NewzIntel.com

Category: Economy

  • MIL-OSI USA: Sens. Scott, Alsobrooks Introduce Bipartisan Legislation to Allow Federal Tax Credit for Beauty Industry Small Businesses  

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — U.S. Tim Scott (R-S.C.) and Angela Alsobrooks (D-Md.) introduced the Small Business Tax Fairness and Compliance Simplification Act. This legislation allows beauty industry small businesses, such as hair stylists, barbers, and nail technicians, to qualify for the Section 45(B) federal tax credit and provides a safe harbor for these businesses to establish procedures for tipped employees to better report their wages without attracting additional tax liability. 

    The beauty industry is the second largest tip-based sector but is excluded from the Section 45(B) federal tip tax credit. Currently, the tax credit is only available for the restaurant industry and not the beauty industry. Providing beauty industry small businesses with access to the Section 45(B) credit would allow them to hire more employees and decrease their federal tax burden.

    “The beauty services industry is expanding rapidly, with entrepreneurs supporting over 1.3 million hardworking Americans,” said Senator Scott. “This important effort to modernize the tax code ensures small businesses—like salons and barbershops—have a fair shot at success. I’m proud to lead this bipartisan legislation that will support these business owners and their employees in building wealth and achieving their own American Dream.” 

    “It is long past time that we allow small businesses in the beauty industry to qualify for this federal tax credit so they have more opportunities to grow their businesses, create more jobs, and fuel our economy. Small businesses are the backbone of Maryland, the backbone of our country, and this legislation would allow Maryland’s small businesses in the beauty industry to flourish,” said Senator Alsobrooks. 

    “The beauty industry is powered by women-owned small businesses, employing over more than one million professionals and offering countless entry-level opportunities,” said Megan Patton, Chair of the National Association of Women Business Owners (NAWBO) Board of Directors. “This bill relieves owners of the burden of unpredictable tip taxation, paving the way for greater financial stability. With projected industry growth of close to 20% by 2030, now is the time to act,” continued Patton. “This legislation will not only support small businesses but also strengthen retirement security for spa, beauty, and barbering professionals across the country.”

    “As a longtime small business owner in the beauty industry, I know firsthand how important it is to have policies that reflect the realities we face every day. The Small Business Tax Fairness and Compliance Simplification Act is a game-changer for businesses like mine. It gives us the tools to operate more transparently, take care of our teams, and build for the future without the fear of unexpected tax penalties. This kind of support can make all the difference for barbers, stylists, and salon owners working hard to stay afloat and serve their communities,” said Derick Ausby, State of Maryland Barber Board Member and Owner of the Groomatory Mens Club.  

    The Small Business Tax Fairness and Compliance Simplification Act has broad industry support, including the Professional Beauty Association (PBA), the International Spa Association, the National Association of Barber Boards of America, the Professional Beauty Employment Coalition, the National Association of Women Business Owners, the Personal Care Products Council, the International SalonSpa Business Network, and the Esthetics Council.

    Representatives LaHood (R-Ill.-16) and DelBene (D-Wash.-01) reintroduced this bill in the House last month with bipartisan support.

    Read the full text of the Small Business Tax Fairness and Compliance Simplification Act here.

    MIL OSI USA News –

  • MIL-OSI Russia: Vice Premier of the State Council of China calls for upholding common values of humanity and promoting a multipolar world

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    St. Petersburg, June 21 (Xinhua) — Vice Premier of the State Council of the People’s Republic of China Ding Xuexiang, a member of the Standing Committee of the Politburo of the Communist Party of China (CPC) Central Committee, called on Friday to uphold the common values of humanity and promote the building of an equal and orderly multipolar world, as well as an inclusive and beneficial economic globalization. He delivered a speech on “Upholding the Common Values of Humanity and Promoting a Multipolar World” at the plenary session of the 28th St. Petersburg International Economic Forum (SPIEF).

    According to Ding Xuexiang, ten years ago, Chinese President Xi Jinping pointed out at the general debate of the 70th session of the UN General Assembly that peace, development, equality, justice, democracy and freedom are the common values of all mankind and the lofty goals of the UN. This important judgment goes beyond the differences between different countries, ethnic groups, social systems and ideologies, outlining a value-based concentric circle for building a community with a shared future for mankind, and has received broad support and positive feedback from the international community, the vice premier added.

    At present, global changes unseen in a century are accelerating, multiple risks are intertwined, and humanity is facing many common challenges, Ding Xuexiang said, calling for a return to President Xi Jinping’s important speech to steer the planet toward a brighter future of peace, security, prosperity and progress.

    The Deputy Prime Minister put forward the following four-point proposal.

    First, it is necessary to uphold the concept of global governance characterized by broad consultation, joint contribution and common benefit. It is necessary to advocate for equal rights, opportunities and rules for all countries, and to protect the authority of the UN and international justice.

    Second, we need to work together to build an open and pluralistic world economy. We need to take concrete steps to protect the multilateral trading system and the international economic order, expand and fairly share the pie of economic globalization, and create more opportunities for countries in the Global South.

    Third, exchanges and mutual learning among civilizations should be supported. The diversity of human civilizations should be respected, all nations should be encouraged to find their own ways of realizing values, and any “new Cold War” or ideological confrontation should be opposed.

    Fourth, we need to safeguard global peace and development by building trust, resolving conflicts and strengthening security through dialogue, passing the torch of peace to future generations for lasting stability and common prosperity.

    Ding Xuexiang said that China and Russia are true friends who share joys and sorrows, and good partners who achieve mutual success. In May, President Xi Jinping paid a state visit to Russia and attended the celebrations of the 80th anniversary of the Soviet Union’s victory in the Great Patriotic War, he said. The two heads of state agreed to further deepen political mutual trust and strengthen strategic coordination, and jointly demonstrated a resolute stance on upholding the results of World War II and international justice, the vice premier emphasized.

    Beijing is willing to work with Moscow to elevate China-Russia relations to a higher level, expand their scope and strengthen their resilience, and expand high-quality mutually beneficial cooperation to benefit the two peoples, Ding Xuexiang said, calling on the two countries to strengthen coordination and cooperation at multilateral platforms such as the UN and make greater contributions to building a more just, equitable and prosperous multipolar world. –0–

    MIL OSI Russia News –

  • MIL-OSI China: Muniain leaves San Lorenzo, hints at retirement

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

    Former Spain international midfielder Iker Muniain raised the prospect of retirement on Friday after parting ways with Argentine club San Lorenzo.

    The 32-year-old had been tied to the Buenos Aires club until December but exercised an option to terminate the contract early, citing personal reasons.

    “I’m here to announce that I’m leaving San Lorenzo but a little piece of me will stay here forever,” Muniain told a news conference in Buenos Aires, adding that he would need time to think about his future.

    “This is the first time I’ve considered quitting playing. There is a good chance that this will happen, and I’ll be giving it some more thought.”

    Muniain made 26 appearances across all competitions for San Lorenzo, scoring four goals and providing one assist, after joining the club on a free transfer from Athletic Bilbao last September.

    His time in Argentina coincided with an institutional crisis at San Lorenzo, including a corruption scandal engulfing the club’s president, Marcelo Moretti, and financial troubles that delayed player salary payments.

    Muniain did not indicate whether the off-field turmoil influenced his decision but insisted he would recall his time at the club fondly.

    “I’ve been able to experience nine or 10 truly wonderful months despite all the circumstances and problems that have arisen at times,” said Muniain, who has two Spain caps. “It’s been very special, it’s been very beautiful. It has been worthwhile and the memories will last a lifetime.”

    MIL OSI China News –

  • MIL-OSI Russia: The Belarusian State University hosted a ceremony to present a special issue of the New Economy magazine dedicated to China

    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

    MINSK, June 21 /Xinhua/ — The Faculty of Economics of the Belarusian State University (BSU) held a ceremony on Wednesday to present a special issue of the New Economy magazine dedicated to the PRC, the faculty’s press service reported.

    This edition publishes the results of dissertation research in economic sciences. The special issue includes scientific articles by students, postgraduates and teachers of the economic faculty of BSU on Belarusian-Chinese economic relations. The authors of the studies included in it were awarded the first copies of the special issue.

    During the ceremony, the Dean of the Faculty of Economics of BSU Anna Koroleva emphasized the importance of academic interaction within the framework of international scientific cooperation and the development of applied research in the field of the Chinese economy.

    The Cultural Advisor of the Chinese Embassy in Belarus, Xia Guangyuan, congratulated the students, postgraduates and their academic supervisors on the publication. “The special issue, containing 35 in-depth scientific articles, is not only a comprehensive analysis of the complex modern economic picture, but also a rich fruit of the joint efforts of Chinese and Belarusian scientists in the intellectual sphere,” the diplomat noted.

    He stressed that the two countries are facing unprecedented pressures and choices in the face of global uncertainty, but it is precisely in the challenges that new opportunities for restructuring and development lie.

    The magazine’s editor-in-chief, Viktor Saevich, noted that the Chinese economy is open, inclusive and dynamic, and that studying the Chinese economic model is of reference value for all countries in the world.

    The ceremony was attended by representatives of the Faculty of Economics and the Rectorate of BSU, the Embassy of China in Belarus, the magazine “New Economy”, as well as partners of the faculty and the publication. –0–

    MIL OSI Russia News –

  • MIL-OSI USA: Senator Hassan Answers Questions in Windham from Small Business Leaders and Workers

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    WINDHAM – U.S. Senator Maggie Hassan participated in an event today hosted by the Southern New Hampshire Chamber of Commerce where she answered questions from small business leaders and workers. Granite State small business leaders asked about strengthening the local economy, reducing the deficit, and other priorities.  

    “I appreciated hearing directly from New Hampshire’s small business leaders and workers about the challenges that they are facing, which have been made worse by the Trump Administration’s reckless and chaotic actions,” said Senator Hassan. “Small businesses are the backbone of New Hampshire’s economy, and I will continue to work to get small businesses the support that they need, including relief from President Trump’s recklessly broad tariffs.”  

    Senator Hassan has a record of supporting small businesses. Senator Hassan recently reintroduced bipartisan legislation to cut taxes for small businesses with fewer than 10 employees that create retirement accounts for their employees. She has stood up to the Trump Administration’s reckless tariffs that are raising costs on Granite State families and small businesses – which are also making it difficult for businesses to plan for the future. Senator Hassan has also been a leader in advocating for the full restoration of the research & development tax deduction so that businesses in the United States can continue to outcompete China. 

    MIL OSI USA News –

  • MIL-OSI: The China Fund, Inc. Announces Board Approval of Plan of Liquidation

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, June 20, 2025 (GLOBE NEWSWIRE) — The China Fund, Inc. (NYSE: CHN) (the “Fund”) announced today that its Board of Directors (the “Board”) has approved a plan of liquidation and dissolution (the “Plan”) for the Fund. The Plan will be submitted to Fund stockholders for approval at a Special Meeting. The date of the Special Meeting and more detailed information about the proposed liquidation and Plan will be set forth in a proxy statement to be mailed to the Fund’s stockholders in the near future. The Board recommends that the Fund’s stockholders vote for the liquidation of the Fund at the Special Meeting.

    In determining to liquidate the Fund, the Board considered a variety of factors including, among others, prevailing geopolitical and market conditions, the size of the Fund, the trading volume of the Fund’s shares, the Fund’s discount to net asset value, and the availability of competing open-end products, such as exchange-traded funds. The Board also considered alternatives, including converting the Fund into an open-end management investment company. On balance, the Board determined that the liquidation of the Fund is in the best interests of the Fund and its stockholders.

    The Fund intends to file a proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) with respect to the proposal to liquidate the Fund. As noted, copies of the Fund’s proxy statement will also be mailed to each stockholder of record of the Fund. Upon receipt, stockholders are advised to read the Fund’s proxy statement as it will contain important information. Once filed with the SEC, the proxy statement will be available free of charge on the SEC website, www.sec.gov.

    This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the Fund’s current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund’s regulatory filings, which are available free of charge on the SEC’s website. An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Any data and commentary provided in this press release are for informational purposes only.

    The Fund is a closed-end management investment company. The Fund’s investment manager is Matthews International Capital Management, LLC. For further information regarding the Fund, please call (888)-CHN-CALL or visit the Fund’s website at www.chinafundinc.com. The information contained on the Fund’s website is not part of this press release. Copies of the Fund’s complete audited financial statements are available free of charge upon request.

    Investments involve risk, including possible loss of principal, and an investment should be made with an understanding of the risks involved with owning a particular security or asset class. Interested parties are strongly encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular circumstances.

    Contact

    Julian Reid
    Chairman of the Board
    The China Fund, Inc.
    +44 7768 068200

    The MIL Network –

  • MIL-OSI: The China Fund, Inc. Announces Board Approval of Plan of Liquidation

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, June 20, 2025 (GLOBE NEWSWIRE) — The China Fund, Inc. (NYSE: CHN) (the “Fund”) announced today that its Board of Directors (the “Board”) has approved a plan of liquidation and dissolution (the “Plan”) for the Fund. The Plan will be submitted to Fund stockholders for approval at a Special Meeting. The date of the Special Meeting and more detailed information about the proposed liquidation and Plan will be set forth in a proxy statement to be mailed to the Fund’s stockholders in the near future. The Board recommends that the Fund’s stockholders vote for the liquidation of the Fund at the Special Meeting.

    In determining to liquidate the Fund, the Board considered a variety of factors including, among others, prevailing geopolitical and market conditions, the size of the Fund, the trading volume of the Fund’s shares, the Fund’s discount to net asset value, and the availability of competing open-end products, such as exchange-traded funds. The Board also considered alternatives, including converting the Fund into an open-end management investment company. On balance, the Board determined that the liquidation of the Fund is in the best interests of the Fund and its stockholders.

    The Fund intends to file a proxy statement with the U.S. Securities and Exchange Commission (the “SEC”) with respect to the proposal to liquidate the Fund. As noted, copies of the Fund’s proxy statement will also be mailed to each stockholder of record of the Fund. Upon receipt, stockholders are advised to read the Fund’s proxy statement as it will contain important information. Once filed with the SEC, the proxy statement will be available free of charge on the SEC website, www.sec.gov.

    This press release may contain statements regarding plans and expectations for the future that constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the Fund’s current plans and expectations, and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Additional information concerning such risks and uncertainties are contained in the Fund’s regulatory filings, which are available free of charge on the SEC’s website. An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Any data and commentary provided in this press release are for informational purposes only.

    The Fund is a closed-end management investment company. The Fund’s investment manager is Matthews International Capital Management, LLC. For further information regarding the Fund, please call (888)-CHN-CALL or visit the Fund’s website at www.chinafundinc.com. The information contained on the Fund’s website is not part of this press release. Copies of the Fund’s complete audited financial statements are available free of charge upon request.

    Investments involve risk, including possible loss of principal, and an investment should be made with an understanding of the risks involved with owning a particular security or asset class. Interested parties are strongly encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular circumstances.

    Contact

    Julian Reid
    Chairman of the Board
    The China Fund, Inc.
    +44 7768 068200

    The MIL Network –

  • MIL-OSI USA: President Trump signs Kennedy resolution undoing cumbersome Biden-era bank merger rule

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – President Donald Trump today signed Sen. John Kennedy’s (R-La.) joint resolution of disapproval under Congressional Review Act (CRA) procedures to block an Office of Comptroller (OCC) rule that hurts community banks by adding unnecessary red tape to the bank merger approval process.

    “When the Biden administration imposed crippling red tape on the bank merger process, they delivered a devastating blow to small community banks nationwide, strangling their ability to serve their customers. I’m deeply thankful to my House and Senate colleagues for passing this vital legislation and to President Trump for signing my resolution to dismantle this oppressive regulation,” said Kennedy.

    The Biden administration’s rule, which went into effect on Jan. 1, 2025, amended the Bank Merger Act of 1960 to make it harder for the OCC to approve healthy bank mergers quickly. Kennedy’s resolution would reverse the Biden administration’s misguided rule so that banks can stay in business and serve hardworking Americans.

    Sens. Tim Scott (R-S.C.), Bill Hagerty (R-Tenn.), Thom Tillis (R-N.C.), Steve Daines (R-Mont.) and Bernie Moreno (R-Ohio) cosponsored the Senate resolution. 

    “The Biden-era rule restricting bank mergers disproportionately harmed small and midsized banks and would have reduced access to credit and financial services. I’m grateful to President Trump for signing Senator Kennedy’s resolution to overturn the rule, which will ensure the free market can decide how financial institutions can best serve their customers,”said Scott, Chairman of the Senate Banking Committee.

    Rep. Andy Barr (R-Ky.), Chairman of the Financial Institutions Subcommittee on the House Financial Services Committee, introduced the companion resolution.

    “Bank mergers create competition and efficiency in the banking system. By eliminating this rule, we will remove unnecessary guardrails on the bank merger process that make smaller and medium-sized banks less competitive. This is another win for President Trump, who is making our economy stronger by cutting government red-tape and unleashing the free market,” said Barr.

    Background:

    • Historically, the OCC assumed that a potential merger passed muster if the agency did not take action on a merger application within 15 days. The burden of showing that a merger would harm businesses and consumers fell on the OCC and bank regulators.
    • The Biden administration’s rule shifted the burden of proof to individual banks, making it harder for banks – particularly community banks – to fulfill their obligations by making smart, strategic mergers.
    • In February 2025, Kennedy introduced his resolution to undo the Biden administration’s rule.
    • On May 8, 2025, the Senate passed Kennedy’s resolution. 
    • On May 20, 2025, the U.S. House of Representatives passed the resolution.

    The full resolution is available here.

    MIL OSI USA News –

  • MIL-OSI USA: President Trump signs Kennedy resolution undoing cumbersome Biden-era bank merger rule

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – President Donald Trump today signed Sen. John Kennedy’s (R-La.) joint resolution of disapproval under Congressional Review Act (CRA) procedures to block an Office of Comptroller (OCC) rule that hurts community banks by adding unnecessary red tape to the bank merger approval process.

    “When the Biden administration imposed crippling red tape on the bank merger process, they delivered a devastating blow to small community banks nationwide, strangling their ability to serve their customers. I’m deeply thankful to my House and Senate colleagues for passing this vital legislation and to President Trump for signing my resolution to dismantle this oppressive regulation,” said Kennedy.

    The Biden administration’s rule, which went into effect on Jan. 1, 2025, amended the Bank Merger Act of 1960 to make it harder for the OCC to approve healthy bank mergers quickly. Kennedy’s resolution would reverse the Biden administration’s misguided rule so that banks can stay in business and serve hardworking Americans.

    Sens. Tim Scott (R-S.C.), Bill Hagerty (R-Tenn.), Thom Tillis (R-N.C.), Steve Daines (R-Mont.) and Bernie Moreno (R-Ohio) cosponsored the Senate resolution. 

    “The Biden-era rule restricting bank mergers disproportionately harmed small and midsized banks and would have reduced access to credit and financial services. I’m grateful to President Trump for signing Senator Kennedy’s resolution to overturn the rule, which will ensure the free market can decide how financial institutions can best serve their customers,”said Scott, Chairman of the Senate Banking Committee.

    Rep. Andy Barr (R-Ky.), Chairman of the Financial Institutions Subcommittee on the House Financial Services Committee, introduced the companion resolution.

    “Bank mergers create competition and efficiency in the banking system. By eliminating this rule, we will remove unnecessary guardrails on the bank merger process that make smaller and medium-sized banks less competitive. This is another win for President Trump, who is making our economy stronger by cutting government red-tape and unleashing the free market,” said Barr.

    Background:

    • Historically, the OCC assumed that a potential merger passed muster if the agency did not take action on a merger application within 15 days. The burden of showing that a merger would harm businesses and consumers fell on the OCC and bank regulators.
    • The Biden administration’s rule shifted the burden of proof to individual banks, making it harder for banks – particularly community banks – to fulfill their obligations by making smart, strategic mergers.
    • In February 2025, Kennedy introduced his resolution to undo the Biden administration’s rule.
    • On May 8, 2025, the Senate passed Kennedy’s resolution. 
    • On May 20, 2025, the U.S. House of Representatives passed the resolution.

    The full resolution is available here.

    MIL OSI USA News –

  • MIL-OSI Economics: IDEV Highlights Role of Evaluation in Unlocking Africa’s Financial Capital at AfDB 2025 Annual Meetings

    Source: African Development Bank Group

    (L-R) Rufus N. Darkortey, Executive Director at the African Development Bank representing The Gambia, Ghana, Liberia, Sierra Leone and Sudan, alongside Neil Cole, Financing Manager for South Africa’s Just Energy Transition Project Management Unit, Office of the President, Guillaume Le Bris, Head of Infrastructure and Energy, ILX Fund Management, Karen Rot-Münstermann, Evaluator General at African Development Bank Group, Adesoji Adelaja, John A. Hannah Distinguished Professor in Land Policy, Michigan State University and Global Fellow, Woodrow Wilson Center, David Kevin (DKL) Lumbila, Division Manager at the African Development Bank, Dr. Eric Kehinde Ogunleye as Director of African Development Institute, African Development Bank, during AM2025: Harnessing Africa’s Financial Capital.

    Independent evaluations are essential to unlocking Africa’s domestic financial capital and driving reforms that deliver real development impact. This was the central message from a side event organized by the Independent Development Evaluation (IDEV) function of the African Development Bank Group, held during the Bank’s 2025 Annual Meetings in Abidjan.

    The event, titled “Harnessing Africa’s Financial Capital for Development: Evidence from Independent Evaluations,” brought together evaluators, policymakers, economists, finance professionals, and private sector actors to explore how evaluation findings can strengthen resource mobilization, public financial management, and the efficient use of capital.

    Opening the session, Karen Rot-Münstermann, Evaluator General of the Bank, emphasized the urgency of tapping Africa’s vast domestic capital in light of declining foreign aid and investment flows. Drawing from the Bank’s 2025 African Economic Outlook, she cited an annual loss of around $600 billion due to illicit financial flows and inefficiencies, while underscoring Africa’s potential to mobilize and retain up to about $1.43 trillion annually through better policies. “There is money in Africa,” she said, quoting AfDB Vice President and Chief Economist, Professor Kevin Urama. “It’s about mobilizing and valorizing it.”

    Madhusoodhanan Mampuzhasseril, Division Manager at IDEV, presented key findings from three recent evaluations: a synthesis on public financial management, an impact evaluation of a public finance modernization project in the Democratic Republic of Congo (DRC), and an evaluation of the Bank’s use of its public-private partnership mechanism. These findings emphasized the need for robust legal frameworks, effective IT systems, strong coordination mechanisms, and adaptation to local contexts.

    A panel discussion moderated by Dr. Eric Ogunleye, Director of the Bank’s African Development Institute, featured diverse perspectives.

    Rufus N. Darkortey, Executive Director at the Bank, illustrated how evaluation has driven impactful reforms in his constituency including The Gambia and Liberia, where it supported reforms that doubled the tax-to-GDP ratio and improved fiscal management. “All of that would not have been possible if evaluation had not been playing a driving role,” he emphasized.

    Neil Cole, representing South Africa’s Just Energy Transition Unit, emphasized that resource mobilization must be matched with effective absorption and alignment with national priorities. “Evaluation helps us detect capacity gaps before we act,” he noted, calling for reforms grounded in evidence and institutional realities.

    Representing the private sector, Guillaume Le Bris of the ILX Fund emphasized that pension-backed investments rely on credible data and institutional trust. “Evaluation is essential to de-risking investment and aligning capital with development outcomes,” he said. ILX, which has mobilized over $1.7 billion from Dutch and Danish pension funds, co-invests exclusively with multilateral development banks in emerging markets. Le Bris noted that robust evaluation systems are essential to attracting and retaining large-scale private capital.

    Kevin Lumbila, Division Manager in the Bank’s Governance and Economic Reforms Department, shared results from a public finance modernization project in the DRC where integrated financial systems, new tax offices, and improved working conditions for staff led to better service delivery and a 10 percent average annual increase in revenue in participating provinces. “When citizens saw improvements like roads and waste collection, their willingness to pay taxes grew,” he explained. These outcomes, later captured in IDEV’s evaluation, demonstrate the power of adaptive, context-aware design in driving reform.

    Prof. Soji Adelaja of Michigan State University, emphasized that evaluation must be embedded from the design stage, enabling meaningful adaptation. “You can’t evaluate what you didn’t set up to learn from,” he said, describing evaluation as not only a tool for accountability but also a strategic instrument for storytelling that builds public trust and boosts both public and private financing.

    Panelists discussed the role of civil society and high-net-worth individuals in financing development. Prof Adelaja pointed to Nigeria’s successful raising of $340 million in a single day from private citizens, citing trust and transparency as key enablers.

    Closing the session, Dr. Ogunleye urged stronger domestic resource mobilization and institutional capacity, noting that no country has developed solely on external aid. “Evaluation is not a luxury—it is a necessity. Smarter policies, better implementation, and fairer outcomes all begin with evidence,” he stressed.

    The session made a compelling case for elevating evaluation as a central pillar in Africa’s financial reform agenda. It reaffirmed IDEV’s commitment to connecting evaluation with action that enhances Africa’s financial resilience and development effectiveness.

    MIL OSI Economics –

  • MIL-OSI Economics: Senegal and Kenya Top African Development Bank’s Electricity Regulatory Index, as Regulators Drive Tangible Reforms

    Source: African Development Bank Group

    Kenya and Senegal have claimed the top spots in the African Development Bank’s 2024 Electricity Regulatory Index (ERI), demonstrating exceptional progress in power sector governance and regulatory outcomes. The comprehensive assessment, officially unveiled today at the Africa Energy Forum in Cape Town, evaluates regulatory frameworks across 43 African countries.

    Uganda, Liberia and Niger round out the top five performers, with Niger registering one of the biggest gains, underlining the strong impact of sustained reforms and political commitment to power sector development.

    The ERI evaluates three dimensions—Regulatory Governance, Regulatory Substance, and Regulatory Outcomes (ROI). Notably, the ROI, which tracks service delivery and utility performance, recorded the most substantial improvement across the continent.

    Key findings from the 2024 ERI:

    • Kenya and Senegal led with a score of 0.892, reflecting standout progress in tariff reform, regulatory outcomes, and utility performance.
    • A remarkable 41 out of 43 participating countries achieved RGI scores above 0.5, representing a significant increase from 24 countries in 2022.
    • Countries scoring below 0.500 reduced significantly from 19 in 2022 to just 6 in 2024.
    • Even the lowest-performing country tripled its score—from about 0.10 to 0.33.
    • The ROI surged from roughly 0.40 in 2022 to 0.62 in 2024, showing that reforms are delivering tangible service improvements on the ground.

    Now in its seventh edition, the ERI shows strong momentum toward more effective, transparent, and impactful regulation, with real-world results beginning to emerge.

    “The 2024 ERI shows that Africa’s regulators are stepping up. We are now seeing stronger institutions delivering real results for utilities and consumers. This shift is critical if we are to achieve Mission 300 and connect 300 million people to electricity by 2030,” says Dr. Kevin Kariuki, AfDB Vice President for Power, Energy, Climate and Green Growth.

    For the first time, the 2024 ERI also assessed regional regulatory bodies, recognizing their growing role in harmonizing technical standards and enabling cross-border electricity trade.

    As the backbone of Mission 300, ERI continues to inform the design and implementation of national energy compacts—currently active in 12 countries, with another 20 in development.

    Bridging the Gap – Addressing Ongoing Challenges

    While celebrating regulatory progress, the report calls for greater focus on regulatory independence, the financial viability of utilities, and the integration of off-grid and mini-grid systems into national frameworks. The ERI underscores that regulation must translate into better access, affordability, and reliability, especially for underserved rural populations.

    The report outlines priority areas for enhancing regulatory effectiveness:

    • Strengthening regulatory independence
    • Enhancing accountability mechanisms
    • Promoting transparency and predictability
    • Improving stakeholder participation
    • Deepening economic regulation and advancing cost-reflective tariff methodologies.

    “The ERI 2024 tells a hopeful story. African countries are not just passing laws—they are implementing them. Regulators are transforming from administrative bodies into strategic institutions with measurable influence. However, challenges related to independence, financing, and enforcement persist,” said Wale Shonibare, Director for Energy Financial Solutions, Policy and Regulation at the Bank Group.

    Launched in 2018, the ERI is a diagnostic and policy tool used by governments, regulators, and development partners to identify gaps, track progress, and prioritize reform efforts. The 2024 edition incorporates extensive feedback from utilities, regulators, and regional energy bodies.

    The full ERI 2024 report will be available here.

    MIL OSI Economics –

  • MIL-OSI China: Chinese vice premier calls for championing humanity’s common values, promoting multipolar world

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

    Chinese vice premier calls for championing humanity’s common values, promoting multipolar world

    ST. PETERSBURG, June 20 — Chinese Vice Premier Ding Xuexiang on Friday called for championing humanity’s common values, and promoting an equal and orderly multipolar world as well as universally beneficial and inclusive economic globalization.

    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks when delivering a speech titled “Championing Humanity’s Common Values and Promoting a Multipolar World” at the plenary session of the 28th St. Petersburg International Economic Forum.

    Ding said that a decade ago, Chinese President Xi Jinping noted in his speech at the General Debate of the 70th Session of the UN General Assembly that peace, development, equity, justice, democracy and freedom are the common values of all mankind and the lofty goals of the United Nations.

    The important proposition transcends differences among different countries, ethnic groups, social systems and ideologies, drawing a value-based concentric circle for building a community with a shared future for mankind, and has received extensive support and positive responses from the international community, he added.

    At present, global changes unseen in a century are accelerating, multiple risks are intertwined, and humanity is confronted with many common challenges, said Ding, calling for reviewing President Xi’s important speech to steer the world toward a bright future of peace, security, prosperity and progress.

    The Chinese vice premier put forward a four-point proposal.

    First, uphold the concept of global governance featuring extensive consultation, joint contribution, and shared benefits. Promote equal rights, opportunities, and rules for all nations, and safeguard UN authority and international fairness.

    Second, jointly build an open and pluralistic world economy. Take concrete steps to safeguard the multilateral trading system and international economic order, expand and fairly share the “pie” of economic globalization, and create more opportunities for Global South countries.

    Third, advocate exchanges and mutual learning among civilizations. Respect the diversity of human civilizations, support all nations in exploring their own paths to realizing values, and oppose any “new Cold War” or ideological confrontation.

    Fourth, safeguard global peace and development by building trust, settling conflicts, and enhancing security through dialogue, passing the torch of peace to future generations for lasting stability and common prosperity.

    Ding stated that China and Russia are true friends who share weal and woe, and good partners for mutual success. Last month, President Xi paid a state visit to Russia and attended the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War, he said, adding that the two heads of state agreed to further consolidate political mutual trust, strengthen strategic coordination, and jointly deliver a resounding stance for upholding the outcomes of World War II and international fairness and justice.

    China is willing to work with Russia to elevate the China-Russia relationship to greater heights, broaden its dimensions, and strengthen its resilience, expand high-quality mutually beneficial cooperation, so as to better benefit the two peoples, said Ding, urging the two countries to strengthen coordination and collaboration on multilateral platforms such as the United Nations, and make greater contributions to building a more just, equitable, and prosperous multipolar world.

    Ding said that despite the increasing impact of external shocks, China’s economy has continued to show a positive trend, demonstrating robust vitality and resilience to the world.

    China will expeditiously implement more proactive and effective macro policies, focus on stabilizing employment, enterprises, markets and expectations, and use the certainty of high-quality development to counter the uncertainties of the rapidly changing external environment, he said.

    No matter how the external environment changes, China’s door to opening up will only swing wider open, said Ding, adding that enterprises from all countries are sincerely welcome to invest and start businesses in China, actively participate in the process of Chinese modernization, and share China’s development opportunities.

    In the interactive session after the address, Ding responded to questions from the plenary session moderator on major-country relations and China-Russia cooperation in education and technology.

    On the sidelines of the forum, Ding met respectively with Russian First Deputy Prime Minister Denis Manturov, Russian Deputy Prime Minister Alexander Novak, Russian oil company Rosneft’s chief executive Igor Sechin, and Gazprom CEO Alexey Miller.

    The two sides agreed to fully leverage the roles of the China-Russia Investment Cooperation Committee, the China-Russia Energy Cooperation Committee and the China-Russia Energy Business Forum, promote the high-quality development of investment and energy cooperation, and provide more impetus for the development of bilateral relations.

    Ding also had brief and friendly conversations respectively with Indonesian President Prabowo Subianto, National Security Advisor of Bahrain Shaikh Nasser bin Hamad Al Khalifa, and South African Deputy President Paul Mashatile.

    MIL OSI China News –

  • MIL-OSI Russia: IMF Executive Board Completes the Third Review under the Extended Credit Facility Arrangement for Burkina Faso

    Source: IMF – News in Russian

    June 20, 2025

    • The IMF Executive Board completed today the third review under the Extended Credit Facility Arrangement for Burkina Faso. This enables an immediate disbursement of about US$32.8 million.
    • Supportive policies and favorable weather conditions boosted agricultural output in 2024; however, widespread insecurity continues to weigh on economic activity in other sectors, especially gold mining, the primary source of export earnings for the country.
    • Program performance has been broadly satisfactory. While end-December 2024 performance criteria for the primary fiscal deficit and net domestic financing were missed by 0.6 percent of GDP, the 2025 budget includes adequate corrective measures. On this basis, the Executive Board approved waivers of nonobservance of these performance criteria. All continuous performance criteria were met. Seven out of eight structural benchmarks were achieved, with the remaining one implemented later as a prior action.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Credit Facility (ECF) arrangement that was approved on September 21, 2023. The completion of the review enables the immediate disbursement of SDR 24.08 million (about US$32.8 million), bringing total IMF financial support under the arrangement to SDR 96.32 million (about US$131.3 million). 

    Real GDP growth is estimated to have reached 5.0 percent in 2024. Strong growth in agriculture and services outweighed contractions in mining and manufacturing. Real GDP growth is projected to average 4.2 percent in 2025, as growth in the agricultural output is expected to soften in line with average rainfall conditions. Inflation is projected to ease to 3.0 percent in 2025 amid moderating food prices.

    Balance of payments strengthened, reflecting a positive shift in terms of trade. The current account deficit rose from 5.0 percent of GDP in 2023 to 5.7 percent in 2024 but is expected to narrow to 3.4 percent in 2025 due to record-high gold prices. Trade policy turbulences will likely have a marginal impact as the United States are not a major trading partner.   

    Elevated capital spending affected fiscal performance in 2024. Nonetheless, the overall fiscal deficit narrowed from 6.7 percent of GDP in 2023 to 5.8 percent in 2024. Building on the 2025 budget, fiscal policy is expected to be tightened considerably in 2025, with the overall fiscal deficit projected in the 3.3 to 4.0 percent of GDP range, depending on the availability of external concessional financing. Risks to the outlook are tilted to the downside due to terrorist threats.

    Progress under the ECF arrangement has been broadly satisfactory. Due to fiscal pressures in late 2024, the end-December performance criteria (PCs) on the primary fiscal deficit and net domestic financing were missed by 0.6 percent of GDP, while all other PCs were met. Three out of six indicative targets (ITs) were missed by small margins. All three continuous PCs and five end-March 2025 ITs, including on the primary fiscal deficit and net domestic financing were met, while the remaining four ITs were missed by small margins.

    The Burkinabè authorities advanced their structural reform agenda under the program. They met seven out of eight structural benchmarks (SBs) and have addressed the missed SB on the preparation of the clearance plan for domestic arrears as a prior action for the third review. They have also implemented two other prior actions: they shared a list of treasury deposit accounts and cleared all domestic arrears outstanding at end-2023. Three new SBs under the program aim to strengthen the governance in public procurement, uphold integrity in revenue administration, and increase control over the public wage bill.

    At the conclusion of the Executive Board’s discussion, Mr. Kenji Okamura, Deputy Managing Director, and Acting Chair, issued the following statement:

    “Burkina Faso’s economy has proven resilient notwithstanding security challenges, a difficult humanitarian situation, and weather shocks. A lasting improvement in socio‑economic conditions will require progress on security and structural reforms to foster diversification, fiscal governance, and resilience.

                “While the policy framework remains strong, fiscal pressures affected program performance in 2024. For the first time, and in difficult circumstances, performance criteria on the primary fiscal deficit and net domestic financing were missed. The margin of nonobservance—while not negligible—did not undermine the fiscal consolidation trend. The authorities counteracted the slippage with strong measures on the expenditure side and remain committed to reducing the overall fiscal deficit to three percent of GDP by the end of the ECF arrangement, while safeguarding fiscal space for poverty-reducing social spending. This commitment is reflected in the 2025 budget and fiscal performance through end-March.

                “The authorities are on track and have expanded their structural reform agenda, focusing on fiscal governance and transparency. They have provided a list of treasury deposit accounts, adopted an arrears’ clearance plan, and cleared all arrears outstanding at end-2023 following their audit. These measures are informed by the preliminary findings of the IMF’s Governance Diagnostic Assessment (GDA). The GDA report is being finalized. The authorities intend to publish the final report in coming weeks and adopt, within four months from publication, an action plan reflecting its key recommendations. Structural conditionality for the fifth review has been strengthened with the addition of benchmarks on implementing the action plan from the procurement audit and strengthening further wage bill control and governance in revenue services.”

    Table 1.  Burkina Faso: Selected Economic and Financial Indicators, 2023–29

    Population (2023): 23.3 million  

      Gini Index (2021): 37.4

    Per capita GDP (2023): 910 USD

    		      

    Life Expectancy (years): 60

    Share of population below the poverty line (2022): 43.7%

    Literacy rate (2022): 34%

    2023

    2024

    2024

    2025

    2025

    2026

    2027

    2028

    2029
     

    Act.

    ECF 2nd Review

    Prel.

    ECF 2nd Review

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.
     

    (Annual percentage change, unless otherwise indicated)

    GDP and Prices

    		            

    GDP at constant prices

    3.0

    4.2

    5.0

    4.3

    4.2

    4.9

    4.7

    4.7

    4.7

    GDP deflator

    2.0

    7.2

    8.9

    5.6

    5.9

    4.0

    3.3

    2.8

    2.3

    Consumer prices (annual average)

    0.7

    3.6

    4.2

    3.0

    3.0

    2.5

    2.1

    2.0

    2.0

    Consumer prices (end of period)

    1.0

    3.4

    4.9

    2.8

    3.0

    2.5

    2.1

    2.0

    2.0
                 

    Money and Credit

    		            

    Net domestic assets (banking system) 1/

    5.3

    18.7

    0.4

    14.7

    6.1

    8.8

    8.7

    7.5

    7.0

    Credit to the government (banking system) 1/

    3.0

    9.8

    3.7

    8.1

    3.8

    3.4

    3.3

    2.3

    2.1

    Credit to private sector

    5.9

    13.1

    -2.2

    9.5

    2.6

    8.2

    8.3

    7.9

    7.5

    Broad money (M3)

    -3.0

    20.8

    7.2

    15.6

    6.1

    9.1

    8.1

    7.6

    7.1

    Private sector credit/GDP

    31.6

    30.7

    27.0

    30.5

    25.1

    24.9

    24.9

    25.0

    25.1
                 

    External Sector

    		            

    Exports (f.o.b.; valued in CFA francs)

    -3.1

    10.5

    2.0

    10.5

    25.3

    7.8

    5.3

    4.2

    2.7

    Imports (f.o.b.; valued in CFA francs)

    -1.5

    5.3

    4.8

    3.5

    10.8

    6.3

    6.5

    6.4

    5.7

    Current account (percent of GDP)

    -5.0

    -5.2

    -5.7

    -3.5

    -3.4

    -3.1

    -3.4

    -3.7

    -4.4
     

    (Percent of GDP, unless otherwise indicated)

    Central Government Finances

    		            

    Current revenue

    20.6

    20.1

    20.6

    18.6

    19.8

    20.1

    20.4

    20.8

    20.9

     of which: Tax revenue

    18.2

    17.8

    18.3

    16.9

    18.1

    18.4

    18.8

    19.1

    19.3

    Total expenditure and net lending

    29.0

    26.3

    27.7

    24.1

    25.0

    24.7

    24.6

    24.9

    25.1

     of which: Current expenditure

    17.9

    16.5

    16.3

    15.4

    16.0

    15.5

    15.1

    14.7

    14.3

    Overall fiscal balance, incl. grants (commitments)

    -6.7

    -5.0

    -5.8

    -4.3

    -4.0

    -3.5

    -3.0

    -3.0

    -3.0

    Total public debt 2/

    56.2

    53.0

    56.9

    52.2

    56.1

    55.0

    54.0

    53.0

    52.3

            of which: External debt

    25.9

    23.7

    25.4

    22.2

    24.8

    24.0

    23.7

    23.3

    23.1

            of which: Domestic debt

    30.3

    29.4

    31.6

    29.9

    31.3

    30.9

    30.3

    29.7

    29.2
                 

    Memorandum Items:

    		            

    Nominal GDP (CFAF billion) 3/

    12,328

    14,330

    14,098

    15,791

    15,561

    16,973

    18,355

    19,755

    21,153

    Nominal GDP per capita (US$)

    874

    990

    975

    1,050

    1,002

    1,063

    1,120

    1,175

    1,227

    Nominal exchange rate (CFAF/US$, period average)

    606

    602

    606

    598

    635

    637

    637

    637

    637

    Gold price (USD/troy ounce)

    1,943

    2,342

    2,387

    2,608

    2,821

    2,963

    3,096

    3,198

    3,244

    Sources: Burkinabé authorities; IMF staff estimates and projections.

    1/ Percent of beginning-of-period broad money.

    2/ The 2nd review total public debt data has been retroactively adjusted to correct an exchange rate calculation error starting in 2023. In addition, the denominator (GDP) in the table has been revised (see footnote 3 below). Previously, total public debt in 2024 was estimated at 52.6 percent of GDP, while it was assessed to have reached 53.6 percent of GDP in 2023.

    3/ Historical nominal GDP figures have been revised down, in line with the most recent publication of official estimates by the National Institute of Statistics.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

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

    https://www.imf.org/en/News/Articles/2025/06/20/pr-25211-burkina-faso-imf-completes-the-3rd-review-under-the-ecf-arrangement

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: USAID Official and Three Corporate Executives Plead Guilty to Decade-Long Bribery Scheme Involving More Than $550 Million in Contracts; Two Companies Admit Criminal Liability for Bribery Scheme and Securities Fraud

    Source: US FBI

    Greenbelt, Maryland – Four men, including a government contracting officer for the United States Agency for International Development (USAID), and three owners and presidents of companies, have pleaded guilty for their roles in a decade-long bribery scheme involving at least 14 prime contracts worth more than $550 million in U.S. taxpayer dollars.

    Roderick Watson, 57, of Woodstock, Maryland, who worked as a USAID contracting officer, pled guilty to bribery of a public official; Walter Barnes, 46, of Potomac, Maryland, pled guilty to conspiracy to commit bribery of a public official and securities fraud; Darryl Britt, 64, of Myakka City, Florida, pled guilty to conspiracy to commit bribery of a public official; and Paul Young, 62, of Columbia, Maryland, pled guilty to conspiracy to commit bribery of a public official.

    In addition, Apprio and Vistant, both of which contracted with USAID, have agreed to admit criminal liability and enter into three-year deferred prosecution agreements (DPAs) in connection with criminal informations filed today in the District of Maryland. As part of these resolutions, both Apprio and Vistant admitted to engaging in a conspiracy to commit bribery of a public official and securities fraud. The DPAs entered into with Apprio and Vistant require each company to, among other obligations, provide ongoing cooperation with and disclosures to the Justice Department, implement a compliance and ethics program, and report to Justice Department regarding remediation and implementation of these compliance measures.

    “Watson was entrusted to serve the interests of the American people – not his own – and his criminal actions for his own personal gain undermines the integrity of our public institutions,” said Kelly O. Hayes, U.S. Attorney for the District of Maryland. “Public trust is a hallmark of our nation’s values, so corruption within a federal government agency is intolerable. This office, along with our law-enforcement partners, will continue to pursue and prosecute corruption at every level to ensure accountability and protect public trust.”

    “The defendants sought to enrich themselves at the expense of the American taxpayers,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division.  “Their scheme violated the public trust by undermining the integrity of the Federal government’s procurement process.  Anybody that cares about good and effective government should be concerned about the waste, fraud, and abuse in government agencies, including USAID.  Those who engage in bribery schemes to exploit the U.S. Small Business Administration’s vital economic programs for small businesses—whether individuals or corporations acting through them—will be held to account.” 

    “The guilty verdicts reflect the FBI’s unwavering commitment to holding accountable all those who abuse the authority and responsibility of public service,” said Assistant Director Joe Perez of the FBI’s Criminal Division. “The actions of the defendants in this scheme serve to erode public trust. The FBI is focused on rebuilding this trust and protecting American taxpayers from corruption through investigations such as these.”

    “Corruption in government programs will not be tolerated. Watson abused his position of trust for personal gain while federal contractors engaged in a pay-to-play scheme,” said USAID OIG Acting Assistant Inspector General for Investigations Sean Bottary. “USAID OIG is firmly committed to rooting out fraud and corruption within U.S. foreign assistance programs. Today’s announcement underscores our unwavering focus on exposing criminal activity, including bribery schemes by those entrusted to faithfully award government contracts. We appreciate our longstanding partnership with the Department of Justice in holding accountable those who defraud American taxpayers.”    

    “Watson exploited his position at USAID to line his pockets with bribes in exchange for more than $550 million in contracts. While he helped three company owners and presidents bypass the fair bidding process, he was showered with cash and lavish gifts. Through its financial crime investigations, IRS-CI works to protect taxpayer dollars and ensure government funds are awarded based on merit—not corruption. In close coordination with our law enforcement partners, IRS-CI helped put an end to their greed and criminal conduct. Now, Watson and his co-conspirators will face justice,” said Guy Ficco, Chief, IRS Criminal Investigation.

    Overview of Bribery Scheme

    According to court documents, beginning in 2013, Watson, while a USAID contracting officer, agreed with Britt to receive bribes in exchange for using Watson’s influence to award contracts to Apprio. As a certified small business under the SBA 8(a) contracting program, which helps socially and economically disadvantaged businesses, Apprio could access lucrative federal contracting opportunities through set-asides and sole-source contracts exclusively available to eligible contractors without a competitive bid process.

    Vistant was a subcontractor to Apprio on one of the contracts awarded through Watson’s influence. After Apprio graduated from the SBA 8(a) program and it was no longer eligible to be a prime contractor for new contracts with USAID under this program, the scheme shifted so that Vistant became the prime contractor and Apprio became the subcontractor on USAID contracts awarded through Watson’s influence between 2018 and 2022.

    During the scheme, Britt and Barnes paid bribes to Watson that were often concealed by passing them through Young, who was the president of another subcontractor to Apprio and Vistant. Britt and Barnes also regularly funneled bribes to Watson, including cash, laptops, thousands of dollars in tickets to a suite at an NBA game, a country club wedding, downpayments on two residential mortgages, cellular phones, and jobs for relatives. The bribes were also often concealed through electronic bank transfers falsely listing Watson on payroll, incorporated shell companies, and false invoices. Watson is alleged to have received bribes valued at more than approximately $1 million as part of the scheme.

    In exchange for the bribe payments, Watson influenced the award of contracts to Apprio and Vistant by manipulating the procurement process at USAID through various means, including recommending their companies to other USAID decisionmakers for non-competitive contract awards, disclosing sensitive procurement information during the competitive bidding process, providing positive performance evaluations to a government agency, and approving decisions on the contracts, such as increased funding and a security clearance.

    Apprio and Vistant also agreed to resolve concurrently with the Justice Department in its separate Civil False Claims Act investigations relating to the bribery scheme.

    Overview of Vistant Securities Fraud Scheme

    According to court documents, in 2022, Barnes and Watson defrauded a licensed small business investment company (SBIC), in furtherance of the bribery scheme, by inducing it into executing a credit agreement with Vistant. Through the credit agreement, Barnes caused Vistant to issue stock warrants that, if exercised, would result in the SBIC having a 40% equity stake in Vistant. The credit agreement also provided for a $14 million loan to Vistant from which Barnes could pay himself a $10 million dividend. Prior to executing the credit agreement, Watson agreed at Barnes’s request to speak with the SBIC about Vistant’s performance as a government contractor on USAID contracts. When speaking with the SBIC, Watson omitted that Barnes had bribed Watson to obtain USAID contracts for years. Watson’s endorsement of Vistant thereafter induced the SBIC to enter into the credit agreement with Barnes.

    Overview of Apprio Securities Fraud Scheme

    According to court documents, in 2023, Apprio, acting through Britt, engaged in a scheme in which Apprio fraudulently induced a private equity firm, which had an investment pool that was licensed as a SBIC, to purchase from Apprio’s parent company a 20% equity stake in the company for $4 million and simultaneously extend it a $4 million loan secured by shares of Apprio stock. In addition to making false material representations in the stock purchase and loan agreements, Britt intentionally omitted during his negotiations the material fact that he had bribed Watson for years, which was intended to deceive and induce the private equity company into executing the agreements.

    Deferred Prosecution Agreements with Apprio and Vistant

    The Justice Department reached its resolution with Apprio based on several factors, including Apprio’s credit for clearly accepting responsibility for its criminal conduct, fully cooperating in the investigation and engaging in timely remedial measures. Based on these factors, the criminal penalty calculated under the U.S. Sentencing Guidelines reflects a 10% reduction off the bottom of the applicable Guidelines fine range pursuant to the Criminal Division Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP). According to court documents, Apprio agreed that the appropriate criminal penalty based on the law and facts in its case is $51,673,185; however, Apprio also met its burden of establishing an inability to pay the criminal penalty sought. Based on the Justice Department’s independent analysis, it determined that paying a criminal penalty and civil settlement greater than $500,000 would substantially threaten the continued viability of Apprio. Accordingly, the Justice Department determined that the appropriate resolution of this case is a DPA and a payment of $500,000 in a civil settlement.

    Similarly, the Justice Department reached its resolution with Vistant based on a number of factors, including Vistant’s credit for clearly accepting responsibility for its criminal conduct and cooperating with the investigation. Although Vistant’s cooperation was initially delayed and limited, Vistant began to fully cooperate thereafter. Vistant also received credit for engaging in timely remedial measures. Based on these factors, the penalty calculated under the Guidelines reflects a 5% reduction off the bottom of the applicable Guidelines fine range pursuant to the CEP. Vistant agreed that the appropriate criminal penalty based on the law and facts in its case is $86,407,740; however, Vistant also met its burden of establishing an inability to pay the criminal penalty sought. Based on the Justice Department’s independent analysis, it determined that paying a criminal penalty and civil settlement greater than $100,000 would substantially threaten the continued viability of Vistant. Accordingly, the Justice Department determined that the appropriate resolution of this case is a DPA and a payment of $100,000 in a civil settlement.

    Watson faces a maximum sentence of 15 years in federal prison. His sentencing is scheduled for Oct. 6.  Young faces a maximum sentence of five years in federal prison. His sentencing is scheduled for Sept. 3.  Britt faces a maximum sentence of five years in federal prison. His sentencing is scheduled for July 28.  Barnes faces a maximum sentence of five years in federal prison. His sentencing is scheduled for Oct. 14.

    U.S. Attorney Hayes commended the FBI, USAID OIG, and IRS-CI who are investigating this case.

    Ms. Hayes also thanked Assistant U.S. Attorney Patrick D. Kibbe and Trial Attorneys Matt Kahn and Brandon Burkart, Department of Justice, Criminal Division Fraud Section, who are prosecuting the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit justice.gov/usao-md  and justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI: RIPPLECOIN Mining Launches Profitable Mobile Cloud Mining App to Easily Earn BTC and XRP

    Source: GlobeNewswire (MIL-OSI)

    San Francisco, California, June 20, 2025 (GLOBE NEWSWIRE) — RIPPLECOIN Mining, a world-renowned cryptocurrency cloud mining platform, officially released its new mobile cloud mining application today, providing a zero-threshold, high-yield mining solution for the majority of digital currency users. Users only need to download and install the App on their smartphones to remotely participate in cloud mining operations of mainstream currencies such as Bitcoin (BTC) and Ripple (XRP), without any physical equipment or technical background, and can achieve stable passive income every day, with potential income up to $18,777/day.

    As the cryptocurrency ecosystem continues to develop and global investors are increasingly concerned about ways to increase the value of digital assets, RIPPLECOIN Mining integrates AI smart scheduling, green energy computing, and a global computing network. With the concept of “mining without barriers”, it reconstructs the cloud mining experience and helps all people participate in Web3 value creation.

    Core highlights: What are the advantages of RIPPLECOIN mobile mining app?

    Zero equipment, quick start
    No mining machine, no wiring or installation required, remote mining can be started immediately after the mobile phone is registered, truly realizing “install and earn”.
    Multi-currency support
    One-stop support for popular currencies such as BTC, XRP, ETH, DOGE, SOL, LTC, USDT, etc., to meet the income goals of different asset holders.
    AI-driven efficient mining
    The application has a built-in AI scheduling system to intelligently allocate computing power resources of global data centers to maximize daily income.
    Green energy mining network
    All mines on the platform use 100% renewable energy to ensure sustainable development while obtaining income
    Real-time visualization of income
    Users can view daily income, computing power operation status, cumulative income and withdrawal records in real time through the App.

    Three steps to start your daily crypto income journey

    Download and register: Click here to register or visit the official link to download and install the App, register an account with your email address, and you will receive $15 in cloud mining computing power
    Choose a contract: Choose a computing power package based on your budget, and you can start making money with as little as $100
    Start earning: Use XRP, BTC, ETH or USDT to pay for the contract fee, the system runs automatically, no manual intervention is required, and stable income is credited to your account every day

    Typical return examples: real and visible profit model

    The following are some popular contracts and their corresponding returns:

    $100 contract → $106 return
    $8,200 contract → $10,815 return
    $15,000 contract → $23,452 return
    $97,800 contract → $183,296 return
    The contract is flexible and the cycle is transparent. All returns can be withdrawn or rolled back with one click.

    User reviews: Wealth engine in the digital age

    “I no longer have to worry about electricity bills and machine noise. With just a click on my phone, my earnings are increasing every day.”
    – Feedback from early users in the United States
    “RIPPLECOIN’s mobile cloud mining has truly achieved zero threshold. It only took me 15 minutes to complete registration, recharge, and start mining.”
    – Feedback from German crypto community members

    About RIPPLECOIN Mining

    RIPPLECOIN Mining was founded in 2017 and is headquartered in London, UK. It is certified by financial regulators in many countries and is the world’s leading cloud mining service provider. The platform has deployed more than 120 green energy data centers around the world, covering more than 180 countries and regions, with a total of more than 9 million users. The platform is committed to creating a passive crypto income system that everyone can participate in through AI-driven intelligent computing power and a transparent and sustainable mining model.

    Experience mobile mining now and release the value potential of XRP and BTC

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    Sign up and get $15, invite friends and enjoy 3% lifetime commission reward

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    Email: info@ripplecoinmining.com

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of financial loss. You are strongly advised to perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

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    The MIL Network –

  • MIL-OSI: Portman Ridge Announces Adjournment of Special Meeting of Stockholders to Allow Additional Time for Stockholders to Vote “FOR” the Share Issuance Proposal

    Source: GlobeNewswire (MIL-OSI)

    Stockholders of PTMN Who Have Voted Thus Far Have Expressed Strong Support for the Proposed Merger, with Favorability in Excess of 85%

    Logan Ridge Stockholders Approved Merger at its Special Meeting of Stockholders Held on June 20, 2025

    NEW YORK, June 20, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”) announced today the adjournment of its Special Meeting of Stockholders (the “PTMN Special Meeting”) to provide stockholders with additional time to cast their vote to approve the share issuance proposal in connection with the proposed merger of Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”) with and into PTMN (the “Share Issuance Proposal”).

    The PTMN Special Meeting, convened on June 20, 2025, has been adjourned and will reconvene on Friday, June 27, 2025, at 10:00 am ET. Stockholders of PTMN can attend the meeting and cast their votes by following the instructions outlined in the amended joint proxy statement. Alternatively, stockholders can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/PTMN2025SM, or by calling 1-833-218-3911 and providing the control number which is listed in the proxy card received.

    At the time the PTMN Special Meeting was adjourned, stockholders who had already cast their votes showed strong support for the Share Issuance Proposal, with favorability in excess of 85% of voting shares. Under PTMN’s organizational documents, the proposed merger requires the approval of a majority of the quorum of holders of PTMN Common Stock. Currently, over 48% of PTMN’s outstanding shares have voted or abstained from voting their shares. Accordingly, less than 2% of shares outstanding still need to vote or make an election to abstain from voting their shares in order to reach the required quorum threshold of a majority of PTMN Common Stock issued and outstanding. The Board of Directors of PTMN unanimously recommends that stockholders vote “FOR” the Share Issuance Proposal.

    On June 20, 2025, Logan Ridge stockholders voted to approve the merger with Portman Ridge, representing a key milestone in the proposed transaction. With this approval, the merger remains subject to the approval by the Portman Ridge stockholders of the Share Issuance Proposal and the satisfaction of other customary closing conditions.

    The record date for determining stockholders entitled to vote at the reconvened Special Meeting remains the close of business on May 6, 2025. Stockholders as of the record date are eligible to vote, even if they have subsequently sold their shares. Stockholders who have already voted do not need to take any further action. Proxies previously submitted will be voted at the reconvened meetings unless properly revoked.

    The Board of Directors of PTMN respectfully requests stockholders vote their proxies as soon as possible. Voting promptly will help ensure that the Special Meeting can proceed without further delays.

    Stockholders can access the joint proxy statement and prospectus by clicking HERE. Stockholders who have questions about the meeting date, joint proxy statement or about voting their shares should contact PTMN’s proxy solicitor, Broadridge, at 1-833-218-3911.

    About Portman Ridge Finance Corporation

    PTMN is a publicly traded, externally managed closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P. PTMN’s filings with the Securities and Exchange Commission (“SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

    About Logan Ridge Finance Corporation

    LRFC is a business development company (a “BDC”) that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners Advisors L.P. (“BC Partners”) is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

    Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements

    Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    No Offer or Solicitation

    This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Additional Information and Where to Find It

    This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation

    PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    Contacts:
    Portman Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    The MIL Network –

  • MIL-OSI: Logan Ridge Finance Corporation Announces Shareholder Approval of Merger with Portman Ridge Finance Corporation

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 20, 2025 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”) announced today that it obtained shareholder approval for the merger of LRFC with and into Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”) following the special meeting of shareholders held on June 20, 2025.

    LRFC shareholders voted overwhelmingly in favor of the proposed merger, with approximately 89.4% of voting shareholders supporting the proposal. Of note, PTMN’s June 20, 2025, special meeting of shareholders was adjourned and will reconvene on June 27, 2025, to allow additional time for shareholders to consider and vote on the proposed issuance of PTMN common stock in connection with the merger. Subject to PTMN shareholder approval and the satisfaction of customary closing conditions, the merger is expected to close shortly after approval is obtained.

    Ted Goldthorpe, President and Chief Executive Officer of LRFC and PTMN and Head of the BC Partners Credit Platform, stated, “We’re grateful to our shareholders for their strong support of this merger with Portman Ridge. Their vote of confidence reflects the strategic and financial merits of the transaction, as we believe the combined company will benefit from greater scale, enhanced diversification, and improved access to capital, positioning it well to generate long-term value for shareholders.”

    About Logan Ridge Finance Corporation

    LRFC is a business development company (a “BDC”) that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

    About Portman Ridge Finance Corporation

    PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a BDC under the 1940 Act. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC (“Sierra Crest”). PTMN’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

    Cautionary Statement Regarding Forward-Looking Statements

    Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results and distribution projections of the Company; business prospects of the Company, and future share repurchase/purchase activity. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. More information on the risks and other potential factors that could affect these forward-looking statements is included in Registration Statement and Joint Proxy Statement (in each case, as defined below). Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    Contacts:

    Logan Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com 
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com 
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com 
    (212) 836-9633

    The MIL Network –

  • MIL-OSI Submissions: Conflict and Stocks – Israel and Iran Stock Markets Hit Record Highs Amid Conflict – Finbold

    Source: Finbold

    War is Bad for Stocks? Think Again.

    June 20, 2025 – Missiles struck the heart of Tel Aviv’s financial district yesterday, yet investors barely flinched. Defying conventional market logic, Israel’s stock indices surged to record highs, even as tensions with Iran escalated dramatically.

    Notably, shares of the Tel Aviv Stock Exchange itself (TASE.TA) climbed approximately 1.67% to close around 6,161 ILA, extending impressive year-to-date gains beyond 45%. Broader market indices also reached fresh 52-week peaks, with the prominent Tel Aviv-35 closing at approximately 2,834 points, and the Tel Aviv-125 index finishing around 2,850 points.

    Meanwhile, Iran’s Tehran Stock Exchange (TEDPIX) remained near its recent all-time highs around 3,035,000 points, despite a brief pullback triggered by recent conflict developments. TEDPIX’s dramatic year-over-year increase of roughly 46% has largely been driven by aggressive domestic monetary expansion and capital fleeing currency instability, rather than true economic strength.

    Finbold’s market analyst Jordan Major explained these unusual market dynamics:

    “Investors seem to be betting on resilience rather than peace. Israeli markets are buoyed by sector rotation into defense, cybersecurity, and commodities, alongside robust governmental support and expectations of swift, limited military retaliation. In Iran, however, market strength primarily reflects investors’ efforts to shield their capital from currency instability rather than genuine economic optimism.”

    For more information: https://finbold.com/israel-and-iran-stock-markets-at-all-time-highs/

    MIL OSI – Submitted News –

  • MIL-OSI USA: Congressman Bean Hosts Tax Reform Roundtable in Clay County

    Source: United States House of Representatives – Representative Aaron Bean Florida (4th District)

    WASHINGTON—This week, U.S. Congressman Aaron Bean (FL-04) hosted a roundtable discussion with members of the First Coast Manufacturers Association to discuss the impact of expiring tax cuts, industry challenges, and how the One Big Beautiful Bill (OBBB) will provide real tax relief and drive economic growth in Northeast Florida. 

    After the roundtable, Congressman Bean said, “Northeast Florida manufacturers cannot afford the burden of higher taxes that would cripple growth and threaten jobs. Roundtable participants confirmed the success of the Trump tax cuts and their critical importance to their daily operations. During the roundtable, I heard directly from manufacturers about the challenges of finding workers, being competitive, accessing products, and the need for immediate relief. As the fight continues to preserve the Trump tax cuts, I’m taking their stories back to D.C. and will continue to advocate for policies that help our manufacturers expand, hire, and drive our economy forward.”

    BACKGROUND:

    The House has passed the One Big Beautiful Bill by a 215-214 vote, and now all eyes are on the Senate as President Trump urges swift approval before July 4th to deliver historic tax relief and economic growth for hardworking Americans. 

    For an overview of the One Big Beautiful Bill, click here.

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Delegation Applauds Passage of Alaska Native Legislation

    US Senate News:

    Source: United States Senator for Alaska Lisa Murkowski

    06.20.25

    H.R. 42 and H.R. 43 Pass the U.S. Senate; headed to President’s Desk

    Washington, D.C. – U.S. Senators Lisa Murkowski and Dan Sullivan, along with U.S. Representative Nick Begich (all R-Alaska), applauded Senate passage of two important bills—H.R. 42, the Alaska Native Settlement Trust Eligibility Act, and H.R. 43, the Alaska Native Village Municipal Lands Restoration Act of 2025. These bills previously passed the U.S. House of Representatives on February 4. Both pieces of legislation were led by Congressman Begich.

    H.R. 42 and H.R. 43 passed the U.S. Senate by unanimous consent, following floor remarks by Senator Murkowski. These measures uphold the promises made to Alaska Natives in the Alaska Native Claims Settlement Act (ANCSA) and empower Alaska Native people to exercise self-determination over their lands and resources for the benefit of their communities.

    H.R. 42 amends ANCSA to exclude certain payments from Settlement Trusts to aged, blind, or disabled Alaska Natives or their descendants from being counted as income when determining eligibility for need-based federal programs.

    H.R. 43 amends ANCSA to end the requirement for Alaska Native village corporations to convey lands to the State of Alaska to be held “in trust” for future municipal governments.  In addition, the bill provides a process for village corporations to get the land back that they conveyed to the State.  These reconveyances or “reversions” will be subject to any valid existing rights created by the State Municipal Land Trust during its management of these village corporation lands.

    The bills now head to the President’s desk to be signed into law.

    “I’m very glad we could reach agreement to pass these important measures for Alaska Natives in the Senate. These are common sense bills that are long overdue—Alaska Natives who are aged, blind, or disabled will no longer have to choose between accepting the settlement trust income they are entitled to or qualifying for federal needs-based benefits. And with the passage of HR 43, we restore the ability of Alaska Native villages to make decisions about their lands and resources for the benefit of their communities,” said Senator Murkowski. “This has been a years-long effort to get these measures to the President’s desk. And I am proud to have led that effort and to it see it through.”

    “For the more than 50 years since ANCSA was signed into law, Alaska Native people have sustainably managed their lands, fostered world-class businesses that have become integral to Alaska’s economy, and helped Alaska Native communities preserve their unique cultures, languages and ways of life,” said Senator Sullivan. “Despite the enormous good ANCSA has done, the law was not perfect. Senator Murkowski, Congressman Begich and I have put forward legislation to address two oversights of ANCSA, giving Alaska Native communities more decision-making power over their lands and ensuring elder and disabled Alaska Native people are not unfairly excluded from the federal assistance they may need. I want to commend our Senate colleagues for unanimously supporting our legislation, and I look forward to these bills being signed into law soon.”

    “These bills represent the kind of meaningful, nonpartisan work that Alaskans sent me here to do,” said Congressman Begich. “We’ve corrected longstanding federal issues that have held Alaska Native communities back, and we’ve done it with strong support from both parties. These bills were about local decision-making and empowering communities to build their futures. My team and I have worked diligently since day one to move these bills through Congress, and I’m honored to be one of the only freshmen of the 119th Congress to send legislation to the President’s desk. This is a major victory for Alaskans, and a strong step forward towards greater self-determination and opportunity for Alaska Natives.”

    Legislative History:

    1. S. 2615, the Alaska Native Village Municipal Lands Restoration Act (S. 2615) was introduced on July 27, 2023.  The Subcommittee on Public Lands, Forests and Mining in the Senate Committee on Energy and Natural Resources held a hearing on S. 2615 on October 25, 2023.  The Senate Committee on Energy and Natural Resources reported S. 2615 favorably, without amendment, to the full Senate on May 17, 2023.  (S. Rept 118-177) S. 2615 passed the Senate by unanimous consent on December 20, 2024. Similar legislation was introduced and considered in the Senate in the 116th Congress as part of S. 4889, the Alaska Native Claims Settlement Act Fulfillment Act.
    2. S. 623, the Alaska Native Settlement Trust Eligibility Act (S. 623), was introduced on March 2, 2023.  The Senate Committee on Energy and Natural Resources reported the bill favorably without amendment to the full Senate on May 17, 2023.  (S. Rept 118-56) S. 623 passed the Senate by unanimous consent on December 20, 2024. Similar legislation was introduced and considered in the Senate in the 117th Congress and in the 116th Congress.  
    3. January 2025: Representative Begich introduced H.R. 42 and H.R. 43. They passed the House in February 2025. These were the first pieces of legislation introduced by Congressman Begich and the first pieces of legislation to be passed by a freshman member in the 119th Congress.
    4. June 2025: Senator Murkowski led the effort to pass both bills in the Senate by unanimous consent. Video of her full floor remarks can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Q&A: Senate Legislates One Big Beautiful Bill

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    Q: How will the Senate version of the One Big Beautiful Bill impact Iowans?

    A: Based on my county meetings, emails and phone calls, Iowans are paying close attention to the One Big Beautiful Bill moving through Congress. After passing the House of Representatives, the committees of jurisdiction in the Senate are now hammering out policy details on agriculture, taxes, immigration, health care and more. The bill is advancing in the Senate under the expedited reconciliation process that doesn’t require a 60-vote threshold and can’t include non-budgetary matters in the bill. As a senior member and former chairman of the Senate Finance Committee, I’ve had my sleeves rolled up at the policymaking table advocating on behalf of Iowans, including agriculture, energy, taxes, health care and more. This package is a generational opportunity to prevent the largest tax increase in U.S. history and restore fiscal sanity. Americans sent a strong message in the last election and delivered a mandate to President Trump and the Republican Majority in Congress. That mandate includes cutting government bloat, reining in wasteful spending and stopping the biggest tax increase in the history of the country.

    Let’s start with health care, in particular Medicaid. That’s the federal-state program that provides free or low-cost health care to individuals based on their income and family size, serving Americans with disabilities, seniors, kids, pregnant moms and others. A sizable majority of Americans supports efforts to stop wasteful spending that drains resources for people who truly need this safety net and puts an unfair burden on taxpayers. I’ve been a long-time champion for protecting the Medicaid program for the most vulnerable Iowans. This includes my work to pass the Family Opportunity Act and Advancing Care for Exceptional (ACE) Kids Act, and my continued work on supporting kids with complex medical needs and improving maternal and child health. The Senate bill includes measures to strengthen the integrity of the Medicaid program, delay costly Biden-era regulations, stop Obamacare subsidies from going to illegal immigrants and enacting work requirements for able-bodied adults with reasonable exemptions, such as parents with young kids.

    Contrary to misinformation campaigns seeking to stop these common-sense reforms from getting to the president’s desk, the Senate bill does not take away Medicaid from those who genuinely need it. In fact, our bill seeks to strengthen the program so that it can continue to serve vulnerable populations it was designed to serve. For example, it would stop people from taking advantage of Medicaid coverage in multiple states; remove safe harbor protections for those who make erroneous excess payments; and, ban Medicaid managed care PBM spread pricing, among many other common-sense program integrity provisions. Pharmacy Benefit Managers (PBMs) are the middlemen who negotiate prices with pharmaceutical companies, health insurance companies, employer benefit plans, pharmacies and the consumer. PBMs can raise prices consumers pay for their medications, and instead of passing that revenue along to the pharmacy, they pocket the difference, known as “spread pricing.” I’ve long worked to reduce prescription drug prices and I’m pleased to get this specific reform in the Senate bill.

    Q: What’s so critical about the tax provisions in the bill?

    A: Our bill makes the 2017 tax law permanent. If Congress does nothing, the U.S. economy will get strangled by a $4 trillion tax hike on American workers, small businesses, farmers and families. The last thing American households and small businesses need – after recovering from supply chain setbacks during the pandemic and record-setting inflation under the Biden administration – is a higher tax bill from the federal government. Letting the 2017 tax law expire would cut the child tax credit and standard deduction in half. Iowa families would see on average a $1,400 tax increase. It also would slap a massive tax increase on small businesses, slamming the brakes on hiring, investing and expanding in local communities across the country. Iowa would stand to lose 57,000 jobs and more than $5 billion in employee wages across the state.

    Instead, the Senate bill would provide additional tax relief to working families, making permanent across-the-board tax rates; expanding the child tax credit; strengthening employer-provided childcare credit; enhancing the standard deduction; and, making permanent the small business deduction. It adds new tax relief for tipped workers and hourly workers who earn overtime pay, repeals burdensome reporting requirements for gig workers (rolls back the proposed $600 threshold for online payment platforms) and reduces paperwork burdens for small businesses by increasing the 1099-MISC threshold. The Senate-backed pro-growth tax policies would fuel investment with full expensing for domestic research and development, new capital improvements (including machinery and equipment) and new factories and factory improvements. These measures would provide much-needed certainty for small businesses and factories across our state, concerns I hear about regularly during my county meetings.

    MIL OSI USA News –

  • MIL-OSI Canada: House of Commons passes One Canadian Economy Act

    Source: Government of Canada – Prime Minister

    Canada’s new government has a mandate to build big, build bold, and build now. Today, the Prime Minister, Mark Carney, welcomed the passing in the House of Commons of Bill C-5, One Canadian Economy Act.

    The legislation will build one strong Canadian economy by:

    • Removing federal barriers to internal trade and labour mobility, helping goods, services, workers, and businesses move freely across provinces and territories.
    • Expediting nation-building projects that will connect and transform our country and unleash economic growth while ensuring environmental protections and Indigenous rights are upheld.
    • Working with Indigenous Peoples through consultation and engagement to build shared prosperity.

    Taken together, these measures will create and connect Canadians to good-paying careers and more prosperity. The Prime Minister shared an update on this work with the premiers of the provinces and territories during their meeting earlier today. The leaders agreed to stay in close contact as they reinforce Canada’s strength at home.

    Indigenous partnership is a critical component of this legislation, and fulsome consultation will be pivotal to the success of future projects. The Government of Canada is committed to respecting the rights of Indigenous Peoples recognized and affirmed by section 35 of the Constitution Act, 1982 and the rights set out in the United Nations Declaration on the Rights of Indigenous Peoples. To this end, Prime Minister Carney will be meeting with First Nations, Inuit, and Métis over the coming weeks.

    Bill C-5 now moves to the Senate for consideration and brings us one step closer to removing federal barriers to free trade by Canada Day.

    Quotes

    “Today’s passing of Bill C-5, One Canadian Economy Act, will remove trade barriers, expedite nation-building projects, and unleash economic growth, with Indigenous partnership at the centre of this growth. It’s time to build big, build bold, and build now. As Canadians, we can give ourselves more than any foreign nation can ever take away.”

    “The adoption of Bill C-5 by the House of Commons is a crucial step in building one Canadian economy and getting big projects built faster. Thank you to colleagues who supported this legislation – you are helping build a stronger Canada.”

    “This legislation is about building a stronger, more united Canada. Let’s build trust, tear down internal trade barriers, and create one single economy – from coast to coast to coast. Together, we’re building a stronger Canada, for everyone.”

    “I am pleased to see the One Canadian Economy Act achieve this milestone. This Act means we are no longer asking ‘Why build?’, but instead ‘How do we get it done?’. We are removing barriers, leveraging Canada’s resources and talented workers, centring Indigenous consultation and equity, and continuing to fight climate change – all to get building and to become an energy superpower. In the new economy we are building, Canada will be defined by delivery, not delay.”

    “Indigenous Peoples’ voices are at the table where discussions are happening, and decisions are made. This government understands that Indigenous Peoples have the right to determine their future. As the first Indigenous Minister of Indigenous Services, I understand the importance of relationship moving forward – and I am pleased to see the Prime Minister has determined this as a priority and a critical part of the work ahead.”

    Related Product

    MIL OSI Canada News –

  • MIL-OSI: XRP Holds the $2 Support Level, PFMCrypto Launches Yield-Driven XRP Mining Strategy

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, June 20, 2025 (GLOBE NEWSWIRE) — As XRP tests the crucial $2 support level amid growing market turbulence, leading cryptocurrency mining platform PFMCrypto has announced the launch of a new XRP cloud mining service. This service is designed to enhance investor confidence by offering a reliable income solution—even under uncertain market conditions. PFMCrypto aims to transform market pressure into opportunity, providing XRP holders with a low-risk, highly convenient alternative to traditional trading.

    What Is PFMCrypto XRP Cloud Mining?
    PFMCrypto Cloud Mining is a remote digital asset mining platform that allows users to earn cryptocurrency by renting hash power from PFMCrypto’s eco-friendly, high-performance mining farms. Supporting a wide range of cryptocurrencies—including XRP, DOGE, BTC, LTC, and SOL—PFMCrypto eliminates the technical and financial barriers of traditional mining, making passive income more accessible than ever before.

    Check the official website for details: https://pfmcrypto.net

    What Can Users Expect from PFMCrypto Mining in 2025?
    As a top provider of cloud mining services for Bitcoin, DOGE, LTC, and other major cryptocurrencies, PFMCrypto continues to grow its user base with the launch of its new XRP mining option.

    – Passive Profit Potential: Daily XRP mining returns regardless of market direction.
    – Instant Withdrawals: Earnings are settled every 24 hours and can be withdrawn at any time with zero fees.
    – Zero Maintenance Costs: No hardware or technical knowledge required—PFMCrypto’s user-friendly interface manages all mining operations with no hidden costs.

    Flexible XRP Mining Plans:
    PFMCrypto offers over 10 contract options, allowing users to choose the mining plan that fits their needs.
    $10 Mining Contract – 1-day term – Earns $0.60 per day
    $100 Mining Contract – 2-day term – Earns $3.00 per day
    $1,000 Mining Contract – 9-day term – Earns $13.10 per day
    $5,000 Mining Contract – 30-day term – Earns $78.50 per day
    These innovative plans help long-term holders remain invested during sideways or corrective markets while earning steady returns.

    Explore Mining Contracts: https://pfmcrypto.net

    The CEO of PFMCrypto commented:
    “Our goal is to give users the tools they need to succeed, regardless of market sentiment. The $2 level is undoubtedly important, but building a sustainable income model for XRP holders is just as critical. This launch delivers both.”

    What Makes This XRP Mining Contract Stand Out?
    – 100% Remote Access: No equipment, no technical skills—simply log in and activate a plan.
    – Capital Safety: Contracts guarantee full principal return upon expiration.
    – AI-Powered Profitability: Yield optimization ensures users earn even during price stagnation.
    – Daily Returns: Predictable XRP payouts improve cash flow and reduce volatility risk.

    New users can register now to receive a $10 sign-up bonus and daily rewards.

    How to Start Mining on PFMCrypto:
    1. Register: Sign up instantly and receive a $10 welcome bonus plus a $0.60 daily login reward.
    2. Choose a Contract: Use your $10 to activate a mining plan or select another option that matches your budget.
    3. Start Mining: Activate your contract and let PFMCrypto handle the rest. Mining rewards are automatically credited to your dashboard.

    About PFMCrypto:
    Founded in 2018, PFMCrypto is dedicated to transforming the traditional cryptocurrency mining space. For years, crypto mining was reserved for tech-savvy users with custom rigs and stable electricity, but PFMCrypto makes it possible for everyday users to earn BTC or XRP in real time—without technical knowledge or heavy upfront investment.
    For the average user, mining with PFMCrypto is a legitimate path to increasing crypto holdings and achieving long-term returns and stability in a volatile market.
    Visit https://pfmcrypto.net to explore the future of XRP mining.

    Media Contact:

    Amelia Elspeth
    PFMcrypto
    info@pfmcrypto.net

    The MIL Network –

  • MIL-OSI: XRP Holds the $2 Support Level, PFMCrypto Launches Yield-Driven XRP Mining Strategy

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, June 20, 2025 (GLOBE NEWSWIRE) — As XRP tests the crucial $2 support level amid growing market turbulence, leading cryptocurrency mining platform PFMCrypto has announced the launch of a new XRP cloud mining service. This service is designed to enhance investor confidence by offering a reliable income solution—even under uncertain market conditions. PFMCrypto aims to transform market pressure into opportunity, providing XRP holders with a low-risk, highly convenient alternative to traditional trading.

    What Is PFMCrypto XRP Cloud Mining?
    PFMCrypto Cloud Mining is a remote digital asset mining platform that allows users to earn cryptocurrency by renting hash power from PFMCrypto’s eco-friendly, high-performance mining farms. Supporting a wide range of cryptocurrencies—including XRP, DOGE, BTC, LTC, and SOL—PFMCrypto eliminates the technical and financial barriers of traditional mining, making passive income more accessible than ever before.

    Check the official website for details: https://pfmcrypto.net

    What Can Users Expect from PFMCrypto Mining in 2025?
    As a top provider of cloud mining services for Bitcoin, DOGE, LTC, and other major cryptocurrencies, PFMCrypto continues to grow its user base with the launch of its new XRP mining option.

    – Passive Profit Potential: Daily XRP mining returns regardless of market direction.
    – Instant Withdrawals: Earnings are settled every 24 hours and can be withdrawn at any time with zero fees.
    – Zero Maintenance Costs: No hardware or technical knowledge required—PFMCrypto’s user-friendly interface manages all mining operations with no hidden costs.

    Flexible XRP Mining Plans:
    PFMCrypto offers over 10 contract options, allowing users to choose the mining plan that fits their needs.
    $10 Mining Contract – 1-day term – Earns $0.60 per day
    $100 Mining Contract – 2-day term – Earns $3.00 per day
    $1,000 Mining Contract – 9-day term – Earns $13.10 per day
    $5,000 Mining Contract – 30-day term – Earns $78.50 per day
    These innovative plans help long-term holders remain invested during sideways or corrective markets while earning steady returns.

    Explore Mining Contracts: https://pfmcrypto.net

    The CEO of PFMCrypto commented:
    “Our goal is to give users the tools they need to succeed, regardless of market sentiment. The $2 level is undoubtedly important, but building a sustainable income model for XRP holders is just as critical. This launch delivers both.”

    What Makes This XRP Mining Contract Stand Out?
    – 100% Remote Access: No equipment, no technical skills—simply log in and activate a plan.
    – Capital Safety: Contracts guarantee full principal return upon expiration.
    – AI-Powered Profitability: Yield optimization ensures users earn even during price stagnation.
    – Daily Returns: Predictable XRP payouts improve cash flow and reduce volatility risk.

    New users can register now to receive a $10 sign-up bonus and daily rewards.

    How to Start Mining on PFMCrypto:
    1. Register: Sign up instantly and receive a $10 welcome bonus plus a $0.60 daily login reward.
    2. Choose a Contract: Use your $10 to activate a mining plan or select another option that matches your budget.
    3. Start Mining: Activate your contract and let PFMCrypto handle the rest. Mining rewards are automatically credited to your dashboard.

    About PFMCrypto:
    Founded in 2018, PFMCrypto is dedicated to transforming the traditional cryptocurrency mining space. For years, crypto mining was reserved for tech-savvy users with custom rigs and stable electricity, but PFMCrypto makes it possible for everyday users to earn BTC or XRP in real time—without technical knowledge or heavy upfront investment.
    For the average user, mining with PFMCrypto is a legitimate path to increasing crypto holdings and achieving long-term returns and stability in a volatile market.
    Visit https://pfmcrypto.net to explore the future of XRP mining.

    Media Contact:

    Amelia Elspeth
    PFMcrypto
    info@pfmcrypto.net

    The MIL Network –

  • MIL-OSI Security: Five Defendants Including Postal Worker, Await Sentencing for Possessing Stolen Mail Keys, Theft of Stolen Mail Matter, Bank Fraud and Aggravated Identity Theft, in Separate Cases

    Source: US FBI

    UPDATE: Davion Chelsea Easterling is scheduled to appear before U.S. District Court Judge J. Randal Hall for sentencing on Tuesday, June 17, 2025, at 3 p.m. at the U.S. District Court, Augusta Division, located at 600 James Brown Boulevard, Augusta, Georgia 30901. Victims and the public are welcome to attend.  

    AUGUSTA, GA:  Five Richmond County residents face various terms of years in prison after pleading guilty to illegally possessing a master key for postal service mailboxes and other felony counts occurring in 2023.  This investigation is on-going.

    Davion Chelsea Easterling, 26, and Corey Jamario Gunter, 24, both of Augusta, await sentencing after pleading guilty to Aiding and Abetting Possession of a Stolen Mail Key. The plea agreements subject each defendant to a statutory penalty of up to 10 years in prison, along with substantial financial penalties and up to three years of supervised release upon completion of any prison term. There is no parole in the federal system.

    Cameron Martinas Curry, 22, and Quavaun Enreco Rhodes, 22, both of Augusta, await sentencing after pleading guilty to Possession of a Stolen Mail Key, Possessing Stolen Mail Matter, Bank Fraud, and Aggravated Identity Theft. The plea agreements subject each defendant to a statutory penalty of up to 30 years in prison, along with substantial financial penalties and up to five years of supervised release upon completion of any prison term. There is no parole in the federal system.

    Earl Demetrius Overton, 32, of Augusta, awaits sentencing after pleading guilty to Possession of a Firearm by a Prohibited Person, Bank Fraud, and Aggravated Identity Theft related to stolen mail. The plea agreement subjects the defendant to a statutory penalty of up to 30 years in prison, along with substantial financial penalties and up to five years of supervised release upon completion of any prison term. There is no parole in the federal system.

    As described in court documents and testimony, Easterling was employed by the U.S. Postal Service and shared a residence with Gunter. An investigation by the U.S. Postal Inspection Service and the Richmond County Sheriff’s Office in 2023, led to a search of their residence pursuant to a state search warrant, where investigators found large quantities of stolen mail and multiple postal bins, along with a master key used to access postal service boxes.  The investigation revealed that mail was stolen from a USPS Blue Box, located at the U.S. Post Office, 3108 Peach Orchard Road, Augusta, Georgia.

    The plea agreements concede that the number of mail-theft victims in the case is greater than 10, and the defendants abandoned any claim to the mail so it could be returned to individual senders. Gunter also agreed to forfeit a .45-caliber semiautomatic pistol seized during the search.

    U.S. District Court Judge J. Randal Hall will schedule sentencing hearings for Easterling and Gunter upon completion of pre-sentence investigations by U.S. Probation Services. 

    Pertaining to Curry and Rhodes, as described in court documents and testimony, the defendants were detained by the Columbia County Sheriff’s Office for a traffic stop after suspecting that the defendants had stolen mail from a USPS Blue Box, located at the U.S. Post Office, 125 Commercial Boulevard, Martinez, Georgia. Upon contact with the defendants, the deputies observed what appeared to be stolen U.S. Mail inside the vehicle.  An investigation by the U.S. Postal Inspection Service determined that there was no forced entry on the USPS Blue Box.  The vehicle was searched but no key was found.  After canvassing the area, a pair of U.S. Postal Master Keys were found less than thirty yards from the vehicle. 

    As the investigation continued, a federal search warrant was obtained for both defendant’s phones and agents found several check images with a face value totaling $485,000.   Additionally, numerous text messages and screenshots revealed that they were in the business of stealing checks from the mail and depositing, altering, or selling them for the purpose of Bank Fraud and Aggravated Identity Theft. 

    U.S. District Court Judge Dudley H. Bowen will schedule sentencing hearings for Curry and Rhodes upon completion of pre-sentence investigations by U.S. Probation Services.

    Pertaining to Overton, as described in court documents and testimony, the defendant was arrested by the Richmond County Sheriff’s Office, pursuant to an arrest warrant, while driving a vehicle.  The defendant was found to be in possession of a firearm and is a prohibited person because of a previous felony conviction. 

    A follow up search warrant of the defendant’s home revealed numerous stolen checks, stolen mail, and various debit cards belonging to other people. Additional investigation revealed that Overton was stealing checks from the mail and depositing, altering, or selling them for the purpose of Bank Fraud and Aggravated Identity Theft. 

    U.S. District Court Judge J. Randal Hall will schedule a sentencing hearing for Overton upon completion of pre-sentence investigations by U.S. Probation Services.     

    “Mail theft has become an epidemic, and it is exceptionally costly to individuals and businesses victimized by these illegal activities,” said Acting U.S. Attorney Tara M. Lyons. “These prosecutions hold accountable these defendants – including one who betrayed the trust granted by her U.S. Postal Service employment.”

    “These cases are examples of individuals who made a decision to engage in criminal misconduct involving the U.S. mail that will not go unpunished,” said Rodney M. Hopkins, Inspector in Charge of the Atlanta Division. “The U.S. Postal Inspection Service is committed to protecting our customers and preserving the integrity of the mail.”

    “The vast majority of U.S. Postal Service employees are honest, hardworking individuals who would never violate the public trust in this manner,” said Special Agent in Charge Jonathan Ulrich of the U.S. Postal Service Office of Inspector General. “But for those who do, our special agents, along with our law enforcement partners, will aggressively investigate these federal crimes to protect the sanctity of the U.S. Mail. These guilty pleas are a testament to the dedication of the investigative and legal teams and should send a strong message to any employee who thinks of conspiring with others to steal arrow keys and betray the public’s trust.”

    “Possessing stolen mail keys and engaging in the theft of personal and private correspondence is not only a breach of trust but a crime against the public,” said Paul Brown, Special Agent in Charge of FBI Atlanta. “These convictions send a clear message: law enforcement will not tolerate the theft of our nation’s mail, and those who abuse their position of trust will be held accountable.”

    These cases were investigated by the U.S. Postal Inspection Service, the U.S. Postal Service Office of Inspector General, the Federal Bureau of Investigation, the Richmond County Sheriff’s Office, and the Columbia County Sheriff’s Office, and prosecuted for the United States by Southern District of Georgia Assistant U.S. Attorneys Joshua Kyle Davis and David Estes.

    The United States Attorney’s Office urges the public that if you believe you are a victim of mail theft from the Martinez Post Office, or the  Peach Orchard Road Post Office between the dates of March 1, 2023 and November 30, 2023, and you have not been contacted by the United States Attorney’s Office, please file a report by June 30, 2025, with the United States Postal Inspection Service at USPIS.gov/report, referencing USPIS Case Numbers 4183320-MT and 4207963-MT  Mail theft victims who have been contacted by the United States Attorney’s Office are encouraged to submit victim impact statements as outlined in their notice and/or appear at future sentencings.  As these defendants are not currently scheduled for sentencing, the United States Attorney’s Office intends to post hearings dates and times on its website at https://www.justice.gov/usao-sdga/pr.  

    MIL Security OSI –

  • MIL-OSI: Intermap Appoints New Auditors

    Source: GlobeNewswire (MIL-OSI)

    DENVER, June 20, 2025 (GLOBE NEWSWIRE) — Intermap Technologies Corporation (TSX: IMP) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced that MNP LLP (“MNP”) have been appointed as auditors of the Company. The board of directors of the Company (the “Board”) approved the appointment of MNP as auditors.

    KPMG LLP (“KPMG”) were the former auditors of the Company. On May 5, 2025 (the “Resignation Date”), KPMG notified the Company of their decision, at their own initiative, to decline to stand for re-appointment as the Company’s auditors in respect of the financial year ending December 31, 2025. The Company has worked diligently since the Resignation Date to select appropriate successor auditors to KPMG, which led to the appointment of MNP.

    Pursuant to the Company’s Management Information Circular dated May 28, 2025 (the “Circular”), at the upcoming annual general meeting (the “Meeting”) of holders of Class A common shares of the Company (“Shareholders”) to be held on June 26, 2025, Shareholders are being asked to approve the appointment of successor auditors to KPMG (the “Replacement Auditors”) to hold office until the next annual meeting of Shareholders or until a successor is appointed, and to authorize the Board to fix the remuneration of the Replacement Auditors. This announcement serves as notice to the Shareholders that the Company has appointed MNP as the Replacement Auditors. Accordingly, at the Meeting, Shareholders are being asked to approve the appointment of MNP as the Replacement Auditors, and to authorize the Board to fix their remuneration.

    The Company will not issue a new form of proxy or voting instruction form to Shareholders in respect of the Meeting. Shareholders who vote by proxy in advance of the Meeting in respect of the appointment of the “Replacement Auditors” as auditors of the Company should be aware that they are voting in respect of the appointment of MNP and the authorization of the Board to fix their remuneration.

    As previously disclosed, there were no modified opinions in KPMG’s report on any of the financial statements of the Company relating to the period commencing at the beginning of the Company’s two most recently completed financial years and ending on the Resignation Date, nor have there been any “reportable events,” as defined in National Instrument 51-102 – Continuous Disclosure Obligations.

    Intermap Reader Advisory
    Certain information provided in this news release, including, but not limited to, the timing of the Meeting and expectations with respect to the successor auditors, including the approval by Shareholders of the appointment thereof, constitutes forward-looking statements. Words such as “will”, “upcoming” and other similar words and expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties, including those discussed Intermap’s Annual Information Form for the year ended December 31, 2024 and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies
    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network –

  • MIL-OSI USA: DOE Approves Fourth Loan Disbursement to Restart the Palisades Nuclear Plant

    Source: US Department of Energy

    WASHINGTON— U.S. Department of Energy (DOE) Secretary Chris Wright today announced the release of the fourth loan disbursement to Holtec to help fund the restart of the Palisades Nuclear Plant. Today’s action disburses $100,451,904 of the up to $1.52 billion loan guarantee to Holtec for the Palisades Nuclear Plant, which will be America’s first restart of a commercial nuclear reactor that ceased operations, subject to U.S. Nuclear Regulatory Commission (NRC) approvals.

    “Under President Trump’s leadership, the Department of Energy is taking a leading role in unleashing the American nuclear renaissance,” said Secretary Chris Wright. “The Palisades Nuclear Plant will help to reinvigorate our nuclear industrial base and will reestablish the United States as the world’s nuclear energy leader.”

    This disbursement marks Holtec’s fourth disbursement of funds from the Loan Programs Office (LPO) since the September 2024 announcement of the loan’s financial close. To date, $251,878,038 of DOE guaranteed loan funds have been disbursed to Holtec to help fund the reopening as it continues to make important milestones toward plant restart, including the NRC’s issuance of the final environmental assessment and finding of no significant impact.

    Today’s announcement highlights the Energy Department’s leading role in advancing President Trump’s Executive Order 14302, Reinvigorating the Nuclear Industrial Base, through funding the restart of nuclear plants. DOE remains committed to fulfill this mission in order to maximize the speed and scale of nuclear capacity in the United States, ensuring American’s have access to reliable, abundant, and affordable energy.

    MIL OSI USA News –

  • MIL-OSI: Univest Securities, LLC Announces Closing of $2.37 Million Registered Direct Offering for its Client Houston American Energy Corp. (NYSE American: HUSA)

    Source: GlobeNewswire (MIL-OSI)

    New York, June 20, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of registered direct offering (the “Offering”), for its client Houston American Energy Corp. (NYSE American: HUSA) (the “Company”), an independent oil and gas company.

    Under the terms of the securities purchase agreement, the Company has agreed to sell to an institutional investor (the “SPA”) for the purchase and sale of an aggregate of 223,762 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $10.60 per share (or pre-funded warrant in lieu thereof) in a registered direct offering.

    The aggregate gross proceeds to the Company of this offering were approximately $2.37 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company currently intends to use the net proceeds of approximately $2.1 million from the offering for general corporate purposes.

    Univest Securities, LLC acted as the sole placement agent.

    The registered direct offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-282778) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on November 4, 2024. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus, can be obtained at the SEC’s website at www.sec.gov.

    About Univest Securities, LLC

    Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

    About Houston American Energy Corp.

    Houston American Energy Corp., an independent oil and gas company, engages in the acquisition, exploration, exploitation, development, and production of natural gas, crude oil, and condensate. Its principal properties are located primarily in the Texas Permian Basin, the South American country of Colombia, and the onshore Louisiana Gulf Coast region. The company is based in Houston, Texas.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:

    Univest Securities, LLC
    Edric Guo
    Chief Executive Officer
    75 Rockefeller Plaza, Suite 18C
    New York, NY 10019
    Phone: (212) 343-8888
    Email: info@univest.us

    The MIL Network –

  • MIL-OSI Canada: B.C. helps people keep full federal Canada Disability Benefit

    Source: Government of Canada regional news

    People receiving provincial income assistance in British Columbia who are also eligible to receive the new federal Canada Disability Benefit will keep the entire benefit, thanks to a B.C. exemption.

    The first Canada Disability Benefit payments from the Government of Canada will begin in July 2025. The exemption applies to all recipients of income, disability and hardship assistance under the B.C. Employment and Assistance program. This exemption is part of the Province’s ongoing work to reduce poverty and improve the lives of people with disabilities. The Canada Disability Benefit is a federal initiative aimed at reducing poverty and supporting the financial security of Canadians with disabilities.

    “With the cost of living so high, it’s more important than ever to ensure people with disabilities have access to the supports they need,” said Sheila Malcolmson, Minister of Social Development and Poverty Reduction. “With this exemption, people receiving provincial assistance can keep the full support they receive from the federal Canada Disability Benefit.”

    Eligible people can receive up to $200 per month, or $2,400 per year in additional income from the federal Canada Disability Benefit. With this B.C. exemption, any Canada Disability Benefit payment received from the federal government will not affect provincial income assistance payments. This formalizes a commitment the B.C. government first made in September 2024. Ensuring people can keep all of the Canada Disability Benefit is also one of the commitments under the four-year agreement between the B.C. NDP and the B.C. Green Party signed in December 2024.

    “People with disabilities disproportionately live below the poverty line in B.C., often forced to choose between food and shelter,” said Rob Botterell, MLA for Saanich North and the Islands. “The B.C. Greens pushed for this vital step in our agreement with the government, so now people with disabilities in B.C. can access the full range of supports available across Canada.”

    Applications for the federal Canada Disability Benefit open June 20, 2025, and can be submitted to the Government of Canada online, by phone or in person at a Service Canada centre. To support individuals with the application process, three B.C.-based organizations, Disability Alliance BC, British Columbia Aboriginal Network on Disability Society and Plan Institute, will provide accessible, individualized navigation services to disability programs and benefits, including the federal Disability Tax Credit and Canada Disability Benefit.

    “Ensuring that federal Canada Disability Benefit payments will be exempted from any clawbacks will surely increase the dignity and financial security of British Columbians on income, disability and hardship assistance,” said Helaine Boyd, executive director, Disability Alliance B.C. “Disability Alliance B.C. is here to support the disability community in getting access to the federal Disability Tax Credit and the Canada Disability Benefit.”

    Applicants can also use the newly launched benefit estimator tool, which can be found on the federal government’s Canada Disability Benefit page, to find out how much they may qualify to receive each month. To access the tool, visit: https://www.canada.ca/en/services/benefits/disability/canada-disability-benefit.html.

    The federal Canada Disability Benefit is estimated to benefit approximately 85,000 people throughout B.C.

    Learn More:

    To learn more about the federal Canada Disability Benefit, visit: https://www.canada.ca/en/services/benefits/disability/canada-disability-benefit.html

    To find the B.C.-based organizations supporting people with the application, visit: https://www.canada.ca/en/employment-social-development/programs/social-development-partnerships/disabilities/organizations-benefits.html

    For the federal government’s news release, visit: https://www.canada.ca/en/employment-social-development/news/2025/06/canadians-can-apply-for-the-canada-disability-benefit-on-june-20.html

    To access the benefit estimator tool, visit: https://www.canada.ca/en/services/benefits/disability/canada-disability-benefit/amount.html

    For more information about the federal Disability Tax Credit, visit: https://www.canada.ca/en/revenue-agency/services/tax/individuals/segments/tax-credits-deductions-persons-disabilities/disability-tax-credit.html

    To learn more about the agreement between the B.C. government and the B.C. Green Party, visit: https://bcgreens.ca/wp-content/uploads/2024/12/Agreement-in-Principle.pdf

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI USA: Texas Man Charged with Conspiracy to Defraud the United States and Related Offenses in Connection with Alleged Operation of Trucking Companies

    Source: US State of California

    WASHINGTON – An indictment was unsealed on Wednesday in Houston charging a Texas man with offenses related to the alleged operation of illegal and unsafe trucking companies.

    According to court documents, Shaquan Jelks, 48, of Houston, managed and controlled multiple commercial trucking companies after being ordered not to do so by a federal court and by the Federal Motor Carrier Safety Administration (“FMCSA”), the regulatory agency responsible for ensuring that commercial trucks and their drivers are equipped to operate safely on public roads and highways. The indictment against Jelks alleges that he repeatedly lied to and obstructed the FMCSA, including after a driver for his companies was killed in a single-vehicle crash in February 2022. The indictment also alleges that Jelks relied on fraud to finance his illegal trucking companies, including by diverting to his trucking companies money fraudulently obtained from the Paycheck Protection Program.

    “Individuals who impair, impede, or obstruct the lawful functions of the FMCSA make our roads and highways less safe,” said Assistant Attorney General Brett Shumate of the Justice Department’s Civil Division. “The Department will continue to work closely with the Department of Transportation and our law enforcement partners to protect drivers on our roads and highways.”

    “Motorists have a right to expect that the commercial trucks on their roadways—which weigh tens of thousands of pounds or more—are safely maintained and operated,” said U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas. “By prosecuting those that undermine this expectation of safety, DOJ and DOT are simultaneously keeping our roadways safe and maintaining public confidence.”

    “Keeping our highways safe is essential to protecting our families, our economy, and our way of life,” said Joseph Harris, Special Agent-in-Charge of the Department of Transportation Office of Inspector General’s Southern Region. “People have every right to expect that trucking companies follow the highest safety standards when using our public roads. Today’s announcement shows our continued commitment to holding commercial operators accountable—especially those who put profits ahead of public safety by disregarding key DOT regulations.”

    The Department of Transportation’s Office of Inspector General and the Federal Bureau of Investigation are investigating the case.

    Trial Attorneys Ethan Carroll and Lindsey Marcus of the Justice Department’s Consumer Protection Branch and Assistant U.S. Attorney Michael Day of the Southern District of Texas are prosecuting the case.

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

    MIL OSI USA News –