Category: Economy

MIL-OSI Russia: Experts and Scientists Assess China’s Economic Growth Points in 2025 (Part 1): Service Consumption Becomes a New Bright Spot

Translation. Region: Russian Federal

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

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

Xia Jiechang, Research Fellow at the National Academy of Economic Strategy, Chinese Academy of Social Sciences

Consumption is the foundation of economic development. Since this year, various departments in various regions have been steadily promoting special promotions to promote consumption growth, and have been making efforts to expand the scope of trade-in consumer goods renewal, which has led to a steady release of consumption potential and further strengthening the main role of consumption in the country’s economic growth. In the first quarter, final consumption expenditures stimulated GDP growth by 2.8 percentage points, accounting for more than half of the total economic growth. In particular, service consumption has become a new highlight in China’s population consumption and a new impetus for the country’s economic growth.

Service consumption mainly includes consumer spending on intangible services, including health care, education and training, tourism and leisure, financial services, culture and entertainment, etc. It covers a wide range of fields and is not only an important support for improving people’s well-being, but also an important direction for optimizing and improving the consumption structure. Since this year, China has made concerted efforts on both the supply and demand sides to put forward a series of policies to promote service consumption. Through vigorous policy promotion, relevant economic entities have expanded the range of services offered and improved their quality, thereby laying a solid foundation for the growth of service consumption and better meeting people’s needs for customized and high-quality services.

In the process of expanding and upgrading service consumption, digital technologies are beginning to play an important supporting role. On the one hand, the analysis and processing, in-depth processing and specific application of huge amounts of information through digital technologies have served as an incentive for expanding the scale of service consumption, optimizing the structure of service consumption and improving the quality of consumer goods in the service sector. On the other hand, digital technologies have greatly contributed to the intensive development of new-type service consumption, effectively improving the consumer experience of the population.

MIL OSI Russia News –

May 22, 2025
MIL-OSI: Apollo Capital Issues a With Prejudice Offer to MediPharm Labs and Its Board of Directors to Ensure Shareholder Rights Are Protected at the 2025 Annual Meeting
Source: GlobeNewswire (MIL-OSI)

Believes the Board Continues to Take Oppressive Actions Which Fundamentally Disregard the Rights and Interests of Shareholders

Asserts the Board’s Unlawful, Desperate and Self-Serving Tactics Clearly Indicate That the Current Directors Will Go to Any Lengths Necessary to Entrench Themselves

Requests that MediPharm Agree to Conduct the June 16^th Annual Meeting Under the Oversight of an Independent Chair to Ensure Shareholders Have the Opportunity to Hold the Current Board Accountable and Elect New Leaders

TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — Apollo Technology Capital Corporation (“Apollo Capital”) which together with its affiliates and associates collectively is one of the largest shareholders of MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm”, “MediPharm Labs”, or the “Company”), owning approximately 3% of the Company’s common stock, today issued a “With Prejudice” offer to MediPharm’s Board of Directors (the “Board”) in order to ensure that the rights of shareholders are protected in connection with the Company’s upcoming 2025 Annual and Special Meeting of Shareholders to be held on June 16, 2025 (the “Annual Meeting”).

CEO and Chairman Regan McGee of Apollo Capital commented:

After disastrous Q1 2025 financial results and 22 consecutive quarters of losses, rather than assume accountability for its value-destructive decisions, we believe that the Board continues to take oppressive actions against shareholders, demonstrating that its sole priority is self-preservation and entrenchment.

All indications point to the Board’s desire to run a corrupt election process to ensure their victory so that they can continue to siphon the remainder of MediPharm’s cash reserves into their own pockets until the Company runs out of money in November.

What possible objection could they have to an independent chair running the meeting if this was not the case?

This is why we have taken the step of publicly extending this offer which can be accessed at this LINK.

While we expect Chairman Chris Taves (Managing Director and Head of Asia for Bank of Montreal, BMO Capital Markets) to continue to obstruct the appointment of an independent chair, Apollo Capital will not be deterred and will continue to do whatever is necessary to ensure that all shareholders have an opportunity to replace the directors whose decisions have completely destroyed shareholder value.

MediPharm and its Board have consistently acted in a manner that unfairly disregards the rights and interests of shareholders by pursuing a strategy of entrenchment, obfuscation and character assassination of dissenting shareholders, improperly placing their own personal interests ahead of the interests of the Company and its shareholders, including by:
- Undermining and disenfranchising Apollo Capital and all other MediPharm shareholders from exercising their rights to hold the board accountable for running the Company into the ground;
- Making groundless public attacks on Apollo Capital, including false allegations of us acting jointly or in concert with other understandably disgruntled shareholders, and fabricating malicious and completely meritless accusations of criminal behaviour like harassment and the utterance of threats;
- This is nothing less than thug behaviour and a menacing attempt to deter and silence any shareholders from raising their valid concerns in a public forum.
Apollo Capital urges all of our fellow shareholders to reject the Board’s intimidation tactics, which are evidently geared to silencing anyone who demands change and accountability. It is sad that this is the tactic that the board has resorted to in an attempt shift attention away from their own epic failures and to discourage other shareholders from speaking out.

It is Apollo Capital’s belief that not accepting this offer would clearly demonstrate that the board of directors of MediPharm’s only priority is self-preservation and entrenchment, improperly placing their own personal interests ahead of the law and the interests of the company and its shareholders.

What possible objection could they have to a lawful and fair election with an independent Chair if this is not the case?

All MediPharm stakeholders, including its employees and shareholders, deserve an independent third party running the Annual Meeting to ensure a fair, transparent and lawful process.

Shareholders can visit www.CureMediPharm.com, to sign up for important campaign updates.

To access Apollo Capital’s Circular and related proxy materials, including a proxy or voting instruction form, visit SEDAR+ at www.sedarplus.ca.

Contacts

For Shareholders:
Carson Proxy
North American Toll-Free Phone: 1-800-530-5189
Local or Text Message: 416-751-2066 (collect calls accepted)
E: info@carsonproxy.com

For Media:
CureMediPharm@gasthalter.com

Legal Disclosures

Information in Support of Public Broadcast Exemption under Canadian Law

In connection with the Annual Meeting, Apollo Capital has filed an amended and restated dissident information circular (the “Circular”) in compliance with applicable corporate and securities laws. Apollo Capital has provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations (“NI 51-102”) and the corresponding exemption under the Business Corporations Act (Ontario), and has filed the Circular, available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of Apollo Capital’s director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Circular is hereby incorporated by reference into this press release and is available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 151 John Street, Barrie, Ontario, Canada L4N 2L1.

SHAREHOLDERS OF MEDIPHARM ARE URGED TO READ THE CIRCULAR CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and shareholders are able to obtain free copies of the Circular and any amendments or supplements thereto and further proxy circulars at no charge under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. In addition, shareholders are also able to obtain free copies of the Circular and other relevant documents by contacting Apollo Capital’s proxy solicitor, Carson Proxy Advisors Ltd. (“Carson Proxy”) at 1-800-530-5189, local (collect outside North America): 416-751-2066 or by email at info@carsonproxy.com.

Proxies may be revoked in accordance with subsection 110(4) of the Business Corporations Act (Ontario) by a registered shareholder of Company shares: (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing executed by the shareholder or by the shareholder’s attorney authorized in writing; (c) by transmitting by telephonic or electronic means a revocation that is signed by electronic signature in accordance with applicable law, as the case may be: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Annual Meeting or any adjournment or postponement of the Annual Meeting is to be held, or (ii) with the chair of the Annual Meeting on the day of the Annual Meeting or any adjournment or postponement of the Annual Meeting; or (d) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non-registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the Annual Meeting.

The costs incurred in the preparation and mailing of any circular or proxy solicitation by Apollo Capital and any other participants named herein will be borne directly and indirectly by Apollo Capital. However, to the extent permitted under applicable law, Apollo Capital intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of its director nominees at the Annual Meeting.

This press release and any solicitation made by Apollo Capital is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of Apollo Capital who will not be specifically remunerated therefor. In addition, Apollo Capital may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf.

Apollo Capital has entered into an agreement with Carson Proxy Advisors (“Carson Proxy”) for solicitation and advisory services in connection with the solicitation of proxies for the Meeting, for which Carson Proxy will receive a fee not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses. Apollo Capital has also engaged Gasthalter & Co. LP (“G&Co”) to act as communications consultant to provide Apollo Capital with certain communications, public relations and related services, for which G&Co will receive a minimum fee of US$75,000 in addition to a performance fee of US$250,000 in the event that Apollo Capital’s nominees make up a majority of the Board following the Annual Meeting, plus excess fees, related costs and expenses.

No member of Apollo Capital nor any of their associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company’s last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company’s affiliates. No member of Apollo Capital nor any of their associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Annual Meeting, other than setting the number of directors, the election of directors, the appointment of auditors and the approval of the ordinary resolution approving, among other things, the Company’s amended and restated equity incentive plan dated May 8, 2025 and the unallocated awards available thereunder.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of Apollo Capital and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements contained herein are made only as of the date hereof and Apollo Capital disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which Apollo Capital hereafter becomes aware, except as required by applicable law.

The MIL Network –
May 22, 2025
MIL-OSI USA: Fischer Discusses Her Paid Family and Medical Leave Tax Credit with Small Business Administrator

US Senate News:

Source: United States Senator for Nebraska Deb Fischer

Fischer’s Paid Family and Medical Leave Tax Credit first-ever enacted into federal law in 2017 Tax Cuts & Jobs Act; Fischer working to make tax credit permanent in budget reconciliation

Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Appropriations Committee, questioned Small Business Administration (SBA) Administrator Kelly Loeffler on her commitment to implement her Paid Family and Medical Leave Tax Credit (PFML)—the only national PFML policy ever enacted into federal law. She highlighted that her bill now requires the SBA to do targeted education, outreach, and technical assistance on the credit to inform employers how they can use it.

Earlier this month, the House Ways & Means Committee included Fischer’s Paid Family and Medical Leave Tax Credit Extension and Enhancement Act in their tax bill as part of the House reconciliation package.

Click the image above to watch a video of Fischer’s questioning

Click here to download audio
Click here to download video

On Supporting Fischer’s Paid Family and Medical Leave Tax Credit for Small Businesses:

Fischer: As you know, in the 2017 tax bill, it included my bill to create a tax credit for employers who offer paid family and medical leave to their employees. The credit is the only national paid family medical leave policy that has ever been enacted into federal law. The credit expires at the end of this year, and I’ve introduced legislation to make a couple of tweaks to make the credit permanent. I was pleased to see that the House included my bill in their tax package, and I look forward to working with my Senate colleagues to see that it is included in the final product. I believe that the SBA can play a critical role in increasing awareness of the credit.

One of the tweaks we made in the bill was to require SBA to do targeted education, outreach, and technical assistance on the credit and how employers can use this. And when we designed the bill, our hope was that small businesses would be able to take advantage of it to offer their hourly employees a paid family medical leave that many of them do not have the opportunity to have as employees from larger businesses and corporations have that.

We know that over 75% of small business owners support a federal financial incentive for small employers to provide paid leave benefits. Another survey tells us that for small business owners who don’t offer paid leave, over 58% reported that while they wanted to, they couldn’t afford to. So, I think awareness, education, assistance are keys here, and I think the SBA will play a large role in helping to get the word out.

Again, this is a tax credit, pro-business, pro-family, not a mandate, not a new entitlement. Like in FY 25, I also intend to secure funding for the SBA to conduct that outreach. Can you commit to me that SBA will carry out this work diligently and quickly once we’re able to get the authority and the funding to do the work?

Loeffler: Well Senator, thank you for your leadership in this important area, and you brought it to my attention during my confirmation process. So, I’m pleased to hear that it’s progressed, and it’s timely, because we at the SBA have refocused on our field organization in our 68 regional offices, and as you just heard, our 1,000 small business development centers that would be an excellent conduit to support awareness and implementation and support. It’s one more reason that this tax bill is so critical to small businesses across this country, so I look forward to learning more about that with you and your team and welcome the conversation.

Background on Fischer’s work on Paid Family and Medical Leave:

Fischer and Senator Angus King (I-Maine) established the country’s first-ever nationwide PFML policy, which was included in the 2017 Tax Cuts and Jobs Act and implemented in 2018. Fischer and King reintroduced the bill in February, which builds upon the 2017 law to better serve working families. It also provides additional ways for businesses to qualify for the paid leave tax credit, such as paying for PFML insurance products, and requires greater outreach efforts to raise awareness about the credit.

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Fischer, Ricketts Introduce Legislation to Reauthorize CHIP IN for Veterans Act

US Senate News:

Source: United States Senator for Nebraska Deb Fischer

Today, U.S. Senators Deb Fischer (R-Neb.) and Pete Ricketts (R-Neb.) introduced legislation to reauthorize the CHIP IN for Veterans Act for an additional five years. The legislation allows local communities across the country to assist with the planning and construction of Department of Veterans Affairs (VA) health care facilities.

U.S. Representative Don Bacon (NE-02) introduced identical companion legislation that passed the House earlier this week.

“America’s veterans have gone above and beyond to defend our freedom and keep us safe. After serving our country, they deserve access to high-quality and modern health care facilities and services. In 2016, I led the introduction of the original CHIP IN for Vets Act that created this crucial program, and I’m proud to once again lead this bill to reauthorize this program for an additional five years. This legislation ensures that they are taken care of by enabling local communities to continue to invest in these facilities – saving time and taxpayer money,” said Fischer.

“Our heroic veterans deserve the highest quality of care. Enabling communities to take charge in completing federal projects has created substantial impacts for our nation’s heroes. The Omaha Ambulatory Care Center was the first-of-its-kind public-private partnership where private donor money and leadership brought construction to a completion under budget and on time. Omaha has set the model for future VA care and government service, and I am proud to support the extension of this program. This is one of many proven Nebraska solutions that are ready for America,” said Ricketts.

Click

here to view text of the bill.

Background:

The original CHIP IN for Veterans Act, led by Fischer and passed by Congress in 2016, authorized the Secretary of Veterans Affairs to allow local communities to manage construction of VA projects. The VA appropriated millions of dollars to construction projects that remain unfinished or had not yet begun, and this program allowed communities to take the lead, contributing the remaining finances to ensure these projects are completed on-time and on-budget.

In 2021, Congress

passed – and the President signed into law – Fischer’s legislation to reauthorize the CHIP IN program for another five years, which will expire at the end of 2026.

The CHIP IN program enabled the construction of Omaha’s $86 million VA ambulatory care clinic, helping to raise an additional $30 million after Congress appropriated $56 million for the project.

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Padilla, Schiff Urge Justice Department Watchdog to Open Investigation into DOJ’s Role in Unconstitutional Qatar Airplane Scheme

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)

Padilla, Schiff Urge Justice Department Watchdog to Open Investigation into DOJ’s Role in Unconstitutional Qatar Airplane Scheme

WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) joined Senator Adam Schiff (D-Calif.) and other members of the Senate Judiciary Committee in demanding an independent investigation by the U.S. Department of Justice’s (DOJ) Inspector General into the Attorney General and the Department of Justice’s involvement in President Trump’s unconstitutional acquisition of a $400 million luxury plane from the Qatari government.

The request for an inquiry cites new reporting that the U.S. government has accepted the plane from Qatar and that President Trump actively solicited the luxury aircraft from Qatar’s government. At Attorney General Pam Bondi’s confirmation hearing, Senator Padilla and his Democratic Judiciary Committee colleagues raised concerns about Bondi’s previous work as a foreign agent for the government of Qatar and how that might influence her work as Attorney General.

“These reports raise the troubling possibility that the Department, and Attorney General Bondi personally, were integral to this scheme by crafting a legal justification to enable the President to circumvent the Foreign Emoluments Clause of the Constitution, federal bribery and ethics laws, and Congress in order to acquire one of the largest foreign gifts in our history,” wrote the Senators.

“Given today’s announcement and the fact that the Department’s leadership has effectively politicized the Office of Professional Responsibility (OPR), which, under normal circumstances, would investigate professional misconduct by Department attorneys, it is imperative that your office undertake an independent and comprehensive investigation,” continued the Senators.

The request to DOJ Inspector General Michael Horowitz was sent by Padilla, Schiff, Judiciary Committee Ranking Member Dick Durbin (D-Ill.), and U.S. Senators Cory Booker (D-N.J.), Richard Blumenthal (D-Conn.), Mazie Hirono (D-Hawai’i), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).

Last week, Senator Padilla joined 26 other Senators in cosponsored a resolution condemning President Trump’s acceptance of a luxury airplane gift, valued at $400 million, from the government of Qatar. According to reports, Trump intends to designate the plane as Air Force One while in office and transfer it to a foundation for personal use following the end of his term.

Full text of the letter is available here and below:

Dear Inspector General Horowitz:

We write to request that you open an inquiry into the facts and circumstances surrounding the Department of Justice’s involvement in facilitating President Trump’s effort to acquire a luxury airplane from Qatar, including the actions of Attorney General Pam Bondi. The Department of Defense confirmed today that it is accepting the plane as a gift from the government of Qatar. Given today’s announcement and the fact that the Department’s leadership has effectively politicized the Office of Professional Responsibility (OPR), which, under normal circumstances, would investigate professional misconduct by Department attorneys, it is imperative that your office undertake an independent and comprehensive investigation.

New revelations suggest that President Trump or senior administration officials actively solicited this foreign gift by initiating outreach to Qatar regarding the Boeing 747-8 plane in its possession, and, contrary to claims by President Trump and his associates, by proposing to Qatar that the transfer be in the form of a gift or donation, as opposed to a government-to-government sale. The reporting also raises questions as to whether the administration disclosed to the Qatari government that the Department of Defense would ultimately relinquish the plane and transfer it to President Trump after leaving office, potentially through his presidential library.

Public reports suggest that Attorney General Bondi played a crucial role in providing cover for such a gift by issuing a legal memorandum to White House Counsel David Warrington that “concluded it would be ‘legally permissible’ for the donation of the aircraft to be conditioned on transferring its ownership to Trump’s presidential library before the end of his term.” Under this scheme, the Department of Defense would serve as a clearinghouse to launder the plane on President Trump’s behalf, while bearing the enormous financial cost to retrofit the aircraft to meet necessary security and counterintelligence standards and requirements for Air Force One.

These reports raise the troubling possibility that the Department, and Attorney General Bondi personally, were integral to this scheme by crafting a legal justification to enable the President to circumvent the Foreign Emoluments Clause of the Constitution, federal bribery and ethics laws, and Congress in order to acquire one of the largest foreign gifts in our history. We are particularly concerned that elements of the Department, such as the Office of Legal Counsel, were enlisted to develop such a justification and produce one or more memoranda to allow the White House to claim that such a transfer is lawful. Among other concerns, these new revelations raise key questions regarding whether Department lawyers had a full understanding of the facts to render a complete and accurate legal opinion, or were directed to assess the legality of such a transfer based on incomplete, selective, or shaded details.

Attorney General Bondi’s personal involvement in this scheme requires particular attention. During her confirmation hearing, Attorney General Bondi committed under oath to “consult with the career ethics officials with the Department [of Justice]” to “make the appropriate decision” with respect to matters pertaining to Qatar, given her previous registration as a lobbyist for Qatar under the Foreign Agents Registration Act. The aforementioned solicitation of a $400 million gift from the Qatari government presents a plain conflict of interest that undermines the public’s trust in Attorney General Bondi’s ability to provide impartial legal advice.

Moreover, your office is uniquely positioned to conduct such an inquiry. During Attorney General Bondi’s tenure, the Department has removed senior career ethics officials and kneecapped offices responsible for overseeing ethics and professional misconduct, including the Office of Professional Responsibility (OPR), which was established 50 years ago in response to ethics abuses and serious professional misconduct by senior Department of Justice officials during the Watergate scandal. We have well-founded concerns that OPR is no longer able to fulfill its mandate since the Department’s political leadership removed OPR’s career lead, Jeffrey Ragsdale, who had served in the role since 2020. OPR’s absence as an oversight check on the Department’s senior leadership further reinforces the need for your office to undertake an independent investigation, including into Attorney General Bondi’s actions and whether she consulted career ethics officials as she pledged to do.

Such an investigation would complement parallel oversight requests by Members of Congress, including a request that the acting Inspector General of the Department of Defense investigate the Department of Defense’s involvement in this scheme, questions to the Secretaries of Defense and the Air Force regarding the cost and operational security of retrofitting such a plane, and letters to Attorney General Bondi regarding her role.

The Department of Justice has a long and storied history of rooting out and combatting corruption without fear or favor that is now at risk. In this moment, the responsibility of the Office of Inspector General to “detect and deter waste, fraud, abuse, and misconduct” in the Department has never been more important. Your office has a solemn obligation to hold the Department to account, especially given the credible concerns that it has been used to justify and enable unconstitutional acts and corruption at the highest levels of government.

Thank you for your prompt attention to this important request.

MIL OSI USA News –

May 22, 2025
MIL-OSI China: Russia-China Forum concludes in Khabarovsk with 34 cooperation agreements

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

The two-day Russia-China Forum concluded on Tuesday, seeing the signing of 34 cooperation agreements worth over 100 billion rubles (about 1.24 billion U.S. dollars), spanning economy, tourism, culture and ecology.

The forum focused on strengthening economic partnerships, fostering cross-border dialogue, and advancing joint innovation and cultural ties. A key topic was the joint development of Bolshoy Ussuriysky Island (known as Heixiazi Island in China).

Governor of Khabarovsk Territory Dmitry Demeshin emphasized the importance of enriching the island with economic projects while preserving its natural environment and cultural heritage.

A major focus was the establishment of a year-round cargo and passenger checkpoint on the island, which is expected to boost passenger traffic to 1.5 million annually and cargo flow to 1.3 million tons.

A key highlight of the forum was the plenary session titled “Russia and China: Uniting Efforts for Shared Prosperity,” where representatives from both nations’ governments and businesses discussed economic partnerships, border region development, investments, trade, industrial cooperation and cultural ties.

Cross-border economic cooperation has brought tangible success to businesses in Khabarovsk. Roman Degtyarev, manager of the Khabarovsk Baltika Breweries, said at the Russia-China Forum that his company has focused on developing the Chinese market. Over the past 14 years, the export volume of Baltika beer from Khabarovsk to China has increased 15-fold.

Thanks to close cooperation with Chinese suppliers, the Khabarovsk-based company BEEZONE uses Chinese parts to assemble bulldozers for the Russian and Belarusian markets. Today, BEEZONE has developed into the fourth-largest heavy-duty bulldozer manufacturer in Russia, according to Maxim Shubin, head of the company.

The Russia-China Forum included over 30 thematic sessions and cultural events, drawing more than 3,000 participants from governments, businesses and creative industries from both countries.

MIL OSI China News –

May 22, 2025
MIL-OSI China: Pakistani president hails China’s role in socio-economic development

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

Pakistani President Asif Ali Zardari on Wednesday lauded China’s vital role in Pakistan’s socio-economic and defense development as the two countries marked the 74th anniversary of diplomatic relations.

In a statement issued by the media wing of the President’s Secretariat, Zardari congratulated the governments and people of both nations, calling the Pakistan-China relationship “historic and time-tested,” and reaffirmed that it remains a cornerstone of Pakistan’s foreign policy.

Extending best wishes to the leadership and people of China on the anniversary, Zardari added that bilateral ties had evolved over the past 74 years into an all-weather strategic cooperative partnership, describing the two countries as “iron brothers.”

“Pakistan is a staunch supporter of the one-China policy and will continue to stand firmly with China on its core national interests,” the president said.

Zardari deeply appreciated China’s consistent support to Pakistan in times of need. He cited the China-Pakistan Economic Corridor as a flagship project of bilateral cooperation that has significantly improved Pakistan’s economy and connectivity.

The president also emphasized that Pakistan-China relations are grounded in mutual trust, respect, and goodwill, and reaffirmed Pakistan’s commitment to further deepen cooperation in the fields of economy, technology, defense, education, and trade.

MIL OSI China News –

May 22, 2025
MIL-OSI China: Hong Kong passes Stablecoins Bill to support digital asset ecosystem

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

The Legislative Council of the Hong Kong Special Administrative Region (HKSAR) passed the Stablecoins Bill on Wednesday, formulating a licensing regime for fiat-referenced stablecoins (FRS) issuers in Hong Kong.

This bill, rolled out to further enhance Hong Kong’s regulatory framework on virtual-asset activities, thereby fostering financial stability and encouraging financial innovation, is expected to come into effect in 2025.

Upon implementation of the Stablecoins Ordinance, any person who, in the course of business, issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollars in or outside Hong Kong, will need to obtain a licence from the Hong Kong Monetary Authority (HKMA).

The relevant persons must satisfy requirements in areas such as reserve asset management and redemption, including proper segregation of client assets, maintaining a robust stabilization mechanism, and processing stablecoin holders’ requests for redemption at par value with reasonable conditions.

Christopher Hui, secretary for financial services and the treasury of the HKSAR government, said the ordinance adheres to the “same activity, same risks, same regulation” principle, with a focus on a risk-based approach to promote a robust regulatory environment.

This is not only in line with international regulatory requirements, but also lays a solid foundation for Hong Kong’s virtual asset market, Hui noted.

Eddie Yue, chief executive of the HKMA, said that “We believe that a robust and fit-for-purpose regulatory environment would provide favourable conditions to support the healthy, responsible, and sustainable development of Hong Kong’s stablecoin and the broader digital asset ecosystem.”

MIL OSI China News –

May 22, 2025
MIL-OSI China: China, ASEAN fully complete negotiations on CAFTA 3.0 upgrade

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

An aerial drone photo taken on April 30, 2025 shows a cargo ship berthing at a container dock of Qingdao Port in Qingdao, east China’s Shandong Province. [Photo/Xinhua]

China and 10 ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), a milestone in bilateral trade cooperation that will inject greater momentum and stability into the world economy.

The achievement was announced during a special online meeting of economic and trade ministers from China and ASEAN on Tuesday, according to China’s Ministry of Commerce.

CAFTA 3.0 will send a strong signal in support of free trade and open cooperation, said the ministry, noting that the agreement will inject greater certainty into regional and global trade, and serve as a model for openness, inclusiveness and win-win cooperation.

Launched in 2010, the CAFTA, the world’s largest free trade zone among developing countries, has undergone continuous upgrades, with its Version 2.0 agreement signed in 2015 and coming into effect in 2019.

With negotiations for CAFTA 3.0 now concluded, both parties will strive to formally sign the CAFTA 3.0 upgrade protocol before the end of this year, the ministry revealed.

Exemplifying cooperation across the Global South, the conclusion of CAFTA 3.0 negotiations will greatly enhance China-ASEAN cooperation concerning industrial capacity, technology and trade, while boosting ASEAN countries’ economic growth and industrialization, said Feng Gui, a law professor at Guangxi University of Finance and Economics in south China.

According to the commerce ministry, CAFTA 3.0 will introduce nine new chapters covering areas such as the digital economy, the green economy and supply chain connectivity.

These new chapters are major breakthroughs as they will help China and ASEAN promote broader and deeper regional economic integration under new circumstances, and will facilitate the integration of their industrial and supply chains, the ministry said.

In particular, the establishment of supply chain connectivity rules under CAFTA 3.0 marks a new milestone in supply chain cooperation between the two sides, as these rules will effectively facilitate the flow of critical goods and services while enhancing infrastructure connectivity, said Zhang Xiaojun, vice president of Southwest University of Political Science and Law in Chongqing Municipality.

“These rules will not only optimize the efficient cross-border flow of production factors but also provide institutional support for building secure and stable supply chains,” Zhang explained.

According to multiple experts, the digital economy will be another key sector to benefit from CAFTA 3.0, as closer cooperation under the agreement will help bridge the digital gap between China and ASEAN countries, paving the way for further economic integration.

China’s experience in digital infrastructure development is expected to provide significant investment and technological support to ASEAN nations, and create more opportunities for small and medium-sized enterprises, said Chen Zhe, an associate professor at the School of International Law of Southwest University of Political Science and Law.

Negotiations for CAFTA 3.0 have surpassed China’s previous free trade agreements in both scope and depth, demonstrating the country’s resolve to deepen openness in the digital economy sector, Chen added.

“CAFTA 3.0 will not only strengthen economic and trade cooperation between China and ASEAN countries, but also underscore China’s proactive stance in actively shaping international digital trade rules and advancing global digital economic development,” Chen noted.

Home to nearly a quarter of the world’s population, China and ASEAN had by 2024 been each other’s largest trading partner for five consecutive years. Bilateral trade value soared from less than 8 billion U.S. dollars in 1991 to nearly 1 trillion dollars in 2024.

Data from the General Administration of Customs showed that in the first four months of 2025, trade between China and ASEAN had reached 2.38 trillion yuan (about 330.85 billion U.S. dollars), up 9.2 percent from a year earlier.

ASEAN and China can further deepen their partnership, achieve high-quality common development, promote cooperation in areas such as intelligent manufacturing, and enhance connectivity and green transformation, Kao Kim Hourn, secretary-general of ASEAN, said at Tuesday’s meeting.

Experts emphasized that the conclusion of CAFTA 3.0 negotiations will further strengthen the institutional framework for economic and trade cooperation between China and ASEAN, exploring a rule-based approach to cooperation. The CAFTA, through the integration of rules and standards, breaks away from the traditional models of rule- and standard-setting dominated by developed nations.

Feng said that in an era marked by global trade protectionism and decoupling, China and ASEAN, as friendly neighbors and models of economic cooperation, are providing new support for the global multilateral trade system.

“China is willing to work with ASEAN to maintain the stability and smooth operations of global industrial and supply chains, make greater contributions to the development of both sides, and safeguard international fairness and justice,” said China’s Commerce Minister Wang Wentao.

MIL OSI China News –

May 22, 2025
MIL-OSI USA: In Support of His Amendments to Reimburse Working Parents Up to $8,000 for Child Care,

Source: United States House of Representatives – Congressman Danny K Davis (7th District of Illinois)

Testimony of Congressman Danny K. Davis (As Prepared)

In Support of His Amendments to Reimburse Working Parents Up to $8,000 for Child Care,

Help Cost-Burdened Renters Earning Up to $100,000, Ensure Foundations Fund Charitable Giving Rather Than Tax Cuts for the Wealthy, and Give Tax Cuts to Workers Who Are Single, Noncustodial Parents, Aged 19 and Older, Seniors, Foster Youth, or Homeless

Committee on Rules Meeting on H.R. 1 – May 21, 2025

The Good Book teaches us to care for the least among us. My four amendments do just that.

For parents, child care is the work-related expense. My amendment would reimburse working parents up to $8,000 in child care costs. The meager, current maximum of $1,200 was set at the turn of this century. Now, the cost of center-based care for two children is more than the average annual rent in all 50 states. Yet, the Republican bill fails to directly help struggling parents with the crushing burden of child care. Instead, the bill gifts $731 million to businesses and ignores the tens of millions of working parents whose employers will never offer child care. And the small, temporary $500 bump in the Child Tax Credit excludes the poorest parents and is dwarfed by the $8,000 in relief offered by my amendment. If Republicans want parents to work, then you should accept my amendment.

My second amendment would provide life-changing help to hardworking, rent-burdened Americans earning up to $100,000. Rent unaffordability is at an all-time high with about half of all renters being cost-burdened – especially extremely low-income households, seniors, and rural Americans. My amendment would create a new tax credit for low- and middle-income renters that would cover a percentage of the gap between 30 percent of their adjusted gross income and their actual rent. For renters earning less than $25,000, the credit would cover the entire 30-percent-income-to-rent gap and then phase out. The Republican bill offers nothing to help struggling renters. Supporting my amendment would provide financial relief to tens of millions of Americans so they can thrive without fear of eviction.

My third amendment would provide a tax cut to tens of millions of low-income workers by enhancing the Earned Income Tax Credit. The EITC is a powerful tool to reduce poverty. Although the Republican bill gives an increased EITC for some purple-heart recipients, it ignores the vast majority of individual workers. Workers aged 65 and older represent one of the fastest-growing groups in our labor force. Millions of people younger than 24 serve in the labor force. My amendment gives permanent tax relief to seniors and younger workers by removing the EITC age cap and lowering the eligibility age to 19, while also enhancing the credit for all childless workers. Further, my amendment includes important flexibilities for foster and homeless youth. If the GOP bill can spend $211 billion on tax breaks for wealthy heirs, surely it can help vulnerable workers who are young, old, single, homeless, or foster youth.

My final amendment would strike the permanent tax hike on foundations that would rip $15.8 billion in charitable aid from our communities – aid that supports food banks, houses of faith, veterans, disaster relief, rural health care, emergency assistance during economic downturns, and other critical needs. Policies that hurt foundations reduce grantmaking to charitable nonprofits across the country. Forefront, the association of grantmakers for the state of Illinois, estimates that the proposed tax increase on private foundations would result in $168 million less in grants made to Illinois nonprofits each year. Charitable giving represents the best of American generosity. At the exact time when charitable giving and philanthropy are needed the most to offset the cuts in federal investment, Congress must strike this charity-reducing provision.

Government should help people, not harm them. My amendments would help lift the burdens of tens of millions of families and workers as well as promote charitable service. I hope you will support them.

MIL OSI USA News –

May 22, 2025
MIL-Evening Report: Australia’s knowledge of Russia is dwindling. We need to start training our future experts now

Source: The Conversation (Au and NZ) – By Jon Richardson, Visiting Fellow, Centre for European Studies, Australian National University

Shutterstock

Russia’s possible interest in basing long-range aircraft at an Indonesian airbase not far from Australian shores shook up a relatively staid election campaign last month.

The news, which Jakarta immediately dismissed, caught many by surprise in Australia. It shouldn’t have. While Indonesia’s non-aligned stance makes granting such a request highly unlikely, Russia’s defence and political ties with Southeast Asia have actually been deepening over the last decade, at least.

All of this has gone largely unnoticed in Australia. And this highlights a significant problem: Australia has something of a knowledge deficit when it comes to Russia. This is in part due to the fact our expertise on the country has been hollowed out since the Cold War ended.

Russia’s power plays are expanding globally

The Soviet Union loomed large in Australia’s consciousness during the Cold War, if not high on its list of priorities.

Today, Russia remains a major, albeit slightly diminished, power. It is a nuclear weapons state (it has more than 5,500 nuclear warheads, the most of any nation) and a permanent member of the United Nations Security Council. It is also active in other forums of importance to Australia, such as the G20 and APEC, as well as in issues like arms control and climate change.

Most worryingly, under President Vladimir Putin, Russia will no doubt continue to be a disruptor on the international stage.

Russia’s political and security elite perceive the country to be a great power with interests and a right to influence in every part of the world. Just to drive that message home, a giant sign quoting Putin last year read: “Russia’s borders do not end anywhere”.

Even before its full-scale invasion of Ukraine in 2022, Moscow perpetuated an ideology that it is at war with the West. This idea is a key source of legitimacy for Putin’s regime. Russia’s hostile actions against Western democracies continue to proliferate. These include disinformation campaigns, cyber attacks, election interference and, in some regions, sabotage and assassinations.

This isn’t focused entirely on Europe and the US, either. Russia has an active – and expanding – military presence in the Asia-Pacific. Russia’s Pacific Fleet, based in Vladivostok, now has more than 20 nuclear and conventional submarines and frequently engages in training exercises with the Chinese navy.

More “normal” relations with Russia will not return soon. A lasting peace in Ukraine seems unlikely if any interim ceasefire deal leaves large swathes of the country under a brutal Russian occupation regime. Putin is unlikely to let go of his ambitions to subjugate Ukraine and limit its independence.

While sanctions have made it harder for Moscow to conduct the war, the Russian economy also does not appear in danger of imminent collapse.

Meanwhile, Southeast Asia has proven susceptible to Russia’s anti-Western narratives, particularly when it comes to the claim that the Russian invasion was provoked by Western policies and threats. Most regional governments have been loathe to criticise the invasion and the leaders of Indonesia and Malaysia have made state visits to Moscow despite it.

Russia has had similar success in pushing disinformation through orchestrated social media campaigns across the Global South, including in parts of Africa where Australian companies have made significant investments in the mining sector.

Reviving Russia literacy

All these trends point to the need to enhance Australia’s modest level of Russia literacy, both in language skills and broader country expertise.

This was the key message of a recent conference on “Russian activities and Australian interests in the Indo-Pacific”, hosted by the ANU’s Centre for European Studies. It was attended by a wide range of government officials, academics, analysts and foreign diplomats.

Australia once had strong Russian-language departments at several universities. It also boasted numerous Russian and Soviet scholars of global repute, such as Harry Rigby, Sheila Fitzpatrick, Graeme Gill, Stephen Wheatcroft, Geoffrey Jukes and Stephen Fortescue.

Today, the number of university departments teaching Russian language, history or politics has dwindled, with only the University of Melbourne offering a major in Russian language and literature. That university has also added a much-welcomed fellowship in Ukrainian studies.

And Australia has few lecturers or researchers in international relations, history or social sciences with Russia expertise, including language skills.

We can – and should – return our university Russian offerings to the levels we had 30 years ago. This can be done without cutting back on the existing expansive focus on other countries and regions. There is also scope for greater focus on Russia and the former Soviet countries in government.

It will hard for Russia to shake off the pattern of failed government reform efforts defaulting to strong, centralised rule with imperial ambitions and an anti-Western posture.

But moves towards reform could eventually bear fruit (again) when Putin leaves the stage. If this were to happen, Russia would remain a major power with a rich cultural legacy and many common interests with Australia in areas such as natural resources. There is also a significant Russian diaspora in Australia.

For Australia, it is a mistake to think of Russia as somewhere far away. Both in simple geography – all state capitals except Perth are closer to Vladivostok than to New Delhi – and in terms of the interplay of global interests.

Or, as British commentator Keir Giles puts it: “You may not be interested in Russia, but Russia is interested in you.”

Jon Richardson does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Australia’s knowledge of Russia is dwindling. We need to start training our future experts now – https://theconversation.com/australias-knowledge-of-russia-is-dwindling-we-need-to-start-training-our-future-experts-now-256445

MIL OSI Analysis – EveningReport.nz –

May 22, 2025
MIL-OSI USA: Senator Marshall Champions the Benefits of Community Colleges During HELP Committee Hearing

US Senate News:

Source: United States Senator for Kansas Roger Marshall
Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) participated in a hearing today on the state of higher education in the Senate Committee on Health, Education, Labor, & Pensions (HELP).
As someone who attended a community college, Senator Marshall spoke about his own experience that allowed him to receive an excellent education while making smart financial decisions. Senator Marshall touched on the importance of financial literacy and using high school years to obtain college credits to get ahead.
Senator Marshall’s firsthand experience is one of the many success stories of Americans attending a community college. The Senator was the first in his family to attend college and worked part-time jobs throughout his education to pay his own way instead of borrowing money. After graduating from Butler County Community College, he went on to receive his bachelor’s degree from Kansas State University and his Medical Doctorate from the University of Kansas, spending more than 25 years practicing medicine as an OB-GYN.
Senator Marshall also questioned Dr. Russell Lowery-Hart, Chancellor of the Austin Community College District, about how community colleges compare to traditional universities and Pell Grant flexibility.
[embedded content]
Click HERE or on the image above to watch Senator Marshall’s full line of questioning.
Highlights from the hearing include:
On Senator Marshall’s higher education story:
Senator Marshall: “I was the student that graduated first in a class of 200; had ACT scores that were really good. I applied to Kansas State, Kansas University, thinking this is where I’m going to go, but I would have had to borrow money to do it. So instead, I chose a community college. Near as I could tell, calc one was calc one. Comp one was comp one. And you know, my point I’m trying to make is everybody makes decisions, and part of it should be financial…
“… You know, I made decisions through my whole life on whether to borrow money or to work. So, I worked part-time jobs in high school, community college, college, med school, and even residency. I worked part-time jobs rather than borrow money. When we had our first child in medical school, I chose to join the Army Reserve as opposed to borrowing money. And I understand that… some people are going to do better in a private college. You know, knock your socks off. Some people are going to do better. I just can’t imagine that a student… couldn’t do just as good at a community college. And somehow, financial literacy should be important to making that decision.”
On the cost of community colleges versus traditional universities:
Senator Marshall: “… The tuition at a community college on average, $5,000 a year. A State University, $12,000. If you’re going to an out-of-state university, it’s $30,000 and a private school is $43,000. So that first year in community college… today you’d spend $5000 versus $43,000, and I would note that the cost of living, typically in community college cities, is a lot less than the big university cities as well. So, I think the question is, at what point should the federal government reward people for making financial decisions that they should be responsible for?
“But it’s a lot more than just choosing the school. Students today, they’re told to take five years to go to college, when it should easily be done in four years. One way you can do that is to rack up some credits in high school. It’s why we support the Perkins grants as well… a lot of students today had the opportunity to enter that first year of college and already have a semester underneath their belt. So, I think that’s a false narrative out there that it should take five years.”
On the advantages of attending a community college:
Senator Marshall: “Dr. Lowery Hart, you’re my community college person here. Do your kids struggle when they go on to universities and on to med school, or was it okay that they started there at a community college? How much money did they save?”
Dr. Lowery-Hart: “Well, depending on where they went, the level of savings will vacillate, but they all saved money, starting at a community college, and the data is pretty clear. My colleagues will affirm, if they go back to their [Institutional Research] IR shops, community colleges that transfer to universities, perform at or better than students that originated in those universities, they’re well prepared, and it’s because of what you just mentioned, Calc, one, comp, one, are the same. The difference at a community college is they’re being taught by a Master’s or PhD-prepared, experienced teacher, not a graduate assistant. I think the instructions in those basic courses are better at a community college because our faculty are more experienced in teaching in those areas.
“The dual enrollment piece, Senator Marshall, is really critical. It can be a solution for making college more affordable. It was for my own three kids, all of which went to a community college before University. The challenges for the millions of adults that need to come back and up-skill … and how they can afford it while still working, is why I think Pell eligibility is particularly important.”
On Pell Grant flexibility:
Senator Marshall: “Just speak a little bit more about the flexibility of a Pell Grant. More and more, the great-paying jobs. If we can just get them in the door for six or eight hours at a time, how important would that be to you?”
Dr. Lowery-Hart: “Really important. There are level-one certifications that can lead to a family-sustaining wage. Those students can enter that profession, whether it’s at Tesla or Samsung, work for six months, come back, and get the next level of certification.
“Those stackable credentials are what will change their families’ generations to come but also ensure that our communities are able to meet the moment that we’re in, an economic challenge that we have.”
Senator Marshall: “… You see time and time again, the story of a person that came back in a year or two and continued that education, and that particular person ends up being just a superstar on the job site.”

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Murray Slams Secretary Burgum’s Plans to Fire National Park Staff, Sell Off Public Lands, & Slash Funding for Tribes

US Senate News:

Source: United States Senator for Washington State Patty Murray
Murray: “Our public lands are not for sale. Protecting our wilderness, living up to our tribal obligations, keeping our communities safe—it’s just not negotiable. It’s actually a core reason your Department does exist—and these have been places with strong, bipartisan support.”
NEW REPORT: President Trump’s Attacks on National Park Service are Hurting Communities Across Washington State
***WATCH: Senator Murray’s remarks and questioning***
Washington, D.C. — Today, at a Senate Appropriations Interior, Environment, and Related Agencies Subcommittee hearing on the fiscal year 2026 budget request for the Department of Interior (DOI), U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, slammed Secretary Doug Burgum’s efforts to fire staff across the Department, sell off our public lands and abandon the National Park Service’s conservation mission, and betray the United States’ obligation to Tribes with devastating proposed funding cuts. Also today, Senator Murray released a new report on how President Trump’s attacks on the National Park Service are hurting communities in Washington state.
In opening comments, Vice Chair Murray said:
“Washington state is home to a number of pristine public lands—people travel from all over the world to experience my state, and Oregon.
“Secretary Burgum, our public lands are not for sale. Protecting our wilderness, living up to our tribal obligations, keeping our communities safe—it’s just not negotiable. It’s actually a core reason your Department does exist—and these have been places with strong, bipartisan support.
“So, I’m really concerned that one of the first things you did was make deep, painful cuts at our national parks, and start talking about our public lands kind of like they are a piggy bank.
“I do not want to tell future generations: ‘See that that river of sludge—it used to be clear, it used to have salmon. See that charred mountainside—it used to be a forest with campgrounds and trails. See that smokestack? That used to be a National Park.’
“I worry because it feels to me like your vision could lead to that with your budget cuts, and mass firings, and reorganization.
“And I’m deeply concerned about the proposed cuts to programs and funding that our Tribes rely on, the mass firing of park rangers—they’re the people who help visitors, they clear trails, they clean the bathrooms, and they respond to emergencies.
“As I watch this and hear from folks, and see what’s happening, on top of gutting bedrock environmental protections, I just don’t see how your Department can execute the law without staff in place.”
[HURRICANE RIDGE REBUILD]
Senator Murray began by her questioning by discussing the rebuild of Hurricane Ridge Day Lodge in Washington State: “I wanted to start by touching briefly on Hurricane Ridge, a place that as you know is very special to people in my home state of Washington and visitors who come from all over the world. I know that you visited Olympic National Park last week—and you saw how scenic it is, and a hint of how brutal the weather can be. It’s called Hurricane Ridge for a reason. The Hurricane Ridge Day Lodge burned down in a tragic fire two years ago. Congress delivered the emergency funding necessary to rebuild it last year. In the execution report that you delivered to the Committee in February—the disaster funding spend plan—you included the money for Olympic National Park, which I understand is for Hurricane Ridge. Do you have any updates on the next steps for that project?”
Secretary Burgum said, “No, but I did have an opportunity with a park superintendent and some of the lead people who actually work at hurricane ridge and thankfully there was not 70 mile-per-hour wind, it was beautiful, sunny, calm, gorgeous. But I got to see the site where the fire had happened and was able to meet with them regarding the plans they have. It looks like a great project.”
“Good, and can you just keep my staff and me updated on that project as it moves forward, it’s really important to all of us,” Senator Murray replied.
[SWEEPING STAFF CUTS AT NATIONAL PARKS]
Senator Murray turned her questioning to the sweeping staffing reductions taking place under Secretary Burgum’s leadership at DOI, “In your short tenure, you have overseen significant staffing reductions—over 10 percent—and reorganization efforts across the Department of the Interior, with I understand more firings to come. The National Park Service has lost 18 percent of its staff. You managed to fire the only plumber at Mount Rainier National Park. There is just nothing efficient about that kind of management. You’ve also decided that what few staff remain at our National Parks will focus solely on visitor services—that really abandons the conservation mission, which no doubt will lead to the degradation of our natural resources and our parks. On May 8th, five former NPS directors—from Republican and Democratic administrations alike—raised really grave concerns about these decisions. They wrote that the National Park Service’s founding statute requires conservation at our parks so they will be ‘unimpaired for the enjoyment of future generations.’ We need trail guides and biologists. We need EMTs and geologists. We need snow plow drivers and historians. Mr. Secretary, do you acknowledge that you have a statutory obligation to conserve our national parks? A simple yes or no here please.”
Secretary Burgum responded, “Yes.”
“Well, it just feels to me watching this that you are abandoning that obligation with your staffing cuts. Your job is to carry out the laws that Congress has passed, not as you wish they were written. Let me ask you, how many people do you plan to fire from the National Park Service?” Senator Murray pressed.
“Let me respond by saying I’m going to repeat myself, that there is an opportunity to have more people working in our parks in all the positions that you described, Senator, and to have less people working for the National Park Service. We just have to accept that this math, that if you have a situation where slightly less than 50% of the people actually work in the park, that everything you said, I can increase the number of people in the park but still decrease the number of people on payroll at the National Park Service because we are eliminating overhead back office, IT, and HR roles,” answered Secretary Burgum in part.
Senator Murray pushed back, “It’s huge cuts. The people you’re talking about are actually the support staff, and when you cut support staff, that’s not efficient. How does someone drive a snowplow if you don’t have a staffer that makes sure that the government gets the best deal to buy that snowplow? There is many, many detailed people that you are talking about that actually make sure that the spending is efficient, that the people are efficient. We all know how important staff is, you can’t survive without them. Those are the people that you are letting go. We can’t be efficient if they are not there.”
Secretary Burgum tried to change the subject, “Are you suggesting that the National Park Service today is operating at peak efficiency?”
“I would suggest that I welcome any suggestions to us about how to be efficient, but just mass across-the-board cuts and firing is really going to not increase efficiency at our parks. And that, I think, we all should be very concerned about,” Senator Murray responded, emphasizing that mass firings are not the answer.
“But if the goal is for us to have more people working in the parks, you’re comfortable if I could get to a spot where I have more people working—” Secretary Burgum again avoided the question.
Senator Murray said, “You show me what employees you are leaving behind that don’t support someone that makes sure that they have the equipment that they need that is up to date, it is running. Those kinds of things, you can’t just cut those people and expect people to be out in the national park without somebody who is making sure that their equipment is safe, that their hours are maintained, all the things that it takes to run a place. Our national parks are huge. They take a lot of people to run.”
Secretary Burgum again dodged, failing to state the number of employees he expects to lose at NPS.
Senator Murray then followed up to state: “One thing that I’m really concerned about, and everyone should be, is our national wildland firefighting efforts and countless staff who provide the necessary support there. For example, firefighters put their lives at risk. Without the support they need in many different roles, it just gets more dangerous. Those are the kinds of people I’m extremely concerned about, that without thought or really smart moves, that we are going to be putting our parks at risk.”
[DEVASTATING PROPOSED FUNDING CUTS FOR TRIBES]
Senator Murray then asked about proposed budget cuts at DOI, such as cuts of $617 million from core programs at the Bureau of Indian Affairs, $107 million from the BIA’s law enforcement office, and $187 million—nearly eliminating—funds to build Tribal schools, “You have a role in fulfilling the Federal Government’s trust and treaty responsibilities to our Tribes. I see numerous cuts across the budget that defunds Tribal police, the Bureau of Indian Affairs. How many Tribes have you personally consulted with on your budget request?”
“I’ve been meeting with tribes every week since I’ve been here. I’ve got a deep understanding of our challenges and shortage in law enforcement,” replied Secretary Burgum.
“There’s 574 Tribe—which ones have you consulted or met with?” Senator Murray asked again.
Secretary Burgum said, in part: “I’m happy to provide you a list, but I just recently had the Interior Secretary Tribal Advisory Committee, we had 24 representatives from tribes from across the country actually meeting in my office just a couple weeks ago.”
Senator Murray and Secretary Burgum discussed the funding, and Murray concluded: “I just want to say that my tribes in Washington state are deeply concerned, they’re telling us that these layoffs will eliminate natural resource management, basic social services and they are horrified. So, I hope that in your list you will provide me, that I see some of their names.”
[NEW MURRAY REPORT ON NATIONAL PARK SERVICE]
Also today, Senator Murray released a new report on how the Trump administration’s cuts and planned cuts of National Park staff will reduce access to our public lands, harm Washington state’s gateway communities, jeopardize natural resources, and make National Parks less safe for visitors.
The full report is available HERE and below:
Report: President Trump’s Attacks on National Park Service are Hurting Communities Across Washington State
This report is part of a series detailing the harm President Trump and Elon Musk’s reckless and devastating attacks on the federal workforce are causing on the ground in Washington state. The Trump administration’s mass firings and harmful actions have real consequences for Washington state residents and their communities.
This report focuses on how the Trump administration’s cuts and planned cuts of National Park staff will reduce access to our public lands, harm Washington’s gateway communities, jeopardize natural resources, and make National Parks less safe for visitors.
National Park Service is Critical to Ensuring All Americans Can Safely Visit Our Most Iconic Public Lands This Summer and Beyond
Across the country, National Park Service rangers work hard to keep visitors safe, protect natural resources, and create an inspiring and educational experience for visitors. For over a decade, the National Park Service has had to operate at low staffing levels, despite significant increases in visitation.[1] Yet, under the Trump Administration, the National Park Service has frozen hiring, rescinded seasonal employment offers, pushed employees to resign, and laid off 1,000 permanent employees.[2] The National Park Service has also been ordered to submit a restructuring plan, and the Department of the Interior plans “additional massive layoffs” in the coming months. Without sufficient staff, visitor centers and campgrounds may close, bathrooms will not be properly maintained, emergency response times will drop, and important ranger services from interpretation to providing safety advice will be unavailable.
Layoffs at the National Park Service Will Reduce Access to Washington’s National Parks.
The National Park Service has a significant footprint in Washington, home of the iconic Mount Rainier, Olympic, and North Cascades National Parks, along with historically significant sites across the state—like Fort Vancouver, the Manhattan Project National Historical Park, the Bainbridge Island Japanese American Exclusion Memorial, and more. At the Lake Roosevelt National Recreation Area, Sam Peterson was one of the National Park Service staff fired on February 14, after accepting a promotion to become a park ranger just three months prior.
“Americans aren’t getting what they’ve paid for—they’re not operating under a new budget. The Park Service is supposed to have a park ranger in my position at Lake Roosevelt, so there’s going to be fewer visitors who get important safety messaging, fewer visitors who can have their questions answered, and fewer kids that can go on a field trip led by a ranger. There may be safety impacts during the busy season, if we aren’t able to get out safety messaging as effectively. There’s supposed to be a team of nine interpreters at Lake Roosevelt—now there are only three,” said Peterson.
In response to court orders, the National Park Service offered many fired employees, including Peterson, their positions back.[3]
“I want to return to the Park Service someday, but right now, it doesn’t feel stable for either myself or my family, because we just don’t know what the next couple of months—and certainly the next couple of years—will bring. I turned down my job when it was offered back to me, because I was living in government housing at the time of my termination—I was given 60 days to leave. I signed a new lease and started a new job six hours away just before I was offered my job back. Even though it was tempting to accept my job back, I couldn’t do it,” said Peterson.
Washington state’s outdoor recreation community has a front row seat to the local impacts of cutting staff at the National Park Service. Last year, the Mountaineers—an outdoor recreation group—led 727 trips, activities, and courses in Washington’s National Parks, serving 3,456 students.
“We got word that the only plumber at Mount Rainier National Park was fired. That’s the kind of thing that you don’t see when you’re visiting the parks. But if a wastewater system goes down then they’re going to have to close bathrooms, that’s a public safety issue. You can’t have people visiting our parks if there are no sanitary facilities,” said Betsy Robblee, Conservation and Advocacy Director for the Mountaineers.
“We’re also concerned about campgrounds opening up. There’s a lot of staff that are needed to open campgrounds, whether that’s removing hazardous trees from areas near campsites or opening up and testing the water system. If you don’t have staff to do that, that’s going to either delay or maybe prevent many campsites from opening. Hurricane Ridge, in Olympic National Park, lost one of their road crew members as part of the firing of probationary employees. If you don’t have enough road crew members to clear the road up to Hurricane Ridge, that area just can’t open,” said Robblee.
In addition to the critical work conducted by National Park Service staff, Washington state has a uniquely strong volunteer community. The Washington Trails Association contributes thousands of volunteer hours to critical trail maintenance projects in places like Mount Rainier National Park.
“We have had a decades-long relationship with Mount Rainier, but it’s built on working with National Park Service staff to plan projects so that we can leverage volunteers and bring them to the Park to help steward those places. The fear is that the public side of that public-private partnership is being eroded. We won’t be able to complete our mission to take care of these places without the Park Service being there as our partner,” said Michael DeCramer, Policy and Planning Manager for the Washington Trails Association.
DeCramer is keenly aware of how reduced staffing will impact visitor experience.
“There are just enough people at Mount Rainier National Park in the winter to keep the roads open and if somebody calls out sick, the gate doesn’t open,” said DeCramer, highlighting how vital staff are for providing access to our public lands.
Following public outcry, the National Park Service proposed expanding their hiring of seasonal workers to meet the needs of increased visitation during the high season.
“While that’s great in theory, a lot of parks haven’t been allowed to repost seasonal job postings, so they’re having to use the candidate pool from when the job was posted in October or November of last year. That’s now almost six months ago—a lot of the people who applied have already moved on,” said Peterson.
“Seasonal employees do great work, and they’re absolutely necessary, but you also need stability year-over-year through permanent employees to train those seasonal employees and maintain institutional integrity, especially in the off season. Even though we think of parks as places we go to in the summer, staff are still needed for visitors during the off season and shoulder season. The off season is also when a lot of maintenance and repair work takes place, so that parks are ready for their high season. It’s not efficient to just say, ‘oh, we will fire all of these people and then hire a bunch of part time workers instead,’” said Peterson.
Reduced Park Access Will Hurt Local Economies in Washington’s Gateway Communities
In 2023, outdoor recreation contributed $22.5 billion to Washington’s economy and made up 3.2% of the state’s total jobs.[4] This economic impact is particularly important for gateway communities—those located closest to Washington’s National Parks.
The American Alpine Institute is a mountain climbing school and guide service with 60 employees and a significant presence in Washington state. Executive Director Jason Martin is also a mountain rescue volunteer, a former president of the Bellingham Mountain Rescue Council, and has worked extensively with the American Mountain Guides Association. After the initial round of layoffs, he reached out to people working in the National Park Service to try to understand how the layoffs may impact outdoor recreation.
“Throughout the outdoor industry—which I represent in a couple of different ways: as a commercial operator, as a volunteer rescuer, and as an outdoor recreationalist—in many cases, we just don’t know what’s going on right now. We don’t know who to talk to. We don’t know who to ask about things,” said Martin.
The Mount Rainier Business Alliance is a coalition of local business owners in Ashford, Elbe, Alder, and Mineral, Washington, whose members deeply understand the economic impacts of staffing cuts to the National Park Service.
“In Ashford, which is the main town right outside of Mount Rainier National Park, everything is closely tied to the National Park—from our economy to our safety. So these cuts, while perhaps just seen as being cuts to the National Park, in some ways are really cuts to our community,” said Nickolas Neville, President of the Mount Rainier Business Alliance.
For small business owners near Mount Rainier National Park, reductions in staffing at the National Park Service could make it impossible for them to keep their doors open.
“This whole part of our county relies entirely on the people that decide to make the trip out to Mount Rainier. Making that more difficult, especially with how challenging access to the mountain has been because of lack of staffing—I could see causing businesses to shut down, businesses that are already struggling. I could see it impacting how often we get tourists here renting out properties and short-term rentals. This part of Pierce County is already on life support,” said Cat Larrow, head of the Community Advocacy Committee of the Mount Rainier Business Alliance.
Layoffs at the National Park Service Will Reduce Emergency Services at Washington’s National Parks
In addition to maintaining the parks and educating visitors, park rangers ensure that visitors are safe and serve as first responders when emergencies arise.
“The Golden West Visitor Center at North Cascades National Park on Lake Chelan has struggled to stay open because they just haven’t had the staff they need to operate. That’s a key entry point for the Steven Mather Wilderness and the southern end of North Cascades National Park. My fear is that there’s just no slack at the Park Service. These folks are already doing everything they can. And you’re still going to have people wanting to visit the parks, but services are going to suffer,” said Michael DeCramer, Policy and Planning Manager for the Washington Trails Association.
“If there is a search and rescue operation needed, they might not be able to provide the staff for the level of service that we expect. Things might have to close if there’s a wildfire in the Park. We may not have the staff with the skills needed to respond in the way that we’re used to. And I see a lot of potential risk to the public. Not to be dire, but these cuts will be felt both in terms of loss of services but also decreased safety for the public, because park rangers are first responders,” said DeCramer.
In addition to search and rescue and wildfire response, park rangers provide valuable safety information to visitors to prevent emergencies from happening in the first place.
“Even just the rangers who sit at Artist Point handing out information to people about mountain rescues are important. I’ve done dozens and dozens of rescues in that area, mostly people who have broken bones. But if there’s nobody sitting there to warn someone that they’re actually walking into the wilderness. There’s a lot of concern,” said Jason Martin, the Executive Director of the American Alpine Institute, and a mountain rescue volunteer.
Across Washington’s Parks, decreased staff creates safety concerns for visitors.
“We are a very outdoor engaged state and people just go up to visit the woods constantly. I love that people are engaged, but the Park Service is putting people at risk on any given day by not having enough staff to maintain these parks,” said David Beard, Director of Policy & Government Affairs for the Children & Nature Network.
Layoffs at the National Park Service Will Harm Washington’s Natural Resources for Future Generations
Washington’s National Parks contain some of America’s most precious natural resources and iconic landscapes. When people visit these special places, it often has a lasting impact.
“We all have memories of a visit to our National Parks. My three kids have more than 50 Junior Ranger badges they have earned over the years. Are there going to be people there to raise their hand and swear in the six-year-old to be a Junior Ranger? All those things are likely going to be in question,” said Tom Uniack, Executive Director for Washington Wild.
“If people aren’t able to visit our Parks, or they have negative experiences, then we’re losing out on those amazing connections that people have to the natural world that can change their lives. They develop a stewardship ethic. They want to care for these places, and they want to advocate to protect these places. And looking towards future generations, if this continues, future generations may not get to have the same experiences in these places as we are fortunate to have today,” said Betsy Robblee, Conservation and Advocacy Director for the Mountaineers.
“Washington is a beautiful state. I was born and raised here. My dad was a climber. I really worry that whether it’s the National Park Service or the Forest Service or the Bureau of Land Management, not having the funding and staff to clean bathrooms, keep the gates open, and haul out trash. Garbage piling up can have lasting impacts on wildlife like bears and ravens and mountain lions,” said Jonathan Spitzer, Director of Operations for Alpine Ascents.
As the summer season approaches, cuts to the National Park Service will be acutely felt across Washington state—from small businesses in gateway communities to the safety and quality of visitor experiences in Olympic, North Cascades, and Mount Rainier National Parks. Washingtonians understand that these iconic public lands belong to the public, and that it takes a strong National Park Service to steward them for visitors today and tomorrow.

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Senator Murray Presses Trump’s Small Business Administrator on Canceled Grants, Immense Costs of Trump’s Trade War for Small Businesses

US Senate News:

Source: United States Senator for Washington State Patty Murray
***WATCH: Senator Murray’s Q&A with SBA Administrator Loeffler***
Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, questioned Small Business Administration (SBA) Administrator Kelly Loeffler at a Senate Appropriations Financial Services and General Government (FSSG) Subcommittee hearing on the president’s fiscal year 2026 budget request for SBA. Murray pressed Administrator Loeffler on the Trump administration’s cancellation of SBA grants and how Trump’s trade war is imposing serious costs on small businesses in Washington state.
[GRANT TERMINATIONS]
Senator Murray began by pressing Loeffler on funding she terminated: “I’ve been hearing from small businesses in my state about the SBA grants that have been cancelled and frozen. One example is you canceled a $2.5 million Regional Innovation Cluster contract in Washington state that would have supported small businesses that were working on carbon capture and utilization and storage. It’s not an isolated case but that is a program that Congress historically funded with strong bipartisan support. I wanted to ask you today: why have you canceled funding for a program that has both bipartisan support and really drives small business growth in emerging sectors?”
Administrator Loeffler refused to answer the question directly but stated in part: “I have broad authority in this administration to reshape the Regional Innovation Clusters, and we are undertaking a review of those programs to right-size them and form them to where the needs are most urgent right now.”
Senator Murray countered: “I would just say this is a regional need, and I would just ask you to go back and look at that one. Happy to provide you information, but it really is a critical one for our region.”
[TRUMP’S TRADE WAR]
Senator Murray then asked about the steep cost of Trump’s trade war on small businesses: “I met with small business owners in Seattle, one of them runs a coffee shop and imports green tea. Like a lot of small business owners that I am talking to, and you know, they operate on thin margins so even the current tariffs are hitting them really hard. We don’t grow much green tea in the United States. I doubt we ever will. Given that the increased costs imposed by these tariffs could really—he told me—shutter his business. What should they do in this situation?”
Administrator Loeffler replied: “This period of negotiation, you know, is not one where we don’t acknowledge their near-term effects, but for the long term, we want—”
Senator Murray interjected: “This is a small business. They can’t last much longer.”
Avoiding the question of how a small business is supposed to cope, Loeffler replied: “We’re focused on is ensuring that we never get in the position again of having unfair trade. And that’s what President Trump’s fighting for. That’s what we’re fighting for. We, just yesterday, put out our Make Onshoring Great Again directory to ensure that small businesses have access to millions—a million suppliers across this country that can offer alternatives—”
Senator Murray again interjected: “But this country doesn’t produce green tea, and this small business is not going to last more than a few months. I hear your bigger scheme is that someday this will all pay off. This small business won’t be there. I’m just asking you: what are they supposed to do? Are you going to – do you have anything drafted? Are you looking at anything that can help these small businesses who are on the verge of closing right now? They can’t wait 2, 3, 5, 6 months from now.”
Offering SBA loan financing to cover turbulent times thanks to Trump’s tariffs, Secretary Loeffler replied in part: “Well, what the SBA is offering is certainly the capital, the counseling that they need, as well as import and export loan financing to deal with these times of uncertainty.”
Senator Murray replied: “I appreciate that you have an optimistic view. I’m just telling you, having sat down and met with these small businesses, whether it’s shutting the regional SBA office or canceling these grants to support our entrepreneurs, or these tariffs that are having impact, there are small businesses that will not make it based on your optimism.”
______________________
Senator Murray has been a vocal opponent of Trump’s chaotic trade war from the very start and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade and calling on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier last month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.
Murray has also been sounding the alarm on Trump’s tariffs across Washington state. Recently, Senator Murray held a roundtable discussion in Tacoma with local businesses and ports, met with farmers in Yakima to discuss the consequences of Trump’s tariffs, and held a roundtable discussion in Vancouver at a local metal fabrication company to highlight how Trump’s trade war is hurting businesses and our economy Washington state. Just last week, Senator Murray met with small business owners in Seattle’s University District to hear how Trump’s tariffs and the broader economic uncertainty are affecting them, and later she met with farmers in Skagit County to discuss tariffs, and visited Blaine near the Canadian border to highlight the impacts of Trump’s trade war. Earlier this month, Senator Murray rallied her West Coast colleagues and ports from Washington state and California to sound the alarm on how Trump’s tariffs will mean bare shelves, higher prices, and painful layoffs.

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Trump Admin. Accidentally Admits It Will Hurt the Poor to Give Bigger Tax Windfall to the Ultra-Wealthy

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC – Earlier this week the White House accidentally published proof that President Trump’s so-called “big, beautiful bill” increases taxes on low-income earners in order to give cut taxes for the rich.

The White House briefly linked to – and then took down – a document from the Joint Committee on Taxation (JCT), the official nonpartisan committee that analyzes how different income levels will be impacted by new tax laws, after realizing the document showed Trump’s policies would financially harm working families.

That JCT report showed that in 2029, when the permanent effects of the GOP tax plan are felt, Americans making less than $30,000 will actually pay more in taxes under the Trump plan than under current law. Americans making less than $15,000 would be forced to pay 53 percent more in taxes than they do now as their average tax rate jumps from 3.3 percent to 5.1 percent. Meanwhile, households making over $1 million will pay 6.4 percent less in taxes (totaling an estimated $74 billion collectively), as their average rate falls from 30.8 percent to 28.7 percent.

Today, U.S. Senator Jack Reed issued the following statement condemning Trump’s partisan tax bill that would raise taxes on the lowest-income Americans while handing six-figure windfalls to the wealthiest 0.1 percent of taxpayers:

“Donald Trump and Congressional Republicans are trying to jam through a Robin Hood in Reverse tax plan that takes from the poor to give to the rich. The numbers are clear: Trump’s plan will make the rich richer and the poor poorer. Families struggling to put food on the table will pay more and have less federal support while millionaires and billionaires get a bigger tax windfall. For people just getting by, and just starting out, it will make it harder for them to afford the American Dream. It’s going to increase the number of people living paycheck to paycheck, deepen the divide, and exacerbate the wealth gap and financial inequality,” said Reed.

According to USA Today, the top 1 percent of households in the United States own significantly more wealth than the bottom 90 percent.

“The American people want a tax system that is simple, fair, and encourages a strong, resilient, and prosperous economic future. Instead of directing bigger tax windfalls to the ultra-wealthy as Trump and congressional Republicans want, I believe we must direct targeted relief to working families and help bring down costs for things like health care, housing, and child care in ways that widely benefit the vast majority instead of just the wealthy few,” said Reed.

New analysis from the Yale Budget Lab, a nonpartisan research center, further underscores the JCT’s findings and highlights how skewed the Trump tax bill is in favor of the wealthy at the expense of working families. The Yale Budget Lab found that nearly 80 percent of the bill’s total benefits would go to just the top 20 percent of earners.

Reed pointed out that the numbers look even worse when factoring in the fact that President Trump and Congressional Republicans are cutting programs like Medicaid and the Supplemental Nutrition Assistance Program (SNAP) to save money and help pay for their tax cuts for the wealthy. When adding the impact of those cuts to low-income families, the benefits of the Trump tax bill become even more skewed towards the richest Americans.

The New York Times reports that economists at the Penn Wharton Budget Model “found that many Americans who make less than $51,000 a year would see their after-tax income fall as a result of the Republican proposal beginning in 2026.”

Trump and Congressional Republicans are continuing to modify their bill which also currently cuts hundreds of millions from Medicaid, SNAP and other popular programs.

MIL OSI USA News –

May 22, 2025
MIL-OSI Canada: Minister’s statement on Gorman Group’s mill purchase

Ravi Parmar, Minister of Forests, has released the following statement in response to Gorman Group’s purchase of Weyerhaeuser’s operations in Princeton:

“I welcome Gorman Group’s purchase of Weyerhaeuser’s operations in Princeton. Locally, family-owned-and-operated forest companies are the lifeblood of the forest industry and a cornerstone of our economy. For too long, most major milling operations have been the realm of big industrial conglomerates. But today, the West-Kelowna-based business is reversing that trend. Companies like Gorman Group believe in the future of forestry and they know that B.C. is a great place to invest in that future. Their investment is good for the forestry sector, good for workers and their families, good for the people of Princeton and good for B.C.”

MIL OSI Canada News –

May 22, 2025
MIL-OSI China: Key trade expo to open in central China to boost China-Africa ties

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

BEIJING, May 21 — The fourth China-Africa Economic and Trade Expo is set to take place in Changsha, the capital of central China’s Hunan Province, from June 12 to 15, with more than 12,000 participants expected to attend, organizers said at a press conference on Wednesday.

The event, co-hosted by China’s Ministry of Commerce and the Hunan provincial government, is one of the most important events in the field of economy and trade between China and Africa this year. Over 2,800 enterprises, business associations and financial institutions from China and Africa have registered, along with representatives from 44 African countries, six international organizations and 23 Chinese provincial-level regions.

Themed “China and Africa: Together Toward Modernization,” the biennial expo will feature exhibitions on sectors including smart mining technology and equipment, clean energy, modern agricultural machinery and construction equipment. More than 20 economic and trade events have been scheduled to take place during the expo.

Shen Yumou, head of the Hunan provincial commerce department, said 128 cooperation projects with a total value exceeding 7 billion U.S. dollars have been proposed for signing or matchmaking during the expo, spanning areas including manufacturing, power and energy, transportation, information services, culture and healthcare.

Launched in 2019, the expo has evolved into a major platform for enhancing China-Africa economic cooperation. Shen Xiang, director of the West Asia and Africa Department under the Ministry of Commerce, said the event is expected to inject fresh momentum into practical collaboration between the two sides.

China has been Africa’s largest trading partner for 16 consecutive years, said Tang Wenhong, assistant minister of commerce. In 2024, trade between China and African countries hit a record high of 295.6 billion U.S. dollars, up 4.8 percent year over year; while imports from Africa reached 116.8 billion U.S. dollars, up 6.9 percent year over year.

MIL OSI China News –

May 22, 2025
MIL-OSI USA: Merkley, Wyden, Hoyle Urge Samaritan Health to Keep Full Labor and Delivery Services for Oregonians

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)
May 21, 2025
Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden, alongside U.S. Representative Val Hoyle (OR-04), are calling on Samaritan Health Services to maintain rural and coastal Oregonians’ full access to labor and delivery services.
Amidst internal discussions by the Samaritan Health Service’s board, the lawmakers sent a letter to new President and CEO Marty Cahill, expressing concerns over Samaritan’s reported plan to close its labor and delivery unit in Lincoln City and consolidate those services in Newport, as well as close its labor and delivery unit in Lebanon and consolidate those services in Albany.
“We have heard from concerned doctors and nurses that this decision would have devastating effects on the health and safety of expectant mothers, newborns, and families,” cautioned the lawmakers.
The units in Lincoln City and Lebanon serve a wide geographic area, and closures would force patients to travel dangerously long distances—in some cases, more than an hour—to receive both routine and emergency obstetric care. This decision would create a maternity care desert for rural North Lincoln County, while also putting an undue burden on many families that could cause them to bypass necessary medical care.
While the lawmakers deeply understand the numerous economic challenges facing rural labor and delivery units across Oregon—including low volumes of births, workforce shortages, and challenging reimbursement rates—they’ve also seen the negative impacts labor and delivery unit closures have on Oregon’s mothers and families. Together, they are calling for Samaritan Health to pursue innovative approaches and use a thoughtful, community-driven process to preserve access to all maternal health care services.
“Physicians, nurses, and other clinicians who provide obstetric services should be part of the process and help develop recommendations that will keep birthing services open while addressing the tough financial environment for Oregon hospitals. This could include collaborating with nearby hospitals and deploying telehealth models to expand the capacity of the obstetrics workforce,” continued the lawmakers.
As Samaritan Health’s leaders continue to navigate a path forward, Merkley, Wyden, and Hoyle will keep advocating for them to engage in a transparent process with the community they serve before making any changes to the maternal health care services they provide for the community.
“We urge you to pursue all resources available to you to keep the labor and delivery units open in Lincoln City and Lebanon,” the lawmakers closed.
Full text of the letter can be found by clicking HERE.

MIL OSI USA News –

May 22, 2025
MIL-OSI USA: Klobuchar Opening Remarks and Questions at Antitrust Subcommittee Hearing on AI-Generated Deepfakes

US Senate News:

Source: United States Senator for Minnesota Amy Klobuchar
WATCH KLOBUCHAR’S FULL REMARKS AND QUESTION HERE
WASHINGTON – U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Judiciary Subcommittee on Privacy, Technology, and the Law, held a hearing titled “The Good, the Bad, and the Ugly: AI-Generated Deepfakes in 2025.”
Testifying at the hearing was Country Music Singer-Songwriter, Martina McBride; CEO of the Recording Industry Association of America, Mitch Glazier; Senior Legal Counsel at the National Center on Sexual Exploitation (NCOSE), Christen Price; Director of Technology Policy at Consumer Reports, Justin Brookman; and Head of Music Policy at Youtube, Suzana Carlos.
“AI-enabled scams have become far too common. We know that it takes only a few seconds of audio to clone a voice. Criminals can pull the audio sample and personal back story from public sources, said Klobuchar at the hearing. “We also need rules of the road to ensure that AI technologies empower artists and creators and not undermine them. Art just doesn’t entertain us. It’s something that uplifts us and brings us together.”
“That’s why this NO FAKES Act is so important. It protects people from having their voice and likeness replicated using AI without their permission, all within the framework of the Constitution, and it protects everybody, because everyone should have a right to privacy.”
A rough transcript of Klobuchar’s opening remarks and questions is available below. Video is available HERE.
Senator Klobuchar: Thank you very much, Senator Blackburn, I’m very excited about this subcommittee and the work we’ve already done together for years on this issue and similar issues when it comes to tech.
I share your hopes for AI and see that we’re on this cusp of amazing advancements if this is harnessed in the right way, but I’m also concerned if things go the wrong way. I think it was David Brooks, a columnist, that said he has trouble writing about it because he doesn’t know if it will take us to Heaven or Hell. So it’s our job to head to heaven, and it’s our job to put some rules in place, and this is certainly one of them.
We want this to work for children, for consumers, for artists, and not against them. And you brought up the example Chair, of Randy Travis who was at the event that we recently had with you, and Senator Coons and myself about the bill and how he used AI in such a positive way. But then we know there are these risks.
And one of the things that I think is really exciting about this week is that, in fact, on Monday, the President signed my bill with Senator Cruz, the TAKE IT DOWN Act, into law. This was a bill I discussed with him and the First Lady at the inaugural lunch.
It’s an example of “use-every-moment-you-have” to advance a cause. And then she supported the bill and helped to get it passed in the House. Senator Cruz and I had already passed it in the Senate, and we were having some trouble getting it done over in the House. So we’re really pleased, because it actually does set some track moving forward, even though this bill, that bill, is about nonconsensual porn, both AI created and non AI created, it’s had huge harmful effects, about 20 some suicides a year of young kids who think they’re sending a picture innocently to a girlfriend or a potential boyfriend, and then it gets sent out on their school internet. It gets sent out to people they know, and basically, they believe their life is in ruins, and don’t have any other context, and take their own lives. And that’s just the most obvious and frightful part of this, but there’s others as well. So I’m hoping this is going to be a first step to some of the work that we can do, including with the bill that we’re going to be discussing today.
AI-enabled scams have become far too common. We know that it takes only a few seconds of audio to clone a voice. Criminals can pull the audio sample and personal back story from public sources.
Just last week, the FBI was forced to put out an alert about scams using AI-cloned voices of FBI agents and officials asking people for sensitive payment information.
Jamie Lee Curtis was forced to make a public appeal to Mark Zuckerberg to take down an unauthorized, deepfake ad that included her digital replica endorsing a dental product. While Meta removed the ad after her direct outreach, most people don’t have that kind of influence.
We also need rules of the road to ensure that AI technologies empower artists and creators and not undermine them. Art just doesn’t entertain us. It’s something that uplifts us and brings us together.
When I recently met with Cory Wong, a Grammy-nominated artist from Minnesota, he talked about how unauthorized digital replicas threaten artists’ livelihoods and undermine their ability to create art.
So this is not just a personal issue. It’s also an economic issue. One of the reasons our country, one of our best exports to the world, is music and movies. When you look at the numbers and how we’ve been able to captivate people around the world, that’s going to go away if people can just copy everything that we do.
And one of the keys to our success as a nation in innovation has been the fact, and Senator Coons does a lot of work in this area, [that] we’ve been able to respect copyrights and patents and people’s own right to their own products.
So that’s why this NO FAKES Act is so important. It protects people from having their voice and likeness replicated using AI without their permission, all within the framework of the Constitution, and it protects everybody, because everyone should have a right to privacy.
I also am working in the space on AI to put some base rules in place in my role on the Commerce Committee. Senator Thune and I have a bill that we’re reintroducing on this to set some rules for NIST to be able to put out there for companies that are using AI. And then I’m always concerned about its effect on democracy, but that is for a different day and in a different committee.
But I do want to thank Senator Blackburn for her willingness to come out on doing something about tech, including the work she does with Senator Blumenthal, the work that we’ve done together on commerce. And if Monday is any sign with the first bill getting through and there in that Rose Garden signing ceremony, there’s more to come, and so thank you and look forward to hearing from the witnesses.
…
Klobuchar: All right. Thank you very much. I guess I’ll start with Mr. Brookman, the non-Grammy winner. I want to talk to you just a little bit about this consumer angle here, which I think is interesting to people. And I think at its core, all of us involved in this legislation have made it really clear that’s not just people who are well known that will be hurt by this eventually, and that getting this bill passed as soon as possible is just as important for everyone, but I do so appreciate Ms. McBride being willing to come forward, because those stories and the stories that we’ve heard from, like I mentioned, Jamie Lee Curtis, or the stories that we’ve heard from many celebrities, are very important to getting this done. So you just did a report on AI-generated voice cloning scams, including that, AI voice cloning applications, in the words of the report, presents a clear opportunity for scammers, and we need to make sure our consumer protection enforcers are prepared to respond to the growing threat of these scams. I had this happen to my state director’s husband, who their kid is in the Marines, and they got a call. They figured out that it wasn’t really him asking for stuff and money. They knew he couldn’t call from where he was deployed to. This is just going to be happening all over the place, and the next call will be to a grandma who thinks it’s real, and she sends her life savings in. So I have called on the FTC and the FCC to step up their efforts to prevent these voice cloning scams. And what are some of the tools that agencies need to crack down on these scams, even outside of this bill?
Justin Brookman: Yeah, absolutely, so I think the first thing the Federal Trade Commission probably needed is more resources. They only have like 1200 people right now for the entire economy. That’s down from like seven, that’s down from like 100 just in the past couple of months.
Klobuchar: Down from way down from even during like, the Nixon Era.
Brookman: Yeah, like 1700 it used to be and the economy has grown like three or four times. Chairman Ferguson has, Chairman Ferguson has said more cuts are coming, which I think is the wrong direction. I worked for the Federal Trade Commission for a couple of years. We could not do, like, a fraction of all the things that we wanted to do to protect consumers, so more people, more capacity, more technologists. Like, there’s just not enough technology capacity in government. I was in the office of technology research and investigation there, that was like five people. That’s just not enough, obviously, with all these very sophisticated, I mean, just deep fakes alone, let alone the rest of the tech economy, the ability to get penalties and even injunctive relief, right if someone, if someone gets caught stealing something, the FTC often doesn’t have the ability to make them give the money back. I know this, under this committee has tried to restore that authority, but that would be important. And also, like again, maybe the FTC could have rule-making authority. But also this, I would like to see Congress consider legislative authority to address tools like again, if you are offering a tool that can be used only for harm, voice impersonation, deepfake pornographic images, maybe there should, there should be responsibilities to make sure it’s not being used for harm.
Klobuchar: Okay, thank you. Ms. Carlos, can you talk about what YouTube is doing to ensure it’s not facilitating these scams?
Suzana Carlos: Sure, and thank you for the question, Senator.
Klobuchar: And thanks for your support for the bill
Carlos: Of course. So, just to primarily consider, we obviously see great and tremendous opportunity coming from AI, but we also acknowledge that there are risks, and it is our utmost responsibility to ensure that it is deployed responsibly. So we’ve taken a number of efforts to protect against unharmful contact on our platform. Primarily, we have uploaded, we have updated our privacy policies last year to ensure that all individuals can now submit a notice to YouTube when their unauthorized voice or likeness has been used on our platform, and once reviewed, if it is applicable, and we’ve confirmed that that content should be removed, we will take it down. We’ve additionally implemented watermarks on our AI products. We originally began with both image and watermarks using our SynthID technology, and we’ve recently expanded it to also be applied to text generated from our Gemini app and web experience. And most recently, as part of our VO video tool. We’ve also taken the additional step to become a member of C2PA, the Coalition for Content Provenance and Authenticity, and there, we’re serving as a steering member to work with the organization to create indicators and markings that will allow the content provenance that was created off platforms to additionally be recognized, and we’re deploying those technologies across our platform.
Klobuchar: Okay, thank you. We mentioned the TAKE IT DOWN Act, and thank you for the support for that. Mr. Glazer, you talked about how this is the first federal law related to generative AI, and that it’s a good first step. And could you talk about how, if we don’t move on from there and we just stop and don’t do anything for years, which seems to be what’s been going on, what’s going to happen here, and why it’s so important to do this.
Mitch Glazier: I think there’s a very small window, and an unusual window, for Congress to get ahead of what is happening before it becomes irreparable. The TAKE IT DOWN Act was an incredible model. It was done for criminal activity, you know, …
Klobuchar: Yeah, I know.
Glazier: Yeah, right. You know, you wrote it, but it was a great model, but it only goes so far. But we need to use that model now, and we need to expand it carefully in a balanced way to lots of other situations, which is exactly what the NO FAKES Act does. And I think, you know, we have a very limited amount of time in order to allow people and platforms to act before this gets to a point where it’s so far out of the barn that instead of encouraging responsible AI development, instead, we allow investment and capital to go into AI development that hurts…
Klobuchar: Stealing things…
Glazier: So let’s encourage investment the right way to boost great AI development and be first. Let’s not be the folks that encourage investment in AI technologies that really harm us.
Klobuchar: And Ms. Price, you’ve expressed concerns about this 10-year moratorium on state rules. I’m very concerned, having spent years trying to pass some of these things, and I think that one of the ways we pass things quickly, like Mr. Glazier was talking about, is if people actually see a reason that they don’t want to patch work, they want to get it done. But if you just put a moratorium, and you look at, like, the Elvis law coming out of Tennessee, Ms. McBride, and some of the other things that would stop all of that. Could you, my last question here before we go to another round, could you talk about why you’re concerned about what is right in front of us now, which is this 10-year moratorium?
Christen Price: Yes, thank you for the question, Senator. We’re concerned about the moratorium because it’s basically signaling to the AI companies that they can kind of do whatever they want in the meantime, and it inhibits States’ ability to adapt their laws to this form of technology that’s changing very quickly and then has this potential to cause great harm.
Klobuchar: Thank you.

MIL OSI USA News –

May 22, 2025
MIL-OSI Security: U.S. Attorney’s Office recovers approximately $450,000 for victims of Missoula fraudster

Source: Office of United States Attorneys

BILLINGS — The U.S. Attorney’s Office recently recovered approximately $450,000 from a Missoula man who defrauded his victims out of almost $1 million by fraudulently inducing them to invest in his transportation and logistics companies, U.S. Attorney Kurt Alme said today.

The defendant, Jason L. Matheny, was convicted of wire fraud under 18 U.S.C. § 1343 on November 22, 2019. The court sentenced him to five years of probation, subject to several conditions, and ordered him to pay $994,521.16 in restitution to his victims. In late 2024, Matheny sold a commercial property in Missoula and, because of its restitution lien, the government secured $448,965.36 to be paid to his victims.

“The collection of restitution for victims of fraud is an essential part of the criminal justice system and a priority for the Department of Justice. Collection from convicted felons can be exceedingly difficult because money is often spent, invested, and moved around. Through the dedication and hard work of the Financial Litigation Program, the U.S. Attorney’s Office was able to execute against Mr. Matheny’s business property. This allowed the proceeds of that sale to be routed to Mr. Matheny’s victims rather than to him.” U.S. Attorney Alme said.

In September 2024, U.S. Probation requested a summons for revocation of Matheny’s term of probation, alleging he had violated the terms of his sentence by failing to provide requested financial information. Matheny admitted the violation in November 2024 and the Court extended his probation for an additional year.

XXX

MIL Security OSI –

May 22, 2025
MIL-OSI Security: City of Miami Police Officer Pleads Guilty to COVID-19 Relief Fraud

Source: Office of United States Attorneys

MIAMI – Yesterday, Tramaine Liptrot, 43, a police officer with the City of Miami Police Department (MPD) who has been relieved of duty, pleaded guilty to wire fraud in connection with fraudulent applications for two Paycheck Protection Program (PPP) loans totaling over $200,000. Liptrot entered his guilty plea in Miami before U.S. District Judge Beth Bloom.

According to the facts admitted at the change of plea hearing, Liptrot, along with being an MPD Police Officer, was the owner and President of Liptrots Tax Services L.L.C (Liptrots Tax). With the assistance of an associate, Liptrot fraudulently obtained two PPP loans in the name of Liptrots Tax.

On June 22, 2020, working with the associate, Liptrot caused the submission of a false and fraudulent PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $36,700 for four employees, and a fraudulent IRS Form 944 in support thereof, falsely claiming that Liptrots Tax paid its employees $440,397 during 2019. As a result of this fraudulent PPP application, Liptrots Tax obtained approximately $91,750 in PPP loan proceeds from an SBA approved PPP lender.

On March 3, 2021, again working with the associate, Liptrot caused the submission of a false and fraudulent second-draw PPP loan application on behalf of Liptrots Tax, falsely claiming that Liptrots Tax had an average monthly payroll of $43,369, and including as part of the application process, a fraudulent IRS Form 944, falsely claiming that Liptrots Tax paid $496,428 in wages and other compensation in 2020. As a result of this fraudulent second-draw PPP application, Liptrots Tax obtained approximately $108,422 in PPP loan proceeds from a different SBA approved PPP lender.

Liptrot is scheduled for sentencing on August 6, 2025, at 10:30 a.m., where he faces a possible maximum sentence of up to 20 years in prison.

U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, acting Special Agent in Charge Brett D. Skiles of FBI Miami and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA-OIG), Eastern Region, announced the guilty plea.

FBI Miami’s Area Corruption Task Force, which includes task force officers from the City of Miami Police Department’s Internal Affairs Section, and SBA-OIG investigated the case. Assistant U.S. Attorney Edward N. Stamm is prosecuting the case and Assistant U.S. Attorney Gabrielle Raemy Charest-Turken is handling asset forfeiture.

In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted. It was designed to provide emergency financial assistance to the millions of Americans suffering the economic effects caused by the COVID-19 pandemic. Among other sources of relief, the CARES Act authorized and provided funding to the SBA to provide Economic Injury Disaster Loans (EIDLs) to eligible small businesses, including sole proprietorships and independent contractors, experiencing substantial financial disruptions due to the COVID-19 pandemic to allow them to meet financial obligations and operating expenses that could otherwise have been met had the disaster not occurred. EIDL applications were submitted directly to the SBA via the SBA’s on-line application website, and the applications were processed and the loans funded for qualifying applicants directly by the SBA.

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

On September 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud. For more information on the department’s response to the pandemic, please click here.

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

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 23-cr-20155.

###

MIL Security OSI –

May 22, 2025
MIL-OSI Security: Three time convicted federal felon sentenced for wire fraud

Source: Office of United States Attorneys

BUFFALO, N.Y. – U.S. Attorney Michael DiGiacomo announced today that Steven D. Blumhagen, 74, of Buffalo, NY, who was convicted of wire fraud, was sentenced to serve five years in prison by U.S. District Judge John L. Sinatra, Jr.

Assistant U.S. Attorney Paul E. Bonanno, who handled the case, stated that between April 2016, and January 2020, Blumhagen defrauded three investors out of $400,000, by soliciting the victims to purchase interests in entities he claimed to own, manage, or control. Blumhagen told victims that their investments would enable those entities to finance legal marijuana operations, real estate developments, and an investment technology, and that they could expect significant returns on their investments. Instead of using the money as promised, Blumhagen used some or all of the money for personal expenses. He also used the investment of one victim to pay back previous victims. Part of the scheme involved a limited liability company allegedly owned by Blumhagen’s children, which they knew nothing about.

As a result of the scheme, at least one victim experienced a substantial financial hardship, withdrawing funds from a retirement account, resulting in substantial penalties.

Blumhagen has two prior federal convictions in the Western District of New York. In 2006, he pleaded guilty to conspiracy to commit mail fraud for bilking investors out of more than $10,000,000 related to his sale of shares in the golf course project Tee-to-Green, and was sentenced to serve 57 months in prison and ordered to pay more than $10,000,000 in restitution. In 2018, Blumhagen pleaded guilty to bank theft for his involvement in a bond scheme, which raised more than $1,400,000 from potential investors. Blumhagen was sentenced to time served and ordered to pay more than $1,200,000 in restitution. Blumhagen was on pre-trial release for the bank theft charge when he committed the wire fraud.

The sentencing is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

# # # #

MIL Security OSI –

May 22, 2025
MIL-OSI Security: Texas Doctor Who Falsely Diagnosed Patients Sentenced to 10 Years’ Imprisonment in Connection with $118M in Fraudulent Health Care Claims

Source: Office of United States Attorneys

A Texas rheumatologist was sentenced to 10 years in prison and three years of supervised release for perpetrating a health care fraud scheme involving over $118 million in false claims and the payment of over $28 million by insurers as a result of him falsely diagnosing patients with chronic illnesses to bill for tests and treatments that the patients did not need. Jorge Zamora-Quezada M.D., 68, of Mission, also falsified patient records to support the false diagnoses after receiving a federal grand jury subpoena. Following a 25-day trial, Zamora-Quezada was convicted of one count of conspiracy to commit health care fraud, seven counts of health care fraud, and one count of conspiracy to obstruct justice. In addition to his prison term, Zamora-Quezada was ordered to forfeit $28,245,454, including 13 real estate properties, a jet, and a Maserati GranTurismo.

According to the evidence presented at trial, Zamora-Quezada falsely diagnosed his patients with rheumatoid arthritis and administered toxic medications in order to defraud Medicare, Medicaid, TRICARE, and Blue Cross Blue Shield. The fraudulent diagnoses made the defendant’s patients believe that they had a life-long, incurable condition that required regular treatment at his offices. After falsely diagnosing his patients, Zamora-Quezada administered unnecessary treatments and ordered unnecessary testing on them, including a variety of injections, infusions, x-rays, MRIs, and other procedures—all with potentially harmful and even deadly side effects. To receive payment for these expensive services, Zamora-Quezada fabricated medical records and lied about the patients’ condition to insurers.

“Dr. Zamora-Quezada funded his luxurious lifestyle for two decades by traumatizing his patients, abusing his employees, lying to insurers, and stealing taxpayer money,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “His depraved conduct represents a profound betrayal of trust toward vulnerable patients who depend on care and integrity from their doctors. Today’s sentence is not just a punishment—it’s a warning. Medical professionals who harm Americans for personal enrichment will be aggressively pursued and held accountable to protect our citizens and the public fisc.”

“Through the false diagnoses and excessive false billing, Dr. Zamora-Quezada abused both patient trust and public resources,” said Special Agent in Charge Jason E. Meadows of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “It is imperative to investigate and address this form of fraud — not only to protect vulnerable individuals from harm but to uphold the integrity of the federal health care system and safeguard the use of public funds.”

“The FBI is dedicated to working with all of our partners to address health care fraud,” said Special Agent in Charge Aaron Tapp of the FBI’s San Antonio Field Office. “This case was not only a concern to us because of the financial loss — the physical and emotional harm suffered by the patients and their families was alarming and profound. We hope this significant sentence will help bring closure to the many victims in this case.”

Evidence at trial established that Dr. Zamora-Quezada falsely diagnosed patients in order to defraud insurers and enrich himself. Other rheumatologists in the Rio Grande Valley testified at trial that they saw hundreds of patients previously diagnosed with rheumatoid arthritis by Zamora-Quezada who did not have the condition, prompting one physician to explain that for “most” it was “obvious that the patient did not have rheumatoid arthritis.” Zamora-Quezada’s false diagnoses and powerful medications caused debilitating side effects on his patients, including strokes, necrosis of the jawbone, hair loss, liver damage, and pain so severe that basic tasks of everyday life, such as bathing, cooking, and driving, became difficult. As one patient testified, “Constantly being in bed and being unable to get up from bed alone, and being pumped with medication, I didn’t feel like my life had any meaning.” One mother described how she felt that her child served as a “lab rat,” and others described abandoning plans for college or feeling like they were “living a life in the body of an elderly person.”

Former employees detailed how Zamora-Quezada imposed strict quotas for procedures, leading to a climate of fear. Zamora-Quezada referred to himself as the “eminencia” — or eminence, threw a paperweight at an employee who failed to generate enough unnecessary procedures, hired employees he could manipulate because they were on J-1 visas and their immigration status could be jeopardized if they lost their jobs, and fired those who challenged him. Testimony also revealed Zamora-Quezada’s obstruction of insurer audits by fabricating missing patient files, including by taking ultrasounds of employees and using those images as documentation in the patient records. Testimony at trial established that Zamora-Quezada told employees to “aparecer” the missing records — “to make them appear.” Former employees also recounted being sent to a dilapidated barn to attempt to retrieve records. There, files were saturated with feces and urine, rodents, and termites that infested not only the records but also the structure.

Zamora-Quezada’s patient file storage facility

Zamora-Quezada used proceeds from his crimes to fund a lavish lifestyle, replete with real estate properties across the country and in Mexico, a jet, and a Maserati.

One of Zamora-Quezada’s luxury properties

Zamora-Quezada’s jet

FBI, HHS-OIG, Texas HHS-OIG, and the Texas Medicaid Fraud Control Unit investigated the case, with assistance from the Defense Criminal Investigative Service.

Principal Assistant Chief Jacob Foster and Assistant Chiefs Rebecca Yuan and Emily Gurskis of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Laura Garcia for the Southern District of Texas prosecuted the case. Assistant U.S. Attorney Kristine Rollinson handled asset forfeiture. Fraud Section Assistant Chief Kevin Lowell initially handled the prosecution. The prosecution team thanks the Fraud Section’s Data Analytics Team, whose work initiated the investigation, Victim Witness Specialist Olga De La Rosa of the U.S. Attorney’s Office for the Southern District of Texas, and the Texas Department of Insurance.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

MIL Security OSI –

May 22, 2025
MIL-OSI Security: Chief Executive Officer of Digital Asset Company Found Guilty in Multi-Million Dollar Crypto-Fraud Scheme

Source: Office of United States Attorneys

Defendant Misappropriated Millions of Dollars of Investors’ Funds for His Own Use Including to Purchase Real Estate and Luxury Vehicles

Earlier today, at the federal courthouse in Brooklyn, a federal jury convicted Braden John Karony on all counts of a three-count indictment charging him with conspiracy to commit securities fraud, wire fraud, and money laundering. The charges arose from the defendant’s and his co-conspirators’ roles in defrauding investors in a decentralized finance digital asset called “SafeMoon,” issued by their company SafeMoon LLC. As alleged, the defendant agreed with his co-conspirators to lie to SafeMoon investors about whether SafeMoon executives could access the liquidity pool and whether they were using the assets from the liquidity pool for their personal benefit. As SafeMoon’s market capitalization grew to more than $8 billion, the defendant fraudulently diverted and misappropriated millions of dollars’ worth of liquidity from the SafeMoon liquidity pool for their personal benefit. The verdict followed a 12-day trial before United States District Judge Eric R. Komitee. When sentenced, Karony faces up to 45 years in prison. The jury also issued a verdict to forfeit one residential property and the proceeds from the sale of another residential property, amounting to approximately $2 million.

Joseph Nocella, Jr., United States Attorney for the Eastern District of New York; Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI); Harry T. Chavis, Jr., Special Agent in Charge, Internal Revenue Service Criminal Investigation, New York (IRS-CI); and Darren B. McCormack, Acting Special Agent in Charge, Homeland Security Investigations, New York (HSI New York) announced the verdict.

“As proven at trial, the SafeMoon digital asset was anything but safe and turned out to be pie in the sky for investors who were deliberately misled by Karony, a man who sought to get rich quick by stealing and diverting millions of dollars,” stated United States Attorney Nocella. “Karony used his scheme to purchase multiple homes, sports cars, custom trucks, and other luxury goods. Today’s guilty verdict should serve as a warning to all would-be fraudsters that my Office will vigorously prosecute individuals like the defendant who victimize digital asset investors and undermine investor confidence in digital assets markets, thereby threatening the stability and growth of these emerging technologies.”

Mr. Nocella expressed his appreciation to the U.S. Securities and Exchange Commission for its work on the case.

“Braden Karony, the CEO of SafeMoon, exploited his company’s digital portfolio with fictional success stories and stole millions of dollars in crypto-assets to finance luxury purchases,” stated FBI Assistant Director in Charge Raia. “Along with his co-conspirators, Karony violated his clients’ trust and wallets while attempting to conceal his misconduct through discreet transactions. May today’s conviction emphasize the FBI’s commitment to securing all markets and protecting the American people from individuals who abuse their position to satisfy personal greed.”

“Braden Karony misled investors; intentionally diverted and misappropriated millions in cryptocurrency for his personal benefit; and lined the driveways of his million dollar homes with luxury cars. While the name of his company is SafeMoon, there was nothing safe about this investment that was just a front for theft. By following the money with complex cryptocurrency tracing, IRS-CI New York’s Cyber and J5 groups worked with our investigative partners to see that this conman is held accountable for his greedy acts,” stated IRS-CI New York Special Agent in Charge Chavis. “The Joint Chiefs of Global Tax Enforcement (J5) is a global partnership that works together to gather information, share intelligence, and conduct coordinated operations against transnational financial crimes. The J5 includes the Australian Taxation Office, the Canada Revenue Agency, the Dutch Fiscal Intelligence and Investigation Service, His Majesty’s Revenue and Customs from the U.K. and IRS-CI from the U.S.”

“Steered by his selfish desires and insatiable greed, Braden John Karony treated millions of dollars in investors’ funds as his own personal bank account,” stated HSI New York Acting Special Agent in Charge McCormack. “The defendant will soon be trading his sprawling real estate and luxury vehicles for a jail cell within the four walls of a federal penitentiary. As reflected by today’s conviction, whether it involves fiat or crypto, HSI New York’s El Dorado Task Force will relentlessly pursue individuals intent on exploiting investors and the American financial system for their own gain.”

Background on SafeMoon

As proven at trial, SafeMoon tokens were digital assets first issued in March 2021 by SafeMoon LLC on a public blockchain. Through the operation of SafeMoon’s smart contract, every transaction in SafeMoon was automatically subject to a 10% tax, meaning, for example, that if a holder of SafeMoon transferred 10 SafeMoon to another user, 1 SafeMoon would automatically be retained from the transfer as a tax and the remaining 9 SafeMoon would be received by the other party. As marketed to SafeMoon investors, the proceeds of SafeMoon’s 10% tax were split into two 5% tranches, the proceeds of which were supposed to benefit holders of SafeMoon in specific ways. The first 5% tranche of the tax proceeds would be “reflected” back to, and distributed among, all SafeMoon holders in proportion to their current SafeMoon holdings and thereby increase the total quantity of SafeMoon held by every SafeMoon investor automatically. The remaining 5% tranche of SafeMoon tax proceeds would be deposited into designated SafeMoon liquidity pools. The larger the SafeMoon liquidity pool, the greater the liquidity in the market for SafeMoon. In the months after its launch in March 2021, SafeMoon grew to have millions of holders and a market capitalization of more than $8 billion.

The Defendants’ Fraudulent Scheme

Karony and his co-conspirators misrepresented various material aspects of the SafeMoon offering to investors. Such misrepresentations included that SafeMoon relied on “locked” liquidity pools that would automatically increase in size due to a 10% tax imposed on every SafeMoon transaction; that the “locked” SafeMoon liquidity pool prevented the defendants and other insiders at SafeMoon from being able to “rug pull”—a type of crypto fraud— SafeMoon investors by removing liquidity from the SafeMoon liquidity pool; that tokens in the liquidity pool would only be used for limited pre-defined business purposes, not personal enrichment; that the defendants would manually add token pairs to the SafeMoon liquidity pool when transactions of SafeMoon occurred on specific centralized exchanges; and that the developers were not and had not been holding and trading SafeMoon for their benefit.

In reality, Karony and his co-conspirators retained access to the SafeMoon liquidity pools and used that access to intentionally divert and misappropriate millions of dollars’ worth of tokens for their personal benefit. In addition, although they publicly denied that they personally held or traded SafeMoon, they repeatedly bought and sold SafeMoon, sometimes at the height of SafeMoon market price, which generated millions of dollars in profits. Karony and his co-conspirators masked their movement of the fraudulent proceeds via numerous private un-hosted crypto wallet addresses, complex transaction routing, and pseudonymous centralized exchange accounts. Karony acquired over $9 million in crypto assets from the scheme and used some of the proceeds to purchase luxury vehicles and real estate, including a $2.2 million home in Utah, additional homes in Utah and Kansas, a $277,000 Audi R8 sports car, another Audi R8, a Tesla, and custom Ford F-550 and Jeep Gladiator pickup trucks.

Co-conspirator Thomas Smith previously pleaded guilty and is awaiting sentencing. Co-conspirator Kyle Nagy remains at large.

The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorneys Dana Rehnquist, Sara K. Winik, and Jessica K. Weigel are in charge of the prosecution, with assistance from Paralegal Specialists Asher Martin-Rosenthal and Madison Bates. Assistant United States Attorney Laura Mantell is handling forfeiture matters.

The Defendant:

BRADEN JOHN KARONY
29
Provo, Utah

E.D.N.Y. Docket No. 23-CR-433 (EK)

MIL Security OSI –

May 22, 2025
MIL-OSI: BlackRock® Canada Announces Final May Cash Distributions for the iShares® Premium Money Market ETF

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 21, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final May 2025 cash distributions for iShares Premium Money Market ETF. Unitholders of record on May 22, 2025 will receive cash distributions payable on May 30, 2025.

Details regarding the final “per unit” distribution amounts are as follows:

Fund Name Fund Ticker Cash Distribution Per Unit

iShares Premium Money Market ETF CMR $0.102

Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

About iShares ETFs
iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.3 trillion in assets under management as of March 31, 2025, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

iShares^® ETFs are managed by BlackRock Asset Management Canada Limited.

Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

Contact for Media:
Sydney Punchard
Email: Sydney.Punchard@blackrock.com

The MIL Network –

May 22, 2025
MIL-OSI: ReconAfrica Announces the Appointment of Mark Friesen as Managing Director, Investor Relations and Capital Markets, an Update on the Transaction with NAMCOR and Proposed Warrant Extension

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 21, 2025 (GLOBE NEWSWIRE) — Reconnaissance Energy Africa Ltd. (the “Company” or “ReconAfrica”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) announces an update to its investor relations contact, an update on the transaction with Namcor Exploration and Production (Pty) (“NAMCOR”) announced in the Company’s news release dated September 22, 2022 and that it intends to extend the expiry date of certain common share purchase warrants of the Company.

UPDATE TO INVESTOR RELATIONS CONTACT

Mr. Grayson Andersen has left ReconAfrica to pursue new career opportunities. The Company, its Board of Directors and Management thank Grayson for his contributions and wish him the best in his future endeavours.

Effective immediately, Mark Friesen has joined ReconAfrica as Managing Director, Investor Relations and Capital Markets and is based in Calgary. Mark has extensive energy finance and investor relations experience in the Canadian and U.S. markets. Mark’s prior corporate experience includes being the Director of Investor Relations with Kiwetinohk Energy Corp. and doing business development and corporate planning with Kiwetinohk, Murphy Oil Corporation and through his own consulting company. Mark began his career in equity research covering the energy sector at Bank of Montreal (BMO), FirstEnergy Capital Corp., TD Bank and Royal Bank of Canada (RBC). Mark holds a CFA (Chartered Financial Analyst) designation and received a Bachelor of Commerce (Hons) degree in Finance from the University of Manitoba.

Investors can continue to contact the Company by email at investors@reconafrica.com or by phone at +1-877-631-1160.

UPDATE ON NAMCOR TRANSACTION

The Company and NAMCOR have not yet completed the transaction pursuant to the definitive purchase and sale agreement announced September 22, 2022, but report that discussions are ongoing.

PROPOSED WARRANT EXTENSION

The Company intends to extend the expiry date of an aggregate 6,795,454 outstanding common share purchase warrants of the Company (the “July Warrants”) by 18 months to January 18, 2027 and an aggregate 1,071,500 outstanding common share purchase warrants of the Company (the “September Warrants” and collectively with the July Warrants, the “Warrants”) by 18 months to February 1, 2027 (collectively with the extension of July Warrants, the “Extension”).

The July Warrants were issued pursuant to a public offering which closed on July 18, 2023 and are set to expire on July 18, 2025. The July Warrants were issued pursuant to a warrant indenture dated July 18, 2023 between the Company and Odyssey Trust Company. Each July Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $1.35 and all other terms of the July Warrants, including exercise price, will remain the same.

A total of 295,227 outstanding compensation warrants issued as compensation to the underwriters for part of the financing in July 2023 cannot be extended and will expire on July 18, 2025.

The September Warrants were issued pursuant to a non-brokered private placement which closed on September 1, 2023 and are set to expire on September 1, 2025. Each September Warrant entitles the holder thereof to acquire one common share of the Company at a price of CAD $1.40 and all other terms of the September Warrants, including exercise price, will remain the same.

220,000 of the July Warrants are held by parties who are considered to be “related parties” of the Company. The September Warrants are all held by parties who are considered to be “related parties” of the Company. Therefore, the amendment of Warrants constitutes a “related party transaction” as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines have been relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.

The Extension remains subject to receipt of approval of the TSX Venture Exchange.

About ReconAfrica

ReconAfrica is a Canadian oil and gas company engaged in the exploration of the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert of northeastern Namibia, southeastern Angola, and northwestern Botswana, where the Company holds rights to petroleum licences comprising over 13 million acres. The Company will be drilling its next well, Prospect I which is located onshore Namibia in Petroleum Exploration Licence 073 (“PEL 73”). This will be the Company’s largest exploration prospect drilled to date. In all aspects of its operations, ReconAfrica is committed to minimal disturbance of habitat in line with international standards and implementing environmental and social best practices in all of its project areas.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Brian Reinsborough, President and Chief Executive Officer | Tel: +1-877-631-1160

Mark Friesen, Investor Relations | Tel: +1-877-631-1160

IR Inquiries Email: investors@reconafrica.com

Media Inquiries Email: media@reconafrica.com

Cautionary Note Regarding Forward-Looking Statements:

Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, the Company’s commitment to minimal disturbance of habitat, in line with best international standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica’s current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the “Risk Factors” section in the Company’s annual information form for the period ended December 31, 2024, available under the Company’s profile at www.sedarplus.ca. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

The MIL Network –

May 22, 2025

MIL-OSI: LexinFintech Holdings Ltd. Reports First Quarter 2025 Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, May 21, 2025 (GLOBE NEWSWIRE) — LexinFintech Holdings Ltd. (“Lexin” or the “Company”) (NASDAQ: LX), a leading technology-empowered personal financial service enabler in China, today announced its unaudited financial results for the quarter ended March 31, 2025.

Mr. Jay Wenjie Xiao, Chairman and Chief Executive Officer of Lexin, commented, “The continued improvement across key performance indicators marks the success of our transformation towards a business model driven by data analytics, risk management, and refined operations.

In the first quarter, key risk metrics continued to trend strongly, validating the effectiveness of our risk management revamp initiatives. Thanks to the ongoing improvements in risk performance, net income for the first quarter exceeded RMB430 million, sustaining its strong growth trajectory and returning to the highest level for the past 13 quarters.

Looking ahead, we will focus on prioritizing customer-centric approaches, elevating customer experience and boosting the competitiveness of our offers, strengthening the business synergies across our ecosystem, and driving technological innovation—particularly in the application of AI. Through operational excellence and strategic agility, we aim to build long-term resilience and competitiveness in a dynamic environment.

Despite the challenging macroeconomic environment, evolving industry landscape, and geopolitical uncertainties, the management remains confident in achieving a significant year-over-year growth in net income, reaffirming our full-year net income guidance.

The management has consistently attached great importance to delivering value to shareholders through various approaches. In November 2024, the board raised the cash dividend payout ratio from 20% to 25% of total net income. We are pleased to announce that the board of directors has approved to further increase the cash dividend payout ratio from 25% to 30% of total net income, effective from the second half of 2025.”

Mr. James Zheng, Chief Financial Officer of Lexin, commented, “Our first-quarter financial results mark another key milestone in our net income target. In the quarter, net income exceeded RMB430 million, representing a 19% quarter-over-quarter and 113% year-over-year increase. Net profit take rate was 1.58%, calculated as net income divided by average loan balance, advancing by 27 basis points compared to the previous quarter. The strong net income growth was underpinned by sustained improvements in asset quality, alongside a further reduction in funding costs.

Looking ahead, we’re committed to a prudent operating strategy, ecosystem synergy enhancement and operational refinement. For the full year 2025, we expect our net income to deliver strong year-over-year growth.”

First Quarter 2025 Operational Highlights:

User Base

Total number of registered users reached 232 million as of March 31, 2025, representing an increase of 8.1% from 215 million as of March 31, 2024, and users with credit lines reached 46.2 million as of March 31, 2025, up by 7.8% from 42.8 million as of March 31, 2024.
Number of active users¹ who used our loan products in the first quarter of 2025 was 4.8 million, representing an increase of 6.0% from 4.5 million in the first quarter of 2024.
Number of cumulative borrowers with successful drawdown was 34.5 million as of March 31, 2025, an increase of 7.6% from 32.0 million as of March 31, 2024.

Loan Facilitation Business

As of March 31, 2025, we cumulatively originated RMB1,376.7 billion in loans, an increase of 17.6% from RMB1,171.1 billion as of March 31, 2024.

Total loan originations² in the first quarter of 2025 was RMB51.6 billion, a decrease of 11.0% from RMB58.0 billion in the first quarter of 2024.
Total outstanding principal balance of loans³ reached RMB107 billion as of March 31, 2025, representing a decrease of 11.7% from RMB122 billion as of March 31, 2024.

Credit Performance⁴

90 day+ delinquency ratio was 3.3% as of March 31, 2025, as compared with 3.6% as of December 31, 2024.
First payment default rate (30 day+) for new loan originations was below 1% as of March 31, 2025.

Tech-empowerment Service

For the first quarter of 2025, we served over 95 business customers with our tech-empowerment service.
In the first quarter of 2025, the business customer retention rate⁵ of our tech-empowerment service was over 80%.

Installment E-commerce Platform Service

GMV⁶ in the first quarter of 2025 for our installment e-commerce platform service was RMB1,126 million, representing an increase of 24.7% from RMB903 million in the first quarter of 2024.
In the first quarter of 2025, our installment e-commerce platform service served over 310,000 users and 200 merchants.

Other Operational Highlights

The weighted average tenor of loans originated on our platform in the first quarter of 2025 was approximately 13.4 months, as compared with 12.5 months in the first quarter of 2024.
Repeated borrowers’ contribution⁷ of loans across our platform for the first quarter of 2025 was 86.1%.

First Quarter 2025 Financial Highlights:

Total operating revenue was RMB3,104 million, representing a decrease of 4.3% from the first quarter of 2024.
Credit facilitation service income was RMB2,191 million, representing a decrease of 17.3% from the first quarter of 2024. Tech-empowerment service income was RMB625 million, representing an increase of 72.8% from the first quarter of 2024. Installment e-commerce platform service income was RMB288 million, representing an increase of 24.4% from the first quarter of 2024.
Net income attributable to ordinary shareholders of the Company was RMB430 million, representing an increase of over 100% from the first quarter of 2024. Net income per ADS attributable to ordinary shareholders of the Company was RMB2.39 on a fully diluted basis.
Adjusted net income attributable to ordinary shareholders of the Company⁸ was RMB472 million, representing an increase of over 100% from the first quarter of 2024. Adjusted net income per ADS attributable to ordinary shareholders of the Company⁸ was RMB2.62 on a fully diluted basis.

__________________________

Active users refer to, for a specified period, users who made at least one transaction during that period through our platform or through our third-party partners’ platforms using the credit line granted by us.
Total loan originations refer to the total principal amount of loans facilitated and originated during the given period.
Total outstanding principal balance of loans refers to the total amount of principal outstanding for loans facilitated and originated at the end of each period, excluding loans delinquent for more than 180 days.
Loans under Intelligent Credit Platform are excluded from the calculation of credit performance. Intelligent Credit Platform (ICP) is an intelligent platform on our “Fenqile” app, under which we match borrowers and financial institutions through big data and cloud computing technology. For loans facilitated through ICP, the Company does not bear principal risk.
Customer retention rate refers to the number of financial institution customers and partners who repurchase our service in the current quarter as a percentage of the total number of financial institution customers and partners in the preceding quarter.
GMV refers to the total value of transactions completed for products purchased on our e-commerce and Maiya channel, net of returns.
Repeated borrowers’ contribution for a given period refers to the principal amount of loans borrowed during that period by borrowers who had previously made at least one successful drawdown as a percentage of the total loan facilitation and origination volume through our platform during that period.
Adjusted net income attributable to ordinary shareholders of the Company, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures Statement” and the tables captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

First Quarter 2025 Financial Results:

Operating revenue was RMB3,104 million in the first quarter of 2025, as compared to RMB3,242 million in the first quarter of 2024.

Credit facilitation service income was RMB2,191 million in the first quarter of 2025, as compared to RMB2,648 million in the first quarter of 2024. The decrease was due to the decrease in guarantee income and loan facilitation and servicing fees-credit oriented, partially offset by the increases in financing income.

Loan facilitation and servicing fees-credit oriented was RMB1,136 million in the first quarter of 2025, as compared to RMB1,417 million in the first quarter of 2024. The decrease was primarily due to the decrease in the origination of off-balance sheet loans.

Guarantee income was RMB548 million in the first quarter of 2025, as compared to RMB744 million in the first quarter of 2024. The decrease was primarily due to the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

Financing income was RMB507 million in the first quarter of 2025, as compared to RMB487 million in the first quarter of 2024. The increase was primarily driven by the increase in the average outstanding balance of the on-balance-sheet loans.

Tech-empowerment service income was RMB625 million in the first quarter of 2025, as compared to RMB362 million in the first quarter of 2024. The increase was primarily driven by the increase of loan facilitation volume through ICP and the increase of referral services.

Installment e-commerce platform service income was RMB288 million in the first quarter of 2025, as compared to RMB232 million in the first quarter of 2024. The increase was primarily driven by the increase in transaction volume in the first quarter of 2025.

Cost of sales consisted of cost of inventory sold and other costs. Cost of sales was RMB262 million in the first quarter of 2025, as compared to RMB236 million in the first quarter of 2024, which was consistent with the increase in installment e-commerce platform service income.

Funding cost was RMB83.0 million in the first quarter of 2025, as compared to RMB90.7 million in the first quarter of 2024. The decrease was primarily driven by the decrease in the funding rates to fund the on-balance sheet loans.

Processing and servicing costs was RMB551 million in the first quarter of 2025, as compared to RMB588 million in the first quarter of 2024. The decrease was primarily driven by a decrease in risk management expenses.

Provision for financing receivables was RMB182 million for the first quarter of 2025, as compared to RMB137 million for the first quarter of 2024. The increase was primarily due to the increase of the outstanding loan balances of on-balance sheet loans and reflects the most recent performance in relation to on-balance sheet loans.

Provision for contract assets and receivables was RMB130 million in the first quarter of 2025, as compared to RMB166 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of the outstanding loan balances of off-balance sheet loans.

Provision for contingent guarantee liabilities was RMB677 million in the first quarter of 2025, as compared to RMB828 million in the first quarter of 2024. The decrease was primarily driven by the improvement of credit risk performance and the decrease of outstanding balances in the off-balance sheet loans funded by certain institutional funding partners, which are accounted for under ASC 460, Guarantees.

Gross profit was RMB1,219 million in the first quarter of 2025, as compared to RMB1,197 million in the first quarter of 2024.

Sales and marketing expenses was RMB493 million in the first quarter of 2025, as compared to RMB418 million in the first quarter of 2024. This increase was primarily due to an increase in online advertising costs.

Research and development expenses was RMB156 million in the first quarter of 2025, as compared to RMB135 million in the first quarter of 2024. The increase was primarily due to increased investment in technology development.

General and administrative expenses was RMB101 million in the first quarter of 2025, as compared to RMB89.8 million in the first quarter of 2024. The increase was primarily due to the increase in personnel related costs.

Change in fair value of financial guarantee derivatives and loans at fair value was a gain of RMB74.6 million in the first quarter of 2025, as compared to a loss of RMB316 million in the first quarter of 2024. The change was primarily driven by the fair value gains realized as a result of the release of guarantee obligation as loans are repaid, partially offset by the fair value loss from the re-measurement of the expected loss rates.

Income tax expense was RMB101 million in the first quarter of 2025, as compared to income tax benefit of RMB53.4 million in the first quarter of 2024. The increase was primarily due to the increase in income before income tax expense.

Net income was RMB430 million in the first quarter of 2025, as compared to RMB202 million in the first quarter of 2024.

Recent Development

Updated Dividend Policy

In the third quarter of 2024, the Board of the Company approved to raise the cash dividend payout ratio to 25% of total net income, effective from January 1, 2025. On May 19, 2025, the Board has further approved an updated dividend policy, under which the cash dividend payout will be increased to 30% of total net income, to be paid semi-annually starting from the second half of 2025.

Business Outlook

Looking ahead, while our performance continues to demonstrate positive momentum, we remain prudent in light of ongoing macroeconomic uncertainties. Based on our preliminary assessment, we expect net income for the full year 2025 to achieve a significant year-over-year growth driven by continued improvements in asset quality. The forecast is subject to the impact of macroeconomic factors, and we may adjust the performance outlook as appropriate based on evolving circumstances.

Conference Call

The Company’s management will host an earnings conference call at 10:00 PM U.S. Eastern time on May 21, 2025 (10:00 AM Beijing/Hong Kong time on May 22, 2025).

Participants who wish to join the conference call should register online at:

https://register-conf.media-server.com/register/BI0dc0f8f7695c4583bd50587c8b103490

Once registration is completed, each participant will receive the dial-in number and a unique access PIN for the conference call.

Participants joining the conference call should dial in at least 10 minutes before the scheduled start time.

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.lexin.com.

About LexinFintech Holdings Ltd.

We are a leading credit technology-empowered personal financial service enabler. Our mission is to use technology and risk management expertise to make financing more accessible for young generation consumers. We strive to achieve this mission by connecting consumers with financial institutions, where we facilitate through a unique model that includes online and offline channels, installment consumption platform, big data and AI driven credit risk management capabilities, as well as smart user and loan management systems. We also empower financial institutions by providing cutting-edge proprietary technology solutions to meet their needs of financial digital transformation.

For more information, please visit http://ir.lexin.com.

To follow us on Twitter, please go to: https://twitter.com/LexinFintech.

Use of Non-GAAP Financial Measures Statement

In evaluating our business, we consider and use adjusted net income attributable to ordinary shareholders of the Company, non-GAAP EBIT, adjusted net income per ordinary share and per ADS attributable to ordinary shareholders of the Company, four non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income attributable to ordinary shareholders of the Company as net income attributable to ordinary shareholders of the Company excluding share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss) and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss).

We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Adjusted net income attributable to ordinary shareholders of the Company enables our management to assess our operating results without considering the impact of share-based compensation expenses, interest expense associated with convertible notes, and investment income/(loss). Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense, share-based compensation expenses, interest expense, net, and investment income/(loss). We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.

These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible notes, income tax expense, interest expense, net, and investment income/(loss) have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income attributable to ordinary shareholders of the Company and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling each of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate Information Statement

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Lexin’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “ expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the expectation of the collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin’s goal and strategies; Lexin’s expansion plans; Lexin’s future business development, financial condition and results of operations; Lexin’s expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin’s expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

LexinFintech Holdings Ltd.
IR inquiries:
Will Tan
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: willtan@lexin.com

Media inquiries:
Ruifeng Xu
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: media@lexin.com

SOURCE LexinFintech Holdings Ltd.

LexinFintech Holdings Ltd. Unaudited Condensed Consolidated Balance Sheets
	As of
(In thousands)	December 31, 2024			March 31, 2025
	RMB			RMB			US$
ASSETS
Current Assets
Cash and cash equivalents		2,254,213			3,173,298			437,292
Restricted cash		1,638,479			1,545,269			212,944
Restricted term deposit and short-term investments		138,497			218,490			30,109
Short-term financing receivables, net⁽¹⁾		4,668,715			4,743,393			653,657
Short-term contract assets and receivables, net⁽¹⁾		5,448,057			5,009,319			690,303
Deposits to insurance companies and guarantee companies		2,355,343			2,203,109			303,597
Prepayments and other current assets		1,321,340			1,347,805			185,732
Amounts due from related parties		61,722			77,239			10,644
Inventories, net		22,345			19,341			2,665
Total Current Assets		17,908,711			18,337,263			2,526,943
Non-current Assets
Restricted cash		100,860			80,464			11,088
Long-term financing receivables, net⁽¹⁾		112,427			92,087			12,690
Long-term contract assets and receivables, net⁽¹⁾		317,402			350,993			48,368
Property, equipment and software, net		613,110			636,939			87,773
Land use rights, net		862,867			854,267			117,721
Long-term investments		284,197			244,193			33,651
Deferred tax assets		1,540,842			1,589,522			219,042
Other assets		500,363			433,738			59,772
Total Non-current Assets		4,332,068			4,282,203			590,105
TOTAL ASSETS		22,240,779			22,619,466			3,117,048

LIABILITIES
Current liabilities
Accounts payable		74,443			63,294			8,722
Amounts due to related parties		10,927			9,124			1,257
Short-term borrowings and current portion of long-term borrowings		690,772			781,324			107,669
Short-term funding debts		2,754,454			3,207,177			441,961
Deferred guarantee income		975,102			1,158,164			159,599
Contingent guarantee liabilities		1,079,000			769,397			106,026
Accruals and other current liabilities		4,019,676			3,909,239			538,708
Total Current Liabilities		9,604,374			9,897,719			1,363,942
Non-current Liabilities
Long-term borrowings		585,024			505,408			69,647
Long-term funding debts		1,197,211			891,390			122,837
Deferred tax liabilities		91,380			102,617			14,141
Other long-term liabilities		22,784			14,006			1,930
Total Non-current Liabilities		1,896,399			1,513,421			208,555
TOTAL LIABILITIES		11,500,773			11,411,140			1,572,497
Shareholders’ equity:
Class A Ordinary Shares		205			205			30
Class B Ordinary Shares		41			41			7
Treasury stock		(328,764	)		(305,025	)		(42,034	)
Additional paid-in capital		3,314,866			3,331,382			459,077
Statutory reserves		1,178,309			1,178,309			162,375
Accumulated other comprehensive income		(29,559	)		(31,818	)		(4,385	)
Retained earnings		6,604,908			7,035,232			969,481
Total shareholders’ equity		10,740,006			11,208,326			1,544,551
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		22,240,779			22,619,466			3,117,048

__________________________
(1) Short-term financing receivables, net of allowance for credit losses of RMB102,124 and RMB118,804 as of December 31, 2024 and March 31, 2025, respectively.

Short-term contract assets and receivables, net of allowance for credit losses of RMB409,590 and RMB287,845 as of December 31, 2024 and March 31, 2025, respectively.

Long-term financing receivables, net of allowance for credit losses of RMB1,820 and RMB1,471 as of December 31, 2024 and March 31, 2025, respectively.

Long-term contract assets and receivables, net of allowance for credit losses of RMB30,919 and RMB20,519 as of December 31, 2024 and March 31, 2025, respectively.

LexinFintech Holdings Ltd. Unaudited Condensed Consolidated Statements of Operations
	For the Three Months Ended March 31,
(In thousands, except for share and per share data)	2024			2025
	RMB			RMB			US$
Operating revenue:
Credit facilitation service income		2,648,478			2,190,866			301,910
Loan facilitation and servicing fees-credit oriented		1,417,248			1,136,229			156,577
Guarantee income		744,251			547,814			75,491
Financing income		486,979			506,823			69,842
Tech-empowerment service income		361,543			624,850			86,107
Installment e-commerce platform service income		231,909			288,383			39,740
Total operating revenue		3,241,930			3,104,099			427,757
Operating cost
Cost of sales		(235,747	)		(262,032	)		(36,109	)
Funding cost		(90,738	)		(83,004	)		(11,438	)
Processing and servicing cost		(587,731	)		(551,141	)		(75,949	)
Provision for financing receivables		(136,683	)		(182,149	)		(25,101	)
Provision for contract assets and receivables		(165,942	)		(129,685	)		(17,871	)
Provision for contingent guarantee liabilities		(828,377	)		(677,180	)		(93,318	)
Total operating cost		(2,045,218	)		(1,885,191	)		(259,786	)
Gross profit		1,196,712			1,218,908			167,971
Operating expenses:
Sales and marketing expenses		(417,617	)		(493,128	)		(67,955	)
Research and development expenses		(134,982	)		(155,626	)		(21,446	)
General and administrative expenses		(89,760	)		(100,753	)		(13,884	)
Total operating expenses		(642,359	)		(749,507	)		(103,285	)
Change in fair value of financial guarantee derivatives and loans at fair value		(315,923	)		74,639			10,286
Interest expense, net		(3,904	)		(4,702	)		(648	)
Investment income/(loss)		90			(11,699	)		(1,612	)
Others, net		20,425			3,832			528
Income before income tax expense		255,041			531,471			73,240
Income tax expense		(53,418	)		(101,147	)		(13,938	)
Net income		201,623			430,324			59,302
Net income attributable to ordinary shareholders of the Company		201,623			430,324			59,302

Net income per ordinary share attributable to ordinary shareholders of the Company
Basic		0.61			1.27			0.18
Diluted		0.60			1.20			0.16

Net income per ADS attributable to ordinary shareholders of the Company
Basic		1.22			2.55			0.35
Diluted		1.21			2.39			0.33

Weighted average ordinary shares outstanding
Basic		330,277,142			338,073,723			338,073,723
Diluted		333,650,104			359,646,902			359,646,902

LexinFintech Holdings Ltd. Unaudited Condensed Consolidated Statements of Comprehensive Income
	For the Three Months Ended March 31,
(In thousands)	2024		2025
	RMB		RMB			US$
Net income		201,623		430,324			59,302
Other comprehensive income
Foreign currency translation adjustment, net of nil tax		2,323		(2,259	)		(311	)
Total comprehensive income		203,946		428,065			58,991
Total comprehensive income attributable to ordinary shareholders of the Company		203,946		428,065			58,991

LexinFintech Holdings Ltd. Unaudited Reconciliations of GAAP and Non-GAAP Results
	For the Three Months Ended March 31,
(In thousands, except for share and per share data)	2024			2025
	RMB			RMB		US$
Reconciliation of Adjusted net income attributable to ordinary shareholders of the Company to Net income attributable to ordinary shareholders of the Company
Net income attributable to ordinary shareholders of the Company		201,623			430,324		59,302
Add: Share-based compensation expenses		23,274			29,541		4,071
Interest expense associated with convertible notes		5,322			–		–
Investment (income)/loss		(90	)		11,699		1,612
Adjusted net income attributable to ordinary shareholders of the Company		230,129			471,564		64,985

Adjusted net income per ordinary share attributable to ordinary shareholders of the Company
Basic		0.70			1.39		0.19
Diluted		0.68			1.31		0.18

Adjusted net income per ADS attributable to ordinary shareholders of the Company
Basic		1.39			2.79		0.38
Diluted		1.35			2.62		0.36

Weighted average shares used in calculating net income per ordinary share for non-GAAP EPS
Basic		330,277,142			338,073,723		338,073,723
Diluted		339,997,043			359,646,902		359,646,902

Reconciliations of Non-GAAP EBIT to Net income
Net income		201,623			430,324		59,302
Add: Income tax expense		53,418			101,147		13,938
Share-based compensation expenses		23,274			29,541		4,071
Interest expense, net		3,904			4,702		648
Investment (income)/loss		(90	)		11,699		1,612
Non-GAAP EBIT		282,129			577,413		79,571

Additional Credit Information

Vintage Charge Off Curve¹

Dpd30+/GMV by Performance Windows¹

First Payment Default 30+¹

1. Loans facilitated under ICP are excluded from the chart.

The MIL Network –

May 22, 2025

MIL-OSI: Trading 212 Surpasses A$50 Billion in Client Assets and 4.5 Million Clients, Cementing Position as the UK’s Fastest-Growing Saving and Investment Platform

Source: GlobeNewswire (MIL-OSI)

LONDON, May 22, 2025 (GLOBE NEWSWIRE) — Trading 212 has officially reached a major milestone with over A$50 billion in client assets under administration and a thriving community of 4.5 million clients globally, making it the fastest-growing savings and investment platform in the UK.

By pioneering zero-commission and fractional share investing across the UK and Europe, Trading 212 has transformed access to the financial markets. Millions of people have been empowered to invest without facing the high fees that have historically been a barrier to entry.

“Our mission has always been to unlock wealth building for everyone,” said Ivan Ashminov, co-founder and chairman of the board of Trading 212. “Reaching this scale is a testament to the trust our clients place in us and to the value we bring through innovation, accessibility, and transparency.”

With continued momentum, Trading 212 remains committed to reshaping the future of personal finance by breaking down barriers and delivering market-leading tools for everyday investors or savers.

About Trading 212

Trading 212 is a fintech company on a mission to unlock wealth building for everyone. Known for disrupting the industry with zero-commission investing, intuitive technology, and innovative financial products, the platform offers stocks and ETFs to millions of clients across the UK, Europe and Australia.

For media inquiries, please contact:
press@trading212.com
www.trading212.com

When investing, your capital is at risk. See terms and fees.

Other fees may apply.

The MIL Network –

May 22, 2025
MIL-OSI: Oyster Enterprises II Acquisition Corp Announces the Upsized Pricing of $220,000,000 Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

Miami, Florida, May 21, 2025 (GLOBE NEWSWIRE) — Oyster Enterprises II Acquisition Corp (the “Company”) announced today the upsized pricing of its initial public offering of 22,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and begin trading tomorrow, May 22, 2025, under the ticker symbol “OYSEU.” Each unit consists of one Class A ordinary share and one right (the “Share Right”) to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination. There are no warrants issued publicly or privately in connection with this offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and Share Rights are expected to be listed on Nasdaq under the symbols “OYSE” and “OYSER,” respectively. The offering is expected to close on May 23, 2025, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,300,000 units at the initial public offering price to cover over-allotments, if any.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business, industry, sector or geographical location, but is focused on industries that align with the background of the Company’s management team and advisor, including technology, media, entertainment, sports, consumer products, financial services, real estate and hospitality. The Company will also focus on AI companies positioned to complement or disrupt those industries, as well as companies within the digital assets and blockchain ecosystem.

The Company’s management team is led by Mario Zarazua, its Chief Executive Officer and Vice Chairman, and Heath Freeman, its Chairman. In addition, the Board includes Divya Narendra, Lief Haniford and Jordan Fliegel. Randall D. Smith is an Advisor to the Company, and Mike Rollins is the Chief Financial Officer.

BTIG, LLC is acting as sole book-running manager for the offering.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from BTIG, LLC, Attention: 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.com, or by accessing the SEC’s website, www.sec.gov.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on May 21, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds will be used as indicated.

Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and preliminary prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Oyster Enterprises II Acquisition Corp
801 Brickell Avenue, 8^th Floor
Miami, Florida, 33131
Attn: Mario Zarazua, CEO and Vice Chairman
mario@oysteracquisition.com
(786) 744-7720
www.oysteracquisition.com

The MIL Network –

May 22, 2025
MIL-Evening Report: NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth

Source: The Conversation (Au and NZ) – By Adrian Sawyer, Professor of Taxation, University of Canterbury

Hagen Hopkins/Getty Images

Not a lot is known about the government’s plans for taxes in the 2025 budget. Few tax policies have been announced so far, and what has been revealed involves targeted tax cuts for business interests.

This is a big change from last year’s tax announcements, which were largely focused on individuals.

So far this year, the government has announced tax policies to encourage overseas investment and to make employee share schemes for start-ups and unlisted companies more attractive.

This week, the government also announced the demise of the Digital Services Tax – which Treasury estimated would be worth more than NZ$100 million a year – after threats of retaliation from US President Donald Trump.

But each of these policies would result in a drop in tax revenue. That raises a key question: where will the money to run the government come from when two successive budgets have included tax revenue cuts?

Overseas money for investment

This month, the government announced a commitment of $75 million over the next four years to encourage foreign investment in infrastructure and make it easier for startups to attract and retain high quality staff.

Broken down, this would be $65 million for a change to the rules around “thin capitalisation”, pending the outcome of consultation on the details. At a basic level, this policy is targeting how much debt companies with overseas subsidiaries can have when investing in New Zealand infrastructure.

The other $10 million is earmarked as a deferral of tax liability for some employee share schemes to help startups and unlisted companies.

The goal of both policies seems to be to encourage international investment in New Zealand to boost growth in our otherwise sluggish economy.

The government’s ‘Growth Budget’ is set to include policy changes that will see drops in tax revenue.
Hagen Hopkins/Getty Images

No digital services tax

The demise of the digital services tax is the other big tax policy to be announced ahead of today’s budget.

Left over from the previous Labour government, the policy would have applied a 3% tax on digital services revenue earned from New Zealand customers by global tech giants such as Meta, X and Google (many of which are based in the US).

But Donald Trump has been highly critical of these sorts of levies, describing them as overseas extortion. Revenue Minister Simon Watts has admitted Trump’s objections were part of the decision to scrap the tax.

While the government will save the money set aside in last year’s budget for administrative costs, the potential tax revenue will be a big loss. Treasury had previously forecast New Zealand would gain $479m in tax revenue from the levy between 2027 and 2029.

But Watts said, “the forecast revenues from the introduction of a Digital Services Tax no longer meet the criteria for inclusion in the Crown accounts”.

A hole in revenue

When it comes to tax, the pre-budget announcements will all involve costs to the government or drops in revenue.

There are rumours the budget will include changes to the companies tax. But, if anything, this will be a drop in the amount of tax companies pay. So again, a drop in tax revenue.

The challenge facing the government is where the money to operate comes from. And the choices it has are limited.

Firstly, it could increase tax elsewhere. But that would require either a reversal of last year’s income tax cuts, or the long-standing policy not to target wealth – such as with a capital gains tax.

Or, the government could make drastic cuts to spending. And, considering the announcement that this year’s budget would be tight, with over a $1 billion cut from the government’s discretionary operating spending (known as an operating allowance), this seems to be the path they have taken, at least partially.

The final option would be to borrow now to boost infrastructure and business investment in the hope that resulting economic growth will generate greater revenue later.

We won’t know the answers to these questions until Budget 2025 is released, and there have been a lot of mixed messages. Considering Finance Minister Nicola Willis has dubbed this a “Growth Budget”, however, it seems likely the focus will be on encouraging investment and growth through business activity, rather than any tax increases.

Adrian Sawyer does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. NZ Budget 2025: tax cuts and reduced revenues mean the government is banking on business growth – https://theconversation.com/nz-budget-2025-tax-cuts-and-reduced-revenues-mean-the-government-is-banking-on-business-growth-257229

MIL OSI Analysis – EveningReport.nz –

May 22, 2025

Fund Name	Fund Ticker	Cash Distribution Per Unit
iShares Premium Money Market ETF	CMR	$0.102

Category: Economy

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Reviving Russia literacy

Overseas money for investment

No digital services tax

A hole in revenue