Category: Finance

MIL-OSI Economics: Targeted regulatory reforms offer opportunity to boost climate finance flows
Source: International Chamber of Commerce

Headline: Targeted regulatory reforms offer opportunity to boost climate finance flows

Private climate finance to emerging markets and developing economies (EMDEs) is falling, despite these countries representing 25% of global GDP and requiring an additional US$450–US$550 billion annually in external climate investment by 2030.

Basel III rules, as currently interpreted, unintentionally discourage EMDE lending, including by unnecessarily limiting recognition of robust credit enhancement tools.

Project finance is treated highly conservatively under Basel capital calculation approaches, despite strong data showing lower-than-expected default rates and high recovery rates over time.

Country risk ceilings often overstate risk for EMDE exposures, limiting bank participation even in high-quality, co-financed projects – thus driving up the cost of capital.

Targeted clarifications and reforms to the Basel Framework could unlock significant volumes of private investment in high-impact, climate-aligned EMDE projects – without compromising financial stability.

Emerging markets and developing economies (EMDEs) are on the frontline of the global climate crisis – both in terms of exposure to its impacts and in their indispensable role in driving the transition to a net-zero future. Yet, these economies face a stark shortfall in the climate finance needed to achieve this transformation.

Despite accounting for roughly 25% of global GDP, emerging markets and developing economies – with the exception of China – attract just 14% of total international climate finance. To stay on a net-zero path, they require an additional US$450–$550 billion annually in external investment by 2030, a 15- to 18-fold increase from current private flows which sit at just US$30 billion.

Mobilising this scale of investment requires us to take a critical look at existing financial structures, particularly those where well-intentioned rules may inadvertently hinder the very transitions we most urgently need. Elements of the Basel III Framework exemplify this challenge. Designed in the aftermath of the 2007-2009 crisis and intended to safeguard financial stability, current interpretations unintentionally discourage lending to emerging markets and developing economies.

Targeted clarifications and reforms to the Basel Framework could unlock significant volumes of private investment in high-impact, climate-aligned projects in emerging markets and developing economies, while ensuring the continued soundness of the global financial system.

What are the barriers to climate finance in emerging markets and developing economies?

Basel III rules, as currently interpreted, unintentionally discourage EMDE lending. This includes unnecessarily limiting the recognition of public risk mitigation tools (such as credit guarantees and co-lending structures) that reduce lending risks of multilateral development banks and development finance institutions. For example, unconditionality and timeliness requirements often render guarantees ineligible to lower the capital buffers held by banks — despite their demonstrated effectiveness in reducing real-world credit risk. In addition, current rules do not recognise the risk-reducing benefits of blended finance structures, and the Basel framework’s list of multilateral development banks eligible for favourable risk weights is static, excluding newer institutions with strong credit ratings and climate finance aligned mandates.

Conservative risk weights of project finance to climate and infrastructure investment further undercut global climate finance flows to EMDEs. This is despite data demonstrating that project finance in EMDEs outperforms corporate loans, with higher recovery rates and default rates comparable to investment-grade corporates after five years. In addition, the Basel III rules do not recognise borrower-level mitigants (such as FX hedging and purchase agreements) and the internal ratings-based (IRB) maturity adjustment assumes linear risk growth over time when, in practice, project finance exhibits decreasing risk as projects stabilise and generate revenue.

What is the impact of country risk calculations?

While the Basel Framework does not explicitly assign capital charges based on country risk, it does so indirectly. This happens through country risk ceilings (the maximum credit rating that any entity within a country can receive) and risk-weight floors (a minimum percentage risk weight that regulators require banks to apply) for corporates or projects in lower-rated jurisdictions.

Illustrative example:

A commercial bank considers lending to a solar energy project in a Sub-Saharan African country rated B- despite having:

• A long-term power purchase agreement with a multilateral-backed utility,
• Multilateral Investment Guarantee Agency political risk insurance against currency inconvertibility and breach of contract, and
• Co-financing from a multilateral development bank (A-loan).

The exposure still attracts a 100%+ capital charge due to the country’s sovereign rating. This undermines the effect of risk mitigants and disincentivises the bank’s participation.

ICC recommendations: what reforms should take place?

Given the urgency of the financing challenge faced by many EMDEs we encourage policymakers to consider a two-step approach to macroprudential reform – starting with low-hanging fruits that could yield an immediate boost to climate finance flows, before considering broader structural reforms.

Step 1: Technical adjustments and clarifications

Small, targeted adjustments to the Basel Framework could unlock substantial additional investment – either by way of new guidance from the Basel Committee on Banking Supervision or, failing that, through coordinated action from national regulators.

Such steps could include:
1. Updating credit risk mitigation guidance to accommodate the real-world mechanics of MDB/DFI and private credit enhancement tools, including PRI. At a minimum, such guidance should allow guarantees or insurance to qualify if exclusions are: standard market practice (e.g. nuclear or war clauses); and statistically remote or immaterial to the exposure in question.
1. Clarifying time limits for credit risk mitigants by recognising that contracts with defined arbitration periods (e.g. under 180 days) or subject to the established claims procedures of MDBs/DFIs can provide functionally timely payouts and should qualify for capital relief.
1. Allowing the application of blended risk weights to exposures covered by partial guarantees to reflect the real risk reduction offered by these tools.
1. Allowing for automatic recognition of credit enhancements provided by all MDBs/DFIs with credit ratings at or above AA-.
1. Providing clear guidance on the treatment of borrower-level risk mitigants in project finance transactions (both during pre-operation and operational phases) – including interest rate or currency hedging, purchase agreements, reserve accounts and performance bonds.
Step 2: Structural reforms

Building on these initial measures, we recommend that Basel Committee is mandated to establish new work programmes to:
1. Refine the treatment of project finance to reflect its proven performance based on available market data; introduce dynamic risk weights that adjust over a project’s lifecycle (particularly between pre-operation and operational phases); and consider recognising project finance as a distinct asset class within the prudential framework.
1. Review Basel’s approach to country risk to better differentiate between sovereign and project-level risk. This should permit risk weight adjustments where exposures are highly secure or mitigated by credible guarantees/involve MDB participation.
1. Consider the potential introduction of a scaling factor for high-quality, climate-related investments in EMDEs – similar to the existing Supporting Factor for Small and Medium-Sized Enterprises under Basel III or the Infrastructure Supporting Factor within the European Union’s Capital Requirements Regulation.
1. Review potential modalities to recognise well-structured blended finance arrangements – notably those with public or concessional first-loss tranches – as eligible credit risk mitigation where they provide transparent and reliable risk absorption.
ICC calls on governments and financial standard-setters to initiate a structured dialogue under the Baku to Belem Roadmap at COP30, with the engagement of the Basel Committee on Banking Supervision, and to explore targeted prudential adjustments that can be implemented in the near term.
MIL OSI Economics –
June 24, 2025
MIL-OSI: Federal Home Loan Banks Publish Comprehensive 2024 Impact Report
Source: GlobeNewswire (MIL-OSI)

WASHINGTON, June 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Banks (FHLBanks), member-owned cooperatives that power communities, announced today the release of their 2024 Impact Report, highlighting their continued reliability as a liquidity provider and a landmark year of support for housing affordability and community development across the United States. Together, the 11 regional FHLBanks ended the year with more than $737 billion in advances outstanding, nearly $220 billion in outstanding letters of credit, and nearly $70 billion in mortgage loans held. They also committed more than $1.2 billion to housing programs and voluntary initiatives – setting a new high-water mark in the System’s 90+ year history. The Affordable Housing Program alone supported projects representing an estimated $8.9 billion in total development costs in 2024, demonstrating the integral role the FHLBanks play in expanding housing supply and economic opportunity.

In 2024, the FHLBanks continued to deliver on their mission to provide reliable liquidity to nearly 6,500 financial institution members, while promoting access to safe, affordable housing in urban, suburban, and rural communities alike, transforming capital into community impact.

“We are proud to be a dependable partner for America’s housing finance system and a critical component of our nation’s economic vitality,” said Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, the public voice of the FHLBank System. “The results demonstrated by our impact in 2024 reflect our deep-rooted commitment to expanding opportunity through responsible funding, innovative partnerships, and community-led solutions. When local financial institutions thrive, so do the communities they serve, and we provide the stability and strategic support our members depend on to stimulate economic opportunity.”

Key 2024 Highlights:
- $737 billion in advances outstanding to member institutions at year-end, ensuring the flow of affordable credit to local economies, especially during times of economic uncertainty.
- $220 billion in total notional amount of outstanding letters of credit, helping members attract municipal deposits, keeping local funds in the community.
- $70 billion in mortgage loans held at year-end, with nearly $15 billion in new mortgage loans purchased in 2024, 28% of which assisted low-income families.
- $752 million in Affordable Housing Program (AHP) funding expensed, enabling the creation or preservation of over 26,000 housing units, 83% of which were multifamily developments.
- $528 million in voluntary contributions for housing and economic development, including down payment assistance, disaster recovery, and regional capacity-building efforts.
- Over 14,000 first-time homeowners supported through AHP grants.
- $9.2 billion in Community Investment Program (CIP) advances for housing outstanding at year-end and $2.4 billion in Community Investment Cash Advances (CICA) for economic development outstanding at year-end, preserving over 12,500 jobs.
As the housing market continues to evolve, the FHLBanks remain committed to addressing persistent affordability challenges and ensuring that local lenders have the capital and tools needed to serve their communities effectively.

For an introductory video and to read the full 2024 Impact Report click here.

About: The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies, and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories. The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth. The Council of FHLBanks represents all 11 FHLBanks.

CONTACT INFORMATION
Council of FHLBanks
Peter E. Garuccio
202-955-0002 ext. 14
pgaruccio@cfhlb.org

The MIL Network –
June 24, 2025
MIL-OSI: Federal Home Loan Banks Publish Comprehensive 2024 Impact Report
Source: GlobeNewswire (MIL-OSI)

WASHINGTON, June 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Banks (FHLBanks), member-owned cooperatives that power communities, announced today the release of their 2024 Impact Report, highlighting their continued reliability as a liquidity provider and a landmark year of support for housing affordability and community development across the United States. Together, the 11 regional FHLBanks ended the year with more than $737 billion in advances outstanding, nearly $220 billion in outstanding letters of credit, and nearly $70 billion in mortgage loans held. They also committed more than $1.2 billion to housing programs and voluntary initiatives – setting a new high-water mark in the System’s 90+ year history. The Affordable Housing Program alone supported projects representing an estimated $8.9 billion in total development costs in 2024, demonstrating the integral role the FHLBanks play in expanding housing supply and economic opportunity.

In 2024, the FHLBanks continued to deliver on their mission to provide reliable liquidity to nearly 6,500 financial institution members, while promoting access to safe, affordable housing in urban, suburban, and rural communities alike, transforming capital into community impact.

“We are proud to be a dependable partner for America’s housing finance system and a critical component of our nation’s economic vitality,” said Ryan Donovan, president and CEO of the Council of Federal Home Loan Banks, the public voice of the FHLBank System. “The results demonstrated by our impact in 2024 reflect our deep-rooted commitment to expanding opportunity through responsible funding, innovative partnerships, and community-led solutions. When local financial institutions thrive, so do the communities they serve, and we provide the stability and strategic support our members depend on to stimulate economic opportunity.”

Key 2024 Highlights:
- $737 billion in advances outstanding to member institutions at year-end, ensuring the flow of affordable credit to local economies, especially during times of economic uncertainty.
- $220 billion in total notional amount of outstanding letters of credit, helping members attract municipal deposits, keeping local funds in the community.
- $70 billion in mortgage loans held at year-end, with nearly $15 billion in new mortgage loans purchased in 2024, 28% of which assisted low-income families.
- $752 million in Affordable Housing Program (AHP) funding expensed, enabling the creation or preservation of over 26,000 housing units, 83% of which were multifamily developments.
- $528 million in voluntary contributions for housing and economic development, including down payment assistance, disaster recovery, and regional capacity-building efforts.
- Over 14,000 first-time homeowners supported through AHP grants.
- $9.2 billion in Community Investment Program (CIP) advances for housing outstanding at year-end and $2.4 billion in Community Investment Cash Advances (CICA) for economic development outstanding at year-end, preserving over 12,500 jobs.
As the housing market continues to evolve, the FHLBanks remain committed to addressing persistent affordability challenges and ensuring that local lenders have the capital and tools needed to serve their communities effectively.

For an introductory video and to read the full 2024 Impact Report click here.

About: The FHLBanks are 11 regionally based, wholesale suppliers of lendable funds to financial institutions of all sizes and many types, including community banks, credit unions, commercial and savings banks, insurance companies, and community development financial institutions. The FHLBanks are cooperatively owned by member financial institutions in all 50 states and U.S. territories. The steady supply of lendable funds from FHLBanks helps U.S. lenders invest in local needs including housing, jobs, and economic growth. The Council of FHLBanks represents all 11 FHLBanks.

CONTACT INFORMATION
Council of FHLBanks
Peter E. Garuccio
202-955-0002 ext. 14
pgaruccio@cfhlb.org

The MIL Network –
June 24, 2025
MIL-OSI Africa: African Energy Week (AEW) 2025 Promotes Africa-Centric Energy Transition with Dedicated Program Track

The African Energy Week (AEW): Invest in African Energies conference – taking place on September 29 to October 3 in Cape Town – is organized under a mandate to make energy poverty history by 2030. As such, the event connects financiers with African projects, promoting energy development across the entire energy sector and its value chain. A dedicated Energy Transition Track at this year’s event offers attendees insight into the continent’s energy transition strategy, with panel discussions covering a series of topics, from natural gas as a clean cooking fuel to carbon capture and storage solutions to green hydrogen and renewable energy rollout.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

With over 900 million people living without access to clean cooking solutions in Africa, many countries are adopting bold strategies to advance the adoption of natural gas products such as LPG. Kenya, for example is rolling out LPG expansion, electric cooking and bioethanol alternatives with support from private sector investment, Tanzania is integrating clean cooking solutions into its national electrification plan and broader energy transition strategy while Ghana has adopted a multi-pronged approach, enhancing LPG affordability and scalability. The AEW: Invest in African Energies 2025 Energy Transition Track will feature panel discussions focused on Africa’s burgeoning LPG market. Sessions include From Firewood to Freedom: Promoting Clean Cooking in Africa; Monetizing LPG to Enhance the Value of the Barrel in Africa’s Inland Markets; and Gas-to-Liquids Market Opportunities in Africa.

Given the pressing energy access challenges faced across the continent, Africa has long-advocated for an energy transition strategy that takes into account the continent’s energy and climate needs. In this regard, many countries are pursuing a just transition, which utilizes a variety of solutions from low-carbon oil to non-associated gas to renewable energy and integrated power systems. According to the International Energy Agency, meeting Africa’s energy demand will require annual investments to more than double by 2030, reaching $240 billion annually. The Energy Transition Track at AEW: Invest in African Energies 2025 not only offers a platform to discuss Africa’s just transition strategy, but lays out strategic investment prospects across the entire energy value chain. Sessions include Just Energy Transition Dialogue: Harnessing Africa’s Resource Wealth to Establish Energy Sovereignty; Forging the Path for a Green Hydrogen Economy: Shifting from Planning to Meeting Global Market Demands; and Overcoming Infrastructure Gaps: Innovations in Road, Rail and Transport Connectivity Across Africa.

The AEW: Invest in African Energies 2025 Energy Transition Track goes beyond promoting investments in energy projects to include strategic sessions on local content, inclusive participation and collaborative leadership. With a rapidly growing population, increased urbanization and soon-to-be the world’s largest workforce, Africa requires strategic commitments by governments and companies to accelerate capacity building, skills development and inclusive work practices. By 2050, Africa’s population is projected to increase to 2.5 billion people. As such, local content will serve as a catalyst for sustainable and equitable development. During the event, sessions will address these topics, including Energy Security in Africa: Why Women’s Participation in Africa’s Resource Governance Matters; From Start-Ups to Scale-Ups: Why SMEs are Africa’s Game Changers; and Collaborative Leadership: Operator Strategies for Local Content Development.

The Energy Transition Track will also feature an Invest in Uganda session, which offers exclusive insight into the country’s $10 billion energy portfolio, comprising a mix of hydrocarbon, infrastructure and renewable energy projects. The discussion will unpack how supportive policies, a stable regulatory environment and untapped resources have made the country an attractive market to invest in. Beyond panel discussions, the track will also feature a series of Fireside Chats. These sessions aim to provide insight into the respective investment strategies of various companies, with discussions paving the way for collaborations and deals.

“AEW: Invest in African Energies 2025 takes place under a mandate to make energy poverty history, and as such, advocates for a just energy transition which encompasses the development of a variety of energy sources. The Energy Transition Track serves as a catalyst for this goal by uniting players from the renewable energy, natural gas, regulatory and infrastructure sectors to discuss strategies for securing investment and advancing projects in Africa,” states Verner Ayukegba, Senior Vice President, African Energy Chamber.

Distributed by APO Group on behalf of African Energy Chamber.

MIL OSI Africa –

June 24, 2025
MIL-OSI Africa: Empowering solutions for South Africa’s energy future
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Electricity Expo Africa 2025 (www.ElectricityExpoAfrica.com) is set to convene South Africa’s leading minds and innovators in the energy sector, offering a critical platform for tangible solutions to the nation’s power crisis. Taking place from 19 to 21 August 2025 at the Johannesburg Expo Centre, this inaugural event arrives at a pivotal moment as the country grapples with persistent energy instability.

Themed ‘Empowering Solutions for South Africa’s Energy Future’, the Expo will address national grid constraints, accelerate the adoption of renewable energy, promote off-grid innovation, mitigate load shedding, and modernise infrastructure and regulation.

Organised by the Electrical Contractors Association (SA) and the South African Electrical Workers Association (SAEWA) and proudly endorsed by the National Bargaining Council for the Electrical Industry, Electricity Expo Africa 2025 (https://apo-opa.co/4egPsr8) is a focused space for stakeholders committed to real-world impact.

“Electricity is the engine of development. This Expo is more than just an industry gathering – it’s a national imperative, a call to action for every stakeholder invested in South Africa’s future,” said Jimmy Turner, Chairperson of Electricity Expo Africa. “We are uniting solution-providers, policymakers, and communities to collectively transform South Africa’s energy landscape from one of scarcity to one of reliability and abundance.”

Three Pillars of Focus

1. Confronting the National Grid Crisis

South Africa’s ageing grid requires urgent intervention. At the heart of the Expo is a drive to modernise infrastructure through automation, smart diagnostics, and maintenance innovations. By gathering grid experts and transmission specialists, the event will foster knowledge exchange on how to prevent failures and accelerate national upgrade projects.

This effort supports the National Energy Action Plan, which aims to restore Eskom’s reliability and accelerate the development of new power capacity.

“Ending load shedding requires more than just talk; it demands real tools, smart systems, and urgent implementation of practical solutions,” emphasised Turner. “This Expo will present actionable answers – from cutting-edge grid technologies that bolster resilience to policy reforms that streamline infrastructure development. It’s about turning challenges into opportunities for growth.”

2. Accelerating Renewable and Off-Grid Solutions

South Africa’s energy future depends on a diversified generation mix. With the rapid rise of solar adoption – from 2,300 MW in 2022 to over 5,400 MW by early 2024 – the Expo will highlight solar PV, wind, and battery storage technologies that enable homes, businesses, and municipalities to generate electricity independently and reduce their reliance on the national grid.

Over 130 IPP projects, totalling roughly 22,500 MW, are also in the pipeline. At the Expo, both large-scale and decentralised innovations will be on display, including off-grid and mini-grid solutions for rural and high-risk areas.

Attendees will engage directly with tech developers and solution providers, demonstrating the tools needed to power communities and commercial hubs even in the absence of national supply.

3. Innovation in Policy, Infrastructure, and Regulation

The recent Electricity Regulation Amendment Act marks a new era for South Africa’s electricity sector, introducing reforms such as an independent transmission system operator and a competitive power market. But policy must match pace with technology.

Electricity Expo Africa 2025 (https://apo-opa.co/4kYvdAY) will feature high-level discussions with government, regulators, and industry leaders. Topics include streamlining licences for renewables, energy storage incentives, updated grid codes, and infrastructure financing – crucial considering the estimated R390 billion needed for national grid expansion.

“We are not just showcasing innovation; we are driving a national movement towards a resilient, inclusive electricity system,” added Turner. “Electricity Expo Africa 2025 is where solutions become action, fostering the collaboration between government, industry, and civil society that is essential for a truly sustainable energy future.”

Who Needs to Be There

Electricity Expo Africa 2025 will host over 150 exhibitors and more than 60 expert speakers, creating a platform for high-impact visibility and engagement. Key participants will include:
- Policymakers and Energy Officials – Sharing reforms and strategic plans.
- Municipal Utility Leaders – Highlighting local innovation and micro-grids.
- Renewable Energy Innovators – Showcasing new generation technologies.
- Grid Technology and Storage Providers – Presenting advanced smart-grid systems.
- Financing and Infrastructure Partners – Exploring capital mobilisation and PPPs.
- Community Energy Access Organisations – Championing equitable power access.
This expansive programme creates a rare opportunity for businesses to place their innovations at the centre of national dialogue and development.

Turner underscores the dual opportunity for exhibitors: “Exhibiting at Electricity Expo Africa 2025 is more than a marketing opportunity – it’s a chance to fuel your company’s growth and help power South Africa’s energy transformation. We encourage businesses large and small to showcase their innovations at the Expo, where they can build valuable relationships and play a role in securing the nation’s energy future.”

Event details:

Distributed by APO Group on behalf of Electricity Expo Africa (EEA).

Issued By: The Lime Envelope
On Behalf Of: Electricity Expo Africa

For Media Information:
Kerry Oliver
Telephone: 082 927 9470
E-mail: kerry@thelime.co.za

MIL OSI Africa –
June 24, 2025
MIL-OSI USA: Warren Releases New Data from Joint Committee on Taxation Revealing That “Pass Through Deduction” is a Giveaway to Millionaires
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren
June 23, 2025

JCT Report on 199A (PDF) | JCT Response on Millionaires Claiming 199A (PDF)

Washington, D.C. — U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, released new data from the Joint Committee on Taxation (JCT), a nonpartisan Congressional committee dedicated to analyzing tax legislation, revealing that the majority of the benefit from the 199A tax deduction goes to millionaires.

The 199A tax deduction was created by the 2017 Tax Cuts and Jobs Act, with Congressional Republicans claiming it would support small business owners by allowing them to deduct up to 20 percent of their business’s qualified income from their personal income taxes.

JCT’s responses provided a breakdown, by income level, of who claims the 199A deduction, in addition to other key information about who the deduction benefits. Key findings include:

More than 50% of the benefit of the 199A deduction goes to millionaires.

The top 10% of taxpayers claimed 87% of the benefit of 199A, while the bottom 20% claimed no benefit whatsoever.

84% of the businesses through which individuals claimed the 199A deduction had no employees.

More than two-thirds of the 199A deduction goes to individuals above the deduction’s phase-out thresholds, demonstrating that the law’s guardrails to prevent wealthy individuals from taking the benefit are ineffective.

The proportion of 199A benefits claimed by millionaires increased over time from 2018 to 2022.

The House version of Trump’s “big, beautiful bill,” now under consideration by the Senate, includes an expansion of the 199A deduction from a 20 percent deduction to a 23 percent deduction.
MIL OSI USA News –
June 24, 2025
MIL-OSI USA: New Cantwell Fact Sheet: Republican Bill Threatens to Upend WA’s Reproductive Health System & Increase Costs as Three-Year Dobbs Decision Anniversary Approaches

US Senate News:

Source: United States Senator for Washington Maria Cantwell
06.23.25
New Cantwell Fact Sheet: Republican Bill Threatens to Upend WA’s Reproductive Health System & Increase Costs as Three-Year Dobbs Decision Anniversary Approaches
Health care professionals warn of labor & delivery department closures, higher rates of breast and cervical cancer due to missed screenings, & heightened trauma for sexual assault survivors; Republican bill would bar Planned Parenthood from receiving federal Medicaid funding, straining care options for all
WASHINGTON, D.C. – Today, one day before the third anniversary of the Dobbs v. Jackson Women’s Health Organization Supreme Court decision that overturned Roe v. Wade, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, warned of dire consequences for reproductive health care in Washington state if the Republican reconciliation bill is passed.
“In the State of Washington, Planned Parenthood serves about 100,000 patients annually,” said Sen. Cantwell at a May 14 press conference with Planned Parenthood president Alexis McGill Johnson. “About half of those patients rely on Medicaid. And it accounts for about half of the annual budget of Planned Parenthood [of Greater Washington and North Idaho]. These clinics and their patients count on that delivering care.”
Sen. Cantwell issued a new fact sheet with details about the proposed cuts, and exclusive new testimonials from patients, doctors, and other health care professionals about how the cuts would impact Washingtonians.

MIL OSI USA News –

June 24, 2025
MIL-OSI United Kingdom: Business leaders welcome the government’s modern Industrial Strategy
Source: United Kingdom – Executive Government & Departments

Press release

Business leaders welcome the government’s modern Industrial Strategy

Business leaders have welcomed the government’s modern Industrial Strategy – a 10-year plan to promote growth.
Business leaders from across the UK have welcomed the government’s modern Industrial Strategy. The Strategy is a 10-year plan to promote business investment and growth and make it quicker, easier and cheaper to do business in the UK.

The plan focuses on 8 sectors where the UK is already strong and there’s potential for faster growth: Advanced Manufacturing, Clean Energy Industries, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, and Professional and Business Services.

Joint statement from business groups:

“The Industrial Strategy launched today marks a significant step forward and a valuable opportunity for the business community to rally behind a new vision for the UK—boosting confidence, sentiment, and enthusiasm for investment.

“From start-ups and small businesses to large corporates, businesses need a more attractive, stable environment that enables faster, easier, and more certain investment decisions.

“We welcome the Government’s engagement with businesses across the UK. Much of what we’ve shared has been heard and reflected in this strategy. While there’s more to do, we are ready to support the next steps.

“We encourage businesses nationwide to get behind this strategy and champion the UK as the best place to live, work, invest, and do business.”

Statement on behalf of:

Shevaun Haviland, Director General, British Chambers of Commerce

Rain Newton-Smith, Director General, Confederation of British Industry

Aaron Asadi, Chief Executive Officer, Enterprise Nation

Tina McKenzie, Policy and Advocacy Chair, Federation of Small Businesses

Stephen Phipson, Chief Executive Officer, Make UK

Michelle Ovens, Founder, Small Business Britain

Dom Hallas, Executive Director, Startup Coalition

Advanced Manufacturing

Dr Hayaatun Sillem CBE, Chief Executive, Royal Academy of Engineering:

“We are delighted to see the announcement of new skills packages for tech, engineering and defence, recognising that the Industrial Strategy’s objectives simply cannot be delivered without a significant boost to investment in our engineering and tech talent base. These packages provide a much-needed opportunity for government to take a holistic view of the rapidly changing skills landscape, and to work with partners across industry and professional bodies to make sure the UK tackles its longstanding skills and diversity deficits in these crucial areas. Today is International Women in Engineering Day – a reminder that we still have much to do to deliver equitable participation in these high-value jobs, and better outcomes for people from all parts of the UK.

“The Royal Academy of Engineering looks forward to supporting government in taking forward these recommendations, including through our new Skills Centre. We also welcome the publication of the Technology Adoption Review and hope that this will result in meaningful action to increase the capacity of the UK’s industrial base and public sector to deploy existing technologies at the scale and pace demanded in today’s tech-driven world.”

John Harrison, General Counsel and Head of Public Affairs, Airbus:

“Airbus welcomes the UK’s modern Industrial Strategy. Having worked closely with the Government to help shape this plan, we are delighted to see it deliver a long-term vision, built on a genuine partnership with industry.

“The firm long-term commitment to the full innovation lifecycle, from R&D in the Aerospace Technology Institute to a focus on commercialisation and supply chain resilience, provides the confidence and stability needed to fuel innovation and anchor high-value manufacturing in the UK for decades to come. The significant new investment in skills is also critical, creating a strong pipeline of engineering and digital talent, which will be the foundation for developing the sustainable technologies of the future, from hydrogen-powered aircraft to next-generation space systems. We stand ready to help turn this ambitious strategy into a reality for British industry.”

Clean Energy

Dhara Vyas, CEO, Energy UK:

“Energy UK welcomes the Government’s new Industrial Strategy and Clean Energy Industries sector plan, which rightly recognise the pivotal role energy will play across the whole economy, powering growth through digitalisation and electrification, boosting regional prosperity and delivering economic security and resilience.  

“Stable, affordable energy prices will help ensure that the UK remains a competitive place to do business, and in an increasingly uncertain global operating environment, clean power will deliver energy security. Focussing on priority technologies where the UK has global expertise will deliver a strong competitive advantage for our businesses and economy.  

“We know the investment necessary to decarbonise the economy will mostly be funded by the private sector. Clarity on Government policy, removal of the barriers to investment and targeted support are all essential to meet this ambition.”    

Sue Ferns, Senior Deputy General Secretary, Prospect Union: 

“Boosting clean energy is not only an important mission in its own right, it is central to the success of every other sector. It is welcome to see the government doubling down on this mission, focusing investment on key technologies like renewables and nuclear energy, and recognising the key role that trade unions play as partners in this strategy. 

“Securing the investment is important, but perhaps the biggest challenge in this area is around the workforce. The energy workforce is undergoing an unprecedented transition, which creates opportunities for many but also serious challenges that need to be addressed. 

“Delivering on this strategy in a way which creates prosperity and supports jobs will require the government’s forthcoming energy workforce plan to be as ambitious as possible and fully backed by all parts of government.” 

Martin Pibworth, Chief Executive Designate, SSE plc:

“The government’s industrial strategy is a welcome signal of long-term thinking and ambition – doubling down on homegrown energy is the right thing for security, resilience and affordability, making the most of the UK’s competitive geographical and technical advantages in renewables in particular. It’s exactly the kind of commitment that gives industry the confidence to deliver at pace and scale, and with important decisions on energy policy expected in the weeks ahead, we hope to see a continued focus on unlocking investment that drives growth. As the UK’s clean energy champion, SSE is investing £17.5bn over five years to 2027 – building the infrastructure, creating high-quality jobs, supporting the supply chain and driving the innovation needed to deliver a net zero economy.”

Creative Industries

Caroline Norbury, Chief Executive, Creative UK:

“The Sector Plan signals that the creative industries are central to the UK’s growth story. From freelancers to scale-ups, this is a step towards the joined-up support our sector needs – and Creative UK stands ready to work with government and industry partners to turn ambition into action. 

“As we move into delivery mode, it’s essential that all parts of the sector – from cultural organisations to creative tech firms – are empowered to grow, invest and contribute fully to the UK’s economic future.”

Dana Strong, Sky Group CEO:

“We warmly welcome the Government’s support for the UK’s creative industries in today’s Industrial Strategy. The media and entertainment sector is a cultural powerhouse and a key driver of growth, with the potential to add £10 billion to the economy and create 40,000 jobs by 2033. Seizing this opportunity is vital to maintaining the UK’s global leadership in creativity.”

Alison Lomax, Managing Director, YouTube UK & Ireland: 

“We welcome the Creative Industries Sector Plan’s commitment to a robust framework for creatives across the UK. It’s particularly encouraging to see the government acknowledge the digital creator economy’s vital role in driving growth for our creative industries. By embracing new distribution models that boost our cultural exports, this vision will solidify the UK’s position as a global cultural superpower.”

Defence

David Lockwood OBE, CEO, Babcock International:

“We welcome the release of the Government’s Modern Industrial Strategy today, setting out the strategic direction for critical sectors including advanced manufacturing, space and nuclear. The Government’s intent to back British businesses and invest in sovereign industries will lay the foundations for economic growth and unleash the potential of the growth sectors to drive prosperity across the UK. We look forward to the publication of the Defence Sector Plan, and working with the Government to bolster the British defence industrial base and safeguard our national and economic security.”

Charles Woodburn, Chief Executive, BAE Systems:

“The UK’s modern Industrial Strategy rightly recognises the importance of investing in skills and developing a workforce for the future. The UK’s defence sector is a powerhouse of skilled employment and training. Across the supply chain, it’s critical that we continue to invest in our people, just as much as we invest in technology, to ensure we can deliver the capabilities our armed forces need to stay ahead in an era of increasing instability.

“That’s why, this year alone, BAE Systems is recruiting more than 2,400 new apprentices and graduates across the UK and we recognise the importance of government, industry and academia working together to develop the talent needed to support this critical high growth sector.”

Paul Livingston CBE, Chief Executive, Lockheed Martin UK & NATO:

“Lockheed Martin welcomes publication of the UK government’s Modern Industrial Strategy and especially its identification of defence, space, and digital technologies as core areas for driving economic growth and expanding mutually beneficial international partnerships with the United States, NATO and their allies. With 28 facilities spanning the length and breadth of the country we’re committed to combining the best skills, expertise and technologies from the UK and the United States to boost capacity, sustain jobs and deliver economic benefits in both countries.”

Digital and Tech

Antony Walker, Deputy CEO, techUK:

“Today, the government has outlined welcome measures to boost confidence for the UK tech sector and the wider economy.

“techUK has long called for the Industrial Strategy to focus on strengthening the conditions for growth of the UK tech sector and accelerating the adoption of new technologies across the economy and public services.

“In an era of rapid technological change, the government must now work in true partnership with business to bolster investment and digital adoption across the whole of the UK economy and secure the country’s competitive advantage in key markets, including semiconductors and AI. techUK, and our members, stand ready to support this government to do so.”

Allison Kirkby, Chief Executive, BT Group:

 “Long-term plans which have positive impact pay. 

“BT has invested over £24bn in the UK so far this decade and will invest a further £20bn before it’s done, to upgrade the country’s digital infrastructure.

“That’s why we welcome the Government’s Industrial Strategy for the decade ahead.

“And it’s great to see it give telecoms prominence: at the centre of a high-growth sector as well as a lever for growth in the wider economy. 

“We look forward to working more with Government on steps they can take to unlock further growth, and make sure the UK’s record-breaking fibre success story is followed fast by an acceleration in 5G too.”

Emily Turner, UK CEO, HSBC Innovation Banking:

“I welcome today’s Industrial Strategy, which sets out positive steps to back the UK’s growth driving sectors, particularly Digital and Technologies. This ten-year strategy will help position the UK as an open and attractive destination for talent and investment, at a time when global competition is particularly acute.  ”We look forward to working closely with our clients and the government to ensure the effective implementation of the sector plans to help realise the full ambition of the UK’s industrial strategy, while ensuring that it remains flexible to keep pace with technological developments.”

Darren Hardman, CEO, Microsoft UK:

“This is a really progressive plan from the Government. Cutting red tape, reducing energy costs, accelerating the delivery of new projects and ensuring the UK has a highly skilled workforce to take advantage of the AI economy. These are all critical factors in encouraging investment from businesses here in the UK and around the world.”

Vishal Marria, Founder and CEO, Quantexa:

“This Industrial Strategy is a key moment for the UK’s growth economy. By addressing structural headwinds like energy costs and grid access, the government is unlocking the potential of British industry. As a UK-founded data and AI company, we welcome the vision to make Britain the best place to build, scale, and invest. Lowering business electricity costs, accelerating clean energy, and prioritising digital skills are vital for sectors like technology, financial services, defence, and advanced manufacturing – all of which will rely on AI and trusted data to compete and lead. This strategy is the bold signal of confidence UK industry has been waiting for.”

Financial Services

Hannah Gurga, Director General, ABI: 

“Today’s Industrial Strategy delivers a clear long-term growth vision, commitment to genuine partnership with business and the regulatory certainty firms need to thrive. We’re pleased that financial services has been recognised as a key growth sector and look forward to working with government on the detailed sector plan.

“The expansion of the British Business Bank’s capacity and its new £6.6 billion growth-capital commitment will unlock vital funding to support smaller UK businesses and drive growth.”

Miles Celic OBE, Chief Executive Officer, TheCityUK:

“The ambitions of today’s Industrial Strategy are laudable, highlighting the priorities for national growth. Financial and related professional services are crucial to its success, from unlocking private capital for innovative businesses to increasing investible opportunities across the regions and nations.

“We believe that supporting growth across whole country is particularly important and we are pleased to see the establishment of the Strategic Investment Opportunities Unit within the Office for Investment. This is the first critical step in the proposal we’ve been pushing to attract investors and capital.

“Transforming both the planning and public procurement processes, making it easier for businesses to bring in global talent whilst addressing the skills shortfall here in the UK, and strengthening global market partnerships are vital for future proofing the economy and are steps where our industry has long called for action.

“The detailed delivery plans for each of the eight sectors of the Industrial Strategy will be critical to realising its ambition. We look forward to seeing these. The vital issue now is delivery. We are committed to working closely with government and the regulators on the successful execution of these ambitions.”

James Alexander, CEO, UKSIF:

“We welcome the overarching ambition of the Industrial Strategy, which feels like a generational shift in thinking. This rightly recognises that government and investors need to work in partnership through a shared vision so we can make the UK the ‘sustainable finance capital of the world’.”

Life Sciences

Richard Torbett, Chief Executive, ABPI:

“This strategy sets out a clear vision for how to grow the UK economy and is rightly focused on many of the key inputs the country needs to get right to create the conditions for success. The task now must be to move quickly from planning to delivery, rapidly boosting UK attractiveness for investment and returning the country to international competitiveness.   “For UK life sciences, a successful strategy means ensuring the UK is not only a cutting-edge place to research and develop the medicine of the future, but also a country which seeks to embrace and use the life-changing innovations we are developing. This will be the key litmus test for success in the upcoming life science sector plan and the NHS 10-year plan, where we hope to see more detail.”

Steve Bates OBE, CEO, UK BioIndustry Association (BIA):

 “The Industrial Strategy has prioritised the life sciences sector because it will disproportionately drive economic growth over the next decade and help deliver an NHS fit for the future.

“SMEs are the lifeblood of this innovative industry and a strength of the UK ecosystem, securing £3.7 billion investment last year, much of it from overseas. We are on the verge of creating a new generation of globally-impactful companies, so it is a smart move by Government to establish a dedicated support service to help 10–20 high-potential UK life science companies scale, attract investment, and remain headquartered in the UK.

“The £4 billion British Business Bank Industrial Strategy Growth Capital initiative will bring new agility to support fledgling companies and cutting-edge technologies as part of the pro-innovation Industrial Strategy. We look forward to working closely with the Bank as they establish this programme for our sector.

“These, alongside improved health data resources for innovators, faster clinical trials, more streamlined and joined-up medicines regulation and access pathways, and investments in medicines manufacturing, mean this Industrial Strategy and the upcoming Life Sciences Sector Plan deliver across the breadth of BIA’s priorities on behalf of our members. These plans are just the beginning, however, as we will now get down to the serious work of delivering these commitments in partnership with the Government.”

Professor Andrew Morris CBE FRSE PMedSci, President, Academy of Medical Sciences:

“Today’s Industrial Strategy represents a significant step forward for UK life sciences – placing the sector at the heart of our economic future and recognising health and wealth are inseparable. This bold vision acknowledges what the Academy of Medical Sciences has long argued: that our world-leading research institutions, the NHS and our exceptional scientific talent can drive national and regional renewal in ways no other sector can match. 

“We are particularly encouraged by the Government’s ambitious goal to make the UK the leading life sciences economy in Europe by 2030, and the third most important globally by 2035. This scale of ambition, combined with over £2bn of committed funding, demonstrates the recognition that life sciences uniquely delivers both economic prosperity and improved health outcomes for all.  

“The strategy’s focus on pillars for the life sciences – supporting world-class R&D, making the UK an outstanding place to start and grow life sciences businesses, and driving health innovation through NHS reform – provides the framework needed to unlock the sector’s full potential. We welcome the commitment to continue investing in discovery research alongside applied sciences, ensuring we maintain curiosity-driven research that underpins future breakthroughs. 

“Alignment with the forthcoming NHS 10-Year Health Plan offers unprecedented opportunity to ensure that cutting-edge innovations deliver rapid benefits for patients whilst driving economic growth. We look forward to the detailed life sciences sector plan that will translate these ambitions into action, and will continue working with Government to deliver this vision where scientific excellence drives both patient benefit and national prosperity as the UK achieves its full potential as a global leader in life sciences.”  

Professional and Business Services

Malcolm Gomersall, CEO, Grant Thornton UK:

“The publication of the Industrial Strategy is a welcome step forward in setting out a clear, long-term path for growth in the sectors that are powering our economy.

“The strategy and the Professional and Business Services plan reflect our own investment priorities for the future, such as increased tech and AI adoption, fostering a highly skilled workforce in areas such as cyber security, digital and net zero transition and growing our specialist capabilities which support the expansion of our clients into international markets. I welcome the clear intention that the wider sector deliver this strategy in partnership with the Government through the Professional and Business Services Council.

“As an employer of over 5,500 people in one UK’s fastest growing and most resilient sectors, ourown journey and track record over recent years has been remarkable. To achieve our ambitious growth plans, we know that we need to continue investing in the future, which means ensuring our people have the right skills and tools for a new era of business.”

Jon Holt, Group Chief Executive and UK Senior Partner, KPMG:

“The UK is the second-largest exporter of professional and business services, making our industry central to this country’s economic strength. We are at the forefront of the AI revolution, we are major employers of diverse talent and we support businesses of all sizes across the country. As a global success story it’s only right that we’re recognised as a high growth sector.

“This industrial strategy makes bold choices and sets clear priorities. Its impact will come from a genuine partnership between Government and business, working together on wins to really unlock the growth, profitability and investment that will shape the UK’s future.”

Rachel Taylor, Government and Health Industries Leader, PwC:

“An industrial strategy without business is just a wish list. The UK Government’s new strategy sets a welcome direction – and business stands ready to turn ambition into action.

“Skills are the new growth currency. The Strategy sets out a bold plan to close the UK’s skills gap, and this will make important steps in addressing business leaders’ concerns that we are losing top talent to other countries. We must work together – government, business and our world-class education institutions – to build the workforce of the future and keep that talent here.

“Business is ready to lean in. With the right framework, we can unlock investment, drive innovation and deliver the growth and opportunity this strategy sets out to achieve.”

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Published 23 June 2025
MIL OSI United Kingdom –
June 24, 2025
MIL-OSI Security: Canadian Man is the Sixth and Final Defendant Sentenced in a Grandparent Scam that Targeted Kentucky Victims and Others

Source: US FBI

Louisville, KY – A Canadian citizen was sentenced to 5 years and 1 month in federal prison for his role in a sweeping “grandparent scam” that targeted victims in Kentucky and across the United States through Canadian-based call centers.

U.S. Attorney Kyle G. Bumgarner of the Western District of Kentucky, Special Agent in Charge Karen Wingerd, Cincinnati Field Office, IRS Criminal Division, and Special Agent in Charge Robert Holman of the United States Secret Service made the announcement.

According to court documents, callers would convince senior victims that their grandchild or other family member had an emergency, usually a car accident, and urgently needed money from the victim. Co-conspirators posing as “couriers” would then collect cash from victims at home and others would launder the criminal proceeds, both through traditional banks and cryptocurrency exchanges. The charged wire fraud conspiracy and money laundering conspiracy spanned from August 2020 to May 2021, and impacted hundreds of victims across the United States—including in Kentucky—who lost over $3 million in total.

Phillipe Gravel–Nadon, 35, a Canadian citizen who was extradited from Colombia to face the federal indictment, was sentenced on June 12, 2025, to 5 years and 1 month in prison, followed by 2 years of supervised release, for wire fraud conspiracy. Gravel–Nadon was considered a “manager or supervisor” within the conspiracy. He was also ordered to pay $963,290 in restitution.

Five other defendants have previously entered guilty pleas and have been sentenced in the case.

Robert Louis Sanchez, 58, of Albuquerque, New Mexico, was sentenced on June 27, 2024, to 1 year and 6 months in prison, followed by 3 years of supervised release, after pleading guilty to wire fraud conspiracy, for his role both as a courier and sometimes as the “safehouse” who would guard cash that was taken from victims.

Jairo Ostia Roberts, 44, who traveled from Panama to the United States to act as a courier in the scheme, was sentenced on March 9, 2023, to 6 months in prison followed by 1 year of supervised release, for wire fraud conspiracy. Roberts was removed to Panama upon his release from U.S. Bureau of Prisons custody.

Panama Abel Diaz Adames, 40, who also traveled from Panama to the United States to act as a courier in the scheme, was sentenced on April 4, 2024, to 1 year and 4 months in prison, followed by 3 years of supervised release, for wire fraud conspiracy.

Christopher Courcoulacos, 47, a Canadian citizen who had been residing in Panama, was considered a “manager or supervisor” within the conspiracy, and was sentenced on November 9, 2023, to 6 years in prison, followed by 3 years of supervised release, for wire fraud conspiracy.

Mark Anthony Phillips, 45, of Ruskin, Florida, was sentenced on May 2, 2024, to 6 years in prison, followed by 3 years of supervised release, after pleading guilty to a money laundering conspiracy charged in the Western District of Kentucky, as well as pleading guilty to five additional money laundering counts, originally charged in the Western District of New York, which were transferred to Kentucky for guilty pleas and sentencing.

“These schemes—designed to take advantage of vulnerable, well-intentioned victims—are becoming increasingly more prevalent across the country. We will do everything in our power to identify the perpetrators of these frauds and hold them to account,” said U.S. Attorney Kyle Bumgarner. “As we do our part to curb these frauds, I would caution the public to be skeptical of any phone call that presents you with an urgent situation that can be remedied by an immediate payment of money. Those requests are generally a fraud, and you should have the courage to hang up the phone when the caller pushes you even harder for money.”

There is no parole in the federal system.

This case was investigated by the IRS-CI and USSS with assistance from the Jefferson County Sheriff’s Office, the Federal Bureau of Investigation, Homeland Security Investigations, and the Treasury Inspector General for Tax Administration.

The Justice Department’s Office of International Affairs and the Criminal Division’s Narcotic and Dangerous Drug Section (NDDS) Judicial Attaché Office in Bogotá provided valuable assistance with securing the arrest and extradition of Gravel-Nadon to the United States.

Assistant U.S. Attorney Corinne E. Keel prosecuted the case.

This case was investigated and prosecuted as part of the National Elder Justice Task Force and the Kentucky Elder Justice Task Force. The Department of Justice’s mission of its Elder Justice Initiative is to support and coordinate the Department’s enforcement and programmatic efforts to combat elder abuse, neglect and financial fraud and scams that target our nation’s older adults. Kentucky’s task force is comprised of investigators, prosecutors, and others at the local, state, and federal level with a common objective of protecting seniors across Kentucky.

###

MIL Security OSI –

June 24, 2025
MIL-OSI Security: Canadian Man is the Sixth and Final Defendant Sentenced in a Grandparent Scam that Targeted Kentucky Victims and Others

Source: US FBI

Louisville, KY – A Canadian citizen was sentenced to 5 years and 1 month in federal prison for his role in a sweeping “grandparent scam” that targeted victims in Kentucky and across the United States through Canadian-based call centers.

U.S. Attorney Kyle G. Bumgarner of the Western District of Kentucky, Special Agent in Charge Karen Wingerd, Cincinnati Field Office, IRS Criminal Division, and Special Agent in Charge Robert Holman of the United States Secret Service made the announcement.

According to court documents, callers would convince senior victims that their grandchild or other family member had an emergency, usually a car accident, and urgently needed money from the victim. Co-conspirators posing as “couriers” would then collect cash from victims at home and others would launder the criminal proceeds, both through traditional banks and cryptocurrency exchanges. The charged wire fraud conspiracy and money laundering conspiracy spanned from August 2020 to May 2021, and impacted hundreds of victims across the United States—including in Kentucky—who lost over $3 million in total.

Phillipe Gravel–Nadon, 35, a Canadian citizen who was extradited from Colombia to face the federal indictment, was sentenced on June 12, 2025, to 5 years and 1 month in prison, followed by 2 years of supervised release, for wire fraud conspiracy. Gravel–Nadon was considered a “manager or supervisor” within the conspiracy. He was also ordered to pay $963,290 in restitution.

Five other defendants have previously entered guilty pleas and have been sentenced in the case.

Robert Louis Sanchez, 58, of Albuquerque, New Mexico, was sentenced on June 27, 2024, to 1 year and 6 months in prison, followed by 3 years of supervised release, after pleading guilty to wire fraud conspiracy, for his role both as a courier and sometimes as the “safehouse” who would guard cash that was taken from victims.

Jairo Ostia Roberts, 44, who traveled from Panama to the United States to act as a courier in the scheme, was sentenced on March 9, 2023, to 6 months in prison followed by 1 year of supervised release, for wire fraud conspiracy. Roberts was removed to Panama upon his release from U.S. Bureau of Prisons custody.

Panama Abel Diaz Adames, 40, who also traveled from Panama to the United States to act as a courier in the scheme, was sentenced on April 4, 2024, to 1 year and 4 months in prison, followed by 3 years of supervised release, for wire fraud conspiracy.

Christopher Courcoulacos, 47, a Canadian citizen who had been residing in Panama, was considered a “manager or supervisor” within the conspiracy, and was sentenced on November 9, 2023, to 6 years in prison, followed by 3 years of supervised release, for wire fraud conspiracy.

Mark Anthony Phillips, 45, of Ruskin, Florida, was sentenced on May 2, 2024, to 6 years in prison, followed by 3 years of supervised release, after pleading guilty to a money laundering conspiracy charged in the Western District of Kentucky, as well as pleading guilty to five additional money laundering counts, originally charged in the Western District of New York, which were transferred to Kentucky for guilty pleas and sentencing.

“These schemes—designed to take advantage of vulnerable, well-intentioned victims—are becoming increasingly more prevalent across the country. We will do everything in our power to identify the perpetrators of these frauds and hold them to account,” said U.S. Attorney Kyle Bumgarner. “As we do our part to curb these frauds, I would caution the public to be skeptical of any phone call that presents you with an urgent situation that can be remedied by an immediate payment of money. Those requests are generally a fraud, and you should have the courage to hang up the phone when the caller pushes you even harder for money.”

There is no parole in the federal system.

This case was investigated by the IRS-CI and USSS with assistance from the Jefferson County Sheriff’s Office, the Federal Bureau of Investigation, Homeland Security Investigations, and the Treasury Inspector General for Tax Administration.

The Justice Department’s Office of International Affairs and the Criminal Division’s Narcotic and Dangerous Drug Section (NDDS) Judicial Attaché Office in Bogotá provided valuable assistance with securing the arrest and extradition of Gravel-Nadon to the United States.

Assistant U.S. Attorney Corinne E. Keel prosecuted the case.

This case was investigated and prosecuted as part of the National Elder Justice Task Force and the Kentucky Elder Justice Task Force. The Department of Justice’s mission of its Elder Justice Initiative is to support and coordinate the Department’s enforcement and programmatic efforts to combat elder abuse, neglect and financial fraud and scams that target our nation’s older adults. Kentucky’s task force is comprised of investigators, prosecutors, and others at the local, state, and federal level with a common objective of protecting seniors across Kentucky.

###

MIL Security OSI –

June 24, 2025
MIL-OSI Economics: Central African Republic: Third and Fourth Review Under the Extended Credit Facility, Requests for a Waiver of Nonobservance of Performance Criteria, and Financing Assurance Review

Source: International Monetary Fund

International Monetary Fund. African Dept. “Central African Republic: Third and Fourth Review Under the Extended Credit Facility, Requests for a Waiver of Nonobservance of Performance Criteria, and Financing Assurance Review”, IMF Staff Country Reports 2025, 140 (2025), accessed June 23, 2025, https://doi.org/10.5089/9798229013970.002

MIL OSI Economics –

June 24, 2025
MIL-OSI: BAY Miner cloud mining launches zero-cost one-click mining of BTC, ETH, XRP and other currencies
Source: GlobeNewswire (MIL-OSI)

Seattle, Washington, June 23, 2025 (GLOBE NEWSWIRE) — Against the backdrop of increasing uncertainty in the international situation, global investors are accelerating their turn to blockchain assets as an emerging safe-haven option, and attention to the cryptocurrency market continues to rise. BAY Miner cloud mining has officially launched a cloud mining platform that supports multiple currencies and has zero cost with a low threshold and high efficiency, once again becoming the focus of market attention. Users do not need to buy mining machines or master the technology. Through BAY Miner’s mobile app and web version platform, they can participate in the real-time mining of multiple mainstream cryptocurrencies such as Bitcoin, Dogecoin, Litecoin, etc. with one click.
BAY Miner cloud mining platform provides one-stop solutions for global users’ questions such as “how to invest in Bitcoin” and “how to make money through cloud mining”. The platform combines green energy with an intelligent computing power management system. Users do not need to configure any hardware. They only need to register to get a $15 trial fee and immediately start mining mainstream cryptocurrencies such as BTC, ETH, XRP, DOGE, LTC, SOL, etc.
Emily Carter, Head of Marketing at BAY Miner, said: “Our vision is to make digital asset mining more convenient, transparent, and adaptable to market changes. In uncertain times, investors seek more resilient alternatives, and BAY Miner cloud mining allows them to participate in blockchain investment with peace of mind.”

Advantages and features of cloud mining:
1. No hardware investment required: Users do not need to buy expensive mining machines or set up mining farms. All computing power comes from remote data centers and is maintained uniformly by the platform.
2. Zero maintenance cost: No need to worry about electricity bills, equipment aging, noise and heat dissipation. The operation and maintenance work is undertaken by the cloud mining platform, and users focus on revenue management.
3. Simple operation and novice-friendly: Just register an account, select a contract and pay the fee to start automatic mining. The platform supports multiple currencies, revenue visualization, automatic reinvestment and other functions.
4. Mobile control anytime, anywhere: The cloud mining platform supports mobile apps, and users can view revenue and adjust strategies in real time through their mobile phones. Supports Android/iOS dual systems.
5. Flexible contract selection: You can choose computing power packages by day, week, or month, suitable for different budgets and strategies. A variety of cryptocurrencies are available: BTC, ETH, XRP, DOGE, LTC, SOL, etc.
6. Lower entry threshold: Compared with traditional mining models, cloud mining has low costs and low risks. It is suitable for junior investors or crypto enthusiasts as an experience method.
7. Available worldwide, in line with the trend of decentralization: no geographical restrictions, only Internet access is required. Users can enjoy the decentralized computing resources of the global blockchain network.
8. The platform provides registration rewards and referral rebates: registration rewards such as BAY Miner (starting from US$15) lower the threshold for users’ first investment. The promotion system allows users to get commission rewards by inviting friends.
How to earn cryptocurrency with BAY Miner:
Complete the registration in a few simple steps
·Visit the official website BAY Miner and register an account to automatically receive a $15 trial fee.
·Choose the cloud mining contract you want to participate in, such as BTC Free Hashrate Plan, or choose to top up to purchase a high-yield contract
·The system automatically distributes income every day, which can be viewed and withdrawn at any time through mobile phones or websites
·The promotion system supports users to invite friends and relatives to mine through exclusive invitation codes, and can get up to 5% alliance rewards, increasing additional sources of income.

Cloud mining is super easy, click to register now

The table below shows the potential income you can achieve
BTC [New User Experience Contract]: Investment amount: $100, potential total net profit: $100 + $10
BTC [Core Contract Plan]: Investment amount: $600, potential total net profit: $600 + $43.2
DOGE [Core Contract Plan]: Investment amount: $3,000, potential total net profit: $3,000 + $825.3
BTC [Electricity Contract Plan]: Investment amount: $8,000, potential total net profit: $8,000 + $4340
BTC[Electricity Contract Plan]: Investment Amount: $30,000, Potential Total Net Profit: $30,000 + $23,220
Note: Profit estimates depend on network conditions and market volatility.

Click here for full contract details

BAY Miner cloud mining is suitable for people:
- Beginners who want to participate in crypto investment with a low threshold
- Asset allocators seeking multi-currency passive income opportunities
- Global users who cannot deploy local mining machines but have income needs
- Digital finance enthusiasts who want to participate in blockchain through mobile devices
Market prospects:
According to market research, cloud mining platforms will become one of the important entry points for cryptocurrency investment in 2025. Especially in the context of rising uncertainty in the macro-political environment, decentralized asset allocation tools are favored by more users. BAY Miner is expanding its service network around the world and continuously optimizing platform stability and revenue structure.
What is BAY Miner Cloud Mining?
BAY Miner was founded in 2017 and is committed to building a low-threshold, highly transparent global encrypted cloud mining platform. With users all over the world, it has AI computing power scheduling, multi-currency contract configuration and real-time profit chart functions, suitable for novice users and professional investors to participate.
Visit the official website: www.bayminer.com
Email: info@bayminer.com
Mobile APP: https://bayminer.com/app/download
Address: Ground Floor, Egerton House, 68 Baker Street, Weybridge, Surrey, United Kingdom, KT13 8AL

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

Attachment

The MIL Network –
June 24, 2025
MIL-OSI: UPDATE – Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and US$155 Price Target
Source: GlobeNewswire (MIL-OSI)

TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S.

Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of US$155, reflecting strong upside potential of approximately 25% from current market levels.

“Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

Investment Thesis Highlights:
- Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
- Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
- Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
- Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
- Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
- ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), US$1 billion Indigenous economic commitment, and sector-leading safety.
Valuation & Target:
Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of US$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

Risk Factors:
- Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
- Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
- Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.
About Rockcliffe Capital Research
Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

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

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

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

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

The MIL Network –
June 24, 2025
MIL-OSI: UPDATE – Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and US$155 Price Target
Source: GlobeNewswire (MIL-OSI)

TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S.

Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of US$155, reflecting strong upside potential of approximately 25% from current market levels.

“Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

Investment Thesis Highlights:
- Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
- Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
- Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
- Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
- Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
- ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), US$1 billion Indigenous economic commitment, and sector-leading safety.
Valuation & Target:
Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of US$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

Risk Factors:
- Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
- Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
- Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.
About Rockcliffe Capital Research
Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

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

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

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

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

The MIL Network –
June 24, 2025
MIL-OSI Africa: President Ruto, Samaila Zubairu and Africa’s Top Chief Executive Officer’s (CEO) to Headline The Africa Debate in London

Invest Africa (www.InvestAfrica.com) is pleased to announce Africa Finance Corporation (AFC) as Headline Partner for the 11th edition of The Africa Debate, taking place on Wednesday, 2 July 2025 at the Guildhall, in the heart of the City of London.

This year’s theme — “Harnessing Natural Capital for Growth” — seeks to interrogate how Africa can transform the scale and structure of investment around its most enduring assets: from its critical minerals and fertile land to its human ingenuity and demographic dynamism.

Now firmly established as the UK’s premier forum for Africa-focused investment dialogue, The Africa Debate will convene over 700 senior decision-makers from across government, finance, and industry for a full day of high-level exchanges. Through keynote addresses, ministerial dialogues, and curated sector debates, the programme will explore how to turn extractive advantage into structural transformation — mobilising green industrialisation, digital infrastructure, intra-African trade, and new financial instruments to drive inclusive, climate-smart growth.

This year’s speaker line-up reflects the extraordinary breadth of voices shaping Africa’s next chapter, from heads of state to the stewards of global capital. Highlights include: H.E. William Ruto, President of the Republic of Kenya; H.E. Hailemariam Desalegn Boshe, Former Prime Minister of Ethiopia; Board Chair, TradeMark Africa; H.E. Wamkele Mene, Secretary-General, African Continental Free Trade Area Secretariat; Benedict Oramah, President, Afreximbank; Samaila Zubairu, President & CEO, Africa Finance Corporation; Abebe Aemro Selassie, Director, African Department, International Monetary Fund; Solomon Quaynor, Vice President for Private Sector, Infrastructure & Industrialisation, African Development Bank; Strive Masiyiwa, Founder & Chair, Econet Wireless; Duncan Wanblad, CEO, Anglo American; Wale Tinubu, CEO, Oando Plc; Monique Gieskes, CEO, PHC; Marie-Chantal Kaninda, President, Glencore DRC; and more. The full programme is now available to view here (http://apo-opa.co/4ljJqbx), with detailed sessions on value chain transformation, blended finance, regional infrastructure, and Africa’s positioning in a multipolar global economy.

Samaila Zubairu, President and CEO of Africa Finance Corporation, commented: “Natural capital is only as valuable as the systems that refine, protect, and elevate it. At AFC, we believe that infrastructure is the bridge between Africa’s resource richness and the continent’s ability to rapidly industrialise and take its rightful place on the global stage. Our partnership with Invest Africa and The Africa Debate underscores the need for thoughtful, long-term capital — deployed strategically — to unlock the continent’s full economic potential. We are proud to support a platform that challenges assumptions and catalyses bold, bankable solutions.”

Chantelé Carrington, CEO of Invest Africa, added: “Africa’s path to prosperity must be built not on extraction, but on transformation. This year’s theme compels us to ask harder questions about how we steward the continent’s assets — human, natural, and institutional — in a world shaped by climate change, technological disruption, and shifting geopolitical priorities. With AFC’s visionary leadership, we are honoured to convene a dialogue that is ambitious in scope, rigorous in thought, and focused on meaningful outcomes.”

Confirmed Sponsors of The Africa Debate Include: Africa Finance Corporation (Headline Partner), Absa Group, Afreximbank, FirstBank UK Limited, Invest KZN, Standard Chartered, Standard Bank Group, Plantations et Huileries du Congo, Lagos Free Zone (Tolaram), Octopus Energy, ServiceNow, Stellar Developments, Spiro, Safaricom, Premier Invest, Remittances Hub, S-RM, DLA Piper, and London Stock Exchange Group.

To register as a delegate for The Africa Debate, please visit: https://apo-opa.co/4efWGM0. Places are limited and advance registration is essential.

Distributed by APO Group on behalf of Invest Africa.

For more information or media enquiries, please contact:
Pippa van Breda
Marketing & Communications Manager
Invest Africa
T: +44 2037 305 035
E: pippa.vanbreda@investafrica.com

About The Africa Debate:
The Africa Debate is London’s premier investment forum dedicated to shaping the future of African trade, investment, and economic transformation. Now in its 11th year, the event serves as a critical platform for global businesses, investors, policymakers, and thought leaders to engage in high-level discussions on Africa’s evolving role in the global economy.

About Invest Africa:
Invest Africa is a leading pan-African business platform that promotes trade and investment across the continent. With a 60-year heritage and a network of over 400 global members, Invest Africa provides trusted intelligence, strategic connections, and high-level convenings to support business success across African markets.

About Africa Finance Corporation:
Africa Finance Corporation is Africa’s leading multilateral finance institution, focused on bridging the continent’s infrastructure gap through innovative, commercially viable, and sustainable investments.

MIL OSI Africa –

June 24, 2025
MIL-OSI: Credit Agricole Sa: Indosuez Wealth Management plans to acquire the “Wealth Management” clients of the BNP Paribas Group in Monaco
Source: GlobeNewswire (MIL-OSI)

Press release

Monaco / Paris, 23 June 2025

Indosuez Wealth Management plans to acquire
the “Wealth Management” clients of the BNP Paribas Group in Monaco

Indosuez Wealth Management, the wealth management subsidiary of the Crédit Agricole Group, announces that its entity in Monaco, CFM Indosuez, has signed an agreement to acquire the Wealth Management clients of the BNP Paribas Group subsidiary in Monaco.

This acquisition would enable Indosuez Wealth Management to assert its leading position on the Monegasque market in which it has been present since 1922.

The BNP Paribas Group’s Wealth Management clients in Monaco will benefit from continuity in the support they receive. They will benefit from the local presence of experts with recognised know-how. They will have access to one of the most comprehensive services on the market, resulting in particular from the universal nature of CFM Indosuez’s offer in the Principality and its position as a leading bank. They will also be able to continue to benefit from an international network, multiple financing capabilities, expertise in corporate finance, fund servicing and management, as well as the solidity of Crédit Agricole, the 9^th largest bank in the world.
This transaction is complemented by a strategic business partnership with the BNP Paribas Group to provide long-term support to its clients with Wealth Management needs in Monaco.

For Jacques Prost, Chief Executive Officer of Indosuez Wealth Management: “This acquisition would strengthen our position in Monaco with ultra-high net worth clients (UHNW). Indosuez is pursuing its growth strategy in a sector undergoing consolidation and is a major player in wealth management in Europe.”

Mathieu Ferragut, CEO of CFM Indosuez Wealth Management and Deputy CEO of Indosuez Wealth Management, adds: “We are delighted to welcome the Wealth Management clients of BNP Paribas Group’s Monaco subsidiary. This strengthens our position as Monaco’s leading bank and number one employer. We will work together to make this acquisition a success for both clients and employees.”

Françoise Puzenat, Head of Monaco at BNP Paribas says: “We are delighted with the agreement reached with CFM Indosuez, a recognised player in the market and with all the assets needed to ensure the best possible continuity of service for our clients and the employees who join them. The sale of the Wealth Management business in Monaco is part of our strategic decision to refocus our local activities on a single platform. BNP Paribas will continue to develop its domestic commercial banking business line in Monaco, which includes corporate banking, private banking and retail banking.”

The finalisation of the transaction remains subject to the prior approval of the relevant supervisory authorities, and is expected to be completed during the first half of 2026.

The impact on Crédit Agricole S.A.’s CET1 ratio would be limited.

****

Indosuez Wealth Management contacts

Indosuez Group: Jenny Sensiau I jenny.sensiau@ca-indosuez.com I +33 7 86 22 15 24

CFM Indosuez: Magali Jacquet-Lagrèze I mjacquet@cfm-indosuez.mc I +33 6 78 63 38 17

*****

About Indosuez Wealth Management

Indosuez Wealth Management is the global wealth management brand of the Crédit Agricole Group, the world’s 9^th largest bank by balance sheet (The Banker 2024).
For over 150 years, Indosuez Wealth Management has been helping major private clients, families, entrepreneurs and professional investors to manage their private and professional assets. The bank offers a customised approach enabling each of its clients to preserve and develop their wealth in line with their aspirations. Its teams offer a continuum of services and offers that include advisory, financing, investment solutions, fund servicing, and technology and banking solutions.
Indosuez Wealth Management employs more than 4,500 people in 16 territories around the world: in Europe (Belgium, France, Germany, Italy, Luxembourg, Netherlands, Portugal, Monaco, Spain and Switzerland), Asia-Pacific (Hong Kong SAR, New Caledonia and Singapore), the Middle East (Dubai, Abu Dhabi) and Canada (representative office).
With €215 billion in client assets at the end of December 2024, Indosuez Wealth Management is one of Europe’s leading wealth management companies.
Find out more at ca-indosuez.com

About CFM Indosuez Wealth Management

The Indosuez Wealth Management network is embodied in Monaco through CFM Indosuez Wealth Management, the leading bank in the Principality. Its roots go back to 1922, the year it was founded by a number of prominent Monegasque families, some of whom are still shareholders, alongside the majority shareholder (70%), the Crédit Agricole Group.
With the largest trading room in Monaco and 5 branches in the region, its teams, comprised of nearly 400 highly specialised employees, combine their knowledge of the Principality’s international environment with the vast expertise and opportunities of the international network of Indosuez Wealth Management and the Crédit Agricole Group.
In addition to Wealth Management, its leading activity, CFM Indosuez Wealth Management serves all clients, whether private, institutional, corporate or professional.
CFM Indosuez is also the leading bank in Corporate Finance in Monaco.
In 2024, CFM Indosuez was named best bank in the Principality by international magazine Global Finance for the eighth consecutive year.
Find us at cfm-indosuez.mc

About BNP Paribas in Monaco

BNP Paribas Wealth Management is a leading global private bank and the largest private bank in the Eurozone with €469 billion in assets under management as of March 2025. Present in 3 regions (Europe, Asia and the Middle East), it employs more than 6,700 professionals who support individuals, entrepreneurs and large families in protecting, growing and passing on their assets. The bank aims to build a sustainable future by combining its expertise and reach with its clients’ influence and desire to make an impact.
Find us on https://wealthmanagement.bnpparibas/fr.htm

Attachment
- 250623_PR_Indosuez announces an acquisition_EN
The MIL Network –
June 24, 2025

MIL-OSI: ASM share buyback update June 16 – 20, 2025

Source: GlobeNewswire (MIL-OSI)

Almere, The Netherlands
June 23, 2025, 5:45 p.m. CET

ASM International N.V. (Euronext Amsterdam: ASM) reports the following transactions, conducted under ASM’s current share buyback program.

Date	Repurchased shares	Average price	Repurchased value
June 18, 2025	215	€ 517.52	€ 111,267
June 19, 2025	3,423	€ 512.74	€ 1,755,120
June 20, 2025	3,732	€ 515.14	€ 1,922,520
Total	7,370	€ 514.10	€ 3,788,907

These repurchases were made as part of the €150 million share buyback program which started on April 30, 2025. Of the total program, 28.6% has been repurchased. For further details including individual transaction information please visit: www.asm.com/investors/dividends-share-buybacks.

About ASM International

ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Contact

Investor and media relations

Victor Bareño
T: +31 88 100 8500
E: investor.relations@asm.com

Investor relations

Valentina Fantigrossi
T: +31 88 100 8502
E: investor.relations@asm.com

The MIL Network –

June 24, 2025

MIL-OSI: Coface SA: Coface strengthens its strategic focus on data and innovation, and continues to invest in its Information Services growth

Source: GlobeNewswire (MIL-OSI)

Coface strengthens its strategic focus on data and innovation, and continues to invest in its Information Services growth

Paris, 23 June 2025 – 17.45

Coface announces the creation of a dedicated technological hub focused on data, connectivity, and product innovation led by Thibault Surer, Group Strategy and Development Director. Thibault Surer will continue to oversee Strategy, Economic research, Marketing, and Mergers & Acquisitions.

Coface also announces the appointment of Joerg Diewald as Information Services and Partnerships Director to support and accelerate the business development of these two strategic activities.

These changes will be effective from July 1^st, 2025.

These appointments strengthen Coface’s governance and are perfectly in line with the Group’s strategic focus, notably around data and innovation.

Xavier Durand, Coface’s Chief Executive Officer, commented:
“Over the last 12 months, we have made significant progress in Information Services and data. This strengthening of governance is an important step of our continued efforts and will allow us to face up the complexity and scale of the transformation required. These appointments are perfectly in line with the objectives of our strategic plan Power The Core, which aims to reach data and technology excellence and generate a grow profitably Information Services.”

Thibault Surer, Group Strategy and Development Director will lead a dedicated technological hub focused on data, connectivity, and product innovation while continuing to oversee Strategy, Economic research, Marketing, and Mergers & Acquisitions.

As our investments in data and innovation grow, it is becoming clear that the complexity and scale of the transformations required in these domains deserve greater attention and a strengthened governance. This is the objective behind the creation of the technology hub.

Joerg Diewald, appointed as the new Global Head of Information Services and partnerships will focus on the business development of these two strategic activities.

Before joining Coface, he served as Chief Commercial Officer and Board Member at Solarisbank AG in Berlin, a Fintech company operating in the digital banking industry. Joerg brings more than 30 years of international experience in banking, commercial finance, and risk management.

Based in Mainz, Germany, Joerg Diewald directly reports to Xavier Durand, Chief Executive Officer of Coface.

CONTACTS

ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

MEDIA RELATIONS
Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

FINANCIAL CALENDAR 2025
(subject to change)

H1-2025 results: 31 July 2025 (after market close)
9M-2025 results: 3 November 2025 (after market close)

FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
You can check the authenticity on the website www.wiztrust.com.

COFACE: FOR TRADE
As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

www.coface.com

COFACE SA is quoted in Compartment A of Euronext Paris
Code ISIN: FR0010667147 / Ticker: COFA

DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

Attachment

2025 06 23 PR COFACE SA – Strengthening our strategic focus on data and innovation

The MIL Network –

June 24, 2025

MIL-OSI: Coface SA: Coface strengthens its strategic focus on data and innovation, and continues to invest in its Information Services growth

Source: GlobeNewswire (MIL-OSI)

Coface strengthens its strategic focus on data and innovation, and continues to invest in its Information Services growth

Paris, 23 June 2025 – 17.45

Coface also announces the appointment of Joerg Diewald as Information Services and Partnerships Director to support and accelerate the business development of these two strategic activities.

These changes will be effective from July 1^st, 2025.

These appointments strengthen Coface’s governance and are perfectly in line with the Group’s strategic focus, notably around data and innovation.

Joerg Diewald, appointed as the new Global Head of Information Services and partnerships will focus on the business development of these two strategic activities.

Based in Mainz, Germany, Joerg Diewald directly reports to Xavier Durand, Chief Executive Officer of Coface.

CONTACTS

ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

MEDIA RELATIONS
Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

FINANCIAL CALENDAR 2025
(subject to change)

H1-2025 results: 31 July 2025 (after market close)
9M-2025 results: 3 November 2025 (after market close)

FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
You can check the authenticity on the website www.wiztrust.com.

www.coface.com

COFACE SA is quoted in Compartment A of Euronext Paris
Code ISIN: FR0010667147 / Ticker: COFA

Attachment

2025 06 23 PR COFACE SA – Strengthening our strategic focus on data and innovation

The MIL Network –

June 24, 2025

MIL-OSI: CFC’s 2024 Key Ratio Trend Analysis Results Highlight Financial Stability and Growth Across Electric Cooperatives

Source: GlobeNewswire (MIL-OSI)

DULLES, Va., June 23, 2025 (GLOBE NEWSWIRE) — The National Rural Utilities Cooperative Finance Corporation (CFC) has completed its analysis of the 2024 Key Ratio Trend Analysis (KRTA), an annual report of financial trends among electric distribution cooperatives nationwide.

Now in its 50th year, the KRTA continues to provide valuable insights into the financial health of the cooperative network. The latest results reaffirm that, amid elevated interest rates and persistent inflation, electric cooperatives maintained stable financial performance and steady consumer growth. Most notably, the 2024 results highlighted continued strong investment in utility plant—reinforcing the sector’s long-term commitment to infrastructure and service reliability.

“Amid a complex economic environment in 2024, rural electric cooperatives remained focused and adaptable,” CFC Senior Vice President and Chief Corporate Affairs Officer Brad Captain said. “Their performance this year reflects the continued strength of the cooperative business model.”

Consumer growth held steady in 2024, with nearly 89% of cooperatives reporting increases. Utah, Idaho and Florida were among those states with the highest growth rates. This steady expansion was accompanied by continued investment in utility plant, extending the momentum of sustained infrastructure growth seen in recent years.

“Cooperatives are making smart, long-term investments to support future growth,” CFC Senior Vice President of Strategic Services Amy Luongo said. “Their focus remains on building stronger systems and serving their communities well.”

Electricity sales, which had moderated in 2023, rebounded in 2024—reflecting renewed growth in system usage across much of the network.

Financial ratios in 2024 continued to reflect the underlying strength of the cooperative network. The median equity-to-asset ratio remained solid at 45%, while long-term debt accounted for just under 43% of total assets—illustrating a well-balanced capital structure. Coverage ratios were also healthy, with the median times interest earned ratio at 2.60 and modified debt service coverage at 1.86, signaling strong earnings relative to debt obligations.

“These indicators underscore the ability of cooperatives to manage capital needs while maintaining financial flexibility and long-term stability,” Luongo said.

Final KRTA results are based on data submitted by 815 electric distribution cooperatives for the year ending Dec. 31, 2024. CFC calculates 145 financial and operational ratios for each cooperative and provides a report showing the cooperative’s ratios compared with U.S., state and other key consumer group median values. Median reporting minimizes the effect of outliers and offers a more representative picture of overall performance.

About CFC
Created and owned by America’s electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)—a nonprofit finance cooperative with approximately $38 billion in assets—provides unparalleled industry expertise, flexibility and responsiveness to serve the needs of our member-owners. CFC is an equal opportunity provider. Visit us online at www.nrucfc.coop.

About KRTA
CFC has published KRTA—an annual report that tracks the median value of 145 financial and operational ratios for participating electric distribution cooperatives over the previous five years—since 1975. Based on data reported by electric distribution cooperatives, KRTA provides electric cooperative CEOs and directors/trustees with a complete picture of their system’s financial performance. In 2023, CFC introduced KRTA Pro, a new online platform that offers a 20-plus year view of KRTA ratios, enabling deeper trend analysis and enhanced access to historical benchmarking.

Contact:
Brad Captain
Corporate Relations Group
800-424-2954

The MIL Network –

June 24, 2025
MIL-OSI: CFC’s 2024 Key Ratio Trend Analysis Results Highlight Financial Stability and Growth Across Electric Cooperatives

Source: GlobeNewswire (MIL-OSI)

DULLES, Va., June 23, 2025 (GLOBE NEWSWIRE) — The National Rural Utilities Cooperative Finance Corporation (CFC) has completed its analysis of the 2024 Key Ratio Trend Analysis (KRTA), an annual report of financial trends among electric distribution cooperatives nationwide.

Now in its 50th year, the KRTA continues to provide valuable insights into the financial health of the cooperative network. The latest results reaffirm that, amid elevated interest rates and persistent inflation, electric cooperatives maintained stable financial performance and steady consumer growth. Most notably, the 2024 results highlighted continued strong investment in utility plant—reinforcing the sector’s long-term commitment to infrastructure and service reliability.

“Amid a complex economic environment in 2024, rural electric cooperatives remained focused and adaptable,” CFC Senior Vice President and Chief Corporate Affairs Officer Brad Captain said. “Their performance this year reflects the continued strength of the cooperative business model.”

Consumer growth held steady in 2024, with nearly 89% of cooperatives reporting increases. Utah, Idaho and Florida were among those states with the highest growth rates. This steady expansion was accompanied by continued investment in utility plant, extending the momentum of sustained infrastructure growth seen in recent years.

“Cooperatives are making smart, long-term investments to support future growth,” CFC Senior Vice President of Strategic Services Amy Luongo said. “Their focus remains on building stronger systems and serving their communities well.”

Electricity sales, which had moderated in 2023, rebounded in 2024—reflecting renewed growth in system usage across much of the network.

Financial ratios in 2024 continued to reflect the underlying strength of the cooperative network. The median equity-to-asset ratio remained solid at 45%, while long-term debt accounted for just under 43% of total assets—illustrating a well-balanced capital structure. Coverage ratios were also healthy, with the median times interest earned ratio at 2.60 and modified debt service coverage at 1.86, signaling strong earnings relative to debt obligations.

“These indicators underscore the ability of cooperatives to manage capital needs while maintaining financial flexibility and long-term stability,” Luongo said.

Final KRTA results are based on data submitted by 815 electric distribution cooperatives for the year ending Dec. 31, 2024. CFC calculates 145 financial and operational ratios for each cooperative and provides a report showing the cooperative’s ratios compared with U.S., state and other key consumer group median values. Median reporting minimizes the effect of outliers and offers a more representative picture of overall performance.

About CFC
Created and owned by America’s electric cooperative network, the National Rural Utilities Cooperative Finance Corporation (CFC)—a nonprofit finance cooperative with approximately $38 billion in assets—provides unparalleled industry expertise, flexibility and responsiveness to serve the needs of our member-owners. CFC is an equal opportunity provider. Visit us online at www.nrucfc.coop.

About KRTA
CFC has published KRTA—an annual report that tracks the median value of 145 financial and operational ratios for participating electric distribution cooperatives over the previous five years—since 1975. Based on data reported by electric distribution cooperatives, KRTA provides electric cooperative CEOs and directors/trustees with a complete picture of their system’s financial performance. In 2023, CFC introduced KRTA Pro, a new online platform that offers a 20-plus year view of KRTA ratios, enabling deeper trend analysis and enhanced access to historical benchmarking.

Contact:
Brad Captain
Corporate Relations Group
800-424-2954

The MIL Network –

June 24, 2025
MIL-OSI USA: Republicans are Providing Tax Relief to Working Families and Main Street

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.—In addition to making the 2017 Trump tax rates permanent, Republicans are working to deliver additional tax relief for American families, communities and small businesses.
Investments in workers and small businesses:
No tax on tips for millions of tipped workers.
No tax on overtime for millions of America’s hourly workers.
No tax on auto loan interest for new cars made in the U.S.
Repeals the Democrats’ onerous IRS reporting requirements on gig workers.
Increases the 1099-MISC threshold, reducing the paperwork burden for small businesses and workers.
Investments in families, seniors and children:
Strengthens employer-provided childcare credit and boosts childcare assistance.
Creates school choice tax credits to expand education freedom and opportunity for students.
Provides a $6,000 bonus exemption to millions of low- and middle-income seniors, slashing their tax burden.
Enhances 529 savings accounts to make education more affordable for families.
Establishes savings accounts for newborns, building financial security for the next generation.
Click HERE for a bill overview.
Click HERE to view text of the Finance reconciliation bill.
Click HERE for a section-by-section.

MIL OSI USA News –

June 24, 2025
MIL-OSI USA: Republicans are Powering the Economy Through Pro-Growth Tax Policy
US Senate News:
Source: United States Senator for Idaho Mike Crapo
Washington, D.C.—Republicans’ legislation permanently extends critical pro-growth provisions and introduces new incentives for domestic investment, providing certainty for American job creators to spur domestic economic activity and invest in workers.

Restores and makes permanent critical business provisions:

Full expensing for domestic R&D to encourage domestic innovation.

Full expensing for new capital investments, like machinery and equipment, to boost domestic production.

Restores interest deductibility to a globally competitive standard to help finance critical domestic investments.

Boosts Made-in-America manufacturing:

Full expensing for new factories and factory improvements to accelerate domestic manufacturing.

Enhances Opportunity Zone incentives:

Permanently renews and enhances the Opportunity Zone program, driving $100+ billion of investment to rural and distressed communities.

Click HERE for a bill overview.

Click HERE to view text of the Finance reconciliation bill.

Click HERE for a section-by-section.
MIL OSI USA News –
June 24, 2025
MIL-OSI USA: Crapo Statement on JCT Analysis of Tax Title
US Senate News:
Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–Senate Finance Committee Chairman Mike Crapo (R-Idaho) today released the Joint Committee on Taxation’s (JCT) revenue estimate of the Finance Committee’s tax title, which shows that under a current policy baseline, the legislation has a net revenue impact of $442 billion.

“Washington has a spending problem, not a tax problem. Extending the Trump tax cuts prevents a $4 trillion tax increase—this is not a change in current tax policy or tax revenue. This score more accurately reflects reality by measuring the effects of tax policy changes relative to the status quo.

“Republicans are poised to make the 2017 Trump tax cuts permanent, promoting more stability in the tax code and avoiding tax cliffs. That certainty and stability is what families and businesses need to make long-term investments that drive growth, accelerate productivity and increase prosperity across all segments of the economy.

“Not only does this bill make the Trump tax cuts permanent, but it provides additional tax relief to middle-class American families, communities and small businesses. Despite Democrats’ false rhetoric, Senate Republicans’ bill provides:

More than $82 billion in inflation tax relief targeted at income brackets below the $200,000 threshold.

A $165 billion benefit for the over-90 percent of low and middle-income taxpayers claiming the standard deduction.

A $91 billion benefit to low and middle-income seniors.

An additional $124 billion investment in children of low- and middle-income families, on top of the doubled child tax credit being made permanent.

Additional relief for workers, including no tax on tips and no tax on overtime.

“The bill pays for these changes by eliminating hundreds of billions of dollars in Biden Green New Deal spending. And, the Council of Economic Advisers estimates that making the Trump tax cuts permanent—combined with other Trump Administration pro-growth policies—will increase federal revenues by more than $4 trillion, more than offsetting deficit estimates.

“Extending good tax policy, delivering targeted relief and reining in wasteful spending is the best way to restore economic prosperity and opportunity for all Americans.”

Click HERE for the JCT table.

Click HERE for a bill overview.

Click HERE to view text of the Finance reconciliation bill.

Click HERE for a section-by-section.
MIL OSI USA News –
June 24, 2025
MIL-OSI United Nations: 23 June 2025 Departmental update International Day of Yoga 2025: “One Earth, One Health”
Source: World Health Organisation

WHO Assistant Director– General for Health Systems, Dr Yukiko Nakatani, addressed the meeting:

“In today’s world, self-care is not a luxury. It is a necessity and an important component of universal health coverage. As we face many global challenges, self-care offers a simple yet powerful way to protect our health and promote well-being. It combines the wisdom of traditional practices with science-based strategies and personal experience.”

The following morning, a vibrant yoga session took place on the lawns of Allée des Drapeaux, drawing participants from the diplomatic community, local residents, and international visitors.

Dr. Sylvie Briand, WHO Chief Scientist, shared her reflections on the day:

“A systematic review on yoga reflects the latest science and confirms yoga’s positive effects on mental health, cardiovascular function, physical fitness and quality of life. Investment in and implementation of this type of rigorous science enables WHO to develop evidence-based guidance to support national policies and programmes that reflect the lived experiences, needs and benefits reported by millions of people worldwide.”

In Delhi, WHO’s South-East Asia office hosted a virtual celebration on the morning of 21 June, allowing global participation through live streaming. The event featured guided yoga sessions and reflections on yoga’s global impact.

In her address, Saima Wazed, WHO Regional Director for South-East Asia, emphasized the broader significance of the day:

“This year’s theme, ‘Yoga for One Earth, One Health,’ reminds us of the deep connection between our well-being and the health of our planet. Yoga is more than just physical exercise—it is a journey toward inner peace and harmony. In a world facing environmental challenges, yoga offers a path to sustainability. It encourages us to live simply, consume mindfully, and respect the natural world. When we care for the Earth, we care for ourselves.”

She also highlighted compelling research:
- 77% of people report feeling physically stronger after regular yoga practice.
- 82% of patients with chronic inflammation experienced nearly a 50% reduction in symptoms after six weeks of daily yoga.
- A Harvard Medical School study found that 60% of participants with depression experienced significant symptom reduction after practicing yoga twice a week for eight weeks.
At the WHO Regional Office for the Eastern Mediterranean (EMRO), colleagues marked the occasion with a practical and accessible approach. Diana Tawadros, a certified yoga instructor and EMRO staff member, led a session demonstrating simple stretches for the neck, arms, and shoulders— designed to reduce tension and improve posture and perfect for those spending long hours at their desks.

Diana’s sessions are supported by the EMRO Staff Association and are open to all colleagues. Those interested in joining can contact Diana Tawadros or Maha El Bakry via email.

To mark the occasion, WHO Regional Office for Europe (EURO) shared a calming 10-minute desk- yoga video to encourage everyone to take a mindful pause, showing that even a few minutes of movement and breath can support well-being—no mat or change of clothes required.

WHO continues to promote yoga as a powerful tool for health and well-being. Its mYoga app, launched in 2022, provides accessible, evidence-based yoga guidance for people of all ages and backgrounds. WHO is also developing a technical report on yoga training standards to ensure quality, safety, and inclusivity in yoga instruction worldwide.

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MIL OSI United Nations News –
June 24, 2025
MIL-OSI Security: U.S. Attorney John A. Sarcone III Attacked by a Salvadorian National with a Knife in Downtown Albany

Source: US FBI

Saul Morales-Garcia, an Illegal Alien, Charged with Attempted Second-Degree Murder

ALBANY, NEW YORK – Tuesday June 17, after leaving his office in downtown Albany, United States Attorney John A. Sarcone III was the victim of a life-threatening incident. Saul Morales-Garcia, an illegal alien from El Salvador, who entered the United States in 2021 after a prior deportation, lunged at Sarcone while brandishing a knife and yelling aggressively in a foreign language Sarcone could not readily identify. Sarcone ran to the lobby of the Hilton Hotel and Morales-Garcia stopped and still shouting in a foreign language turned and started to walk away. Sarcone immediately contacted Albany County Sheriff Craig D. Apple Sr. Sarcone went back to the street and maintained a safe distance and yelled out to Garcia-Morales to gain his attention to prevent Morales-Garcia from disappearing as Sarcone believed an innocent person would be killed by Morales-Garcia. Before law enforcement arrived, Morales-Garcia charged at Sarcone again screaming and yelling at Sarcone in a foreign language while wielding the knife to make a slitting-the-throat gesture at Sarcone. Sarcone again ran to the lobby of the Hilton where again Morales-Garcia stopped, turned and began to walk away but was apprehended when Sheriff’s deputies arrived. Morales-Garcia was taken into custody and the knife was recovered.

Sarcone was physically unharmed, but emotionally rattled and stated, “I felt an obligation to the public as the chief Federal law enforcement officer in the district that includes the city of Albany. I feared for my life but I couldn’t let this individual harm and potentially kill others.”

Albany County Sheriff Craig Apple said: “U.S. Attorney John Sarcone’s selfless actions likely saved lives.”

Morales-Garcia was charged with attempted second-degree murder, criminal possession of a weapon in the third degree, and menacing in the second degree and remanded without bail. He made an appearance in Albany City Court yesterday and an order of protection was issued for Sarcone. Morales-Garcia may also face federal charges; the Federal Bureau of Investigation (FBI) and Homeland Security Investigations are involved in the ongoing investigation.

Sarcone was appointed U.S. Attorney in the Northern District of New York by Attorney General Pamela Bondi in March. “Public safety is our highest priority,” said U.S. Attorney Sarcone. “I am relieved that no one was harmed. I appreciated the swift response by the Albany County Sheriff’s office which was within minutes although it seemed like an eternity.” Sarcone emphasized that such brazen and violent behavior underscores the importance of public vigilance and the need for a strong collaboration between federal and local authorities. At Sarcone’s request, his office is recused from prosecuting Morales-Garcia for illegal re-entry into the country, which is a felony, and the case has been assigned to the United States Attorney for the Southern District of New York for prosecution.

Sarcone stated, “I have spent the last three months going to 27 of the 32 counties thus far in my district conducting meetings with the District Attorneys, Sheriffs, State Police and local police Chiefs accompanied by the heads of all the Federal law enforcement agencies in the Northern District to offer assistance from federal law enforcement and my office to help combat the infiltration of gangs, drug, human traffickers, and sexual predators. My offer of help has been well-received, and the results have been tremendous in helping these communities get rid of violent criminals. The citizens of Albany, and visitors who come to Albany, should be able to feel safe walking down our streets.”

MIL Security OSI –

June 24, 2025
MIL-OSI Security: Two Nevada Residents Charged for Conspiring to Engage in Voter Registration Fraud in Minnesota

Source: US FBI

Minneapolis, Minn. – Two Nevada residents, formally of Minnesota, were charged by Information with Conspiracy to Engage in Voter Registration Fraud, announced Acting U.S. Attorney Joseph H. Thompson.

“Election fraud strikes at the heart of our democracy,” said Acting U.S. Attorney Joseph H. Thompson. “Thankfully, the FBI stopped this fraud in its tracks, before anyone successfully cast a fraudulent ballot. But we will stay vigilant. Whether its jury bribery, witness tampering, or now election fraud—crimes that threaten our democracy have no place in Minnesota.”

“Nothing is more central to our democracy than fair and impartially conducted elections,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “Through their actions, Combs and Williams attempted to deprive the citizens of Minnesota of a secure and reliable election process. Along with our partners, the FBI will stop at nothing to identify and bring to justice anyone who threatens the security of our electoral system.”

According to court documents, beginning in 2021 and continuing through 2022, Ronnie Williams and Lorraine Lee Combs participated in a conspiracy to generate fictitious names and information that they used to fill out Minnesota voter registration applications. Williams and Combs then signed a form certifying that they “have read and understand this statements” and “that giving false information is a felony punishable by not more than 5 years imprisonment or a fine of not more than $10,000, or both.”

According to court documents, Williams then provided the completed voter registration forms to Foundation 1, an entity seeking to register voters in Minnesota, which submitted the false voter registration applications to county election offices across Minnesota. Foundation 1 paid Williams for the registrations, and Williams split the proceeds with Combs.

Williams is scheduled to appear for an arraignment and change of plea hearing before U.S. District Court Judge Laura M. Provinzino on July 8, 2025.

This case is the result of an investigation conducted by the Federal Bureau of Investigation. The U.S. Attorney’s Office wishes to thank the Justice Department’s Public Integrity Section for partnering with the U.S. Attorney’s Office on this case. The U.S. Attorney’s Office also wishes to thank the Office of the Minnesota Secretary of State and the Carver County Sheriff’s Office for their assistance and full cooperation with this investigation.

Assistant U.S. Attorney Harry M. Jacobs and Trial Attorney Jonathan Jacobson of the Justice Department’s Public Integrity Section are prosecuting this case.

MIL Security OSI –

June 24, 2025
MIL-OSI Security: Money Launderer for Mexico-Based Drug Trafficking Organization Sentenced to Federal Prison

Source: US FBI

A Chicago‑area man who acted as a money launderer for a Mexico‑based drug trafficking organization was sentenced June 11, 2025 to nearly five years in federal prison.

Jose Eladio Medina Valenzuela, age 45, from Cicero, Illinois, received the prison term after a January 6, 2025 guilty plea to one count of conspiracy to commit money laundering.

n a plea agreement, Medina Valenzuela admitted that, from May 2020 to October 2020, he worked with others to obtain proceeds from the sale of methamphetamine in Iowa and transfer those proceeds to individuals in Mexico to promote and facilitate the drug trafficking organization and operation. Two drug traffickers obtained and distributed over 100 pounds of methamphetamine in Iowa, and they took a portion of those methamphetamine proceeds—over $335,000—to Medina Valenzuela in Cicero. Medina Valenzuela then worked with others to get the methamphetamine proceeds to sources of supply in Mexico.

Medina Valenzuela was sentenced in Cedar Rapids by United States District Court Judge Leonard T. Strand. Medina Valenzuela was sentenced to 57 months’ imprisonment. He must also serve a two‑year term of supervised release after the prison term. There is no parole in the federal system.

Medina Valenzuela is being held in the United States Marshal’s custody until he can be transported to a federal prison.

The case was prosecuted by Assistant United States Attorney Dillan Edwards and investigated by the Federal Bureau of Investigation; the Tri-County Drug Enforcement Task Force consisting of the Waterloo Police Department, Cedar Falls Police Department, Black Hawk County Sheriff’s Department, Evansdale Police Department, Waverly Police Department, Hudson Police Department, La Porte City Police Department, and the Bremer County Sheriff’s Department; the Iowa Division of Narcotics Enforcement; the Drug Enforcement Administration; the United States Postal Inspection Service; and Homeland Security Investigations. This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.

The case file number is 24-CR-02041-LTS.

Follow us on X @USAO_NDIA.

MIL Security OSI –

June 24, 2025
MIL-OSI Security: Five Charged Following Encounters with Federal Law Enforcement

Source: US FBI

United States Attorney Lesley A. Woods announced that criminal charges have been filed in the United States District Court for the District of Nebraska against five individuals following their encounters with federal law enforcement during the service of a civil search warrant on Glenn Valley Foods in Omaha, Nebraska, on June 10, 2025.

Marvin Aleman Zepeda, age 37, is charged in a one-count Criminal Complaint. Count I alleges that Zepeda used a deadly or dangerous weapon to assault, resist, or impede a federal officer. The maximum possible penalty if convicted is not more than 20 years’ imprisonment, a $250,000 fine, a term of supervised release of not more than 3 years, and a special assessment of $100.

Osmar Lorenzo-Genchi, age 20, is charged in a two-count Criminal Complaint. Count I alleges that Lorenzo-Genchi used a deadly or dangerous weapon to assault, resist, or impede a federal officer. The maximum possible penalty if convicted is not more than 20 years’ imprisonment, a $250,000 fine, a term of supervised release of not more than 3 years, and a special assessment of $100. Count II charges willfully injuring or committing any depredation against any property of the United States in excess of $1,000.00. The maximum possible penalty if convicted is not more than 10 years’ imprisonment, a $250,000 fine, a term of supervised release of not more than 3 years, and a special assessment of $100.

Alejandra Lopez-Garcia, age 28, is charged in a two-count Information. Count I alleges that Lopez-Garcia assaulted, resisted, or impeded a federal officer. The maximum possible penalty if convicted is not more than 1 year of imprisonment, a $100,000 fine, a term of supervised release of not more than 1 year, and a special assessment of $25. Count II charges willfully injuring or committing any depredation against any property of the United States. The maximum possible penalty if convicted is not more than 1 year of imprisonment, a $100,000 fine, a term of supervised release of not more than 1 year, and a special assessment of $25.

Aliyah Reyna Lozano, age 18, is charged in a one-count Information. Count I alleges that Lozano assaulted, resisted, opposed, impeded, intimidated, and interfered with a federal officer. The maximum possible penalty if convicted is not more than 1 year of imprisonment, a $100,000 fine, a term of supervised release of not more than 1 year, and a special assessment of $25.

Aaron Urbanski, age 36, is charged in a two-count Information. Count I alleges that Urbanski assaulted, resisted, or impeded a federal officer. The maximum possible penalty if convicted is not more than 1 year of imprisonment, a $100,000 fine, a term of supervised release of not more than 1 year, and a special assessment of $25. Count II charges willfully injuring or committing any depredation against any property of the United States. The maximum possible penalty if convicted is not more than 1 year of imprisonment, a $100,000 fine, a term of supervised release of not more than 1 year, and a special assessment of $25.

Criminal Complaints and Informations are charging documents that contain one or more individual counts that are merely accusations. Every defendant is presumed innocent unless and until proven guilty.

Special Agent in Charge Eugene Kowel of the Federal Bureau of Investigation Omaha Field Office said, “The FBI is supporting ICE and working with all our DOJ partners in immigration enforcement operations across the country. Assaulting a law enforcement officer engaged in their lawful duties or damaging government property is not protected under the First Amendment — it is a criminal offense which we will investigate and apprehend those responsible. As part of our newly formed Homeland Security Task Force, we are working with our partners to protect our community by eliminating criminal cartels, foreign gangs, and transnational criminal organizations operating in Nebraska and Iowa.”

These cases are part of the Take Back America Task Force, led by Homeland Security Investigations and U.S. Immigration and Customs Enforcement with support from the Federal Bureau of Investigation, the Drug Enforcement Administration, the United States Marshals Service, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives. Operation Take Back America is a nationwide federal initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime.

Contact Amy Donato at 402-661-3700 for further information.

MIL Security OSI –

June 24, 2025
MIL-OSI Security: Hickman Man Pleads Guilty to Bank Fraud Conspiracy

Source: US FBI

United States Attorney Lesley A. Woods announced that Jesse T. Hill, 35, of Hickman, Nebraska, entered a plea of guilty to an Information alleging that he committed conspiracy to commit bank fraud in front of United States Magistrate Judge Jacqueline M. DeLuca. Judge DeLuca scheduled Hill’s sentencing for September 11, 2025, at 3 p.m. before United States District Court Judge Susan M. Bazis. Hill faces a maximum possible penalty of 30 years’ imprisonment, a fine of up to $ 1 million, and a mandatory special assessment of $100. Hill additionally has agreed to pay restitution and forfeit his interest, if any, in a property in Puerto Rico, a PC-12/47E Pilatus Aircraft, and funds in a Charles Schwab account.

Individual 1 operated a real estate business in Nebraska. Individual 1 died on November 2, 2022.

Hill was an investment advisor operating in Nebraska. In 2013, Hill organized JT Equity Trading, LLC which operated as a hedge fund until 2018. Hill then organized First SOJO Capital Group, LLC (“First SOJO”) in 2019. First SOJO was a Registered Investment Advisor in Nebraska that managed two pooled investment vehicles: Outlier Fund I, LP and Outlier Fund II, LP. First SOJO used the services of Piedmont Fund Services from late 2021 until April 2022, when Piedmont Fund Services terminated their relationship with Hill due to significant investment losses. At no point in time did Piedmont Fund Services provide services to Individual 1 or any of Individual 1’s controlled entities.

Beginning in November 2020, Hill and Individual 1 began attempting to obtain loans from financial institutions throughout Nebraska and western Iowa. The loans were sought in the name of Individual 1 and/or Individual 1’s entities. It was represented that these loans were to be used for real estate investments and the alleged collateral for the loans was an investment account of Individual 1 and/or Individual 1’s entity that was managed by Hill. Hill and Individual 1 would grant a surety with the financial institution, typically in the form of a control agreement, a commercial security agreement, or an assignment of account. Hill would falsely claim that Individual 1 and/or Individual 1’s entities were clients of his through his own investment entities JT Equity or First SOJO. Hill would prepare and present fraudulent invoices from JT Equity or Piedmont Fund Services to the financial institutions. Hill would falsely represent values of alleged funds that Individual 1 and/or an entity of Individual 1 had in an account that Hill managed. Hill would falsely represent that no other financial institution had a security interest in these fictitious accounts. Throughout the process of obtaining or attempting to obtain the loans, Hill and Individual 1 would engage with each financial institution to facilitate the loan process to include meeting with the financial institution in person, communicating by telephone, communicating by text message, or communicating by email. Hill knew that the representations being made to the financial institutions in order to obtain loans by Individual 1 and/or Individual 1’s entity were false and were being done with the intent to defraud.

As a result of this scheme, Hill and Individual 1 attempted to obtain at least $45,650,000.00 in loans from at least 19 different financial institutions.

The majority of the funds that were fraudulently obtained went into a failed investment scheme. A portion of the proceeds from fraudulent loans obtained later in the scheme were used to pay off or pay down fraudulent loans obtained earlier in the scheme. Proceeds were deposited in a Charles Schwab account, were used to purchase a property in Puerto Rico, and were used to purchase an ownership interest in a PC-12/47E Pilatus Aircraft.

This case was investigated by the Federal Bureau of Investigation, the Federal Deposit Insurance Corporation – Office of the Inspector General, Federal Housing Finance Agency – Office of the Inspector General, and the Board of Governors of the Federal Reserve System – Office of the Inspector General with assistance from the Nebraska State Patrol, Lincoln Police Department, and the Lancaster County Sheriff’s Office.

MIL Security OSI –

June 24, 2025

Category: Finance

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Joint statement from business groups:

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