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  • MIL-OSI USA: Unregistered Municipal Advisory Activity in Public-Private Partnerships

    Source: Securities and Exchange Commission

    Good afternoon everyone. I want to thank The Bond Buyer for organizing this Infrastructure Conference and for inviting me today to talk about some important regulatory safeguards that were put in place a decade ago to help state and local governments make effective infrastructure investments.

    But before I begin, I must remind you that my remarks are in my official capacity as Director of the Securities and Exchange Commission’s Office of Municipal Securities, but do not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

    These types of events give me a unique opportunity to speak directly to the municipal securities market about an issue that has framed my tenure with the Commission, first as a staff attorney serving as a principal drafter of the municipal advisor rules and now as the Director of the Office charged with overseeing municipal advisor regulation, namely unregistered entities engaging in municipal advisory activity.[1]

    Filling a Gap in the Regulatory Landscape

    To begin, I thought I would spend a few moments laying out the municipal advisor regulatory framework.

    Until the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act” or “Dodd-Frank”), advisors[2] to municipal entities[3] and obligated persons[4] were largely unregulated and were generally not required to register with the Commission or any other federal, state, or self-regulatory entity with respect to their municipal advisory activity.[5]

    Leaving the activities of these advisors generally unchecked, however, led to several cases of market abuses and economic damage to municipal entities and obligated persons.[6] For instance:

    • Congress found that a number of municipalities suffered losses from complex derivatives products that were marketed by unregulated financial intermediaries;[7]
    • The Commission brought action against a financial institution alleging payments by the financial institution to local firms whose principals or employees were friends of public officials in connection with a bond underwriting and interest rate swap agreement;[8] and
    • The Commission settled several actions against major financial institutions for their role in a series of complex, wide-ranging bid rigging schemes involving derivatives utilized by municipalities and underlying obligors as reinvestment products.[9]

    Dodd-Frank was enacted to generally strengthen oversight of the municipal securities market and to broaden current municipal securities market protections to cover, among other things, previously unregulated market activity.[10] Section 975 amended Section 15B of the Securities Exchange Act of 1934 (“Exchange Act”) creating a new class of regulated person required to register with the Commission: municipal advisors.[11] 

    Who Are Municipal Advisors?

    So, who are municipal advisors? Broadly speaking, municipal advisors assist municipal entities and obligated persons on the terms of bond offerings, investment of bond proceeds, and the structuring and pricing of related products.

    A “municipal advisor” is any person (who is not a municipal entity or an employee of a municipal entity) that:

    provides advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issues; or undertakes a solicitation of a municipal entity or obligated person.[12]

    Key here is advice. As you may suspect, “advice” is not subject to a bright-line definition.[13] Instead, the determination of whether a person provides advice to, or on behalf of, a municipal entity or an obligated person regarding municipal advisory activity will depend on all the relevant facts and circumstances.[14] For purposes of the municipal advisor definition, advice includes, without limitation, recommendations that are particularized to the specific needs, objectives, or circumstances of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, based on all the facts and circumstances.[15] Advice excludes, among other things, the provision of general information that does not involve a recommendation regarding municipal financial products or the issuance of municipal securities.[16]

    The focus of the advice standard is whether or not, under all of the relevant facts and circumstances, the information presented to a municipal entity or obligated person is sufficiently limited so that it does not involve a recommendation that constitutes advice.[17]

    The Exchange Act provides that municipal advisors and any person associated with such municipal advisor has a fiduciary duty to their municipal entity clients, prohibiting municipal advisors from engaging in any act, practice, or course of business that is not consistent with their fiduciary duty.[18] Although the Exchange Act does not provide that municipal advisors are deemed to have a fiduciary duty insofar as their advice is to non-municipal entity obligated person clients, some state fiduciary or agency laws may, depending on the facts and circumstances, apply to municipal advisor engagements with such obligated persons.[19] Municipal advisors do have other obligations to obligated person clients, such as a duty of fair dealing and a duty of care under current Municipal Securities Rulemaking Board (“MSRB”) rules.[20]

    Now that I have laid out the regulatory framework, I want to summarize the key takeaways:

    First, the Commission applies the term “municipal advisory activities”[21] to a range of activities, including, but not limited to developing financing plans, assisting in evaluating different financing options and structures, and evaluating and negotiating terms.[22]

    Second, advice is not subject to a bright-line definition. Advice includes a recommendation regarding municipal financial products or the issuance of municipal securities. The determination of whether a recommendation has been made is an objective inquiry and a key factor that the Commission will consider is whether the recommendation reasonably would be viewed as a suggestion to take action or refrain from taking action.[23]

    Third, any person engaging in municipal advisory activity will be considered a municipal advisor and have a fiduciary duty to their municipal entity client, unless an exclusion or exemption applies.

    Finally, under federal securities law, a person must register with the Commission and the MSRB prior to engaging in municipal advisory activities. Any person that engages in municipal advisory activity prior to registering with the Commission and the MSRB as a municipal advisor violates Section 15B(a)(1)(B) of the Exchange Act.[24]

    Observations on Public-Private Partnerships

    The roughly $4 trillion[25] municipal securities market provides critical support to our nation’s infrastructure. The funds raised by our states and local governments in the municipal securities market have helped remove lead from water pipes; built roads and bridges; modernized hospitals; built clean-energy infrastructure, and so much more to ensure that we have the infrastructure needed to access critical services. But for decades now, observers have noted that tight fiscal conditions and rising costs associated with maintaining and building infrastructure have prevented our states and local governments from investing in infrastructure at the levels needed.[26]

    Recently enacted legislation has made funding and incentives available for a broad range of infrastructure development[27] and may also serve as a potential catalyst for the private sector to help in closing infrastructure gaps, including through public-private partnerships (“P3”).[28]

    As everyone in the room is aware, leveraging private capital to finance public infrastructure is not a new tool. Much of our nation’s early infrastructure was built through partnerships between the public and private sectors.[29] More recently, P3s have been used as a delivery option for complex highway projects throughout the nation[30] and have been presented as a tool to finance projects in other sectors, such as energy infrastructure, affordable housing, school facilities, and telecom.[31]

    Despite their widespread use, there is no universally accepted definition of a P3.[32] P3s are broadly described as any contractual agreement between a public entity and a private entity for the purpose of financing, constructing, operating, managing, and/or maintaining a public asset and related services.[33]

    Let’s break that down a bit: P3s are long-term contractual arrangements between a public entity and private entity, where the private entity makes a financing commitment expecting to be repaid with future tax revenue or user fees or similar arrangement. The private entity signing and managing the P3 contract is typically a special purpose vehicle (SPV) created for the purpose of the P3 project and having equity investors.[34]

    Pretty straightforward: instead of using public resources that may be limited by budget or debt restrictions, private financing steps in as an alternative to building much needed infrastructure, potentially using the same taxes and fees that the municipal entity or obligated person would have used to finance the project if it had decided to finance on its own.

    Well, there is more to the story. Definitionally, P3s exist on a spectrum as an alternative form of procurement[35] but also on a spectrum as an alternative form of financing. Financing packages come in all types of configurations: equity, debt, or a combination sourced from both public and private sources, including private activity bonds (“PABs”), federal credit assistance, state, or local funding, which may include the issuance of municipal securities.[36]

    Compared to more traditional financings of infrastructure – that is, using federal, state, or local funding, which more likely than not includes the issuance of municipal securities – P3s and other non-traditional methodologies that have been developed to deliver and finance infrastructure needs are a bit more complex.

    This complexity has brought with it a range of concerns regarding the use of P3s. Public officials and state and local inspector generals and auditors have studied individual transactions and have issued findings identifying key areas of concern. These concerns include transferring too little or too much risk between the public and private sectors; not using the most efficient and lowest cost financing available to the municipal entity or obligated person; and having very costly long-term impacts to fix short-term budgetary issues.

    Public entities have also been exposed to all sorts of contingent liabilities, including compensation clauses, non-compete clauses, and availability payment escalation clauses, leading to potential increased financial and political burdens on the public entity. Uncontrollable external events, oftentimes impacting anticipated revenues, have seen public entities having to make the choice to either terminate, suspend, or take full control over a project, even though the risk of such events was supposed to be borne by other parties.[38]

    Pathways to Public-Private Partnerships

    In light of these potential hurdles, how does a municipal entity or obligated person go about deciding to finance an infrastructure project using a non-traditional form of procurement?

    One way would be for municipal entities and obligated persons to rely on individuals and firms – advisors, consultants, banks, engineers, accounting firms, developers, real estate managers, investment specialists, diversified financial services groups – collectively, what I will be referring to as “P3 Consultants” that have positioned themselves as financial, legal, and technical experts on P3s. Individual or groups of P3 Consultants are purportedly capable of providing tailored advice to municipal entities and obligated persons on the entire P3 lifecycle. However, various reports[39] have identified that P3 Consultants have engaged in concerning behavior, including:

    • Failure by P3 Consultants to disclose conflicts of interest between the P3 Consultant and subcontractors hired to provide a VfM analysis, leading to the skewing of project costs in favor of a P3 procurement.
    • P3 Consultants with no experience in municipal financing, failing to include a public sector comparator as part of the VfM analysis and resultingly being unable to demonstrate that the procurement would be maximizing VfM.
    • P3 Consultants advising municipal entities or obligated persons that P3s that only used private debt and equity funding sources would be considered an “off-balance sheet” financing, despite the fact that projects procured with a mix of public and private funding sources would, under accounting standards be required to be includable on the municipal entities balance sheet.[40]

    Soliciting a P3 Consultant

    In staff’s review of P3s in the municipal securities market, one of the first questions that we asked ourselves is how does the process get started – how does a municipal entity or obligated person connect with a P3 Consultant and does that raise any regulatory issues?

    Municipal entities and obligated persons often solicit a P3 Consultant through a competitive request for proposal/qualification (“RFP/Q”) process, where the municipal entity or obligated person has defined the infrastructure project scope; completed a preliminary VfM, or other process, which compares[41] the costs and benefits of a P3 or other non-traditional procurement method against a traditional procurement method; defined requirements related to construction, operation, and management of the project; and assessed potential financing arrangements. But P3 Consultants may also approach the municipal entity (or obligated person) through an Unsolicited Proposal (“USP”) process.[42]

    So, how does the RFP/Q process tie back to our municipal advisor regulatory framework?

    Well, responses to requests for RFP/Qs alone do not constitute municipal advisory activity.[43] Persons providing a response in writing or orally to a RFP/Q from a municipal entity or obligated person for services in connection with a municipal financial product or the issuance of municipal securities is exempt from the definition of municipal advisor provided that such person does not receive separate direct or indirect compensation for advice provided as part of such response.[44] However, Unsolicited Proposals that broadly seek input on any infrastructure project may not be a process that is consistent with the RFP exemption to the municipal advisor definition.[45]

    We have previously spoken about the parameters and level of formality of the RFP/Q process that would be needed to qualify for the RFP exemption.[46] Staff is of the view that the USP process would need to meet the same standards to qualify any responses for the exemption. Municipal entities, obligated persons, or registered municipal advisors acting on their behalf, should apply a similar degree of formality by identifying a particular objective for the USP process. Otherwise, any person responding to a USP would need to consider if the substance of their proposal requires registration as a municipal advisor.

    We have seen instances where P3 Consultants are originating an infrastructure project by identifying public asset gaps, proposing project design recommendations, providing project affordability analyses, and/or discussing the viability of a public infrastructure project in general terms. Without including material specifically tailored to the needs, objectives, or circumstances of the municipal entity or obligated person, this may not rise to the level of municipal advisory activity. However, some Unsolicited Proposals have included subjective qualitative and quantitative criteria specially tailored to the municipal entity or obligated person that includes descriptions of proposed business arrangements (i.e., ground lease, management agreements); market studies that support revenue assumptions and financial, economic and social benefits; advice with respect to sizing and structuring of the financing package, which may include consideration or use of municipal securities or municipal financial products; and models allocating risk transfer between the public and private entity. P3 Consultants should be aware that, depending on the facts and circumstances, such submissions could constitute municipal advisory activity.

    Regardless of whether a P3 Consultant has been retained through an RFP/Q process or through a USP process, our overarching observation has been that municipal entities and obligated persons seem to rely heavily on the content of the proposals – and the implied expertise – of the P3 Consultant.

    The Role of the P3 Consultant

    What services do P3 Consultants provide? Well, services run the whole gamut.

    We have observed instances where the P3 Consultant analyzes and makes recommendations on the most cost effective and appropriate financing package for the delivery of the project, including:

    • Considering various financing alternatives to raise the necessary capital, which may include, without limitation: federal, state, or local funding, including the use of municipal financial products or the issuance of municipal securities; equity and lender commitments; and/or special facility financing; and
    • Assisting with the sizing and structuring of the financing package, which may include consideration or use of municipal securities or municipal financial products and participating in the preparation of disclosure documents.

    P3 Consultants should be aware that considering various financing alternatives and assisting with the sizing and structuring could constitute municipal advisory activity.

    We have seen P3 Consultants be asked to independently, or in collaboration with the staff of the municipal entity or obligated person and other advisors, draft RFP/Qs for the solicitation of financial and/or technical private sector project delivery partners (“Private Sector Partners”). Assisting a municipal entity or obligated person with drafting – or simply drafting – an RFP/Q is municipal advisory activity requiring registration with the Commission, absent an available exclusion or exemption, because the P3 Consultant (or any other entity) could be providing advice with respect to the parameters of such RFP/Q which includes the issuance of municipal securities or the use of municipal financial products.[47]

    Takeaways

    The SEC’s mission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. The Office of Municipal Securities remains dedicated to providing information to the municipal securities market to help persons and entities active in the market comply with the important safeguards that were put in place after the last financial crisis by Congress. The Exchange Act makes it unlawful for any municipal advisor to provide advice to or on behalf of, or to undertake a solicitation of, a municipal entity or obligated person without registering with the Commission.[48]

    As you continue your partnerships to help meet the nation’s infrastructure needs, I would like you to remember that addressing the risks that unregistered municipal advisory activity pose to municipal entities and obligated persons is a challenge that requires a whole municipal securities market approach.

    P3 Consultants and Private Sector Partners who advise municipal entities or obligated persons on the issuance of municipal securities, the use of municipal financial products, and/or the use of debt financing alternatives that are tailored to the specific needs, objectives, or circumstances of the municipal entity during any stage of the P3 lifecycle should remember that they may be engaging in municipal advisory activity requiring registration as a municipal advisor with the Commission and the MSRB. The relevant timeline for advice to obligated persons is slightly different but still includes advice prior to the issuance of municipal securities until they are no longer outstanding.[49]

    For other market participants, engaging persons acting as unregistered municipal advisors may have far-reaching consequences for themselves and others,[50] including eroding public trust, significant financial losses and inefficiencies, and undermining the legitimacy of the P3 process.

    More information about the Commission’s regulation of municipal advisors is available at the Office of Municipal Securities website.[51] The MSRB also provides educational material on various topics related to municipal advisors at its Education Center website that may be helpful to municipal entities, obligated persons, P3 Consultants, and Private Sector Partners and any other market participant seeking additional information.[52]

    Thank you again to The Bond Buyer for the invitation to address you today. I look forward to working with all of you toward our shared goal of regulatory compliance in furtherance of protecting the integrity of the municipal securities market.

    [3]           See Exchange Act Section 15B(e)(8) [15 U.S.C. 78o-4(e)(8)] defining “municipal entity.”

    [4]           See Exchange Act Section 15B(e)(10) [15 U.S.C. 78o-4(e)(10)] defining “obligated person.”

    [5]           See Municipal Advisor Adopting Release 78 FR at 67472.

    [6]           Id. at 67475.

    [7]           Id. at 67475 n.102 (citing S. Rep. No. 111-176, at 38 (2010)).

    [8]           Id. at 67475 n. 104 and accompanying text.

    [9]           Id. at 67475 nn. 105-106 and accompanying text.  

    [10]         Id. at 67626.

    [11]         See Section 975(a)(1)(B) of the Dodd-Frank Act [15 U.S.C. 78o-4(a)(1)(B)].

    [12]         See Exchange Act Section 15B(e)(4)(A) [15 U.S.C. 78o-4(e)(4)(A)]. The definition of municipal advisor includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that provide municipal advisory services, unless they are statutorily excluded. See 15 U.S.C. 78o-4(e)(4)(B). The statutory definition of municipal advisor excludes a broker, dealer, or municipal securities dealer serving as an underwriter (as defined in section 77b(a)(11) of this title), any investment adviser registered under the Investment Advisers Act of 1940 [15 U.S.C. 80b-1 et seq.], or persons associated with such investment advisers who are providing investment advice, any commodity trading advisor registered under the Commodity Exchange Act or persons associated with a commodity trading advisor who are providing advice related to swaps, attorneys offering legal advice or providing services that are of a traditional legal nature, or engineers providing engineering advice. See 15 U.S.C. 78o-4(e)(4)(C). The Commission exempts the following persons from the definition of municipal advisor to the extent they are engaging in the specified activities: accountants; public officials and employees; banks; responses to requests for proposals or qualifications; swap dealers; participation by an independent registered municipal advisor; persons that provide advice on certain investment strategies; certain solicitations. See Exchange Act Rule 15Ba1-1(d)(3)(i) through (viii) [17 CFR 240.15Ba1-1(d)(3)(i) through (viii)].

    [13]         Municipal Advisor Adopting Release, 78 FR at 67479.

    [14]         Id.

    [15]         Id. at 67480. See also Exchange Act Rule 15Ba1-1(d)(1)(ii) [17 CFR 240.15Ba1-1(d)(1)(ii)] (advice excludes, among other things, the provision of general information that does not involve a recommendation regarding municipal financial products or the issuance of municipal securities (including with respect to the structure, timing, terms and other similar matters concerning such financial products or issues)).

    [16]         See Exchange Act Rule 15Ba1-1(d)(1)(ii) [17 CFR 240.15Ba1-1(d)(1)(ii)]. See also Municipal Advisor Adopting Release, 78 FR at 67479-67480 (Commission providing clarifying guidance regarding “advice” only with respect to municipal advisors and solely for purposes of the municipal advisor definition).

    [17]         See Municipal Advisor Adopting Release, 78 FR at 67480. See generally Answer to Question 1.1 The General Information Exclusion from Advice versus Recommendation from the Registration of Municipal Advisors Frequently Asked Questions (“MA FAQ”), available at https://www.sec.gov/info/municipal/mun-advisors-faqs.

    [18]         See 15 U.S.C. 78o–4(c)(1).

    [19]         See, e.g., Arthurs Lestrange & Co., Inc., Exchange Act Release No. 42148, 1999 WL 1038053 at * 4 (Nov. 17, 1999) (financial advisor also a fiduciary under Pennsylvania state law).

    [20]         See MSRB Rules G-17 (fair dealing) and G-42(a)(i) (duty of care).

    [21]         See Exchange Act Rule 15Ba1-1(e) [17 CFR 240.15Ba1-1(e)].

    [22]         See Municipal Advisor Adopting Release, 78 FR at 67472.

    [23]         Municipal Advisor Adopting Release, 78 FR at 67480 and accompanying note 165 (citing FINRA Notice to Members 01-23 (Mar. 19, 2001), and Notice of Filing of Proposed Rule Change to Adopt FINRA Rules 2090 (Know Your Customer) and 2111 (Suitability) in the Consolidated FINRA Rulebook, Exchange Act Release No. 62718A (Aug. 20, 2010), 75 FR 52562 (Aug. 26, 2010); FINRA Regulatory Notice 11-02 (Know Your Customer and Suitability), Jan. 11, 2011, available at https://www.finra.org/sites/default/files/NoticeDocument/p122778.pdf).

    [24]         See 15 U.S.C. 78o-4(a)(1)(B).

    [26]         While the federal government contributes with funding, states and local governments carry most of the burden for maintaining and building infrastructure. See generally U.S. Dep’t of the Treasury, Infrastructure Investment in the United States (Nov. 15, 2023), available at https://home.treasury.gov/news/featured-stories/infrastructure-investment-in-the-united-states; American Society of Civil Engineers, Failure to Act, Economic Impacts of Status Quo Investment Across Infrastructure Investment Across Infrastructure Systems (2021), available at https://infrastructurereportcard.org/wp-content/uploads/2021/03/FTA_Econ_Impacts_Status_Quo.pdf and Bridging the Gap, Economic Impacts of National Infrastructure Investment, 2024-2043 (2024), available at https://bridgingthegap.infrastructurereportcard.org/wp-content/uploads/2024/05/2024-Bridging-the-Gap-Economic-Study.pdf.

    [27]         The Infrastructure Investment and Jobs Act (“IIJA”) and the Inflation Reduction Act (“IRA”) make funding available for an array of projects. See Infrastructure Investment and Jobs Act, Pub. L. 117-58 (2021) and the Inflation Reduction Act of 2022, Pub. L. 117-169 (2022).

    [28]         In terms of private sector involvement in infrastructure development, the IIJA, for instance, provides planning grants for jurisdictions seeking to utilize P3 project procurement, requires projects with an estimated total cost of $750 million or more seeking either Transportation Infrastructure Finance and Innovation Act (“TIFIA”) or Railroad Rehabilitation and Improvement Financing (“RRIF”) funding to conduct a value-for-money (“VfM”) analysis, and increased the federal cap on tax-exempt private activity bonds (“PABs”) for highway or surface freight transfer facilities. See e.g., IIJA §§ 71001; 70701; 80403 [23 U.S.C. 611; 23 U.S.C. 601; 26 U.S.C. 142(m)(2)(A)].

    [29]         See John Forrer, James Edwin Kee, Kathryn E. Newcomer and Eric Boyer, Public Administration Review, Public-Private Partnerships and the Public Accountability Question (May/June 2010), 475-484, available at https://www.jstor.org/stable/pdf/40606405.pdf.

    [31]         See, e.g., N.J. Senate Bill No. 3565 (introduced Feb. 9, 2023) (proposed establishment of the Energy Infrastructure Public-Private Partnership Program); Colo. Senate Bill No. 23-035 (June 2, 2023) (CO housing authority has power to contract with private entities to facilitate P3s for affordable housing projects); Md. Prince George’s County Public Schools, First-of-Its-Kind Public-Private Partnership Delivers New Schools for 8K+ Students (Sept. 18, 2023), available at https://www.pgcps.org/offices/communications-and-community-engagement/newsroom/news/newsroom-archives/2023-2024/news-release-first-of-its-kind-public-private-partnership-delivers-new-schools-for-8k-students; Brenton Foundation and Coalition for Local Internet Choice, The Emerging World of Broadband Public-Private Partnerships: A Business Strategy and Legal Guide (May 2017), available at https://www.benton.org/sites/default/files/partnerships_0.pdf; National Science and Technology Council, National Artificial Intelligence Research and Development Strategic Plan May 2023, available at https://www.whitehouse.gov/wp-content/uploads/2023/05/National-Artificial-Intelligence-Research-and-Development-Strategic-Plan-2023-Update.pdf.

    [32]         In 1999, the U.S. General Accounting Office issued a glossary of the most commonly used terms in P3s to facilitate a better understanding of the terms as they are used. See U.S. General Accounting Office, Public-Private Partnerships, Terms Related to Building and Facility Partnerships (Apr. 1999), available at https://www.gao.gov/assets/ggd-99-71.pdf.

    [35]         See, e.g., Dominique Custos & John Reitz, Public-Private Partnerships, 58 Am. J. Comp. L. 555 (2010); NCSL Report; DOT Primer.

    [36]         See generally DOT Primer; DOT Guidebook on Financing.

    [37]         See, e.g., Denver International Airport, Great Hall After-Action Report (Aug. 9, 2022), https://www.flydenver.com/app/uploads/2024/06/greathall_AfterActionReport-2.pdf; Office of the Inspector General, City of Chicago, Report of Inspector General’s Findings and Recommendations: An Analysis of the Lease of the City’s Parking Meters (June 2, 2009), https://igchicago.org/wp-content/uploads/2011/03/Parking-Meter-Report.pdf; State of Texas, State Auditor’s Office, Audit Report on The Department of Transportation and the Trans-Texas Corridor, Report No. 07-015 (Feb. 2007), available at https://sao.texas.gov/reports/main/07-015.pdf.

    [38]         See generally supra note 37. See also Denver International Airport (Great Hall Project), City and County of Denver Auditor, Audit Report Denver International Airport Great Hall Construction (Apr. 20, 2023), available at https://www.flydenver.com/app/uploads/2023/09/greathallconstruction_Auditapril2023-1.pdf; Kevin DeGood, American Progress, When Public-Private Partnerships Fail: A Look at Southern Indiana’s I-69 Project (Feb. 15, 2018), available at https://www.americanprogress.org/article/public-private-partnerships-fail-look-southern-indianas-69-project/; Hearing, California Senate Transportation and Housing Committee, Tolls, User Fees, and Public-Private Partnerships: The Future of Transportation Finance in California? (Jan. 17, 2007), available at https://archive.senate.ca.gov/sites/archive.senate.ca.gov/files/committees/2015-16/stran.senate.ca.gov/sites/stran.senate.ca.gov/files/01-17-07Background.doc; Texas State Auditor’s Office, An Audit Report on The Department of Transportation’s Purchase of the Camino Colombia Toll Road (June 2, 2006), available at https://sao.texas.gov/reports/main/06-041.pdf. Concerns regarding P3s have been raised outside of the United States as well. See, e.g., Office of the Auditor General of Ontario, Annual Report 2014, available at https://www.auditor.on.ca/en/content/annualreports/arreports/en14/2014AR_en_web.pdf; Canadian Centre for Policy Alternatives | Nova Scotia, Many Dangers of Public-Private Partnerships (P3s) in Newfoundland and Labrador (Sept. 2020), available at https://policyalternatives.ca/sites/default/files/uploads/publications/Nova%20Scotia%20Office/2020/10/HiddendangersofP3s.pdf.

    [39]         See generally supra notes 37 and 38.

    [42]         A USP process refers to a proposal submitted by an offeror (often a P3 Consultant but can be any private entity) for a P3 project that is not in response to any RFP/Q issued by a municipal entity, obligated person, or municipal advisor on their behalf.

    [43]         See Municipal Advisor Adopting Release, 78 FR at 67509.

    [44]         See Exchange Act Rule 15Ba1–1(d)(3)(iv) [17 CFR 240.15Ba1-1(d)(3)(iv)]. See also Municipal Advisor Adopting Release for a discussion on the RFP exemption. Municipal Advisor Adopting Release, 78 FR at 67508-67509.

    [45]         See generally Answer to Question 2.1 of the MA FAQ.

    [46]         Id.

    [47]         See Municipal Advisor Adopting Release, 78 FR at 67509.

    [48]         See Exchange Act Section 15B(a)(1)(B) [15 U.S.C. 78o-4(a)(1)(B)].

    MIL OSI USA News –

  • MIL-OSI USA: Quigley Announces More Than $200 Million in Federal Funding for Chicago Transportation

    Source: United States House of Representatives – Representative Mike Quigley (IL-05)

    CHICAGO, IL – Today, U.S. Representative Mike Quigley (IL-05), Ranking Member of the Transportation, Housing and Urban Development Appropriations Subcommittee, announced over $200 million in federal funding through the U.S. Department of Transportation (DOT) Mega Program. With this federal funding, the Illinois Department of Transportation will receive $209,877,984 for the Chicago Region Environmental and Transportation Efficiency (CREATE) Program, aimed at reducing traffic delays, increasing rail junction safety, and improving mobility throughout Chicago. DOT’s Mega Grant Program provides federal funding for large projects of regional significance and is funded through the Infrastructure Investment and Jobs Act.


    “This funding announcement is critical to helping CREATE in their mission to improve rail operations in Chicago for both passengers and freight. As the Ranking Member of the Transportation, Housing and Urban Development Appropriations Subcommittee, I have an in-depth understanding of the needs facing our freight, commuter, and intercity passenger rail,” said Quigley. “Luckily, the CREATE Program has stepped up to the task and broken ground on numerous rail improvement projects throughout the region. In May, I visited their Forest Hill Flyover site, where I witnessed firsthand the efficiency and safety improvements CREATE is making. From adjacent neighborhoods to the nation’s supply chain, I know that the benefits of this funding will extend far beyond Chicago’s city limits.”

    The CREATE Program brings together the City of Chicago, the State of Illinois, the U.S. Department of Transportation, Metra, Amtrak, and the nation’s freight railroads in a partnership to eliminate transit bottlenecks, boost the economy, and improve overall safety of the Chicagoland area. Today’s announced funding will advance the 75th Street Corridor Improvement Project, a three-mile elevated rail corridor on Chicago’s South Side, which approximately 90 freight trains and 30 Metra commuter trains use daily. In 2018, Quigley worked to secure $132 million through the Infrastructure for Rebuilding America (INFRA) grant program to help get the project off the ground. The project will reconfigure track segments and signals at Belt Junction, add a third track to the Norfolk Southern line, replace and restore 14 aging bridge and viaduct structures, and implement mobility improvements on surface streets throughout the corridor. In addition to the creation of the 75th Street Flyover, the 75th Street Corridor Project includes the 71st Street Grade Separation, Belt Junction and 80th Street Junction Replacements, and Rock Island Connection projects.

    MIL OSI USA News –

  • MIL-OSI Security: Man Sentenced for Multimillion-Dollar Scheme to Defraud Factoring Companies

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    ATLANTA – Micky Lee Wagner, also known as “Clifton Leigh Wagner Martin,” “Mickey Lee Wagner,” “Leigh Wagner,” “Michy Wagner,” “Lee Wagner,” and “Dr. Leigh,” has been sentenced to federal prison for operating a scheme to defraud factoring companies of more than $5 million while using stolen identities.

    “Wagner has an extensive history of devising schemes to take advantage of unsuspecting businesses and individuals,” said U.S. Attorney Ryan K. Buchanan. “Thanks to the diligence of our federal law enforcement partners at FBI, a measure of justice has been achieved that will also prevent Wagner from victimizing others.”

    “Wagner took great measures to create the fraudulent billing scheme to use these companies like his personal ATM,” said FBI Atlanta Special Agent in Charge Keri Farley. “His actions not only harmed businesses, but also the victims of his identity theft. Wagner will now have several years behind bars to consider the impact of his actions.”        

    According to U.S. Attorney Buchanan, the charges and other information presented in court: Wagner was the owner and CEO of Right Step Staffing, Inc., in Atlanta, Georgia. Right Step Staffing was purportedly a personnel staffing company that provided temporary employees to other businesses. Wagner used stolen identities to create a false impression that he had workers; then he falsely claimed that his staffing company provided temporary workers to major businesses, including Kroger Distribution, Material in Motion, Duracell, and Clorox. But Right Step Staffing had no relationship with those businesses.

    Based on Wagner’s misrepresentations, a factoring company in Fort Lauderdale, Florida entered into a contract with Right Step Staffing to purchase its accounts receivable to collect money on outstanding invoices that businesses supposedly owed to Right Step Staffing for temporary workers. Factoring companies advance funds through these kinds of arrangements so that staffing companies can meet their payroll obligations in a timely fashion.

    To further the fraud, Wagner deceived the factoring company by providing them with fraudulent customer contracts, when in fact, Right Step Staffing had no agreements with the businesses. Wagner also provided the factoring company with email addresses that supposedly belonged to representatives of the businesses, as a means to confirm that Right Step Staffing supplied employees to their businesses. The email addresses appeared similar to the real businesses’ email addresses but were deceptively created by Wagner to defraud the factoring company. 

    After entering into the agreement, Right Step Staffing sent fraudulent invoices to the factoring company claiming that it had provided temporary workers to the businesses. These invoices totaled over $6 million during a several-month period, resulting in actual payments of more than $5 million to Wagner.

    Wagner spent the fraudulent proceeds from the scheme to purchase real estate, a café, multiple luxury vehicles, plastic surgery, and a Royal Caribbean cruise, and he also diverted a substantial amount of cash for his personal use.

    After his indictment in July 2022, Wagner fled to Kansas City, Missouri, where he evaded arrest for nearly a year. In July 2023, FBI agents arrested Wagner as he was leaving a residence in Kansas City. Also after his indictment in July 2022, Wagner defrauded another factoring company based in Minnesota. He stole more than $750,000 from that business. Wagner unsuccessfully attempted to defraud other factoring companies around the same time. Wagner has multiple prior felony convictions, including a prior federal fraud conviction from 2001. He fled Kansas City while on supervised release for that conviction.

    Micky Lee Wagner, 57, of Atlanta, Georgia, and Kansas City, Missouri, was sentenced by U.S. District Judge J. P. Boulee to seven years, 10 months in prison to be followed by three years of supervised release. He was also ordered to pay restitution in the amount of $3,092,512.88. Wagner was convicted of wire fraud and aggravated identity theft on April 24, 2024, after he pleaded guilty.

    This case was investigated by the Federal Bureau of Investigation.

    Assistant U.S. Attorneys Stephen H. McClain and Sekret T. Sneed prosecuted the case.

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6016.  The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI –

  • MIL-OSI Security: Crisp County Residents Plead Guilty in Armed Methamphetamine Trafficking Case

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    ALBANY, Ga. – Two Southwest Georgia residents with criminal pasts pleaded guilty to federal charges resulting from an armed drug trafficking investigation conducted by local, state and federal level law enforcement agencies.

    Justin Harris Vinson, 42, of Warwick, Georgia, pleaded guilty to one count of distribution of methamphetamine on Sept. 17 and co-defendant Shana Rae Black, 34, of Cordele, Georgia, pleaded guilty to one count of distribution of methamphetamine on Aug. 15. Both defendants are facing a mandatory minimum of ten years up to a maximum of life imprisonment to be followed by at least five years of supervised release and a $10 million fine. Chief U.S. District Judge Leslie Gardner is presiding over the cases. The sentencing dates will be determined by the Court. There is no parole in the federal system.

    “Repeat convicted felons who illegally arm themselves and distribute the most highly addictive and dangerous drugs into our communities will face federal consequences for these crimes,” said U.S. Attorney Peter D. Leary. “Our office is working closely with local, state and federal law enforcement agencies to identity those individuals creating the most havoc in the Middle District of Georgia and hold them accountable for their crimes.”

    “Drug traffickers drive addiction and destroy communities,” Robert J. Murphy, Special Agent in Charge of the DEA Atlanta Division stated. “DEA will use any resource necessary to remove these career criminals from our streets.”

    “Methamphetamine is a highly addictive drug with devastating consequences to users, their families and communities,” said Supervisory Senior Resident Agent Richard Bilson of FBI Atlanta’s Albany office. “This prosecution closes a pipeline for dangerous drugs flowing into the streets of Southwest Georgia.”  

    “We are committed to holding those who traffic methamphetamine accountable,” said GBI Director Chris Hosey. “Collaborating closely with state, local and federal law enforcement agencies, we will work to ensure justice and dismantle these dangerous networks.”

    “I am incredibly proud of our agency’s relentless efforts and the strong collaboration with our local and federal partners. Methamphetamine trafficking brings dangerous consequences to our community, often resulting in tragedy and loss of life. This case highlights our dedication to safeguarding the community and demonstrates the powerful results we achieve through collaboration,” stated Crisp County Sheriff Billy Hancock.

    According to court documents and statements referenced in court, a confidential informant (CI) working with the Crisp County Sheriff’s Office (CCSO) contacted Black on Facebook to obtain methamphetamine on Oct. 27, 2022. Black sold the CI approximately 111 grams of methamphetamine at a Perry, Georgia, motel; the CI reported there was a pistol on a nightstand in the motel room, next to a bulk quantity of methamphetamine. On Oct. 31, an undercover Georgia Bureau of Investigation (GBI) agent contacted Black to purchase methamphetamine and met her at the Walmart in Cordele. Under audio and video surveillance, the GBI agent purchased methamphetamine from Black.

    On Nov. 2, FBI, DEA and GBI agents met with another CI to purchase methamphetamine from Vinson. Under surveillance, Vinson met the CI at his Warwick residence and traveled with Vinson to the Sunrise Inn in Cordele to meet with Black. During the transaction, Black provided 284.4 grams of methamphetamine and collected the majority of the cash payment for the drugs, with Vinson keeping $300 as a brokering fee. Vinson was seen with a firearm during the transaction.

    On Nov. 7, CCSO and GBI arrested Black in Crisp County as she traveled in a vehicle back from McDonough, Georgia.  A search of the vehicle revealed Black was in possession of 982.7 grams of 97% pure methamphetamine, 15.89 grams of 91% pure methamphetamine, a digital scale and several cell phones. GBI executed a search warrant on the Baymont Inn motel room in Cordele where Black was staying and found a 9mm semiautomatic pistol, a small bag of suspected methamphetamine, four digital scales and bulk quantities of plastic baggies. Black’s cell phones showed extensive communications between her and known drug dealers.

    On Jan. 22, 2023, Vinson purchased 15 ounces of methamphetamine in Cordele and sold 277 grams of 98% pure methamphetamine to a CI utilized by GBI in Warwick. During the transaction, the CI observed Vinson place a firearm in the center console of his vehicle. A search warrant was executed at Vinson’s residence on Jan. 26, 2023. Law enforcement located a semiautomatic pistol in his bedroom, along with five other firearms inside of an open safe. Vinson told officers he had been selling methamphetamine in the South Georgia and North Florida area his entire life and that during the peak of COVID in 2020, he would sell approximately three kilograms of methamphetamine per week for six months.

    Vinson has a prior felony conviction in Lee County, Georgia, Superior Court for possession with intent to distribute methamphetamine. Black also has a prior felony conviction in Jones County, Georgia, Superior Court for possession with intent to distribute methamphetamine.

    This case was investigated by FBI, DEA, GBI and the Crisp County Sheriff’s Office.

    Assistant U.S. Attorney Matthew Redavid is prosecuting the case for the Government.

    MIL Security OSI –

  • MIL-OSI USA: Casey Pushes for Confidential Briefing on Questions Related to Charleroi Pyrex Plant

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    In letter to Senate Finance Committee Chair, Senator Casey asked for a confidential briefing from the Federal Trade Commission about the failed acquisition of Charleroi plant by private equity company that preceded eventual takeover by Anchor Hocking

    Anchor Hocking has since announced plans to close the plant, threatening over 300 jobs in Charleroi

    Casey: ‘Shutting down this factory will not only cost over 300 hardworking Pennsylvanians their jobs, but for a community of over 4,000 residents—it will be devasting to morale and to all the families who call Charleroi ‘home’”

    Washington, D.C. – Today, U.S. Senator Bob Casey, member of the Senate Finance Committee, sent a letter to Senate Finance Committee Chair Senator Ron Wyden to request a confidential briefing from the Federal Trade Commission (FTC) on questions concerning Anchor Hocking’s assumption of control over the Pyrex manufacturing operation in Charleroi. Specifically, Casey requested a briefing on the failed acquisition of Instant Brands’ Houseware division, which included the Charleroi plant, by Centre Lane Partners during Instant Brands’ chapter 11 bankruptcy proceedings in 2023. After the failed acquisition, a Centre Lane company, Anchor Hocking, assumed control of the Charleroi Pyrex plant and is now planning to close the facility.

    “After this failed acquisition, I have been informed that Anchor Hocking, a Centre Lane company, assumed control over the Charleroi Pyrex plant in March.  This raises questions, especially given the subsequent actions taken by Anchor Hocking,” wrote Senator Casey. “Earlier this month, Anchor Hocking informed the over 300 employees at the Charleroi plant that it would be closing the factory’s doors after 132 years of operations. Glass manufacturing in Charleroi has a proud legacy, and this plant has served as the backbone of this community for generations. Shutting down this factory will not only cost over 300 hardworking Pennsylvanians their jobs, but for a community of over 4,000 residents—it will be devasting to morale and to all the families who call Charleroi ‘home.’”

    Immediately upon learning of Anchor Hocking’s plans to close the plant on September 5th, Senator Casey’s office reached out to the plant’s union leadership and Charleroi Borough officials, connecting them with federal and state authorities. Casey’s office also helped convene a task force of county commissioners, borough officials, and local economic development leaders. Casey’s staff also alerted the White House Interagency Working Group on Coal and Power Plant Communities and Economic Revitalization to the situation, leading to a plant visit by federal officials on September 11th. On September 19th, Senator Casey sent a letter to Anchor Hocking’s CEO demanding an explanation for the closure and urging the company to reconsider its actions.

    Casey has long been a fierce advocate for Mon Valley workers and businesses. Last year, Casey successfully advocated for the inclusion of the Monongahela and Allegheny Rivers as part of the U.S. Marine Highway System, which opened up new federal opportunities along the corridors that can benefit local Southwestern Pennsylvania communities like Charleroi. In November 2023, Casey pushed to increase and diversify the flow of American-made goods along major Southwestern Pennsylvania waterways. Earlier this year, he secured language in the FY 2024 spending bill l directing the Interagency Working Group on Coal and Power Plant Communities and Economic Revitalization to convene stakeholders to discuss waterway freight diversification and economic development in the Ohio, Allegheny, and Monongahela River Corridor. This task force will help connect riverfront communities with federal resources from laws like the Infrastructure Investment and Jobs Act and the Inflation Reduction Act.

    Read the full letter HERE and below:

    September 20, 2024

    The Honorable Ron Wyden

    Chairman

    Committee on Finance

    United States Senate

    Washington, DC 20510

    Dear Chairman Wyden:

    I write to request that you, as Chairman of the Senate Committee on Finance, request a confidential briefing from the Federal Trade Commission (FTC) for both our offices on the failed acquisition of Instant Brands’ housewares division—including the Pyrex manufacturing operation in Charleroi, Pennsylvania—by the private equity firm, Centre Lane Partners (“Centre Lane”) during Instant Brands’ chapter 11 bankruptcy proceedings in 2023, and any other actions the FTC has considered related to this facility.

    After this failed acquisition, I have been informed that Anchor Hocking, a Centre Lane company, assumed control over the Charleroi Pyrex plant in March.[1] This raises questions, especially given the subsequent actions taken by Anchor Hocking.  Earlier this month, Anchor Hocking informed the over 300 employees at the Charleroi plant that it would be closing the factory’s doors after 132 years of operations.[2] Glass manufacturing in Charleroi has a proud legacy, and this plant has served as the backbone of this community for generations. Shutting down this factory will not only cost over 300 hardworking Pennsylvanians their jobs, but for a community of over 4,000 residents—it will be devasting to morale and to all the families who call Charleroi “home.”

    Yesterday, I sent a letter to the Anchor Hocking CEO demanding answers on how Anchor Hocking came to control the Charleroi Pyrex plant, as well as his decision to close it.[3] With the livelihoods of hundreds of Pennsylvanians hanging in the balance, however, we must have all the information available to demand answers and exhaust all federal avenues to fight for these Pennsylvania workers.

    Pursuant to the Hart-Scott-Rodino Act’s disclosure clause,[4] I understand the sensitivity of such matters, and I can assure you that neither I nor my staff will disclose any non-public information provided during the briefing. Thank you for your assistance in this matter.

    [1] https://www.monvalleyindependent.com/2024/09/06/glass-making-is-important-part-of-charlerois-history/

    [2] https://www.cbsnews.com/pittsburgh/news/charleroi-glassmaking-plant-shutting-down/

    [3] https://www.casey.senate.gov/news/releases/casey-to-ceo-keep-glass-plant-jobs-in-charleroi

    [4] 15 U.S.C. § 18a(h)

    MIL OSI USA News –

  • MIL-OSI USA: Casey, Fetterman, Scanlon, Boyle, Evans Secure More than $217 Million for PhilaPort

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    Funding will expand port to increase shipping capacity and efficiency

    Washington, D.C. – Today, U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) and U.S. Representatives Mary Gay Scanlon (D-PA-5), Dwight Evans (D-PA-3), and Brendan Boyle (D-PA-2) announced the Philadelphia Regional Port Authority (PhilaPort) is receiving a total of $217,000,000 in funding to expand the operational capacity of the SouthPort terminal. The operational expansion will create a new space for ships and expand onloading and offloading capacity and efficiency. This award is from the National Infrastructure Project Assistance (MEGA) Program, which was created and funded by the Infrastructure Investment and Jobs Act (IIJA).

    “The infrastructure law is helping the port transport more goods, which will create good jobs in Southeastern Pennsylvania. This game-changing investment in PhilaPort will ensure that the port remains a critical force in the Nation’s supply chain and the Commonwealth’s economy.” said Senator Casey. “I will always fight to improve our shipping hubs to ensure that the Commonwealth’s waterways boost economic growth and create and sustain good jobs.”

    “I’m proud to see this $217 million funding coming to the SouthPort terminal. By expanding the terminal and increasing capacity, the Department of Transportation is investing in Pennsylvania as a leader in trade and infrastructure and supporting the communities that rely on these jobs every day. I thank the Biden-Harris Administration for their continued investment in Pennsylvania’s future,” said Senator Fetterman.  

    “The Port of Philadelphia is a critical driver of good-paying jobs for our regional economy. I’m so pleased to see this critical funding coming to our region to bring more cargo to the Port,” said Representative Scanlon.

    “This funding will improve Philadelphia port infrastructure and will allow greater efficiency in handling and transporting goods. Most of all, this funding will create jobs by increasing trade, and enhancing global competitiveness. Philadelphia ports must always be kept updated and modernized to remain competitive in both the regional and global supply chain economy,” said Congressman Boyle.

    “I was proud to vote for the Biden-Harris administration’s infrastructure and jobs law, and it’s again delivering for Philadelphia and the region with $217 million in federal funding – that is a major investment in our future!” said Congressman Evans.

    The $217,200,000 investment from the U.S. Department of Transportation (DOT) is made possible by the Infrastructure Investment and Jobs Act (IIJA). This funding will expand the port’s operational capacity by creating more space to for vessels to dock at the port and increasing on and offloading efficiencies. Specifically, this funding will support the construction of a second berth which will improve the port’s ability to on and offload goods from ships. Additionally, the funding will support infill construction, which will expand the port by approximately ten acres. This port expansion will ensure that the port can remain a competitive and efficient shipping hub.

    MIL OSI USA News –

  • MIL-OSI Economics: W&T Offshore Issues 2023 Corporate Sustainability Report

    Source: W & T Offshore Inc

    Headline: W&T Offshore Issues 2023 Corporate Sustainability Report

    HOUSTON, Sept. 19, 2024 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company” or “W&T”) today announced that the Company has issued its 2023 Corporate Environmental, Social, and Governance (“ESG”) report, which is now available on W&T’s website, www.wtoffshore.com, under the “Corporate Responsibility” tab.

    Tracy W. Krohn, Chairman and CEO, commented, “We continue to demonstrate our commitment to a high quality, comprehensive ESG effort by issuing our 2023 ESG report. This is our fourth sustainability report and we continue to make strides regarding shareholder rights, board structure and oversight, human rights, labor, health and safety and environmental initiatives. We are constantly improving our capabilities to better allow us to report on an increasing number of SASB standards and GRI standards for the oil and gas sector. W&T’s culture of success and sustainability is built on environmental stewardship, sound corporate governance, and contributing positively to our employees and the communities where we work and operate. In 2023, we added a new Board member, Dr. Nancy Chang, who is the chair of our Environmental, Safety and Governance committee that oversees our ESG efforts. We believe that Dr. Chang will help guide our continuous improvement and assist us in our commitment to the highest standards of ESG and corporate governance. We invite you to review this report to learn more about our sustainability program and our plans for improvement in the future.”

    The 2023 ESG report provides detailed information about W&T’s sustainability initiatives and provides important ESG performance data for the five year period from 2019 through 2023.

    Highlights of the report include:

    • Decreased total Scope 1 GHG emissions 26% from over 435,000 metric tons of CO2-e in 2019 to 325,000 metric tons of CO2-e in 2023;
    • Decreased scope 1 GHG production intensity by 42% across the past five years;
    • Maintained detailed efforts and procedures in place to estimate and track all waste management that is recycled, injected, or sent to landfills;
    • Continued reaching out and engaging directly with W&T’s largest shareholders, affirming our commitment to shareholders and ensuring alignment over the long-term; and
    • Established an ESG Committee, chaired by Dr. Nancy Chang, which will assist in setting the Company’s general strategy relating to ESG matters and in developing, implementing, and monitoring initiatives and policies based on that strategy.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. As of June 30, 2024, the Company had working interests in 63 fields in federal and state waters (which include 55 fields in federal waters and eight in state waters). The Company has under lease approximately 678,100 gross acres (520,400 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 519,000 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    CONTACTS: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released September 19, 2024

    MIL OSI Economics –

  • MIL-OSI USA: Iowa DOT Awarded Over $68 Million for Southwest Mixmaster Project

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    BUTLER COUNTY, IOWA – U.S. Sen. Chuck Grassley (R-Iowa) is announcing the Iowa Department of Transportation (IDOT) secured $68,662,000 to reconstruct the I-80, I-35 and I-235 interchange in Des Moines. The U.S. Department of Transportation will administer the awards through its Mega Grant Program, which is funded by the Grassley-backed Infrastructure Investment and Jobs Act (IIJA).
    “This interchange has held up for many decades under significant traffic volume. But it’s past time for a revamp to enhance efficiency and ensure drivers’ safety. These federal dollars will help get the millions of people who pass through our capital city each year where they want to go,” Grassley said. “I voted for the Bipartisan Infrastructure Law with Iowa’s future in mind, and I’m glad our state is seeing a return on that investment.” 
    These federal resources will enable IDOT to reduce congestion and increase navigability at the interchange, where reports indicate nearly 1,000 crashes occurred between 2018 and 2022.  
    Specific construction projects include: 
    New flyover bridges from southbound I-25/80 to eastbound I-235 and to westbound I-80; 
    A new bridge on westbound I-235; and 
    An additional lane on eastbound I-235 between 50th Street and Valley West Drive. 
    -30-

    MIL OSI USA News –

  • MIL-OSI Australia: Joint statement: Australia-New Zealand Closer Economic Relations Ministerial meeting in Rotorua

    Source: Minister for Trade

    1. New Zealand Minister for Trade Hon Todd McClay hosted Australian Minister for Trade and Tourism Senator the Hon Don Farrell in Rotorua on 21 September, for the annual Closer Economic Relations Ministerial meeting.
    2. Ministers acknowledged the New Zealand-Australia relationship is built upon shared history, democratic values, a common outlook as Pacific countries, and most of all on generations of deep friendship and close cooperation – we are family. Our economies are two of the most closely integrated in the world, underpinned by our extensive people-to-people ties, strong collaboration between our private and public sectors, and deep levels of trust embedded across our two governments.
    3. Ministers recognised we face an evolving geo-economic global environment with increasing strategic competition and rapid technological change. They affirmed New Zealand and Australia are fundamentally strategically aligned in our assessment of the challenges faced and committed to working in lockstep to advance our shared trade and economic interests.
    4. Ministers discussed the impact of the current geostrategic environment on the global trading system and economic security. They reaffirmed their commitment to promoting open, diversified, rules-based trade, including through support for efforts to reform and strengthen the multilateral trading system, with the World Trade Organization (WTO) at its core. They reaffirmed the importance of our existing commitments and shared architecture as foundations to address the challenges and opportunities ahead.
    5. Ministers reaffirmed their commitment to Pillar One of the Trans-Tasman Roadmap to 2025: building productive, prosperous and sustainable economies that are fit for the future, and improve the lives of Australians and New Zealanders.
    6. Ministers celebrated the benefits that the Australia-New Zealand Closer Economic Relations Trade Agreement (CER) has brought to both sides of the Tasman over 41 years, reflected in the sixfold growth in trade flows since 1983 and tripling of two-way direct investment since 2001. Our bilateral trade is more diverse and multi-sectoral than with any other partners. CER remains a world-class agreement. The secret of CER’s success is our willingness to consistently add to it, ensuring it remains fit for purpose. This is reflected in the more than 80 supplementary bilateral treaties, protocols and other arrangements that together provide the framework for our trade relationship.
    7. Our economic integration is underpinned by an active Single Economic Market (SEM) agenda. Now in its twentieth year, the SEM has delivered significant wins for our people and businesses, ranging from superannuation portability to a common approach to electronic invoicing. Ministers welcomed both Prime Ministers’ enthusiasm for achieving more integration through the SEM, discussed during the 2024 Australia New Zealand Leaders’ Meeting in August. Ministers reiterated that rapid technological changes, as well as geo-economic competition, were fundamentally reshaping the economic landscape. They noted the need for further work to modernise the SEM, in line with the Prime Ministers’ direction, including to ensure we are:
    8. expanding the SEM agenda to emerging sectors of the economy;
    9. taking active and concerted steps to ensure our economic resilience; and
    10. considering how to position the SEM within the economic evolution underway across the wider region.
    11. To support an ambitious work programme for future economic integration and resilience, Ministers welcomed continued regular strategic trade and economic dialogue between senior officials from the New Zealand Ministry of Foreign Affairs and Trade and the Australian Department of Foreign Affairs and Trade.
    12. Ministers welcomed the opportunity they had to engage with the Australia New Zealand Leadership Forum (ANZLF) during their time in Rotorua, as a useful opportunity to hear directly from the business community about its priorities for the trans-Tasman trade relationship. Ministers welcomed the strategic refresh of the ANZLF. They noted the SEM agenda was at its most productive when it was informed by practical feedback from the business community.
    13. In addition, Ministers supported the Prime Ministers’ commitment to reinvigorate the Trans-Tasman Mutual Recognition Arrangement (TTMRA). The TTMRA underpins the seamless market for goods and the mutual recognition of occupational registration across the Tasman. Ministers welcomed the reestablishment of regular official-level exchanges to progress TTMRA coordination and acknowledged the important work underway by relevant agencies to action the joint work plan to enhance standards harmonisation and regulatory coherence. Ministers noted the importance of ensuring that businesses, as well as New Zealand, Commonwealth, State and Territory government agencies, were aware of the TTMRA, and – in particular – its application to the regulation of the sale of goods.
    14. Ministers agreed on the importance of addressing non-tariff barriers, noting that these barriers of shared concern can impose significant costs on our respective exporting communities.
    15. Ministers discussed forestry matters, including opportunities to further cooperate in support of sustainable timber trade.
    16. Ministers were in alignment that digital trade should be a continued focus of the New Zealand and Australia economic relationship and emphasised the importance of working together, including in international fora, to secure high ambition outcomes to streamline trade, especially for the benefit of micro, small and medium enterprises.
    17. Ministers welcomed the outcomes of the Australia-New Zealand 2+2 Climate and Finance Ministers’ Dialogue held on 30 July. They reinforced the importance of collaborating to achieve our climate goals, address shared challenges, and grasp the economic opportunities that come with the transition to a net zero future. Streamlining the regulatory environment to support the net zero transformation, together with practical clean energy and sustainable finance policies will encourage trans-Tasman investment in the net zero transition and seamless trade into the future.
    18. Ministers directed officials to coordinate on Australia’s Future Made in Australia agenda and New Zealand’s plan to rebuild its economy, to ensure that this work collectively supported jobs, productivity, prosperity, and economic resilience in the international move to net zero and a changing global economic and strategic landscape. They highlighted the important contribution trans-Tasman trade and investment makes to achieving our economic goals.
    19. Ministers acknowledged the work of the Trans-Tasman Seamless Travel Group and its vision for easier travel between Australia and New Zealand while ensuring the highest levels of security at our borders. They noted the initiatives underway to enhance the traveller experience, including Australia’s trialling of digital incoming passenger cards and New Zealand upgrading eGates. Making trans-Tasman travel even more seamless will support the exchange of our tourists, students and business people.
    20. Ministers reaffirmed the importance of members accepting the WTO Agreement on Fisheries Subsidies to accelerate its entry into force and the need for members to conclude negotiations on additional provisions to secure a comprehensive fisheries subsidies agreement as soon as possible. Ministers recognised the need for all WTO Members to work towards a meaningful outcome on agriculture reform at MC14, in line with Article 20 of the Agreement on Agriculture.
    21. Ministers agreed on the importance of APEC as an incubator of ideas and as a norm setting body. They reaffirmed the shared commitment to work with APEC economies to pursue a free, open, sustainable, inclusive and predictable trade and investment environment in the region, including through initiatives such as paperless trade, minimising unnecessary obstacles to trade arising from non-tariff measures and ensuring the benefits of trade and investment extend to all including women and Indigenous Peoples. Ministers also agreed to work together to advance implementation of the Indigenous Peoples Economic and Trade Cooperation Arrangement (IPETCA).
    22. Minister McClay welcomed Australia as the incoming Chair of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2025, and both Ministers reiterated that CPTPP welcomes the interest of and remains open to accession by economies that can satisfy the three Auckland Principles, namely: preparedness to meet the Agreement’s high standards; a demonstrated pattern of complying with trade commitments; and recognition that decisions are dependent on the consensus of the CPTPP Membership.
    23. This commitment to regional economic integration and the rules-based global trading system is reflected in Australia and New Zealand’s continued collaboration via the Agreement establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) and the Regional Comprehensive Economic Partnership (RCEP). Ministers looked forward to the forthcoming entry into force of the upgraded AANZFTA with enhanced rules and opportunities in services, investment and digital trdae. Ministers celebrated the continuing success of Australia and New Zealand’s co-funded Regional Trade for Development (RT4D) initiative to support AANZFTA and RCEP implementation in partnership with ASEAN Member States.
    24. Ministers acknowledged Australia and New Zealand continue to work closely together to support the implementation of the Indo-Pacific Economic Framework (IPEF). They reaffirmed their commitment to concluding negotiations of the IPEF Trade Agreement as expeditiously as possible and welcomed recent meetings to operationalise key bodies under the IPEF Supply Chain Agreement. They welcomed New Zealand’s ratification of the IPEF Agreements on Supply Chains, the Clean Economy and the Fair Economy, and Australia’s substantial progress towards completing ratification. Ministers emphasised the importance of tangible outcomes on IPEF to support a prosperous, resilient, and inclusive Indo-Pacific region.
    25. Ministers reaffirmed Australia and New Zealand share a vision for a peaceful, prosperous, and resilient Pacific. This year, alongside the bilateral meeting, Ministers invited Fiji’s Deputy Prime Minister and Minister for Trade Hon Manoa Kamikamica for trilateral talks to discuss priority trade issues, including PACER Plus. Australia and New Zealand see PACER Plus, the largest and most comprehensive trade agreement in the Pacific region, as an important mechanism for working with our partners to deepen economic integration and resilience across the Pacific.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Financial services growing apace

    Source: Hong Kong Information Services

    Associate Director-General of Investment Promotion Charles Ng says Hong Kong’s financial services sector is currently undergoing accelerated growth, thanks to the ongoing recovery seen in the city’s overall economy, as well as favourable government policies.

    In the first eight months of this year, Invest Hong Kong (InvestHK) assisted 40 companies in the financial sector in setting up or expanding their operations in Hong Kong, a 60% increase compared to the same period last year.

    Half of these companies are from Mainland China, followed by the US, the UK, Switzerland, Luxembourg, France, Malaysia, and five other economies.

    The scope of the companies covers a broad spectrum, but a sizeable 14 among them provide asset management services. This aligns with Hong Kong’s position as Asia’s leading asset and wealth management hub and offers further demonstration that the city remains the region’s premier global financial centre.

    Hong Kong’s unique geographical location and the advantages it enjoys under “one country, two systems” are hugely appealing to investors and companies.

    Mr Ng noted an increasing trend among Mainland companies of using Hong Kong as a platform to expand their global reach. Complementing this, he said, firms from overseas markets continue to leverage Hong Kong to enter the Chinese market, particularly that of the Greater Bay Area.

    “Through our international network, we are exploring strategies to help Mainland or overseas companies already established in Hong Kong tap into emerging markets, such as the Middle East and countries along the Belt & Road Initiative.”

    Wealth management hub

    Hong Kong’s capital markets, boasting a total market capitalisation of about US$5 trillion, are among the most vibrant and liquid in the world. The city is also Asia’s biggest global offshore wealth management centre, and the second largest in the world behind Switzerland.

    Furthermore, it has the highest number of ultra-high-net-worth individuals (UHNWIs) of any Asian city. 

    Hong Kong’s asset and wealth management business was worth HK$31.2 trillion at the end of 2023. Mr Ng said it now stands as the second largest cross-border wealth management centre globally, and is poised to become the largest booking centre for wealth management business by 2027.

    Noting that investors across the globe are seeking better returns by allocating capital to alternative asset classes such as private equity, hedge funds and more, he added that alternative investments in Hong Kong are experiencing extraordinary growth.

    Outside of the Mainland, Hong Kong has the largest number of hedge funds and the biggest private equity market in Asia.

    Hong Kong also serves as the largest offshore renminbi centre, and its RMB liquidity pool, exceeding RMB600 billion, is the world’s largest outside of the Mainland.

    Enabling growth

    The Hong Kong Special Administrative Region Government is committed to attracting global investment through various initiatives, including tax concessions for private equity funds and relaxed listing rules for pre-revenue biotech and specialist technology companies.

    Hamilton Lane, a distinguished leader in alternative asset management, has announced the establishment of its first Hong Kong Limited Partnership Fund, further solidifying its presence in Asia. The company manages approximately US$130 billion in discretionary assets and US$810 billion in non-discretionary assets.

    Having opened its inaugural Asian office in Hong Kong in 2009, Hamilton Lane is poised to celebrate its 15th anniversary in the region this month.

    Shannon Chow, Managing Director and Head of Greater China Client Solutions at Hamilton Lane, remarked: “Our Hong Kong office has operations in asset management and client solutions. If you ask me whether Hong Kong is our inaugural office in Asia, the answer is yes. We are very pleased to have this office in the heart of Hong Kong to expand our business further in Asia.”

    Ms Chow also expressed her admiration for the InvestHK team, acknowledging its dedication and strenuous efforts in promoting the family office sector, and praised the Hong Kong SAR Government’s successful initiatives aimed at enhancing the city’s talent pool.

    According to Ms Chow, one of Hong Kong’s key advantages is its low tax rates, which underpin the development of alternative investment companies and other industries.

    She stated: “Hong Kong is renowned for having some of the lowest tax rates in the global market, which significantly helps in the development of these sectors.”

    Furthermore, she noted, “Hong Kong possesses a robust and skilled talent pool, which is vital for our operations.”

    The Hong Kong SAR Government, Ms Chow highlighted, has launched various initiatives to attract talent, fostering an environment that draws professionals from around the world.

    “These programmes allow overseas individuals and those from Mainland China to work in Hong Kong, making Hong Kong their home.”

    In addition to Mainland talent moving to Hong Kong, many businesses from the Mainland are also choosing to expand their operations in the city. A notable example is Guolian Securities International, which is headquartered in Jiangsu Province. The company established a presence in Hong Kong in 2019, and engages in both wealth management and investment banking.

    Franklin Yang, CEO of Guolian Securities International, highlighted the numerous advantages Hong Kong offers, stating: “There are many benefits to operating in Hong Kong, both from a policy-making perspective and in terms of the advantages it provides within Greater China.”

    He also stressed that the city’s commendable education system contributes to a pool of graduates proficient in both English and Mandarin, making it easier to attract top talent for larger-scale deals.

    Mr Yang emphasised Hong Kong’s unique position in the financial industry, remarking: “Guolian takes full advantage of Hong Kong’s status as a financial capital. We attract many reputable companies from Mainland China, who either list on the Hong Kong Stock Exchange or engage in merger and acquisition activities here.”

    He added, with optimism: “I believe Guolian can bring more capital into these markets.”

    As Hamilton Lane continues to expand its operations and Guolian Securities International consolidates its offerings, Hong Kong remains a pivotal hub for financial services in the region, attracting businesses and talent alike.

    Targeting wealthy individuals

    To draw UHNWIs to the city, the Hong Kong SAR Government has introduced measures to enhance offerings for global wealth owners and promote the development of family offices.

    “Hong Kong’s family office sector is flourishing, with more than 2,700 single-family offices,” Mr Ng explained.

    Over the past year, facilitating measures have been implemented to support the business development of family offices.

    “As of end-May this year, we have assisted 89 family offices to set up or expand their operations in Hong Kong and more than 130 family offices indicated that they had decided or were preparing to set up or expand their operations in Hong Kong.”

    The New Capital Investment Entrant Scheme (CIES) is another vital initiative that is contributing to Hong Kong’s status as a leading financial hub. Under the scheme, high-net-worth individuals (HNWIs) can settle in the city if they invest a minimum of HK$30 million here, with a portion being directed towards companies and projects with a Hong Kong nexus.

    “When HNWIs choose to invest through the New CIES, they create a demand for financial services, further strengthening the city’s reputation as a premier destination for wealth management and investment.”

    Highlighting the scheme’s appeal, Mr Ng said that since its launch in March, the scheme had received over 5,000 enquiries and more than 500 applications.

    The insurance sector is another important pillar of Hong Kong’s financial industry, with the city housing around 160 authorised insurers, including six of the world’s top 10, as of July. Hong Kong has also achieved exceptional insurance density, ranking first in Asia and second globally for insurance premiums per capita as of the end of last year.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Audience with members of the Italian Financial Police on the occasion of the 250th anniversary of its founding

    Source: The Holy See

    Audience with members of the Italian Financial Police on the occasion of the 250th anniversary of its founding, 21.09.2024
    This morning, in the Vatican Apostolic Palace, the Holy Father Francis received in audience the members of the Italian Financial Police on the occasion of the 250th anniversary of the founding of the Corps, to whom he delivered the following address:

    Address of the Holy Father
    Mr. Minister,
    Mr. General,
    Your Excellency and dear Chaplains,
    Dear Members of the Financial Police,
    I welcome you with pleasure: I saw you this morning when you were entering here. I greet the Minister of Economy and Finance, the Commander General and all the officials. I greet and thank the Bishop Military Ordinary and the chaplains.
    “In tradition, the future”. This is the motto of your 250th anniversary. In tradition there is the future. It refers to the roots that led to the founding of the Italian Financial Police, and gave a direction for growth. Born as a special Corps for financial surveillance and border defence, it has taken on the tasks of tax and economic-financial police, and sea policing, with an important mission in the field of rescue, both at sea and in the mountains. A historical reminder of this commitment is the help offered to Jewish refugees and the persecuted during the two great world wars.
    A vast sphere of intervention, therefore, which aims to respond to problems with the tangibility of presence and timely action, while at the same time conveying a cultural alternative to certain evils that threaten to contaminate society.
    Your Patron is Saint Matthew – today is his feast day – apostle and evangelist. Indeed, he was a “publican”, a tax collector, an occupation doubly despised in Jesus’ time, because it was subservient to imperial power, and because it was corrupt. I like to go to the church of the French to see that painting by Caravaggio, “The conversion of Matthew”, which symbolizes this so deeply. He represented a utilitarian and unscrupulous mentality, devoted only to the “god of money”.
    In our times too, a similar logic affects social life, causing imbalances and marginalization: from food wastage – but this is a scandal, food wastage is a scandal! – from this waste, to the exclusion of citizens from benefiting from some of their rights. Even the State can end up a victim of this system; including those States that have vast resources but remain isolated in terms of finance or the global market. How does one explain hunger in the world today, when there is so, so much waste in developed societies? It is terrible. And another thing: if the production of weapons were to cease for a year, world hunger would end. Better to have weapons than solve hunger… Even the State can fall victim to this system: even those States which, despite having resources, as I said, remain isolated.
    In this panorama, you are required to contribute to the justice of economic relationships, verifying compliance with the rules that govern the activities of individuals and businesses. Therefore, you oversee the duty of every citizen to contribute to the needs of the State according to equitable criteria, without favouring the strongest, and you counter the inappropriate use of the internet and social networks. With regard to both tax collection and the fight against undeclared and underpaid work – this is a scandal – or in any case work that is detrimental to human dignity, your action is of paramount importance.
    And all this is your concrete and daily way of serving the common good, of being close to the people, of fighting corruption and promoting legality. That corruption that takes place under the table, no?
    The word ‘corrupt’ “is reminiscent of the broken heart, stained by something, the ruined heart. […] Corruption reveals an anti-social conduct so strong that it dissolves the validity of the relationships and pillars on which a society is founded”. Therefore, the answer, the alternative does not lie in norms alone, but in a “new humanism”.[1] To re-found humanity.
    The gaze of Jesus, placed on the young Matthew, says that the dignity and the life of man are the heart of the life of a people. You can contribute to the emergence of this new humanism also through your work in the service of the young people who apply to enter the Financial Police Corps and attend its schools. Initially they are perhaps looking only for a job, but they then find a specific training, which not only provides them with indispensable knowledge and experience, but also becomes education for life and the common good.
    Matthew, in a certain sense, moved from the logic of profit to that of equity. But, in the school of Jesus, he also went beyond equity and justice and came to know gratuitousness, the gift of self that generates solidarity, sharing, inclusion. Gratuitousness is not just a financial dimension, it is a human dimension. Entering into the service of others, freely, without seeking profit for oneself. Because while justice is necessary, justice is not enough to fill those gaps that only gratuitousness, charity and love can heal.
    You experience this, for example, when you organize the reception and rescue of migrants in danger in the Mediterranean: thank you for this, thank you. Or in your courageous interventions in the event of natural disasters, in Italy and elsewhere. But think of the fight against the scourge of drug trafficking, the merchants of death. Your service does not end with protection of the victims, but includes the attempt to help the rebirth of those who do wrong: indeed, by acting with respect and moral integrity you can touch consciences, showing the possibility of a different life.
    In this way to one can and must construct an alternative to the globalization of indifference – the globalization of indifference: provide an alternative to this – this globalization of indifference, which not only destroys with violence and war, but also neglects social care and the environment. In effect, the wealth of a nation is not solely in its GDP; it resides in its natural, artistic, cultural and religious heritage – and in the smile of its inhabitants, its children. Once, a head of State said to me: “I have a special measurement: the smile of children and the elderly. When both of them smile, things are not going too badly in a society”. It is curious, this … and this favours creativity, openness to the world. You yourselves are citizens who safeguard this “wealth” of Italy, but are ready to go on international missions. There is a need for this impetus to solidarity towards the other as a way to peace and as a hope for a better future!
    Brothers and sisters, I congratulate you, because you cooperate to foster the confidence and hope of the people. This people, that is all of us. And to nurture confidence, hope, smiles. I come back to this: the thermometer is, do the children smile? Do the elderly smile? Don’t forget. And this important anniversary fits well with the theme of the Jubilee that the Church is preparing to celebrate, which is “Pilgrims of Hope”. I bless you from my heart, I bless your work and families. Please, do not lose your sense of humour, please! This is healthy! And I ask you, please, to pray for me. Thank you.

    _____________________________________________________
    [1] Preface in Peter Turkson, Corrosion: combatting corruption in the Church and in society, Bologna 2017.

    MIL OSI Europe News –

  • MIL-OSI Security: Former FAA Contractor Indicted for Illegally Acting as an Agent of the Iranian Government

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

    Note: View the indictment here. 

    Former Federal Aviation Administration contractor, Abouzar Rahmati, 42, a naturalized U.S. citizen and resident of Great Falls, Virginia, was indicted for acting and conspiring to act as an agent of the Iranian government in the United States without prior notice to the Attorney General. He made his initial appearance in the District of Columbia today this afternoon.

    According to the indictment, from at least December 2017 through June 2024, Rahmati conspired with Iranian government officials and intelligence operatives to act on their behalf in the United States, including by meeting with Iranian intelligence officers in Iran, communicating with coconspirators using a cover story to hide his conduct, obtaining employment with an FAA contractor with access to sensitive non-public information, and obtaining open-source and non-public materials about the U.S. solar energy industry and providing it to Iranian intelligence.  

    “As alleged, the defendant conspired with Iranian officials and intelligence operatives, even lying to obtain employment as a U.S. government contractor only to then share sensitive government materials with Iran,” said Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division. “When undisclosed agents of Iran or any other foreign government seek to infiltrate American companies or government agencies, the Justice Department will use every available tool to identify them and bring them to justice.”  

    “This defendant is charged with infiltrating a U.S. agency with the intent of providing Iran with sensitive information vital to our national security,” said U.S. Attorney Matthew M. Graves for the District of Columbia. “Thanks to the great work of the FBI and the FAA’s investigators, this defendant was stopped in his tracks and a known adversary’s plot was exposed.”

    “This indictment describes the reprehensible actions of an individual who allegedly betrayed his country by transferring sensitive U.S. information to a foreign power. This alleged betrayal not only undermines our national security but also puts U.S. jobs and livelihoods at risk,” said Executive Assistant Director Robert Wells of the FBI’s National Security Branch. “We will not tolerate any actions that compromise U.S.-based sensitive information and are committed to ensuring that justice is served swiftly and decisively.”

    According to the indictment, from June 2009 to May 2010, Rahmati served as a First Lieutenant in the Islamic Revolutionary Guard Corps (IRGC) — an Iranian military and counterintelligence organization under the authority of the Supreme Leader of Iran. After being discharged from the IRGC, Rahmati lied to the United States government regarding his military service with the IRGC in order to, among other things, gain employment as a U.S. government contractor.

    In August 2017, Rahmati offered his services to the Iranian government through a senior Iranian government official who previously worked in Iran’s Ministry of Intelligence and Security and with whom Rahmati had previously attended university. Four months later, in December 2017, Rahmati traveled to Iran, where he met with Iranian intelligence operatives and government officials and agreed to obtain information about the U.S. solar energy industry, to provide that information to Iranian officials, and to conduct future communications under a cover story based on purported discussions about research with fellow academics.

    After Rahmati returned to the United States in December 2017, he obtained various non-public and open-source materials related to the U.S. solar energy industry and provided them to an Iranian government official. Rahmati also applied for multiple positions with private companies and U.S. government entities that would provide him with access to sensitive information, eventually obtaining a position with U.S. Company 1 supporting the FAA on a contract related to the power and electrical architecture of the FAA’s National Airspace System (NAS). After Rahmati obtained the position, he informed an Iranian intelligence officer that he was “in the process of moving to and joining a new company” and that they could “work more effectively if it is finalized.”

    In response to tasking from Iranian officials, and in furtherance of his agency relationship with the Government of Iran, Rahmati exploited his employment with U.S. Company 1 by downloading sensitive non-public U.S. Company 1 documents related to the FAA, storing them on removable media, and taking them to Iran, where he provided the documents to the Government of Iran in April 2022. These included documents related to the NAS that would give a person unfamiliar with NAS facility engineering a reasonable understanding of how the NAS power and electrical architecture is configured.

    After he returned to the United States in April 2022, in response to tasking from Iranian government officials, Rahmati sent additional information relating to solar energy, solar panels, the FAA, U.S. airports, and U.S. air traffic control towers to his brother, a co-conspirator, so that he would provide those files to Iranian intelligence on behalf of Rahmati.

    The FBI Washington Field Office is investigating the case. FAA’s Office of Counterintelligence and Technical Operations provided significant assistance.

    Assistant U.S. Attorneys Christopher Tortorice and Kimberly Paschall for the District of Columbia and Trial Attorneys Beau Barnes and Alexander Wharton of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case. The U.S. Attorney’s Office for the Eastern District of Virginia provided significant assistance. 

    MIL Security OSI –

  • MIL-OSI: 2024 New Energy Industry Development Conference & Invest in Changzhou Conference took place

    Source: GlobeNewswire (MIL-OSI)

    CHANGZHOU, China, Sept. 27, 2024 (GLOBE NEWSWIRE) —

    On September 26, the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference kicked off, gathering academicians, experts, domestic and international business representatives, and financial institutions to discuss collaboration and development.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    A total of 42 representative projects were signed, with a total investment of 39.7 billion yuan, including 9 foreign-funded projects worth 1.16 billion USD. Ten provincial financial institutions signed key financing projects with a credit amount reaching 120 billion yuan.

    Changzhou has pioneered the establishment of a complete industrial ecosystem encompassing generation, storage, transmission, application, and networking in the new energy sector. From January to August this year, Changzhou produced nearly 680,000 new energy vehicles, ranking first in investment enthusiasm nationwide. The solar photovoltaic industry is among the largest in the country, and the completeness of the power battery industry chain stands at 97%, the highest in China, significantly contributing to the high-quality development of the new energy industry.

    Changzhou has been recognized as “China’s Capital of New Energy.” This title reflects the city’s commitment to building a world-class new energy industry cluster while adapting to new circumstances, enhancing its hard and soft power, and accelerating the progress of new industrialization. It represents the future of China’s new energy industry and showcases a green, efficient, innovative, and collaborative industrial image, shaping a vibrant “New Changzhou.”

    Since 2022, Hurun Research Institute has consistently published the list of cities with high concentration in the new energy industry. At the conference, the 2024 Hurun China New Energy Industry Concentration Cities list was released, with Changzhou ranking third, maintaining the top position in investment enthusiasm for three consecutive years. Four new energy enterprises from Changzhou made it to the global unicorn list.

    In the latest Hurun World 500, five companies related to new energy were included, three of which are from China: CATL, BYD, and Li Auto, all of which have chosen to invest in Changzhou. South Korea is a key source of foreign investment for the city, with 326 well-known Korean enterprises established in Changzhou. Major projects, including the ArcelorMittal soft magnetic project and the 3 billion yuan Li Auto component base project, are being launched, with Changzhou attracting a total of 10.59 billion yuan in foreign investment since 2020.

    During the conference, 30 enterprises were awarded for their significant contributions to Changzhou’s social development, industrial upgrading, foreign trade, and technological innovation. To foster an open environment, Changzhou also released a multilingual guide for foreign personnel.

    In today’s world, green, low-carbon, and sustainable development are paramount. Changzhou is implementing a series of strategic collaborations, innovation platforms, and national events to promote industrial integration and innovation. The second Energy Electronics Industry Innovation Competition was launched on-site, alongside the signing of a strategic cooperation agreement to support Changzhou’s new industrialization. The Jiangsu Advanced Power and Energy Storage Battery Technology Innovation Center was also inaugurated.

    To promote investment and development in future industries, Changzhou established the largest new energy mother fund in Jiangsu Province, totaling 5 billion yuan. Additionally, several other funds were signed, including a 2 billion yuan Yangtze River Delta Hard Technology Scientists Fund and a 1.68 billion yuan Yuanzheng Venture Capital Fund, amounting to a total of 6.305 billion yuan.

    Changzhou aims to enhance its industrial development capabilities and cultural soft power, actively promoting the integration of “Vehicle, Energy, Road, and Cloud.” The city is rolling out pilot projects for near-zero carbon parks and smart microgrids, encouraging the development of new business models such as virtual power plants and load aggregators, striving to become a national carbon peak pilot city.

    Looking ahead, Changzhou will expand its new energy landscape, accelerate entry into smart networking and low-altitude economy industries, and unveil investment opportunities in nine fields, including synthetic biology, new energy vehicles, and hydrogen energy.

    Source: The Organizing Committee of 2024 New Energy Industry Development Conference & Invest in Changzhou Conference

    The MIL Network –

  • MIL-OSI China: China leverages stimulus measures to steer economy

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

    BEIJING, Sept. 27 — China’s central bank on Friday cut the reserve requirement ratio (RRR) for financial institutions by 0.5 percentage points and lowered the seven-day reverse repo interest rate by 20 basis points, enhancing policy support to solidify economic operations.

    From Friday, the weighted average RRR for lenders will be approximately 6.6 percent, but those that have already implemented a 5 percent RRR will not be involved, according to a statement from the People’s Bank of China.

    The move followed an RRR cut of 0.5 percentage points in February. The 1-percentage-point RRR reduction so far this year is expected to provide about 2 trillion yuan (about 285.3 billion U.S. dollars) in long-term liquidity for the financial market.

    The seven-day reverse repo interest rate, a key short-term policy rate, was lowered from 1.7 percent to 1.5 percent on Friday, according to the central bank. The decrease was the largest in nearly four years.

    The move aims to intensify the counter-cyclical adjustment of monetary policy and support the country’s stable economic growth, according to the central bank.

    The seven-day reverse repo interest rate has fallen by a cumulative 30 basis points so far this year.

    The simultaneous cuts to the RRR and policy rate reflect the central bank’s determination to adhere to a supportive monetary policy with strengthened intensity and more targeted regulation, as well as its concrete efforts to help the country meet major annual economic and social development targets, experts have said.

    China seeks to expand its economy by approximately 5 percent year on year in 2024. The country’s GDP expanded by 5 percent in the first half of the year.

    The policy moves followed a crucial meeting convened by the Political Bureau of the Communist Party of China Central Committee on Thursday, which called for intensified efforts in economic work, including the implementation of substantial interest rate cuts and the promotion of the property market’s stabilization.

    It was noted at the meeting that the fundamentals of the Chinese economy remain unchanged, as do its favorable conditions, including a vast market, strong economic resilience and great potential.

    However, the meeting said it is necessary to take a comprehensive, objective and sober view of the current economic situation, face the difficulties squarely, and remain confident.

    The central bank’s Friday announcement maintained policy intensity, consolidated the foundation for the stable, sustained development of the capital market, and provided sufficient impetus for healthy, upward market development, said Dong Ximiao, chief researcher at Merchants Union Consumer Finance Company Limited.

    China’s stock market has been on an upward streak in recent days, with heavy trading fueled by the broader-than-expected policy package to prop up the economy.

    The benchmark Shanghai Composite Index closed at 3,087.53 points on Friday, a 12.81 percent weekly gain. The Shenzhen Component Index soared 17.83 percent this week to close at 9,514.86 points.

    On Friday alone, the combined turnover of the two indices neared 1.45 trillion yuan, surpassing the 1-trillion-yuan mark for a third consecutive day.

    The ChiNext Index, which tracks China’s Nasdaq-style board of growth enterprises, jumped 10 percent to close at 1,885.49 points on Friday.

    On Tuesday, the country’s central bank, top securities regulator and financial regulator announced a raft of monetary stimuli, property market supports and capital market strengthening measures to be implemented in the near future to boost the country’s high-quality economic development.

    These policy measures include an RRR reduction for banks and a mortgage rate reduction for existing homes, as well as the introduction of new monetary programs to boost the capital market.

    Pan Gongsheng, governor of the central bank, said that the RRR may be lowered by a further 0.25 to 0.5 percentage points within the year, depending on the liquidity situation.

    The country unveiled a set of guidelines on Wednesday to promote sufficient high-quality employment, stressing the importance of promoting reasonable increases in remuneration for labor and expanding the coverage of social insurance.

    Experts say they expect the implementation of the policy package to galvanize the economic rebound.

    These recent policy measures, combined with more effective fiscal policy support, will help sustain the rebound in economic growth for the remainder of the year, UBS economist Wang Tao noted.

    Liang Si, a researcher at the Bank of China’s research institute, said the loan prime rates will likely be lowered following the seven-day reverse repo interest rate cut, which will reduce the financing costs of enterprises and the housing burden faced by residents.

    When the decreased mortgage rates on existing home loans and the reduced minimum down payment ratio for second homes come into effect, the burden of residential mortgages will be eased and demand for housing will be boosted to contribute to the speedy recovery of the real estate market, Liang said.

    The combination of monetary policy tools will increase financial support for the real economy, effectively boost market confidence and expectations, and create a sound monetary and financial environment for economic recovery, Dong said.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: FS concludes visit to UK (with photos/video)

    Source: Hong Kong Government special administrative region

         â€‹The Financial Secretary, Mr Paul Chan, continued his visit to London, the United Kingdom (UK), yesterday (September 27, London time). In the morning, he attended a roundtable meeting organised by The CityUK, an industry-led body representing UK-based financial services. He engaged in in-depth discussions with over 20 leaders from the UK’s financial community. At the meeting, Mr Chan briefed participants on the economic situation in Hong Kong, and highlighted that the city’s financial markets are undergoing continuous reforms and innovations, with good progress achieved in the stock market, asset and wealth management, offshore renminbi business, green finance, fintech, etc. He said the Hong Kong Special Administrative Region Government is actively working to reinforce and enhance Hong Kong’s status as an international financial centre, and he looks forward to strengthening co-operation with the UK financial sector to promote mutual development.

         Mr Chan then attended a luncheon hosted by the Hong Kong Association of the UK, where he delivered a speech to about 150 guests from the UK political and business communities. He said that with the solid support of the Central Authorities, Hong Kong’s economy is steadily advancing, and the city is fully committed to promoting the development of the “Eight Centres”. He emphasised that financial services and innovation and technology are the city’s key future dual economic engines. Citing green finance as an example, Mr Chan highlighted that Hong Kong is developing itself into an international green tech and green finance centre; where the city fully supports the development of technologies in addition to green and sustainable financing. Hong Kong is also actively aligning with international green standards, including developing green classification frameworks, and pressing ahead with sustainability disclosure requirements in financial reporting. Mr Chan also introduced the four main areas of innovation and technology development in Hong Kong and explained how the Hong Kong Investment Corporation Limited, as “patient capital,” can leverage capital to guide more long-term private market investments into strategic industries, accelerating the development of its ecosystem.

         Mr Chan will leave London today (September 28, London time) and arrive in Hong Kong in the afternoon of September 29.            

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Chinese tea chain Chagee uses Hong Kong to raise international brand image (with photos)

    Source: Hong Kong Government special administrative region

         â€‹Invest Hong Kong (InvestHK) announced that the Chinese tea chain Chagee officially opened its first store in Hong Kong today (September 28), leveraging the city’s status as an international financial centre and business hub to further enhance its brand awareness globally.
          
         Associate Director-General of Investment Promotion Dr Jimmy Chiang welcomed the opening of Chagee in Hong Kong. He said, “The city has been a springboard for Mainland enterprises to go global. Together with its strategic location and international business environment, it makes an ideal place for Chagee to expand globally. I wish it every success in Hong Kong and beyond.”
          
         Located in an art shopping mall in Tsim Sha Tsui, the new store offers Chagee’s original milk tea products with raw-leaf tea and fresh milk. One of its signature products is Jasmine green milk tea with accumulated sales exceeding 600 million cups worldwide. The Operation Director of Hong Kong and Macau, Mr Rex Ho, said the company will keep on celebrating friendships around the world through its Chinese tea in Hong Kong.
          
         Mr Ho said, “The brand concept of Chagee is ‘Modern Oriental Milk Tea’. We hope to promote and spread traditional Chinese tea culture to the world, provide premium tea drinks to consumers in the Asia-Pacific region, and raise brand awareness globally by establishing our presence in Hong Kong.”
          
         He added, “Hong Kong as an international financial centre and business hub has a diverse and international market with consumers from around the world. It helps us test and adapt our products to different cultural backgrounds and consumption habits, providing a solid foundation for our brand to expand globally.”
          
         Chagee opened its first store in Yunnan, the hometown of tea leaves, in 2017. Since then, it has expanded into Southeast Asia with stores in Malaysia, Singapore, Thailand and more. Currently, it has over 5 000 stores globally.
          
         For more information about Chagee, please visit chagee.com.hk/zh-hk.
              
         To get a copy of the photos, please visit www.flickr.com/photos/investhk/albums/72177720320625182.      

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Cassidy Discusses Historic Tax Credit, Affordable Housing in New Orleans

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    METAIRIE – This morning, U.S. Senator Bill Cassidy, M.D. (R-LA) had a conversation with attendees at the Novogradac Housing Tax Credits and Bond Conference in New Orleans. They discussed what it will take to preserve tax credits that make it easier to provide affordable housing and renovate historic buildings.

    “Investing in small towns and big cities in Louisiana and elsewhere makes our cities more livable, our communities more beautiful, and creates jobs,” said Dr. Cassidy.
    As part of the Tax Cuts and Jobs Act of 2017, Senator Cassidy preserved the Historic Tax Credit. According to the National Trust for Historic Preservation, the credit returns $1.20 in tax revenue for every dollar invested. Nationwide, it has created 3.2 million jobs and preserved more than 49,000 buildings. In Louisiana between Fiscal Years 2001 and 2023, it has supported over 90,000 jobs for over 1,000 projects.
    Cassidy is also a cosponsor of the Affordable Housing Credit Improvement Act, which would rename and strengthen the low-income housing tax credit to make housing more affordable.
    Cassidy was welcomed to the conference by Mr. Michael Novogradac, the managing partner of Novogradac and Company, LLP, who spearheaded the event.
    “We appreciate Senator Cassidy’s ongoing support of the Historic Tax Credit, which allows business leaders to renovate and repurpose historic buildings to restore beauty and provide housing or places to eat and shop at, as well as the Housing Credit, which is responsible for financing nearly all affordable rental housing in Louisiana and nationwide,” said Mr. Novogradac. “Cassidy is a champion for these efforts, and we are grateful for his leadership and for his attendance at our event today.”

    MIL OSI USA News –

  • MIL-OSI USA: California Man Charged in Complaint Alleging He Injured Five People in Bomb Attack in Lobby of County Courthouse

    Source: US State of California

    A California man was charged today in a federal criminal complaint alleging he committed a bomb attack at a courthouse in Santa Maria, California, on Wednesday, in which at least five people were injured.

    Nathaniel James McGuire, 20, of Santa Maria, is charged with maliciously damaging a building by means of explosive.

    McGuire, who was arrested Wednesday shortly after the attack, is expected to make his initial appearance today in U.S. District Court in downtown Los Angeles.

    “This defendant will now face justice in federal court for his alleged attack that injured at least five people and struck fear across a county courthouse and an entire community,” said Attorney General Merrick B. Garland. “Attacks on our public institutions and on public servants threaten the safety of our communities and the rule of law itself. Such attacks will not be tolerated by the Justice Department.”

    According to an affidavit filed with the complaint, on Sept. 25, McGuire entered a courthouse of Santa Barbara County Superior Court and threw a bag into the lobby. The bag exploded and McGuire left the courthouse on foot. The explosion injured at least five people who were present at the courthouse at that time.

    Shortly thereafter, McGuire was apprehended and detained by law enforcement officials as he was trying to access a red Ford Mustang car parked outside the building. McGuire allegedly yelled that the government had taken his guns and that everyone needed to fight, rise up, and rebel.

    Inside the car, a deputy saw ammunition, a flare gun, and a box of fireworks. A search of the car revealed a shotgun, a rifle, more ammunition, a suspected bomb, and 10 Molotov cocktails. Law enforcement later rendered the bomb safe.

    A search of McGuire’s residence revealed an empty can with nails glued to the outside, a duffel bag containing matches, black powder, used and unused fireworks, and papers that appeared to be recipes for explosive material.

    “This defendant’s alleged misconduct was chilling,” said U.S. Attorney Martin Estrada for Central District of California. “Not only did he injure five people and traumatize many more, but he possessed a cache of weapons that would have allowed him to wreak even greater destruction had he not been stopped. Attacks on our courts, law enforcement officers, and other public servants are unacceptable, and it is critical that those who carry out such assaults be prosecuted to the fullest extent.”

    “The idea of intentionally setting off an explosive device to do harm and avoid justice in the process shocks the conscience,” said Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office. “Make no mistake, we are committed to holding McGuire accountable for this blatant act of violence. As always, we encourage the public to remain vigilant and to promptly report suspicious activities which could represent a threat to public safety.”

    “This was a shocking and unprecedented crime in our county, but, in spite of its audacity, the security of the Santa Maria courthouse was maintained,” said Sheriff Bill Brown of Santa Barbara County. “The suspect was swiftly apprehended by a court security officer, a sheriff’s deputy, two California Highway Patrol officers, and a district attorney’s investigator; we are proud of their resolute actions that almost certainly prevented further violence. We are also grateful for the substantial investigative assistance that has been provided by our colleagues with the Federal Bureau of Investigation, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and from U.S. Attorney Martin Estrada and his office.”

    If convicted, McGuire faces a mandatory minimum penalty of seven years in prison and a maximum penalty of 40 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The FBI and Santa Barbara County Sheriff’s Office are investigating the case.

    Assistant U.S. Attorneys Mark Takla and Kathrynne N. Seiden for the Central District of California are prosecuting this case with substantial assistance from Trial Attorney Patrick Cashman of the Justice Department’s National Security Division.

    A complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 

    MIL OSI USA News –

  • MIL-OSI Security: California Man Charged in Complaint Alleging He Injured Five People in Bomb Attack in Lobby of County Courthouse

    Source: United States Department of Justice Criminal Division

    A California man was charged today in a federal criminal complaint alleging he committed a bomb attack at a courthouse in Santa Maria, California, on Wednesday, in which at least five people were injured.

    Nathaniel James McGuire, 20, of Santa Maria, is charged with maliciously damaging a building by means of explosive.

    McGuire, who was arrested Wednesday shortly after the attack, is expected to make his initial appearance today in U.S. District Court in downtown Los Angeles.

    “This defendant will now face justice in federal court for his alleged attack that injured at least five people and struck fear across a county courthouse and an entire community,” said Attorney General Merrick B. Garland. “Attacks on our public institutions and on public servants threaten the safety of our communities and the rule of law itself. Such attacks will not be tolerated by the Justice Department.”

    According to an affidavit filed with the complaint, on Sept. 25, McGuire entered a courthouse of Santa Barbara County Superior Court and threw a bag into the lobby. The bag exploded and McGuire left the courthouse on foot. The explosion injured at least five people who were present at the courthouse at that time.

    Shortly thereafter, McGuire was apprehended and detained by law enforcement officials as he was trying to access a red Ford Mustang car parked outside the building. McGuire allegedly yelled that the government had taken his guns and that everyone needed to fight, rise up, and rebel.

    Inside the car, a deputy saw ammunition, a flare gun, and a box of fireworks. A search of the car revealed a shotgun, a rifle, more ammunition, a suspected bomb, and 10 Molotov cocktails. Law enforcement later rendered the bomb safe.

    A search of McGuire’s residence revealed an empty can with nails glued to the outside, a duffel bag containing matches, black powder, used and unused fireworks, and papers that appeared to be recipes for explosive material.

    “This defendant’s alleged misconduct was chilling,” said U.S. Attorney Martin Estrada for Central District of California. “Not only did he injure five people and traumatize many more, but he possessed a cache of weapons that would have allowed him to wreak even greater destruction had he not been stopped. Attacks on our courts, law enforcement officers, and other public servants are unacceptable, and it is critical that those who carry out such assaults be prosecuted to the fullest extent.”

    “The idea of intentionally setting off an explosive device to do harm and avoid justice in the process shocks the conscience,” said Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office. “Make no mistake, we are committed to holding McGuire accountable for this blatant act of violence. As always, we encourage the public to remain vigilant and to promptly report suspicious activities which could represent a threat to public safety.”

    “This was a shocking and unprecedented crime in our county, but, in spite of its audacity, the security of the Santa Maria courthouse was maintained,” said Sheriff Bill Brown of Santa Barbara County. “The suspect was swiftly apprehended by a court security officer, a sheriff’s deputy, two California Highway Patrol officers, and a district attorney’s investigator; we are proud of their resolute actions that almost certainly prevented further violence. We are also grateful for the substantial investigative assistance that has been provided by our colleagues with the Federal Bureau of Investigation, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and from U.S. Attorney Martin Estrada and his office.”

    If convicted, McGuire faces a mandatory minimum penalty of seven years in prison and a maximum penalty of 40 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The FBI and Santa Barbara County Sheriff’s Office are investigating the case.

    Assistant U.S. Attorneys Mark Takla and Kathrynne N. Seiden for the Central District of California are prosecuting this case with substantial assistance from Trial Attorney Patrick Cashman of the Justice Department’s National Security Division.

    A complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 

    MIL Security OSI –

  • MIL-OSI USA: Shipping Companies Sentenced to $2M Criminal Penalty for Concealing Oil Discharge

    Source: US State of California

    Two corporations that operated the motor tanker P/S Dream — Prive Overseas Marine LLC and Prive Shipping Denizcilik Ticaret — were sentenced yesterday in federal court in New Orleans to pay a $2 million criminal penalty and complete four years of probation. The companies pleaded guilty in May to charges of conspiracy, obstruction of justice and violating the Act to Prevent Pollution from Ships (APPS). The court sentenced the P/S Dream’s Captain, Abdurrahman Korkmaz, on Sept. 10 to eight months in prison for an APPS offense and obstructing the U.S. Coast Guard’s investigation.

    The charges pertain to the investigation of the P/S Dream vessel when it was heading to New Orleans in January 2023. Senior corporate managers were aware that Korkmaz had arranged to discharge oil-contaminated waste from a residual tank on deck into the ocean. The captain ordered the crew to pump the waste overboard and clean the tank with soap. The seamen rigged a portable pump to empty the contents overboard over three days. The defendants falsified the vessel’s oil record book by omitting the discharge.

    One of the crew members alerted the Coast Guard and shared videos of the discharge and resulting oil sheen. When the ship arrived in Louisiana, another crew member came forward and gave the Coast Guard a recording of an officer discussing the discharge.

    The falsified logs, presented to the Coast Guard during its inspection, were intended to conceal the fact that the crew had dumped oil-contaminated waste overboard in violation of MARPOL Annex I, an international treaty regulating oil pollution from ships. Corporate representatives at Prive Shipping were aware that the oil-contaminated waste remained in the tank and were informed by the ship’s master that it had been dumped overboard.

    The $2 million criminal penalty includes $500,000 in organizational community service payments that will fund various maritime environmental projects in the Eastern District of Louisiana. Those projects will be managed by the congressionally established National Fish & Wildlife Foundation.

    Captain Korkmaz is a Turkish national. Prive Overseas Marine is based in Dubai and Prive Shipping is headquartered in Turkey. As a condition of probation, the corporations must also adhere to an environmental compliance plan mandating audit, safety and inspection requirements over the next four years.

    Assistant Attorney General Todd Kim of the Justice Department’s Environment and Natural Resources Division and U.S. Attorney Duane A. Evans for the Eastern District of Louisiana made the announcement.

    The Coast Guard Investigative Service and EPA Criminal Investigations Division investigated the case with assistance from Coast Guard Sector New Orleans.

    Senior Litigation Counsel Richard A. Udell and Senior Trial Attorney Ryan Connors of the Environment and Natural Resources Division’s Environmental Crimes Section and Assistant U.S. Attorneys G. Dall Kammer and Christine M. Calogero for the Eastern District of Louisiana prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: FS speaks to UK business sector

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan spoke to the UK’s political and business communities to promote Hong Kong as he attended a roundtable meeting and a luncheon in London on the final leg of his visit.

    Mr Chan joined a roundtable meeting organised by The CityUK, an industry-led body representing UK-based financial services, for in-depth discussions with over 20 leaders from the British financial community.

    In addition to briefing participants on Hong Kong’s economic situation, he highlighted that Hong Kong’s financial markets are undergoing continuous reforms, with good progress achieved in the stock market, asset and wealth management, offshore renminbi business, green finance and fintech.

    As the Hong Kong Special Administrative Region Government is actively working to reinforce Hong Kong’s status as an international financial centre, Mr Chan said he looked forward to strengthening co-operation with the UK financial sector to promote mutual development.

    After the meeting, the Financial Secretary attended a luncheon hosted by the Hong Kong Association of the UK and delivered a speech to about 150 guests from the British political and business circles.

    Mr Chan said that with the support of the central authorities, Hong Kong’s economy is steadily advancing, giving full commitment to promoting the development of the “eight centres”, with financial services and innovation and technology as the key dual economic engines.

    The finance chief also noted that Hong Kong is developing into an international green tech and green finance centre where the development of technologies as well as green and sustainable financing are fully supported.

    Hong Kong is actively aligning with international green standards, including developing green classification frameworks and pressing ahead with sustainability disclosure requirements in financial reporting, he added.

    The finance chief also introduced the four main areas of innovation and technology development in Hong Kong, and explained how the Hong Kong Investment Corporation, as “patient capital”, can guide more long-term private market investments into strategic industries.

    Mr Chan will arrive back in Hong Kong tomorrow afternoon.

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Florida Financial Advisor Charged with Promoting Illegal Tax Shelter, Stealing Clients’ Funds and Money Laundering

    Source: United States Attorneys General 7

    A federal grand jury in Gulfport, Mississippi, returned an indictment, unsealed yesterday, charging a Florida financial advisor with a years-long scheme to promote and operate an illegal tax shelter, stealing some of his clients’ funds and money laundering.

    According to the indictment, Stephen T. Mellinger III, of Florida, was a securities broker, financial advisor and insurance salesman. Beginning in late 2013, Mellinger allegedly conspired with several others to defraud the IRS by promoting an illegal tax shelter.

    Mellinger allegedly instructed clients participating in the shelter, including clients in Mississippi, to transfer money to a company controlled by Mellinger or his co-conspirators in the amount they wished to claim as a deduction on their tax returns. The conspirators then allegedly returned the money to a bank account that clients controlled less a percentage fee that they charged for their services. Even though tax shelter clients received their money back, Mellinger allegedly directed them to claim the transfer to the company as a deduction on their tax returns, and to label the deduction as a “royalty” payment. Mellinger allegedly earned more than $3 million in fees from the shelter.

    Also, in January 2016, the federal government allegedly seized funds from some of Mellinger’s clients, who were engaged in a scheme to defraud health care benefit programs, including TRICARE, the U.S. Department of Defense’s health care benefit program. Mellinger conspired with a close relative to take advantage of the seizure to steal some of the money that those clients had transferred through the tax shelter. Mellinger then allegedly laundered the stolen funds, which he knew were proceeds of healthcare fraud. Ultimately, he allegedly used some of the funds he stole from his clients to buy a home in Delray Beach, Florida.

    Mellinger was charged with conspiracy to defraud the United States, aiding in the preparation of false tax returns, conspiracy to commit wire fraud, conspiracy to commit money laundering and money laundering. If convicted, Mellinger faces a maximum penalty of five years in prison for conspiring to defraud the IRS, a maximum penalty of three years in prison for each substantive count of aiding in the preparation of false tax returns, a maximum penalty of 20 years in prison for conspiring to commit wire fraud, a maximum penalty of 20 years in prison for conspiring to commit money laundering and a maximum penalty of 20 years in prison for each substantive count of money laundering. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Todd W. Gee for the Southern District of Mississippi made the announcement.

    IRS Criminal Investigation and Defense Criminal Investigative Service are investigating the case.

    Trial Attorneys William Montague, Richard J. Hagerman and Matthew Hicks of the Tax Division, Assistant U.S. Attorney Charles W. Kirkham for the Southern District of Mississippi and Trial Attorneys Emily Cohen and Jasmin Salehi Fashami of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) are prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Security: Shipping Companies Sentenced to $2M Criminal Penalty for Concealing Oil Discharge

    Source: United States Attorneys General 7

    Two corporations that operated the motor tanker P/S Dream — Prive Overseas Marine LLC and Prive Shipping Denizcilik Ticaret — were sentenced yesterday in federal court in New Orleans to pay a $2 million criminal penalty and complete four years of probation. The companies pleaded guilty in May to charges of conspiracy, obstruction of justice and violating the Act to Prevent Pollution from Ships (APPS). The court sentenced the P/S Dream’s Captain, Abdurrahman Korkmaz, on Sept. 10 to eight months in prison for an APPS offense and obstructing the U.S. Coast Guard’s investigation.

    The charges pertain to the investigation of the P/S Dream vessel when it was heading to New Orleans in January 2023. Senior corporate managers were aware that Korkmaz had arranged to discharge oil-contaminated waste from a residual tank on deck into the ocean. The captain ordered the crew to pump the waste overboard and clean the tank with soap. The seamen rigged a portable pump to empty the contents overboard over three days. The defendants falsified the vessel’s oil record book by omitting the discharge.

    One of the crew members alerted the Coast Guard and shared videos of the discharge and resulting oil sheen. When the ship arrived in Louisiana, another crew member came forward and gave the Coast Guard a recording of an officer discussing the discharge.

    The falsified logs, presented to the Coast Guard during its inspection, were intended to conceal the fact that the crew had dumped oil-contaminated waste overboard in violation of MARPOL Annex I, an international treaty regulating oil pollution from ships. Corporate representatives at Prive Shipping were aware that the oil-contaminated waste remained in the tank and were informed by the ship’s master that it had been dumped overboard.

    The $2 million criminal penalty includes $500,000 in organizational community service payments that will fund various maritime environmental projects in the Eastern District of Louisiana. Those projects will be managed by the congressionally established National Fish & Wildlife Foundation.

    Captain Korkmaz is a Turkish national. Prive Overseas Marine is based in Dubai and Prive Shipping is headquartered in Turkey. As a condition of probation, the corporations must also adhere to an environmental compliance plan mandating audit, safety and inspection requirements over the next four years.

    Assistant Attorney General Todd Kim of the Justice Department’s Environment and Natural Resources Division and U.S. Attorney Duane A. Evans for the Eastern District of Louisiana made the announcement.

    The Coast Guard Investigative Service and EPA Criminal Investigations Division investigated the case with assistance from Coast Guard Sector New Orleans.

    Senior Litigation Counsel Richard A. Udell and Senior Trial Attorney Ryan Connors of the Environment and Natural Resources Division’s Environmental Crimes Section and Assistant U.S. Attorneys G. Dall Kammer and Christine M. Calogero for the Eastern District of Louisiana prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Africa: 60 Years of Making a Difference: Mozambique Showcases African Development Bank’s Impactful Partnership

    Source: Africa Press Organisation – English (2) – Report:

    MAPUTO, Mozambique, September 28, 2024/APO Group/ —

    The African Development Bank Mozambique Country Office (www.AfDB.org) held a special ceremony on Monday to celebrate the institution’s 60th anniversary in Maputo, showcasing decades of partnership and development impact across Africa.

    The commemoration, under the theme, “60 Years of Making a Difference” brought together government officials, development partners, and key stakeholders to reflect on the Bank’s journey and its contribution to the southern African nation’s growth.

    In his keynote address, Mozambique’s Prime Minister and Minister of Economy and Finance, Adriano Maleiane, who also serves as the Bank’s Governor for Mozambique, hailed the Bank as a crucial partner in the country’s transformation.

    “The African Development Bank continues to be an essential partner in promoting transformative change and fostering sustainable development across the continent,” he said. “I am confident that our partnership will continue to strengthen and that together we will achieve our shared vision of a prosperous and sustainable Mozambique and Africa.”

    Mateus Magala, Minister of Transport and Communications and a former Vice President for Corporate Services and Human Resources at the Bank, shared his reflections on the significance of the 60-year milestone. “It is a great honor to be here as a former bank staff, and experience this wonderful moment of 60th anniversary of the Bank. In serving the bank, I found a purpose beyond profit: a cause and mission to uplift the African continent.” He emphasized: “We must all commit to addressing Africa’s development challenges and contributing to a better world by eradicating poverty and promoting economic development. The African Development Bank provides a clear path forward, offering a platform for those seeking purpose, direction, and a collective mission. Together, we can drive Africa’s transformation.”

    Macmillan Anyanwu, Interim Country Manager of the Bank in Mozambique, opened the ceremony, highlighting the institution’s transformative impact on the country and its enduring partnership with the government.

    “As we celebrate six decades of achievements, we must not lose sight of the challenges ahead,” Anyawu said, citing issues such as climate change, conflict, poverty and inequality, macroeconomic instability, and rising debt. “I wish to reaffirm the Bank’s commitment to work alongside the Government of Mozambique and other development partners to tackle these challenges.”

    The Bank has been active in Mozambique since 1977, and in 2006, it established a representative office in the country to deepen its engagement. Over the years, the bank has approved over 130 projects for Mozambique, amounting to about $3.8 billion. Ongoing portfolio includes projects worth $1.3 billion, focusing on critical sectors such as agriculture, energy, transportation, water and sanitation, social services, finance, and governance.

    MIL OSI Africa –

  • MIL-OSI: Argy Bargy Completes IDO, Setting up its Revolutionary Match3 Collection Card RPG in the Web3 Gaming Space

    Source: GlobeNewswire (MIL-OSI)

    MAJURO, Marshall Islands, Sept. 28, 2024 (GLOBE NEWSWIRE) — Followed by an overwhelming community support, Argy Bargy has successfully completed its IDO and token listing, solidifying its position as a trailblazer in the Web3 gaming industry. By leveraging cutting-edge blockchain technology, Argy Bargy offers an immersive gaming ecosystem that integrates strategic, social, and competitive elements, all within a decentralized framework. This major milestone demonstrates Argy Bargy’s commitment to reshaping the future of GameFi with an innovative ecosystem that blends captivating gameplay and community engagement.

    Argy Bargy’s IDO was conducted across multiple launchpads, including Poolz Finance, BSCLaunch, Kommunitas, Ixir Pad and Spores Network, reflecting the widespread interest and support from its growing community. The successful listing of the $ARGY token marks a key step in providing players with the tools to unlock exclusive in-game content and participate in a thriving, player-driven economy. As the platform expands, the use of blockchain ensures transparency and security in all transactions, offering gamers true ownership of their digital assets.

    As the Web3 gaming sector continues to grow, projected to reach $133 billion USD by 2033, Argy Bargy is poised to capitalize on this momentum. Built on Solana, the platform integrates NFT 2.0 marketplaces, AR-based combat, and real-world activity through its Walking Lifestyle Battler Game, offering players diverse gameplay experiences. By using Augmented Reality (AR) and competitive gaming mechanics, Argy Bargy delivers an engaging experience that appeals to Web3 and traditional gamers alike, reinforcing its position in the rapidly expanding GameFi market.

    Holding $ARGY tokens unlocks numerous benefits, including access to exclusive missions, premium NFT purchases, and social events. Players can also stake their tokens, further embedding themselves in the ecosystem through community governance, where their votes influence Argy Bargy’s future developments. Additionally, the $ARGY token enables users to engage in player-driven trading, auctions, and in-game purchases, fostering a vibrant economy.

    Argy Bargy sets itself apart by balancing captivating gameplay with blockchain benefits, ensuring players enjoy an immersive experience while gaining real ownership of digital assets. Unlike many blockchain projects that prioritize financial rewards over gameplay quality, Argy Bargy delivers a high-quality, long-lasting experience, ensuring the platform remains engaging for all types of gamers. This focus on quality, combined with a strong player-driven economy, makes Argy Bargy a standout in the Web3 gaming space.

    The rapid fundraising success of Argy Bargy’s IDO reflects strong community support, with over 50% of its target raise reached within the first 6 hours of its Initial Dex Offering (IDO) across multiple launchpads, targeting over $1 million. This achievement highlights the excitement surrounding Argy Bargy’s unique game mechanics, and its commitment to using blockchain technology to ensure fairness, transparency, and security. The next phase of Argy Bargy’s growth includes expanding its multiplayer gaming features, enhancing community interaction, and onboarding key influencers in the gaming and blockchain sectors.

    Following the listing and successful completion of the IDO for the $ARGY token, the next step is to sustain and grow its value by focusing on several key areas. The team is committed to consistently releasing new game content and updates to keep players engaged and attract new users, increasing demand for the token within the ecosystem. They are also forming strategic partnerships with blockchain projects, gaming platforms, and influencers to broaden the token’s utility beyond the immediate ecosystem. Ensuring ample liquidity on exchanges and providing incentives for liquidity providers are central to creating a stable trading environment. Argy Bargy is actively fostering community engagement through social media, AMAs, contests, and airdrops to maintain a vibrant and supportive user base. The expansion of token utility within and outside the game, including purchasing NFTs and participating in governance, further adds to its intrinsic value. Additionally, they are collaborating with market makers to maintain healthy trading volumes, offering financial transparency with regular updates, and ensuring regulatory compliance to build trust and stability. Through this multi-faceted approach, Argy Bargy aims to ensure $ARGY remains a valuable and sought-after asset in the live trading environment.

    About Argy Bargy

    Argy Bargy is a Web3 gaming ecosystem designed to provide a diverse and immersive experience through innovative gameplay modes such as Match3 Collection Card RPG, AR Battles, and Walking Lifestyle Battler. By integrating blockchain technology, Argy Bargy offers a unique blend of competitive gameplay, social interaction, and true asset ownership.

    For more information, please contact:
    Name: Argy Bargy Team
    Email: info@argybargy.io
    Website: https://argybargy.io/

    Disclaimer: This content is provided by “Argy Bargy”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe037852-03c5-4e08-9493-abf3fdab9f57

    The MIL Network –

  • MIL-OSI Global: Brown bananas, crowded ports, empty shelves: What to expect if there’s a big dockworkers strike in the US

    Source: The Conversation – USA – By Anna Nagurney, Professor and Eugene M. Isenberg Chair in Integrative Studies, UMass Amherst

    Container ships could get stuck at the nation’s East Coast and Gulf Coast ports, while West Coast ports might be disrupted by rerouted cargo. AP Photo/Stephen B. Morton

    Whether you’re buying a can of sardines or a screwdriver, getting products to consumers requires that supply chains function well.

    The availability of labor is essential in each link of the supply chain. That includes the workers who make sure that your tinned fish and handy tools smoothly journey from their point of origin to where they’ll wind up, whether it’s a supermarket, hardware store or your front door.

    Amazingly, 90% of all internationally traded products are carried by ships at some point. At the height of the COVID-19 pandemic, it was hard not to notice the supply chain disruptions. For U.S. ports, there were many bouts of congestion. Demand for goods that were either more or less popular than they would normally be became volatile. Shortages of truckers and other freight service providers wreaked havoc on land-based and maritime transportation networks.

    Consumers became exasperated when they saw all the empty shelves. They endured price spikes for items that were suddenly scarce, such as hand sanitizer, computer equipment and bleach.

    I’m a scholar of supply chain management who belongs to a research group that studies ways to make supply chains better able to withstand disruptions. Based on that research, plus what I learned while writing a book about labor and supply chains, I’m concerned about the turmoil that could be around the corner for cargo arriving on ships.

    Concerns over pay and technology

    The International Longshoremen’s Association’s six-year contract with the East Coast and Gulf Coast ports will expire on Sept. 30, 2024, at midnight unless the two sides reach an agreement before that deadline. Without a breakthrough, the 45,000 port workers intend to take part in a strike that would paralyze ports from Maine to Texas.

    Should they walk off the job, it would be the first such work stoppage for the East Coast ports since 1977.

    Labor and management disagree over how much to raise wages, and the union also wants to see limits on the use of automation for cranes, gates and trucks at the ports in the new contract. The union is seeking a 77% increase in pay over the next six years and is concerned that jobs may be lost because of automation.

    Dockworkers on the West Coast, who are not on strike, are paid much higher regular wages than their East Coast and Gulf Coast counterparts who are preparing for a strike. The West Coast workers earn at least an estimated US$116,000 per year, for a 40-hour work week, versus the roughly $81,000 dockworkers at the East Coast and Gulf Coast ports take home, not counting overtime pay.

    Management is represented in the talks by the U.S. Maritime Association, which includes the major shippers, terminal operators and port authorities.

    What to expect if there’s a strike

    As many as 36 ports would have to stop operating if a strike happens, blocking almost half of the cargo going in and out of the U.S. on ships.

    If the strike lasts just a day, then it would not be noticeable to a typical consumer. However, businesses of all kinds would no doubt feel the pinch. J.P. Morgan estimates that a strike could cost the U.S. economy $5 billion every day.

    Even if only a one-day strike happens, it could take about five days to straighten out the supply chain.

    If a strike lasts a week, the results would quickly become apparent to most consumers.

    Some shipping companies have already begun to reroute their cargo to the West Coast. Even if there’s no strike at all, costs will rise and the warehouses could run out of room.

    The effects on everything from bananas and cherries to chocolate, meat, fish and cheese could be severe, and the shipping disruption could also hamper trade in some prescription drugs if the strike lasts at least a week.

    If the strike were to last a month or more, supplies needed by factories could be in short supply. Numerous consumer products would not be delivered. Workers would be laid off. U.S. exports, including agricultural ones, might get stuck rather than shipped to their destinations. Inflation might increase again. And there would be a new bout of heightened economic anxiety and uncertainty – along with immense financial losses.

    All the while, West Coast ports would face unusually high demand for their services, wreaking havoc on shipping there too.

    Yes, we’d have no bananas

    My research group’s latest work on supply chain disruptions and the effects of various transportation disruptions, including delays, quantifies the impact on the quality of fresh produce. We did a case study on bananas.

    This isn’t a niche problem.

    Bananas are the most-consumed fresh fruit in the U.S.

    Many of the bananas sold in the U.S. are grown in Ecuador, Guatemala and Costa Rica. About 75% of them arrive at ports on the East and Gulf coasts.

    Bananas are a big business in Ecuador.
    David Diaz/picture alliance via Getty Images

    Although bananas are relatively easy to ship, they require appropriate temperatures and humidity. Even under the best conditions, their quality deteriorates. Long delays will mean shippers will be trying to foist mushy brown bananas on consumers who might reject them.

    Alternatively, banana growers may opt to find other markets. It’s reasonable to expect to find fewer bananas and much higher prices – possibly of a lower quality. Flying bananas to the U.S. would be too expensive to sustain.

    Fresh meat and other refrigerated foods could spoil before they can complete their journeys, and fresh berries, along with other fruits and vegetables, could perish before reaching their destinations.

    If there’s a port strike, tons of fresh produce, including bananas, that would arrive after Oct. 1 would end up having to be discarded. That is unfortunate, given the rising food insecurity rate in the U.S.

    1947 Taft-Hartley Act

    More than 170 trade groups are urging the Biden administration to intervene at the last minute to avoid a strike.

    The government can invoke the 1947 Taft-Hartley Act, which allows the president to ask a court to order an 80-day cooling-off period when public health or safety is at risk.

    However, President Joe Biden reportedly does not plan to invoke it – even as he urges the two sides to settle their differences.

    So if you’re planning to bake banana bread or were thinking you might get an early start on your holiday shopping, I’d advise you to make those shopping trips as soon as possible – just in case.

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

    – ref. Brown bananas, crowded ports, empty shelves: What to expect if there’s a big dockworkers strike in the US – https://theconversation.com/brown-bananas-crowded-ports-empty-shelves-what-to-expect-if-theres-a-big-dockworkers-strike-in-the-us-240006

    MIL OSI – Global Reports –

  • MIL-OSI Banking: CAF Innovation Series | Accelerating Innovation-Based Economies in the Caribbean

    Source: CAF Development Bank of Latin America

    Alexander Figueroa
    Chief Operating Officer, Trust of the Americas

     joined The Trust at the end of February 2018 where he is serving as the Chief Operating Officer.  In that capacity, he is responsible for the management and operation of an internal team which supports the areas of finance, business planning, budgeting, human resources, administration and IT.

    Prior to joining The Trust, Alex had worked at the General Secretariat of the OAS. Starting as a field accountant, he worked his way through the ranks and culminated a 17-year career as the Chief, Financial Operations for the OAS where he supervised a staff of 40 and had overall responsibility for the OAS’ financial operations In Washington and at the 29 offices away from Headquarters.

    After leaving the OAS in December 2011, he started a company providing services in accounting, advisory, and taxes. The company’s portfolio included six non-profits among its clients. Alex holds a B.A. in Business Administration with a concentration in Finance from Towson University and is a Certified Governmental Financial Manager (CGFM). The CGFM is a professional certification awarded by the Association of Government Accountants.

    Alex is fluent in both English and Spanish. Dr. Mark Moyou is a Senior Data Scientist at NVIDIA, developing scalable machine learning solutions for top North American retailers. With previous roles at Lucidworks and Alstom Transportation, he brings a wealth of experience in machine learning applications. Dr. Moyou, who holds advanced degrees in Systems Engineering, also actively contributes to the tech community as the host of the Caribbean Tech Pioneers Podcast and the Southern Data Science Conference in Atlanta.

    MIL OSI Global Banks –

  • MIL-OSI USA: Cantwell Celebrates Grand Opening of Largest Public Project in Mount Vernon’s History

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    09.28.24
    Cantwell Celebrates Grand Opening of Largest Public Project in Mount Vernon’s History
    New regional transportation hub near I-5 will host largest public EV charging station in the U.S.; Sen. Cantwell secured $3 million for project in FY2024 annual appropriations bill
    MOUNT VERNON, WA – Today, U.S. Senator Maria Cantwell (D-WA) joined local officials and community members at the grand opening of the Mount Vernon Library Commons – the largest public project in Mount Vernon’s history.
    “Transit oriented development projects like this create more livable communities,” Sen. Cantwell said. “Come up here, recharge, go to the Co-op, stop at the library — see all the wonderful things in Skagit County.
    This year alone, we’ve been able to provide [$12.5] million from the bipartisan infrastructure bill for the 78 electrical charging stations and more in the future, and the entire building really is an apex of what energy efficiency is. Even the concrete used to bore the foundation took the environment into consideration,” she continued.
    “So it is really, really a great testament to the leadership of this city today […] making this region an even more attractive place to be and live.”
    Following the speaking program, Sen. Cantwell joined the community for a ribbon cutting and tour of the new space; b-roll is available for download HERE.
    Located right off I-5, the Mount Vernon Library Commons will serve as a regional transportation hub, featuring a public library, a young adult STEM center, a community conference center, a commercial kitchen, and charging stations for electric vehicles and electric bicycles. The facility boasts 76 public EV charging spaces and infrastructure to increase capacity by 200 stations, making it the largest public EV charging station in the country.
    The Library Commons was awarded a $12.5 million Charging & Fueling Infrastructure Grant from the Bipartisan Infrastructure Law, which Sen. Cantwell championed. She also secured a $3 million Congressionally Directed Spending request for the Library Commons project in the FY 2024 annual Transportation, Housing and Urban Development, and Related Agencies appropriations bill. The Library Commons project also received a $26.8 million Transportation Infrastructure Finance and Innovation Act (TIFIA) Transit-Oriented Development (TOD) loan, the first ever TOD loan in the nation, which saved the City of Mount Vernon $3 million.
    The Library Commons is the first publicly bid building in Washington state to be certified to Passive House standards – one of the highest environmental certifications for reduced energy use. The building utilizes solar panels that supply 19-21% of the building’s power demand. 
    Video of the speaking program and b-roll of the ribbon cutting and tour are HERE; photos are HERE; and a transcript of Sen. Cantwell’s remarks is HERE.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: 20th Divya Kala Mela Inaugurated in Pune; ₹2 Crore Loans sanctioned for Divyang Entrepreneurs

    Source: Government of India

    Posted On: 28 SEP 2024 9:48PM by PIB Delhi

    A national-level fair dedicated to Divyangjan, the 20th Divya Kala Mela, has been inaugurated today at Pune. It is being organized by the Department of Empowerment of Persons with Disabilities (Divyangjan), Ministry of Social Justice and Empowerment, Government of India. The event was graced by the Hon’ble Governor of Maharashtra, Shri C.P. Radhakrishnan, Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, and MP Shri Rang Appa Barne.

     

    In this fair, the National Handicapped Finance and Development Corporation (NHFDC), under its various schemes, has sanctioned loans worth ₹2 crore to Divyangjan, offering them the opportunity to expand their businesses. Additionally, motorized tricycles were distributed to eligible participants, furthering the government’s commitment to improving mobility for Divyangjan.

     

    Governor Shri C.P. Radhakrishnan praised the talent and resilience of Divyangjan, stating, “For the inclusive development of our society, it is essential that we celebrate and support these gifted Divyang entrepreneurs and artists. Their contributions help build a stronger, more inclusive India.” The Governor also highlighted the financial empowerment schemes offered by NHFDC, which provide loans ranging from ₹50,000 to ₹50 lakh at an interest rate of 4% to 9% annually for income-generating activities. These loans are facilitated through NHFDC’s state channelizing agencies, Punjab National Bank, and regional rural banks across India.

     

    During his address, Union Minister Dr. Virendra Kumar emphasized the significance of the Divya Kala Mela as a platform for marketing Divyangjan products, underscoring how these fairs contribute to the social and economic empowerment of Divyangjan. “These fairs offer a unique opportunity for Divyangjan to exhibit their skills, creativity, and entrepreneurial spirit. To date, around 1,450 participants have taken part in Divya Kala Melas across the country, collectively generating over ₹11.5 crore in revenue. Loans exceeding ₹10 crore have been sanctioned to foster the growth of Divyang businesses,” the Minister stated.

     

     

    The Minister further shared that employment fairs are now being held alongside the Divya Kala Mela, offering greater opportunities for Divyangjan. Of the 1,400 participants screened so far, 370 have been shortlisted, and more than 100 have already received job offers. “In the near future, Divyangjan will find employment in reputable organizations and companies, further advancing their integration into the workforce,” he added.

    Following the successful organization of 19 such Melas across the country, the event aims to empower Divyangjan by providing them with a platform to showcase their talents and entrepreneurial skills. These national fairs, known as Divya Kala Mela, are part of a larger plan to organize similar events in other major cities in the coming months. Each fair prioritizes local Divyangjan, with Maharashtra’s own Divyang artisans and entrepreneurs being highlighted in this Pune edition.

    The Divya Kala Mela is a testament to the government’s effort to economically empower Divyangjan, transforming them into self-reliant entrepreneurs and skilled craftsmen. Allotted stalls are provided free of cost to ensure that Divyangjan can present their work on prestigious platforms in metropolitan areas. More than 100 Divyang artisans, entrepreneurs, and artists from 18 states and union territories are showcasing their products, crafts, and talents at this year’s event.

    Visitors to the fair can not only purchase handmade goods from Divyang entrepreneurs but also indulge in an array of culinary delights from across India. Each evening, from 6 to 9 PM, vibrant cultural performances by Divyang artists are being held, featuring talent from both across India and local Pune artists. The Divya Kala Mela will run until 6th October 2024. The fair is open to all with free entry. On the closing day, a special performance, Divya Kalashakti, will be presented by Divyang artists from across the country, showcasing their remarkable talents.

    The Mela features a total of 60 stalls, along with cultural performances from Divyang artists. These national-level fairs are creating pathways for the global recognition of the skills and capabilities of Divyangjan. An employment fair has also been organized as part of the event, further enhancing opportunities for Divyangjan. Visually impaired artist Rajiv Ranjan hosted the event as anchor, while Shri Naveen Shah, CMD of NHFDC, delivered the vote of thanks.

     

    *****

    VM

    (Release ID: 2060012) Visitor Counter : 17

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Governor Newsom issues legislative update 9.28.24

    Source: US State of California 2

    Sep 28, 2024

    SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills:
     

    • AB 869 by Assemblymember Jim Wood (D-Healdsburg) – Hospitals: seismic safety compliance.
    • AB 1008 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – California Consumer Privacy Act of 2018: personal information.
    • AB 1034 by Assemblymember Tim Grayson (D-Concord) – Labor Code Private Attorneys General Act of 2004: exemption: construction industry employees.
    • AB 1137 by Assemblymember Reginald Byron Jones-Sawyer, Sr. (D-Los Angeles) – Excluded employees.
    • AB 1186 by Assemblymember Mia Bonta (D-Oakland) – Restitution fines.
    • AB 1239 by Assemblymember Lisa Calderon (D-Whittier) – Workers’ compensation: disability payments.
    • AB 1282 by Assemblymember Josh Lowenthal (D-Long Beach) – Mental health: impacts of social media.
    • AB 1575 by Assemblymember Jacqui Irwin (D-Thousand Oaks) – Public postsecondary education: students codes of conduct: advisers.
    • AB 1807 by Assemblymember Sabrina Cervantes (D-Riverside) – County of Riverside Citizens Redistricting Commission.
    • AB 1871 by Assemblymember Juan Alanis (R-Modesto) – Adopted course of study for grades 7 to 12: social sciences: personal financial literacy.
    • AB 1877 by Assemblymember Dr. Corey Jackson (D-Moreno Valley) – Juveniles: sealing records.
    • AB 1899 by Assemblymember Sabrina Cervantes (D-Riverside) – Courts.
    • AB 1905 by Assemblymember Dawn Addis (D-Morro Bay) – Public postsecondary education: employment: settlements, informal resolutions, and retreat rights.
    • AB 1913 by Assemblymember Dawn Addis (D-Morro Bay) – Pupil safety: child abuse prevention: training.
    • AB 1936 by Assemblymember Sabrina Cervantes (D-Riverside) – Maternal mental health screenings.
    • AB 1954 by Assemblymember Juan Alanis (R-Modesto) – Sexually violent predators.
    • AB 2013 by Assemblymember Jacqui Irwin (D-Thousand Oaks) – Generative artificial intelligence: training data transparency.
    • AB 2063 by Assemblymember Brian Maienschein (D-San Diego) – Health care coverage.
    • AB 2080 by Assemblymember Dr. Joaquin Arambula (D-Fresno) – University of California: schools of medicine: report.
    • AB 2085 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – Planning and zoning: permitted use: community clinic.
    • AB 2099 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – Crimes: reproductive health services.
    • AB 2105 by Assemblymember Josh Lowenthal (D-Long Beach) – Coverage for PANDAS and PANS.
    • AB 2234 by Assemblymember Tasha Boerner (D-Encinitas) – Vehicles: electric bicycles.
    • AB 2284 by Assemblymember Tim Grayson (D-Concord) – County employees’ retirement: compensation.
    • AB 2295 by Assemblymember Dawn Addis (D-Morro Bay) – Crimes: commencement of prosecution.
    • AB 2310 by Assemblymember Gregg Hart (D-Santa Barbara) – Parole hearings: language access.
    • AB 2326 by Assemblymember David Alvarez (D-San Diego) – Equity in Higher Education Act: discrimination: compliance, regulations, and reports.
    • AB 2395 by Assemblymember Sharon Quirk-Silva (D-Fullerton) – California State University: extension programs, special session, and self-supporting instructional programs: revenues.
    • AB 2402 by Assemblymember Josh Lowenthal (D-Long Beach) – Drink spiking.
    • AB 2407 by Assemblymember Gregg Hart (D-Santa Barbara) – Public postsecondary educational institutions: sexual harassment complaints: state audits.
    • AB 2473 by the Committee on Education – English Language Learner Acquisition and Development Pilot Program repeal: teacher credentialing authorizations: fingerprints and related information: high school coursework and graduation requirements for pupils participating in a newcomer program.
    • AB 2481 by Assemblymember Josh Lowenthal (D-Long Beach) – Social media-related threats: reporting.
    • AB 2501 by Assemblymember David Alvarez (D-San Diego) – Water quality control plans: donations and grants.
    • AB 2533 by Assemblymember Juan Carrillo (D-Palmdale) – Accessory dwelling units: junior accessory dwelling units: unpermitted developments.
    • AB 2579 by Assemblymember Sharon Quirk-Silva (D-Fullerton) – Inspections: exterior elevated elements.
    • AB 2581 by Assemblymember Brian Maienschein (D-San Diego) – Healing arts: continuing education: maternal mental health.
    • AB 2628 by Assemblymember Gregg Hart (D-Santa Barbara) – California State Auditor: internet website.
    • AB 2630 by Assemblymember Mia Bonta (D-Oakland) – Pupil health: oral health assessment.
    • AB 2643 by Assemblymember Jim Wood (D-Healdsburg) – Cannabis cultivation: environmental remediation.
    • AB 2711 by Assemblymember James C. Ramos (D-Highland) – Suspensions and expulsions: voluntary disclosures.
    • AB 2749 by Assemblymember Jim Wood (D-Healdsburg) – California Health Benefit Exchange: financial assistance.
    • AB 2854 by Assemblymember Jacqui Irwin (D-Thousand Oaks) – Bradley-Burns Uniform Local Sales and Use Tax Law.
    • AB 2885 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – Artificial intelligence.
    • AB 2925 by Assemblymember Laura Friedman (D-Glendale) – Postsecondary education: Equity in Higher Education Act: prohibition on discrimination: training.
    • AB 2929 by Assemblymember Juan Carrillo (D-Palmdale) – Dependents: family finding.
    • AB 2935 by Assemblymember Brian Maienschein (D-San Diego) – Foster children: consumer credit reports.
    • AB 2995 by Assemblymember Dr. Corey Jackson (D-Moreno Valley) – Public health: alcohol and drug programs.
    • AB 3030 by Assemblymember Lisa Calderon (D-Whittier) – Health care services: artificial intelligence.
    • AB 3218 by Assemblymember Jim Wood (D-Healdsburg) – Unflavored Tobacco List.
    • AB 3223 by Assemblymember Lori Wilson (D-Suisun City) – Foster Youth Services Coordinating Program.
    • AB 3240 by Assemblymember Lisa Calderon (D-Whittier) – California Ban on Scholarship Displacement Act of 2021: Cal Grant awards.
    • AB 3259 by Assemblymember Lori Wilson (D-Suisun City) – Transactions and use taxes: City of Campbell: City of Pinole: County of Solano.
    • AB 3281 by the Committee on Judiciary – Judiciary omnibus.
    • AB 3284 by the Committee on Elections – Elections omnibus bill.
    • SB 268 by Senator Marie Alvarado-Gil (D-Jackson) – Crimes: serious and violent felonies.
    • SB 295 by Senator Bill Dodd (D-Napa) – Board of Pilot Commissioners: surcharge.
    • SB 483 by Senator Dave Cortese (D-San Jose) – Pupil rights: prone restraint.
    • SB 532 by Senator Scott Wiener (D-San Francisco) – Parking payment zones.
    • SB 537 by Senator Josh Becker (D-Menlo Park) – City or County of Los Angeles: memorial to forcibly deported Mexican Americans and Mexican immigrants.
    • SB 549 by Senator Josh Newman (D-Fullerton) – Gaming: Tribal Nations Access to Justice Act.
    • SB 597 by Senator Steven Glazer (D-Orinda) – Building standards: rainwater catchment systems.
    • SB 607 by Senator Anthony Portantino (D-Burbank) – Controlled substances.
    • SB 691 by Senator Anthony Portantino (D-Burbank) – Pupil attendance: truancy notifications.
    • SB 707 by Senator Josh Newman (D-Fullerton) – Responsible Textile Recovery Act of 2024.
    • SB 897 by Senator Josh Newman (D-Fullerton) – Pupil attendance: interdistrict attendance: school districts of choice.
    • SB 904 by Senator Bill Dodd (D-Napa) – Sonoma-Marin Area Rail Transit District.
    • SB 908 by Senator Dave Cortese (D-San Jose) – Fentanyl: child deaths.
    • SB 957 by Senator Scott Wiener (D-San Francisco) – Data collection: sexual orientation, gender identity, and intersex status.
    • SB 969 by Senator Scott Wiener (D-San Francisco) – Alcoholic beverages: entertainment zones: consumption.
    • SB 988 by Senator Scott Wiener (D-San Francisco) – Freelance Worker Protection Act.
    • SB 991 by Senator Lena Gonzalez (D-Long Beach) – School districts: Los Angeles Unified School District: inspector general.
    • SB 997 by Senator Anthony Portantino (D-Burbank) –Pupil health: opioid antagonists and fentanyl test strips.
    • SB 1016 by Senator Lena Gonzalez (D-Long Beach) – Latino and Indigenous Disparities Reduction Act.
    • SB 1059 by Senator Steven Bradford (D-Gardena) – Cannabis: local taxation: gross receipts.
    • SB 1064 by Senator John Laird (D-Santa Cruz) – Cannabis: operator and separate premises license types: excessive concentration of licenses.
    • SB 1090 by Senator María Elena Durazo (D-Los Angeles) – Unemployment insurance: disability and paid family leave: claim administration.
    • SB 1100 by Senator Anthony Portantino (D-Burbank) – Discrimination: driver’s license.
    • SB 1109 by Senator Steven Bradford (D-Gardena) – Cannabis: demographic information of license applicants.
    • SB 1120 by Senator Josh Becker (D-Menlo Park) – Health care coverage: utilization review.
    • SB 1131 by Senator Lena Gonzalez (D-Long Beach) – Medi-Cal providers: family planning.
    • SB 1147 by Senator Anthony Portantino (D-Burbank) – Drinking water: microplastics levels.
    • SB 1162 by Senator Dave Cortese (D-San Jose) – Public contracts: employment compliance reports: apprenticeship programs.
    • SB 1166 by Senator Bill Dodd (D-Napa) – Public postsecondary education: sex discrimination reports.
    • SB 1180 by Senator Angelique Ashby (D-Sacramento) – Health care coverage: emergency medical services.
    • SB 1195 by Senator Monique Limόn (D-Santa Barbara) – Assessments: advanced placement examinations: fall testing date.
    • SB 1209 by Senator Dave Cortese (D-San Jose) – Local agency formation commission: indemnification.
    • SB 1223 by Senator Josh Becker (D-Menlo Park) – Consumer privacy: sensitive personal information: neural data.
    • SB 1240 by Senator Marie Alvarado-Gil (D-Jackson) – Public Employees’ Retirement System: contracting agencies: consolidation.
    • SB 1263 by Senator Josh Newman (D-Fullerton) – Teacher credentialing: teaching performance assessment: workgroup.
    • SB 1277 by Senator Henry Stern (D-Los Angeles) – Pupil instruction: genocide education: the Holocaust.
    • SB 1283 by Senator Henry Stern (D-Los Angeles) – Pupils: use of social media.
    • SB 1287 by Senator Steven Glazer (D-Orinda) – Public postsecondary education: Equity in Higher Education Act: prohibition on violence, harassment, intimidation, and discrimination.
    • SB 1288 by Senator Josh Becker (D-Menlo Park) – Public schools: artificial intelligence working group.
    • SB 1300 by Senator Dave Cortese (D-San Jose) – Health facility closure: public notice: inpatient psychiatric and perinatal services.
    • SB 1350 by Senator María Elena Durazo (D-Los Angeles) – Occupational safety and health: definitions.
    • SB 1447 by Senator María Elena Durazo (D-Los Angeles) – Hospitals: seismic compliance: Children’s Hospital Los Angeles.
    • SB 1488 by Senator María Elena Durazo (D-Los Angeles) – Outdoor advertising displays: exemptions.
    • SB 1490 by Senator María Elena Durazo (D-Los Angeles) – Food delivery platforms.
    • SB 1498 by Senator Angelique Ashby (D-Sacramento) – Cannabis and industrial hemp: advertising: civil action.
    • SB 1504 by Senator Henry Stern (D-Los Angeles) – Cyberbullying Protection Act.

     
    The Governor also announced that he has vetoed the following bills:
     

    • AB 1168 by Assemblymember Steve Bennett (D-Ventura) – Emergency medical services (EMS): prehospital EMS. A veto message can be found here.
    • AB 1788 by Assemblymember Sharon Quirk-Silva (D-Fullerton) – Mental health multidisciplinary personnel team. A veto message can be found here.
    • AB 1826 by Assemblymember Chris R. Holden (D-Pasadena) – Digital Infrastructure and Video Competition Act of 2024. A veto message can be found here.
    • AB 1949 by Assemblymember Buffy Wicks (D-Oakland) – California Consumer Privacy Act of 2020: collection of personal information of a consumer less than 18 years of age. A veto message can be found here.
    • AB 2095 by Assemblymember Brian Maienschein (D-San Diego) – Publication: newspapers of general circulation. A veto message can be found here.
    • AB 2098 by Assemblymember Eduardo Garcia (D-Coachella) – California Health Facilities Financing Authority Act: nondesignated hospitals: loan repayment. A veto message can be found here.
    • AB 2138 by Assemblymember James C. Ramos (D-Highland) – Peace officers: tribal police pilot project. A veto message can be found here.
    • AB 2279 by Assemblymember Sabrina Cervantes (D-Riverside) – Missing and Murdered Indigenous Persons Justice Program. A veto message can be found here.
    • AB 2467 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – Health care coverage for menopause. A veto message can be found here.
    • AB 2736 by Assemblymember Juan Carrillo (D-Palmdale) – Veterans: benefits. A veto message can be found here.
    • AB 2936 by Assemblymember Dr. Corey Jackson (D-Moreno Valley) – Higher Education Reconciliation Act. A veto message can be found here.
    • AB 3031 by Assemblymember Alex Lee (D-San Jose) – LGBTQ+ Commission. A veto message can be found here.
    • AB 3077 by Assemblymember Gregg Hart (D-Santa Barbara) – Criminal procedure: borderline personality disorder. A veto message can be found here.
    • AB 3129 by Assemblymember Jim Wood (D-Healdsburg) – Health care system consolidation. A veto message can be found here.
    • SB 85 by Senator Scott Wiener (D-San Francisco) – Immigration: case management and social services. A veto message can be found here.
    • SB 227 by Senator María Elena Durazo (D-Los Angeles) – Unemployment: Excluded Workers Program. A veto message can be found here.
    • SB 278 by Senator Bill Dodd (D-Napa) – Elder abuse: emergency financial contact program. A veto message can be found here.
    • SB 357 by Senator Anthony Portantino (D-Burbank) – Vehicles: physician and surgeon reporting. A veto message can be found here.
    • SB 907 by Senator Josh Newman (D-Fullerton) – Orange County Board of Education: members. A veto message can be found here.
    • SB 961 by Senator Scott Wiener (D-San Francisco) – Vehicles: safety equipment. A veto message can be found here.
    • SB 966 by Senator Scott Wiener (D-San Francisco) – Pharmacy benefits. A veto message can be found here.
    • SB 971 by Senator Anthony Portantino (D-Burbank) – Community colleges: exemption from nonresident tuition fee: resident of a region impacted by war or regional conflict. A veto message can be found here.
    • SB 1119 by Senator Josh Newman (D-Fullerton) – Hospitals: seismic compliance. A veto message can be found here.
    • SB 1246 by Senator Monique Limόn (D-Santa Barbara) – California Prompt Payment Act: nonprofit organizations. A veto message can be found here.
    • SB 1299 by Senator Dave Cortese (D-San Jose) – Farmworkers: benefits. A veto message can be found here.

    For full text of the bills, visit: http://leginfo.legislature.ca.gov.

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