Category: Economy

  • MIL-OSI USA: Warren, Connolly, Stansbury, House Oversight Members Open Investigation Into DOGE.gov After Alarming Failures to Protect Sensitive National Security Information

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    February 27, 2025
    DOGE employees may be sharing classified government information using insecure communications channels.
    “These incidents – whether due to maliciousness or incompetence – are inexcusable and raise additional questions about DOGE employees’ access to highly sensitive personal and national security information, and what they are doing with it.”
    Text of Letter (PDF)
    Washington, D.C. – Today, U.S. Senators Elizabeth Warren (D-Mass.), Representative Gerry Connolly (D-Va.), Ranking Member of the House Oversight Committee, along with every Democratic member of the Subcommittee on Delivering on Government Efficiency, including Ranking Member Melanie Stansbury (D-N.M.), Eleanor Homes Norton (D-D.C.), Stephen Lynch (D-Mass.), Robert Garcia (D-Calif.), Greg Casar (D-Texas), and Jasmine Crockett (D-Texas), wrote to Elon Musk, opening an investigation into DOGE.gov following two recent incidents of alarming security failures and reports that DOGE employees shared sensitive government information using insecure communications channels.
    “These incidents – whether due to maliciousness or incompetence – are inexcusable and raise additional questions about DOGE employees’ access to highly sensitive personal and national security information, and what they are doing with it,” wrote the lawmakers.
    DOGE has seized access to highly confidential government and personal information, including tax, Medicare, Social Security, and national security data, which has already led to multiple lawsuits. In just a matter of three weeks, DOGE employees have fed sensitive data into artificial intelligence software, ordered an unauthorized email server to be connected to the government network, and have accidentally been given “write” access to the U.S. Treasury payment system. 
    “DOGE employees do not appear to fully understand much of the information to which they have been given unfettered access, and given the cavalier and incompetent ways that they have handled this data, these individuals represent a clear threat to national security and the nation’s economy,” continued the lawmakers. 
    In fact, after the DOGE.gov website launched, two security researchers confirmed that the website was not hosted on secure government servers, making it especially vulnerable to third-party hackers. In particular, details on the National Reconnaissance Office (NRO), which designs and builds U.S. intelligence satellites, were searchable within the database, as well as controlled  information about the NRO’s budget and head count. This incident left federal intelligence employees “scrambling” to see if their sensitive information had been accessed.  
    “These examples of DOGE’s recklessness and inability to accomplish simple tasks – such as establishing a secure database and website housing such critical and confidential government data – combined with its broad access to government data and systems, poses a grave threat to the United States’ economy and national security,” wrote the lawmakers. 
    The lawmakers are requesting answers from Mr. Musk by March 6, 2025. 

    MIL OSI USA News

  • MIL-OSI USA: Warren, Blumenthal, Duckworth Ramp Up Investigation Into MOHELA’s Predatory Website Terms of Use

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 27, 2025

    Lawmakers hit loan servicer for efforts to infringe on borrowers’ legal rights 

    With Education Department’s future uncertain, MOHELA’s behavior raises concerns about ability to keep student loan servicers in check

    “MOHELA has imposed an exploitative set of Terms upon all borrowers that set up an account on its website…(Y)our response indicates a worrying disregard for borrowers’ rights.” 

    Text of Letter (PDF) | MOHELA Response to November 2024 Letter (PDF)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.), Tammy Duckworth (D-Ill.), and Richard Blumenthal (D-Conn.) wrote to the student loan servicer Missouri Higher Education Loan Authority (MOHELA) with continued concerns over its website’s Terms of Use (TOU), which appear to be written with the intent to relieve MOHELA of liability for severe misconduct and may infringe upon student loan borrowers’ legal rights.  

    MOHELA has repeatedly shirked its basic responsibilities as a federal student loan servicer and has been repeatedly penalized by ED for doing so. In November 2024, the Senators wrote to MOHELA to raise their initial concerns about the company’s tactics. The loan servicer’s response evaded questions, failed to provide a reasonable justification for the predatory provisions in its TOU, and made multiple false assertions. 

     In its response, MOHELA: 

    • Falsely claimed its TOU are in line with industry standards, even though MOHELA appears to have written its TOU to absolve it of much more severe wrongdoing compared to other major federal loan servicers’ TOU;
    • Provided unconvincing explanations for its TOU provisions disclaiming any responsibility that its website contain “accurate or reliable” information and disclaiming any responsibility for correcting any “defects” on the website; and
    • Failed to justify exploitative TOU sections that appear to undermine borrowers’ rights to hold MOHELA accountable for financial harms, including by limiting its liability to $100 “for all claims arising” from use of its website and making borrowers’ “sole (legal) remedy” for dissatisfaction with MOHELA’s website to stop using the website.  

    “MOHELA’s explanations fail to provide persuasive justifications for these provisions…(and the t)erms are clearly written and designed to absolve MOHELA of wide swaths of damages even in the cases of significant wrongdoing,” wrote the senators

    MOHELA’s terms may also violate federal consumer protection law. The Consumer Financial Protection Act (CFPA) prohibits abusive contracts, including those that take “unreasonable advantage” of “unequal bargaining power.” That could apply to MOHELA’s TOU, since borrowers assigned to MOHELA have no choice but to sign the TOU and cannot choose a different loan servicer. MOHELA did not address the senators’ concerns in this area. 

    The lawmakers urged the loan servicer to remove all predatory provisions from its TOU and asked MOHELA to provide clarity on its decision to impose it on borrowers by March 13, 2025.   

    Senator Warren has led the fight to reform our higher education system, cancel student loan debt, and hold student loan servicers accountable:

    • In February 2025, Senators Elizabeth Warren and Andy Kim (D-N.J.) released responses to Committee questions for the record from Donald Trump’s pick for Secretary of Education, Linda McMahon, in which McMahon states that she “wholeheartedly” agrees with Trump’s plans to abolish the Department of Education.
    • In February 2025, during the Senate’s consideration of the Republican budget resolution, Senators Elizabeth Warren and Ed Markey (D-Mass.) proposed an amendment to protect higher education funding in Massachusetts.   
    • In February 2025, Senators Elizabeth Warren, Jeff Merkley (D-Ore.), Ron Wyden (D-Ore.), and Amy Klobuchar (D-Minn.), led 32 Democratic senators in writing to President Donald Trump, demanding that he reject Congressional Republicans’ legislative plans to increase the cost of living, including education costs, for Americans after pledging to lower costs on “Day One” of his presidency.
    • In February 2025, in advance of her confirmation hearing, Senators Elizabeth Warren and Andy Kim (D-N.J.), sent Linda McMahon, Secretary-Designate for the U.S. Department of Education, a 12-page letter with 65 questions on her policy views. 
    • In February 2025, following Elon Musk and DOGE forcing their way into the Department of Education, Senator Elizabeth Warren and Minority Leader Schumer (D-N.Y.) led a coalition of Democrats in demanding the Department of Education launch an investigation into Musk and DOGE’s access to federal student loan data. 
    • In January 2025, Senator Elizabeth Warren sent Elon Musk, Chair of the Department of Government Efficiency (DOGE), a letter detailing over 30 proposals that would cut at least $2 trillion of wasteful government spending over the next decade, including through saving on education programs. 
    • In December 2024, Senators Elizabeth Warren, Richard Blumenthal (D-Conn.), Jeff Merkley (D-Ore.), and Ron Wyden (D-Ore.) revealed the alarming findings of a Senate investigation into millions of consumer credit reporting errors that occurred during the transfer of student loan accounts from Nelnet to MOHELA in 2023. The senators urged the CFPB and ED to investigate these errors and use their supervisory and enforcement authority to hold the appropriate parties accountable.
    • In December 2024, Senator Elizabeth Warren (D-Mass.) and Congresswoman Madeleine Dean (D-PA) led 24 lawmakers in sending a bicameral letter to Consumer Financial Protection Bureau Director Rohit Chopra and Federal Trade Commission Chair Lina Khan, revealing the results of their investigation into Navient regarding its cancellation process for the predatory, for-profit student loans in its portfolio and urging the agencies to hold the student loan servicer accountable for any violations of federal law. 
    • In November 2024, Senators Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Chris Van Hollen (D-Md.), and Tammy Duckworth (D-Ill.) sent a letter blasting MOHELA for abusing borrowers with potentially illegal, exploitative terms of use.
    • In October 2024, Senator Elizabeth Warren (D-Mass.) Dick Durbin (D-Ill.), Sheldon Whitehouse (D-R.I.), and Raphael Warnock (D-Ga.) sent a letter to the Department of Justice (DOJ) and Department of Education (ED) commending the agencies on their progress in helping borrowers who are struggling financially to discharge their student loans in bankruptcy and asking them to continue expanding awareness of the Biden-Harris administration’s new policy.
    • In October 2024, Senator Elizabeth Warren (D-Mass.) celebrated new federal student debt relief, bringing the total number of Americans who have had their debt canceled under the Public Service Loan Forgiveness (PSLF) program during the Biden-Harris Administration to a historic 1 million people and counting.
    • In September 2024, Senators Warren (D-Mass.) and Merkley (D-Ore.) released a new report examining the impact of the Biden-Harris administration’s new Higher Education Act rule, finding that low- and middle-income borrowers, seniors, women, and Black borrowers will receive enormous benefits from the new rule.
    • In August 2024, Senator Warren joined Senators Jeff Merkley, Ron Wyden (D-Ore.), and Richard Blumenthal (D-Conn.) to launch an investigation into the reported mishandling of student loan transfers by MOHELA, Nelnet and credit reporting agencies.
    • In August 2024, Senator Warren (D-Mass.) and Representative Madeleine Dean (D-Pa.) led over 30 lawmakers in a letter urging student loan servicer Navient to reform its flawed process to cancel the private student loans of borrowers who attended fraudulent, for-profit colleges.
    • In July 2024, Senators Warren, Ron Wyden, Chris Van Hollen, and Bernie Sanders, sent a letter to Secretary of Education Miguel Cardona, cautioning the Department of Education on Federal Student Aid’s transition to the Unified Servicing and Data Solution system.
    • In July 2024, Senators Warren, Schumer, and Sanders released a joint statement on the American Federation of Teachers’ lawsuit against MOHELA for allegedly overcharging and misleading student loan borrowers.
    • In May 2024, Senators Warren and King led their colleagues in a letter to Education Secretary Miguel Cardona, urging them to provide guidance and communication to borrowers as the Public Service Loan Forgiveness program transfers from MOHELA to the Department of Education. 
    • In May 2024, Senator Warren led a growing coalition of senators in urging the Department of Education to hold student loan servicer MOHELA accountable for its failures.
    • In May 2024, Senator Warren and 24 members of the U.S. Senate sent a letter to Senator Tammy Baldwin, Chair of the Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies, and Senator Shelley Moore Capito, Ranking Member of the Subcommittee, encouraging them to provide $2.7 billion in funding to the Office of Federal Student Aid (FSA) in fiscal year (FY) 2025.
    • In May 2024, Senators Warren, Carper, Kaine, and Representative Don Davis (D-N.C.) called on the Department of Defense (DoD) to release data on the Postsecondary Education Complaint System (PECS), a centralized database to track complaints against schools who participate in the Tuition Assistance (TA) and My Career Advancement Account Scholarship (MyCAA) program.
    • In April 2024, Senator Warren led eight of her colleagues in sending a letter to David L. Yowan, President and Chief Executive Officer of student loan servicer Navient, urging the servicer to cancel decades-old private student loans pushed onto borrowers attending fraudulent, for-profit colleges.
    • In April 2024, Senators Warren, Blumenthal, Markey, and Van Hollen released a new report: Servicing Scandals: Student Loan Servicers’ Failures During Return to Repayment, which reveals a decades-long pattern of student loan servicer incompetence and misconduct that has affected millions of borrowers nationwide.
    • In April 2024, Senator Elizabeth Warren led a hearing on student loan servicer Higher Education Loan Authority of the State of Missouri (MOHELA) and its failures during borrowers’ return to repayment, including MOHELA’s mismanagement of the Public Service Loan Forgiveness program. 
    • In March 2024, Senators Elizabeth Warren and Ron Wyden (D-Ore.), Chair of the Senate Finance Committee, along with U.S. Representatives Ayanna Pressley (D-Mass.), Pramila Jayapal (D-Wash.), Raúl Grijalva (D-Ariz.), and John Larson (D-Conn.), led their colleagues in calling on the Social Security Administration (SSA), the U.S. Department of the Treasury (Treasury), and the U.S. Department of Education to end the practice of offsetting Social Security benefits to pay off defaulted student loans. 
    • In February 2024, Senator Warren, Majority Leader Chuck Schumer (D-N.Y.), and Senator Bernie Sanders (I-Vt.) released a statement calling for an investigation into student loan mismanagement by MOHELA.
    • In January 2024, Senators Warren, Schumer, Sanders, Senator Raphael Warnock (D-Ga.), and Senator Alex Padilla (D-Calif.), along with Representative Ayanna Pressley, Assistant Democratic Leader Jim Clyburn (D-S.C.), Representative Frederica Wilson (D-Fla.), and Representative Ilhan Omar (D-Minn.), led their colleagues in calling on the Secretary of Education Miguel Cardona to host a fourth session of the student debt negotiated rulemaking to consider relief for borrowers experiencing financial hardship.
    • In December 2023, U.S. Senators Warren, Richard Blumenthal, Ed Markey,, and Chris Van Hollen (D-Md.) sent follow-up letters to student loan servicers – MOHELA, EdFinancial, Nelnet, and Maximus – raising concerns about borrowers’ problems with return to repayment, requesting information about the borrower experience, and pushing back on the servicers’ claim that budget shortfalls limit their ability provide quality customer service to millions of borrowers.
    • In December 2023, Senators Warren, Schumer, Sanders, Alex Padilla (D-CA), and Representatives Ayanna Pressley (D-Mass.), Ilhan Omar (D-Minn.), and Frederica Wilson (D-Fla.) sent a letter to the U.S. Secretary of Education Miguel Cardona, urging him to leverage his existing and full authority under the Higher Education Act to provide expanded student debt relief to working and middle-class borrowers.
    • In August 2023, Senator Warren, Congresswoman Ayanna Pressley, Senate Majority Leader Chuck Schumer (D-N.Y.), Senators Alex Padilla and Raphael Warnock (D-Ga.) and U.S. Representatives Ilhan Omar, Jim Clyburn, and Frederica Wilson led 79 other lawmakers in a letter to President Joe Biden, urging him to swiftly deliver on his promise to deliver student debt cancellation to working and middle class families by early 2024.
    • In October 2022, Senator Warren and Representative Ayanna Pressley (D-Mass.) visited communities across Massachusetts to celebrate the Biden administration’s student debt cancellation plan and help residents sign up for student loan relief. 
    • In March 2022, Senator Warren, along with Senate Democratic Whip Dick Durbin (D-Ill.), Senator Brown and Representatives Pramila Jayapal (D-Wash.) and Mark Takano (D-Calif.), urged Secretary of Education Miguel Cardona to swiftly discharge the loans of borrowers defrauded by predatory for-profit colleges and universities, including those operated by Corinthian College. 
    • In January 2022, Senator Warren, along with Senate Majority Leader Charles E. Schumer (D-N.Y.) and Representatives Jayapal, Pressley, Ilhan Omar (D-Minn.), and Katie Porter (D-Calif.) led more than 80 colleagues in a bicameral letter to the Department of Education calling for it to release the memo outlining the Biden administration’s legal authority to cancel federal student loan debt and immediately cancel up to $50,000 of debt for Federal student loan borrowers.
    • In April 2021, Senators Warren and Raphael Warnock (D-Ga.) led a group of colleagues in a letter to Education Secretary Miguel Cardona urging the Department of Education to take swift action to automatically remove all federally-held student loan borrowers from default.

    MIL OSI USA News

  • MIL-OSI USA: Shaheen Raises Concerns Over Trump Administration Energy Policies That Will Raise Prices, Threaten Jobs and Reduce Competitiveness

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) delivered remarks on the Senate floor to raise her concerns about President Trump’s harmful actions that will raise energy prices, threaten jobs and hurt our global economic competitiveness. The remarks came during consideration of a resolution Shaheen has cosponsored to terminate President Trump’s misguided national energy emergency, which has been used to bypass Congress to advance policies that benefit Big Oil at the expense of Granite Staters and working Americans. In her remarks, Shaheen shared the stories of Granite Staters and small businesses that will see their energy costs increase as a result of President Trump’s policies. You can view her remarks in full here.

    Key Quotes from Senator Shaheen:

    • “Lowering energy costs, creating good jobs, increasing America’s economic competitiveness in the world—those [should] be things that we can all agree on. But if we give up our leadership on clean energy now, the People’s Republic of China … is going to be more than happy to fill the void for its own economic advantage.”
    • “In the first 37 days, we’ve seen the Trump administration cut off funding for solar, wind and clean manufacturing projects that are cheaper and faster to build than fossil fuel infrastructure. We’ve seen him halt energy efficiency programs, and we know energy efficiency is the cheapest, fastest way to deal with our energy needs.”
    • “The tariffs that are set to go into effect … they could mean about $150 to $250 more for the average family in New Hampshire who are using heating oil just to keep warm through the winter.”
    • “President Trump’s efforts to cancel promised funding for electric charging infrastructure in New Hampshire harms our travel and tourism sector, particularly in northern New Hampshire, where ski areas and other outdoor recreation drives our local economies. A recent study found that the state risks losing an estimated 1.4 billion in overall economic impact.”

    Remarks as delivered can be found below:

    I come to the floor today in support of Senate Joint Resolution 10, which would terminate the misguided national energy emergency that President Trump signed on his first day in office.

    It has been 37 days since President Trump declared, for the first time in this nation’s history, a national energy emergency.

    This is an attempt to throw red meat to the base of the Republican party, and to seem like Donald Trump is the oil and gas president.

    But there’s no evidence to support that.

    In fact, the evidence we have points in exactly the opposite direction.

    This emergency was declared despite the fact that the United States is producing more oil than any other country ever in this nation’s history.

    And we’ve been doing that for the past seven years.

    The emergency was declared despite the fact that the United States is in the midst of a clean energy boom and a manufacturing renaissance.

    We generated 17% more electricity in 2023 than the high point of the first Trump Administration.

    Clean energy jobs are growing at twice the rate of the economy overall.

    And this emergency was declared despite the fact that as the Wall Street Journal headline noted after the election, quote, “Trump’s oil and gas donors don’t really want to drill, baby, drill,” End quote.

    They are very happy to lock in demand for the long term. But increase supply and potentially undercut profits? Not so much.

    So we find ourselves within an emergency declaration in search of an emergency.

    But it’s not without consequences.

    President Trump has assumed vast power for the executive branch through this emergency designation.

    He’s encouraging the use of eminent domain that could literally allow the government to take your land away.

    He’s waving away key protections for clean water.

    And he’s suggesting that a timeline of just seven days is sufficient for public commitment—for public comment, excuse me—on projects that could cause irreparable harm to historic and cultural resources.

    President Trump campaigned on, and I’m quoting here, “lowering the cost of everything,” and he promised “your energy bill within 12 months will be cut in half.”

    Now, voters responded to those promises, and Americans do want to see lower energy costs.

    I’m all for that.

    I focused as governor on how we can address the high energy prices in New Hampshire.

    We permitted two gas pipelines through the state, both gas coming from Canada, and we negotiated to deal with our largest utility company that lowered rates 16.5%.

    So I’m all for lowering energy costs.

    We absolutely should be talking about that.

    But let’s take a step back here and let’s talk about what President Trump’s energy policies actually are, and how they affect the American people.

    In the first 37 days, we’ve seen the Trump administration cut off funding for solar, wind and clean manufacturing projects that are cheaper and faster to build than fossil fuel infrastructure.

    We’ve seen him halt energy efficiency programs, and we know energy efficiency is the cheapest, fastest way to deal with our energy needs.

    He’s prepared a 10% energy tax in the form of tariffs on heating oil, propane, gasoline and other energy we import from Canada.

    And that hits New Hampshire really hard because of the energy sources we get from Canada—I talked about the two gas pipelines that come down from Canada, and because we have so many households that burn number two fuel oil to heat our homes and because it’s cold in New Hampshire at this time of year.

    So that hits us really hard.

    He’s fired more than a thousand workers at the Department of Energy, including those who are keeping state energy programs and weatherization up and running to respond to emergencies and to help folks like we have in New Hampshire stay warm this winter.

    And tomorrow, what we expect is that Senate Republicans will roll back a commonsense fee on venting or flaring of methane, rather than capturing it for productive use.

    And if that passes, and the president signs it, it will cost the taxpayers $2.3 billion over the next ten years, effectively lighting money on fire to save Big Oil a few bucks.

    Now in New Hampshire, as in other states, President Trump’s actions have sown chaos and uncertainty.

    They’re raising costs for families, for farmers, for small businesses, and for town budgets.

    For example, the tariffs that are set to go into effect, and I understand that the president has now decided he’s going to wait until April, but they could mean about $150 to $250 more for the average family in New Hampshire who are using heating oil just to keep warm through the winter.

    President Trump’s efforts to cancel promised funding for electric charging infrastructure in New Hampshire harms our travel and tourism sector, particularly in northern New Hampshire, where ski areas and other outdoor recreation drives our local economies.

    A recent study found that the state risks losing an estimated 1.4 billion in overall economic impact, if we don’t build up our charging infrastructure.

    One small business owner in Barrington in the seacoast of New Hampshire told me that he has nearly $3 million in projects.

    Those projects are on hold this year, including work with school districts, with the state and with other customers to staff install solar projects that provide long term taxpayer savings.

    And they’re on hold because of what President Trump has ordered.

    Farms and local shops across rural areas of New Hampshire are nervous about receiving promised reimbursements for energy saving work through the Rural Energy for America program, the REAP program.

    At least one business owner at Seacoast Power Equipment has been covering interest with the bank until his grant, which he has a signed commitment for, is actually paid out—And of course, this is affecting his bottom line.

    And then we have Super Secret Ice Cream in Bethlehem, New Hampshire, in the northern part of our state.

    This is an award-winning small business that provides the best ice cream you’ve ever eaten.

    They were gearing up to install solar panels using $15,000 in federal funds.

    Now that project is on hold.

    Many family-owned businesses, like Super Secret Ice Cream, have very tight margins, and this small investment of $15,000 would help Christina and Dan grow their business and lower the electric costs that they’re paying to store their ice cream.

    And then we have the town of Peterborough in the western part of New Hampshire.

    They plan to use funding from the bipartisan infrastructure law to enhance much needed workforce development, but of course, they’ve had to wait far too long for federal approvals.

    And in rural towns like Berlin, in the northern part of our state, residents eagerly signed up for federally funded projects that will insulate and add solar arrays to their manufactured homes.

    This is a real solution to their high utility bills, but these projects are now on hold because the contractors are uncertain that they’re going to be paid.

    Now, I could go on as I know my colleagues could, but since we have people waiting, I want to close with a point of agreement.

    In his executive order, President Trump stated, and I quote, “we need a reliable, diversified and affordable supply of energy to drive our nation’s manufacturing, transportation, agriculture and defense industries and to sustain the basics of modern life and military preparedness.”

    That makes sense to me.

    I agree with that.

    But unfortunately, that’s about the only thing he said related to energy in the past 37 days that does make sense.

    Lowering energy costs, creating good jobs, increasing America’s economic competitiveness in the world—those ought to be things that we can all agree on.

    But if we give up our leadership on clean energy now, the People’s Republic of China, who President Trump claims is our greatest competitor—and I agree with him on that—

    I just don’t understand how the Trump administration policies are allowing us to be competitive.

    But China is going to be more than happy to fill the void for its own economic advantage.

    I think we should also agree that Americans deserve clean air, clean water, and the chance to have a say in what happens in their communities.

    I want to work with my colleagues on both sides of the aisle on these goals, and that work starts by ending this disastrous, misguided emergency declaration and by stopping the chaos.

    So I hope my colleagues will join me in voting to restore Congress’s appropriate role in setting energy policies that benefit the American people by supporting this resolution.

    Thank you, Mr. President.

    I yield the floor.

    Shaheen has led efforts to oppose President Trump’s harmful and inflation-inducing tariff proposals. Last month, Shaheen led the New Hampshire Congressional Delegation in sending a letter to the White House urging him not to impose tariffs on Canada, Mexico and China which are expected to cost the average American $1,200 per year.

    Earlier this year, Shaheen introduced new legislation with U.S. Senators Ron Wyden (D-OR) and Tim Kaine (D-VA) to shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The Senators’ legislation would keep costs down for imported goods, including energy, by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.

    Shaheen has championed work to secure federal investments in clean energy and energy efficiency initiatives and to lower energy costs across New Hampshire. In the Fiscal Year 2024 government funding bills, Shaheen secured $366 million for weatherization efforts and $66 million for the State Energy Program, which work to bring down energy bills for families and communities. Shaheen was a key supporter of the Inflation Reduction Act and a lead negotiator of the Bipartisan Infrastructure Law, legislation that invest in energy efficiency, including funding for residential, municipal, industrial and federal entities to implement efficiency improvements and upgrades.

    MIL OSI USA News

  • MIL-OSI Security: Inland Empire Man Pleads Guilty to Possessing Trade Secrets Belonging to U.S. Employer to Build Business with China Company

    Source: Office of United States Attorneys

    LOS ANGELES – A San Bernardino County man pleaded guilty today to illegally possessing sensitive technologies that he downloaded from his Southern California-based employers and used them to market his own competing company to a China-based company.   

    Liming Li, 66, of Rancho Cucamonga, pleaded guilty to one count of possession of trade secrets.

    “Protecting U.S. companies’ sensitive intellectual property is critical to our country’s success in a global economy,” said Acting United States Attorney Joseph T. McNally. “The defendant here stole intellectual property in order to benefit companies in China. Stealing proprietary information undermines our economic security and the U.S. Attorney’s Office will aggressively prosecute individuals that engage in this conduct.” 

    “Mr. Li’s greed allowed him to be used by a Chinese company without regard for the negative implications to the economy or national security of the United States,” said Akil Davis, the Assistant Director in Charge of the FBI’s Los Angeles Field Office. “The FBI is well-aware that China is actively seeking and stealing American intellectual property at a rapid pace and those who willingly hand it over, as Mr. Li has done and now acknowledged, will face serious consequences.”

    According to his plea agreement, from 1996 to 2013, Li worked for a Southern California-based business identified in court documents as “U.S. Company #1,” which specialized in precision measuring instruments and metrological technology and equipment. The company designed and sold a range of products such as micrometers, calipers, coordinate measuring machines (CMMs), and optical measurement systems.

    Li worked at U.S. Company #1 as a senior software engineer, then as a program manager. From 2013 to 2018, Li worked as chief technologist at a wholly-owned subsidiary of U.S. Company #1. During his employment at U.S. Company #1 and its subsidiary, Li worked on the development of the source code for one of the company’s software programs, which was considered its proprietary information.

    In July 2013, Li signed an employee handbook and confidentiality agreement with U.S. Company #1 that required him to turn over all writings, records, files, technology, trade secrets or data containing any proprietary information belonging to the company. The agreement also prohibited Li from copying the company’s proprietary information without written permission.

    Li admitted in his plea agreement that he occasionally downloaded the company’s proprietary information onto his personal devices without permission. Li failed to return all the proprietary information belonging to U.S. Company #1 after its subsidiary terminated him in January 2018. 

    In February 2018, Li operated a consulting company named JSL Innovations Inc. and in March 2020, he signed an employment agreement with Suzhou Universal Group Technology Co. Ltd., a China-based chain-and-bearing manufacturer. Li continued to work for Suzhou Universal until his arrest in May 2023. During this period, Li continued to knowingly possess U.S. Company #1’s proprietary information and – more than once – accessed this information without that company’s authorization. 

    Li admitted that he used the proprietary information for his own economic benefit and that it would injure U.S. Company #1’s interests.

    United States District Judge John A. Kronstadt scheduled a May 8 sentencing hearing, at which time Li will face a statutory maximum sentence of 10 years in federal prison. 

    The FBI investigated this matter with substantial assistance from the Department of Commerce, Office of Export Enforcement, Bureau of Industry and Security.

    The case against Li was brought under the auspices of the Disruptive Technology Strike Force, which is co-led by the Departments of Justice and Commerce. The Strike Force seeks to counter efforts by hostile nation-states to illicitly acquire sensitive U.S. technology to advance their authoritarian regimes and facilitate human rights abuses. 

    Assistant United States Attorney Aaron B. Frumkin of the Cyber and Intellectual Property Crimes Section, Solomon D. Kim of the Major Frauds Section, and David T. Ryan of the National Security Division are prosecuting this case.

    MIL Security OSI

  • MIL-OSI Global: Workplace aggression causes real harm — leaders must take action against it

    Source: The Conversation – Canada – By Zhanna Lyubykh, Assistant Professor, Beedie School of Business, Simon Fraser University

    When leaders ignore workplace aggression, employees can experience post-traumatic stress disorder, anxiety disorder and depression. (Shutterstock)

    Workplace aggression is a pervasive and highly damaging issue that costs organizations billions of dollars annually in lost productivity. Beyond financial losses, it fosters toxic workplace cultures, exposes companies to legal and reputational risks, and causes substantial distress for those who experience or witness it.

    For years, scholars and practitioners have sought ways to prevent workplace aggression and mitigate its negative consequences. One proposed solution is bystander intervention, where employees who witness or hear about aggression step in to stop or address it.

    However, results from our recent meta-analysis cast doubt on the effectiveness of bystander intervention as a reliable solution. We integrated research findings from 149 articles, which included data from 111,466 participants. Alarmingly, we found that bystanders intervened only in the artificial safety of experiments, but not in real work settings.

    Not all employees feel equipped to address workplace aggression, and organizations should not over-rely on employees to take action. Instead, we highlighted the crucial role leaders can play. Leaders can effectively interrupt incidents of workplace aggression, act as influential role models for others and ultimately foster inclusive climates.

    Leaders must step up

    Leaders can become aware of workplace aggression in various ways, including overhearing rude comments in a meeting, receiving written complaints or being approached for advice on handling inappropriate jokes. When this happens, leaders must decide whether to act and how.

    Several barriers may prevent leaders from responding constructively. Like anyone else, leaders are prone to cognitive distortions. They may downplay an incident as a joke, hesitate to confront a high-performing employee who is the instigator, or even blame the target for provoking the behaviour.

    Some leaders may also feel it’s not their responsibility to intervene. If they have demanding jobs, they might not have time or energy to get involved in interpersonal issues that are not central to their jobs.

    Too often, employees remain silent when it comes to dealing with aggressive behaviours due to their perceived lack of power or ability to make a difference.
    (Shutterstock)

    However, the cost of leader inaction is high. In 2022, Nike faced a harassment and discrimination lawsuit with female employees raising concerns that “Nike’s management were unlikely to address their concerns” about unwanted sexual advances, sexist attitudes, and discrimination.

    In another case, the Royal Canadian Mounted Police faced a $1.1 billion lawsuit alleging systematic negligence and failure of “the chain of command” to address workplace aggression.

    When leaders ignore workplace aggression, organizations can suffer reputational and financial damage. But most importantly, employees can experience serious distress, including post-traumatic stress disorder, anxiety disorder, and depression.

    Responding to aggressive incidents

    One survey found that only 44 per cent of employees at U.S. companies strongly agree that their companies have a culture where employees are encouraged to speak up. Too often, employees remain silent when it comes to dealing with aggressive behaviours due to their perceived lack of power or ability to make a difference.

    Leaders, however, have the power to resist pushback, hold instigators accountable and create a supportive workplace environment. Leaders must take an active role in both preventing and responding to aggressive workplace incidents.

    First, leaders should acknowledge that addressing aggression is a part of their job. Aside from legal obligations to address aggression, leaders’ actions set the tone for what is considered acceptable. Demonstrating a commitment to civility can signal their ethical leadership, a highly valued leadership style.




    Read more:
    Workplace tensions: How and when bystanders can make a difference


    Second, leaders need to also address what might seem like minor incidents. A common misconception among bystanders is that minor incidents of aggression aren’t serious or harmful enough to act on.

    Minor incidents of aggression include low-intensity behaviors, such as sarcastic remarks, offensive jokes, eye-rolling, or dismissive gestures. More severe aggression includes such behaviors as yelling, intimidation, throwing objects in anger, or even inflicting physical harm.

    Aggression often starts with relatively minor acts that may escalate to more severe ones when left unchecked, so these smaller acts need to be addressed. Once aggression escalates in intensity or frequency, it becomes part of the organizational culture, making it much harder to change.

    It might seem surprising, but minor and severe aggression can be equally harmful to victims. Minor incidents are often subtle, which can lead to excessive rumination (e.g., was it intentional?), self-doubt (e.g., am I misinterpreting it?) and lowered self-esteem. This is particularly problematic because minor incidents are significantly more prevalent at work.

    How leaders can intervene effectively

    Leaders also need to learn how to appropriately intervene in incidents of aggression. For minor incidents, leaders can take immediate actions by redirecting attention from the target and stopping the incident by shifting the conversation or suggesting a quick break.

    Leaders should also privately address the aggressive behaviour with the instigator. Aggressive behaviours, especially in minor forms, are sometimes unintentional, so it’s best to approach the conversation in a non-confrontational manner that prompts the instigator to reflect on their behaviour and recognize the harmful nature of their actions.

    Leaders should privately address any aggressive behaviour with instigators.
    (Shutterstock)

    Since employees commonly become defensive or deny wrongdoing during such conversations, leaders should focus on discussing behaviours rather than personality, and provide actionable suggestions for positive behavioural change.

    It is also important to provide support to the target. Sometimes, employees react negatively toward victims of workplace aggression, such as blaming them for provoking the aggression rather than supporting them, which can damage their social standing within the team. When leaders support victims, it signals to others how they should respond, which can help victims retain their social status.

    Leaders can also create opportunities for the target to showcase their skills, reaffirming the importance of their role within the team and the organization, or engaging in acts of leader allyship toward victims.

    Innovating bystander training

    While our findings cast doubt on the effectiveness of bystander intervention among regular employees, they underscore the critical role of those in positions of authority and power to take action to address workplace aggression.

    Leaders should adopt innovative training programs, including bystander intervention training. While many organizations already provide such training, it often only involves educational videos or lectures. Research shows the best way to learn is by practicing, not passively listening. Training should take this into account.

    But how can employees practice interventions in a safe environment? One way organizations can do this is by taking advantage of recent technological developments, such as generative artificial intelligence, to create realistic training simulations.

    Trainees can engage in simulated conversations with a virtual instigator or victim and practice their intervention skills. Such conversations can be done in real-time with an avatar through video or voice, allowing employees build confidence and refine their approach in a controlled setting.

    Leaders have both the power and responsibility to create safer workplaces. By taking action to interrupt aggression and support victims, leaders can be role models for employees and ultimately foster a more productive work environment. Needless to say, leaders should address the problem, not contribute to it.

    Zhanna Lyubykh receives funding from the Social Sciences and Humanities Research Council of Canada.

    Sandra L. Robinson receives funding from the Social Sciences and Humanities Research Council of Canada.

    Sandy Hershcovis receives funding from the Social Sciences and Humanities Research Council of Canada.

    Rui Zhong and The Ton Vuong do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Workplace aggression causes real harm — leaders must take action against it – https://theconversation.com/workplace-aggression-causes-real-harm-leaders-must-take-action-against-it-249938

    MIL OSI – Global Reports

  • MIL-OSI USA: Tuberville Advocates for Farmers During Senate AG Hearing

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) spoke with Bret Erickson, Board Member of the International Fresh Produce Association, and Anna Rhinewalt, Council Member of the Mississippi Farm Bureau Federation and Mississippi Sweet Potato Council, during a Senate Committee on Agriculture, Nutrition, and Forestry (Ag) hearing. During the hearing, they spoke about the dire state of the farm economy impacting specialty crop producers after four years of Joe Biden’s runaway spending and sky-high inflation.
    Read Sen. Tuberville’s remarks below or watch on YouTube or Rumble. 

    TUBERVILLE: “Thanks for you being here today, all of you.
    Our Ag economy is a disaster, complete disaster. You know, if we don’t do something—and I don’t know how it’s going to work—we’re not going to have Ag Committee here in a few years. We lost 150,000 farms in the last few years. 150,000 farms.
    If that’s not a disaster, I don’t know what is. But we don’t help you at all. Regulations are overboard. Labor is out of sight. You have no water. I don’t know what we’ve done right up here. Doesn’t sound like a whole lot.
    But Mrs. Rhinewalt, what’s the ideal [wage] rate if we were to revert back to [previous H-2A] labor costs? What would be the ideal rate that we would pay […] to make a profit?”
    RHINEWALT: “Senator, thank you. We actually had that discussion yesterday. We chuckled talking about wages that were based on maybe 115% of the federal wage rate or state minimum wage rates. But we know that’s at $7.25, and farmers are not suggesting that we pay that low. But we do want to have some consideration, a formulation for the wage rate that takes into account that $14.83 may be the wage rate, but we need to consider the transportation cost, the administrative cost, the housing cost, and maybe […] prorate that in consideration of those factors. Because it’s a fallacy to say that because we’re paying $14.83, that’s not really the wage rate paying. It’s really more like $20-21 an hour.”
    TUBERVILLE: “Exactly. Thank you.
    Mr. Erickson, $23 an hour, you got to be kidding me. How do you make it? I mean, what would be your cost to make a profit?”
    ERICKSON: “I wish it wasn’t. It is. And to Mrs. Rhinewalt’s comments, you know, the costs that are involved with applying for the program, transporting the laborers from their home country to the United States where they’re going to work—we transport them, we put them in housing, hotels, transport them from the hotel to the job site. We have catering services. We provide food. You know, you need to take them to doctor’s appointments and to get sundries and such. I don’t know, you know, how you roll back. And in Texas, the AEWR [Adverse Effect Wage Rate] is, I believe, it’s $15.87 an hour. Our actual cost is about $23 per hour when you add all that in.
    I don’t know what the number is. We definitely need to put a cap on the increases that have occurred. How do we deal with it? Unfortunately, in the case of Little Bear Produce, I wish Senator Lujan was still here. […] We had an onion packing facility in Deming, New Mexico. It was an important part of our operation that had about 15 full time people and we brought in 20-30 seasonal people. We rent onions, hatch chilies, pumpkins, watermelons up there. And we had to recently shutter that facility, in part, because of the water that’s being withheld in Mexico. And they’re using that water to grow our crops, and then we’re having to purchase those products.
    So, it is a crazy situation for us to be in. And as a business, we had to make the decision, and you have to sit down with each one of these, these people have been working for us for 12-15 years, and to sit down and tell them, you know, ‘We have to let you go, unfortunately. You know, we’re going to work with you to try to transition into another job.’ And you know what the craziest thing was? Those folks, in talking to them, they were so thankful for the opportunity that they had during the 12-15 years that they were working for us, and they were so thankful for that. But if we don’t get these costs under control for U.S. producers, we are going to continue to hand over the production of specialty crops and fruits and vegetables.”
    TUBERVILLE: “We’re not going to have it. It’s going to be over. Mrs. Rhinewalt, could we do without a H-2A program?”
    RHINEWALT: “No, sir. We would be completely out of business.”
    TUBERVILLE: “[…] How are domestic workers being affected by H-2A programs?”
    RHINEWALT: “Well, a domestic workforce is never again going to be the remedy for Ag production in the United States, per their response to the jobs. So, 97% of jobs remain open when we’re required to advertise them to domestic workers, first, before we can receive any assurance that we’re allowed to bring H-2A onto our farms. We would be happy to pay our own citizens a very reasonable wage and save all those auxiliary costs that I mentioned. But they simply do not want the jobs.”
    TUBERVILLE: “Thank you. Good luck. Hope we get out of your way.”
    RHINEWALT: “Thank you.”
    TUBERVILLE: “Because that’s what we’re going to have to do.”
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News

  • MIL-OSI Canada: Investing in the Inuit economy and protecting Canada’s Northern ecosystems

    Source: Government of Canada – Prime Minister

    There is no relationship more important to Canada than the one it has with Indigenous Peoples, the original inhabitants and stewards of lands and waters in Canada since time immemorial. We remain committed to working with Indigenous partners to advance reconciliation, recognizing the role of Indigenous leadership in environmental stewardship, and helping ensure the world we leave to future generations is safe and healthy.

    Today, the Prime Minister, Justin Trudeau, was joined by the President of the Qikiqtani Inuit Association (QIA), Olayuk Akesuk, to announce the signing of the SINAA Project Finance for Permanence Agreement between the Government of Canada, the QIA, The Pew Charitable Trusts, and the Aajuraq Conservation Fund Society.

    Contributions to the SINAA Agreement include a planned $200 million from the Government of Canada, along with $70 million pledged from philanthropic donors in Canada and around the world. Over the next 15 years, these investments are projected to attract $318 million to the Qikiqtani region, with more jobs, opportunities, and Inuit-led stewardship of lands and waters. The agreement will also make meaningful progress in advancing the goal to conserve 30 per cent of oceans in Canada by 2030, adding an additional 3.68 per cent contribution to Canada’s water-based ecosystems.

    This milestone agreement in advancing Inuit-led conservation and reconciliation includes a new conservation plan to establish a robust and lasting network of proposed Inuit-led and protected water and land conservation areas in Canada’s Arctic. Protecting these areas will ensure the long-term health and sustainability of ecosystems, while safeguarding the well-being and ways of life of Inuit communities in the region. In Inuktitut, SINAA means “the floe edge”, where the open sea meets the frozen sea, becoming a vibrant ecosystem of marine life. With the SINAA Agreement, we will strengthen existing protected and conserved ecosystems through enhanced partnership with Inuit governance.

    To further support economic opportunities for the Qikiqtani Inuit, Fisheries and Oceans Canada and the QIA have signed the Qikiqtani Fisheries Agreement. The agreement provides funding over the next 10 years to support both acquiring access to offshore commercial fisheries, vessels and gear, and training to participate in offshore commercial fishing in adjacent waters.

    With these investments, we are building an economy based on conservation, investing in community infrastructure like the Arctic Bay Small Craft Harbour, and creating jobs where Inuit knowledge will be leveraged and valorized to protect Northern ecosystems.

    As one of the most biodiverse areas of the Arctic, the Qikiqtani region is home to some of the world’s most iconic species, including narwhals, whales, and polar bears. With today’s landmark agreement, we reaffirm our commitment to working alongside Inuit and Northern partners to protect these precious ecosystems that are so deeply intertwined with Inuit culture, economy, and well-being. Together, we are ensuring biodiversity and livelihoods are sustained for generations to come.

    Quotes

    “The Canadian Arctic has been home to vibrant ecosystems and Indigenous communities for generations. With today’s announcement, we are strengthening our commitment to protecting lands, waters, and wildlife, honouring Inuit-led conservation efforts, and walking forward on the shared path of reconciliation. Working together with provinces, territories, Inuit communities, and other partners, we can build a future where traditions, stories, and ways of life are preserved and celebrated.”

    “Today, we are reaching a historic milestone in Canadian history. The agreement signed today sets the foundations for Inuit-led and governed conservation efforts to protect our culture, lands, waters, and wildlife. Today is a proud day, and I thank the Government of Canada, donors, and the philanthropic community for seeing our vision and working with us to make it a reality.”

    “Canada is proud to be part of the SINAA Agreement advancing Inuit-led conservation in the Arctic. This agreement marks an important milestone in partnership and honours the vital role of Inuit stewardship in safeguarding the environment. Through this important partnership, we are supporting the well-being of Inuit in the Qikiqtani region today, while conserving ecosystems for our children and grandchildren.”

    “Nature and oceans are defining elements of Canada’s identity. Protecting them is crucial not only in the fight against biodiversity loss and climate change, but also in preserving our deep connection to nature and building a sustainable future – one where Indigenous traditions and knowledge are at the heart of our conservation efforts. We are proud to work with Inuit partners and territorial governments through the SINAA Agreement to advance new and enhanced Inuit-led marine conservation areas in the Arctic, ensuring that the region’s diverse and unique marine ecosystems can thrive.”

    Quick Facts

    • The Project Finance for Permanence (PFP) model provides for multi-partner investments and sustainable financing for large-scale conservation and sustainable development projects. These initiatives bring together Indigenous organizations, governments, and the philanthropic community to identify shared goals for protecting nature and ultimately halting biodiversity loss while advancing community well-being and reconciliation with Indigenous Peoples.
    • In recent years, the Government of Canada has made historic investments in Indigenous-led conservation projects, including through initiatives like the Indigenous Guardians program.
    • In December 2022, during the 15th Conference of the Parties (COP15) to the Convention on Biological Diversity in Montréal, Quebec, the federal government pledged to deliver up to $800 million in support of up to four Indigenous-led PFP initiatives. Today’s SINAA announcement is the third of these initiatives, following the launch of the Great Bear Sea PFP and the NWT Our Land for the Future PFP initiatives last year.
    • The SINAA Agreement (formerly the Qikiqtani PFP) is led by the Qikiqtani Inuit Association (QIA) and aims to conserve up to 3.68 per cent of the marine environment in Canada in addition to strengthening long-term existing protected areas that already contribute 8.60 per cent toward marine conservation targets.
    • Fisheries and Oceans Canada has collaborated with Parks Canada and Environment and Climate Change Canada to advance this innovative funding model where a minimum of one dollar will be contributed by philanthropic organizations for every four dollars contributed by the federal government. This includes a planned $200 million of federal funds plus $70 million pledged from philanthropic organizations to support Inuit-led conservation in Nunavut.
      • Together, these contributions will be managed and invested by the Aajuraq Conservation Fund Society, a Canadian-led society governed by members appointed by QIA and The Pew Charitable Trusts to generate durable, long-term financing for ongoing conservation and stewardship activities led by QIA.
    • The SINAA Agreement represents an important step in Inuit-led conservation in the Qikiqtani region. Key components of the SINAA Agreement include: 
      • A conservation plan that proposes several new protected and conserved areas and enhanced protections for existing areas.
      • Support for the Inuit stewardship (Nauttiqsuqtiit) program enabling Inuit partners to have eyes and ears on the water, land, and ice.
      • Support for Nauttiqsuqtiit Conservation Centres so that Inuit stewards have the proper equipment and work spaces to be stewards of the water, land, and ice.
      • Support for Inuit-led regional governance so that Inuit partners can implement an integrated and regional vision for conservation that takes into consideration local and regional perspectives along with Inuit knowledge.
    • The Government of Canada, QIA, and The Pew Charitable Trusts have engaged with the Government of Nunavut throughout the planning of the initiative and will continue to engage through the implementation, specifically through advancing the conservation plan.
    • Grounded in science, Indigenous knowledge, and local perspectives, Canada is committed to working with partners across the country to conserve 30 per cent of lands and waters by 2030.

    Related Product

    Associated Links

    MIL OSI Canada News

  • MIL-OSI: Virtu Financial, Inc. Selects InvestorLink’s Risk Management Platform for Small and Micro-Cap Securities

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Virtu Financial (NASDAQ: VIRT), a global leader in electronic market making and liquidity provision, today announced its decision to access InvestorLink’s bespoke risk management platform for small and micro-cap securities.

    Small and micro-cap securities can present unique challenges such as heightened volatility, lower liquidity, and increased susceptibility to market anomalies. Predicting when these events may occur and understanding potential causes of these circumstances can be difficult and often requires combing through dense information filings to glean insights.

    InvestorLink has developed a tool to aid market participants in these endeavors that delivers real-time data, that can enable financial institutions to detect irregularities, manage exposures proactively, and promote compliance with regulatory standards. The InvestorLink product expands the risk management toolkit specifically within the small and micro-cap securities arena.

    “Maintaining market integrity is crucial to any healthy market,” said Stephen Kay, Global Head of Broker-Dealer Sales, at Virtu Financial. “Virtu and other leading market participants have petitioned the SEC to take action to better protect retail investors from the risks unique to this market segment. This integration with InvestorLink expands our visibility into unique risk factors, enabling us to better manage risk and provide services to our clients and the market.” 

    “Market participants who access InvestorLink’s platform will gain access to advanced, real-time analytics and customizable monitoring tools that provide a granular view of risk exposures unique to this asset class. We are proud to work with Virtu and support their commitment to protecting retail investors and upholding market integrity,” said Matthew J. Michel, Founder and Managing Partner at InvestorLink. “Our solution is engineered to provide the actionable insights and operational agility necessary to safeguard against the most risk-sensitive segments in today’s markets.”

    The collaboration between Virtu and InvestorLink represents a significant step forward in risk management innovation and positions Virtu to continue its leadership across market segments.

    About Virtu Financial
    Virtu Financial is a global electronic market maker and liquidity provider that employs innovative technology and data-driven strategies to deliver market efficiency and transparency. With a commitment to robust risk management and operational excellence, Virtu Financial plays a critical role in ensuring the stability and integrity of global financial markets.

    About InvestorLink
    InvestorLink is a leading provider of capital markets workflow technology, offering a platform designed to deliver real-time analytics, comprehensive monitoring, and customizable insights. InvestorLink leverages proprietary risk scoring of structured and unstructured data to empower institutions with the tools necessary to protect market integrity and drive informed decision-making in an increasingly complex financial landscape.

    Media Contact:
    Mr. Andrew Smith
    media@virtu.com

    For more information about this announcement, please visit

    • www.investorlink.io
    • www.virtu.com

    The MIL Network

  • MIL-OSI Africa: CARICOM Development Fund and Afreximbank Sign Grant Agreement to Establish Green, Resilience and Sustainability Facility

    Source: Africa Press Organisation – English (2) – Report:

    BRIDGETOWN, Barbados, February 27, 2025/APO Group/ —

    The CARICOM Development Fund (CDF) and African Export-Import Bank (Afreximbank) (www.Afreximbank.com) have signed a €708,000 Grant Agreement to support the development of a Green, Resilience, and Sustainability Facility (GRSF). The agreement was formalized during the plenary session of the 48th Regular Meeting of the Conference of Heads of Government of CARICOM, recently held at the Wyndham Grand Barbados Sam Lord’s Castle.

    The GRSF’s commitment to providing blended financing, concessional financing, and other commercial funding options directly supports CARICOM’s development by enhancing regional resilience, sustainability, and economic adaptability. By offering flexible financial solutions, the fund empowers CARICOM member states to invest in critical infrastructure, climate adaptation projects, and sustainable development initiatives. This strategic approach aligns with CARICOM’s vision for a more resilient and self-sufficient region, ensuring long-term growth while mitigating environmental and economic vulnerabilities.

    Mr. Rodinald Soomer, CEO at the CARICOM Development Fund emphasized the importance of the partnership in advancing the Caribbean’s sustainability agenda. “This grant from Afreximbank will enable the CDF to strengthen its support for CARICOM Member States as they navigate the pressing environmental and economic challenges of our time. The Green, Resilience, and Sustainability Facility is a critical step towards ensuring long-term resilience and economic sustainability.”

    On his part, Prof Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, remarked that: “GRSF will provide a means of catalyzing and mobilizing investments to support Caribbean countries that are facing economic and fiscal challenges arising from the impact of frequent and intense adverse weather phenomena associated with climate change. It will also act as a mechanism to finance climate-related loss and damage and build resilience that will mitigate impacts and empower Caribbean Community member states to withstand these challenges, working towards closing the regions US$20 billion resilience financing shortfall.”

    Afreximbank and the CDF solidified their strategic partnership in August 2023 through a Memorandum of Understanding and the CDF’s acquisition of shares in the multilateral development Bank, demonstrating a mutual commitment to future collaboration.

    The grant agreement was signed at the 48th Regular Meeting of the Conference of Heads of Government of CARICOM which brought together regional leaders to discuss pressing issues, including economic recovery, climate action, and sustainable development. The signing of the Grant Agreement marks a significant milestone in strengthening regional and international cooperation for sustainable growth.

    The CDF recognizes that as the region’s development challenges become more complex, many can best be solved through market-based solutions. CDF’s Financial Innovation team is working to expand collaboration with various sectors and establish pioneering approaches that catalyze investments within disadvantaged countries, regions, sectors, and communities.  

    Increasingly, investors and businesses are looking at emerging markets for new opportunities. However, investing in these markets is complex, and the CDF has an important role to play in mobilising investment into high-impact areas.  Encouraging these investments requires new forms of collaboration. The CDF has engaged with several partners to collaborate in delivering its mandate since inception. Most recently, it also partnered with the USAID in the delivery of the Caribbean Community Resilience Fund (CCRF), a blended finance fund aimed at mobilizing capital from commercial, development finance institutions, and impact investors towards climate resilience and economic sustainability in the Caribbean region.

    MIL OSI Africa

  • MIL-OSI Security: New York Man Who Ran Multi-Million-Dollar Cryptocurrency Investment Scheme Found Guilty Of Wire Fraud And Money Laundering

    Source: Office of United States Attorneys

    SAN FRANCISCO – A federal jury convicted Douglas Jae Woo Kim, 32, of New York, New York, on 14 counts of wire fraud, international money laundering, and money laundering.  The jury reached its verdict yesterday afternoon, following a three-week trial before Senior U.S. District Judge Charles R. Breyer.  

    According to court documents and evidence presented at trial, between October 2017 and June 2020, after moving to San Francisco, Kim engaged in a scheme to defraud investors, many of whom were friends and acquaintances, of over $7 million in money and cryptocurrency by holding himself out as a legitimate trader of cryptocurrency, a form of virtual currency.  Kim falsely represented that he was seeking short-term liquidity in the form of loans or investments for cryptocurrency trading or other legitimate business purposes and promised to trade or invest the cryptocurrency provided by investors and lenders to make a profit.  He also told victims that the loans carried no or very low risk, promised high rates of return on their loans, and claimed that he had sufficient funds to personally guarantee the loans.  

    “This case may involve the new world of virtual currency, but there’s nothing new about the defendant’s scheme to defraud,” said Acting United States Attorney Patrick D. Robbins.  “Douglas Kim made bogus promise after promise to investors and lenders, only to cheat them and send their money to offshore gambling sites.  Today’s verdict sends a clear message to anyone who engages in fraud in the Northern District of California: you will be prosecuted, and you will face serious consequences.”

    “Mr. Kim deceived those who trusted him, exploiting their confidence to fund his personal gambling activities rather than the legitimate investments he offered his victims. The FBI remains committed to identifying and bringing to justice individuals who manipulate and defraud others for financial gain,” said FBI Acting Special Agent in Charge Dan Costin.

    In October 2017, Kim contacted a victim by text message and said he was looking for investors interested in making what he called a short-term loan for a “fairly modest operation.”  Kim represented that he was investing in a cryptocurrency operation in which he would make a profit from fees charged to a peer-to-peer network and from exchange transactions, and informed the victim that the operation “isn’t very risky to me.”  Within days of receiving cryptocurrency from the victim to finance the investment, Kim transferred almost all of it to bitcoin sports betting sites located outside the United States.  Kim went on to obtain over a million dollars’ worth of funds from this victim over the course of the scheme, the majority of which went to offshore sports betting sites.

    In November 2017, Kim contacted another victim by email and said he was looking for cryptocurrency for a trading strategy.  Kim assured that the victim that “my activities are fairly low risk.”  On Dec. 1, 2017, Kim obtained a cryptocurrency loan from this victim worth approximately $186,000 at the time. Once the cryptocurrency was obtained, Kim immediately sent all of it to offshore sports betting sites. In total, Kim obtained over $500,000 in funds from this victim.

    In an agreement dated Jan. 1, 2018, Kim set out the terms of a similar investment with a third victim.  The agreement called for the victim to provide cryptocurrency valued at approximately $200,000 at the time.  The same day, Kim converted more than half of the funds to bitcoin and, in the following days, transferred substantially all the converted cryptocurrency to his account with an offshore casino.  Kim went on to obtain over $4 million in funds from this victim.

    Kim defrauded numerous other victims, including nine who testified at trial, until at least July 2020, when he was charged by federal complaint.  In 2023, while he was out on pretrial release, Kim allegedly renewed his scheme to defraud.  One count related to this renewed period of fraud remains pending.  

    The jury acquitted Kim of one count of international money laundering.

    Kim is scheduled to appear on June 25, 2025, to set a date for sentencing.  He faces a maximum penalty of 20 years in prison for each count of wire fraud and international money laundering, and 10 years in prison for each count of money laundering.  Any sentence will be imposed by the Court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.  

    Assistant U.S. Attorneys Noah Stern and Maya Karwande are prosecuting the case with the assistance of Veronica Hernandez, Maryam Beros, Andy Ding, Lynette Dixon, and Christine Tian. The prosecution is the result of an investigation by the FBI and IRS Criminal Investigation. 
     

    MIL Security OSI

  • MIL-OSI: No. 4/2025 – Managers transactions

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen                                                                                   
    Nikolaj Plads 6
    DK-1067 Copenhagen K   

    Copenhagen, 27 February 2025
    ANNOUNCEMENT no.4/2025

    Managers’ transactions

    Pursuant to Article 19 of the market abuse regulation Cemat A/S hereby announces the following information received 27 February 2025.

    Details of the person discharging managerial responsibilities/person closely associated  
    Name: Joanna Lucyna Iwanowska-Nielsen
    Reason for the notification:  
    Position/status: Member of the board of directors in Cemat A/S
    Initial notification/Amendment: Initial
    Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor  
    Name: Cemat A/S
    LEI: 213800899MWAZT9KQZ78
    Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted  
    Description of the financial instrument, type of instrument: Shares
    Identification code: ISIN DK0010271584
    Nature of the transaction: Purchase of shares
    Price(s): DKK 1.00
    Volume (s): 87,485
    Aggregated information:  
    • Aggregated volume
    87,485
    DKK 87,485, equivalent to DKK 1.00 per share
    Date of the transaction: 25 February 2025
    Place of the transaction: Nasdaq Copenhagen, XCSE
         

    Cemat A/S

    Jaroslaw Pawel Lipinski
    CEO                      

    This announcement has been prepared in a Danish-language and an English-language version. In case of doubt, the Danish version prevails.

    Attachment

    The MIL Network

  • MIL-OSI: Cario introduces blockchain-based vehicle titling to modernize ownership and reduce costs

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Cario, a blockchain-powered vehicle titling platform, is leading the charge to modernize the outdated, paper-based system that governs car ownership in the United States. With the country’s newfound focus on government efficiency, a rare opportunity has emerged to transition vehicle titles into a secure, digital format. If this moment is not seized, self-sovereign ownership of vehicles could be replaced by centralized government databases, limiting individual control and future industry innovation.

    Vehicle titles remain one of the last major assets still reliant on paper, creating inefficiencies that affect consumers, dealerships, lenders, and the entire automotive industry. The current system is plagued by delays, red tape, and high operational costs, preventing dealers from legally selling vehicles until physical titles arrive by mail. Consumers, meanwhile, spend hours navigating DMV bureaucracy, while state governments face ongoing expenses tied to outdated technology.

    Blockchain as the future of vehicle titling

    Blockchain technology offers a secure and transparent alternative, creating a tamper-resistant record shared among all stakeholders, including dealerships, insurers, lienholders, and DMVs. This approach enables near-instant verification and transfers while preserving the individual’s ownership rights. Unlike centralized databases, blockchain-based titles ensure that vehicle ownership remains in the hands of individuals rather than government-controlled registries and paves the way for a programmable asset future.

    A cost-free solution for state governments

    The American Association of Motor Vehicle Administrators (AAMVA) has made slow progress toward e-titling, but existing solutions remain centralized and costly for states. Cario’s model, by contrast, is free for state governments. The cost burden shifts to dealers and lenders, who benefit from faster, more efficient title processing. This eliminates the need for expensive government contracts and taxpayer-funded technology overhauls. It also fundamentally aligns the incentives of government services with end-users, a key shift from how these services are designed today.

    A critical window for action

    With the launch of the Department of Government Efficiency (DOGE), the U.S. government is finally taking a deep look at reforming public services, making this a pivotal moment to advocate for blockchain-based titling. If blockchain solutions are not implemented, states may adopt centralized digital titles, which could limit individual access and control and hamstring future RWA innovation for decades. Cario urges consumers and industry stakeholders to take action before legacy systems cement a future of restricted ownership.

    How to get involved

    • Digitize your title: Vehicle owners can convert their titles into blockchain-based assets through Cario at no cost.
    • Spread the word: Follow us on X and sound off publicly – and to your friends and family who aren’t terminally online – about the importance of self-sovereign ownership for one of life’s most important assets.
    • Demand better: Join our campaign to let your state’s DMV and congressional representatives know that a blockchain solution for digital titling exists—and it’s cheaper, more transparent, and more efficient. Joining the campaign is quick and easy, just sign up with an email, enter in your address, and we’ll look up your representatives and craft an email for you to send (same way StandwithCrypto works).

    A new era for vehicle ownership

    Blockchain-based vehicle titling has the potential to save millions of dollars, streamline operations across the automotive industry, reduce bureaucratic inefficiencies, and protect individual ownership rights. As government agencies explore modernization efforts, stakeholders must ensure that the future of vehicle ownership remains open, secure, and decentralized.

    To learn more or to digitize your vehicle title, visit Cario’s website.

    About Cario

    Cario is a venture-backed technology company dedicated to modernizing vehicle titling through blockchain solutions. The company has completed two rounds of funding and is actively seeking strategic partners passionate about decentralization and digital ownership.

    Media contact
    Nathan Hecht
    nhecht@cario.com

    Disclaimer: This press release is provided by Cario. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/812d3268-a037-49cf-b240-c23e2a4cd6af

    The MIL Network

  • MIL-OSI United Nations: Activities of Secretary-General in Barbados, 19-20 February

    Source: United Nations 4

    The United Nations Secretary-General, António Guterres, arrived in Bridgetown, Barbados, from New York, on Wednesday, 19 February, to attend the forty-eighth Regular Meeting of the Conference of the Heads of Government of the Caribbean Community, also known as CARICOM.

    In the afternoon, he held a bilateral meeting with Prime Minister Mia Mottley, the host of the meeting.  They exchanged views on regional and global issues, particularly the situation in Haiti and climate change.  He also commended Barbados for spearheading efforts to advance reforms to the international financial architecture through the Bridgetown Initiative 3.0.

    In the evening, the Secretary-General spoke at the opening ceremony of the Conference.  He said that the exquisite beauty of the Caribbean is famed the world over, but that there is trouble in paradise.

    The Secretary-General noted that wave after wave of crisis is pounding the people of the Caribbean and their islands — with no time to catch their breath before the next disaster strikes.  Stressing that international solutions are essential to create a better today and a brighter tomorrow for the wonderful region and for the world, he said that he sees three key areas where, together, we must drive progress.

    First, the Secretary-General said, unity for peace and security, particularly to address the appalling situation in Haiti — where gangs are inflicting intolerable suffering on the people of Haiti.  Mr. Guterres added that he would soon report to the Security Council on the situation in Haiti, including proposals on the role the UN can play to support stability and security and address the root causes of the crisis.  He further highlighted unity on the climate crisis and sustainable development as areas where progress is needed.  (See Press Release SG/SM/22559.)

    Following the opening ceremony, the Secretary-General attended a cocktail reception and then a dinner hosted by Prime Minister Mottley.

    On Thursday morning, the Secretary-General participated in a closed session with CARICOM Heads of Government, where he exchanged views on pressing issues in the region, such as finance, climate and security, with a focus on Haiti.

    Soon after, he had a bilateral meeting Prime Minister of Jamaica, Andrew Holness.  The Secretary-General expressed his appreciation for Jamaica’s active role as Co-Chair of the UN Sustainable Development Goal (SDG) Stimulus Leaders Group.  They also exchanged views on international developments and discussed the need to scale up support for the Multinational Security Support mission in Haiti, as well as climate issues and financing for development.

    Before leaving Barbados, the Secretary-General also had meetings with the Presidential Adviser of the Transitional Presidential Council of Haiti, Laurent Saint-Cyr, and with the Secretary-General of the Commonwealth, Patricia Scotland.  He returned to New York on Thursday evening, 20 February.

    MIL OSI United Nations News

  • MIL-OSI United Nations: New Permanent Representative of Mauritius Presents Credentials

    Source: United Nations 4

    (Based on Information Provided by the Protocol and Liaison Service)

    The new Permanent Representative of Mauritius to the United Nations, Milan J.N. Meetarbhan, presented his credentials to UN Secretary-General António Guterres today.

    Prior to his appointment, he taught at the Mauritius campus of Paris-Panthéon-Assas University and served as a consultant to the university.

    Mr. Meetarbhan previously held the position of Permanent Representative of Mauritius to the United Nations from January 2011 to January 2015.  Before that, he was Chief Executive of the Financial Services Commission from December 2005 to December 2010.Since 1995, he has been a senior adviser to the Prime Minister of Mauritius.

    Earlier in his career, he served as legal adviser in the Ministry of Finance and was later appointed as a member of the Stock Exchange Commission. He also chaired the Financial Services Consultative Committee, a government body responsible for reviewing financial sector legislation.  In addition to his public service roles, he was an Associate Professor of Law and Head of the Law School of the University of Mauritius.

    Mr. Meetarbhan holds a doctorate in international law and a diploma of advanced studies in international economic relations and international organizations law from Sorbonne University in Paris.  He also earned a specialized graduate diploma in diplomacy and international relations from the University of Paris XI.

    __________

    * This supersedes BIO/4267 of 24 January 2011.

    MIL OSI United Nations News

  • MIL-OSI: Spree Finance Partners with BookIt to Revolutionize Web3 Commerce and Rewards

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Spree Finance, the blockchain-native commerce, rewards, and credit infrastructure network, today announces an exclusive partnership to power payments and rewards for BookIt, the next-gen booking “super-app” from global travel and rewards technology leaders OneCompany and Superlogic. This partnership enables Spree and Bookit to reward consumers for accessing coveted travel, entertainment, and premium retail products and experiences.

    First-of-its-kind Decentralized Commerce Network

    This first-of-its-kind partnership marks the first time cryptocurrency holders can seamlessly transact with 2M+ Real-World merchants and brands in travel, entertainment, and retail directly from their self-custodied wallets, enabling crypto for real-world commerce. Spree’s on-chain payments and Commerce DeFi credit rails will integrate with BookIt’s premium travel and retail merchant network starting today. Users can pay with 3,000+ supported cryptocurrencies and tokens for travel and retail purchases while earning stable-coin-backed rewards: Spree Points.

    “Blockchain technology has proven its major use case of digital-asset-to-digital-asset ‘Trade’, but to reach mass-consumer adoption, we need to solve the use case of digital-asset-to-real-world-commerce ‘Pay’ use case,” said Jared Christopherson, Spree Co-founder. “While many blockchain protocols today are fast and charge low fees, bringing real-world merchants and brands on-chain at scale has been challenging, until now! With 2M+ merchants in its network, BookIt is the perfect partner for Spree to enable the future of decentralized commerce.”

    A Next-Generation Commerce and Credit Infrastructure

    Spree is redefining the future of digital payments with its innovative Commerce DeFi infrastructure, integrating crypto commerce with a robust DeFi credit infrastructure. This approach enables users to transact in digital assets effortlessly while providing merchants with instant liquidity.

    At the heart of the Spree Network is a pair of tokens. Spree token which governs the network while SP (Spree Points), a stable-coin backed “universal rewards” token can not only incentivize users and facilitate transactions across its extensive network of merchants, but also power Spree’s Defi-lending protocol to enable instant settlement for merchants and credit orchestration for consumers. Unlike legacy payment rails like Visa and Mastercard, merchants pay up to 90% less in processing fees when accepting payments over Spree’s decentralized payments network, which leverages secure blockchain-native rails to remove friction and middlemen, and reduce excess fees. Significantly lower fees allow merchants to take control of their revenue and directly reward the end consumer without middlemen. 

    Revolutionizing Rewards and Loyalty

    Offering consumers more than just travel, Bookit provides elite access to VIP experiences, from front-row seats at major sporting events, to exclusive concerts, private wine tours, and celebrity chef tastings. Bookit members can earn up to 10x the rewards of competing platforms, using SP as its native rewards token, providing consumers with additional benefits on purchases, and flexibility when redeeming SP universal rewards points across its network of 2M+ merchants and brands.

    “Our mission with BookIt is to reimagine the e-commerce journey for travel, entertainment and retail as a “consumer-first” experience, where your loyalty is our priority and your rewards is an asset – not something that corporations can arbitrarily devalue,” said Lin Dai, CEO of Superlogic, co-creator of BookIt super-app. “Integrating with Spree’s next-gen commerce and rewards rails is revolutionary for the entire travel and loyalty industry, and we are proud to be the first of many major enterprise partners to partner with Spree.” 

    A veteran in blockchain solutions for enterprises, Lin Dai has worked closely with world-class brands including Warner Music Group, American Express, Pepsi, Anheuser-Busch and more on Web3 initiatives. As part of the new partnership, Lin Dai will be joining Spree’s board to guide its strategy and adoption with enterprise clients. 

    Spree Finance at ETH Denver 2025: Buildathon, Partnerships & Exclusive Events

    Spree will have a dynamic presence at ETH Denver 2025, with co-founder and head of technology Carter Razink actively participating in the Buildathon. As part of its commitment to fostering innovation, Spree will sponsor the Buildathon winner’s trip to the next year’s EthDenver conference, empowering emerging developers to further their journey.

    On February 28, Spree will co-host an exclusive event with leading EthDenver communities including Spork DAO and Pudgy Penguins, bringing together industry leaders, builders, and Web3 enthusiasts, followed by an after-party at Temple nightclub.

    On Mar 1, at the BuiDl stage of the EthDenver conference, at 12:05pm, Lin Dai, Co-CEO of Bookit, Pat Yiu, of MEGA, and Carter Razink, co-founder and head of technology at Spree, will be interviewed live on stage to discuss the partnership and the future of decentralized commerce and credit, while any conference attendees can visit the Spree booth where the team will be showcasing the BookIt super app and Spree’s innovative Commerce DeFi solutions in action. For a limited time, conference attendees visiting the Spree booth will receive a complimentary pre-registration for Gold-tier membership to BookIt, a $99 value, to unlock higher rewards and build up their status towards future on-chain benefits. 

    To close ETH Denver in style, Spree Finance is hosting a private dinner together with leading hedge fund ETH Strategy bringing together key industry leaders and investors from both blockchain and enterprise world, to cross-pollinate ideas and collaborate on the future of mass-consumer adoption.

    For more information, users can visit www.spree.finance and www.bookit.com.

    About Spree

    Spree is a blockchain-native decentralized commerce and rewards protocol that enables frictionless real-world transactions by humans or AI agents. Powered by Spree, 3,000+ tokens can be used with 2M+ major Real-World merchants in travel, entertainment, and retail, earning consumers up to 30% back in on-chain rewards, while reducing merchant processing fees by up to 90%. Users can follow Spree on: https://x.com/spreefinance

    About BookIt

    BookIt is a next-gen platform that rewards consumers for booking coveted travel and entertainment experiences and purchasing premium retail products, co-created by Superlogic, the leader in experiential rewards technology, and Open Network Exchange, the leader in global travel and leisure-based commerce solutions. For more users can visit Bookit.

    Contact

    Jon Phillips

    PhillComm Global

    spree@phillcomm.global

    The MIL Network

  • MIL-OSI USA: Southern Tier Winners of DRI and NY Forward Program

    Source: US State of New York

    Governor Kathy Hochul today announced that Binghamton will receive $10 million in funding as the Southern Tier winner of the eighth round of the Downtown Revitalization Initiative, and the Villages of Bath and Dryden will each receive $4.5 million as the Southern Tier winners of the third round of NY Forward. For Round 8 of the Downtown Revitalization Initiative and Round 3 of the NY Forward Program, each of the State’s 10 economic development regions are being awarded $10 million from each program to make for a total state commitment of $200 million in funding and investments, to help communities boost their economies by transforming downtowns into vibrant neighborhoods.

    “By investing in the future of these Southern Tier communities, this funding will revitalize their downtown areas by building vibrant and thriving destinations where businesses, families and visitors can flourish,” Governor Hochul said. “With our Pro-Housing Communities initiative, we’re giving local leaders the tools to transform their cities, towns and villages into hubs of opportunity, culture and affordable living. This is how we build stronger, more connected communities that work for everyone across New York.”

    To receive funding from either the DRI or NY Forward program, localities must be certified under Governor Hochul’s Pro-Housing Communities Program — an innovative policy created to recognize and reward municipalities actively working to unlock their housing potential. Governor Hochul’s Pro-Housing Communities initiative allocates up to $650 million each year in discretionary funds for communities that pledge to increase their housing supply; to date, 273 communities across New York have been certified as Pro-Housing Communities. This year, Governor Hochul is proposing an additional $100 million in funding to cover infrastructure projects necessary to create new housing in Pro-Housing Communities, and a further $10 million to technical assistance to help communities seeking to foster housing growth and associated municipal development.

    Many of the projects funded through the DRI and NY Forward support Governor Hochul’s affordability agenda. The DRI has invested in the creation of more than 4,400 units of housing — 1,823 of which are affordable or workforce. The programs committed over $8.5 million to 11 projects that provide affordable or free child care and child care worker training. DRI and NY Forward have also invested in the creation of public parks, public art (such as murals and sculptures) and art, music and cultural venues that provide free outdoor recreation and entertainment opportunities.

    $10 Million Downtown Revitalization Initiative Award for Binghamton

    The City of Binghamton’s Clinton Street Neighborhood Business District is primed for revitalization. Its historic storefronts, walkable footprint, development ready spaces and proximity to Binghamton’s urban core make it ready-built as the next great downtown in Upstate New York. The Clinton Street corridor is recognized as the “backbone” of the City’s First Ward, providing a social center with dense commercial activity proximate to nearby residential areas. The area has a storied history of immigration, a legacy still felt today in the diverse churches and neighborhoods of the First Ward. The area also boasts a history of a “walk to work” culture fostered by General Aniline and Film (GAF)/Anitec Industries, a former area employer who attracted economic and social activity in the neighborhood. Binghamton seeks to make Clinton Street a reinvigorated corridor better connected to the city and serving the First Ward neighborhood through support for infill development, expanded affordable housing, adaptive reuse and rehabilitation and enhanced public infrastructure. Combined, these improvements will offer a welcoming, eclectic atmosphere fostering innovation, entrepreneurship and retail activity while retaining cultural and historical heritage.

    $4.5 Million NY Forward Award for Bath

    Situated along the scenic Cohocton River, the Village of Bath is a historic planned community that serves as a “Gateway” to Keuka Lake — renowned for its scenery, wineries and vineyards. The Village of Bath has experienced significant changes over the past decade and has recognized the need to strengthen its core and return to its role as the downtown neighborhood that people experience and enjoy. The Village’s Liberty Street Historic District revitalization is the next step in this journey. The Village seeks to bolster growth by creating an active downtown with enhanced public spaces, strategic placement of amenities and new housing opportunities that will attract visitors and foster an atmosphere that will retain and attract residents and businesses.

    $4.5 Million NY Forward Award for Dryden

    Dryden is an ideal place for young families to grow and for older generations to age. Home to just over 2,000 residents, Dryden has developed over time as a small bedroom community to the nearby cities and universities and as an extremely high traveled and visited community. With median home values and rents that are affordable to all, Dryden’s parks, tree-lined sidewalks and friendly neighborhoods make it a desirable small community to live in, promoting a high quality of life. Dryden seeks to reinvest in its historic downtown by continuing to support an attractive and inviting Main Street with a robust mix of shopping, dining and residential spaces to foster a high quality of life for its residents. The Village will foster a welcoming and walkable downtown community where residents can live a sustainable lifestyle in friendly neighborhoods with convenient access to goods and services.

    New York Secretary of State Walter T. Mosley said, “The Downtown Revitalization Initiative and NY Forward program are playing a pivotal part in the resurgence of the Southern Tier region. The three communities selected as winners for this round — Binghamton, Bath and Dryden — are all focused on creating walkable downtowns with increased housing and economic opportunities that will improve the quality of life for existing residents and attract even more people to their communities. We look forward to seeing the exciting projects these communities select to make their visions for the future become a reality.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “These dynamic, community-led Downtown Revitalization Initiative and NY Forward investments will further fuel the economic engines needed to support local businesses, create new housing and foster growth in the City of Binghamton and the villages of Bath and Dryden. The transformational, inclusive plans will infuse new life into these communities, creating innovative spaces and places that will benefit both current and future generations of residents and visitors, showcasing all that the Southern Tier region has to offer.”

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Today’s $19 million investment in Bath, Dryden and Binghamton’s Clinton Street Neighborhood, continue the Downtown Revitalization Initiative and NY Forward’s history of having a transformative impact on communities across New York. These three communities will soon experience benefits including increased housing supply and improved infrastructure that will enhance vibrancy and promote walkability. Thank you to Governor Hochul for her continued commitment to these targeted investments that create new economic opportunities in the Southern Tier.”

    State Senator Lea Webb said, “It is exciting to see continued investments in our downtowns, which are integral in community development. The City of Binghamton and Village of Dryden will receive funding through the Downtown Revitalization Initiative and the New York Forward programs. These state initiatives provide critical funding to support the revitalization and growth of downtowns small and large across New York. I am excited to see the full potential of the Clinton Street Corridor unlocked with this funding so that it can continue its growth as a vibrant neighborhood, attracting more businesses, residents and visitors to Binghamton’s First Ward. I am also thrilled to see the Village of Dryden receive this transformative funding, which will help reenergize the downtown, support long-term growth and economic prosperity.”

    State Senator Thomas O’Mara said, “This is great news for the Village of Bath that will allow local leaders to move forward on development projects that will strengthen our entire region. State investments through the NY Forward program and other initiatives have had an enormously positive impact on communities I represent across the Southern Tier and Finger Lakes regions. These critical state investments have helped our local leaders bolster local communities and economies, spark economic growth and opportunity within the tourism sector and other small businesses and industries, ease the burden on local property taxpayers and strengthen the overall quality of life for community residents and families.”

    Assemblymember Anna Kelles said, “I was thrilled to learn of this award and excited for all the creative and thoughtful initiatives the Village of Dryden will invest in with this NY Forward Grant award. These much-needed funds will play a key role in revitalizing the village’s original business section on West Main Street, an area rich with history. By restoring and enhancing this district, the grant will not only preserve the village’s heritage, but also foster economic growth by attracting new businesses and visitors to support a vibrant walkable downtown. Additionally, these improvements will foster a strong pedestrian-friendly hub, encouraging community engagement and making Dryden an even more welcoming place to live, work and explore. I want to thank Governor Hochul and the Regional Economic Development Council for committing to our growth and helping build our communities.”

    Assemblymember Donna Lupardo said, “I am thrilled that the City of Binghamton’s proposal to revitalize Clinton Street won this year’s Downtown Revitalization Initiative. They have exciting plans to develop this historically important section of the city into a thriving hub once again. The DRI and NY-Forward initiatives deliver resources that are reimagining important community spaces across the State. Over the years, we have seen real results from these efforts here in the Southern Tier. I’d like to thank the Governor, the Southern Tier Regional Economic Development Council and all of the awardees for their effort to transform our downtowns.”

    Assemblymember Philip A. Palmesano said, “This is terrific news for the Village of Bath and the surrounding community. The Village has worked tirelessly, finding ways to move forward with the strategic goals outlined in their Economic Development Strategic Action Plan, Housing Demand Study and Liberty Street Building Evaluation and Design Guidelines. Funding from the NY Forward program will give them the ability to implement that vision to benefit the whole community by promoting economic growth and strengthening the Village’s position as a hub for increased tourism and local investment. Thank you to the Regional Economic Development Council and Governor Hochul for recognizing the hard work and commitment of our local leaders.”

    Binghamton Mayor Jared Kraham said, “From my first days in office, we’ve been fighting for the First Ward. I made a commitment early on to invest in the Clinton Street neighborhood and work alongside community partners to unlock its potential as the Southern Tier’s next great downtown. Today’s announcement of $10 million in State funding kicks that work into overdrive and brings us one major step closer to making our vision a reality. Clinton Street’s time is now. With this historic investment from New York State and the hard work of our First Ward partners, the team at City Hall has never been better equipped to deliver on the promise of a better future for the First Ward and our community as a whole. I am grateful to Governor Kathy Hochul and the Regional Economic Development Council for recognizing our vision and supporting our efforts to make it a reality.”

    Village of Dryden Mayor Michael Murphy said, “We are incredibly excited and grateful that the Village of Dryden has been awarded $4.5 million from the NY Forward Grant Program! This achievement represents the culmination of a collaborative effort between the Village Board, our dedicated staff, the Dryden Business Association and passionate community members. With the combined support of state and private funding, the Village of Dryden is poised to transform into a thriving destination for new businesses and families. We extend our heartfelt thanks to Governor Hochul for this incredible program and for recognizing the potential of the Village of Dryden. Together, we are building a brighter future for our residents and businesses!”

    Village of Bath Mayor Michael Sweet said, “We are incredibly grateful to Governor Kathy Hochul for awarding this NY Forward grant and to the members of the Regional Economic Development Council for their support in making this possible. A special thank you to Omar Sanders, Regional Director; Judy McKinney-Cherry, Executive Director of SCOPED; Jamie Johnson, Executive Director of the Steuben County IDA; and Matthew Bull, Director of Community and Infrastructure Development at the Steuben County IDA, for their unwavering commitment to our community’s growth. Your leadership and dedication are truly making a lasting impact, and we deeply appreciate all that you do.”

    Southern Tier Regional Economic Development Council Co-Chairs Judy McKinney-Cherry and Dr Mary Bonderoff said, “The STREDC is incredibly proud to continue our support for the City of Binghamton and the villages of Dryden and Bath, and their promising futures thanks to the Governor’s Downtown Revitalization and NY Forward Initiatives. These targeted, community-driven projects will benefit both residents and visitors alike, promoting economic growth and creating more vibrant downtowns where people will want to live, work and play for generations to come.”

    Binghamton, Bath and Dryden will now begin the process of developing a Strategic Investment Plan to revitalize their downtowns. A Local Planning Committee made up of municipal representatives, community leaders and other stakeholders, will lead the effort, supported by a team of private sector experts and state planners. The Strategic Investment Plan will guide the investment of DRI and NY Forward grant funds in revitalization projects that are poised for implementation, will advance the community’s vision for their downtown and can leverage and expand upon the State’s investment.

    The Southern Tier Regional Economic Development Council conducted a thorough and competitive review process of proposals submitted from communities throughout the region and considered all criteria before recommending these communities as nominees.

    About the Downtown Revitalization Initiative

    The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all 10 regions of the State to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through eight rounds, the DRI will have awarded a total of $900 million to 89 communities across every region of the State.

    About the NY Forward Program

    First announced as part of the 2022 Budget, Governor Hochul created the NY Forward program to build on the momentum created by the DRI. The program works in concert with the DRI to accelerate and expand the revitalization of smaller and rural downtowns throughout the State so that all communities can benefit from the State’s revitalization efforts, regardless of size, character, needs and challenges.

    NY Forward communities are supported by a professional planning consultant and team of State agency experts led by DOS to develop a Strategic Investment Plan that includes a slate of transformative, complementary and readily implementable projects. NY Forward projects are appropriately scaled to the size of each community; projects may include building renovation and redevelopment, new construction or creation of new or improved public spaces and other projects that enhance specific cultural and historical qualities that define and distinguish the small-town charm that defines these municipalities. Through three rounds, the NY Forward program will have awarded a total of $300 million to 60 communities across every region of the State.

    MIL OSI USA News

  • MIL-OSI: The Victory Bancorp, Inc. to Present at the Banking Virtual Investor Conference March 6th

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Pa., Feb. 27, 2025 (GLOBE NEWSWIRE) — The Victory Bancorp, Inc., (VTYB) based in Limerick, PA, focused on business banking, today announced that Joseph Major, CEO & Chairman, will present live at the Banking Virtual Investor Conference hosted by VirtualInvestorConferences.com, on March 6th, 2025

    DATE: March 6th
    TIME: 1 pm – 1:30 pm EST
    LINK: https://bit.ly/41x8NQ1

    Available for 1×1 meetings: March 6th, 1:30 pm 4:30 pm

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    2024 Financial Highlights:

    • Loan Growth: Up $26.6M despite higher rates and softer demand, reflecting strong lending focus.
    • Deposit Growth: Increased $33M, driven by exceptional service and relationship banking.
    • Capital Acquisition: Issued $4.65M in subordinated debt; $2.5M allocated to support growth and capital.
    • Earnings: Q4 net earnings rose $83K year-over-year; slightly down from Q3 ($586K to $558K); Q4 ROAE at 7.58%.
    • Book Value: Stable at $14.84 per share (Q4), down slightly from $14.89 (Q3).
    • Equity: Grew by $1.4M year-over-year to December 31, 2024.
    • Dividends: Paid $0.065 per share in Q4; $0.26 for the year.

    Loan Quality Metrics (as of December 31, 2024):

    • Losses to Average Loans: 0.0% vs. peer average of 0.05%.
    • 30-89 Day Past Due Loans: 0.01% vs. peer average of 0.42%.
    • Non-Performing Loans: 0.05% vs. peer average of 0.49%.

    Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB and is the parent company of The Victory Bank. The Bank, founded in 2008, is a Pennsylvania state-chartered commercial bank headquartered in Limerick Township, Montgomery County. It offers a full range of banking services, including checking and savings accounts, home equity lines of credit, and personal loans. In addition to traditional banking, the Bank specializes in high-quality business lending, serving small and mid-sized businesses and professionals. With three offices across Montgomery and Berks Counties, it is dedicated to meeting the financial needs of the local community. For more information, visit its website at VictoryBank.com. FDIC-Insured.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:

    The Victory Bancorp, Inc.
    Joseph W. Major,
    Chairman and Chief Executive Officer

    Robert H. Schultz,
    Chief Financial Officer, Chief Operating Officer

    Owen Magers
    Investor Relations
    484-791-3435

    The Victory Bancorp, Inc.
    548 N. Lewis Rd.
    Limerick, PA 19468
    610-948-9000

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network

  • MIL-OSI United Kingdom: Increases made to higher education grants27 February 2025 The Minister for Education and Lifelong Learning, Deputy Rob Ward, has signed a Ministerial order which increases the funding for a number of grants for higher education students from 1 September 2025.… Read more

    Source: Channel Islands – Jersey

    27 February 2025

    The Minister for Education and Lifelong Learning, Deputy Rob Ward, has signed a Ministerial order which increases the funding for a number of grants for higher education students from 1 September 2025. 

    These changes contribute towards one of this Government’s top strategic priorities, to ‘increase the provision of lifelong learning and skills development’, by implementing sustainable higher education student finance. 

    For most grants, the amount a student can receive depends on household income thresholds. These thresholds will increase by 5.2%. The increase has been based on the economic assumptions on average incomes in Jersey published by the Fiscal Policy Panel in 2024. 

    The income threshold to receive: 

    1. the maximum maintenance grant will increase from £50,000 to £52,600 
    2. the maximum tuition grant will increase from £110,000 to £115,720 
    3. the clinical component grant will increase from £100,000 to £105,200 
    4. a grant to attend an interview will increase from £50,000 to £52,600 
    5. a grant for specialist equipment for a student with a disability will increase from £90,000 to £94,680. 

    Maintenance grants will receive an uplift of 2.5%, based on the *Consumer Price Index for December 2024 published by the Office for National Statistics. The maximum maintenance grant will increase from £8,915 to £9,138. 

    Tuition fee grants will increase by 3.1% to align with the new higher cap in England and Wales. The new maximum tuition grant will increase from £9,250 to £9,535. 

    Deputy Ward said: ‘It is important we continue to review the support we have available for our students to continue their education post the age of 18. 

    ‘These changes ensure we are in line with increases to the cost of living and will help to reduce any cost-based barriers that may prevent our young people from continuing their studies, particularly when the majority of our young adults study in the UK and so living at home to reduce those costs isn’t an option.’

    ​*As most students study in the UK, that is where the majority of their maintenance money is spent.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Reminder for residents after council takes action over unauthorised building work

    Source: City of Leeds

    Leeds City Council has reminded local residents of the need to abide by planning laws after taking enforcement action against two rule-breaking homeowners.

    One of the owners was hit with financial penalties running into tens of thousands of pounds following the separate cases, which both relate to unauthorised building work at domestic properties in Leeds.

    In the first case, planning permission was granted in 2017 for side and rear extensions to a property in the Rawdon Road area of Horsforth but once work started it became clear that what was taking shape differed substantially – in design elements and size – from the approved plans.

    This, the council noted, meant the finished development had an unacceptable impact on the character and appearance of the area.

    Following an unsuccessful application by the owner for retrospective planning permission that would have allowed the extensions to remain as built, the council served an enforcement notice that required them to be modified or removed.

    After the owner failed to comply with this notice, the council brought a prosecution which culminated in a hearing at Leeds Crown Court.

    Following a guilty plea, the owner was fined £17,000 and ordered to pay the council’s costs, which were in excess of £19,000.

    The property is now under different ownership but, despite the successful prosecution, the extensions are still in place.

    The council has therefore made clear to the new owner that they must be modified – so they are in line with the approved 2017 plans – or removed.

    In the second case, an outbuilding was constructed next to a property in the Selby Road area of Garforth in 2020 without the proper planning permission being obtained.

    An application for retrospective permission was refused in 2022 on the grounds that the outbuilding – due to its position and size – was causing harm to the openness of an area that sits within Leeds’s green belt.

    An enforcement notice served by the council in March last year required the outbuilding to be dismantled and the resulting material removed from the site.

    An appeal by the homeowner against the notice was dismissed by the Planning Inspectorate in October, with the council successfully applying for a full award of costs. The total amount payable has yet to be decided. The outbuilding, meanwhile, has been demolished.

    Councillor Jonathan Pryor, Leeds City Council’s deputy leader and executive member for economy, transport and sustainable development, said:

    “The council takes its duties as the planning authority for Leeds extremely seriously, with investigations into potential regulation breaches being conducted as quickly and effectively as possible.

    “Where it is considered appropriate for us to do so, we will use our enforcement powers to protect the character and appearance of the city and maintain public confidence in the planning system.

    “The cases in Horsforth and Garforth have been long-running and complex, and I would like to thank officers involved for the diligence and determination they have shown.

    “We hope the results will act as a reminder to people in Leeds that breaches of planning regulations can have significant and costly consequences.”

    Matters that can be investigated by the council’s planning enforcement service include developments without planning permission, developments that fail to comply with agreed permission, unauthorised changes of use and unauthorised work on buildings of special architectural or historic interest.

    People with concerns about a possible breach of planning regulations can contact the council by e-mailing planning.enforcement@leeds.gov.uk. Further information about the authority’s enforcement work can be found here.

    ENDS

    MIL OSI United Kingdom

  • MIL-OSI Global: How the UK’s rollback of banking regulations could risk another financial crisis

    Source: The Conversation – UK – By Alper Kara, Head of Department of Economics and Finance, Brunel University of London

    1000 Words/Shutterstock

    After the global financial crisis of 2007-08, the UK’s banking sector was placed under a much stricter regime. Bonuses were limited, regulations were beefed up and the whole industry scrutinised like never before.

    The idea was to make banks safer places for everyone’s money. But regulators are now thinking about easing some of these financial safeguards in a bid to boost economic growth.

    One proposal is to change the rules on mortgage affordability. One industry regulator, the Financial Conduct Authority, is considering relaxing the lending restrictions which were designed to prevent households from building up unsustainable debt.

    This includes reviewing affordability tests and allowing banks to lend more freely to borrowers with smaller deposits or lower incomes. Some commentators argue that these changes will help first-time buyers and increase overall mortgage availability.

    But the risks of easier mortgage lending cannot be ignored. Before the last crisis, lenders approved loans to borrowers without verifying income or creditworthiness, assuming that rising property values would provide a safety net.

    And when interest rates increased and property values collapsed, many borrowers could not afford their repayments – and lost their homes.

    In fact, mortgage repayments are already becoming more difficult. The Bank of England has warned that over 1.5 million UK households will face significantly higher mortgage costs in 2025 after their current deals expire.

    And loosening lending rules could easily push house prices even higher. When more buyers qualify for mortgages, demand for housing increases and prices go up. This makes home ownership even less affordable, especially for those first-time buyers.

    Expanding access to debt without fixing underlying issues around housing supply only creates more financial risk. And it seems to be part of a broader trend towards deregulation.

    Internationally agreed banking rules, which require banks to hold more capital as protection against financial shocks, are being delayed in the UK until 2027. The Bank of England has justified the wait by
    saying that banks need more flexibility to increase lending and investment without the constraints those rules would bring.

    Banks are also challenging regulations that require them to hold on to a specific type of debt designed to ensure that failing banks can absorb financial losses without taxpayer bailouts. But if these rules are weakened, the banking system could become more fragile, forcing governments to intervene.

    The banking system is showing other signs of fragility too.

    Banking on regulations

    One worrying trend is the increasing use of something called “synthetic risk transfers”. This is a technique that banks use to reduce the amount of risk on their balance sheets, by transferring it to outside investors – such as hedge funds or insurers – through special financial contracts.

    These are sometimes compared to “collateralised debt obligations” (or CDOs), where a bank bundles multiple loans (such as mortgages, corporate debt or car loans) and sells portions of that bundle to investors. These complex transactions were a key factor in the global financial crisis because they concealed risky loans, spreading financial instability across global markets.

    Then there’s the UK’s motor finance sector, where lenders have been accused of charging excessive interest rates on car loans. This could lead to compensation claims of up to £44 billion, making it potentially one of the biggest consumer finance scandals since payment protection insurance (PPI).

    On that occasion, banks and lenders wrongly sold PPI to millions of customers, leading to a record £50 billion in compensation payouts.

    With the ongoing case of motor finance, the British government wanted regulators to limit compensation payouts to avoid disrupting financial markets, but this was rejected by the supreme court.

    Yet despite these problems, some still claim that deregulation will do wonders for the sector’s financial flexibility. The British chancellor Rachel Reeves has argued that relaxing some regulations and reducing red tape will encourage growth and increase the UK’s competitiveness in global financial markets.

    Sometimes there’s a reason for red tape.
    Oksana Valiukevic/Shutterstock

    Perhaps she agrees with Donald Trump, whose aggressive financial agenda includes relaxed capital requirements and weakened regulatory oversight.

    But past experience suggests that weakening financial safeguards and encouraging more debt in pursuit of short term growth can have severe long-term consequences.

    Research shows that financial deregulation often leads to financial instability and economic crises. It also suggests that expanding credit does not fix housing affordability, and that reducing capital requirements does not make banks safer.

    The global financial crisis was a direct result of excessive risk-taking in an underregulated system. Governments had to bail out banks with taxpayer money, leading to more than a decade of austerity.

    The same mistakes could happen again. For now though, it looks like some of those hard lessons have been forgotten.

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

    ref. How the UK’s rollback of banking regulations could risk another financial crisis – https://theconversation.com/how-the-uks-rollback-of-banking-regulations-could-risk-another-financial-crisis-249386

    MIL OSI – Global Reports

  • MIL-OSI Global: A robot nearly headbutted a festival spectator in China – here are four urgent steps to make the tech safer

    Source: The Conversation – UK – By Carl Strathearn, Lecturer in Computer Science, Edinburgh Napier University

    Humanoid robots will start to become much more common as prices tumble. thinkhubstudio

    Humanoid robots are supposed to be our loyal assistants, but we saw another side to them the other day. Chinese robot manufacturer Unitree was demonstrating its latest H1 robots at a lantern festival in the city of Taishan, Guangdong province, when one walked up to the crowd barrier and seemed to lunge at an elderly woman, nearly headbutting her.

    The incident quickly went viral, and sparked a fierce debate about whether the robot actually attacked the woman or had tripped up. It’s mostly being overlooked that we’re a long way from having robots that could intentionally attack someone – machines like these are often remote controlled – but the danger to the public is clearly real enough.

    With sales of humanoid robots set to skyrocket over the next decade, the public will increasingly be at risk from these kinds of incidents. In our view as robotics researchers, governments have put very little thought into the risks.

    Here are some urgent steps that they should take to make humanoid robots as safe as possible.

    1. Increase owner requirements

    The first important issue is to what extent humanoid robots will be controlled by users. Whereas Tesla’s Optimus can be remotely operated by people in a control centre, others such as the Unitree H1s are controlled by the user with a handheld joystick.

    Currently on sale for around £90,000, they come with a software development kit on which you can develop your own artificial intelligence (AI) system, though only to a limited extent. For example, it could say a sentence or recognise a face but not take your kids to school.

    Who is to blame if someone gets hurt or even killed by a human-controlled robot? It’s hard to know for sure – any discussion about liability would first involve proving whether the harm was caused by human error or a mechanical malfunction.

    This came up in a Florida case where a widower sued medical robot-maker Intuitive Surgical Inc over his wife’s death in 2022. Her death was linked to injuries she sustained from a heat burn in her intestine during an operation that was caused by a fault in one of the company’s machines.

    The case was dropped in 2024 after being partially dismissed by a district judge. But the fact that the widower sued the manufacturer rather than the medics demonstrated that the robotics industry needs a legal framework for preventing such situations as much as the public do.

    While for drones there are aviation laws and other restrictions to govern their use in public areas, there are no specific laws for walking robots.

    So far, the only place to have put forward governance guidelines is China’s Shanghai province. Published in summer 2024, these include stipulating that robots must not threaten human security, and that manufacturers must train users on how to use these machines ethically.

    For robots controlled by owners, in the UK there is currently nothing preventing someone from taking a robot dog out for a stroll in a busy park, or a humanoid robot to the pub for a pint.

    As a starting point, we could ban people from controlling robots under the influence of alcohol or drugs, or when they are otherwise distracted such as using their phones. Their use could also be restricted in risky environments such as confined spaces with lots of members of the public, places with fire or chemical hazards, and the roofs of buildings.

    2. Improve design

    Robots that looks sleek and can dance and flip are fun to watch, but how safe are the audiences? Safe designs would consider everything from reducing cavities where fingers could get caught, to waterproofing internal components.

    Protective barriers or exoskeletons could further reduce unintended contact, while cushioning mechanisms could reduce the effect of an impact.

    Robots should be designed to signal their intent through lights, sounds and gestures. For example, they should arguably make a noise when entering a room so as not to surprise anyone.

    Even drones can alert their user if they lose signal or battery and need to return to home, and such mechanisms should also be built into walking robots. There are no legal requirements for any such features at present.

    ‘I am now exiting the room.’
    Simple Line

    It’s not that manufacturers are entirely ignoring these issues for walking robots. Unitree’s quadroped Go2, for instance, blinks and beeps when the battery is low or if it is overheating.

    It also has automatic emergency cut-offs in these situations, although they must be triggered by a remote operator when the robot is in “telemetric mode”. Crucially, however, there are no clear regulations to ensure that all manufacturers meet a certain safety standard.

    3. Train operators

    Clearly there will be dangers with robots using AI features, but remote-operated models could be even more dangerous. Mistakes could result from users’ lack of real-world training and experience in real-life situations.

    There appears to be a major skills gap in operator training, and robotics companies will need to prioritise this to ensure operators can control machines efficiently and safely.

    In addition, humans can have delayed reaction times and limited concentration, so we also need systems that can monitor the attention of robot operators and alert them to prevent accidents. This would be similar to the HGV-driver distraction-detection systems that were installed in vehicles in London in 2024.

    4. Educate the public

    The incident in China has highlighted current misconceptions about humanoid robots as the media is once again blaming AI despite the fact that this was not the issue. This risks causing widespread mistrust and confusion among the public.

    If people understand to what extent walking robots are owner-operated or remote-operated, it will change their expectations about what the robot might do, and make everyone safer as a result.

    Also, understanding the owner’s level of control is vital for managing buyers’ expectations and forewarning them about how much they’ll need to learn about operating and programming a robot before they buy one.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. A robot nearly headbutted a festival spectator in China – here are four urgent steps to make the tech safer – https://theconversation.com/a-robot-nearly-headbutted-a-festival-spectator-in-china-here-are-four-urgent-steps-to-make-the-tech-safer-250851

    MIL OSI – Global Reports

  • MIL-OSI: Viridien Announces its Q4 & Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Paris (France), February 27th, 2025, 17h45 CET

    2024: A YEAR OF OVERACHIEVEMENTS

    2025: ON TRACK TO DELIVER c.$100 MILLION NET CASH FLOW

      Q4 FY1
    Revenue2 $339M $ 1,117M (-1%)
    Adjusted EBITDA3 $157M $455M (+14%)
    Net Cash-Flow $27M $56M (+73%)

    Sophie Zurquiyah, Chief Executive Officer of Viridien, said:

    “In 2024, we met our revenue and exceeded our profitability and cash generation targets driven by strong commercial successes at Geoscience, a dynamic performance at Earth Data in both our key basins and prospective regions and the continued focus on operational efficiency at Sensing & Monitoring.

    In 2025, Viridien will continue strengthening its technology leadership in its core markets while further developing its New Businesses. We anticipate continued improvements thanks to Geoscience’s record high backlog, Earth Data’s solid pipeline of projects and the termination of contractual fees for vessel commitments, and Sensing & Monitoring’s progress towards their restructuring plan.

    In this context, we confirm with confidence our target of c.$100 million of net cash generation and balance sheet deleveraging.”

    2024 Highlights2

    • Group2
      • IFRS figures: Revenue, EBITDA and Net Income of respectively $1,211 million, $516 million, $51 million. $427 million, $216 million, $29 million in Q4.
      • Overall stable group revenue at $1,117 million.
      • Strong growth at Digital, Data & Environment (DDE) with $787 million revenue (+17%). Consistent momentum for Geoscience (GEO) driven by our preferred advanced technology and numerous commercial successes at Earth Data (EDA).
        • Sensing & Monitoring (SMO) revenue was $330 million, with no mega crews during the year.
        • 33% revenue growth for New Businesses, exceeding our 30% target.
      • Group adjusted EBITDA3 of $455 million. DDE Adjusted EBITDA of $458 million, up 25% driven by the strong performance of both GEO and EDA. SMO adjusted EBITDA of $35 million (vs $56 million) already reflecting the positive impact of the restructuring effort.
      • Net Cash flow of $56 million, including $(75) million contractual fees from vessel commitments, exceeding our initial Net Cash flow target of “reaching a similar level as 2023” (ie. $32 million).
      • Key milestones of our financial roadmap delivered during the year: improved credit rating in Q2, revolving credit facility extended in Q3 and implementation and increase of the bond buyback program in Q3 and Q4.
      • Net debt at $921 million ($974 million in December 2023) and liquidity at $392 million (including $90 million undrawn RCF).  
    • Digital, Data and Energy Transition (DDE)
      • Revenue at $787 million was up 17% with strong growth at GEO (+20%) and EDA (+14%). Q4 revenue, $238 million (+19%).
      • Adjusted EBITDA at $458 million was up 25%. Profitability impacted by $(54) million in penalty fees from vessel commitments vs $(44) million in 2023. Q4 EBITDA $150 million (+28%).         $(12) million penalty vs $(13) million in Q4 2023.
        • Geoscience:
          • Revenue at $404 million (+20%). $107 million in Q4 (+10%).
          • GEO performance continues to be driven by technology differentiation. Order intakes, +89% in 2024, +155% in Q4, benefited from best-in-class imaging technology which the industry requires to solve subsurface challenges, increased activity in the Middle East and the renewal of long-term contracts for Dedicated HPC Processing Centers (DPCs).
    • New Businesses in GEO confirm the positive market dynamics in Carbon Sequestration with several projects in Norway, US Gulf and in Asia Pacific, as well as in Minerals & Mining with the award of programs in Australia and Oman. Alliance signed with Baker Hughes to offer high-quality and fully integrated Carbon Capture and Sequestration solutions to clients.
    • Earth Data:
      • Revenue at $383 million (+14%). $131 million in Q4 (+27%).
      • Prefunding revenue grew to $205 million (+6%). 81% of Capex. After-Sales grew to $178 million (+25%) in a flat market.
      • $252 million Capex, including the large Laconia Ocean Bottom Nodes (OBN) project in the US Gulf, the North Viking Graben streamer survey in Norway, and numerous global reprocessing projects.
      • New Businesses in EDA completed the mining project in Southeast Arizona and delivered several Carbon Sequestration projects in the North Sea, US Gulf and Asia.
    • Sensing and Monitoring (SMO)
      • Revenue at $330 million was down 27%, following delivery of “mega crew” systems in 2023.        $100 million in Q4 (-16%).
      • Adjusted EBITDA at $35 million was down 37%. $18 million in Q4 (+104%).
      • Q4 EBITDA performance shows that the restructuring plan is on track to achieve expected cost reductions and operational flexibility.
      • New Businesses in SMO represented 17% of revenue and experienced strong momentum with deliveries for the geothermal market and infrastructure monitoring.
    • Market trends
      • E&P Capex environment expected to be stable year-on-year in 2025, as the longer-term energy industry upcycle extends.
      • Evolving Industry Trends:
        • Offshore exploration gaining momentum in key regions like the US Gulf, Brazil, Norway as well as frontiers areas such as the Equatorial Margin and the East Mediterranean Sea.
        • Middle East growth expected with investments in advanced imaging and digital solutions.
        • Demand expected to be strong for High-end geophysical technologies, such as OBN and Full Waveform Inversion (FWI), that mitigate risks and optimize field development.
      • New Businesses:
        • Continued market growth potential in CSS with new imaging contracts and project pipeline driven by most Oil & Gas operators investing to reduce carbon emissions and address societal pressures.
        • Increased interest from the Minerals & Mining sector for subsurface characterization.
        • Infrastructure Monitoring market consistently increasing by double digits annually across various sectors.
        • Digital solutions / HPC markets expanding rapidly fueled mainly by the explosion of AI applications.
    • New reporting KPI for EDA
      • Starting in Q1 2025, we will change the reporting KPIs for EDA:
        • To align with market practice, Revenue split between Prefunding and After-sales will no longer be reported.
    • Cash EBITDA (i.e. EBITDA – Capex) will be reported to provide more clarity on our financial performance. ($97 million and $75 million in 2023 and 2024 respectively, excluding penalty fees from vessel commitments).
    • Full year 2025 financial outlook
      • In 2025, based on a stable E&P Capex environment, performance is expected to be driven by:
        • Geoscience: growth backed by industry leading technology and strong backlog.
    • Earth Data: stronger Cash EBITDA KPI, with end of vessel commitment penalty fees.
      • Sensing & Monitoring: further savings expected from the restructuring plan.
      • New Businesses: growth and first year positive contribution to the group’s profitability.
    • Financial objective: net cash flow of c.$100m.
    • Viridien will continue to focus on cash flow generation and deleveraging. Thanks to 2024 financial performance and the favorable debt market, our bond refinancing could be realized in 2025, before our previous Q1 2026 indication.
    • Full Year 2024 Conference call
      • The press release and the presentation will be available on our website www.viridiengroup.com at 5:45 pm (CET).
      • An English language analysts conference call is scheduled today at 6.00 pm (CET).
      • Participants should register for the call here to receive a dial-in number and code, or participate via the live webcast from here.
      • A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website.

    The Board of Directors met on February 27, 2025 and approved the consolidated financial statements ending December 31, 2024. The Statutory Auditors are in the process of issuing a report with an unqualified opinion.

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN ISIN: FR001400PVN6).

    Contact:

     VP Corporate Finance

    Jean-Baptiste Roussille
    jean-baptiste.roussille@viridiengroup.com

    Q4 & FY 2024- Financial Results

    Key Segment P&L figures
    (In million $)
    2023
    Q4
    2024
    Q4
    Var.
    %
    2023
    FY
    2024
    FY
    Var.
    %
     
     
    Exchange rate euro/dollar 1,07 1,09 2% 1,08 1,09 1%  
    Segment revenue 320 339 6% 1 125 1 117 (1%)  
    DDE 201 238 19% 672 787 17%  
    Geoscience 98 107 10% 335 404 20%  
    Earth Data 103 131 27% 337 383 14%  
    Prefunding 62 49 (20%) 194 205 6%  
    After-Sales & other 41 82 99% 143 178 25%  
    SMO 119 100 (16%) 453 330 (27%)  
    Land 42 55 32% 176 157 (10%)  
    Marine 66 29 (56%) 230 117 (49%)  
    Beyond the core 11 16 45% 48 56 17%  
    Segment EBITDA 122 128 5% 400 422 5%  
    Adjusted * Segment EBITDA 121 157 30% 400 455 14%  
    DDE 117 150 28% 367 458 25%  
    SMO 9 18 56 35 (37%)  
    Corporate and other (5) (11) (24) (38) (59%)  
    Segment operating income 15 33 138 113 (18%)  
    Adjusted* Segment Opinc 14 89 138 173 25%  
    DDE 21 89 140 206 47%  
    SMO (1) 11   24 4 (83%)  
    Corporate and other (6) (11) (26) (38) (44%)  
    *Adjusted for non-recurring charges and gains.              
    Other KPI
    (In million $)
    2023
    Q4
    2024
    Q4
    Var.
    %
    2023
    FY
    2024
    FY
    Var.
    %
     
     
    Geoscience Backlog 184 351 90% 184 351 90%  
    Total Capex (42) (81) (92)% (232) (285) (23)%  
    Industrial capex (8) (4) 51% (44) (17) 61%  
    R&D capex (4) (5) (5)% (17) (16) 7%  
    Earth Data (Cash) (29) (72) (171) (252) (47)%  
    Earth Data Cash predunding rate 210% 68%   113% 81%    
    EDA Library net book value* 458 456 (0)% 458 456 (0)%  
    Liquidity 422 392   422 392    
    o.w. undrawn RCF 95 90   95 90    
    Gross debt* (1 301) (1 223)   (1 301) (1 223)    
    o.w. accrued interests (20) (18)   (19) (18)    
    o.w. lease liabilities (103) (125)   (103) (125)    
    Net debt* 974 921   974 921    
    Net debt*/Segment adjusted EBITDA        x2.4 x2.0    
    *Post IFRS15/16              
    Consolidated IFRS Income Statements
    (In million $)
    2023
    Q4
    2024
    Q4
    Var.
    %
    2023
    FY
    2024
    FY
    Var.
    %
     
     
    Exchange rate euro/dollar 1,07 1,09   1,08 1,09    
    Revenue 265 427 61% 1 076 1 211 13%  
    EBITDA 68 216 351 516 47%  
    Operating Income (11) 49 119 143 21%  
    Equity from Investment (3) (1) 47% (2) (0) 77%  
    Net cost of financial debt (20) (24) (20%) (95) (97) (2%)  
       Other financial income (loss) (2) 5 (4) 4  
       Income taxes 11 1 (94%) (14) (13) 3%  
    Net Income / Loss from continuing operations (25) 29 4 36  
    from discontinued operations 10 0 (100%) 12 15 20%  
    Net income / (loss) (15) 29 16 51  
    Shareholder’s net income / (loss) (15) 29 13 50  
    Basic Earnings per share in $ 0,00 0,00   1,81 6,97    
    Diluted Earnings per share in € 0 0,00   1,80 6,93    
    Cash Flow items
    (In million $)
    2023
    Q4
    2024
    Q4
    Var.
    %
    2023
    FY
    2024
    FY
    Var.
    %
     
     
    Segment EBITDA 122 128 5% 400 422 5%  
    Income Tax Paid 9 (2) 6 (12)  
    Change in Working Capital & Provisions 21 30 42% 3 48  
    Other Cash Items 1 (0) 1 (1)  
    Cash provided by Operating Activity 153 155 1% 410 457 11%  
    Earth Data Capex (29) (72) (171) (252) (47%)  
    Industrial Capex & Dev. Costs (13) (9) 32% (61) (33) 46%  
    Acquisitions and Proceeds of Assets 5 6 24% 3 7  
    Cash from Investing Activity (37) (75) (229) (278) -22%  
    Paid Cost of Debt (44) (43) 2% (91) (86) 6%  
    Lease Repayement (19) (12) 36% (57) (56) 2%  
    Asset Financing 1 (0) 22 (1)  
    Cash from Financing Activity (63) (56) 11% (126) (142) -13%  
    Discontinued Operations Acquisitions (6) 3 (23) 19  
    Net Cash Flow 48 27 -43% 32 56 73%  
    Financing cash flow (2) (49)   (6) (69)    
    Forex and other 7 (12)   3 (11)    
    Net increase/(decrease) in cash 52 (34)   29 (25)    

     CONSOLIDATED FINANCIAL STATEMENTS – December 31st, 2024

    6.1 2023-2024 Viridien consolidated financial statements

    6.1.1 CONSOLIDATED STATEMENT OF OPERATIONS

    In millions of US$ Notes December 31
    (1)        2024 2023
    Operating revenues 18, 19 1,211.3 1,075.5
    Other income from ordinary activities   0.1 0.3
    Total income from ordinary activities   1,211.4 1,075.8
    Cost of operations   (871.2) (817.4)
    Gross profit   340.2 258.4
    Research and development expenses – net 20 (17.8) (26.1)
    Marketing and selling expenses   (37.1) (36.1)
    General and administrative expenses   (82.9) (75.8)
    Other revenues (expenses) – net 21 (58.9) (1.4)
    Operating income 19 143.5 119.0
    Cost of financial debt – gross   (109.4) (103.3)
    Income from cash and cash equivalents   12.3 8.0
    Cost of financial debt – net 22 (97.2) (95.3)
    Other financial income (loss) 23 3.7 (3.8)
    Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method   50.1 19.9
    Income taxes 24 (13.4) (14.0)
    Net income (loss) before share of net income (loss) from companies accounted for under the equity method   36.6 5.9
    Net income (loss) from companies accounted for under the equity method 8 (0.5) (2.0)
    Net income (loss) from continuing operations   36.1 3.9
    Net income (loss) from discontinued operations 5 14.7 12.3
    Consolidated net income (loss)   50.8 16.2
    Attributable to:      
    Owners of Viridien S.A   49.8 12.9
    Non-controlling interests   1.0 3.3
    Weighted average number of shares outstanding (a) 29 7,150,958 7,131,286
    Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares (a) 29 7,184,713 7,171,894
    Net income (loss) per share (in US$)      
    (1)        – Base (a)   6.97 1.81
    (2)        – Diluted (a)   6.93 1.80
    Net income (loss) from continuing operations per share (in US$)      
    (3)        – Base (a) $ 4.91 0.08
    (4)        – Diluted (a) $ 4.89 0.08
    Net income (loss) from discontinued operations per share (in US$)      
    (5)        – Base (a) $ 2.06 1.72
    (6)        – Diluted (a) $ 2.05 1.72

    (a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for 2023 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares.

    The accompanying notes are an integral part of the consolidated financial statements.

    Consolidated statement of comprehensive income (loss)

    In millions of US$ December 31
    (2)        2024 (a) 2023 (a)
    Net income (loss) from consolidated statement of operations 50.8 16.2
    Other comprehensive income to be reclassified in profit (loss) in subsequent period:    
    Net gain (loss) on cash flow hedges 0.4 2.0
    Variation in translation adjustments (23.0) 14.2
    Net other comprehensive income to be reclassified in profit (loss) in subsequent period (1) (22.7) 16.2
    Other comprehensive income not to be classified in profit (loss) in subsequent period:    
    Net gain (loss) on actuarial changes on pension plan 3.6 (4.6)
    Net other comprehensive income not to be reclassified in profit (loss) in subsequent period (2) 3.6 (4.6)
    Total other comprehensive income (loss) for the period, net of taxes (1)+(2) (19.1) 11.6
    Total comprehensive income (loss) for the period 31.8 27.8
    Attributable to:    
    Owners of Viridien S.A 31.3 25.1
    Non-controlling interests 0.5 2.7
    (a) Including other comprehensive income related to discontinued operations which is not material.

    The accompanying notes are an integral part of the consolidated financial statements.

    6.1.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

    In millions of US$ Notes (3)        Dec 31, 2024 Dec 31, 2023
    ASSETS      
    Cash and cash equivalents 28 301.7 327.0
    Trade accounts and notes receivable, net 3, 18 339.9 310.9
    Inventories and work-in-progress, net 4 163.3 212.9
    Income tax assets 24 22.9 30.8
    Other current assets, net 4 74.0 92.1
    Assets held for sale, net 5 24.5
    Total current assets   926.2 973.7
    Deferred tax assets 24 43.6 29.9
    Other non-current assets, net 16 8.9 6.8
    Investments and other financial assets, net 7 25.7 22.7
    Investments in companies accounted for under the equity method 8 1.1 2.2
    Property plant & equipment, net 9 220.6 206.1
    Intangible assets, net 10 535.4 579.7
    Goodwill, net 11 1,082.8 1,095.5
    Total non-current assets   1,918.1 1,942.9
    TOTAL ASSETS   2,844.3 2,916.6
    LIABILITIES AND EQUITY      
    Financial debt – current portion 13 56.9 58.0
    Trade accounts and notes payable 3 120.9 86.4
    Accrued payroll costs   84.5 89.1
    Income taxes payable 24 20.4 12.5
    Advance billings to customers   19.2 24.0
    Provisions – current portion 16 19.7 8.7
    Other current financial liabilities 14 0.5 21.3
    Other current liabilities 12 182.5 250.3
    Liabilities associated with non-current assets held for sale 5 2.4
    Total current liabilities   507.0 550.3
    Deferred tax liabilities 24 18.4 24.3
    Provisions – non-current portion 16 28.8 30.1
    Financial debt – non-current portion 13 1,165.6 1,242.8
    Other non-current financial liabilities 14 0.5
    Other non-current liabilities 12 1.7 4.3
    Total non-current liabilities   1,214.5 1,302.0
    Common stock (a) 15 8.7 8.7
    Additional paid-in capital   118.7 118.7
    Retained earnings   1,036.5 980.4
    Other Reserves   55.2 27.3
    Treasury shares   (20.1) (20.1)
    Cumulative income and expense recognized directly in equity   (1.1) (1.4)
    Cumulative translation adjustments   (113.3) (90.8)
    Equity attributable to owners of Viridien S.A.   1,084.7 1,022.8
    Non-controlling interests   38.1 41.5
    Total Equity   1,122.8 1,064.3
    TOTAL LIABILITIES AND EQUITY   2,844.3 2,916.6
    (a) Common stock: 11,215,501 shares authorized and 7,165,465 shares with a nominal value of €1.00 outstanding at December 31, 2024.

    The accompanying notes are an integral part of the consolidated financial statements.

    6.1.3 CONSOLIDATED STATEMENT OF CASH FLOWS

    In millions of US$ Notes December 31
    (4)        2024 2023
    OPERATING ACTIVITIES      
    Consolidated net income (loss) 1, 19 50.8 16.2
    Less: Net income (loss) from discontinued operations 5 (14.7) (12.3)
    Net income (loss) from continuing operations   36.1 3.9
    Depreciation, amortization and impairment 1, 19, 28 124.7 91.5
    Impairment and amortization of Earth Data surveys 1, 10, 28 261.4 153.1
    Amortization and depreciation of Earth Data surveys, capitalized 10 (16.6) (15.4)
    Variance on provisions   14.3 (2.6)
    Share-based compensation expenses   3.4 2.8
    Net (gain) loss on disposal of fixed and financial assets   (3.7) (1.7)
    Share of (income) loss in companies recognized under equity method   0.5 2.0
    Other non-cash items   (0.3) 5.2
    Net cash flow including net cost of financial debt and income tax   419.8 238.8
    Less: Cost of financial debt   97.2 95.3
    Less: Income tax expense (gain)   13.4 14.0
    Net cash flow excluding net cost of financial debt and income tax   530.4 348.1
    Income tax paid – Net (a)   (12.4) 5.5
    Net cash flow before changes in working capital   518.0 353.6
    Changes in working capital   (61.2) 54.7
    – Change in trade accounts and notes receivable   (128.4) 51.8
    – Change in inventories and work-in-progress   28.1 49.2
    – Change in other current assets   10.5 (9.9)
    – Change in trade accounts and notes payable   26.8 (5.4)
    – Change in other current liabilities   1.8 (31.0)
    Net cash flow from operating activities   456.7 408.3
    INVESTING ACTIVITIES      
    Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys) 9 (32.9) (60.9)
    Investments in Earth Data surveys 10 (252.1) (171.1)
    Proceeds from disposals of tangible and intangible assets 28 6.8 0.4
    Proceeds from divestment of activities and sale of financial assets 28 6.2
    Dividends received from investments in companies under the equity method   0.5
    Acquisition of investments, net of cash & cash equivalents acquired 28 (1.9)
    Variation in other non-current financial assets 28 (8.2) (5.2)
    Net cash-flow used in investing activities   (286.0) (232.5)
    FINANCING ACTIVITIES      
    Repayment of long-term debt 13, 28 (59.4) (1.8)
    Total issuance of long-term debt 13, 28 0.1 23.9
    Lease repayments 13, 28 (55.7) (57.0)
    Financial expenses paid 13, 28 (85.6) (90.7)
    Net proceeds from capital increase:      
    – from shareholders:   0.1
    – from non-controlling interests of integrated companies  
    Dividends paid and share capital reimbursements:  
    – Equity attributable to owners of Viridien S.A.  
    – to non-controlling interests of integrated companies   (3.8) (0.9)
    Net cash-flow from (used in) financing activities   (204.4) (126.4)
    Effect of exchange rate changes on cash   (11.0) 2.6
    Net cash flows incurred by discontinued operations 5 19.3 (23.0)
    Net increase (decrease) in cash and cash equivalents   (25.3) 29.0
    Cash and cash equivalents at beginning of year   327.0 298.0
    Cash and cash equivalents at end of period   301.7 327.0
    (a) Includes a cash inflow of US$6 million in 2024 and US$32 million in 2023 for the research tax credit in France.

    The accompanying notes are an integral part of the consolidated financial statements.

    6.1.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    In millions of US$, except for share data Number of shares issued (a) Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumu-lative translation adjust-ment Viridien S.A. – Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2023 7,123,573 8.7 118.6 967.9 50.0 (20.1) (3.4) (102.4) 1,019.3 39.5 1,058.8
    Net gain (loss) on actuarial changes on pension plan (1)       (4.6)         (4.6)   (4.6)
    Net gain (loss) on cash flow hedges (2)             2.0   2.0   2.0
    Net gain (loss) on translation adjustments (3)               14.8 14.8 (0.6) 14.2
    Other comprehensive income (1)+(2)+(3)   (4.6) 2.0 14.8 12.2 (0.6) 11.6
    Net income (loss) (4)       12.9         12.9 3.3 16.2
    Comprehensive income (1)+(2)+(3)+(4)   8.3 2.0 14.8 25.1 2.7 27.8
    Exercise of warrants 238   0.1           0.1   0.1
    Dividends                 (1.0) (1.0)
    Cost of share based payment 12,951     2.6         2.6   2.6
    Transfer to retained earnings of the parent company                  
    Variation in translation adjustments generated by the parent company         (22.7)       (22.7)   (22.7)
    Changes in consolidation scope and other       1.6       (3.2) (1.6) 0.3 (1.3)
    Balance at December 31, 2023 7,136,763 8.7 118.7 980.4 27.3 (20.1) (1.4) (90.8) 1,022.8 41.5 1,064.3

    (a) Pro forma following Reverse Share Split (see note 2 – Significant events, acquisitions and divestitures).

    In millions of US$, except for share data Number of shares issued (b) Share capital Additional paid-in capital Retained earnings Other reserves Treasury shares Income and expense recognized directly in equity Cumu-lative translation adjust-ment Viridien S.A. – Equity attributable to owners of Viridien S.A. Non-controlling interests Total equity
    Balance at January 1, 2024 7,136,763 8.7 118.7 980.4 27.3 (20.1) (1.4) (90.8) 1,022.8 41.5 1,064.3
    Net gain (loss) on actuarial changes on pension plan (1)       3.6         3.6   3.6
    Net gain (loss) on cash flow hedges (2)             0.4   0.4   0.4
    Net gain (loss) on translation adjustments (3)               (22.5) (22.5) (0.6) (23.0)
    Other comprehensive income (1)+(2)+(3)   3.6 0.4 (22.5) (18.5) (0.6) (19.1)
    Net income (loss) (4)       49.8         49.8 1.0 50.8
    Comprehensive income (1)+(2)+(3)+(4)   53.4 0.4 (22.5) 31.3 0.5 31.8
    Exercise of warrants                      
    Dividends                 (3.8) (3.8)
    Cost of share based payment 24,703     2.7         2.7   2.7
    Transfer to retained earnings of the parent company                  
    Variation in translation adjustments generated by the parent company         28.0       28.0   28.0
    Changes in consolidation scope and other                      
    Balance at December 31, 2024 7,161,465 8.7 118.7 1,036.5 55.2 (20.1) (1.1) (113.3) 1,084.7 38.1 1,122.8

    (b) Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, a reversed share split has been implemented, on July 31, 2024, on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value.

    The accompanying notes are an integral part of the consolidated financial statements.


    1All variations refer to the same period last year
    2Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2023 and 2024 Universal Registration Documents’ glossaries, under section 8.7
    3Adjusted for non-recurring items

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  • MIL-OSI: A dual challenge for the battery industry: ramping up production while innovating game-changing chemistries for the future

    Source: GlobeNewswire (MIL-OSI)

    Press contact: 
    Florence Lièvre  
    Tel.: +33 1 47 54 50 71  
    Email: florence.lievre@capgemini.com

    A dual challenge for the battery industry: ramping up production while innovating game-changing chemistries for the future

    • Battery innovation is fueling industry transformation, but overcoming current production ramp-up challenges will be crucial for European and US manufacturers
    • Lithium-ion batteries currently dominate due to their proven performance, scalability, and well-established supply chain, while next-generation batteries are gaining traction
    • 76% of manufacturers will need to upgrade or build new production lines to support the future generation of battery cells

    Paris, February 27, 2025 – The Capgemini Research Institute’s report The battery revolution: Shaping tomorrow’s mobility and energy, published today, shows that batteries are transforming existing industries and enabling the emergence of new business models. However, despite the surging demand for Electric Vehicles (EVs) and energy-storage solutions, the future of batteries depends on overcoming a series of complex challenges across the entire value chain, from securing sustainable raw materials and optimizing manufacturing processes to advancing recycling capabilities.

    According to the new report, the battery industry is reaching an inflection point, driven on the one hand by the need for higher energy density, faster charging times, improved safety, greater sustainability, and, on the other, the need for manufacturers to reduce costs.

    While batteries are playing a critical role in decarbonizing carbon-intensive mobility and driving the renewable energy transition1, the industry is facing series of challenges that have wide ranging implications for scaling production, gigafactory industrialization and ramp-up, economic viability, and supply chain constraints.

    Battery technology is constantly evolving to improve performance and reduce costs
    While almost all (98%) battery manufacturers surveyed produce lithium-ion batteries (using liquid electrolyte), the industry is actively exploring alternative chemistries to support electric mobility and accelerate energy storage. Amongst them, solid-state batteries (using solid electrolyte), represent a major shift in battery technology, primarily for EVs. They answer the need for improved performance owing to their potentially higher energy densities, faster charging times, and improved safety compared with traditional lithium-ion batteries.

    “Innovation is driving a sustainable and competitive battery industry, with advancements in technologies and alternative chemistries improving performance and longevity. At this transformative time, while European and North American manufacturers are navigating production ramp-ups and exploring next generation of batteries, a solid and scalable digital foundation will be crucial for the industry’s future,” said Pierre Bagnon, Global Head of Intelligent Industry Accelerator at Capgemini. “Data and digital technologies can enhance the entire battery value chain, optimizing lifecycle management from quality control to waste management and recycling. Equally, collaboration within an innovation ecosystem that brings together all players and regulators is vital to continue the industry’s journey towards a battery-driven sustainable future.”

    Advances will enable new business models but not without challenges
    According to the survey, batteries are enabling new business models in the mobility industry to make EVs accessible to a broader range of consumers: a majority (around 64%) of mobility players are exploring battery swapping; nearly two-thirds of automotive organizations are considering battery-leasing and over half Battery-as-a-Service (BaaS) model that allows EV owners to lease or rent their batteries, rather than buy them. However, the success of these business models depends heavily on the implementation of standards, battery performance notably regarding longevity, adequate infrastructure, and economies of scale.

    In the energy and utilities sector, two in five organizations say they are integrating batteries with renewable energy systems to optimize energy storage and usage, with most of them (69%) currently offering or planning to offer BaaS solutions. However, key challenges remain; while a battery is considered an expensive asset, the electricity it stores is relatively cheap. Furthermore, most organizations emphasize the lack of robust grid infrastructure and advanced control systems (65%); the need for multiple battery types to facilitate both short-term and long-term storage solutions (61%) and for open performance standards to ensure reliability and transparency (59%).

    Beyond the automotive and energy sectors, multiple industries are rapidly integrating batteries into their operations: three in five of the organizations surveyed stated that battery innovation will impact fleet operators and heavy transportation in the next 5-10 years. Disruptions are also expected in aviation and shipping. Innovations in these industries include battery-powered eVTOLs (Electric Vertical Take-off and Landing), heavy-duty vehicles, and electric ships on short sea routes.

    Overcoming production ramp-up challenges with scalable digital foundations
    The battery industry is facing a number of complex and pressing challenges. Over half of battery manufacturers cite time required to build and ramp up gigafactories and difficulties in securing a stable supply chain for battery components and materials (respectively 59% and 53%). Uncertainty, around economic viability and profitability, appears as a key concern to scaling production.

    The scarcity of experienced talent also represents a significant challenge for the battery industry, with 60% of organizations facing skills shortages in both battery technology and manufacturing. Expertise gaps extend beyond specialized skills and encompass data scientists and manufacturing engineers who can analyze and correlate production data with battery performance, enabling process optimization and defect reduction.

    While batteries are key to decarbonizing carbon-intensive mobility and driving the renewable energy transition, only one in three battery manufacturers surveyed have taken meaningful steps toward establishing a sustainable circular economy.

    A majority (67%) of respondents acknowledge that data and digital technologies are crucial to the industry’s future. However, digitalization among battery manufacturers is currently low, at just 17% and data usage remains minimal in sustainability-related fields. In Europe, a Digital ‘battery passport’2, setting high environmental standards for battery production and recycling, will enable suppliers and OEMs to make informed decisions by considering the complete lifecycle of battery manufacturing.

    To read the full report: LINK

    Report Methodology
    The Capgemini Research Institute surveyed 750 senior executives from large battery, automotive, and energy and utilities organizations across 15 countries in North America, Europe, and APAC. The survey findings are complemented by in-depth discussions with 22 experts from battery, automotive, and energy and utilities sectors. The organizations surveyed are significant players in their respective segments, including battery manufacturers with annual revenue exceeding $50 million; energy and utilities firms with revenues over $1 billion (except those from Sweden and Norway, whose revenue exceeds $500 million); and automotive manufacturers with revenue above $1 billion (excluding two- and three- wheeler original equipment manufacturers [OEMs] with revenue over $300 million). The global survey was conducted in September-October 2024.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get The Future You Want | www.capgemini.com

    About the Capgemini Research Institute
    The Capgemini Research Institute is Capgemini’s in-house think-tank on all things digital. The Institute publishes research on the impact of digital technologies on large traditional businesses. The team draws on the worldwide network of Capgemini experts and works closely with academic and technology partners. The Institute has dedicated research centers in India, Singapore, the United Kingdom and the United States. It was ranked #1 in the world for the quality of its research by independent analysts for six consecutive times – an industry first.

    Visit us at https://www.capgemini.com/researchinstitute/


    1 According to IEA, batteries account for 90% of the Net Zero Emissions by 2050 Scenario (NZE Scenario), with 60% of CO2 emissions reductions to be made in the energy sector by 2030 associated with batteries – Source: IEA, “Batteries and secure energy transitions,” April 2024.
    2 From February 2027, EVs sold within the EU must be equipped with ‘battery passports’ that provide detailed information on battery composition, including sources of key materials, carbon footprint, and recycled content.

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  • MIL-OSI USA: Bowman, Community Banking

    Source: US State of New York Federal Reserve

    It is a pleasure to join you today at Fort Hays State University for the Robbins Banking Institute Lecture.1 I have been a supporter of this institute since it was first created here at Fort Hays State, including by giving a lecture to students during my tenure as the Kansas State Bank Commissioner. Today, my view is slightly different than at that time, and I thought it would be a good time to share my thoughts on the critical role community banks play, not only in the U.S. banking system but also as drivers of local and regional economic growth and as anchors of their local communities. I will also explore the responsibility of bank regulators to support community banks.
    In a broad and diverse economy, banks of all sizes play an important role in the creation and funding of business and consumer opportunities and investments. Without this diverse banking ecosystem, 30 percent of American communities would not have access to a physical bank location. There is little doubt that community banks have an extensive presence across this landscape and that they are essential to the success of the American economy.
    No other country in the world enjoys this direct access to and presence of financial services in remote and rural areas. These bankers are members of the community. They are neighbors and friends, and their kids attend local schools and play sports in the local recreational league. The term “relationship” banking has true meaning in this context.
    The direct relationships provide an opportunity for bankers to understand the unique financing needs of local businesses and enables them to develop specialized services for specific segments of the local economy, including agriculture and small business lending.2
    Community banks are catalysts for local economic growth, and their bankers often also serve as civic leaders in the region. I served as one of those community leaders while I was a banker in Council Grove. That experience—whether serving as the President of the local Chamber of Commerce or the Rotary Club—provided a unique view into the local economy. And today, as I travel across the country to visit with bankers in just about every state, I learn about how they are driving investment, philanthropy, and financial support for the local economy. While this work is rewarding, it is also challenging. It is sometimes tedious—especially in today’s regulatory environment—and it is a seven days a week job. Bankers are often “working” while engaged in social activities, attending church or their kids athletic events, and shopping at the grocery store, and I often hear about customers giving a loan payment to their banker in the grocery store or asking about financing terms for the new car they might have their eye on.
    Once a policymaker grasps the perspective of community banking from this vantage point, it becomes clear that the regulatory approach is much more complex than necessary to address many small bank issues. A community bank that has no out-of-market customers applying for new accounts likely does not need the same know-your-customer processes as a large or regional bank that opens accounts online and may be more vulnerable to fraud. A community bank can operate safely and soundly, and in compliance with laws, without being subject to the same extensive guidance and regulatory requirements as larger, more complex banks that offer a broader range of products and may be exposed to wider range of risks. A number of onerous requirements imposed on community banks seem to reflect an assumption of an indirect and less personal banking relationship.
    Public debates about the banking system often feature academics that tend to downplay the significant role of community banks in the financial system. Instead, they imagine a banking system with fewer banks as equally effective in meeting the banking needs of every community throughout the United States. The eight largest U.S. banks hold $15.4 trillion in assets, which is several times larger than the assets controlled by the more than 4,000 community banks in the United States.3 But as we all know, aggregate asset size is not an accurate indication of these banks’ importance.
    Of course, metrics do not provide the full picture of how relationship-based lending practices drive local economic activity. They ignore that banking has a regional component, where local knowledge and expertise—and a commitment to the local community—can help enable the community to thrive. There is an important place for the largest banks and regional banks in the banking system, but it is a fallacy to assume that the presence of fewer community banks would not have devastating consequences for a number of consumers and businesses. Some community banks serve rural and underserved banking markets and may be the only option for consumers and businesses, especially those that have unique balance sheets or less pristine credit histories. If community banks were to disappear, many communities would be left with few or no alternative options for banking services.
    While metrics do not tell the whole story, this is not meant to downplay the importance of data, research, and analysis, all of which assist us in our understanding of the banking system and how that understanding could be improved. Data can help us identify issues that must be addressed or remediated. Data can help us evaluate which elements of the current bank regulatory framework may be effective or ineffective. And data can help regulators update regulations and guidance with a clearer understanding of the intended and unintended consequences.
    Over the past 20 years, we have seen the number of community banks continue to decline. Bank consolidation through mergers has contributed to this decline, and de novo bank formation has been largely nonexistent. Many factors have contributed to the bank consolidation trend, including competition from nonbank financial service providers and the ever-increasing regulatory burdens on the community banking model. Many of these same challenges have acted as a deterrent to bankers who have considered pursuing a de novo bank charter. And while many factors influence the health of the community bank model—including the interest rate environment, economic conditions, and alternative sources of competition for credit—we should consider whether there are actions regulators can take to support and ensure the future of community banks.
    The Benefits of ExperienceOne of the biggest barriers to the community bank model is the competition for qualified bank management and staff. Attracting, developing, and retaining future and current bank leadership is a significant challenge. Yet, one of the most important priorities for bank management is to develop the next generation of leadership. Educational programs like this institute, bank and regulator internships, and regional graduate schools of banking can help develop this pipeline of talent to support the industry and supervisory responsibilities. These programs also help regulators recruit the next generation of bank examiners.
    Working in my family’s community bank reinforced the mission focus and relationship model of community banking for me. This holds true for many family-owned community banks across the country.
    Since we are on the campus of Fort Hays State University today and we have a number of students in the audience, part of my message today is to encourage each of you to consider exploring a career in the financial services industry—including in community banking or with a state or federal banking regulator. Whether that experience becomes a lifelong career or a stepping stone along your path, having experience in banking provides valuable perspective on how local economies function and the importance of access to banking services and financial inclusion. This experience has helped to shape my perspective and approach as the state bank commissioner and as a member of the Board of Governors of the Federal Reserve System.
    This experience is also not something that I take for granted—seeing different perspectives empowers me to be a better policymaker. For example, as a bank compliance officer you understand the challenges of ensuring the bank is in compliance with rules and guidance and is prepared for interactions with bank examiners. Further, having this perspective enables a policymaker to approach the process of drafting rules and guidance and relaying supervisory messages in a way that recognizes a need for clarity, efficiency, and simplicity. The outcomes of our work are enhanced by a better understanding of the costs and unintended consequences of getting it wrong.
    The Responsibility of RegulatorsOverregulation and unnecessary rules and guidance imposed on smaller and community banks create disproportionate burdens on these banks, eventually eroding the viability of the community banking model.
    Policymakers and regulators have a responsibility to ensure that the banking and financial systems encourage growth and innovation and foster a strong and growing economy. One of the great strengths of the U.S. banking system is the variety of institutions that meet the needs of consumers and businesses, not only through offering a range of products and services but also by reaching customers throughout the country, including in the most rural and remote locations. Our goal must be to facilitate a banking and regulatory environment that enables banks of all types and sizes to thrive. For community banks, this includes building a better regulatory and supervisory framework to effectively support the unique characteristics of these institutions.
    What should that framework look like?
    First, it includes thresholds that better reflect risk and business model.
    As currently defined, community banks are those with less than $10 billion in assets. The Federal Reserve divides banks into distinct supervisory portfolios that oversee “community,” “regional,” and four categories of larger banks.4 The portfolio approach helps regulators differentiate standards and supervisory focus based on bank characteristics and risks. In theory, it allows examiners to better organize supervisory activities and to provide specialized training to help examiners focus on issues that are most relevant for the institutions being examined. If appropriately executed, this portfolio-based approach should lead to better and more risk-focused supervision, and in turn a safer and more sound banking system.
    An organizational structure that better allocates and directs supervisory resources seems like a worthwhile goal, but over time, it becomes clear that there are downsides to this approach. One of these downsides is the static nature of the fixed thresholds defining the categories. Currently, our framework includes fixed thresholds that are not adjusted with economic growth, inflation, or the growth in deposits from unexpected sources and fiscal programs, like those from the COVID era. They also do not account for changed industry dynamics, especially those resulting from a particular bank’s activities or risk profile. In this environment, some firms with stable growth, a static business model, and a straightforward risk profile cross the $10 billion threshold unintentionally, subjecting them to additional regulatory and supervisory requirements that were specifically designed and implemented for larger and more complex firms. Banks approaching the $10 billion threshold often choose to curtail their asset growth to stay below the threshold.
    Another significant problem with the current approach—that specifically challenges community banks—is the failure to index and update how a community bank is defined. Given the low fixed-dollar asset thresholds, regulators must focus on ensuring that asset-based benchmarks remain reasonable and appropriate in their work to supervise banks, especially as they apply tailored, but static, supervisory standards. As is the case now, over time, economic growth and inflation have created an environment in which thresholds are inappropriately low.
    We also need to implement a better, more timely, transparent, and viable path for all bank regulatory applications. The application process can be a significant obstacle to applications activity, in particular mergers and acquisitions. Applications often experience significant delays between the application filing date and before receiving final regulatory approval. In some cases, even for non-complex transactions, the regulatory approval process has taken more than a year. A healthy banking system is one in which banks can make decisions to merge with peers or acquire new assets or business lines, and one that allows new bank formation, in a reasonable amount of time in accordance with statutory timelines. As the bank applications process has become a barrier to bank merger activity, we have seen credit unions acquiring community banks in record numbers. In the absence of a better functioning bank applications process, institutions will explore other options, including credit union acquisitions.
    I think this trend should be a wake up call for regulators to reevaluate our approaches to many areas of our responsibility, but especially whether our applications processes are operating as effectively and efficiently as they should. It is important that the regulatory framework ensures that competition and broader availability of banking services remain a feature of the U.S. banking system.
    A necessary approach to solving this is by making targeted improvements to the applications process. If you follow my work, you know that I often discuss how the applications process can be improved.5 So I will note some of the important changes that I believe would be a catalyst to returning our bank applications review function to an appropriate processing timeline. These are simply threshold steps that should be easy to accomplish and would be a great start to fundamentally improving the process.
    I believe that we should not be complacent when facing excessive and longstanding delays. For bank applications, we must focus our resources and expertise to review and promptly act on all bank applications, to streamline the required forms and procedures, and to provide clear standards for approval.
    Bank regulators should be prepared to act promptly on applications, and yet the significant delays in applications processing we see suggests we can do better. The published statistics on applications processing also tell an incomplete story, as they do not reflect the time spent by applicants who withdraw applications before final regulatory action or that simply forgo business opportunities that require an application out of concern that the regulatory approval process is too uncertain and unpredictable.6
    Many banks experience these frictions in the applications process firsthand. And judging from the number of bankers that contact me as they experience unexplained and prolonged delays, there is clear need for improvement. Uncertainty regarding the status of the application and an expected timeline for resolution creates challenges in moving forward with related business processes often resulting in costly delays for systems conversions and unhealthy uncertainty among bank staff.
    We can certainly learn from the inefficiencies in the current process and leverage these experiences by consulting with banks about these challenges and identifying a clear path to improve the process. One step could be to ensure that our applications teams have access to specialized knowledge required to more effectively approach applications for infrequent activities, like de novo formations. We should ensure that a Reserve Bank has the resources necessary to assist them in making the applications process smooth, and ensuring prompt action is taken on the application.
    We also know that the applications process itself can be a significant barrier and has in recent years been used by regulators to delay decisions. While many activities that require regulatory approval rely on common application forms, some bank applications require regulatory approvals from multiple regulators. Even where only one primary federal regulator must act on an application, there may be requirements to solicit views from other regulators, or the need to request additional information from the applicant that was not included in the initial filing forms.
    Each additional step in the process can lead to delays and prolonged uncertainty. Without question, there is a better process, and it should start with aligned requirements across the banking agencies, coordinated review processes, and clearer standards for approval.
    The standards for approval should be clear to all applicants and consistently applied. This must include transparency not only in approval standards but also in timelines, which are equally critical to banks seeking regulatory approval. Banking applications are not filed without extensive work up front and specific plans in mind. For example, a merger application will include information about the pro forma institution’s management team, geographies to be served in the merged institution’s banking footprint, what products will be offered, and how the application will be consistent with the various statutory approval standards.
    If we determine that we consistently need more information to process an application, we should amend the applications form instead of relying on time-consuming additional information requests that extend the decision timeline. And if there are standards we expect applicants to meet—for example, the minimum amount of capital required for a de novo bank formation or an expansionary proposal—we should be clear and transparent about those expectations in advance.
    Uncertainty in the standards and timelines for action on bank applications can contribute to a regulatory environment that favors nonbanks. This more favorable treatment includes allowing them to engage in the same activities without the same regulatory burdens, like more favorable tax and regulatory treatment for credit unions and the exemption from Community Reinvestment Act requirements for nonbank financial institutions, again, including credit unions. Why would a new business choose to become a bank if they can avoid the complexities of the banking regulatory framework and still provide similar services?
    TailoringWhile these steps—developing a pipeline of future leadership for community banks and promoting a more efficient bank applications process—would help support the community banking system generally, perhaps the most critical feature of the framework that affects community banks is tailoring to address the ongoing burden of compliance.
    Tailoring is the term we use in banking to describe an approach to regulation that strives to match regulation and supervision with the size, risk, complexity, and business model of an institution. Tailoring helps us calibrate regulation and supervision to the activities and risks at every tier within our framework, but it is particularly important when we think about its application for smaller and community banks.
    Frankly, when you consider the fundamental differences between the largest banks and the smallest, tailoring seems like common sense rather than a distinct regulatory philosophy. But in the absence of industry experience among bank policymakers, the trend over time has been an erosion of tailoring in favor of one-size-fits-all approaches.
    Pushing down requirements more appropriate for larger institutions to smaller banks—either formally through regulation or informally through supervisory messaging—encourages homogenization of the industry. This trend becomes even more concerning when regulators “grade on a curve” by evaluating a bank relative to other institutions, instead of evaluating a bank against a clear legal standard.
    It is also important for regulators evaluating regulations and supervisory approach to consider the aggregate benefits and costs of the framework, rather than looking at each part of the framework on a piecemeal basis. Often, the regulations and supervisory guidance issued by regulators has a “cumulative” or “compounding” effect on banks. A piecemeal approach ensures that banks cannot go to a single source or one regulation to understand supervisory expectations or requirements for a particular activity. While it may be possible to justify or explain any single regulation or piece of guidance on a standalone basis, when we consider the aggregate effects, it is clear that we need to rethink our approach and recommit to tailoring.
    Regulatory ambivalence to tailoring comes at a significant cost. If current trends continue—where we push down requirements from large banks to small and attempt to “smooth” or standardize requirements and expectations across all banks—we will eventually find ourselves achieving the academically preferred end state of only a few large banks ineffectively serving the financial needs of the entire U.S. economy. In this state of the world, not only will community banks suffer but so will the communities they serve.
    Closing ThoughtsThank you again for the invitation to join you today. It is wonderful to see the ongoing success and commitment of the Robbins Banking Institute in preparing the next generation of leaders to play an important role in the banking and financial system. While I have expressed concern about some recent trends, one of the many benefits of our system is that there are always opportunities to change course, and I am confident that with committed and experienced leadership we can.
    I am also confident that the future of community banking is bright, as long as we focus on right sized and appropriate regulations and guidance and a recognition that investment in innovation and growth is a necessity, not a roadblock. Regulators have an important opportunity now to prioritize changes that will support the safe and sound operation of community banks while allowing these banks to support the U.S. economy, serve their communities, innovate, and grow. Community banks enable the economic success of our country and will continue to support financial opportunities for many future generations. I look forward to seeing how the students in attendance here today will be a part of and shape that bright future.

    1. The views expressed in these remarks are my own and do not necessarily reflect those of my colleagues on the Board of Governors of the Federal Reserve System or the Federal Open Market Committee. Return to text
    2. Allen N. Berger, Nathan H. Miller, Mitchell A. Petersen, Raghuram G. Rajan, and Jeremy C. Stein, “Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks (PDF),” National Bureau of Economic Research, Working Paper 8752 (Cambridge, MA: NBER, February 2002). Return to text
    3. See, e.g., Board of Governors of the Federal Reserve System, Supervision and Regulation Report (PDF) (Washington: Board of Governors, November 2024), Table 2, Summary of organizations supervised by the Federal Reserve (as of 6/30/2024). Return to text
    4. Larger banks are defined using tests that look primarily at asset size but may include other metrics like cross-jurisdictional activity, nonbank assets, short-term wholesale funding, or off-balance sheet exposures. Return to text
    5. Michelle W. Bowman, “Brief Remarks on the Economy and Accountability in Supervision, Applications, and Regulation (PDF)” (remarks at the American Bankers Association 2025 Conference for Community Bankers, Phoenix, AZ, February 17, 2025). Return to text
    6. See, e.g., Board of Governors of the Federal Reserve System, Banking Applications Activity Semiannual Report, January 1-June 30, 2024 (PDF) (Washington, Board of Governors, October 2024). Return to text

    MIL OSI USA News

  • MIL-OSI: Lloyds Bank plc: 2024 Form 20-F Filed

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Lloyds Bank plc announces that on 27 February 2025 it filed its Annual Report on Form 20-F for the year ended 31 December 2024 with the Securities and Exchange Commission.

    A copy of the Form 20-F is available through the ‘Investors’ section of our website at www.lloydsbankinggroup.com and also online at www.sec.gov

    Shareholders can receive hard copies of the complete audited financial statements free of charge upon request. Printed copies of the 2024 Lloyds Bank plc Annual Report on Form 20-F can be requested from Investor Relations by email to investor.relations@lloydsbanking.com

    -END-

    For further information:  
       
    Investor Relations  
    Douglas Radcliffe  +44 (0)20 7356 1571
    Group Investor Relations Director  
    douglas.radcliffe@lloydsbanking.com  
       
    Corporate Affairs  
    Matt Smith +44 (0)20 7356 3522
    Head of Media Relations  
    matt.smith@lloydsbanking.com  
       

    FORWARD LOOKING STATEMENTS

    This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network

  • MIL-OSI Africa: African Development Bank signs $45 million grant agreement with Chad for asphalting of the Kyabé-Mayo road section

    Source: Africa Press Organisation – English (2) – Report:

    N’DJAMENA, Chad, February 27, 2025/APO Group/ —

    The African Development Bank (www.AfDB.org) and the government of Chad have signed a grant agreement worth $44.9 million to finance the asphalting of the 49.5-kilometre Kyabé-Mayo section of the Kyabé-Singako road, including the construction of a 55-metre bridge.

    The agreement was signed in N’Djamena on 19 February 2025 by Tahir Hamid Nguilin, Minister of State for Finance, Budget, Economy, Planning and International Cooperation, and Claude N’Kodia, the Bank’s Acting Representative in Chad. Several members of the Chadian government were also present, including the Minister for Infrastructure, Access-Improvement and Road Maintenance, Amir Idriss Kourda, and the Secretary of State for Finance and Budget, Ali Djadda Kampard. Also present was a delegation from the International Monetary Fund, led by its head of mission for Chad, Julien Reynaud,

    The funding will support one of the Chadian government’s key development objectives through strategic infrastructure improvement.

    “The [Moyen-Chari] region, including Kyabé, Singako and Am Timan, has strong economic potential. It is Chad’s main agricultural basin and livestock area, rich in fish resources. Fish are supplied from Moyen-Chari to a large part of the country’s south and even to foreign markets,” stated Nguilin, also the Bank’s Governor for Chad.

    The road project will open up southern and eastern regions of Chad, reduce vulnerability, and strengthen the resilience of local populations, especially women and young people. It will improve the transportation of goods and people between Kyabé and Singako by providing an all-weather road, facilitating the flow of agricultural and animal products from the rich areas of Moyen-Chari and Salamat to the consumer centers of Sarh, Moundou, N’Djamena and Abéché. It will also enhance accessibility to Moyen-Chari from neighboring Sudan.

    The agreement paves the way for support from the Islamic Development Bank to finance the second section of the 205-kilometer Mayo-Singako-Am Timan at an estimated cost of $275.5 million.

    “The African Development Bank is a strategic partner of Chad, particularly in the transport sector. The construction of the road section will reduce the overall cost of transport in Moyen-Chari […] and improve the living conditions of local people thanks to easier access to health and education facilities and to the country’s main consumer centers,” said N’Kodia.

    The Kyabé-Mayo section of the Kyabé-Singako road is one of the missing links in the N’Djamena-Moundou-Sarh-Kyabé-Am Timan-Abéché corridor and forms part of the priority structuring network that the Chadian government aims to develop to ensure nationwide coverage and permanent accessibility.

    The African Development Bank Group remains a strategic financial partner for Chad, with its strategy paper focusing on two priority pillars: developing infrastructure to achieve strong and diversified economic growth and promoting good governance to increase the effectiveness of public action and the attractiveness of the economic environment.

    MIL OSI Africa

  • MIL-OSI USA: Luján, Leger Fernández, Heinrich, Curtis Reintroduce Bipartisan Legislation to Fund and Complete the Navajo-Gallup Water Supply Project

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – U.S. Senators Ben Ray Luján (D-N.M.), Martin Heinrich (D-N.M.) and John Curtis (R-Utah) introduced the Navajo-Gallup Water Supply Project Amendments Act of 2025. The bipartisan legislation amends the Navajo-Gallup Water Supply Project to ensure it has the resources and time needed to reach completion to deliver drinking water to northwestern New Mexico communities. The House companion legislation was introduced by U.S. Representative Leger Fernández (D-N.M.) and is co-sponsored by U.S. Representative Melanie Stansbury (D-N.M.).

    The Navajo-Gallup Water Supply Project was first authorized as part of the Omnibus Public Land Management Act of 2009, which settled the Navajo Nation’s water rights in the San Juan Basin of New Mexico and funded the design and construction of the waterline to reach an estimated 250,000 people by the year 2040. Upon completion, the Navajo-Gallup Water Supply Project will provide a long-term, sustainable water supply from the San Juan River to roughly 43 Chapters on the eastern Navajo Nation, the southwestern portion of the Jicarilla Apache Nation, and the City of Gallup, which currently rely on a rapidly depleting groundwater supply of poor quality. Full project completion is planned for 2029. When complete, it will include approximately 300 miles of pipeline, two water treatment plants, 19 pumping plants and multiple water storage tanks.

    “Ensuring that the Navajo Nation, City of Gallup, and Jicarilla Apache Nation have access to safe, clean, and reliable drinking water is vital for the health and well-being of rural and Tribal communities,” said Senator Luján, a member of the Senate Committee on Indian Affairs. “The Navajo-Gallup Water Supply Project will help provide a reliable, sustainable surface water supply to improve the public health and economic opportunities for the region. I’m proud to lead this bipartisan legislation to move this critical project forward and reduce the financial burden on Tribal and local governments. I look forward to working with my colleagues to pass this much-needed legislation to help meet the water needs in the San Juan Basin for years to come.”

    “Since I was elected to Congress, I have prioritized funding for the Navajo Gallup Water Supply Project so we can provide clean, reliable, and affordable water to the Navajo people and surrounding communities in New Mexico. We secured $615 million in funding to move the project forward,” said Congresswoman Leger Fernández. “The Navajo-Gallup Water Supply Project Amendments Act builds upon this work.  We won’t stop until this project is completed because in New Mexico, we know that water sustains us. Sabemos que Agua Es Vida.”

    “Communities in northwest New Mexico, the Navajo Nation, and the Jicarilla Apache Nation deserve water security and clean drinking water. Our legislation achieves this by funding the completion of the Navajo-Gallup Water Supply Project to deliver clean, reliable water to 43 Tribal communities and the City of Gallup. I call on the Senate to quickly take up this legislation and ensure the project can be completed,” said Senator Heinrich.

    “Water is the lifeblood of the West, and Utahns know that securing a reliable water supply is essential for our communities, our economy, and our way of life,” said Senator Curtis. “I’m proud to join my colleagues on this bipartisan legislation to help ensure the Navajo Nation in Utah have the water they need to thrive.”

    The amending legislation makes several important changes:

    • Increases the project funding authorization to match updated construction costs;
    • Extends the project timeline beyond 2025 to 2029 to provide additional time for completion;
    • Establishes trust funds for operations and maintenance costs for the Navajo Nation and the Jicarilla Apache Nation once construction is complete; and
    • Allows the project to expand its service area to reach Navajo communities without running water.

    The Navajo Nation, Jicarilla Apache Nation, State of New Mexico, and the City of Gallup support the legislation.

    Senators Luján and Heinrich and Congresswoman Leger Fernández have long supported efforts to fund and complete the Navajo-Gallup Water Supply Project.

    Senator Luján and Congresswoman Leger Fernández secured $137 million for the project through the Bipartisan Infrastructure Law toward the total authorized project cost. In August 2024, Senator Luján and the N.M. Delegation welcomed a $267 million Navajo-Gallup Water Supply Project contract to design and build the San Juan Lateral Water Treatment Plant in northwest New Mexico. The plant is the largest and most important feature of the Navajo-Gallup Water Supply Project.

    In January 2025, Senators Luján and Heinrich, and Congresswoman Leger Fernández announced $120 million for Fiscal Year 2025 for the Navajo-Gallup Water Supply Project using funding from the U.S. Bureau of Reclamation’s Reclamation Water Settlements Fund. The original version of the Navajo-Gallup Water Supply Project Amendments Act was passed out of the Senate Indian Affairs Committee in November 2023. However, new legislation is required to authorize additional time and resources to complete the project and for its long-term, sustainable operations and maintenance.

    Additionally, the N.M. Delegation recently reintroduced a slate of Tribal water rights settlement bills they are pushing to pass in this Congress.

    For more information about the Navajo-Gallup Water Supply Project, click here.

    MIL OSI USA News

  • MIL-OSI United Nations: $2.5 billion plan to deliver aid to 11 million people in DR Congo

    Source: United Nations 2

    Humanitarian Aid

    Humanitarians are calling for $2.54 billion to support operations in the Democratic Republic of the Congo (DRC), amid ongoing attacks by M23 rebels in the east and a severe funding shortfall. 

    The 2025 Humanitarian Response Plan (HRP) for the DRC, announced on Thursday, aims to deliver lifesaving assistance to 11 million Congolese, including 7.8 million internally displaced persons (IDPs) – among the highest displacement figures globally.

    Overall, some 21.2 million Congolese are affected by multiple crises, notably armed conflict, natural disasters, and epidemics.

    Multidimensional crises

    The HRP was launched in the DRC capital Kinshasa by the Government and humanitarian partners.

    It comes as the country is facing unprecedented multidimensional crises, characterized by three major destabilizing factors: a spiral of violence spreading from Ituri to Tanganyika provinces; the presence of M23 rebels who now control key areas of North Kivu and South Kivu, where humanitarian needs are immense, and a major funding crisis that threatens humanitarian response.

    “All warning signals are flashing red. Yet, despite immense challenges, humanitarian action continues to prove its effectiveness in saving lives every day,” said Bruno Lemarquis, the UN Humanitarian Coordinator in the DRC. 

    “We must adapt to keep delivering this vital aid without ever compromising the fundamental principles that guide humanitarian action: neutrality, impartiality, independence, and humanity,” he added.

    Support for families 

    Humanitarians said response this year aims to meet the most urgent needs and alleviate suffering through swift and effective assistance, adapted to the conditions on the ground. 

    The HRP includes treating 1.5 million children suffering from acute malnutrition, providing access to safe drinking water for five million people, and combating outbreaks of diseases such as cholera, measles, and Mpox. 

    The plan will also support the return of displaced families, restoration of livelihoods, and preparedness for climate-related shocks. Furthermore, in a context marked by extreme violence, protecting civilians and the most vulnerable – especially women and children – remains a top priority in all they do. 

    However, operations are threatened by a sharp decline in financial support. 

    ‘At a crossroads’

    Last year, humanitarians received a record $1.3 billion in funding, allowing them to reach 7.1 million in the DRC. Leading donor the United States covered 70 per cent of the funding. Washington announced in January that it was freezing all foreign aid payments for at least 90 days.

    “We stand at a crossroads. Without increased international mobilization, humanitarian needs will skyrocket, regional stability will be further jeopardized and our capacity to respond will be severely compromised,” Mr. Lemarquis said.

    The humanitarians called on the Congolese Government, the international community, and national and international humanitarian partners for a collective surge of solidarity to implement the plan with the necessary resources, access, and support. 

    “Humanitarian assistance is essential to save lives. However, it is not the solution,” said Mr. Lemarquis.

    “Real solutions are, above all, political and require targeted, sustainable actions to address the root causes of the conflicts.”

    More updates to follow 

    MIL OSI United Nations News

  • MIL-OSI Security: Montana man convicted in cryptocurrency money laundering conspiracy

    Source: Office of United States Attorneys

    TYLER, Texas – A Montana man was found guilty of a cryptocurrency money laundering conspiracy, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Randall V. Rule, 73, formerly of Kalispell, Montana, was found guilty by a jury on all counts following a three-day trial before U.S. District Judge Jeremy D. Kernodle on February 26, 2025.

    “We will not stand by as our citizens are victimized by financial crimes and their life savings are stolen,” said Acting U.S. Attorney McGlothin.  “We will aggressively pursue cases against scammers and against those who facilitate their crimes by laundering the criminal proceeds.”

    “The U.S. Secret Service extends our appreciation to the U.S. Attorney’s Office, Eastern District of Texas, for their efforts and partnership in this case,” said Resident Agent in Charge Brad Schley.  “This case culminates the work of a great team of investigators and prosecutors that works tirelessly to protect the financial infrastructure of the United States.”

    On November 16, 2022, Rule and Gregory C. Nysewander, formerly of Irmo, South Carolina, were named in an indictment returned by a federal grand jury, charging them with money laundering conspiracy, money laundering, and a conspiracy to violate the Bank Secrecy Act.

    According to the indictment, Rule and Nysewander were alleged to have conspired with others to launder the proceeds of wire fraud and mail fraud schemes through cryptocurrency.  The defendants converted funds from romance scams, business email compromises, real estate scams, and other fraudulent schemes into cryptocurrency and sent the cryptocurrency to accounts controlled by foreign and domestic co-conspirators. The defendants and their co-conspirators made false representations and concealed material facts, in order to avoid discovery of the fraudulent nature of deposits, wires, and transfers, such as providing instructions to co-conspirators and victims to label wire transfers as “loan repayments” and “advertising.”  The defendants also made false representations and concealed material facts when completing account opening documents and when communicating with financial institutions and cryptocurrency exchanges.  During the course of the conspiracy, Rule, Nysewander, and their co-conspirators laundered more than $2.4 million.  Rule and Nysewander were also charged with willfully violating the money services business requirements of the Bank Secrecy Act.

    At sentencing, Rule faces up to 20 years in federal prison on each money laundering charge and up to 5 years in federal prison on the conspiracy to violate the Bank Secrecy Act charge.  The maximum statutory sentence prescribed by Congress is provided here for information purposes, as the sentencing will be determined by the court based on the advisory sentencing guidelines and other statutory factors.  A sentencing hearing will be scheduled after the completion of a presentence investigation by the U.S. Probation Office.

    This effort is part of Operation Crypto Runner, an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    This case was investigated by the U.S. Secret Service and the U.S. Postal Inspection Service.  It was prosecuted by Assistant U.S. Attorneys D. Ryan Locker, Dustin Farahnak, and Nathaniel C. Kummerfeld.

    ###

    MIL Security OSI

  • MIL-OSI Security: Minneapolis Non-Profit Executive and Business Consultant Plead Guilty in $6 Million Fraud Scheme

    Source: Office of United States Attorneys

    MINNEAPOLIS – A Minneapolis non-profit executive and business consultant pleaded guilty to leading a scheme to defraud a number of federal, state, local, private programs and other sources of funding, resulting in a loss of over $6 million, and also to illegally possessing a firearm after a felony, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, from 2020 until 2024, Tezzaree El-Amin Champion, 28, engaged in a fraud scheme through two Minneapolis-based entities he founded and controlled:  a marketing company he owned, Futuristic Management LLC, and a non-profit organization he led, Encouraging Leaders.  

    Encouraging Leaders, under Champion’s direction, submitted at least 42 grant and public-contract applications with related follow-up correspondence containing material false misrepresentations, in order to obtain funding.  Fraudulent applications were submitted to the U.S Department of Justice, Hennepin County, the City of Minneapolis, the Center for Disease Control Foundation, the Minnesota Department of Education, the Minnesota Department of Human Services, the Minnesota State Arts Board, the Otto Bremer Trust, the Greater Twin Cities United Way, and others. False statements included false rosters of Encouraging Leaders’ board of directions; false assertions that Encouraging Leaders had been independently audited; false claims that certain local governments, companies, and community organizations had agreed to partner with Encouraging Leaders; requests for payment based on overstated hours of work; and false claims that Encouraging Leaders administered events that either never occurred or were organized by others. Champion misused significant portions of the funds that Encouraging Leaders received in response to the applications, for example by transferring funds to himself and using organizational funds for personal matters. Based on the fraudulent applications, Encouraging Leaders sought more than $3.8 million in funding through 42 grants, was awarded 27 grants for more than $2.7 million in funding. Encouraging Leaders actually received approximately $1.5 million in funding as part of the scheme.

    Through Futuristic Management, Champion recruited and assisted clients in submitting fraudulent applications to Hennepin County’s Small Business Relief grant program as well as the U.S. Small Business Administration’s Paycheck Protection and Economic Injury Disaster Loan programs. The applications dramatically overstated applicant incomes and expenses, and were supported by fake tax records and fake lease documents that Champion obtained.  Champion also submitted nine fraudulent applications on his own behalf.  Simultaneously, Champion defrauded Hennepin County, for whom his company was serving as a business advisor under the County’s Elevate Business program. As part of the program, Champion agreed to provide free marketing services to local small businesses. But rather than provide free services, Champion billed and received payments from the County for services for which he had already been paid by his clients. Many of these clients were the same businesses and individuals Champion had assisted with false PPP, EIDL, and SBR applications.  Champion also used his company to fraudulently obtain loans marketed by PayPal Business Loan and issued by WebBank.  In the PayPal applications, Champion overstated his company’s gross sales and attached fake Wells Fargo bank statements inflating his bank balances and deposits.  In total, the part of the scheme relating to Futuristic Management resulted in a loss of more than $2.1 million.

    During the investigation of Champion’s offenses, law enforcement searched Champion’s home.  Officers found Futuristic Management financial records, a safe containing $127,000 in U.S. currency, and a Ruger LCR .357 revolver with Champion’s DNA on it.  Due to a 2018 conviction in Hennepin County for second-degree assault with a dangerous weapon, Champion is prohibited under federal law from possessing firearms or ammunition at any time.

    Champion pleaded guilty in U.S. District Court yesterday before Judge Katherine M. Menendez to one count of wire fraud, one count of money laundering, and one count of illegally possessing a firearm as a felon.  Champion agreed to pay restitution of at least $3,479,575 to the victims of his offenses. Earlier this month, Champion’s co-defendant Marcus A. Hamilton pleaded guilty to participating in the Futuristic Management part of the scheme. Sentencing hearings for both defendants will be scheduled at a later date.

    This case is the result of an investigation conducted by IRS-Criminal Investigations, the U.S. Postal Inspection Service, the Minnesota Bureau of Criminal Apprehension, and the Minneapolis Police Department’s Special Crimes Investigations Division.

    Assistant U.S. Attorneys Matthew D. Forbes and Joseph H. Thompson are prosecuting the case.

    MIL Security OSI