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Category: Economy

  • MIL-OSI USA: SCHUMER, GILLIBRAND ANNOUNCE $12+ MILLION IN FEDERAL FUNDING FOR PROJECTS ACROSS UPSTATE NEW YORK THROUGH THE NORTHERN BORDER REGIONAL COMMISSION

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Communities From North Country, Finger Lakes, CNY, Capital Region Win Funding For Critical Community Projects Such As Upgrading Wastewater Infrastructure, Expanding Access To Healthcare & More 

    Schumer, Gillibrand: Fed $$ Is Flowing To Improve Upstate NY Infrastructure, Expand Healthcare & Create Jobs!

    U.S. Senator Chuck Schumer and U.S. Senator Kirsten Gillibrand today announced $12,349,291 in federal funding for 14 projects across Upstate New York through the Northern Border Regional Commission (NBRC), which the senators recently fought to reauthorize and expand. Schumer and Gillibrand said these projects will help address critical needs across the region, including upgrading wastewater infrastructure, expanding access to healthcare services, and more to improve quality of life and spur economic development in the region.

    “From expanding wastewater systems in the Finger Lakes Region to boosting access to healthcare in the North Country, this $12+ million in federal money via the excellent Northern Border Regional Commission will support major infrastructure upgrades and increase in vital services in Upstate New York. These federal investments will help create new jobs, strengthen our infrastructure, expand healthcare and boost quality of life across the region,” said Senator Schumer. “I have long fought to secure and increase funding for the Northern Border Regional Commission and expand this important federal support because it has played a unique and pivotal role in spurring economic development, upgrading infrastructure, improving quality of life, and creating jobs in communities across Upstate New York. I’m proud to have delivered this critical funding to help families and communities lay the foundation for a better future here in Upstate New York.”

    “These federal investments will support essential upgrades to infrastructure, expand access to health care, create jobs, and drive economic growth across Upstate New York,” said Senator Gillibrand. “The Northern Border Regional Commission has already backed more than 75 projects in our state, and this additional $12 million will build on that progress and help communities thrive. I’m proud to have helped secure this funding, and I’ll keep fighting to protect the NBRC to ensure our families, workers, and small businesses have the resources they need to succeed.”

    A full list of projects can be found below:

    Recipient

    Region

    County

    Amount

    Description

    Town of Hunter

    Capital Region

    Greene

    $1,000,000

    The Town of Hunter will design, construct, and equip the Mountaintop Community Hall, supporting workforce development, business incubation, community programming, and emergency preparedness.

    Village of Whitehall

    Capital Region

    Washington

    $1,000,000

    The Village of Whitehall will upgrade its water infrastructure following a State of Emergency due to water supply disruptions. This project will safeguard drinking water for residents and businesses by enhancing the Pine Lake reservoir and Village Water Treatment Plant with modern monitoring and control systems.

    East Hill Family Medical, Inc

    Central NY

    Cayuga

    $1,000,000

    East Hill Family Medical, Inc will transform a newly acquired site in Sennett, NY into a state-of-the-art healthcare facility. The project will improve access to primary care, behavioral health, and dental services, serving an estimated 4,500 additional patients and addressing regional provider shortages.

    Town of Schroeppel

    Central NY

    Oswego

    $80,000

    The Town of Schroeppel will conduct a comprehensive water infrastructure feasibility study, ensuring long-term access to safe and reliable water for residents and businesses.

    Town of Webb

    Mohawk Valley

    Herkimer

    $485,000

    The Town of Webb will modernize its aging wastewater collection system, addressing critical infrastructure deficiencies and environmental risks. This project will rehabilitate high-risk sewer lines, improve wastewater conveyance, and enhance treatment facility operations.

    Lake Champlain-Lake George Regional Planning Board

    North Country

    Essex

    $240,000

    The Lake Champlain-Lake George Regional Planning Board will identify development sites, conduct buildout analyses, and complete pre-development work for workforce housing in four Essex County communities. This initiative will address housing shortages while supporting workforce growth, economic stability, and community sustainability in the region.

    City of Plattsburgh

    North Country

    Clinton

    $100,000

    The City of Plattsburgh will conduct a feasibility study of its wastewater system in the Rugar Street corridor, ensuring capacity for future development. This study will assess infrastructure needs to support 150 new workforce housing units, additional commercial growth, and industrial expansion at the former Clinton County airport.

    Lake Placid Association for Music, Drama and Art

    North Country

    Essex

    $1,000,000

    Lake Placid Association for Music, Drama and Art will renovate and modernize a 52-year-old theatre, enhancing accessibility, energy efficiency, and performance capabilities. This revitalization will transform the auditorium, expand stage space, upgrade theatre technology, and improve visitor experience, ensuring the venue remains a vital hub for cultural tourism and community engagement.

    United Cerebral Palsy Association of the North Country, Inc.

    North Country

    St.Lawrence

    $615,625.72

    United Cerebral Palsy Association of the North Country, Inc. will expand pediatric healthcare services at its Federally Qualified Health Centers in Canton and Ogdensburg, NY. This project will increase clinic capacity by constructing exam rooms, improving patient flow, and enhancing access to preventive care, vaccinations, and chronic disease management for children in medically underserved communities.

    Village of Waddington

    North Country

    St.Lawrence

    $793,000

    The Village of Waddington will replace deteriorating water mains in its downtown district, ensuring reliable access for residents and businesses while preventing further economic decline.

    Livingston County Water and Sewer Authority

    Rochester Finger-Lakes

    Livingston

    $1,000,000

    Livingston County Water and Sewer Authority will implement the LCWSA/Geneseo Water Interconnection Project, enhancing water system capacity, resiliency, and regional connectivity across multiple municipalities in Livingston County, NY.

    Village of Dansville

    Rochester-Finger Lakes

    Livingston

    $1,979,586.00

    The Village of Dansville will construct a public sewer extension, pedestrian infrastructure, and ADA-accessible playground equipment, improving community health and economic development. This project will provide wastewater service to Noyes Memorial Hospital and the planned YMCA, facilitating expansion and workforce growth, while new sidewalks, a walking trail, and a pedestrian bridge will enhance accessibility and safety.

    Village of Waterloo

    Rochester-Finger Lakes

    Seneca

    $3,000,000

    Village of Waterloo will improve storm sewer infrastructure, road drainage, sidewalks, and curbing, ensuring resilience against frequent flooding and supporting downtown revitalization efforts. These upgrades complement the Village’s recent $10 million Downtown Revitalization Initiative (DRI) funding, enhancing economic stability, pedestrian safety, and stormwater management.

    Genesee Finger Lakes Regional Planning Commission

    Rochester-Finger Lakes

    Wyoming

    $56,080

    The Genesee Finger Lakes Regional Planning Commission will conduct a Housing Needs Assessment and Market Analysis, evaluating demographic and economic trends to inform comprehensive housing strategies. This study will identify gaps in the housing market and guide planning for projects that address the needs of low-to-moderate-income households, seniors, veterans, and individuals with disabilities.

    After years of advocacy, Schumer and Gillibrand announced late last year that they had successfully reauthorized the Northern Border Regional Commission (NBRC) for another 5 years, increasing funding and expanding the critical grant program that has delivered tens of millions of dollars for the North Country and Upstate NY. Despite the wide bipartisan support to reauthorize the NBRC, President Trump’s recent budget for Fiscal Year 2026 calls for the elimination of this program, an effort that the senators are actively pushing back against to ensure NBRC continues to be funded to provide critical investment to Upstate NY. From 2010-2024, the NBRC has invested in over 78 projects, totaling more than $48 million in federal funding for Upstate New York. Schumer introduced the Northern Border Regional Commission (NBRC) Reauthorization Act of 2023 which paved the way for these key changes.

    In addition to reauthorizing the NBRC for an additional 5 years, the bill that passed into law at the end of last year also increased funding for the program from $33 million to $40 million. The bill made critical enhancements to the range of projects the NBRC is able to support to foster growth in the region, including a new program focused on addressing childcare and healthcare needs, increasing support for addiction treatment, and new support for capacity building for business retention, job training, and job creation. The NBRC reauthorization was included as part of the Economic Development Administration reauthorization in the bipartisan, bicameral Water Resources Development Act.

    Schumer and Gillibrand have a long history of championing the Northern Border Regional Commission and its positive economic impacts on Upstate New York. In 2021, the senator successfully secured $150 million for the NBRC, over triple its funding from previous years, through the Bipartisan Infrastructure Investment & Jobs Act.

    Established in 2008, the NBRC is a federal-state partnership focused on the economic revitalization of communities across the Northern Border region, which includes New York, Maine, New Hampshire, and Vermont. The Commission is composed of the governors of the four Northern Border states and a federal co-chair and provides financial and technical assistance to communities in the region to support entrepreneurs, improve water, broadband, and transportation infrastructure, and promote other initiatives to improve the region’s economy. The northern border region of New York State currently includes 30 counties: Cayuga, Clinton, Essex, Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Montgomery, Niagara, Oneida, Orleans, Oswego, Rensselaer, Saratoga, Schenectady, Schoharie, Seneca, St. Lawrence, Sullivan, Washington, Warren, Wayne, Wyoming, and Yates. 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: expert reaction to final draft guidance on donanemab and lecanemab

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on final NICE draft guidance on the use of donanemab and lecanemab for Alzheimer’s disease. 

    Prof Charles Marshall, Professor of Clinical Neurology, Queen Mary University of London, said:

    “This will be very disappointing news to people living with Alzheimer’s disease. However, the decision is understandable given the high cost to the NHS of giving the drugs for a relatively modest benefit. There are several things which would help to get disease-modifying treatments for Alzheimer’ disease approved in the future. Firstly, we need better information about the true impact of living with Alzheimer’s disease for both the person affected and their family, so that we can better capture all of the benefit on quality of life that these drugs might have. Secondly, we need improved NHS clinics that can offer high quality diagnosis and monitoring of dementia so that the costs of setting up this diagnosis and monitoring are not weighed against the benefit of the drugs. Finally, we need more effective drugs so that the magnitude of benefit becomes indisputable, and there is currently good reason to be hopeful about this.”

    Prof Rob Howard, Professor of Old Age Psychiatry, UCL, said:

    “Nobody should be surprised that NICE have confirmed their earlier view that the new Alzheimer’s disease treatments would not be cost-effective if used within the NHS. Well-conducted clinical trials demonstrated that the actual size of benefits experienced by patients were too small to be noticeable, treatment carries risks of side-effects, and the annual cost of the drugs and safety monitoring required would have been close to the cost of a nurse’s salary for each treated patient.

    “We need better treatments that can make an appreciable difference to the lives of people with dementia and these can only come from further research and study.”

     

    Prof Paresh Malhotra, Head, Division of Neurology, Imperial College London, said:

    “The draft guidance documents from NICE on lecanemab and donanemab mean that these treatments will not be available for people with Alzheimer’s Disease via the NHS. This is not totally unexpected but does create a significant gap between what is done in other countries as well as the private sector, and what will be done for NHS patients. The modest effects and significant costs of these drugs have, understandably, been used to justify these decisions. The treatments would require major infrastructure changes to deliver to all those who are potentially eligible. Perhaps the biggest impact (or lack of it), is that there will be no impetus to change our general approach to make dementia diagnosis faster and to provide longer-term specialist input for people living with Alzheimer’s Disease. New and initially controversial treatments catalysed services and healthcare provision for other neurological conditions such as MS and stroke. People with Alzheimer’s Disease, and Dementia more broadly, will have to continue to wait. In the meantime, we will try to push against the more nihilistic attitudes that are sometimes associated with this very common devastating disease.”

     

    Hilary Evans-Newton, Chief Executive at Alzheimer’s Research UK, said:

    “This rejection is a painful setback for people affected by Alzheimer’s — but sadly not a surprising one. The drugs’ modest benefits, combined with the significant costs of delivering them in the NHS, meant they faced insurmountable challenges. People with early Alzheimer’s in England and Wales now face a long wait for innovative new treatments as they won’t be able to access lecanemab or donanemab unless they can afford to pay privately.

    “This decision sends a troubling signal to the life sciences sector — undermining confidence in the UK as a home for research, innovation and clinical trials. That risks lasting damage to both patients and the economy. NICE’s decision should ring alarm bells for a government that, only a year ago, pledged to make the UK a global leader in dementia treatments.

    “While these drugs are not a cure and do come with potentially serious side effects, they represent an important first step in changing the course of Alzheimer’s. With over 30 Alzheimer’s drugs now in late-stage trials globally, momentum is building – and more will enter regulatory systems in the years ahead. Without intervention from government, people with Alzheimer’s will continue to miss out — not because science is failing, but because the system is. Government must work with NICE, the NHS and industry to pilot licensed drugs, gather more data, and prepare the health system for what’s ahead.

    “One major barrier remains early and accurate diagnosis. Without it, patients can’t access current – or future – treatments. Alongside piloting, urgent investment in diagnostic services is vital if we are to give people a fair chance at the vast progress dementia research is making.”

    Professor Fiona Carragher, Alzheimer’s Society’s Chief Policy and Research Officer, said: 

    “There is no doubt that today’s decision is a setback for people with Alzheimer’s disease. It is highly disappointing that we are in a situation where treatments that slow the progression of the condition are not available on the NHS. 

    “The reality we’re faced with is that these treatments remain out of reach of both the NHS and most eligible people with Alzheimer’s disease. In other diseases like cancer, treatments have become more effective, safer and cheaper over time. It’s essential we see similar progress in dementia.  

    “The fact is, even if donanemab and lecanemab were made available on the NHS tomorrow, too many patients wouldn’t be able to access them because the health system isn’t ready to deliver them. The science is flying but the system is failing. 

    “What we need now is for the UK government to commit to the long-term investment needed to fundamentally change dementia diagnosis so that we are ready for new treatments.  This relies on an early diagnosis and access to specialist diagnostic tests, yet currently a third of people with dementia don’t have a diagnosis at all.  

    “The needs of people with dementia have long been overlooked and this cannot continue. We are heading towards a future where disease-slowing treatments reduce the devastating impact of dementia, and we cannot afford to delay preparing the NHS for them.” 

    NICE published final draft guidance on donanemab and final draft guidance on lecanemab at 00:01 UK time on Thursday 19th June. 

    Declared interests

    Prof Charles Marshall: I have received personal fees from Lilly, Eisai and Roche

    Prof Rob Howard: No COI

    Prof Paresh Malhotra:

    National Specialty Lead for Dementia and Neurodegeneration, NIHR Research Delivery Network

    Honorary Consultant Neurologist, Imperial College Healthcare NHS Trust

    Serviced Practice Consultant Neurologist, Cleveland Clinic London

    NHSE Working Group Member (Lecanemab and Amyloid PET)

    Trustee, Alzheimer’s Society

    Recipient of ‘Drugs Only’ Grant for NIHR funded Trial, Shire/Takeda

    Independent Data Monitoring Committee, J&J

    Research funding from NIHR, ARUK, Alzheimer’s Society, MRC, DPUK, BHF, Lifearc, FIFA, FA, UK DRI

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Economic growth still in the hole dug in 2024 – CTU Economist

    Source: NZCTU Te Kauae Kaimahi

    Data released by Stats NZ today shows that the economy grew on a quarterly basis by 0.8% but fell on an annual basis by 1.1% said NZCTU Te Kauae Kaimahi Economist Craig Renney. “This is positive data for the first quarter of this year, but the fact that the economy is about the same size it was in March 2023 tells you that essentially we have had almost zero economic growth (0.3%) over the past two years.”

    “GDP per capita ($52,872) is now lower than it was in March 2022 ($53,100). It took another fall on an annual basis of 2.4%. There were falls in 11 of the 16 sectors of the economy annually – led by construction (-9.3%), wholesale trade (-3.6%) , and business services (-2%). Both goods producing industries and service industries saw contraction this year.”

    “The data shows that workers incomes aren’t keeping up with profits. Stats NZ shows that compensation of employees rose 1.5% this quarter before inflation. Gross operating surplus and gross mixed incomes (a broad measure of profit) rose 2%. Employee compensation was revised down in the December quarter to -0.2%.”

    “The lack of business confidence in the economy is present in the business investment data. Business investment fell this year. Non-residential building investment fell 2.9%. Transport equipment purchases fell 6%. Households are feeling it to, with purchase of durable goods being lower than they were in December 2023,” Renney said.

    “This data shows us how far we fell over the past year in economic terms. The growth in GDP this quarter is welcome – but the economy is still smaller than at the election in real terms. With more recent data suggesting that the economy is struggling to grow, there is a real danger that we return to slow, no, or negative growth.”

    “It’s time for the Government to realise that its economic growth plan isn’t working. There are 23,000 more people on Jobseekers this year. 48% of workers in New Zealand got a pay cut in real terms. Business and consumer confidence are at levels associated with recessions. One quarter of data shouldn’t blind the government of the need for change.”

    MIL OSI New Zealand News –

  • MIL-OSI China: China’s vice premier urges efforts to promote high-quality development of foreign trade

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

    China’s vice premier urges efforts to promote high-quality development of foreign trade

    QINGDAO, June 18 — Chinese Vice Premier He Lifeng has called for enhanced efforts to stabilize foreign trade, strengthen support and services for foreign trade enterprises, and utilize the competitive advantages of those enterprises fully to drive the high-quality development of China’s foreign trade.

    He, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks during an inspection tour in Shandong Province which began on Tuesday and concluded on Wednesday.

    He acknowledged that amid a complex international environment, China’s manufacturing exporters have this year surmounted significant challenges and demonstrated remarkable resilience. Offering high-quality products at competitive prices, these exporters have not only bolstered domestic economic development but also contributed to greater stability in the global economy.

    By leveraging their strengths fully and maintaining focus on core businesses, exporters should deepen their presence in international markets while continuously innovating and upgrading their products, technologies and business models, the vice premier said.

    He also encouraged manufacturing exporters to coordinate their export expansions with meeting domestic demand.

    He also called on local authorities to address the practical concerns of foreign trade enterprises, and to enhance support and services for those enterprises to advance the high-quality development of foreign trade.

    MIL OSI China News –

  • MIL-OSI China: China’s vision for deeper financial opening-up highlighted at Shanghai Lujiazui Forum

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

    China’s vision for deeper financial opening-up highlighted at Shanghai Lujiazui Forum

    SHANGHAI, June 18 — Multiple government officials have delivered speeches at the annual Lujiazui Forum being held in east China’s Shanghai, pledging efforts to promote high-standard financial opening-up despite mounting global geopolitical uncertainty.

    Among the most high-profile measures being discussed at the forum is a plan to establish an international operations center for the digital RMB, which was unveiled by Pan Gongsheng, governor of the People’s Bank of China (PBOC). The move aims to promote the internationalization of the digital currency, as well as the development of financial market services, while supporting innovation in the field of digital finance.

    The center’s establishment is one of eight new measures set to be piloted in Shanghai, Pan said. Others include the development of free trade offshore bonds to expand financing channels for companies, and the optimization of the free trade account system to facilitate cross-border trade and investment for enterprises.

    Zhu Hexin, deputy governor of the PBOC and head of the State Administration of Foreign Exchange (SAFE), said that to advance the facilitation of cross-border investment and financing, policies will be implemented nationwide to encourage foreign investment in research institutions and ease cross-border financing for technology-based enterprises.

    The policy of integrating funding pools for multinational companies in both domestic and foreign currencies will be promoted nationwide to facilitate the utilization of funds within multinational corporate groups, according to Zhu.

    A package of innovative foreign exchange policies will be implemented in China’s pilot free trade zones, including policies to optimize new international trade settlements and expand the Qualified Foreign Limited Partner (QFLP) pilot program, Zhu said.

    On Wednesday, SAFE unveiled a notice to solicit public advice on deepening reforms of the foreign exchange management of cross-border investment and financing, with the notice also pledging to facilitate cross-border financing further.

    China will exempt foreign-invested enterprises from registration requirements for domestic reinvestment, and this pilot policy will be expanded nationwide.

    On the capital market, Wu Qing, chairman of the China Securities Regulatory Commission, emphasized the role that foreign funds and institutions play in China’s capital market, calling for the promotion of the broad opening-up of markets, products and institutions.

    Following Wu’s speech, the securities regulator announced that it would allow qualified foreign investors to participate in on-exchange exchange-traded fund (ETF) options trading from Oct. 9 this year for hedging purposes only.

    China has made steady progress in financial liberalization in recent years. According to Li Yunze, head of the National Financial Regulatory Administration, the country has optimized its model of “pre-establishment national treatment plus a negative list for foreign investment,” while most restrictions on foreign access to China’s banking and insurance sectors have now been removed.

    Looking ahead, the country plans to continue improving its business environment for foreign investors, aiming to foster a more welcoming, inclusive atmosphere in which foreign institutions can leverage their strengths and grow sustainably, Li added.

    Initiated in 2008, the Lujiazui Forum has become a platform for dialogue among policymakers, financial experts and business leaders from around the world. This year’s forum, themed “Financial opening-up and cooperation for high-quality development in a changing global economy,” runs from Wednesday to Thursday.

    MIL OSI China News –

  • MIL-OSI Submissions: OPEC Fund Development Forum 2025 concludes with new commitments to accelerate global development impact

    Source: OPEC Fund

    18 June 2025 – Highlights:  

    – Announcement of over US$1 billion new financing: OPEC Fund signs US$362 million new loan agreements during the Forum and announces approval of US$720 million in new financing in the second Quarter
     – A Country Partnership Framework agreement with Rwanda earmarks US$300 million financing in the next three years 
    – At the high-level Mauritania roundtable hosted by the OPEC Fund, the Arab Coordination Group (ACG) announced a pledge of US$2 billion financing over the next 5 years to support Mauritania’s development priorities.
    June 18, 2025: The fourth OPEC Fund Development Forum concluded today with a strong slate of new commitments, loan agreements and strategic partnerships to advance inclusive transition and sustainable development. The Forum, which took place in Vienna, Austria brought together more than 600 global leaders, including government representatives, development institutions and private sector stakeholders, under the theme “A Transition That Empowers Our Tomorrow”.
    The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries.
    OPEC Fund President Abdulhamid Alkhalifa said: “The OPEC Fund Development Forum reflects our conviction that partnerships must deliver results. Today we achieved tangible progress – with new signings, new partnerships and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture or finance, we are responding with solutions that make a difference.”
    As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada, and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure.
    Deepening Country Partnerships for Long-term Impact: New country-level agreements and cooperation frameworks include:  
    – A US$212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years.
    – A US$25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA) and the Kuwait Fund.
    – A CPF with Rwanda to allocate up to US$300 million in financing for 2025 – 2028, supporting the country’s development priorities, including quality infrastructure, improved essential basic services and the promotion of entrepreneurship and the private sector.
    – Other country partnership agreements included: Azerbaijan to support infrastructure, energy transition and sustainable development; Botswana to support infrastructure, renewable energy, innovation and digital transformation, as well as private sector export-led growth over the next three years; Grenada to build resilience through sustainable development initiatives; Kyrgyz Republic to increase cooperation in transport, water supply and sanitation, energy, agriculture and banking sectors; and Solomon Islands to expand engagement and increase cooperation including in the private sector.
    Scaling up Private Sector Support : The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa:
    – In Côte d’Ivoire, a €30 million loan agreement with Coris Bank International Côte d’Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs).
    – A US$40 million loan agreement with the East African Development Bank (EADB) will boost economic investments across Kenya, Uganda, Tanzania and Rwanda, strengthening regional integration and inclusive growth.
    New Trade Finance Initiative: At the Forum the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps and strengthening resilience to external shocks in vulnerable economies.
    Advancing global cooperation: The Forum also featured new agreements to deepen multilateral cooperation:
    – A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy and human development projects across the Latin America and Caribbean region.
    – The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems.
    – A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries.
    Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG). Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani to strengthen development collaboration and mobilize investment flows to Mauritania. 
    The roundtable resulted in an ACG joint pledge of US$2 billion financing over the next five years. This will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth. A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region’s urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund’s partner institution, the Arab Bank for Economic Development in Africa (BADEA).
    About the OPEC Fund
    The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.  

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: OPEC Fund Development Forum 2025 concludes with new commitments to accelerate global development impact

    Source: OPEC Fund

    18 June 2025 – Highlights:  

    – Announcement of over US$1 billion new financing: OPEC Fund signs US$362 million new loan agreements during the Forum and announces approval of US$720 million in new financing in the second Quarter
     – A Country Partnership Framework agreement with Rwanda earmarks US$300 million financing in the next three years 
    – At the high-level Mauritania roundtable hosted by the OPEC Fund, the Arab Coordination Group (ACG) announced a pledge of US$2 billion financing over the next 5 years to support Mauritania’s development priorities.
    June 18, 2025: The fourth OPEC Fund Development Forum concluded today with a strong slate of new commitments, loan agreements and strategic partnerships to advance inclusive transition and sustainable development. The Forum, which took place in Vienna, Austria brought together more than 600 global leaders, including government representatives, development institutions and private sector stakeholders, under the theme “A Transition That Empowers Our Tomorrow”.
    The OPEC Fund announced some US$720 million in new financing to support development efforts across Africa, Asia, Latin America and the Caribbean, and saw the signing of US$362 million in new loan agreements. A new Trade Finance Initiative is set to secure vital supplies and help close trade-related liquidity gaps in partner countries.
    OPEC Fund President Abdulhamid Alkhalifa said: “The OPEC Fund Development Forum reflects our conviction that partnerships must deliver results. Today we achieved tangible progress – with new signings, new partnerships and new approaches to help our partner countries turn ambition into action. Whether in energy, infrastructure, agriculture or finance, we are responding with solutions that make a difference.”
    As part of its Small Island Developing States (SIDS) initiative, the OPEC Fund signed cooperation agreements with Grenada, and the Solomon Islands, expanding support for climate resilience and sustainable infrastructure.
    Deepening Country Partnerships for Long-term Impact: New country-level agreements and cooperation frameworks include:  
    – A US$212 million loan agreement with Oman to finance the Khasab-Daba-Lima Road Project (Sultan Faisal bin Turki Road), improving local and regional connectivity, as well as a Country Partnership Framework (CPF) to strengthen cooperation over the next five years.
    – A US$25 million loan agreement with Cameroon to strengthen the Rice Value Chain Development Project, supporting smallholder farmers and strengthening food security in vulnerable regions, in collaboration with the Islamic Development Bank (IsDB), Arab Bank for Economic Development in Africa (BADEA) and the Kuwait Fund.
    – A CPF with Rwanda to allocate up to US$300 million in financing for 2025 – 2028, supporting the country’s development priorities, including quality infrastructure, improved essential basic services and the promotion of entrepreneurship and the private sector.
    – Other country partnership agreements included: Azerbaijan to support infrastructure, energy transition and sustainable development; Botswana to support infrastructure, renewable energy, innovation and digital transformation, as well as private sector export-led growth over the next three years; Grenada to build resilience through sustainable development initiatives; Kyrgyz Republic to increase cooperation in transport, water supply and sanitation, energy, agriculture and banking sectors; and Solomon Islands to expand engagement and increase cooperation including in the private sector.
    Scaling up Private Sector Support : The OPEC Fund continues to prioritize private sector-led growth with targeted financing to financial institutions across Africa:
    – In Côte d’Ivoire, a €30 million loan agreement with Coris Bank International Côte d’Ivoire and a €35 million loan agreement with NSIA Banque will facilitate access to finance for small and medium-sized enterprises (SMEs).
    – A US$40 million loan agreement with the East African Development Bank (EADB) will boost economic investments across Kenya, Uganda, Tanzania and Rwanda, strengthening regional integration and inclusive growth.
    New Trade Finance Initiative: At the Forum the OPEC Fund also announced a new Trade Finance Initiative to boost trade resilience in partner countries by facilitating access to essential imports, closing liquidity gaps and strengthening resilience to external shocks in vulnerable economies.
    Advancing global cooperation: The Forum also featured new agreements to deepen multilateral cooperation:
    – A new cooperation agreement with the Central American Bank for Economic Integration (CABEI) will strengthen collaboration in infrastructure, energy and human development projects across the Latin America and Caribbean region.
    – The OPEC Fund and the Islamic Organization for Food Security (IOFS) formalized a cooperation agreement to coordinate efforts on climate-resilient agriculture and sustainable food systems.
    – A cooperation agreement with the International Anti-Corruption Academy (IACA) will support training programs to promote institutional transparency and anti-corruption capacity building in partner countries.
    Ahead of the Forum, the OPEC Fund hosted the Annual Meeting of the Heads of Institutions of the Arab Coordination Group (ACG). Delegates participated in a high-level roundtable with the President of Mauritania, Mohamed Ould Ghazouani to strengthen development collaboration and mobilize investment flows to Mauritania. 
    The roundtable resulted in an ACG joint pledge of US$2 billion financing over the next five years. This will be directed to vital sectors, including energy, water, transportation and digital infrastructure to stimulate economic growth. A dedicated Arab Donors Roundtable on the Sahel addressed strategies to mobilize greater support for the region’s urgent challenges. It was organized by the Permanent Interstate Committee for Drought Control in the Sahel (CLISS) and sponsored by the OPEC Fund’s partner institution, the Arab Bank for Economic Development in Africa (BADEA).
    About the OPEC Fund
    The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$29 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.  

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Economy – Fed holds rates – markets turn to Powell’s successor amid Trump rant – deVere Group

    Source: deVere Group

    June 18 2025 – The Federal Reserve has held interest rates steady—resisting mounting pressure from President Trump to cut—and investors are now preparing for what may come next: a pro-Trump successor at the helm of the world’s most powerful central bank.

    Global financial advisory giant deVere Group says the central bank’s decision is the right one, warning that cutting too soon could have backfired badly and pushed long-term borrowing costs higher, not lower.

    Nigel Green, CEO of deVere Group, says: “Trump wants a full-point rate cut to offset the damage from his own tariffs. But if the Fed delivers prematurely, markets will punish that kind of political submission. Long yields could spike, and the cost of capital could rise across the board.”

    May inflation data shows some easing—headline CPI dipped to 2.4% and core to 2.8%—but it is not enough for the Fed to justify a move. Wage growth remains resilient, household consumption is firm, and services inflation is still uncomfortably sticky.

    “The Fed is right to stay on hold,” says Nigel Green. “The disinflation trend is fragile, the tariff shock is still working its way through, and rate cuts in this environment would send the wrong message.”

    Tensions hit a new peak on Wednesday morning, just hours before the central bank’s decision, when President Trump launched a personal attack on Fed Chair Jerome Powell during an impromptu press briefing on the South Lawn of the White House.

    Speaking beside a new row of flagpoles unveiled as part of a symbolic national display ahead of what the president described as a “potential war with Iran,” Trump again blamed the Fed for slowing the economy and accused Powell of incompetence.

    “We’re doing well. Well as a country, if the Fed would ever lower rates, you know, we’d buy debt for a lot less,” he told reporters. “Do you ever have a guy that’s not a smart person and you’re dealing with him and you have to deal? He’s not a smart guy.”

    deVere points to sharp movements in the yield curve as a warning sign. The 2-year/30-year spread is now at its widest since early 2022. Investors are demanding more compensation to hold long-dated Treasuries amid growing concern about inflation credibility, surging debt issuance, and the creeping politicisation of the Fed.

    “What we’re seeing now is a re-pricing of long-term risk,” says Green. “If the Fed signals it’s willing to bow to political pressure, it damages its ability to anchor expectations—and yields will move accordingly.”

    The decision to hold comes against the backdrop of Trump’s increasingly aggressive demands for looser monetary policy and his influence over the next central bank leadership decision. Powell’s term

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Economy – Fed holds rates – markets turn to Powell’s successor amid Trump rant – deVere Group

    Source: deVere Group

    June 18 2025 – The Federal Reserve has held interest rates steady—resisting mounting pressure from President Trump to cut—and investors are now preparing for what may come next: a pro-Trump successor at the helm of the world’s most powerful central bank.

    Global financial advisory giant deVere Group says the central bank’s decision is the right one, warning that cutting too soon could have backfired badly and pushed long-term borrowing costs higher, not lower.

    Nigel Green, CEO of deVere Group, says: “Trump wants a full-point rate cut to offset the damage from his own tariffs. But if the Fed delivers prematurely, markets will punish that kind of political submission. Long yields could spike, and the cost of capital could rise across the board.”

    May inflation data shows some easing—headline CPI dipped to 2.4% and core to 2.8%—but it is not enough for the Fed to justify a move. Wage growth remains resilient, household consumption is firm, and services inflation is still uncomfortably sticky.

    “The Fed is right to stay on hold,” says Nigel Green. “The disinflation trend is fragile, the tariff shock is still working its way through, and rate cuts in this environment would send the wrong message.”

    Tensions hit a new peak on Wednesday morning, just hours before the central bank’s decision, when President Trump launched a personal attack on Fed Chair Jerome Powell during an impromptu press briefing on the South Lawn of the White House.

    Speaking beside a new row of flagpoles unveiled as part of a symbolic national display ahead of what the president described as a “potential war with Iran,” Trump again blamed the Fed for slowing the economy and accused Powell of incompetence.

    “We’re doing well. Well as a country, if the Fed would ever lower rates, you know, we’d buy debt for a lot less,” he told reporters. “Do you ever have a guy that’s not a smart person and you’re dealing with him and you have to deal? He’s not a smart guy.”

    deVere points to sharp movements in the yield curve as a warning sign. The 2-year/30-year spread is now at its widest since early 2022. Investors are demanding more compensation to hold long-dated Treasuries amid growing concern about inflation credibility, surging debt issuance, and the creeping politicisation of the Fed.

    “What we’re seeing now is a re-pricing of long-term risk,” says Green. “If the Fed signals it’s willing to bow to political pressure, it damages its ability to anchor expectations—and yields will move accordingly.”

    The decision to hold comes against the backdrop of Trump’s increasingly aggressive demands for looser monetary policy and his influence over the next central bank leadership decision. Powell’s term

    MIL OSI – Submitted News –

  • MIL-OSI Australia: National Australia Bank pays $751,200 in penalties for alleged breaches of Consumer Data Right Rules

    Source: Australian Ministers for Regional Development

    National Australia Bank Limited (NAB) has paid penalties totalling $751,200 after the ACCC issued it with four infringement notices for alleged contraventions of the Consumer Data Right (CDR) Rules.

    The infringement notices relate to alleged failures by NAB to disclose, or accurately disclose, credit limit data in response to four separate requests made by different CDR accredited providers on behalf of consumers.

    The CDR is an economy-wide data sharing program that empowers Australians to leverage the data businesses hold about them for their own benefit.

    For the CDR to be effective it is critical that the data which a consumer has consented to be shared is accurate, up-to-date, complete and in the required format. 

    “Poor data quality prevents consumers from experiencing the full benefits of the CDR. When banks or energy retailers don’t provide accurate data, consumers can’t take advantage of CDR products and services to compare products, find better deals, manage their finances or make informed decisions about product switching,” ACCC Deputy Chair Catriona Lowe said.

    In this case, a failure to provide accurate information in relation to credit card limits impacted the service a number of fintechs provided to consumers, including some fintechs who offer mortgage broking tools using CDR data. These tools are designed to provide consumers with faster, simpler and more secure loan applications which better leverage their own data. 

    NAB’s payment of these penalties is the highest amount paid for alleged contraventions of the CDR Rules to date. NAB cooperated with the ACCC’s investigation and has rectified the data quality issues identified.

    Data holders in the banking sector have had several years to understand and implement their CDR obligations. As the CDR continues to mature, data quality within the CDR remains a priority conduct area for the ACCC. In the second half of 2024, CDR participants reported to the ACCC that over 530,000 consumers successfully used CDR products and services across the banking and energy sectors, representing an increase of 135 per cent from the previous six months. During the same period, approximately 582 million consumer data requests were made. 

    “All CDR participants are reminded that failure to comply with the CDR rules will result in scrutiny by the ACCC and may result in enforcement action,” Ms Lowe said.

    Notes to editors

    The payment of a penalty specified in an infringement notice is not an admission of a contravention of the CDR rules.

    The ACCC can issue an infringement notice when it has reasonable grounds to believe a person or business has contravened certain provisions of the CDR rules.

    More information on the obligations of data holders can be found in the Compliance guide for data holders.

    At the time of the alleged conduct the penalty amount for each infringement notice was fixed at $187,800 for a listed corporation. Since 7 November 2024, the penalty has been increased to $198,000 for each infringement notice.

    Background

    CDR gives consumers the right to safely transfer data about themselves from data holders to accredited persons, potentially to access new products and services, including better deals on everyday products and services.

    CDR is an economy-wide reform that is being rolled out sector by sector. The CDR has been rolled out to banking (from July 2020) and energy (from November 2022), with the non-bank lending sector to follow from mid-2026.

    The transfer of consumer data occurs between data holders and accredited persons, or accredited providers. The Australian Government has designed and oversees the system to ensure it is safe and secure for consumers. Accredited providers must go through a rigorous process to become accredited by the Data Recipient Accreditor (currently the ACCC) to provide services to consumers using CDR data. A list of current providers (along with further information about CDR) is available on the CDR website.

    The ACCC, together with its co-regulator, the Office of the Australian Information Commissioner, is responsible for ensuring CDR participants, including accredited providers and data holders, comply with their CDR obligations.

    The Treasury leads CDR policy, including development of rules and advice to government on which sectors CDR should apply to in the future. Within Treasury, the Data Standards Body develops the standards that prescribe how data is shared under CDR.

    MIL OSI News –

  • MIL-OSI USA: Congressman Gonzalez Joins Agriculture Secretary Rollins to Announce Efforts to Fight New World Screwworm

    Source: United States House of Representatives – Congressman Vicente Gonzalez (15th District of Texas)

    EDINBURG, TEXAS – Today, Congressman Vicente Gonzalez (TX-34) participated in a press conference with U.S. Secretary of Agriculture Brooke L. Rollins, Texas Commissioner of Agriculture Sid Miller, and several Members of Congress to announce a five-pronged plan to combat the spread of New World Screwworm (NWS).

    This follows Congressman Gonzalez’s efforts to mitigate the spread of NWS. He previously joined 21 other members of Congress in sending a bipartisan letter to the House Appropriations Agriculture Subcommittee requesting $300 million in funding to establish a NWS sterile fly facility in the United States. Congressman Gonzalez also cosponsored H.R. 3392, the Strengthening Tactics to Obstruct the Population of Screwworms (STOP Screwworms) Act, which authorizes $300 million for the same project.

    NWS is a devastating pest that causes serious and often deadly damage to livestock, wildlife, pets, and in rare cases, humans. While NWS has been eradicated from the United States for decades, recent detections in Mexico as far north as Oaxaca and Veracruz, about 700 miles away from the U.S. border led to the immediate suspension of live cattle, horse, and bison imports through U.S. ports of entry along the southern border on May 11, 2025.

    “The return of the New World Screwworm is a glaring potential threat to South Texas ranchers, wildlife, and communities as a whole,” said Congressman Gonzalez. “If it reaches our country, this pest could wreak havoc on our economy and food supply chain. It must be eradicated. I look forward to working with USDA and other partners on innovative solutions right here at Moore Air Base to ensure the safety of our agricultural industry and South Texans’ wellbeing.”

    “The United States has defeated NWS before and we will do it again,” said Secretary Rollins. “We do not take lightly the threat NWS poses to our livestock industry, our economy, and our food supply chain. The United States government will use all resources at its disposal to push back NWS, and today’s announcement of a domestic strategy to bolster our border defenses is just the beginning. We have the proven tools, strong domestic and international partnerships, and the grit needed to win this battle.”

    “I’m proud to partner with decisive leaders such as USDA Secretary Rollins and our Texas congressional delegation in combating the New World Screwworm. This is a significant threat, and it’s critical we stay ahead of it. Texas has historically been at the forefront of American agriculture, and we are prepared to assist Secretary Rollins and the USDA in protecting our livestock, economy, and food supply. I look forward to implementing a robust, effective plan to protect Texas agriculture from this dangerous pest,” said Commissioner of Agriculture Sid Miller.   

    For more information on USDA’s Five-Pronged Plan, please visit their page.

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Consultation on ECE licensing criteria open

    Source: New Zealand Government

    Associate Education Minister David Seymour says that the Ministry of Education are now consulting on changing, merging, or removing approximately three-quarters of the Early Childhood Education (ECE) licensing criteria. 
    “Earlier this year the ECE Sector Review instigated 15 changes to modernise and simplify regulations,” Mr Seymour says. 
    “The changes to the ECE regulations show the power of a sector review. The Ministry for Regulation went in and listened to the people who actually run, work at, and use early childhood education. They found people encircled by multiple regulators enforcing out of date rules, and proposed solutions. 
    “The biggest complaint arises from the calcified, high stakes licencing criteria – 98 of them – that can each have a centre shut down with little to no notice. We are consulting on changing, merging, or removing approximately three-quarters of them. 
    “Some of the proposals being consulted on include more digital information distribution, more clarity, and Removing duplication of regulations that are covered by other authorities.
    New licensing criteria will be gazetted by the end of September. Consultation on changes to these is open until 24 July. You can have your say here: Have your say – Ministry of Education.
    “By the end of next year ECE providers will be governed by a regulatory system which ensures regulations are focused on what matters – providing safe, high-quality care and education as the changes are rolled out over the coming year,” Mr Seymour says.
    “ECE providers will no longer be burdened with 98 separate licensing criteria, many of which were arbitrary or outdated. 
    “By mid next year, graduated enforcement tools will be used to respond to breaches of the remaining licensing criteria. The only enforcement tools previously available were too blunt a tool for managing minor breaches and allowing early intervention. There will no longer be high-stakes open-or-shut rules that create anxiety and strained relationships for regulators and centre operators alike.”
    Graduated enforcement will give the regulator a range of enforcement measures. They will be able to respond proportionately to breaches, changing the sector’s culture from a punitive approach to promoting quality.
    “The changes to the licensing criteria represents a major shakeup of the sector’s outdated system. Consultation will make the new licensing criteria great for children, parents and ECE service providers,” Mr Seymour says.
    “There is huge demand for ECEs from families across New Zealand, however numbers show supply isn’t keeping up. That is why we are committed to making changes which will allow the industry to expand and provide more high-quality services for families and their children. 
    “In the meantime, recent amendments to the pay parity opt-in scheme aim to provide some relief to ECE services.
    “In a high-cost economy, regulation isn’t neutral. It’s a tax on growth. Every completed review makes it easier to do business, access services, and innovate in New Zealand. The ECE review is the first of many examples of what smarter regulation looks like in action.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Taking the handbrake off productivity through transport rule reform

    Source: New Zealand Government

    The Government is progressing a bold work programme to increase productivity and efficiency through comprehensively reforming New Zealand’s land transport rules, Transport Minister Chris Bishop says.

    “Land transport rules set out how different sectors of the transport industry must operate. They impact all road users – from the suburban mum or dad who has to get a Warrant of Fitness every year no matter how new or well-maintained their car, to the truckies who’ve been loaded up with compliance costs due to rules long since made redundant through advances in technology,” says Mr Bishop. 

    “Right now the rules system is overly cumbersome to update and creates a substantial administrative burden for New Zealand businesses trying their best to operate safely, legally and efficiently. 

    “The rules are full of nonsensical or outdated requirements. For example, the Road User Rule doesn’t currently permit e-scooters to use cycle lanes or young children to ride their bikes on the footpath. Several rules require hard copy letters to be posted instead of sending emails, which last year alone resulted in 14 million hard copy letters, reminders, and labels being posted at a cost to the taxpayer of $16.8 million. While some of these letters will still need to be printed and posted, the rules reform programme will make it possible for many of these services to be modernised.

    “Earlier this year, I started work to update one of the land transport rules by consulting on proposals to reduce how often private motorhomes and vintage cars and motorcycles need to renew their Warrant of Fitness (WOF) or Certificate of Fitness (COF). 

    “Now we’re taking that same common-sense approach to other transport rules through a comprehensive programme of work to reform and update them, with most decisions expected to be made over the next 18 months.”

    The Land Transport Rules Reform Programme includes seven streams of work:

    1. Reducing the frequency of vintage vehicle and motorhome WOF and COF inspections, as previously announced.
      1. Considering additional safety requirements for vehicle imports including a possible phased introduction.
      2. Reviewing WOF/COF frequency and inspection requirements for light vehicles.
      3. Simplifying heavy vehicle driver licencing, weight thresholds, and freight permitting to improve efficiency and productivity for the freight sector.
      4. Enabling digital driver licences and, digital alternatives to WOF/COF/rego stickers, allowing NZTA to electronically collect, store and send regulatory notices, enabling online theory tests, and simplifying identification requirements for NZTA customers.
      5. Improving lane use and use of traffic control devices, and minor system improvements, which will include enabling e-scooters in cycle lanes and children to ride bikes on footpaths, minimum overtaking gaps when passing cyclists, horses etc, and requiring vehicles to give way to buses exiting bus stops.
      6. Overhauling the vehicle regulatory system to make it more efficient, effective and adaptable, including simplifying and refocusing import requirements and streamlining recognition of overseas standards.

    “The work delivers on commitments in the Government Policy Statement on Land Transport and the Road Safety Objectives document to review the vehicle regulatory system to improve safety, reduce regulatory burden, and ensure our domestic rules are fit for purpose, investigate our warrant of fitness system to more effectively and efficiently target risk, and investigate new safety requirements for vehicles entering the fleet”, says Mr Bishop.

    “The programme includes some longer-term pieces of work that will not be complete within the 18 months, such as overhauling the vehicle regulatory system to reduce complexity and better align with other jurisdictions’ requirements. Another longer-term piece of work will be reviewing the Vehicle Dimension and Mass rule because requirements have not kept up with changes in the international automotive industry.

    “Our Government wants to remove pointless inefficiencies – things that we do simply because we’ve always done it that way. It’s not good enough to force New Zealand businesses to comply with outdated rules simply because it’s too hard to update them. Removing or updating rules that are no longer relevant and that have little real benefit will mean we can focus on driving our economy forward.”

    Notes to Editor: 

    A fact sheet laying out the Land Transport Rules Reform Programme is attached. 

    Public Consultation:

    Public consultation will begin in October 2025 on:

    • Additional safety requirements for imports
    • Changes to WOF and COF inspection requirements and frequency for light vehicles, and
    • Changes to freight permitting requirements.

    This is expected to be followed by consultation in early 2026 on:

    • Possible changes to licence weight thresholds
    • Enabling a digital driver licence, digital documents, and e-servicing
    • Improving lane use and use of traffic control devices.

    Initial consultation on overhauling the vehicle regulatory system is planned for mid-2026.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Kaptur, Corps Of Engineers, City Of Vermilion, And Erie Metroparks Celebrate Completion Of West Pier Repair And Start Of East Pier Repair

    Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

    Port Clinton, Ohio — Today, Congresswoman Marcy Kaptur (OH-09), Ranking Member of the House Appropriations Subcommittee on Energy and Water Development, the US Army Corps of Engineers, Buffalo District, City of Vermilion, and Erie Metroparks celebrated the completion of construction on a multi-year repair of Vermilion Harbor’s West Pier and start of the final phase of repairs of its East Pier. The combined $23 Million investment in these projects is critical to safe navigation on the Great Lakes, the local and regional economy, and protection for residents and visitors of Vermilion. Photo and video of the project site and the completion event are available by clicking here. 

    “The completion of repairs on the Vermilion Harbor West Pier represents a historic investment in our region’s infrastructure, and our people,” said Congresswoman Marcy Kaptur (OH-09). “This project enhances safety for inter-lake and international trade while also protecting our precious Lake Erie. A thriving Lake Erie is essential for the prosperity of northern Ohio and the entire Great Lakes Region. I am grateful to see the major federal funding I secured support the US Army Corps of Engineers in this critical endeavor. I am honored to join the Corps and local leaders today to see the final improvements for the West Pier, and I look forward to seeing the completion of the East Pier this fall.”

    “Congratulations to the City of Vermilion, the US Army Corps of Engineers, Buffalo District, and Erie Metroparks on completing the West Pier repairs and beginning vital construction of the East Pier. Strengthening this infrastructure will allow for continued economic growth in the region and create a safe community for residents and visitors to enjoy,” said US Senator Jon Husted (R-OH).

    “The Corps of Engineers brought significant dedication and expertise to this investment in Great Lakes infrastructure, ensuring it was delivered on time and within budget for the nation, the region, and the people of Vermilion,” said Lt. Col. Robert Burnham, USACE Buffalo District commander. “Once all repairs are complete, Vermilion’s piers are sure to protect boaters, people, and the local economy for decades to come, just as they’ve done for nearly 190 years.”

    “Through the piers pass Vermilion’s very active recreational boat traffic. The friends and families that visit us on those watercraft help fuel our economy. Many keep coming back year after year to dock in our town. My sincere thanks to Congresswoman Kaptur and the US Army Corps of Engineers for helping keep our waterways safe and attractive for everyone,” said City of Vermilion Mayor Jim Forthofer. 

    “The Board of Park Commissioners and I are grateful for the funding provided by Congresswoman Kaptur, and for the Army Corps of Engineers’ diligence in completing the project on time. The repair of the Vermilion Harbor West Pier is critical to the safety of mariners, beach goers, and the Vermilion community. After years of planning and partnering with Mayor Forthofer, Western Reserve Land Conservancy, and the Vermilion community, Erie MetroParks is excited to mobilize and complete construction at Wakefield MetroPark this year,” said Erie Metroparks Executive Director Melissa Price.

    West Pier Repair

    Repairs to 1,100 feet of the West Pier were completed with multiple projects started in 2021 and completed in June 2025. The most recent project focused on the south reach of the pier. The repair included installation of steel sheet pile with voids filled between the existing seawall and new sheet pile, as well as grading, hydroseeding, and tree planting in the adjacent Wakefield Metropark.

    Previous repairs to the West Pier from the beach to the north wrap included removing stone that had settled on the lake side of the pier, placing new granular material, and resetting the cap stones to their initial elevations.

    East Pier Repair

    Repairs to the 600 feet of the East Pier are scheduled to take place from July 7 through January 2026 under a $6.5 million awarded to Michigan-based Great Lakes Dock and Materials, L.L.C., located in September 2024. The repair will include removal of existing stone on both the beach side and channel sides of the pier; installation of sheet pile, tie rods, walers; backfilling with granular material; and reusing the removed stone to create a fresh cap on the top of the pier. The site will be restored to its original condition following construction.

    A repair to 200 feet of the northern end of the East Pier was completed in 2021 with more than 2,000 tons of stone and concrete installed.

    Repairs to Vermilion’s piers are 100% federally funded under operations and maintenance.

    About Vermilion Harbor

    Vermilion Harbor is in Erie County, Ohio, on the south shore of Lake Erie at the mouth of the Vermilion River, about 37 miles west of Cleveland and 21 miles east of Sandusky. Vermilion Harbor is a small-craft harbor originally authorized by the River & Harbor Act and constructed in 1836 by the federal government for commercial purposes. Vermilion Harbor is comprised of a channel approach from the lake and the lower 3,600 feet of the Vermilion River. Protective structures consist of east and west laid up stone over timber crib piers with a total length of 1,792 feet and a cellular steel sheet pile detached breakwater with a length of 864 feet. Boating trip and annual craft spending at Vermilion Harbor generates an estimated $6.9 Million in revenues to accommodations, restaurants, retail, boat repair, and other services and industries and supports more than 44 full-time equivalent jobs, $3.3 Million in labor income, $4.4 Million in the gross regional product, and $7.3 Million in economic output in the local impact area.

    About The US Army Corps Of Engineers And USACE Buffalo District

    The Buffalo District delivers world class engineering solutions to the Great Lakes Region, the Army and the Nation to ensure national security, environmental sustainability, water resource management, and emergency assistance during peace and war. For 250 years, the US Army Corps of Engineers has been at the forefront of the nation’s engineering excellence, responding when called. From constructing fortifications during the Revolutionary War, to building the infrastructure that saw America’s strength grow militarily and economically, USACE’s mission has always been to deliver engineering solutions for our nation’s toughest challenges. Learn more about the USACE 250th anniversary by clicking here or going to www.usace.army.mil/Home/250th.

    Photo and video of the project site and the completion event are available by clicking here. 

    # # #

    MIL OSI USA News –

  • MIL-OSI: PSB Holdings, Inc. announces semi-annual cash dividend of $0.34 per share

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., June 18, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (OTCQX: PSBQ), parent company of Peoples State Bank, is pleased to announce that on June 17, 2025, its Board of Directors declared a regular semi-annual cash dividend of $0.34 per share of the Company’s common stock. The dividend is payable July 31, 2025 to shareholders of record as of July 11, 2025 and represents an increase of 6.3% over the $0.32 per share semi-annual cash dividend declared on December 17, 2024. The current dividend continues a 60-year tradition of cash dividends to PSB shareholders including 32 consecutive years of increased cash dividends declared per share.

    PSB President and CEO Scott M. Cattanach said, “We remain optimistic for continued strong financial performance through the end of 2025 and are pleased to announce a $0.34 per share semi-annual cash dividend to holders of our common stock. We thank our shareholders for their continued support.”

    About PSB Holdings, Inc.

    PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties and a loan production office in Dane county. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com. 

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability relating to the COVID-19 pandemic and its effect on PSB and Peoples, and their customers, and other risks. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
    888.929.9902
    InvestorRelations@bankpeoples.com 

    The MIL Network –

  • MIL-OSI USA: De La Cruz Secures Sterile Fly Facility in Hidalgo County to Combat New World Screwworm

    Source: United States House of Representatives – Monica De La Cruz (TX-15)


    WASHINGTON –     Today, Congresswoman Monica De La Cruz (TX-15) and U.S. Department of Agriculture Secretary Brooke Rollins announced $8.5 million to establish a New World Screwworm sterile fly facility at the Moore Air Base in Hidalgo County. As the threat posed by the New World Screwworm moves northward, the facility will be crucial in producing and distributing sterile flies to prevent potential outbreaks in the U.S.

    “If we do not take action now, the New World Screwworm will devastate Texas livestock and wildlife. Thank you, Secretary Rollins, for swiftly accepting my proposal to establish this critical facility in Hidalgo County. I am committed to working alongside the Administration to put Texas farmers and ranchers first and safeguard our agriculture industry.” – Congresswoman Monica De La Cruz

    “The United States has defeated NWS before and we will do it again. We do not take lightly the threat NWS poses to our livestock industry, our economy, and our food supply chain. The United States government will use all resources at its disposal to push back NWS, and today’s announcement of a domestic strategy to bolster our border defenses is just the beginning. We have the proven tools, strong domestic and international partnerships, and the grit needed to win this battle.” – U.S. Department of Agriculture Secretary Brooke Rollins

    Background:

    The New World Screwworm is a highly destructive parasitic fly that infests the flesh of livestock and wildlife. The parasite has been detected in Veracruz, Mexico, approximately 700 miles from the U.S. border. As more cases arise, the threat and concerns of northward spread grow.
     
    Last week at the House Agriculture Committee hearing with Secretary Rollins, Rep. De La Cruz advocated for Moore Air Base in Hidalgo County to be considered as a site to help combat New World Screwworm. In May, De La Cruz sent a letter to the Secretary requesting that Moore Air Base be considered for a new sterile fly facility to help combat this parasite. The Congresswoman has also led legislative initiatives, including the New World Screwworm Preparedness Act, to ensure Texas agriculture is prepared to combat the threat.

    MIL OSI USA News –

  • MIL-OSI USA: De La Cruz Secures Sterile Fly Facility in Hidalgo County to Combat New World Screwworm

    Source: United States House of Representatives – Monica De La Cruz (TX-15)


    WASHINGTON –     Today, Congresswoman Monica De La Cruz (TX-15) and U.S. Department of Agriculture Secretary Brooke Rollins announced $8.5 million to establish a New World Screwworm sterile fly facility at the Moore Air Base in Hidalgo County. As the threat posed by the New World Screwworm moves northward, the facility will be crucial in producing and distributing sterile flies to prevent potential outbreaks in the U.S.

    “If we do not take action now, the New World Screwworm will devastate Texas livestock and wildlife. Thank you, Secretary Rollins, for swiftly accepting my proposal to establish this critical facility in Hidalgo County. I am committed to working alongside the Administration to put Texas farmers and ranchers first and safeguard our agriculture industry.” – Congresswoman Monica De La Cruz

    “The United States has defeated NWS before and we will do it again. We do not take lightly the threat NWS poses to our livestock industry, our economy, and our food supply chain. The United States government will use all resources at its disposal to push back NWS, and today’s announcement of a domestic strategy to bolster our border defenses is just the beginning. We have the proven tools, strong domestic and international partnerships, and the grit needed to win this battle.” – U.S. Department of Agriculture Secretary Brooke Rollins

    Background:

    The New World Screwworm is a highly destructive parasitic fly that infests the flesh of livestock and wildlife. The parasite has been detected in Veracruz, Mexico, approximately 700 miles from the U.S. border. As more cases arise, the threat and concerns of northward spread grow.
     
    Last week at the House Agriculture Committee hearing with Secretary Rollins, Rep. De La Cruz advocated for Moore Air Base in Hidalgo County to be considered as a site to help combat New World Screwworm. In May, De La Cruz sent a letter to the Secretary requesting that Moore Air Base be considered for a new sterile fly facility to help combat this parasite. The Congresswoman has also led legislative initiatives, including the New World Screwworm Preparedness Act, to ensure Texas agriculture is prepared to combat the threat.

    MIL OSI USA News –

  • MIL-OSI USA: DelBene, Gomez Fight to Expand Affordable Housing for Families Most in Need

    Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

    Representatives Suzan DelBene (WA-01) and Jimmy Gomez (CA-34) reintroduced the Affordable Housing Equity Act, legislation that would strengthen the Low-Income Housing Tax Credit (LIHTC) by providing a targeted basis boost for housing developments that serve extremely low-income (ELI) households.

    “Too many families are being priced out of their communities and left without stable housing,” said DelBene. “The Affordable Housing Equity Act strengthens one of our most effective affordable housing production tools, the Low-Income Housing Tax Credit, to better serve the families most in need. This legislation ensures that these households aren’t left behind in the fight for more affordable housing.” 

    “We’re in a housing crisis, and the families hit hardest are the ones with the fewest options,” Gomez. “This bill delivers targeted help to the lowest-income renters by supercharging the most effective affordable housing tool we have. It’s a smart, urgent step to tackle housing affordability and build equity from the ground up.”

    The Affordable Housing Equity Act increases the eligible basis by up to 50% for residential units designated for households earning no more than 30% of area median income (AMI) or 100% of the federal poverty line, whichever is greater. Housing developments must set aside at least 20% of units for ELI renters and be designated by the housing credit agency as needing the boost for financial feasibility.

    LIHTC is the federal government’s primary tool to incentivize the construction and rehabilitation of rental units that families can afford. While existing law allows for a 30% boost in certain areas, those provisions don’t consistently support developments serving extremely low-income renters. The bill closes that gap by creating a national standard tailored to ELI households. The bill applies to new housing credit allocations made after the date of enactment and to tax-exempt bond-financed projects issued after December 31, 2025.

    A copy of the bill can be found here.

    MIL OSI USA News –

  • MIL-OSI Security: Eastside Rollin’ 20s Crips Members and Associates Indicted, Including Murder, Robbery, Fentanyl Distribution and Firearms Offenses

    Source: United States Attorneys General 1

    A twelve-count indictment was unsealed today in the Eastern District of Virginia charging nine members of the Eastside Rollin’ 20s Crips (RTC) violent street gang with crimes including a drug conspiracy, murder in aid of racketeering, firearms offenses, and  a racketeering conspiracy involving murder, attempted murder, armed robbery, conspiring to distribute large quantities of pressed fentanyl pills, narcotics trafficking, identity fraud, and the illegal use and straw purchasing of firearms.

    According to the indictment, the RTC is a subunit or “set” of the Crips national street gang. The indictment alleges RTC members and associates committed numerous violent acts on behalf of the RTC, including a June 2022 murder in Alexandria, Virginia; a July 2021 attempted shooting of several individuals in the District of Columbia; an August 2021 armed robbery and pistol whipping of an individual in Hollywood, Florida; and a January 2021 attempted murder of two individuals in Winston-Salem, North Carolina. To finance and promote the RTC’s criminal activities, the indictment alleges that RTC members and associates obtained and distributed multi-kilogram quantities of pressed fentanyl pills. The indictment also alleges that, as part of the gang’s criminal activity, the RTC recruited children and encouraged them to commit crimes on behalf of the gang, including acts of violence and drug trafficking.

    “As alleged, RTC members unleashed a wave of violence across three states and the District of Columbia, extending down the East Coast to Florida,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Their commission of brutal, indiscriminate acts over perceived slights on social media reflects a particularly dangerous form of gang activity. The Criminal Division remains firmly committed to prosecuting menacing gangs and ensuring the safety of our communities.”

    “The offenses alleged in this indictment represent the spectrum of danger presented by nationwide criminal enterprises,” said U.S. Attorney Erik S. Siebert for the Eastern District of Virginia. “Any of these elements alone – from violence to illegal drugs to identity theft – is enough to destroy communities and lives, and these organizations employ them without compunction. Through coordination with our federal, state, and local law enforcement partners, we are determined to eradicate criminal gangs and protect our citizens from the detriment they bring.”

    “DEA is committed to protecting Americans by investigating and taking down major violators of drug laws who operate within the United States and around the world,” said Special Agent in Charge Ibrar Mian of the DEA Washington Field Division. “As demonstrated by today’s indictment, drug trafficking, firearms, and violence are undeniably connected, which is why we continue to address these threats with the full force of the federal government. The tenacious and hard-working men and women of DEA are combatting the illicit manufacture and distribution of drugs, removing illicit firearms from American streets, helping to put public threats in jail, and restoring safety in our communities.”

    “Today’s announcement indicates a significant step towards making it even more clear that the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) along with our partner agencies are committed to protecting our communities from violent crime,” said Special Agent in Charge Anthony Spotswood of the ATF Washington Field Division. “There just isn’t a place for criminal behavior in our neighborhoods. Although this is very early on in the judicial process, we remain optimistic that all of those involved will be held accountable for their actions.”

    If convicted, the defendants face penalties including: up to life in prison or the death penalty for murder in aid of racketeering and use of a firearm during a crime of violence causing death; up to life in prison for racketeering conspiracy, conspiracy to distribute 400 grams or more of fentanyl, possession of a firearm in furtherance of drug trafficking, and use of a firearm during or in relation to drug trafficking; up to 25 years in prison for straw purchasing of firearms; up to 20 years in prison for possession with intent to distribute fentanyl; and up to 10 years in prison for conspiracy to commit murder in aid of racketeering. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The Drug Enforcement Administration; Bureau of Alcohol, Tobacco, Firearms and Explosives; Virginia State Police; and Arlington County Police Department are investigating the case with the assistance of the U.S. Attorney’s Office for the Western District of Pennsylvania; U.S. Attorney’s Office for the District of Columbia; United States Postal Inspection Service; FBI; Immigration and Customs Enforcement Homeland Security Investigations (ICE-HSI); U.S. Customs and Border Protection; Fairfax County Police Department; Prince William County Police Department; Prince William County’s Office of the Commonwealth’s Attorney; Prince William County Parks and Recreation; United States Attorney’s Office for the Eastern District of North Carolina; Loudoun County Sheriff’s Office; Shenandoah County Sheriff’s Office; Stafford County Sherriff’s Office; Manassas Park Police Department; George Mason University Police Department; Chesterfield County Police Department; Del City, OK, Police Department; Valley Brook, OK, Police Department; Tonto Apache Police Department; Sumter County, SC, Sheriff’s Office; Hollywood, FL, Police Department; Nash County, NC, Sheriff’s Office; Winston-Salem, NC, Police Department; and Nebraska State Patrol.

    Trial Attorney César S. Rivera-Giraud of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorneys Edgardo J. Rodriguez and Ryan B. Bredemeier for the Eastern District of Virginia are prosecuting the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Project Safe Neighborhood and Organized Crime Drug Enforcement Task Forces (OCDETFs), which identify, disrupt, and dismantle the highest-level criminal organizations that threaten the United States, using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    An indictment is merely an accusation. Defendants are presumed innocent until proven guilty.

    MIL Security OSI –

  • MIL-OSI: Embassy Bancorp, Inc. Announces Annual Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    BETHLEHEM, Pa., June 18, 2025 (GLOBE NEWSWIRE) — Embassy Bancorp, Inc. (OTCQX: EMYB) announced today that its Board of Directors has declared an annual cash dividend of $0.48 per share, payable on July 15, 2025, to shareholders of record on June 27, 2025. This represents an over 14% increase over last year’s dividend and our 16th consecutive year of paying a dividend.

    “I’m proud to share our annual dividend and the continued strength of our performance,” said David M. Lobach, Jr., Chairman, President, and Chief Executive Officer. “Our consistent dividend payments reflect not only our financial stability but also our unwavering commitment to delivering long-term value to our shareholders.

    Over the past year, we’ve been honored with several prestigious recognitions. For the 10th consecutive year, we were named Reader’s Choice Best Bank by The Morning Call, serving the Lehigh Valley. We were also recognized as Best Bank and Best Mortgage Company in Lehigh Valley Style Magazine’s Who’s Who in Business. Additionally, we earned a 5-star rating from Bauer Financial and were ranked 45th among the top 100 publicly traded community banks with assets under $2 billion by American Banker Magazine, based on a three-year average return on equity.

    These accolades are a testament to our deep-rooted focus on customer service, community engagement, and the dedication of our exceptional team. As an independent, community-focused bank, we remain committed to our founding vision: to serve the Lehigh Valley with integrity, responsiveness, and a long-term perspective. We believe this positions us well for continued growth and success for all our stakeholders.”

    About Embassy Bancorp, Inc.

    With over $1.7 billion in assets, Embassy Bancorp, Inc. is the parent company of Embassy Bank For the Lehigh Valley, a full-service community bank operating ten branch offices in the Lehigh Valley area of Pennsylvania. As of June 30, 2024, the Federal Deposit Insurance Corporation’s Summary of Deposits indicates that the Bank holds the 4th spot in deposit market share in Lehigh and Northampton Counties combined. For more information, visit www.embassybank.com.

    Safe Harbor for Forward-Looking Statements

    This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the company’s business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; difficulties in integrating distinct business operations, including information technology difficulties; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Embassy Bancorp, Inc.’s filings with the Securities and Exchange Commission (SEC). The statements are valid only as of the date hereof and Embassy Bancorp, Inc. disclaims any obligation to update this information.

    Contact: Lynne M. Neel (610) 882-8800

    The MIL Network –

  • MIL-OSI Canada: United in Call for Change: Joint Statement

    Source: Government of Canada regional news

    Released on June 18, 2025

    Premier Danielle Smith and Premier Scott Moe issued the following statement calling for change to federal policies: 

    “Today, Alberta’s and Saskatchewan’s governments came together in Lloydminster to make a unified call for national change.

    “Together, we call for an end to all federal interference in the development of provincial resources by: 

    • Repealing or overhauling the Impact Assessment Act to respect provincial jurisdiction and eliminate barriers to nation building resource development and transportation projects;
    • Eliminating the proposed oil and gas emissions cap;
    • Scrapping the Clean Electricity Regulations;
    • Lifting the oil tanker ban off the northern west coast;
    • Abandoning the net zero vehicle mandate; and
    • Repealing any federal law or regulation that purports to regulate industrial carbon emissions, plastics, or the commercial free speech of energy companies. 

    “The federal government must remove the barriers it created and fix the federal project approval processes so that private sector proponents have the confidence to invest.

    “Starting with additional oil and gas pipeline access to tidewater on the west coast, our provinces must also see guaranteed corridor and port-to-port access to tidewater off the Pacific, Arctic and Atlantic coasts. This is critical for the international export of oil, gas, critical minerals, agricultural and forestry products, and other resources. Accessing world prices for our resources will benefit all Canadians, including our First Nations partners.

    “Canada is facing a trade war on two fronts. The People’s Republic of China’s “anti-discrimination” tariffs imposed on Canadian agri-food products have significant impacts on the West. We continue to call on the federal government to prioritize work toward the removal of Chinese tariffs. Recently announced tariff increases, on top of pre-existing tariffs, by the United States on Canadian steel and aluminum products are deeply concerning. We urge the Prime Minister to continue his work with the US administration to seek the removal of all tariffs currently being imposed by the US on Canada. 

    “Alberta and Saskatchewan agree that the federal government must change its policies if it is to reach its stated goal of becoming a global energy superpower and having the strongest economy in the G7. We need to have a federal government that works with, rather than against, the economic interests of Alberta and Saskatchewan. Making these changes will demonstrate the new Prime Minister’s commitment to doing so. Together, we will continue to fight to deliver on the immense potential of our provinces for the benefit of the people of Saskatchewan and Alberta.”

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI USA: AG Labrador Announces Dismissal of Lawsuit Following Termination of University of Phoenix Acquisition

    Source: US State of Idaho

    Home Newsroom AG Labrador Announces Dismissal of Lawsuit Following Termination of University of Phoenix Acquisition

    BOISE — Attorney General Raúl Labrador announced today the dismissal of his lawsuit against the Idaho State Board of Education, following the Board’s decision to terminate the University of Idaho’s planned acquisition of the University of Phoenix. The lawsuit, originally filed in June 2023, challenged the Board’s compliance with Idaho’s Open Meeting Law during its approval of the controversial and high-dollar transaction.
    “This case was never about the merits of any particular transaction, but about ensuring government remains open and transparent for all Idahoans,” said Attorney General Labrador. “Idaho’s Open Meeting Law requires government entities to conduct state business in public meetings with proper notice, ensuring transparency when taxpayer resources and state institutions are involved. The law reflects the principle that government accountability depends on public access to decision-making processes, particularly for transactions of significant scope and financial impact.”
    Attorney General Labrador’s office filed the lawsuit in June 2023, beginning a 14-month legal battle to ensure government transparency. In December 2024, the Idaho Supreme Court delivered a sweeping 4-1 victory for Labrador, overturning a lower court ruling that would have allowed secret government negotiations. The Supreme Court emphasized Idaho’s Open Meeting Law reflects a “preference for sunshine” and rejected interpretations that would “cloak all negotiations and actions taken prior to a final public vote in shadow.”
    On June 5, 2025, the State Board voted to authorize termination of the agreement, and the University of Idaho officially executed the termination the same day. With the underlying transaction no longer in effect, both parties agreed to dismiss the lawsuit and cover their own costs of litigation.  

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Mauritius

    Source: IMF – News in Russian

    June 18, 2025

    • The Mauritian economy continues to exhibit resilience with growth at 4.7 percent in 2024 and contained inflation. The growth outlook remains favorable, though risks are to the downside.
    • Mauritius needs to recalibrate the macroeconomic policy mix to rebuild fiscal space. The monetary policy framework needs to be strengthened while continued monitoring of macro-financial risks is essential to maintain financial stability.
    • Advancing key reforms to foster external competitiveness and private sector-led growth while enhancing climate resilience will reduce external imbalances.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Mauritius.[1]

    Mauritius’ economy remains resilient. Real GDP grew by 4.7 percent in 2024, from 5.0 percent in 2023, driven by services, construction, and tourism. Headline inflation (12-month average) declined to
    2.5 percent in March 2025 from 7.0 percent in 2023, helped by easing international food and energy prices and lower fuel excise duties. The external current account deficit widened in 2024 to
    6.5 percent of GDP, mostly reflecting higher imports and freight costs. Gross foreign reserves increased to US$8.5 billion by end-2024, covering almost 12 months of imports. Looking ahead, the country needs to address fiscal and structural challenges, notably the high public debt, significant public investment needs, low productivity, and an ageing society.

    The outlook for growth is favorable. Real GDP growth is projected to soften to 3.0 percent in 2025 due to weakening external demand, easing tourism activity, and the drought. Over the medium term, growth is expected at around 3.4 percent, reflecting demographic headwinds and labor shortages. Inflation is projected to average 3.6 percent in 2025 and remain within BOM’s target range over the medium term. The external current account deficit is projected to reduce to 4.7 percent of GDP in 2025—reflecting lower oil prices, as exports grow modestly amid the slowdown in global demand—and to increase in 2026 due to subdued exports, but gradually decline thereafter. The primary fiscal deficit (excluding grants) for FY24/25 is projected to worsen by 3.4 ppt of GDP relative to FY23/24, to 6.5 percent of GDP, mostly driven by higher compensation of employees, social benefits, and grants and transfers. The stock of public sector debt is projected at around 88 percent of GDP at end-June 2025, and to gradually decline in the medium term.

    Risks to the outlook are on the downside, including from global uncertainty, tariff wars, higher-than-anticipated fuel and food prices, and extreme climate shocks.

     

    Executive Board Assessment[2]

    The economy has recovered solidly from the pandemic and the outlook is favorable, but fiscal and structural challenges remain. The recovery has been driven by services, construction, and tourism. The medium-term outlook is favorable but held back by demographic headwinds and labor shortages. Mauritius is facing fiscal and structural challenges from high public debt, significant public investment needs for climate, low productivity, and an ageing society. Risks to the outlook are on the downside including from high global uncertainty, highlighting the importance of addressing fiscal and external imbalances to increase the resilience of the economy.

    Fiscal policy should pursue frontloaded growth-friendly consolidation to shore up fiscal credibility, helping rebuild fiscal space while protecting the most vulnerable. Tax revenue should be increased and current and ESFs’ spending contained while safeguarding critical social spending and growth-enhancing capital spending. Pension system reform remains key to support fiscal sustainability, especially given the ageing of Mauritius’ population. Strengthening public financial management, including by streamlining ESFs, will support fiscal consolidation, transparency, and good governance.

    BOM should start to gradually phase out its ownership of MIC and strengthen the implementation of the monetary policy framework by resuming uncapped issuance of 7-Day BOM bills (at the key policy rate). BOM should stand ready to tighten the monetary policy stance should inflationary pressures reemerge. BOM should adopt amendments to the BOM Act, including to ensure fiscal backing, to protect central bank independence. Ministry of Finance and BOM are encouraged to strengthen the commitment on their mutual agreement for BOM independence. Mauritius should continue to rely on exchange rate flexibility and FX purchases when opportunities arise, and in line with the monetary policy framework, to help further build foreign reserves buffers to ensure ability to respond to large external shocks. 

    Mauritius’ external position at end-2024 is assessed as weaker than the level implied by fundamentals and desirable policies, and structural reforms to foster external competitiveness are needed to reduce external imbalances. Steady progress in strengthening the AML/CFT framework is welcome and should be sustained, including provisions related to non-resident and cross-border activity. Financial sector risks should continue to be closely monitored including of the real estate sector. Ongoing efforts to improve external sector statistics, including measurement of the GBCs sector, should be sustained. Statistical gaps and discrepancies should be addressed to improve the quality and credibility of macroeconomic statistics.

    Mauritius should advance structural reforms that boost investment and innovation to secure longer-term private sector-led growth. Priorities include strengthening workers’ skills through better education and narrowing gender gaps as well as advancing climate adaptation efforts to support economic resilience.

     

    Mauritius: Selected Economic Indicators
     
     

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    		  
           

    Est.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    Proj.

    		  
     
                               
     

    (Annual percent change, unless otherwise indicated)

    		    

    National income, prices and employment

    		                          

    Real GDP

    		  

    -14.5

    3.4

    8.7

    5.0

    4.7

    3.0

    3.4

    3.4

    3.4

    3.4

    3.4

    		  

    Real GDP per capita

    		  

    -14.6

    3.6

    8.9

    5.1

    4.9

    3.2

    3.6

    3.6

    3.6

    3.7

    3.8

    		  

    GDP per capita (in U.S. dollars)

    		  

    9,011

    9,087

    10,235

    11,188

    11,883

    12,448

    13,287

    14,183

    15,128

    16,131

    17,190

    		  

    GDP deflator

    		  

    2.6

    3.2

    9.6

    6.6

    3.8

    3.8

    3.7

    3.7

    3.6

    3.6

    3.6

    		  

    Consumer prices inflation (period average)

    		  

    2.5

    4.0

    10.8

    7.0

    3.6

    3.6

    3.6

    3.5

    3.5

    3.5

    3.5

    		  

    Consumer prices inflation (end of period)

    		  

    2.7

    6.8

    12.2

    3.9

    2.9

    3.9

    3.5

    3.5

    3.5

    3.5

    3.5

    		  

    Unemployment rate (percent)

    		  

    9.2

    9.1

    6.8

    6.1

    5.8

    5.9

    5.9

    5.9

    5.9

    5.9

    5.9

    		  
                               
       

    (Annual percent change)

    		    

    External sector

    		                          

    Exports of goods and services, f.o.b.

    		  

    -23.8

    5.2

    45.7

    4.0

    3.0

    1.7

    2.3

    7.1

    6.2

    6.5

    7.4

    		  

    Of which: tourism receipts

    		  

    -73.8

    -23.8

    313.1

    29.7

    6.0

    -4.6

    5.3

    7.7

    8.6

    8.1

    7.7

    		  

    Imports of goods and services, f.o.b.

    		  

    -29.1

    16.0

    32.9

    -0.3

    6.4

    0.7

    4.7

    5.3

    4.9

    4.3

    5.3

    		  

    Nominal effective exchange rate (annual average)

    		  

    -8.0

    -8.0

    3.6

    0.5

    -1.4

    …

    …

    …

    …

    …

    …

    		  

    Real effective exchange rate (annual average)

    		  

    -7.6

    -7.5

    6.2

    1.7

    -0.6

    …

    …

    …

    …

    …

    …

    		  

    Terms of trade

    		  

    5.1

    -12.0

    -5.1

    8.3

    0.0

    2.3

    2.0

    0.7

    0.5

    0.5

    0.4

    		  
                               
             

    Money and credit

    		                          

    Net foreign assets

    		  

    16.4

    18.6

    -3.6

    -0.3

    18.3

    1.5

    2.7

    2.5

    2.1

    2.2

    3.0

    		  

    Domestic credit

    		  

    7.9

    15.6

    13.1

    9.7

    13.7

    7.2

    6.5

    6.3

    6.1

    6.0

    5.9

    		  

    Net claims on government

    		  

    8.8

    34.8

    24.6

    26.1

    31.3

    13.2

    7.7

    6.0

    5.3

    4.5

    3.7

    		  

    Credit to non-government sector

    		  

    2.7

    0.4

    -0.6

    8.0

    8.3

    6.0

    6.9

    7.2

    7.1

    7.1

    7.1

    		  

    Broad money

    		  

    17.7

    8.6

    4.1

    7.8

    12.9

    6.4

    7.6

    8.5

    8.4

    8.4

    7.9

    		  

    Income velocity of broad money (M2)

    		  

    0.8

    0.8

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    0.9

    		  
                               
       

    (Percent of GDP, unless otherwise indicated)

    		    

    Central government finances 1

    		                          

    Overall borrowing requirement 2

    		  

    -22.1

    -5.5

    -4.7

    -6.1

    -10.4

    -5.4

    -3.7

    -3.4

    -2.9

    -2.4

    -2.0

    		  

    Primary balance (excluding grants) 

    		  

    -16.5

    -4.9

    -2.7

    -3.1

    -6.5

    -3.0

    -1.3

    -0.3

    0.1

    0.4

    0.5

    		  

    Revenues (incl. grants)

    		  

    21.6

    24.2

    24.5

    24.0

    25.7

    27.0

    27.3

    27.5

    27.5

    27.5

    27.4

    		  

    Expenditure, excl. net lending

    		  

    40.4

    31.1

    29.4

    29.7

    35.2

    32.3

    31.2

    30.3

    29.9

    29.4

    28.9

    		  

    Domestic debt of central government

    		  

    67.5

    61.9

    57.3

    58.7

    64.4

    65.8

    65.7

    65.3

    64.5

    64.0

    63.7

    		  

    External debt of central government

    		  

    15.8

    14.0

    13.8

    12.7

    14.8

    14.9

    14.8

    14.7

    14.6

    14.3

    13.9

    		  
                               

    Investment and saving 4

    		                          

    Gross domestic investment

    		  

    18.2

    19.8

    19.8

    20.2

    21.0

    22.0

    22.4

    22.5

    22.5

    22.5

    22.5

    		  

    Public

    		  

    4.1

    4.1

    3.9

    3.9

    3.8

    4.1

    4.2

    4.3

    4.3

    4.3

    4.3

    		  

    Private 3

    		  

    14.1

    15.7

    15.8

    16.3

    17.2

    17.9

    18.2

    18.2

    18.2

    18.2

    18.2

    		  

    Gross national savings

    		  

    11.6

    12.6

    17.1

    22.4

    23.4

    23.8

    25.0

    26.1

    26.5

    26.2

    26.4

    		  

    Public

    		  

    -7.9

    -5.6

    -2.0

    -2.4

    -4.5

    -4.0

    -1.7

    -0.7

    -0.1

    0.4

    0.8

    		  

    Private

    		  

    19.5

    18.2

    19.2

    24.8

    28.0

    27.8

    26.7

    26.8

    26.6

    25.9

    25.6

    		  

    External sector

    		                          

    Balance of goods and services

    		  

    -10.7

    -16.1

    -14.8

    -11.7

    -13.2

    -12.3

    -13.0

    -12.2

    -11.6

    -10.5

    -9.6

    		  

    Exports of goods and services, f.o.b.

    		  

    35.1

    36.7

    47.6

    45.3

    43.9

    42.7

    41.0

    41.2

    41.1

    41.2

    41.7

    		  

    Imports of goods and services, f.o.b.

    		  

    -45.8

    -52.7

    -62.4

    -56.9

    -57.2

    -55.0

    -54.0

    -53.4

    -52.7

    -51.7

    -51.2

    		  

    Current account balance

    		  

    -8.9

    -13.1

    -11.1

    -5.1

    -6.5

    -4.7

    -6.1

    -5.0

    -4.3

    -3.7

    -3.0

    		  

    Capital and financial account

    		  

    3.3

    23.3

    13.4

    -0.9

    14.5

    6.1

    9.1

    6.7

    5.9

    5.2

    4.6

    		  

    Overall balance

    		  

    -4.4

    10.2

    2.8

    -5.5

    7.3

    1.4

    2.9

    1.8

    1.6

    1.5

    1.6

    		  

    Total external debt

    		  

    110.7

    134.0

    132.2

    131.6

    139.2

    128.9

    119.3

    110.8

    102.2

    94.1

    87.1

    		  

    Gross international reserves (millions of U.S. dollars)

    		  

    7,242

    7,805

    7,740

    7,254

    8,510

    8,675

    9,163

    9,475

    9,781

    10,083

    10,420

    		  

    Months of imports of goods and services, f.o.b.

    		  

    14.3

    11.6

    11.6

    10.2

    11.8

    11.6

    11.6

    11.4

    11.3

    11.2

    11.1

    		  
                               

    Memorandum items:

    		                          

    GDP at current market prices (billions of Mauritian rupees)

    		  

    448.9

    478.8

    570.3

    638.3

    694.0

    742.3

    796.0

    853.3

    914.0

    979.0

    1,048.7

    		  

    GDP at current market prices (millions of U.S. dollars)

    		  

    11,408

    11,484

    12,908

    14,101

    14,953

    15,641

    16,662

    17,748

    18,890

    20,082

    21,326

    		  

    Public sector debt, fiscal year (percent of GDP)4

    		  

    91.9

    86.1

    81.8

    81.5

    88.3

    89.1

    88.1

    86.9

    85.3

    83.9

    82.7

    		  
                               

    Foreign and local currency long-term debt rating (Moody’s)

    		  

    Baa1

    Baa2

    Baa3

    Baa3

    Baa3

    Baa3

    …

    …

    …

    …

    …

    		  
                             

    Sources:  Country authorities; and IMF staff estimates and projections.

    		                          

    1GFSM 2001 concept of net lending/net borrowing, includes special and other extrabudgetary funds. Fiscal data reported for fiscal years (e.g, 2019=2019/20).

    		      

    2 Following the GFSM 2014, Sections 5.111.5.116, the transfers from the BOM to the

    Central Government are considered as financing.

    		            

    3  Excludes changes in inventories in 2022 and outer years.

    		                                                                                              

    4 The public debt series has been reclassified starting in the 2024 AIV Mission to allow

    consolidation of central government securities held by non-financial
    public corporations

    		                                                                    
                                                                                                                 

     

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25204-mauritius-imf-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Sustainable Business – 17th Climate Change & Business Conference: Where Ambition Meets Action

    Source: Sustainable Business Council

    Aotearoa New Zealand’s premier Climate Change and Business Conference returns in 2025, bringing together global and local leaders to accelerate climate action and business innovation.
    The conference is taking place on 8-9 September at the Viaduct Events Centre in Tāmaki Makaurau Auckland. This year’s theme Ambition. Accountability. Action. promises to inspire and challenge business to take meaningful steps toward addressing the impacts of climate change.
    Chief Executive of the Sustainable Business Council (SBC), Mike Burrell, says this year’s conference theme is timely and critical, given the increasingly complex geopolitical environment businesses are navigating.
    “Forward thinking businesses recognise the focus on climate action must remain. The science has never been more urgent or clear – we must continue to pursue better business for a better world, and this year’s conference reflects the need for that ambition to now meet action.”
    The two day-event will offer a unique opportunity to learn from global and domestic leaders and changemakers across business, government, iwi, media and civil society, who are turning climate strategies into solutions and real-world impact.
    The 2025 international speaking line-up includes:
    – Hon. Ralph Regenvanu, MP: Vanuatu’s Minister for Climate Change Adaptation, Energy, Environment, Meteorology, Geo-Hazards and Disaster Management.
    – Prof. Elizabeth Robinson: Acting Dean of the London School of Economics’ Global School of Sustainability.
    – Lord Adair Turner: Chair of the Energy Transitions Commission (a global coalition of companies, NGOs and experts working to achieve a net zero economy by 2040).
    Environmental Defence Society (EDS) Chief Executive Gary Taylor says, “The conference brings together visionaries and leaders in the climate space at a time when serious engagement is needed more urgently than ever, given the profound changes taking place globally.”
    “This event is about having challenging conversations, tackling the gnarliest of climate issues facing our country, and driving real and meaningful change.”
    Attendees will have the opportunity to participate in more than 30 different plenary, workshops and breakout sessions, all designed to equip business leaders with the tools and insights needed to lead out on climate.
    Genesis CEO and Climate Leaders Coalition (CLC) Steering Group Convenor Malcolm Johns says, “As business leaders we are facing a variety of pressures and shifting geopolitical dynamics, but it is imperative that we stay the course, remain focused and maintain our momentum on climate action.”
    “This conference underscores the continuing role business has to play in this journey, and provides a critical platform for leaders to connect, innovate and lead the charge toward securing a resilient net-zero economy.”
    Delivered in partnership between the Environmental Defence Society (EDS), the Sustainable Business Council (SBC) and Climate Leaders Coalition (CLC), the Climate Change and Business Conference is Aotearoa New Zealand’s leading and longest running climate and business event.
    More than 650 people attended the 2024 event in person and online.
    The 2025 event is supported by Foundation Sponsors Westpac NZ and Beca.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Health – Integration of Māori healing and mainstream healthcare delivers social impact

    Source: Rata Foundation

    Te Arateatea Trust is successfully bridging traditional Māori healing practices with mainstream healthcare, offering an inclusive, holistic health service, particularly for expectant and new mothers.
    The organisation operates Te Ara Teatea, a Whare Hauora (health clinic) established in response to community needs, with an additional focus on training practitioners in rongoā Māori, the traditional Māori system of healing. Rongoā Māori is a holistic approach that interconnects physical, mental, and spiritual wellbeing, along with rongoā rākau (herbal remedies), mirimiri and romiromi (physical therapies), and spiritual healing practices.
    Trust Founder Ruatau Perez [Ngāi Tuhoe, Ngāpuhi] says this integration offers a more complete approach to wellbeing, addressing the whole person rather than just physical symptoms. “It’s quite empowering seeing how the two modalities are slowly coming together – the traditional and the mainstream way of health. When you support the spiritual health, the mental and the psychological health as well as the physical, and understand the interconnected relationship between people and the natural environment, it’s really empowering.”
    Based in Woolston, Ōtautahi, the organisation provides services ranging from injury rehabilitation to Corrections work, and support for fertility and pregnancy, including vulnerable young women who might not otherwise engage in ante- and post-natal care. A key component is their Oriori mentoring programme, which supports young mothers and their pēpi while training community members and staff in traditional practices.
    Danielle O’Halloran-Thyne, who received mentoring through the Oriori programme to specialise as a hapūtanga (pregnancy) practitioner in rongoā Māori, says the programme creates a safe learning environment for practitioners. “Our services aim to provide one of the alternatives that complements other forms of healthcare that can really uplift the mana of the wahine and allow them to feel that it is a time of empowerment for them, not just a hard time. The resurgence of rongoā Māori and the acknowledgement that yes it does assist, that’s a game changer for access to rongoā Māori, so that people can feel it’s normal. What Te Arateatea is holding for us as practitioners is a really safe space to learn and grow and be part of that resurgence.”
    Juliette, who has been with the hapūtanga (pregnancy) programme for three years, says the clinic offers a warm, welcoming healing environment. “They helped me through the pregnancy side of things – the joys that come up through pregnancy but also the emotional side. It has helped a lot of us accept what happened because it is out of your control and sometimes it’s hard to acknowledge those things. It has helped me to see the journey in a positive light. It’s such a good, calm space. I recommend it to everyone.”
    This integration of traditional practices with modern healthcare addresses various needs identified in the Waitangi Tribunal Hauora report, including isolation, lack of family support, and poverty. With funding from Rātā and other partners, these services are available at no cost to mothers who may not be able to access support during pregnancy and after birth, removing financial barriers.
    “The funding from Rātā has really been incredible in helping us to really get it out into the community so that people can access these services that they may not otherwise have been able to access,” says Ruatau. “It’s great to see the benefits of these two approaches working together to provide better care for our whānau.”
    Te Arateatea Trust is supported through Rātā Foundation’s Strategic Health Pou (funding priority), which aims to remove barriers to mental health support and enable access to diverse support options, including rongoā and innovative locally based solutions.
    Rātā Chief Executive Leighton Evans says the key focus of this funding area is to ensure people in need get the right support when they need it. “We want individuals, families and whānau to thrive so they can participate positively in the community. A key part of this is being able to access support and services in a way that is comfortable and familiar, and aligned with community, culture and identity.
    “Providing support to organisations such as Te Arateatea Trust enables them to focus on their effectiveness and extend the impact they have in communities of need. Their focus on training the next generation of healers, and preserving traditional healing knowledge, also aligns with our focus on helping organisations to grow their capacity for intergenerational benefit.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Eastside Rollin’ 20s Crips Members and Associates Indicted, Including Murder, Robbery, Fentanyl Distribution and Firearms Offenses

    Source: US State of North Dakota

    A twelve-count indictment was unsealed today in the Eastern District of Virginia charging nine members of the Eastside Rollin’ 20s Crips (RTC) violent street gang with crimes including a drug conspiracy, murder in aid of racketeering, firearms offenses, and  a racketeering conspiracy involving murder, attempted murder, armed robbery, conspiring to distribute large quantities of pressed fentanyl pills, narcotics trafficking, identity fraud, and the illegal use and straw purchasing of firearms.

    According to the indictment, the RTC is a subunit or “set” of the Crips national street gang. The indictment alleges RTC members and associates committed numerous violent acts on behalf of the RTC, including a June 2022 murder in Alexandria, Virginia; a July 2021 attempted shooting of several individuals in the District of Columbia; an August 2021 armed robbery and pistol whipping of an individual in Hollywood, Florida; and a January 2021 attempted murder of two individuals in Winston-Salem, North Carolina. To finance and promote the RTC’s criminal activities, the indictment alleges that RTC members and associates obtained and distributed multi-kilogram quantities of pressed fentanyl pills. The indictment also alleges that, as part of the gang’s criminal activity, the RTC recruited children and encouraged them to commit crimes on behalf of the gang, including acts of violence and drug trafficking.

    “As alleged, RTC members unleashed a wave of violence across three states and the District of Columbia, extending down the East Coast to Florida,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Their commission of brutal, indiscriminate acts over perceived slights on social media reflects a particularly dangerous form of gang activity. The Criminal Division remains firmly committed to prosecuting menacing gangs and ensuring the safety of our communities.”

    “The offenses alleged in this indictment represent the spectrum of danger presented by nationwide criminal enterprises,” said U.S. Attorney Erik S. Siebert for the Eastern District of Virginia. “Any of these elements alone – from violence to illegal drugs to identity theft – is enough to destroy communities and lives, and these organizations employ them without compunction. Through coordination with our federal, state, and local law enforcement partners, we are determined to eradicate criminal gangs and protect our citizens from the detriment they bring.”

    “DEA is committed to protecting Americans by investigating and taking down major violators of drug laws who operate within the United States and around the world,” said Special Agent in Charge Ibrar Mian of the DEA Washington Field Division. “As demonstrated by today’s indictment, drug trafficking, firearms, and violence are undeniably connected, which is why we continue to address these threats with the full force of the federal government. The tenacious and hard-working men and women of DEA are combatting the illicit manufacture and distribution of drugs, removing illicit firearms from American streets, helping to put public threats in jail, and restoring safety in our communities.”

    “Today’s announcement indicates a significant step towards making it even more clear that the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) along with our partner agencies are committed to protecting our communities from violent crime,” said Special Agent in Charge Anthony Spotswood of the ATF Washington Field Division. “There just isn’t a place for criminal behavior in our neighborhoods. Although this is very early on in the judicial process, we remain optimistic that all of those involved will be held accountable for their actions.”

    If convicted, the defendants face penalties including: up to life in prison or the death penalty for murder in aid of racketeering and use of a firearm during a crime of violence causing death; up to life in prison for racketeering conspiracy, conspiracy to distribute 400 grams or more of fentanyl, possession of a firearm in furtherance of drug trafficking, and use of a firearm during or in relation to drug trafficking; up to 25 years in prison for straw purchasing of firearms; up to 20 years in prison for possession with intent to distribute fentanyl; and up to 10 years in prison for conspiracy to commit murder in aid of racketeering. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The Drug Enforcement Administration; Bureau of Alcohol, Tobacco, Firearms and Explosives; Virginia State Police; and Arlington County Police Department are investigating the case with the assistance of the U.S. Attorney’s Office for the Western District of Pennsylvania; U.S. Attorney’s Office for the District of Columbia; United States Postal Inspection Service; FBI; Immigration and Customs Enforcement Homeland Security Investigations (ICE-HSI); U.S. Customs and Border Protection; Fairfax County Police Department; Prince William County Police Department; Prince William County’s Office of the Commonwealth’s Attorney; Prince William County Parks and Recreation; United States Attorney’s Office for the Eastern District of North Carolina; Loudoun County Sheriff’s Office; Shenandoah County Sheriff’s Office; Stafford County Sherriff’s Office; Manassas Park Police Department; George Mason University Police Department; Chesterfield County Police Department; Del City, OK, Police Department; Valley Brook, OK, Police Department; Tonto Apache Police Department; Sumter County, SC, Sheriff’s Office; Hollywood, FL, Police Department; Nash County, NC, Sheriff’s Office; Winston-Salem, NC, Police Department; and Nebraska State Patrol.

    Trial Attorney César S. Rivera-Giraud of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorneys Edgardo J. Rodriguez and Ryan B. Bredemeier for the Eastern District of Virginia are prosecuting the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Project Safe Neighborhood and Organized Crime Drug Enforcement Task Forces (OCDETFs), which identify, disrupt, and dismantle the highest-level criminal organizations that threaten the United States, using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    An indictment is merely an accusation. Defendants are presumed innocent until proven guilty.

    MIL OSI USA News –

  • MIL-OSI USA: PASSED: Cortez Masto’s Bill to Create Jobs at Apex Industrial Park in North Las Vegas

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    FTP for TV stations of her remarks is available here.

    “This legislation cuts through unnecessary government obstacles and allows our businesses to grow at a sustainable pace. It is essential to ensure businesses can efficiently continue to build and expand in Nevada, including at the Apex Industrial Park, [which] will bring new jobs to North Las Vegas and will continue to strengthen our economy.”

    Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) passed her Apex Area Technical Corrections Act, legislation to create thousands of new jobs at North Las Vegas’ Apex Industrial Park. Under the legislation, new and existing businesses at Apex would be allowed to expand their operations without going through an outdated and burdensome permitting process for basic utilities and infrastructure. The legislation, also introduced by Congressman Steven Horsford (D-Nev.-04), passed the House of Representatives earlier this year. This bill now goes to the President’s desk for signature.

    Senator Cortez Masto introduced her Apex legislation to help the industrial park grow and create jobs in the Las Vegas Valley and has toured the site, speaking to workers there. She has also worked across the board to strengthen and diversify Nevada’s economy and create new jobs by passing legislation to upgrade American infrastructure, support Nevada’s manufacturing industry, and invest in Nevada’s booming clean-energy economy.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: From the Paris Air Show, Shaheen Pens Wall Street Journal Op-Ed Warning Trump’s Trade Policy Threatens Our National Defense and Global Alliances

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – After co-leading a bipartisan Congressional delegation to the Paris Air Show, U.S. Senator Jeanne Shaheen (D-NH) wrote an opinion piece in the Wall Street Journal warning that President Trump’s trade policy threatens American national defense and global alliances. In her piece, Shaheen argues that the president’s tariff policy threatens our relationships around the globe, exacerbates existing supply chain disruptions and threatens American defense readiness. You can read her op-ed here.

    In part, Shaheen writes: “While Beijing closely watches the war in Ukraine, it has also escalated confrontations in the South China Sea and conducted aggressive military exercises over the Taiwan Strait. In the face of these rising threats, our ability to produce and deliver weapons at scale—coordinated with our allies—is more critical than ever.”

    Shaheen concludes: “The Trump administration’s trade policies have weakened the alliances we rely on. Congress should reassert our leadership by re-examining its moves and exercising congressional oversight. If we’re going to be ready for the challenges ahead, we must treat American trade policy as a core pillar of American national security.”

    The op-ed is available here and in full below:

    Trump’s Tariffs Weaken America’s Military

    Eighty years ago, the U.S. Army Air Forces staged an exhibition beneath the Eiffel Tower. Thousands of Parisians gathered to admire the B-17 Flying Fortress—an American-built aircraft that helped liberate Europe from Nazi occupation. Primitive by today’s standards, those bombers were the product of a national industrial base operating at full capacity. They were deployed by a trans-Atlantic alliance that shared logistics, intelligence and purpose. That model of coordination is what we need now—but it’s being tested by a trade agenda that favors confrontation over cooperation.

    As I co-lead the congressional delegation to this week’s Paris Air Show, the world’s largest defense aerospace expo, I find myself asking: Is the greatest obstacle to America’s security not China or Russia but our own trade policy?

    The U.S. defense industry’s capacity to meet the demand for arms was already stretched thin by the Covid pandemic and conflicts in Gaza and Ukraine. The Trump administration further disrupted supply chains and increased production costs through more than 50 tariff announcements and a patchwork of shifting duties. The imposition of these tariffs has pressured allies to respond in kind. This cycle worsens supply-chain disruptions, driving up costs and causing delays in defense production.

    President Trump imposed 50% tariffs on steel and aluminum earlier this month. Regardless of any exemptions the administration offers, building a modern America-class amphibious assault ship requires 45,000 tons of steel. The net effect of this trade policy will be higher costs across the board, from military aircraft and lightweight armor plating to submarine repairs and shipbuilding.

    Tariffs will also affect small, specialized components like those used in jet engines, night vision systems, and landing gear. When I recently met with a New Hampshire company that makes ball bearings for the aerospace industry, executives told me tariffs have driven up their costs and extended their production time—concerns industry leaders echoed in Paris.

    These delays and rising costs don’t only slow American readiness; they erode our allies’ trust in the U.S. as a dependable partner. The strain is already evident. Although the F-35 fighter jet is “the pinnacle of aerial combat technology,” in Vice President JD Vance’s words, several North Atlantic Treaty Organization allies have signaled they may reconsider participation in the F-35 Joint Strike Fighter program.

    Demand for American-made weapons remains strong, especially from front-line nations like Poland. It is racing to acquire Himars rocket launchers and Abrams tanks. But even as the Trump administration pressures allies to spend more on defense, its trade policies and combative rhetoric are sowing doubt about the reliability of parts, maintenance and pricing. That’s prompting U.S. partners to reassess their long-term defense commitments. President Emmanuel Macron underscored this shift when he said, “My goal is to persuade EU countries that rely on U.S. weapons to choose European alternatives.”

    European leaders have legitimate cause for concern, and their increased defense spending reflects it. Vladimir Putin has reoriented Russia’s economy around the war in Ukraine, churning out more than 1,400 Iskander ballistic missiles a year and at one point signing up 1,000 new recruits a day. His effort is backed by North Korea, Iran and, most significantly, China.

    While Beijing closely watches the war in Ukraine, it has also escalated confrontations in the South China Sea and conducted aggressive military exercises over the Taiwan Strait. In the face of these rising threats, our ability to produce and deliver weapons at scale—coordinated with allies—is more critical than ever.

    The administration argues that reliance on foreign imports undermines American defense readiness and that tariffs will protect U.S. industries. But the defense industrial base has evolved over generations, and restructuring it would take decades—time we simply don’t have.

    Russia, China and Iran may feel distant to many Americans. But for those of us with family who served in World War II—or who confront national-security challenges daily in government service—the risks are clear and they are growing.

    As the B-17 displayed in Paris that summer of 1945 symbolized a robust industrial base united with steadfast allies, today’s defense readiness depends on a similarly coordinated approach—one that can’t thrive amid tariffs that alienate our closest partners.

    We need a smarter, more unified strategy. Tariffs on our closest allies aren’t only damaging our economy, they’re undermining our shared defense readiness. At a minimum, the administration should provide answers on how these tariffs are affecting our defense supply chains. I’ve asked Defense Secretary Pete Hegseth for this information but received no response.

    The Trump administration’s trade policies have weakened the alliances we rely on. Congress should reassert our leadership by re-examining its moves and exercising congressional oversight. If we’re going to be ready for the challenges ahead, we must treat American trade policy as a core pillar of American national security.

    Last week, Shaheen pressed U.S. Secretary of Defense Pete Hegseth on the impacts of the administration’s tariffs on steel and aluminum on the defense industrial base, supply chain lead times and our overall military readiness. The exchange followed a letter sent to Hegseth in April where Shaheen raised concerns about how the President’s trade war harms defense supply chains and ultimately weakens America’s military readiness. The Senator expressed how tariffs on imports will increase prices for the Department of Defense’s defense acquisitions – harming its purchasing power and further raising costs on small businesses.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with the Republic of Uzbekistan

    Source: IMF – News in Russian

    June 18, 2025

    • Uzbekistan’s economic performance has remained strong, with robust growth, narrowing consolidated fiscal and current account deficits, and ample international reserves.
    • Despite elevated external uncertainty, growth is projected to stay robust amid ongoing reforms and strong remittances, while inflation is expected to moderate under tight macroeconomic and macroprudential policies.
    • The priorities ahead are to cement macro-financial stability and continue with the economic reform agenda to reduce the state’s footprint while fostering private sector-led and inclusive growth.

    Washington, DC: On June 16, 2025, the Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for the Republic of Uzbekistan.[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

    Uzbekistan’s economic performance has remained strong. Real GDP growth stood at 6.5 percent in 2024, underpinned by robust domestic demand, and remained buoyant at 6.8 percent year-on-year in the first quarter of 2025. Inflation had trended downward through end-April 2024 but rose to 10.6 percent year-on-year in May 2024 that saw the implementation of needed energy price reform. By end-April 2025, it has only marginally eased to 10.1 percent. The current account deficit narrowed by 2.6 percentage points of GDP to about 5.0 percent in 2024, driven by strong remittances, rapidly growing non-gold exports, favorable commodity prices, and the unwinding of a one-off spike in imports in 2023. International reserves have remained ample. The consolidated fiscal deficit narrowed by 1.7 percentage points of GDP to 3.2 percent of GDP in 2024, largely on the back of growth-friendly expenditure measures, although borrowing and spending from the broader public sector were higher than anticipated.  

    The outlook remains broadly positive. Despite heightened global trade policy uncertainty, real GDP growth is projected to remain robust under the baseline, at close to 6 percent this year and next, supported by sustained strength in private consumption, investment, and advancement of structural reforms. The latter, continued tight monetary and macroprudential policies, and solidified fiscal discipline are expected to reduce inflation to the Central Bank of Uzbekistan’s (CBU) 5 percent target by end-2027. The external current account deficit is foreseen to stay at or slightly below 5 percent over 2025-26 while international reserves are expected to remain adequate, at 9.2 months of imports by end-2026.

    Downside risks to the outlook include prolonged and deeper trade policy shocks, more volatile commodity prices, tighter external financing, and contingent liabilities from state-owned enterprises and banks, and public-private partnerships. On the upside, opportunities stem from faster implementation of structural reforms, stronger inflows of income and capital, and favorable commodity prices.

    Executive Board Assessment[3]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Uzbekistan’s positive economic outlook amid continued progress in the transition to a market-oriented economy. Directors noted, however, that significant vulnerabilities persist, including from the still large state footprint in the economy and rising external uncertainty. Against this background, they emphasized the importance of sustaining the momentum in structural and institutional reforms, supported by Fund technical assistance, to entrench macroeconomic stability and maintain robust and resilient growth.

    Directors commended the authorities for the significant fiscal consolidation achieved. They broadly called for reversing the decline in the tax-to-GDP ratio and improving expenditure efficiency to create fiscal space for priority social and development needs. Directors stressed the importance of adhering to external borrowing limits and avoiding government spending procyclicality in response to high gold prices to support inflation reduction. They also advised improving monitoring and management of fiscal risks from SOEs and public-private partnerships and further strengthening PFM and fiscal transparency.

    Directors welcomed the commitment of the Central Bank of Uzbekistan (CBU) to reduce inflation. They agreed that monetary policy should remain data driven and be tightened further if core inflation or inflation expectations do not decline. Directors encouraged the CBU to continue strengthening communication and monetary policy transmission. They also recommended adopting greater exchange rate flexibility and implementing outstanding safeguards recommendations to strengthen central bank governance and independence. 

    Directors called for enhancing bank supervision and regulation to safeguard financial stability, while reducing the state’s role in the financial sector. In this regard, they recommended bolstering the commercial orientation of state banks and their corporate governance, phasing out directed and preferential lending, and expediting and expanding privatization efforts. Directors also advised the authorities to strengthen asset classification, NPL reporting and resolution, and the regulatory, supervisory, crisis management, and AML/CFT frameworks following the recommendations of the country’s first Financial Sector Assessment Program. Additional macroprudential measures could help mitigate risks from rapid growth in microcredit. 

    Directors encouraged deepening and accelerating structural reforms. While welcoming the progress with WTO accession and energy sector reform, they emphasized that it will be essential to complete price and trade liberalization, phase out support to SOEs, and accelerate privatizations while carrying them out in line with international best practices. Directors called on the authorities to make further progress in governance reforms, including improvements in transparency and accountability and the approval of the National Anti-Corruption Strategy. Closing data gaps and improving data quality remain priorities. 

    It is expected that the next Article IV consultation with Uzbekistan will be held on the standard 12-month cycle.

    Uzbekistan: Selected Economic Indicators 2022-2026

    2022

    2023

    2024

    2025

    2026

    Est.

    Proj.

    Proj.

    National income 1/

    Real GDP growth (percent change)

    6.0

    6.3

    6.5

    5.9

    5.8

    Nominal GDP (in trillions of Sum)

    996

    1,204

    1,455

    1,733

    2,005

    GDP per capita (in U.S. dollars)

    2,555

    2,849

    3,113

    3,487

    3,805

    Population (in millions)

    35.3

    36.0

    36.9

    37.7

    38.5

    Prices

    (Percent change)

    Consumer price inflation (end of period) 2/

    12.3

    8.7

    9.8

    8.4

    6.5

    GDP deflator

    14.5

    13.8

    13.3

    12.5

    9.4

    External sector

    (Percent of GDP)

    Current account balance

    -3.2

    -7.6

    -5.0

    -5.0

    -4.8

    External debt

    49.2

    54.5

    56.2

    55.4

    55.2

                     (Level)

    Exchange rate (in sums per U.S. dollar; end of period)

    11,225

    12,339

    12,920

    …

    …

    Real effective exchange rate

    		        

    (ave, 2015 =100, decline = depreciation)

    61.8

    58.8

    55.4

    …

    …

    Government finance

    (Percent of GDP)

    Consolidated budget revenues

    28.8

    26.7

    26.5

    26.3

    26.4

    Consolidated budget expenditures

    32.3

    31.6

    29.7

    29.3

    29.4

    Consolidated budget balance

    -3.5

    -4.9

    -3.2

    -3.0

    -3.0

    Adjusted revenues 3/

    27.7

    25.9

    25.5

    25.3

    25.5

    Adjusted expenditures 3/

    31.3

    29.9

    27.8

    27.3

    27.8

    Adjusted fiscal balance

    -3.7

    -4.0

    -2.3

    -2.0

    -2.3

    Policy-based lending

    -0.1

    0.9

    0.9

    1.0

    0.7

    Overall fiscal balance 3/

    -3.5

    -4.9

    -3.2

    -3.0

    -3.0

    Public debt

    30.5

    32.2

    32.6

    33.3

    33.2

    Money and credit

    (Percent Change)

    Reserve money

    31.4

    4.9

    9.5

    9.2

    8.8

    Broad money

    30.2

    12.2

    30.6

    19.4

    16.3

    Credit to the economy

    21.4

    23.2

    4.0

    19.3

    16.0

    Sources: Country authorities; and IMF staff estimates.

    1/ Incorporates latest revision to national accounts data, which raised the average nominal GDP for 2017-2023 by about 11 percent. 

    2/ The CPI projection incorporates the effect of the announced increases in energy prices in 2024 and 2025.

    3/ IMF staff adjusts budget revenues and expenditures for financing operations, such as equity injections, policy lending, and privatization of state enterprises. The overall fiscal balance until 2021 is more negative than the consolidated budget balance as the latter excluded privatization receipts. Since 2022, there is no difference as the authorities started including all privatization receipts as financing.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Uzbekistan page.

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

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/06/18/pr-25206-uzbekistan-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Energy Secretary Wright Testifies Before Senate Energy and Natural Resources Committee on FY2026 Budget Request

    Source: US Department of Energy

    WASHINGTON— U.S. Secretary of Energy Chris Wright testified today before the U.S. Senate Committee on Energy and Natural Resources on the Department of Energy’s Fiscal Year 2026 budget request.

    Earlier this month, Secretary Wright testified before the U.S. House Energy Subcommittee to outline the department’s FY2026 request. He also appeared last month before both the U.S. Senate and U.S. House Appropriations Subcommittees on Energy and Water Development to outline department priorities and provide a comprehensive overview of the budget.

    The FY2026 Budget delivers on President Trump’s directive to restore American energy dominance, unleash every American energy advantage, and bring commonsense back to Washington. It returns non-defense discretionary spending to the most disciplined levels since 2017 and redirects over $15 billion away from the Green New Scam— a reckless Biden-era agenda that drives up costs, weakens reliability, and undermines U.S. energy strength. The department remains committed to being responsible stewards of American taxpayer dollars while protecting the affordable, abundant, and reliable energy our nation depends on. For more details, view the budget toplines here.

    Secretary Wright’s opening remarks:

    Thank you, Chairman Lee, Ranking Member Heinrich, and Members of the Committee, it is an honor to appear before you today as Secretary of Energy to discuss the President’s Fiscal Year 2026 Budget request for the Department of Energy.

    Under President Trump’s leadership, our priorities for the Department are clear—to achieve American energy dominance, bolster our national security, meet our Cold War legacy cleanup commitments and unleash historic innovation, including AI, for our nation and world.

    We are driven by a bedrock conviction that an affordable, reliable, secure energy supply is the foundation of a strong and prosperous nation. When America leads in energy, we lead in prosperity, security and human flourishing.

    We are committed to advancing our critical missions while cutting red tape, increasing efficiency, and ensuring we are better stewards of taxpayer dollars.

    The President’s FY26 budget will ensure taxpayer resources are allocated appropriately and cost-effectively. We will invest DOE’s resources in technologies and sources that support affordable, reliable, and secure energy and provide a return on investment for the American taxpayers. DOE has several tools at its disposal that can advance these emerging energy technologies, and I thank the committee for their leadership in establishing a new “Energy Dominance Financing Program” for DOE’s Loan Program Office as part of the One Big Beautiful Bill. This will enable DOE to return to its core mission of supporting projects that are most critical to America’s energy security while maintaining responsible stewardship of taxpayer dollars—something DOE failed to do in the previous administration.

    It is deeply concerning how many billions of dollars were rushed out the door without proper due diligence in the final days of the Biden administration. DOE is undertaking a thorough review of financial assistance that identifies waste of taxpayer dollars, protects America’s national security and advances President Trump’s commitment to unleash American energy dominance. As a result, we recently announced the termination of 24 projects totaling over $3.7 billion in taxpayer-funded financial assistance. These projects failed to meet the economic, national security or energy security standards necessary to sustain DOE’s investment, and the taxpayers should not be forced to subsidize them.

    Instead, we are advancing a policy of energy addition—fully leveraging affordable, reliable and secure resources that have powered our country for generations. The United States is blessed with an abundance of coal, oil, and natural gas, and our Administration is committed to using them to meet growing energy needs of the American people.

    Every one of these resources was unleashed through the world-changing power of American innovation. Our National Labs are the engine that drives research and development to expand our energy dominance. We will prioritize research that supports true technological breakthroughs and maintains America’s global competitiveness.

    America must play a leading role commercialization of reliable, safe and secure nuclear energy, and we are taking steps to accelerate innovation in this sector. DOE is working to advance the rapid deployment of next-generation nuclear technology, including small modular reactors.

    I am proud to report that we have officially ended the previous administration’s reckless pause on LNG export permits and have returned to regular order for reviewing and approving new permits. DOE will also work to replenish the Strategic Petroleum Reserve—a national asset that protects our security in times of crisis—and I want to thank this committee for prioritizing funding to refill the SPR in the One Big Beautiful Bill.

    We are advancing President Trump’s pledge to lower the cost of living and expand choice by rightsizing DOE’s approach to home efficiency standards and regulations. Under the President’s direction, we’ve begun slashing more than 47 regulations as part of the largest deregulatory effort in history. These actions are projected to save the American people approximately $11 billion while restoring consumer freedom and lowering costs.

    The responsible stewardship and modernization of the nation’s nuclear weapons systems is paramount for this Administration. DOE is focused on addressing critical upgrades for the U.S. nuclear stockpile and maintaining our engine powerhouses for submarines and aircraft carriers. Both tasks will become even more crucial in the next few years.

    Our nuclear innovation as a nation began with the Manhattan Project, and the next Manhattan Project is clearly AI. DOE has a significant role to play in driving AI innovation for scientific discovery and national security. Our agency has world-class high-performance computing capabilities, including four of the world’s top ten supercomputers.

    Harnessing our energy potential to power global AI leadership while meeting growing demand will be the challenge of our time. But America doesn’t back down from big challenges or big builds.

    As Secretary of Energy, I am honored by the responsibility to help meet the American people’s growing energy needs and lead the world in energy development. I appreciated the opportunity to work with many of you on this committee to unlock America’s full energy potential and drive down costs for families with the One Big Beautiful Bill, and I look forward to continuing to work together to achieve President Trump’s energy dominance agenda.

    Thank you for the opportunity to testify before the committee today.

    MIL OSI USA News –