Economy – Page 1288 – NewzIntel.com

MIL-OSI Security: Two California Men Charged in Largest NFT Scheme Prosecuted to Date

Source: United States Attorneys General 7

A six-count indictment was unsealed today in Los Angeles charging two California men with defrauding investors of more than $22 million in cryptocurrency through a series of digital asset project “rug pulls,” a type of fraud scheme in which the creator of a nonfungible token (NFT) or other digital asset project solicits funds from investors for the project and then abruptly abandons the project and fraudulently retains investors’ funds. Both men were arrested yesterday by Homeland Security Investigations (HSI) in Los Angeles.

According to court documents, from May 2021 to May 2024, Gabriel Hay, 23, of Beverly Hills, and Gavin Mayo, 23, of Thousand Oaks, sponsored several NFT and other digital asset projects and undertook promotional activities in support of those projects. Hay and Mayo allegedly made or caused others to make materially false and misleading statements regarding the digital asset projects being launched and provided false and misleading project “roadmaps” detailing plans for the NFTs or other digital asset projects after their launch that the sponsors never intended to fulfill. For example, the indictment alleges that in promoting the Vault of Gems NFT project, Hay and Mayo falsely claimed that the project would be the “first NFT project to be pegged to a hard asset.” However, instead of pursuing the Vault of Gems project or others as they had represented they would, Hay and Mayo allegedly abandoned the projects after collecting millions in funds from investors.

“Gabriel Hay and Gavin Mayo allegedly defrauded investors in digital asset projects of tens of millions of dollars and threatened an individual who attempted to expose their roles in these fraudulent schemes,” said Principal Deputy Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “Fraudsters take advantage of new technologies and financial products to steal investors’ hard-earned money. The department is committed to protecting investors and will continue to work with our law enforcement partners to root out fraud involving cryptocurrency and other digital assets and bring offenders to justice.”

“For three years, Hay and Mayo apparently lied to their investors in order to defraud them out of millions of dollars,” said HSI Executive Associate Director Katrina W. Berger. “Such technological fraud schemes cost investors millions of dollars every year. Just because such crimes aren’t violent does not mean they are victimless. HSI will continue to investigate, disrupt, and dismantle such cryptocurrency fraud networks.”

“Whenever a new investment trend occurs, scammers are sure to follow,” said U.S. Attorney Martin Estrada for the Central District of California. “My office and our law enforcement partners will continue our efforts to protect consumers and punish wrongdoers involved in crypto fraud.”

Hay, Mayo, and others allegedly used these tactics with a variety of digital asset projects, including Vault of Gems, Faceless, Sinful Souls, Clout Coin, Dirty Dogs, Uncovered, MoonPortal, Squiggles, and Roost Coin. Hay and Mayo also allegedly used a variety of means to conceal their involvement in the fraudulent projects by falsely identifying other individuals or causing other individuals to be falsely identified as owners of the projects. When one project manager on the Faceless NFT project exposed Hay and Mayo as being behind that project, Hay and Mayo allegedly embarked on a harassment campaign against the project manager, sending or causing the sending of messages to the project manager and his parents for the purpose of intimidating him and his family and causing them great emotional distress.

Hay and Mayo are each charged with one count of conspiracy to commit wire fraud, two counts of wire fraud, and one count of stalking. If convicted, they each face a maximum penalty of 20 years in prison on each of the conspiracy and wire fraud counts and a maximum penalty of five years on the stalking count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

HSI Baltimore is investigating the case.

Trial Attorneys Tian Huang and Tamara Livshiz of the Criminal Division’s Fraud Section, both members of the National Cryptocurrency Enforcement Team (NCET), and Assistant U.S. Attorney Maxwell Coll for the Central District of California are prosecuting the case.

The NCET was established to combat the growing illicit use of cryptocurrencies and digital assets. Within the Criminal Division’s Computer Crime and Intellectual Property Section, the NCET conducts and supports investigations into individuals and entities that are enabling the use of digital assets to commit and facilitate a variety of crimes, with a particular focus on virtual currency exchanges, mixing and tumbling services, and infrastructure providers. The NCET also works to set strategic priorities regarding digital asset technologies, identify areas for increased investigative and prosecutorial focus, and lead the department’s efforts to collaborate with domestic and foreign government agencies as well as the private sector to aggressively investigate and prosecute crimes involving cryptocurrency and digital assets.

If you believe that you are a victim of any of the scams listed above or other scams involving the defendants, please email rugpullvictims@hsi.dhs.gov.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

January 27, 2025

MIL-OSI Economics: Luis de Guindos: Interview with the Telegraaf

Source: European Central Bank

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Wouter van Bergen and Martin Visser

20 December 2024

What has kept you awake over the past year?

Looking back at recent times, I would say that my worst nightmare was that a cyber attack would wreak havoc in the payments system. We would have a complicated situation on our hands that would be very difficult to resolve and would have serious consequences for all of us.

And what do you expect will keep you awake next year?

For the future, I’m more concerned about trade policy and the potential fragmentation of the global economy. The new US administration has announced far-reaching import tariffs. If they materialise, a wholly new situation could arise, which would go completely against the lessons from the 1930s and the path we have chosen since the end of the Second World War.

Trump has introduced import tariffs before. What is different this time?

It’s not only the import tariffs imposed by the United States that are the problem, but also the retaliation by other countries in response. If a trade war erupts, it would be extremely negative for the world economy, mainly for growth but also for inflation. For example, if you impose a 60% tariff on goods from China, which already has excess capacity, it would cause a diversion in trade flows and even impact exchange rates. Nobody knows where that will end.

What can the ECB do about that?

We’re not responsible for trade policy. We can provide our advice and explain that a trade war would be extremely detrimental for the world economy and a lose-lose situation for everyone, and that is why it is better to be prudent. But the response is up to the European Commission, and our role is to give our view and deal with the consequences.

Might it also threaten the euro?

It should be the other way around. If such threats emerge, the answer lies precisely in more European integration. The euro plays a hugely important role in that.

But election results indicate that the population in many European countries is not that keen on it…

I think that the European population is smart, and people are well aware that the uncertainties and risks are intensifying, and that becoming more fragmented within Europe would be the wrong response. My impression of populist politicians is that they propose simple solutions for highly complex problems.

Immigration is one such complex problem…

There is talk about restricting immigration, but looking at demographic developments in Europe, you see that the population is ageing. From an economic viewpoint, it is crystal clear that we need ordered immigration, so we should focus on properly managing its social impact.

Are you concerned about the high levels of public debt in many Member States, such as France?

Countries need to put in place credible and prudent fiscal consolidation plans. The fiscal rules were suspended for five years due to the COVID-19 pandemic and the energy crisis, but now we have a new fiscal framework, and it’s important to implement it accordingly. France is not the only country whose budget has not yet been approved. The same goes for Germany, Spain, Belgium and Austria. They know what they need to do, and I am convinced that they will act accordingly.

Relative to GDP, public debt is indeed on average 10% higher than it was before the pandemic. At the same time, the situation in the southern European countries that were in trouble 12 years ago is much better now. Portugal now runs a budget surplus, as do Ireland and Cyprus. Greece and Italy are running primary surpluses. Precisely the ‘usual suspects’ back then are doing well now, thanks to the measures taken at the time.

Former ECB President Mario Draghi painted a dire picture of the state of European competitiveness in a recent report. What can we do to restore it?

The demographic reality is that our population is ageing. An ageing society takes less risks and innovates less. That’s why targeted immigration is so important. It’s something that Europe should reflect on from an economic perspective.

Europe has other structural problems too, like the lack of a genuine single market for goods and services. The array of different rules applying throughout means that Europe is still highly fragmented, in contrast to the United States. We don’t have a real banking union as we don’t have a common deposit insurance scheme. And we don’t have a capital markets union, because there is no single capital market supervisor and insolvency laws still differ across countries. On top of that, we don’t have a fiscal union, unlike the United States. Savings are taxed differently everywhere in Europe, there are disparities in labour market rules and some exceptions to the temporary framework on state aid still have to be fully phased out.

The list of necessary measures is long…

Yes, there is a lot of work to do and the world is not going to wait for us. Because of the policies of the new United States administration, we may need to deal with import tariffs, uncertain fiscal policy, the possibility of deregulation in financial markets and, going beyond economics, even defence. This is a wake-up call for Europe.

How can you remain optimistic in the face of such huge challenges?

It’s not a question of optimism, but pragmatism. In Europe, there is only one way to preserve our current standard of living, and we will eventually choose the correct path.

The inflation rate in the Netherlands has risen again to 4%. The ECB’s policy does not suit the situation in our country…

In the euro area, we have seen that although there is an increase in households’ real disposable income because wages have started to catch up with past inflation, consumption is not recovering well. This is an issue of confidence, which has to do with past inflation, the lagging effects of the pandemic, and the current geopolitical landscape.

People mainly look at prices and they now see that supermarket prices are much higher than they were two or three years ago. That’s why it’s so important that they realise that price levels are stabilising and wages are catching up. And not everything is negative, as labour markets are doing well.

As the ECB, we have to look at the euro area average (at 2.2% in November, ed.). Dutch inflation is more volatile than average. We are confident that inflation will gradually decrease in the Netherlands too, and that inflation across the euro area will gradually converge towards our 2% target.

What message do you have for Dutch consumers?

You still have higher inflation, but inflation in the euro area has declined substantially and without a recession. You have very high employment, so wages are increasing and catching up with past inflation. The tight labour market also shows the need for targeted immigration.

Do you already hold bitcoin?

No, no bitcoin, but I know some people who do.

You missed out on big gains…

Yes, but I could just have gone to the casino [laughs]. The world of crypto-assets is a mixed bag, with stablecoins being very different from others like bitcoin. In general though, there are no fundamentals that determine the value of bitcoin, like there are for shares or bonds. There is only scarcity.

Are crypto-assets a risk for the financial system?

Not for now, there are few of them and volumes are still too small to pose material risks to the financial system.

Europe is lagging behind the rest of the world. Out of the 50 largest tech companies, only three are European. Europeans heavily invest their funds on US stock exchanges and European banks can’t keep up with their US competitors. Is there still hope?

This is an indication that there are some structural issues that we need to improve in Europe, namely by deepening economic integration. I talked earlier about common solvency and taxation rules and a coordinated approach to supervision in capital markets, for example. We have to channel European savings to Europe, and to attract savings from abroad.

Every cloud has a silver lining. Europe is at a crossroads now. The future is now more uncertain than ever since the pandemic due to geopolitical tensions and the risk of significant frictions in global trade in the advent of the new United States administration. That is why we need more integration, not less. It will take courage, but common sense will ultimately prevail.

MIL OSI Economics –

January 27, 2025

MIL-OSI NGOs: If the EU won’t stop Israel’s genocide in Gaza, member states must go it alone

Source: Amnesty International –

Ursula von der Leyen knows that the EU’s reputation as a credible actor for human rights and international law is in tatters over the horrors in Gaza.

EU leaders and officials have gone from privately condemning the EU’s double standards behind closed doors to publicly lamenting them. Instead of tackling these double standards however, the European Commission President rebranded them as “anti-EU narratives” and tasked the new Commissioner for the Mediterranean and foreign policy chief to elaborate a communications strategy to highlight the EU’s contribution to the region. But there are issues that even the canniest communications strategy cannot bury.

After the atrocities committed by Hamas and other armed groups on 7 October 2023, Israel’s military campaign has killed over 45,000 Palestinians, 60% of whom are children, women and older people. The Israeli offensive has left the occupied Gaza Strip a wasteland, inflicting shocking and unprecedented levels of death, suffering and destruction. Amnesty International investigated Israel’s offensive on Gaza, examining a variety of unlawful acts constituting a pattern of conduct, the harmful and destructive impact of its policies and actions, and Israeli government and military officials’ racist, dehumanizing and genocidal rhetoric.

The conclusion is clear: Israel is committing these acts with the intent to destroy the Palestinians in Gaza. Israel is committing genocide. We also found that not only is the genocide in Gaza the most documented in history, but the EU and many of its member states are failing to prevent it. Moreover, some member states risk becoming complicit in Israel’s genocide by continuing to transfer arms to the country.

‘All signs of genocide are flashing red’

Amnesty International’s report ‘You Feel Like You Are Subhuman’: Israel’s Genocide Against Palestinians in Gaza is the culmination of nine months of meticulous research and spans 296 pages. During our investigation, we interviewed 212 people, conducted extensive fieldwork and analyzed a wide range of visual and digital evidence, including satellite imagery. Crucially, we also analyzed evidence of Israel’s intent, before concluding that Israel has committed — and is continuing to commit — genocide in Gaza.

In 15 airstrikes we found that Israel killed 334 civilians, including 141 children, and wounded hundreds of others in direct attacks against civilians and without effective warnings. These airstrikes represent a subset of a wider pattern of deliberately indiscriminate attacks. We also documented how Israel has deliberately imposed conditions of life on Palestinians in Gaza calculated to bring about their physical destruction. Within the context of Israel’s long-standing apartheid and unlawful occupation, the inescapable conclusion is that Israel committed these acts with the intent of destroying the Palestinians in Gaza.

Unsurprisingly, the world has been reluctant to recognize the situation in Gaza as genocide. After all, if what we have been witnessing every day for 14 months was indeed genocide, what would that say about the international community?

The International Court of Justice (ICJ) recognized that a risk exists that genocide could be committed against Palestinians in Gaza, ordering multiple binding measures to prevent it. The International Criminal Court (ICC) further issued arrest warrants for Israel’s prime minister and former minister of defense for war crimes and crimes against humanity.

As ICJ judge Abdulqawi Yousef put it: “All signs of genocide are flashing red.”

Not everyone agreed with our findings. Yet many states have reached the same conclusion before us. While others may refuse to acknowledge the reality, the EU and its member states are faced with two primary responsibilities under international law: the obligation not to aid or assist genocide and the obligation to prevent it.

In the absence of unity, EU member states must go it alone

As European leaders gather in Brussels for the European Council, the new HR/VP Kaja Kallas faces the daunting challenge of convincing all 27 member states to uphold these two fundamental obligations under international law.

However, in the absence of united action at EU level, individual member states have a duty to act on their own to uphold their obligations to prevent genocide and avoid being complicit in it. In practical terms, this entails five concrete actions.

The remaining EU member states that continue to export or allow the transfer of arms to Israel must follow the lead of those who have rightly suspended arms exports and transshipments to Israel.

States must exert diplomatic pressure on Israel, including by publicly recognizing that Israel is committing war crimes, crimes against humanity and genocide, among other violations of international law.

States must support justice mechanisms, including by safeguarding the ICC from reprisals, supporting the court financially and politically, and publicly committing to enforcing arrest warrants issued by the ICC. Additionally, states have a responsibility to investigate and prosecute international crimes committed in Gaza under universal jurisdiction, or when suspected perpetrators or victims are dual nationals.

For its part, the EU must not allow Israel to decimate the United Nations Relief and Works Agency (UNRWA) for Palestine Refugees, which remains the only lifeline for millions of Palestinians. This requires both financial and political support for the UNRWA, as well as supporting Norway’s efforts at the UN General Assembly to challenge Israel’s attempt to dismantle it.

Finally, regardless of EU leaders’ discourse on the ‘day after’ and long-term prospects for peace, as long as Israeli settlement expansion and unlawful occupation and apartheid persist, this will remain empty rhetoric. The EU must start by implementing their legal obligations, as clarified by the ICJ, to ban trade and investments that contribute to maintaining Israel’s illegal occupation.

In the pages of history, two groups of politicians will be remembered: those who remained silent in the face of Gaza’s genocide — and those who rose up to stop it.

*This article was originally published on 19 December in EUobserver.

MIL OSI NGO –

January 27, 2025

MIL-OSI USA: Two California Men Charged in Largest NFT Scheme Prosecuted to Date

Source: US State of North Dakota

Note: View the indictment here.

A six-count indictment was unsealed today in Los Angeles charging two California men with defrauding investors of more than $22 million in cryptocurrency through a series of digital asset project “rug pulls,” a type of fraud scheme in which the creator of a nonfungible token (NFT) or other digital asset project solicits funds from investors for the project and then abruptly abandons the project and fraudulently retains investors’ funds. Both men were arrested yesterday by Homeland Security Investigations (HSI) in Los Angeles.

According to court documents, from May 2021 to May 2024, Gabriel Hay, 23, of Beverly Hills, and Gavin Mayo, 23, of Thousand Oaks, sponsored several NFT and other digital asset projects and undertook promotional activities in support of those projects. Hay and Mayo allegedly made or caused others to make materially false and misleading statements regarding the digital asset projects being launched and provided false and misleading project “roadmaps” detailing plans for the NFTs or other digital asset projects after their launch that the sponsors never intended to fulfill. For example, the indictment alleges that in promoting the Vault of Gems NFT project, Hay and Mayo falsely claimed that the project would be the “first NFT project to be pegged to a hard asset.” However, instead of pursuing the Vault of Gems project or others as they had represented they would, Hay and Mayo allegedly abandoned the projects after collecting millions in funds from investors.

“Gabriel Hay and Gavin Mayo allegedly defrauded investors in digital asset projects of tens of millions of dollars and threatened an individual who attempted to expose their roles in these fraudulent schemes,” said Principal Deputy Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “Fraudsters take advantage of new technologies and financial products to steal investors’ hard-earned money. The department is committed to protecting investors and will continue to work with our law enforcement partners to root out fraud involving cryptocurrency and other digital assets and bring offenders to justice.”

“For three years, Hay and Mayo apparently lied to their investors in order to defraud them out of millions of dollars,” said HSI Executive Associate Director Katrina W. Berger. “Such technological fraud schemes cost investors millions of dollars every year. Just because such crimes aren’t violent does not mean they are victimless. HSI will continue to investigate, disrupt, and dismantle such cryptocurrency fraud networks.”

“Whenever a new investment trend occurs, scammers are sure to follow,” said U.S. Attorney Martin Estrada for the Central District of California. “My office and our law enforcement partners will continue our efforts to protect consumers and punish wrongdoers involved in crypto fraud.”

Hay, Mayo, and others allegedly used these tactics with a variety of digital asset projects, including Vault of Gems, Faceless, Sinful Souls, Clout Coin, Dirty Dogs, Uncovered, MoonPortal, Squiggles, and Roost Coin. Hay and Mayo also allegedly used a variety of means to conceal their involvement in the fraudulent projects by falsely identifying other individuals or causing other individuals to be falsely identified as owners of the projects. When one project manager on the Faceless NFT project exposed Hay and Mayo as being behind that project, Hay and Mayo allegedly embarked on a harassment campaign against the project manager, sending or causing the sending of messages to the project manager and his parents for the purpose of intimidating him and his family and causing them great emotional distress.

Hay and Mayo are each charged with one count of conspiracy to commit wire fraud, two counts of wire fraud, and one count of stalking. If convicted, they each face a maximum penalty of 20 years in prison on each of the conspiracy and wire fraud counts and a maximum penalty of five years on the stalking count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

HSI Baltimore is investigating the case.

Trial Attorneys Tian Huang and Tamara Livshiz of the Criminal Division’s Fraud Section, both members of the National Cryptocurrency Enforcement Team (NCET), and Assistant U.S. Attorney Maxwell Coll for the Central District of California are prosecuting the case.

The NCET was established to combat the growing illicit use of cryptocurrencies and digital assets. Within the Criminal Division’s Computer Crime and Intellectual Property Section, the NCET conducts and supports investigations into individuals and entities that are enabling the use of digital assets to commit and facilitate a variety of crimes, with a particular focus on virtual currency exchanges, mixing and tumbling services, and infrastructure providers. The NCET also works to set strategic priorities regarding digital asset technologies, identify areas for increased investigative and prosecutorial focus, and lead the department’s efforts to collaborate with domestic and foreign government agencies as well as the private sector to aggressively investigate and prosecute crimes involving cryptocurrency and digital assets.

If you believe that you are a victim of any of the scams listed above or other scams involving the defendants, please email rugpullvictims@hsi.dhs.gov.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

January 27, 2025

MIL-OSI Economics: IMF Executive Board Completes the Sixth Review of the Extended Arrangement under the Extended Fund Facility for Ukraine

Source: International Monetary Fund

December 20, 2024

The IMF Board today completed the Sixth Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about US$1.1 billion (SDR 834.9 million) to Ukraine, which will be channeled by the authorities for budget support.
Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-September quantitative performance criteria and structural benchmarks.
Sustained reform momentum, progress at domestic revenue mobilization, and timely disbursement of external support are necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and improve governance.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) today completed the Sixth Review of the EFF, enabling the authorities to draw US$1.1 billion (SDR 834.9 million), which will be channeled by the authorities for budget support. This will bring the total disbursements under the IMF-supported program to US$9.8 billion.

Ukraine’s 48-month EFF, with access of SDR 11.6 billion (equivalent to US$15.5 billion, or about 577 percent of quota), was approved on March 31, 2023, and forms part of a US$148 billion support package for Ukraine. The authorities’ IMF-supported program helps anchor policies that sustain fiscal, external, and macro-financial stability at a time of exceptionally high uncertainty. The EFF aims to support the economic recovery, enhance governance, and strengthen institutions with the aim of promoting long-term growth in the context of reconstruction and Ukraine’s path to EU accession.

Ukraine’s performance under its program remains strong. All end-September and continuous quantitative performance criteria and indicative targets were met. The authorities have also completed a prior action on the enactment of the package of tax measures, have met all end-October structural benchmarks due by the Sixth Review and three of the end-December benchmarks.

Economic growth in 2024 has been upgraded given better than expected resilience to the energy shocks. However, a slowdown is expected in 2025 due to an increasingly tight labor market, the impact of Russian attacks on Ukrainian energy infrastructure, and continued uncertainty about the war. Inflation has risen recently, mainly due to food prices, while inflation expectations remain well anchored. Adequate reserves have been sustained by continued sizeable external support. Overall, the outlook remains subject to exceptionally high uncertainty.

Following the Executive Board discussion on Ukraine, Ms. Kristalina Georgieva, Managing Director of the IMF, issued the following statement^[1]:

“Russia’s war in Ukraine continues to take a devastating social and economic toll on Ukraine. Despite the war, macroeconomic stability is being preserved through skillful policymaking by the Ukrainian authorities as well as substantial external support. The economy has remained resilient, reflecting the continued adaptability of households and firms, although risks are tilted to the downside due to headwinds from attacks on energy infrastructure and a tight labor market. Preparedness and contingency planning are key to enable appropriate policy action should risks materialize.

The program remains fully financed with a cumulative external financing envelope of US$148 billion in the baseline and US$177 billion in the downside over the 4-year program period, including commitments from the G7’s Extraordinary Revenue Acceleration Loans for Ukraine (ERA) initiative. Full, timely and predictable external support—on terms consistent with debt sustainability—remains essential to maintaining full program financing and safeguarding stability.

A tax package and 2025 Budget in line with the program baseline have been enacted, but there are few remaining buffers and strict budget execution will be key. Continued progress at domestic revenue mobilization is imperative for Ukraine to meet its high priority spending needs and to restore fiscal sustainability. Strong implementation of the National Revenue Strategy and customs reform will help raise further revenues, improve compliance, combat evasion, and support EU accession.

After completing the Eurobond exchange in August, the authorities are now focusing on reaching agreement with other holders of external commercial claims, including GDP warrants, in line with their strategy. A swift agreement in line with the program’s debt sustainability objectives would reduce fiscal risks and create space for critical spending needs.

Inflation has accelerated more than expected in recent months, and the recent tightening of monetary policy was appropriate; the NBU should stand ready to take further action should inflation expectations deteriorate. Allowing exchange rate flexibility will help strengthen the resilience of the economy to external shocks while safeguarding reserves.

The financial sector remains stable, but vigilance is needed given heightened risks. Progress on strengthening bank resolution and risk-based supervision, stress-testing frameworks and contingency planning should be sustained.

Reform momentum in anticorruption and governance needs to be sustained. In particular, the authorities need to advance the creation of a new court for high public disputes, and amend the criminal procedure code.”

Table 1. Ukraine: Selected Economic and Social Indicators, 2021–27
	2021	2022	2023	2024	2025	2026	2027

	Act.	Act.	Act.	Proj.	Proj.	Proj.	Proj.

Real economy (percent change, unless otherwise indicated)
Nominal GDP (billions of Ukrainian hryvnias) 1/	5,451	5,239	6,538	7,629	8,680	9,874	10,937
Real GDP 1/	3.4	-28.8	5.3	4.0	2.5-3.5	5.3	4.5
Contributions:
Domestic demand	12.9	-22.9	13.9	6.5	4.9	4.5	4.2
Private consumption	4.7	-16.8	5.5	3.3	3.2	3.8	3.5
Public consumption	0.1	12.5	2.6	-0.1	-1.1	-2.5	-1.9
Investment	8.1	-18.6	5.8	3.3	2.9	3.2	2.6
Net exports	-9.5	-5.9	-8.6	-2.5	-2.4	0.8	0.3
GDP deflator	24.8	34.9	18.5	12.2	11.0	8.0	6.0
Unemployment rate (ILO definition; period average, percent)	9.8	24.5	19.1	13.3	11.8	10.2	9.4
Consumer prices (period average)	9.4	20.2	12.9	6.2	10.3	7.7	5.0
Consumer prices (end of period)	10.0	26.6	5.1	10.0	7.5	6.6	5.0
Nominal wages (average)	20.8	1.0	20.1	19.1	18.9	14.1	10.5
Real wages (average)	10.5	-16.0	6.4	12.1	7.8	6.0	5.3
Savings (percent of GDP)	12.5	17.0	9.8	8.5	2.9	9.1	15.2
Private	12.7	30.2	24.6	24.1	17.9	14.7	13.6
Public	-0.2	-13.1	-14.8	-15.6	-14.9	-5.6	1.5
Investment (percent of GDP)	14.5	12.1	15.1	16.9	17.5	19.3	20.4
Private	10.7	9.6	10.4	13.6	13.6	15.0	15.3
Public	3.8	2.5	4.8	3.4	4.0	4.3	5.1

General Government (percent of GDP)
Fiscal balance 2/	-4.0	-15.6	-19.6	-18.9	-18.9	-9.9	-3.6
Fiscal balance, excl. grants 2/	-4.0	-24.8	-26.1	-24.3	-19.7	-10.1	-4.6
External financing (net)	2.4	10.7	16.5	14.8	18.0	8.9	1.4
Domestic financing (net), of which:	1.6	5.0	3.1	4.1	0.9	1.0	2.2
NBU	-0.3	7.3	-0.2	-0.2	-0.2	-0.1	-0.1
Commercial banks	1.5	-1.5	2.5	4.1	1.0	0.9	2.2
Public and publicly-guaranteed debt	48.9	77.7	82.3	92.2	104.3	105.8	101.8

Money and credit (end of period, percent change)
Base money	11.2	19.6	23.3	15.0	17.2	12.0	10.1
Broad money	12.0	20.8	23.0	16.7	14.4	12.1	10.1
Credit to nongovernment	8.4	-3.1	-0.5	11.6	12.9	21.0	17.6

Balance of payments (percent of GDP)
Current account balance	-1.9	4.9	-5.4	-8.4	-14.6	-10.1	-5.3
Foreign direct investment	3.8	0.1	2.5	2.5	2.4	4.1	5.2
Gross reserves (end of period, billions of U.S. dollars)	30.9	28.5	40.5	42.3	43.3	47.9	50.1
Months of next year’s imports of goods and services	4.5	3.8	5.3	5.3	5.4	5.8	5.9
Percent of short-term debt (remaining maturity)	67.5	64.3	87.1	102.7	99.8	112.3	116.0
Percent of the IMF composite metric (float)	104.4	103.6	124.1	112.0	100.5	100.2	102.0
Goods exports (annual volume change in percent)	35.3	-44.7	-15.8	15.5	1.6	16.7	10.6
Goods imports (annual volume change in percent)	16.9	-23.6	21.7	9.3	6.9	8.9	9.4
Goods terms of trade (percent change)	-8.4	-11.6	3.6	0.3	-1.9	1.2	1.4

Exchange rate
Hryvnia per U.S. dollar (end of period)	27.3	36.6	38.0	…	…	…	…
Hryvnia per U.S. dollar (period average)	27.3	32.3	36.6	…	…	…	…
Real effective rate (deflator-based, percent change)	8.8	30.5	-2.0	…	…	…	…

Memorandum items:
Per capita GDP / Population (2017): US$2,640 / 44.8 million
Literacy / Poverty rate (2022 est 3/): 100 percent / 25 percent

Sources: Ukrainian authorities; World Bank, World Development Indicators; and IMF staff estimates.
1/ GDP is compiled as per SNA 2008 and excludes territories that are or were in direct combat zones and temporarily occupied by Russia (consistent with the TMU).
2/ The general government includes the central and local governments and the social funds.
3/ Based on World Bank estimates.

[1] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

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

@IMFSpokesperson

MIL OSI Economics –

January 27, 2025

MIL-OSI: Caldwell Investment Management Announces Annual 2024 Special Distribution for Caldwell U.S. Dividend Advantage Fund ETF

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Dec. 20, 2024 (GLOBE NEWSWIRE) — Caldwell Investment Management Ltd., the manager of Caldwell U.S. Dividend Advantage Fund (the “Fund”) announces the confirmed annual special year-end distribution for the 2024 tax year for the actively-managed ETF Series of the Fund (TSX Ticker: UDA) to unitholders of record as indicated below.

Record Date	Payment Date	Special Distribution per Unit
December 19, 2024	December 20, 2024	CAD $0.72703772

The Fund is required to distribute any net income and capital gains that it has earned in the year. The Special Distribution will be paid in cash and will generally consist of capital gains and/or any excess net income at year-end. Investors holding their ETF units outside registered plans will have taxable amounts to report and will have an increase in the adjusted cost base of their investment.

This confirmed distribution amount is in respect of the Special Distribution only and does not include the ongoing, regular monthly distribution amounts which were previously announced.

ETF Series unitholders also have the option to participate in the distribution reinvestment plan (“DRIP”) offered by the Fund, which provides investors with the ability to automatically reinvest distributions and realize the benefits of compounded growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

The ETF Series of Caldwell U.S. Dividend Advantage Fund trades on the TSX under the ticker symbol UDA.

For further information, please visit our website at www.caldwellinvestment.com or contact us at 416-593-1798 or 1-800-256-2441.

The Fund was first offered to the public as a closed-end investment (May 28, 2015) and with effect from November 15, 2018 was converted into an open-end mutual fund, with all outstanding units predesignated as Series F units. Performance of the Fund prior to the conversion date would have differed had the Fund been subject to the same investment restrictions and practices of the current open-end mutual fund. Further, the Fund reduced its management fees by 1% (October 17, 2019) resulting in fees of 1.75% for Series A units and 0.75% for Series F units.

Investors are strongly encouraged to consult with a financial advisor and review the Simplified Prospectus and Fund Facts documents carefully prior to making investment decisions about the Fund. Caldwell Investment Management Ltd. makes no representations or warranties on the accuracy and completeness of the information included herein. Certain statements herein contain forward looking information based on certain historical information of the Fund and represent current expectations as of the date of this press release. Actual future results may differ materially due to but not limited to prevailing market conditions, there being no assurance of realizing capital gains and no assurance that issuers held in the portfolio will pay dividends or distributions on their securities. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. The payment of distributions should not be confused with a fund’s performance, rate of return or yield. If distributions paid are greater than the performance of the fund, your original investment will shrink. Distributions paid as a result of capital gains realized by a fund, and income and dividends earned by a fund, are taxable in your hands in the year they are paid. Your adjusted cost base (“ACB”) will be reduced by the amount of any returns of capital and should your ACB fall below zero, you will have to pay capital gains tax on the amount below zero.

The MIL Network –

January 27, 2025

MIL-OSI: Bridgeline to Report Financial Results for the Fourth Quarter of Fiscal 2024

Source: GlobeNewswire (MIL-OSI)

WOBURN, Mass., Dec. 20, 2024 (GLOBE NEWSWIRE) — Bridgeline Digital, Inc. (NASDAQ: BLIN), a global leader in AI-powered marketing technology, announced today that it will release its financial results for the fourth quarter of fiscal 2024 after market close on Monday, December 23, 2024.

On that day, Ari Kahn, the Company’s President and Chief Executive Officer, and Thomas Windhausen, the Company’s Chief Financial Officer, plan to host a live conference call at 4:30 p.m. ET to discuss the financial results.

The details and registration link for the conference call and replay are as follows:

Participants can register for the conference call using the URL above. Registration in advance of the call is recommended. Once registered, participants will receive dial-in numbers and their unique PIN number.

About Bridgeline Digital

Bridgeline helps companies grow online revenues by increasing their traffic, conversion rate, and average order value through its suite of apps. To learn more, please visit www.bridgeline.com or call (800) 603-9936.

Safe Harbor for Forward-Looking Statements
Statement under the Private Securities Litigation Reform Act of 1995

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, are based on our current expectations, estimates and projections about our industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These statements appear in a number of places in this press release and include statements regarding the intent, belief or current expectations of Bridgeline Digital, Inc. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, including, but not limited to, business operations and the business of our customers, suppliers and partners; our ability to retain and upgrade current customers, increasing our recurring revenue, our ability to attract new customers, our revenue growth rate; our history of net loss and our ability to achieve or maintain profitability; instability in the financial markets, including the banking sector; our liability for any unauthorized access to our data or our users’ content, including through privacy and data security breaches; any decline in demand for our platform or products; changes in the interoperability of our platform across devices, operating systems, and third party applications that we do no control; competition in our markets; our ability to respond to rapid technological changes, extend our platform, develop new features or products, or gain market acceptance for such new features or products, particularly in light of potential disruptions to the productivity of our employees resulting from remote work; our ability to manage our growth or plan for future growth, and our acquisition of other businesses and the potential of such acquisitions to require significant management attention, disrupt our business, or dilute stockholder value; the volatility of the market price of our common stock, the ability to maintain our listing on the NASDAQ Capital Market, or our ability to maintain an effective system of internal controls as well as other risks described in our filings with the Securities and Exchange Commission. Any of such risks could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. These forward-looking statements assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

For more information, please contact:

Thomas Windhausen
Bridgeline Digital, Inc.
Chief Financial Officer
twindhausen@bridgeline.com

The MIL Network –

January 27, 2025

MIL-OSI: OTTAWA BANCORP, INC. ANNOUNCES COMPLETION OF STOCK REPURCHASE PROGRAM

Source: GlobeNewswire (MIL-OSI)

OTTAWA, Ill., Dec. 20, 2024 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for OSB Community Bank, announced today that the Company has completed its previously announced stock repurchase program. Under the program, the Company repurchased 127,332 shares of its outstanding common stock at an average price of $13.51 per share.

About Ottawa Bancorp, Inc.

Ottawa Bancorp, Inc. is the holding company for OSB Community Bank which provides various financial services to individual and corporate customers in the United States. OSB Community Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificates of deposit, and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial, and construction loans as well as auto loans and home equity lines of credit. OSB Community Bank was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and OSB Community Bank, please visit www.myosb.bank.

The MIL Network –

January 27, 2025

MIL-OSI: Expion360 Announces Departure of Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

REDMOND, Ore., Dec. 20, 2024 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage solutions, announced today the resignation of Greg Aydelott, Chief Financial Officer of the Company, effective December 31, 2024, due to family health concerns. Mr. Aydelott intends to remain available to the Company on an ongoing basis as a consultant to ensure a smooth transition.

The Company’s Board of Directors has appointed the Company’s Chief Executive Officer, Brian Schaffner, as interim Chief Financial Officer, and Principal Financial and Accounting Officer, effective December 31, 2024, and is conducting a search process to identify a new CFO. Mr. Schaffner previously served as the CFO of Expion360 from March 2021 through January 2023.

“On behalf of our Board of Directors, leadership team and employees, I would like to thank Greg for his outstanding service and commitment over the past three years,” said Mr. Schaffner. “He has made significant contributions to Expion360’s success, including managing our growth, strengthening our balance sheet, enhancing our planning and budgeting process, and overseeing investments in new technologies and batteries.”

“This has been an incredible journey with talented people, and it has been a privilege to help lead this passionate team,” said Mr. Aydelott. “I look forward to following the success of Expion360 for years to come.”

About Expion360

Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles and marine applications, with residential and industrial applications under development. On December 19, 2023, the Company announced its entrance into the home energy storage market with the introduction of two premium LiFePO4 battery storage systems that enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages.

The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit expion360.com.

Forward-Looking Statements and Safe Harbor Notice

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including statements about our beliefs and expectations, are “forward-looking statements” and should be evaluated as such. Examples of such forward-looking statements include statements that use forward-looking words such as “projected,” “expect,” “possibility,” “believe,” “aim,” “goal,” “plan,” and “anticipate,” or similar expressions. Forward-looking statements included in this press release include, but are not limited to, statements relating to the expected timing and impact of the executive transition, including Mr. Aydelott’s continuing role as a consultant to the Company, and the Company’s ability to build on its momentum and achieve its financial and strategic objectives. Forward-looking statements are subject to and involve risks, uncertainties, and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by such forward-looking statements.

Company Contact:
Brian Schaffner, CEO
541-797-6714
Email Contact

External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
XPON@mzgroup.us
www.mzgroup.us

The MIL Network –

January 27, 2025

MIL-OSI Russia: IMF Executive Board Completes the Sixth Review of the Extended Arrangement under the Extended Fund Facility for Ukraine

Source: IMF – News in Russian

December 20, 2024

The IMF Board today completed the Sixth Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about US$1.1 billion (SDR 834.9 million) to Ukraine, which will be channeled by the authorities for budget support.
Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-September quantitative performance criteria and structural benchmarks.
Sustained reform momentum, progress at domestic revenue mobilization, and timely disbursement of external support are necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and improve governance.