Category: Economy

  • MIL-OSI United Kingdom: The UK-UAE strengthen their cooperation on illicit finance

    Source: United Kingdom – Executive Government & Departments

    News story

    The UK-UAE strengthen their cooperation on illicit finance

    Security Minister, Dan Jarvis, this week visited the UAE to continue the two nations’ shared aim to tackle illicit finance and counter terrorism financing, promoting security for all citizens.

    The Security Minister met with Minister of State in the Ministry for Foreign Affairs, His Excellency Ahmed bin Ali Al-Sayegh, and completed a significant visit, including meeting with the Dubai Police Commander in Chief. 

    These meetings marked a significant step forward in the UK and UAE’s ongoing shared efforts to further deliver on the UK-UAE Partnership to tackle illicit financial flows. Both parties agreed to increase judicial cooperation, and ensure the continuous alignment in their approach to illicit finance.

    It reaffirmed the UK and UAE’s commitment and ambition to increase cooperation and to build a stronger, more effective partnership in the fight against illicit finance, reinforcing both nations’ roles as leaders in global efforts to tackle this threat.

    Security Minister, Dan Jarvis, said: 

    The Government understands the importance of international cooperation in tracking, intercepting, and stopping the flow of illicit funds between the UK and UAE.  

    This partnership remains critical to our nations’ missions for countering global crimes and protecting national security, which is the foundation of our Plan for Change.

    The UK and UAE have worked to target the financial infrastructures that organised crime groups heavily rely on. This includes the work of the Combined Anti-Money Laundering Operational Team (CAMLOT), a joint initiative designed to tackle money laundering operations and identify hidden financial networks tied to illicit activities. 

    Through this initiative, the UK and UAE have targeted criminal organisations, weakening the sophisticated financial operations used to fund crime globally.

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: York and N. Yorkshire-based investigators help ensure extradition order and jail time for former Brookside actor

    Source: City of York

    A total of 23 years in prison for a former Brookside actor and his associates has been awarded this afternoon.

    Former Brookside actor Philip Foster and eight associates have today (28 February 2025) been sentenced for their part in a £13.6 million fraud that ran for over eight years.

    The sentences handed down at Sheffield Crown Court today are the result of an over 6-year investigation by National Trading Standards, whose work uncovered an extensive network of sham modelling agencies that cruelly exploited the dreams of aspiring young models and their parents.

    Foster was the ringleader of the operation. He orchestrated the fraud from Spain, using a network of associates based in England who operated a string of sham modelling agencies and photography studios in cities across the country, including London, Manchester, Leeds, Bristol, Coventry, and Nottingham.

    More than 6,000 victims were deceived by the group – mainly young people and mothers – who ended up parting with substantial amounts of money under the false promise of securing paid modelling work.

    The fraud worked by setting up a photographic studio in the area and running a social media advertising campaign. People who responded were given the false impression that a model agency was interested in them, with emails telling them they had potential. Victims were then invited to a ‘free’ test shoot at the photographic studio, which turned out to be a ruse to try to extort money out of them.

    At the test shoot, victims were given a studio experience, handed glossy brochures and told how successful other people had been. They would then be told that they passed their studio test and that modelling agencies were interested, but they needed to purchase their portfolio photographs from the studio in order to join an agency and become an agency model.

    Victims were duped by the group who, between them, gave a good impression of running successful model businesses and lied to them about their potential. Millions of pounds were taken from aspiring models, with some coerced into financing the upfront payment through credit deals arranged by the fraudsters or taking out expensive payday loans.

    Instead, victims received poor quality digital photographs that stood no real chance of landing them professional jobs. Virtually none of the victims received any paid modelling work.

    The sham agencies were often dissolved after short periods, rebranded repeatedly to avoid detection, and paid no tax. Money from the scam was laundered through UK bank accounts before being transferred to Spain or carried in cash on commercial flights by co-conspirators.

    The investigation traced substantial sums to Foster, who lived in luxury abroad and purchased high-end watches and cars with the proceeds of the fraud. The investigation heard how many victims, left financially and emotionally devastated, described feeling humiliated and betrayed. Some experienced lasting distress that affected their confidence, wellbeing and their ability to trust others.

    The sentences, which were handed down today in the absence of Philip Foster, who is currently living in Spain, are as follows:

    • Philip Foster, aged 49, Edificio Marina Mariola, Marbella, Spain, sentenced to 8.5 years for conspiracies to defraud
    • Michael Foster, aged 27, Snowdon Lane, Liverpool, sentenced to 3.5 years for conspiracy to defraud
    • Paul Evans, aged 39, no known address, sentenced to 3.5 years for offences related to money laundering
    • Jamie Peters, aged 52, Pentland Place, Warrington, sentenced to 24 months, suspended for 2 years, for conspiracy to defraud
    • Lisa Foster, aged 42, Manchester Road, Astley, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Emily Newall, aged 29, Bolton Road, Kearsley, Greater Manchester, sentenced to 10 months, suspended for 12 months, for conspiracy to defraud
    • Atif Qadar, aged 44, Larkswood Drive, Crowthorne, sentenced to 12 months, suspended for 12 months, for conspiracy to defraud
    • Paul Fleury, aged 57, Manchester Road, Swinton, Manchester, sentenced to 18 months, suspended for 12 months, for conspiracy to defraud
    • Aslihan Foster aged 39, Tredington Road, Coventry, sentenced to 18 months, suspended for 12 months, for an offence related to money laundering

    Today’s sentencing follows over 6 years of investigative work by the National Trading Standards eCrime Team, hosted by North Yorkshire Council and City of York Council, including forensic analysis of financial transactions, thousands of consumer complaints, and witness testimony from victims. The team was supported by the National Trading Standards South West Regional Investigations Team, hosted by Bristol City Council.

    Judge Dixon, said: 

    “The business worked on the basis of greed taking what they could where they could. Some people were so convinced by the level of deception that they took out payday loans, which gives a clear indication as to how manipulative and
    cynical the fraud was. It was horrible, despicable, dishonest behaviour and every single one of you deserves to go to prison. 

    “The officers have carried out an exceptional job to bring these defendants to justice. It was not straightforward or easy. This investigation was conducted with particular skill.  A commendation should be made on the basis of the skill deployed.”

    Lord Bichard, Chair of the National Trading Standards, said:

    “Foster’s cruel exploits left thousands of victims in serious debt, causing lasting emotional distress and significant financial pressures.

    “Today’s sentences are an important reminder to would-be criminals that Trading Standards officers across the country are determined to clamp down on fraud, protecting victims and bringing criminals to justice.

    “I would encourage anyone who has been a victim of similar scams to report it to the Citizens Advice Consumer Service on 0808 223 1133.”

    Cllr Jenny Kent, Executive Member with responsibility for Trading Standards at City of York Council, said:

    Today’s sentencing follows years of highly effective trading standards investigative work. Mr Foster and his associates made millions by exploiting the hopes of young people, leaving a trail of broken dreams and financial hardship. I urge everyone to question any modelling contract which demands money up front, and hope that the young people and families affected can now move on to a brighter future, whichever path they choose.”

    North Yorkshire Council’s executive member Cllr Greg White, whose responsibilities include Trading Standards, said:

    “Foster and his fellow scammers cruelly exploited young hopefuls trying to break into one of the most competitive industries. In some cases, parents borrowed money or sacrificed savings, believing they were investing in their children’s futures.

    “I urge anyone searching online for modelling opportunities to remember that legitimate agencies don’t ask for money upfront, it’s often only scam agencies who push expensive photoshoots as a pre-requisite to getting work.”

    MIL OSI United Kingdom

  • MIL-OSI USA: UPDATE: Press Release: FDIC Issues CRA Examination Schedules for Second Quarter 2025 and Third Quarter 2025

    Source: US Federal Deposit Insurance Corporation FDIC

     

    WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2025 and third quarter 2025.  CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter.

    The Community Reinvestment Act is a 1977 law that requires the FDIC to assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operations.  CRA examinations allow federal regulators to assess an institution’s record of helping to meet those needs.

    CRA examinations are scheduled based on an institution’s asset size and CRA rating.  Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Satisfactory can be subject to a CRA examination no more frequently than once every 48 months.  Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Outstanding can be subject to a CRA examination no more frequently than once every 60 months.

    The schedules of institutions to be examined April 1, 2025, through June 30, 2025, and July 1, 2025, through September 30, 2025, are based on the best information now available and are subject to change.  For example, a regulated financial institution not otherwise scheduled for an examination may be examined in connection with the application for a deposit facility.  Alternatively, some institutions may require more time and resources than originally allotted, thus delaying other scheduled examinations.  If an institution is rescheduled for a different quarter, that information will be included on a later list.

    Federal bank and thrift regulators encourage public comment on the institutions to be examined under the CRA. Comments about FDIC-supervised institutions should be directed to the institutions themselves or to the Deputy Regional Director of the appropriate FDIC regional office (attached).  All public comments received prior to completion of a CRA examination will be considered.

    The CRA examination schedules for the second quarter of 2025 and third quarter of 2025 are attached.  Schedules also can be obtained by calling (703) 562-2200 or (877) 275-3342, faxing a request to (703) 562-2296, or writing to:

    FDIC Public Information Center
    3501 Fairfax Drive
    Room E-1002
    Arlington, VA 22226

    ATTACHMENTS:

    # # #

    MEDIA CONTACT: 
    LaJuan Williams-Young
    202-898-3876
    lwilliams-young@FDIC.gov

    MIL OSI USA News

  • MIL-OSI Russia: Costa Rica: Staff Concluding Statement of the 2025 Article IV Consultation Mission

    Source: IMF – News in Russian

    February 28, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    San José: An International Monetary Fund (IMF) staff team, led by Mr. Ding Ding, held the 2025 Article IV consultation with the Costa Rican authorities during February 18-28. At the conclusion of the discussions, Mr. Ding issued the following statement:

    Costa Rica is one of the fastest-growing economies in the Western Hemisphere, achieving notable economic success in recent years. GDP growth has averaged above 5 percent since 2021, outpacing regional peers and contributing to lower poverty and unemployment. Over the same period, public debt fell by an impressive 8 percentage points of GDP to below 60 percent of GDP. These successes are fruits of good macroeconomic policies, wide-ranging reforms in the context of becoming a member of the OECD, two successfully completed IMF-supported programs, and a strategic focus on exports and economic diversification. Growth is projected to remain strong at about 4 percent for 2025.

    Inflation is showing encouraging signs of returning towards the inflation target, following decisive monetary policy easing by the BCCR. Having been near zero since mid-2024, headline inflation has begun to rise and is projected to reach the BCCR’s tolerance band in mid-2025 and the 3 percent target within a year. However, core inflation remains subdued and there are downside risks, primarily stemming from low inflation expectations becoming entrenched below the target. Upside risks could arise from possible commodity price increases and/or supply-side disruptions.

    The BCCR’s forward-looking data-dependent approach has proven effective and its inflation targeting regime is working well. At the current monetary policy rate, inflation is expected to be 3 percent by 2026Q1. If the convergence of inflation to the 3 percent target weakens in the coming months, there is room for the BCCR to cut the policy rate further. Credit growth has been strong. If there are signs of excess credit growth especially associated with FX loans, macroprudential measures should be tightened to mitigate potential risks to financial stability.

    It is important to further strengthen the BCCR’s autonomy, governance, and operational framework. This would be achieved by approving legislative proposals to improve BCCR governance, transparency, and accountability, and institutionalize the central bank’s de facto autonomy.

    The exchange rate should be allowed to adjust more flexibly to market conditions. The BCCR accumulated US$ 920 million in international reserves during 2024, and reserve coverage is now comfortable by multiple metrics. A further accumulation of international reserves is unwarranted and would impose unnecessary costs over time. Moreover, frequent foreign exchange intervention can weaken monetary policy transmission and hinder foreign exchange market development. Concerted efforts including legal reforms are needed to deepen FX markets and strengthen the non-financial public sector’s ability to manage currency risks, reducing its reliance on the BCCR as an intermediary for FX transactions. Alongside the planned reform to restructure existing pension funds into generational funds, regulatory limits on foreign investments by local pension funds need to be updated. Adjustments to these limits should be phased in and supported by FX market development.

    There is scope to further capitalize on the significant progress on financial sector oversight. Indicators of financial soundness remain comfortable, notwithstanding the resolution of two small non-bank financial institutions last year. These episodes highlighted the importance of a strong supervisory and resolution framework. The Legislative Assembly should, therefore, pass the proposed amendments to the bank resolution and deposit insurance law that would further strengthen supervisory and resolution powers and enhance the crisis management framework.

    Although public debt fell to below 60 percent of GDP in 2024, the task of rebuilding fiscal space is not yet complete. The debt ratio fell in part due to some drawdown of cash balances and transfers of cash balances by decentralized and autonomous entities to the Treasury Single Account (which lowered financing needs). However, the primary surplus fell in 2024 due to temporary factors and the regrettable reductions of the vehicle property tax (marchamo) and corporate tax base. An unwinding of temporary factors is expected to help the primary balance rise to around 1½ percent of GDP this year. A higher primary balance is essential to bring debt down further, reduce interest costs, and create room for additional spending. While spending should be less than the ceiling permitted by the fiscal rule, the higher primary balance should still allow for some increases in priority areas like infrastructure, child and adult care (which will help boost female labor market participation), and investments in skills training for vulnerable groups (which will help reduce dependency on social assistance).

    Tax reforms could improve the fairness and efficiency of the system while raising resources for both debt reduction and somewhat higher spending. However, revenue-increasing bills presented over the last five years that would also have increased progressivity and bolstered dynamism have not been viewed favorably by legislators. These have included proposals to reduce VAT and income tax exemptions (such as on the salario escolar and for lottery winnings) and to bring income from self-employment, salaries, and pensions under a single threshold while raising the top marginal rate. These bills warrant renewed consideration as higher revenues would allow faster increases in social and capital spending. At the same time, we are worried that various Legislative Assembly bills are reducing revenues.

    Full implementation of the public employment bill and debt management reforms would improve spending quality and reduce interest costs. Legislative proposals aimed at amending the public employment law could significantly undermine progress in containing the public-sector wage bill. Institutions that have not yet fully implemented the public employment law should do so without further delay to ensure its benefits are broadened to beyond the central government. Legal reforms to permit access to international sovereign debt markets and grant the executive branch more flexibility in issuing external debt would also be valuable. There have been welcome improvements in the quality of government finance statistics, which are expected to be used in the setting of fiscal policies.

    A comprehensive solution is needed to resolve the dispute between Caja Costarricense de Seguro Social (CCSS) and the Ministry of Finance (MoF) over social security claims. The outstanding claim is due to an unfunded expansion of beneficiaries and CCSS’s unilateral decisions to raise the government’s contribution. Addressing this issue requires urgent improvements in the CCSS’s registry systems so as to allow for an accurate tracking of outlays and beneficiaries. Moreover, the CCSS and the MoF should clarify the scope of healthcare services and pension benefits that are currently covered by the budget while identifying additional funding sources as needed to ensure that the healthcare and pension systems are actuarially sound. Strengthening CCSS governance will be essential to ensure that any future changes to the social security system include a thorough assessment of the fiscal and labor market implications of such changes. There is also scope to enhance the accountability of the CCSS, the transparency of their operations, and the simplicity of the system, in line with international best practice. These reforms will be critical to safeguard the long-run sustainability of the social security system as the population ages.

    Advancing supply-side reforms can help sustain Costa Rica’s impressive economic performance by addressing key bottlenecks to growth. To tackle skill shortages, particularly in high-tech industries, it is essential to accelerate efforts to reduce skills mismatches, align school curricula with industry needs, promote dual education (including apprenticeship programs) and bilingual education, and improve adult secondary education graduation rates. The recent reduction of the minimum contribution base for part-time workers has helped encourage formal employment but there is scope to lower the high tax wedge on labor, substituting for alternative revenue sources. Enhancing infrastructure quality and maintenance would further strengthen potential growth. In this regard, integrating climate considerations into public investment decisions is already making infrastructure more resilient against natural disasters. Given the substantial additional funding needed to upgrade infrastructure, approving and implementing the new legislation on public private partnerships is critical. Additionally, ongoing reforms to facilitate private-sector electricity provision, including diversification into non-hydroelectric renewables, will make electricity more affordable and less vulnerable to fluctuations in rainfall.

    The IMF team is grateful to the Costa Rican authorities and other counterparts for the productive discussions and hospitality during the mission.

    Costa Rica: Selected Economic and Financial Indicators

     

     

     

     

     

     

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    Output and Prices

    (Annual percentage change)

    Real GDP

    4.6

    5.1

    4.3

    3.9

    3.8

    3.6

    GDP deflator

    6.3

    -0.1

    0.0

    2.9

    3.2

    3.2

    Consumer prices (period average)

    8.3

    0.5

    -0.4

    2.0

    3.0

    3.0

    Savings and Investment

    (In percent of GDP)

    Gross domestic saving

    14.4

    13.8

    14.3

    14.1

    14.1

    14.3

    Gross domestic investment

    17.7

    15.3

    15.7

    15.7

    15.7

    15.8

    External Sector

    Current account balance

    -3.3

    -1.4

    -1.4

    -1.6

    -1.6

    -1.5

    Trade balance

    -6.7

    -3.7

    -2.7

    -3.0

    -2.8

    -3.1

    Financial account balance

    -2.5

    -0.7

    -0.7

    -1.6

    -1.5

    -1.5

    Foreign direct investment, net

    -4.4

    -4.3

    -4.0

    -5.3

    -5.5

    -5.4

    Gross international reserves (millions of U.S. dollars)

    8,724

    13,261

    14,181

    15,056

    16,077

    16,827

    External debt

    50.7

    43.3

    38.6

    35.5

    33.3

    30.9

    Public Finances

    Central government primary balance

    2.1

    1.6

    1.1

    1.5

    1.6

    1.7

    Central government overall balance

    -2.8

    -3.2

    -3.8

    -3.0

    -2.7

    -2.3

    Central government debt

    63.0

    61.1

    59.8

    59.4

    58.4

    57.1

    Money and Credit

    Credit to the private sector (percent change)

    3.3

    1.9

    6.4

    7.5

    7.0

    7.0

    Monetary base 1/

    8.0

    7.9

    8.0

    8.0

    8.0

    8.0

    Broad money

    47.5

    47.4

    49.4

    50.1

    50.3

    50.9

    Memorandum Items

    Nominal GDP (billions of colones) 2/

    44,810

    47,059

    49,116

    52,531

    56,237

    60,132

    Output gap (as percent of potential GDP)

    -0.3

    1.0

    0.6

    0.5

    0.4

    0.2

    GDP per capita (US$)

    13,240

    16,390

    17,901

    19,013

    20,009

    21,045

    Unemployment rate

    11.7

    7.3

    6.9

    8.0

    8.5

    9.0

    Sources: Central Bank of Costa Rica, and Fund staff estimates.

    1/ Includes currency issued and required reserves.

    2/ National account data reflect the revision of the benchmark year to 2017 for the chained volume measures, published in January 2021.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/02/28/mcs-022825-costa-rica-staff-concluding-statement-of-the-2025-article-iv-consultation-mission

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI USA: SEC to Host Roundtable on Artificial Intelligence

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission today announced it will hold a roundtable discussion on Artificial Intelligence in the financial industry. The event takes place on March 27 from 9 a.m. to 4 p.m. at the SEC’s headquarters in Washington, D.C. and is open to the public for either in-person or virtual attendance.

    The AI roundtable will discuss the risks, benefits, and governance of AI in the financial industry.

    SEC Acting Chairman Mark Uyeda and SEC Commissioners Hester Peirce and Caroline Crenshaw are expected to deliver remarks.

    Advance registration is strongly encouraged for those planning to attend in person.

    Information on the agenda, participants, and the process for the public to submit comments will be published on the SEC AI Roundtable’s event page.

    MIL OSI USA News

  • MIL-OSI United Kingdom: COP16 concludes in Rome with a landmark agreement to mobilise resources for people and nature

    Source: United Kingdom – Executive Government & Departments 2

    News story

    COP16 concludes in Rome with a landmark agreement to mobilise resources for people and nature

    • The UK welcomes the positive conclusion to negotiations at the resumed meeting of CBD COP16, which saw the international community make progress towards halting and reversing nature loss by 2030

    A growing seedling

    • The agreement sets out a strategy for global collaboration on raising finance from all sources
    • A finalised Monitoring Framework will allow the international community to increase transparency on the global effort to address the nature crisis

    The extended session of COP16 in Rome ended today (Friday 28 February), after participants landed on a significant new agreement to address the global nature crisis.

    The deal will see global collaboration on raising finance for biodiversity, and details of the monitoring framework of the Global Biodiversity Framework targets finalised to accelerate nature recovery.

    An agreement on resource mobilisation creates a clear strategy for global collaboration on raising finance from all sources to fund the work necessary to achieve the goals and targets of the Kunming-Montreal Global Biodiversity Framework.  

    The finalisation of a Monitoring Framework and the global approach to reviewing progress in delivering the Kunming Montreal Global Biodiversity Framework, will ensure shared approach to tracking progress with transparency and accountability. 

    Ruth Davis, UK Special Representative for Nature, who was present at the negotiations in Rome said:  

    “This agreement is a significant step forward in the effort to tackle the nature crisis. 

    “As the need for action becomes ever more urgent, a moment of genuine progress like this is heartening to see. Now, we must build on the spirit of co-operation shown in Rome to mobilise the resources needed to restore nature.

    “This is essential to help maintain food security, store carbon and tackle the impacts of floods and droughts.”

    The UK played a key role in working with the parties to the UN Convention on Biological Diversity to finalise complex discussions on nature finance, and to agree a monitoring framework which will enable all Parties to measure and report in a consistent manner the delivery of their national actions. This will significantly enhance the ability of the international community to monitor the global state of nature, as well as understanding how best to focus future interventions. 

    Negotiations in Rome saw the launch of the Cali Fund for the fair and equitable sharing of benefits from the use of digital sequence information on genetic resources. This is an important step to allow companies who utilise genetic databases derived from nature, such as the pharmaceutical, cosmetic and biotech sectors, to direct funds on a voluntary basis towards the Indigenous Peoples and local communities who safeguard biodiversity. 

    The Government also published the UK National Biodiversity Strategy & Action Plan (NBSAP) during the resumed COP16, which commits to achieving all 23 targets of the Global Biodiversity Framework at home. It highlights the UK’s international leadership to halt and reverse nature loss as work continues to halt the decline of species by 2030. 

    This extended session follows the original meeting of COP16 in Cali, Colombia in November 2024. The UK will seek to build on the success of COP16 at the UNFCCC COP30 in Brazil later this year and CBD COP17 in Armenia in 2026

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: SBA Relief Still Available to Alaska Private Nonprofits Affected by October Storm and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding private nonprofit (PNP) organizations in Alaska of the March 31, 2025, deadline to apply for low interest federal disaster loans to offset physical damage caused by the Oct. 20-23, 2024 severe storm and flooding.

    The disaster declaration covers the Bering Strait Regional Educational Attendance Area (REAA) and Northwest Arctic Borough.

    Under this declaration, PNPs providing services of a governmental nature are eligible to apply for business physical disaster loans. Eligible PNPs may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by any disaster. 

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”

    PNPs are also eligible to apply for Economic Injury Disaster Loans (EIDLs) to help meet working capital needs. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. EIDL assistance is available regardless of whether the PNP suffered any physical property damage. 

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

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible. 

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

    The deadline to return applications for physical property damage is March 31. The deadline to return economic injury applications is Oct. 31.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to Arkansas Small Businesses and Private Nonprofits Affected by Spring Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in Arkansas of the March 31 deadline to apply for low interest federal disaster loans to offset economic losses caused by the adverse weather conditions occurring in the following counties last spring.

    Declaration

    Number

    Primary

    Counties

    Neighboring

    Counties

    Incident Type

    Incident Date

    Deadline

    20507 Ashley Bradley, Chicot, Drew and Union in Arkansas; Morehouse and Union in Louisiana. Excessive Rain, Hail and High Winds May 13-14, 2024 3/31/25
    20508 Boone Carroll, Marion, Newton and Searcy in Arkansas; Taney in Missouri. Hail and High Winds May 8-9, 2024 3/31/25
    20509 Carroll Benton, Boone, Madison and Newton in Arkansas; Barry, Stone and Taney in Missouri. Tornado, Flash Flood, Hail, High Winds and Lightning May 24-26, 2024 3/31/25
    20510 Lonoke Arkansas, Faulkner, Jefferson, Prairie, Pulaski and White in Arkansas. Excessive Rain, Hail and High Winds May 20-24, 2024 3/31/25
    20511 Madison Benton, Carroll, Crawford, Franklin, Johnson, Newton and Washington in Arkansas. Excessive Rain, Flash Flood, High Winds and Lightning April 26-29, 2024 3/31/25
    20512 Prairie Arkansas, Lonoke, Monroe, White and Woodruff in Arkansas. Hail and High Winds May 24-26, 2024 3/31/25

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

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

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

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

    By law, SBA makes EIDLs available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared these disasters on July 29, 2024. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

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

    Submit completed loan applications to the SBA no later than March 31, 2025.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to California Small Businesses and Private Nonprofits Affected by Topanga Canyon Landslide

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses and private nonprofit (PNP) organizations in California of the April 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the March 9-June 2, 2024 Topanga Canyon Boulevard (State Route 27) landslide.

    The disaster declaration covers the counties of Kern, Los Angeles, Orange, San Bernardino and Ventura.

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

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

    “SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

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

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

    Submit completed loan applications to the SBA no later than April 1, 2025.

    ###

    About the U.S. Small Business Administration

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

    MIL OSI USA News

  • MIL-OSI: ALR Miner Provides Free Mining Contracts to Increase Passive Income

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Feb. 28, 2025 (GLOBE NEWSWIRE) — ALR Miner, a leading cloud mining platform founded in 2018 and headquartered in the UK, today shared insights on how cloud mining can help investors earn passive income without incurring the costs associated with traditional mining.

    ALR Miner has deployed more than 60 large-scale mining data centers in many countries around the world, relying on renewable energy such as solar and wind power to carry out clean energy cloud mining business, which also greatly reduces the cost of mining. The company serves more than 6 million users in 180 countries and regions.

    Advantages of Cloud Mining
    Traditional mining requires a large investment in high-performance hardware and other resources, and users need to spend thousands of dollars to start mining, which is difficult for ordinary investors to accept. In contrast, cloud mining allows users to rent mining power from providers without a large upfront investment, and it is easier for individuals to participate in cryptocurrency mining without financial pressure. The advantages of cloud mining include:

    Accessibility: People around the world can access cloud mining services through the Internet.
    Cost-effectiveness: No hardware equipment needs to be purchased, and no electricity bills need to be paid.
    Technical expertise: No need to assemble equipment, optimize its performance, or solve technical problems.
    Scalability: Flexible contract plans, choose according to your own financial budget.
    Energy efficiency: Use renewable clean energy as mining power to protect the environment.
    Quick returns: The profit will be settled within 24 hours after the contract takes effect, and the principal will be returned when the contract expires.

    Get started with ALR Miner

    Step 1: Create an account and get a $12 bonus instantly

    ALR Miner has a simple registration process. You only need an email address to create an account. After registration, you can participate in cloud mining for free, and you can get a $0.6 bonus for daily check-ins.

    Step 2: Activate your account and choose a contract

    Choose a mining contract that suits your budget and goals. ALR Miner offers a variety of contracts with different terms and different returns. Whether you are a novice or an experienced investor, the platform can meet your needs.
    Basic Cloud Computing Power: $100 investment, 2-day cycle, $6.6 total profit
    Basic Cloud Computing Power: $1,200 investment, 14-day cycle, $225 total profit
    Smart Cloud Computing Power: $3,200 investment, 21-day cycle, $974 total profit
    Classic Cloud Computing Power: $5,100 investment, 30-day cycle, $2,295 total profit
    Classic Cloud Computing Power: $8,200 investment, 40-day cycle, $5,379 total profit
    Advanced Cloud Computing Power: $30,000 investment, 50-day cycle, $26,400 total profit
    For more new contracts, please visit the official website: https://www.alrminer.com.

    Step 3: Activate your account and wait for your earnings to arrive

    As your mining activities progress, you will begin to see profits accumulating in your account. Track your performance through the platform’s dashboard and withdraw your earnings when you are ready.
    Advantages of ALR Miner

    Global accessibility: People around the world can access cloud mining services through the internet, eliminating geographical barriers.
    Intuitive and simple interface: The platform’s user-friendly interface ensures that even cryptocurrency novices can easily navigate.
    Professional and experienced team: Provide a 24/7 online manual customer service team to ensure that users can solve problems in a timely manner.
    Own cutting-edge equipment: Use mining equipment provided by top mining machine manufacturers such as Bitmain, Shenma Miner, Canaan Creative, etc. to ensure stable operation and efficient production capacity of Bitcoin mining machines.
    Eliminate hardware maintenance: Take care of all hardware, maintenance, upgrades and troubleshooting, allowing users to focus on receiving the cryptocurrencies they mine.
    Clean energy efficiency: Each mine is equipped with solar and wind power infrastructure.
    Support for multiple popular cryptocurrencies: ALR Miner supports DOGE, BTC, ETH, USDC, USDT, BCH, LTC, XRP, SOL, etc. for settlement.
    Alliance reward program: As long as the users you invite purchase platform contracts, you will receive a generous referral reward of up to 3–5%; becoming a professional alliance partner can also receive an additional monthly salary reward of up to $15,000.

    The benefits of ALR Miner are significant and varied, providing an attractive entry point into cryptocurrency mining through cost-effectiveness and accessibility. Whether you are new to mining or an experienced investor, ALR Miner’s platform makes it easy for you to maximize your profits.

    For more information, please visit the official website: https://www.alrminer.com

    About ALR Miner
    Founded in 2018 and headquartered in Monmouthshire, ALR Miner is a leading cryptocurrency mining platform, mining equipment distributor and complete mining solution provider. We have advanced cryptocurrency mining equipment, sites, maintenance facilities and cheap clean electricity. For more information, please visit https://www.alrminer.com or email info@alrminer.com.

    Disclaimer: The information provided in this press release is not a solicitation to invest and is not intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risks. There is a possibility of loss of funds. You are strongly advised to perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    Olivia Miller 
    Marketing Manager
    Alr Miner
    +44 7514 226545
    info@alrminer.com
    WhatsApp+44 7514 226545

    The MIL Network

  • MIL-OSI USA: Senator Markey Announces MA AFL-CIO President Chrissy Lynch as State of the Union Guest

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Washington (February 28, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Senate Health, Education, Labor, and Pensions Committee, today announced that his State of the Union guest will be Chrissy Lynch, President of the Massachusetts charter of the American Federation of Labor – Congress of Industrial Organizations (AFL-CIO). 

    The Massachusetts AFL-CIO represents over 800 local unions representing nearly half a million union members across Massachusetts. The mission of the Massachusetts AFL-CIO is to improve the lives of the working class by working for economic, social, and racial justice in the workplace, our communities, our state, and in our nation. Chrissy Lynch, a member of Laborers Local 22 and former longtime member of Office and Professional Employees International Union (OPEIU) Local 6, was unanimously elected as the first woman President of the organization in October 2023 after previously serving as the Secretary-Treasurer and Chief of Staff. President Lynch has spent the last two decades leading legislative, political, and organizing initiatives in the Massachusetts labor movement. President Lynch and Senator Markey are fighting together on behalf of working people from the halls of Congress to the picket line.

    “At a time when labor is under attack by anti-worker, pro-billionaire forces, it is critical that workers and good-paying union jobs are at the heart of the future we are building for all Americans. Chrissy Lynch and the Massachusetts AFL-CIO know that Trump, Elon Musk, and DOGE are fighting to enrich their billionaire boys club, while working people are fighting just to get by.” said Senator Markey. “A strong labor movement builds the backbone of our society. The AFL-CIO has long represented workers across the Commonwealth and the country in fighting back when billionaires like Trump and Musk try to push them down. And now once again, together we will not agonize – we will organize to stand up and fight back.”

    “In only six weeks, President Trump and unelected billionaire co-President Musk have made crystal clear that they are there to enrich themselves at the expense of working people. They are dismantling and intimidating the people running the very agencies meant to keep Americans safe and economically secure in order to give tax breaks and government contracts to their billionaire friends – leading to job loss of dedicated public servants that will cause working people and the communities where they live real pain. They’re also weaponizing massive cuts to the CDC, Medicaid, and Social Safety Nets. I am glad to join Senator Markey at the State of the Union to show Trump and Musk that we are not intimidated by the daily lies, dog whistling, and fear mongering. The Massachusetts Federation of Labor will continue to work alongside Senator Markey to fight back against these threats and to fight for an economy that works for everyone – not the billionaires cashing in on the Trump/Musk Administration,” said President Lynch.

    MIL OSI USA News

  • MIL-OSI United Kingdom: Plans to protect Edinburgh from climate effects

    Source: Scotland – City of Edinburgh

    Detailed plans have been produced outlining 66 steps the council and partners must take to get ‘climate ready’.

    Our Climate Ready Edinburgh Implementation Plan, published today (Friday 28 February), will be considered by members of the Policy and Sustainability Committee next month (Tuesday 11 March).

    Over the next two years, it is proposed that all actions in the plan are implemented to help Edinburgh adapt to the impacts of climate change.

    This could include working with partners to tackle the risks of flooding and coastal erosion and protecting the World Heritage Site, to planting trees and exploring transport systems to make the city resilient against weather extremes.

    It is hoped this work will help to protect homes from flooding and overheating, safeguard our buildings and support new climate skills and jobs, while increasing the resilience of our ancient city against the future risks of climate change.

    Some of the proposed steps to implement our Climate Ready Edinburgh Plan 2024-2030 include:

    • Identifying trigger points and action needed to prepare for weather extremes 
    • Making Edinburgh a Million Tree City by planting 25,000 new trees a year 
    • Prioritising street tree planting in areas prone to flooding and overheating
    • Increasing the tree canopy from 17% to 20% of the whole city by 2045
    • Establishing a Wilding Wee Spaces Schools programme
    • Undertaking a flood study to determine the long-term management of existing defences along the coast
    • Completing a surface water flood management project with Scottish Water in Craigleith by 2026
    • Delivery of new small-scale adaptation and energy retrofit pilot projects in the Old and New Towns of Edinburgh World Heritage Site by 2026
    • Monitoring issues of damp in Council housing, addressing most at risk properties
    • Working with providers to increase the resilience of Edinburgh’s transport systems.

    Council Leader, Jane Meagher, said:

    With architecture spanning 1,000 years and two World Heritage Sites, more trees than any other Capital city and a vast coastline, there is no question that Edinburgh’s natural and built environment is unique. Our Climate Ready plan has been designed to protect and enhance the place we are lucky enough to call home.

    Recent events have been a stark reminder of how disruptive weather can be to our city and to property. As such, we need to focus our efforts on adapting and preparing for such risks. 

    Where we face issues of flooding and dampness, it disproportionately affects disadvantaged households. Where buildings suffer from poor energy efficiency, this brings up the cost of bills. It is to this end that climate change goes hand in hand with poverty as the biggest challenge we face, and we cannot tackle one without the other. 

    With our businesses at risk as much as our homes, there is also a clear economic case for getting our capital ‘climate ready’. This report makes it clear that this work will require significant investment, but the costs of failing to prepare are higher. That is what has driven us to pledge an additional £2.9m to address our climate and nature emergencies in the budget we set last week. It is also why we have invested £500,000 into protecting our coastline with the successful introduction of new groynes at Portobello Beach.

    If approved next month by Committee, this detailed 66-step plan will further guide us and partners to become a ‘climate ready’ capital. Climate change is a major threat to our health and that of our ancient, coastal city and it is crucial that we work with partners to protect it.

    Gordon Reid, Scottish Water and chair of the Edinburgh Adapts Partnership that developed the plan, said:

    We are already seeing the impacts of a changing climate in Edinburgh, with more frequent severe storms causing flooding, damage to buildings and disruption to travel.

    If we don’t take action then we will see greater impacts to the people, buildings, economy and the services we all rely on in the city. Many of these impacts disproportionately effect disadvantaged households and we need to ensure that we act to deliver adaptation for everyone in society as part of the just transition to a climate changed future.

    In addition, we need to act to address the nature emergency and many of the actions in the plan will address adaption and nature, delivering multiple benefits for the city.

    Yann Grandgirard, Head of Climate Change at Edinburgh World Heritage and member of the Edinburgh Adaptation and Nature Partnership, said:

    Climate change is one of the biggest threats to the Old and New Towns of Edinburgh World Heritage Site, affecting its integrity, and undermining our efforts to preserve it and share its cultural values with current and future generations.

    Climate change impacts are diverse and not limited to physical damages to our historic buildings, streets and green spaces. They also affect our experience of this special part of the city – a vibrant place where people live, work, study and visit.

    The finalisation of the Edinburgh Climate Ready implementation plan is an important step in providing the necessary framework to protect and enhance both the World Heritage Site and the city through sensitive adaptation actions. It will act as a critical tool to prioritise climate actions, attract much needed funding and support partnerships across the city.

    MIL OSI United Kingdom

  • MIL-OSI: Report for the fourth quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 28 February 2025

    Highlights in the quarter and for the full year

    Interoil’s total operated production 2024 was 754.918 barrels of oil equivalent (boe), a decrease from 949.778 boe in the same period of 2023. Operations in 2024 were impacted by downhole equipment failure at the Vikingo well and harsh winter conditions in Argentina. These challenges resulted in revenues of USD 16.8 million, down from USD 19.2 million in the prior year.

    Interoil Colombia successfully completed a downhole intervention to the Vikingo well. Current production at present is on average 150 bopd.

    The Company decided to establish an Audit Committee on 18 October. The initial members are Ms. Isabel Valado, who possesses a recognized background and extensive experience in accounting, administration, and finance; Mr. Germán Ranftl Moreno, who brings 25 years of experience in finance and accounting; and Mr. Hugo Quevedo, Chair of the who has extensive experience in corporate matters and the oil and gas and energy sectors

    In August, Interoil revised its Q2 and H1 financial reports due to an unintentional error in the Q1 figures, prompting formal investigations by Finanstilsynet and Oslo Børs (OSE). In December, the investigations concluded, resulting in a NOK 750,000 violation charge from Oslo Børs. Additionally, the Norwegian Financial Supervisory Authority, imposed a NOK 800,000 violation charge for breaches of applicable regulations.

    Subsequent Events

    In January, at the Company’s request, bondholders approved amendments to the bond terms to settle the full January 2025 interest payment in kind by issuing and delivering additional bonds.

    In January, Interoil launched its well service campaign in the Mana Field, aiming to service five wells. The pulling rig is currently working on the second well of the planned sequence. The campaign seeks to recover up to 50 bopd and 600 kscfpd of gas.

    For more information, please see enclosed Interoil Exploration and Production ASA’s Report for the fourth quarter of 2024.

    This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

    ******

    Please direct any further questions to ir@interoil.no (mailto:ir@interoil.no)

    About Interoil

    Interoil Exploration and Production ASA is a Norwegian based exploration and production company – listed on the Oslo Stock Exchange with focus on Latin America. The Company is operator and license holder of several production and exploration assets in Colombia and Argentina with headquarter in Oslo.

    Attachment

    The MIL Network

  • MIL-OSI USA: Upcoming and Recent Speaking Engagements

    Source: US Congressional Budget Office

    Several events in the coming weeks will allow me to highlight CBO’s projections in The Budget and Economic Outlook: 2025 to 2035, as well as the agency’s ongoing work.

    On Monday, March 3, I will summarize the budget and economic outlook at an annual conference hosted by the National Association for Business Economics. On Wednesday, March 5, I will participate in a panel on the state of the U.S. budget and the economy at the Milken Institute’s 2025 Finance Forum.

    The following week, on Monday morning, March 10, I will visit the Hoover Institution at Stanford University to discuss CBO’s latest budget projections.

    Budgetary issues were also the focus of remarks I delivered during a webcast for Market News International (MNI) on Monday, February 24. I discussed and answered questions about the long-term U.S. fiscal situation and other topics.

    Phillip L. Swagel is CBO’s Director.

    MIL OSI USA News

  • MIL-OSI Security: Raleigh Man Pleads Guilty to Attempting to Illegally Export Sensitive Technology to China

    Source: Office of United States Attorneys

    RALEIGH, N.C. – David C. Bohmerwald, the owner of a Raleigh-based electronics resale business called Components Cooper, Inc., pled guilty to attempting to export accelerometer technology with military applications to China without a license, in violation of the Export Control Reform Act (“ECRA”), and faces up to 20 years in prison when sentenced.  The case is the result of the district’s Disruptive Technology Strike Force (DTSF) cell.  

    “North Carolina is home to cutting-edge technologies that fuel our economy, improve our lives, and are vital to national security.  But our status as a major tech hub also makes us a target, as America’s foreign adversaries seek to acquire sensitive tech to advance their military might and interests around the world,” said Acting U.S. Attorney Daniel Bubar, “We’ve launched a multi-agency Disruptive Technology Strike Force cell to shut down international schemes that smuggle sensitive technology and IP to America’s adversaries. This case is just one example, exposing a scheme to evade U.S. export laws by shipping nearly $20,000 worth of accelerometers with missile applications from North Carolina to the People’s Republic of China.”

    “Consistent application and administration of our export controls is crucial for national security and economic stability,” said Jeffrey Levine, Bureau of Industry and Security (BIS) Office of Export Enforcement Special Agent in Charge. “The Disruptive Technology Strike Force is another example of how those agencies with enforcement responsibilities work together to help prevent the proliferation of sensitive technologies and materials that could be used for military or terrorist purposes, ensuring that critical goods do not fall into the wrong hands.”

    “The disruption of this scheme to illegally export sensitive technology means that accelerometers and other items will not be used by unauthorized individuals or for adversarial purposes,” said Special Agent in Charge Cardell T. Morant, who supervises Homeland Security Investigations (HSI) Charlotte that covers North and South Carolina. “HSI is a proud member of the Disruptive Technology Strike Force and cases like this demonstrate HSI’s commitment to keeping military-grade equipment out of the hands of our adversaries. HSI will aggressively investigate, disrupt, and hold accountable criminals that supply sensitive technology to unauthorized users.”

    According to court documents, and information presented in court, Bohmerwald, age 63, purchased 100 accelerometers from a U.S.-based electronics company, and then attempted to export the devices to a company in China. These accelerometers have a wide array of applications ranging from research and development of products to defense uses. When used for military applications, accelerometers are crucial to structural testing, monitoring, flight control, and navigation systems. The technology can help missiles fly more accurately and measure the precise effect munitions have on structures. A license is required to export the accelerometers to China.

    The U.S. based electronics company notified law enforcement due to Bohmerwald’s suspicious and unusual purchase request. Among other things, when Bohmerwald purchased the accelerometers, he claimed that they were for an end user in Missouri. In fact, when federal agents contacted the Missouri company, they denied having an order pending with Bohmerwald and his business, Components Cooper.

    After Bohmerwald received the accelerometers, he dropped two parcels at a local FedEx shipping store. One of the packages was addressed to a business in China. An agent with the Department of Commerce, Bureau of Industry and Security, detained the package and found it contained 100 accelerometers. The agent confirmed that there were no relevant licenses on file to support the export of the items. In addition, Bohmerwald falsely listed the value of the package at $100, when the true value was nearly $20,000. When interviewed by agents, Bohmerwald admitted to acquiring the technology on behalf of a Chinese-based company, knowing that the technology was export-controlled, and knowing export of the items required a license.

    This case was coordinated through the Disruptive Technology Strike Force, 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. The Strike Force leverages tools and authorities across the U.S. government to enhance the criminal and administrative enforcement of export control laws.

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina and Sue Bai, head of the Justice Department’s National Security Division made the announcement after U.S. District Judge Terrence W. Boyle accepted the plea. BIS, the Federal Bureau of Investigation, and Department of Homeland Security, Homeland Security Investigations are investigating the case and Assistant U.S. Attorney Logan Liles and Trial Attorney Brendan Geary of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 5:24-CR-00302-BO.

    MIL Security OSI

  • MIL-OSI Canada: Revitalizing downtown Edmonton

    Edmonton continues to thrive and is quickly becoming a key destination in Canada and North America to visit, live and work. To help the city to meet the demands of a growing population, the Government of Alberta has signed a memorandum of understanding (MOU) with the City of Edmonton and OEGSE.

    The MOU would help the city achieve its vision to develop an event park and public realm space fully connected to Rogers Place in Edmonton’s ICE District, unlock more housing in the downtown core, and would also support site servicing for the Village at ICE District and demolition of the old Coliseum at Exhibition Lands. Discussions between the Government of Alberta, City of Edmonton, and OEGSE are ongoing as further details are worked out. The province’s Budget 2025 allocates funding for this project, should a final agreement be struck among all three partners.

    “Alberta’s government is proud to be partnering with the City of Edmonton and OEG Sports & Entertainment on this exciting plan to support world-class facilities and services and revitalize downtown Edmonton. This agreement would ensure that Edmonton continues to be one of Canada’s and North America’s leading entertainment and event districts.”

    Danielle Smith, Premier

    These priority projects will support much-needed housing development, provide residents and visitors with year-round access to sports, culture and entertainment activities, as well as improve safety and build 2,500 new units of diverse housing types. The total cost for all projects is $408.2 million, which will be shared among all three partners.

    As part of this ongoing work, the City of Edmonton has released a report that outlines options to extend the end date for the Capital City Downtown Community Revitalization Levy (CRL) beyond 2034. This report contains new catalyst projects including public infrastructure site servicing for the Village at ICE District housing development and a proposed event park that would be funded through the CRL. The event park is estimated to add over $70 million to the local gross domestic product (GDP) and up to 1,400 jobs throughout the construction phase.

    “This investment will boost our economy and solidify Edmonton’s status as a global events hub. I’m pleased the Government of Alberta is investing in our city. Municipalities need provincial support to manage record growth, and this funding will support diverse housing projects, including needed affordable housing.”

    Amarjeet Sohi, mayor, City of Edmonton

    “We are proud of our work to date with the development of Rogers Place and the surrounding facilities, which have become catalytic drivers of investment and development in Edmonton’s downtown core, and we look forward to building on that success through this new agreement. This agreement is a significant step in the right direction toward creating great public spaces that will add to the community programming, activity and vibrancy of downtown Edmonton, and will bring public infrastructure investment to encourage development of much-needed housing in our city.”

    Tim Shipton, EVP, External Affairs, OEGSE

    Alberta’s government, the City of Edmonton and OEGSE will make a more formal announcement in the days to come.

    MIL OSI Canada News

  • MIL-OSI Canada: Empowering kids to get in the game

    [. They teach teamwork, build confidence and promote healthy lifestyles that last well into adulthood. Unfortunately, financial barriers to sport can force some Albertan children to watch from the sidelines.

    Alberta’s government remains committed to supporting Albertans facing higher costs of living. The province is breaking down the financial barriers that prevent kids from engaging in sport and recreation programs and getting them back in the game. If passed, Budget 2025 would provide $8 million to the Every Kid Can Play program.

    “I’m proud Alberta’s government is supporting families with affordable access to sport and recreation through the Every Kid Can Play program. Sport is for everyone, which is why we’re breaking down financial barriers to ensure no child is forced to watch from the sidelines.”

    Joseph Schow, Minister of Tourism and Sport

    If the budget passes, $3.5 million would go directly to helping cover sport registration costs for families in need. Since 2023, the Every Kid Can Play program has supported more than 21,000 registrations for children and youth to access sport and recreation.

    “Increasing affordable access to sport and recreation for Alberta’s children and youth will help support them in their development by providing mentorship and improving their physical and mental wellness. I am proud to support the Every Kid Can Play initiative to continue building up and supporting stronger communities.”

    Searle Turton, Minister of Children and Family Services

    “Sport provides opportunity for children and youth to build healthy habits, friendships and lifelong memories. By making sport more affordable and accessible, we’re not only helping families keep more money in their pockets – we’re enriching the lives of our young people now and for many years to come.”

    Nathan Neudorf, Minister of Affordability and Utilities

    In the past year alone, more than 12,200 kids who would otherwise have been unable to access sport were able to get into the game thanks to the Every Kid Can Play program helping cover the cost of registration. Through funds directed to KidSport Alberta, the Every Kid Can Play program offers eligible families up to $350 per child to offset the costs of kids’ registration in sports and recreational activities.

    The Every Kid Can Play program also supports provincial and community non-profit organizations, reducing financial pressures and increasing the number of kids the programs are able to admit. Since 2023, the Every Kid Can Play program has supported more than 200 child and youth-focused community-level programs throughout Alberta.

    “At KidSport Alberta, we believe the impact of sport on children’s lives goes far beyond competition and physical fitness – it’s about confidence, community and opportunity. Thanks to the Government of Alberta’s renewed commitment to the Every Kid Can Play Program, we can continue to strive towards our goal of an Alberta in which ALL kids have a chance to play.” 

    Kelly Oehlerking, executive director, KidSport Alberta

    “The Every Kid Can Play program opened doors for us, giving my grandson the opportunity to be involved in the sports he loves. I’m grateful that the Government of Alberta is working to make sport and recreation more accessible and affordable for all families across Alberta.” 

    Sylvia Donley, guardian of a child who has benefited from the Every Kid Can Play Program

    “Thanks to the support of Alberta’s government through the Every Kid Can Play program, we provided 285 children, including newcomers and refugees, with affordable sports opportunities. This funding has helped create an inclusive space where kids can develop skills, build friendships and feel a sense of belonging in their new community.”

    Umair Ahad, director, Pamir Canadian Multiculturalism Council

    The Every Kid Can Play program is designed to address affordability and accessibility challenges to sport, physical activity and recreation programs for Alberta kids and their families.

    Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on supporting the economy.

    Related information

    • KidSport Alberta
    • Every Kid Can Play Program

    Multimedia

    • Watch the news conference

    MIL OSI Canada News

  • MIL-OSI: Admirals Group AS Unaudited Financial Results for 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Admirals Group AS Unaudited Financial Results for 12 months of 2024

    Despite lower client activity, Admirals Group AS delivered resilient trading income and positive EBITDA through effective cost control measures.

    • The Group’s net trading income decreased by 6% to EUR 38.4 million (2023: EUR 40.9 million), being supported by higher volatility on the financial markets.

    • The Group’s total operating expenses decreased by 16% to EUR 42.4 million (2023: EUR 50.3 million) as a result of cost optimisation efforts.

    • EBITDA was EUR 0.9 million (2023: EUR -6.5 million).

    • Net loss was EUR -1.6 million (2023: EUR -9.7 million).

    Although the income was supported by higher volatility in financial markets, Group’s cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group’s business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group’s product governance efforts with objectives and needs of it’s European clients. At the same time other Group entities continued to carry out their services uninterrupted as usual.

    Statement of Financial Position

    (in thousands of euros) 31.12.2024 31.12.2023
    Assets    
    Cash and cash equivalents 41,607 41,025
    Due from investment companies 18,736 18,961
    Financial assets at fair value through profit or loss 1,228 5,062
    Loans and receivables 8,315 4,772
    Inventories 665 311
    Other assets 2,092 2,137
    Tangible fixed assets 1,359 1,950
    Right-of-use assets 2,541 2,603
    Intangible assets 3,304 5,147
    Total assets 79,847 81,968
         
    Liabilities    
    Financial liabilities at fair value through profit or loss 334 224
    Liabilities and accruals 3,326 4,318
    Deferred tax liability 0 1
    Subordinated debt securities 4,103 4,102
    Lease liabilities 2,818 2,894
    Total liabilities 10,581 11,539
         
    Equity    
    Share capital 250 250
    Own shares -456 -315
    Statutory reserve capital 25 25
    Currency translation reserve 30 -834
    Retained earnings 69,417 71,276
    Total equity attributable to owners of the parent 69,266 70,402
    Non-controlling interest 0 27
    Total equity 69,266 70,429
    Total liabilities and equity 79,847 81,968

     Statement of Comprehensive Income

    (in thousands of euros) 2024 2023
    Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers 40,653 46,276
    Brokerage and commission fee revenue 1,408 2,134
    Brokerage and commission fee expense -3,558 -5,118
    Other trading activity related income 489 412
    Other trading activity related expense -583 -2,768
    Net income from trading 38,409 40,936
    Other income similar to interest 947 171
    Interest income calculated using the effective interest method 424 900
    Interest expense -472 -496
    Other income 3,004 741
    Other expenses -233 -185
    Net losses on exchange rate changes -1,016 -984
    Profit / (loss) from financial assets at fair value through profit or loss -444 61
    Personnel expenses -13,394 -15,231
    Operating expenses -25,412 -31,875
    Depreciation of tangible and intangible assets -2,594 -2,310
    Depreciation of right-of-use assets -787 -837
    (Loss) before income tax -1,568 -9,109
    Income tax -24 -616
    (Loss) for the reporting period -1,592 -9,725
    Other comprehensive income / (loss):    
    Items that subsequently may be reclassified to profit or loss:    
    Currency translation adjustment 864 -165
    Total other comprehensive income / (loss) for the reporting period 864 -165
    Total comprehensive (loss) / income for the reporting period -728 -9,890
    Net (loss) attributable to the owners of the parent -1,592 -9,746
    Net profit attributable to non-controlling interest 0 21
    (Loss) for the reporting period -1,592 -9,725
    Total comprehensive (loss) attributable to the owners of the parent -728 -9,911
    Total comprehensive income attributable non- controlling interest 0 21
    Total comprehensive (loss) for the reporting period -728 -9,890
    Basic and diluted earnings per share -0.65 -3.95

    Additional information: 

    Lauri Reinberg 
    Chief financial officer of Admirals Group AS
    lauri.reinberg@admiralmarkets.com 
    +372 6309 300
    https://www.admirals.group/

    Attachment

    The MIL Network

  • MIL-OSI: Admiral Markets AS Unaudited Financial Results 12 Months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Admiral Markets AS Unaudited Financial Results 12 Months of 2024

    Despite lower client activity, Admirals Markets AS delivered resilient trading income and positive net profit through effective cost control measures. 
    • Net trading income increased by 48% to EUR 13.5 million (2023: EUR 9.1 million) being supported by higher volatility on the financial markets.
    • Total operating expenses decreased by 26% to EUR 13.7 million (2023: EUR 18.5 million).
    • EBITDA was EUR 2.0 million (2023: EUR -6.9 million).
    • Net profit was EUR 1.3 million (2023: EUR -8.2 million).

    Although the income was supported by higher volatility in financial markets, Admirals Group’s cost optimisation effort was partly muted due to voluntary suspension of new client registrations in the Cyprus based operating company Admirals Europe Ltd. This company acts as the primary service entity of the Group in the EU which is one of the core markets for the Group’s business. The suspension started in April 2024 is voluntary and temporary in nature and it was necessary to allow for the implementation of required technical and organisational measures to ensure satisfactory alignment of Group’s product governance efforts with objectives and needs of it’s European clients. At the same time other Group entities continued to carry out their services uninterrupted as usual.

    Statement of Financial Position

    (in thousands of euros) 31.12.2024 31.12.2023
    Assets    
    Due from credit institutions 19,381 10,175
    Due from investment companies 13,362 9,014
    Financial assets at fair value through profit or loss 2,516 6,353
    Loans and receivables 29,231 37,274
    Inventories 665 311
    Other assets 650 970
    Investment into subsidiaries 4,180 4,180
    Tangible fixed assets 1,041 1,494
    Right-of-use asset 1,757 2,221
    Intangible fixed assets 2,821 2,943
    Total assets 75,604 74,935
         
    Liabilities    
    Financial liabilities at fair value through profit or loss 333 217
    Liabilities and prepayments 744 980
    Subordinated debt securities 1,347 1,353
    Lease liabilities 2,025 2,499
    Total liabilities 4,449 5,049
         
    Equity    
    Share capital 2,586 2,586
    Statutory reserve capital 259 259
    Retained earnings 68,310 67,041
    Total equity 71,155 69,886
    Total liabilities and equity 75,604 74,935

    Statement of Comprehensive Income

    (in thousands of euros) 2024 2023
    Net gains from trading of financial assets at fair value through profit or loss with clients and liquidity providers 37,435 41,777
    Brokerage and commission fee revenue 1,062 1,668
    Brokerage and commission fee expense -25,451 -34,656
    Other trading activity related income 418 339
    Net income from trading 13,464 9,128
    Other income similar to interest 85 172
    Interest income calculated using the effective interest method 1,366 1,044
    Interest expense -155 -184
    Other income 433 877
    Other expense 0 10
    Net gains on exchange rate changes 198 -214
    Net loss from financial assets at fair value through profit or loss -444 61
    Personnel expenses -4,019 -4,634
    Operating expenses -7,642 -12,168
    Depreciation of tangible and intangible assets   -1,532 -1,259
    Depreciation of right-of-use assets -485 -484
    (Loss) / Profit before income tax 1,269 -7,651
    Income tax 0 -535
    Net (loss) / profit for the reporting period 1,269 -8,186
    Comprehensive income for the reporting period 1,269 -8,186
    Basic and diluted earnings per share 3.14 -20.26

    Additional information: 

    Lauri Reinberg 
    Chief financial officer of Admirals Group AS
    lauri.reinberg@admiralmarkets.com 
    +372 6309 300
    https://www.admirals.group/

    Attachment

    The MIL Network

  • MIL-OSI: HTXMining: Enhancing Crypto Staking Accessibility with Secure and Efficient Solutions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — HTXMining, a Liquidity Staking Platform, introduced an advanced Liquidity Staking Platform aimed at providing users with a streamlined and efficient way to participate in cryptocurrency staking. HTXMining can rock the world of cryptocurrencies with its appealing features. Htxmining impressed its investors by providing new ways to make the most of their digital assets, all while keeping things safe and profitable.

    Image by HTXMining

    HTXMining: The Future of Crypto Staking

    Cryptocurrency staking provides a means to engage in blockchain networks by contributing digital assets. This process helps secure transactions and validate blocks, and in return, participants earn rewards. Compared to traditional mining, staking presents a more environmentally conscious option, as it does not require significant hardware investments or excessive energy usage. Platforms like HTXMining offer staking services that allow assets to be locked for a specified duration in exchange for staking rewards.

    Liquidity Staking: Maintaining Asset Availability

    Liquidity staking on HTXMining enables participants to stake assets while maintaining access to their funds, allowing continued trading or utilization while earning staking rewards. This feature is unique to HTXMining, providing investors with flexibility and financial freedom. Prot potential can be maximized by providing liquidity to decentralized exchanges (DEXs) and automated market makers (AMMs) without sacrificing asset availability.

    Liquidity Mining for Enhanced Engagement

    In addition to staking, HTXMining offers liquidity mining options where participants contribute assets to liquidity pools in decentralized nance (DeFi) protocols. As part of this process, contributors support market operations and may receive incentives based on their contribution levels.

    The platform offers diverse liquidity mining pools. Whether staking Ethereum (ETH), Bitcoin (BTC), or stablecoins like USDT and USDC, HTXMining ensures that participants can diversify their investments while optimizing earnings.

    Why HTXMining Serves as a Good Crypto Staking Platform

    HTXMining is regarded as a reliable platform for crypto staking due to its commitment to transparency, security, and portability. Among the key distinguishing features of HTXMining are:

    Flexible Staking Options: A range of staking durations is available, tailored to various financial strategies.

    Low Transaction Fees: Minimal transaction fees enable participants to maximize staking and liquidity mining rewards.

    User-Friendly Interface: The intuitive interface of HTXMining ensures accessibility for both beginners and experienced users.

    24/7 Customer Support: HTXMining provides continuous assistance to address any inquiries.

    Ways to Earn with HTXMining

    HTXMining continues to evolve its platform with planned integrations of AI-powered staking optimization, advanced DeFi tools, and multi-chain support, expanding engagement across various blockchain networks. The platform is designed for both beginners and experienced investors, offering multiple earning methods, including:

    1. Traditional Staking

    Traditional staking on HTXMining provides a low-risk method to earn rewards with cryptocurrency. It offers a stable and predictable return, making it an attractive option for investors who prioritize a reliable income stream.

    2. Liquidity Staking

    Liquidity staking on HTXMining enables investors to stake assets while still maintaining access to liquidity. The Liquidity Staking mechanism ensures that stakers benefit from both trading and staking rewards.

    3. Liquidity Mining

    HTXMining’s liquidity mining pools present another lucrative investment avenue. Investors can enhance overall earnings by contributing assets to liquidity pools.

    4. Referral and Affiliate Programs

    Beyond staking, HTXMining offers a referral and affiliate program that provides additional earning potential. Commissions can be earned by introducing new participants to the platform, creating opportunities for increased revenue.

    HTXMining: A Leading Liquidity Staking Platform

    HTXMining’s robust security measures and liquidity mining solutions offer an effective way to earn income through cryptocurrency staking. Regardless of experience level in the crypto industry, the platform is designed to accommodate all participants. HTXMining ensures maximum rewards with top-tier security and a seamless user experience.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk, and there is potential for loss of funds. It is strongly recommended to practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    Media Contact:

    Paul Winterowd, HTXMining
    +15757887086
    info@htxmining.com
    https://htxmining.com/

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3e6962a-3240-4490-9e74-7b424a9a6f08

    The MIL Network

  • MIL-OSI USA: Press Release: FDIC Issues CRA Examination Schedules for Second Quarter 2025 and Third Quarter 2025

    Source: US Federal Deposit Insurance Corporation FDIC

    WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2025 and third quarter 2025.  CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter.

    The Community Reinvestment Act is a 1977 law that requires the FDIC to assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operations.  CRA examinations allow federal regulators to assess an institution’s record of helping to meet those needs.

    CRA examinations are scheduled based on an institution’s asset size and CRA rating.  Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Satisfactory can be subject to a CRA examination no more frequently than once every 48 months.  Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Outstanding can be subject to a CRA examination no more frequently than once every 60 months.

    The schedules of institutions to be examined April 1, 2025, through June 30, 2025, and July 1, 2025, through September 30, 2025, are based on the best information now available and are subject to change.  For example, a regulated financial institution not otherwise scheduled for an examination may be examined in connection with the application for a deposit facility.  Alternatively, some institutions may require more time and resources than originally allotted, thus delaying other scheduled examinations.  If an institution is rescheduled for a different quarter, that information will be included on a later list.

    Federal bank and thrift regulators encourage public comment on the institutions to be examined under the CRA. Comments about FDIC-supervised institutions should be directed to the institutions themselves or to the Deputy Regional Director of the appropriate FDIC regional office (attached).  All public comments received prior to completion of a CRA examination will be considered.

    The CRA examination schedules for the second quarter of 2025 and third quarter of 2025 are attached.  Schedules also can be obtained by calling (703) 562-2200 or (877) 275-3342, faxing a request to (703) 562-2296, or writing to:

    FDIC Public Information Center
    3501 Fairfax Drive
    Room E-1002
    Arlington, VA 22226

    ATTACHMENTS:

    # # #

    MEDIA CONTACT: 
    LaJuan Williams-Young
    202-898-3876
    lwilliams-young@FDIC.gov

    MIL OSI USA News

  • MIL-OSI United Kingdom: Deputy Prime Minister speaks at Convention of the North event

    Source: City of Preston

    Deputy Prime Minister and Secretary of State for Housing Communities and Local Government (MHCLG) Angela Rayner, spoke to a packed conference hall today at the Convention of the North event.

    The event which has been hosted by Lancashire County Council and the University of Central Lancashire over the past two days.

    Leader of Preston City Council, Councillor Matthew Brown said:

    The Convention of the North event has been a great success, and we are proud to be able to put Preston on the map and welcome visitors from the world of politics, academia, and business to the city.

    For the first time it is being held in the North West’s third largest city and has presented an excellent opportunity for Preston to showcase what it has to offer, our exciting regeneration plans and ambitions for the future, accompanied by the progress we are making towards a fairer and more democratic local economy through Community Wealth Building.

    Preston, as the leading commercial hub for Lancashire and the urban heart of a £35bn economy, is bursting with potential.

    Our key sector strengths including advanced manufacturing, aerospace, healthcare, cyber and digital offer many emerging new opportunities for our young people, in a well-connected, culturally vibrant, and green city, rich in opportunity.

    As Lancashire continues its devolution journey, a thriving Preston city region is a prerequisite for a successful Lancashire economy, and we want to ensure all residents and local businesses benefit from the city’s economic development and regeneration.

    For more information about the event and its topics visit the Convention of the North.

    MIL OSI United Kingdom

  • MIL-OSI USA: Federal Reserve Board begins 2025 Survey of Consumer Finances

    Source: US State of New York Federal Reserve

    .

    February 28, 2025
    Federal Reserve Board begins 2025 Survey of Consumer Finances
    For release at 11:00 a.m. EST

    The Federal Reserve Board in March will begin its regular study of household finances, the Survey of Consumer Finances, which provides the public and policymakers with detailed and important insights into the economic condition of American families.
    “This survey is an important source of information on the financial well-being of American families,” Federal Reserve Board Chair Jerome H. Powell said in a letter to prospective survey participants. “Our most recent survey, which took place in 2022, has been important to understanding the different ways that American families experienced the unusual economic conditions surrounding the COVID-19 pandemic.”
    The data collected will provide a representative picture of what Americans own—from houses and cars to stocks and bonds—how and how much they borrow, and how they bank, as well as their feelings about their economic situation and that of the United States more broadly. Past study results have contributed to policy discussions regarding the evolution of housing as a key component of wealth, the recovery of households from the Great Recession, changes in the kinds and amount of credit used by families, and a broad range of other issues.
    The current version of the survey has been undertaken every three years since 1983. It is being conducted through December of this year and for the Board by NORC, a social science research organization at the University of Chicago.
    Participants in the study are chosen at random from 119 geographic areas, including metropolitan areas and rural counties across the United States, using a scientific sampling procedure. A representative of NORC contacts each potential participant personally to explain the study and request time for an interview.
    Individual survey responses are kept strictly confidential. NORC uses names and addresses only for the administration of the survey and must destroy that identifying information at the close of the study. NORC is forbidden from giving the names and addresses of participants to anyone at the Federal Reserve or elsewhere, and that information is permanently destroyed after the survey is completed.
    Summary results for the 2025 study will be published in late 2026 after all data from the survey have been assessed and analyzed. The letter from Chair Powell will be mailed in mid-March to approximately 13,000 households urging their participation in the study.
    For media inquiries, please e-mail [email protected] or call 202-452-2955.

    Last Update: February 28, 2025

    MIL OSI USA News

  • MIL-OSI: Cyber A.I. Group CEO to Speak at SXSW Dream Wealth Camp 2025 on the Future of Cybersecurity and A.I. in Wealth Creation

    Source: GlobeNewswire (MIL-OSI)

    MIAMI and NEW YORK and PARIS, Feb. 28, 2025 (GLOBE NEWSWIRE) — Cyber A.I. Group, Inc. (“CyberAI” or the “Company”), an emerging growth Cybersecurity, Artificial Intelligence and IT services company engaged in the proactive acquisition of a broad spectrum of Cybersecurity service providers on an international basis, announced today that its CEO, Walter Hughes, will be a featured speaker at Dream Wealth Camp 2025, an exclusive South by Southwest (SXSW) event in Austin, Texas.

    Dream Wealth Camp, hosted by Dreambloc, is a premier venture mastermind experience that convenes elite founders, investors, and thought leaders to navigate the complexities of scaling businesses and building generational wealth. Designed as a high-impact, closed-door gathering, the event provides tailored strategies, one-on-one mentorship, and investment deal flow opportunities. Hughes will join an esteemed lineup of experts to discuss digital transformation, Cybersecurity’s evolving role in investment strategy, and the intersection of artificial intelligence and wealth creation.

    “As the digital age reshapes the global economy, Cybersecurity is no longer a cost center—it is the foundation of trust in every transaction, every investment, and every technological advancement,” said Hughes. “At CyberAI, we are not only safeguarding enterprises but redefining how Cybersecurity and A.I. integrate into wealth-building ecosystems. Dream Wealth Camp is an ideal forum to engage in these critical conversations and chart the next frontier of investment strategy.”

    Hughes’ participation underscores CyberAI’s commitment to shaping the future of Cybersecurity through strategic acquisition and innovation. With an aggressive global expansion strategy, the company is assembling a powerhouse portfolio of security-focused IT service providers, reinforcing its vision of becoming the premier force in next-generation Cybersecurity solutions.

    Dream Wealth Camp 2025 will take place on March 6-7 at SXSW in Austin, Texas, offering curated sessions and networking opportunities with some of the most influential minds in business and technology.

    About Cyber A.I. Group

    Cyber A.I. Group, Inc. (“CyberAI”) is an international company engaged in the acquisition and management of worldwide Cybersecurity and IT services firms. CyberAI is pursuing a highly proactive “Buy & Build” strategy to rapidly expand operations internationally by acquiring a broad spectrum of IT services companies and repositioning them to address fast-growing market needs for Cybersecurity and Artificial Intelligence markets. The Company has developed an active pipeline of 300+ perspective acquisitions which are in various stages of analysis. The Company’s initial target is to acquire multiple companies representing aggregate revenues annualizing $100 million. CyberAI’s business model is focused on the acquisition and consolidation of IT services worldwide with proven ability in broad conventional technology services with strong cash flow and enhance performance through A.I.-driven Cybersecurity initiatives. This emphasis on conventional companies with strong revenues and EBITDA distinguishes CyberAI from the explosion of A.I. startups that may be pinning their future on a single technological breakthrough which may never materialize. This “Buy & Build” strategy provides CyberAI with the maximum flexibility for diversification and risk management for moving into new fields and addressing fast moving market opportunities. For additional information, please visit: cyberaigroup.io.

    Contact

    Cyber A.I. Group, Inc.
    Tel: 786.749.1221
    info@cyberaigroup.io

    Paris:
    17-21 Rue Saint-Fiacre
    Paris 75002, France

    New York:
    641 Lexington Avenue, 14th Floor,
    New York, NY 10022

    Miami:
    990 Biscayne Blvd., Suite 503
    Miami, FL 33132

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2df6821b-254e-4be9-98d3-040669a0342a

    The MIL Network

  • MIL-OSI Economics: Driving Change: Rumana Huque on the Real Costs of Bangladesh’s Tobacco Dependency

    Source: International Monetary Fund

    In This Episode

    Driving Change: Women-Led Development Economics from the Ground Up

    The International Economic Association’s Women in Leadership in Economics Initiative (IEA-WE) connects women economists worldwide and helps showcase their important empirical research, especially in developing countries. IMF Podcasts has partnered with the IEA-WE to produce a special series featuring the economists behind the invaluable local research that informs policymakers in places often overlooked. This episode of Driving Change features Bangladeshi economist Rumana Huque, whose research into the real costs of tobacco consumption is prompting a rethink of the country’s tobacco tax system. Transcript

    Other episodes include Kenyan economist Rose Ngugi, whose indices help local counties design policies that work, Colombian economics Professor Marcela Eslava, whose research looks to fix Latin America’s dysfunctional social security network, and Ipek Illkaracan who makes the business case for investing in social care infrastructure.

    The series is also featured in the IMF’s Finance and Development magazine

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Land sale plan announced

    Source: Hong Kong Information Services

    The Government today announced its 2025-26 Land Sale List which includes eight residential sites, involving about 4,450 flats to be put up for sale.

    Unveiling the list this afternoon, Secretary for Development Bernadette Linn said taking into account the estimated land supply from government land sale, MTR Corporation and Urban Renewal Authority projects as well as private development/redevelopment projects, the private housing land supply in 2025-26 can produce about 13,700 flats.

    Pursuant to the “Long Term Housing Strategy Annual Progress Report 2024” released in October 2024, the target for private housing land supply in 2025-26 is 13,200 flats, similar to the potential supply of this financial year.

    No commercial site has been included on the list, considering the high vacancy rate of offices in recent years and the relatively ample supply in the next few years.

    As for industrial sites, the Government has identified three pilot areas to adopt the large-scale land disposal approach, located in Hung Shui Kiu/Ha Tsuen, Fanling North and the San Tin Technopole.

    Each of these pilot areas covers land for residential, industry and public facilities. The expressions of interest exercise will last until end-March, with a target to commence the tendering work progressively from the second half of 2025 to 2026.

    For the first quarter of 2025-26, ie April to June this year, a site in Tuen Mun will be put up for tender, capable of producing about 525 flats.

    Ms Linn said that the site is located in a mature residential neighbourhood near a light rail station and should be attractive to the market.

    She reiterated that the Government will prudently roll out land in a paced and pragmatic manner for development and maintain a continuous and sustained land supply, noting that placing available sites on the list does not mean all sites are to be rolled out.

    The Government will refer to the market situation and other supply sources so as to announce the Land Sale Programme on a quarterly basis. Depending on the market situation, it may also put up additional sites to respond to market changes, Ms Linn added.

    MIL OSI Asia Pacific News

  • MIL-OSI: Cheems Memecoin Surpasses $8 Million in Daily Trading Volume on Binance

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — Cheems ($CHEEMS), the viral Shiba Inu-inspired memecoin built on Binance Smart Chain (BSC), has achieved another major milestone by surpassing $8 million in daily trading volume on Binance. This impressive feat highlights the growing demand for CHEEMS and its expanding presence in the cryptocurrency market.

    From Meme to Market Leader
    What started as a lighthearted meme has rapidly evolved into a dominant force in the crypto space. With a market capitalization of $160.16 million and a fully diluted market cap of $173.98 million, Cheems continues to gain momentum as a community-driven project. The trading volume surge to $8 million is a testament to the token’s increasing adoption and liquidity, as well as the strength of its passionate holder base. The token is now listed on leading exchanges including Binance, Bybit, Bitget, Kraken, Gate.io, and more!

    Christian, Founder of Infini, a major Cheems tokenholder and spokesperson, commented on this achievement:

    “Cheems isn’t just riding the memecoin wave—it’s shaping it. Hitting $8 million in daily trading volume on Binance signals that our community and the broader market recognize the real potential behind this movement. As we continue building, we are committed to maintaining this momentum and ensuring long-term growth for our holders.”

    The CHEEMS Advantage
    Built on Binance Smart Chain’s efficient and scalable infrastructure, CHEEMS offers key advantages that set it apart in the crowded memecoin market:

    • Zero transaction taxes – Ensuring seamless and cost-efficient trading.
    • 100% burned liquidity pool – Enhancing stability and reducing risks.
    • No team allocations – Reinforcing its decentralized nature.
    • Fully decentralized governance – Empowering the community to shape the future of CHEEMS.

    Strengthening the BNB Ecosystem
    The Binance listing and subsequent trading volume spike are the results of months of collaboration with the BNB Chain ecosystem, including:

    • Liquidity pool enhancements to support smooth trading activity.
    • Co-branded marketing initiatives to expand visibility and engagement.
    • Ecosystem development grants fueling long-term growth and innovation.

    Philanthropy & Real-World Impact
    Beyond its on-chain success, CHEEMS remains dedicated to making a tangible difference through its CryptoForGood initiative:

    • 100% of merchandise proceeds donated to animal welfare charities.
    • Collaborations with Cheems’ real-life owner, Kathy, on global aid initiatives.
    • Over 5,500 meals funded through viral TikTok challenges.

    With a circulating supply of 187.5 billion 1000CHEEMS tokens and a maximum supply of 203.67 billion 1000CHEEMS, Cheems remains well-positioned for sustained growth and increased market influence.

    As the memecoin landscape evolves, Cheems is proving that it is not just a trend but a long-term player in the space. With continued innovation, community engagement, and expanding real-world impact, CHEEMS remains at the forefront of the next generation of meme-based digital assets.

    For more details and to join the Cheems movement, visit: Official Website

    About Cheems:
    Cheems is a community-driven memecoin built on Binance Smart Chain (BSC). Designed to bring fun, engagement, and decentralization to the crypto space, Cheems has grown into one of the most recognized and celebrated tokens in the memecoin sector. With a strong and dedicated holder base, Cheems continues to shape the future of meme-based digital assets.

    Media Contact:
    Cheems Foundation
    contact@cheems.pet

    Join the Cheems Community:

    • Twitter: @lordcheems_bsc
    • Telegram: t.me/LordCheems_Bsc
    • Contract: 0x0df0587216a4a1bb7d5082fdc491d93d2dd4b413

    Disclaimer: This press release is provided by Cheems Foundation. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    The MIL Network

  • MIL-OSI Security: Texas woman arrested for attempting to smuggle 9-year-old twins through Laredo checkpoint

    Source: Office of United States Attorneys

    LAREDO, Texas – A 31-year-old Dallas resident has been charged with conspiring to transport, attempting to transport and transporting two undocumented minors illegally in the United States for financial gain, announced U.S. Attorney Nicholas J. Ganjei.

    Jovanna Netzay Diaz is expected to make her initial appearance before U.S. Magistrate Judge Renee Harris Toliver in Dallas at 10 a.m. She will then be expected in Laredo federal court shortly thereafter. 

    A federal grand jury returned the three-count indictment Feb. 19 which was unsealed upon her arrest Feb. 27. 

    The charges allege that on Oct. 26, 2024, Diaz arrived at the Border Patrol checkpoint in Laredo. Upon initial inspection, authorities allegedly observed a blanket moving between the second and third row of the vehicle.  

    Law enforcement soon found one minor underneath the blanket and another concealed on the floorboard of the vehicle’s front passenger seat, according to the charges. The minors were allegedly determined to be nine-year-old twins, who were nationals and citizens of Mexico with no familial connection to Diaz. 

    If convicted, Diaz faces up to 10 years in federal prison as well as a $250,000 maximum possible fine. 

    Homeland Security Investigations conducted the investigation with the assistance of Border Patrol. Assistant U.S. Attorney Melissa A. Lopez is prosecuting the case.

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

    MIL Security OSI

  • MIL-OSI: UAB “Atsinaujinančios energetikos investicijos“ publishes interim financial statements for the 12-month period of 2024

    Source: GlobeNewswire (MIL-OSI)

    UAB “Atsinaujinančios energetikos investicijos” (the Company) publishes its unaudited interim condensed consolidated and separate financial statements for the 12-month period of 2024. 

    Financial results 

    The Company’s objective is to earn a return for the Company’s investors from investments in renewable energy infrastructure facilities and related assets. The main financial indicators for the period were: 

    • As at 31 December 2024, the Company’s total assets were EUR 187 855 thousand, total equity was EUR 98 536 thousand, and total liabilities were EUR 89 319 thousand. 
    • As at 31 December 2024, the Company’s investment assets at fair value through profit or loss were EUR 157 962 thousand, which compared to 31 December 2023, decreased by EUR 22 098 thousand or 12.27%. The decline in the fair value of the investment portfolio was mainly driven by the results of the independent annual valuation of the Company’s shares. The value of the Company’s solar assets in Poland primarily decreased due to electricity price curve forecasts being significantly lower than the electricity price curve utilized in the Company’s valuation in the fourth quarter of 2023.  
    • For the period January – December 2024, the Company reported a comprehensive loss of EUR 16 764 thousand, primarily attributed to the negative fair value change in the investment portfolio resulting from the independent annual valuation of the Company’s shares and financing expenses.  

    Contact person for further information: 

    Mantas Auruškevičius 

    Manager of the Investment Company 

    Mantas.Auruskevicius@lordslb.lt 

    Attachment

    The MIL Network

  • MIL-OSI United Kingdom: Deputy Prime Minister speech at Convention of the North

    Source: United Kingdom – Executive Government & Departments

    Speech

    Deputy Prime Minister speech at Convention of the North

    The DPM gave the keynote address at the event in Lancashire.

    Thank you everyone, it’s an absolute pleasure to be here at the Convention of the North again.  

    I apologise if I go too Northern for you, but it’s good to be back in this region, and it is great to be here in Preston.  

    A year ago, I was stood in front of this same Convention at Leeds Dock – talking about the change this country so desperately needs.  A lot has changed!  

    But just like last year, we’re meeting today on the spot of real Northern success.  

    For two centuries, this university has opened its doors. Not just for students across the country, but for the people of the proud city too.  

    Over those last two centuries, this mill town – just like the rest of the North – has seen entire industries rise and fall.  

    Today, as I look out towards our fantastic Northern leaders, businesses and innovators, I want you to know that I am determined to fight for a future that’s brighter and more ambitious. 

    Just over 6 months ago, this government was elected to deliver change. I know that the North is as impatient as anyone for that change – as I am too.  

    The gears of change haven’t always been well-oiled, in fact, a decade of decline has seen them rusted.  As you work to improve the places you call home, you’re being resisted by a system that hoards power and investment away from where it needs to be – making regional inequalities worse, and not better.  

    The truth is that for all the promises of levelling up, central government’s first instinct is too often to hoard power and hold our economy back.  Too many decisions affecting too many people are made by too few.  I’m here to help you break that system, and build a fairer one in its place.  

     Last year I promised this Convention that I would be a Deputy Prime Minister for the North. And working with many of you sat here today, I’m proud of what we’ve achieved so far.  

    We’ve taken a hammer to business-as-usual in Whitehall, and within days of getting into government, Labour Secretaries of State were giving up newly won powers for the sake of our towns and cities, with the Prime Minister leading the charge.  It has not been comfortable!  But it wasn’t supposed to be.  After all, we are undergoing a generational power shift from Whitehall to the town hall.   

    We’re putting support for business at the heart of this with funding rolled into integrated settlements. An Office for Investment working with mayors to develop funding opportunities and regional innovation funding.  

    In just six short months we are on track to complete devolution in the North.  This means decisions for the North, will be made by the North. So that Northerners will no longer be dictated to from Whitehall.   And this change will be irreversible.  And that’s important, because I know first-hand that decisions are made best by those with skin in the game.  

     That’s what our English Devolution White Paper is all about. Nothing less than a total rewiring of power in England.  For all the techy talk of devolution, the goal is simple:  We will give mayors the power to drive growth, to use new levers over planning, housing and regeneration to Get Britain Building.  

    We are ending the begging bowl culture and giving local leaders flexibility over their spending. For the first time in British history, we have created a department-style integrated settlement giving Mayor Parker and Mayor Burnham over a billion pounds in flexible funding.  

     And next year, I am delighted that Liverpool, the North East, and South and West Yorkshire will all follow. This will be a game-changer for families across England, giving mayors the freedom and flexibility to make the right decisions for their place.  

     And you only need to look at what our Northern mayors are already achieving, to see why this is so important. Just look at Mayor Brabin’s SME Graduate Scheme, keeping homegrown talent in West Yorkshire, and her investment in bus routes getting people to work quicker and cheaper.  

    Or Mayor Coppard’s Pathways to Work Commission, putting 10,000 residents in South Yorkshire back to work.  In York and North Yorkshire, Mayor Skaith is investing millions in high streets, supporting local business to thrive.  Mayor Rotherham is bringing award-winning TV and film productions to Liverpool, with investment in new studios.  

    The success of our Northern mayors doesn’t stop there. In Greater Manchester, Mayor Burnham’s Bee Network is making it simpler and more affordable to get the bus and tram.  And further north, Mayor McGuinness has set up the first mayoral child support poverty reduction unit to support families across the North East.  

    A future for the North, built by those that call it home. Uniting under the banner of Great North and a vision for a new era of Northern cooperation. This isn’t about pitting place against place.  This is about understanding what our towns and cities can achieve together. It’s about releasing Britain’s untapped potential.  

    And don’t underestimate the effect of Cabinet Ministers having mayors at the end of the phone.  Let me tell you – not one of them will shy away from telling us how it is.  

    It isn’t by accident that devolution sits in my department.  It is by design.  Because mayors aren’t just a helpful tool to unlock housing, transport and infrastructure, they are a critical levers in our mission of growth.   

    Let me tell you why. All of you in this room are trying – like I am – to get Britain building again. Yes, building houses, but also building your business, building renewable energy, building data centres.   

    All too often, we are met by a system that says: “don’t bother”. Well, I am determined to break that system.  And I am handing mayors the sledgehammer!  

    Earlier this year we published a new national planning framework to break down the barriers to sustainable growth.  And today, I want to share more details on how we will go even further, in our Planning and Infrastructure Bill.  

    Mayors are at the centre of our plans to build 1.5 million homes, by giving them the powers they need, mayors are an army to take on the blockers. We are backing them to work across huge regional geographies to get the job done.  It’s why we’re giving them the powers to call in applications on those large, strategic sites that will really turn the wheel on growth.   

    And it’s why we’re putting grant funding for regeneration and housing in their hands. To enable mayors to deliver on their plans, we will forge a stronger partnership between them and Homes England. Over time, we will move Homes England to a more regionalised model so that the agency is even more responsive to the economic plan of an area.  

    We’ve already committed to strategic authorities for the entire country – but we can’t waste any time in building the homes we desperately need. That’s why I can confirm that the Planning and Infrastructure Bill I will introduce to Parliament in the weeks ahead will allow councils without a mayor to come together and set spatial development strategies.  

    This means bringing forward housebuilding powers as soon as we can.  I think there is huge potential here.  If we can get building, and boost productivity of just 11 city regions, we could add £20.5 billion each year to the Exchequer. Imagine the jobs, opportunities and growth that comes with it.  

    But devolving powers is only half the plan, if we’re not matching it with investment, we won’t see the results. The history of our Northern towns and cities is one of great industrialists, and workers who grafted for something better. And it’s in that same image, that the North today can provide the growth this country needs.  

    Here in Preston, people have decent jobs to be proud of – just look at the Eurofighter Typhoon programme. We cannot underestimate the impact that business investment like that can have on an area. This is a sector that is critical for our national security, and economic growth.  

    Over in West Yorkshire, we’re backing the new Mass Transit Scheme with two hundred million pounds of funding to support its development. Anyone who expects the businesses of Leeds to meet their economic potential without a proper transport network needs to ask themselves why they expect the North to settle for less.  

    And as we support the recreation of Doncaster-Sheffield Airport it’s the job of this government to ask how we can best support our nation’s regional airports. Teesside has shown that regional airports can prosper, and now it’s time to back South Yorkshire too.  

    Up in Blyth, plans are also being delivered for Europe’s biggest AI data centre.  These projects are not just about driving growth for the sake of it but driving growth in the places where potential is greatest.  The places which once built Britain, and once again deserve to be the centres of economic and industrial excellence.  

    [political content removed] I share the Chancellor’s determination to review the Green Book to properly recognise the potential of places across the country. This means a full review of what it means for a project to be value for money.  

    Alongside this, our industrial strategy led by the Business Secretary, will see a complete rewiring of the state. The mayors’ local growth plans are the bedrock of our industrial strategy, underpinning how we drive growth in every town and city. And finally, harness the great potential of the North. 

    These plans are already underway. Every mayor is working with government to align priorities. Time is of the essence, which is why we’re wasting no time in publishing local growth plans, setting out these blueprints to deliver the manufacturing and green jobs of the future.  

    That’s only part of our efforts to rebalance the economy. My Department and the Treasury are working with all strategic mayors with expert units laser-focused on unlocking devolution opportunities in skills, transport, and business support.  

    And as we kickstart growth, it is only right that the workers who fuel the economy, get back what they put in. This government’s Employment Rights Bill means the biggest upgrade to rights at work in a generation. A bill that takes the very best standards from the very best businesses – and extends it to millions more workers.   

    We are clear – better living standards is our number one mission. And we will succeed in our mission when working people can contribute to growth and benefit fairly from it. In some of the most deprived parts of the country – in places across the North – this legislation could save workers up to £600 in lost income.  

    Giving people a stable income, a chance to get a mortgage, putting more money in people’s pockets which in turn can be spent on the high streets and in local businesses. Boosting town centres and local economies with regenerative effects – this is about building a new route to prosperity from the bottom up, and the middle out, not the top down. 

    Managers and senior decision-makers agree that this bill will boost productivity. Which is good for workers, and good for business. We all know that treating workers decently is just what good businesses already do.  We are backing business to level the playing field so that good employers aren’t undercut. Encouraging businesses to compete on quality and innovation in a race to the top. 

    Without our bill, more working days will be lost through ill-health, costing businesses money. Inaction isn’t an option.  Businesses have everything to gain from this bill but I recognise it will be a big change which is why where businesses have raised concerns we have listened. It’s why we introduced a statutory probation period.  

    We want businesses to be able to hire with confidence whilst still extending new protections for workers. These are plans which are pro-business, as well as pro-worker, which is why I am hell bent on making work pay.  

     And just as we’ll leave no worker behind, we’ll also be fighting for every single town, village and estate. Too many neighbourhoods have been underestimated and overlooked for too long.   

    [political content removed]

    When I first stepped into government, we inherited a burnt-out shell that they called levelling up.  It promised to rebalance the North and South. But when I got into government, the truth is, the money didn’t exist.  There was this warped idea that all places needed was a lick of paint and a chess board in the park.  

    [political content removed]

    We’re doing away with the sticking plaster policies of old and working towards national renewal.  To achieve that, we need to start empowering people to drive change in their communities.  And to anyone who doubts this ambition, to anyone who doubts the North, I say that our region has been underestimated and overlooked for far too long.  

     This government is only giving the North what it’s owed, and what it deserves. For too long, our outdated system of council funding has been stacked against the north.  The days of Ministers expecting the North to go cap in hand ends now. That’s why with Jim McMahon, our Minister for English Devolution and Local Government, we are making simpler and clearer structures and will fix the foundations of local government. He is already beginning to replace the funding formula to give the North nearly £840 million more this year.  That brings the North’s total increase to just over 8 per cent – the biggest rise of all regions in England, by a good distance.  

    If this new formula had been applied under the last government, the North would’ve seen billions more in funding. Instead, councils saw cuts of 23 per cent. So we’re starting to right that wrong.  

    And we realise that every council has different needs. That’s why we’ve set aside a cash-terms increase for local government of 6.8 per cent. That’s over £69 billion for local government. All councils are facing pressures, but it’s particularly hard for those that bore the brunt of austerity. And this year’s settlement marks a clear direction of travel for the rest of the Parliament.  

     But I know that the change this country needs can’t be micromanaged from Whitehall. It’s people in this room today – mayors, councillors, business owners and investors – who will drive us forward.  And as that happens, I can promise that the full force of the government will be behind you.  

    Transferring power out of Westminster, getting Britain building, letting our towns and cities fire on all cylinders, doing whatever it takes to kickstart economic growth and leaving no one behind in that government-defining mission.  

    Thank you.

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom