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Category: Finance

  • MIL-OSI Russia: Mikhail Mishutin held a meeting on the situation in the coal industry

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    M. Mishustin: “This is one of the basic industries that ensures the stable operation of the most important sectors of the economy, including metallurgy, electric power, and housing and utilities. It also participates in solving social problems.”

    Opening remarks by Mikhail Mishustin:

    Good afternoon, dear colleagues!

    Opening remarks by Mikhail Mishustin at a meeting on the situation in the coal industry

    11 hours ago

    Today we will discuss the situation in the coal industry. This is one of the basic industries that ensures the stable operation of the most important sectors of the economy, including metallurgy, electric power and housing and utilities. It also participates in solving social problems.

    In this area, Russia is one of the three largest exporters. This means that incentives are being created for the development of transport infrastructure, primarily railways. The main sales markets here are China, India, Turkey and Korea, as well as other countries in Southeast Asia and Africa.

    On the instructions of the President, the Government has implemented a number of measures to support the industry. In particular, an agreement was concluded between Russian Railways and the Kemerovo Region on the guaranteed export of significant volumes of coal in the eastern direction. The share of innovative rolling stock has been increased. Rates for wagon operators and for transshipment in ports have been reduced. An end-to-end transportation technology has been introduced, which has made it possible to reduce delivery time from Kuzbass to southern ports by almost half, which significantly reduces companies’ transportation costs.

    Participants of the meeting

    List of participants of the meeting on the situation in the coal industry

    The federal budget financed measures to restructure the coal industry. The funds were used to resettle citizens, as well as for social support for employees dismissed due to the liquidation of organizations, for additional pension provision, technical and other purposes.

    A program is being implemented to further improve working conditions, increase the safety of mining operations and, of course, reduce accidents and injuries.

    Mikhail Mishutin held a meeting on the situation in the coal industry

    May 30, 2025

    Mikhail Mishutin held a meeting on the situation in the coal industry

    May 30, 2025

    Previous news Next news

    Mikhail Mishutin held a meeting on the situation in the coal industry

    The corresponding infrastructure is also being developed. Operation of the Pacific Railway has begun, construction of the ports of Elga and Lavna is underway. Coal mining centers are being created in the east of the country with favorable mining and geological occurrence of raw materials. And a shorter transportation shoulder to the main sales markets.

    New technologies and modern equipment are also being actively introduced. This allows for a significant increase in extraction efficiency and productivity. If in Soviet times about one and a half million people worked in the industry, then according to the results of last year – only slightly more than 150 thousand. At the same time, the volume of extracted raw materials exceeded the values of the last years of the USSR by almost fifteen million tons.

    It is obvious that the innovative potential of the coal industry is far from exhausted. Enterprises are engaged in the implementation of three-dimensional modeling technologies, optimization of mine equipment, coal extraction, including at low-power seams.

    In recent years, the industry has faced new serious challenges. World prices for all types of such fuel have fallen sharply. This year, unfortunately, the situation continues to worsen. In the first four months, export prices have fallen by almost a quarter. The situation is also complicated by the high debt load of companies. Significant expenses are required to maintain current operations, ensure industrial safety, labor protection and the environment.

    A whole series of measures have been developed to level the situation. It is necessary to help promising organizations that are experiencing temporary difficulties.

    In agreement with the President, I gave the corresponding instructions to the Minister of Finance Anton Germanovich Siluanov, the Minister of Energy Sergey Evgenievich Tsivilev, and the head of Russian Railways Oleg Valentinovich Belozerov. They visited the Kemerovo Region, discussed the most pressing issues with the management and employees of coal enterprises, and presented me with a number of proposals. Now we will discuss all of this in detail and report to the President.

    We hope that this will allow us to make all the necessary decisions to balance the situation.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Government launches pilot project on operational cooperation to combat cyber fraudsters

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Order of May 28, 2025 No. 1350-r

    Document

    Order of May 28, 2025 No. 1350-r

    From June 4, 2025, Russia will begin implementing a pilot project for the operational interaction of government agencies, banks and telecom operators to combat cyber fraud. An order to this effect has been signed.

    The goal of the pilot is to create an effective mechanism for interaction between various state and non-state structures and to establish an exchange of information between them to prevent crimes using information and communication technologies.

    The platform for such interaction will be the state information system being created to combat violations in this area. During the implementation of the pilot project, the operation of this system will be tested. Thus, it is planned to determine the categories of data necessary for effective counteraction to cybercrimes, develop unified formats for providing data on offenses, and achieve automation of operational interaction. In addition, within the framework of the pilot project, it is necessary to develop preventive measures to combat fraudsters using digital communication channels.

    The participants of the pilot project from the state side will be the Ministry of Digital Development, the Ministry of Internal Affairs, the FSB, Roskomnadzor, Rosfinmonitoring, FSTEC, the Bank of Russia, the Prosecutor General’s Office and the Investigative Committee. The participants will also include the largest Russian banks and telecom operators and JSC National Payment Card System.

    The pilot project is scheduled to be completed in March 2026. Its implementation will provide new opportunities to protect citizens from fraudulent activities and enhance their security on the Internet.

    At the end of 2024, the Government approved the Concept of the state system for combating crimes committed using information and communication technologies. This document, among other things, defined the creation of a specialized digital platform for the prompt exchange of information between law enforcement agencies, credit institutions and communications operators as a priority area of activity.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Israel announces construction of 22 new settlements in occupied West Bank

    Translation. Region: Russian Federal

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

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

    JERUSALEM, May 30 (Xinhua) — Israel on Thursday said it would establish 22 new settlements in the occupied West Bank, in what officials called a strategic expansion of Israel’s presence in the Palestinian territory.

    A map published by far-right Finance Minister Bezalel Smotrich shows that the plan includes the rebuilding of two settlements, Homesh and Sa-Nur, in the northern part of the territory. They were evacuated in 2005 as part of Israel’s disengagement from the Gaza Strip.

    Meanwhile, Israeli Defense Minister Israel Katz confirmed the Security Cabinet’s approval of the plan, calling it a “historic decision” to “strengthen our [Israeli] authority” in the West Bank.

    The announcement came after Israeli Prime Minister Benjamin Netanyahu vowed to take full control of Gaza, while pro-settlement ministers, including B. Smotrich and National Security Minister Itamar Ben-Gvir, advocated moving evacuated Jewish settlements to Gaza.

    Israel captured the West Bank in the 1967 Six-Day War and has been expanding settlements there ever since. More than 720,000 Israeli settlers now live in heavily guarded communities there. –0–

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: SFST meets Canadian officials

    Source: Hong Kong Information Services

    Secretary for Financial Services & the Treasury Christopher Hui met financial officials in Ottawa on Wednesday and business representatives in Vancouver yesterday, as he continued a five-day visit to Canada.

    Mr Hui met Canadian Deputy Minister of Finance Chris Forbes on Wednesday. They discussed the challenges posed by unilateralism and protectionism, and how Hong Kong and Canada might collaborate to achieve mutual benefits in areas such as the gold market and virtual assets.

    Mr Hui told Mr Forbes that as global economic gravity continues to shift eastwards, Hong Kong has been exploring new growth areas and expanding international co-operation. He said this includes efforts by a working group to promote gold market development.

    In a meeting with Canada’s Superintendent of Financial Institutions Peter Routledge, Mr Hui spoke of Hong Kong’s perseverance in upholding a robust regulatory regime across different financial institutions and financial products.

    Mr Routledge praised Hong Kong for its advanced development in the area of digital assets, stating that it sets an example for other regions.

    Mr Hui then met Senator Woo Yuen-pau at Parliament Hill and brief hum on Hong Kong’s effort in maintaining its status as an international financial centre through various measures.

    He mentioned the recent affirmations of Hong Kong’s credit ratings by Fitch, S&P and Moody’s, adding that these fully demonstrate Hong Kong’s resilience in maintaining stability amid increasing global economic and financial uncertainties.

    During his short stay in Ottawa, Mr Hui also paid a courtesy call to China’s Ambassador to Canada Wang Di.

    Mr Wang said Hong Kong has its own distinctive advantages which can enable it to be a bridgehead in driving closer ties between China and Canada in addition to fostering direct co-operation between Hong Kong and Canada.

    In Vancouver yesterday, Mr Hui met Fraser Institute Board Chair Mark Scott and some other prominent business figures to update them on Hong Kong’s financial development.

    Mr Hui welcomed the think-tank’s ranking of Hong Kong as the world’s freest economies in its Economic Freedom of the World 2024 Annual Report.

    Later, he spoke at a business lunch hosted by the Hong Kong-Canada Business Association (Vancouver Chapter), and participated in a fireside chat.

    Mr Hui then met representatives of the Canadian Imperial Bank of Commerce and briefed them on development in areas such as wealth management and digital assets in Hong Kong.

    The day concluded with a business networking reception and seminar organised by Invest Hong Kong (Canada).

    Addressing the audience, Mr Hui highlighted the Government’s dedication to integrate Web3 innovations into the real economy by introducing a licensing regime for fiat-referenced stablecoin issuers, and to foster the development of Web3 and digital assets.

    He also mentioned Hong Kong’s determination to expand the financial value chain to sustain the world-class status of its financial markets. Two forward-looking moves are to build an international gold trading market and create a commodity trading ecosystem in Hong Kong, he said.

    Mr Hui added that, with Canada enjoying a prominent position in the global gold market and the Toronto Stock Exchange being the world’s pre-eminent stock exchange for mining companies, co-operation between Hong Kong and Canada can establish an East-West financial corridor for the world.

    MIL OSI Asia Pacific News –

  • MIL-OSI: 32/2025・Trifork Group: Weekly report on share buyback

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 32 / 2025
    Schindellegi, Switzerland – 30 May 2025

    Trifork Group: Weekly report on share buyback

    On 28 February 2025, Trifork initiated a share buyback program in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buyback program runs from 4 March 2025 up to and including no later than 30 June 2025. For details, please see company announcement no. 7 of 28 February 2025.

    Under the share buyback program, Trifork will purchase shares for up to a total of DKK 14.92 million (approximately EUR 2 million). Prior to the launch of the share buyback, Trifork held 256,329 treasury shares, corresponding to 1.3% of the share capital. Under the program, the following transactions have been made:

            Number of shares        Average purchase price (DKK)        Transaction value (DKK)
    Total beginning 94,974 87.06 8,268,765
    26 May 2025 1,300 92.08 119,704
    27 May 2025 1,400 91.90 128,660
    28 May 2025 1,400 92.31 129,234
    29 May 2025     Market closed
    30 May 2025     Market closed
    Accumulated 99,074 87.27 8,646,363

    A detailed overview of the daily transactions can be found here: https://investor.trifork.com/trifork-shares/

    Since the share buyback program was started on 4 March 2025, the total number of repurchased shares is 99,074 at a total amount of DKK 8,646,363.
    On 25 March, 25 April and 23 May 2025, 4,370 shares acquired through the share buyback program were utilized for the Executive Management’s monthly fixed salary, representing a change from cash payment to payment partly in shares (refer to company announcement no. 1 of 21 January 2025). On 1 April 2025, 19,943 shares acquired through the share buyback program were utilized to serve the RSU plan of Executive Management and certain employees.

    With the transactions stated above, Trifork holds a total of 331,090 treasury shares, corresponding to 1.7%. The total number of registered shares in Trifork is 19,744,899. Adjusted for treasury shares, the number of outstanding shares is 19,413,809.

    Investor and media contact
    Frederik Svanholm, Group Investment Director, frsv@trifork.com, +41 79 357 73 17

    About Trifork
    Trifork (Nasdaq Copenhagen: TRIFOR) is a pioneering global technology company, empowering enterprise and public sector customers with innovative digital products and solutions. With 1,215 professionals across 71 business units in 16 countries, Trifork specialises in designing, building, and operating advanced software across sectors such as public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. The Group’s R&D arm, Trifork Labs, drives innovation by investing in and developing synergistic, high-potential technology companies. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI Africa: African Mining Week (AMW) to Spotlight Opportunities in South Africa’s Platinum Group Metals (PGM) Market

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

    CAPE TOWN, South Africa, May 30, 2025/APO Group/ —

    The upcoming African Mining Week (AMW) – Africa’s premier gathering for mining stakeholders, taking place from October 1-3, 2025, in Cape Town – will feature a dedicated panel exploring investment and growth opportunities within the country’s platinum group metals (PGM) market. Titled, South Africa’s Strategic Influence in the Global PGM Market, the panel session will spotlight national initiatives designed to strengthen the country’s PGM value chain – an industry that already accounts for approximately 80% of global supplies.

    As South Africa strengthens its position as the world’s leading producer of PGM, the session will foster greater collaboration among industry stakeholders. Speakers are expected to address challenges and opportunities across the value chain, identifying strategies for accelerating production and consolidating the country’s position as a major global supplier.

    African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    South Africa’s PGM market offers significant opportunities for mining companies and investors. In May 2025, mining firm Ivanhoe Mines reached a significant milestone by driving underground development into the high-grade platinum, palladium, rhodium, nickel, gold and copper orebody at the Platreef Mine in Mokopane. First production at the project is targeted for Q4, 2025, followed by Phase 2 within two years after first production. The project, containing over 95 million tons of PGMs, aims to produce 450,000 ounces annually in Phase 2.

    Meanwhile, Canada-based Platinum Group Metals Ltd. recently announced plans to raise $1.8 billion through a private placement to advance the Waterburg Project in South Africa. The project holds proven and probable reserves of 246.2 million tons of platinum, palladium, rhodium and hold at an average grade of 2.96 grams per ton. With aims to diversify its product portfolio and enhance revenue generation, mining Group Pelagic Resources launched the development of a new PGM concentrator at its Kookfontein Mine in February this year. Designed by exploration company Nuco Chrome in early 2024, the concentrator is currently in an advanced development stage and is expected to be commissioned in the first half of 2025.

    Other major PGM developments in South Africa include the 40-million-ounce Bengwenyama Project by Southern Palladium, which completed a pre-feasibility study in October last year, confirming a 14% increase in PGM reserves. Meanwhile, Vanadium Resources Ltd. recently signed an agreement with China Energy Engineering International Group for the provision of engineering, procurement and construction services for the Steelpoortdrift Vanadium Project. The open pit mine and treatment facility will be developed for the exploitation of 680 million tons of vanadium resources in the Bushveld Complex. Additionally, Northam Platinum Holdings is reviving the Eland Mine Complex in the North West Province, with aims to increase PGM production from 100,000 ounces annually in 2025 to 180,000 ounces by 2028.

    Amid this growth, AMW will serve as a key platform to unpack these developments and explore new strategies being implemented to attract investment and boost production. The event will bring together South African regulators, mining executives and global partners to shape the future of the country’s PGM sector.

    MIL OSI Africa –

  • MIL-OSI China: Integrated data market high on agenda

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

    China is studying and formulating policy documents to cultivate a national integrated data market in accordance with new characteristics related to the development of the data market as part of a broader push to fully unleash the value of its massive data resources, said the National Data Administration, the country’s top data governance regulator.

    More efforts should be made to bolster the development and utilization of public data, and encourage enterprises to innovate by leveraging data to reduce costs and improve operational efficiency, so as to nurture new quality productive forces and empower high-quality economic and social development, said the NDA.

    To promote the use of data as a factor of production in more fields and tap the potential of data, the administration is ramping up efforts to compile a guideline on the application scenarios of data elements.

    China has issued a three-year action plan to expand the application of data in 12 key fields, including manufacturing, modern agriculture, logistics and financial services.

    The country will take steps to promote the high-level application of data, ensure the quality of data supply, improve the environment of data circulation and strengthen data security, said the action plan.

    Luan Jie, deputy head of the policy and planning department at the NDA, said nearly 500 digital tech companies have been established by centrally administered State-owned enterprises, and about 66 percent of leading enterprises in various industries have purchased data, adding that the extensive participation of social entities has laid a solid foundation for unleashing the value of data.

    Luan said data has been increasingly applied into a diverse range of sectors, such as industry, agriculture and transportation, giving rise to new business forms and models and generating a multiplier effect in boosting the economy.

    Looking ahead, the administration will accelerate steps to roll out a guideline on the construction of data infrastructure and establish comprehensive experimental zones for data elements, while strengthening the top-level design of the data market and establishing rules, facilities and governance systems related to a unified national data market to create a fairer and more dynamic market environment.

    The nation’s total data output reached 41.06 zettabytes last year, up 25 percent year-on-year, while the added value of core industries of the digital economy accounted for about 10 percent of the GDP, said the NDA.

    “Data elements have been rapidly integrated into various areas like production, circulation, consumption and social services, and are playing an increasingly vital role in bolstering industrial upgrades,” said Ouyang Rihui, assistant dean of the China Center for Internet Economy Research at the Central University of Finance and Economics.

    The in-depth integration of data with traditional industries will improve production efficiency, optimize the allocation of resources and create novel business models, Ouyang said, while stressing the need to bolster the circulation and transaction of data, explore a data pricing mechanism and value assessment system, ensure data security and strengthen privacy protection.

    Data have the attributes of commodities, which could be effectively allocated through market evaluation and trading, so as to create huge economic and social value, he said.

    Jiang Xiaojuan, a professor at the University of Chinese Academy of Social Sciences, said the nation’s accelerated push to nurture a national integrated data market and create more abundant applications of data in various sectors is conducive to driving the transformation and upgrade of industries, facilitating the development of digital economy, and giving full play to the value of data to foster new growth drivers.

    The National Industrial Information Security Development Research Center said revenue derived from China’s data elements market is projected to rise to 198.9 billion yuan ($27.7 billion) in 2025, with the compound annual growth rate surpassing 25 percent during the 14th Five-Year Plan (2021-25) period.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Speech by SJ at Global Forum on International Mediation (English only)

    Source: Hong Kong Government special administrative region

         Following are the welcoming remarks by the Secretary for Justice, Mr Paul Lam, SC, at the Global Forum on International Mediation today (May 30):
     
    Your Excellencies, distinguished guests, ladies and gentlemen,
     
         It is with great pleasure that I welcome you all to the inaugural Global Forum on International Mediation.
     
         This morning, altogether 32 state parties including China signed the Convention on the Establishment of the International Organization for Mediation. This is undoubtedly a historic event since the International Organization for Mediation (IOMed) will be the first international intergovernmental organisation devoted to the use of mediation in resolving international disputes. We all hope that the Convention will enter into force as soon as practicable.
     
         While the Convention has already set out the framework and the essential terms concerning the operation of the IOMed, the state parties would need to consider and agree on further details to ensure the smooth operation of the Convention. To ensure and attract more state parties’ support and participation, it is also necessary to raise people’s awareness of mediation as a means of resolving international disputes and to enhance the capacity to use it in practice. In these circumstances, it is most pertinent to hold this Global Forum on International Mediation immediately after the signing ceremony of the Convention.
     
         The IOMed will provide mediation services for the settlement of the following three types of international disputes: disputes between states, disputes between a state and a national of another state and international commercial disputes between private entities. This afternoon, we are extremely honoured and privileged to have a distinguished panel of moderators and speakers, who will share their views in two panels: the first one will focus on mediation of disputes among states, whereas the second session will focus on mediation of international investment and commercial disputes. Our distinguished moderators and speakers consist of leaders or former leaders of state parties, as well as from international organisations and multilateral development banks; and also experts and other key stakeholders in international mediation.
     
         To set the scene, I would like to highlight the significance of mediation in resolving international disputes and the important role that Hong Kong will play in the operation of the IOMed.
     
         Put simply, mediation is a process whereby the parties in dispute attempt to reach a mutually acceptable and amicable settlement of their dispute on a voluntary basis with the assistance of a third party who may facilitate a solution between the parties to the dispute but without the power to impose it upon the parties. As compared to traditional means of resolving international disputes such as litigation or arbitration, mediation is clearly more forward-looking, constructive and conducive to repairing the relationship between the two sides.
     
         It is well-known that peaceful settlement of international disputes is one of the most fundamental principles of international law and international relations. The use of mediation as a means to settle international disputes peacefully is expressly mentioned in Article 33 of the Charter of the United Nations, and also the Declaration on Principles of International Law concerning Friendly Relations and Cooperation among States in accordance with the Charter of the United Nations passed by the United Nations General Assembly in 1970.
     
         The United Nations General Assembly has passed altogether four resolutions on “Strengthening the role of mediation in the peaceful settlement of disputes, conflict prevention and resolution” on June 22, 2011, September 13, 2012, July 31, 2014, and September 9, 2016, respectively. In the most recent one dated September 9, 2016, the UN General Assembly recognised mediation as an efficient and cost-effective tool in the peaceful settlement of disputes, conflict prevention and resolution, and welcomed its increased use. It acknowledged the importance of mediation in the peaceful settlement of disputes, conflict prevention and resolution and in seeking long-term political solutions for sustaining peace, and recognised that mediation needs to be further and more effectively used.
     
         On the other hand, the role of mediation in resolving international commercial and investment disputes between a state and a foreign national or between private entities from different countries is also well acknowledged and recognised. As early as 1980, the United Nations Commission on International Trade Law (UNCITRAL) developed and adopted the UNCITRAL Mediation Rules, which were subsequently revised in 2021. And more recently, in 2024, UNCITRAL published the Guidelines on Mediation for International Investment Disputes. The United Nations Convention on International Settlement Agreements Resulting from Mediation, which entered into force in September 2020, offered another example of international efforts in promoting mediation.
     
         While mediation may be conducted on an ad hoc basis, there are clear advantages to conducting mediation with institutional supports. Institutional supports may include, for example, guidance on procedural aspects; assistance in communicating with the other party; identification of a pool of mediators and assistance in their selection and appointment; assistance in the logistic aspects of mediation including the organisation of in-person and remote meetings; as well as providing for data protection and cybersecurity measures.
     
         In the circumstances, in order to promote and facilitate the use of mediation to resolve international disputes, it is most desirable to have an intergovernmental organisation devoted to the use of mediation to resolve international disputes. The establishment of the IOMed has filled a glaring omission in the past international dispute resolution system. The Organization will complement the other two intergovernmental organisations specialising in international dispute resolution, namely, the International Court of Justice and the Permanent Court of Arbitration.
     
         The headquarters of the IOMed will be crucial to the implementation of the Convention. It represents the physical presence of the institution, and provides the platform to provide various mediation services. I am extremely grateful that the state parties to the Convention have agreed to establish the headquarters of the IOMed here in Hong Kong, which is a strong vote of confidence in Hong Kong. I would respectfully submit that Hong Kong is indeed an ideal place to host the headquarters of the IOMed.
     
         Hong Kong is a special administrative region of China, which has taken the lead in the establishment of the IOMed. Under the principle of “one country, two systems”, Hong Kong enjoys numerous unique advantages, which put it in the best position to serve as the headquarters of the IOMed. As President Xi Jinping said on December 20, 2024, in Macao at the ceremony celebrating the 25th anniversary of China’s resumption of sovereignty over Macao, the principle of “one country, two systems” embodies the fundamental values of peace, openness, harmony and sharing. These are also the intrinsic values behind the Convention.
     
    Hong Kong is a well-known world-class international financial, trading and shipping centre. Its geographical location, well-developed transportation services and liberal immigration policy ensure that people from around the world may and can come here easily. Hong Kong is also one of the safest and most friendly cities in the world. We offer diversified services in different aspects to suit the needs of people speaking different languages coming from different cultures, religions and countries.
     
         But most importantly in the present context, under the principle of “one country, two systems”, Hong Kong is the only common law jurisdiction in China, and the only bilingual common law jurisdiction using both Chinese and English in the world. We have a strong pool of legal professionals coming from different jurisdictions who specialise and are experienced in international dispute resolutions. The legal system of, and the legal services provided by, Hong Kong are highly international, reputable and efficient. It is undoubtedly an international legal services and dispute resolution services centre.
     
         Hong Kong has been a keen supporter of mediation. The HKSAR Government has formulated a comprehensive set of policy initiatives, which aim at deepening the mediation culture in Hong Kong. For example, the Policy Statement on the Incorporation of Mediation Clauses in Government Contracts was issued in November 2024. As a matter of general policy, the Government will incorporate a mediation clause in all government contracts. By taking the lead, it is hoped that private entities would be encouraged to include mediation clauses in their contracts, thereby deepening our “mediate first” culture.
     
         Turning to capacity building regarding international mediation, since 2018, the Department of Justice has been co-organising with reputable international organisations, almost on a yearly basis, Investment Law and Investor-State Mediator Training in Hong Kong. The Hong Kong International Legal Talents Training Academy under the Department of Justice was set up in November 2024, which may collaborate with the IOMed in organising capacity building programmes on international mediation in future.
     
         Hong Kong is also continuously seeking to foster legal co-operation with other jurisdictions. It is our honour that, in a moment, the Department of Justice of the HKSAR Government will sign a Memorandum of Co-operation with Cambodia.
     
         On this very happy and positive note, I would like to conclude by wishing you all a very fruitful and constructive Forum this afternoon. Thank you very much.
     

    MIL OSI Asia Pacific News –

  • MIL-OSI: eQ Plc Managers’ Transactions – Fennogens Investments S.A.

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Managers’ Transactions
    30 May 2025 at 11:00 a.m.

    Person subject to the notification requirement
    Name: Fennogens Investments S.A.
    Position: Closely associated person
    (X) Legal person
    (1):Person Discharging Managerial Responsibilities In Issuer
    Name: Georg Ehrnrooth
    Position: Member of the Board

    Issuer: eQ Oyj
    LEI: 743700R4FA6AVH5J3D68
    Notification type: INITIAL NOTIFICATION
    Reference number: 110248/5/4
    ____________________________________________
    Transaction date: 2025-05-28
    Venue: NASDAQ HELSINKI LTD (XHEL)
    Instrument type: SHARE
    ISIN: FI0009009617
    Nature of transaction: DISPOSAL

    Transaction details
    (1): Volume: 693160 Unit price: 11.73 EUR

    Aggregated transactions (1):
    Volume: 693160 Volume weighted average price: 11.73 EUR

    eQ Plc

    Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733

    Distribution: Nasdaq Helsinki, www.eQ.fi

    eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.6 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    More information about the Group is available on our website at www.eQ.fi.

    The MIL Network –

  • MIL-OSI: UP Fintech Holding Limited Reports Unaudited First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 30, 2025 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (NASDAQ: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced its unaudited financial results for the first quarter ended March 31, 2025.

    Mr. Wu Tianhua, Chairman and CEO of UP Fintech stated: “The macro environment remained dynamic in the first quarter, our total revenues reached US$122.6 million, representing an increase of 55.3% year-over-year. Benefiting from our brand strength and continued investment in R&D, both our GAAP and non-GAAP net income saw impressive growth. Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, up 8.4% quarter over quarter and 146.7% year over year. Non-GAAP net income attributable to ordinary shareholders of UP Fintech reached US$36.0 million, an increase of 18.3% sequentially and 145.0% from the same period last year.

    In the first quarter, we added 60,900 new customers with deposits, already achieving 40% of our yearly guidance of 150,000 new customers with deposits for 2025, and bringing our total number of customers with deposits at the end of the first quarter to 1,152,900, a 23.5% increase compared to the same quarter last year. Asset inflow remained strong, we saw net asset inflow of US$3.4 billion in the first quarter, of which the majority comes from retail users, combining with a US$776 million mark to market gain, led total account balance rose by 9.9% quarter over quarter and 39.5% year over year to US$45.9 billion, setting another historic high. We also achieved notable growth in Hong Kong, the average net asset inflows of new funded clients in Hong Kong during the first quarter were above US$30,000.

    In the first quarter, we continued to roll out new features aimed at enhancing the user experience across our platform. In Hong Kong, we introduced additional functionality on top of its existing virtual asset trading service. Retail investors can now deposit and withdraw cryptocurrency, such as Bitcoin and Ethereum, while professional investors are also able to deposit and withdraw USDT. Additionally, Tiger Brokers Hong Kong recently launched Delivery Versus Payment (DVP) functionality, which strengthens our ability to serve institutional and high-net-worth clients. We also introduced equity repo services to further enhance our securities lending and treasury management capabilities. In addition, we remain committed to improving our Tiger AI offering based on user feedback. It now supports portfolio and watchlist analysis, allowing users to more effectively identify investment opportunities, receive risk alerts on their holdings, and access actionable strategy suggestions.

    In our Corporate business, we underwrote 4 Hong Kong IPOs in the first quarter, including “Chifeng Gold” and “Nanshan Aluminum”, and acted as distributor for “Mixue Group”, the largest Hong Kong IPO in the first quarter. In our ESOP business, we added 20 new clients in the first quarter, bringing the total number of ESOP clients served to 633 as of March 31, 2025.”

    Financial Highlights for First Quarter 2025

    • Total revenues were US$122.6 million, an increase of 55.3% year-over-year and a decrease of 1.2% quarter-over-quarter.
    • Total net revenues were US$107.6 million, an increase of 67.7% year-over-year and an increase of 0.2% quarter-over-quarter.
    • Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million compared to a net income of US$12.3 million in the same quarter of last year.
    • Non-GAAP net income attributable to ordinary shareholders of UP Fintech was US$36.0 million, compared to a non-GAAP net income of US$14.7 million in the same quarter of last year. A reconciliation of non-GAAP financial metrics to the most comparable GAAP metrics is set forth below.

    Operating Highlights for First Quarter 2025

    • Total account balance increased 39.5% year-over-year to US$45.9 billion.
    • Total margin financing and securities lending balance increased 89.4% year-over-year to US$5.2 billion.
    • Total number of customers with deposit increased 23.5% year-over-year to 1,152,900.

    Selected Operating Data for First Quarter 2025

        As of and for the three months ended
        March 31,     December 31,     March 31,
        2024     2024     2025
    In 000’s                
    Number of customer accounts     2,247.4       2,449.3       2,526.7
    Number of customers with deposits     933.4       1,092.0       1,152.9
    Number of options and futures contracts traded     10,850.3       18,926.3       20,400.7
    In USD millions                
    Trading volume     85,410.6       198,016.9       217,453.6
    Trading volume of stocks     28,606.3       55,502.6       59,453.4
    Total account balance     32,872.1       41,725.2       45,861.9
                           

    First Quarter 2025 Financial Results

    REVENUES

    Total revenues were US$122.6 million, an increase of 55.3% from US$78.9 million in the same quarter of last year.

    Commissions were US$58.3 million, an increase of 109.8% from US$27.8 million in the same quarter of last year, due to an increase in trading volume.

    Financing service fees were US$2.6 million, a decrease of 9.6% from US$2.8 million in the same quarter of last year, primarily due to a decrease of the account balance of our fully disclosed account customers.

    Interest income was US$53.8 million, an increase of 22.7% from US$43.8 million in the same quarter of last year, primarily due to the increase in margin financing and securities lending activities of our consolidated account customers.

    Other revenues were US$7.9 million, an increase of 76.8% from US$4.5 million in the same quarter of last year, primarily due to an increase in currency exchange income and wealth management income.

    Interest expense was US$15.0 million, an increase of 1.7% from US$14.8 million in the same quarter of last year, primarily due to the increase in funding for margin financing activities.

    OPERATING COSTS AND EXPENSES

    Total operating costs and expenses were US$67.1 million, an increase of 32.1% from US$50.8 million in the same quarter of last year.

    Execution and clearing expenses were US$5.3 million, an increase of 139.3% from US$2.2 million in the same quarter of last year due to an increase in our trading volume.

    Employee compensation and benefits expenses were US$33.8 million, an increase of 21.7% from US$27.8 million in the same quarter of last year, primarily due to an increase of global headcount to support our global expansion.

    Occupancy, depreciation and amortization expenses were US$2.1 million, a slight increase of 0.2% from US$2.1 million in the same quarter of last year.

    Communication and market data expenses were US$9.8 million, an increase of 14.4% from US$8.6 million in the same quarter of last year due to increased IT-related service fees.

    Marketing and branding expenses were US$10.9 million, an increase of 147.5% from US$4.4 million in the same quarter of last year, primarily due to higher marketing spending this quarter.

    General and administrative expenses were US$5.1 million, a decrease of 9.4% from US$5.7 million in the same quarter of last year due to a decrease in professional service fees.

    NET INCOME attributable to ordinary shareholders of UP Fintech

    Net income attributable to ordinary shareholders of UP Fintech was US$30.4 million, as compared to a net income of US$12.3 million in the same quarter of last year. Net income per ADS – diluted was US$0.166, as compared to a net income per ADS – diluted of US$0.077 in the same quarter of last year.

    Non-GAAP net income attributable to ordinary shareholders of UP Fintech, which excludes share-based compensation, was US$36.0 million, as compared to a US$14.7 million non-GAAP net income attributable to ordinary shareholders of UP Fintech in the same quarter of last year. Non-GAAP net income per ADS – diluted was US$0.198 as compared to a non-GAAP net income per ADS – diluted of US$0.092 in the same quarter of last year.

    For the first quarter of 2025, the Company’s weighted average number of ADSs used in calculating non-GAAP net income per ADS – diluted was 184,472,928. As of March 31, 2025, the Company had a total of 2,649,914,037 Class A and B ordinary shares outstanding, or the equivalent of 176,660,936 ADSs.

    CERTAIN OTHER FINANCIAL ITEMS

    As of March 31, 2025, the Company’s cash and cash equivalents, term deposits and long-term deposits were US$406.4 million, compared to US$396 million as of December 31, 2024.

    As of March 31, 2025, the allowance for doubtful accounts on receivables from customers was US$14.8 million compared to US$15.3 million as of December 31, 2024.

    In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”). ASU 2023-08 requires certain crypto assets to be measured at fair value separately on the balance sheet with changes reported in the statement of operations each reporting period.

    The Company adopted this guidance from January 1, 2025, and the Company recorded such crypto asset balance in Crypto assets held as of March 31, 2025, with a cumulative-effect adjustment of US$2.3 million to the opening balance of Retained earnings.

    Updates to Management and Directors

    Mr. Ming Liao departed from the position of Independent Director at the Company due to personal reasons, effective May 28, 2025. Mr. Liao’s departure was not the result from any disagreement with the Company.

    Conference Call Information:

    UP Fintech’s management will hold an earnings conference call at 8:00 AM on May 30, 2025, U.S. Eastern Time (8:00 PM on May 30, 2025, Singapore/Hong Kong Time).

    All participants wishing to attend the call must preregister online before receiving the dial-in number. Preregistration may take a few minutes to complete.

    Preregistration Information:

    Please note that all participants will need to pre-register for the conference call, using the link:
    https://register-conf.media-server.com/register/BId8a2d4cd09e14653b3533b8d3745dfa0

    It will automatically lead to the registration page of “UP Fintech Holding Limited First Quarter 2025 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided a confirmation email with a participant dial-in number and personal PIN to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of the conference call will be available at https://ir.itigerup.com

    Use of Non-GAAP Financial Measures

    In evaluating our business, we consider and use non-GAAP net income attributable to ordinary shareholders of UP Fintech and non-GAAP net income per ADS – diluted as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). We define non-GAAP net income attributable to ordinary shareholders of UP Fintech as net income attributable to ordinary shareholders of UP Fintech excluding share-based compensation. Non-GAAP net income per ADS – diluted is non-GAAP net income attributable to ordinary shareholders of UP Fintech divided by the weighted average number of diluted ADSs.

    We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net income attributable to ordinary shareholders of UP Fintech enables our management to assess our operating results without considering the impact of share-based compensation. We also believe that the use of these non-GAAP financial measures facilitates investors’ assessment of our operating performance.

    These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expenses that affect our operations. Share-based compensation has been and may continue to be incurred in our business and are not reflected in the presentation of non-GAAP net income attributable to ordinary shareholders of UP Fintech. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.

    These non-GAAP financial measures should not be considered in isolation or construed as alternatives to total operating costs and expenses, net income attributable to ordinary shareholders of UP Fintech or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review these historical non-GAAP financial measures in light of the most directly comparable GAAP measures. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward−looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; the cooperation relationships with our business partners and shareholders such as Interactive Brokers LLC and Xiaomi Corporation and its affiliates; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 23, 2025. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact

    UP Fintech Holding Limited

    Email: ir@itiger.com

    UP FINTECH HOLDING LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in U.S. dollars (“US$”))
     
        As of
    December 31,    		     As of
    March 31,    		  
        2024     2025  
        US$     US$  
    Assets:            
    Cash and cash equivalents     393,576,874       403,891,218  
    Cash-segregated for regulatory purpose     2,464,683,625       2,849,477,420  
    Term deposits     1,075,260       1,101,083  
    Receivables from customers (net of allowance of US$15,284,002 and US$14,790,668 as of December 31, 2024 and March 31, 2025)     1,052,972,649       1,221,616,295  
    Receivables from brokers, dealers, and clearing organizations     2,305,740,507       2,556,498,087  
    Financial instruments held, at fair value     75,547,082       177,479,943  
    Prepaid expenses and other current assets     17,629,819       19,529,054  
    Amounts due from related parties     16,720,671       13,821,867  
    Total current assets     6,327,946,487       7,243,414,967  
    Non-current assets:            
    Long-term deposits     1,369,994       1,378,037  
    Right-of-use assets     10,880,673       12,736,333  
    Property, equipment and intangible assets, net     15,358,528       15,750,823  
    Crypto assets held     —       3,410,986  
    Goodwill     2,492,668       2,492,668  
    Long-term investments     7,658,809       7,473,531  
    Equity method investment     10,203,622       10,305,433  
    Other non-current assets     6,828,553       8,623,671  
    Deferred tax assets     8,573,135       9,931,234  
    Total non-current assets     63,365,982       72,102,716  
    Total assets     6,391,312,469       7,315,517,683  
    Current liabilities:            
    Payables to customers     3,574,651,125       4,333,279,026  
    Payables to brokers, dealers and clearing organizations:     1,914,769,701       1,975,967,952  
    Accrued expenses and other current liabilities     67,263,254       75,891,783  
    Lease liabilities-current     4,153,928       4,845,376  
    Amounts due to related parties     874,331       53,588,763  
    Total current liabilities     5,561,712,339       6,443,572,900  
    Convertible bonds     159,505,397       160,158,584  
    Lease liabilities- non-current     5,902,323       6,992,755  
    Deferred tax liabilities     2,068,661       2,161,995  
    Total liabilities     5,729,188,720       6,612,886,234  
    Mezzanine equity            
    Redeemable non-controlling interest     7,177,668       5,518,571  
    Total Mezzanine equity     7,177,668       5,518,571  
    Shareholders’ equity:            
    Class A ordinary shares     25,427       25,523  
    Class B ordinary shares     976       976  
    Additional paid-in capital     619,030,730       624,497,561  
    Statutory reserve     12,425,463       12,425,463  
    Retained earnings     37,843,547       70,712,884  
    Treasury stock     (2,172,819 )     (2,172,819 )
    Accumulated other comprehensive loss     (11,919,310 )     (8,090,989 )
    Total UP Fintech shareholders’ equity     655,234,014       697,398,599  
    Non-controlling interests     (287,933 )     (285,721 )
    Total equity     654,946,081       697,112,878  
    Total liabilities, mezzanine equity and equity     6,391,312,469       7,315,517,683  
    UP FINTECH HOLDING LIMITED  
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  
    (All amounts in U.S. dollars (“US$”), except for number of shares (or ADSs) and per share (or ADS) data)  
       
        For the three months ended  
        March 31,     December 31,     March 31,  
        2024     2024     2025  
        US$     US$     US$  
    Revenues:                  
    Commissions     27,786,218       55,964,174       58,307,151  
    Interest related income                  
    Financing service fees     2,832,065       2,770,419       2,560,432  
    Interest income     43,841,220       55,762,091       53,805,393  
    Other revenues     4,488,989       9,605,165       7,936,987  
    Total revenues     78,948,492       124,101,849       122,609,963  
    Interest expense     (14,789,835 )     (16,731,341 )     (15,041,810 )
    Total Net revenues     64,158,657       107,370,508       107,568,153  
    Operating costs and expenses:                  
    Execution and clearing     (2,230,863 )     (6,095,132 )     (5,338,917 )
    Employee compensation and benefits     (27,787,218 )     (37,163,110 )     (33,805,808 )
    Occupancy, depreciation and amortization     (2,144,337 )     (2,137,586 )     (2,149,308 )
    Communication and market data     (8,561,482 )     (11,787,814 )     (9,794,869 )
    Marketing and branding     (4,390,987 )     (9,507,918 )     (10,867,048 )
    General and administrative     (5,667,137 )     (6,432,737 )     (5,136,346 )
    Total operating costs and expenses     (50,782,024 )     (73,124,297 )     (67,092,296 )
    Other income (expense):                  
    Others, net     3,615,219       3,469,021       (1,340,064 )
    Income before income tax     16,991,852       37,715,232       39,135,793  
    Income tax expenses     (4,528,297 )     (9,488,084 )     (8,549,158 )
    Net income     12,463,555       28,227,148       30,586,635  
    Less: net (loss) income attributable to non-controlling interests     (17,914 )     12,563       11,527  
    Accretion of redeemable non-controlling interests to redemption value     (151,322 )     (164,328 )     (155,983 )
    Net income attributable to ordinary shareholders of UP Fintech     12,330,147       28,050,257       30,419,125  
    Other comprehensive income (loss), net of tax:                  
    Unrealized gain on available-for-sale investments     —       343,892       —  
    Changes in cumulative foreign currency translation adjustment     (4,791,040 )     (17,440,809 )     3,826,640  
    Total Comprehensive income     7,672,515       11,130,231       34,413,275  
    Less: comprehensive (loss) income attributable to non-controlling interests     (13,454 )     24,226       9,845  
    Accretion of redeemable non-controlling interests to redemption value     (151,322 )     (164,328 )     (155,983 )
    Total Comprehensive income attributable to ordinary shareholders of UP Fintech     7,534,647       10,941,677       34,247,447  
    Net income per ordinary share:                  
    Basic     0.005       0.011       0.012  
    Diluted     0.005       0.011       0.011  
    Net income per ADS (1 ADS represents 15 Class A ordinary shares):                  
    Basic     0.079       0.164       0.173  
    Diluted     0.077       0.158       0.166  
    Weighted average number of ordinary shares used in calculating net income per ordinary share:                  
    Basic     2,342,468,897       2,557,911,677       2,634,972,699  
    Diluted     2,452,022,959       2,687,607,158       2,767,093,920  
    Reconciliations of Unaudited Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
    (All amounts in U.S. dollars (“US$”), except for number of ADSs and per ADS data)
     
        For the three months ended March 31,2024     For the three months ended December 31,2024     For the three months ended March 31,2025  
              non-GAAP                 non-GAAP                 non-GAAP        
        GAAP     Adjustment     non-GAAP     GAAP     Adjustment     non-GAAP     GAAP     Adjustment     non-GAAP  
        US$     US$     US$     US$     US$     US$     US$     US$     US$  
        Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited     Unaudited  
                2,380,637   (1 )               2,421,342   (1 )               5,621,791   (1 )    

    Net income attributable to ordinary shareholders of UP Fintech

    		     12,330,147       2,380,637       14,710,784       28,050,257       2,421,342       30,471,599       30,419,125       5,621,791       36,040,916  
                                                           
    Net income per ADS – diluted     0.077             0.092       0.158             0.172       0.166             0.198  
    Weighted average number of ADSs used in calculating diluted net income per ADS     163,468,197             163,468,197       179,173,811             179,173,811       184,472,928             184,472,928  

    (1) Share-based compensation.

    The MIL Network –

  • MIL-OSI: eQ Plc Notice pursuant to the Finnish Securities Market Act, Chapter 9, Section 10 – Rettig Oy Ab

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Stock Exchange Release
    30 May 2025, at 11.00 a.m.

    eQ Plc has on 29 May 2025, received a notification under Chapter 9, Section 5 of the Finnish Securities Market Act, according to which Rettig Oy Ab’s holding in eQ Plc’s shares and votes has fallen below 15.00 percent. The change in ownership is due to Rettig Oy Ab’s sale of shares on 28 May 2025 to eQ Plc’s CEO elect, Jouko Pölönen, as announced on 5 May 2025.

    On 28 May 2025, Rettig Oy Ab’s holding fell to 14.55 percent of eQ Plc’s shares and votes.

    Total positions of person(s) subject to the notification obligation:

      % of shares and voting rights (A) % of shares and voting rights through financial instruments (B) Total of both in % (A+B) Total number of shares and voting rights of issuer
    Resulting situation on the date on which threshold was crossed or reached 14.55%   14.55% 41 407 198
    Position of previous notification 15.53%   15.53%  

    Notified details of the resulting situation on the date on which the threshold was crossed or reached:

    A: shares and voting rights

    Class/type of shares ISIN code Number of shares and voting rights % of shares and voting rights
    Direct
    (SMA 9:5)    		 Indirect
    (SMA 9:6 and 9:7)    		 Direct
    (SMA 9:5)    		 Indirect
    (SMA 9:6 and 9:7)
    FI0009009617 6 024 866 (Rettig Oy Ab) 6 024 866 (Rettig Capital Oy Ab) 14.55% (Rettig Oy Ab) 14.55% (Rettig Capital Oy Ab)
    SUBTOTAL A 6 024 866 14.55 %

    Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:

    Name % of shares and voting rights % of shares and voting rights through financial instruments Total of both
    Rettig Capital Oy Ab 0   0
    Rettig Oy Ab 14.55%   6 024 866

    eQ Plc

    Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733

    Distribution: Nasdaq Helsinki, www.eQ.fi, media

    eQ is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the group total approximately EUR 13.6 billion. Advium Corporate Finance, which is part of the group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. The share of the group’s parent company eQ Plc is listed on Nasdaq Helsinki.

    More information about the group is available on our website at www.eQ.fi.

    The MIL Network –

  • India to be fastest-growing economy for next 30 years: Piyush Goyal

    Source: Government of India

    Source: Government of India (4)

    India is poised to remain the fastest-growing large economy for the next three decades, with a sustained annual growth rate of 6–7%, Union Commerce and Industry Minister Piyush Goyal said on Thursday.

    Speaking at the Confederation of Indian Industry (CII) Annual Business Summit 2025, Goyal said the government is aiming to push growth to 8% at constant prices.

    “Even amidst international upheavals, we are among the better-performing emerging markets,” he said. “Today, India holds the world’s fourth-largest foreign exchange reserves in the world at about $690 billion. Our inflation has remained below 4% for the last three months. The Reserve Bank has done a commendable job balancing liquidity and currency management.”

    Goyal emphasized that India remains an attractive investment destination. Over the past two decades, Indian companies have delivered nearly 20% CAGR returns, he noted, adding that Foreign Direct Investment (FDI) inflows continue to break records. “We are back on track on the growth trajectory, working through international trading relations,” he said.

    On trade agreements, Goyal pointed to major progress on Free Trade Agreements (FTAs) with the UAE, Australia, the UK, and the four EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland). “We are well on track with our bilateral trade agreement with the USA and making fast progress with the European Union’s 27-nation bloc. We have also launched negotiations with New Zealand,” he said.

    Goyal said the EFTA countries have committed $100 billion in FDI over the next 15 years, potentially catalyzing a total investment of $500 billion. “This ecosystem could attract an additional $500 billion,” he added. The investment clause in the EFTA deal is the first of its kind globally, and the figures exclude contributions from Norway’s sovereign wealth fund.

    Despite global volatility, Goyal said India continues to be a pillar of global growth. The International Monetary Fund (IMF) has projected that India will become the world’s third-largest economy by GDP by 2027.

    Highlighting government’s sustained push for ease of doing business, the Goyal said that over 40,000 compliances have been reduced, several laws have been decriminalised, and nearly 2,000 obsolete laws have been removed from the statute book. He noted that the Jan Vishwas Bill reflects the trust between the government and people.

    “The Act promotes self-certification, encourages businesses to offer suggestions to improve ease of doing business, and simplifies people’s lives. It reflects a government that trusts its stakeholders,” he said.

    On the sustainability front, he pointed out that renewable energy coupled with storage is now available at ₹3.30 per kilowatt hour—among the lowest globally. “Solar and wind plus storage make a compelling case for data centres to come to India. We have a large interconnected grid with low-cost clean energy to power these centres. This is not just about sustainability – it is an economic case,” he said.

    Reaffirming Prime Minister Narendra Modi’s vision for inclusive development, Goyal said the government is working to ensure that every citizen has access to quality healthcare, education, and basic needs. “Free healthcare, quality education and basic needs are being addressed. We are now seeing employment growth, and skill development centres are playing a key role. No child should be deprived, and no man should be left behind,” he said.

  • MIL-OSI: ZETADISPLAY AB (publ) INTERIM REPORT 1 JANUARY – 31 MARCH 2025

    Source: GlobeNewswire (MIL-OSI)

    Q1 Interim report JANUARY – MARCH 2025 for ZetaDisplay AB (publ) is now available at ir.zetadisplay.com

    Report summary:

    Continued Growth and Strategic Wins Position ZetaDisplay for the Future

    JANUARY – MARCH 2025

    • Adjusted recurring revenue* increased by 9.9% to 65.4 (59.5) million
    • Recurring revenue increased by 7.4% to 65.4 (60.9) million
    • Adjusted net sales* increased by 26.8% to SEK 159.6 (125.9) million
    • Net sales increased by 25.5% to SEK 159.6 (127.2) million
    • Gross margin decreased to 56.4% (59.9 %)
    • Adjusted gross margin* decreased to 56.4% (59.5%)
    • Adjusted EBITDA* increased to SEK 22.0 (11.5) million
    1.  * Recurring revenue for the first quarter of 2024 has been reduced by SEK 1.3 million to reflect the restructuring of our German operations, during which certain non-core activities were identified for discontinuation.

    CEO comment

    CONTINUED GROWTH AND STRENGTHENED MARKET POSITION

    Adjusted net sales for the quarter increased by 26.8% to SEK 159.6 (125.9) million, primarily driven by strategic acquisitions that significantly strengthened our market presence in Europe, and further supported by 7% organic growth, notably from our global accounts. Adjusted recurring revenue grew by 9.9% to SEK 65.4 (59.5) million, representing 41.0% of net sales. Adjusted EBITDA for the first quarter rose to SEK 22.0 (11.5) million, reflecting our ability to scale efficiently while maintaining sound cost control.

    We are honored to have been named “Outstanding Company of the Year” at the 2025 Digital Signage Awards, with Engage Suite receiving recognition for its industry innovation and impact. These honors underscore our commitment to delivering cutting-edge solutions that drive customer engagement and innovation excellence. 

    During the quarter, we successfully completed our bond refinancing on favorable terms, reflecting the strong confidence our financial partners have in our strategic direction and financial health. We announced a significant new contract with Ruter, Oslo’s public transport authority. This five-year agreement involves modernizing digital signage across 370 transit locations, enhancing real-time passenger information and overall commuter experience, and increases our market position in the public sector.

    In Germany, we are making good progress in transforming our local company to embrace Zetadisplay’s Full-Service-Provider business model and are now offering our comprehensive digital signage solutions both to existing and new customers. In the UK, we have appointed a new Managing Director and are focusing on leveraging our Engage Suite platform, both by migrating key UK customers and by strengthening our value proposition to more proactively attract new customers.

    OUTLOOK

    We are encouraged by the continued evolution we see in areas such as hardware, analytics, AI, retail media and security, as well as by the positive market receptiveness to our offering. Our Full-Service-Provider business model, including our award-winning Engage Suite platform and a strong local market presence, positions us well to support our organic growth ambitions.

    The successful integration of Beyond Digital Solutions in the UK and our transformation into a Full-Service Provider across all markets, including Germany, enhance our capability to deliver comprehensive, international value-driven services.

    Looking ahead, we remain focused on driving long-term value through innovation, operational excellence, and deeper customer engagement to accelerate profitable growth. At the same time, we remain diligent in our cost and investment priorities with measures to navigate any unexpected effects from ongoing external market influences.

    I extend my sincere gratitude to all our employees for their dedication and to our customers for their continued trust in ZetaDisplay.

    Malmö, 30 May 2025

    This information is information that ZetaDisplay AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Anders Olin, at 08:00 CET on 30 May 2025

    – Full Q1 report attached and available at https://ir.zetadisplay.com/financial-reports –

    For further questions, please contact:

    Anders Olin, President & CEO
    Mobile: +46 076-101 14 88
    E-Mail: anders.olin@zetadisplay.com

    Claes Pedersen, CFO
    Mobile: +45 23-68 86 58
    E-Mail: claes.pedersen@zetadisplay.com

    ABOUT ZETADISPLAY
    More than 20 years of leadership and innovation in digital signage.
    ZetaDisplay was founded 2003 in Sweden as one of the early pioneers of digital signage. We are one of the leading European corporations in the digital signage market and a leading force in the European digital signage industry. Our proprietary software platform, digital business development and consulting services, innovative digital signage solutions, and creative concepts regularly inspire- influence and guide millions of people every day in retail environments, in restaurants, on advertising screens, in factories, on trains, on cruise ships, in stadiums, in workplaces and in all types of public spaces indoor and outdoor. ZetaDisplay is one of the largest leading European digital signage companies with direct operations in eight European countries and the US with +125,000 active installations in over 50 countries, across all major continents where we are the business partner of choice for many of the worlds most respected blue-chip brands and companies.

    ZetaDisplay is based in Malmö-Sweden, has a turnover of SEK +600 million and employs approx. 250 co-workers. ZetaDisplay is owned by the investment company Hanover Investors. More information at www.ir.zetadisplay.com and www.hanoverinvestors.com.

    Attachment

    The MIL Network –

  • Indian stock market opens flat amid stable institutional investments

    Source: Government of India

    Source: Government of India (4)

    Indian benchmark indices opened on a flat note on Friday, tracking weak cues from Asian markets and early pressure in IT and auto stocks. Analysts suggest the market is likely to remain in a consolidation phase in the near term due to the absence of strong positive triggers.

    At 9:29 a.m., the Sensex was marginally up by 11.77 points at 81,644.79, while the Nifty gained 13.20 points to trade at 24,846.80.

    The Nifty Bank index rose by 81.20 points (0.15%) to 55,627.25, and the Nifty Midcap 100 climbed 0.44% to 57,707.65. The Nifty Smallcap 100 also edged higher by 0.21% to 17,927.15.

    Despite subdued trade in early hours, analysts noted a positive technical signal from Thursday’s session, where the Nifty staged a smart rebound towards the end. Akshay Chinchalkar, Head of Research at Axis Securities, said, “Yesterday’s recovery showed a bullish lower shadow and small real body close to the day’s high, suggesting potential upward momentum.” He identified 24,677 and 25,000 as immediate support and resistance levels, respectively.

    In the Sensex pack, top losers included Infosys, Tech Mahindra, HCL Tech, Bajaj Finance, IndusInd Bank, Bharti Airtel, Titan, and Hindustan Unilever. On the gaining side were Adani Ports, Eicher Motors, Maruti Suzuki, and Sun Pharma.

    Weakness persisted across Asian markets, with indices in Hong Kong, Bangkok, Seoul, China, and Japan trading in the red.

    Meanwhile, US markets closed higher in the previous session. The Dow Jones added 117.03 points to settle at 42,215.73, the S&P 500 rose by 23.62 points to 5,912.17, and the Nasdaq gained 74.93 points to close at 19,175.87.

    Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted a key reason for the market’s range-bound nature. “India’s macroeconomic fundamentals are strong and improving, but this is not yet being reflected in corporate earnings,” he said.

    On the institutional front, FIIs were net buyers, purchasing equities worth ₹884.03 crore on May 29. DIIs were also strong buyers, investing ₹4,286.50 crore.

    -IANS

  • MIL-OSI: High Arctic Overseas Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the quarter ended March 31, 2025, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

    The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

    Mike Maguire, Chief Executive Officer commented on the Corporation’s first quarter 2025 financial and operating results:

    “Having established High Arctic Overseas Holdings Corp. with dedicated Management and a resilient core business, this Corporation is well placed to participate meaningfully in anticipated future major project developments.

    Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

    I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

    2025 FIRST QUARTER HIGHLIGHTS

    • Drilling rig 103 remains suspended and drilling rigs 115 and 116 remain cold-stacked;
    • Manpower and rental services maintained similar activity levels to Q4 2024;
    • Revenue and operating margins significantly reduced compared to Q1 2024, largely as a result of rig 103 operating in Q1 2024 versus being suspended in Q1 2025; and
    • Disciplined cashflow management resulted in exiting Q1 2025 with working capital of over $20 million.

    Business strategy

    Our business strategy focused on Papua New Guinea is underpinned by the following cornerstones:

    • Leveraging our core PNG planning and logistics capability to diversify ‎our service offerings;
    • Deploying idle assets into profitable operations;
    • Strengthening local content & participation in the PNG finance and investment communities;
    • An established and efficient corporate structure; and
    • Seeking opportunities to expand and root the business in the Australasian region.

    2025 Strategic Objectives

    • Relentless focus on safety excellence and quality service delivery;
    • Reduce general and administrative expenditures;
    • Grow the manpower business in Papua New Guinea;
    • Maximize potential participation in future major Papua New Guinea projects; and
    • Pursue expansionary transactions that increase shareholder value.

    Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

    For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three months ended March 31, 2025, including all comparative periods.

    In the above results discussion, the three months ended March 31, 2025 may be referred to as the “quarter” or “Q1 2025” and the comparative three months ended March 31, 2024 may be referred to as “Q1 2024”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates.

    FIRST QUARTER 2025 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

        Three months ended March 31,
    (thousands of USD except per share amounts)       2025     2024  
    Operating results:        
    Revenue       2,510     11,134  
    Net income (loss)       (1,225)     2,501  
    Per share (basic and diluted) (1)(2)     ($0.10)   $0.20  
    Operating margin (3)       714     4,315  
    Operating margin as a % of revenue (3)       28.4%     38.8%  
    EBITDA (3)       (286)     3,588  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.29  
    Adjusted EBITDA (3)       (202)     3,530  
    Adjusted EBITDA as a % of revenue (3)       (8.0%)     31.7%  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.28  
    Operating income (loss) (3)       (998)     2,720  
    Per share (basic and diluted) (1)(2)     ($0.08)   $0.22  
    Cash flow:        
    Cash flow from operating activities       (825)     5,348  
    Per share (basic and diluted) (1)(2)     ($0.07)   $0.43  
    Funds flow from operations (3)       (256)     3,314  
    Per share (basic and diluted) (1)(2)     ($0.02)   $0.27  
    Capital expenditures       74     550  
         
    (thousands of USD except per share amounts and common
    shares outstanding)    		     March 31, 2025 December 31, 2024
    Financial position:        
    Working capital (3)       20,212     20,602  
    Cash and cash equivalents       13,902     14,930  
    Total assets       34,133     35,287  
    Shareholder’s equity       29,766     30,953  
    Per share (4)     $2.39   $2.49  
    Common shares outstanding       12,448,166     12,448,166  
    (1)  For periods when the Corporation incurred a net loss the shares outstanding under the Corporation’s equity incentive plans for the periods presented are excluded from the calculation of diluted weighted average number of common shares as the outstanding options were anti-dilutive.
    (2)  For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. See “2024 Corporate Reorganization” section of this Press Release and the Corporation’s Financial Statements for additional details.
    (3)  Readers are cautioned that Operating margin, Operating margin as a % of revenue, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Adjusted EBITDA as a % of revenue, Operating income (loss), Funds flow from operations and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for additional details on the calculations of these measures.
    (4)  Shareholders’ equity per share calculated based on the number of common shares outstanding as at the relevant date.
     

    Operating Results

        Three months ended March 31,
    (thousands of USD, unless otherwise noted)     2025   2024  
    Revenue     2,510   11,134  
    Operating expenses     (1,796)   (6,819)  
    Operating margin (1)     714   4,315  
    Operating margin percentage (1)     28.4%   38.8%  
    (1)   See “Non-IFRS Measures”
     

    Customer-owned rig 103 has been suspended since the second half of 2024 compared to being operational in the first 5.5 months in 2024. As such, the majority of Q1 2025 revenue is from the provision of equipment rental and skilled personnel to key customers within PNG’s oil and gas industry. While minor, the Corporation is seeing increased equipment rental revenues from other industries within PNG. As noted above, revenues for Q1 2024, were inclusive of rig 103 drilling activities plus revenue from the provision of equipment rental and skilled personnel into PNG’s oil and gas industry.

    The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

    Liquidity and Capital Resources

        Three months ended March 31,
    (thousands of USD)     2025   2024  
    Cash provided by (used in) operations:        
    Operating activities     (825)   5,348  
    Investing activities     (74)   (550)  
    Financing activities     (117)   (124)  
    Effect of foreign exchange rate changes     (12)   –  
    Increase (decrease) in cash     (1,028)   4,674  
    (thousands of USD, unless otherwise noted)     As at
    March 31, 2025    		   As at
    Dec 31, 2024    		  
    Current assets     24,230   24,706  
    Working capital(1)     20,212   20,602  
    Working capital ratio(1)     6.0:1   6.0:1  
    Cash and cash equivalents     13,902   14,930  
     (1)  See “Non-IFRS Measures”
     

    Liquidity and Capital Resources
    Cashflows from Operating Activities

    For the three months ended March 31, 2025, cash used in operating activities was $825 (Q1 2024 – cash generated was $5,348). The change in operating cash flow was driven by reduced revenue generating activities and changes in non-cash working capital. Changes in non-cash working capital are listed in Note 13 of the Financial Statements and represent temporary differences as inventory is purchased in support of anticipated sales, deferred revenue is earned and related party balances post the Arrangement.

    Cashflows from Investing Activities

    For the three months ended March 31, 2025, cash used in investing activities was $74 (Q1 2024 – $550). Cash outflows associated with investing activities were directed towards capital expenditures for additional rental assets. The Corporation continues to seek opportunities to invest in additional capital assets, in particular where it can do so with support of customer take-or-pay agreements.

    Cash flows from Financing Activities

    For the three months ended March 31, 2025, cash used in financing activities was $117 (Q1 2024 – $124). Cash outflows associated with finance activities were directed towards lease obligation payments.

    Outlook

    Consistent with the outlook provided by the Corporation in Q4 2024 the outlook for the Corporation’s core business in PNG for the remainder of 2025 remains subdued. Current quarter operating results were largely driven by manpower and rental services delivered to its key customers in PNG’s oil and gas industry. With no near-term drilling activity currently contracted, the Corporation expects equipment rental and manpower to continue as the primary revenue generating activity for 2025. The second half of 2025 is expected to see a decline in these activities as certain projects supported by the Corporation are expected to conclude, and customers have deferred non-essential work as they realize low and volatile near-term commodity prices.

    The Corporation is buoyed by an increase in recent enquiries for services and requests for pricing which may lead to a future upswing in revenue generating activity. The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings. The Corporation also continues to pursue business expansion opportunities in PNG, participating in requests for tender and actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

    Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

    Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG, a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

    The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

    There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defense projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

    NON-IFRS MEASURES

    This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

    These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

    For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q1 2025 MD&A, which is available online at www.sedarplus.ca.

    About High Arctic ‎Overseas Holdings Corp.

    High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

    For further information, please contact:

    Mike Maguire
    Chief Executive Officer
    1.587.320.1301

    High Arctic Overseas Holdings Corp.
    Suite 2350, 330–5th Avenue SW
    Calgary, Alberta, Canada T2P 0L4
    www.higharctic.com
    Email: info@higharctic.com

    Forward-Looking Statements
    This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the ability of the Corporation to expand its geographic customer base outside of PNG, and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

    With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks.

    The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth in this Press Release and in the Corporation’s annual 2024 MD&A, which is available on SEDAR+.

    The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

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

    The MIL Network –

  • MIL-OSI New Zealand: McClay to champion NZ’s trade interests at OECD and in Brussels

    Source: New Zealand Government

    Trade and Investment Minister Todd McClay will travel to Europe this weekend to advance New Zealand’s trade and investment interests 

    Minister McClay will visit Switzerland, Paris and Brussels for high level ministerial and business meetings.  

    In Switzerland he will attend the first in person meeting of a new pro-trade group with ministers from UAE, Singapore and Switzerland where he will focus on removing trade barriers and the promotion of paperless trade. 

    In Paris he will attend the annual OECD Trade Ministers, a CPTPP ministers discussion, ACCTs Ministers meeting, and a WTO Mini Ministerial meeting. He will also hold discussions with ministers from Canada, China, India, Indonesia, Saudi Arabia, USA.

    He will also undertake a bilateral French programme and meet the French Minister responsible for Trade.

    In Brussels Mr McClay will hold talks with EU Commissioner for Trade, the Commissioner for Agriculture and Food, and EU Vice President responsible for sustainability.  He will also speak at an event to mark the first year of the NZ EU FTA. 

    “One in four Kiwi jobs depend on Trade, and strong trade relationships mean more opportunities for New Zealander.

    The Government’s is committed to the ambitious goal of doubling exports by value in the next ten years to deliver higher paying jobs for all New Zealanders,” Mr McClay says.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: SFST meets government financial officials and financial leaders in Ottawa and Vancouver (with photos)

    Source: Hong Kong Government special administrative region

    The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met with Canadian financial officials in Ottawa, Canada on May 28 (Ottawa time) and continued his visit to Vancouver on May 29 (Vancouver time).

    Mr Hui went to Ottawa on May 28 (Ottawa time) to meet with the Canadian Deputy Minister of Finance, Mr Chris Forbes. They discussed the challenges posed by unilateralism and protectionism, and how Hong Kong and Canada could collaborate to achieve mutual benefits in areas such as the gold market and virtual assets. Mr Hui told Mr Forbes that as the global economic gravity continues to shift eastwards, Hong Kong has been exploring new growth areas and expanding international co-operation, including the development of international gold trading currently pursued by the working group on promoting gold market development. 
    Mr Hui then met with Senator Mr Woo Yuen-pau at the Parliament Hill. He briefed Mr Woo on Hong Kong’s effort in maintaining its status as an international financial centre through various measures. He mentioned the recent affirmations of Hong Kong’s credit ratings by Fitch, S&P and Moody’s, all with “stable” outlooks. These affirmations fully demonstrate Hong Kong’s resilience in maintaining stability amid increasing global economic and financial uncertainties. In addition, both S&P and Moody’s provided positive evaluations of Hong Kong’s credit profile, including its substantial fiscal buffers and foreign exchange reserves, a strong external balance sheet, and high per-capita income levels. Mr Hui said, with its effective policy framework and solid financial market built over the years, Hong Kong is definitely a trusted partner for Canada at a time when the global political and economic landscape is fraught with uncertainties.  
    On May 29 (Vancouver time), Mr Hui started his visit to Vancouver where he met with Mr Mark Scott who is the Board Chair of Fraser Institute, the most influential think-tank in Canada, and some other prominent business figures to update them of Hong Kong’s latest financial development. The Director, Head (Policy Research) of the Financial Services Development Council, Dr Rocky Tung, also joined the meeting. Mr Hui welcomed that Hong Kong was ranked as the world’s freest economies among 165 economies in Fraser Institute’s Economic Freedom of the World 2024 Annual Report. Among the five areas of assessment, Hong Kong topped in the areas of “Freedom to trade internationally” and “Regulation”, and came third in “Sound money”. Looking ahead, Hong Kong will continue to undertake a series of initiatives covering areas in which it has competitive edges, including stocks, bonds, and asset and wealth management, as well as emerging opportunities such as green and sustainable finance and the development of Web3, with a view to keeping the momentum to boost the high-quality development of Hong Kong’s financial market.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China battles drought to ensure stable summer harvest

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

    With a persistent drought gripping vast regions of the country, Chinese authorities are making multi-faceted efforts to mitigate its impact on agriculture as grain crops have entered a critical growth stage.

    Since the start of 2025, China has generally experienced a warm and dry climate, characterized by higher temperatures and significantly reduced rainfall.

    According to the national observatory, the average temperature nationwide reached 5.7 degrees Celsius by May 25 this year, 0.8 degrees Celsius above the seasonal norm, with provinces like Henan, Anhui and Hubei recording their highest temperatures for this period since 1961.

    Meanwhile, the average precipitation fell to just 143.7 millimeters, 10.6 percent below the long-term average and marking the lowest level since 2012. In some areas, rainfall plunged by as much as 80 percent.

    “Precipitation in the Yellow River basin, a key agricultural region, was down by nearly 30 percent. In the middle reaches, the deficit was 30 to 40 percent,” said Wang Weilu, an official with the Yellow River Conservancy Commission of the Ministry of Water Resources.

    High temperatures and low rainfall have triggered rapid drought development from the northwest regions to the middle and lower reaches of the Yangtze River and southwestern provinces including Sichuan, said Zhai Jianqing, a meteorological disaster specialist at the National Climate Center.

    As of April 18, drought classified as moderate or worse had affected nearly 2.02 million square km, including 477,000 square km of extreme drought, official data showed.

    The timing of the drought is concerning. China’s summer grains, including wheat, are in a crucial growth period. Last year, the summer grain harvest totaled nearly 150 million tonnes, accounting for over 21 percent of the country’s annual grain production.

    Zhang Gaomin, head of a farmers’ cooperative in Jingyang County, northwest China’s Shaanxi Province, said inadequate rainfall has visibly stunted wheat growth.

    “Due to persistent water shortages, wheat plants are about 10 cm shorter than usual, impacting growth during this critical stage,” Zhang said. His cooperative manages 7,600 mu (507 hectares) of winter wheat.

    In many grain-producing regions, the drought has strained irrigation systems, dried up fishponds, limited water for livestock, and heightened risks of pests, crop diseases and wildfires.

    In response, China has taken multi-pronged efforts to address the challenges. The Ministry of Finance, in coordination with the Ministry of Agriculture and Rural Affairs, has allocated disaster relief funds to support measures from irrigating to crop replanting.

    Water conservancy authorities have improved national water allocation for agricultural purposes. Meteorological departments have intensified weather modification efforts, conducting over 500 cloud-seeding flights and nearly 17,000 ground-based operations since the start of the year.

    At the local level, grassroots efforts are also making a difference. In Mashan County, south China’s Guangxi Zhuang Autonomous Region, water pumps and generators were a common sight on farmland, delivering vital irrigation to parched crops. Local authorities have deployed 130 water pumps and over 30 gasoline generators, and have dispatched 11 anti-drought teams comprising more than 400 personnel to support villages.

    “Firefighters have been delivering water to our village for three days, solving the water shortage for over 400 people,” said Huang Honghua, an official in a village of Wuxuan County, Guangxi.

    Meteorologists predict rainfall across much of central and northern China in early to mid-June will ease drought conditions, while parts of southern China may still face drought risks.

    Despite the lingering challenges, with timely intervention and increased rainfall expected, the drought is unlikely to have significant impact on the country’s overall grain output, according to experts.

    China’s 2024 grain output hit a record high of 706.5 million tonnes, an increase of 1.6 percent from 2023, official data showed. 

    MIL OSI China News –

  • MIL-OSI: Quantum eMotion Announces Brokered LIFE Financing of C$6,000,000

    Source: GlobeNewswire (MIL-OSI)

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

    MONTREAL, May 29, 2025 (GLOBE NEWSWIRE) — Quantum eMotion Corp. (“QeM” or the “Corporation”) (TSX.V: QNC; OTCQB: QNCCF) is pleased to announce a best efforts brokered private placement for total gross proceeds of at least C$6,000,000 (the “Offering”), consisting of at least 4,000,000 units of the Corporation (each a “Unit”) at a price of C$1.50 per Unit (the “Offering Price”), pursuant to the listed issuer financing exemption (the “LIFE Exemption”) under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”).

    Each Unit will consist of (i) one common share in the capital of the Corporation (a “Share”), and (ii) one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional common share (a “Warrant Share”) at a price of C$1.82 for a period of 3 years following the Closing Date (as defined herein).

    The Corporation intends to use the net proceeds raised from the Offering to accelerate the pace of its research and development (“R&D”) efforts, expand the R&D team, hire staff for the commercialization initiatives underway and expanding the presence of QeM in the USA and other markets and for general working capital needs.

    A.G.P. Canada Investments ULC (“Agent“) is acting as the sole bookrunner and agent for the Offering and A.G.P./Alliance Global Partners is acting as sole U.S. placement agent for the Offering.

    Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the securities issued pursuant to the LIFE Exemption are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. The Units may also be offered to persons in the United States pursuant to exemptions from the registration requirements under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and all applicable U.S. state securities laws, as well as outside Canada and the United States on a basis which does not require the qualification or registration of any of the Corporation’s common shares or require the Corporation to be subject to any ongoing disclosure requirements under any domestic securities laws.

    There is an offering document related to the Offering that can be accessed under the Corporation’s profile at www.sedarplus.ca and on the Corporation website at https://www.quantumemotion.com/. Prospective investors should read this offering document before making an investment decision.

    It is expected that closing of the Offering will take place on or about June 2, 2025 (the “Closing Date”). Closing of the Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals.

    As consideration for their services, the Agent will receive an aggregate cash fee equal to 6.0% of the gross proceeds of the Offering. In addition, the Corporation will issue to the Agent non-transferable warrants (the “Agent Warrants”) representing 4.0% of the aggregate number of Units issued pursuant to the Offering. Each Agent Warrant will entitle the holder to purchase one common share of the Corporation at price of C$1.66 for a 30-month period from the date of issuance.

    This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act” ), and such securities may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons absent registration or an applicable exemption from U.S. registration requirements. “United States” and “U.S. persons” have the meanings ascribed to them in Regulation S under the U.S. Securities Act.

    About Quantum eMotion

    The Company’s mission is to address the growing demand for affordable hardware and software security for connected devices. Thanks to its patented Quantum Random Number Generator, QeM has become a pioneering force in classical and quantum cybersecurity solutions. This security solution exploits quantum mechanics’ built-in unpredictability and promises to provide enhanced protection for high-value assets and critical systems. For further information, please visit our website at https://www.quantumemotion.com/ or contact us at: info@quantumemotion.com

    The Company intends to target highly valued Financial Services, Healthcare, Blockchain Applications, Cloud-Based IT Security Infrastructure, Classified Government Krown Technologies and Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics) and Quantum Cryptography.

    For further information, please visit our website at https://www.quantumemotion.com/ or contact:

    Francis Bellido, Chief Executive Officer

    Tel: 514.956.2525

    Email: info@quantumemotion.com

    Website: www.quantumemotion.com

    Cautionary Note regarding Forward-Looking Statements

    This news release contains “forward-looking information” within the meaning of applicable securities laws, which is based upon the Corporation’s current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Corporation’s expectations with respect to the use of proceeds and the use of the available funds following completion of the Offering, the completion of the Offering, if it is to be completed at all; the expected Closing Date; and the completion of the Corporation’s business objectives, and the timing, costs, and benefits thereof. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Corporation. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof 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. Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating risks inherent to the cybersecurity industry, the value of the Corporation’s intangible assets, completing proof of concept studies, protecting intangible assets rights, timing and availability of external financing on acceptable terms or at all, the possibility that future results will not be consistent with the Corporation’s expectations, increases in costs, changes in legislation and regulation, changes in economic and political conditions and other risks involved in the cybersecurity industry and inherent to new technologies, such as risk of obsolescence, slow adoption and competing technological advances; and those risks set out in the Corporation’s public documents filed on SEDAR+ at www.sedarplus.ca.

    Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Corporation and the risks and challenges of its business, investors should review the Corporation’s annual filings that are available at www.sedarplus.ca. The Corporation provides no assurance that forward-looking statements or forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and information. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking information.

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

    The MIL Network –

  • MIL-OSI Russia: Dmitry Chernyshenko: Representatives of 19 countries and 20 international organizations gathered at the plenary session of the Eurasian Group on Combating Money Laundering

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin addressed the participants of the session

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorism Financing. Dmitry Chernyshenko read out the greetings of the Prime Minister Mikhail Mishustin to the delegates of the plenary session

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin addressed the participants of the session

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Director of Rosfinmonitoring Yuri Chikhanchin

    May 29, 2025

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin

    May 29, 2025

    Previous news Next news

    Plenary session of the Eurasian Group on Combating Money Laundering and Terrorist Financing. Dmitry Chernyshenko and Rosfinmonitoring Director Yuri Chikhanchin addressed the participants of the session

    A plenary session of the Eurasian Group on Combating Money Laundering and Terrorism Financing is taking place in Moscow. Russia currently chairs this authoritative association of states. During the opening, Deputy Prime Minister of Russia Dmitry Chernyshenko and Director of the Federal Financial Monitoring Service (Rosfinmonitoring) Yuri Chikhanchin addressed the participants.

    Dmitry Chernyshenko read out the greeting from the Chairman of the Russian Government Mikhail Mishustin to the delegates of the plenary session: “Today, integration in the Eurasian space is strengthening, which contributes to the multifaceted development and progressive economic growth of the countries of the region. The introduction of high technologies helps to automate many processes and reduce costs. At the same time, against the backdrop of rapid digitalization, new challenges arise associated with the emergence of sophisticated forms of terrorist financing, including through the use of crypto assets for illegal purposes. The success of the fight against money laundering directly depends on the clear coordination of the actions of the agencies responsible for financial security. In this regard, it is impossible to overestimate the importance of the activities carried out by the Eurasian Group.”

    The Prime Minister’s greeting stated that over 20 years an effective model of interstate partnership has been built, allowing for transparency of financial flows, timely identification and minimization of risks, and prompt response to them. It is important that the group has created conditions for substantive dialogue on a full range of issues related to the protection of national and international financial systems.

    Dmitry Chernyshenko thanked Yuri Chikhanchin and Rosfinmonitoring for the effective organization of the plenary week. He emphasized that the Russian Government pays special attention to issues of financial security, combating money laundering and terrorist financing. It is important to maintain constant cooperation and exchange of experience between the countries participating in the Eurasian Group.

    “Special attention must be paid to improving the qualifications of specialists working in the field of financial intelligence and analysis. Constantly updating knowledge and competencies will allow us to identify suspicious transactions more quickly and accurately and prevent potential crimes. Educating the general public, which can significantly reduce the vulnerability of individuals and companies to fraud and manipulation, also plays a key role. In conclusion, I would like to emphasize that the successful implementation of the set goals is possible only with the active interaction of all stakeholders, consolidation of efforts and openness to innovation. We are convinced that the work being done will create a solid foundation for the further sustainable development of our economies and provide reliable protection against new threats,” the Deputy Prime Minister added.

    The Deputy Prime Minister reported that more than 450 delegates, representatives of 19 countries and 20 international organizations, gathered in person at the plenary session. This speaks to the relevance and importance of the topic.

    “It is symbolic that the event is taking place in Moscow. Russia pays special attention to issues of financial security, combating money laundering and terrorism financing, especially in terms of working with young people. In our country, for the fifth time, the International Financial Security Olympiad will be held on the instructions of President Vladimir Putin. This year, for the first time, it will be held in the very center of Russia – Krasnoyarsk Krai,” said Dmitry Chernyshenko.

    More than 3.2 million Russian schoolchildren and 500 thousand foreign schoolchildren from 15 countries took part in the first stage of the Olympiad – a lesson on financial security.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Security: Salem Man Sentenced to Nine Years in Federal Prison for Trafficking Fentanyl

    Source: Office of United States Attorneys

    PORTLAND, Ore.—A Salem, Oregon man was sentenced to federal prison Friday for possessing and trafficking more than 40 pounds of fentanyl, methamphetamine, and heroin.

    Rico Anthony Russell Rigutto, 46, was sentenced to 108 months in federal prison and five years’ supervised release.

    According to court documents, on December 14, 2021, as part of a drug trafficking investigation, investigators arranged a controlled buy of counterfeit oxycodone pills from Rigutto. Investigators observed him arrive and depart the meeting location, after which they conducted a traffic stop on Rigutto.  

    Investigators searched Rigutto’s vehicle and seized approximately 3,000 counterfeit pills containing fentanyl and a firearm with a machine gun conversion switch. Machine gun switches, sometimes referred to as “Glock switches,” are small attachments used to convert firearms from semi-automatic to fully-automatic.

    Later the same day, investigators obtained and executed a search warrant on Rigutto’s residence. During the search, investigators located and seized 20,000 counterfeit pills containing fentanyl, 28 pounds of methamphetamine, six pounds of heroin, approximately $100,000 in cash, and fifteen firearms, including an AR-15 rifle and another handgun with a conversion switch.

    On January 19, 2022, a federal grand jury in Portland returned a four-count indictment charging Rigutto with possessing fentanyl, methamphetamine, and heroin with the intent to distribute and possessing a machinegun in furtherance of a drug trafficking crime.

    On April 18, 2023, Rigutto pleaded guilty to possessing fentanyl with the intent to distribute. However, on March 5, 2024, Rigutto failed to appear for his sentencing and an arrest warrant was issued.

    On August 2, 2024, the U.S. Marshals Service (USMS) located and arrested Rigutto for failing to appear. USMS also found a firearm during the arrest.

    This case was investigated by the FBI and the Salem Police Department. It was prosecuted by Scott M. Kerin, Assistant U.S. Attorney for the District of Oregon.

    Fentanyl is a synthetic opioid 80 to 100 times more powerful than morphine and 30 to 50 times more powerful than heroin. A 2-milligram dose of fentanyl—a few grains of the substance—is enough to kill an average adult male. The wide availability of illicit fentanyl in Oregon has caused a dramatic increase in overdose deaths throughout the state.

    If you are in immediate danger, please call 911.

    If you or someone you know suffers from addiction, please call the Lines for Life substance abuse helpline at 1-800-923-4357 or visit www.linesforlife.org. Phone support is available 24 hours a day, seven days a week. You can also text “RecoveryNow” to 839863 between 2pm and 6pm Pacific Time daily.

    MIL Security OSI –

  • MIL-OSI USA: As Wildfire Season Begins, Cantwell Demands Trump Administration Stop Putting Lives & Property at Risk & Immediately Lift National Weather Service Hiring Freeze

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    05.29.25
    As Wildfire Season Begins, Cantwell Demands Trump Administration Stop Putting Lives & Property at Risk & Immediately Lift National Weather Service Hiring Freeze
    Senator warned Lutnick in Feb. that gutting NOAA & NWS would cripple weather forecasting, threaten public safety; Jackson, KY, NWS office lost overnight staffing & meteorologist-in-charge as severe storms moved across the region May 16, leaving 18 dead; Pendleton, OR, NWS office covering Central WA does not have enough meteorologists to cover overnight shifts
    EDMONDS, WA – U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, demanded that the Trump Administration immediately exempt the National Weather Service (NWS) from its current federal hiring freeze so that citizens and communities will not be left to fend for themselves without adequate warnings as both hurricane season and wildfire season rapidly approach.  
    “On February 19, 2025, I wrote to Secretary Lutnick to urge protection of NOAA’s workforce and exempt the NWS and other safety related jobs from the hiring freeze due to the crucial role they play in protecting lives, property, and our national economy,” wrote Sen. Cantwell in a letter to Commerce Secretary Howard Lutnick and OPM Acting Director Charles Ezell.  “Now that we have seen the fallout from these ill-advised cuts, I once again demand the Administration immediately provide NOAA with a public safety exemption to the federal hiring freeze so the agency can take immediate steps to fill critical positions and prevent a further breakdown in life-saving forecasts and warnings.”
    Multiple recent reports have documented the impacts of the hiring freeze. The Washington Post reports that “Some…forecasting teams are so critically understaffed that the agency is offering to pay moving expenses for any staff willing to transfer to those offices, according to notices recently sent to employees…” And the New York Times found that “The National Weather Service is preparing for the probability that fewer forecast updates will be fine-tuned by specialists, among other cutbacks, because of ‘severe shortages’ of meteorologists and other employees, according to an internal agency document.” These reports make clear that action must be taken immediately to avoid a catastrophic gap in capacity in the face of a future storm or wildfire.
    “For at least half a century, NWS has provided weather forecasting 24 hours a day, seven days a week, but with the Administration’s cuts, at least eight weather forecasting offices no longer have enough meteorologists to cover overnight shifts,” the Senator wrote. “The Pendleton, Oregon office that covers central Washington will stop staffing overnight shifts, and we’ll lose the consistent local knowledge about weather hazards that impacts the accuracy of forecasts and warnings needed to inform transportation agencies, farmers, schools, firefighters, emergency responders, and other public officials that rely on accurate and timely forecasts and warnings.”
    Months before the current crisis, Sen. Cantwell called for an exemption and accurately predicted exactly the situation we are in now.
    The full text of Sen. Cantwell’s letter is available HERE and below.
    Dear Secretary Lutnick and Mr. Ezell,
    The Administration’s dismantling of the National Oceanic and Atmospheric Administration (“NOAA”) workforce has crippled the National Weather Service (“NWS”). The firing of probationary employees, early retirements, and other Administration efforts have led to more than 560 departures from NWS, a 33% reduction from historic levels, leaving many locations critically understaffed and the agency scrambling to fill the gaps.
    NOAA initiated an agency-wide effort on May 13, 2025, to relocate existing personnel to temporarily fill 155 positions in “critically understaffed” locations across NWS. This proposed solution may serve as a stopgap, but it is not a viable long-term strategy.
    On February 19, 2025, I wrote to Secretary Lutnick to urge protection of NOAA’s workforce and exempt the NWS and other safety related jobs from the hiring freeze due to the crucial role they play in protecting lives, property, and our national economy. Now that we have seen the fallout from these ill-advised cuts, I once again demand the Administration immediately provide NOAA with a public safety exemption to the federal hiring freeze so the agency can take immediate steps to fill critical positions and prevent a further breakdown in life-saving forecasts and warnings.
    For at least half a century, NWS has provided weather forecasting 24 hours a day, seven days a week, but with the Administration’s cuts, at least eight weather forecasting offices no longer have enough meteorologists to cover overnight shifts. The Pendleton, Oregon office that covers central Washington will stop staffing overnight shifts, and we’ll lose the consistent local knowledge about weather hazards that impacts the accuracy of forecasts and warnings needed to inform transportation agencies, farmers, schools, firefighters, emergency responders, and other public officials that rely on accurate and timely forecasts and warnings. Additionally, 30 of the 122 weather forecast offices are currently lacking their highest-ranking official, known as the meteorologist-in-charge, including at offices that cover major metropolitan areas such as New York City, Cleveland, Houston, and Tampa. The office in Jackson, Kentucky lost both overnight staffing and their meteorologist-in-charge and was left scrambling to find adequate staffing on May 16, 2025, as severe storms moved across the region, ultimately killing 18 people in Kentucky.
    The staffing shortages are also impacting NWS’s ability to collect and disseminate the weather data that underpins NOAA’s own forecasts and warnings as well as serves as the foundation for the entire U.S. weather enterprise. There are over 90 vacancies among the specialized staff who maintain and repair the NWS’s Doppler radar and Automated Surface Observing Systems greatly increasing the chances of equipment outages. These systems are the cornerstone of NWS’s severe weather warning operations and provide pilots and air traffic controllers with the data they need to safely manage air traffic and minimize delays. Additionally, at least 10 weather forecast offices have suspended or limited their weather balloon launches, which for decades have occurred twice daily to gather data on a steady cadence. Carrying instruments called radiosondes, the balloons rise to 115,000 feet and gather vital atmospheric data that cannot easily be replicated by satellites or other instruments. Without this information forecasts become less accurate and less reliable.
    June 1 marks the start of hurricane season, and many parts of the country are already contending with wildfires and violent storms. Every living former Director of the NWS, from both Republican and Democratic administrations, wrote and released an open letter to the American people warning about the impact of staffing and program cuts. The Directors “stand united against the loss of staff and resources at NWS and are deeply concerned about NOAA as a whole…[Their] worst nightmare is that weather forecast offices will be so understaffed that there will be needless loss of life.”?
    Granting a public safety exemption to the hiring freeze is essential to prevent further degradation of our nation’s weather readiness. Please provide the Committee with a response by June 1, 2025, explaining how you will resume hiring at the NWS to ensure consistent weather forecasting coverage. 

    MIL OSI USA News –

  • MIL-OSI USA: Reed, Warren, Wyden Urge Investigation to Determine if DOGE Employees’ Committed Criminal Violations of Federal Ethics Laws

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC — U.S. Senators Elizabeth Warren (D-MA), Jack Reed (D-RI), and Ron Wyden (D-OR) sent a letter to the Department of Justice (DOJ), Office of Government Ethics (OGE), and Inspector Generals at the Department of the Treasury, Internal Revenue Service (IRS), and Consumer Financial Protection Bureau (CFPB) urging their offices to investigate whether Department of Government Efficiency (DOGE) employees broke the law by working to dismantle government agencies while holding hundreds of thousands of dollars in private companies. The lawmakers are Ranking Members of the Senate Banking, Housing, and Urban Affairs Committee; Senate Armed Services Committee; and Senate Finance Committee, respectively. 

    “These DOGE employees’ conflicts of interest and role in the mass firings at CFPB, Treasury, and IRS undermine the integrity of their decision-making and the actions taken by the agencies where they work,” the three senators wrote.

    Recent reporting by Politico revealed that Tom Krause, the leader of the Treasury’s DOGE team, has financial holdings worth hundreds of thousands of dollars in companies like JPMorgan Chase, Bank of America, PNC, U.S. Bank, Wells Fargo, Deutsche Bank, Morgan Stanley, and Santander—all companies that have business before Treasury or provide services to the Department. Krause has also been responsible for leading Treasury’s efforts to modernize the Treasury’s IT and financial infrastructure while owning shares of big tech companies like Google, Oracle, and Amazon. 

    Krause and two other Treasury employees, Todd Newnam and Linda Whitridge, also own shares of Intuit, the parent company of TurboTax, which for years has attempted to sabotage the IRS Direct File program. Direct File allows taxpayers to file their taxes for free and directly with the IRS instead of using private sector programs like TurboTax. In recent months, DOGE fired the program’s development team and the Trump administration has reportedly decided to end the program. 

    “It would be deeply disturbing if DOGE employees with a financial stake in Intuit were involved with overseeing and dismantling the Direct File initiative, which would directly benefit Intuit and these employees’ financial holdings,” the lawmakers wrote. 

    ProPublica also recently reported that Gavin Kliger, a DOGE aid at the Consumer Financial Protection Bureau (CFPB), was warned by ethics officials that he held stock in companies that “employees are forbidden from owning.” These holdings include as much as $715,000 of investments in barred companies such as Apple Inc., Tesla Inc., Alphabet Inc., and two cryptocurrencies, all companies subject to investigation by the CFPB. Three days later, despite ethics officials’ warnings, Kliger participated in layoffs at the agency, including firing the ethics lawyers that warned him of his conflicts. 

    At least one expert has described Mr. Kliger’s actions as “look[ing] like a pretty clear-cut violation’” of the federal criminal conflict-of-interest statute, which could carry a fine of up to $250,000 and up to five years in prison. 

    “Together, these three examples underscore what appears to be a pervasive problem with Elon Musk and DOGE employees trampling ethics rules and laws to benefit their own pockets at the expense of the American public,” wrote the senators. 

    The senators called on the DOJ, OGE, and Inspectors Generals of the Treasury, Office for Tax Administration, and the Federal Reserve to investigate the legality of these employees’ conflicts and whether they have violated federal ethics laws. 

    “Neither Mr. Musk nor those working on his behalf in DOGE are above the law, and if they have failed to follow it, the Department of Justice (DOJ) and other relevant government officials should act to hold them accountable,” the senators concluded.

    Full text of the letter follows:

    Dear Attorney General Bondi, Acting Director Greer, Ms. Sciurba, Ms. Hill, and Mr. Gibson:

    We write regarding new reports that DOGE employees at the Treasury, Internal Revenue Service (IRS), and the Consumer Financial Protection Bureau (CFPB) have been engaged in the dismantling of these agencies while holding hundreds of thousands of dollars of stock in private companies benefitting from these individuals’ efforts to eliminate key programs, staff, and policies. This poses a clear conflict of interest and potential criminal violation of federal ethics law, which bars any Federal government employee from “participat[ing] personally and substantially…[in any] particular matter in which [they] … ha[ve] a financial interest.” A willful violation of the law would subject these individuals to a fine of up to $250,000 and up to five years in prison. We request that your offices investigate this matter.

    Neither Mr. Musk nor those working on his behalf with DOGE are above the law, and if they have failed to follow it, the Department of Justice (DOJ) and other relevant government officials should hold them accountable.

    First, earlier this month, reporting revealed that Tom Krause, the leader of Treasury’s DOGE team and top official overseeing Treasury’s Bureau of the Fiscal Service, has financial holdings worth hundreds of thousands of dollars in companies that have business before Treasury or provide services to the Department. Some of Mr. Krause’s holdings—including hundreds of thousands of dollars’ worth of shares of JPMorgan Chase, Bank of America, PNC, U.S. Bank, Wells Fargo, Deutsche Bank, Morgan Stanley, and Santander—are in financial institutions that provide financial services to and purchase U.S. debt securities directly from Treasury. In addition, Mr. Krause has also been responsible for leading Treasury’s efforts to “modernize its IT and financial infrastructure,” despite owning shares of big tech firms like Google, Oracle, and Amazon. Experts have described this as “a massive, glaring red flag of a conflict of interest.”

    Second, the same report also indicated that Mr. Krause and two other Treasury DOGE team members—Todd Newnam and Linda Whitridge—own shares of Intuit, the parent company of TurboTax, which has been engaged in a years’ long attempt to sabotage the IRS’ free tax filing program, “Direct File.” This easy-to-use program allows taxpayers to file their taxes for free and directly with the IRS, rather than use private sector tax preparation software like TurboTax. Troublingly, the program has been targeted for elimination by DOGE: months after Musk posted that DOGE had “deleted” a team that contributed to Direct File’s development, reports surfaced that the Trump Administration had decided to end the program. It would be deeply disturbing if DOGE employees with a financial stake in Intuit were involved with overseeing and dismantling the Direct File initiative, which would directly benefit Intuit and these employees’ financial holdings.

    Third, last month, ProPublica reported that Gavin Kliger, a DOGE aide at the CFPB, was warned by ethics attorneys “that he held stock in companies that employees are forbidden from owning — and was advised not to participate in any actions that could benefit him personally.” These holdings include as much as $715,000 of investments in barred companies such as Apple Inc., Tesla Inc., Alphabet Inc., and two cryptocurrencies. These companies are on the CFPB’s “Prohibited Holding” list since they are “subject to examination by the Bureau.”

    Three days later, Mr. Kliger “participated in mass layoffs at the agency anyway, including the firings of the ethics lawyers that warned him” of his conflicts. The conflicts are obvious: “a defanged and downsized consumer watchdog is unlikely to aggressively regulate those and other companies, freeing them of compliance costs and the risk associated with examinations and enforcement actions. That in turn could boost their stock prices and benefit … Kliger.” At least one expert has described Mr. Kliger’s actions as “look[ing] like a pretty clear-cut violation’” of the federal criminal conflict-of-interest statute

    Together, these three examples underscore what appears to be a pervasive problem with Elon Musk and DOGE employees trampling ethics rules and laws to benefit their own pockets at the expense of the American public. These DOGE employees’ conflicts of interest and role in the mass firings at CFPB, Treasury, and IRS undermine the integrity of their decision-making and the actions taken by the agencies where they work.

    To be clear, there continues to be uncertainty about the specific circumstances surrounding these individuals’ conflicts, including whether they may have divested from some or all of their conflicted holdings, whether their actions may have constituted involvement in “particular matters” that will have a “direct and predictable effect” on their financial interests, or whether they may have received waivers from relevant Designated Agency Ethics Officials or White House officials. But the American people deserve answers regarding whether their own interests may have been undermined by Trump Administration officials that acted in violation of federal ethics laws.

    Given these open questions, we ask that your offices investigate this matter. The Treasury Inspector General (Treasury IG), Treasury Inspector General for Tax Administration (TIGTA), and Inspector General of the Federal Reserve (Fed IG) should conduct a broad review of whether these and other DOGE representatives may have engaged in illegal or inappropriate efforts at the Treasury, IRS, and CFPB. The Department of Justice (DOJ) should investigate whether these and other DOGE representatives may have violated federal ethics law by abusing their official roles for the benefit of private companies in which they have a vested financial interest. We also ask that the Office of Government Ethics examine this matter and recommend any potential violations for appropriate enforcement action.

    Thank you for your attention to this important matter.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Murray, Van Hollen Urge GAO to Continue Investigating Administration’s Withholding of Congressionally Appropriated Funds

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Senator Patty Murray (D-Wash.), Vice Chair of the Senate Appropriations Committee, and U.S. Senator Chris Van Hollen, Ranking Member of the Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies, have sent a letter to the U.S. Comptroller General Gene Dodaro urging the Government Accountability Office (GAO) to continue to investigate the Administration’s withholding of Congressionally appropriated funds. The GAO has the authority to determine whether the Administration is violating the Impoundments Control Act by illegally withholding funds, and the Senators’ letter follows GAO’s recent finding that the Department of Transportation was in fact doing so. In their letter, the Senators press GAO to continue working on the 39 cases and counting of potentially illegal impoundments it has identified and stress that the GAO must move forward with or without the Administration’s cooperation.

    “As members of the Senate Appropriations Committee, we have tracked with growing alarm the pauses and cancellation of federal funding across agencies since the start of the Trump Administration. We have noted at least $430 billion in funding has been blocked, an amount equivalent to nearly a third of the discretionary budget,” the Senators begin.

    “Agencies were required to submit spend plans for fiscal year 2025 on April 29, but most did not supply plans or provided insufficient detail to allow the Committee to ensure they are allocating resources in accordance with the law. The Administration has also stopped publicly posting apportionment documents as required by the Financial Services and General Government Appropriations Act of 2023, weakening Congress’s ability to conduct effective oversight,” they continue.

    “In a Committee hearing on April 29, you testified that the GAO has 39 ongoing investigations into potentially illegal impoundments. […] In your testimony on April 29, you indicated that in some cases you were waiting on information from agencies on their justifications for funding freezes. We appreciate that GAO works to ascertain intent as part of any investigation under the Impoundment Control Act (ICA), and that your good faith requests for information from the Administration allow you to obtain a fuller picture of the circumstances surrounding a withholding. […] However, GAO was similarly stonewalled by the prior Trump Administration, when the Office of Management and Budget and the State Department failed to provide necessary information about potential impoundments of Foreign Military Financing Funds. GAO noted then, and we agree, that the delay in response had “constitutional significance” as it obstructed an investigation that Congress delegated to GAO under the ICA,” they note.

    The Senators go on to urge, “As Congress begins deliberations on the fiscal year 2026 appropriations bills, it is critical that we understand how the Administration is executing current law, and whether, through programmatic delay or illegal impoundment, funds are in danger of expiring without obligation. If the Administration is breaking the law without consequence, the fundamental separation of powers and Congressional power of the purse is under serious threat. We encourage you to continue to report to Congress as quickly as possible on any violations of the ICA. In the event of a violation, Congress has also invested GAO with the authority to file suit to ensure funds are spent in accordance with the law.”

    The full text of the letter is available here and below.

    Dear Comptroller Dodaro,

    As members of the Senate Appropriations Committee, we have tracked with growing alarm the pauses and cancellation of federal funding across agencies since the start of the Trump Administration. We have noted at least $430 billion in funding has been blocked, an amount equivalent to nearly a third of the discretionary budget.

    Agencies were required to submit spend plans for fiscal year 2025 on April 29, but most did not supply plans or provided insufficient detail to allow the Committee to ensure they are allocating resources in accordance with the law. The Administration has also stopped publicly posting apportionment documents as required by the Financial Services and General Government Appropriations Act of 2023, weakening Congress’s ability to conduct effective oversight.

    As the President enters his fifth month in office, the argument that programs are simply paused for review becomes increasingly less credible. In addition, executive orders and public statements from the President, his cabinet, and the so-called Department of Government Efficiency indicate a clear intention to stop funding for certain agencies and programs entirely. Those statements have frequently aligned with the cancellation of grants and contracts, indicating that they are implementing cuts in fiscal year 2025 in violation of appropriations law, rather than proposing cuts for fiscal year 2026 for Congressional consideration.

    As you know, Congress has authority under the Constitution to appropriate funds, and the Executive Branch must expend those funds as the law dictates. And as GAO has stated, “Faithful execution of the law does not permit the President to substitute his own policy priorities for those that Congress has enacted into law.”

    In a Committee hearing on April 29, you testified that the GAO has 39 ongoing investigations into potentially illegal impoundments. We appreciate GAO’s completion of its first legal opinion, that the Department of Transportation violated the recording statute and the Impoundment Control Act (ICA) by improperly recording program liabilities and illegally withholding mandatory funds for the National Electric Vehicle Infrastructure (NEVI) Formula Program. The NEVI program was authorized by the bipartisan Infrastructure Investment and Jobs Act and, as you noted, “[t]he Constitution grants the President no unilateral authority to withhold funds from obligation.” We agree with your conclusion, and will expect the Department of Transportation to immediately make the withheld funds available to the states.

    In your testimony on April 29, you indicated that in some cases you were waiting on information from agencies on their justifications for funding freezes. We appreciate that GAO works to ascertain intent as part of any investigation under the Impoundment Control Act (ICA), and that your good faith requests for information from the Administration allow you to obtain a fuller picture of the circumstances surrounding a withholding.

    However, GAO was similarly stonewalled by the prior Trump Administration, when the Office of Management and Budget and the State Department failed to provide necessary information about potential impoundments of Foreign Military Financing Funds. GAO noted then, and we agree, that the delay in response had “constitutional significance” as it obstructed an investigation that Congress delegated to GAO under the ICA.

    GAO also noted, in its investigation of the illegal impoundment by the Department of Defense that occurred at the same time, that while OMB provided an explanation for the withholding, its explanation did not adequately justify the action. GAO said that “the burden to justify a withholding of budget authority rests with the executive branch.” You reiterated that in your decision on the Department of Transportation’s illegal withholding of NEVI program funds. In the absence of fulsome responses from the Administration, we encourage GAO to carefully examine the public record, including court records in cases filed against agencies, to inform your investigation into whether agencies are demonstrating the intent to illegally impound funds.

    As Congress begins deliberations on the fiscal year 2026 appropriations bills, it is critical that we understand how the Administration is executing current law, and whether, through programmatic delay or illegal impoundment, funds are in danger of expiring without obligation. If the Administration is breaking the law without consequence, the fundamental separation of powers and Congressional power of the purse is under serious threat.

    We encourage you to continue to report to Congress as quickly as possible on any violations of the ICA. In the event of a violation, Congress has also invested GAO with the authority to file suit to ensure funds are spent in accordance with the law.

    We appreciate the investigations GAO has already undertaken and your vital role in carrying out the ICA to ensure that the President faithfully executes the law as required by our Constitution. We look forward to your legal opinions and analysis of the Administration’s fiscal year 2025 implementation.

    Sincerely,

    MIL OSI USA News –

  • MIL-Evening Report: Most of Australia’s conservation efforts ignore climate risks – here are 3 fixes

    Source: The Conversation (Au and NZ) – By Yi Fei Chung, PhD Candidate in Environmental Policy, The University of Queensland

    Imagine replanting various native species only to have them die because the area is too hot or too dry. Or reconnecting woodland habitat only to lose large tracts to bushfire.

    Well, our new research suggests those scenarios are entirely possible.

    We analysed the two most common ways to prevent overall biodiversity loss on private land in Australia. We found these efforts largely ignore climate risks such as fire, heat, drought and floods.

    Climate change is already threatening the survival of species. Unless conservation efforts are made more resilient to climate change, Australia’s aim to to reverse biodiversity loss could fail.

    What we found

    We examined two types of biodiversity measures in Australia. One is “biodiversity offsets”, which aim to compensate for damage caused by development. The other is voluntary conservation programs, including “conservation covenants”.

    We analysed 77 policy documents underpinning nine biodiversity offset policies and 11 voluntary conservation programs.

    Of the 77 documents, 84% did not consider the impact of climate change. What’s more, only 44% of biodiversity offset policies and 27% of voluntary conservation programs considered climate risk. Even then, they often lacked detail or tools to translate policy into real action on the ground.

    The most common climate adaptation strategies were:

    • safeguarding climate refuges
    • connecting habitat so wildlife can escape extreme heat, fires or droughts
    • targeting funding
    • avoiding offset sites vulnerable to threats such as sea-level rise.

    But most documents lacked details on implementing these strategies.

    We suggest three practical steps to ensure conservation efforts deliver lasting results in a changing climate.

    Few private land conservation programs or biodiversity offset policies took climate change into account.
    Chung, Y. F., et al, (2025) Biological Conservation

    1. Identify and protect climate refuges

    Climate refuges are areas somewhat shielded from the effects of climate change. Gullies, sheltered slopes and forests with good water supplies can help species survive during heatwaves and droughts.

    These places can provide a lifeline for endangered species and prevent local extinctions. Species may shelter in these areas during climate extremes and recolonise well-connected habitats when conditions improve.

    Protecting climate refuges by restricting land clearing or other damaging activities is a common climate adaptation strategy. We found it featured in six policy documents supporting voluntary conservation programs and biodiversity offsets across Australia. But few policy documents explain where these places are or how to protect them.

    For example, the New South Wales Biodiversity Conservation Investment Strategy lists climate refuges as high-priority assets under threat. The strategy says future investment should target these areas.

    But we found no explanation of how investments would be prioritised, or where to find that information. Without this detail, mentioning climate refuges in policy documents is little more than having good intentions.

    To be effective, refuges need to be mapped, prioritised and supported with appropriate protections and incentives. Nature law reform must strengthen protection of climate refuges to prevent further loss.

    Conservation programs could also specifically incentivise landholders to protect or restore refuges on their properties.

    Here’s how to protect Australia’s native species from climate change (The Climate Council)

    2. Promote the actions that build resilience

    On the ground, conservation actions must adapt to climate change. That could mean doing things differently. For example, planting species more likely to survive future climates, or connecting habitat so wildlife can move to new areas.

    While these strategies are well established, we only found three policy documents that mention them. One is the Heritage Agreement policy in South Australia. This offers guidance and potential funding to help landholders implement these actions.

    As Australia’s nature laws are reformed, funding commitments and conservation guidelines need to follow suit.

    Financial incentives or technical support could be offered to landholders for activities that build resilience. Biodiversity offset policies could also mandate conservation actions that improve climate resilience at offset sites.

    3. Adapting to climate change needs to link policy to on-ground action

    Our research found a clear gap between high-level intent and guidelines for on-ground actions. If they don’t line up, then conservation efforts risk falling short. Field programs may lack legal backing, or legislation may not translate into action where it matters most.

    Climate change should be considered at all levels of conservation policies – from high-level legislation to guidelines for implementing individual programs.

    Policies should include clear and consistent targets informed by climate risk. This should be supported by regulations ensuring compliance and practical guidelines for on-ground action.

    Voluntary conservation programs in New South Wales show how it can be done. State biodiversity conservation legislation includes conserving biodiversity under climate change as a key objective. This can then shape real-world programs. For example, the NSW Conservation Management plan echoes this climate commitment. It makes addressing climate change impacts one of the main targets.

    A chance to get it right

    National nature law reform and state reviews present an opportunity to future-proof Australia’s conservation policies.

    These policies must consider the accelerating pace of change and ensure adaptation is embedded through to action. Such actions must be clear, well-resourced, and equipped with practical tools government agencies and landholders can use.

    Otherwise, we risk making conservation policies unfit for the future – missing a golden opportunity to safeguard biodiversity.



    Read more:
    Want genuine progress towards restoring nature? Follow these 4 steps

    Yi Fei Chung receives funding from a UQ Research Training Scholarship. He is also involving in an Australian Research Council Linkage Project that receives financial and in-kind support from the NSW Department of Planning and Environment, the Biodiversity Conservation Trust, Tweed Shire Council, and the NSW Koala Strategy.

    Jonathan Rhodes receives funding from the Australian Research Council, the NSW Government, the Biodiversity Conservation Trust, Tweed Shire Council, the NSW Koala Strategy, and the Queensland Government.

    – ref. Most of Australia’s conservation efforts ignore climate risks – here are 3 fixes – https://theconversation.com/most-of-australias-conservation-efforts-ignore-climate-risks-here-are-3-fixes-257131

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Cantwell Convenes Rapid-Response Press Conference on Chaos for Ports, Businesses as Courts Rebuke Trump‘s Ability to Impose Arbitrary Tariffs

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    05.29.25
    Cantwell Convenes Rapid-Response Press Conference on Chaos for Ports, Businesses as Courts Rebuke Trump‘s Ability to Impose Arbitrary Tariffs
    Port of Seattle Commissioner: “If we’re not seen as a reliable partner, it doesn’t mean that trade doesn’t continue – it just doesn’t go through our gateway”; Cantwell praises lower courts’ decisions to end Trump’s illegal tariffs
    SEATTLE, WA – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined Port of Seattle Commissioner Fred Felleman and Barry Barr, CEO of local outdoor apparel company KAVU, for a press conference overlooking the Port of Seattle’s Terminal 46 to respond to the chaos caused in the last 24 hours as President Donald Trump scrambles to keep his draconian tariffs in place amid court challenges.
    “Two courts have ruled against President Trump’s tariffs. They basically have said he’s exceeded his authority. For almost 24 hours, [business owners] just like Barry heard that good news and thought maybe we were having a reprieve against these terrible actions that are costing consumers more,” Sen. Cantwell said. “American businesses need a rules-based trade system. That means American families would have the certainty, not chaos and not higher prices. We know this: That when you start trade wars, usually that means you end up closing markets.”
    “In business, we need predictability. And it’s just been chaos and uncertainty – and we’re not sure what to do or even where to find the information to lead. Especially in sourcing and manufacturing – the timelines are so long and so far out there, several years, and we just don’t know where to go,” Barr said. “This court verdict is a great sign for American consumers. Hopefully prices won’t increase if we can get back to normal tariffs.”
    “These trade relationships are sticky, in that when you move to another market, once you set up these supply chains, they don’t all come back. And so this is a very dangerous period of time,” Commissioner Felleman said. “If we’re not seen as a reliable partner, it doesn’t mean that trade doesn’t continue – it just doesn’t go through our gateway or our country.”
    Video of the press conference is available HERE; photos are HERE; and a transcript of Sen. Cantwell’s remarks are HERE.
    Last night, a three-judge panel of the U.S. Court of International Trade ruled that President Trump illegally overstepped his authority when he imposed tariffs on most U.S. trading partners on April 2, as well as the additional tariffs on goods from China, Mexico, and Canada.  The Trump administration appealed the U.S. Court of International Trade’s decision to the U.S. Court of Appeals of the Federal Circuit, which this afternoon put a hold on the ruling while it will consider arguments in the case.
    Today, a second federal judge in the U.S. District Court for the District of Columbia also ruled that the President exceeded his authority and issued a preliminary injunction on the collection of the duties, while staying the court’s order for two weeks pending appellate review. The Trump administration also appealed this decision.
    In April, Sen. Cantwell introduced the bipartisan Trade Review Act of 2025 to reaffirm Congress’ key role in setting and approving U.S. trade policy, and reestablish limits on the president’s ability to impose unilateral tariffs. Her bill has since picked up 12 additional cosponsors – an equal mix of Republicans and Democrats – and been endorsed by multiple major U.S. business organizations, including the National Retail Federation, which is the largest retail trade association in the world. House members also introduced a bipartisan companion bill. On April 16, Sen. Cantwell joined nine local business owners and leaders at the Port of Seattle to push back against the Trump administration’s chaotic tariffs-first trade policy.
    In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information about how those tariffs will affect consumers and businesses in the State of Washington can be found HERE.  
    For the past four months, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions have whipsawed American businesses and consumers, as well as close neighbors and allies.

    MIL OSI USA News –

  • MIL-OSI USA: Larsen Requests Nearly $37 Million for 15 Local Projects in Fiscal Year 2026 Spending Bill

    Source: United States House of Representatives – Congressman Rick Larsen (2nd Congressional District Washington)

    WASHINGTON, D.C.  – Rep. Rick Larsen (WA-02) has requested $36,773,695 for 15 local projects in the Fiscal Year 2026 spending bill. Larsen submitted the requests to the House Appropriations Committee as the Committee begins work on legislation to fund the federal government.

    “My priority in shaping spending bills is to invest in Northwest Washington communities,” said Larsen. “I will continue to work closely with community leaders and stakeholders to secure critical funding to create more jobs, build better infrastructure and improve vital services residents rely on.”

    The spending bill will include earmark funding for community projects that local leaders and stakeholders identified as critical to their communities. Larsen secured more than $19.3 million for 15 Northwest Washington projects in the Fiscal Year 2024 spending package, which was signed into law in March 2024.

    Northwest Washington Community Project Funding Requests

    Larsen requested the following earmarks to invest in Northwest Washington communities:

    Investing in a Cleaner, Greener, Safer and More Accessible Transportation System

    • Community Transit’s Bus Replacement Project: This project will enable Community Transit to purchase two battery electric buses with chargers to replace diesel buses that are beyond their expected useful life. ($3,000,000)
    • City of Lynden’s Pepin Flood, Agriculture, Salmon and Safety Transportation (FASST): This project will complete design and support construction of a new channel for Pepin Creek, and complete design and construction of the Pepin Parkway Bridge. ($2,448,000)
    • Snohomish County’s Everett Intermodal Yard and Curve Improvements: The project will improve rail shipping capability, safety, and reliability for freight and intercity passenger service at the Everett Intermodal Yard. These improvements will benefit both BNSF freight trains and Amtrak Cascades service. ($2,000,000)

    Investing in Community Services

    • City of Anacortes’ Community Event Center: The project will support final design and construction for a central event space to host large-scale tourist-oriented events, local nonprofit events and private rentals located near the Anacortes waterfront and downtown. ($3,000,000)
    • Lopez Island Family Resource Center’s Food Center: This project will construct a mixed-use food center, including a community kitchen, shared farm stand, rental spaces, and gathering areas for pop-up shops, in addition to a home base for the San Juan Food Hub and local food bank. ($2,500,000)
    • City of Edmonds’ Food Bank and Community Engagement Space: This project will support an expanded facility for Edmonds Food Bank, including increased food bank space, a commercial kitchen, an urban garden and community meeting spaces. ($2,000,000)
    • City of Bellingham’s Bellingham Central Library Renovation: This project will support exterior renovation of the Bellingham Central Library, including updated windows, upgraded main and children’s entrances, and a refreshed plaza. ($2,000,000)
    • Whatcom County and Domestic Violence and Sexual Assault Services of Whatcom County’s (DVSAS) Douglas Building Preservation: This project will support the renovation of a building used by DVSAS to serve survivors of domestic violence and sexual assault. ($1,510,295)
    • Whatcom County Sheriff Office’s Portable Radio Replacement Project: This project will support the purchase of new portable radios to replace outdated radios that are failing, allowing deputies to communicate clearly with dispatch and each other. ($600,000)
    • Orcas Senior Center’s Roof Replacement: This project will repair the failing roof of the facility, ensuring seniors can continue to access services. ($175,000)

    Investing in Education and Workforce Development

    • Edmonds College and Latino Educational Training Institute’s (LETI) Incubator for Family Success: This project will establish a comprehensive community center that includes a cultural retention and arts center, vocational school, commercial kitchen, deli-specialty store and child care circles. ($4,250,000)
    • Western Washington University’s (WWU) Shannon Point Marine Center Research Vessel: This project will support acquisition of a new research vessel for WWU marine and coastal science educational and research activities. ($1,490,400)

    Investing in Critical Infrastructure

    • Port of Everett’s South Marina Terminal Replacement Project: The project will replace the existing Dock 1 in the South Marina that has exceeded its useful life with a new structure that will provide greater utility capacity to serve potential small cruise and passenger ferry service. ($5,000,000)
    • Port of Edmonds’ North Portwalk and Seawall Reconstruction: This project will repair the Port’s seawall, which is urgently needed to protect the Port and surrounding community from flooding and extreme weather. The project will also create new public use spaces for recreational activity and replace the boardwalk to improve public access and increase economic development for the businesses on and surrounding the port. ($4,000,000)
    • Island County’s Recycling and Reuse Station: This project will build a new solid waste transfer station that will significantly enhance the efficiency of the county’s waste management processes, reducing costs for local rate payers and mitigating associated impacts to public health, safety and the environment. ($2,800,000)


    What Northwest Washington Community Leaders and Stakeholders Are Saying

    Community Transit CEO Ric Ilgenfritz on the Bus Replacement Project: “Community Transit ensures that people of all walks of life can easily and reliably get from where they are to where they want to be. In order to live up to this mission, it’s critical that buses are maintained and replaced according to schedule. We are grateful to Rep. Larsen for prioritizing the Bus Replacement Project, enabling us to serve customers with lower pollution buses that benefit everyone in Snohomish County.”

    Lynden Mayor Scott Korthuis on the Pepin Flood, Agriculture, Salmon and Safety Transportation (FASST) Project: “The Lynden FASST project (Flood, Agriculture, Salmon, Safety and Transportation) is a significant investment in infrastructure for the city to provide housing opportunities in what is a difficult area of the city to develop.  With the support of Representative Larsen on this project, we will continue to develop the needed infrastructure in this area of the city and provide a variety of housing types.  We greatly appreciate Representative Larsen moving this project forward and investing in Lynden.”

    Snohomish County Executive Dave Somers on the Everett Intermodal Yard and Curve Improvements Project: “We are grateful for Congressman Larsen’s support for this vital rail project. If we receive the funding, the renovated intermodal yard will allow us and our rail partners to continue a sustainable and low impact operation for our residents, ensuring public health and safety are prioritized.”

    Anacortes Mayor Matt Miller on the Anacortes Community Event Center project: “We are deeply grateful to Congressman Larsen for championing the Anacortes Community Event Center project. His support for this waterfront facility—developed in partnership with the Port of Anacortes—reflects a strong commitment to strengthening our community, our economy, and our shared public spaces. This proposed investment will help create a vibrant gathering place for residents and visitors alike, and we appreciate the Congressman’s leadership in moving this vision forward.”

    Lopez Island Family Resource Center Executive Director Barbara Schultheiss on the Lopez Food Center Project: “The Lopez Food Center believes that a thriving local food system and strong economy are essential to a healthy, sustainable life here on Lopez. The construction of the food center will create a vital central gathering place—that will provide a much needed new space for the food bank; increase sales of local farm products with space for a communal farm stand and the San Juan Food Hub; creates opportunities for food businesses to grow/expand with storage, commercial kitchen and event space; and, provide critical trainings and supports for food businesses.  This shared facility will increase efficient food production and distribution and support the health and well-being of Lopez Island residents by increasing access to nutritious food and hands-on opportunities in the local food economy.”

    Edmonds Mayor Mike Rosen on the Edmonds Food Bank and Community Engagement Space Project: “We greatly appreciate the leadership of Rep. Larsen to support the Edmonds Food Bank. We know that many people in our community are struggling with food insecurity, and sadly the numbers are increasing, so this funding request is vitally important.”

    Edmonds Food Bank Executive Director Casey Davis on the Edmonds Food Bank and Community Engagement Space Project: “We are incredibly grateful to Representative Larsen for continuing to advocate for our community. As the need for food assistance continues to rise and other critical funding sources are eliminated, this $2 million request is vital to help us build a new facility that meets the growing needs of the individuals we serve in a respectful and efficient way. A new food bank and community engagement space will allow us to provide not only nutritious and culturally relevant food, but also deeper connection, dignity, and resources for long-term stability for our entire community. We cannot do this alone, we need the strength of continued partnerships to make this vision a reality.”

    Bellingham Mayor Kim Lund on the Bellingham Central Library Renovation Project: “Our library is a well-loved institution that gives community members opportunities to learn, grow, and connect. We are grateful for Rep. Larsen’s request for funding, which would help us make the library more accessible, comfortable, and welcoming, especially for families and children.”

    Whatcom County Health and Community Services Co-Health Officer Dr. Amy Harley on the DVSAS Douglas Building Preservation Project: “Whatcom County Health and Community Services is pleased to support the rehabilitation of the Douglas Building, the home of Domestic Violence and Sexual Assault Services of Whatcom County (DVSAS) in Bellingham. Washington. The Douglas building is used to provide critical counseling, legal support, and children’s programs for survivors of domestic violence, sexual assault, and sexual exploitation, and is an essential part of the continuum of care for this vulnerable population. The Douglas Building, however, is more than a building – it’s a lifeline for survivors of domestic violence and sexual assault in Whatcom County. Investing in its rehabilitation will ensure that DVSAS staff can continue to provide high-quality, trauma-informed care in a safe and trusted location, where individuals and families can begin the process of healing with dignity and respect.”

    Domestic Violence and Sexual Assault Services of Whatcom County on the DVSAS Douglas Building Preservation Project: “Domestic Violence & Sexual Assault Services of Whatcom County (DVSAS) extends its deepest gratitude to Congressman Larsen and his team for their efforts in prioritizing funding to preserve our downtown support center. Securing this vital funding guarantees continued access to essential services for individuals experiencing domestic or sexual violence, ensuring survivors have a lifeline to safety and immediate access to crisis services. Congressman Larsen’s commitment to preserving our downtown support center ensures everyone in our community has access to safety and support, now and for years to come.”

    Whatcom County Sheriff Donnell “Tank” Tanksley on the Whatcom County Sheriff’s Department Portable Radio Replacement Project: “Great training and bullet-proof vests aren’t all that keep our Patrol Deputies safe. Portable radios ensure deputies can communicate hazards, status and needs in the field. During the upcoming World Cup – with matches in Seattle and Vancouver, B.C. – increasing traffic through Whatcom County, it is vital that radios are interoperable with international agencies. Our current portables are not. We are grateful to Congressman Rick Larsen for his support of this essential need.”

    Orcas Senior Center Board Member John Ehrmantraut on the Orcas Senior Center Roof Replacement Project: “As Chair of Orcas Senior Center, I can’t stress enough how critical it is to replace our aging roof —not just to protect the building, but to safeguard the essential services and sense of community this space provides to Orcas Island residents. This center is a cornerstone of our island community, and protecting it means protecting the people who rely on it every day.”

    Edmonds College President Dr. Amit Singh on the LETI Incubator for Family Success Project: “Edmonds College is committed to our partnership with LETI in supporting first generation immigrants and their success. This resource center will empower individuals and families by providing assistance with everything from navigating social services to pursuing higher education. I am very thankful to Representative Larsen for his ongoing support of LETI and Edmonds College.”

    Founder & CEO of Latino Educational Training Institute Rosario Reyes on the LETI Incubator for Family Success Project: “We deeply appreciate Representative Larsen’s support for LETI’s Incubator for Family Success and are grateful to Edmonds College for joining us as a vital partner in this initiative. This new center will serve as a lasting community hub for Latino and low-income families in Snohomish County—a place to celebrate culture, host life events, and access essential services. With dedicated offices and classrooms, LETI will continue advancing its mission to empower Latino families through education, business development, family health, and support for financial advancement.”

    Western Washington University President Sabah Randhawa on the Shannon Point Marine Center Research Vessel Project: “Western Washington University appreciates Representative Larsen’s efforts to include funding for a new research vessel at Shannon Point Marine Center as part of the FY26 budget. If funded, this investment will significantly enhance our ability to study the Salish Sea and surrounding coastal ecosystems while expanding hands-on research opportunities for Washington’s next generation of scientists.”

    Port of Everett CEO Lisa Lefeber on the South Marina Terminal Replacement Project: “The reconstruction of Dock 1 will bring new commercial opportunities to the Everett waterfront, including possible passenger-only ferry service and small regional cruise visits for the first time to the area. This investment in transportation infrastructure will benefit jobs and recreation, therefore investing in our economy. The Port of Everett appreciates Congressman Larsen’s support of this infrastructure investment.”

    Port of Edmonds Commission President David Preston on the North Portwalk and Seawall Reconstruction Project: “We are grateful to Representative Rick Larsen for his continued support of the North Portwalk and Seawall Reconstruction Project. The Port will utilize funds to advance our project into its third and final phase. Vital repairs to the marina seawall will protect the Port and the surrounding area from flooding, erosion, and storm surges. At the same time, the improvements to the Port’s boardwalk will enhance the public’s use and experience on the waterfront.”

    Chair of the Board of Island County Commissioners Jill Johnson on the Island County Recycling and Reuse Station Project: “We are incredibly grateful for Representative Larsen’s leadership and support for Island County. Federal funding for the Island County Recycling and Reuse Station will improve upon and expand the county’s waste removal and recycling capacity, directly enabling growth and increasing environmental resiliency.”

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Nevada Man Who Stole Over $7M in Treasury Checks, Sentenced to Six Years in Prison

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – Kyle Eugene Duncan-Carle, 41, of Las Vegas, Nevada, was sentenced to 72 months’ imprisonment and five years’ supervised release after he admitted to bank fraud in 2023.

    In addition to his term of imprisonment, Duncan-Carle, was ordered to pay $3,490,634.75 in restitution.

    According to court documents and statements made at Duncan-Carle’s change of plea and sentencing hearings, from January 2023 through September 2023 in the District of Utah. Duncan-Carle stole U.S. Treasury checks made out to individuals and companies, assumed the identity of the individuals whose names were on the checks, opened credit union accounts under the assumed identities, and then deposited the checks and withdrew the funds. Duncan-Carle admitted the scheme resulted in at least eight stolen treasury checks that totaled $7,975,621.22. As a result, Duncan-Carle cost the United States government, financial institutions, and a financial institution’s insurance provider $3,490,634.75.

    Acting U.S. Attorney Felice John Viti of the District of Utah made the announcement.  

    The case was investigated jointly by the Internal Revenue Service, Criminal Investigations (IRS-CI); the Internal Revenue Service Treasury Inspector General for Tax Administration (TIGTA); and the FBI Salt Lake City Field Office.  

    Assistant United States Attorneys Stephen P. Dent and Luisa Gough of the U.S. Attorney’s Office for the District of Utah prosecuted the case. 
     

    Release No. 25-71

    MIL Security OSI –

  • MIL-OSI Security: Career Offender Is Sentenced To More Than 15 Years In Prison For Distributing Methamphetamine

    Source: Office of United States Attorneys

    ASHEVILLE, N.C. –Ronald Lee Peak, 45, of Hendersonville, N.C., was sentenced today to 188 months in prison followed by four years of supervised release for distributing methamphetamine, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina.

    Jae W. Chung, Acting Special Agent in Charge of the Atlanta Field Division of the Drug Enforcement Administration (DEA), which oversees the Charlotte District Office, and Alicia Jones, Special Agent in Charge of the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Charlotte Field Division, join U.S. Attorney Ferguson in making the announcement.

    According to court records and court proceedings, law enforcement learned that Peak was distributing firearms and methamphetamine in and around Asheville and Hendersonville. Investigators used a confidential informant (CI) to purchase firearms and methamphetamine from Peak at least two times between July and August 2022. The first time Peak sold the CI a 9mm pistol with an obliterated serial number in Hendersonville, and later, sold 36.82 grams of methamphetamine in Asheville. The second time Peak sold the CI 27.175 grams of methamphetamine and a .32 caliber pistol.

    Peak pleaded guilty on August 16, 2024, to distribution of methamphetamine. Court records indicate Peak has prior state convictions and as a result he qualified for an increased sentence as a career offender. Peak will be transferred to the custody of the Federal Bureau of Prisons after he completes his state prison sentence.

    In making today’s announcement, U.S. Attorney Ferguson thanked the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Buncombe Country Sheriff’s Office, the Henderson County Sheriff’s Office, and the Asheville Police Department for their investigation of the case.

    Assistant U.S. Attorney Christopher S. Hess of the U.S. Attorney’s Office in Asheville handled the prosecution.

    This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (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: Automotive Finco Corp. Files Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

    TORONTO, May 29, 2025 (GLOBE NEWSWIRE) — Automotive Finco Corp. (NEX: AFCC-H) (the “Company”) today announced that it has filed condensed interim consolidated financial statements for the three months ended March 31, 2025. The statements together with the Management Discussion and Analysis can be found on the Company’s SEDAR+ profile at www.sedarplus.ca. 

    About Automotive Finco Corp.

    Automotive Finco Corp. is a finance company focused exclusively on the auto retail sector. In addition to its interest in Automotive Finance Limited Partnership, the Company may also pursue other direct investments and financing opportunities across the auto retail sector.

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

    For further information please refer to the Company’s website at www.autofincocorp.com or contact Shannon Penney, Chief Financial Officer, at shannon.penney@rogers.com or (905) 619-4996.

    The MIL Network –