7 million for the nine months ended September 30, 2024 from $713.6 million for the nine months ended September 30, 2023.

    Interest income on securities increased $2.2 million, or 69.4%, to $5.3 million for the nine months ended September 30, 2024 from $3.1 million for the nine months ended September 30, 2023 primarily due to a 112 basis point increase in the average yield from 2.80% for the nine months ended September 30, 2023 to 3.92% for the nine months ended September 30, 2024, and a $31.0 million increase in the average balance to $179.8 million for the nine months ended September 30, 2024 from $148.8 million for the nine months ended September 30, 2023.

    Income from other interest-earning assets, which primarily consisted of Federal Home Loan Bank stock, increased $209,000, or 27.1% to $981,000 for the nine months ended September 30, 2024 from $772,000 for the nine months ended September 30, 2023 due to dividends paid on such stock.

    Interest expense increased $7.4 million, or 47.4%, from $15.7 million for the nine months ended September 30, 2023 to $23.1 million for the nine months ended September 30, 2024 due to higher costs and average balances on certificates of deposit and borrowings.

    Interest expense on interest-bearing deposits increased $5.6 million, or 43.9%, to $18.4 million for the nine months ended September 30, 2024 from $12.8 million for the nine months ended September 30, 2023. The increase was due to a 128 basis point increase in the average cost of deposits to 3.95% for the nine months ended September 30, 2024 from 2.67% for the nine months ended September 30, 2023. The increase in the average cost of deposits was due to the higher interest rate environment and a change in the composition of the deposit portfolio.  The average balances of certificates of deposit increased $12.0 million to $510.5 million for the nine months ended September 30, 2024 from $498.5 million for the nine months ended September 30, 2023 while average NOW/money market accounts and savings accounts decreased $24.2 million and $5.7 million for the nine months ended September 30, 2024, respectively, compared to the nine months ended September 30, 2023.

    Interest expense on Federal Home Loan Bank advances increased $1.8 million, or 62.7%, from $2.9 million for the nine months ended September 30, 2023 to $4.7 million for the nine months ended September 30, 2024. The increase was primarily due to an increase in the average balance of $60.7 million to $171.6 million for the nine months ended September 30, 2024 from $110.9 million for the nine months ended September 30, 2023. The increase was also due to an increase in the average cost of borrowings of 17 basis points to 3.67% for the nine months ended September 30, 2024 from 3.50% for the nine months ended September 30, 2023 due to new borrowings being at higher rates. At September 30, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. During the nine months ended September 30, 2024, the use of the cash flow hedges reduced the interest expense on the Federal Home Loan Bank advances and certificates of deposit by $1.2 million.

    Net interest income decreased $4.0 million, or 33.1%, to $8.0 million for the nine months ended September 30, 2024 from $12.0 million for the nine months ended September 30, 2023.  The decrease reflected a 73 basis point decrease in our net interest rate spread to 0.68% for the nine months ended September 30, 2024 from 1.41% for the nine months ended September 30, 2023. Our net interest margin decreased 64 basis points to 1.18% for the nine months ended September 30, 2024 from 1.82% for the nine months ended September 30, 2023.

    We recorded a $70,000 provision for credit losses for the nine months ended September 30, 2024 compared to a $125,000 recovery for credit losses for the nine-month period ended September 30, 2023, which was due to a decrease in loan balances in 2023. The entire provision in the first three quarters of 2024 was due to an increase in held-to-maturity corporate securities.

    Non-interest income increased by $73,000, or 8.5%, to $929,000 for the nine months ended September 30, 2024 from $856,000 for the nine months ended September 30, 2023.  The increase was primarily due to bank-owned life insurance income, which increased $74,000, or 12.9%, due to higher balances during 2024.

    For the nine months ended September 30, 2024, non-interest expense increased $163,000, or 1.5%, over the comparable 2023 period. Professional fees increased $270,000, or 65.5% due to higher consulting expense related to strategic business planning. Data processing expense increased $210,000, or 29.3%, due to higher processing costs. These were offset by a $333,000, or 4.9%, reduction in salaries and employee benefit, which decreased due to lower headcount and increased expenses in 2023 related to the retirement of the previous Chief Executive Officer.

    Income tax expense decreased $1.2 million, or 312.9%, to a benefit of $821,000 for the nine months ended September 30, 2024 from a $386,000 expense for the nine months ended September 30, 2023. The decrease was due to a reduction of $4.3 million in taxable income. 

    Balance Sheet Analysis

    Total assets were $978.9 million at September 30, 2024, representing an increase of $39.6 million, or 4.2%, from December 31, 2023.  Cash and cash equivalents decreased $3.9 million during the period primarily due to the purchase of new securities offset by loan repayments. Net loans decreased $5.8 million, or 0.8%, due to $22.5 million in repayments including a $12.6 million decrease in the balance of residential loans, as well as a $9.1 million decrease in the balance of construction loans and a decrease of $915,000 in multifamily loans. The decrease was partially offset by new production of $16.7 million, including $13.1 million and $3.6 million of commercial real estate and commercial and industrial loans, respectively.  The Company also purchased a pool of residential loans totaling $10.4 million. Due to the interest rate environment, we have experienced a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods.  Securities held to maturity increased $7.4 million, or 10.3%, and securities available for sale increased $40.0 million, or 57.6%, due to new purchases of mortgage-backed securities with excess cash. 

    Delinquent loans increased $8.9 million to $21.5 million, or 3.0% of total loans, at September 30, 2024, compared to $12.6 million, or 1.8% of total loans, at December 31, 2023. The increase was mostly due to four commercial real estate loans to three customers with a balance of $8.1 million. Three of the past due commercial real estate loans are being actively managed with the customers and are expected to be brought current, while one totaling $758,000 has been placed on nonaccrual, but is considered well-secured with a loan-to-value of 59%. During the same timeframe, non-performing assets increased from $12.8 million at December 31, 2023 to $13.8 million, which represented 1.41% of total assets at September 30, 2024. No loans were charged-off during the three or nine months ended September 30, 2024 or September 30, 2023. The Company’s allowance for credit losses related to loans was 0.39% of total loans and 19.94% of non-performing loans at September 30, 2024 compared to 0.39% of total loans and 21.81% of non-performing loans at December 31, 2023.  The Bank does not have any exposure to commercial real estate loans secured by office space. At September 30, 2024, the Company’s allowance for credit losses related to held-to-maturity securities totaled $108,000 or 0.13% of the total held-to-maturity securities portfolio.

    Total liabilities increased $39.8 million, or 5.0%, to $841.9 million mainly due to a $34.9 million increase in borrowings and a $3.9 million increase in total deposits. The increase in deposits reflected an increase in certificate of deposit accounts, which increased by $505,000 to $493.8 million from $493.3 million at December 31, 2023, an increase in NOW deposit accounts, which increased by $4.2 million to $45.5 million from $41.3 million at December 31, 2023, and by an increase in noninterest bearing demand accounts, which increased by $1.6 million from $30.6 million at December 31, 2023 to $32.1 million at September 30, 2024. This was offset by a $2.6 million, or 18.0%, decrease in money market accounts.  At September 30, 2024, brokered deposits were $101.1 million or 16.1% of deposits and municipal deposits were $36.0 million or 5.7% of deposits.  At September 30, 2024, uninsured deposits represented 10.7% of the Bank’s total deposits. Federal Home Loan Bank advances increased $34.9 million, or 20.8%, due to new borrowings, for which the durations have primarily been short-term in nature as we remain mindful of the changing interest rate environment and the potential for further interest rate cuts from the Federal Reserve. Total borrowing capacity at the Federal Home Loan Bank is $297.9 million of which $202.7 million has been advanced.

    Total stockholders’ equity decreased $233,000 to $136.9 million, due to a net loss of $1.2 million and the repurchase of 163,790 shares of stock at a cost of $1.2 million, offset by a decrease in accumulated other comprehensive loss for securities available for sale of $1.6 million and stock compensation of $225,000 for the nine months ended September 30, 2024. At September 30, 2024, the Company’s ratio of average stockholders’ equity-to-total assets was 15.04%, compared to 15.32% at December 31, 2023.

    About Bogota Financial Corp.

    Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

    Forward-Looking Statements

    This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.
    The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (unaudited)
               
      As of     As of  
      September 30, 2024     December 31, 2023  
    Assets              
    Cash and due from banks $ 10,630,086     $ 13,567,115  
    Interest-bearing deposits in other banks   10,372,434       11,362,356  
    Cash and cash equivalents   21,002,520       24,929,471  
    Securities available for sale, at fair value   108,560,811       68,888,179  
    Securities held to maturity, net of allowance for securities credit losses of $108,000 and zero, respectively (fair value – $74,603,097 and $65,374,753, respectively)   80,103,753       72,656,179  
    Loans, net of allowance for credit losses of $2,747,949 and $2,785,949, respectively   708,896,566       714,688,635  
    Premises and equipment, net   7,853,076       7,687,387  
    Federal Home Loan Bank (FHLB) stock and other restricted securities   10,180,100       8,616,100  
    Accrued interest receivable   4,352,967       3,932,785  
    Core deposit intangibles   165,454       206,116  
    Bank-owned life insurance   31,635,988       30,987,851  
    Other assets   6,138,029       6,731,500  
    Total Assets $ 978,889,264     $ 939,324,203  
    Liabilities and Equity              
    Non-interest bearing deposits $ 32,125,742     $ 30,554,842  
    Interest bearing deposits   597,141,995       594,792,300  
    Total deposits   629,267,737       625,347,142  
    FHLB advances-short term   53,500,000       37,500,000  
    FHLB advances-long term   149,065,610       130,189,663  
    Advance payments by borrowers for taxes and insurance   3,265,262       2,733,709  
    Other liabilities   6,850,898       6,380,486  
    Total liabilities   841,949,507       802,151,000  
                   
    Stockholders’ Equity              
    Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2024 and December 31, 2023   —       —  
    Common stock $0.01 par value, 30,000,000 shares authorized, 13,092,357 issued and outstanding at September 30, 2024 and 13,279,230 at December 31, 2023   130,823       132,792  
    Additional paid-in capital   55,315,975       56,149,915  
    Retained earnings   90,936,649       92,177,068  
    Unearned ESOP shares (389,674 shares at September 30, 2024 and 409,750 shares at December 31, 2023)   (4,595,895 )     (4,821,798 )
    Accumulated other comprehensive loss   (4,847,795 )     (6,464,774 )
    Total stockholders’ equity   136,939,757       137,173,203  
    Total liabilities and stockholders’ equity $ 978,889,264     $ 939,324,203  
     
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
      Three Months Ended     Nine Months Ended  
      September 30,     September 30,  
      2024     2023     2024     2023  
    Interest income                              
    Loans, including fees $ 8,381,581     $ 7,980,388     $ 24,888,377     $ 23,821,545  
    Securities                              
    Taxable   1,884,276       994,791       5,247,336       3,042,389  
    Tax-exempt   13,137       13,159       39,409       78,293  
    Other interest-earning assets   341,268       301,081       980,536       771,584  
    Total interest income   10,620,262       9,289,419       31,155,658       27,713,811  
    Interest expense                              
    Deposits   6,160,547       4,851,926       18,384,323       12,777,907  
    FHLB advances   1,802,387       1,220,166       4,719,056       2,900,359  
    Total interest expense   7,962,934       6,072,092       23,103,379       15,678,266  
    Net interest income   2,657,328       3,217,327       8,052,279       12,035,545  
    Provision (recovery) for credit losses   —       —       70,000       (125,000 )
    Net interest income after provision (recovery) for credit losses   2,657,328       3,217,327       7,982,279       12,160,545  
    Non-interest income                              
    Fees and service charges   56,610       61,529       164,400       159,381  
    Gain on sale of loans   11,710       —       11,710       29,375  
    Bank-owned life insurance   221,122       197,873       648,137       574,073  
    Other   37,943       30,332       105,420       93,660  
    Total non-interest income   327,385       289,734       929,667       856,489  
    Non-interest expense                              
    Salaries and employee benefits   2,102,993       2,274,347       6,404,946       6,737,952  
    Occupancy and equipment   380,714       372,626       1,118,739       1,114,170  
    FDIC insurance assessment   106,313       132,571       313,626       319,690  
    Data processing   306,167       205,721       928,292       717,913  
    Advertising   85,750       126,000       310,950       369,383  
    Director fees   159,851       159,336       467,100       478,011  
    Professional fees   248,420       149,251       682,517       412,519  
    Other   214,686       241,530       747,598       661,300  
    Total non-interest expense   3,604,894       3,661,382       10,973,768       10,810,938  
    (Loss) income before income taxes   (620,181 )     (154,321 )     (2,061,822 )     2,206,096  
    Income tax (benefit) expense   (253,221 )     (125,268 )     (821,403 )     385,801  
    Net (loss) income $ (366,960 )   $ (29,053 )   $ (1,240,419 )   $ 1,820,295  
    (Loss) earnings per Share – basic $ (0.03 )   $ (0.00 )   $ (0.10 )   $ 0.14  
    (Loss) earnings per Share – diluted $ (0.03 )   $ (0.00 )   $ (0.10 )   $ 0.14  
    Weighted average shares outstanding – basic   12,702,683       13,037,903       12,702,683       13,103,951  
    Weighted average shares outstanding – diluted   12,717,904       13,037,903       12,734,624       13,103,951  
                                   
    BOGOTA FINANCIAL CORP.
    SELECTED RATIOS
    (unaudited)
               
      At or For the Three Months     At or for the Nine Months  
      Ended September 30,     Ended September 30,  
      2024     2023     2024     2023  
    Performance Ratios (1):                              
    (Loss) return on average assets (2)   (0.07 )%     (0.01 )%     (0.20 )%     0.26 %
    (Loss) return on average equity (3)   (0.52 )%     (0.08 )%     (1.44 )%     1.75 %
    Interest rate spread (4)   0.66 %     1.01 %     0.68 %     1.41 %
    Net interest margin (5)   1.15 %     1.47 %     1.18 %     1.82 %
    Efficiency ratio (6)   120.78 %     104.40 %     122.18 %     83.05 %
    Average interest-earning assets to average interest-bearing liabilities   114.30 %     116.68 %     114.62 %     117.21 %
    Net loans to deposits   110.67 %     110.08 %     114.43 %     110.08 %
    Average equity to average assets (7)   14.01 %     15.00 %     14.14 %     14.88 %
    Capital Ratios:                              
    Tier 1 capital to average assets                   13.47 %     15.67 %
    Asset Quality Ratios:                              
    Allowance for credit losses as a percent of total loans                   0.39 %     0.39 %
    Allowance for credit losses as a percent of non-performing loans                   19.94 %     22.62 %
    Net charge-offs to average outstanding loans during the period                   0.00 %     0.00 %
    Non-performing loans as a percent of total loans                   1.94 %     1.73 %
    Non-performing assets as a percent of total assets                   1.41 %     1.33 %
                                   
    (1) Certain performance ratios for the three and nine months ended September 30, 2024 and 2023 are annualized.
    (2) Represents net (loss) income divided by average total assets.
    (3) Represents net (loss) income divided by average stockholders’ equity.
    (4) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2024 and 2023.
    (5) Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2024 and 2023.
    (6) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
    (7) Represents average stockholders’ equity divided by average total assets.
     

    LOANS

    Loans are summarized as follows at September 30, 2024 and December 31, 2023:

     
      September 30,     December 31,  
      2024     2023  
      (unaudited)  
    Real estate:              
    Residential First Mortgage $ 473,492,871     $ 486,052,422  
    Commercial Real Estate   112,899,496       99,830,514  
    Multi-Family Real Estate   74,697,352       75,612,566  
    Construction   40,243,916       49,302,040  
    Commercial and Industrial   10,229,503       6,658,370  
    Consumer   81,377       18,672  
    Total loans   711,644,515       717,474,584  
    Allowance for credit losses   (2,747,949 )     (2,785,949 )
    Net loans $ 708,896,566     $ 714,688,635  
     

    The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:

     
      At September 30,     At December 31,  
      2024     2023  
      Amount     Percent     Average
    Rate    		     Amount     Percent     Average
    Rate    		  
                                                   
      (unaudited)  
    Noninterest bearing demand accounts $ 32,125,742       5.11 %     — %   $ 30,554,842       4.89 %     — %
    NOW accounts   45,493,204       7.23 %     2.21       41,320,723       6.61 %     1.90  
    Money market accounts   12,003,291       1.91 %     0.30       14,641,846       2.34 %     0.30  
    Savings accounts   45,865,501       7.29 %     1.82       45,554,964       7.28 %     1.76  
    Certificates of deposit   493,779,999       78.47 %     4.15       493,274,767       78.88 %     4.00  
    Total $ 629,267,737       100.00 %     3.55 %   $ 625,347,142       100.00 %     3.42 %
     

    Average Balance Sheets and Related Yields and Rates

    The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

     
      Three Months Ended September 30,  
      2024     2023  
      Average
    Balance    		     Interest and Dividends     Yield/ Cost     Average
    Balance    		     Interest and Dividends     Yield/ Cost  
      (Dollars in thousands)  
    Assets: (unaudited)  
    Cash and cash equivalents $ 10,195     $ 138       5.39 %   $ 12,764     $ 168       5.21 %
    Loans   711,601       8,381       4.69 %     710,725       7,981       4.45 %
    Securities   187,212       1,897       4.05 %     138,479       1,008       2.91 %
    Other interest-earning assets   9,908       203       8.20 %     6,620       132       8.04 %
    Total interest-earning assets   918,916       10,619       4.60 %     868,588       9,289       4.25 %
                                                   
    Non-interest-earning assets   56,061                       54,179                  
    Total assets $ 974,977                     $ 922,767                  
    Liabilities and equity:                                              
    NOW and money market accounts $ 65,767     $ 329       1.99 %   $ 74,785     $ 354       1.88 %
    Savings accounts   44,029       205       1.85 %     46,177       214       1.83 %
    Certificates of deposit (1)   497,251       5,626       4.50 %     498,082       4,284       3.41 %
    Total interest-bearing deposits   607,047       6,160       4.04 %     619,044       4,852       3.11 %
                                                   
    Federal Home Loan Bank advances (1)   196,885       1,802       3.64 %     125,344       1,220       3.86 %
    Total interest-bearing liabilities   803,932       7,962       3.94 %     744,388       6,072       3.24 %
    Non-interest-bearing deposits   31,679                       38,257                  
    Other non-interest-bearing liabilities   2,724                       1,727                  
    Total liabilities   838,335                       784,372                  
                                                   
    Total equity   136,642                       138,395                  
    Total liabilities and equity $ 974,977                     $ 922,767                  
    Net interest income         $ 2,657                     $ 3,217          
    Interest rate spread (2)                   0.66 %                     1.01 %
    Net interest margin (3)                   1.15 %                     1.47 %
    Average interest-earning assets to average interest-bearing liabilities   114.30 %                     116.68 %                
     
    1. Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended September 30, 2024 and 2023, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $498,000 and $92,000, respectively.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
     
      Nine Months Ended September 30,  
      2024     2023  
      Average Balance     Interest and Dividends     Yield/ Cost     Average Balance     Interest and Dividends     Yield/ Cost  
      (Dollars in thousands)  
    Assets:                                              
    Cash and cash equivalents $ 9,072     $ 415       6.09 %   $ 11,352     $ 423       4.98 %
    Loans   711,697       24,888       4.66 %     713,603       23,822       4.46 %
    Securities   179,818       5,287       3.92 %     148,802       3,121       2.80 %
    Other interest-earning assets   8,903       566       8.48 %     6,110       348       7.62 %
    Total interest-earning assets   909,490       31,156       4.57 %     879,867       27,714       4.20 %
    Non-interest-earning assets   58,221                       54,380                  
    Total assets $ 967,711                     $ 934,247                  
    Liabilities and equity:                                              
    NOW and money market accounts $ 67,628     $ 993       1.96 %   $ 91,781     $ 1,089       1.59 %
    Savings accounts   43,824       608       1.85 %     49,529       375       1.01 %
    Certificates of deposit (1)   510,494       16,784       4.39 %     498,460       11,314       3.03 %
    Total interest-bearing deposits   621,946       18,385       3.95 %     639,770       12,778       2.67 %
    Federal Home Loan Bank advances (1)   171,565       4,719       3.67 %     110,875       2,900       3.50 %
    Total interest-bearing liabilities   793,511       23,104       3.89 %     750,645       15,678       2.79 %
    Non-interest-bearing deposits   31,225                       38,253                  
    Other non-interest-bearing liabilities   6,154                       6,351                  
    Total liabilities   830,890                       795,249                  
    Total equity   136,821                       138,998                  
    Total liabilities and equity $ 967,711                     $ 934,247                  
    Net interest income         $ 8,052                     $ 12,036          
    Interest rate spread (2)                   0.68 %                     1.41 %
    Net interest margin (3)                   1.18 %                     1.82 %
    Average interest-earning assets to average interest-bearing liabilities   114.62 %                     117.21 %                
     
    1. Cash flow and fair value hedges are used to manage interest rate risk. During the nine months ended September 30, 2024 and 2023, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $1.2 million and $139,000, respectively.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
     

    Rate/Volume Analysis

    The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

     
      Three Months Ended September 30, 2024     Nine Months Ended September 30, 2024  
      Compared to     Compared to  
      Three Months Ended September 30, 2023     Nine Months Ended September 30, 2023  
      Increase (Decrease) Due to     Increase (Decrease) Due to  
      Volume     Rate     Net     Volume     Rate     Net  
      (In thousands)  
    Interest income: (unaudited)  
    Cash and cash equivalents $ (66 )   $ 36     $ (30 )   $ (123 )   $ 115     $ (8 )
    Loans receivable   9       391       400       (101 )     1,167       1,066  
    Securities   420       469       889       742       1,424       2,166  
    Other interest earning assets   68       3       71       175       43       218  
    Total interest-earning assets   432       898       1,330       692       2,750       3,442  
                                                   
    Interest expense:                                              
    NOW and money market accounts   (128 )     103       (25 )     (413 )     317       (96 )
    Savings accounts   (24 )     15       (9 )     (73 )     306       233  
    Certificates of deposit   (49 )     1,391       1,342       279       5,191       5,470  
    Federal Home Loan Bank advances   1,031       (449 )     582       1,667       152       1,819  
    Total interest-bearing liabilities   830       1,060       1,890       1,461       5,965       7,426  
    Net decrease in net interest income $ (398 )   $ (162 )   $ (560 )   $ (768 )   $ (3,216 )   $ (3,984 )
     

    Contacts
    Kevin Pace – President & CEO, 201-862-0660 ext. 1110

    The MIL Network –

  • MIL-OSI Asia-Pac: Hong Kong Legal Week 2024 to commence on Monday

    Source: Hong Kong Government special administrative region

         Hong Kong Legal Week 2024, an annual flagship event of the legal sector and the Department of Justice (DoJ), is one of the most anticipated legal and dispute resolution events in the region and beyond. Themed “Hong Kong Common Law System: World-Class Springboard to China and Beyond”, the five-day event will start Monday (November 4) and run until November 8. The Hong Kong Legal Week 2024 will provide an opportunity for participants to engage in a series of professional and insightful discussions and exchanges with prominent experts, practitioners, government officials and academics on a wide spectrum of topics from international law, developments in alternative dispute resolution, opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, to the rule of law in the region and beyond.

         Hong Kong Legal Week 2024 will open on Monday with the Asia-Pacific International Private Law Summit, co-organised by the International Institute for the Unification of Private Law and the DoJ. The Hong Kong International Legal Talents Training Academy, one of the policy initiatives set out in the 2023 Policy Address, will also be officially launched on the last day of this year’s Hong Kong Legal Week.

         In addition to the insightful events, there will be an exhibition at the venue highlighting the achievements in the construction of the rule of law by the country in the modern era, and the role played by Hong Kong in contributing to the developments.

         A series of international and important events to be featured at the Hong Kong Legal Week 2024 are as below:

    November 4
    * Asia-Pacific International Private Law Summit 2024

    November 5
    * The Second Legal Forum on Interconnectivity and Development

    November 6
    * Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong
    * 2024 Hong Kong Mediation Lecture

    November 7
    * Joint Contribution to the Construction of Rule of Law in the GBA

    November 8
    * Rule of Law: The Best Business Environment

         For more details on Hong Kong Legal Week 2024, please visit the dedicated website at www.legalweek.hk. Live broadcasts will be available on the dedicated website and at webcast.info.gov.hk.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Sustained drive set to boost spending

    Source: China State Council Information Office

    A consumer shops at a supermarket in Tengzhou, east China’s Shandong Province, April 11, 2024. [Photo/Xinhua]

    China will ramp up efforts to reinvigorate consumer spending and drive domestic demand across various sectors, to give a much-needed fillip to the country’s economic growth momentum in the final stretch of the year, officials and analysts said.

    Consumption vouchers in the service sector and new incentives for businesses, among others, will be rolled out to facilitate the transition of the world’s second-largest economy toward a more consumption-led model, they added.

    China’s retail sales growth accelerated by 1.1 percentage points in September compared to the previous month, indicating a positive shift in the country’s consumer market. The country will better harness the power of consumption to propel its development, Vice-Minister of Commerce Sheng Qiuping said on Friday.

    By launching the consumption promotion campaign in November, the country will further unleash the potential of consumption and strongly underpin the year-end economic performance, Sheng said at a news conference.

    The initiative will guide offline businesses to actively engage in promotional activities, while fostering synergies with the ongoing Double Eleven shopping festival, Sheng added. Double Eleven is an e-commerce shopping fiesta that culminates on Nov 11 each year.

    In the month ahead, Beijing, Tianjin, Shanghai, and Chongqing will distribute consumption vouchers specifically for catering, cultural tourism, and sports services, according to Sheng.

    China’s service consumption demand has remained robust, with the retail sales of services growing 6.7% year-on-year in the first three quarters of this year, outpacing the growth in goods retail by 3.7 percentage points, data from the National Bureau of Statistics showed.

    By encouraging consumption in the service industries, China can better capitalize on the growing middle-income group and their increasing preference for experiential and lifestyle-oriented spending, said Chen Lifen, a researcher at the Development Research Center of the State Council.

    Meanwhile, Shanghai and Guangzhou, Guangdong province, will offer support and incentives to businesses that introduce new offerings, such as launching first stores, products or exhibitions.

    That is the debut economy in action. It covers everything from the unveiling of a product for the first time, the opening of flagship stores, and the launch of new services, to the creation of new business models and technologies, said Chen Wenling, chief economist at the China Center for International Economic Exchanges.

    These activities are often characterized by their trendiness, cutting-edge features, and high-quality attributes, effectively aligning with consumers’ growing demand for diverse and premium experiences, Chen added.

    MIL OSI China News –

  • MIL-OSI China: China hopes talks with EU on EV anti-subsidy probe will bring agreement: MOC

    Source: China State Council Information Office

    People experience a BYD Han electric car during a media preview of the 100th Brussels Motor Show in Brussels, Belgium, Jan. 13, 2023. [Photo/Xinhua]

    China’s Ministry of Commerce (MOC) said on Friday that it hoped the new phase of talks on price commitment with the European Union (EU) regarding the latter’s anti-subsidy probe into China-made electric vehicles (EV) will reach a mutually acceptable solution.

    In a statement, the MOC said that the technical teams of China and the EU have immediately launched a new phase of consultations on price commitment following a discussion held via video link on Oct. 25 between Chinese Commerce Minister Wang Wentao and European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis.

    After intensive communication, the EU side indicated that it will be in China to continue consultations on the specific contents of the plan, the MOC said.

    “China welcomes this and hopes that the next phase of consultations will follow the principle of pragmatism and balance to reach a solution acceptable to both sides,” the MOC said.

    On Oct. 29, the EU said it had decided to impose definitive countervailing duties of up to 35.3 percent on EVs from China for a period of five years.

    MIL OSI China News –

  • MIL-OSI USA: Cantwell Statement on Speaker Johnson’s Threat to Repeal The CHIPS & Science Act

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    11.01.24
    Cantwell Statement on Speaker Johnson’s Threat to Repeal The CHIPS & Science Act
    YAKIMA, WA – Today, U.S. Senator Maria Cantwell (D-WA) released this statement regarding Speaker of the House Mike Johnson saying that Republicans would vote to repeal the CHIPS & Science Act:
    “The CHIPS & Science Act is about strengthening America’s competitiveness by bringing supply chains back to the United States, creating new U.S. manufacturing jobs, and lowering costs. It passed both the House and Senate with bipartisan votes because lawmakers understand how important it is to strengthen our national security and economic competitiveness. Now Speaker Johnson and Donald Trump want to kill thousands of jobs that have already been created, stop fabrication facilities already under construction in several states, and make us vulnerable again to outsourcing critical chip components overseas,” Sen. Cantwell said.
    In August, in marking the two-year anniversary of the Act’s passage, Sen. Cantwell announced a major CHIPS & Science Act investment for the Olympic Peninsula. The Recompete pilot program will invest $35M for community-driven initiatives to revive and modernize the region’s traditional timber and maritime economies.
    Sen. Cantwell, chair of the Senate Committee on Commerce, Science, and Transportation, was the chief architect of the CHIPS & Science Act. Sen. Cantwell was appointed Chair of the 107-member Conference Committee to negotiate the legislation and successfully negotiated and rallied a last-minute bipartisan push to secure the inclusion of historic science research and development investments. The CHIPS & Science Act passed the Senate 64-33 on July 27, 2022, and the House one day later. Sen. Cantwell joined President Biden for the bill signing on Aug. 9, 2022.

    MIL OSI USA News –

  • MIL-OSI China: Hong Kong optimizes admissions schemes for global talent

    Source: China State Council Information Office 2

    An aerial photo taken on May 29, 2022 shows a view of the International Commerce Centre (ICC) in south China’s Hong Kong. [Photo/Xinhua]
    The Hong Kong Special Administrative Region (HKSAR) government on Friday allowed graduates of 13 more universities to apply for its Top Talent Pass Scheme (TTPS), among other measures to sweeten its invitation to talents worldwide.
    The addition included nine universities from the Chinese mainland, as well as four overseas specialized institutions on the QS World University Rankings in the discipline of “Art and Design”. The number of universities eligible under the TTPS came to 198.
    The HKSAR government also extended the validity period of the first visas of Category A applications under the TTPS from two years to three years to help applicants plan for moving their families to Hong Kong.
    Category A applicants are those with an annual income reaching 2.5 million Hong Kong dollars (321,471 U.S. dollars) or above in the year immediately preceding the date of application.
    For the Quality Migrant Admission Scheme, the HKSAR government scrapped the annual quota and streamlined the application and selection process.

    MIL OSI China News –

  • MIL-Evening Report: Palau newspaper sued by president’s family company ahead of general election

    By Stefan Armbruster of BenarNews

    Palau’s largest newspaper is being sued for defamation by the company of President Surangel Whipps Jr’s father, just days ahead of general elections in the Pacific nation.

    Surangel and Sons alleges “negligence and defamation” by the Island Times and its editor Leilani Reklai for an article published on Tuesday with “false and unsubstantiated allegations,” owner Surangel Whipps Sr said in a press release on Thursday.

    Reklai has rejected the company’s allegations and said the “lawsuit is trying to control how media here in Palau tells a story”, a news article about the case in the Island Times reported on Friday.

    “I feel like we are being intimidated, we are being forced to speak a certain narrative rather than present diverse community perspectives,” said Reklai, who is also a stringer for BenarNews.

    The Micronesian nation of 17,000 people — 650 km north of Papua New Guinea — goes to the polls on November 5. Whipps Jr’s rival is his brother-in-law Tommy Remengesau Jr, who was president from 2001 to 2009 and 2013 to 2021.

    The controversy comes after Palau was top of the inaugural 2023 Pacific Media Freedom Index of 14 island countries that highlighted the region’s media facing significant political and economic pressures, bribes and corruption, as well as self-censorship.

    Island Times editor Leilani Reklai . . . fears the lawsuit could have serious consequences for the media in Palau and bankrupt the newspaper. Image: Stefan Armbruster

    Island Times reported on Friday the suit is seeking compensation and punitive damages and that the company asserts the “monetary awards should be substantial enough to prevent similar conduct from the newspaper and Reklai in future”.

    Surangel and Sons financial details — leaked from the country’s tax office — were posted on social media last weekend, prompting heated online debate over how much it paid.

    A new corporate and goods and services tax system introduced by Whipps Jr’s government is currently being rolled out in Palau and its merits have been a focus of election campaigning.

    The company in a statement said its “privacy rights had been violated,” the tax details were obtained illegally, posted online without consent, and some of the figures had been altered.

    Motivation ‘confusing voters’
    “The motivation behind the circulation of this document is clearly for misinformation and disinformation to confuse voters. In the end Surangel and Sons is not running for office. Unfortunately, it has been victimised by this smear campaign,” the company posted on social media.

    Island Times in a 225-word, front-page story headlined “Surangel & Sons condemns tax report leak as privacy violation” reported the company’s statement on Tuesday. It also quoted financial details from the leaked documents and accompanying commentary.

    Whipps Jr. in a press conference on Wednesday accused the Island Times of publishing disinformation.

    “Island Times continues to print political propaganda, it’s not accurate,” Whipps Jr said, calling for a correction to be published.

    The lawsuit against the paper and its editor was served the next day.

    Whipps Jr’s spokesperson told BenarNews any questions related to the lawsuit should be directed to the parties involved.

    Eightieth birthday celebrations for Surangel Whipps Sr (left) with his son Surangel Whipps Jr in February 2020. Image: Diaz Broadcasting Palau screenshot BenarNews

    Surangel and Sons was founded in 1980 by Whipps Sr, who also served as Palau’s president briefly in 2005 and for two years from 2007.

    Business ‘offers everything’
    The privately-owned business “offers everything from housing design and automotive repair to equipment rentals, groceries, and scuba gear” through its import, sales, construction and travel arms, the company’s website says.

    Previously as CEO, Whipps Jr transformed the company from a family store to one of Palau’s largest and most diversified businesses, employing more than 700 people.

    His LinkedIn profile states he finished as CEO in January 2021, after 28 years in the position and in the month he became president. His spokesperson did not respond to questions from BenarNews about if he still retains any direct financial or other links to the company.

    Surangel and Sons said the revelation of sensitive business information threatens their competitive advantage and puts jobs at risk.

    Palau’s Minister of Finance Kaleb Udui Jr told the president’s press conference on Wednesday an investigation was underway, a special prosecutor would be appointed and apologized for the leak to the company.

    “I would hope the media would make extra effort to help educate the public and discourage misinformation and breaches of privacy of the tax office and any other government office,” Udui said, confirming the tax documents had been altered before being posted on social media.

    He said tax office staff have previously been warned about leaks and ensuring data confidentiality, as breaches negatively impact the confidence of foreign investors in Palau.

    Explanation rather than leak
    Whipps Jr added that the newspaper should have explained the tax system instead of reporting the leaked information.

    He also accused Island Times of failure to disclose a paid advertisement in this week’s edition of the paper for his political opponent.

    “I’m disappointed in the Island Times, because there was an article that was not an article, a paid advertisement,” Whipps Jr said about a colourful blue and yellow election campaign graphic.

    Island Times told BenarNews it was not usual practice to put “Paid Advertisement” on advertisements but it would review its policy for political campaign material.

    Reklai fears the lawsuit could have serious consequences for the media in Palau and bankrupt Island Times, the paper reported.

    “If I don’t stand up to this, it sends a signal to all journalists that they risk facing claims for damages for powerful companies and government officials while carrying out their work,” she said.

    Palau has two newspapers and four radio stations and enshrined in its constitution are protections for journalists, including a guarantee they cannot be jailed for refusing to disclose sources.

    Surangel and Sons said they would no longer sell Island Times through their outlets.

    Copyright ©2015-2024, BenarNews. Republished with the permission of BenarNews.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: New Jersey Resident Pleads Guilty to Helping Russia’s Defense Sector Evade U.S. Export Controls

    Source: US State of North Dakota

    Defendant Facilitated Russia’s Acquisition of Millions of Dollars of U.S.-Made Dual-Use Electronics Used in Radar, Surveillance, and Military Research and Development

    Vadim Yermolenko, 43, a dual U.S.-Russian national and resident of New Jersey, pleaded guilty to conspiracy to violate the Export Control Reform Act, conspiracy to commit bank fraud, and conspiracy to defraud the United States for his role in a transnational procurement and money laundering network that sought to acquire sensitive dual-use electronics for Russian military and intelligence services.

    “This defendant joins the nearly two dozen other criminals that our Task Force KleptoCapture has brought to justice in American courtrooms over the past two and a half years for enabling Russia’s military aggression,” said Attorney General Merrick B. Garland. “This defendant admitted to playing a central role in a now-disrupted scheme with Russian intelligence services to smuggle sniper rifle ammunition and U.S. military grade equipment into Russia. The Justice Department will never stop working to aggressively disrupt and prosecute both the criminal networks and the individuals responsible for bolstering the Russian war machine.”

    “The illegal export of sensitive, dual-use technologies in support of Russia’s war effort poses a significant threat to the United States and its allies and must not be tolerated,” said FBI Director Christopher Wray. “The defendant in this case played a key role in exporting U.S. technology that in the hands of our adversaries could pose great danger to our national security. The FBI and its partners will continue to focus on protecting strategic innovation at home and hold accountable anyone who facilitates illegal transfers to hostile nations like Russia.”

    “To facilitate the Russian war machine, the defendant played a critical role in exporting sensitive, dual-use technologies to Russia, facilitating shipping and the movement of millions of dollars through U.S. financial institutions,” said U.S. Attorney Breon Peace for the Eastern District of New York. “This plea highlights my Office and our law enforcement partners continued commitment to use all tools available to prosecute those who unlawfully procure U.S. technology to send to Russia.”

    According to court documents, the defendant was affiliated with Serniya Engineering and Sertal LLC, Moscow-based companies that operate under the direction of Russian intelligence services to procure advanced electronics and sophisticated testing equipment for Russia’s military industrial complex and research and development sector. Serniya and Sertal operated a vast network of shell companies and bank accounts throughout the world, including the United States, that were used in furtherance of the scheme to conceal the involvement of the Russian government and the true Russian end users of U.S.-origin equipment.

    The defendant and his co-conspirators unlawfully purchased and exported highly sensitive, export controlled electronic components, some of which can be used in the development of nuclear and hypersonic weapons, quantum computing and other military applications. Following Russia’s invasion of Ukraine in February 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce (DOC) Bureau of Industry and Security (BIS) levied sanctions and imposed additional export restrictions on Serniya, Sertal, and several individuals and companies used in the scheme, calling them “instrumental to the Russian Federation’s war machine.”

    Sertal was licensed to conduct highly sensitive and classified procurement activities by Russia’s Federal Security Service (FSB), Russia’s principal security agency and the main successor agency to the Soviet Union’s KGB. The Serniya network’s Russian clients included State Corporation Rostec, the state-owned defense conglomerate; State Atomic Energy Corporation Rosatom (Rosatom); the Ministry of Defense; the Foreign Intelligence Service (SVR); and various components of the FSB, including the Department of Military Counterintelligence and the Directorate for Scientific and Technological Intelligence, commonly known as “Directorate T.”

    To carry out the scheme, the defendant helped set up numerous shell companies and dozens of bank accounts in the U.S. to illicitly move money and export-controlled goods. During the period charged in the indictment, more than $12 million passed through accounts owned or controlled by the defendant. These funds were used in part to purchase sensitive equipment used in radar, surveillance and military research and development. In one instance, money from one of the defendant’s accounts was used to purchase export-controlled sniper bullets, which were intercepted in Estonia before they could be smuggled into Russia.

    Co-defendant Alexey Brayman previously pleaded guilty to conspiracy to defraud the United States and is awaiting sentence. The case against co-defendant Vadim Konoshchenok, a suspected FSB operative, was dismissed after Konoshchenok was removed from the United States as part of a prisoner exchange negotiated between the United States and Russia. Defendant Nikolaos Bogonikolos’ case remains pending. Defendants Boris Livshits, Alexey Ippolitov, Svetlana Skvortsova, and Yevgeniy Grinin remain at large.        

    The FBI, BIS, and IRS are investigating the case.

    The U.S. Customs and Border Protection, Department of Justice’s Office of International Affairs, and Estonian authorities provided valuable assistance.

    Assistant U.S. Attorneys Artie McConnell, Andrew D. Reich, and Matthew Skurnik for the Eastern District of New York are prosecuting the case, with assistance from Trial Attorney Scott A. Claffee of the National Security Division’s Counterintelligence and Export Control Section.

    Today’s actions were coordinated through the Justice Department’s Task Force KleptoCapture and the Justice and Commerce Departments’ Disruptive Technology Strike Force. Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions and economic countermeasures that the United States has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains and prevent critical technology from being acquired by authoritarian regimes and hostile nation states.

    MIL OSI USA News –

  • MIL-OSI USA: Lyft to Pay Civil Penalty to Resolve Allegations of Misleading Drivers About Their Potential Earnings

    Source: US State of North Dakota

    The Justice Department, together with the Federal Trade Commission (FTC), today announced that Lyft Inc. (Lyft) has agreed to resolve allegations that it made false and misleading statements about how much Lyft drivers would earn. The settlement includes an agreement to pay $2.1 million in civil penalties and a permanent injunction prohibiting such false and misleading earnings claims.

    Lyft operates a mobile app ride-hailing platform that connects consumers seeking rides with those who provide rides with their own personal vehicles. Through marketing campaigns and advertisements, Lyft recruits drivers. After a driver is hired, Lyft sets the rates the driver charges and collects a portion of the fare for each ride. In a civil complaint filed in the U.S. District Court for the Northern District of California, the government alleges that, as early as 2021, Lyft made false and misleading claims in its advertising and marketing regarding potential earnings and incentives to be earned by drivers who signed up to drive for Lyft. Lyft allegedly continued these practices even after it received a Notice of Penalty Offenses in October 2021 that placed the company on notice that false and misleading earnings claims were unlawful.

    The complaint alleges that Lyft disseminated advertisements promoting specific hourly amounts that drivers throughout the United States could earn. The company, however, did not disclose that the potential hourly amounts were based on the earnings of the top 20% of its drivers. The complaint also further alleges that Lyft also tried to induce drivers to offer more rides by promoting “earnings guarantees,” which guaranteed that drivers would be paid a set amount if they completed a specific number of rides in a certain time. These guarantees allegedly did not clearly disclose that drivers were paid only the difference between what they otherwise earned for the rides and Lyft’s advertised guaranteed amount, rather than receiving the full guaranteed amount in addition to their regular earnings for the rides.

    In the stipulated order entered today by the federal district court, Lyft is required to pay a $2,100,000 civil penalty. The order also enjoins Lyft from making any misrepresentations regarding driver earnings and includes other monitoring and reporting provisions aimed at promoting Lyft’s compliance with the order.

    “The Justice Department will vigorously enforce the law to stop companies from misleading Americans about their potential earnings in the gig economy,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We will continue to work with the FTC to stop unfair and deceptive marketing practices.”

    “Lyft drivers deserve accurate information about how much they will be paid for the work they do,” said Director Samuel Levine of the FTC’s Bureau of Consumer Protection. “Our settlement with Lyft bans exaggerated earnings claims and underscores the FTC’s commitment to ensuring gig workers are treated fairly.”

    Trial Attorney Paulina Stamatelos and Assistant Director Zachary Dietert of the Civil Division’s Consumer Protection Branch, Assistant U.S. Attorney Ekta Dharia for the Northern District of California and Abdiel Lewis and Evan Rose of the FTC’s Bureau of Consumer Protection handled the matter.

    For more information about the Consumer Protection Branch and its enforcement efforts, visit www.justice.gov/civil/consumer-protection-branch. For more information about the FTC, visit www.FTC.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Court Permanently Stops Texas Professional and Business from Organizing and Selling “Tax Plans”

    Source: US State of North Dakota

    Agreed Order also Bars Professional from Preparing Tax Returns and Business from Preparing Tax Returns Reflecting Certain “Tax Plans”

    The U.S. District Court for the Northern District of Texas entered permanent injunctions today against Charles Dombek and The Optimal Financial Group LLC barring them from promoting any tax plan that involves creating or using sham management companies, deducting personal non-deductible expenses as business expenses or assisting in the creation of “captive” insurance companies. The injunctions also prohibit Dombek from preparing any federal tax returns for anyone other than himself and Optimal from preparing certain federal tax returns reflecting such tax plans. Dombek and Optimal consented to entry of the injunctions.

    According to the government’s complaint, Dombek is a licensed CPA and served as Optimal’s manager and president. Allegedly, Dombek and Optimal promoted a tax scheme throughout the United States to illegally reduce customers’ income tax liabilities by using sham management companies to improperly shift income to be taxed at lower tax rates, improperly defer taxable income or claim personal expenses as bogus business deductions. As alleged by the government, Dombek promoted himself as the “premier dental CPA” in America. The complaint further alleges that in promoting the schemes, Dombek and Optimal made false statements about the tax benefits of the scheme that they knew or had reason to know were false, then prepared and signed tax returns for their customers reflecting the sham transactions, expenses and deductions. The government contended that the total harm to the treasury from the scheme could have been $10 million or more.

    Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division made the announcement.

    Each year the IRS highlights some of the tax scams that put taxpayers at risk of losing money, personal information, data and more. In the IRS’s most recent list, it specifically warned taxpayers “to beware of promoters peddling bogus tax schemes aimed at reducing taxes or avoiding them altogether.”

    Working with the IRS, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers and tax scheme promoters over the past decade. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL OSI USA News –

  • MIL-OSI Security: Court Permanently Stops Texas Professional and Business from Organizing and Selling “Tax Plans”

    Source: United States Attorneys General

    Agreed Order also Bars Professional from Preparing Tax Returns and Business from Preparing Tax Returns Reflecting Certain “Tax Plans”

    The U.S. District Court for the Northern District of Texas entered permanent injunctions today against Charles Dombek and The Optimal Financial Group LLC barring them from promoting any tax plan that involves creating or using sham management companies, deducting personal non-deductible expenses as business expenses or assisting in the creation of “captive” insurance companies. The injunctions also prohibit Dombek from preparing any federal tax returns for anyone other than himself and Optimal from preparing certain federal tax returns reflecting such tax plans. Dombek and Optimal consented to entry of the injunctions.

    According to the government’s complaint, Dombek is a licensed CPA and served as Optimal’s manager and president. Allegedly, Dombek and Optimal promoted a tax scheme throughout the United States to illegally reduce customers’ income tax liabilities by using sham management companies to improperly shift income to be taxed at lower tax rates, improperly defer taxable income or claim personal expenses as bogus business deductions. As alleged by the government, Dombek promoted himself as the “premier dental CPA” in America. The complaint further alleges that in promoting the schemes, Dombek and Optimal made false statements about the tax benefits of the scheme that they knew or had reason to know were false, then prepared and signed tax returns for their customers reflecting the sham transactions, expenses and deductions. The government contended that the total harm to the treasury from the scheme could have been $10 million or more.

    Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division made the announcement.

    Each year the IRS highlights some of the tax scams that put taxpayers at risk of losing money, personal information, data and more. In the IRS’s most recent list, it specifically warned taxpayers “to beware of promoters peddling bogus tax schemes aimed at reducing taxes or avoiding them altogether.”

    Working with the IRS, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers and tax scheme promoters over the past decade. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL Security OSI –

  • MIL-OSI Security: Lyft to Pay Civil Penalty to Resolve Allegations of Misleading Drivers About Their Potential Earnings

    Source: United States Attorneys General 7

    The Justice Department, together with the Federal Trade Commission (FTC), today announced that Lyft Inc. (Lyft) has agreed to resolve allegations that it made false and misleading statements about how much Lyft drivers would earn. The settlement includes an agreement to pay $2.1 million in civil penalties and a permanent injunction prohibiting such false and misleading earnings claims.

    Lyft operates a mobile app ride-hailing platform that connects consumers seeking rides with those who provide rides with their own personal vehicles. Through marketing campaigns and advertisements, Lyft recruits drivers. After a driver is hired, Lyft sets the rates the driver charges and collects a portion of the fare for each ride. In a civil complaint filed in the U.S. District Court for the Northern District of California, the government alleges that, as early as 2021, Lyft made false and misleading claims in its advertising and marketing regarding potential earnings and incentives to be earned by drivers who signed up to drive for Lyft. Lyft allegedly continued these practices even after it received a Notice of Penalty Offenses in October 2021 that placed the company on notice that false and misleading earnings claims were unlawful.

    The complaint alleges that Lyft disseminated advertisements promoting specific hourly amounts that drivers throughout the United States could earn. The company, however, did not disclose that the potential hourly amounts were based on the earnings of the top 20% of its drivers. The complaint also further alleges that Lyft also tried to induce drivers to offer more rides by promoting “earnings guarantees,” which guaranteed that drivers would be paid a set amount if they completed a specific number of rides in a certain time. These guarantees allegedly did not clearly disclose that drivers were paid only the difference between what they otherwise earned for the rides and Lyft’s advertised guaranteed amount, rather than receiving the full guaranteed amount in addition to their regular earnings for the rides.

    In the stipulated order entered today by the federal district court, Lyft is required to pay a $2,100,000 civil penalty. The order also enjoins Lyft from making any misrepresentations regarding driver earnings and includes other monitoring and reporting provisions aimed at promoting Lyft’s compliance with the order.

    “The Justice Department will vigorously enforce the law to stop companies from misleading Americans about their potential earnings in the gig economy,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We will continue to work with the FTC to stop unfair and deceptive marketing practices.”

    “Lyft drivers deserve accurate information about how much they will be paid for the work they do,” said Director Samuel Levine of the FTC’s Bureau of Consumer Protection. “Our settlement with Lyft bans exaggerated earnings claims and underscores the FTC’s commitment to ensuring gig workers are treated fairly.”

    Trial Attorney Paulina Stamatelos and Assistant Director Zachary Dietert of the Civil Division’s Consumer Protection Branch, Assistant U.S. Attorney Ekta Dharia for the Northern District of California and Abdiel Lewis and Evan Rose of the FTC’s Bureau of Consumer Protection handled the matter.

    For more information about the Consumer Protection Branch and its enforcement efforts, visit www.justice.gov/civil/consumer-protection-branch. For more information about the FTC, visit www.FTC.gov.

    MIL Security OSI –

  • MIL-OSI Russia: GUU took part in the exhibition “Metal-Expo 2024”

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    From October 29 to November 1, the 30th International Industrial Exhibition Metal-Expo 2024 was held at the Expocentre in Moscow.

    The anniversary forum of metallurgists attracted about 1 thousand participants, which is 30% more than last year.

    The State University of Management is represented by the Department of Industrial Management of the Institute of Industry Management, represented by Andrey Belyaev, a member of the Forum Organizing Committee.

    At a separate stand of the State University of Management, students of the educational program “International Manufacturing Business” talk about the university.

    On October 31, the forum hosted the 23rd International Conference “New Trends in the Rational Use of Secondary Resources and Environmental Problems,” at which 2nd-year student of the State University of Management Yulia Levchenko presented a scientific report.

    In addition, on November 1, as part of the forum, a Gathering of students and postgraduates from specialized universities “The Future is Being Laid Today” was held, where the results of the scientific paper competition “Young Scientists” were summed up. The competition, established by the Organizing Committee of the Metal Expo exhibition, is aimed at supporting talented young people and promoting their scientific achievements to the market.

    First-year master’s student of the State University of Management Anastasia Ivanova became a laureate with her work “Comparative economic policy of Russia and China in the rare earth metals industry”. The scientific supervisor of both works presented at “Metal Expo 2024” is a teacher of the State University of Management Fanis Sharipov.

    Also among the competition laureates this year were representatives of the Moscow State Technical University, the Moscow University of Steel and Alloys and, for the first time, MIREA University.

    The State University of Management was also awarded a separate diploma by the Organizing Committee of the exhibition “For highly professional organization of promotion of products and services.”

    Subscribe to the TG channel “Our GUU” Date of publication: 2.11.2024

    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 Global: Undoing the ‘deep state’ means Trump would undo over a century of progress in building a federal government for the people and not just for rich white men

    Source: The Conversation – USA – By Joseph Patrick Kelly, Professor of Literature and Director of Irish and Irish American Studies, College of Charleston

    If elected, Donald Trump has vowed to demolish what he calls the “deep state” – a conspiratorial term for the American federal bureaucracy. A second Trump administration, running mate JD Vance has said, should fire thousands of civil servants and replace them with MAGA loyalists.

    Trump has said he would tap the billionare Elon Musk as the hatchet man to lead his proposed government commission on “efficiency” in government.

    Compared with the other fireworks of the campaign – like Trump’s promise to criminally prosecute his political rivals and suppress news organizations – threats to gut the United States’ vast federal bureaucracy don’t get much attention. But doing so is a big a threat to democracy.

    For years, conservatives have claimed that taking power from government agencies gives it back to the people. Yet while it might seem counterintuitive, Americans actually exercise their sovereignty through the administrative state.

    The American administrative state was established almost 100 years ago by President Franklin Delano Roosevelt. As a historian of American democracy, I think it’s valuable to remember what the old deal looked like while Trump rails against the New Deal.

    The Gilded Age

    Around 1900, America was not really democratic. The federal government did not rule by the consent of the governed. As historian Heather Cox Richardson recently argued, the American government was an oligarchy.

    Millions of working-class Slavs, Jews, Italians, Asians and Scotch-Irish Appalachians toiled mercilessly in death-trap sweatshops, suffocating mines and fiery steel mills. Cotton farmers in the Black Belt lived like peons.

    These people were America’s “other half,” as the social reformer Jacob Riis called them in 1890. And they were effectively excluded from the social contract.

    Meanwhile, for rich white men like Andrew Carnegie and John D. Rockefeller it was, as Mark Twain quipped, a “Gilded Age.” Robber barons ran their industrial empires with impunity.

    When their employees tried to organize or protest, industrialists got sheriffs and police to suppress them. Or they hired private armies of “detectives,” like the Pinkertons, as Carnegie did when steelworkers struck in Homestead, Pennsylvania.

    Governors called in the National Guard, as Ephraim Morgan did in 1921 to suppress a labor dispute in West Virginia. Sometimes, it was the regular Army, as in 1919, when soldiers from Camp Pike propped up the peonage system of tenant farming by indiscriminately machine-gunning Black farmers hiding in the woods outside Elaine, Arkansas.

    ‘We stand at Armageddon’

    Forced by popular clamor, Congress decided to act.

    It created the Interstate Commerce Commission in 1887 and told its commissioners to compel railroads, which were gouging some customers and favoring others, to charge fair rates to everyone.

    This was the start of federal regulation.

    In 1895, the New York Legislature passed the Bakeshop Act, making it illegal to force an employee to work more than 10 hours a day or 60 hours a week.

    The Supreme Court, however, was still friendly to business. In its 1905 decision in Lochner v. New York, the court ruled against the Bakeshop Act. No one could regulate the workday or work week. The decision stripped Congress and state legislatures of their nascent regulatory powers. That enraged President Teddy Roosevelt.

    “(T)he right of the people to rule,” Roosevelt later thundered, had been usurped by the corporations. With apocalyptic fury he predicted, “We stand at Armageddon!”

    That was in 1912. The Lochner era, as historians call this period when workers and the public had few protections from exploitative businesses, lasted another 20 years.

    Then, in 1929, the U.S. economy collapsed.

    One-quarter of Americans had no work. Starving and desperate migrants wandered across the country. An army of veterans marched on Washington.

    The apocalyptic misery of the Great Depression finally made American oligarchy untenable.

    Liberal democracy

    In 1932, the people rewrote the social contract: They elected Franklin Delano Roosevelt and his New Deal in a landslide.

    It was, in essence, a revolution. After nearly 60 years of corporate domination, the 1932 election would “return America to its own people,” to use Roosevelt’s words.

    Of course, it was not really a “return.” In the precorporation world, most Americans – notably women and Black people – couldn’t participate in their own government. But 1932 was a giant step toward democracy. And the great innovation that would usher in this modern, liberal democracy was the administrative state: a meritocracy of career civil servants dedicated to carrying out the law.

    Have you ever wondered why a green light means “go” in every state? In 1935, the Bureau of Public Roads – now the Federal Highway Administration – wrote and enforced its first Manual on Uniform Traffic Control Devices for Streets and Highways.

    That’s the administrative state in action. It’s how 122 million people cooperated to make complex, modern society work – without surrendering their sovereignty to some dictator like Benito Mussolini or Josef Stalin.

    But the Supreme Court kept striking down New Deal laws and regulations.

    After a massive electoral victory in 1936, FDR threatened to “pack” the court by raising the number of justices from nine to 15. Finally, the court relented. In a 5-4 decision, it allowed the state of Washington’s Industrial Welfare Committee to establish a minimum wage – $14.50 for a 48-hour work week.

    Most history textbooks don’t mention this milestone, but that’s when liberal democracy was secured.

    To be sure, it would take almost 30 more years before the Civil Rights Acts of the 1960s brought democracy to the Jim Crow South. But even that victory depended on the Justice Department’s power to regulate elections in historically white supremacist states.

    The administrative state has been protecting the rights of ordinary Americans and executing the sovereignty of the people for the past 87 years.

    Who grounded Boeing airplanes when a door blew off a 737 in midflight? It was civil servants in the Federal Aviation Administration, a government agency founded by Congress in 1958 “to regulate civil aviation.”

    Why does the U.S. have cleaner air and water today than it did in the 1960s? Because in 1970, Congress passed the Clean Air Act, and a new Environmental Protection Agency was empowered to write and perpetually rewrite regulations that execute Congress’ antipollution laws.

    The alternative

    This system produces the occasional injustice or overreach.

    A farmer’s puddling acre, for example, might be overregulated as a “wetland.” A fishing company might be ordered to maintain a government-appointed herring counter at a cost of $710 a day.

    But gutting regulatory agencies and replacing a meritocratic bureaucracy with MAGA loyalists won’t help small farmers or family-owned fishing boats. It will empower big corporations to pollute, exploit their workers, price-gouge customers, cut corners on safety – and to corrupt the political system.

    It’s also illegal. Congress has deliberately protected those bureaucrats from the volatility of presidential politics.

    Unlike presidential appointees, who serve at the pleasure of the president, civil servants work for the people. They are empowered by Congress, and the president cannot fire them. At least for now.

    Joseph Patrick Kelly has previously volunteered as an officer at the county and precinct level in the Democratic Party.

    – ref. Undoing the ‘deep state’ means Trump would undo over a century of progress in building a federal government for the people and not just for rich white men – https://theconversation.com/undoing-the-deep-state-means-trump-would-undo-over-a-century-of-progress-in-building-a-federal-government-for-the-people-and-not-just-for-rich-white-men-234421

    MIL OSI – Global Reports –

  • MIL-OSI USA: One Month of Meeting Survivors Where They Are in Virginia

    Source: US Federal Emergency Management Agency

    Headline: One Month of Meeting Survivors Where They Are in Virginia

    One Month of Meeting Survivors Where They Are in Virginia

    BRISTOL, Va.— Yesterday marked one month since the White House declared a major disaster in Virginia for Hurricane Helene. Since then, FEMA and the commonwealth of Virginia, along with other partner agencies, have been working to provide resources to survivors on the road to recovery.16 counties and two independent cities have been designated for Individual Assistance and 36 counties for Public Assistance as of November 1, 2024. The deadline for Individual Assistance is December 2, 2024. To learn more about individual assistance, visit fema.gov/ia.

    Graphic

    FEMA staff have been working to reach the whole community. One part of the community outreach includes Disaster Survivor Assistance Teams, who walk door to door to register survivors and answer questions. Disaster Survivor Assistance Teams have visited over 26,000 homes in Virginia over the last month. FEMA staff have attended community events across the declared counties and independent cities, spreading the word about disaster assistance. Additionally, FEMA has opened eight Disaster Recovery Centers (DRC) throughout southwest Virginia, providing in-person assistance to over 2,600 Virginians to date. Staff from federal, commonwealth, and local agencies are at DRCs to help survivors answer questions about FEMA applications as well as access other resources and support.Commonwealth, federal, local and nonprofit agencies have collaborated on Agriculture Recovery Resource Days, where over 15 agencies and organizations shared resources with farmers and agribusinesses impacted by Hurricane Helene. Over 100 households attended the first Agriculture Recovery Resource Day on, October. 29 in Independence, Va. At least two additional Agriculture Recovery Resource Days will be held on Nov. 7 and Nov. 9. To learn more about upcoming agriculture events please visit Hurricane Helene Virginia Agriculture Recovery Resource Day | FEMA.gov.  Below are some pictures of FEMA staff in communities throughout southwest Virginia, meeting survivors where they are:
    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56832″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/87e1f2498f8223bafd8bd4fa20534690.jpg?itok=Y1TBFkij” alt=”Caption: Montgomery County, Va. (Oct. 1, 2024) – A resident describes high water from the New River to a Preliminary Damage Assessment team days after it flooded its banks and into his home. The team, comprised of Montgomery County emergency managers, Virginia Department of Emergency Management, the U.S. Small Business Administration, and FEMA was reviewing Montgomery County properties impacted by Tropical Storm Helene.” class=”image-style-large”>

    Montgomery County, Va. (Oct. 1, 2024) – A resident describes high water from the New River to a Preliminary Damage Assessment team days after it flooded its banks and into his home. The team, comprised of Montgomery County emergency managers, Virginia Department of Emergency Management, the U.S. Small Business Administration, and FEMA was reviewing Montgomery County properties impacted by Tropical Storm Helene.

    WASHINGTON COUNTY, Va.— A FEMA specialist helps a survivor apply for federal assistance at the Taylors Valley Community Center in Taylors Valley on Oct. 4, 2024. (Philip Maramba/FEMA)

    WASHINGTON COUNTY, Va.— FEMA staff assisting Hurricane Helene survivors on opening day of the DRC in Damascus. (Philip Maramba/FEMA)

    GRAYSON COUNTY, Va.— FEMA Disaster Survivor Assistance specialists, sharing information about FEMA disaster assistance with a resident in Independence on Oct. 10, 2024. (Nicholas Monteleone/FEMA) 

    View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56349″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/2b0015dc948c69838efd46bf474e1f96.jpg?itok=hfUraxZP” alt=”Caption: Bland, Va. – FEMA staff talk about disaster assistance with attendees of the Bland County Festival of Leaves at a pop-up FEMA Disaster Recovery Center.” class=”image-style-large”>

    Bland, Va. – FEMA staff talk about disaster assistance with attendees of the Bland County Festival of Leaves at a pop-up FEMA Disaster Recovery Center.

    WYTHE COUNTY, Va.— A FEMA Disaster Survivor Assistance specialist, accompanied by FEMA Corps team members, shares application information with a Wythe County resident on Oct. 17. FEMA Disaster Survivor Assistance Teams are making their way through southwest Virginia to help survivors impacted by Helene. (Kelly Magarity/FEMA)

    WASHINGTON COUNTY, Va.— FEMA and U.S. Small Business Administration (SBA) staff discuss disaster assistance and SBA resources for Helene survivors at a community event on Oct. 19, 2024. (Johannes Webb / FEMA)

    WASHINGTON COUNTY, Va.— FEMA Disaster Survivor Assistance specialist talking to a Helene survivor at a community event on Oct. 19. (Johannes Webb / FEMA)

    WYTHE COUNTY, Va.— FEMA staff member at the Disaster Recovery Center in Wytheville on Oct. 26, sharing information about FEMA programs. (Johannes Webb / FEMA)

    WYTHE COUNTY, Va. – FEMA staff handing out Halloween candy and discussing disaster assistance programs at a community event in Wytheville on Oct. 26. (Johannes Webb /FEMA)

    GRAYSON COUNTY, Va.— FEMA Applicant Service Program specialist assisting a producer at the first Agriculture Recovery Resource Day in Independence on Oct. 29. (Johannes Webb / FEMA)

    FEMA encourages Hurricane Helene survivors who have not applied for assistance to do so before the Individual Assistance deadline on December 2. Impacted individuals in the 16 designated counties and two independent cities can apply today by visiting www.disasterassistance.gov, using the FEMA mobile app, calling 1-800-621-3362, or visiting a Disaster Recovery Center. A ninth DRC will open on Saturday, November 2 in Galax, Va. and additional locations will open in the coming weeks. Disaster survivors can visit any DRC to receive assistance. To find the DRC closest to you, including addresses and hours, visit FEMA.gov/drc or text DRC and a ZIP code to 43362.

    Graphic

    FEMA has set up a rumor response webpage to clarify our role in the Helene response. Visit Hurricane Helene: Rumor Response | FEMA.gov. For more information on Virginia’s disaster recovery, visit vaemergency.gov,  the Virginia Department of Emergency Management Facebook page , fema.gov/disaster/4831 and facebook.com/FEMA.  
    mashana.davis
    Sat, 11/02/2024 – 15:23

    MIL OSI USA News –

  • MIL-OSI USA: HH Fresh Trading Corp Recalls Taiwan Enoki 200gx25pk Because of Possible Health Risk

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    FDA Publish Date:
    Product Type:
    Food & Beverages
    Reason for Announcement:

    Recall Reason Description

    Potential to be contaminated with Listeria monocytogenes.

    Company Name:
    HH Fresh Trading Corp of California
    Brand Name:

    Brand Name(s)

    HH Fresh Trading

    Product Description:

    Product Description

    Enoki Mushrooms

    Company Announcement

    HH Fresh Trading Corp of California is recalling its 200g of Taiwan Enoki because they have the potential to be contaminated with Listeria monocytogenes, an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, Listeria infection can cause miscarriages and stillbirths among pregnant women.

    The recalled “Enoki mushrooms 200 gram” were distributed in West Virginia in multiple retail store locations and were sold on 8/20/2024 and 8/23/2024 with 240 cases for each date. HH Fresh Trading received notice on 10/11/2024 and that the Enoki 200 gram test revealed the presence of Listeria monocytogenes on 9/9/2024. As a result we would like to recall this products immediately.

    The product comes in a 200 gram, clear plastic package marked with barcode # 4711498860019 on the back side. No illnesses have been reported to date in connection with this problem. The potential for contamination was noted after routine testing by the FDA revealed the presence of Listeria monocytogenes in 200 gram of Enoki. The production of the product has been suspended while FDA and the HH Fresh Trading Corp continue to investigate the source of the problem.

    Consumers who have purchased 200 gram of HH Fresh Trading Taiwan Enoki are urged to return them to the place of purchase for a full refund. Consumers with questions may contact the company at 1-262-365-9116 at 8AM to 4PM from Monday to Friday Pacific Time.

    Company Contact Information

    Consumers:
    HH Fresh Trading Corp of California
    1-262-365-9116

    Product Photos

    MIL OSI USA News –

  • MIL-OSI USA: FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chaves County Flood

    Source: US Federal Emergency Management Agency

    Headline: FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chaves County Flood

    FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chaves County Flood

    Chaves County homeowners and renters, who sustained damage from the Oct. 19-20, 2024, severe storm and flooding may be eligible for disaster assistance under FEMA’s Individuals and Households Program. FEMA disaster assistance may include grants for temporary housing and home repairs, to cover uninsured property losses, and other programs to help people recover from the effects of the disaster.FEMA’s assistance offers benefits that provide flexible funding directly to survivors when needed the most. In addition, FEMA’s new simplified Individual Assistance process and expanded eligibility allows New Mexicans access to a wider range of assistance including for serious needs.Serious Needs Assistance (SNA) provides funding for households to cover important items like water, food, first aid, breast-feeding supplies, infant formula, diapers, personal hygiene items, fuel for transportation or other emergency supplies for eligible households. To qualify for SNA, you must be displaced, need shelter or have other emergency costs due to the disaster on your application.Displacement Assistance (DA) provides people with up-front funds to assist with immediate housing options of their choice, to keep people housed. The money can be used to stay in a hotel, with family and friends or other options.Before receiving funds for Serious Needs Assistance (SNA) or Displacement Assistance (DA), an inspection is required to confirm eligibility.How to Apply to FEMANew Mexico residents can apply to FEMA for federal financial assistance three ways:Visit DisasterAssistance.gov,Download the FEMA App for mobile devices, or Call the FEMA Helpline at 800-621-3362. Calls are accepted every day from 5 a.m. to 9 p.m. MT. Help is available in most languages. Dial 711 or video relay services are available.To view an American Sign Language (ASL) video about how to apply visit Three Ways to Register for FEMA Disaster Assistance – YouTube.Additional Assistance and BenefitsStreamlined Application Requirements so you can apply for a low-interest, long-term disaster loan from the U.S. Small Business Administration (SBA) and for FEMA assistance at the same time.Support for Underinsured Claims to help with aspects of home repair not covered by insurance.Simplified Assistance for Entrepreneurs by providing self-employed survivors with initial financial support to replace disaster-damaged tools and equipment to help them land on their feet. Expanded Habitability Criteria to help survivors make their post-disaster homes safer and cleaner. Previously, for example, if a home had a leaky roof pre-disaster, that area of the home wouldn’t qualify.Make Accessibility Improvements to help survivors with disabilities improve their living conditions by making their homes even more accessible than they were pre-disaster.Streamlined Temporary Housing Assistance Applications by reducing documentation requirements for applicants who need to extend their stay in FEMA-supported temporary housing.Simplified Process for Appeals so survivors who wish to appeal FEMA’s decisions will no longer need to provide a signed, written appeal letter to accompany the supporting documentation.Computer Assistance for survivors who need to repair or replace disaster-damaged computers.Rental Assistance for Temporary Housing. If you suffered damage to your primary residence, FEMA may be able to provide rent for a temporary place to live while you are displaced. Rental assistance is intended to cover monthly rent, security deposit and cost of essential utilities such as electricity and water.FEMA’s Individuals and Household Program assistance is intended to help jumpstart your recovery. Here are some examples of basic needs:Home Repair Assistance may be provided to homeowners to repair the structural parts of your home. This includes windows, doors, floors, walls, ceilings, cabinets, heating, ventilation and air-conditioning system (HVAC), utilities (electrical, plumbing and gas systems) and entrance ways. FEMA may also reimburse for the actual cost to repair or replace your furnace, private well and septic system that was damaged or destroyed by the disaster.Even if you applied for federal assistance previously for other disasters in New Mexico, you could still apply to FEMA for assistance following the Oct. 19-20 severe storms and flooding in Chaves County.
    angela.ambroise
    Sat, 11/02/2024 – 17:29

    MIL OSI USA News –

  • MIL-OSI USA: FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chavez County Flood

    Source: US Federal Emergency Management Agency

    Headline: FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chavez County Flood

    FEMA Disaster Assistance Available for New Mexicans Impacted by the Oct. 19-20 Chavez County Flood

    Chaves County homeowners and renters, who sustained damage from the Oct. 19-20, 2024, severe storm and flooding may be eligible for disaster assistance under FEMA’s Individuals and Households Program. FEMA disaster assistance may include grants for temporary housing and home repairs, to cover uninsured property losses, and other programs to help people recover from the effects of the disaster.FEMA’s assistance offers benefits that provide flexible funding directly to survivors when needed the most. In addition, FEMA’s new simplified Individual Assistance process and expanded eligibility allows New Mexicans access to a wider range of assistance including for serious needs.Serious Needs Assistance (SNA) provides funding for households to cover important items like water, food, first aid, breast-feeding supplies, infant formula, diapers, personal hygiene items, fuel for transportation or other emergency supplies for eligible households. To qualify for SNA, you must be displaced, need shelter or have other emergency costs due to the disaster on your application.Displacement Assistance (DA) provides people with up-front funds to assist with immediate housing options of their choice, to keep people housed. The money can be used to stay in a hotel, with family and friends or other options.Before receiving funds for Serious Needs Assistance (SNA) or Displacement Assistance (DA), an inspection is required to confirm eligibility.How to Apply to FEMANew Mexico residents can apply to FEMA for federal financial assistance three ways:Visit DisasterAssistance.gov,Download the FEMA App for mobile devices, or Call the FEMA Helpline at 800-621-3362. Calls are accepted every day from 5 a.m. to 9 p.m. MT. Help is available in most languages. Dial 711 or video relay services are available.To view an American Sign Language (ASL) video about how to apply visit Three Ways to Register for FEMA Disaster Assistance – YouTube.Additional Assistance and BenefitsStreamlined Application Requirements so you can apply for a low-interest, long-term disaster loan from the U.S. Small Business Administration (SBA) and for FEMA assistance at the same time.Support for Underinsured Claims to help with aspects of home repair not covered by insurance.Simplified Assistance for Entrepreneurs by providing self-employed survivors with initial financial support to replace disaster-damaged tools and equipment to help them land on their feet. Expanded Habitability Criteria to help survivors make their post-disaster homes safer and cleaner. Previously, for example, if a home had a leaky roof pre-disaster, that area of the home wouldn’t qualify.Make Accessibility Improvements to help survivors with disabilities improve their living conditions by making their homes even more accessible than they were pre-disaster.Streamlined Temporary Housing Assistance Applications by reducing documentation requirements for applicants who need to extend their stay in FEMA-supported temporary housing.Simplified Process for Appeals so survivors who wish to appeal FEMA’s decisions will no longer need to provide a signed, written appeal letter to accompany the supporting documentation.Computer Assistance for survivors who need to repair or replace disaster-damaged computers.Rental Assistance for Temporary Housing. If you suffered damage to your primary residence, FEMA may be able to provide rent for a temporary place to live while you are displaced. Rental assistance is intended to cover monthly rent, security deposit and cost of essential utilities such as electricity and water.FEMA’s Individuals and Household Program assistance is intended to help jumpstart your recovery. Here are some examples of basic needs:Home Repair Assistance may be provided to homeowners to repair the structural parts of your home. This includes windows, doors, floors, walls, ceilings, cabinets, heating, ventilation and air-conditioning system (HVAC), utilities (electrical, plumbing and gas systems) and entrance ways. FEMA may also reimburse for the actual cost to repair or replace your furnace, private well and septic system that was damaged or destroyed by the disaster.Even if you applied for federal assistance previously for other disasters in New Mexico, you could still apply to FEMA for assistance following the Oct. 19-20 severe storms and flooding in Chaves County.
    angela.ambroise
    Sat, 11/02/2024 – 17:29

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James Helps Secure $49.1 Million from Drug Companies over Illegal Coordination to Inflate Prices

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today joined a bipartisan multistate coalition of 50 attorneys general in announcing settlements with Heritage Pharmaceuticals (Heritage) and Apotex Inc. (Apotex) totaling $49.1 million for their roles in a massive, long-running scheme to artificially inflate and manipulate prices, reduce competition, and restrict trade for dozens of generic prescription drugs. The companies in the scheme, some of which increased prices by 1,000 percent, manufactured essential medications to treat diseases ranging from diabetes to cancer to ADHD. As part of the settlements, both companies have agreed to cooperate in ongoing multistate investigations against 30 corporate defendants and 25 individual executives. Both companies have also agreed to implement internal reforms to ensure fair competition and compliance with antitrust laws. 

    “Affordable generic drugs are a lifeline for millions of New Yorkers who rely on them every day to treat everything from diabetes to heart conditions,” said Attorney General James. “The companies involved in this scheme engaged in a massive conspiracy to illegally coordinate prices, driving up costs for consumers as much as 1,000 percent. These two settlements will help enable the victims of this scheme to get compensation, and will hopefully ensure this type of illegal price fixing will not happen again. I thank my fellow attorneys general for their hard work and collaboration to protect consumers from this unfair anticompetitive conduct.” 

    The settlements are the result of two lawsuits filed by the Office of the Attorney General and a coalition of attorneys general against some of the nation’s largest pharmaceutical companies. The first complaint, filed in 2016, included Heritage and 17 other corporate defendants, two individual defendants, and 15 generic drugs. Two former executives from Heritage Pharmaceuticals, Jeffrey Glazer and Jason Malek, have since entered into settlement agreements and are cooperating with the states’ investigations. The second complaint was filed in 2019 against Teva Pharmaceuticals and 19 of the nation’s largest generic drug manufacturers. The complaint names 16 individual senior executives as defendants. The third complaint was filed in 2020 against Sandoz and 18 other of the nation’s largest generic drug manufacturers, in addition to 10 individual defendants.

    The lawsuits allege these companies engaged in a broad, coordinated, and systematic conspiracy to fix prices, avoid competition, and rig bids for more than 100 different generic drugs. The companies maintained an interconnected web of industry executives where these competitors met with each other during industry dinners, “girls’ nights out,” lunches, cocktail parties, and golf outings, and communicated via frequent telephone calls, emails, and text messages that sowed the seeds for their illegal agreements. Defendants used terms like “fair share,” “playing nice in the sandbox,” and “responsible competitor” to describe how they unlawfully discouraged competition, raised prices, and enforced an ingrained culture of collusion. 

    The drugs included in the scheme span all types, including tablets, capsules, creams, and ointments; and classes, including antibiotics, anti-depressants, contraceptives, and non-steroidal anti-inflammatory drugs. They treat a range of diseases and conditions from basic infections to diabetes, cancer, epilepsy, multiple sclerosis, HIV, ADHD, and more. In some instances, the coordinated price increases were over 1,000 percent. Digoxin, an essential heart medication manufactured by Heritage, tripled in price, causing patients to pay hundreds of dollars more for the drug. 

    The cases stem from an investigation built on evidence from several cooperating witnesses at the core of the conspiracy, a massive database of over 20 million documents, and a phone records database containing millions of call detail records and contact information for over 600 sales and pricing individuals in the generics industry. 

    A motion for preliminary approval of the $10 million settlement with Heritage was filed yesterday in the United States District Court for the District of Connecticut in Hartford. A settlement with Apotex for $39.1 million is contingent upon obtaining signatures from all necessary states and territories and will be finalized and filed in the U.S. District Court.  

    Consumers who purchased a generic prescription drug manufactured by either Heritage or Apotex between 2010 and 2018 may be eligible for compensation. To determine your eligibility, call 1-866-290-0182, email info@AGGenericDrugs.com or visit www.AGGenericDrugs.com.

    Joining Attorney General James in announcing the settlements are the attorneys general of Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, the District of Columbia, Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands. 

    These settlements are the latest example of Attorney General James taking action to stop companies from engaging in anticompetitive conduct and harming New Yorkers. In May, Attorney General James joined 40 other states and the Department of Justice in suing Live Nation and Ticketmaster for monopolizing the live music industry. In October 2023, Attorney General James secured $4.5 million from one of the nation’s largest title insurance companies for using illegal no-poach agreements with competitors to keep employees from switching jobs. Attorney General James has now ended the use of no-poach agreements by the five largest commercial underwriters in the United States, including First American, Fidelity, Old Republic, Stewart, and Amtrust. In 2022, Attorney General James sued a ski resort company in Syracuse for buying its main competitor and shutting it down in order to monopolize the local market. 

    New York’s investigation has been led by Assistant Attorneys General Bob Hubbard and Saami Zain and Legal Assistant Arlene Leventhal of the Antitrust Bureau, under the supervision of Deputy Bureau Chief Amy McFarlane and Bureau Chief Elinor Hoffmann of the Antitrust Bureau. The Antitrust Bureau is part of the Division for Economic Justice, overseen by Chief Deputy Attorney General Christopher D’Angelo and First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Gaston County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Gaston County

    Disaster Recovery Center Opens in Gaston County

    RALEIGH, N.C. –  A Disaster Recovery Center (DRC) will open Sunday, November 3, in Dallas (Gaston County) to assist North Carolina survivors who experienced loss from Tropical Storm Helene.  The Gaston County DRC is located at:  Dallas Civic Center206 S. Oakland St.Dallas, NC 28034Open: 8 a.m. – 7 p.m., Sunday through SaturdayA DRC is a one-stop shop where survivors can meet face-to-face with FEMA representatives, apply for FEMA assistance, receive referrals to local assistance in their area, apply with the U.S. Small Business Administration (SBA) for low-interest disaster loans and much more.  FEMA financial assistance may include money for basic home repairs, personal property losses or other uninsured, disaster-related needs, such as childcare, transportation, medical needs, funeral or dental expenses. To find additional DRC locations, go to fema.gov/drc or text “DRC” and a zip code to 43362. Additional recovery centers will open soon. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.   Homeowners and renters in 39 North Carolina counties and tribal members of the Eastern Band of Cherokee Indians can visit any open center, including locations in other states. No appointment is needed.  It is not necessary to go to a center to apply for FEMA assistance. The fastest way to apply is online at DisasterAssistance.gov or via the FEMA App. You may also call 800-621-3362. If you use a relay service, such as video relay, captioned telephone or other service, give FEMA your number for that service. 
    barbara.murien…
    Sat, 11/02/2024 – 19:02

    MIL OSI USA News –

  • MIL-OSI United Kingdom: New deal for biodiversity from using nature’s genetic information

    Source: United Kingdom – Government Statements

    Breakthrough deal struck on sharing the benefits from Digital Sequence Information (DSI) at CBD COP16 in Colombia

    Negotiations on Digital Sequence Information (DSI) have concluded today (2 November) at CBD COP16 in Cali, Colombia.

    DSI is genetic information that has been sequenced from the natural world, with the DNA code then made available online for use in research. This is the type of data used by companies across the world for the creation of new medicines, vaccines and other products. By continuing to ensure it is freely available digitally, it will enable scientists to share information and develop the products that we rely on, whilst supporting the conservation of nature. 

    This research can be applied to medicine, agriculture, conservation and public health, with benefits such as the development of vaccines or adapting plants to be more resilient to climate change.

    The deal reached means businesses have the option of voluntarily contributing to a new fund – known as the Cali Fund – if they use this genetic information from nature. 

    This Fund will then support further use of DSI and the conservation and sustainable use of nature, with a significant proportion flowing to Indigenous People and local communities.

    Nature Minister Mary Creagh said:

    We have seen the many benefits of DSI, including identifying infectious diseases, predicting which plants will survive in a warming climate, or helping protect threatened species.

    More than half of the global economy is estimated to be dependent in some way on the ecosystem services that nature provides, so this latest deal is critical in supporting future growth and development.

    I would like to thank the UK negotiating team and all those involved who helped conclude these important negotiations.

    Eva Zabey, Chief Executive at Business for Nature, said:

    Nature underpins every aspect of our economy. The benefits of natural resources – including through digital sequencing – must be valued and shared fairly, which is why this deal is so important.

    Ms Bupe Mwambingu, Biodiversity Partnerships Manager at Basecamp Research, a UK-based company which is working to build the first fully traceable DSI database, said:

    We are thrilled to welcome the COP16 decision on Digital Sequence Information (DSI). We believe that by working together to address the challenges around DSI, we have a unique opportunity to accelerate the development of life-saving medicines, sustainable food supplies, and carbon-negative industries, while also driving the protection of our planet’s precious biodiversity.

    Over 196 governments – plus businesses, researchers, Indigenous Peoples and local communities – have been involved in reaching this deal

    The UK government will now work with industry on developing a voluntary mechanism.

    Updates to this page

    Published 2 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Visit to Shanghai

    Source: Minister for Trade

    Today I will travel to Shanghai to lead Australia’s delegation at the world’s largest import expo, the China International Import Expo (CIIE), at the invitation of China’s Minister of Commerce, Wang Wentao.

    The expo is an important platform for Australian businesses to showcase their world-class goods and services to our largest export market.

    In the year since Prime Minister Albanese and I attended the last expo, tariffs on Australian wine imports into China have been removed and suspensions lifted on eight red meat export facilities.

    Last month, Prime Minister Albanese and Chinese Premier Li agreed a timetable for the full resumption of Australian live rock lobster exports by the end of this year.

    As a result of the Albanese Labor Government’s deliberate, careful and calibrated approach, nearly $20 billion worth of trade impediments on Australian exports to China have been removed.

    But we can’t rest on our laurels, the job is not done.

    Which is why I am proud to be supporting a record number of Australian businesses at the expo this year as they seek out new opportunities to grow and diversify their markets.

    I will meet with my counterpart, Minister Wentao, where I will continue to press for the full resumption of normal bilateral trade.

    China is our largest trading partner and will remain so for the foreseeable future. Total two-way trade reached a record $327 billion in 2023.

    The benefits of our trade relationship with China flow to everyday Australians in the form of more well-paying jobs, increased business opportunities, and a lower cost of living.

    Every single product we export to the world represents thousands of Australian jobs, and the Albanese Labor Government is committed to helping Australian businesses, exporters and producers diversify their markets.

    MIL OSI News –