Category: Finance

  • MIL-OSI Australia: Charges – Kava seizures – Ramingining

    Source: Northern Territory Police and Fire Services

    The NT Police Force has charged a 38-year-old male following the seizure of 241.55 kilograms of Kava in Ramingining on Thursday, 29 May 2025.

    Police conducted a traffic apprehension on a vehicle along the Ramingining goat track in which it initially stopped before taking off as the officers exited the police vehicle. Approximately 20 minutes later, the police observed the same vehicle crashed on the side of the road, abandoned.

    Upon approaching the vehicle, kava was seen in the backseat, therefore police executed a lawful search resulting in the seizure of 241.55 kilograms of kava.

    The male was located and subsequently arrested at Darwin airport, while attempting to flee interstate.

    He was charged with Possess commercial quantity kava Supply commercial quantity kava and Enter on Aboriginal Land without Permit. He was remanded to appear in Darwin Local Court on 18 June 2025.

    Investigations remain ongoing.

    Anyone with information on the supply of alcohol or drugs into remote communities can call police on 131 444 or make an anonymous report to Crime Stoppers on 1800 333 000.

    MIL OSI News

  • MIL-OSI New Zealand: Businessman Aaron Coupe sentenced to a further 3 years

    Source: Ministry of Business Innovation and Employment (MBIE)

    Businessman Aaron Coupe:

    • was sentenced to 3 years and 9 months for managing companies while prohibited under the Companies Act and concealing property worth more than $1.7 million from the Official Assignee.
    • during his second bankruptcy, breached restrictions and took part in the management of businesses through actively managing several construction projects.

    Jailed businessman Aaron Coupe was further sentenced at Auckland District Court on Friday 6 June 2025 to 3 years and 9 months for taking part in the management of businesses while bankrupt and concealing property worth more than $1.7 million from the Official Assignee.

    Mr Coupe was jailed for 4 years and 5 months in January 2025 for managing companies while prohibited under the Companies Act and the latest sentencing will see him serve up to 8 years and 2 months in total.

    During his second bankruptcy in 2022, Mr Coupe breached the restrictions imposed on him by taking part in the management of businesses through actively managing construction projects in Tuakau, Wiri and Auckland.

    Under the alias ‘Aaron McGregor’, his birth name, Mr Coupe overtly sought out projects to manage and directed payments for these projects into an account under his mother’s name. Mr Coupe did not disclose an interest in this account to the Official Assignee.

    In court, Judge Kathryn Maxwell said Mr Coupe’s “arrogance is incomprehensible”.

    “We’re also dealing with a maximum penalty that is arguably inadequate,” Judge Maxwell said.

    “You have barely taken a breath since you started offending in 2013.”

    This is the most recent prosecution taken against Mr Coupe by the Ministry of Business, Innovation and Employment (MBIE), following original charges that were laid in 2014 for offending that arose from his conduct during his first bankruptcy in 2010.

    He was sentenced in 2016 to 12 months’ home detention, 200 hours’ community work, and $75,100.68 reparation. The convictions also meant he was banned from being a director of or involved in the management of a company for 5 years.

    Despite his prohibition, and without seeking an exemption to the imposed prohibition from the Court, Mr Coupe took part in the management of 5 companies causing substantial financial losses and significant emotional distress to his business partners, stakeholders, and creditors.

    Business Registries Investigations and Compliance Team Manager Vanessa Cook says it was important that Mr Coupe was held to account for his ongoing offending.

    “The sentence reflects the harm that Mr Coupe caused through his failure to comply with conditions imposed on him, not only by being adjudicated bankrupt, but also by the Court,” Ms Cook says.

    “By intentionally evading the measures that were put in place to protect the public, Mr Coupe was able to deceive people into engaging in business with him, enabling him to conceal $1.7 million that could have been paid to his creditors.

    “It’s important that responsibility is accepted by those whose behaviour causes significant harm to the community and MBIE would like to thank all the witnesses who came forward to assist in ensuring that Mr Coupe’s unscrupulous behaviour was stopped.”

    Prohibited directors can be found by searching on the Companies register:
    Searching the Companies Register(external link) – New Zealand Companies Office

    Individuals who are currently adjudicated bankrupt can found by searching on the insolvency register:
    Search the insolvency register(external link) – New Zealand Insolvency and Trustee

    MIL OSI New Zealand News

  • MIL-OSI USA: Medtronic Announces Voluntary Recall of Select Newport™ HT70 and Newport™ HT70 Plus Ventilators and Certain Related Newport™ Service Parts

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    June 11, 2025
    FDA Publish Date:
    June 11, 2025
    Product Type:
    Medical Devices
    Reason for Announcement:

    Recall Reason Description
    Device & Drug Safety – Potential Defect

    Company Name:
    Medtronic
    Brand Name:

    Brand Name(s)
    Newport™

    Product Description:

    Product Description
    Newport™ HT70 and HT70 Plus ventilators and certain related service parts

    Company Announcement
    Customers are being asked to remove the affected devices from use and replace with an alternate means of ventilation
    June 11, 2025 — In May 2025, Medtronic issued a voluntary recall notification to global customers related to specific Newport™ HT70 and HT70 Plus ventilators and certain related Newport™ service parts. The FDA recently designated this voluntary action by Medtronic as a Class I recall.
    With this recall, Medtronic is advising discontinuation of clinical use of the affected devices. Investigation into customer complaints identified two separate capacitors on one of the ventilator’s controller Printed Circuit Board Assembly (PCBA), that, in case of failure, may result in:

    The ventilator shutting down during use, or
    The shutdown alert alarm failing to sound effectively.

    The following table identifies the item name, manufacture date and use by date:
    No instances of both capacitors failing on the same PCBA board have occurred, nor are they anticipated to occur.
    If a ventilator fails and does not provide adequate ventilation, the patient may not be able to breathe on their own, leading to low oxygen levels, high carbon dioxide levels, and potentially severe consequences like brain injury or death. There have been 63 medical device reports (MDRs) associated with this issue, including two serious injuries and one death. HT70 and HT70 Plus ventilators are intended for use by home users, as well as for infant and pediatric patients who may be at higher risks of injury or death due to unanticipated ventilator failures.
    Customer recommendations
    Customers should remove the affected devices from use and replace with an alternate means of ventilation. Medtronic is not correcting these issues on affected ventilators or service parts and will no longer service affected ventilators identified in this notification. Customers with questions should contact Medtronic Customer Service at 800-962-9888. Adverse events or product quality concerns with this product should be reported to the FDA and Medtronic:

    Refer to the customer notification and the patient letter for additional information.
    The Newport™ HT70 family of ventilators is intended to provide continuous or intermittent positive pressure mechanical ventilatory support for individuals who require mechanical ventilation through invasive or noninvasive interfaces. Specifically, the Newport™ HT70 family of ventilators is applicable for infant, pediatric, and adult patients greater than or equal to 5 kg (11 lbs) in hospital, sub-acute, emergency department, and home care environments as well as for transport and emergency response applications. The Newport™ HT70 operator’s manual can be found here.
    Medtronic will continue working directly with the U.S. Food and Drug Administration (FDA) and other regulatory bodies around the world on this voluntary recall. In February 2024, Medtronic announced its decision to exit its ventilator product lines, including the Newport™ ventilators. The company continues to serve the needs of its customers and their patients worldwide, and honor existing ventilator contracts, as they wind down the business over the coming years.
    Contacts:Helga RadioPublic Relations+1 (612) 270-4999
    Ryan WeispfenningInvestor Relations+1 (763) 505-4626
    Identifying Affected Product  (see image below)

    Company Contact Information

    Consumers:
    Medtronic Customer Service
    800-962-9888

    Media:
    Helga Radio Public Relations
    +1 (612) 270-4999

    Product Photos

    Content current as of:
    06/11/2025

    Regulated Product(s)

    Follow FDA

    MIL OSI USA News

  • MIL-OSI Security: WANTED: FBI Reward for Information Leading to Arrest of Elpidio Reyna for Allegedly Throwing Rocks and Improvised Explosives at Federal Law Enforcement

    Source: US Department of Homeland Security

     “If you lay a hand on a law enforcement officer, you will be prosecuted to the fullest extent of the law.” – Secretary Noem

    WASHINGTON Today, the Department of Homeland Security (DHS) released the following statement on the Federal Bureau of Investigation’s (FBI) $50,000 reward for information leading to the arrest of Elpidio Reyna. He is wanted for allegedly throwing rocks and explosives at federal officers in their vehicles during the riots in Los Angeles (LA), California (CA).

    Reyna, a United States (U.S.) citizen from Compton, CA, is currently on the FBI’s Most Wanted List.

    Reyna’s criminal history includes arrests for felony burglary, felony possession of a controlled substance for sale, felony using or selling marijuana to a minor, DUI, and multiple counts of driving with a suspended license.

    Elpidio Reyna threatened the lives of federal law enforcement by throwing rocks and explosives at their vehicles,” said Assistant Secretary Tricia McLaughlin. “Our message to the LA rioters: you will not stop us or slow us down. ICE and our federal law enforcement partners will continue to enforce the law. And if you lay a hand on a law enforcement officer, you will be prosecuted to the fullest extent of the law.”

    If you see Reyna or have any information that could help lead to his arrest, call 1-800-CALL-FBI or visit http://tips.fbi.gov.

    ###

    MIL Security OSI

  • MIL-OSI Economics: Czech Republic’s power capacity to reach 32.6GW in 2035, forecasts GlobalData

    Source: GlobalData

    Czech Republic’s power capacity to reach 32.6GW in 2035, forecasts GlobalData

    Posted in Power

    The Czech Republic boasts one of the lowest levels of power import dependence in Europe, thanks to its substantial reserves of hard coal. Nevertheless, the nation is committed to phasing out coal by 2033 and is in the process of establishing a comprehensive framework to support an inclusive transition. This transition is catalyzing investments in nuclear power, renewable energy sources, and natural gas. Against this backdrop, power capacity in the country is expected to reach 32.6GW in 2035, registering a compound annual growth rate (CAGR) of 3.3% during 2024-35, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Czech Republic Power Market Outlook to 2035, Update 2025 – Market Trends, Regulations, and Competitive Landscape,” reveals that annual power generation in Czech Republic is expected to increase at a CAGR of 0.6% during 2024-35 to reach 76.4TWh.

    The Czech Republic has set a strategic goal to close the majority of its coal plants by 2033. The updated National Energy Plan, released in December 2024, emphasizes the expansion of nuclear energy and the utilization of renewable resources. The plan sets forth objectives to increase the contribution of nuclear energy to 44% and that of renewable energy sources to 28% in the nation’s electricity generation by 2030.

    Attaurrahman Ojindaram Saibasan, Senior Power Analyst at GlobalData, comments: “Nuclear energy is pivotal to the Czech Republic’s strategy for phasing out coal. The government endorses the expansion of nuclear capacity, particularly at the Dukovany and Temelín facilities. State participation in financing and the establishment of long-term offtake agreements are instrumental in shaping the trajectory of nuclear development, with the aim of reducing reliance on external energy sources by enhancing domestic nuclear generation.”

    In April 2025, the Czech competition authority dismissed appeals from Electricité de France (EDF), thereby confirming the selection of South Korea’s Korea Hydro & Nuclear Power (KHNP) for the construction of two new 1GW reactors at the Dukovany site. Valued at over 400 billion Czech koruna (approximately $18.2 billion), this project represents the most substantial energy investment in the nation’s history.

    Saibasan concludes: “The power sector presents opportunities in generation, transmission, and smart metering. Investment prospects seem particularly promising in areas such as gas-based power plants, turbines, and related equipment. In the transmission arena, the Czech Republic’s status as a net power exporter means that a substantial volume of electricity crosses its borders. While there is currently no congestion, the potential for such an occurrence in the future is significant.”

    MIL OSI Economics

  • MIL-OSI New Zealand: New and improved radiology services for Auckland City Hospital

    Source: New Zealand Government

    Health Minister Simeon Brown has today announced funding for the first stage of a major project to upgrade and expand interventional radiology services at Auckland City Hospital.

    “This project will significantly improve access to radiology services for patients across Auckland and beyond,” Mr Brown says.

    “A $41.2 million investment will fund the initial phase of the project – including construction of a fourth interventional neuroradiology operating theatre equipped with state-of-the-art imaging technology and enhanced support services.

    “Investing in modern health infrastructure is a priority for this Government to ensure New Zealanders can access timely, high-quality care when they need it.

    “The existing interventional radiology facility is outdated and no longer suitable for the advanced imaging equipment clinicians need. Redesigning the space will enable the use of modern technology and support more sophisticated models of care that meet the increasing complexity of patient needs over the coming decade.”

    The expansion, expected to be operational by early 2027, will significantly boost capacity for emergency stroke interventions and complex neuroradiology procedures – including specialist treatments for children from across the country.

    Stage 1 will also deliver:
     

    • A replacement fluoroscopy room
    • An interventional ultrasound room
    • A new biplane imaging machine
    • An expanded short-stay ward

    The funding will also support development of a second business case to fully complete a new, purpose-built interventional radiology suite – strengthening services not only for Auckland, but for patients nationwide who require advanced interventional care.

    “This project will help reduce wait times for interventional radiology procedures, which play a critical role in diagnosing and treating life-threatening conditions and guiding decisions for further specialist care.

    “Better access to interventional radiology means faster diagnoses, less invasive treatments, and improved outcomes for patients,” Mr Brown says.

    MIL OSI New Zealand News

  • MIL-OSI USA: Griffith Statement on EPA Proposed Rollbacks of Power Plant Rules

    Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

    Environmental Protection Agency (EPA) Administrator Lee Zeldin announced proposed repeals of “greenhouse gas” emissions standards for the power sector under Section 111 of the Clean Air Act and amendments to the 2024 Mercury and Air Toxic Standards. House Committee on Energy and Commerce Environment Subcommittee Chair and U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

    “The Trump Administration continues to fight for American coal and American energy! Administrator Zeldin’s actions help kickstart the unraveling of the Obama-Biden-Harris ‘War on Coal’ and continue our drive to a return of American energy dominance.

    “These actions give communities like mine in Appalachia hope. We will continue to support federal developments that aim to reinvigorate coal communities and lower energy costs for American families.

    “Affordable energy equals vibrant national economic health.”

    BACKGROUND

    In the 118th Congress, Rep. Griffith chaired the House Committee on Energy and Commerce Subcommittee on Oversight & Investigations.

    In the 119th Congress, Congressman Griffith is serving his first term as chairman of the House Committee on Energy and Commerce Subcommittee on Environment.

    The Environment Subcommittee’s first two hearings of the year focused on the EPA’s regulation of chemical manufacturing and the administration of the Brownfields Program.

    Later, Congressman Griffith welcomed Administrator Zeldin for a subcommittee hearing on EPA’s FY26 budget request.

    This week, Congressman Griffith held a hearing that examined the impacts of the Clean Air Act.

    While these rules are not finalized, the EPA estimates that repeal of the power plant rules would save $19 billion in regulatory costs over two decades beginning in 2026. 

    Congressman Griffith’s Congressional Review Act (CRA) resolution to repeal a last-minute Biden-Harris regulation on tire manufacturers passed Congress this year. In May, President Trump signed the resolution into law.

    Congressman Griffith helped lead an effort on the House floor to pass CRAs that overturned California’s Clean Air Act waivers.

    Congressman Griffith’s bill H.R. 3632, the Power Plant Reliability Act of 2025, which would help keep baseload power plants online, was favorably reported by the Energy Subcommittee last week.

    ###

    MIL OSI USA News

  • MIL-OSI New Zealand: Speech: Hon Andrew Hoggard to Federated Farmers at Fieldays

    Source: ACT Party

    ACT MP Hon Andrew Hoggard
    Federated Farmers Rural Advocacy Hub Speaking Engagement
     
    Wednesday 11 June, 11:30 am 

    Good morning, everyone. 

    It’s great to be back, and thank you for the opportunity to speak here today. 

    I’d like to start by acknowledging the significant effort that’s gone into organising this year’s Fieldays Rural Advocacy Hub. These events don’t happen without a lot of hard work behind the scenes, and it shows. 

    I also want to acknowledge Federated Farmers and the many other farmer-led organisations who work tirelessly to support and advocate for the sector. 

    As a dairy farmer and a former President of Federated Farmers, I know firsthand how important your work is. Whether it’s in the regions or on the national stage, you give voice to rural communities, bring practical solutions to the table, and stand up for the interests of farmers and growers across New Zealand. 

    This Government is firmly committed to backing you—by reducing costs, cutting unnecessary red tape, and strengthening frontline support. 

    When I spoke at Fieldays last year, interest rates were a massive challenge for rural New Zealand. Make no mistake, that was Wellington’s fault. It was the hangover from a Labour-led pandemic response that pumped out easy money without a productivity boost to match.

    Now we’ve reined in waste, got inflation back to the target range, and farmers are finally seeing real interest rates relief. We need to do more to cut the waste in Wellington, because the less resource the Government sucks up, the more is left over for people like you out in the real world trying to grow things. 

    Over the past year, we’ve made real progress on red tape. We’ve started delivering on our promise to fix the resource management system and reduce the regulatory burden. 

    Amending intensive winter grazing and stock exclusion rules. Pausing the rollout of freshwater farm plans while we make them more practical and affordable, and halting the identification of new Significant Natural Areas. 

    Right now, we’re consulting on a package of proposals aimed at streamlining or removing regulations that are holding the primary sector back. 

    Most critically, we are consulting on changes to the NPS Freshwater 2020. There are several options being put forward. Now, if I remove my Minister hat and put on my ACT Party hat, we need to be bold. By that I mean Te Mana o te Wai needs to go. Worrying about the Paris Accord, whilst still a concern, is a sideshow compared to the hard calls we need to make with regards to RMA reform and the NPS Freshwater.

    Make no mistake, as a Party we have no interest in taxing the most carbon efficient farmers in the world, having methane targets far in excess of what is needed to play our part, sending billions offshore to be carbon neutral, or turning the lights off in homes or businesses through misguided energy policies.

    But if you ask me what area of policy scares me the most for the future of New Zealand farming, it is resource management and freshwater policy.

    Te Mana o te Wai has caused confusion amongst councils, and I see that if left in place its current trajectory will likely lead towards co-governance for regional councils, not just in policy but consenting as well, and policies that are based on vague spiritual concepts, not clear and simple water science balanced with societal needs.

    This debate will undoubtedly be noisy, but farming groups need to advocate strongly for clear unambiguous language in the NPS, individual farmers need to submit on what they are seeing and the stress this concept has caused many of them with regards to consenting.

    At the Treaty Principles Bill second reading debate many coalition party MPs stated that the Bill was too general, too broad-brushed, and that we should just focus on ensuring that we don’t have unclear language and vague concepts in future bills and policies. Well I would suggest that this NPS Freshwater is a good test for those statements. You will see plenty of MPs here for the next few days playing farmer dress up, make sure you let them know you expect them to keep their word.

    Now, while I’m being a staunch ACT MP I also want to give a shout out to the Regulatory Standards Bill, for many of you undoubtedly are thinking, why should I care about something that sounds that boring.

    Real simple. If this Bill had been in place during my Feds presidency it would have made the job so much easier, as it would have highlighted some of the more impractical and stupid regulations that were dreamed up. Even if it didn’t make the politicians think twice, at least the system would have shone a spotlight on the issues. We are so lucky that Bernadette Hunt got on the Hosking show and was able to show up some of the more daft parts of the winter grazing regs and they got changed within days, but they shouldn’t have got that far. That’s what the Regulatory Standards Bill will hopefully show up.

    But also, government doesn’t just take away your hard-earned dollars through its fiscal policies. It also can take away your property rights through its regulatory policies, so this Bill will ensure that if those property rights are taken away then compensation should be forthcoming. This whole concept has complete distaste from the Left, and some lukewarm reception from everyone else but ACT. So, if more protection for property rights is something you want to see, make sure you put your case forward for it.

    Okay, back to being a Minister, if I can just highlight some of the other Government work that is going on that is relevant for farming.

    In the health and safety space, we’ve got Brooke van Velden leading reforms to get rid of over compliance, reduce paperwork, and make WorkSafe helpful, not harmful. I’m especially pleased about her work to protect landowners from liability when they allow recreational activities like horse trekking, hunting, or hiking on their land. It’s about a shift from fear to freedom, opening up land for maximum enjoyment and enhancing the Kiwi way of life. 

    We’re also keen to empower farmers on the conservation front. I believe farmers are natural environmentalists. We live off the land, so we have every incentive to care for it. Many of us work to maintain stands of native bush or wetland on our land. For too long, the approach has been to punish this work, with councils looking at your land and saying, “that looks pretty, in fact that natural area looks ‘significant’ and you’re going to lose your property rights over that.” It’s all stick and no carrot. I think farmers deserve real credit for their contributions to biodiversity, and I’ll have more to say about that at the Beef + Lamb stall tomorrow.

    In this year’s Budget, we announced a 20% funding increase to tackle the spread of wilding pines—a major win for our landscapes and productive land. 

    Another important change in this year’s Budget is Investment Boost—a major new tax incentive to encourage business investment, support economic growth, and lift wages. 

    If you’re a farmer, tradie, manufacturer, or run any business, this matters to you. 

    When you invest in new equipment, machinery, tools, vehicles, or technology—you’ll now be able to deduct 20% of that cost immediately from your taxable income. 

    It’s a straightforward way to help reduce your tax bill and support decisions that lift productivity and grow your business. 

    To put it simply, we’re backing your success. 

    We want to see a thriving primary sector that’s not weighed down by complexity, but supported to innovate, grow, and lead. 

    I want to thank Federated Farmers, and many of you here, for the constructive role you’ve played in helping shape these changes. Your feedback is vital to making sure the final rules are workable, sensible, and fit for purpose. 

    Thank you again for the chance to be here, and for everything you do to keep this sector moving forward.

    All the best for a successful and enjoyable Fieldays. 

    Thank you.  

    MIL OSI New Zealand News

  • MIL-OSI: Currency Exchange International Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 11, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (the “Group” or “CXI”) (TSX: CXI; OTCQX: CURN), today reported net income of $1.98 million for the second quarter of 2025, 291% higher than the prior year (all figures are in U.S. dollars except where otherwise indicated). This 2025 reported net income reflected $2.7 million net income from continuing operations and a net loss of $0.7 million from Exchange Bank of Canada, the Company’s Canadian subsidiary which was classified as discontinued operations effective the second quarter of 2025. These results include restructuring charges of $0.2 million, pre-tax, related to discontinued operations in Canada and certain one-time charges of $0.1 million, pre-tax. Excluding these items, the Group’s adjusted net income1 increased by 18% compared to the prior year and adjusted diluted earnings per share1 (“EPS”) was 24% higher than the prior year. The completed condensed interim consolidated financial statements and management’s discussion and analysis (“MD&A”) can be found on the Group’s SEDAR profile at www.sedarplus.ca.

    Q2, 2025
    Reported Results
    EBITDA $4.9 million
    Up 10% YoY
    Net Income $1.98 million
    Up 291% YoY
    Diluted EPS $0.31
    Up 288% YoY
    Annualized ROE 5%
    Down 50% YoY
    Q2, 2025
    Adjusted Results1
    EBITDA1$5.1 million
    Up 15% YoY
    Net Income1$2.3 million
    Up 18% YoY
    Diluted EPS1$0.36
    Up 24% YoY
    Annualized ROE112%
    Flat YoY

    Below is a reconciliation of reported results to adjusted results based on non-recurring items:

      Three-month
    period ended
    April 30, 2025
    Three-month
    period ended
    April 30, 2024
    Six-month
    period ended

    April 30, 2025
    Six-month
    period ended
    April 30, 2024
    Reported results $ $ $ $
    EBITDA 4,901,810 4,470,061 8,755,560 7,755,158
    Group net income 1,983,025 506,522 2,795,555 1,356,397
    Pre-tax adjusting items        
    Specified item: Restructuring charges 229,404 229,404
    Specified item: Advisory costs* 145,452 425,513
    Specified item: Deferred tax assets reversal* 1,427,600 1,429,850 
    Total pre-tax adjusting items 374,856 1,427,600 654,917 1,429,850 
    Impact of income tax (72,073) (80,647)
    Adjusted results**        
    EBITDA 5,131,214 4,470,061 8,984,964 7,755,158
    Group net income 2,285,808 1,934,122 3,369,825 2,786,247
    Group Diluted earnings per share        
    Reported 0.31 0.08 0.44 0.21
    Adjusted** 0.36 0.29 0.53 0.42

    *These adjustments are reported within the results from discontinued operations.

    **These are non-GAAP financial measures and ratios. For further details, refer to the key performance and non-GAAP financial measures section below.

    Total revenue was 3% lower than the prior year due to a decline in consumer demand for foreign currency as travel activity tapered during the current quarter. Although revenue declined, the Company’s net income for the second quarter rose compared to the same quarter last year, primarily due to the favorable impact of a weaker U.S. Dollar on the revaluation of foreign currency banknote holdings. The Group’s capital position remained robust, and liquidity was strong with $81.2 million in total equity and $60.4 million in net working capital as of April 30, 2025 ($79.4 million and $55.9 million as of October 31, 2024, respectively). All reported amounts are based on the Group’s condensed interim consolidated financial statements presented in compliance with International Accounting Standard 34 Interim Financial reporting, unless otherwise noted.

    On February 18, 2025, the Group announced its decision to cease the operations of its wholly owned subsidiary, Exchange Bank of Canada. This strategic decision and operational plan for restructuring were communicated to all staff of EBC on February 19, 2025. Following the cessation of operations, the Bank intends to apply to the Minister of Finance in Canada to discontinue from the Bank Act. The application to discontinue is expected to be made in the fourth quarter of 2025, with the actual discontinuance of the Bank being subject to receipt of all necessary regulatory approvals. Following the Group’s decision, management has commenced implementation of the restructuring and planned discontinuance of the Bank. Management anticipates that certain operating expenses and personnel costs, that are currently shared with EBC, will be 100% borne by the continuing operations of CXI, subsequent to the exit of EBC from Canada, and the current annualized estimate of these costs is approximately $3 million after tax. In the second quarter of 2025, Exchange Bank of Canada was classified as a discontinued operation in the Group’s condensed interim consolidated financial statements.

    On May 20, 2025, CXI upgraded its U.S. securities listing with the Company’s shares commencing trading on the OTCQX Best Market under the symbol CURN.

    Randolph Pinna, CEO of the Group, stated, “The second quarter showed continued growth in the payments business, while with the current political and economic uncertainties, international travel activity to and from the United States decreased banknote revenues. CXI’s diversified business model in the United States allows for continued new client growth in the payments business complemented by successful multi-channel banknotes offerings for both our U.S. Financial Institutions in branch or online as well as the Direct-to-Consumer customer offerings through online, agent and physical branch locations. CXI’s management team and I remain committed to executing CXI’s strategic plan which is focused on revenue and earnings growth as well as the return on capital and creating value for our shareholders resulting from providing leading FX technology and transaction processing solutions”.

    Financial Highlights for the three-month periods ended April 30, 2025 and 2024:

    • Revenue decreased by 3% or $0.5 million to $15.9 million compared to $16.4 million. Banknotes revenue decreased by 5% or $0.6 million over the prior period while Payments revenue increased by 5% or $0.1 million;
    • Reported EBITDA increased by 10% or $0.4 million to $4.9 million from $4.5 million. Adjusted EBITDA2 was $5.1 million, 15% higher than the prior period;
    • Reported Group net income was $1.98 million, a 291% increase compared to the prior period. Adjusted Group net income2 increased 18% or $0.4 million to $2.3 million from $1.9 million in the prior period;
    • Reported earnings per share were $0.32 and $0.31 on a basic and fully diluted basis, respectively, compared to the prior year’s reported earnings per share of $0.08 on both a basic and fully diluted basis. Adjusted earnings per share2 were $0.37 and $0.36 on a basic and fully diluted basis, respectively, compared to the prior year’s adjusted earnings per share of $0.30 and $0.29; and
    • The Group maintained a strong financial position, with net working capital of $60.4 million and total equity of $81.2 million as of April 30, 2025.

    Financial Highlights for the six-month periods ended April 30, 2025 and 2024:

    • Revenue increased by 3% or $0.8 million to $31.3 million compared to $30.5 million. Payments revenue increased by 11% or $0.5 million and Banknotes revenue increased by 1% or $0.3 million over the prior period;
    • Reported EBITDA increased by 13% or $1.0 million to $8.8 million from $7.8 million. Adjusted EBITDA3 was $9.0 million, 16% higher than the prior period;
    • Reported Group net income was $2.8 million, a 106% increase compared to the prior period. Adjusted Group net income3 increased 21% or $0.6 million to $3.4 million from $2.8 million in the prior period; and
    • Reported earnings per share were $0.45 and $0.44 on a basic and fully diluted basis, respectively, compared to the prior year’s reported earnings per share of $0.21 on both a basic and fully diluted basis. Adjusted earnings per share3 $0.54 and $0.53 on a basic and fully diluted basis, respectively, compared to the prior year’s adjusted earnings per share of $0.44 and $0.42.

    Corporate Highlights for the three-month period ended April 30, 2025:

    • The Group continued its growth in the direct-to-consumer market through its network of company-owned branch locations, agent relationships, and in the majority of states where it operates its OnlineFX platform. During the second quarter of 2025, the Group added the State of Mississippi to its OnlineFX platform network, now operating in 45 states and the District of Columbia;
    • The Group increased its banknotes market penetration into the financial institutions sector in the United States with the addition of 124 new clients in the second quarter of 2025; and
    • The Group continued to grow its Payments product line benefiting from the recent investments in core banking platform integrations which enabled the Group to expand its reach and increase its volumes in the United States. The Group processed 45,788 payment transactions in the second quarter compared to 37,781 payment transactions in the prior period.

    Selected Financial Data

    The following table summarizes the performance of the Group over the last eight fiscal quarters:

      Results of Continuing Operations – Reported Group Net Results – Reported Group Net Results- Adjusted3
    Quarterly Results Revenue Net income Earnings per
    share (diluted)
    Net income
    (loss)
    Earnings/(loss)
    per share
    (diluted)
    Net income Earnings per
    share (diluted)
      $ $ $ $ $ $ $
    Q2 2025 15,865,150 2,674,849 0.42 1,983,025 0.31 2,285,808 0.36
    Q1 2025 15,450,861 1,694,672 0.26 812,530 0.12 1,092,648 0.17
    Q4 2024 18,460,390 3,313,852 0.50 (2,817,897) (0.45) 2,780,445 0.42
    Q3 2024 19,961,122 5,122,815 0.77 3,935,350 0.59 4,644,984 0.69
    Q2 2024 16,358,796 2,731,629 0.41 506,522 0.08 1,934,122 0.29
    Q1 2024 14,141,018 2,020,274 0.30 849,874 0.13 849,874 0.13
    Q4 2023 18,742,856 3,467,825 0.52 2,303,822 0.34 2,303,822 0.34
    Q3 2023 19,416,155 4,650,604 0.69 4,056,478 0.60 4,056,478 0.60

    Earnings Conference Call Details

    CXI plans to host a conference call on Thursday, June 12, 2025, at 8:30 AM (EST).

    To participate in or listen to the call, please dial the appropriate number:

    Toll Free – North America: (+1) 800 717 1738

    Conference ID Number: 21262

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com (“OnlineFX”).

    Contact Information

    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.cxifx.com

    KEY PERFORMANCE AND NON-GAAP FINANCIAL MEASURES

    The Group measures and evaluates its performance, as presented in this document, using a number of financial metrics and measures, such as adjusted net income, which do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to other companies. The Group’s management believes that these measures are more reflective of its operating results and provide the readers of this document with a better understanding of management’s perspective on the performance. These measures enhance the comparability of our financial performance for the current year with the corresponding period in the prior year. For further information, including a reconciliation, refer to key performance and non-GAAP financial measures in the MD&A.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “preliminary”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions.

    Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Group’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry; evolving worldwide geopolitical developments and pandemics including COVID-19 all of which may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets which impact personal and business travel, tourism and factors relevant to the Group’s business; global economic deterioration negatively impacting tourism in general; currency exchange risks, the need for the Group to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Group’s proprietary rights, the effect of government regulation and compliance on the Group and the industry in which it operates, network security risks, the ability of the Group to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel; volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital as well as the factors identified throughout this press release and in the section entitled “Risks and Uncertainties” of the Group’s Management’s Discussion and Analysis for the three and six-month periods ended April 30, 2025 and 2024. Forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Group disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.


    1 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.
    2 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.
    3 These adjusted results are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.

    The MIL Network

  • MIL-OSI Submissions: Economy – US inflation cools again – but Fed won’t be rushed to cut rates: deVere CEO

    Source: deVere Group

    June 11 2025 – Markets are eyeing the Federal Reserve with fresh optimism after US inflation (CPI) data came in just below expectations for the fourth straight month – but investors should not expect a rate cut just yet, warns the CEO of one of the world’s largest independent financial advisory and asset management organizations.

    The May Consumer Price Index (CPI) showed annual inflation at 2.4%, matching forecasts but undershooting April’s 2.5%.

    Core inflation eased slightly to 2.8% year-on-year, versus the expected 2.9%. Both headline and core readings point to gradual disinflation – but the Fed is unlikely to move quickly, says deVere.

    Nigel Green, CEO of deVere Group, comments: “Inflation is cooling – but not decisively – and with tariffs now feeding back into prices while the real economy is slowing, the Fed finds itself boxed in.

    “We expect the central bank to stay on hold next week and likely through the summer. Even if markets begin pricing in cuts again, September remains uncertain.”

    The inflation data follows a resilient US jobs report last Friday, which showed continued tightness in the labour market despite signs of economic softening.

    “Wage growth is still strong. Consumer demand is still running. But at the same time, business investment is faltering and debt issuance is surging. It’s a precarious balance,” says the deVere chief executive.

    He notes that while markets may interpret the below-forecast inflation numbers as a green light for easing, it is premature.

    “Today’s data is helpful – but not decisive. The Fed wants to see a consistent, broad-based decline in inflation across services and goods before cutting. We’re not there yet.”

    In the meantime, tariffs are acting as a counterforce to disinflation, especially as a federal appeals court ruled Tuesday that President Trump’s “Liberation Day” tariffs could stay in force while it considers whether the White House has the legal authority to impose the levies.

    “Tariffs are inflationary by design. They’re now pushing against the Fed’s disinflation goal at exactly the wrong moment – just as growth indicators begin to crack,” warns Nigel Green.

    Against this backdrop, the deVere CEO urges investors to reassess portfolios urgently.

    “Markets are walking a tightrope. Betting heavily on near-term rate cuts could be costly. Investors should remain positioned for policy stagnation, not relief.”

    He adds: “Sectors with real pricing power and cost flexibility – such as automation, energy, and selected infrastructure – remain attractive. At the same time, the debt-heavy, rate-sensitive parts of the market are at risk.”

    deVere also continues to flag concerns in the bond market. “With US debt issuance at record levels and foreign demand weakening, yields are likely to stay elevated. That has major implications for asset pricing and refinancing risk across the economy,” says Nigel Green.

    The firm advises clients not to stay in cash. “Opportunities exist, especially globally. But you have to be active. Sitting on the sidelines might feel safe, but inflation still erodes value, and the volatility is creating entry points.”

    Looking ahead to the second half of the year, deVere expects sentiment to oscillate between hopes for easing and fears of stagnation.

    “Markets want a story. Today’s CPI gave them a narrative of progress. But the Fed won’t cut on sentiment. It will wait for data – and that data remains mixed.”

    He concludes: “The inflation fight isn’t over. The economy is showing cracks. Tariffs are complicating everything. The Fed won’t be rushed, but the markets will keep guessing. Our message: don’t guess. Get positioned correctly, now.”

    deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

    MIL OSI – Submitted News

  • MIL-OSI USA: Warnock, Colleagues Introduce Bill to Close Tax Loophole for Big Pharma

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Today, Senator Reverend Warnock introduced the Close the Round-Tripping Loophole Act, to close a tax loophole to make it harder for pharmaceutical companies to move profits to offshore accounts and pay lower taxes on American-sold products 

    Senator Reverend Warnock: “We should not be giving tax breaks to major drug companies that exploit our laws to hide their profits”

    Senator Wyden: “This kind of loophole is what makes middle-class workers whose taxes come out of every paycheck feel like they’re getting ripped off, and the fact is, they’re right” 

    Senator Warner: This bill puts a stop to one of the worst abuses in the tax code and restores some much-needed fairness for middle class families”

    Senator Welch: “I’m proud to join my colleagues on this legislation to close this loophole and rein in corporate greed

    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA), Finance Committee Ranking Member Ron Wyden (D-OR), Mark Warner (D-VA), and Peter Welch (D-VT) introduced the Close the Round-Tripping Loophole Act, which closes a tax loophole regularly used by pharmaceutical companies to move profits offshore and pay significantly lower corporate tax rates. The corporate tax loophole was blessed by Washington Republicans and signed into law by President Trump in the 2017 Tax Cuts and Jobs Act. 

    “We should not be giving tax breaks to major drug companies that exploit our laws to hide their profits,” said Senator Warnock. This critical legislation provides a commonsense fix that helps lower our deficit while forcing Big Pharma to pay their fair share. I urge my colleagues to pass this bill as quickly as possible.”

    “Big, profitable multinationals have been abusing this loophole for many years with the blessing of Trump and Republicans, who are now gearing up to give those corporations even bigger tax breaks in their massive budget bill,” said Senator Wyden. “I’ve spent years investigating Big Pharma’s many tax schemes, and round-tripping is one of their go-to dodges. This kind of loophole is what makes middle-class workers whose taxes come out of every paycheck feel like they’re getting ripped off, and the fact is, they’re right.”

    “For too long, American corporations have been able to exploit loopholes that let them shift profits overseas and avoid paying their fair share in taxes – leaving hardworking Americans to pick up the tab,” Senator Warner said. This bill puts a stop to one of the worst abuses in the tax code and restores some much-needed fairness for middle class families.”

    “The ‘round-tripping’ loophole is just another way large corporations and Big Pharma have schemed to rip-off taxpayers and avoid paying their fair share. They’ve been getting away with this for years now—enough’s enough,” said Senator Welch. “I’m proud to join my colleagues on this legislation to close this loophole and rein in corporate greed.”

    The Close the Round-Tripping Loophole Act closes a loophole that large corporations, especially pharmaceutical companies, have used to shift their profits offshore. This legislation would help ensure that companies pay U.S. corporate taxes on profits made in the United States by making it harder for corporations to shift this income to low-tax countries. No small businesses would be subject to these provisions. The proposal would only apply to corporations that average at least $100 million in annual revenue.

    The introduction of the Close the Round-Tripping Loophole Act is Senator Warnock’s most recent effort to combat corporate greed and hold big pharmaceutical companies accountable. In August 2022, Senator Warnock introduced legislation to combat corporate greed and incentivize companies to lower prices at the pump for Georgians by raising taxes on oil and gas companies that utilized greedy practices. In February 2022, Senator Warnock successfully pushed to cap the cost of insulin and prescription drugs for seniors on Medicare.

    Read the Close the Round-Tripping Loophole Act HERE

    MIL OSI USA News

  • MIL-OSI USA: Luján, Cortez Masto Lead Senate Spotlight Forum on Trump’s Tariffs and Their Impact on American Families

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Costs, Chaos, Corruption: The Household Impact of Trump’s Tariffs

    Photos from the forum available here.

    Washington, D.C. – Today, U.S. Senators Ben Ray Luján (D-N.M.) and Catherine Cortez Masto (D-Nev.), members of the Senate Committee on Finance, hosted a Spotlight Forum titled “Costs, Chaos, Corruption: The Household Impact of Trump’s Tariffs.” The forum examined how President Trump’s tariff policies fuel economic instability, raise costs on working families, harm the travel and tourism sector, and benefit special interests. The event featured testimony from policy experts, labor leaders, and small business owners directly impacted by the reckless tariffs. 

    “Across New Mexico and the country, Americans arefeeling pain from President Trump’s tariffs,” said Senator Luján. “Costs, Chaos, Corruption – those aren’t just buzzwords. They’re the reality for hardworking families in New Mexico and across America. President Trump’s tariffs are expected to cost American households $2,600 a year, a price that’s far too expensive for many Americans to afford. That’s why I partnered with Senator Cortez Masto to show the American people that President Trump’s tariffs are a tax on working families, a gut punch to small businesses, and a green light for corruption.”

    “President Trump’s tariffs and the haphazard manner in which he’s deploying them are causing real damage to real Americans,” said Senator Cortez Masto. “It’s now more important than ever that we give a microphone to those most impacted by Trump’s shortsighted economic policies. Senate Democrats will never stop fighting for working families.”

    During the forum, witnesses highlighted that President Trump’s reckless tariffs are hurting small businesses, the economy, and the American consumer.

    The forum featured testimony from:

    • Adam Posen, President, Peterson Institute for International Economics
    • Thea Lee, Economist and Former Deputy Undersecretary for International Labor Affairs
    • Preston Martin, CEO, Bicycle Technologies International
    • Steve Wright, President and General Manager of Jay Peak Resort 
    • Emma Jagoz, Owner of Moon Valley Farm

    “This is one of the worst ways to impose a tax and one of the most regressive ways to redistribute income from poorer to richer Americans and increase the tax burden on poorer people. In addition, because they cause uncertainty, provoke retaliation by other nations, and create opportunities for government corruption, tariffs have many destructive side effects that other forms of taxes do not,” said Adam Posen in his opening statement

    “The Trump tariffs bring all pain and no gain. In the short term, there will be uncertainty, supply bottlenecks, unpredictable price hikes on essential items, and likely decreases in both imports and exports as some trading partners implement retaliatory tariffs. In the long term, there will be irreparable rifts with valued trading partners and lack of coordination on shared goals,” said Thea Lee in her opening statement

    “With over 90% of bicycles, bicycle parts and bicycle accessories manufactured outside the US, the bike industry depends on a global supply chain. BTI imports from around the globe, especially Asia and Europe. Even our US sourced bike products are being affected since they are made from foreign-sourced raw materials. The bicycle industry works on low margins, thus cannot absorb higher tariff expenses,” said Preston Martin in his opening statement

    “In a normal year, roughly 750k Canadian tourists come into Vermont and inject roughly $150m into the State’s economy. Recent data shows that hotel reservations from CAD visitors are down 45% between Jan-April, credit card spending is down nearly 40% across that same time period, border crossings have been declining every month and are down nearly 35% and visits to the Vermont.com website, a data point reflecting the likelihood of visiting in the future are off 70% across the first few months of the year,” said Steve Wright in his opening statement

    “Small and medium-scale farmers of all political affiliations are bracing for a tough year. Input costs are rising, labor costs are soaring, USDA support is being cut, and consumers are stretched thin,” said Emma Jagoz in her opening statement

    Footage of the full forum can be foundHERE.

    MIL OSI USA News

  • MIL-OSI Security: Mexican National Who Conspired with Son in Cocaine Dealing and Human Smuggling Sentenced to Federal Prison

    Source: Office of United States Attorneys

    SAN ANTONIO – A Mexican national was sentenced in a federal court in San Antonio today to 37 months in prison for his role in cocaine trafficking and human smuggling conspiracies. He was also ordered for forfeit over $600,000 in proceeds from his criminal activity.

    According to court documents, Jorge Armando Morado, 44, helped his son, Jorge Armando Morado Moreno, 25, complete a sale of cocaine to an undercover Bexar County Sheriff’s Office deputy on July 16, 2023.  During that sale, Morado arranged for his son to sell a kilogram of cocaine to that undercover deputy at a future date, and then drove in tandem with his son to make that sale on July 25, 2023.  Morado and his son were both encountered by law enforcement while driving to make that sale, and approximately one kilogram of cocaine was found in the son’s vehicle.

    The investigation led to search warrants for Morado’s and Moreno’s respective residences. During the search of Morado’s residence, approximately $601,302 in cash was found in a cooler located in his master bedroom closet, along with an additional $3,000, a firearm, and a suspected drug ledger in his dresser drawer. Another bedroom—an empty room with only a mattress on the floor—housed five illegal aliens. A bucket full of urine was found in an adjacent bedroom. Moreno’s cell phone was also searched and contained numerous conversations between Morado and Moreno pertaining to their cocaine trafficking and harboring of illegal aliens at Morado’s house.

    Morado pleaded guilty on June 26, 2024, to one count of conspiracy to possess with intent to distribute 500 grams or more of cocaine, and one count of conspiracy to transport and harbor illegal aliens. He’s sentenced to 37 months in prison for each count, running concurrent to one another, and in addition to his four months spent in state custody on related charges. Moreno pleaded guilty to the same two conspiracy charges on July 11, 2024, and was sentenced to 21 months in federal prison on Jan. 29.

    “This case serves as a stark reminder that alien smuggling is not a victimless crime, but rather a for-profit enterprise,” said U.S. Attorney Justin Simmons for the Western District of Texas. “Alien smugglers only seek to enrich themselves, in this case to the tune of over $600,000 in proceeds from these criminal activities.”

    The Bexar County Sheriff’s Office, Homeland Security Investigations, the Drug Enforcement Administration, and the San Antonio Police Department investigated the case.

    Assistant U.S. Attorney John Fedock prosecuted the case.

    ###

    MIL Security OSI

  • MIL-OSI Security: Mexican National Pleads Guilty to Illegal Reentry for Third Time

    Source: Office of United States Attorneys

    Jackson, MS – A Mexican national pleaded guilty today to illegally reentering the United States following multiple prior deportations and felony convictions.

    According to court documents and statements made in court, on or about March 17, 2025, U.S. Border Patrol Agents were conducting enforcement operations in Rankin County on Interstate 20. Agents conducted a vehicle stop and Luis Simon Acevedo-Rodriguez, 32, freely admitted to being a citizen of Mexico and to being present in the United States without the requisite permission. He was arrested and processed for removal. Acevedo-Rodriguez’s fingerprints were scanned into DHS databases resulting in a computer match to his prior immigration records, including photographs. Acevedo-Rodriguez has been convicted three times in the Western District of Texas – once for improper entry by an alien and twice for illegal reentry by a deported or removed alien. He has been formally removed from the United States three times previously.

    Acevedo-Rodriguez pleaded guilty to unlawful return of an alien removed after conviction of a felony. He is scheduled to be sentenced on September 8, 2025, and faces a maximum penalty of 10 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi; Eric P. DeLaune, Special Agent-in-Charge for Homeland Security Investigations in New Orleans, Louisiana; and Adam M. Calderon, Acting Chief Patrol Agent of the Border Patrol’s New Orleans Sector, made the announcement.

    The United States Border Patrol investigated the case with assistance from the Rankin County Sherriff’s Office.

    Assistant U.S. Attorney Kimberly T. Purdie is prosecuting the case.

    This case was investigated by the Mississippi Homeland Security Task Force (HSTF) as part of Operation Take Back America. HSTFs, which were established by President Trump in Executive Order 14159, Protecting the American People Against Invasion, are joint operations led by the Department of Justice and the Department of Homeland Security. 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. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI

  • MIL-OSI Security: Illegal Alien in Los Angeles Charged with Spitting on ICE Officer

    Source: Office of United States Attorneys

    LOS ANGELES – An illegal alien from Mexico who is living in Los Angeles was charged today with a felony count for allegedly spitting on a federal agent executing a warrant for his arrest earlier this week.

    Omar Pulido Bastida, 41, of the Historic South Central neighborhood of Los Angeles, is charged with one count of assault of a federal employee, a crime that carries a statutory maximum sentence of eight years in federal prison.

    Pulido, who earlier this year separately was charged with being an illegal alien found in the United States following removal, was arrested and made his initial appearance on Tuesday in United States District Court in Santa Ana. A federal magistrate judge order him detained and scheduled his arraignment for July 16 in U.S. District Court in Los Angeles. He is expected to make his initial appearance in this case in the coming days.

    “This defendant found out the hard way: When you spit, we hit – with a felony charge,” said United States Attorney Bill Essayli. “Law enforcement officers risk their lives and safety to uphold the law. To treat them with the disrespect, like this defendant did, mocks our great nation and such behavior will be punished accordingly.”

    According to an affidavit filed with the complaint, on Tuesday morning, a United States Immigration and Customs Enforcement (ICE) deportation officer arrived at Pulido’s residence to execute the arrest warrant on the illegal re-entry charge. After knocking on the door, the officer identified him as law enforcement with a warrant. Pulido, looking down on the officer from a second-story balcony, responded by insulting the officer.

    Several minutes later, the officer saw Pulido open the front door, which had an iron security gate separating the two men. When the officer told Pulido there was an arrest warrant for him, Pulido said, “No, get out of here. I know my rights. I’m calling my lawyer” then spat through the iron security gate onto the officer. At the time, the officer was leaning his head against the grated security gate to be able to see Pulido and felt the spit on his face. After spitting on the officer, Pulido retreated back into the residence.

    Shortly after, ICE personnel forced entry into the residence and found Pulido hiding in a second-story storage room. Pulido then said, “OK, you got me,” and was arrested.

    A criminal complaint contains allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    Homeland Security Investigations is investigating this matter.

    Assistant United States Attorney MiRi Song of the Domestic Security and Immigration Crimes Section is prosecuting this case.

    MIL Security OSI

  • MIL-OSI New Zealand: New Zealand food and fibre exports on track to break new records

    Source: New Zealand Government

    Farmers, growers, foresters, fishers and primary processors are driving New Zealand’s economic recovery with export revenue on track to surpass $60 billion for the first time, Agriculture and Forestry Minister Todd McClay announced today at Fieldays. 
    “The latest Situation and Outlook for Primary Industries (SOPI) report forecasts export earnings of $59.9 billion for the year ending 30 June 2025, $3 billion higher than projected in December. This momentum is expected to continue, with exports reaching $65.7 billion by 2029,” Mr McClay says.
    “These figures reflect the hard work and resilience of the hard working men and women of provincial New Zealand.
    “Strong global demand and healthy prices across key markets are positioning our high-quality, safe and sustainable food and fibre exports for record growth.”
    Growth highlights include: 

    dairy export revenue lifting 16 per cent to reach a record $27 billion
    meat and wool export revenue increasing 8 per cent to $12.3 billion
    horticulture export revenue growing by an impressive 19 per cent reaching $8.5 billion
    forestry export revenue jumping 9 per cent to $6.3 billion
    Seafood export revenue lifting 2 per cent to $2.2 billion.

    “The numbers speak for themselves, but the Government remains laser-focused on doubling the value of exports in 10 years, driving higher farm and forest gate returns, and backing the long-term capability, resilience, and health of rural New Zealand,” Mr McClay says.
    “We’re investing heavily to deliver tools and technology to farmers and growers to tackle agricultural emissions with more than $400 million in continuing funding over the next four years and making targeted reforms to support farmer and grower success.
    “Through the Budget, we launched the new $246 million Primary Sector Growth Fund (PSGF) to boost on-farm productivity and resilience.
    “Our trade work continues at pace to open doors for Kiwi exporters, and our new Investment Boost tax incentive will encourage businesses to invest, be more competitive, grow the economy, and lift wages.
    “When rural New Zealand does well, the whole country benefits,” Mr McClay says. 
    “That’s why we’re making sure our Primary Sector have the tools and support they need to deliver long-term economic growth and regional prosperity for all New Zealanders.”
    The June 2025 SOPI is available at: www.mpi.govt.nz/sopi

    MIL OSI New Zealand News

  • MIL-OSI Security: Virginia Man Sentenced to 33 Years in Prison for Child Exploitation Offenses

    Source: United States Attorneys General

    A Virginia man was sentenced today to 33 years in prison for transporting a teenager across state lines with the intent to sexually abuse her.

    According to court documents, in 2022, Daniel Wayne Kidd, 50, of Powhatan, spent thousands of dollars to entice a teenage girl to come to Virginia so that he could sexually abuse her over the course of a week. Kidd and his co-defendant, Rosalinda Delgado Rosas, schemed to obtain custody of the minor in order to ply her with expensive gifts and experiences and coerce her into engaging in sexual acts with Kidd. Prior to the nightly sexual abuse acts, the minor was given medications, including medications that made her drowsy. Kidd and Rosas also recorded Kidd’s sexual abuse of the minor. Rosas was sentenced on Sept. 4, 2024, to 25 years in prison for her role in the scheme.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, U.S. Attorney Erik S. Siebert for the Eastern District of Virginia, and Acting Special Agent in Charge Christopher Heck of Immigration and Customs Enforcement Homeland Security Investigations (ICE-HSI) Washington made the announcement.

    ICE-HSI investigated the case with the assistance of the Powhatan Sheriff’s Office.

    Trial Attorney Alicia A. Bove of the Criminal Division’s Child Exploitation and Obscenity Section and Assistant U.S. Attorney Heather H. Mansfield for the Eastern District of Virginia prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Justice Department to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    MIL Security OSI

  • MIL-OSI USA: Senator Collins Speaks at 2025 Alzheimer’s Impact Movement Advocacy Forum

    US Senate News:

    Source: United States Senator for Maine Susan Collins
    Published: June 11, 2025

    Click HERE to watch and HERE to download video from the event.
    Click HERE, HERE, and HERE for individual photos
    Washington, D.C. – U.S. Senator Susan Collins, Chair of the Senate Appropriations Committee and a senior member of the Senate Committee on Health, Education, Labor, and Pensions, delivered remarks at the 2025 Alzheimer’s Impact Movement (AIM) Advocacy Forum in Washington. Maine Alzheimer’s advocates Mary Dysart Hartt and her husband Mike introduced Senator Collins at the event. Mary and Mike live in Hampden, and Mary has been a tireless advocate on behalf of Mainers living with Alzheimer’s—like Mike—and their caregivers.
    “When I first joined the Senate, there wasn’t really much of a focus in Washington on brain health. Neurodegenerative diseases were thought of as just part of growing old,” said Senator Collins. “But, working with incredible partners like the Alzheimer’s Association, we have raised awareness and put a federal focus on this disease. For myself and members of the Congressional Task Force on Alzheimer’s I lead, this fight is both a personal cause and a matter of crafting effective policy. We must not let Alzheimer’s be one of the defining diseases of our children’s generation as it has ours.”
    In her remarks, Senator Collins also highlighted her successful legislative efforts to advance Alzheimer’s research, prevention, and treatment. In the 118th Congress, there were 1,868 standalone health care bills introduced in both the U.S. Senate and the U.S. House of Representatives. Of those bills, only 15 passed both chambers and were signed into law. U.S. Senator Susan Collins led or co-led 5 of those 15 bills to passage with strong bipartisan support, and 3 of those 5 bills dealt directly with brain health. Those bills were the National Alzheimer’s Project Act (NAPA), the Building Our Largest Dementia (BOLD) Infrastructure for Alzheimer’s Act, and the Alzheimer’s Accountability and Investment Act.

    MIL OSI USA News

  • MIL-OSI: Xtract One Technologies Inc. Announces $7 Million “Bought Deal” Public Offering

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES

    BASE SHELF PROSPECTUS IS ACCESSIBLE AND PROSPECTUS SUPPLEMENT WILL BE ACCESSIBLE ON SEDAR+ WITHIN TWO BUSINESS DAYS

    TORONTO, June 11, 2025 (GLOBE NEWSWIRE) — June 11, 2025 – Xtract One Technologies Inc. (TSX: XTRA) (OTCQX: XTRAF) (FRA: 0PL), a leading technology-driven threat detection and security solution that prioritizes the patron access experience by leveraging AI, (the “Company” or “Xtract One“) is pleased to announce that it has entered into an agreement with Ventum Capital Markets (the “Underwriter“) pursuant to which the Underwriter has agreed to purchase 18,000,000 units (the Offered Securities) from the treasury of the Company, at a price of $0.39 per Unit (the “Issue Price”) and offer them to the public by way of prospectus supplement for total gross proceeds of $7,020,000 (the “Offering“). Each Unit will consist of one common share of the Company (each a “Common Share”) and one common share purchase warrant (each full warrant, a “Warrant” and collectively the “Warrants”).

    The Company has granted the Underwriter an option to purchase up to an additional 15% of the Offered Securities at the Issue Price. The Over-Allotment Option may be exercised in whole or in part to purchase Offered Securities as determined by the Underwriter upon written notice to the Company at any time up to 30 days following the Closing Date (the “Over-Allotment Option”).

    The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

    The Offered Securities will be offered (i) by way of a prospectus supplement to the base shelf prospectus of the Company dated February 6, 2024 (the “Base Shelf Prospectus”) to be filed in all provinces and territories of Canada, except Quebec (the “Prospectus Supplement”); (ii) may be distributed in the United States to Qualified Institutional Buyers (as defined in Rule 144A under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) pursuant to an exemption under Rule 144A; and (iii) may be distributed outside Canada and the United States on a basis which does not require the qualification or registration of any of the Company’s securities under domestic or foreign securities laws.

    This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    The Offering is expected to close on or about June 18, 2025, or such other date as the Company and the Underwriter may agree, and is subject to customary closing conditions, including the approval of the securities regulatory authorities and the Toronto Stock Exchange.

    Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus supplement and any amendment to such documents. The Base Shelf Prospectus is, and the Prospectus Supplement will be (within two business days from the date hereof), accessible through SEDAR+ at www.sedarplus.com. An electronic or paper copy of the Prospectus Supplement, the Base Shelf Prospectus and any amendment thereto may be obtained, without charge, from Ventum Financial Corp., or email at ecm@ventumfinancial.com by providing the contact with an email address or address, as applicable.

    About Xtract One

    Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that are designed to assist facility operators in prioritizing- and delivering improved “Walk-right-In” experiences while enhancing safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

    About Threat Detection Systems

    Xtract One solutions, when properly configured, deployed, and utilized, are designed to help enhance safety and reduce threats. Given the wide range of potential threats in today’s world, no threat detection system is 100% effective. Xtract One solutions should be utilized as one element in a multilayered approach to physical security.

    For further information, please contact:
    Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
    Media Contact: Kristen Aikey, JMG Public Relations, 212-206-1645, kristen@jmgpr.com
    Investor Relations: Chris Witty, Darrow Associates, 646-438-9385, cwitty@darrowir.com

    Forward-Looking Information
    This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including, without limitation, statements regarding the anticipated completion of the Offering, intended use of proceeds from the Offering, future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, the Company’s limited operating history and lack of historical profits; risks related to the Company’s business and financial position; fluctuations in the market price of the Company’s Common Shares; that the Company may not be able to accurately predict its rate of growth and profitability; the failure of the Company and/or the Underwriter to satisfy closing conditions to the Offering; whether the Over-Allotment Option will be exercised; the failure of the Company to satisfy certain TSX additional listing requirements in respect of the Offered Securities; the failure of the Company to use any of the proceeds received from the Offering in a manner consistent with current expectations; reliance on management; the Company’s requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, clients and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no intention to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason, except as required by law.

    The MIL Network

  • MIL-OSI USA: Extensions on Extensions: Statement on Further Extension of the Form PF Compliance Date

    Source: Securities and Exchange Commission

    Today’s open meeting looks like a straightforward Commission vote to extend a compliance date for a recently adopted rulemaking.[1] But there is more here than meets the eye. The reality of our action today is more complex – and more concerning. And the clock is ticking because the compliance date at issue is, in fact, tomorrow.

    Form PF is the confidential form on which certain SEC-registered investment advisers to private funds report information to the SEC that helps us to understand potential systemic risk.[2] The SEC, and other regulators including FSOC, depend on these detailed data to better comprehend when the private markets may be experiencing turbulence that could affect our entire financial system. Because these entities generally operate outside of our regulatory view, these data are our best – and perhaps only – way to spot large scale financial disasters originating in the private funds market, or amplified by private fund exposure, before they happen. And, these data can help us understand more fully the impact of a market event if it has already occurred.

    The recent amendments, and the “new” version of the form they create, would improve the quality of these data so that they are more precise and helpful for identifying and responding to systemic risk.[3] Remember, many of our pension fund dollars are invested in private funds – so understanding risks in this market is important for American retirement savings.

    Today, the Commission is attempting to extend the new form’s compliance date under the wire, with just hours to spare, to accommodate a last-minute request[4] from some of the most highly sophisticated, highly resourced entities in our financial system, who have already been given an extension several months ago.[5] Now they’re back for more time with what doesn’t seem like a credible reason.

    The truth is that we are here to extend this compliance date not because firms actually need additional time to comply, but to allow for reconsideration of these amendments more broadly. If you look closely, you’ll find the proof in footnote 12 of today’s release. That footnote admits that the Commission is delaying the Form’s compliance date so it can revisit – or perhaps endeavor to abandon – this information altogether.[6] So, although this extension is for just a few more months, I suspect that we will continue to accommodate requests to extend this compliance date until we have significantly revised or undone this rule.[7],[8]

    Abandoning the APA

    And so, with this vote, we plough ahead and do exactly that. We are simply disregarding the authority of two previous Commissions – at both the SEC and the CFTC – who adopted this new form just one year ago. And while I would posit that entities in such a situation should abide by regulations lawfully adopted and thus file the new form, this procedural quagmire is certainly a far cry from what the APA intends.[9] Much has been said about the Commission’s desire to “return” to a reasoned agency process, [10] but this desire is nowhere to be found when there’s a looming compliance date that some would like to dodge.

    Less Information, But More Retail Access

    Finally, it is important to remember that this timing also just so happens to be aligned with a powerful policy push to increasingly open private markets to retail investors.[11] By preventing these amendments from coming online, we are willfully blindfolding the Commission and similarly hobbling our and other financial regulators’ ability to conduct more precise and effective analysis of private markets. This further undermines our ability to do data-driven rulemaking in the future,[12] including our ability to effectively do an economic analysis if this or any future Commission tries to open private markets to retail investors. And the timing couldn’t be worse, as evidenced by increasingly widespread concern about the stability of private markets.[13]

    Refusing to receive these improved data on systemic risk doesn’t make those risks go away. And we can’t have it both ways. We can’t suggest that its perfectly safe and appropriate for investors of all stripes to gain exposure to these markets while we are going out of our way to put our head in the sand about what’s actually going on in those same markets.[14]

    Conclusion

    Of course, if this Commission wants to revisit Form PF and reconsider any part of the Form, it can attempt to do so as part of the rulemaking process and in proper coordination with the CFTC. Not by forcing through an eleventh-hour compliance date extension under false pretenses.

    Thank you to the staff in the Division of Investment Management, the Division of Economic and Risk Analysis, and the Office of the General Counsel for their work on this release. I’m particularly grateful to many of these team members who also worked on the final form amendments last year. I hope that, one day, the Commission will actually experience the benefits of your work and the important data from these Form PF amendments.


    [1] See Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance Date, Release No. [ ] (Jun. 11, 2025) (“Current Compliance Date Extension Release”).

    [2] See Sections 404 and 406 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Pub. L. 111-203, 124 Stat. 1376 (2010).

    [3] See Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers, Release No. IA-6546 (Feb. 8, 2024) [89 FR 17984 (Mar. 12, 2024)].

    [5] See Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Extension of Compliance Date, Release No. IA-6838 (Jan. 29, 2025) [90 FR 9007 (Feb. 5, 2025)].

    [6] “During the interim period prior to the compliance date of October 1, 2025, the Commissions may continue to review whether Final Form PF raises substantial questions of fact, law, or policy.” Current Compliance Date Extension Release, supra note 1 at n. 12.

    [8] See Current Compliance Date Extension Release, supra note 1.

    [9] The release admits that, in this instance, we are not providing for notice and comment under the APA “[g]iven the time constraints […].” I question the assertion in the release that dispensing with the APA requirements in this circumstance are for “good cause” as required by the statute. See section 553(b)(3)(B) of the Administrative Procedure Act (5 U.S.C. 553(b)(3)(B)) (providing that an agency may dispense with prior notice and comment when it finds, for good cause, that notice and comment are “impracticable, unnecessary, or contrary to the public interest”).

    [11] Chairman Paul S. Atkins, Prepared Remarks Before SEC Speaks (May 19, 2025) (“Much has changed since 2002 — including the growth of private markets and the increased oversight and enhanced reporting by both private fund advisers and registered funds. Indeed, in the last 10 years alone, private fund assets have almost tripled from $11.6 trillion to $30.9 trillion. Allowing [for more retail exposure to private funds via registered closed-end funds] could increase investment opportunities for retail investors seeking to diversify their investment allocation in line with their investment time horizon and risk tolerance.”).

    [13] “‘If growth [from retail investors] outpaces the industry’s ability to manage such complexities, such challenges could have systemic consequences. Private asset managers also face reputational risk if—in a scramble to grow share—credit standards slip or risk management falter.’” Matt Wirz, Moody’s Sounds Alarm on Private Funds for Individuals, The Wall Street Journal (Jun. 10, 2025).

    [14] “A few large private-fund managers now dominate the market and they often invest in the same deals and in each other’s funds. This makes it harder for individuals to diversify their investments and “this kind of interconnectedness can amplify systemic vulnerabilities.’” Id.

    MIL OSI USA News

  • MIL-OSI: CLEAR, T-Mobile Modernize Workforce Identity Verification to Strengthen Enterprise Security

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 11, 2025 (GLOBE NEWSWIRE) — CLEAR (NYSE: YOU), the secure identity company, today announced that it worked with T-Mobile to deploy CLEAR1, the identity platform for enterprises, across its operations.

    CLEAR1 enables seamless and secure identity verification for employees, an experience that is as simple as taking a selfie. With this biometric multi-factor authentication (MFA) solution, T-Mobile is able to verify employees and other team members based on who they are – not just the phones and laptops they use or the passwords and security questions they know.

    T-Mobile uses CLEAR1 as an enhanced way to authenticate access to its platforms and systems using biometric MFA, which replaces legacy methods like passwords and one-time PINs.

    “As cyber threats grow more complex and bad actors become more sophisticated, further securing T-Mobile starts with knowing exactly who’s behind the screen,” said Mark Clancy, SVP, Cybersecurity at T-Mobile. “CLEAR1 gives us a strong, identity-first approach that helps us build trust across our systems by verifying the person — not just their credentials. It’s a key step in strengthening our identity verification and better protecting our infrastructure, teams and customers.”

    “Identity is the foundation of trust in every organization,” said Jon Schlegel, Chief Security Officer at CLEAR. “CLEAR1 empowers businesses to strengthen security, reduce friction, and build confidence across their workforce. We’re proud to help organizations meet today’s threats head-on with a solution that’s fast, secure, and built for the real world.”

    Today’s cybercriminals are outpacing outdated screening and authentication methods, posing as trusted employees to gain access to sensitive systems and data. According to estimates from the U.S. Treasury, State Department, and FBI scams involving fake IT workers have generated hundreds of millions of dollars annually since 2018 — highlighting the need for identity-first strategies that strengthen cybersecurity and protect business continuity.

    CLEAR1 empowers organizations in the fight against sophisticated cyber threats by anchoring authentication in real identity, drawing from identity signals across biometrics, documents, device, and source corroboration–to maximize security and minimize friction for employees.

    For more information on how T-Mobile is using CLEAR1, visit: verifywithclear.com/post/case-study-t-mobile

    About CLEAR
    CLEAR’s mission is to strengthen security and create frictionless experiences. With over 31 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

    Forward-Looking Statements
    This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company’s filings within the Securities and Exchange Commission, including the sections titled “Risk Factors” in our Annual Report on Form 10- K. The Company disclaims any obligation to update any forward-looking statements contained herein.

    MEDIA
    CLEAR
    media@clearme.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network

  • MIL-OSI: Arra Finance To Acquire Crescent Auto Finance, Rapidly Scaling Its Subprime Auto Finance Platform

    Source: GlobeNewswire (MIL-OSI)

    IRVING, Texas, June 11, 2025 (GLOBE NEWSWIRE) — Arra Finance, LLC (“Arra” or the “Company”), a subprime indirect auto finance company, today announced that it has entered into a definitive agreement to acquire the auto financing division of Crescent Bank (“Crescent”), a New Orleans-based FDIC insured bank with approximately $1 billion in assets that has provided nationwide indirect auto lending since 1991. The deal accelerates the rapid expansion of Arra’s platform, enhancing its technology stack and analytics capacity well ahead of growth expectations. Crescent will retain its branch and online retail banking platforms, as well as its commercial lending program, and Arra will become the servicer for Crescent’s $815 million originated auto loan portfolio. The transaction is expected to close in 3Q 2025. Financial terms were not disclosed.

    As a well-established operator in the subprime auto financing space, Crescent has originated upwards of $5.3 billion in auto loans nationwide over its 30-year history and $652 million in the last two years. This acquisition brings Crescent’s e-contracting, internal loan servicing and accelerated auto-decision capabilities to the Arra platform, alongside advanced analytics and additional fraud protection tools in underwriting and funding.

    With financial backing from Obra Capital (“Obra”), Arra now has the operational bandwidth and capital structure necessary to provide a comprehensive suite of financing solutions to auto dealers across the country. Arra expects to rapidly scale delivery of customer financing solutions to dealers by leveraging Crescent’s existing operations, with a significantly increased auto finance origination capacity, larger dealer base and the ability to respond to credit applications within seconds of submission.

    As part of the acquisition, Arra will welcome approximately 180 new employees from Crescent, expanding Arra’s best-in-class team by a factor of six. This includes 24 new sales team members, who will support the deployment of Arra’s capital base and provide a consistent touchpoint for new and existing dealer customers alike. The new additions will continue to be primarily based in Carrollton, Texas, supporting a seamless operational integration while opening new pathways for opportunity, as enabled by Arra’s access to asset-backed financing solutions.

    “With today’s announcement, we have rapidly advanced Arra’s growth trajectory, substantially improving our ability to be the premier financing partner for franchise and select independent dealers,” said Kenn Wardle, Chief Executive Officer of Arra Finance. “After only six months in market, we are on track to outpace our growth targets by a number of years, and we have developed the platform capabilities necessary to deliver responses to credit applications in a matter of seconds. I look forward to welcoming our new team members as we bring our combined offerings to market and continue to streamline the car buying experience for dealers and consumers across the country.”

    Gary Solomon Sr., Chairman of Crescent Bank praised the transaction, stating: “Partnering with Arra and Obra has ensured the talent, momentum and reputation Crescent has garnered over the years will continue to support the auto industry, as Crescent Bank shifts its focus to our core retail banking business.” Crescent Bank has significantly grown its online banking presence nationwide in recent years, particularly in its offering of Certificates of Deposits. Mr. Solomon added, “This is a pivotal moment for Crescent Bank, as we refocus our investment strategy in support of our local New Orleans area community and nationwide customers alike.”

    “Today’s announcement is a major growth milestone for Arra, and a testament to the opportunity in the auto finance market,” added Blair Wallace, President and CEO of Obra. “With the capital structure and flexibility provided by Obra’s insurance company balance sheets, Arra has taken decisive and aggressive steps to meet the needs of dealers across the country and become a leading player in the subprime space. The business is capitalized for success in the long term, and we look forward to seeing what’s next.”

    About Arra Finance
    Arra Finance is a subprime indirect auto finance company that purchases and services retail installment contracts originated by U.S. automobile dealers. Arra offers fast, simplified solutions and options for dealers. The company’s cutting-edge auto finance platform provides more than 1,200 franchise and independent dealerships across 15 states (with planned business expansion to dealerships in 37 states) with auto financing solutions for used car buyers. Its scalable origination system and data warehouse provide dealers with access to finance solutions and enables them to facilitate auto sales for the dealership’s customers. For more information about Arra Finance, please visit www.arrafinance.com.

    About Crescent Bank
    Crescent Bank is a Louisiana chartered, FDIC insured bank which has served the New Orleans area community since 1991 providing retail banking services and direct lending to businesses and consumers. Shortly after its founding, Crescent Bank began to open loan production offices throughout Louisiana to provide auto loans to consumers who were not being served by traditional lending institutions. As the bank succeeded and grew, its geographical lending footprint expanded nationwide. In recent years it has further expanded its retail operations to include offering certificates of deposits to consumers and investors in all states.

    About Obra Capital
    Obra is a specialized alternative asset management firm with approximately $5.8 billion in capital under management as of May 31, 2025. Obra provides investment products and solutions across insurance, multi-sector credit, asset-based finance and longevity investment strategies. Obra aims to generate long-term value and attractive returns for investors through a variety of funds and separate accounts. With capabilities in investing, originating, structuring and servicing, Obra strives to provide differentiated investment opportunities and capital solutions for investors worldwide. For more information about Obra and its registered investment advisors, please visit www.obra.com.

    Media Contact:
    Dan Gagnier
    Gagnier Communications
    Obra@gagnierfc.com
    646-569-5897

    The MIL Network

  • MIL-OSI: NVIDIA Stockholder Meeting Set for June 25; Individuals Can Participate Online

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., June 11, 2025 (GLOBE NEWSWIRE) — NVIDIA today announced it will hold its 2025 Annual Meeting of Stockholders online on Wednesday, June 25, at 9 a.m. PT. The meeting will take place virtually at www.virtualshareholdermeeting.com/NVDA2025.

    Stockholders will need their control number included in their notice or proxy card to access the meeting and may vote and submit questions while attending the meeting. Non-stockholders are welcome to attend by going to the above link and registering under “Guest Login.”

    The matters to be voted on at the meeting are set forth in the company’s proxy statement filed on May 13, 2025, with the U.S. Securities and Exchange Commission. The proxy statement is available at www.nvidia.com/proxy.

    A replay of the 2025 annual meeting webcast will be available until June 24, 2026, at www.nvidia.com/proxy.

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    For further information, contact:

    NVIDIA Investor Relations
    ir@nvidia.com

    NVIDIA Corporate Communications
    press@nvidia.com

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries.

    The MIL Network

  • MIL-OSI Security: Florida Fuel Supplier Charged in Multimillion-Dollar Scheme to Defraud U.S. Department of Defense, other Federal Agencies

    Source: United States Attorneys General 1

    A federal grand jury in Miami returned an indictment today charging a Florida business owner with multiple counts of wire fraud, money laundering, and forgery for orchestrating a scheme to defraud the U.S. Department of Defense and other federal agencies by submitting altered and fake invoices to U.S. Navy ships and other vessels through the SEA Card Program, which allows U.S. vessels to purchase critical fuel from suppliers at ports around the world.

    According to court documents filed in the Southern District of Florida, between August 2022 and January 2024, Jasen Butler, 37, of Jupiter, Florida, the owner of Independent Marine Oil Services LLC, submitted dozens of falsified documents to multiple U.S. warships — including the USS Patriot — demanding and receiving over $5 million dollars in payments for phony expenses that Butler had not incurred. These ships were attempting to purchase fuel in international ports such as Saudi Arabia, Singapore, and Croatia, among others. Butler also concealed his identity from government officials by using a false name and feigning employment by a fictitious fuel division of a different company. As alleged in the indictment, Butler used the millions in fraud proceeds to personally enrich himself and purchase multiple properties, including in Florida and Colorado. 

    “This indictment sends a clear, public message: the Antitrust Division and its Procurement Collusion Strike Force under President Trump will not rest until all who defraud the brave men and women of the U.S. military and the American taxpayers receive swift justice,” said Assistant Attorney General Abigail A. Slater of the Justice Department’s Antitrust Division.

    “Investigating complex fraud schemes which impact U.S. Coast Guard operations is a priority for CGIS,” said Special Agent in Charge Josh Packer of the Coast Guard Investigative Service (CGIS) Southeast Field Office. “CGIS remains committed to working with our law enforcement partners to investigate any fraud which undermines the integrity of the Coast Guard’s supply chain.”

    “Mr. Butler’s alleged involvement in unlawfully submitting fraudulent invoices related to U.S. naval ships receiving fuel during port visits is an affront to the warfighter and taxpayer,” said Special Agent in Charge Greg Gross of the Naval Criminal Investigative Service (NCIS) Economic Crimes Field Office. “NCIS remains committed to thoroughly investigating those who commit fraud impacting the Department of Navy.”

    If convicted, Butler faces maximum penalties of 20 years in prison for each count of wire fraud, up to 10 years for each count of forgery, and up to 10 years for each count of money laundering. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. 

    Assistant Chief Sara Clingan and Trial Attorney Jonathan Pomeranz and of the Antitrust Division’s Washington Criminal Section are prosecuting the case.

    The NCIS and CGIS are investigating the case.

    Anyone with information about this investigation or other procurement fraud schemes should notify the PCSF at www.justice.gov/atr/webform/pcsf-citizen-complaint. The Justice Department created the PCSF in November 2019. It is a joint law enforcement effort to combat antitrust crimes and related fraudulent schemes that impact government procurement, grant and program funding at all levels of government — federal, state and local. For more information, visit www.justice.gov/procurement-collusion-strike-force.

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

    MIL Security OSI

  • MIL-OSI Security: Newington Drug Trafficker Sentenced to 6 Years in Federal Prison

    Source: Office of United States Attorneys

    David X. Sullivan, United States Attorney for the District of Connecticut, announced that MARTIN DELGADO, 30, of Newington, was sentenced today by U.S. District Judge Victor A. Bolden in New Haven to 72 months of imprisonment, followed by four years of supervised release, for distributing narcotics.

    According to court documents and statements made in court, on May 13, 2024, members of the FBI’s Northern Connecticut Gang Task Force conducted a court-authorized search of Delgado’s residence on Main Street in Newington and seized approximately 2,500 wax paper sleeves containing fentanyl, approximately 160 grams of loose fentanyl, approximately 21 grams of cocaine, narcotics packaging materials, and a loaded 9mm gun magazine.  Delgado, who fled on foot when officers arrived at his residence, was apprehended a short time later in West Hartford.  Investigators also located and seized a loaded 9mm handgun near Delgado’s residence that he discarded as he fled, and additional quantities of fentanyl and cocaine from Delgado’s vehicle.

    The firearm had been reported stolen in 2019.

    Delgado was charged with state offenses and released on bond.

    Delgado has been detained since his federal arrest on August 2, 2024.  On February 11, 2025, he pleaded guilty to possession with intent to distribute 40 grams or more of fentanyl and a quantity of cocaine.

    This matter was investigated by the FBI’s Northern Connecticut Gang Task Force, the Connecticut State Police, and the West Hartford Police Department.  The case was prosecuted by Assistant U.S. Attorneys Christopher Lembo and Reed Durham through Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce gun violence and other violent crime, and to make our neighborhoods safer for everyone.  For more information about Project Safe Neighborhoods, please visit www.justice.gov/psn.

    MIL Security OSI

  • MIL-OSI Security: Baltimore County Man Facing Federal Charges in Connection With Bribing Former Baltimore City Finance Official

    Source: Office of United States Attorneys

    Baltimore, Maryland – Today, the U.S. Attorney’s Office for the District of Maryland unsealed an indictment charging James Carroll Erny Jr., 54, of Glen Arm, Maryland, with paying more than $10,000 in bribes to Joseph Gillespie, a former Baltimore City Department of Finance, Revenue Collections, employee.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the indictment with Acting Special Agent in Charge Amanda M. Koldjeski, Federal Bureau of Investigation (FBI) – Baltimore Field Office. 

    As alleged in the indictment, from about August 2021 through September 2023, Erny paid Gillespie at least $10,000 in bribes in exchange for Gillespie extinguishing various financial obligations he owed to Baltimore City. The debt was in connection with various properties Erny owned, including unpaid water bills.

    On February 20, 2025, U.S. District Judge Richard D. Bennett sentenced Gillespie to four years in federal prison, followed by three years of supervised release, in connection with his role in the bribery scheme, along with an unrelated fraud scheme. According to his plea agreement, beginning in 2016, and continuing into 2023, Gillespie engaged in a bribery scheme. Through the scheme, Gillespie abused his position of trust as a public official within the Baltimore City Department of Finance for personal gain.

    As an employee of the Department of Finance’s Revenue Collections, Gillespie routinely accepted bribes from various property owners in Baltimore City. These property owners were subject to financial obligations with Baltimore City, and if these debts remained unpaid, the property became subject to a tax sale. 

    Gillespie accepted these bribes — typically 10-15 percent of the amount owed to the City — in exchange for removing or extinguishing these financial obligations, including for citations, tax, and water obligations, which caused losses for the City.  He also accepted bribes in exchange for delaying or postponing due dates — without approval or permission from other City officials — for payments owed to the City. By adjusting payment due dates, this prevented the City from placing liens on these properties.

    Once Gillespie received bribe payments, he then extinguished the financial obligation owed by marking it as paid in the City’s online records.  After removing the obligation, Gillespie sometimes sent a photograph of a cashier slip reflecting that the City received payment toward the financial obligation when, in fact, no such payment was made.

    The bribery scheme continued for years, and Gillespie admitted that he enlisted the help of multiple co-conspirators.  According to the plea agreement, Gillespie received more than $250,000 in connection with the bribery scheme and caused losses to the City in excess of $1.25 million.

    Erny faces one charge of Bribery in connection with his role in the bribery scheme.  If convicted, he faces a maximum penalty of 10 years in prison. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.  An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    U.S. Attorney Hayes commended the FBI for its work in the investigation and the Baltimore County Police Department for its valuable assistance.  Ms. Hayes also thanked Assistant U.S. Attorneys Paul A. Riley and Evelyn L. Cusson who are prosecuting the federal case.

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

    # # #

    MIL Security OSI

  • MIL-OSI: CEA Industries Posts Updated Investor Presentation

    Source: GlobeNewswire (MIL-OSI)

    Conference Call Scheduled for Today, June 11, 2025 at 4:30pm ET 

    CEA Industries to Provide Business Update and Discuss Strategic Implications of Fat Panda Acquisition

    Louisville, Colorado, June 11, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), today announced that it has published an updated investor presentation, now available on the Investor Relations section of its website. Management will host a live conference call today, June 11, 2025, at 4:30pm ET to outline the Company’s new strategic priorities, including the recent acquisition of Fat Panda and the go-forward strategy to accelerate growth and enhance shareholder value.

    To access the conference call, please use the following information:

    CEA Industries management may utilize this presentation during upcoming meetings with analysts and investors. The posting of this presentation is being made pursuant to Regulation FD.

    About CEA Industries Inc.

    CEA Industries Inc. (NASDAQ: CEAD) is a growth-oriented company focused on building category-leading businesses in regulated consumer markets. With a focus on the high-growth, Canadian nicotine vape industry, one of the fastest-expanding segments of the global nicotine market, CEA Industries targets scalable operators with strong regulatory alignment, defensible market share, and high-margin business models. The Company provides capital, operational expertise, and strategic resources to accelerate retail expansion, strengthen e-commerce infrastructure, and drive long-term value creation in performance-driven sectors. For more information, visit www.ceaindustries.com.

    Investor Contact:

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    info@ceaindustries.com
    (720) 330-2829

    The MIL Network

  • MIL-OSI: Stifel Announces Victor Nesi to Retire as Co-President and Head of Institutional Group; Joins Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, June 11, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced that Victor Nesi, Co-President and Head of the Institutional Group, will retire from his day-to-day operating responsibilities effective July 1, 2025, after 16 years of distinguished service. Mr. Nesi will, however, continue to serve the firm, simultaneously joining its Board of Directors.

    “Victor has been instrumental in building the platform we have today,” said Ronald J. Kruszewski, Chairman and CEO of Stifel. “The transformation of our Institutional Group under his guidance is one of the great success stories in our firm’s history. His strategic vision, leadership, and relentless focus on client service elevated Stifel into a major player in the investment banking world. On a personal level, I am grateful for Victor’s partnership and steady counsel, and I am thrilled he will continue to contribute as a valued member of our Board.”

    Mr. Nesi joined Stifel in 2009, at a formative moment for the firm’s Institutional Group. Under his stewardship, the Institutional Group’s overall revenue grew from $391 million in 2008 to a peak of $2.2 billion in 2021, while extending its reach across geographies, products, and capabilities. Investment banking revenue alone climbed 20x during this time from $84 million to a record $1.6 billion.

    In 2024, the Institutional Group reported $1.6 billion in revenue, which represents a more than fourfold increase since Mr. Nesi’s arrival.

    “Importantly, Victor has also ensured that the Institutional Group is well-positioned for continued success,” added Mr. Kruszewski. “He has put in place a seasoned leadership team and a strong organizational structure designed to carry forward the culture that he helped establish.”

    “It has been an honor and privilege to help grow Stifel into a premier full-service investment bank,” said Mr. Nesi. “Our success is a direct reflection of the extraordinary people of Stifel – their talent, relentless drive, and unwavering commitment have made everything possible. Together, we have built something enduring with the momentum to achieve even greater things. Consequently, I believe this is the appropriate time for me to step back and allow the next generation of leaders to continue driving our firm forward. I am still energized and eager for new challenges and I look forward to supporting Stifel’s continued success in my new role on the Board.”

    Mr. Nesi’s career in investment banking spans four decades. Before coming to Stifel, he held several leadership positions at Merrill Lynch, including Head of Americas Investment Banking. He has also worked as an investment banker at Salomon Brothers and Goldman Sachs and practiced corporate and securities law at Shea & Gould.

    Stifel Company Information
    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

    Media Contact
    Neil Shapiro, +1 (212) 271-3447
    shapiron@stifel.com

    Investor Relations Contact
    Joel Jeffrey, +1 (212) 271-3610
    investorrelations@stifel.com

    The MIL Network

  • MIL-Evening Report: A reversal in US climate policy will send renewables investors packing – and Australia can reap the benefits

    Source: The Conversation (Au and NZ) – By Christian Downie, Professor, Australian National University

    President Donald Trump is trying to unravel the signature climate policy of his predecessor Joe Biden, the Inflation Reduction Act, as part of a sweeping bid to dismantle the United States’ climate ambition.

    The Inflation Reduction Act, or IRA, is a A$530 billion suite of measures that aims to turbocharge clean energy investment and slash emissions in the US. Once hailed as a game-changer for the global clean energy transition, it set in train a fierce international competition for renewable energy investment.

    But the policy is now hanging by a thread, after the US House of Representatives last month narrowly passed a bill to repeal many of its clean energy measures.

    Should the bill pass the Senate, billions of dollars in renewables investment once destined for the US could be looking for a new home. Now is the time for the Albanese government to woo investors with a bolder program of climate action in Australia.

    The Trump administration is seeking to wind back Biden’s signature climate policy.
    Jemal Countess/Getty Images for Climate Power 2020

    What is the Inflation Reduction Act?

    The Inflation Reduction Act passed US Congress in 2022. It legislated billions of dollars in tax credits for solar panels, wind turbines, batteries and geothermal plants, among other technologies.

    It included around A$13 billion in rebates for Americans to electrify their homes, tax credits of almost A$11,000 to electrify their cars, and billions more to establish a “green bank” and target agricultural emissions.

    The money flowed. Last year, almost A$420 billion was invested in the manufacture and deployment of clean energy – double that in 2021, the year before the legislation passed.

    Even in the first quarter of this year, under a Trump presidency, A$103 billion was invested in clean energy tech – an increase on the first quarter results of 2024. Electric vehicle manufacturing projects, especially batteries, were standout performers.

    Then US president Joe Biden in August 2023, celebrating the first anniversary of the Inflation Reduction Act. The policy aimed to turbocharge the clean energy transition.
    Win McNamee/Getty Images

    But then came the proposed repeal. The Trump administration wants to gut tax credits for clean energy technologies. The measures passed the House of Representatives and must now clear the US Senate, where the Republicans have a margin of three votes.

    Initial modelling suggests the bill, if passed, could derail clean energy manufacturing in the US – including in Republican states where new projects were planned.

    The potential economic damage has sparked concern even among Trump’s own troops. Some Republicans last week reportedly urged the scaling back of the cuts, despite voting for the bill in the House.

    Opportunities for Australia

    After the IRA was enacted, many countries followed the US’ lead – including Australia’s Albanese government, which legislated the A$22.7 billion Future Made in Australia package.

    So how will Trump’s unravelling of the policy affect the rest of the world?

    The economic impacts are still being modelled. Some studies suggest the US could cede A$123 billion in investment to other countries.

    The US axing of tax credits for battery and solar technology paves the way for nations such as China and South Korea to capitalise – given, for example, they already dominate battery manufacturing.

    Australia should be doing its utmost to attract investors that no longer see the US as an option. Our existing policies are a start, but they are not sufficient.

    In February this year, Labor increased the investment capacity of the Clean Energy Finance Corporation – Australia’s “green bank” – by A$2 billion. But more will be needed if the government is serious about crowding-in private investment in low-emission technologies exiting the US.

    The government would also be wise to remove incentives that increase fossil fuel use. This includes the diesel fuel rebate, which encourages the use of diesel-powered trucks on mine sites. Fortescue Metals this week announced a push for the subsidy to be wound back – potentially providing the political opening Labor needs.

    What about nuclear?

    Trump has also promised a “nuclear renaissance”, signing four executive orders designed to reinvigorate the US nuclear energy industry.

    But those measures are likely to fail, just as Trump’s 2016 promise to revive the coal industry never eventuated.

    In fact, his cuts to the Loan Programs Office – which helps finance new energy projects including nuclear – threaten to undermine the viability of new nuclear plants. The office has been the guarantor for every new US nuclear plant this century, bar one.

    If the US is struggling to scale up its existing nuclear industry, this does not bode well for the technology’s hopes in Australia. Here, the prospect of a nuclear energy policy still appears alive in the Coalition party room, even though the technology remains politically unpopular, and the economics don’t stack up.

    What’s next?

    Predicting US climate and energy policy is a fool’s errand, given the potential IRA repeal, flip-flopping tariff announcements and daily social media tirades from Trump, including a social media bust-up with former ally Elon Musk over the merits of the repeal itself.

    Stepping back from the politics, we cannot ignore the climate harms flowing from a walk-back on US climate action.

    The US is the world’s second-largest emitter of greenhouse gases. As climate change reaches new extremes, the policy vacuum created by Donald Trump must urgently be filled by the rest of the world.

    Christian Downie receives funding from the Australian Research Council

    ref. A reversal in US climate policy will send renewables investors packing – and Australia can reap the benefits – https://theconversation.com/a-reversal-in-us-climate-policy-will-send-renewables-investors-packing-and-australia-can-reap-the-benefits-258388

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Statement at Open Meeting on Further Extension of the Form PF Compliance Date

    Source: Securities and Exchange Commission

    Good afternoon, ladies and gentlemen. Thank you for being here. This is an open meeting on the 11th of June 2025 of the United States Securities and Exchange Commission under the Government in the Sunshine Act. Commissioners Hester Peirce, Caroline Crenshaw, and Mark Uyeda are also present.

    Today the Commission will vote on extending the compliance date for the most recent amendments to Form PF. Currently, the compliance date for these amendments is tomorrow, June 12, 2025, but I support extending the compliance date to October 1, 2025. The initial compliance date for these amendments was March 12, 2025. In January, the SEC and CFTC jointly extended the compliance date to June 12, 2025. Notwithstanding the prior three-month compliance extension, we have received credible commentary that the current timeline simply does not provide private fund advisers with sufficient opportunity to interpret, implement, and test their systems to ensure accurate and consistent reporting. From my experience with complex technology projects, I sympathize with those points. It is evident to me that additional time is required for dialogue with filers, review of the reasonableness of the data demands, and review of the actual utility of the information collected.

    The most-recent changes to Form PF will necessitate costly upgrades to internal infrastructure, increased coordination across business units, and integration with third-party vendors. These tasks are inherently complex and require extensive testing to ensure accuracy. Rushing this process increases the likelihood of data errors, which defeats the entire stated purpose of the form—to enhance systemic risk monitoring.

    Form PF was first introduced in 2011 and has subsequently been amended three times, most recently in February 2024. Each time the form has been amended, it has required advisers to provide additional information and more granular data. As a result, even without the most recent amendments, Form PF imposes significant compliance burdens on the private fund industry. The complexity of the form, in addition to the ever-evolving nature of its demands has required advisers to seek costly legal and compliance support to complete it accurately. These costs divert resources away from advisers’ core investment functions.

    Therefore, in addition to our action today, I have directed the staff to undertake a comprehensive review of Form PF. I have serious concerns whether the government’s use of this data justifies the massive burdens it imposes. We should work hard to keep our information requests to a minimum, requesting only what is needed and no more. As the saying goes, “Measure twice, cut once.” While this important work is being done, private fund advisers will continue to provide a wealth of information on the prior version of Form PF.

    I’d like to thank the staff of the Securities and Exchange Commission and the CFTC for their agility in responding to these concerns.

    Now, I’ll turn the meeting over to Natasha Greiner, Director of the Division of Investment Management, for the staff’s recommendation.

    MIL OSI USA News