Category: Economy

MIL-OSI Global: Turkey is stepping up its influence in west Africa – what’s behind its bid for soft power

Source: The Conversation – Africa – By Issouf Binaté, enseignant-chercheur, Université Alassane Ouattara de Bouaké

Turkey is stepping up its influence in west Africa as the geopolitical and economic landscape in the region shifts. In Senegal, the state-owned Turkish Petroleum Corporation has entered a key partnership in the oil and gas sector. Meanwhile, Karpowership, a company providing electricity via floating power plants, now supplies energy to eight African countries. But Turkey’s not stopping there. As part of its soft power strategy, it is also winning hearts and minds through education and culture while deepening trade and security ties.

Historian Issouf Binaté, who has studied Turkey’s growing presence in west Africa, breaks down how Ankara is positioning itself as an alternative to both former colonial powers and newer global players competing for influence on the continent.

What drives Turkey’s growing influence in west Africa?

Turkey’s foreign policy in west Africa leans on two main pillars.

One is institutional power, driven by state-backed agencies (embassies, the religious affairs directorate Diyanet, and the economic cooperation agency (TIKA) .

The other is more grassroots, led by non-state actors such as religious foundations and NGOs.

These groups laid the groundwork for Turkey’s African expansion long before Ankara officially stepped in.

A key player in Turkey’s earlier outreach was the Gülen movement, named after preacher Fethullah Gülen (1941–2024). The Gülen movement pioneered Turkey’s soft power approach with “Turkish schools”, starting with the Yavuz Sultan Selim and Yavuz Selim-Bosphore high schools in Dakar in 1997.

Also at the end of the 1990s a network composed of Turkish business leaders and social activists under the Turkish Confederation of Businessmen and Industrialists, which claimed over 100,000 member companies, expanded Turkey’s influence across Africa. At that time, Turkey had only three diplomatic representations for the whole of sub-Saharan Africa.

The more recent contact with Africa comes at a time when western hegemony faces growing criticism from a new generation of Africans engaged in decolonial movements. Gülen-affiliated institutions now number 113, alongside religious and secular schools run by other groups like Mahmud Hudayi Vakfi and Hayrat Vakfi. Since the 2016 political rift between Gülen and President Recep Tayyip Erdoğan, these schools were gradually transferred to Maarif Foundation, Turkey’s state-run overseas education arm.

Back in 2003, Turkey had only 12 diplomatic missions across Africa. Today, that number has grown to 44, bolstered by Turkish religious foundations (like Mahmud Hudayi Vakfi and Hayrat Vakfi), NGOs, and entrepreneurs who have filled the gap left by the Gülen movement.

Another powerful player in Turkey’s Africa strategy is Turkish Airlines, now one of the top carriers on the continent. It is now flying to 62 airports in 41 African countries.

What role do west African students trained in Turkey play?

By investing in education, Turkey didn’t just open its doors to African students. It also planted the seeds for a long-term influence strategy. These students, and more broadly young African migrants trained in Turkey, are now among the key messengers of “Turkishness” back home.

In doing so, Ankara is following a familiar path once used by colonial powers. They used student mobility as a powerful tool for their diplomacy.

This policy of openness took several forms. As early as 1960, it welcomed students from non-self-governing territories in accordance with UN General Assembly resolutions.

Then, in the 1990s, Turkey continued this effort through a scholarship programme for African students, supported by the Islamic Development Bank. During this period, Turkey launched the Büyük Öğrenci Projesi (Great Student Project), which provided scholarships to international students.

Starting in 2012, this programme was re-branded as YTB (Yurtdışı Türkler ve Akraba Topluluklar Başkanlığı, or Directorate for Turks Abroad and Related Communities). It introduced reforms, including a digital application process for scholarships via an app on the YTB website. This shift caused a dramatic spike in interest. Applications soared from 10,000 to 155,000 between 2012 and 2020.

For non-scholarship students, Turkey simplified visa processes, reduced tuition fees, and offered other incentives. These measures contributed to a significant increase in the number of applicants to study in Turkey. As the number of universities in Turkey jumped from 76 to 193 between 2003 and 2015, the country became increasingly attractive.

By 2017, Turkey had become the 13th most popular destination for students from sub-Saharan Africa, according to Campus France (a platform that supports international students studying in France). By 2019, there were an estimated 61,000 African students studying in Turkey.

Now, nearly three decades into this strategy, many of these former students are stepping into new roles. They are taking over from Turkish entrepreneurs in fostering socioeconomic ties with Africa. They also act as bridges, promoting Turkish universities and supporting visitors in areas like medical and industrial tourism.

In Istanbul, some run cargo companies – some of them informal – that ship goods to Africa. Others are working to formalise these ventures and build long-term economic bridges. Groups like Bizim Afrika, a network of African Turkish-speakers, and the Federation of African Students in Turkey (founded in 2019), are playing key roles in shaping this next chapter of Turkey–Africa relations.

How is Turkey’s strategy in west Africa different from that of China or France?

In substance, Turkey’s strategy isn’t so different from that of France or China. It also carries traces of colonial thinking, even though its approach leans more on religious soft power like building mosques across Africa. Unlike France, which used force in its colonial past, Turkey is trying to gain influence through other means. It uses familiar tools: embassies, schools, cinema, security services, and development agencies.

However, Turkey has learned from the criticism faced by western powers at a pivotal moment in Africa’s global relations.

While access to Europe, the US and Canada has become more difficult due to stricter visa rules, Turkey has opened its doors. It eased visa procedures for African business people, expanded its universities, and promoted medical tourism.

Turkey has become a hub for several sectors. It’s a major centre for nose surgery (rhinoplasty), hair transplants, and textiles. Its textile industry now supplies traders at Makola Market in Accra, Adjamé’s Forum in Côte d’Ivoire, and the Grand Marché in Bamako.

Turkey has also capitalised on the security crisis in the Sahel, where France’s military presence has become controversial. It stepped in by selling Bayraktar TB2 drones and offering private security services to some governments.

Is this Turkish presence set to last?

Turkey’s presence in Africa is now visible in several symbolic ways. You can see it in Maarif schools, murals at Abidjan airport, the “Le Istanbul” restaurant in Niamey’s government district, or the National Mosque in Accra, modelled after Istanbul’s Blue Mosque.

Turkey’s engagement is a work in progress. But its outreach to Africa is already yielding results. Trade volume reached US$40.7 billion in 2022. The return of the first waves of African students trained in Turkey has shifted the dynamic. Cooperation no longer relies solely on Turkish business people and social entrepreneurs.

Even though African elites often speak English, French or Arabic, new voices are emerging. Young people trained in Turkey are beginning to find their place. Many work in import-export, construction, and even Islamic religious leadership. This trend points to promising prospects for long-term ties.

For Turkey, Africa represents a continent with major economic opportunities. Becoming a trusted partner is now a key goal. On the diplomatic level, Turkey gained observer status at the African Union in 2005 and has hosted Turkey-Africa summits in Istanbul since 2008.

This growing involvement suggests that Turkey’s role in Africa is likely to last. It will depend on the continent’s market needs, especially at a time when many African countries are rethinking their relationships with traditional western powers and international institutions.

Issouf Binaté 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. Turkey is stepping up its influence in west Africa – what’s behind its bid for soft power – https://theconversation.com/turkey-is-stepping-up-its-influence-in-west-africa-whats-behind-its-bid-for-soft-power-256929

MIL OSI – Global Reports –

June 25, 2025
MIL-OSI USA: President Trump’s One Big Beautiful Bill Prevents the Largest Tax Hike in History and Unleashes Economic Growth

US Senate News:

Source: US Whitehouse
THE ONE BIG BEAUTIFUL BILL DELIVERS FOR THE AMERICAN WORKER: The One Big Beautiful Bill delivers the largest tax cut for working- and middle-class Americans in history. Put simply, President Trump’s One Big Beautiful Bill will unleash our economy and deliver a Blue-Collar BOOM.
Bigger Paychecks: Hardworking Americans and families will see an average increase in take-home pay of OVER $10,000 per year.
Historic Tax Relief for Workers: 15% tax cut for Americans earning between $30,000 and $80,000 per year.
No Taxes on Overtime or Tips: Saves overtime and tipped workers nearly $2,000 annually.
Historic Tax Breaks for Seniors: Introduces unprecedented financial relief for seniors.
Made-in-America Tax Breaks: Interest deduction for loans on new American-made vehicles.
Large Standard Deduction: Keeps the doubled standard deduction used by 91% of taxpayers, ensuring taxpayers keep more of their money with a simpler tax break.
Provides Historic Relief for Working Families
Bolsters Child Tax Credit: Increases and makes permanent the child tax credit, supporting over 40 million families.
Supports Working Families: Expands childcare access and makes the paid leave tax credit permanent.
Establishes Trump Investment Accounts for Newborns: Creates savings accounts to secure financial futures for every American child from birth.
Improves Housing Affordability: Expands the Low-Income Housing Tax Credit to incentivize the construction of affordable homes for American families.
Supports Family Farms: Raises death tax exemption, Increasing the amount family farms can inherit without paying taxes—protecting two million family farms from excessive taxation.
Empowers School Choices: Enhances 529 savings accounts to make education affordable and empower American families and students to choose the education that best fits their needs.
Drives Economic Growth Through America First Tax Policies
Incentivizes Made-in-America Manufacturing: Full expensing for new factories and improvements to unleash domestic production.
Expands Opportunity Zones: Permanently renews program, unlocking $100B+ for rural and distressed communities.
Boosts American Businesses: The bill delivers full 100% expensing for new factories, equipment, and machinery.
Puts Main Street Over Wall Street
Promotes Growth: Helps small businesses keep more money by making permanent—and enhancing—the small business tax deduction, making it easier to grow and hire.
Doubles Small Business Expensing: Raises the limit for small businesses to immediately deduct up to $2.5 million in equipment and property costs, helping them hire more workers and expand.
President Trump’s One Big Beautiful Bill lowers tax rates to keep more money in Americans’ pockets—PREVENTING THE LARGEST TAX HIKE IN HISTORY.

MIL OSI USA News –

June 25, 2025
MIL-OSI Africa: Turkey is stepping up its influence in west Africa – what’s behind its bid for soft power

Source: The Conversation – Africa – By Issouf Binaté, enseignant-chercheur, Université Alassane Ouattara de Bouaké

Turkey is stepping up its influence in west Africa as the geopolitical and economic landscape in the region shifts. In Senegal, the state-owned Turkish Petroleum Corporation has entered a key partnership in the oil and gas sector. Meanwhile, Karpowership, a company providing electricity via floating power plants, now supplies energy to eight African countries. But Turkey’s not stopping there. As part of its soft power strategy, it is also winning hearts and minds through education and culture while deepening trade and security ties.

Historian Issouf Binaté, who has studied Turkey’s growing presence in west Africa, breaks down how Ankara is positioning itself as an alternative to both former colonial powers and newer global players competing for influence on the continent.

What drives Turkey’s growing influence in west Africa?

Turkey’s foreign policy in west Africa leans on two main pillars.

One is institutional power, driven by state-backed agencies (embassies, the religious affairs directorate Diyanet, and the economic cooperation agency (TIKA) .

The other is more grassroots, led by non-state actors such as religious foundations and NGOs.

These groups laid the groundwork for Turkey’s African expansion long before Ankara officially stepped in.

A key player in Turkey’s earlier outreach was the Gülen movement, named after preacher Fethullah Gülen (1941–2024). The Gülen movement pioneered Turkey’s soft power approach with “Turkish schools”, starting with the Yavuz Sultan Selim and Yavuz Selim-Bosphore high schools in Dakar in 1997.

Also at the end of the 1990s a network composed of Turkish business leaders and social activists under the Turkish Confederation of Businessmen and Industrialists, which claimed over 100,000 member companies, expanded Turkey’s influence across Africa. At that time, Turkey had only three diplomatic representations for the whole of sub-Saharan Africa.

The more recent contact with Africa comes at a time when western hegemony faces growing criticism from a new generation of Africans engaged in decolonial movements. Gülen-affiliated institutions now number 113, alongside religious and secular schools run by other groups like Mahmud Hudayi Vakfi and Hayrat Vakfi. Since the 2016 political rift between Gülen and President Recep Tayyip Erdoğan, these schools were gradually transferred to Maarif Foundation, Turkey’s state-run overseas education arm.

Back in 2003, Turkey had only 12 diplomatic missions across Africa. Today, that number has grown to 44, bolstered by Turkish religious foundations (like Mahmud Hudayi Vakfi and Hayrat Vakfi), NGOs, and entrepreneurs who have filled the gap left by the Gülen movement.

Another powerful player in Turkey’s Africa strategy is Turkish Airlines, now one of the top carriers on the continent. It is now flying to 62 airports in 41 African countries.

What role do west African students trained in Turkey play?

By investing in education, Turkey didn’t just open its doors to African students. It also planted the seeds for a long-term influence strategy. These students, and more broadly young African migrants trained in Turkey, are now among the key messengers of “Turkishness” back home.

In doing so, Ankara is following a familiar path once used by colonial powers. They used student mobility as a powerful tool for their diplomacy.

This policy of openness took several forms. As early as 1960, it welcomed students from non-self-governing territories in accordance with UN General Assembly resolutions.

Then, in the 1990s, Turkey continued this effort through a scholarship programme for African students, supported by the Islamic Development Bank. During this period, Turkey launched the Büyük Öğrenci Projesi (Great Student Project), which provided scholarships to international students.

Starting in 2012, this programme was re-branded as YTB (Yurtdışı Türkler ve Akraba Topluluklar Başkanlığı, or Directorate for Turks Abroad and Related Communities). It introduced reforms, including a digital application process for scholarships via an app on the YTB website. This shift caused a dramatic spike in interest. Applications soared from 10,000 to 155,000 between 2012 and 2020.

For non-scholarship students, Turkey simplified visa processes, reduced tuition fees, and offered other incentives. These measures contributed to a significant increase in the number of applicants to study in Turkey. As the number of universities in Turkey jumped from 76 to 193 between 2003 and 2015, the country became increasingly attractive.

By 2017, Turkey had become the 13th most popular destination for students from sub-Saharan Africa, according to Campus France (a platform that supports international students studying in France). By 2019, there were an estimated 61,000 African students studying in Turkey.

Now, nearly three decades into this strategy, many of these former students are stepping into new roles. They are taking over from Turkish entrepreneurs in fostering socioeconomic ties with Africa. They also act as bridges, promoting Turkish universities and supporting visitors in areas like medical and industrial tourism.

In Istanbul, some run cargo companies – some of them informal – that ship goods to Africa. Others are working to formalise these ventures and build long-term economic bridges. Groups like Bizim Afrika, a network of African Turkish-speakers, and the Federation of African Students in Turkey (founded in 2019), are playing key roles in shaping this next chapter of Turkey–Africa relations.

How is Turkey’s strategy in west Africa different from that of China or France?

In substance, Turkey’s strategy isn’t so different from that of France or China. It also carries traces of colonial thinking, even though its approach leans more on religious soft power like building mosques across Africa. Unlike France, which used force in its colonial past, Turkey is trying to gain influence through other means. It uses familiar tools: embassies, schools, cinema, security services, and development agencies.

However, Turkey has learned from the criticism faced by western powers at a pivotal moment in Africa’s global relations.

While access to Europe, the US and Canada has become more difficult due to stricter visa rules, Turkey has opened its doors. It eased visa procedures for African business people, expanded its universities, and promoted medical tourism.

Turkey has become a hub for several sectors. It’s a major centre for nose surgery (rhinoplasty), hair transplants, and textiles. Its textile industry now supplies traders at Makola Market in Accra, Adjamé’s Forum in Côte d’Ivoire, and the Grand Marché in Bamako.

Turkey has also capitalised on the security crisis in the Sahel, where France’s military presence has become controversial. It stepped in by selling Bayraktar TB2 drones and offering private security services to some governments.

Is this Turkish presence set to last?

Turkey’s presence in Africa is now visible in several symbolic ways. You can see it in Maarif schools, murals at Abidjan airport, the “Le Istanbul” restaurant in Niamey’s government district, or the National Mosque in Accra, modelled after Istanbul’s Blue Mosque.

The. Amuzujoe

Turkey’s engagement is a work in progress. But its outreach to Africa is already yielding results. Trade volume reached US$40.7 billion in 2022. The return of the first waves of African students trained in Turkey has shifted the dynamic. Cooperation no longer relies solely on Turkish business people and social entrepreneurs.

Even though African elites often speak English, French or Arabic, new voices are emerging. Young people trained in Turkey are beginning to find their place. Many work in import-export, construction, and even Islamic religious leadership. This trend points to promising prospects for long-term ties.

For Turkey, Africa represents a continent with major economic opportunities. Becoming a trusted partner is now a key goal. On the diplomatic level, Turkey gained observer status at the African Union in 2005 and has hosted Turkey-Africa summits in Istanbul since 2008.

This growing involvement suggests that Turkey’s role in Africa is likely to last. It will depend on the continent’s market needs, especially at a time when many African countries are rethinking their relationships with traditional western powers and international institutions.

– Turkey is stepping up its influence in west Africa – what’s behind its bid for soft power
– https://theconversation.com/turkey-is-stepping-up-its-influence-in-west-africa-whats-behind-its-bid-for-soft-power-256929

MIL OSI Africa –

June 25, 2025
MIL-OSI: Ageas successfully places its inaugural GBP 400 million Senior Notes
Source: GlobeNewswire (MIL-OSI)

Today ageas SA/NV successfully placed its inaugural debt securities in the form of GBP 400 million Senior Fixed Rate Notes (the “Notes”) maturing in December 2028 and with a first call date in September 2028. The issuance generated substantial interest from UK institutional investors.

The Notes will be issued in denominations of GBP 100,000 at a re-offer price of 99.963 with a fixed coupon rate of 4.75% payable annually, with a first coupon payment scheduled for December 2025.

Standard and Poor’s assigned an A+ rating and Moody’s assigned an A1 rating to the Notes. Application has been made for the Notes to be listed on the official list of the Luxembourg Stock Exchange and to be admitted to trading on the Luxembourg Stock Exchange’s Euro MTF market. The Notes are expected to be issued and settled on 1 July 2025.

The net proceeds of the Notes complete the financing of the acquisition of esure and will also be used for general corporate purposes.

Ageas is a listed and Belgian rooted international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024.

Disclaimer

THIS COMMUNICATION IS NOT INTENDED FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION IS PROHIBITED UNDER APPLICABLE LAW.

The issue, exercise or sale of securities in the offering mentioned in this press release are subject to specific legal or regulatory restrictions in certain jurisdictions. The information contained herein shall not constitute or form part of an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein, in any jurisdiction in which such offer, solicitation or sale would be unlawful. ageas SA/NV assumes no responsibility in the event there is a violation by any person of such restrictions.

This press release does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States or any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered, exercised or sold in the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. There is no intention to register any portion of the offering in the United States or to conduct a public offering of securities in the United States.

This communication may only be communicated, or caused to be communicated, to persons in the United Kingdom in circumstances where the provisions of Section 21 of the Financial Services and Markets Act 2000, as amended (the “Financial Services and Markets Act”) do not apply to ageas SA/NV and is directed solely at persons in the United Kingdom who (i) have professional experience in matters relating to investments, such persons falling within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) are persons falling within Article 49(2)(a) to (d) of the Order or other persons to whom it may lawfully be communicated (all such persons together being referred to as “relevant persons”). This communication is directed only to relevant persons and must not be acted on or relied on by persons who are not relevant persons.

The securities referred to herein are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the European Economic Area. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended (“MiFID II”) or (ii) a customer within the meaning of Directive (EU) 2016/97, as amended (the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.

The securities referred to herein are not intended to be offered, sold or otherwise made available to, and should not be offered, sold or otherwise made available to, any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”) or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act and any rules or regulations made under the Financial Services and Markets Act to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA.

The securities referred to herein are also not intended to be offered, sold or otherwise made available, and will not be offered, sold or otherwise made available, in Belgium to “consumers” (consumenten/consommateurs) within the meaning of the Belgian Code of Economic Law (Wetboek van economisch recht/Code de droit économique), as amended.

The securities referred to herein may be held only by, and transferred only to, eligible investors referred to in Article 4 of the Belgian Royal Decree of 26 May 1994, holding their securities in an exempt securities account that has been opened with a financial institution that is a direct or indirect participant in the securities settlement system operated by the National Bank of Belgium or any successor thereto.

This press release is not a prospectus nor an advertisement for the purpose of Regulation (EU) 2017/1129.

A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency.

Attachment
- PDF version of the press release
The MIL Network –
June 25, 2025
MIL-OSI: Rockcliffe Capital Initiates Research Coverage on Wheaton Precious Metals Corp. (NYSE/TSX: WPM)
Source: GlobeNewswire (MIL-OSI)

TORONTO, June 24, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Wheaton Precious Metals Corp. (TSX/NYSE: WPM), the world’s premier precious metals streaming company known for its top-tier asset portfolio, strong balance sheet, and robust cash flow generation.

Following extensive operational and fundamental analysis, Rockcliffe Capital’s research team highlights Wheaton’s unique position in the global metals streaming sector, underpinned by a low- risk, high-return growth model and industry-leading margins.

“Wheaton delivers record financial results with exceptionally clean leverage and a rich growth runway,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “The Q1 beat — driven by $470 M in revenue, $254 M net earnings, and $361 M operating cash flow — underscores the strength of its streaming model and disciplined approach to capital deployment.”

Investment Thesis Highlights:
- Record Q1 2025 Performance:
  - Revenue: $470 M, +59% YoY
  - Net Earnings: $254 M, +55% YoY
  - Operating Cash Flow: $361 M, +64% YoY
- Balance Sheet Powerhouse:
  - $1.1 B in cash, zero debt, undrawn $2 B revolving credit facility
  - Allows flexibility for bolt-on streams, dividends, and share buybacks
- High-Quality Assets & Growth Pipeline:
  - Streams on 18 producing mines and 28 development projects
  - Notable operational drivers: Salobo, Blackwater’s commercial production, plus Goose, Platreef, and Mineral Park all slated online by 2025 year-end
- Dividend Resilience:
  - Q1 dividend of US$0.165/share declared
  - Solid FCF supports steady distribution to shareholders
- ESG Leadership:
  - MSCI AAA, Sustainalytics top-rated, named to Corporate Knights’ Global 100 Most Sustainable Corporations
Valuation & Target:
Rockcliffe Capital’s internal base-case scenario supports a 12-month share price target of US$155, reflecting 2026 estimated valuation multiples of 18–20× forward earnings and 12–14× EV/FCF. This view reflects Wheaton’s forecast margin expansion, low capital intensity, and a strong path to cash accretion from its next wave of producing assets.

Risk Factors:
- Commodity Price Pressure: A significant gold or silver price correction (>10%) may compress margins and valuations.
- Project Execution Risk: Slippages at development-stage assets could dent growth expectations.
- Regulatory/Operational: Political risk in jurisdictions like Peru or Mexico could impact production timelines.
About Rockcliffe Capital
Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.

Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.

Media Contact
Rockcliffe Capital
Research & Markets Division
research@rockcliffe.capital
+1 (416)-642-1967

This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.

The MIL Network –
June 25, 2025
MIL-OSI United Kingdom: China audit: Foreign Secretary’s statement

Source: United Kingdom – Government Statements

Oral statement to Parliament

China audit: Foreign Secretary’s statement

The Foreign Secretary made a statement to the House of Commons, updating members on the government’s approach to China following the cross-Whitehall audit.

With permission, Madam Deputy Speaker, I will make a statement on the China audit.

China’s rise has shaped the geopolitical landscape. Over the past decade, their military expenditure doubled. Their armed forces became the world’s largest. They established dominance over most critical mineral supply chains. They pursued relentless innovation in electric vehicles, AI and even space travel.

And over this same period, China has delivered a third of global economic growth, becoming the world’s second largest economy. And, together with Hong Kong, the UK’s third largest trading partner.

Madam Deputy Speaker, not engaging with China is therefore no choice at all. Chinese power is an inescapable fact.

After what the Intelligence and Security Committee in 2023 described as a “completely inadequate” approach over the past decade to dealing with China’s “size, ambition and capability”, we must now look at the facts.

[Political content redacted]

Madam Deputy Speaker, this Government conducted an audit of our most complex bilateral relationship to deliver a long-term strategy – moving beyond cheap rhetoric to a data-driven, cross-government approach. I would like to thank the hundreds who contributed – Honourable Members of course, experts, businesses, diaspora communities, Devolved Governments, and close allies.

Madam Deputy Speaker, the audit is less a single act, than an ongoing exercise which will continue to guide the UK’s approach to China.

It informed the Government’s Strategic Defence Review, which assessed China was a “sophisticated and persistent challenge”. It informed the National Security Strategy, published today, which sets out China’s impacts on each strategic pillar of our UK national security. And it has steered our Trade and Industrial Strategies, which analysed where greater engagement is possible – given the important role China can play in delivering UK growth.

Madam Deputy Speaker, Honourable Members will understand that much of the audit was conducted at high classification, and most of the detail is not disclosable without damaging our national interests. I am therefore providing a broad summary of its recommendations today, in a manner consistent with that of our Five Eyes partners.

Madam Deputy Speaker, on security, the audit described a full spectrum of threats – from espionage and cyber-attacks, to the repression of Hong Kongers, and attacks on the rules-based order. It made clear that our protections must extend more widely than they currently do, from the security of this House, to our critical national infrastructure.

Honourable Members will again recognise that disclosing the detail of these responses would undermine their effectiveness.

But I can confirm that, following the audit, we are investing £600 million in our intelligence services. We are updating our state threats legislation, following Jon Hall’s review. We are strengthening our response to transnational repression, introducing training for police and launching more online guidance to support victims.

We are launching, as announced in the Industrial Strategy, a 12-week consultation on updating the definitions covering the 17 sensitive areas under the National Security and Investment Act. And we are working bilaterally with China to enhance intelligence flows related to illicit finance specifically, organised immigration crime and scam centres, using National Crime Agency capabilities.

Madam Deputy Speaker, on global security, the audit underlined the extent of Beijing’s support for the Kremlin. The Government has already tripled the number of Chinese entities sanctioned for equipping Russia’s illegal war. And we will continue to confront that.

The audit reiterated that our approach to China must stay rooted both in international law and deterrence. We will continue to confront China’s dangerous and destabilising activity in the South China Sea, which I saw for myself when I visited the Philippines.

And we will continue to work with our regional partners to support freedom of navigation and call out China’s abuses. We will double down on AUKUS.

We will not change our longstanding position on Taiwan, while sustaining unofficial but vibrant ties with Taiwan on trade, on education and innovation. We will also never shy away from shining a spotlight on human rights, notably the situations in Xinjiang and Tibet.

While on Hong Kong, we will insist that China honours its commitments under the Sino-British Joint Declaration, including by repealing the National Security Law and releasing Jimmy Lai.

Madam Deputy Speaker, the audit made clear that our approach will always be guided by the UK’s long-term economic growth priorities. It provided ample evidence of the extent to which our economies are intertwined.

China is our third biggest trading partner. Our universities’ second-largest source of international students. China will continue to play a vital role in supporting the UK’s secure growth.

But over the past decade, we have not had the structures, either to take the opportunities, or protect us from the risks which those deep links demand. Businesses told us time and again that they have lacked senior political engagement. Lacked adequate government guidance.

We have already begun to develop new structures. Regular Economic and Financial Dialogues, with my Right Honourable Friend the Chancellor setting us on course to unlock £1 billion of economic value for the UK economy, and positioning the UK’s world leading financial sector to reflect China’s importance to the global economy.

Joint Economic and Trade Commissions, and Joint Commission Meetings on science. We will also launch a new online hub bringing together detailed and specific business advice.

And the forthcoming Trade Strategy will set out how we will support British firms to enhance links with China’s vast and growing consumer market, as well as assess new tools to keep goods made by forced labour anywhere in the world off Britain’s high streets.

Madam Deputy Speaker, the audit recognised that China’s global role does not fit into simple stereotypes. China is the world’s biggest emitter, but also the biggest producer of renewables. It offers $80 billion towards development annually. And China is the UK’s second largest research collaborator – 11% of British research output included Chinese authors.

So, the audit was clear. The UK must develop new dialogues with China on issues like climate, development, global health and science, as well as on trade. In doing so, we are driving our long-term interests and creating secure opportunities for UK plc.

Madam Deputy Speaker, we cannot deal with China’s complexity, unless we improve our capability to understand it – for our national security and for secure trade and growth.

The audit showed that [political content redacted] there was a profound lack of confidence in how to deal with China, and a profound lack of knowledge regarding China’s culture, its history and – most importantly – its language.

Madam Deputy Speaker, over the past year I have found that far too few mandarins speak Mandarin. We are already taking action to address this. Introducing a new China Fast Stream in the FCDO. Creating an FCDO global China network. Training over 1000 civil servants on China policy in the past year.

Enhancing these capabilities still further will be a core focus for the £290 million FCDO Transformation Fund, announced in the National Security Strategy by my Honourable Friend a short time ago. The new strategy which proceeds from this audit will ensure that the Government examines the full spectrum of interests in its decision-making processes [political content redacted].

Madam Deputy Speaker, anyone expecting a simple prescription on China is not living in the real world. The audit has painted a complex picture, but it has provided us with a clear way forward.

The UK’s approach to China will be founded on progressive realism: taking the world as it is, not as we would wish it to be. Like our closest allies, we will cooperate where we can and we will challenge where we must.

Never compromising on our national security. Recognising the complexity of the world as it is. Engaging confidently, carefully and pragmatically. Delivering secure growth. These are the hallmarks of grown-up government, acting in the long-term national interest.

I commend this statement to the House.

Updates to this page

Published 24 June 2025

MIL OSI United Kingdom –

June 25, 2025
MIL-OSI Russia: There is no reason to panic – the conditions for blocking small transfers from Russians have been revealed

Translation. Region: Russian Federal

Source: Mainfin Bank –

How does temporary blocking of funds on cards and accounts work?

Rosfinmonitoring has begun blocking bank clients’ transactions to combat droppers – the agency has received the right to directly restrict transactions. From June 1:

financial intelligence can independently contact the bank to block funds; suspension of transactions is possible only if there is a suspicion that the person is using the account to finance extremism or legalize criminal proceeds; the period of restrictions is no more than 10 days, and in exceptional situations – up to 30 days; blocking is carried out on the basis of 115-FZ – such a mechanism previously existed and was automated in a number of banks, i.e. it was triggered in the presence of risk indicators.

The fight against fraud is also being carried out in other areas – financial intelligence, together with the Central Bank of the Russian Federation, is creating a platform for exchanging information about clients banks, and the Ministry of Internal Affairs is developing amendments to the Criminal Code of the Russian Federation, providing for criminal liability for droppers.

When can Rosfinmonitoring restrict card transactions?

The department promised to abandon the practice of mass blocking. Experts believe that the risk zone will include bank clients who:

often receive transfers from different people, friends, relatives, regardless of the amount; receive money without explanation or with a payment purpose, for example, “debt repayment”; plan a trip abroad and at the same time suspicious activity is recorded on the card, including multiple transactions; receive frequent transfers due to professional employment – we are talking about freelancers, bloggers, home bakers, etc.

“Regular transfers, donations, participation in collections, receiving income on a personal card of an individual are risk factors. To confirm the legality of the funds, you will have to present the relevant documents,” the expert noted.

The innovations will lead to more frequent complaints about banks – Russians will go to court against the backdrop of blockages. At the same time, the law has been in effect for almost a month – and during this time, no mass complaints about the actions of Rosfinmonitoring have been recorded.

15:00 06/24/2025

Source:

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //Mainfin.ru/novosti/povodov-for-fan-no-nest-conquest-blockers-mini-cross-and-Russian trains

MIL OSI Russia News –

June 25, 2025
MIL-OSI Canada: Planting trees and creating jobs
Source: Government of Canada regional news (2)
Populations in most of Alberta’s 15 caribou ranges are finally stable or growing. However, caribou’s long-term recovery is still threatened by thousands of kilometres of legacy seismic lines left barren since trees were cleared decades ago. Properly re-foresting these areas is complex and difficult work requiring special expertise from northern Albertans.

Alberta’s government is investing $55.8 million over six years to plant five million trees across northern Alberta by 2030. This funding will help create hundreds of jobs through various tree-planting projects and help Alberta’s treasured woodland caribou increase in numbers.

A caribou cow and calf trotting across a snowy landscape in Alberta. (Credit: Government of Alberta)

“These legacy seismic lines are a challenge to threatened wildlife in our forests and have little to no economic benefit to Albertans. These investments will help us create habitats over time by replanting trees while creating jobs for hard-working Albertans, benefitting Alberta’s economy and environment.”

Rebecca Schulz, Minister of Environment and Protected Areas

This new funding commitment is yet another significant Alberta government investment in tree-planting efforts that will help to expand the economy while encouraging caribou recovery. Since 2019, more than 4,500 km of seismic lines have already been assessed and treated in caribou ranges, including 2,400 km in the past 18 months alone.

This funding is part of a partnership with Natural Resources Canada. Alberta Environment and Protected Areas will work with communities and other partners to plant five million new trees across 15 caribou ranges. This increased restoration work will help create jobs for rural and Indigenous communities while supporting Alberta’s long-term caribou recovery efforts.

Quick facts
- Woodland caribou in Alberta are listed as a threatened species.
- Planting trees along legacy seismic lines is not as simple as putting seedlings in the earth.
  
  Properly restoring the forests requires extensive planning, heavy equipment and specific expertise.
  
  The soil must be prepared in a way that allows good drainage and that lets the right amount of rain and moisture reach the newly planted trees.
- More than $70 million has already been invested in restoring caribou habitat through the Caribou Habitat Recovery Program across the province.
- This funding is part of a partnership with Natural Resources Canada, which will announce its funding contribution in the future.
- Alberta already plants more than one million new trees a year through other provincially funded environmental programs.
- Additional information on tree-planting activities and progress will be shared as the funding is implemented and work unfolds.
MIL OSI Canada News –
June 25, 2025
MIL-OSI Europe: European Union – Minister’s participation in the Foreign Affairs Council (June 24, 2025)

Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

The Minister for Europe and Foreign Affairs took part in the EU’s Foreign Affairs Council (FAC) held on June 23 in Brussels.

With regard to the situation in Ukraine, the Ministers underscored the EU and its Member States’ continued support for Ukraine more than three years after the start of the Russian war of aggression. The Member States agreed to step up pressure on Russia and the third countries that support it economically through the swift adoption of large-scale sanctions targeting the Russian economy.

The situation in the Middle East and the troubling escalation between Iran and Israel were also discussed. Coming a day after the joint statement issued on June 22 by the leaders of the E3 (Germany, France and the United Kingdom) on the situation in the Middle East, the meeting emphasized the importance of de-escalation and the need to achieve a diplomatic solution with regard to oversight of the nuclear program and stressed the need for Iran to cease its destabilizing actions.

The Minister reiterated that the current escalation must not overshadow the intolerable situation in Gaza, and particularly the intolerable obstacles hindering access to humanitarian aid, as well as continued settlement activity in the West Bank. The Ministers took note of the report by the High Representative/Vice-President of the European Commission, which states that article 2 of the EU-Israel association agreement, dealing with human rights, is not being respected. They authorized Kaja Kallas to hold talks with the Israeli authorities to obtain concrete improvements in the situation and in respect for international humanitarian law. The Ministers will decide on this basis how they will follow up at the next Foreign Affairs Council meeting in July.

Lastly, with regard to Georgia, the Ministers expressed their concern over the serious deterioration in the rule of law, violence against protesters and arbitrary arrests.

MIL OSI Europe News –

June 25, 2025
MIL-OSI Asia-Pac: New companies welcomed in HK

Source: Hong Kong Information Services

Chief Executive John Lee today officiated at an Invest Hong Kong (InvestHK) reception for new establishments of international and Mainland businesses in Hong Kong and encouraged companies to seize the myriad opportunities in the city to expand globally.

Mr Lee also reaffirmed Hong Kong’s role as a “super connector” and “super value-adder” connecting the Mainland and the rest of the world.

In his keynote speech, the Chief Executive pointed out that under the “one country, two systems” principle, Hong Kong enjoys the advantages of being connected to both the Mainland and the rest of the world, offering an open and easy place to do business, a long and established tradition of the rule of law, and a simple and low tax regime.

Mr Lee highlighted that as the world’s freest economy and one of the world’s top three international financial centres, Hong Kong’s global competitiveness has risen two places to rank third globally in the World Competitiveness Yearbook 2025, marking the second consecutive year of such advancement from its seventh place two years ago.

In the recent World Investment Report released by the United Nations Trade & Development, the city has moved up to third place in terms of foreign direct investment inflows.

Mr Lee stressed that the Government will continue to co-ordinate the practical needs of enterprises across different sectors, enabling them to develop their business overseas through Hong Kong’s multinational supply chain management centre and explore new strategic blue oceans for development.

The event also marked the 25th anniversary of InvestHK and served as an occasion to thank businesses for their trust and support in Hong Kong’s business environment. About 350 senior representatives from companies worldwide attended.

MIL OSI Asia Pacific News –

June 25, 2025
MIL-OSI Security: Riverside County Woman Sentenced to Seven Years in Prison for Running $1.7 Million COVID-19 Benefits Fraud She Advertised on Instagram

Source: US FBI

LOS ANGELES – An Inland Empire woman was sentenced today to 84 months in federal prison for fraudulently obtaining $1.7 million in COVID-19 pandemic-related jobless benefits, federally-guaranteed small business loans, California Small Business COVID-19 relief grants, and Los Angeles County economic opportunity grants.

Jasmine Unique Mallard-McCarter, 30, a.k.a. “JassyMC,” of Eastvale, was sentenced by United States District Judge Maame Ewusi-Mensah Frimpong, who also ordered her to pay $1,765,407 in restitution.

McCarter pleaded guilty on February 28 to one count of conspiracy to commit wire fraud.

McCarter impersonated others to apply online for government benefits that she used for herself. McCarter also used the personal identifying information provided by her co-conspirators to apply for government benefits on their behalf, knowing those co-conspirators were not eligible for those benefits.

McCarter charged fees to instruct others how to apply for government benefits for which they were not eligible without getting caught. Also, for a fee, McCarter served as a broker for counterfeit documents, such as Social Security cards, driver’s licenses, IRS Forms 1040, W-2s, bank statements, education degrees and transcripts, pay stubs, and doctors’ notes for handicapped placards. In some instances, the McCarter and her co-conspirators used the counterfeit documents to trick the government into paying unjustified benefits.

McCarter advertised her fraud services on Instragram, using handles “JassyMc” and “EliteRealEstateandBusiness.” McCarter referred to herself as the “Jass of All Trades” in social media posts, because she could file fraudulent unemployment insurance applications, file grant applications, and broker counterfeit documents and identification in return for a fee.

According to McCarter’s Instagram posts, she charged a fee for introducing customers to her connection at the California Department of Motor Vehicles, who could help bypass requirements for smog checks, insurance, and registration.

The U.S. Department of Labor – Office of Inspector General, Employee Development Department Investigations Division, U.S. Small Business Administration – Office of Inspector General, U.S. Department of Homeland Security – Office of Inspector General, FBI, Homeland Security Investigations, and United States Secret Service investigated this matter.

Assistant United States Attorney Andrew Brown of the Major Frauds Section prosecuted this case.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolster efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

On September 15, 2022, the Attorney General selected the U.S. Attorney’s Offices for the Central and Eastern Districts of California to jointly head one of the three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. The Strike Force combines law enforcement and prosecutorial resources and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors, as well as those who committed instances of pandemic relief fraud. The Strike Force uses prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds. Additional information regarding the Strike Force may be found at https://www.justice.gov/opa/pr/justice-department-announces-covid-19-fraud-strike-force-teams.

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 (NCDF) 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 –

June 25, 2025
MIL-OSI USA: NSF invests $25.5M in research to drive new U.S. manufacturing technologies and talent pipelines
Source: US Government research organizations

The U.S. National Science Foundation has announced a $25.5 million investment to support fundamental research and workforce development aimed at enabling future generations of U.S. manufacturing. This year’s awards will support seven research grants and nine seed projects across 36 institutions and companies through the NSF Future Manufacturing (NSF FM) program.

The NSF FM program focuses on areas such as biomanufacturing, cyber manufacturing and ecomanufacturing, with some efforts exploring intersections with quantum manufacturing. The program emphasizes convergence, bringing together teams from across disciplines to create new, potentially transformative manufacturing capabilities, going far beyond improvements to current manufacturing processes.

“The FM program targets critical technical gaps and lays the foundation for emerging sectors, including technologies that haven’t yet been imagined,” said Brian Stone, performing the duties of the NSF director. “NSF is investing in teams that bring together scientific, engineering and manufacturing expertise to equip the American workforce for leadership in advanced manufacturing.”

This year’s FM awards include:
- Seven research grants, each receiving up to $3 million over a four-year period, to support multidisciplinary teams conducting fundamental research to enable new manufacturing capabilities, materials, or systems. Projects span a range of topics, including bioengineering in resource-constrained environments, “recyclofacturing” using artificial intelligence to create products from metal scrap, and using robotics and digital twins for additive manufacturing of multi-material systems.
- Nine seed grants, each receiving up to $500,000 over a two-year period, to support early-stage teams exploring novel concepts and partnerships that could shape future directions in manufacturing. Seed projects include efforts in future photonic quantum manufacturing using DNA, self-learning tools to create superconducting circuits, using cyanobacteria and water for low-energy cement manufacturing, and enabling domestic lithium extraction from unconventional sources.
By advancing research in areas such as the manufacture of critical materials, quantum devices and semiconductor production, human-robot collaboration and biologically based manufacturing, the program strengthens U.S. leadership in science and technology, expands innovation capacity, and prepares a skilled American workforce to compete and lead in the global economy.

This brings NSF’s total investment through the FM program to over $163 million in the five years of the program. Funding comes from across almost all of NSF’s directorates, highlighting the interdisciplinary nature of the supported projects. Since its inception, the FM program has made 104 awards to projects that involve over 475 principal investigators at 136 institutions and companies in 40 states and territories.

MIL OSI USA News –
June 25, 2025
MIL-OSI USA: IAM Florida Sugar Workers Lobby On Capitol Hill

Source: US GOIAM Union

IAM Union Florida sugar workers who are members of IAM Union Local 2152 (District 166) recently hit Capitol Hill to speak in support of updates to Farm Bill sugar provisions in the current reconciliation package. These provisions have received strong, bipartisan support in past Farm Bill deliberations. Since the expiration of the 2018 Farm Bill two years ago, IAM Florida sugar workers have been lobbying Congress to update and improve the farm safety net.

VIEW THE PHOTOS HERE

“IAM members in Florida’s sugar industry are the backbone of this sector, and they deserve legislation funding that secures their future and reflects their contributions to the nation’s economy,” said IAM Southern Territory General Vice President Craig Martin. “Our members have been lobbying on Capitol Hill for years to ensure sugar jobs remain strong and sustainable. They are fighting not only for themselves, but for the next generation of American sugar workers.”

Generations of IAM members lobbied in Washington, D.C., to ensure that future generations could benefit from good sugar worker jobs.

IAM Florida sugar workers’ occupations include, but are not limited to, sugarcane farming, milling, and refining processes on American soil. Many positions require skilled trades, such as machinists and welders. Sugarcane farming and production support 19,201 jobs in Florida and have a $4.7 billion annual impact.

The post IAM Florida Sugar Workers Lobby On Capitol Hill appeared first on IAM Union.

MIL OSI USA News –

June 25, 2025
MIL-OSI USA: King, Blumenthal Call for Investigation into Cancelled Contracts Impacting Veterans
US Senate News:
Source: United States Senator for Maine Angus King

WASHINGTON, D.C. — U.S. Senator Angus King (I-ME) and Senate Veterans’ Affairs Committee (SVAC) Ranking Member Senator Richard Blumenthal (D-CT) are calling on the Department of Veterans Affairs (VA) Office of Inspector General to launch an investigation into the Trump Administration’s controversial, unilateral cancellation of VA contracts at the direction of the Department of Government Efficiency (DOGE). Despite multiple requests from Senators King and Blumenthal, VA Secretary Doug Collins refuses to send Congress the complete and updated list of VA contracts canceled or proposed for cancellation — a list Secretary Collins consistently touts in public hearings, on social media and in interviews.

The Senators began, “We write to request the Department of Veterans Affairs (VA) Office of Inspector General (OIG) initiate a review of the mass cancellation of VA contracts launched by the so-called Department of Government Efficiency (DOGE), Secretary Collins, and other officials of the Department and the impact of these actions on veterans and VA operations. These activities began soon after January 20 and are ongoing.”

“Since February of this year, Committee Minority staff have investigated these activities using public government contracting databases, internal VA documents, conducting interviews with VA employees and contractors, and other methods. The preliminary findings after analyzing more than 650 VA contracts ‘terminated for convenience’ between January 20 and May 30, 2025, extracted from federal contracting databases, are that a majority appear to be for services directly for veterans or critical VA operations to include for safe health care delivery,” wrote the Senators. While Collins and VA officials have refused to turn over the complete and updated list of contracts canceled, contract data is available online in near real time — including information on the cancellation of VA contracts.

“To add to these alarming facts, recent media investigations, to include two stories released by ProPublica on June 6, have found evidence that DOGE and VA officials used ill-conceived Artificial Intelligence (AI) formulas and algorithms to make or inform contract cancellation decisions — cutting out meaningful input from VA career experts to assess the impact of ending these services. This adds an entire new level of unease connected to the decision-making, security, governance, and quality control of the entire process,” continued the senators. The damning reporting from ProPublica outlined in the letter exposes the careless nature of Secretary Collins and DOGE’s contract cancellation process at VA, including the use of flawed, error-prone AI tools to determine what contracts would be canceled.

“However, this process which included cancelling hundreds of contracts, many in a several-day period, then restoring dozens just a few days later, is not an indication of good program management but rather waste, carelessness, and chaos. We are deeply concerned about how these cancellations, which are ongoing, are or will impact veterans’ health care, benefits, and other services; harm VA’s ability to perform oversight and program improvement; and eliminate or significantly hinder the availability of critical tools to maintain safe and clean facilities. A non-partisan and independent review of these matters is critical,” concluded the Senators.

Representing one of the states with the highest rates of military families and veterans per capita, Senator King is a staunch advocate for America’s servicemembers and veterans. A member of the Senate Veterans’ Affairs Committee (SVAC), he works to ensure American veterans receive their earned benefits and that the VA is properly implementing various programs such as the PACT Act, the State Veterans Homes Domiciliary Care Flexibility Act, and the John Scott Hannon Act. Recently, in a letter to VA Secretary Doug Collins, Senator King joined his colleagues in urging for immediate action to secure veterans’ personal information provided by VA or other agencies to Elon Musk and his “Department of Government Efficiency” (DOGE), a measure that would protect millions of veterans’ medical records stored in VA’s computer systems. In addition, he helped pass the Veterans COLA Act, which increased benefits for 30,000 Maine veterans and their families.

Recently, Senator King introduced bipartisan legislation alongside SVAC Chairman Senator Jerry Moran (R-KS) to improve care coordination for veterans who rely on both VA health care and Medicare. In February, Senator King was honored by the Disabled American Veterans as its 2025 Legislator of the Year. Last year, he was recognized by the Wounded Warrior Project as the 2024 Legislator of the Year for his “outstanding legislative effort and achievement to improve the lives of the wounded, ill, and injured veterans.” Senator King recently joined SVAC Ranking Member Senator Blumenthal in writing a letter to Secretary Collins raising concerns over proposed $1 spending limits on VA purchase cards which are used to pay for gas to transport disabled veterans to apportionments, buy medical supplies and more. Senator King also joined his colleagues in raising concerns over proposed plans to terminate 83,000 VA employees, and participated in a special investigative SVAC hearing to question witnesses who were terminated due to DOGE cuts. Last month, Senators King and Blumenthal wrote again to Secretary Collins demanding an explanation for DOGE cuts at VA that would impact health care for Maine veterans.

The full text of letter can be found here or below.

+++

Dear Acting Inspector General Case,

We write to request the Department of Veterans Affairs (VA) Office of Inspector General (OIG) initiate a review of the mass cancellation of VA contracts launched by the so-called Department of Government Efficiency (DOGE), Secretary Collins, and other officials of the Department and the impact of these actions on veterans and VA operations. These activities began soon after January 20 and are ongoing.

Since February of this year, Committee Minority staff have investigated these activities using public government contracting databases, internal VA documents, conducting interviews with VA employees and contractors, and other methods.

The preliminary findings after analyzing more than 650 VA contracts “terminated for convenience” between January 20 and May 30, 2025, extracted from federal contracting databases, are that a majority appear to be for services directly for veterans or critical VA operations to include for safe health care delivery. They include more than two dozen for medical supplies and equipment; four for cancer and tumor registries; more than 110 for construction and infrastructure services to include maintenance of boilers; prosthetics, including the conversion of a van for a veteran; more than 15 nursing home care contracts; more than 150 dealing with a wide range of quality of care, medical oversight, and hospital accreditation preparedness services; PACT Act implementation; and more. These are all areas that have been the subject of hundreds of OIG reports and investigations and known to be matters in which VA needs more support, not less. In addition, to date, no evidence has been provided by VA that any thoughtful contingency planning was put into place before these services were cancelled. Compounding our concerns are the hiring freeze, deferred resignations, terminations, and planned mass reductions of VA’s workforce that in theory is responsible for absorbing some of this work.

To add to these alarming facts, recent media investigations, to include two stories released by ProPublica on June 6, have found evidence that DOGE and VA officials used ill-conceived Artificial Intelligence (AI) formulas and algorithms to make or inform contract cancellation decisions—cutting out meaningful input from VA career experts to assess the impact of ending these services. This adds an entire new level of unease connected to the decision-making, security, governance, and quality control of the entire process.

As way of background, on February 24 and 25, 2025, Secretary Collins announced on social media his plan, carried out with Elon Musk and DOGE, to cancel hundreds of VA contracts he claimed were for “PowerPoint slides and meeting minutes” and indicated were valued at $2 billion. After directing career officials in the Department to start the cancellations, a list of more than 870 contracts was leaked to Congress and the media. The reality was that these contracts were predominantly for direct services for veterans or supporting VA operations including: suicide prevention and mental health treatment; disability claims processing, exams and auditing; radiology services; outreach regarding burial benefits and health care services; and contracts to conduct oversight activities to identify and prevent waste, fraud, and abuse.

When the true content of mass contract cancellations was exposed, VA’s leadership team directed career officials to pause some cancellations. Public records show some contracts previously cancelled at the Secretary’s direction were then reversed while others remain cancelled and new contracts are being cancelled each week. On March 3, 2025, VA announced that instead of more than 870 contracts, it would cancel 585 contracts with an alleged value of $1.8 billion but provided no details. This has been a consistent pattern and problem. Despite repeated requests in letters to the Secretary, questions at hearings, and dozens of emails to VA officials, as of the date of this letter, the Department has not provided a single briefing or a complete and accurate list of the contracts it has cancelled, descoped, modified, or otherwise changed as part of this process or the underlying methodology, reasoning, and contingency planning. On May 16, VA provided Congress with a list of more than 445 contracts which it indicated were “terminated and closed.” This list was so riddled with errors and inaccuracies to call into question the veracity of the entire document.

Since the beginning of this process, Secretary Collins and VA officials have repeatedly denied—without supporting evidence—that the cancellations will negatively affect veterans or VA operations, including saying:
- “[t]he termination of these contracts will not negatively affect Veteran care, benefits or services, and will help VA better focus on its core mission: providing the best possible care and services to Veterans, their families, caregivers and survivors”, VA Press Release, March 3, 2025;
- “as part of its review, VA career subject-matter expert employees responsible for the contract cancelations were given the option to stop a cancellation if they felt it would negatively impact health care, benefits or services for Veterans or VA beneficiaries”, VA Press Release, March 3, 2025;
- “VA will not cancel contracts for work that provides services to veterans or that the agency cannot do itself without a contingency plan in place”, VA Spokesperson, “DOGE Developed Error-Prone AI Tool to “Munch” Veterans Affairs Contracts,” ProPublica, June 6, 2025;
- “[c]ontracts that directly support Veterans, beneficiaries or provide services VA cannot do itself, such as a nurse who sees patients or an organization that provides third-party certification services, respectively, were not canceled. Contracts that involved services VA has the ability to perform itself were typically canceled”, Secretary Collins, letter to Congress, May 2, 2025.
Based on these findings and information, we ask VA OIG to conduct a review of these matters which may include a focus on:
- the impact of these cancellations on veterans, their families, caregivers and survivors health care, benefits, memorial affairs and related services;
- the impact of these cancellations on VA operations such as quality of care oversight, patient safety, accreditation, medical supplies and equipment, IT security, research, construction and maintenance;
- the use of AI and/or algorithms to guide decision-making to include the recipient and purpose each VA contract identified by DOGE VA employee Mr. Sahil Lavingia that has been terminated; the formal assignment and instructions given to Mr. Lavingia with respect to assessment of VA contracts to include whether they included the use of AI and the approval of relevant code; the data integrity and protection measures taken, if any, to ensure the safeguarding of any personally identifiable information; and the extent to which this and any other related use of AI by DOGE or the VA violated any policy, procedure, regulation, or statute;
- the extent, timing, and substantive involvement, if any, of VA career subject matter experts in the decision-making regarding cancellations;
- the existence of contingency plans to replace the services prior to contract cancellations;
- an identification of the contracts cancelled, descoped, stopped or allowed to expire at part of this mass cancellation effort;
- the financial transfer of funding from cancelled contracts to other VA activities; and
- other relevant matters as determined by VA OIG
We firmly support VA efforts to regularly review services procured by the Department and that process should be built into any functioning acquisition and program management operation at VA. However, this process, which included cancelling hundreds of contracts, many in a several-day period, then restoring dozens just a few days later, is not an indication of good program management but rather waste, carelessness, and chaos. We are deeply concerned about how these cancellations, which are ongoing, are or will impact veterans’ health care, benefits, and other services; harm VA’s ability to perform oversight and program improvement; and eliminate or significantly hinder the availability of critical tools to maintain safe and clean facilities.

A non-partisan and independent review of these matters is critical. Thank you for your attention to this matter.

Sincerely,
MIL OSI USA News –
June 25, 2025
MIL-OSI China: Cooperation needed to combat cybercrime threats: Malaysian official

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

Stronger and more coordinated cooperation among members of the Association of Southeast Asian Nations (ASEAN) is needed to counter the rising threats of cybercrime, which have emerged as a serious and pressing challenge, Home Affairs Minister Saifuddin Nasution Ismail said here on Tuesday.

In his opening remarks at the 25th ASEAN Senior Officials Meeting on Transnational Crime and related meetings, Saifuddin Nasution cautioned that the increasingly complex nature of cybercrime and the rapid adoption of technology by criminal networks require a proactive and timely response.

“The rising threat of cybercrime, everything from financial scams to ransomware attacks, clearly shows us that this isn’t just a future problem; it’s a pressing issue right now,” he said.

“Our digital defenses must evolve as fast as technology does. This means we must adopt new technologies, including using artificial intelligence responsibly, to significantly improve how we detect, prevent, and enforce against these crimes,” he said.

Saifuddin Nasution emphasized that in today’s increasingly fragmented global environment, international cooperation remains the cornerstone of regional stability.

He said such cooperation is not only vital in addressing shared security threats but also in preserving economic resilience and maintaining public trust in institutions, adding that ASEAN must ensure its commitment to consensus is matched by a readiness to act decisively in the face of evolving challenges.

MIL OSI China News –

June 25, 2025
MIL-OSI China: AIIB’s first decade marks a path of multilateral, sustainable development

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

As the Asian Infrastructure Investment Bank (AIIB) marks its 10th anniversary, the multilateral development bank is playing an increasingly prominent role in advancing connectivity, green growth, and sustainable development across regions.

Founded in 2015, AIIB has grown from 57 founding members to 110 across six continents, covering 81 percent of the world’s population and 65 percent of global GDP.

Over the past decade, it has approved over 60 billion U.S. dollars in financing for 320 projects, leveraging more than 200 billion U.S. dollars in infrastructure investment.

From electrifying rural Bangladesh to building roads in Cote d’Ivoire, AIIB-supported projects are narrowing infrastructure gaps and improving lives across continents.

Infrastructure transforming lives

In Padmo Para village near Dhaka, Bangladesh, local resident Najma Aktar recalls a time when her family studied by the light of a kerosene lamp. That changed in 2016, when the AIIB provided a 165 million U.S. dollar loan to upgrade the local power grid.

As the bank’s first standalone financed investment, it brought electricity to 12.5 million rural residents, transforming their daily lives.

By the end of 2024, AIIB has supported over 51,000 kilometers of transport infrastructure — enough to circle the Earth more than once — and benefited more than 410 million people.

In Indonesia, AIIB supported the upgrading of urban slums, improving the lives of nearly 10 million people. In China’s Yunnan Province, airport expansion enhanced flower exports and boosted farmers’ incomes by 25 percent. In Uzbekistan, AIIB helped extend access to clean water for 660,000 residents.

“AIIB’s concrete actions have effectively helped bridge global infrastructure investment gaps, advanced regional development, and contributed positively to global economic growth,” said Lu Feng, professor at Peking University.

Multilateral platform for cooperation

“AIIB was established on the principles of multilateralism and high international standards,” the bank’s president Jin Liqun told Xinhua in a recent interview, noting that these principles have enabled the bank to earn broad trust and participation across the globe.

AIIB’s investments span not only Asia but also Africa, Latin America, and beyond, reflecting its commitment to promoting global sustainable development.

“Asia cannot thrive in isolation,” Jin said, noting that while the bank’s primary focus is Asia, its work also supports broader cooperation that contributes to meaningful development outcomes around the world.

Reflecting this vision, AIIB has actively expanded its global partnerships and collaborative financing efforts. It is now the largest co-financing partner of the World Bank and the Asian Development Bank, and has built partnerships with over 100 organizations, including multilateral and regional institutions, policy banks, private sector players and philanthropy foundations.

On the capital markets side, AIIB had issued over 54 billion U.S. dollars equivalent bonds in multiple currencies as of the end of May, and has consistently maintained triple-A credit ratings from Moody’s, S&P, and Fitch. Moody’s, for instance, credited the bank’s top rating to its strong financial footing, well-performing assets, and ample liquidity.

“AIIB has become a new model for multilateral cooperation through its innovative operations and collaborative approach,” said Bai Chong’en, dean of the School of Economics and Management at Tsinghua University, noting its flexible and pragmatic support for infrastructure development in developing countries.

Investing in infrastructure for tomorrow

Amid rising global challenges, AIIB is positioning itself as a future-oriented development bank that supports both traditional and digital infrastructure for the long haul.

In 2020, the bank launched its corporate strategy themed “Infrastructure for Tomorrow,” with priorities including green infrastructure, technology-enabled infrastructure, connectivity and cross-border cooperation, and private capital mobilization.

By 2025, at least 50 percent of its approved financing was expected to support climate-related projects, a target the bank achieved in 2022, three years ahead of schedule.

In Cote d’Ivoire, an AIIB-financed rural road project approved in 2023 has made it easier for villagers to reach hospitals and sell cashews and cocoa, even during flood seasons. Local project coordinator Gilbert Ekpini said residents were thrilled with the changes.

By the end of 2024, AIIB-supported projects had added 21.3 gigawatts of installed power generation capacity of renewable energy, helping to reduce nearly 30 million tonnes of CO2-equivalent greenhouse gas emissions annually.

The bank is increasingly helping its members embrace the digital era. Last year, AIIB launched InfraTech Portal, a digital platform that shares comprehensive, neutral and free information on infrastructure technologies.

“Artificial intelligence holds vast potential and offers developing countries an opportunity to leap ahead in their development,” Jin said.

“That’s why our infrastructure investments must evolve with the times. We should ensure that emerging technologies like AI help narrow, but not widen, the digital divide, especially for the developing world,” he added.

MIL OSI China News –

June 25, 2025
MIL-OSI Europe: ASIA/CAMBODIA – Apostolic Prefect of Battambang on the closure of the border with Thailand: “The crisis affects ordinary people above all”

Source: Agenzia Fides – MIL OSI

Tuesday, 24 June 2025

Wiki Commons gary4now

Battambang (Agenzia Fides) – The government of Cambodia has confirmed that the Thai army unilaterally closed all border crossings with Cambodia on the night of June 23. According to the Thai army, border crossings in six Thai provinces bordering Cambodia have been closed, with few exceptions for students or people receiving medical treatment. All other human or vehicle traffic is currently prohibited. The closure is the latest in a series of reprisals that have intensified since the border incident on May 28, in which a Cambodian soldier was killed in gunfire in the so-called “Emerald Triangle,” a small green area on the border between Thailand, Cambodia, and Laos.It is one of several disputed regions that both Thailand and Cambodia claim as part of their territory. The two armies accused each other of firing first. On June 7, the Thai army temporarily closed the border and then reduced its opening hours. On June 12, Cambodia announced the suspension of electricity imports and closed the international border at Daung, in Battambang province, for “security reasons.”Thailand and Cambodia are separated by a border approximately 820 kilometers long, which runs through several disputed territories. “This dispute has existed for more than a century and dates back to the time of the French colonial empire,” explains Bishop Enrique Figaredo, Apostolic Prefect of Battambang (Cambodia), in an interview with Fides.”The parties involved are basing their decision on a map from 1907, which France, which occupied Cambodia as a colonial power until 1953, first used to draw the border between the two countries. Thailand argues that the map is not binding. Cambodia has appealed to the International Court of Justice to determine the territorial ownership of four disputed territories. Thailand also does not agree to appeal to the Court,” the Prefect said.”It should be noted that this crisis,” he added, “is causing hardship and inconvenience for ordinary people. The border between Cambodia and Thailand is indeed very porous and is constantly crossed by a lively trade and workers. The closure of the border blocks the flow of people and goods, so vital to social, economic, and cultural life.” Bishop Figaredo says that many people in the province of Battambang, the territory of his apostolic prefecture, are affected by these flows. “The local people are experiencing this phase with great disappointment, surprise, and confusion,” he notes. “There are also hundreds of displaced people, people stuck on the other side of the border who cannot return home,” he says. The dispute has aroused nationalist sentiments in both countries. Thailand has banned tourists and Thai citizens from visiting or working in Poipet, a Cambodian city whose economy relies on the presence of eight casinos frequented almost exclusively by Thai citizens. In this context, Thailand has also included security measures to paralyze transnational criminal activities in the dispute with Cambodia, as declared by Thai Prime Minister Paetongtarn Shinawatra.The measures against fraud centers were implemented in early 2025, when Thailand cut off electricity, internet, and fuel supplies to some areas of Myanmar where cyber fraud activities were taking place. Thailand and Cambodia jointly dismantled a fraud center that housed hundreds of trafficked foreign workers in the city of Poipet. Cyber fraud and so-called “scam cities” have spread throughout Southeast Asia, especially in Laos, Cambodia, and Myanmar. (PA) (Agenzia Fides, 24/6/2025)
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MIL OSI Europe News –

June 25, 2025
MIL-OSI Russia: Connection between generations: a memorial exhibition was opened at the State University of Management in honor of the 140th anniversary of the beginning of the educational process

Translation. Region: Russian Federal

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

On June 23, the State University of Management held a grand opening of a memorial and historical exhibition dedicated to the 145th anniversary of the founding of the Aleksandrovsky Commercial School and the 140th anniversary of the beginning of the educational process

The tour for the rector of the State University of Management Vladimir Stroev and the university vice-rectors was conducted by the head of the Museum of the History of the University and the Development of Management in Russia Nikita Yudanov.

Vladimir Stroev emphasized the importance of preserving historical truth in order to establish a dialogue between generations.

“Today we are opening a permanent exhibition related to the history of the university, which has been undeservedly forgotten. And this is not because we want to increase the history of the State University of Management. We already have a glorious and long history, compared to other universities. It is worth remembering that when any historical part is forgotten, it leads to disastrous consequences. We have restored both the continuity of generations and the connection of the university with the greatest people of the era. This should not only be on posters and in history, we must also pass on this knowledge to students, that we must be worthy of our glorious ancestors. Today this is especially relevant, when we have taken a course on business and entrepreneurship. After all, representatives of all merchant families studied at the Alexandrovsky Commercial School. The exhibition is not just a tribute to memory, this is our history, let’s remember it, study it,” Vladimir Vitalyevich urged.

Advisor to the rector’s office Sergei Chuev noted that it was the rector who acted as “the initiator, driver and inspiration for the restoration of the history of the State University of Management”:

“The staff has done serious work on studying historical documents. We have restored dozens of names, and this research has not yet ended, this list can and should be continued. We have already added more than twenty undeservedly forgotten great figures who are related to our university to the Alley of Honor. Among them, for example, are academicians O. T. Bogomolov and A. G. Granberg, long-term head of the Department of Economics and Organization of Urban Economy (now the State Medical University) V. G. Davidovich, professor B. B. Veselovsky, born in 1880, the year the school was founded. With this exhibition, we pay tribute to historical justice,” concluded Sergei Vladimirovich.

Olga Kharlamova, Director of the Scientific Library of the State University of Management, spoke about the history of the library’s development from the times of the Alexander School to the present day, and Sergei Chuev spoke in detail about the role of the Soviet scientist Nikolai Nekrasov in the development of science in general and the State University of Management in particular.

You can see the exhibition stands on the first floor of the flow building from PA-11 to the cloakroom and in the hall of the scientific library of the State University of Management, and on the second floor of the building there is an alley of fame for the teachers of the State University of Management.

On the Walk of Fame you can learn more about the lives and achievements of such outstanding scientists as:

Nikolay Pestov is a chemist, a leading specialist in the field of mineral fertilizer technology, dean of the chemistry department, deputy director for academic and scientific work at Moscow Institute of Power Engineering (now State University of Management). Eduard Satel is the founder of the domestic scientific school of mechanical engineering technology, one of the pioneers in the development of flow production methods in the mechanical engineering industry. Under his direct leadership, the following plants were radically reconstructed and reorganized: Krasny Proletariy, Frezer, Serp i Molot, Borets, Kompressor, Krasnaya Presnya, and others. Kirill Plotnikov is a corresponding member of the USSR Academy of Sciences, head of the industrial financing department at Moscow Institute of Power Engineering (now State University of Management). He developed the theory of the state budget, the theory of money and money circulation, credit, pricing, and business accounting. From the 1940s to the 1990s, he carried out management, advisory, and research work on public finances.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

June 25, 2025
MIL-OSI USA: Pingree, Langworthy, Wied Introduce Bipartisan Bill to Support Organic Dairy Farmers
Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

Today, Congresswoman Chellie Pingree (D-Maine), a longtime organic farmer and member of the House Agriculture Committee, Congressman Tony Wied (R-Wisc.), and Congressman Nick Langworthy (R-N.Y.) reintroduced bipartisan legislation to support organic dairy farmers in Maine and across the country. The Organic Dairy Data Collection Act would enhance data collection at the U.S. Department of Agriculture (USDA) to better understand the costs associated with producing organic milk.

“Organic dairy farmers across the country are continuing to grapple with volatile markets, persistent inflation, and unfair trade practices that drive up costs and squeeze already-thin margins. Without targeted action, we risk more farm closures, weakened regional food systems, and fewer organic choices for consumers,” said Congresswoman Pingree. “That’s why I’ve teamed up with Congressman Langworthy and Congressman Wied to introduce the Organic Dairy Data Collection Act—a bipartisan bill that would give USDA the tools it needs to better understand and address the unique challenges organic dairies face. As Congress works to reauthorize the Farm Bill, I’m fighting to make sure this commonsense fix is part of a broader effort to strengthen the organic sector and ensure it remains a resilient and competitive part of our food system.”

“I am proud to introduce the bipartisan Organic Dairy Data Collection Act with my colleagues, which will provide much-needed transparency and support for New York’s organic dairy farmers,” said Congressman Langworthy. “New York State is home to hundreds of organic dairy operations that are vital to our rural economy and food supply. By directing the USDA to collect and publish accurate data on costs and milk prices, this bill ensures our farmers have the information they need to make informed business decisions and stay competitive. I’m grateful to the Northeast Organic Farming Association of New York and other advocates for championing this effort.”

“Wisconsin’s 8th Congressional District is home to many incredible organic dairy farms, and I am proud to support them by co-leading the Organic Dairy Data Collection Act with Reps. Pingree and Langworthy,” said Congressman Wied. “This bipartisan legislation will provide organic dairy farmers with the tools they need to increase market choice, and continue to thrive for years to come. This is a common sense bill and I look forward to working with my colleagues on both sides of the aisle to get it passed and benefit our great farmers.”

The bipartisan Organic Dairy Data Collection Act:
- Directs USDA to collect and publish cost-of-production data for organic milk, including the costs of major organic feedstuffs, domestically produced or imported.
- Directs USDA National Agricultural Statistics Service (NASS) to gather and report monthly data about the amounts that organic dairy farmers are being paid for organic milk.
- Directs USDA NASS, the Economic Research Service (ERS) or Agricultural Research Service (ARS) to publish reports on the cost of production data by state, regional data on the quantity of organic milk production and prices.
This legislation is supported by the Maine Organic Farmers and Gardeners Association, Organic Trade Association, Organic Farmers Association, National Organic Coalition, Organic Farming Research Foundation, Northeast Organic Dairy Producers Alliance,Western Organic Dairy Producers Alliance, and the Northeast Organic Farming Association of New York.

“Improved organic data collection and reporting, bolstered by this bill, is going to provide more reliable and consistent information on organic dairy production costs and markets. The reality is that this type of information can vary region by region so this effort can help farmers like me plan for the year and make decisions on what actions I need to take on my organic dairy,” said Annie Watson, organic dairy farmer and owner of Sheepscot Valley Farm in Whitefield, Maine. “Representative Pingree continues her life’s work to advance organic agriculture with this bill – big thanks to her and Representatives Langworthy and Wied for introducing this targeted but meaningful bipartisan legislation.”

“We are thankful to Congresswoman Pingree and Congressmen Langworthy and Wied for taking the lead and acknowledging the lack of data we have accessible for organic dairies. This is a nationwide issue affecting organic dairy farmers of all sizes and backgrounds. Our hope is that this information becomes the conduit to many necessary conversations that the sustainability and succession of our industry hinges upon,” said Lia Sieler, Executive Director of the Western Organic Dairy Producers Alliance.

“Family run organic dairy farms provide healthy food and environmental stewardship to rural communities across the country. The Organic Dairy Data Collection Act can provide valuable data collection to inform future support for an industry facing economic crisis,” said Kate Mendenhall, Executive Director of Organic Farmers Association. “We applaud Representatives Pingree and Molinaro for championing this important work.”

“The famous business adage “You can’t manage what you don’t measure” applies to the organic dairy market. The Northeast Organic Dairy Producers Alliance supports the Organic Dairy Data Collection Act as it will provide that necessary measurement by requiring the collection and publication of data that will shed light on the state of the organic dairy sector. Representative Pingree’s leadership with this Act will help facilitate understanding and improvement in the market,” said Kathie Arnold, a New York organic dairy farmer and chair of the Northeast Organic Dairy Producers Alliance’s policy committee.

“Organic dairy producers and consumers in Maine and across the country are grateful to Representative Pingree for her introduction of the Organic Dairy Data Collection Act,” said Sarah Alexander, Executive Director of the Maine Organic Farmers and Gardeners Association (MOFGA). “A perfect storm of adverse effects, including escalating costs of production, low pay-prices, a labor shortage, unstable international supply chains, and dramatically shifting weather patterns have created a crisis for the organic dairy sector. This legislation is a critical component of an urgently needed rescue plan for organic dairy. Having a clear national picture of all costs associated with organic dairy production in each state, regional production data and pay prices will help ensure that technical and financial assistance goes where it is needed most.”

“Farmers, like all business managers, depend on solid and trustworthy data to make decisions. With the continued fluctuations in market conditions from global events impacting domestic organic dairy farmers, it is more important than ever for producers, stakeholders, and USDA to have access to accurate data. The Organic Trade Association is grateful for the vision and work of Reps. Pingree, Langworthy and Wied in introducing this important legislation, which will result in better and more useful regional organic dairy data collecting and reporting. We look forward to working with the sponsors in the House of Representatives to ensure its passage,” said Matthew Dillon, Co-CEO of the Organic Trade Association.

Background:

As a member of the House Agriculture Committee, Pingree is working to support Maine dairy farmers in the upcoming Farm Bill.

Maine is home to a number of organic dairies and June marks Maine Dairy Month in honor of the dairy farmers, students, researchers, and Maine people behind a cornerstone of Maine’s agricultural economy and rural communities.

In December 2023, the House passed the Whole Milk for Healthy Kids Act, which Pingree co-sponsored, to help students thrive at school and support local dairy farmers and local economies.

###

MIL OSI USA News –
June 25, 2025
MIL-OSI: Anthony Pompliano’s ProCap BTC, LLC Buys 3,724 Bitcoin Within One Day After Announcing $1 Billion Merger and Over $750 Million Fundraise

Source: GlobeNewswire (MIL-OSI)

New York, NY, June 24, 2025 (GLOBE NEWSWIRE) — American investor and entrepreneur, Anthony Pompliano, today announced that ProCap BTC, LLC, a bitcoin-native financial services firm (the “Company”), has purchased 3,724 bitcoin at a time weighted average price (“TWAP”) of $103,785 per bitcoin, following the Company’s June 23, 2025 announcement of a proposed $1 billion business combination with Columbus Circle Capital Corp. I (NASDAQ: CCCM) to take the Company public as ProCap Financial, Inc. The Company now holds 3,724 bitcoin on its balance sheet.

The bitcoin was acquired as part of the Company’s on-going bitcoin purchase program. The Company has wasted no time delivering for its investors by deploying the funds raised at signing to accumulate bitcoin. As a result, equity investors received immediate bitcoin exposure from the equity raise.

The Company plans to continue buying bitcoin for its balance sheet as part of its ongoing business strategy. At the closing of the proposed business combination, ProCap Financial is expected to hold up to $1 billion in bitcoin on its balance sheet. The TWAP for the Day 1 purchases may be different from the “Signing Bitcoin Price” for purposes of Business Combination Agreement signed by CCCM and the Company on June 23, 2025.

ProCap BTC, LLC, believes bitcoin is the new hurdle rate.

If you can’t beat it, you have to buy it.

About ProCap BTC, LLC and ProCap Financial, Inc.

ProCap BTC, LLC is a bitcoin-native financial services firm founded by Anthony Pompliano. Pompliano has invested in more than 300 private companies and is one of the leading voices on bitcoin globally. ProCap Financial, Inc., the company resulting from the proposed Business Combination, will focus on implementing various profit-generating products and services to support the unique financial needs of large financial institutions and institutional investors.

About Columbus Circle Capital I

Columbus Circle Capital Corp. I (NASDAQ: CCCM) is a Cayman Islands–incorporated blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company is led by Chairman and CEO Gary Quin, a veteran investment banker with over 25 years of experience in cross-border M&A, private equity, and capital markets; COO Dan Nash, a skilled investment banker, with a strong track record in SPAC execution and building high-growth advisory platforms; and CFO Joseph W. Pooler, Jr., who brings decades of public company financial leadership. The board of directors includes Garrett Curran, Alberto Alsina Gonzalez, Dr. Adam Back, and Matthew Murphy.

Additional Information and where to Find it

ProCap Financial, Inc., a Delaware corporation (“ProCap Financial”) and Columbus Circle Capital Corp I, a Cayman Islands exempt company (“CCCM”) intend to file with the U.S. Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of CCCM and a prospectus (the “Proxy Statement/Prospectus”) in connection with (i) a proposed business combination, to be effected subject to and in accordance with the terms of certain business combination agreement dated as of June 23, 2025 (as may be modified, amended or supplemented from time to time, the “Business Combination Agreement”), by and among ProCap Financial, CCCM, Crius SPAC Merger Sub, Inc., a Delaware corporation, Crius Merger Sub, LLC, a Delaware limited liability company, ProCap BTC, LLC, a Delaware limited liability company (“ProCap BTC”), and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation (collectively with all of the related actions and transactions contemplated by such agreement, the “Business Combination”), (ii) a private placement of non-voting preferred units (“ProCap BTC Preferred Units”) of ProCap BTC to certain “qualified institutional buyers” as defined in Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), or institutional “accredited investors” (as defined in Rule 506 of Regulation D)(such investors, “qualifying institutional investors”)(the “Preferred Equity Investment”) pursuant to preferred equity subscription agreements, and (iii) commitments by qualifying institutional investors to purchase convertible notes (“Convertible Notes”) issuable in connection with the Closing by ProCap Financial (the “Convertible Note Offering” and, together with the Preferred Equity Investment and the Business Combination, the “Proposed Transactions”) pursuant to convertible notes subscription agreements. The definitive proxy statement and other relevant documents will be mailed to shareholders of CCCM as of a record date to be established for voting on the Proposed Transactions and other matters as described in the Proxy Statement/Prospectus. CCCM and/or ProCap Financial will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CCCM AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CCCM’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CCCM, PROCAP BTC, PROCAP FINANCIAL AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CCCM and ProCap Financial, without charge, once available, on the SEC’s website at www.sec.gov, or by directing a request to: Columbus Circle Capital Corp. I, 3 Columbus Circle, 24th Floor, New York, NY 10019; e-mail: IR@ColumbusCircleCap.com, or upon written request to ProCap Financial Inc. at 600 Lexington Ave., Floor 2, New York, NY 10022, respectively.

NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE PROPOSED TRANSACTIONS OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.

The offer and sale of the Convertible Notes to be issued by ProCap Financial pursuant to the Convertible Note Offering and the offer and sale of the ProCap BTC Preferred Units in the Preferred Equity Investment, in connection with the Proposed Transactions, has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and such securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

Participants in Solicitation

CCCM, ProCap BTC, ProCap Financial and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CCCM’s shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CCCM’s securities are, or will be, contained in CCCM’s filings with the SEC, including the final prospectus for CCCM’s initial public offering filed with the SEC on May 19, 2025 (the “IPO Prospectus”). Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCCM’s shareholders in connection with the Proposed Transactions, including the names and interests of ProCap BTC’s and ProCap Financial’s respective directors or managers and executive officers, will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed by ProCap Financial and CCCM with the SEC. Investors and security holders may obtain free copies of these documents as described above.

No Offer or Solicitation

This communication and the information contained herein is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CCCM, ProCap BTC or ProCap Financial, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.

Forward-Looking Statements

This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving ProCap Financial, ProCap BTC, and CCCM, including expectations, hopes, beliefs, intentions, plans , prospects, financial results or strategies regarding ProCap BTC, ProCap Financial, CCCM and the Proposed Transactions, statements regarding the anticipated benefits and timing of the completion of the Proposed Transactions, the assets that may be held by ProCap BTC and ProCap Financial and the value thereof, the price and volatility of bitcoin, bitcoin’s growing prominence as a digital asset and as the foundation of a new financial system, ProCap Financial’s listing on any securities exchange, the macro and political conditions surrounding bitcoin, the planned business strategy including ProCap Financial’s ability to develop a corporate architecture capable of supporting financial products built with and on bitcoin including native lending models, capital market instruments, and future innovations that will replace legacy financial tools with bitcoin-aligned alternatives, plans and use of proceeds, objectives of management for future operations of ProCap Financial, the upside potential and opportunity for investors, ProCap Financial’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the Proposed Transactions, the satisfaction of closing conditions to the Proposed Transactions and the level of redemptions of CCCM’s public shareholders, and ProCap Financial’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CCCM’s securities; the risk that the Proposed Transactions may not be completed by CCCM’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Proposed Transactions, including the approval of CCCM’s shareholders; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of the CCCM’s public shareholders which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A ordinary shares of CCCM or the shares of common stock, par value $0.0001 per share, of ProCap Financial (“Pubco Common Stock”) to be listed in connection with the Proposed Transactions; the insufficiency of the third-party fairness opinion for the board of directors of CCCM in determining whether or not to pursue the Proposed Transactions; the failure of ProCap Financial to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to ProCap Financial’s anticipated operations and business, including the highly volatile nature of the price of bitcoin; the risk that ProCap Financial’s stock price will be highly correlated to the price of bitcoin and the price of bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; asset security and risks associated with CCCM, ProCap BTC and ProCap Financial’s ability to consummate the Proposed Transactions timely or at all, including in connection with potential regulatory delays or impediments, changes in bitcoin prices or for other reasons; risks related to increased competition in the industries in which ProCap Financial will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks related to the ability of ProCap BTC and ProCap Financial to execute their business plans; the risks that launching and growing ProCap Financial’s bitcoin treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing ProCap Financial’s business plan, due to operational challenges, significant competition and regulation; risks associated with the possibility of ProCap Financial being considered to be a “shell company” by any stock exchange on which ProCap Financial’s common stock will be listed or by the SEC, which may impact ProCap Financial’s ability to list Pubco Common Stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities, which could impact materially the time, cost and ability of ProCap Financial to raise capital after the closing; the outcome of any potential legal proceedings that may be instituted against ProCap Financial, ProCap BTC, CCCM or others in connection with or following announcement of the Proposed Transactions, and those risk factors discussed in documents that ProCap Financial and/or CCCM filed, or that will be filed, with the SEC, including as will be set forth in the Registration Statement to be filed with the SEC in connection with the Proposed Transactions.

The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the IPO Prospectus, CCCM’s Quarterly Reports on Form 10-Q and CCCM’s Annual Reports on Form 10-K that will be filed by CCCM from time to time, the Registration Statement that will be filed by ProCap Financial and CCCM and the Proxy Statement/Prospectus contained therein, and other documents that have been or will be filed by CCCM and ProCap Financial from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CCCM nor ProCap Financial presently know or that CCCM and ProCap Financial currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CCCM, ProCap BTC, and ProCap Financial assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CCCM, ProCap BTC, nor ProCap Financial gives any assurance that any of CCCM, ProCap BTC or ProCap Financial will achieve their respective expectations. The inclusion of any statement in this communication does not constitute an admission by CCCM, ProCap BTC or ProCap Financial or any other person that the events or circumstances described in such statement are material.

Media Contacts

Ebony Lewkovitz

ebony@edencommunications.com

Larissa Bundziak

larissa@edencommunications.com

Dan Nash

IR@ColumbusCircleCap.com

The MIL Network –

June 25, 2025

MIL-OSI: EY US announces Rohit Kapoor of EXL as an Entrepreneur Of The Year® 2025 New York Award winner

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 24, 2025 (GLOBE NEWSWIRE) — Ernst & Young LLP (EY US) announced that Rohit Kapoor, chairman and chief executive officer of EXL, was named an Entrepreneur Of The Year 2025 New York Award winner. Entrepreneur Of The Year is the preeminent competitive awards program for entrepreneurs and leaders of high-growth companies. For 40 years, EY US has celebrated ambitious entrepreneurs who are transforming industries, impacting communities and creating long-term value.

Kapoor was chosen by an independent panel of past winners, top CEOs and business leaders. Judges assessed candidates on long-term value creation, entrepreneurial spirit, purpose-driven commitment and significant growth and impact.

“Being named EY Entrepreneur Of The Year 2025 New York Award winner is a tremendous honor, but this award also belongs to the 60,000 employees of EXL whose hard work, commitment and relentless pursuit of excellence have always driven us forward,” said Kapoor. “This recognition is a testament to the culture of innovation and entrepreneurship we’ve built together, and I accept it with immense gratitude.”

As a New York award winner, Kapoor is now eligible for consideration for the Entrepreneur Of The Year 2025 National Awards. The National Award winners, including the Entrepreneur Of The Year National Overall Award winner, will be announced in November at the Strategic Growth Forum ^®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the EY World Entrepreneur Of The Year™ Award in June 2026.

Entrepreneur Of The Year recognizes many different types of business leaders for their ingenuity, courage and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to strengthen it for the future.

The Entrepreneur Of The Year program has recognized the leadership of entrepreneurs such as:

Sheila Mikhail of AskBio
Caryn Seidman Becker and Ken Cornick of CLEAR
James Park of Fitbit
Arthur Blank of The Home Depot
Kendra Scott of Kendra Scott LLC

Reed Hoffman and Jeff Weiner of LinkedIn
Saiju Jeong of Noom
Howard Schultz of Starbucks Coffee Company
Jodi Berg of Vitamix
Michael Happe of Winnebago Industries
Eric Yuan of Zoom

Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh USA, and SAP. In New York, sponsors also include regional Platinum sponsor Donnelley Financial Solutions (DFIN), and regional Gold sponsors, ADP and DLA Piper.

About Entrepreneur Of The Year
Founded in 1986, Entrepreneur Of The Year has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 60 countries globally.

The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum^® in November where National finalists and award winners are announced. The overall National winner represents the US at the EY World Entrepreneur Of The Year™ competition. Visit ey.com/us/eoy.

About EY
EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

About EXL
EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Contacts
Media
Keith Little
+1 703-598-0980
media.relations@exlservice.com

Investor Relations
John Kristoff
+1 212 209 4613
IR@exlservice.com

The MIL Network –

June 25, 2025

MIL-OSI Banking: Republic of Uzbekistan: 2025 Article IV Consultation-Press Release; and Staff Report

Source: International Monetary Fund

Summary

Uzbekistan has made remarkable progress in its transition to a market-oriented economy. Far-reaching economic reforms have transformed the economy and spurred capital inflows which, combined with buoyant remittances and favorable commodity prices, have driven robust growth. The authorities remain firmly committed to their reform agenda to entrench macro-financial stability, reduce the footprint of the state in the economy, and foster a vibrant private sector.

MIL OSI Global Banks –

June 25, 2025
MIL-OSI United Kingdom: Direct support for Dundee University

Source: Scottish Government

Public funding in response to unprecedented situation.

Education Secretary Jenny Gilruth has confirmed up to £40 million funding in principle for the Scottish Funding Council (SFC) to support the University of Dundee’s recovery.

Funding will be provided to the SFC over two academic years or three financial years. This is in addition to the £25 million funding announced by Ministers in February for the SFC to support universities facing financial challenges, of which the University of Dundee received £22 million. This means total additional funding made available for the University by the Scottish Government via the SFC is up to £62 million.

The SFC and Scottish Government will work together to develop appropriate conditions for the funding, which is subject to further due diligence. Funding will only be released once a sustainable, long-term recovery plan is put in place by the University that leverages commercial and private investment.

The statement follows Professor Pamela Gillies’ Independent Review into the University of Dundee’s finances, which highlighted that the University had failed to operate in line with the SFC’s Financial Memorandum and Code of Good Higher Education Governance. Ministers have held early discussions with SFC to consider options to strengthen governance in institutions.

Confirming the funding in a statement to Parliament, Ms Gilruth said:

“The Scottish Government is determined to do everything we can to secure a positive and thriving future for Dundee University.

“Since issues at the University came to light in November, the thoughts of Ministers have continued to be with staff and students who have faced a period of real anxiety and uncertainty. This additional £40 million funding support will help return the university to the thriving institution it should be.

“Scotland’s universities are independent and autonomous institutions. In normal circumstances, decisions on the allocation of funding to individual institutions are the responsibility of the SFC. However, this is a unique and unprecedented set of circumstances, which requires a unique and unprecedented response.

“It is vitally important that the University works to secure a sustainable, long-term plan which will allow for commercial lending to support some, or all of the remaining liquidity ask. We will consider all avenues and other support we can provide to achieve that end.”

Background

Scottish Ministers have powers under section 25 of the Further and Higher Education (Scotland) Act 2005 to direct the Scottish Funding Council Ministers to target a direct settlement to the University of Dundee, and to place specific conditions on that funding. This is the first time that these powers have been used. Ministers will work closely with the SFC on the provision of the funding.

£40 million in-principle funding is subject to further due diligence prior to provision of the funding. The Scottish Government is in the process of procuring expert auditors to assist with due diligence, which is due to conclude in the coming days.

Additional funding provided to the SFC for Dundee University will not impact on the funding available from the SFC to other institutions.

The Strategic Advisory Taskforce established by Ministers is now undertaking a series of workshops to engage in detail on themes including income generation, shared services and the city, region and community.

MIL OSI United Kingdom –

June 25, 2025
MIL-OSI Russia: Zou Jiayi elected as AIIB President /detailed version-1/

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

BEIJING, June 24 (Xinhua) — Zou Jiayi has been elected president of the Asian Infrastructure Investment Bank (AIIB) for a five-year term, the bank said Tuesday.

This is the third vote to head the AIIB since its establishment. The first AIIB President, Jin Liqun, will end his second term on January 15, 2026.

The results of the vote were announced at the 10th annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB).

Zou Jiayi is a seasoned executive with more than 30 years of experience in global financial policy, according to the AIIB’s official website. As China’s vice minister of finance, she played a key role in establishing China’s relationship with major international financial institutions. She has also worked for international financial institutions such as the World Bank Group, the Asian Development Bank, and the New Development Bank.

The AIIB is a multilateral development bank focused on financing “infrastructure for tomorrow” with sustainable development at its core. Launched in 2016, the AIIB currently has 110 approved members worldwide, according to the bank’s website. -0-

MIL OSI Russia News –

June 25, 2025
MIL-OSI Security: Met officers foil drug gang murder plot

Source: United Kingdom London Metropolitan Police

Two drug kingpins have been found guilty of importing and dealing a tonne of cocaine and plotting a murder, following one of the largest EncroChat investigations in history led by Met detectives.

The Met’s investigation uncovered the two men’s plan to commit a murder, as well as their role in delivering millions of pounds worth of drugs across the capital and beyond.

The evidence of the offences were identified after officers trawled through thousands of messages on encrypted communication service EncroChat.

Thought to be impenetrable by law enforcement, Met officers accessed chats between James Harding and Jayes Kharouti.

It was identified that James Harding, 34 (01.01.1991), of Alton, Hampshire, was the head of a sophisticated organised drug dealing network, turning over an estimated £5 million profit in just 10 weeks. Harding resided in Dubai at the time of his arrest.

Harding was found guilty by the jury of conspiracy to supply Class A drugs and conspiracy to commit murder on Tuesday, 24 June at The Old Bailey, following a seven-week trial.

Kharouti, 39, (09.02.1986) of Depot Road, Epsom, previously admitted to his role in supplying drugs on Friday, 8 November 2024 at The Old Bailey. He was also found guilty of conspiracy to commit murder alongside Harding on Tuesday, 24 June at the same court.

Chats on the encrypted messaging site unveiled they both spoke, in detail, about their plan to kill a suspected drug courier from a ‘rival crime network’.

Detective Chief Inspector Jim Casey, who led the investigation, said: “This conviction sends a clear message: no matter how sophisticated the methods, criminals cannot hide behind encrypted software.

“This operation dismantled a major supply chain and is a testament to the relentless work of our officers.

“We monitored their drug-dealing activity but then we saw the group discussing the contract killing of a rival.  We moved fast to protect those in danger.

“Harding and Kharouti planned to kill, we stopped that and put them before the courts.”

This case is part of a wider operation to take down those who utilised EncroChat, after the National Crime Agency (NCA) passed information onto the Met after European agencies cracked the encrypted communications platform.

So far, Met investigations have led to more than 5,000 years-worth of prison sentences for criminals on the site.

Detective Inspector Driss Hayoukane QPM, who oversaw the Met’s EncroChat operation, added:

“Thanks to the tenacity and commitment from Met officers, over 500 criminals have been successfully convicted since the EncroChat platform was cracked back in 2020, leading to well over 5,000 years of sentences being handed down to those involved.

“This represents our commitment to combatting illegal drug supply, as well as the serious violence that comes with it.

“Our work doesn’t stop here – we will continue to pursue those who profit from bringing harm to our communities and will continue to deliver our mission of reducing crime.”

The investigation

Following the thorough investigation into a series of conversations on EncroChat, the Met discovered Harding used the handle “thetopsking”, while Kharouti used “besttops”. They used the platform to confidently communicate with each other about their vast criminal enterprise.

The Met spent hundreds of hours reviewing and analysing these messages. Among them were clear conspiracies to carry out a murder of a rival drug gang member with detailed plans, involving recruiting paid hitmen, arranging firearms and getaway vehicles. They had also discussed times, dates and locations.

This was on top of plans to coordinate deliveries of hundreds of kilograms of cocaine across the country, manage their vast finances and discuss security threats.

The court heard that approximately 50 importations were made into the UK, with a total weight of one tonne, between April and June 2020.

This allowed Harding to live a lavish lifestyle in the United Arab Emirates, where he conducted his criminal enterprise.

The arrests

Harding was arrested on Monday, 27 December 2021 at Geneva Airport, Switzerland. On Friday, 27 May 2022, he was extradited from Switzerland to the UK when he was arrested by Met officers.

Kharouti’s home was searched in 2020 after he was linked to the messages. Police found a handset with the same number he gave to Harding. He fled the country shortly after this, before being found in Turkey and extradited back to the UK.

They are both due to be sentenced at the Old Bailey on Thursday, 26 June.

MIL Security OSI –

June 25, 2025
MIL-OSI: Bectran’s New Credit Review Workflow—Auto-Target High-Risk Accounts

Source: GlobeNewswire (MIL-OSI)

CHICAGO, June 24, 2025 (GLOBE NEWSWIRE) — Bectran, Inc., the connected intelligence platform for end-to-end credit, collections, and AR management, today announced expanded automation capabilities within its credit review module, reinforcing credit departments with a new way to prioritize, track, and schedule accounts without manual involvement.

“Risk reviews often occur too late—or focus on the wrong accounts,” says Louis Ifeguni, CEO at Bectran. “Our new workflow draws from diverse live data streams to flag which customers require attention—and when. It helps teams act sooner, avoid costly decisions, and stay ahead of risk.”

Intelligent Trend Analysis and Review Triggers

Maintaining timely and consistent credit reviews is a persistent challenge—especially for credit departments overseeing thousands of accounts of varying sizes and complexities across multiple business groups. Without centralized visibility into pending, overdue, and completed reviews, departments face inconsistent review cycles, uneven policy enforcement, and misaligned account prioritization.

“When accounts are not reviewed regularly—or when significant financial changes go unnoticed—exposure to defaults, fraud losses, bad debt, and disputes greatly increase,” says Ali Kidwai, Bectran’s Head of Product and Engineering.

To prevent delays or missed reviews, Bectran’s trend analysis monitors key customer metrics, automatically scheduling a review when risk indicators cross preset limits—eliminating the need for hands-on management. Not only capable of tracking short term changes, Bectran’s trend analysis identifies variations across multi-month or year-long timeframes, enabling a wider period of context in which to assess a customer’s performance and schedule a review.

Accounting for nuances and exceptions, multi-layered modeling acts as a cascading verification system, ensuring reviews are automatically triggered only for accounts that meet all established criteria. With these additions, credit teams can shift their focus from tracking reviews to making strategic decisions that protect cash flow and reduce exposure.

Customizable Review Automation Models

To complement the responsibilities of credit managers and the varying needs across account levels, Bectran now supports multiple approaches to automated reviews. Businesses can define trigger criteria and assign variables based on industry, company size, location, business unit, risk profile, and more. In defining their approach, businesses can draw from Bectran’s breadth of experience analyzing optimal credit review models for their industry, enabling initial models to be strategically aligned prior to implementation.

The enhanced credit review module brings enterprise-grade oversight and automation—regardless of your team’s size, industry, or scale of operations.

About Bectran

Bectran is the creator of Intelligent CreditOps—an enterprise-grade solution that modernizes the core of credit, collections, and receivables. While most finance tools are fragmented or retrofitted, Bectran offers a unified foundation, purpose-built to automate routine and deeply analytical processes, connect real-time data, and scale credit operations with confidence.

Trusted by finance teams at every stage of growth—from mid-market leaders to Fortune 100 enterprises—Bectran replaces manual, error-prone processes with intelligent, adaptable workflows across the order-to-cash cycle, giving companies the clarity, control, and confidence to drive growth without increasing risk.

Contact

Aidan Starkes
Content Writer
Bectran Inc
(888) 791-6620
PR@Bectran.com

The MIL Network –

June 25, 2025
MIL-OSI: Bectran’s New Credit Review Workflow—Auto-Target High-Risk Accounts

Source: GlobeNewswire (MIL-OSI)

CHICAGO, June 24, 2025 (GLOBE NEWSWIRE) — Bectran, Inc., the connected intelligence platform for end-to-end credit, collections, and AR management, today announced expanded automation capabilities within its credit review module, reinforcing credit departments with a new way to prioritize, track, and schedule accounts without manual involvement.

“Risk reviews often occur too late—or focus on the wrong accounts,” says Louis Ifeguni, CEO at Bectran. “Our new workflow draws from diverse live data streams to flag which customers require attention—and when. It helps teams act sooner, avoid costly decisions, and stay ahead of risk.”

Intelligent Trend Analysis and Review Triggers

Maintaining timely and consistent credit reviews is a persistent challenge—especially for credit departments overseeing thousands of accounts of varying sizes and complexities across multiple business groups. Without centralized visibility into pending, overdue, and completed reviews, departments face inconsistent review cycles, uneven policy enforcement, and misaligned account prioritization.

“When accounts are not reviewed regularly—or when significant financial changes go unnoticed—exposure to defaults, fraud losses, bad debt, and disputes greatly increase,” says Ali Kidwai, Bectran’s Head of Product and Engineering.

To prevent delays or missed reviews, Bectran’s trend analysis monitors key customer metrics, automatically scheduling a review when risk indicators cross preset limits—eliminating the need for hands-on management. Not only capable of tracking short term changes, Bectran’s trend analysis identifies variations across multi-month or year-long timeframes, enabling a wider period of context in which to assess a customer’s performance and schedule a review.

Accounting for nuances and exceptions, multi-layered modeling acts as a cascading verification system, ensuring reviews are automatically triggered only for accounts that meet all established criteria. With these additions, credit teams can shift their focus from tracking reviews to making strategic decisions that protect cash flow and reduce exposure.

Customizable Review Automation Models

To complement the responsibilities of credit managers and the varying needs across account levels, Bectran now supports multiple approaches to automated reviews. Businesses can define trigger criteria and assign variables based on industry, company size, location, business unit, risk profile, and more. In defining their approach, businesses can draw from Bectran’s breadth of experience analyzing optimal credit review models for their industry, enabling initial models to be strategically aligned prior to implementation.

The enhanced credit review module brings enterprise-grade oversight and automation—regardless of your team’s size, industry, or scale of operations.

About Bectran

Bectran is the creator of Intelligent CreditOps—an enterprise-grade solution that modernizes the core of credit, collections, and receivables. While most finance tools are fragmented or retrofitted, Bectran offers a unified foundation, purpose-built to automate routine and deeply analytical processes, connect real-time data, and scale credit operations with confidence.

Trusted by finance teams at every stage of growth—from mid-market leaders to Fortune 100 enterprises—Bectran replaces manual, error-prone processes with intelligent, adaptable workflows across the order-to-cash cycle, giving companies the clarity, control, and confidence to drive growth without increasing risk.

Contact

Aidan Starkes
Content Writer
Bectran Inc
(888) 791-6620
PR@Bectran.com

The MIL Network –

June 25, 2025
MIL-OSI China: Chinese premier meets Kyrgyz PM

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

TIANJIN, June 24 — Chinese Premier Li Qiang on Tuesday met with Prime Minister of Kyrgyzstan Adylbek Kasymaliev, who is in north China’s Tianjin for the 2025 Summer Davos.

Li said that under the strategic guidance of the heads of state of the two countries, China-Kyrgyzstan relations have achieved leapfrog development in recent years, and comprehensive cooperation has reached new heights.

China is willing to work with Kyrgyzstan continuously to enrich the China-Kyrgyzstan comprehensive strategic partnership for the new era, build a closer China-Kyrgyzstan community with a shared future, and move forward hand-in-hand on the road to modernization.

Noting that China and Kyrgyzstan are neighbors with complementary industries, Li said China is ready to enhance the alignment of development strategies with Kyrgyzstan, focus on key areas, emphasize practical results, and increase the scale and efficiency of cooperation.

Both sides should make good use of the inter-governmental economic and trade cooperation committee mechanism, and strive to reach a high-level agreement on trade in services and investment as soon as possible, Li added.

He called on the two countries to steadily advance the construction of interconnection projects such as the China-Kyrgyzstan-Uzbekistan Railway, and to create highlights of cooperation in emerging fields.

China is ready to import more high-quality and distinctive commodities from Kyrgyzstan, encourages Chinese enterprises to invest and start businesses in Kyrgyzstan, and hopes that the Kyrgyz side will continue to optimize its business environment, Li said.

He also called for personnel exchanges between the two countries to be facilitated further, for multilateral cooperation to be strengthened, for unilateralism and protectionism to be opposed, and for free trade and the stability of global production and supply chains to be safeguarded.

Kasymaliev said that the Kyrgyz side has great appreciation for the remarkable achievements China has made in promoting the development of new quality productive forces, adheres to the one-China principle, opposes any act of interference in China’s internal affairs under the guise of the Taiwan question, and opposes any form of “Taiwan independence.”

Kyrgyzstan is willing to deepen mutually beneficial cooperation with China in trade, investment, finance, connectivity and other fields, and stands ready to coordinate and cooperate closely within such frameworks as the United Nations, the Shanghai Cooperation Organization and the China-Central Asia mechanism, he noted. Kyrgyzstan is ready to work with China to oppose unilateralism and protectionism, and promote bilateral relations to reach higher levels, he added.

MIL OSI China News –

June 25, 2025
MIL-OSI Europe: Philip R. Lane: Monetary policy: new challenges

Source: European Central Bank

Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Barclays-CEPR Monetary Policy Forum 2025

London, 24 June 2025

Since the extraordinary inflation surges in 2021-2022, the primary challenge facing monetary policy has been to return inflation to target in a timely manner.^[1] In terms of interest rate policy, this required a rapid hiking cycle from July 2022 to September 2023, followed by a “hold at peak” phase and then a gradual reversal of the restrictive stance starting in June 2024.^[2] The gradualism in the easing phase reflected ongoing uncertainty about the speed of the disinflation process.

While headline inflation is currently around the target, services inflation still has some distance to travel to make sure that inflation stabilises at the target on a sustainable basis. Still, there has been sufficient progress in returning inflation to target to consider that this monetary policy challenge is largely completed. This assessment is reinforced by the accumulating evidence that the remaining services disinflation is well on track: first, the projection errors for inflation, including for the services subcomponent, have been relatively small during the disinflation process; second, both the wage tracker data and survey indicators suggest that further deceleration in wage growth can be expected in both 2025 and 2026, facilitating further declines in services inflation.

However, this disinflation challenge has been superseded by a new set of challenges and monetary policymakers have to make sure that the medium-term inflation target is protected in a volatile environment in which, amongst other factors, there is high uncertainty about the future of long-standing international trade system.^[3] This uncertainty extends beyond the calibration of new tariff regimes and includes the possibility of a broader set of non-tariff barriers, a deeper intertwining of economic policies and security policies and possible revisions to the treatment of foreign portfolio investors and foreign direct investors. In addition to policy uncertainty, geopolitical tensions, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, remain a major source of uncertainty. Reflecting these developments, we have seen high volatility in energy prices this year and substantial currency repricing. There has also been considerable financial market volatility.

At the same time (and largely as an endogenous reaction to the changed security landscape), the fiscal outlook for the euro area has materially changed for the coming years, with the overall fiscal deficit looking set to remain above three per cent over the projection horizon. The near-term and medium-term implications for output and inflation of the structural changes associated with the green transition, the increasing business adoption of artificial intelligence applications and global shifts in comparative advantage are also highly uncertain, operating both on demand and supply with potentially different timelines.

Especially under current conditions of high uncertainty, it is essential to remain data dependent and take a meeting-by-meeting approach in making monetary policy decisions, with no pre-commitment to any particular future rate path. In addition to observing how activity and inflation are actually behaving, data dependence also extends to the incoming data on policy settings outside the monetary domain, since shifts in international and domestic policy regimes are highly relevant for future inflation dynamics. In this environment, the primary task for monetary policy makers is to make sure that any temporary deviations from target do not turn into longer-term deviations.

This orientation explains our June decision to cut rates by 25 basis points. The June projections were conditioned on a rate path that included a quarter-point reduction of the deposit facility rate (DFR) in June: model-based optimal policy simulations and an array of monetary policy feedback rules indicated a cut was appropriate under the baseline and also constituted a robust decision, remaining appropriate across a range of alternative future paths for inflation and the economy. By supporting the pricing pressure needed to generate target-consistent inflation in the medium-term, this cut helps ensure that the projected negative inflation deviation over the next eighteen months remains temporary and does not convert into a longer-term deviation of inflation from the target. This cut also guards against any uncertainty about our reaction function by demonstrating that we are determined to make sure that inflation returns to target in the medium term. This helps to underpin inflation expectations and avoid an unwarranted tightening in financial conditions.

It is worth noting, in particular, that the robustness of the decision was also supported by a set of model-based optimal policy simulations conducted on various combinations of the trade scenarios discussed in the Eurosystem staff projections report, even when also factoring in upside scenarios for fiscal expenditure. By contrast, leaving the DFR on hold at 2.25 per cent could have triggered an adverse repricing of the forward curve and a revision in inflation expectations that would risk generating a more pronounced and longer-lasting undershoot of the inflation target. In turn, if this risk materialised, a stronger monetary reaction would ultimately be required.

Looking ahead, our monetary policy will have to take into account not only the most likely path (the baseline) but also the risks to activity and inflation. To this end, it will be important to explore how alternative rate paths hold up in various plausible sensitivity and scenario analyses, in order to make sure we minimise the risk of extended deviations from our medium-term target.

MIL OSI Europe News –

June 25, 2025
MIL-OSI Canada: Department of Finance briefs industry stakeholders on Canada’s response to U.S. tariffs

Source: Government of Canada News

June 24, 2025 – Ottawa, Ontario – Department of Finance Canada

Yesterday, the Deputy Minister of Finance, Chris Forbes, hosted a briefing with Canadian industry and labour stakeholders on Canada-United States (U.S.) economic issues. Senior officials from the Embassy of Canada in the U.S., also joined the call.

Deputy Minister Forbes provided an overview of the work to respond to the unjustified U.S. tariffs, as well as the ongoing discussions between Prime Minister Carney and President Trump. This includes the meeting at the G7 Leaders’ Summit in Kananaskis, Alberta, last week, where both leaders agreed to pursue negotiations toward a deal on a new economic and security relationship between Canada and the U.S.

The Deputy Minister also outlined the measures announced last week to support and protect Canada’s steel and aluminum workers and industries. The government will adjust its existing counter-tariffs on steel and aluminium products on July 21, to levels consistent with progress that has been made in the broader trading arrangement with the U.S.

The Deputy Minister reiterated that the government will also limit access to federal procurements to suppliers from Canada and reliable trading partners that provide reciprocal access, establish new tariff rate quotas to stabilize the domestic market and prevent harmful trade diversion of steel products as the result of U.S. actions, create government-stakeholder task forces to better support the steel aluminum industries and their workers, and adopt additional tariff measures on the basis of “country of melt and pour” for steel and “country of smelt and cast” for aluminum over the coming weeks to address overcapacity and unfair trade in these sectors.

Deputy Minister Forbes reminded stakeholders that a number of business support programs, including the new $10 billion Large Enterprise Tariff Loan facility, remain open to applicants. He also confirmed that the individual remission requests submitted as part of the broader remission framework are currently being assessed.

Finally, the Deputy Minister confirmed that the government remains prepared to take additional steps to support the Canadian steel and aluminum sectors as needed.

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MIL OSI Canada News –

June 25, 2025

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