Category: Economy

MIL-OSI Africa: UN Secretary-General’s remarks for the inauguration of the renovated Africa Hall

Source: United Nations – English

ear Prime Minister Abiy, dear Chairperson Moussa Faki, dear friends and colleagues,

It is an enormous pleasure to join all of you for this moment of history – in this house of history.

I thank all our partners – particularly the Government of Ethiopia, along with our own United Nations Economic Commission for Africa for the tremendous work.

This hall is where Africa came together to give life to the Organization of African Unity, now the African Union.

Times were very different.

In 1961, when this Hall was inaugurated by Emperor Haile Selassie, only 26 African nations had achieved independence – many of them just months before.

Today, Africa is a transformed continent.

And to my mind, this renewed building symbolizes renewed hope and unity for Africa.

This Hall is a bridge between Africa’s past and future – honouring shared struggles and achievements, while embracing common aspirations. It is ubuntu.

A state of the art 21st century facility that preserves the grandeur and history of this great continent.

I also see it as an invitation for everyone to cooperate in pursuit of a better future, for Africa and for the world.

Dear friends,

As we celebrate this new beginning, we must also acknowledge the challenges ahead of us.

Africa is a continent of hope.

But it faces challenges that are deeply rooted in history and are exacerbated by climate change, conflict and persistent poverty.

And African women often bear the brunt of these hardships.

Addressing these issues requires resolute action and renewed solidarity.

Our global institutions were built at a time when most of Africa was under colonial rule.

But unlike this Hall with its 21st century innovations, many of these global institutions are stuck in those times, unable to respond to the aspirations and rights of the African people.

Africa still has no permanent seat at the Security Council. And let’s hope it will be corrected soon.

And international financial institutions often cannot provide African countries with the response they need – whether it is protection from strangling debt or from climate catastrophe they did not cause.

We can only move forward if we also renew and update global institutions – by making them more effective, fair and inclusive.

Last month, world leaders adopted the Pact for the Future, the Global Digital Compact and the Declaration on Future Generations.

The Pact recognizes the need to reform the Security Council to make it representative, transparent, efficient, democratic and accountable.

It also calls for groundbreaking reforms of the international financial architecture – including to massively scale-up affordable development and climate finance.

And the Global Digital Compact includes the first truly universal agreement on the governance of Artificial Intelligence – giving every country a seat at the table, while supporting partnerships to bridge the digital divide and build AI capacity in developing countries and namely in Africa.

We must now move forward together in implementing these historic agreements without delay.

And we must include young people at every step of the way.

Dear friends,

For more than sixty years, the Africa Hall has been a symbol of the continent’s collective aspirations, a testament to its resilience, and a beacon of hope for entire generations.

Today, as we step into this renewed space, let us also renew our pledge to work for the people of Africa and the world we need.

May the debates and discussions here continue to lead towards greater peace, unity and prosperity for all on the African continent.

And I thank you.

MIL OSI Africa –

January 24, 2025

MIL-OSI: Rubis: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 14 to 18 October 2024

Source: GlobeNewswire (MIL-OSI)

Paris, 21 October 2024, 06:00pm

Issuer Name: Rubis (LEI: 969500MGFIKUGLTC9742)
Category of securities: Ordinary shares (ISIN: FR0013269123)
Period: From 14 to 18 October 2024

In accordance with the authorisation granted by the Ordinary Shareholders’ Meeting held on 11 June 2024 to implement a share buyback programme, the Company operated, between 14 and 18 October 2024, the purchases of its own shares in view of their cancelation presented below.

Aggregate presentation per day and per market

Name of issuer	Identification code of issuer (Legal Entity Identifier)	Day of transaction	Identification code of financial instrument	Aggregated daily volume (in number of shares)	Daily weighted average price of the purchased shares*	Market (MIC Code)
RUBIS	969500MGFIKUGLTC9742	14/10/2024	FR0013269123	2,931	25.1214	AQEU
RUBIS	969500MGFIKUGLTC9742	14/10/2024	FR0013269123	19,209	25.2339	CEUX
RUBIS	969500MGFIKUGLTC9742	14/10/2024	FR0013269123	3,736	25.0963	TQEX
RUBIS	969500MGFIKUGLTC9742	14/10/2024	FR0013269123	33,694	25.0730	XPAR
RUBIS	969500MGFIKUGLTC9742	15/10/2024	FR0013269123	3,426	24.9295	AQEU
RUBIS	969500MGFIKUGLTC9742	15/10/2024	FR0013269123	18,686	24.9241	CEUX
RUBIS	969500MGFIKUGLTC9742	15/10/2024	FR0013269123	3,322	24.8144	TQEX
RUBIS	969500MGFIKUGLTC9742	15/10/2024	FR0013269123	34,624	24.8668	XPAR
RUBIS	969500MGFIKUGLTC9742	16/10/2024	FR0013269123	1,623	24.9580	AQEU
RUBIS	969500MGFIKUGLTC9742	16/10/2024	FR0013269123	18,815	24.8383	CEUX
RUBIS	969500MGFIKUGLTC9742	16/10/2024	FR0013269123	1,768	24.8737	TQEX
RUBIS	969500MGFIKUGLTC9742	16/10/2024	FR0013269123	36,185	24.9009	XPAR
RUBIS	969500MGFIKUGLTC9742	17/10/2024	FR0013269123	12,705	25.0118	CEUX
RUBIS	969500MGFIKUGLTC9742	17/10/2024	FR0013269123	36,792	25.0143	XPAR
RUBIS	969500MGFIKUGLTC9742	18/10/2024	FR0013269123	1,028	25.2043	AQEU
RUBIS	969500MGFIKUGLTC9742	18/10/2024	FR0013269123	13,424	25.1421	CEUX
RUBIS	969500MGFIKUGLTC9742	18/10/2024	FR0013269123	205	25.2200	TQEX
RUBIS	969500MGFIKUGLTC9742	18/10/2024	FR0013269123	34,473	25.1522	XPAR
* Four-digit rounding after the decimal			TOTAL	276,646	25.0070

Detailed presentation per transaction

Detailed information on the transactions carried out from 14 to 18 October 2024 is available on the Company’s website (http://www.rubis.fr) in the section “Investors – Regulated information – Share buyback programme”.

	Contact
	RUBIS – Legal Department
	Tel. : + 33 (0)1 44 17 95 95

Attachment

Rubis: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 14 to 18 October 2024

The MIL Network –

January 24, 2025

MIL-OSI: World’s largest investment managers see assets hit $128 trillion in return to growth

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) — Total assets under management (AUM) at the world’s 500 largest asset managers reached USD 128.0 trillion at the end of 2023, according to new research from leading global advisory, broking and solutions company WTW’s (NASDAQ: WTW) Thinking Ahead Institute.

Despite not yet reaching 2021 levels, this amounts to 12.5% annual growth and marks a significant recovery from the major correction the year before (AUM dropped by $18 trillion in 2022).

The research also reveals the continued evolution of active vs. passive assets under management among the largest investment managers. For the first time, passive investment strategies now account for more than one third of AUM among the 500 largest firms (33.7%), though this still leaves almost two thirds of assets managed by the world’s largest managers in active strategies.

Asset class allocations have also evolved, with renewed growth of private markets. Core equity and fixed income remain the dominant asset classes, comprising 77.3% of total AUM (48.3% equity and 29.0% fixed income). However, this marks a slight decrease of 0.2% compared to the previous year, as investors turned to alternatives such as private equity and other illiquids in search of returns.

Partly down to the recent dominance of US equities as performance drivers, North America experienced the largest growth in AUM with a 15.0% increase, followed closely by Europe (including the U.K.) with a 12.4% rise. Japan saw a slight decline, with AUM decreasing by 0.7%. As a result, North America now accounts for 60.8% of the total AUM in the top 500 managers, with USD 77.8 trillion at the end of 2023.

At the very top of the rankings, U.S. managers make up 14 of the top 20, and account for 80.3% of the assets of the top 20.

Turning to individual asset managers, the research shows that BlackRock remains the world’s largest asset manager, with its assets now above $10 trillion once more. Vanguard Group holds a strong second place at almost $8.6 trillion AUM and both remain significantly ahead of Fidelity Investments and State Street Global – ranked third and fourth respectively.

Notable risers in the full rankings in the last 5 years include Charles Schwab Investment, up 34 places to reach 25^th place from 59^th place. Geode Capital Management, also U.S. based, is up 31 places to reach 23^rd place from 54, while Canada’s Brookfield Asset Management is up 29 places from 60^th to 31^st.

“Asset managers have experienced a year of consolidation and change. While there has been a return to strong market performance, the last year has also seen forces of change,” said Jessica Gao, director at the Thinking Ahead Institute. “Macro factors have played a key part in the story, with notable highs in interest rates during 2023 exerting varied pressure on different asset classes, geographies and investment styles. As this now gradually switches to a rate cutting environment, equity markets are beginning to return positive performance also driven by improving expectations of earnings growth. Uncertainties looking ahead are now focused on geopolitical events and several major elections.

“We have continued to see net flows into passive strategies as they continue to offer a compelling value proposition, particularly in terms of lower fees and simplicity. Yet growing market volatility and issues with concentration, which typically highlights the need for expertise to outperform benchmarks, may be a source of caution from some allocators to passive market trackers.

“Meanwhile, asset managers continue to face major pressure to evolve their own business models. Investment in technology remains essential not just to maintain a market edge, but also to meet evolving client requirements and expectation in reporting and customer service. Increased competition, fee compression, and the growing demand for more personalised, technology-driven investment solutions are challenging traditional structures. We have witnessed notable successes of independent asset managers versus many of the more affiliated insurer-linked vs bank-linked asset managers,” concluded Gao.

The world’s largest money managers as of December 31, 2023
Ranked by total AUM, in U.S. millions.

Rank	Fund	Market	Total Assets (US$)
1.	BlackRock	U.S.	$10,008,995
2.	Vanguard Group	U.S.	$8,593,307
3.	Fidelity Investments	U.S.	$4,581,980
4.	State Street Global	U.S.	$4,127,817
5.	J.P. Morgan Chase	U.S.	$3,422,000
6.	Goldman Sachs Group	U.S.	$2,812,000
7.	UBS	Switzerland	$2,620,000
8.	Capital Group	U.S.	$2,532,813
9.	Allianz Group	Germany	$2,454,495
10.	Amundi	France	$2,250,226
11.	BNY Investments	U.S.	$1,974,322
12.	Invesco	U.S.	$1,585,344
13.	Legal & General Group	U.K.	$1,475,442
14.	Franklin Templeton	U.S.	$1,455,506
15.	Prudential Financial	U.S.	$1,449,673
16.	T. Rowe Price Group	U.S.	$1,444,500
17.	Northern Trust	U.S.	$1,434,500
18.	Morgan Stanley Inv. Mgmt	U.S.	$1,373,456
19.	BNP Paribas	France	$1,364,099
20.	Natixis Investment Managers	France	$1,288,581

Notes to editors:

Figures were the latest available as of Dec. 31, 2023

About the Thinking Ahead Institute

The Thinking Ahead Institute was established in January 2015 and is a global not-for-profit investment research and innovation member group made up of engaged institutional asset owners and service providers committed to changing and improving the investment industry for the benefit of the end saver. It has over 55 members around the world and is an outgrowth of WTW Investments’ Thinking Ahead Group, which was set up in 2002.

About WTW Investments

WTW’s Investments is an investment advisory and asset management firm focused on creating financial value for institutional investors through its expertise in risk assessment, strategic asset allocation, fiduciary management and investment manager selection. It has over 900 colleagues worldwide, more than 1,000 investment clients globally, assets under advisory of over US$4.7 trillion and US$187 billion of assets under management.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com

Media contacts

Ed Emerman: +1 609 240 6766
eemerman@eaglepr.com

Ileana Feoli: +1 212 309 5504
Ileana.feoli@wtwco.com

The MIL Network –

January 24, 2025

MIL-OSI United Kingdom: UK infrastructure companies visit Costa Rica to explore opportunities
Source: United Kingdom – Executive Government & Departments

British Embassy officials facilitated meetings with key stakeholders in the infrastructure sector.
Representatives of five British companies travelled to Costa Rica this week to participate in an infrastructure mission focused on identifying business opportunities and generating strategic alliances with potential partners in Costa Rica.

Representatives from Arup, Bechtel, QGMI, Steer Group and WSP, world-renowned for their expertise in engineering, construction, mobility solutions, and design and implementation of infrastructure projects, among other services, held meetings with Congresswoman Carolina Delgado, Secretary of the Infrastructure Commission of the Legislative Assembly, and with officials from the National Concessions Council (CNC), the Ministry of Public Works and Transport (MOPT) and the firm Arias Law.

They also spoke with officials from institutions like the Ministry of National Planning and Economic Policy (MIDEPLAN), the Costa Rican Electricity Institute (ICE) and the Ministry of Foreign Trade (COMEX) at a reception at the Residence of the British Ambassador, Ben Lyster-Binns.

At these meetings, the British companies explored opportunities to strengthen their presence in the country, learning more about Costa Rica’s aspirations to update and expand infrastructure projects at the highest international standards.

Ambassador Ben Lyster-Binns noted:

The companies that visited us this week are among the leaders in their respective fields and represent the best of what the UK has to offer in the infrastructure sector, from urban planning to sustainable transport projects to designing future-proof cities.

They are also committed to implementing innovative solutions that support the UK Government’s clean growth agenda.

The topic of public-private partnerships (PPPs) was of particular interest, since, according to the Embassy’s Director for Business and Trade, Camila Toscana:

this model provides an opportunity to develop infrastructure projects that are of key importance for Costa Rica’s sustainable growth and to improve the quality of life of the citizens.

Many of the companies that took part in the mission have offices in the Latin American region, so their interest in the Costa Rican market represents a natural step in expanding their regional presence, offering quality solutions that comply with international best practices.

The delegation finalized the mission meeting with representatives of CoST, the Infrastructure Transparency Initiative, financed by the UK Government, which promotes transparency and accountability in public infrastructure projects.

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Updates to this page

Published 21 October 2024
MIL OSI United Kingdom –
January 24, 2025
MIL-OSI USA: Congressman Mfume, Team Maryland Announce More Than $38 Million for Critical Transportation & Port Infrastructure Projects in Baltimore
Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)

WASHINGTON, D.C. – U.S. Congressman Congressman Kweisi Mfume, Senators Ben Cardin and Chris Van Hollen, Governor Wes Moore (all D-Md.), and Maryland Transportation Secretary Paul J. Wiedefeldtoday announced $38,406,076 in U.S. Department of Transportation awards to rehabilitate the Dundalk Marine Terminal and the Curtis Creek Drawbridge. This investment will improve vital infrastructure at and around the Port of Baltimore, which is critical to Maryland’s economy.

“This monumental federal investment is a transformative display of the continued unity among us in Team Maryland to deliver for all of those who have been personally affected by the collapse of the Francis Scott Key Bridge and continue to navigate the recovery alongside us. After speaking with so many of those impacted, I was and remain inspired by their grit, fierceness, and commitment to getting through this disaster together,” said Congressman Kweisi Mfume.

“With these grants, the federal government is recognizing that Baltimore is home to nationally significant supply chain infrastructure that is overdue for investment and improvement. We are seeing once again how the Biden-Harris Administration’s historic Infrastructure Investment and Jobs Act is delivering for Maryland, and we will continue to push for federal commitments to our infrastructure, including the rebuilding of the Francis Scott Key Bridge,” said Senator Cardin.

“Through the Infrastructure Investment and Jobs Act, we continue to deliver historic resources to upgrade everything from our transportation network to the Port of Baltimore. With these major federal investments, we are priming the Port for future growth – while sustaining the thousands of jobs it already supports – and modernizing an essential bridge for commuting and commerce. These efforts will help drive Baltimore’s economic success and create more good paying jobs for Marylanders,” said Senator Van Hollen.

“These two projects reinforce the Moore-Miller Administration’s commitment to making Maryland more competitive by investing in our critical infrastructure, including our world-class Port of Baltimore,” said Governor Moore. “We are grateful for the partnership from the Biden-Harris Administration, the U.S. Department of Transportation and our Congressional delegation in supporting projects that will serve all Marylanders and help expand our growing economy.”

“Together, these federal grants will support increased economic growth at the Port of Baltimore and the greater Baltimore region,” said Secretary Wiedefeld. “The funding will support critical rehabilitation efforts at the Dundalk Martine Terminal, the largest publicly owned terminal in the Port, and the Curtis Creek Drawbridge on I-695. Thank you to our federal delegation and partners for their continued commitment in rebuilding Baltimore’s infrastructure better than before.”

“Thanks to the Bipartisan Infrastructure Law, the Biden-Harris administration is carrying out ambitious, complex transportation projects that will shape our country’s infrastructure for generations to come,” said U.S. Transportation Secretary Pete Buttigieg. “With this latest round of awards, dozens of major and much-needed projects – projects that are often difficult to fund through other means – are getting the long-awaited investment they need to move forward.”

The funding was awarded by the U.S. Department of Transportation’s Infrastructure for Rebuilding America Grant Program (INFRA), which has administered historic levels of federal investments through the Infrastructure Investment and Jobs Act.
1. $30,906,076, Dundalk Marine Terminal: Awarded to the Maryland Port Administration to reconstruct Berth 11, consisting of the rehabilitation and replacement of 597 linear feet of wharf deck including pilings, substructure, storm water drainage, utilities, and installation of new mooring bollards, cleats, pneumatic fenders, flood barriers, and tidal gates.
1. $7,500,000, Curtis Creek Drawbridge Rehabilitation: Awarded to the Maryland Transportation Authority to rehabilitate parallel drawbridges over Curtis Creek on I-695. The project will replace portions of the reinforced concrete deck, perform repairs to the exposed steel superstructure and existing catwalks, remove and replace bridge parapets, traffic lights, and low-level lights, and install new electrical service systems, drainage systems, and pavement markings.
The Infrastructure for Rebuilding America Grant Program provides funding for multimodal freight and highway projects of national or regional significance to improve the safety, efficiency, and reliability of the movement of freight and people in and across rural and urban areas.

###

MIL OSI USA News –
January 24, 2025
MIL-OSI Africa: UN Secretary-General’s remarks at the inauguration of the renovated Africa Hall

Source: United Nations – English

ear Prime Minister Abiy, dear Chairperson Moussa Faki, dear friends and colleagues,

It is an enormous pleasure to join all of you for this moment of history – in this house of history.

I thank all our partners – particularly the Government of Ethiopia, along with our own United Nations Economic Commission for Africa for the tremendous work.

This hall is where Africa came together to give life to the Organization of African Unity, now the African Union.

Times were very different.

In 1961, when this Hall was inaugurated by Emperor Haile Selassie, only 26 African nations had achieved independence – many of them just months before.

Today, Africa is a transformed continent.

And to my mind, this renewed building symbolizes renewed hope and unity for Africa.

This Hall is a bridge between Africa’s past and future – honouring shared struggles and achievements, while embracing common aspirations. It is ubuntu.

A state of the art 21st century facility that preserves the grandeur and history of this great continent.

I also see it as an invitation for everyone to cooperate in pursuit of a better future, for Africa and for the world.

Dear friends,

As we celebrate this new beginning, we must also acknowledge the challenges ahead of us.

Africa is a continent of hope.

But it faces challenges that are deeply rooted in history and are exacerbated by climate change, conflict and persistent poverty.

And African women often bear the brunt of these hardships.

Addressing these issues requires resolute action and renewed solidarity.

Our global institutions were built at a time when most of Africa was under colonial rule.

But unlike this Hall with its 21st century innovations, many of these global institutions are stuck in those times, unable to respond to the aspirations and rights of the African people.

Africa still has no permanent seat at the Security Council. And let’s hope it will be corrected soon.

And international financial institutions often cannot provide African countries with the response they need – whether it is protection from strangling debt or from climate catastrophe they did not cause.

We can only move forward if we also renew and update global institutions – by making them more effective, fair and inclusive.

Last month, world leaders adopted the Pact for the Future, the Global Digital Compact and the Declaration on Future Generations.

The Pact recognizes the need to reform the Security Council to make it representative, transparent, efficient, democratic and accountable.

It also calls for groundbreaking reforms of the international financial architecture – including to massively scale-up affordable development and climate finance.

And the Global Digital Compact includes the first truly universal agreement on the governance of Artificial Intelligence – giving every country a seat at the table, while supporting partnerships to bridge the digital divide and build AI capacity in developing countries and namely in Africa.

We must now move forward together in implementing these historic agreements without delay.

And we must include young people at every step of the way.

Dear friends,

For more than sixty years, the Africa Hall has been a symbol of the continent’s collective aspirations, a testament to its resilience, and a beacon of hope for entire generations.

Today, as we step into this renewed space, let us also renew our pledge to work for the people of Africa and the world we need.

May the debates and discussions here continue to lead towards greater peace, unity and prosperity for all on the African continent.

And I thank you.

MIL OSI Africa –

January 24, 2025
MIL-OSI Security: Lancaster Man Sentenced for COVID Relief Fraud

Source: Federal Bureau of Investigation (FBI) State Crime News

BUFFALO, NY – U.S. Attorney Trini E. Ross announced today that Larry Jordan, 45, of Lancaster, NY, who was convicted of conspiracy to commit bank fraud and wire fraud for his participation in a scheme to file fraudulent loan applications seeking forgivable Paycheck Protection Program (PPP) loans, was sentenced to serve 18 months in prison by U.S. District Judge John L. Sinatra, Jr. Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division, joined the announcement.

According to court documents, between April and September 2020, Jordan and his brother Sutukh El a/k/a Curtis Jordan a/k/a Hugo Hurt a/k/a Hugo Hermes Hurtington, conspired to submit eight fraudulent PPP loan applications on behalf of companies they owned or controlled. Three of the applications were submitted to Evolve Bank & Trust and the other five were submitted to Lendio, a financial technology company based in Utah. The applications contained false statements about the 2019 payroll expenses of each company, which were used to calculate the amount of PPP funds to which the applicant-companies would be entitled. To corroborate the applications, Jordan and El submitted IRS forms, which had never been filed with the IRS, as well as fraudulent payroll registers that purported to identify the names, personal information, and salary of the employees identified on the PPP applications.

For example, a PPP loan application was submitted on behalf of 5 Stems Inc to Evolve. The application represented that in 2019, 5 Stems Inc had 194 employees and an average monthly payroll of $242,133.33. In truth, 5 Stems Inc had nine employees in 2019 and paid those employees a total of approximately $57,380 for all of 2019. Evolve approved the application and funded a $605,200 loan. The money was deposited into an account controlled by defendant El. Some of the money was used for the defendants’ own investments, as well as personal expenses and home improvements.

Sutukh El was previously convicted and is awaiting sentencing.

This case was investigated by the Federal Deposit Insurance Corporation’s Office of Inspector General, the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection’s Office of the Inspector General, the Federal Housing Finance Agency’s Office of the Inspector General, the Federal Bureau of Investigation, and the Small Business Administration’s Office of Inspector General. Assistant U.S. Attorneys Charles Kruly and Grace Carducci for the Western District of New York and Trial Attorneys Ariel Glasner and Della Sentilles of the Criminal Division’s Fraud Section are prosecuting the case.

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

# # # #

MIL Security OSI –

January 24, 2025
MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 September 2024
Source: GlobeNewswire (MIL-OSI)

Volta Finance Limited (VTA / VTAS)
September 2024 monthly report

NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

Guernsey, October 21^st, 2024

AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for September 2024. The full report is attached to this release and will be available on Volta’s website shortly (http://www.voltafinance.com).

Performance and Portfolio Activity

Dear investors,

Volta Finance recorded a net performance of +2.3% in September bringing the year-to-date return to +13.5%. This positive performance is built on the strong performance of its CLO equity investments through the month, Volta being almost fully invested in CLO Equity and debt tranches.

Markets found some momentum in September on the back of a rather constructive macro backdrop. In Europe, inflation headline numbers dropped to 1.8% YoY and were below the 2% target for the first time in almost three years. Core inflation also came in lower and beat estimates with 2.7% YoY, opening the door for further cut rates possibly as early as October. In the US, the Fed implemented a 50bp rate cut by mid-month while the US flash PMIs showed economic resilience at 54.4 (vs. 54.3 expected).

Credit markets were relatively stable despite some volatility intra-month, High Yield indices in Europe (Xover) were marginally wider following the index’s roll in the +315bps context while the US CDX High-Yield one settled at c. +330bps (+8bps MoM). On the Loan side, Euro Loans closed 25 cents down at c. 97.60px (Morningstar European Leveraged Loan Index), their US counterparts were trading flat at 96.70px.

Primary CLO markets remained extremely busy once again, we recorded circa USD 42bn of issuance in the US and EUR 7bn in Europe. Spreads moved sideways across the capital structure with AAAs pricing +130bps context and non-Investment Grade BB-rated tranches at +600bps in Europe (inside +550 for top tier US bonds).

Looking at fundamentals, both US and European default rates were roughly unchanged at 0.80% while the proportion of CCC-rated Loans within CLO collateral portfolios was slightly lower at 5.4% in US CLOs and slightly higher at 3.7% in Europe, while Loan repayment rates were stable at 26% in the US (-2% YoY growth rate of the Loan market) and 14% in Europe (+6% YoY growth). .

Volta Finance’s activity over the month was focused on CLO Equity. $7mm of USCLO Equity were purchased as well as tickets of c. €1.4m in a Reset and €2.0mm in Secondary. Also, 2 transactions in which Volta is invested were reset through the month generating mark-to-market gains for Volta in addition to the strong distribution generated by the closing of one European CLO warehouse.

CLO debt investments performed in excess of their carry, driven by some spread compression. Overall, the cashflow generation over the last 6 months remained strong at c.€30m equivalent of interests and coupons, representing c.23% of the month’s NAV on an annualized basis.

Volta’s underlying sub asset classes monthly performances** were as follow: +1.1% for Bank Balance Sheet transactions, +4.1% for CLO Equity tranches, +1.4% for CLO Debt tranches and 0.0% for Cash Corporate Credit & ABS^***, cash representing c.4% of NAV. The fund being c.26% exposed to USD, the depreciation of USD vs EUR had a negative impact of -0.2% on the overall performance.

As of end of September 2024, Volta’s NAV was €261.9m, i.e. €7.16 per share.

*It should be noted that approximately 0.44% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.24% as at 31 August 2024, 0.20% as at 31 July 2024.

** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
*** The cash Corporate Credit and ABS bucket is currently made of 3 legacy assets representing 0.6% of GAV.

CONTACTS

For the Investment Manager
AXA Investment Managers Paris
François Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22

Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30

Company Secretary and Administrator
BNP Paribas S.A, Guernsey Branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853

Corporate Broker
Cavendish Securities plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900

*****
ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management as of the end of December 2023.

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This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

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This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

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This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

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Attachment
- Volta – Monthly report- September 2024
The MIL Network –
January 24, 2025
MIL-OSI: The Riverside Company Signs Definitive Agreement to Sell Its PFB Insulation Products Business to Carlisle Companies

Source: GlobeNewswire (MIL-OSI)

CLEVELAND, Oct. 21, 2024 (GLOBE NEWSWIRE) — The Riverside Company, a global investment firm focused on the smaller end of the middle market, together with its portfolio company PFB Corporation (PFB), is pleased to announce the firm has signed a definitive agreement to sell PFB’s Plasti-Fab and Insulspan business units to Carlisle Companies Incorporated (NYSE: CSL). The sale price for the business is approximately USD $260 million, and the transaction is expected to close in Q4 2024.

Headquartered in Calgary, Alberta, PFB is a leading vertically integrated provider of Expanded Polystyrene (EPS)-based insulation products throughout North America. PFB’s Plasti-Fab division operates eight manufacturing facilities in Canada and three locations in the Midwestern U.S. and provides a full suite of EPS building materials and insulation products, including roofing and wall panels, insulated concrete forms and geofoam blocks for infrastructure applications. The Insulspan business unit designs and manufactures Structural Insulated Panels (SIPs) that lower construction costs and improve energy efficiency for residential and commercial buildings. The company sells its products into the reseller, distributor, contractor, builder and infrastructure channels. Following the sale, PFB will retain and continue to operate its PFB Custom Homes Group subsidiary.

Since taking PFB private in December 2021, Riverside worked closely with the PFB leadership team to expand distribution and invest in automation and increased manufacturing capacity. With these initiatives, PFB’s earnings more than doubled during Riverside’s investment period, and the enterprise value of the business tripled.

Robert Graham, PFB CEO, said, “We greatly appreciate Riverside’s support and partnership as we’ve executed our strategic growth plan over the past three years. We’re also incredibly proud of the hard work and commitment to excellence demonstrated by the entire PFB team in reaching this milestone. Our insulation products business fits very well strategically with Carlisle, and we are thrilled to join the Carlisle Companies to contribute to their continued growth.”

Sean Ozbolt, Riverside Managing Partner, added, “It has been extremely rewarding to partner with Rob and the PFB team. On behalf of our investors, we’re grateful for the vision and strong execution by PFB’s leadership.” PFB was the first Riverside company to partner with Ownership Works, a non-profit organization committed to facilitating broad-based employee ownership across private equity portfolio companies.

Houlihan Lokey acted as financial advisor to PFB and Paul Hastings and Blakes acted as legal counsel in connection with the transaction.

The Riverside Company
The Riverside Company is a global private equity firm focused on investing in growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has made more than 1,000 investments. The firm’s international private equity and structured capital portfolios include more than 140 companies. For more information, visit http://www.riversidecompany.com

Contact:
Holly Mueller
Marketing Consultant
The Riverside Company
216 535 2236
hmueller@riversidecompany.com

The MIL Network –

January 24, 2025
MIL-OSI: Bitget Announces the Listing of Scroll (SCR) in the Innovation, Zk and Layer2 Zone

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Oct. 21, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, announced the listing of Scroll (SCR) in its Innovation, Zk and Layer2 Zone. This listing will now make SCR tokens available on spot. Deposits are currently open, and trading will be available starting on October 22, 2024, at 08:00 (UTC), following the conclusion of pre-market trading that began in September. The available trading pairs include SCR/USDT and SCR/EUR.

Scroll is a security-focused scaling solution for Ethereum, using innovations in scaling design and zero knowledge proofs to build a new layer on Ethereum. Scroll presents a solution for developers seeking to leverage the security and decentralization of Ethereum without the limitations of its base layer. With its focus on scalability, affordability, and developer experience, Scroll contributes to the growth and evolution of blockchain technology.

The SCR token plays a crucial role in Scroll’s ecosystem, marking a key milestone toward the platform’s decentralization. With a total supply of 1 billion tokens, SCR supports governance, proof generation, and sequencing within the Scroll ecosystem.

Bitget previously listed the SCR token in its Pre-market on September 20, enabling users to make early investments before the coin is listed on major exchanges. Currently, SCR is trading at 1.42 USDT in the Bitget Pre-market, with total trading volume approaching 2 million USDT. The SCR Pre-market will close prior to the launch of spot trading on Bitget, with deliveries occurring a few hours afterwards.

To celebrate the Scroll’s listing, Bitget is launching a special 7-day promotion. During this limited-time offer, users can purchase SCR using credit or debit cards with 0% fees. This promotion covers over 140 currencies, including EUR, GBP, AUD, TWD, UZS, UAH, TRY, THB, BRL, PLN, IDR, PHP, CAD, and more.

This listing is part of Bitget’s broader strategy to expand beyond derivatives and include a diverse range of coins, granting exceptional access to different digital assets within the industry. The platform’s Innovation Zones have been pivotal in offering users early access to emerging tokens, enhancing their exposure in the cryptospace. The inclusion of SCR in Bitget’s innovation zone makes it easier for users to dive into the initial launch phases of the token including more upcoming crypto projects.

In 2024, Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With a focus on providing users with opportunities to invest in a variety of projects, the platform is now one of the top 10 crypto spot trading platforms with over 800 coins and over 900 pairs, including tokens from ecosystems such as TON, Ethereum, Solana, Base and more.

For more information on SCR tokens, please visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading, AI bot and other trading solutions. Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including being the Official Crypto Partner of the World’s Top Professional Football League, LALIGA, in EASTERN, SEA and LATAM, as well as a global partner of Olympic Athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team).

For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice. For more information, see our Terms of Use.

Contact

PR team

media@bitget.com

The MIL Network –

January 24, 2025
MIL-OSI: First American Bank Invests in the Miami Community with New Branch Location

Source: GlobeNewswire (MIL-OSI)

Conveniently Located Near Key Landmarks, New Branch Enhances Services for Hialeah Customers

MIAMI, Oct. 21, 2024 (GLOBE NEWSWIRE) — First American Bank is moving their Hialeah branch from 611 W 49th Street Hialeah, FL to a newly designed location at 1437 W 49th Street. “The new branch provides space to accommodate our growing team and better support our customers with the personal attention and comprehensive financial services they deserve,” said Guillermo Diaz-Rousselot, First American Bank’s Miami market President.

After 40-plus years in Hialeah, the Bank purchased this new location—just a few blocks away—cementing their presence in the Miami community. The branch will open on Monday, October 21, 2024, with Ismael Manuel Gil as Vice President and Market Manager.

“The great part about this move,” shared Gil, “is that we will be more centrally located, and closer to the Westland Mall, Miami Dade College, and the Palmetto expressway, making it more convenient for current customers and further increasing our appeal to new ones.”

As a leading financial institution with more than $7 billion in assets, First American Bank is committed to helping customers move confidently forward by providing personalized assistance and supporting community development. “This new location allows us to enhance our clients’ banking experience, including providing tailored solutions, business referrals, and account-opening services for foreign nationals,” Gil added.

The network of Florida branches is led by Rodolfo Lleonart, Executive Vice President, and supported by various teams of specialists, including Brian Hagan, Florida Market President for Commercial Lending; John Olsen, Executive Vice President for Commercial Real Estate; Karina Valido, Vice President and Private Client Advisor for Wealth Management; and Joel De Jesus, SBA Assistant Program Manager for SBA loans.

“We are proud to continue providing banking services and solutions to the Hialeah community that we so appreciate,” said Lleonart. “We look forward to seeing our valued customers and guests visit our new branch location.”

Contact Hialeah Market Manager Ismael Manuel Gil at (786) 457-3937 or igil@firstambank.com.

About First American Bank

First American Bank is a full-service bank with $7 billion in assets and 60 branches and offices serving Miami, Tampa, Chicago, and Milwaukee. They are committed to creating solutions, providing exceptional customer service, and providing unmatched expertise in commercial banking, wealth advisory, and personal finance solutions.

First American Bank is a Member FDIC.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d32320bf-26ed-4df7-8535-92ab3686c3c5

The MIL Network –

January 24, 2025
MIL-OSI Security: Security News: Justice Department Issues Comprehensive Proposed Rule Addressing National Security Risks Posed to U.S. Sensitive Data

Source: United States Department of Justice 2

Note: Read the Department’s fact sheet on this matter here.

The Justice Department today issued a Notice of Proposed Rulemaking (NPRM) to implement President Biden’s Executive Order 14117 (the E.O.) of Feb. 28, “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern.” The E.O. addresses the national security threat posed by the continued effort of certain countries of concern to access and exploit certain kinds of Americans’ sensitive personal data. The President charged the Justice Department with the responsibility of establishing and implementing this new national security regulatory program to address these risks. On March 5, the Department’s Advance Notice of Proposed Rulemaking (ANPRM) was published in the Federal Register. Informed by extensive stakeholder outreach and careful consideration of comments the NPRM addresses public comments received on the ANPRM and proposes a rule to establish this new program and implement the E.O.

This comprehensive proposed rule would implement the E.O. by establishing categorical rules for certain data transactions that pose an unacceptable risk of giving countries of concern or covered persons access to government-related data or bulk U.S. sensitive personal data. Among other things, the proposed rule identifies classes of prohibited and restricted transactions, identifies countries of concern and classes of covered persons to whom the proposed rule applies, identifies classes of exempt transactions, explains the Department’s methodology for establishing bulk thresholds, provides the Department’s initial assessment of economic and other regulatory impacts, establishes processes to issue licenses authorizing certain prohibited or restricted transactions, issue advisory opinions, and designate covered persons, and addresses recordkeeping, reporting, and other due-diligence obligations for covered transactions.

The Justice Department’s National Security Division requests public comment on the proposed rule within 30 days of its publication in the Federal Register. The Department seeks comments on the proposed rule from industry, trade association groups, civil society, subject-matter experts, organizations and entities potentially affected by the proposed rule, and others with interest in the rule or expertise on data security and cybersecurity. The public may submit written comments on the NPRM at http://www.regulations.gov.

The proposed rule is tailored to address the specific national security risks stemming from access by countries of concern and covered persons to Americans’ bulk sensitive personal data and certain sensitive U.S. government-related data. These measures complement the United States’ commitment to promoting an open, global, interoperable, reliable, and secure internet; protecting human rights online and offline; supporting a vibrant, global economy by promoting cross-border data flows that are required to enable international commerce and trade; and facilitating open investment.

As previewed in the ANPRM, the proposed rule does not authorize the imposition of generalized data localization requirements to store Americans’ bulk sensitive personal data or U.S. Government-related data or to locate computing facilities used to process such data in the United States. As also previewed in the ANPRM, the proposed rule also does not broadly prohibit U.S. persons from engaging in commercial transactions, including exchanging financial and other data as part of the sale of commercial goods and services with countries of concern or covered persons, or impose measures aimed at a broader decoupling of the substantial consumer, economic, scientific, and trade relationships that the United States has with other countries. To reflect this, the NPRM proposes a new exemption for telecommunications services, provides further clarity on exemptions regarding financial services and intra-corporate-group transfers that were previewed in the ANPRM, and seeks public comment on a new proposed exemption for clinical-trial data.

The proposed rule’s prohibitions and restrictions are consistent with other access restrictions on sensitive personal data that have been imposed in other contexts, including for transactions reviewed by the Committee on Foreign Investment in the United States (CFIUS) and the Committee for the Assessment of Foreign Participation in the U.S. Telecommunications Services Sector (Team Telecom). As the ANPRM previewed, the proposed rule exempts several classes of data transactions from the scope of its prohibitions and restrictions, including certain personal communications, financial services, corporate group transactions, transactions authorized by Federal law and international agreements, investment agreements subject to a CFIUS action, telecommunication services, biological product and medical device authorizations, clinical investigations, and others.

As explained in the NPRM, countries of concern can use their access to these types of data to engage in malicious cyber-enabled activities and malign foreign influence activities, bolster their military capabilities, and track and build profiles on U.S. individuals (including members of the military and other Federal employees and contractors) for illicit purposes such as blackmail and espionage. Countries of concern can also exploit this data to collect information on activists, academics, journalists, dissidents, political opponents, or members of nongovernmental organizations or marginalized communities to intimidate them, curb political opposition, limit freedoms of expression, peaceful assembly, or association, or enable other forms of suppression of civil liberties.

The proposed rule would require vendor agreements, employment agreements, and investment agreements that qualify as restricted transactions to comply with the separately proposed security requirements that have been developed by the Department of Homeland Security’s Cybersecurity and Infrastructure Agency (CISA) in coordination with the Justice Department. These proposed security requirements require U.S. persons engaging in a restricted transaction to comply with organizational and system-level requirements, such as ensuring that basic organizational cybersecurity policies, practices, and controls are in place, and data-level requirements, such as data minimization and masking, encryption, and privacy-enhancing techniques. CISA is concurrently making these proposed security requirements available for public comment at http://www.regulations.gov.

MIL Security OSI –

January 24, 2025
MIL-OSI USA: Pierce County business owner must pay $360K for scamming local gas station owners
Source: Washington State News

Kevin Wilkerson and his companies illegally charged tens of thousands of dollars for shoddy work that increased the risk of underground fuel leaks

TACOMA — On Friday, a Pierce County judge ordered a local business owner to pay more than $360,000 in penalties and restitution for unlawfully charging gas station owners for unfinished, unnecessary, or shoddy work on underground fuel storage tanks. The order is the result of a consumer protection lawsuit filed by Attorney General Bob Ferguson’s Wing Luke Civil Rights Division.

The judgment includes full restitution, plus interest, for nine gas station owners — all but one of whom identify as Korean or South Asian — who were scammed by Kevin Wilkerson and his companies, Northwest Environmental Services and Core Environmental Group. Wilkerson collected payment from the small businesses for work he did not perform or performed so poorly the businesses had to pay thousands more to other companies for the same services. In many cases, Wilkerson stopped responding to the owners of the gas stations when they attempted to contact him and refused to refund what they paid.

“My office stands up for Washington small businesses that follow the rules and contribute to our economy,” Ferguson said. “Wilkerson and his companies not only took advantage of Washingtonians trying to follow the rules, he put their livelihoods at risk. We are committed to protecting hardworking small businesses from bad actors who prey on them.”

An Olympia gas station owner, who immigrated to the U.S. 40 years ago, told the Attorney General’s Office: “(Wilkerson) took my money and then didn’t respond to me and made excuses. I trusted him. He was supposed to be an expert in the field. He was supposed to know what he’s doing. If he had said something needed to be done, I listened and asked him to do it because I relied on his word. Instead, (Wilkerson) and NES did work they were not qualified to do and cost me thousands of dollars in the process.”

Wilkerson’s unlawful conduct affected small businesses in Pierce, King, Snohomish, Thurston, Grays Harbor and Lewis counties.

Wilkerson’s unlawful conduct violated the state Consumer Protection Act. On Friday, Pierce County Superior Court Judge Clarence Henderson, Jr., found that Wilkerson violated the law and ordered Wilkerson to pay a total of $360,741, which includes $195,000 in enhanced civil penalties for harming individuals in Washington based on their national origin. Wilkerson must pay nine gas station owners a total of $165,741, amounting to full restitution plus interest.

Moreover, Wilkerson and his companies must cease all unlawful conduct or face further penalties from the court.

Wilkerson’s companies advertise maintenance services for underground storage tanks, which are used by gas stations across Washington to store fuel. There are approximately 8,700 underground storage tanks located at more than 3,400 sites statewide. Gas stations, which are primarily independently owned and operated, are responsible for periodic testing, maintenance and servicing for underground storage tanks. Service providers for this maintenance work must be certified, follow state regulations, and report the services they perform to the state Department of Ecology, which enforces regulations for underground storage tanks. Despite advertising a “skilled and certified in-house team” that “performs to the highest of standards,” Wilkerson and his companies have been taking advantage of small business owners since at least 2015, including:
- Accepting payment for services that were not completed or only partially completed;
- Completing services that violated regulations and exposed customers to liability for environmental damages;
- Misrepresenting certifications to customers;
- Persuading gas station owners to purchase and install unnecessary equipment and make unnecessary, expensive repairs; and
- Telling gas station owners they had submitted required documentation to Ecology when they had not.
In one instance, an Indian gas station owner in Toledo paid Wilkerson a $50,000 deposit to install new underground fuel storage tanks at his gas station. Six months later, the business owner learned that Wilkerson had not applied for the permits and, as a result, the work could not begin on time. The gas station owner had already purchased two new underground tanks, each capable of holding 25,000 gallons of fuel. With nowhere to install them, the owner had to pay an additional $7,000 to store them above ground behind the gas station. The gas station owner has hired a different contractor to complete the work, which will not be done until summer 2025. As a result, the business will lose a significant portion of monthly sales until then. The court ordered Wilkerson to repay the business owner $94,119 for this and other shoddy work, an amount that includes 12 percent interest.

In another instance, a Korean gas station owner in Olympia paid Wilkerson nearly $9,000 for upgrades to the gas station’s cathodic protection system, which protects underground storage tanks from corrosion to prevent underground fuel leaks. Wilkerson performed the work without proper certification and never returned to do required testing to ensure the system was working properly. When the gas station owner paid another service provider to come out to do the required testing, the system failed. The owner discovered Wilkerson had used incorrect parts and had to pay to have all the work redone. Wilkerson stopped responding to the gas station owner and never refunded the money he was paid for the shoddy work. The court ordered Wilkerson to repay the business owner $13,163, which includes 12 percent interest.

While the restitution provided by the court on Friday is limited to the nine impacted business owners who submitted declarations to the court, the Attorney General’s Office believes more businesses may have been harmed by Wilkerson’s conduct. Business owners who wish to report harm from Wilkerson or his companies should contact the Attorney General’s Office at civilrights@atg.wa.gov or toll-free by calling 1-833-660-4877 and selecting option 1.

Assistant Attorneys General Emily C. Nelson and Alyssa P. Au, Investigator Rebecca Pawul, and Paralegal Logan Young handled the case for Washington.

Ecology asks Attorney General to investigate Wilkerson’s repeat violations

The Attorney General’s Office filed the lawsuit against Wilkerson in March after the state Department of Ecology requested the office’s intervention. For years, Wilkerson repeatedly violated state regulations and disregarded penalties from Ecology.

Ecology received repeated complaints over many years from gas station owners and operators regarding Wilkerson. He faced multiple complaints for shoddy work that increased the risk of environmental damages, such as underground fuel leaks.

Despite the penalties, Wilkerson remains undeterred. Ecology continues to receive new complaints about similar conduct by Wilkerson.

To report a complaint to Ecology’s underground storage tank program, email tanks@ecy.wa.gov or call the UST Hotline at 800-826-7716.

Anyone who believes they are the victim of unfair or deceptive business practices should file a complaint with the Attorney General’s Office: https://www.atg.wa.gov/file-complaint

Read the Korean translation of this press release here.

Read the Punjabi translation of this press release here.

-30-

Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties. Visit http://www.atg.wa.gov to learn more.

Media Contact:

Brionna Aho, Communications Director, (360) 753-2727; Brionna.aho@atg.wa.gov

General contacts: Click here

MIL OSI USA News –
January 24, 2025
MIL-OSI USA: Justice Department Issues Comprehensive Proposed Rule Addressing National Security Risks Posed to U.S. Sensitive Data

Source: US State of North Dakota

Proposed Rule Would Establish New Program to Implement Executive Order to Prevent Access to Americans’ Sensitive Personal Data by Russia, Iran, China, and Other Countries of Concern

Note: Read the Department’s fact sheet on this matter here.

The Justice Department today issued a Notice of Proposed Rulemaking (NPRM) to implement President Biden’s Executive Order 14117 (the E.O.) of Feb. 28, “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern.” The E.O. addresses the national security threat posed by the continued effort of certain countries of concern to access and exploit certain kinds of Americans’ sensitive personal data. The President charged the Justice Department with the responsibility of establishing and implementing this new national security regulatory program to address these risks. On March 5, the Department’s Advance Notice of Proposed Rulemaking (ANPRM) was published in the Federal Register. Informed by extensive stakeholder outreach and careful consideration of comments the NPRM addresses public comments received on the ANPRM and proposes a rule to establish this new program and implement the E.O.

This comprehensive proposed rule would implement the E.O. by establishing categorical rules for certain data transactions that pose an unacceptable risk of giving countries of concern or covered persons access to government-related data or bulk U.S. sensitive personal data. Among other things, the proposed rule identifies classes of prohibited and restricted transactions, identifies countries of concern and classes of covered persons to whom the proposed rule applies, identifies classes of exempt transactions, explains the Department’s methodology for establishing bulk thresholds, provides the Department’s initial assessment of economic and other regulatory impacts, establishes processes to issue licenses authorizing certain prohibited or restricted transactions, issue advisory opinions, and designate covered persons, and addresses recordkeeping, reporting, and other due-diligence obligations for covered transactions.

The Justice Department’s National Security Division requests public comment on the proposed rule within 30 days of its publication in the Federal Register. The Department seeks comments on the proposed rule from industry, trade association groups, civil society, subject-matter experts, organizations and entities potentially affected by the proposed rule, and others with interest in the rule or expertise on data security and cybersecurity. The public may submit written comments on the NPRM at http://www.regulations.gov.

The proposed rule is tailored to address the specific national security risks stemming from access by countries of concern and covered persons to Americans’ bulk sensitive personal data and certain sensitive U.S. government-related data. These measures complement the United States’ commitment to promoting an open, global, interoperable, reliable, and secure internet; protecting human rights online and offline; supporting a vibrant, global economy by promoting cross-border data flows that are required to enable international commerce and trade; and facilitating open investment.

As previewed in the ANPRM, the proposed rule does not authorize the imposition of generalized data localization requirements to store Americans’ bulk sensitive personal data or U.S. Government-related data or to locate computing facilities used to process such data in the United States. As also previewed in the ANPRM, the proposed rule also does not broadly prohibit U.S. persons from engaging in commercial transactions, including exchanging financial and other data as part of the sale of commercial goods and services with countries of concern or covered persons, or impose measures aimed at a broader decoupling of the substantial consumer, economic, scientific, and trade relationships that the United States has with other countries. To reflect this, the NPRM proposes a new exemption for telecommunications services, provides further clarity on exemptions regarding financial services and intra-corporate-group transfers that were previewed in the ANPRM, and seeks public comment on a new proposed exemption for clinical-trial data.

The proposed rule’s prohibitions and restrictions are consistent with other access restrictions on sensitive personal data that have been imposed in other contexts, including for transactions reviewed by the Committee on Foreign Investment in the United States (CFIUS) and the Committee for the Assessment of Foreign Participation in the U.S. Telecommunications Services Sector (Team Telecom). As the ANPRM previewed, the proposed rule exempts several classes of data transactions from the scope of its prohibitions and restrictions, including certain personal communications, financial services, corporate group transactions, transactions authorized by Federal law and international agreements, investment agreements subject to a CFIUS action, telecommunication services, biological product and medical device authorizations, clinical investigations, and others.

As explained in the NPRM, countries of concern can use their access to these types of data to engage in malicious cyber-enabled activities and malign foreign influence activities, bolster their military capabilities, and track and build profiles on U.S. individuals (including members of the military and other Federal employees and contractors) for illicit purposes such as blackmail and espionage. Countries of concern can also exploit this data to collect information on activists, academics, journalists, dissidents, political opponents, or members of nongovernmental organizations or marginalized communities to intimidate them, curb political opposition, limit freedoms of expression, peaceful assembly, or association, or enable other forms of suppression of civil liberties.

The proposed rule would require vendor agreements, employment agreements, and investment agreements that qualify as restricted transactions to comply with the separately proposed security requirements that have been developed by the Department of Homeland Security’s Cybersecurity and Infrastructure Agency (CISA) in coordination with the Justice Department. These proposed security requirements require U.S. persons engaging in a restricted transaction to comply with organizational and system-level requirements, such as ensuring that basic organizational cybersecurity policies, practices, and controls are in place, and data-level requirements, such as data minimization and masking, encryption, and privacy-enhancing techniques. CISA is concurrently making these proposed security requirements available for public comment at http://www.regulations.gov.

MIL OSI USA News –

January 24, 2025
MIL-OSI: Bybit Card Expands Cashback Options to Include BTC and ETH
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Oct. 21, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is thrilled to announce the expanded cashback program for its signature Bybit Card. In addition to the current option to receive cashback in USDT, Bybit Card users may opt to receive BTC or ETH cashback for the first time, enabling holders to increase BTC or ETH holdings and potentially capture market upside when prices go up.

The limited-time offer is an innovative Bybit Card feature to introduce more rewards options into the mix, rotating different tokens with each campaign. From now until the rewards pool is fully unlocked, users who are bullish on BTC or ETH can potentially boost their holdings through everyday spendings with their Bybit Card.

Receiving cashback in these two dominant cryptocurrencies takes just three steps:
1. Signing up for the Bybit Card (if available in the user’s region)
2. Loging in and selecting BTC or ETH as the preferred cashback option via the Cash Rewards page
3. Spending with the Bybit Card for daily purchases and reveiving up to 10% cashback
Tailored to the diverse needs of the crypto community, the Bybit Card is positioned to provide flexibility with both crypto cashback or stablecoin (USDT) cashback. This allows users to align their rewards strategy with their financial goals:
- BTC or ETH cashback goes to the user’s crypto portfolios with every swipe, capturing potential market gains for crypto optimists and fans of the classic pair.
- USDT cashback offers more predictable rewards, providing a potential option for users who prioritize stability over market exposure
“Bybit’s vision for an integrated financial future centers on delivering convenience, meeting real-world consumer needs, and providing seamless access to crypto assets,” said Joan Han, Sales and Marketing Director at Bybit. “With our expanded cashback options, users can now grow their BTC and ETH holdings through everyday spending. We believe the new feature is a value-add for our users, transforming the Bybit Card from a simple payment tool into a gateway for users to participate in the market’s potential upside.”

The Bybit Card empowers users to offramp their crypto in daily spendings. Featuring instant access to over 90 million Mastercard merchants worldwide and Bybit’s support for a wide array of tokens, the card also offers a generous tiered cashback program, with rewards ranging from 2% to 10%.

The feature is available for eligible Bybit Card users in applicable regions only. Terms and conditions apply: Bybit Card – BTC/ETH Crypto CashBack

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press.

For media inquiries, please contact: media@bybit.com

For more information, please visit: https://www.bybit.com

For updates, please follow: Bybit’s Communities and Social Media

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Contact

Head of PR
Tony Au
tony.au@bybit.com

The MIL Network –
January 24, 2025
MIL-OSI Banking: Promoting financial inclusion through technological innovation in the Americas

Source: Bank for International Settlements

Technology is rapidly changing how the financial system interacts with end users. Internet and smartphone coverage are rising, while physical access points to the financial system (eg bank branches) have declined. In this new environment, a plethora of new options in payments, credit, insurance and wealth management is supporting financial inclusion. Emerging market and developing economies are closing gaps with advanced economies in this regard.

Increasing financial inclusion requires actions by the public and private sector, with central banks being a key player. Some are participating directly in their national financial inclusion strategies. Others are improving their retail payment systems and introducing immediate availability of fund transfers on a 24×7 basis. Experiences in the Americas, eg with Brazil’s Pix, show the dramatic potential of fast payment systems to support inclusion.

Going forward, one of the most challenging areas is cross-border payments. Yet the potential for greater integration in the Americas is great. The BIS remains committed to supporting dialogue among central banks and encouraging disruptive innovations in financial and payment systems through its committees, its research and the BIS Innovation Hub. As we look to the future, integration of fast payment systems across the Americas, similar to in the BIS Innovation Hub Project Nexus, could hold significant potential.

MIL OSI Global Banks –

January 24, 2025
MIL-OSI Economics: Promoting financial inclusion through technological innovation in the Americas

Source: Bank for International Settlements

Technology is rapidly changing how the financial system interacts with end users. Internet and smartphone coverage are rising, while physical access points to the financial system (eg bank branches) have declined. In this new environment, a plethora of new options in payments, credit, insurance and wealth management is supporting financial inclusion. Emerging market and developing economies are closing gaps with advanced economies in this regard.

Increasing financial inclusion requires actions by the public and private sector, with central banks being a key player. Some are participating directly in their national financial inclusion strategies. Others are improving their retail payment systems and introducing immediate availability of fund transfers on a 24×7 basis. Experiences in the Americas, eg with Brazil’s Pix, show the dramatic potential of fast payment systems to support inclusion.

Going forward, one of the most challenging areas is cross-border payments. Yet the potential for greater integration in the Americas is great. The BIS remains committed to supporting dialogue among central banks and encouraging disruptive innovations in financial and payment systems through its committees, its research and the BIS Innovation Hub. As we look to the future, integration of fast payment systems across the Americas, similar to in the BIS Innovation Hub Project Nexus, could hold significant potential.

MIL OSI Economics –

January 24, 2025
MIL-OSI USA: Cortez Masto Visits Nevada Businesses and Communities in Esmeralda and Mineral Counties, Highlights Efforts to Support Local Tourism and Clean Energy Industries

US Senate News:

Source: United States Senator for Nevada Cortez Masto
Reno, Nev. – U.S. Senator Catherine Cortez Masto (D-Nev.) met with local businesses and communities in Esmeralda and Mineral Counties discuss her work to create more good-paying jobs and support the tourism and clean energy industries in rural Nevada. Cortez Masto has now visited all seventeen Nevada counties this year.
“It was great to visit Goldfield and Luning to see firsthand how our tourism and clean energy industries are helping drive economic growth,” said Senator Cortez Masto. “Preserving Nevada’s cultural sites and addressing our climate challenges head-on are key to supporting our rural communities, and I will continue to make it a priority to visit all our counties in Nevada every year to make sure I’m delivering for every part of our state.”
In Goldfield, Senator Cortez Masto visited the Goldfield Historic High School, a site that dates back to the early 1900s and remains an economic driver for the town. Cortez Masto and local small business owners discussed improvements and restoration efforts to preserve this critical piece of the Silver State’s cultural heritage. A champion of the Nevada’s economy, Cortez Masto is pushing legislation to support key tourism and outdoor industries in every corner of Nevada through economic development.
In Luning, Senator Cortez Masto met with Ormat Technologies and toured a geothermal energy facility to highlight their work creating more good-paying clean energy jobs and bringing 21st century solutions to our climate challenges. Nevada is the second largest producer of geothermal energy in the nation and has one of the largest amounts of untapped geothermal resources in the country. Senator Cortez Masto has worked hard in the Senate to support our renewable energy economy. Her Geothermal Energy Opportunities Act was signed into law to make it easier to develop geothermal resources on some public lands, and she recently introduced bipartisan legislation to accelerate geothermal investments in Nevada.
Senator Cortez Masto is a champion for Nevada’s rural communities, working across the aisle to deliver for families. In the Bipartisan Infrastructure Law, she secured funding for rural schools and over $460 million for broadband. She also made sure the law included her legislation to help rural counties with internet access at local schools and streamline federal broadband funding to improve internet access for rural areas.

MIL OSI USA News –

January 24, 2025
MIL-OSI USA: Congressman Dan Goldman Convenes Small Business Workshop with Pace Small Business Development Program

Source: United States House of Representatives – Congressman Dan Goldman (NY-10)

Goldman Joined by Andrew Flamm, Director of the Pace University Small Business Development Center

Goldman, Flamm Highlighted Resources Provides to Help Boost Small Business Owners Boost Their Businesses

Photos from the Event Can Be Found Here

Brooklyn, NY – Congressman Dan Goldman (NY-10) yesterday convened a townhall workshop with Councilmember Alexa Avilés, Pace University Small Business Development Center (SBDC) Director Andrew Flamm, and partnering organizations to inform small business owners of the resources available to support them in New York City. The small business workshop connected the primarily minority-owned small businesses in Sunset Park to resources available to help boost their businesses.

The small business workshop follows Congressman Goldman’s discussions in April with small business owners, where they relayed the difficulty they experience while trying to scale and market their business in New York City.

“With 200,000 small businesses in New York City alone, ensuring small business owners have the resources they need to grow and expand is paramount for the health of our economy and our communities,” Congressman Dan Goldman said. “I was thrilled to join Pace University’s Small Business Development Center in Sunset Park today to discuss the invaluable resources they offer to small business owners. From financial modeling to access to financial markets and business strategy discussions, Pace’s Small Business Development Center is a crucial resource for our city. Small businesses are the foundation of Sunset Park and I will continue to provide as many tools as possibly to small business owners to expand their businesses and achieve the American dream.”

Following a presentation from Pace University Small Business Development Center (SBDC) Director Andrew Flamm on resources provided by the Pace SBDC, Flamm and other local organizations held a resource fair to provide additional information and targeted resources to business owners.

Also in attendance were the Sunset Park Business Improvement District, the Southwest Brooklyn Industrial Development Corporation, the Brooklyn Chamber of Commerce, and the Sunset Park Lions Club.

Congressman Dan Goldman is committed to supporting small businesses across NY-10.

Earlier this year, Goldman toured small businesses in New York City’s East Village to discuss the issues that they face and presented New York’s Small Businessperson of the Year, Chef Aneesa Waheed, with a Congressional Proclamation in recognition of her selection as the 2024 New York Small Businessperson of the Year by the United States Small Business Administration.

In May, Goldman cosponsored the bipartisan ‘Employee Equity Investment Act’ (EEIA), which would incentivize employee business ownership by reducing the cost barriers that small business owners currently face when transferring ownership to their employees and empower owners to preserve family legacies and community jobs.

Additionally, the Congressman cosponsored the ‘Child Care Small Business Insight and Improvement Act’ to increase U.S. Small Business Administration support for childcare small businesses. This bill would expand the U.S. Small Business Administration’s role in supporting for-profit childcare small businesses across the country.

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MIL OSI USA News –

January 24, 2025
MIL-OSI Security: Justice Department Issues Comprehensive Proposed Rule Addressing National Security Risks Posed to U.S. Sensitive Data

Source: United States Department of Justice Criminal Division

Note: Read the Department’s fact sheet on this matter here.

The Justice Department today issued a Notice of Proposed Rulemaking (NPRM) to implement President Biden’s Executive Order 14117 (the E.O.) of Feb. 28, “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern.” The E.O. addresses the national security threat posed by the continued effort of certain countries of concern to access and exploit certain kinds of Americans’ sensitive personal data. The President charged the Justice Department with the responsibility of establishing and implementing this new national security regulatory program to address these risks. On March 5, the Department’s Advance Notice of Proposed Rulemaking (ANPRM) was published in the Federal Register. Informed by extensive stakeholder outreach and careful consideration of comments the NPRM addresses public comments received on the ANPRM and proposes a rule to establish this new program and implement the E.O.

This comprehensive proposed rule would implement the E.O. by establishing categorical rules for certain data transactions that pose an unacceptable risk of giving countries of concern or covered persons access to government-related data or bulk U.S. sensitive personal data. Among other things, the proposed rule identifies classes of prohibited and restricted transactions, identifies countries of concern and classes of covered persons to whom the proposed rule applies, identifies classes of exempt transactions, explains the Department’s methodology for establishing bulk thresholds, provides the Department’s initial assessment of economic and other regulatory impacts, establishes processes to issue licenses authorizing certain prohibited or restricted transactions, issue advisory opinions, and designate covered persons, and addresses recordkeeping, reporting, and other due-diligence obligations for covered transactions.

The Justice Department’s National Security Division requests public comment on the proposed rule within 30 days of its publication in the Federal Register. The Department seeks comments on the proposed rule from industry, trade association groups, civil society, subject-matter experts, organizations and entities potentially affected by the proposed rule, and others with interest in the rule or expertise on data security and cybersecurity. The public may submit written comments on the NPRM at http://www.regulations.gov.

The proposed rule is tailored to address the specific national security risks stemming from access by countries of concern and covered persons to Americans’ bulk sensitive personal data and certain sensitive U.S. government-related data. These measures complement the United States’ commitment to promoting an open, global, interoperable, reliable, and secure internet; protecting human rights online and offline; supporting a vibrant, global economy by promoting cross-border data flows that are required to enable international commerce and trade; and facilitating open investment.

As previewed in the ANPRM, the proposed rule does not authorize the imposition of generalized data localization requirements to store Americans’ bulk sensitive personal data or U.S. Government-related data or to locate computing facilities used to process such data in the United States. As also previewed in the ANPRM, the proposed rule also does not broadly prohibit U.S. persons from engaging in commercial transactions, including exchanging financial and other data as part of the sale of commercial goods and services with countries of concern or covered persons, or impose measures aimed at a broader decoupling of the substantial consumer, economic, scientific, and trade relationships that the United States has with other countries. To reflect this, the NPRM proposes a new exemption for telecommunications services, provides further clarity on exemptions regarding financial services and intra-corporate-group transfers that were previewed in the ANPRM, and seeks public comment on a new proposed exemption for clinical-trial data.

The proposed rule’s prohibitions and restrictions are consistent with other access restrictions on sensitive personal data that have been imposed in other contexts, including for transactions reviewed by the Committee on Foreign Investment in the United States (CFIUS) and the Committee for the Assessment of Foreign Participation in the U.S. Telecommunications Services Sector (Team Telecom). As the ANPRM previewed, the proposed rule exempts several classes of data transactions from the scope of its prohibitions and restrictions, including certain personal communications, financial services, corporate group transactions, transactions authorized by Federal law and international agreements, investment agreements subject to a CFIUS action, telecommunication services, biological product and medical device authorizations, clinical investigations, and others.

As explained in the NPRM, countries of concern can use their access to these types of data to engage in malicious cyber-enabled activities and malign foreign influence activities, bolster their military capabilities, and track and build profiles on U.S. individuals (including members of the military and other Federal employees and contractors) for illicit purposes such as blackmail and espionage. Countries of concern can also exploit this data to collect information on activists, academics, journalists, dissidents, political opponents, or members of nongovernmental organizations or marginalized communities to intimidate them, curb political opposition, limit freedoms of expression, peaceful assembly, or association, or enable other forms of suppression of civil liberties.

The proposed rule would require vendor agreements, employment agreements, and investment agreements that qualify as restricted transactions to comply with the separately proposed security requirements that have been developed by the Department of Homeland Security’s Cybersecurity and Infrastructure Agency (CISA) in coordination with the Justice Department. These proposed security requirements require U.S. persons engaging in a restricted transaction to comply with organizational and system-level requirements, such as ensuring that basic organizational cybersecurity policies, practices, and controls are in place, and data-level requirements, such as data minimization and masking, encryption, and privacy-enhancing techniques. CISA is concurrently making these proposed security requirements available for public comment at http://www.regulations.gov.

MIL Security OSI –

January 24, 2025
MIL-OSI United Nations: Secretary-General’s Joint Press Conference with Moussa Faki, Chairperson of the African Union Commission

Source: United Nations MIL-OSI 2

erci, Mesdames et Messieurs,

Vous allez me permettre avant de faire aussi quelques commentaires sur nos travaux aujourd’hui, que je puisse lire un petit texte que j’ai écrit moi-même, avec mon cœur. Je voudrais dire quelques mots à l’encontre de mon cher collègue et ami, Moussa Faki.

Cher Moussa, depuis le début de nos mandats respectifs en 2017, nous avons parcouru un long chemin ensemble.

Votre vision d’une Afrique intégrée, prospère et pacifique a toujours été en harmonie avec nos objectifs pour un monde plus juste, durable et digne.

Votre leadership éclairé, votre capacité à rassembler et votre engagement infatigable pour le multilatéralisme représentent une source d’inspiration pour tous.

Et votre sens du dialogue et grande expertise des enjeux globaux ont permis de faire entendre la voix de l’Afrique sur la scène internationale avec force et clarté.

Vous avez toujours été un fervent défenseur de la coopération entre l’Union africaine et les Nations Unies. Grâce à nos efforts conjoints, nous avons renforcé nos liens institutionnels, aligné nos stratégies et multiplié nos actions communes sur le terrain.

Que ce soit dans la prévention et la résolution des conflits, la lutte contre le changement climatique ou la promotion du développement durable – et dans des contextes toujours difficiles – votre contribution a été inestimable.

Cher ami, je tiens à vous exprimer ma profonde gratitude pour votre dévouement et votre humanité. Votre héritage perdurera bien au-delà de votre mandat, car vous avez posé les fondations d’un partenariat Union africaine-Nations Unies plus fort et plus efficace.

Vous incarnez l’esprit même de coopération et de solidarité internationale, et c’est avec une grande amitié que je vous adresse mes remerciements les plus chaleureux.

I am particularly happy about our session today. We have, as Chairperson Faki expressed, we have looked into our cooperation developed during these years, and how it became more than the signature of common positions, ad hoc common actions. This cooperation became an institutionalized cooperation in which all key areas of our common intervention, peace and security, sustainable development and human rights. We have common programmes, common strategies, and we work together very effectively in the perspective that unites us, and the perspective that unites us is of an African continent that is able to provide with citizens all the rights that they should enjoy. And in the context of a world able to overcome the terrible divisions that we are facing today.

And I have to say that I came from the Summit of the Future with the conscience that there are now conditions for the international community to start providing justice to the African people.

First of all, in relation to the questions of peace and security, there is now a consensus from Member States that the Security Council must be reformed, and there is now a consensus of all Member States that the key aspect of that reform is to have two African members as permanent members of the Security Council.

On the other hand, many decisions were taken in relation to the capacity to deepen our cooperation with the African Union in areas like prevention, mediation, peace building, and the capacity to act together to address the multiple conflicts that today the African continent, as the whole world, unfortunately, are dealing with.

Then for the first time, there was the recognition that we live in an economic system and a financial system that is outdated, that is ineffective, and that is unfair.

And it is especially ineffective and unfair because of the African continent.

Africa faces enormous obstacles to its development.

First of all, they are deeply rooted in the past, deeply rooted in the colonial legacy. And I can speak totally at ease, because I come from a colonial structure.

African countries gained independence with their economies and to a certain extent, their society is distorted by the interests of the colonial powers that organize their economies to the benefits of the colonists.

And then the African continent has had to face an enormous number of challenges. Just recently, COVID-19, the dramatic impacts in prices and the interest rates that were enhanced by the war in Ukraine, and the extremely difficult present situation in which many countries are drowning in debt and many countries do not have access to the resources, namely, to concessional finance in order to not only be able to reduce their debts, but to be able to provide to their citizens those essential actions that are necessary for their lives to be engaged.

And we managed finally to have, in the Summit of the Future, the affirmation that the international financial architecture must be corrected and must be corrected to give more voice and more power to Developing Countries in general, of course, African countries in particular, and to mobilize much more resources for the SDGs, to reduce, adapt and to create conditions for sustainable development and for climate action in mitigation and adaptation to the benefit of developing countries. And I hope that now it will be possible to implement those measures, because they are essential for justice in relation to the African continent.

And then we just decided to create the common working group with the Economic Commission for Africa and the African Union Commission to do serious research, to allow to contribute to the creation of an African strategy to bridge the digital divide and the Artificial Intelligence divide, and to overcome all the enormous structural difficulties and impediments that exist today, and to be able to claim the resources that will be necessary for it to be possible, and for the digital world and the Artificial Intelligence not to be another factor of inequality, but to be a factor to allow to catch up and for the African continent to move, as it has done in the past, more fast in development, to be able to provide the best conditions for their citizens.

And we are totally committed to have a strong African presence in the political dialogue that will now meet annually at United Nations on artificial intelligence, and on the international scientific panel that will follow in [developing] the state of the art of artificial intelligence.

We want the African continent – that is a young continent – and in relation to scientists that are young scientists – to be able to be in the first line and not to be left behind because of the construct of injustices that still today exists.

In these circumstances, I’m sure that cooperation between the [African Union] and the United Nations, these cooperations were led by Moussa Faki – that that cooperation will remain in the future, as strong, as dynamic and as committed to our being of those that justify our action, the people of Africa and the people of the world.

MIL OSI United Nations News –

January 24, 2025
MIL-OSI USA: Rep. Stansbury Joins Labor Caucus Backing Biden-Harris Administration Investigation

Source: United States House of Representatives – Representative Melanie Stansbury (N.M.-01)

WASHINGTON, D.C. — Congresswoman Melanie Stansbury (NM-01) signed a letter led by Congressional Labor Caucus Co-Chairs Reps. Debbie Dingell (D-MI), Donald Norcross (D-NJ), Steven Horsford (D-NV), and Mark Pocan (D-WI) and Caucus members Reps. Rosa DeLauro (D-CT), Jared Golden (D-ME), Joe Courtney (D-CT), and Val Hoyle (D-OR), supporting the Biden-Harris Administration’s efforts to protect American workers from China’s unfair practices in the shipbuilding industry.

“I am deeply concerned about the ongoing unfair trade practices employed by China in the shipbuilding industry,” said Rep. Stansbury (NM-01). “These practices not only undermine our domestic shipbuilders but also threaten our national security and economic stability. Which is why I signed a letter with 70 of my colleagues urging the Biden Administration to swiftly conclude its investigation into these practices and to implement remedies that are commensurate to the harms caused by China.

“The shipbuilding sector is vital to our economy, providing thousands of good-paying, union jobs and supporting critical infrastructure. We must level the playing field for those competing against state-subsidized Chinese companies that do not adhere to fair trade policies and principles.

“The time for action is now. We must ensure that our trade policies reflect fairness and equity, protecting American jobs while promoting a robust industry.”

“China’s industry is insulated from market forces, utilizes state-owned enterprises to provide cheap inputs and cut yard production costs, and strengthens the People’s Liberation Army’s Navy with expansive shipbuilding, repair, and maintenance capacities. Meanwhile, U.S. shipyards have been shuttered or forced to compete for a handful of remaining contracts. While the U.S. produces fewer than 10 ocean-going vessels annually, Chinese yards churned out over a thousand,” the members wrote to President Biden.

“To meet the immense challenge of rebuilding U.S. maritime capabilities, we need a robust, highly-trained workforce. Tens of thousands of jobs have been lost as shipyards have closed and experienced workers have been forced out of the industrial base,” the co-chairs added. “We strongly urge you to swiftly conclude this investigation and to implement resolute measures to remedy decades of unfair and discriminatory policies by the CCP that have harmed our members and the economic and national security of the United States. The remedies must be commensurate in scope and magnitude to the large-scale harm caused to U.S. industry over the past several decades.”

On March 12, 2024, five labor unions filed a petition urging USTR to initiate a Section 301 investigation into the acts, policies, and practices of China relating to competition in the maritime, logistics, and shipbuilding sectors. In April, Rep. Courtney led a letter with 37 other Member of Congress in support of the petition, and USTR subsequently announced that it would accept the petition. In May, Caucus Co-Chairs Reps. Dingell and Norcross testified in support of American workers and the domestic shipbuilding industry as part of USTR’s investigation

A full copy of the letter can be found here.

The letter was signed by 70 Members of Congress, including: Reps. Brendan Boyle; Julia Brownley; Nikki Budzinski; André Carson; Troy Carter; Judy Chu; Yvette Clarke; Joe Courtney; Danny Davis; Donald Davis; Rosa DeLauro; Christopher Deluzio; Mark DeSaulnier; Debbie Dingell; Lloyd Doggett; Dwight Evans; Lois Frankel; John Garamendi; Robert Garcia; Jared Golden; Daniel Goldman; Josh Gottheimer; Steven Horsford; Val Hoyle; Jonathan Jackson; Marcy Kaptur; Ro Khanna; Daniel Kildee; Raja Krishnamoorthi; Greg Landsman; Stephen Lynch; Seth Magaziner; Grace Meng; James Moylan; Frank Mrvan; Kevin Mullin; Grace Napolitano; Donald Norcross; Eleanor Norton; Frank Pallone; Chris Pappas; Mary Peltola; Scott Peters; Mark Pocan; Katie Porter; Raul Ruiz; Patrick Ryan; Andrea Salinas; Linda Sánchez; Mary Scanlon; Janice Schakowsky; Adam Schiff; Hillary Scholten; David Scott; Robert Scott; Brad Sherman; Elissa Slotkin; Eric Sorensen; Melanie Stansbury; Haley Stevens; Thomas Suozzi; Eric Swalwell; Shri Thanedar; Dina Titus; Lori Trahan; David Trone; Maxine Waters; Susan Wild; Nikema Williams; Frederica Wilson.

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MIL OSI USA News –

January 24, 2025
MIL-OSI USA: Team Maryland Announces More Than $38 Million for Critical Transportation & Port Infrastructure Projects in Baltimore

US Senate News:

Source: United States Senator for Maryland Ben Cardin
WASHINGTON – U.S. Senators Ben Cardin and Chris Van Hollen, Congressmen Kweisi Mfume, Governor Wes Moore (all D-Md.), and Maryland Transportation Secretary Paul J. Wiedefeld today announced $38,406,076 in U.S. Department of Transportation awards to rehabilitate the Dundalk Marine Terminal and the Curtis Creek Drawbridge. This investment will improve vital infrastructure at and around the Port of Baltimore, which is critical to Maryland’s economy.
“With these grants, the federal government is recognizing that Baltimore is home to nationally significant supply chain infrastructure that is overdue for investment and improvement. We are seeing once again how the Biden-Harris Administration’s historic Infrastructure Investment and Jobs Act is delivering for Maryland, and we will continue to push for federal commitments to our infrastructure, including the rebuilding of the Francis Scott Key Bridge,” said Senator Cardin.
“Through the Infrastructure Investment and Jobs Act, we continue to deliver historic resources to upgrade everything from our transportation network to the Port of Baltimore. With these major federal investments, we are priming the Port for future growth – while sustaining the thousands of jobs it already supports – and modernizing an essential bridge for commuting and commerce. These efforts will help drive Baltimore’s economic success and create more good paying jobs for Marylanders,” said Senator Van Hollen.
“This monumental federal investment is a transformative display of the continued unity among us in Team Maryland to deliver for all of those who have been personally affected by the collapse of the Francis Scott Key Bridge and continue to navigate the recovery alongside us. After speaking with so many of those impacted, I was and remain inspired by their grit, fierceness, and commitment to getting through this disaster together,” said Congressman Kweisi Mfume.
“These two projects reinforce the Moore-Miller Administration’s commitment to making Maryland more competitive by investing in our critical infrastructure, including our world-class Port of Baltimore,” said Governor Moore. “We are grateful for the partnership from the Biden-Harris Administration, the U.S. Department of Transportation and our Congressional delegation in supporting projects that will serve all Marylanders and help expand our growing economy.”
“Together, these federal grants will support increased economic growth at the Port of Baltimore and the greater Baltimore region,” said Secretary Wiedefeld. “The funding will support critical rehabilitation efforts at the Dundalk Martine Terminal, the largest publicly owned terminal in the Port, and the Curtis Creek Drawbridge on I-695. Thank you to our federal delegation and partners for their continued commitment in rebuilding Baltimore’s infrastructure better than before.”
“Thanks to the Bipartisan Infrastructure Law, the Biden-Harris administration is carrying out ambitious, complex transportation projects that will shape our country’s infrastructure for generations to come,” said U.S. Transportation Secretary Pete Buttigieg. “With this latest round of awards, dozens of major and much-needed projects – projects that are often difficult to fund through other means – are getting the long-awaited investment they need to move forward.”
The funding was awarded by the U.S. Department of Transportation’s Infrastructure for Rebuilding America Grant Program (INFRA), which has administered historic levels of federal investments through the Infrastructure Investment and Jobs Act.
$30,906,076, Dundalk Marine Terminal: Awarded to the Maryland Port Administrationto reconstruct Berth 11, consisting of the rehabilitation and replacement of 597 linear feet of wharf deck including pilings, substructure, storm water drainage, utilities, and installation of new mooring bollards, cleats, pneumatic fenders, flood barriers, and tidal gates.
$7,500,000, Curtis Creek Drawbridge Rehabilitation: Awarded to the Maryland Transportation Authority to rehabilitate parallel drawbridges over Curtis Creek on I-695. The project will replace portions of the reinforced concrete deck, perform repairs to the exposed steel superstructure and existing catwalks, remove and replace bridge parapets, traffic lights, and low-level lights, and install new electrical service systems, drainage systems, and pavement markings.
The Infrastructure for Rebuilding America Grant Program provides funding for multimodal freight and highway projects of national or regional significance to improve the safety, efficiency, and reliability of the movement of freight and people in and across rural and urban areas.

MIL OSI USA News –

January 24, 2025
MIL-OSI USA: Cassidy Announces $4 Million for 11 Louisiana Infrastructure, Transportation, Economic Development Projects from His Infrastructure Law

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) announced Louisiana will receive $4,084,100.00 from the Delta Regional Authority (DRA) to boost economic development and improve the quality of life for Louisiana communities and residents thanks to his Infrastructure Investment and Jobs Act (IIJA).
“This is great news for Louisiana and an investment in our economy and workforce,” said Dr. Cassidy. “Thanks to the Infrastructure Law, which I helped negotiate, we can expect to see even more dollars coming our way.”
The 11 new investment projects will improve water and sewer systems, update transportation infrastructure, and bolster electrical reliability for 18,000 residents in communities across Louisiana.
Funding for these projects is provided by the States’ Economic Development Assistance Program (SEDAP), which provides direct investment into community-based and regional projects to support basic public infrastructure, transportation infrastructure, workforce training and education, and small businesses development with an emphasis on entrepreneurship, and the Community Infrastructure Fund (CIF), which targets physical infrastructure projects that help build safer, more resilient communities in the Delta region. DRA coordinates directly with the Office of the Governor for the State of Louisiana and its local development districts for program funding implementation.
Grant Awarded
Recipient
Project Description
$509,000.00
City of West Monroe
This grant will provide federal funding to update and improve 770 feet of sewer infrastructure in Downtown West Monroe to help bolster the city’s growth, development and economic sustainability.
$509,000.00
Town of Maurice
This grant will provide federal funding to make water system improvements to service the town’s rapidly increasing population, remedy existing public health concerns and violations, and improve residents’ quality of life.
$509,000.00
North Desoto Water System
This grant will provide federal funding to construct a new drinking water booster station to serve the Town of Stonewall, and other surrounding areas, to improve water storage and pumping capacity for the purposes of alleviating pressure on existing undersized stations, ensuring reliable water supply, and supporting new residential and economic developments.
$509,000.00
City of Minden
This grant will provide federal funding for a water main replacement project to guarantee that the city’s distribution system continues to receive sufficient water and to improve the overall reliability, sustainability and fire protection of the system.
$454,000.00
Town of Marion
This grant will provide federal funding to repair, rehabilitate and improve a 64-year-old sewer lift station to address poor conditions and health-code violations linked to the existing station and to provide and maintain adequate sewer service for residents.
$418,100.00
City of Kaplan
This grant will provide federal funding to support a sewer system improvement project, which involves a comprehensive rehabilitation of the system to improve the resiliency and functionality of the city’s sewer collection system.
$375,000.00
Ouachita Parish
This grant will provide federal funding for an emergency operations center renovation project, a critical infrastructure project that will play a vital role in ensuring effective emergency management and response capabilities in the region.
$304,000.00
Ochsner LSU Health – Monroe Medical Center
This grant will provide federal funding to install a new electrical distribution system to improve the center’s electrical infrastructure, resulting in increased electrical reliability and capacity and expansion of community services.
$218,000.00
Village of Plaucheville
This grant will provide federal funding to construct a new water main, which will reduce service disruptions and improve the water system for the entire village.
$199,000.00
Town of Lockport
This grant will provide federal funding to make critical improvements to the sewer and wastewater treatment systems that are foundational to the town’s ability to sustain its rich Cajun cultural heritage, a livable community, and the increasingly important tourism economy.
$80,000.00
Town of Waterproof
This grant will provide federal funding for a sewer improvement project that will replace the backup pumps inside of five sewer lift stations, providing additional capacity to meet usage demands from the town’s residents, businesses and detention center while also addressing regulations set by the Department of Environmental Quality.

MIL OSI USA News –

January 24, 2025
MIL-OSI USA: Governor Cooper Visits Community Care Station in Buncombe County with FEMA Administrator Criswell

Source: US State of North Carolina

Headline: Governor Cooper Visits Community Care Station in Buncombe County with FEMA Administrator Criswell

Governor Cooper Visits Community Care Station in Buncombe County with FEMA Administrator Criswell
mseets
Mon, 10/21/2024 – 14:39

Today, Governor Roy Cooper traveled to Buncombe County with FEMA Administrator Deanne Criswell and visited a Community Care Station to speak with volunteers and give an update on relief efforts in Western North Carolina. The Community Care Station offers food and water distribution, basic hygiene services and medical care to the community.

“Today, I visited a Community Care Station in Asheville where I saw the massive effort by local, state and federal responders and volunteers to bring relief to Western North Carolina,” said Governor Cooper. “I urge everyone to confirm reports and information from trusted news sources and officials and be wary of bad actors on social media and the internet.”

Those impacted by Hurricane Helene can apply for assistance for buying food through the Disaster Supplemental Nutrition Assistance Program (D-SNAP) which was approved by the U.S. Department of Agriculture on October 18. NCDHHS estimates more than 150,000 people will apply for up to $120 million in D-SNAP benefits. Eligible households may apply for D-SNAP through Thursday, October 24 by phone or in person. More information including a list of application sites by county is available at ncdhhs.gov/dsnap.

North Carolina National Guard and Military Response

Over 3,150 Soldiers and Airmen are working in Western North Carolina. Joint Task Force- North Carolina, the task force led by the North Carolina National Guard is made up of Soldiers and Airmen from 12 different states, two different XVIII Airborne Corps units from Ft. Liberty, a unit from Ft. Campbell’s 101st Airborne Division, and numerous civilian entities are working side-by-side to get the much-needed help to people in Western North Carolina.

The U.S. Army Corps of Engineers is helping to assess water and wastewater plants and dams. Residents can track the status of the public water supply in their area through this website.

FEMA Assistance

Approximately $129 million in FEMA Individual Assistance funds have been paid so far to Western North Carolina disaster survivors and approximately 207,000 people have registered for Individual Assistance. Over 6,200 people have been helped through FEMA’s Transitional Sheltering Assistance. More than 5,100 registrations for Small Business Administration Loans have been filed.

Approximately 1,500 FEMA staff are in the state to help with the Western North Carolina relief effort. In addition to search and rescue and providing commodities, they are meeting with disaster survivors in shelters and neighborhoods to provide rapid access to relief resources. They can be identified by their FEMA logo apparel and federal government identification.

North Carolinians can apply for Individual Assistance by calling 1-800-621-3362 from 7am to 11pm daily or by visiting www.disasterassistance.gov, or by downloading the FEMA app. FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs.

Help from Other States

More than 1,600 responders from 39 state and local agencies have performed 146 missions supporting the response and recovery efforts through the Emergency Management Assistance Compact (EMAC). This includes public health nurses, emergency management teams supporting local governments, veterinarians, teams with search dogs and more.

Beware of Misinformation

North Carolina Emergency Management and local officials are cautioning the public about false Helene reports and misinformation being shared on social media. NCEM has launched a fact versus rumor response webpage to provide factual information in the wake of this storm. FEMA also has a rumor response webpage.

Efforts continue to provide food, water and basic necessities to residents in affected communities, using both ground resources and air drops from the NC National Guard. Food, water and commodity points of distribution are open throughout Western North Carolina. For information on these sites in your community, visit your local emergency management and local government social media and websites or visit ncdps.gov/Helene.

Storm Damage Cleanup

If your home has damages and you need assistance with clean up, please call Crisis Cleanup for access to volunteer organizations that can assist you at 844-965-1386.

Power Outages

Across Western North Carolina, approximately 5,000 customers remain without power, down from a peak of more than 1 million. Overall power outage numbers will fluctuate up and down as power crews temporarily take circuits or substations offline to make repairs and restore additional customers.

Road Closures

Some roads are closed because they are too damaged and dangerous to travel. Other roads still need to be reserved for essential traffic like utility vehicles, construction equipment and supply trucks. However, some parts of the area are open and ready to welcome visitors which is critical for the revival of Western North Carolina’s economy. If you are considering a visit to the area, consult DriveNC.gov for open roads and reach out to the community and businesses you want to visit to see if they are welcoming visitors back yet.

NCDOT currently has approximately 2,000 employees and 900 pieces of equipment working on over 7,200 damaged road sites.

Fatalities

Ninety-five storm-related deaths have been confirmed in North Carolina by the Office of Chief Medical Examiner. This number is expected to rise over the coming days. The North Carolina Office of the Chief Medical Examiner will continue to confirm numbers twice daily. If you have an emergency or believe that someone is in danger, please call 911.

Volunteers and Donations

If you would like to donate to the North Carolina Disaster Relief Fund, visit nc.gov/donate. Donations will help to support local nonprofits working on the ground.

For information on volunteer opportunities, please visit nc.gov/volunteernc.

Additional Assistance

There is no right or wrong way to feel in response to the trauma of a hurricane. If you have been impacted by the storm and need someone to talk to, call or text the Disaster Distress Helpline at 1-800-985-5990. Help is also available to anyone, anytime in English or Spanish through a call, text or chat to 988. Learn more at 988Lifeline.org.

If you are seeking a representative from the North Carolina Joint Information Center, please email ncempio@ncdps.gov or call 919-825-2599.

For general information, access to resources, or answers to frequently asked questions, please visit ncdps.gov/helene.

If you are seeking information on resources for recovery help for a resident impacted from the storm, please email IArecovery@ncdps.gov.

###

Oct 21, 2024

MIL OSI USA News –

January 24, 2025
MIL-OSI Security: Eau Claire Man Sentenced to 3 Years for Wire Fraud

Source: Office of United States Attorneys

Robert E. Carter Forged Financial Statements to Fraudulently Obtain Semi-Trucks

MADISON, WIS. – Timothy M. O’Shea, United States Attorney for the Western District of Wisconsin, announced that Robert E. Carter, 45, Eau Claire, Wisconsin was sentenced October 17, 2024 by U.S. District Judge William M. Conley to three years in prison for wire fraud and attempted wire fraud. Carter was convicted of these charges on July 16, 2024, following a jury trial.

Carter’s fraud scheme started in 2018 when he feigned interest in purchasing a trucking company headquartered in Fond du Lac, Wisconsin. After telling elaborate lies about owning private jets and a personal yacht, Carter convinced the owners that he wanted to buy their trucking and brokerage companies for $10 million. Carter then sent the owners a letter of intent that required them to provide Carter, under the guise of due diligence, with the companies’ sensitive business information, including financial statements. Carter eventually informed the companies’ owners that Carter needed to back out of the deal; however, he held on to the financial statements for two years.

In 2020, Carter intentionally changed the financial statements that he fraudulently obtained from the Fond du Lac-based companies and made it appear as if the documents belonged to Carter’s businesses. Carter then submitted the phony financial statements to an equipment leasing company so Carter could fraudulently obtain three semi-trucks and two trailers.

While defrauding the first leasing company, Carter simultaneously downloaded financial statements from the Internet that belonged to a charitable trust in Iowa.

Again, Carter intentionally changed these financial statements so the documents appeared to belong to Carter’s trust. Carter then submitted the fake trust financial statements to a second equipment leasing company in an attempt to fraudulently lease ten more semi-trucks.

In sentencing Carter, Judge Conley highlighted Carter’s criminal history, which included prior convictions for fraud.

The charges against Carter were the result of an investigation conducted by IRS Criminal Investigations and the Federal Bureau of Investigation, with assistance provided by the Office of the U.S. Trustee for the Western District of Wisconsin. Assistant U.S. Attorneys Chadwick M. Elgersma and Megan R. Stelljes prosecuted this case.

MIL Security OSI –

January 24, 2025
MIL-Evening Report: Donald Trump and Peter Dutton have both embraced populism. Are working-class voters buying it?

Source: The Conversation (Au and NZ) – By David Smith, Associate Professor in American Politics and Foreign Policy, US Studies Centre, University of Sydney

Opposition Leader Peter Dutton has often been accused of copying former US President Donald Trump’s tactics. Some analysts even refer to Dutton, like Trump, as a “populist” who seeks political gain by pitting ordinary citizens against corrupt “elites”.

There is evidence of this populism in the willingness of Trump, Dutton and other figures in their parties to attack “big business”.

This is unusual for the conservative parties, and it has alarmed business-aligned outlets like the Wall Street Journal and the Australian Financial Review.

Republicans and Liberals have always preferred to identify with small business rather than big business. Their relationship with corporate interests has not always been smooth.

But they do not believe there is a natural conflict between business and workers, or between different sections of the economy. And they usually align with big business on the critical issues of taxation and government regulation.

So Dutton’s declaration earlier this year that the Liberal Party is “not the party of big business” but “the friend of the worker” marks a notable rhetorical shift, even if there is reason to doubt the substance behind it.

It mirrors a similar shift to pro-worker rhetoric among leading Republicans. Florida Senator Marco Rubio said in 2020, for instance, the future of the Republican Party is based on “a multiethnic, multiracial, working-class coalition”.

Expanding their share of the working-class vote may be necessary for both parties, given their losses of tertiary-educated, middle-class voters and seats in recent elections. Economic populism may be one path to do it.

But how economically populist can conservative parties get in either country?

Why attack big business?

A lot of Republican and Liberal attacks on big business are fundamentally cultural rather than economic.

Publicly-owned corporations have embraced diversity, equity and inclusion policies. They declare commitments to “sustainability”. And plenty of them have backed causes like marriage equality, Black Lives Matter and the Indigenous Voice to Parliament.

However cosmetic these gestures are, many conservatives see major corporations as culturally hostile to them. More importantly, they no longer see big business and finance as reliable political backers.

And they don’t need them like they once did. Dynastic wealth in both countries has seen the ascendancy of private companies owned by super-rich individuals and families. These, not corporate donors, are now the most consistent sources of financial and political support for conservative parties.

These changing conditions have given Republicans and Liberals a free hand to make big business – never a popular entity – into a target of populist campaigns.

Many of their attacks are about “wokeness”. But not all. Consumer protection has also become an opportune theme, given the cost of living crisis in both the United States and Australia.

Trump, for instance, has floated capping credit card interest rates at 10%. Dutton has proposed using the government’s divestiture powers to break up supermarket and hardware chains that are accused of using their monopoly power to exploit consumers and suppliers.

They can propose these ideas because voters usually trust the Republican and Liberal parties more than their opponents on economic issues. Most Democratic and Labor politicians would be unwilling to take populist measures that far because of their perennial fears of being seen as economically irresponsible.

But when it comes to actually siding with workers over business, a different picture emerges.

The Republican romance with ‘union workers’

As president, Trump had a notably anti-union record. His appointees to the National Labor Relations Board, which enforces labour law, consistently ruled against unions.

In Trump’s current campaign to re-enter the White House, unions have criticised him for holding a rally appealing to “union workers” at a non-union shop, and for praising tech billionaire Elon Musk because he sacked workers who threatened to strike.

Trump also said recently that as a business owner he hated paying overtime. He has also previously said he preferred to use non-union workforces.

Despite all this, the Trump campaign is making a serious play for the votes of unionised workers, who could be critical in Midwestern battleground states.

Although unions as organisations usually support Democrats, the number of voters in union households who support Republicans is sometimes more than 40%.

This year, Trump sought the endorsement of the International Brotherhood of Teamsters, the North American truck drivers’ union with 1.3 million members. The Teamsters have supported Democratic candidates in every presidential election since 2000, but prior to that, the organisation had also backed Republican candidates like Richard Nixon, Ronald Reagan and George HW Bush.

This year, the Teamsters did not join most other unions in quickly endorsing Democratic incumbent Joe Biden before he stepped aside for Vice President Kamala Harris.

The Teamsters’ president, Sean O’Brien, almost got into a fight with a Republican senator in a committee hearing in 2023 after calling him a “greedy CEO who acts like he’s self-made”. Nonetheless, he got an invitation to speak at this year’s Republican National Convention. He praised Trump as a “tough SOB”, but then blasted various businesses and business organisations for being anti-union, to the discomfort of the audience.

Teamsters President Sean O’Brien addressing the Republican National Convention.

The Teamsters ultimately endorsed neither candidate. However, they released polling showing nearly 60% of their members supported Trump compared to a third for Harris.

Trump-era Republicans frequently praise “union workers” rather than actual unions. When Senators JD Vance (now Trump’s running mate) and Josh Hawley supported the striking United Auto Workers last year, they criticised the union’s leadership. But they are happy to be seen as being on the side of unionised workers against big businesses who send manufacturing jobs overseas, a trend Trump promises to reverse.

The term “union workers” prompts conservative nostalgia, especially for a group like the Teamsters with their mostly male membership and reputation for toughness. It evokes the anti-communist, blue-collar workers of the 1960s and ‘70s who supported Nixon and brawled in the streets with college-educated anti-Vietnam War protesters.

That is not the only nostalgic element. Through heavily protectionist measures, Trump is promising to restore millions of manufacturing jobs to the United States – the kinds of jobs that used to be largely unionised. He also promises to roll back environmental regulations to expand mining, drilling and fracking on federal land. Again, these are the kinds of jobs often associated with “union workers”.

When Trump and others praise “union workers”, they are not really talking about unions, but a certain type of blue-collar job they are promising to create and protect. “Union” in this context has the positive connotation of well-paid, stable work.

But Trump claims it is his policies that will guarantee these jobs, making unions themselves virtually irrelevant.

Where Liberals won’t follow

Dutton may praise workers, but he is unlikely to add the prefix “union” anytime soon. It is hard to imagine any Liberal leader courting the support of a union because Australia’s party system effectively enshrines the country’s adversarial industrial relations system in its politics.

The Australian Labor Party began as the parliamentary wing of the union movement, and to this day affiliated unions are entitled to 50% of delegates at party conferences. American unions are not linked to the Democratic Party in the same way.

This does not mean the votes of union members are off-limits to other parties. In 2006, then-economist (now Labor MP) Andrew Leigh estimated about a third of union members voted for the Coalition on a two party-preferred basis from 1966 to 2004. But Liberals will not appeal to these voters as “union workers” in the same way Republicans do.

Trump’s dream of restoring American manufacturing dominance would involve a resurgence of long-term employment in large and medium-sized firms. He is promising the stability once associated with unions, not the “flexibility” that Australia’s Liberals want in workplaces.

For the most part, Liberals still prefer to talk about blue-collar workers as independent tradespeople or aspiring business owners rather than employees.

Dutton says the modern Liberal Party is the friend of “small business owners and employees in that business”. This conjures images of family-like operations where staff loyally put in unpaid overtime – instead of larger, impersonal workplaces (where unpaid overtime is also the norm).

And unlike Trump Republicans, the Liberal and National parties still believe in free trade. After a long bipartisan opposition to protectionism, Labor has recently embraced a major new industrial policy. The Coalition is not on board.

Some doubt whether Trump is a genuine populist. But he has a wider scope for genuinely populist rhetoric than Dutton, at least for now.

Even though he’s a symbol of capitalist excess, part of Trump’s message is that capitalism has taken a wrong turn. Not just into excessive wokeness, but into globalisation and financialisation, where investment and speculation are more profitable than production.

There are limits to how much any Liberal leader, even Dutton, can tap into anger with capitalism itself.

David Smith 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. Donald Trump and Peter Dutton have both embraced populism. Are working-class voters buying it? – https://theconversation.com/donald-trump-and-peter-dutton-have-both-embraced-populism-are-working-class-voters-buying-it-240309

MIL OSI Analysis – EveningReport.nz –

January 24, 2025
MIL-OSI New Zealand: Parliament Hansard Report – Wednesday, 23 October 2024 – Volume 779 – 001429

Source: New Zealand Parliament – Hansard

ORAL QUESTIONS

QUESTIONS TO MINISTERS

Question No. 1—Finance

1. DAN BIDOIS (National—Northcote) to the Minister of Finance: What recent reports has she seen on Government finances?

Hon NICOLA WILLIS (Minister of Finance): The year-end financial statements for the 2023-2024 financial year show net core Crown debt of $175 billion, which is 42.5 percent of GDP. The good news is that this is lower than the Budget forecast. The bad news is that over the past six years, Government debt has skyrocketed. Some of this, of course, was due to COVID, but Government spending outside of COVID also increased significantly. Overall, net debt has gone from 19.4 percent of GDP to 42.5 percent, which, in dollar terms, colleagues, is an increase of $118 billion over six years, and the cost of financing that debt has also risen to $8.9 billion a year.

Dan Bidois: How much did net debt increase in the year 2023 to 2024?

Hon NICOLA WILLIS: Net core Crown debt at the beginning of the year was $155 billion. Over the course of the year, an extra $6 billion was borrowed to cover the cash deficit from core Crown operating activities. This is what’s known as borrowing to pay for the groceries. Another $13 billion was borrowed for investments. These include capital expenditure, for things like roads and schools; advances; contributions to the Superannuation Fund; and there was a $1 billion fair value movement in financial assets and liabilities. That adds up to a $20 billion increase in net debt over the year.

Dan Bidois: What are the Government’s objectives for debt?

Hon NICOLA WILLIS: Core Crown operating cash-flows have been negative since 2019-2020, meaning the Government has been borrowing for the groceries for five years straight, and, obviously, that is not sustainable. Debt should be used to fund investments and deal with economic shocks, not to fund operating activities. The coalition Government also has an objective to stop the rise in net debt as a percentage of GDP, put it on a downward trajectory towards 40 percent, and eventually keep it below that level, subject to shocks.

Dan Bidois: Will the Government need to borrow for tax relief?

Hon Members: It already has!

Hon NICOLA WILLIS: This is an answer which members opposite should listen to. The Government will not need to borrow at all for tax relief. Tax relief is fully funded. Neither has tax relief added to inflation. Let me remind members that there were some in this House who stood up and declared that tax relief will lead to higher inflation for longer, and they must feel so embarrassed now that annual inflation is down to 2.2 percent. Don’t trust the economic forecasts of the team opposite.

Hon David Seymour: Has the Minister seen any recent reports that the debt could be approximately $860 million lower had the previous Government adopted the new Government’s model for delivering the healthy school lunch model at half the price, and, if so, does the Government have more plans to do things smarter; bring business, Government, and civil society together; and deliver better results for less money?

Hon NICOLA WILLIS: Yes, it is correct that the Minister is not just delivering butter chicken; he’s delivering savings, too. He reflects a sentiment that the Government is very much attached to, which is that the whole reason for managing the books well is so that we can deliver better services to New Zealanders. We do not presume that doing things the way they have always been done is the best way, and we will always be on the lookout for opportunities to drive better value for money.

MIL OSI New Zealand News –

January 24, 2025
MIL-OSI USA: SBA Offers Disaster Assistance to California Businesses and Residents Affected by the Park and Borel Fires

Source: United States Small Business Administration

“As communities across the Southeast continue to recover and rebuild after Hurricanes Helene and Milton, the SBA remains focused on its mission to provide support to small businesses to help stabilize local economies, even in the face of diminished disaster funding,” said Administrator Isabel Casillas Guzman. “If your business has sustained physical damage, or you’ve lost inventory, equipment or revenues, the SBA will help you navigate the resources available and work with you at our recovery centers or with our customer service specialists in person and online so you can fully submit your disaster loan application and be ready to receive financial relief as soon as funds are replenished.”

SACRAMENTO, Calif. – Low-interest federal disaster loans are available to California businesses and residents affected by the Park and Borel fires that occurred July 24–Aug. 26, announced Administrator Isabel Casillas Guzman of the U.S. Small Business Administration. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Gavin Newsom’s authorized representative, Director Nancy Ward, of the California Office of Emergency Services on Oct. 15.

The disaster declaration makes SBA assistance available in Butte, Colusa, Glenn, Inyo, Kern, Kings, Los Angeles, Mendocino, Plumas, San Bernardino, San Luis Obispo, Santa Barbara, Shasta, Sutter, Tehama, Trinity, Tulare, Ventura and Yuba counties in California.

“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “Within a few days, SBA will announce the opening of a Disaster Loan Outreach Center where SBA disaster representatives will be on hand to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Sánchez continued.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

“SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” Sánchez added. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

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

The deadline to apply for property damage is Dec. 20, 2024. The deadline to apply for economic injury is July 21, 2025.

###

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

MIL OSI USA News –

January 24, 2025
MIL-OSI USA: Rosen Announces New Endorsements for Her Legislation to Increase Startup Tax Deduction For Small Businesses from $5,000 to $50,000

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)
LAS VEGAS, NV – Today, U.S. Senator Jacky Rosen (D-NV) announced new endorsements from local chambers of commerce for her Tax Relief for New Businesses Act, which would increase the startup tax deduction from $5,000 to $50,000. This legislation is being endorsed by the AAPI Chamber of Southern Nevada, the Urban Chamber of Commerce, the Las Vegas Asian Chamber of Commerce, the Latin Chamber of Commerce, and the Henderson Chamber of Commerce. The legislation was previously endorsed by the Vegas Chamber, the Reno + Sparks Chamber of Commerce, Main Street Alliance, and Center for American Entrepreneurship.
“Small businesses are critical for growing Nevada’s economy, and I’m working to help lower costs and cut taxes for people looking to start their own business,” said Senator Rosen. “I’m proud to announce additional new endorsements for my common-sense bill to increase the startup tax deduction from $5,000 to $50,000. I’ll continue working with these local chambers of commerce and business groups to support our entrepreneurs and bolster our state’s economic growth.”
“The AAPI Chamber of Commerce of Southern Nevada proudly endorses this bill, as we believe it will greatly enhance economic opportunity not only for the AANHPI community but for all small business owners throughout Nevada and the United States,” said Catherine Francisco, President of the AAPI Chamber of Commerce of Southern Nevada. “The proposed increase of the startup tax deduction will provide a crucial financial lifeline to entrepreneurs who often face overwhelming startup costs and will be particularly beneficial for minority and immigrant business owners, many of whom struggle to access adequate capital and resources when starting their ventures.”
“The Tax Relief for New Businesses Act would help address the problem of excessive startup costs, which will expand opportunities for local entrepreneurs to launch their ideas,” said Assemblyman Cameron Miller, President of the Urban Chamber of Commerce. “The Urban Chamber of Commerce is proud to endorse this legislation to empower more Nevadans to achieve their dreams of owning a small business.”
“As Las Vegas’ AAPI communities grow and the dreams of being a business owner become a reality, the Tax Relief for New Businesses Act will reduce obstacles new business owners face during the startup phase,” said Ana Wood, Government Affairs Chair of the Las Vegas Asian Chamber of Commerce. “In a community comprised of diverse ethnicities, ensuring support for the Tax Relief for New Businesses Act is in the best interest of all Nevadans, including AAPI entrepreneurs and small businesses.”
As a member of the Committee on Small Business and Entrepreneurship, Senator Rosen has been working to bolster Nevada’s small businesses. Every year, she leads her Senate colleagues in pushing for robust funding to support small businesses and cut burdensome red tape. Senator Rosen has also introduced the bipartisan Minority Entrepreneurship Grant Program Act to establish a Minority Entrepreneurship Grant Program through the Small Business Administration (SBA) to award grants to Minority Serving Institutions to promote and increase opportunity. Last year, Senator Rosen introduced the bipartisan One Stop Shop For Small Business Licensing Act to require the SBA to create a centralized website that includes federal, state, and local licensing and business permit information for starting a small business.

MIL OSI USA News –

January 24, 2025

Category: Economy

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Updates to this page

Why attack big business?

The Republican romance with ‘union workers’

Where Liberals won’t follow

Question No. 1—Finance