Category: Finance

  • MIL-OSI Asia-Pac: Canadian firms urged to re-domicile

    Source: Hong Kong Information Services

    On day two of his Canada visit, Secretary for Financial Services & the Treasury Christopher Hui urged two Canadadian-based insurance companies to consider re-domiciling their companies to Hong Kong to enjoy the relevant legal and taxation convenience, as well as to lower their compliance costs for satisfying two sets of regulatory requirements.

     

    During yesterday’s duty visit, Mr Hui met Manulife President & Chief Executive Officer Phil Witherington and Chief Financial Officer Colin Simpson, as well as SunLife Executive Vice-President & Chief Financial Officer Tim Deacon and Executive Vice-President & Chief Strategy & Enablement Officer Linda Doughety.

     

    Both companies are Canadian-based and have extended their business to Hong Kong.

     

    Mr Hui introduced them to the newly enacted legislation on re-domiciliation of companies, adding that on the very first day the company re-domiciliation regime came into effect last Friday, an international insurance group immediately announced its plan to re-domicile its company to Hong Kong.

     

    He pointed out that this news was the best testament to the regime’s effectiveness in enhancing companies’ operational efficiency, thereby consolidating Hong Kong’s position as a leading international financial centre.

     

    Under the new regime, non-Hong Kong-incorporated companies may apply to re-domicile to Hong Kong if they fulfil requirements concerning company background, integrity, member and creditor protection, solvency, etc, while maintaining their legal identity as a body corporate to ensure business continuity.

     

    If the company’s actual similar profits are also taxed in Hong Kong after re-domiciliation, the Government will provide the company with unilateral tax credits to eliminate double taxation.

     

    Mr Hui highlighted that Hong Kong has a strong foundation in investment and trade, making it an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as to establish captive insurers. He also noted that there are vast opportunities for insurance companies in Hong Kong.

     

    Mr Hui then attended a business luncheon organised by the Hong Kong Economic & Trade Office (Toronto), Invest Hong Kong (Canada) and the National Club.

     

    He gave a presentation themed “Hong Kong as an anchor of stability amid the changing world” to showcase to the attending financial leaders the stellar figures recorded in the financial market, and banking and monetary markets.

     

    Mr Hui talked about the Government’s efforts in aligning with international standards and boosting the development of green and sustainable finance and the virtual asset market. He highlighted that with its competitive advantages and proactive measures, as well as the stability and predictability of its financial market, Hong Kong has been earning the confidence of global investors.

     

    Additionally, Mr Hui met Ontario Securities Commission (OSC) Chief Executive Officer Grant Vingoe and both agreed that in today’s shifting global landscape, collaboration with trusted allies would ensure capital markets remain robust and resilient.

     

    The Securities & Futures Commission of Hong Kong entered into a memorandum of understanding with the OSC in mid-May to include Ontario of Canada in its list of acceptable inspection regimes for strengthening the regulatory collaboration and exchange of information between the two regulators.

     

    In the evening, Mr Hui had a dinner meeting with Hong Kong-Canada Business Association (Toronto Chapter) President Joseph Chaung, and the association’s board members to brief them on the latest developments and future direction of Hong Kong’s financial market.

     

    Mr Hui also paid a courtesy call on Consul-General of the People’s Republic of China in Toronto Luo Weidong. Both expressed their anticipation that Hong Kong, with the support of the nation and its solid foundation and forward-looking measures in financial areas, will engage in more co-operation with Canada.

    MIL OSI Asia Pacific News

  • MIL-OSI: Nykredit has completed the recommended voluntary public tender offer for Spar Nord Bank A/S – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Nykredit has completed the recommended voluntary public tender offer for Spar Nord Bank A/S

    28 May 2025

    Nykredit has completed the recommended voluntary public tender offer for Spar Nord Bank A/S

    With reference to Nykredit Realkredit A/S’s (“Nykredit”) announcement of 23 May 2025, in which Nykredit announced the final result of the voluntary public tender offer submitted by Nykredit (the “Offer”), Nykredit now announces that the Offer has been completed and settled as planned.

    Compulsory acquisition, delisting and changes to the management and articles of association

    As Nykredit has obtained an ownership interest corresponding to more than 90 per cent of the share capital and the associated voting rights in Spar Nord Bank (excluding treasury shares), it is Nykredit’s intention to initiate and complete a compulsory acquisition of the shares held by the remaining Spar Nord Bank shareholders in pursuance of sections 70-72 of the Danish Companies Act.

    Nykredit furthermore intends to seek to have the Spar Nord Bank shares removed from trading and official listing on Nasdaq Copenhagen A/S.

    In this connection, Nykredit will request Spar Nord Bank to convene an extraordinary general meeting at which Nykredit will propose changes to the board of directors of Spar Nord Bank and changes to Spar Nord Bank’s articles of association.

    Detailed information on compulsory acquisition, delisting and extraordinary general meeting will be published in separate announcements.

    In connection with Nykredit completing the recommended voluntary public tender offer for Spar Nord Bank A/S, Michael Rasmussen, Group Chief Executive, comments:

    “I have been looking forward to welcoming everyone at Spar Nord – customers and colleagues alike – to the Nykredit Group. Our two strong banks now join forces. Both of us are experiencing growth, customer inflows, and high customer satisfaction. Together, we can show even more customers that there is a customer-owned alternative in the financial sector and stand even stronger in the competition with the largest listed banks.

    Having completed the transaction, we will spend the coming period getting to know each other better. Much will therefore be as before – both for customers and colleagues. Naturally, our primary focus will be on meeting the needs of our customers.

    At the same time, the Nykredit Group’s ‘Winning the Double‘ strategy continues, because partnerships are a crucial part of our group strategy. Our partners can therefore expect us to further engage and invest in our important communities in Totalkredit, BEC, Sparinvest, nærpension and Privatsikring. These partnerships ensure that we together stand stronger in the Danish financial market and in our interaction with customers.”

    Additional information

    Contact persons:

    Investor contact:

    Morten Bækmand, Head of Investor Relations, Nykredit (+45 2339 4168)

    Media contact:

    Orhan Gökcen, Head of Press, Nykredit (+45 3121 0639)

    Attachment

    The MIL Network

  • MIL-OSI China: China’s new law targets private sector growth through stronger financial support

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

    People work in the filling workshop of the Global Intelligent Manufacturing Industrial Park of Yili Modern Intelligent Health Valley in Tumd Left Banner in Hohhot, north China’s Inner Mongolia Autonomous Region, April 17, 2025. [Photo/Xinhua]

    China’s newly enacted Private Sector Promotion Law has drawn significant attention for introducing a range of financial support mechanisms designed to bolster private businesses.

    The legislation, which took effect on May 20, 2025, aims to address long-standing financing challenges faced by private enterprises and promote high-quality economic development.

    Expanding financing channels

    The Private Sector Promotion Law explicitly encourages private businesses to diversify their financing channels. By supporting the development of a multi-layered capital market, the law makes it easier for private companies to raise money directly, for example, by issuing stocks or bonds.

    Some local governments are already introducing new financing tools. Jiangsu province, for instance, has launched the “Private Credit Loan,” which breaks through traditional loan limits and offers more flexible financing options for private businesses.

    Specifically, Jiangsu’s loan breaks through the previous loan ceiling of 10 million yuan ($1.3 million), with the maximum amount now reaching up to 30 million yuan. The funding usage term has also been extended to a maximum of three years, and for project-based financing, it can be extended to 10 years — far longer than the traditional corporate loan practice of annual review within a one-year term.

    Optimizing credit policies

    The law also requires relevant State Council departments to use monetary policy tools and macro-credit policies to encourage financial institutions to provide more inclusive financial services to private businesses. Measures include setting reasonable tolerance levels for non-performing loans, improving the due diligence and liability exemption mechanisms, and enhancing professional service capabilities.

    The National Financial Regulatory Administration has also called for optimizing credit supply policies, directing financial institutions to offer more targeted financial services to private enterprises.

    Innovating financial products and services

    The law encourages financial institutions to create products and services tailored to the specific needs of private businesses. This includes innovative financing methods such as accounts receivable financing, warehouse receipt financing, equity financing, and intellectual property financing.

    For example, Chongqing has promoted IP financing to help small- and medium-sized technology firms access funding. When Zhongke Guangzhi (Chongqing) Technology Co., Ltd. faced financing challenges, the Chongqing Intellectual Property Operation Center arranged an IP pledge loan.

    By using the company’s core patents as collateral, and combining this with a credit assessment, the center helped the company secure a 5 million yuan loan. Across China, financial institutions are also using big data and artificial intelligence to develop new service models, aiming to make financial services more efficient and better suited to the needs of private enterprises.

    Strengthening financing guarantee functions

    The Private Sector Promotion Law aims to establish a comprehensive risk-sharing system for private enterprise financing, supporting collaboration between financial institutions and guarantee providers. The National Financial Regulatory Administration, together with the Ministry of Finance, is promoting the creation of a nationwide government-backed guarantee system to offer low-cost financing guarantees for small and micro businesses.

    Establishing information-sharing mechanisms

    The law also calls for the development of a robust credit information collection and sharing mechanism, encouraging credit reporting agencies and rating institutions to serve private enterprises. This measure is designed to reduce information gaps between lenders and private businesses, lowering lending risks.

    In short, the Private Sector Promotion Law introduces a broad range of financial support policies to make financing more accessible and equitable for private companies. These initiatives are expected to ease funding challenges, unlock innovation, and drive high-quality economic development in China.

    Luo Weijie is an associate professor in economics at Beijing International Studies University.

    MIL OSI China News

  • MIL-OSI: Opdateret prospekt – Investeringsforeningen PortfolioManager

    Source: GlobeNewswire (MIL-OSI)

    Investeringsforeningen PortfolioManager offentliggør hermed opdateret fællesprospekt.

    Prospektet er opdateret som følge af, at en afdeling har ændret navn til afdeling Othania Stabil UCITS KL samt tilpasset investeringsområde i vedtægterne.

    Desuden sker opdateringen som følge af en afdelings navneændring til Petersen & Partners Globale Aktier Future World KL samt tilpasning af SFDR-bilag. 

    Endelig er der foretaget visse redaktionelle ændringer i prospektet.

    Foreningens nye prospekt kan downloades fra www.fundmarket.dk.

    Med venlig hilsen
    Nina Trolle Boldt, adm. direktør
    Fundmarket A/S

    The MIL Network

  • MIL-OSI Russia: Moscow redeems green bonds for the population, which became the first such securities

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The city has redeemed green bonds for the population. This was reported by Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance.

    The goals of the issue of securities were to improve the culture of saving and investing funds, as well as to involve citizens in the financing of the city’s environmental project.

    “Moscow’s green bonds for the population were the first such securities issued in Russia. Only individuals could purchase them. The city offered a simple and convenient investment product with a low degree of risk, also suitable for those who have no experience in investing in securities. An important point was the targeted nature of the investments: buyers invested in the implementation of a project to improve the environmental situation in the metropolis and improve the quality of the urban environment,” said Elena Zyabbarova.

    The funds received by the city from the placement of green bonds for the population were used to purchase 51 electric buses. They replaced diesel buses on city routes. The project allowed for the acceleration of the electrification of Moscow transport and the reduction of emissions of harmful substances and carbon dioxide into the atmosphere of the capital.

    The placement of securities began on May 30, 2023. Moscow offered private investors bonds worth two billion rubles for a period of two years. The par value of each of them was one thousand rubles, which made them available for purchase to a wide range of citizens. The entire issue was bought out in five weeks, which confirmed the high interest in the new financial instrument. More than 3.5 thousand people from 73 regions of Russia became owners of green bonds. The largest number was purchased by Muscovites, residents of the Moscow Region and St. Petersburg.

    According to the terms of the issue, the bonds for the population were not traded on the stock exchange and could not be resold to other individuals. Their holders had the right to return them to the city at any time at par value, while retaining the coupon income for the entire period of ownership. This served as an additional guarantee of the reliability of investments, reducing risks primarily for unqualified investors.

    Coupon income was paid quarterly. The city fulfilled its obligations to pay interest and redeem securities on time and in full.

    Elena Zyabbarova added that the issuance of green bonds for the population contributed to the increased interest of citizens in responsible investment issues and helped to learn more about how to save and increase their savings without risks. All purchase and sale transactions were carried out online, without intermediaries and commissions. This made the investment process clear and convenient.

    Moscow’s Green Bonds Among Global Best Practices in Combating Climate Change

    You can find out more about the Moscow budget and the city’s securities in the Telegram channel “Open Budget of Moscow” and on the official portal of the capital’s Department of Finance “Open Budget of the City of Moscow”.

    Get the latest news quicklyofficial telegram channel the city of Moscow.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/154367073/

    MIL OSI Russia News

  • MIL-OSI: Børsmeddelelse: Forløb af ekstraordinær generalforsamling i Investeringsforeningen PortfolioManager

    Source: GlobeNewswire (MIL-OSI)

    Investeringsforeningen PortfolioManager har i dag den 28. maj 2025 afholdt ekstraordinær generalforsamling i henhold til tidligere offentliggjort dagsorden.

    Alle de af bestyrelsen stillede forslag blev enstemmigt vedtaget af generalforsamlingen, herunder tilpasning af investeringsområde i vedtægterne for afdelingerne Climate Transition Bonds KL, Petersen & Partners Globale Aktier Future World KL samt Petersen & Partners Grønne Obligationer. Ændringerne afventer Finanstilsynets godkendelse.

    Eventuelle henvendelser vedrørende denne meddelelse kan rettes til undertegnede på tlf. 38 42 21 42.

    Med venlig hilsen
    Fundmarket A/S
    Nina Trolle Boldt, adm. direktør

    The MIL Network

  • MIL-OSI: UK businesses race to embed AI into enterprise workflows, EXL study finds

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 28, 2025 (GLOBE NEWSWIRE) — Businesses in the UK are making significant changes in the ways they work as they increasingly embed AI throughout their workflows and to scale and maximise ROI, according to new research by EXL [NASDAQ: EXLS], a global data and AI company. An 86% majority of organisations have significantly changed their operating model to accommodate AI, with 39% having completely redesigned how they work. Over the next year, companies expect half (50%) of their processes will include AI.

    The second annual EXL Enterprise AI Study: Driving Execution at Scale (UK Report) is based on a survey of 190 UK-based C-suite and other senior decision makers across the banking and finance, insurance, retail, utilities, and healthcare payer industries. Its findings shine a spotlight on the massive growth of enterprise GenAI implementations to date but also warn of data quality issues, talent shortages, and other roadblocks that could curtail some of the early progress companies have made as they move deeper into company-wide enterprise AI initiatives.

    The following are some of the report’s key findings:

    • Finance Leading the Charge: Leaders have emerged in the AI space, and the survey defines these organisations as those that have developed AI capabilities in at least five of the seven common business functions analysed in the report. Leaders were most likely to come from the banking and finance sector (18%), followed by utilities (16%), insurance (12%), and retail (10%).
    • Transforming to Enable AI in the Workflow: Organisations are developing new operating models to accommodate AI usage across their enterprise workflows. Overall, 86% of UK corporations have either made significant changes to their operating models (47%) or completely redesigned enterprise-wide operating models (39%) to integrate AI throughout their organisations.
    • Barriers Still Persist: Despite an average of £23.2 million per company in AI investment, barriers to adoption persist. The largest of these are cost or budget constraints, followed by concerns about data privacy and security, and the lack of a clear AI strategy or vision. What’s more, nearly 70% of companies say they have yet to achieve the data accessibility, efficiency, quality, consistency, and transparency required for AI to thrive in their organisations.
    • Companies Eye the Best Ways to Scale AI: Overall, 88% of respondents said it’s very or extremely important for their organization to scale their AI initiatives in the coming year. Executives ranked implementing AI governance (42%) and improving data quality and accessibility (42%) as their top priorities.
    • Retailers Eager to Make Larger Investments: Retailers are the most likely (42%) to say they are ramping up GenAI significantly, followed by utilities (30%), banking and finance (24%), and insurers (9%).

    “The only way large corporations can truly capitalise on the full power of AI is by integrating the technology into enterprise workflows,” said Anand “Andy” Logani, chief data and AI officer at EXL. “Executed well, the right AI strategy has the ability to deliver unmatched business value without disrupting core business functions.”

    The full report, 2025 EXL Enterprise AI Study: Driving AI Execution at Scale (UK Report), can be accessed here.

    About EXL

    EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Contacts
    Media
    Keith Little
    +1 703-598-0980
    media.relations@exlservice.com

    Investor Relations
    John Kristoff
    +1 212 209 4613
    IR@exlservice.com

    A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/516492ff-fe8c-4563-a2d3-10486840830b

    The MIL Network

  • MIL-OSI China: China’s finance ministry plans to issue 68 bln yuan of treasury bonds in HK this year

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

    China’s finance ministry plans to issue 68 bln yuan of treasury bonds in HK this year

    BEIJING, May 28 — The Ministry of Finance said Wednesday that it will issue a total of 68 billion yuan (about 9.46 billion U.S. dollars) in renminbi-denominated treasury bonds in six batches in the Hong Kong Special Administrative Region in 2025.

    The first two batches, totaling 25 billion yuan, were issued in February and April.

    The third batch of 12.5 billion yuan is scheduled to be issued via tender on June 4.

    Specific issuance arrangements will be announced on the website of the Hong Kong Monetary Authority’s Central Moneymarkets Unit, the ministry said.

    MIL OSI China News

  • MIL-OSI China: Chinese SOEs maintain stable revenue in first four months of 2025

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

    China’s state-owned enterprises (SOEs) maintained stable operations in the first four months of 2025, with their total operating revenue holding steady year on year, according to official data released Wednesday.

    From January to April, the combined operating revenue of China’s SOEs reached 26.276 trillion yuan (about 3.65 trillion U.S. dollars), remaining flat compared to the same period in 2024, data from the Ministry of Finance showed.

    During the same period, total profits of the SOEs stood at 1.35 trillion yuan, down 1.7 percent year on year. The SOEs’ tax and fees payments reached 2.04 trillion yuan, edging up 0.1 percent from a year earlier.

    As of the end of April, the debt-to-asset ratio of the SOEs rose slightly to 65.1 percent, up 0.2 percentage points from the same period last year.

    These figures were collected from SOEs in provincial-level regions and those administered by the central government, excluding financial firms. 

    MIL OSI China News

  • MIL-OSI China: China’s finance ministry plans to issue 68B yuan of treasury bonds in HK this year

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

    The Ministry of Finance said Wednesday that it will issue a total of 68 billion yuan (about 9.46 billion U.S. dollars) in renminbi-denominated treasury bonds in six batches in the Hong Kong Special Administrative Region in 2025.

    The first two batches, totaling 25 billion yuan, were issued in February and April.

    The third batch of 12.5 billion yuan is scheduled to be issued via tender on June 4.

    Specific issuance arrangements will be announced on the website of the Hong Kong Monetary Authority’s Central Moneymarkets Unit, the ministry said.

    MIL OSI China News

  • MIL-OSI Russia: Construction of a new production complex in Tsaritsyn has been agreed upon

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    In Tsaritsyno, on Kantemirovskaya Street (land plot No. 59a), an industrial complex will appear. The corresponding changes have already been made to the land use and development rules, reported Juliana Knyazhevskaya, Chairman of the Moscow Committee for Architecture and Urban Development (Moskomarkhitektura).

    “The area of the site is 4.7 hectares. The total area of the facility will be about 64 thousand square meters, of which 46 thousand are allocated for the reconstruction of the existing structure, and 18 thousand for new construction,” said Yuliana Knyazhevskaya.

    Land use and development regulations are a set of rules and requirements that govern how land can be used and what can be built on it. They determine what activities are permitted in certain locations and what requirements must be met when designing and constructing buildings.

    “Moscow is betting on the development of science-intensive and high-tech industries, as well as research and development. The new production complex with an area of 18 thousand square meters will contribute to the formation of the capital’s modern industrial infrastructure. The multifunctional purpose of the facility will allow for the efficient use of the territory and the formation of additional points of attraction for business activity. It will house premises for research and production activities, the production of components for the automotive and light industry, office blocks and infrastructure for servicing motor vehicles,” noted the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    The new complex will strengthen the industry due to its advantageous location near key transport routes – this will simplify logistics and reduce costs. In addition, the creation of hundreds of jobs will support the sector’s human resources potential, and modern production facilities will increase the competitiveness of the capital’s industry.

    Industrial production in the capital increased by five percentMore than 40 new production facilities will appear in Moscow in 2025

    Get the latest news quicklyofficial telegram channel the city of Moscow.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/154434073/

    MIL OSI Russia News

  • MIL-OSI: Press Release: GAM Investments Strengthens European Equities Platform with Appointment of Leading Investment Team

    Source: GlobeNewswire (MIL-OSI)

    Zurich: 28 May 2025        

    PRESS RELEASE

    GAM Investments Strengthens European Equities Platform with Appointment of Leading Investment Team

    Tom O’Hara, Jamie Ross and David Barker join GAM Investments to manage flagship GAM Star European Equity and Continental European Equity funds

    GAM Investments is pleased to announce the appointment of a new European Equities team comprising Tom O’Hara, Jamie Ross and David Barker. As of 15 May 2025, the team has assumed investment management responsibilities for the GAM Star European Equity and GAM Star Continental European Equity funds.

    This highly regarded investment team brings with them a style-agnostic, high-conviction investment approach that complements GAM’s longstanding heritage in European equities. The appointment marks a further milestone in GAM’s transformation and ongoing commitment to investment excellence.

    Tom O’Hara, Investment Director, European Equities at GAM, commented: “It’s great to be joining GAM. This is a very exciting time in the company’s turnaround, supported by a long-term focused majority owner and a strong, investment-led culture that traces its roots to Gilbert de Botton. On a personal level, my investing career started thanks to John Bennett – who spent 17 years at GAM managing European Equities and always spoke highly of the firm’s investment ethos. So, it really feels like a natural fit for us to be here.”

    “Our approach will remain consistent with our past. We are managing a concentrated, high-conviction portfolio of around 30 stocks, using our straightforward and repeatable ‘All-in’ framework, added David Barker. This combines expected earnings growth, cash return and valuation change to assess whether a company’s return potential exceeds that of the broader market.”

    A core, consistent and transparent investment process

    While the team brings a fresh perspective, they remain committed to delivering a core, flexible, style-agnostic strategy which builds on the legacies of both GAM and their own history as successful European equity investors. Their process is grounded in fundamental research and offers clear, data-driven insights for clients.

    David Barker highlighted, “We want to be open-source. That means sharing our investment insights, process and return assumptions with clients transparently and consistently across all our communications.”

    A turning point for Europe

    The team also believes the macro backdrop is shifting decisively in Europe’s favour.

    “For decades, cheap valuations alone weren’t enough to catalyse change in Europe. But that’s no longer the case. Geopolitical realignment sparked, in part, by the return of Donald Trump who has done more for EU unity than any post-war president,” said Jamie Ross. “We’re seeing a more assertive Europe: a looser fiscal stance in Germany, more coherent messaging from EU leaders, and growing momentum for innovation, investment, and regulatory simplification.”

    “Europe has a generational opportunity to redefine itself that demands cohesive action across industrial policy, energy security and tech sovereignty. These shifts will create a new generation of winners across the region. We believe this marks a key turning point for the European equity market.”

    Elmar Zumbuehl, Group CEO of GAM Investments, added “We are delighted to welcome Tom, Jamie and David to GAM. Their fresh approach, tight teamwork and use of advanced technology to focus on what really matters fully embraces the transformational changes underway in active investing. Their arrival significantly strengthens our specialist active equity offering and with investor interest returning to Europe, we see this as a powerful step forward for GAM’s specialist active equities platform and our clients.”

    Investors are encouraged to contact their local GAM relationship manager to learn more about the strategies or meet the team through upcoming events, webinars and roadshows.

    Editorial Information:

    Video: Introduction to European Equities at GAM – Tom O’Hara, David Barker and Jamie Ross. https://www.gam.com/en/introducing-gam-investments-european-equities-team

    Team Bios:

    • Tom O’Hara, Investment Director, is responsible for the management of European Equity funds at GAM, alongside Jamie Ross and David Barker. Before joining GAM Investments in May 2025, he spent 7 years managing European equity funds at Janus Henderson Investors. Prior to this, he spent 8 years as a sell side equity research analyst covering the metals and mining sector. He began his career in the treasury of Northern Rock plc. He has 19 years of financial industry experience and received his BA degree (Hons) in economics from Newcastle University. He is passionate about the role of emerging technologies in shaping active investing and was an early investor in Quartr, a Swedish fintech platform, where he continues to serve as a non-executive adviser.
    • David Barker, Investment Manager, is responsible for the management of European Equity funds at GAM. Before joining GAM Investments in May 2025, he was a Research Analyst on the European Equities Team at Janus Henderson Investors, a position he had held since 2021. Prior to this, he was Research Analyst specialising in Aerospace & Defence and Industrials at Bank of America Merrill Lynch, where he started in 2017. David graduated with a BA degree in History from Somerville College, University of Oxford and has 9 years of financial industry experience.
    • Jamie Ross, Investment Manager, is responsible for the management of European Equity funds at GAM. Before joining GAM Investments in May 2025, he was a Portfolio Manager on the European Equities Team at Janus Henderson Investors, a position he had held since 2016. Prior to this, he was a portfolio manager on the UK Equities Team, where he co-managed a UK equities pooled fund. He started his career with Henderson in 2007. Jamie graduated with a BA degree (Hons) in economics from Durham University. He holds the Chartered Financial Analyst designation and has 18 years of financial industry experience.

    For further information please contact:

    Colin Bennett | GAM Media Relations
    T +44 (0) 20 73 938 544 
    colin.bennett@gam.com

    Visit us: www.gam.com
    Follow us: X and LinkedIn

    About GAM

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983, and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit www.gam.com.

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachments

    The MIL Network

  • MIL-OSI: April Monthly Net Asset Value Estimate

    Source: GlobeNewswire (MIL-OSI)

    NBPE Announces April Monthly NAV Estimate

    St Peter Port, Guernsey 28 May 2025

    NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 April 2025 monthly NAV estimate.

    NAV Highlights (30 April 2025)

    • NAV per share was $27.29 (£20.43), a total return of 0.4% in the month
    • Approximately 62% of fair value based on private company valuation information as of Q1 2025 or based on 30 April 2025 quoted prices
    • Based on information received so far, private company valuations increased fair value by 0.4% during Q1 2025 on a constant currency basis
    • NBPE expects to receive additional updated Q1 2025 financial information which will be incorporated in future monthly NAV updates
    • $307 million of available liquidity at 30 April 2025
    • ~151k shares repurchased during April 2025 at a weighted average discount of 33% which were accretive to NAV by ~$0.02 per share. Year to date, NBPE has repurchased ~680k shares at a weighted average discount of 29% which were accretive to NAV by ~$0.10 per share
    As of 30 April 2025 Year to Date One Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised
    0.8% 3.4% 4.1%
    1.4%
    87.7%
    13.4%
    160.7%
    10.1%
    MSCI World TR (USD)*
    Annualised
    (0.8%) 12.6% 39.0%
    11.6%
    96.6%
    14.5%
    157.2%
    9.9%
               
    Share price TR (GBP)*
    Annualised
    (8.0%) (8.9%) 3.6%
    1.2%
    99.0%
    14.7%
    189.5%
    11.2%
    FTSE All-Share TR (GBP)*
    Annualised
    4.3% 7.5% 22.6%
    7.0%
    67.9%
    10.9%
    75.9%
    5.8%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 30 April 2025

    NAV performance during the month driven by:

    • 1.1% NAV increase ($13 million) attributable to changes in foreign exchange
    • 0.9% NAV decrease ($10 million) attributable to changes in prices of quoted holdings (which now constitute 5% of portfolio fair value)
    • 0.3% NAV increase ($4 million) from the value of private holdings
    • 0.2% NAV decrease ($3 million) attributable to expense accruals

    $53 million of realisations in 2025 year to date

    • $6 million of proceeds received during the month of April, consisting primarily of full and partial realisations of GFL, Corona Industrials and Inflection Energy

    $307 million of total liquidity at 30 April 2025

    • $97 million of cash and liquid investments with $210 million of undrawn credit line available

    2025 Share Buybacks

    • ~151k shares repurchased in April 2025 at a weighted average discount of 33%; buybacks were accretive to NAV by ~$0.02 per share
    • Year to date, NBPE has repurchased ~680k shares at a weighted average discount of 29% which were accretive to NAV by ~$0.10 per share

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 30 April 2025 was based on the following information:

    • 5% of the portfolio was valued as of 30 April 2025
      • 5% in public securities
    • 57% of the portfolio was valued as of 31 March 2025
      • 57% in private direct investments
    • 38% of the portfolio was valued as of 31 December 2024
      • 38% in private direct investments

    For further information, please contact:

    NBPE Investor Relations        +44 (0) 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 30 April 2025)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer 83.9 6.6%
    Osaic 2019 Reverence Capital Financial Services 66.9 5.3%
    Solenis 2021 Platinum Equity Industrials 59.8 4.7%
    BeyondTrust 2018 Francisco Partners Technology / IT 47.7 3.8%
    Monroe Engineering 2021 AEA Investors Industrials 44.7 3.5%
    Business Services Company* 2017 Not Disclosed Business Services 40.1 3.2%
    Branded Cities Network 2017 Shamrock Capital Communications / Media 38.9 3.1%
    True Potential 2022 Cinven Financial Services 35.2 2.8%
    Mariner 2024 Leonard Green & Partners Financial Services 33.7 2.7%
    FDH Aero 2024 Audax Group Industrials 32.9 2.6%
    Marquee Brands 2014 Neuberger Berman Consumer 31.4 2.5%
    GFL (NYSE: GFL) 2018 BC Partners Business Services 30.6 2.4%
    Staples 2017 Sycamore Partners Business Services 29.6 2.3%
    Auctane 2021 Thoma Bravo Technology / IT 29.1 2.3%
    Fortna 2017 THL Industrials 28.7 2.3%
    Viant 2018 JLL Partners Healthcare 27.3 2.2%
    Stubhub 2020 Neuberger Berman Consumer 26.4 2.1%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT 26.3 2.1%
    Benecon 2024 TA Associates Healthcare 25.5 2.0%
    Agiliti 2019 THL Healthcare 25.3 2.0%
    Kroll 2020 Further Global / Stone Point Financial Services 25.0 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT 24.6 1.9%
    Excelitas 2022 AEA Investors Industrials 24.1 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services 23.8 1.9%
    Exact 2019 KKR Technology / IT 23.3 1.8%
    CH Guenther 2021 Pritzker Private Capital Consumer 21.2 1.7%
    Bylight 2017 Sagewind Partners Technology / IT 19.9 1.6%
    Constellation Automotive 2019 TDR Capital Business Services 19.0 1.5%
    Real Page 2021 Thoma Bravo Technology / IT 18.8 1.5%
    Tendam 2017 PAI Consumer 18.3 1.4%
    Total Top 30 Investments                             $982.1 77.6%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 77%
    Europe 22%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 22%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 12%
    Healthcare 9%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 9%
    2017 16%
    2018 15%
    2019 13%
    2020 13%
    2021 18%
    2022 6%
    2023 2%
    2024 8%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.


    1Based on net asset value.

    Attachment

    The MIL Network

  • MIL-OSI Asia-Pac: SFST urges Toronto companies to re-domicile (with photos)

    Source: Hong Kong Government special administrative region

    SFST urges Toronto companies to re-domicile  
    He visited two Canada-based insurance companies that have extended their business to Hong Kong. Mr Hui met separately with the President and Chief Executive Officer, Mr Phil Witherington, and the Chief Financial Officer, Mr Colin Simpson, of Manulife; as well as the Executive Vice-President and Chief Financial Officer, Mr Tim Deacon, and the Executive Vice-President and Chief Strategy and Enablement Officer, Ms Linda Doughety, of SunLife. He introduced them to the newly enacted legislation on re-domiciliation of companies, encouraging them to consider re-domiciling their companies to Hong Kong to enjoy the relevant legal and taxation convenience, as well as to lower their compliance costs for satisfying two sets of regulatory requirements. He also mentioned that on the very first day the company re-domiciliation regime came into effect last Friday, an international insurance group immediately announced its plan to re-domicile its company to Hong Kong. This news was the best testament to the regime’s effectiveness in enhancing companies’ operational efficiency, thereby consolidating Hong Kong’s position as a leading international financial centre.
     
    Under the new regime, non-Hong Kong-incorporated companies may apply to re-domicile to Hong Kong if they fulfil requirements concerning company background, integrity, member and creditor protection, solvency, etc, while maintaining their legal identity as a body corporate to ensure business continuity. If the company’s actual similar profits are also taxed in Hong Kong after re-domiciliation, the Government will provide the company with unilateral tax credits to eliminate double taxation.
     
    Mr Hui pointed out that Hong Kong has a strong foundation in investment and trade, making it an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as to establish captive insurers. There are vast opportunities for insurance companies in Hong Kong. 
     
    At noon, Mr Hui attended a business luncheon organised by the Hong Kong Economic and Trade Office (Toronto), Invest Hong Kong (Canada) and the National Club. He gave a presentation themed “Hong Kong as an anchor of stability amid the changing world” to showcase to the attending financial leaders the stellar figures recorded in the financial market, and banking and monetary markets. He also talked about the Government’s efforts in aligning with international standards and boosting the development of green and sustainable finance and the virtual asset market. He said that, with its competitive advantages and proactive measures, as well as the stability and predictability of its financial market, Hong Kong has been earning the confidence of global investors. Mr Hui also had a fireside chat with the President of the National Club, Mr Arnie Guha, and answered questions from the floor. The luncheon was well received. Participants were attracted by the various new developments in Hong Kong’s financial markets introduced by Mr Hui.
     
    In the afternoon, Mr Hui met with the Chief Executive Officer of the Ontario Securities Commission (OSC), Mr Grant Vingoe, and OSC representatives. The Securities and Futures Commission of Hong Kong entered into a Memorandum of Understanding with the OSC in mid-May to include Ontario of Canada in its list of acceptable inspection regimes for strengthening the regulatory collaboration and exchange of information between the two regulators. Both Mr Hui and Mr Vingoe agreed that in today’s shifting global landscape, collaboration with trusted allies would ensure capital markets remain robust and resilient.
     
    In the evening, Mr Hui had a dinner meeting with the President of the Hong Kong-Canada Business Association (HKCBA) (Toronto Chapter), Mr Joseph Chaung, and board members to brief them on the latest developments and future direction of Hong Kong’s financial market. The HKCBA has members in eight Canadian cities to foster bilateral trade.
     
    Mr Hui also paid a courtesy call to the Consul-General of the People’s Republic of China in Toronto, Mr Luo Weidong. Both expressed their anticipation that Hong Kong, with the support of the nation and its solid foundation and forward-looking measures in financial areas, will engage in more co-operation with Canada.
     
    On May 28 (Toronto Time), Mr Hui will travel to Ottawa to meet with government financial officials.
    Issued at HKT 12:26

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Murray, Cantwell, Health Care Providers and Advocates Slam Republican Health Care Cuts Threatening to Kick Nearly 14 Million Americans Off Their Health Insurance—Including 274,000 People in WA

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    At least 274,000 people in Washington state could lose their health insurance under the Republican plan through steep cuts to Medicaid and the Affordable Care Act, according to nonpartisan estimates
    Parent of young Washington state resident on Medicaid: “It is absolutely devastating to think that a singular vote from a group of people who don’t know Nate, and don’t fully understand the terrifying impact losing Medicaid could have, could take this all away from him, all in the name of reducing waste.”
    *** VIDEO OF FULL PRESS CONFERENCE HERE***
    ***PHOTOS AND B-ROLL FROM EVENT HERE***
    Seattle, WA — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, and Senator Maria Cantwell (D-WA), senior member of the Senate Finance Committee and ranking member of the Senate Commerce Committee, held a press conference laying out how Republicans’ reconciliation bill that passed through the House this week will be devastating for Washington state’s health care system and the 1.95 million people across Washington state who rely on Apple Health, Washington state’s Medicaid program, and the 300,000+ Washingtonians who access coverage through the state’s Affordable Care Act marketplace (Washington Healthplanfinder).
    The legislation passed by House Republicans last week would cut nearly $1 trillion from America’s health care system and is the largest cut to Medicaid in history. The nonpartisan Congressional Budget Office (CBO) estimates that the legislation will lead to 13.7 million Americans getting kicked off their health insurance—between the drastic cuts to Medicaid and the sabotage of the Affordable Care Act and refusal to expand tax credits Democrats passed to lower health insurance premiums.
    At least 274,000 people in Washington state could lose their health insurance under the Republican plan, according to estimates based on the nonpartisan CBO’s analysis. That includes approximately 194,000 people in Washington state who will lose Medicaid coverage, and approximately 79,000 people who will lose ACA coverage. This figure doesn’t even account for the more sweeping health care cuts that House Republicans slotted in and passed at the last minute in the early morning of May 22nd. Among other things, Republicans’ bill would institute work reporting requirements, which have been proven not to increase employment and just strip health care coverage from people who are already working or exempt—this would put more than 620,000 Washingtonians at risk of losing their health care coverage or having it delayed because of a wall of new paperwork. The Republican bill would also reduce the federal match rate by 10 percent for states like Washington that provide health care coverage to noncitizens—this would be a devastating $460 million annual loss in federal Medicaid funding for Washington state, or nearly a $2 billion loss over the next four years. Additionally, the Republican bill includes a provision to defund Planned Parenthood, threatening the closure of up to 200 health centers across the country. Planned Parenthood runs 26 health centers in Washington state. Republicans are advancing the legislation through the budget reconciliation process, which only requires a simple majority to pass in both chambers of Congress.
    “The legislation Republicans are pushing through Congress is the largest cut to Medicaid in American history—let that sink in. In Washington state, we are looking at: at least 194,000 people losing their Apple Health coverage under this bill. And that number rises to a quarter of a million people in our state getting kicked off their health care if you include all the ways Republicans are sabotaging the ACA in this bill and letting important health care tax credits for middle class families expire. Under Republicans’ bill, Washington state would lose an estimated 2 billion dollars in federal Medicaid funding over the next four years—that’s catastrophic for our state’s budget,” said Senator Murray. “Altogether, the health care cuts in Republicans’ mega-bill will mean hospitals and nursing homes shutting down—especially in rural areas—millions of people getting kicked off Medicaid or their coverage under the Affordable Care Act, people blocked from accessing the benefits they are rightly eligible for because of a new wall of paperwork and red tape, Planned Parenthood health centers closing their doors, kids with disabilities losing out on the care they need, medical debt skyrocketing, and insurers leaving the Marketplace, leaving families and small business owners with little or no options for coverage. Needless to say—all of that means higher costs and less access to care for everyone, not just people on Medicaid.”
    “For the life of me I do not understand how some of the same Republicans who represent the areas of our state most reliant on Medicaid ever looked at this bill, looked at what it would do to the people they serve and said, ‘count me in!’ The fact of the matter is not complicated. Republicans want to pass a bill that will hurt the middle class and working families, to give a handout to some of the richest companies on the planet. Republicans know that is bad policy. They know that is massively unpopular—they know they are adding trillions to the national debt. That is why they are trying to jam this through with as little scrutiny as possible. Remember, we managed to stop Trump and Republicans from repealing the Affordable Care Act back in 2017. Public outcry matters—we have seen that even this administration is not totally immune from public pressure. We need to show Republicans that the American people are watching, and they will have to answer to their constituents,” Senator Murray continued.
    “The people here in Washington who have to deal with this issue — who know that their rural hospitals could go under, or their health clinics could be affected, or the cost of care could go up in their communities and make everything more expensive — they know that we also have to stop this legislation. We need to say to the President of the United States: He has to stop trying to dismantle the Affordable Care Act. He cannot propose ideas that literally will leave these providers without resources,” Senator Cantwell said. “We do not need to have Robin Hood in reverse. We do not need to steal from Medicaid the stability of our health care system and give a tax break to big corporations. We need to stop this effort as soon as possible. Senator Murray and I will be fighting every day on the Senate floor to convince our colleagues that this is not only a wrongheaded approach — it is going to cost the American people.”
    One in five adults, three in five nursing home residents, and three in eight people with disabilities in Washington are covered by Apple Health. Medicaid provides health care for over 800,000 children in Washington state—nearly half of children—and more than 45 percent of births in Washington state are covered by Medicaid—in rural Washington, that number goes up to more than 70 percent on births. Medicaid is also largest payer for opioid use disorder treatment in Washington state. Washington state spends approximately $21 billion on Medicaid annually—approximately $8 billion of that is paid for by the state, and approximately $13 billion is paid for by the federal government.
    “As a physician, I see firsthand how lack of health insurance leads to delayed care, resulting in more death, more advanced diseases that are significantly more expensive to treat, and more economic burden. Denying access to health insurance shifts the financial burden to emergency services and public systems, ultimately increasing overall healthcare costs for taxpayers,” said Dr. Jesus Iniguez, Medical Director at Sea Mar Community Health Centers.
    “Nurses are present at every level of care delivery. We are on the front line, and deal with the consequences when patients avoid care because of a lack of coverage. These cuts are not only cruel – they are harmful to the stability of our entire healthcare system and will not only impact those who are on Medicaid. We will all feel it. The ripple effect of something as monumental as the cuts they are currently proposing would send shock waves throughout the entire health care system, reducing access to care for millions,” said Edna Cortez, a pediatric nurse and member of the Washington State Nurses Association (WSNA).
    “If the bill that passed the US House last week becomes law, it will be one of the most devastating attacks on health care access in American history. By banning Planned Parenthood from seeing Medicaid patients, the bill targets our organization and the patients who rely on us for care every day. The people who passed this bill wish for Planned Parenthood health centers to close their doors, and for people to lose access to affordable health care – and for many, access to health care altogether. And if this bill becomes law, their unbelievably cruel wish will be granted. Health centers will close, maybe even here in Washington. Planned Parenthood Federation of America estimates that 200 health centers will close nationwide, 90 percent of which are located in states like Washington where abortion is still legal. As you’ve heard today, people will lose their insurance coverage through cuts to Medicaid and the Affordable Care Act,” said Brita Lund, Manager of Planned Parenthood Northgate Health Center. “Nearly 40 percent of our affiliate’s patients in Western Washington are Medicaid recipients. This is about much more than abortion, which already cannot be covered by federal Medicaid dollars. This money goes to birth control, cancer screenings, and STI testing. All of which are now at risk. Every single day at the health center I manage in Northgate, we help people sign up for Apple Health and Medicaid. Not just help them access services – we ask them a few screening questions and then show them how to enroll in the program, because when they walked through the door, they did not have insurance – and many did not even know it was an option available to them. Our front desk receptionist is the longest tenured employee in our Planned Parenthood affiliate, and might be the longest tenured Planned Parenthood employee in the state. She estimates that she personally enrolls one to three people every single work day. Over her career of 36 years, that means she has likely enrolled more than 1800 people. And that’s just her. There are providers and staff like her at every Planned Parenthood health center in the country, and at places like Sea Mar, who help patients sign up for Medicaid. Because everyone deserves to get the care they need, no matter what. If this bill becomes law, hospitals will close. Clinics will close. Long term care facilities will close. And everyone, not just Medicaid recipients, will be punished.”
    “Nate is 20 years old and autistic. He has an intellectual disability and requires support throughout the day to ensure his needs are met, much of which he receives through Home and Community Based Waiver services. Nate has a job at our local neighborhood pizza shop, where he works four hours a week building pizza boxes and doing other odd jobs with the support of a job coach. He of course gets a paycheck for his work, but he also gets a free slice of pizza and a coke after every shift, which he loves. He adores his job and is so proud of the ways he contributes to his community. Building the life of his dreams, and filling his days with enrichment and social connection when school ends, will not be easy, but with the help of Medicaid services the way they are now, Medicaid services such as health insurance, employment support, personal care, and home and community based waiver services, we’re starting to see a pathway to making it a reality. It’s a steep one, but the pathway is there,” said Rachel Nemhauser, parent of Nate and the Director of Family Support Services at The Arc of King County. Nate is one of the almost 280,000 adults with disabilities on Medicaid in Washington state, and Rachel shared his story with his permission. “But if the proposed Medicaid cuts go through, this dream vanishes. It threatens to reduce or eliminate the job support he counts on, making it impossible for him to stay employed. It threatens to reduce his access to health care, making it harder for people with vulnerable health to stay healthy and continue to work. It threatens to create paperwork and administrative barriers so burdensome and complicated that it’s almost impossible not to make a mistake once in a while. It is absolutely devastating to think that a singular vote from a group of people who don’t know Nate, and don’t fully understand the terrifying impact losing Medicaid could have, could take this all away from him, all in the name of reducing waste.”
    Nationwide, nearly half of children in America are enrolled in Medicaid and the Children’s Health Insurance Program (CHIP), and Medicaid pays for nearly half of births in the U.S. Medicaid also pays for services for 2 in 3 nursing home residents and pays for home-based services for close to 2 million seniors—allowing them to age safely at home—as well as close to 3 million people with disabilities and other health conditions. Medicaid also covers 1 in 4 people with a mental health or substance use disorder, and serves as the largest payer for mental health and substance use services for communities nationwide amid an ongoing overdose and opioid epidemic made worse by an influx of fentanyl.
    Recent polling from KFF Health found 82 percent of adults think Medicaid funding should either increase or stay the same and large majorities of people across parties, those who voted for Trump in 2024, and adults living in rural areas say the program is “very important” for their local community. Polling from Hart Research found that 71 percent of voters who backed Trump said cutting Medicaid would be unacceptable, and voters overall were even more opposed to it.
    Senator Murray’s full remarks at today’s press conference are below:
    “Republicans are looking to make history of the absolute worst kind.
    “Last week, overnight, House Republicans passed the single largest transfer of wealth from the poor to the rich in the history of our country.
    “Reading this bill, you realize pretty quickly why did this in the dead of night. At least 7.6 million people losing Medicaid coverage, millions more losing health coverage and seeing costs go up, students having their Pell Grants cut, not to mention the biggest cut to SNAP in history—all to help fuel up corporate jets and executive bonuses with tax cuts for billionaires.
    “But—bad news for Republicans—we are not going to let them keep the American people in the dark. We are going to put a bright and burning spotlight on this big, ugly, disaster of a bill. The legislation Republicans are pushing through Congress is the largest cut to Medicaid in American history—let that sink in.
    “In Washington state, we are looking at least 194,000 people losing their Apple Health coverage under this bill. And that number rises to a quarter of a million people in our state getting kicked off their health care if you include all the ways Republicans are sabotaging the ACA in this bill and letting important health care tax credits for middle class families expire.
    “Under Republicans’ bill, Washington state would lose an estimated 2 billion dollars in federal Medicaid funding over the next four years—that’s catastrophic for our state’s budget. And on top of all that Republicans’ bill would defund Planned Parenthood—a longtime goal of anti-abortion extremists that would be absolutely devastating for women’s health care in our state and across the country. Defunding Planned Parenthood would put 200 health centers at risk of closure across the country and put critical cancer screenings and birth control even further out of reach. And by the way, it would actually cost taxpayers money $300 million dollars over the next decade, according to nonpartisan estimates.
    “Altogether, the health care cuts in Republicans’ mega-bill will mean: hospitals and nursing homes shutting down—especially in rural areas; millions of people getting kicked off Medicaid or their coverage under the Affordable Care Act; people blocked from accessing the benefits they are rightly eligible for because of a new wall of paperwork and red tape; Planned Parenthood health centers closing their doors; kids with disabilities losing out on the care they need; medical debt skyrocketing; and insurers leaving the Marketplace, leaving families and small business owners with little or no options for coverage.
    “Needless to say, all of that means higher costs and less access to care for everyone, not just people on Medicaid. But I have to say, for the life of me, I do not understand how some of the same Republicans who represent the areas of our state most reliant on Medicaid—ever—looked at this bill, looked at what it would do to the people they serve, and said, “count me in!”
    “Now, it’s worth noting, House Republicans did make some last-minute changes, but not what you might expect. They made sure more people will lose their health care sooner. And they made sure it will be more expensive to get health coverage on the exchanges. Oh, and don’t forget they got rid of a tax on gun silencers. Seriously—of all things!?
    “The people at the top? The billionaires and biggest corporations? They are doing fine. You don’t need to shower them with money taken out of the pockets of struggling families.
    “And you know what? If you want to help American businesses, all you have to do is pass legislation to stop Trump’s trade war which is hurting businesses and driving up costs. Doesn’t that sound better than taking food from hungry kids to give Elon Musk another tax break? Doesn’t that make more sense than kicking seniors out of nursing homes? Doesn’t that seem a little more reasonable that cutting patients off from their health care?
    “The fact of the matter is not complicated. Republicans want to pass a bill that will hurt the middle class and working families, to give and handout to some of the richest companies on the planet. Republicans know that is bad policy. They know that is massively unpopular. They know they are adding trillions to the national debt. That is why they are trying to jam this through with as little scrutiny as possible.
    “But we are putting this heist on full blast and fighting back against it with everything we’ve got. Remember, we managed to stop Trump and Republicans from repealing the Affordable Care Act back in 2017.
    “So, my message to everyone is—now is the time to get loud, speak out, talk to your friends and family in Republican districts, call your Member of Congress. And remember, you are not powerless.
    “Public outcry matters—we have seen that even this administration is not totally immune from public pressure. We need to show Republicans that the American people are watching, and they will have to answer to their constituents.”

    MIL OSI USA News

  • Prime Minister attends Civil Investiture Ceremony-II, honours Padma Awardees

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Tuesday attended the Civil Investiture Ceremony-II held at Rashtrapati Bhavan, where the prestigious Padma Awards were presented to distinguished individuals from various fields.

    In a post on X, the Prime Minister said, “Attended the Civil Investiture Ceremony-II, where the Padma Awards were presented. The Padma awardees have made notable contributions to our society. The life journeys of those who were conferred the Padma are deeply motivating.”

    Vice-President Jagdeep Dhankhar, Union Ministers Amit Shah, S. Jaishankar, Pralhad Joshi, Jitendra Singh, G. Kishan Reddy, and several other dignitaries were present on the occasion.

    The Padma Awards—Padma Vibhushan, Padma Bhushan, and Padma Shri—are among the highest civilian honours in the country and are conferred in recognition of exceptional service in various disciplines, including art, literature, education, medicine, social work, science, public affairs, and sports.

    This year, the government had announced a total of 139 Padma awardees on the eve of Republic Day.

  • MIL-OSI Asia-Pac: Acting SFST’s speech at HKVCA Greater China Private Equity Summit 2025 (English only)

    Source: Hong Kong Government special administrative region

    Acting SFST’s speech at HKVCA Greater China Private Equity Summit 2025 (English only) 
    Rebecca (Co-Founder and Managing Director of Asia Alternatives, Ms Rebecca Xu), Conrad (Founder and Chairman of Strategic Year Holdings, Mr Conrad Tsang), distinguished guests, ladies and gentlemen,
     
         Good morning. It is my great pleasure to join you at the HKVCA’s flagship event – the Greater China Private Equity Summit – a global gathering of professionals and industry leaders of the private equity and venture capital sector.
     
         Today, the global economy is confronted by geopolitical tensions and economic fragmentation, and threatened by the rise of unilateralism and protectionism. Against this backdrop, it is all the more necessary to have a stable and predictable “super connector” with an overall conducive business environment.
     
         This is exactly what Hong Kong stands to provide. Earlier this year, the International Monetary Fund has reaffirmed Hong Kong’s position as an international financial centre and recognised Hong Kong’s resilient financial system, as supported by robust institutional frameworks, ample policy buffers, and the smooth functioning of the Linked Exchange Rate System. Indeed, Hong Kong ranked third in the world and first in Asia in the latest Global Financial Centers Index, whilst topping its “investment management” and “finance” matrix globally.
     
    China connectivity
     
         One unique advantage of Hong Kong is our preferential access to the Mainland China market. Last year (2024) marked the 10th anniversary of the mutual market access programmes between the Mainland and Hong Kong financial markets. Various mutual access programmes have been introduced one after another and have thrived over the past few years. The Connect Schemes allow international investors to conveniently invest in the Mainland China market through Hong Kong. At the same time, they enable Mainland investors to diversify their asset allocation through Hong Kong, facilitating the two-way flow of capital between the Mainland market and international markets, as well as the internationalisation of the Renminbi.
     
         The content and scope of mutual access have continued to deepen and expand, now encompassing a wide range of offerings, including stocks, bonds, exchange-traded funds, derivatives for risk management, and more. Real estate investment trusts will also soon be included in the Connect Schemes.
     
         Meanwhile, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is fast emerging as a young and massive consumer market that is increasingly affluent, and has a growing demand for quality financial products and services, and a need for diversified asset allocation. Home to 87 million people with a GDP (Gross Domestic Product) per capita of US$40,000 on a purchasing power parity basis, the GBA presents immense potential in driving the synergistic development of Hong Kong and other GBA cities.
     
         Tapping into the potential of this market, the GBA Cross-boundary Wealth Management Connect (WMC) was launched in 2021 and enhanced in February last year. The WMC provides GBA residents with a formal, direct and convenient channel for cross-boundary investment in diversified wealth management products. As of the end of April this year, about 154 000 individual investors in the GBA participated in the WMC, and cross-boundary fund remittances totalled close to RMB112 billion.
     
         Another recent case of our continued endeavour to deepen the mutual access and strengthen financial market development is the enhancements to the Mainland-Hong Kong Mutual Recognition of Funds (MRF) arrangement in January this year. By relaxing sales restrictions and allowing Hong Kong funds to delegate investment management functions overseas, the measures significantly increased the diversity of fund products, enhanced the scale of funds, and brought a positive effect to the distribution of MRF funds.
     
    Asset and wealth management hub
     
         With the your staunch support, we are solidifying Hong Kong’s role as an international asset and wealth management centre. As at the end of 2023, the assets under management (AUM) of the Hong Kong’s asset and wealth management business reached about US$4 trillion, registering a growth of about 30 per cent over five years, and 64 per cent of the capital was sourced from non-Hong Kong investors, underscoring our city’s role as a trusted gateway for global capital seeking access to opportunities across Asia and beyond. Our leadership is further evidenced by our standing as Asia’s largest hedge fund hub and Asia’s largest cross-border wealth management centre.
     
         As of the end of April this year, there were 1 125 limited partnership funds registered in Hong Kong, representing a growth of over 30 per cent on a year-on-year basis. According to an industry report, as of the end of first quarter this year, the AUM of Hong Kong’s private equity business amounted to about US$230 billion, ranked second in Asia, just trailing the Mainland China market.
     
         To drive development on this front, we are welcoming alternative asset funds to list in Hong Kong. The Securities and Futures Commission has recently issued a circular to clarify the regulatory requirements for authorising closed-ended funds that invest mainly in private and less liquid assets, thereby encouraging sizeable alternative asset funds, including those investing in private equity, private credit, and infrastructure equity or debt, to list in Hong Kong.
     
         I am sure this is a move welcomed by the industry, with benefits to investors that are multifold. On one hand, investors have broadened investment choices for diversification. On the other hand, investors may tap into opportunities previously only available to institutional and professional investors. Those with a long-term investment horizon may potentially achieve higher returns and a more stable valuation.
     
         Another welcome move, I believe, is our proposal to enhance the tax incentives for funds, single family offices and carried interest. These proposals aim to expand the scope of qualifying funds to include vehicles such as pension and endowment funds, while also increasing the range of eligible asset classes for tax concessions including emerging instruments like carbon credits, emission derivatives, insurance-linked securities, private credit investments, and virtual assets. In addition, we plan to enhance the tax concession arrangement on the distribution of carried interest by private equity funds by removing the existing HKMA (The Hong Kong Monetary Authority)’s certification requirement and eliminating the reference to a hurdle rate. We have completed the industry consultation and we are now formulating the relevant enhancement measures with financial regulators based on the feedback received. We target to work out the details of the proposals this year and submit the legislative proposals to the Legislative Council for consideration next year. If approved, the relevant measures will take effect from the year of assessment 2025/26, which begins on April 1 this year.
     
         Another focus area of ours is the family office sector. The growth of family offices has been particularly noteworthy, with over 2 700 single family offices operating in Hong Kong as of the end of 2023. More than half of them are managing portfolios exceeding US$50 million, and in particular, over 30 percent are managing portfolios over US$100 million, reflecting Hong Kong’s appeal to ultra-high-net-worth individuals (UHNWIs) and institutional investors alike. Backing this claim is a market report last year that ranked Hong Kong first in Asia and second in the world in terms of the population size of UHNWIs in 2023 among global cities. This is a testament to our city’s potential and capacity to attract and nurture wealth, further solidifying our position as a global wealth management and family office hub.
     
         Targeting this segment with promising growth potential, we have been implementing a series of policy measures to support the development of the family office business after we issued the Policy Statement on Developing Family Office Businesses in Hong Kong in 2023. Among others, we are fostering collaboration, networking and knowledge sharing across the family offices from around the world via the Hong Kong Academy for Wealth Legacy for the current and next generation of wealth owners.
     
         We also launched the New Capital Investment Entrant Scheme in March 2024 where Limited Partnership Funds are included as Permissible Investment Assets. As of the end of April this year, 1 257 applications have been received, potentially bringing in an investment amount of over HK$37 billion to Hong Kong.
     
    Closing
     
         Ladies, and gentlemen, Hong Kong is well-positioned to maintain and enhance its status as a leading international financial centre, notable for our certainty, transparency, and predictability. Our ongoing efforts to establish new ties, attract new capital and foster innovation will ensure our continued strength as a “super connector” in an ever-changing world.
     
         As we continue to bridge global investors with opportunities in the international and Mainland markets, we look to the HKVCA and other professionals alike to foster industry development through leveraging on our distinct advantages.
     
         On this note, I would like to thank the HKVCA again for hosting today’s event and your continued contribution to the industry. I wish you all an enjoyable and rewarding summit today. Thank you.
    Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI China: US stocks advance as Trump eases EU tariff threat

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

    U.S. stocks ended higher on Tuesday, after U.S. President Donald Trump softened his stance on tariff threats toward the European Union, signaling that trade negotiations were regaining momentum.

    The Dow Jones Industrial Average rose 740.58 points, or 1.78 percent, to 42,343.65. The S&P 500 added 118.72 points, or 2.05 percent, to 5,921.54. The Nasdaq Composite Index increased by 461.96 points, or 2.47 percent, to 19,199.16.

    All of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and technology leading the gainers by rising 3.04 percent and 2.55 percent, respectively. Utilities posted the weakest growth, up by 0.77 percent.

    Over the weekend, Trump announced he would delay a planned 50 percent tariff on EU imports until July 9, following a request from European Commission President Ursula von der Leyen. The delay came after Trump had previously proposed implementing the levy on June 1.

    U.S. National Economic Council Director Kevin Hassett told CNBC’s Squawk Box that he anticipates more trade deals could be finalized this week.

    Investor optimism was also buoyed by stronger-than-expected U.S. consumer confidence data for May, with hopes for trade resolutions helping lift sentiment. According to The Conference Board, U.S. consumer sentiment improved across all age and income groups, signaling a broad recovery in outlook.

    On the corporate front, Tesla jumped 6.94 percent after its CEO Elon Musk said he was shifting focus away from political distractions and back to his business ventures. U.S. Steel climbed nearly 2 percent after CNBC reported that Japan’s Nippon Steel is close to finalizing its 55-U.S.-dollars-per-share acquisition of the company.

    The rally marked a strong start to the shortened trading week, as markets reopened following the Memorial Day holiday. The advance was broad-based, with over 90 percent of S&P 500 stocks closing higher, and small-cap stocks also rallied, pushing the Russell 2000 index up 2.48 percent.

    Tuesday’s gains came after a tough week for Wall Street, where all three major indexes — the Dow, S&P 500, and Nasdaq — fell more than 2 percent on fears sparked by Trump’s initial tariff threats toward the EU.

    “It seems like the long holiday weekend only built up momentum for today’s sharp rebound,” said Dann Ryan, managing partner at Sincerus Advisory. “The trade tensions that briefly flared up have already cooled down — and now it looks like negotiations are moving into the fast lane.”

    U.S. Treasury bonds spearheaded a broader decline in global bond yields on Tuesday, as markets welcomed signs that Japan may take steps to stabilize its bond market, which recently saw long-term government debt yields spike to multi-decade highs. The 30-year U.S. Treasury yield eased back to around 4.94 percent.

    Attention is now shifting to a busy week of economic data releases, as well as upcoming comments from Federal Reserve officials, who are widely expected to maintain current interest rates, consistent with previous guidance. Meanwhile, Trump’s controversial tax bill remains in focus after narrowly clearing the House of Representatives last week.

    Nvidia rose 3.21 percent following reports that the company is preparing to release a lower-cost AI chip for China, just ahead of its highly anticipated earnings report on Wednesday, one of the most closely watched of the quarter. Other companies set to report this week include Okta, Macy’s, and Costco. According to FactSet, over 95 percent of S&P 500 companies have reported earnings this season, with nearly 78 percent exceeding analysts’ expectations. 

    MIL OSI China News

  • MIL-OSI: Brooge Energy Limited Announces Proposed Sale of BPGIC FZE and BPGIC Phase III FZE

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, May 27, 2025 (GLOBE NEWSWIRE) — Brooge Energy Limited, (“BEL“) (NASDAQ: BROG), a Cayman Islands-based infrastructure provider, which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services, today announced entering into a conditional sale and purchase agreement (the “Acquisition Agreement“) for the proposed sale of 100% of the total issued share capital of each of Brooge Petroleum and Gas Investments Company FZE (“BPGIC FZE“) and Brooge Petroleum and Gas Investment Company Phase III FZE (“BPGIC Phase III FZE“, collectively with their subsidiaries referred to as the “BPGIC Group“), to Gulf Navigation Holding PJSC (“GulfNav“) (the “Transaction“).

    Key highlights:  This acquisition is part of GulfNav’s long-term vision to become a key player in the energy sector by expanding its storage and logistics capabilities with BPGIC Group’s state-of-the-art infrastructure, which includes advanced facilities for the storage of fuel oil, crude oil, and petroleum products. These assets will complement GulfNav’s existing operations and allow them to provide an integrated storage and transportation solution. The integration of the two businesses is expected to drive operational efficiencies, enhance service offerings, and create substantial value for stakeholders.

    BEL’s Board of Directors commented, “We are pleased to be nearing the closing of our strategic transaction with GulfNav. After careful diligence by both parties, we have outlined the proposed terms and conditions the Board believes is in the best interest of ensuring long-term value creation for our shareholders.”

    Principal Terms and Conditions of the Acquisition Agreement

    Consideration Structure  

    The total consideration (the “Consideration“) payable under the Transaction amounts to c. USD 884 million (AED 3,245,000,000). This Consideration will be satisfied through the following means:

    1. Cash Consideration: c. USD 125.3 million (AED 460,000,000) in cash, which will be paid as follows:
      1. c. USD 65 million (AED 239,650,000) will be paid into the Completion Escrow Account (subject to any deductions of transaction expenses and for known leakage (if any)); and
          1. c. USD 60 million (AED 220,350,000) will be paid into an escrow account for the benefit of ASMA Capital Partners B.S.C.(c) (“ASMA“) in connection with the settlement of certain outstanding liabilities of BPGIC Holdings Limited (under liquidation) to ASMA’s subsidiary, MENA Energy Services Holdings Limited, in order to facilitate the conclusion of the Transaction.
            1. Consideration Shares: The allotment and issue on completion of 358,841,476 ordinary shares in the share capital of GulfNav, credited as fully paid, at a price of USD 0.34 (AED 1.25) per share, with a total subscription price of c. USD 122 million (AED 449 million).    
            1. Mandatory Convertible Bonds: c. USD 636 million (AED 2,336 million) to be satisfied by the issue by GulfNav on completion of Mandatory Convertible Bonds, which will convert into ordinary shares in the share capital of GulfNav in accordance with the terms of such Mandatory Convertible Bonds. The Mandatory Convertible Bonds (upon their conversion into shares in GulfNav) will entitle the holder to the same economic benefits as the Consideration Shares.

            The Consideration Shares and any Mandatory Convertible Bonds which will convert into shares in the share capital of GulfNav will be subject to a 12-month lock-up period from their date of issuance or conversion, as the case may be.

            The Consideration is expected to be distributed by way of dividend at an appropriate time following completion.

            Conditions to completion of the Transaction

            Under the terms of the Acquisition Agreement, completion of the Transaction is conditional upon customary conditions, including:

            (a)                Shareholder Approval – GulfNav’s shareholders passing a special resolution to approve the amendment of its articles of association to remove any foreign ownership restrictions;

            (b)               Regulatory Approval – GulfNav obtaining all necessary regulatory approvals of the Transaction, including an mandatory tender offer waiver, issuance and transferability of the Mandatory Convertible Bonds and the admission of the Consideration Shares;

            (c)                GulfNav Consents – GulfNav obtaining written consent to the Transaction from certain third parties;

            (d)               First Mandatory Convertible Bond Offering – GulfNav successfully completing a capital raise (via the issuance of mandatory convertible bonds to existing shareholders) in order to fund the Cash Consideration element of the Consideration;

            (e)                BEL Consents – BEL obtaining written consent to the Transaction from certain third parties, including bondholders;

            (f)                Settlement of Claims – BEL entering into formal agreements for the full and final settlement of certain claims related to the BPGIC Group; and

            (g)               Commercial Registration – completion of the commercial registration process with the Fujairah Free Zone Authority to transfer the shares of the BPGIC Group by BEL to GulfNav.

            Other noteworthy terms

            BEL and GulfNav will each provide a customary set of warranties, as is typical in transactions of similar nature. 

            Completion is expected to occur within five Business Days after the satisfaction (or, if capable of waiver, waiver) of any applicable conditions in accordance with the terms of the Acquisition Agreement.

            BEL and GulfNav will endeavor to complete the Transaction as soon as practicable, and in any event prior to the Long Stop Date, being the date falling three months from the date of the Acquisition Agreement unless otherwise agreed by the parties.

            Following completion, each  party is expected to have pro-rata representation on the board of directors of GulfNav in accordance with applicable laws and regulations in the United Arab Emirates.

            BEL expects to provide further information regarding the distribution of the Consideration to BEL’s shareholders and other beneficiaries nearer the time of completion.  The Consideration Shares and Mandatory Convertible Bonds and other securities of GulfNav have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act“), and may not be offered or sold in the United States except pursuant to an applicable exemption from, or in a transaction not subject to the registration requirements of the Securities Act. The issuer of the securities has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States.

            About Brooge Energy Limited

            BEL is a Cayman Islands-based infrastructure provider which is engaged in Clean Petroleum Products and Biofuels and Crude Oil storage and related services. BEL conducts the business and operations through its subsidiary BPGIC FZE. BPGIC FZE is strategically located outside the Strait of Hormuz at the Port of Fujairah in the Emirate of Fujairah in the UAE. Its business differentiates itself from competitors by providing customers with fast order processing times, excellent customer service and high accuracy blending services with low product losses.

            About Gulf Navigation Holding PJSC

            GulfNav is a prominent maritime and shipping company based in Dubai, UAE. With a diverse fleet and comprehensive services, GulfNav is committed to delivering excellence in the maritime industry.

            Forward-Looking Statements

            This press release contains statements that are not historical facts and constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current views based on certain assumptions, and they involve risks and uncertainties. Actual results, events or performance may differ materially from the forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including risks described in public reports filed by BEL with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEL does not undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

            Investor Contact
            KCSA Strategic Communications
            Valter Pinto, Managing Director
            +1 212-896-1254
            BROG@kcsa.com

        The MIL Network

  • MIL-OSI USA: US Department of Labor recovers $594K in back wages, damages for 419 workers denied overtime by Florida construction contractor

    Source: US Department of Labor

    LEESBURG, FL – The U.S. Department of Labor has recovered $594,313 in back wages and damages for 419 workers after a federal investigation found a Leesburg-based employer failed to pay workers all of their required overtime wages.

    An investigation by the department’s Wage and Hour Division determined Amtex-NMS Inc., operating as Southeast Modular Manufacturing, violated the Fair Labor Standards Act’s overtime provision by not paying workers time-and-a-half their regular rate for all hours over 40 in a workweek. Specifically, its rounding methods improperly reduced hours that resulted in unpaid overtime for hours worked over 40 per workweek.

    Investigators also discovered the employer violated federal recordkeeping requirements by failing to maintain complete and accurate records of workers’ wages and hours.

    Some employers use a pay method referred to as rounding to produce even and balanced calculations of hours worked. While it can be a useful tool, it is the responsibility of all employers to ensure the use of rounding in their time systems is balanced and does not always round in the employer’s favor,” said Wage and Hour Division District Director Vilma Bell in Orlando, Florida. “We encourage all workers and employers to contact their nearest Wage and Hour Division office with any questions regarding their rights and obligations under the law.”

    Learn more about the Wage and Hour Division and workers’ rights, including a search tool to use if you think you may be owed back wages collected by the division. 

    Workers and employers alike can help ensure hours worked and pay are accurate by downloading the department’s free Android and iPhone Timesheet App. Employers and workers can contact the Wage and Hour Division at its toll-free number, 1-866-4-US-WAGE (487-9243). 

    MIL OSI USA News

  • MIL-OSI Security: Manatee County Man Sentenced To 5 Years For Receiving Child Sexual Abuse Images And Videos

    Source: Office of United States Attorneys

    Tampa, Florida – U.S. District Judge Steven D. Merryday today sentenced Capers Scott Hammond (35, Bradenton) to 5 years in federal prison for receiving and possessing child sexual abuse material (CSAM). Hammond was also ordered to pay $5,000 in restitution, a $30,000 fine, and will be required to register as a sex offender. The court also ordered Hammond to forfeit an iPad, three thumb drives, a MacBook, a custom PC tower, and an iPhone, which are traceable to proceeds of the offense. Hammond entered a guilty plea on February 13, 2025. 

    According to court documents, Hammond used a file-sharing network to distribute and receive CSAM. Pursuant to a search warrant, law enforcement searched Hammond’s apartment, seized various electronics, and determined he had received and possessed seven images and four videos of CSAM.

    This case was investigated by the Federal Bureau of Investigation. It was prosecuted by Assistant United States Attorney Abigail K. King.

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

    MIL Security OSI

  • MIL-OSI USA: Texas Man Pleads Guilty to Employment Tax Crimes

    Source: US State of California

    A Texas man pleaded guilty today before Magistrate Judge Richard W. Bennett for the Southern District of Texas to not reporting and paying over employment taxes that his company withheld from its employees’ paychecks. The plea must be accepted by a U.S. district court judge.

    The following is according to court documents and statements made in court: Joseth “Joe” Limon, of Harris County, owned and operated Platinum Employment Group Inc., a company that supplied laborers to businesses in the Houston area. From 2013 through 2018, Platinum did not file employment-tax returns, and, according to its payroll records, did not pay more than $8.8 million in employment taxes. The timely payment of these taxes is critical to the functioning of the U.S. government, because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year.

    After closing Platinum, he set up another labor-staffing company, Rockwell Staffing LLC, in the name of his then 18-year-old daughter. When he later found out that the IRS was attempting to collect Rockwell’s unpaid employment taxes, he caused his daughter to submit an affidavit to the IRS that falsely claimed that Rockwell had been a victim of identity theft and had no employment tax liability.

    Limon is scheduled to be sentenced on Aug. 6. He faces a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Curtis Weidler of the Tax Division and Assistant U.S. Attorney Shirin Hakimzadeh for the Southern District of Texas are prosecuting the case.

    MIL OSI USA News

  • MIL-OSI: Equinor ASA: Execution of debt capital market transactions

    Source: GlobeNewswire (MIL-OSI)

    On Tuesday May 27, 2025 Equinor ASA (OSE:EQNR, NYSE:EQNR), guaranteed by Equinor Energy AS, executed the following debt capital market transactions:

    • Issue of USD 550 million 4.25% Notes due June 2, 2028
    • Issue of USD 400 million 4.50% Notes due September 3, 2030
    • Issue of USD 800 million 5.125% Notes due June 3, 2035

    The net proceeds from the issue of the Notes will be used for general corporate purposes, which may include the repayment or purchase of existing debt or other purposes described in the prospectus supplement for the issue of Notes. The transaction will increase the financial flexibility of the company.

    The offering is scheduled to close on June 3, 2025, subject to the satisfaction of customary conditions.

    Any public offering in the United States is being made solely by means of a prospectus supplement to the prospectus included in the Registration Statement filed by Equinor ASA and Equinor Energy AS, and previously declared effective.

    Further information from:

    Investor relations:
    Bård Glad Pedersen, Senior Vice President, Investor Relations,
    +47 918 01 791

    Press:
    Rikke Høistad Sjøberg, Media Relations,
    +47 901 01 451

    Finance:
    Sverre Serck-Hanssen, Vice President, Capital Markets,
    +47 951 68 342

    This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities of Equinor ASA nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (“SEC”). The offering is being made only by means of a prospectus and related prospectus supplement. The prospectus and related preliminary prospectus supplement may be obtained by visiting the SEC’s website at www.sec.gov. Alternatively, you may request these documents by calling (1) Barclays Capital Inc. at 1-888-603-5847, (2) BofA Securities, Inc. at 1-800-294-1322, (3) Deutsche Bank Securities Inc. at 1-800-503-4611, (4) Goldman Sachs & Co. LLC at 1-866-471-2526, or (5) J.P. Morgan Securities LLC at 1-212-834-4533.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

    The MIL Network

  • MIL-OSI: DMG Blockchain Solutions Inc. Announces Enablement of Carbon Neutral Bitcoin Transactions via Systemic Trust Company

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated data center and digital asset technology company, announces that DMG’s digital asset custody subsidiary, Systemic Trust Company (“STC”) has added the capability to send bitcoin in a regulatory compliant and carbon neutral manner.

    This enablement is the keystone that bridges the key pillars of DMG’s carbon-neutral Bitcoin ecosystem – STC, whose platform is built on Fireblocks’ custody solution, and Terra Pool, the world’s first carbon neutral Bitcoin mining pool. By utilizing Fireblocks, a proven and trusted solution for wallet infrastructure, users can be assured of the security and integrity of their digital asset holdings when they are stored and subsequently sent. In turn, DMG’s Petra technology empowers bitcoin transactions from STC’s Petra-enabled wallets to be sent via Terra Pool, which removes the risk of commingling with nefarious actors and utilizes energy from carbon neutral energy sources, a highly sought after capability increasingly demanded by financial institutions globally.

    DMG’s CEO, Sheldon Bennett, commented: “Integrating Petra technology with Fireblocks’ custody solution achieves a key milestone for enabling DMG’s carbon neutral Bitcoin ecosystem, as it allows not only Systemic Trust being able to send bitcoin in a regulatory-compliant and carbon neutral manner but also the much larger ecosystem of Fireblocks’ 2000+ customers. Our goal remains to provide financial institutions, government and enterprises choice as to how they transact bitcoin, and this is a key advancement that can broadly give them that choice, all the while advancing our burgeoning collaboration with Fireblocks.”

    About Terra Pool

    Terra Pool is the world’s first carbon neutral Bitcoin mining pool, designed to reward miners with carbon neutral bitcoin. It plays a crucial role in advancing a carbon neutral Bitcoin ecosystem. When integrated with DMG’s subsidiary, Systemic Trust, a digital asset custodian, financial institutions and content creators gain the ability to send bitcoin in a regulatory-compliant and carbon neutral manner.

    About Systemic Trust Company

    Systemic Trust Company is a qualified custodian fully regulated under the Alberta Loans and Trust Corporations Act, ensuring client digital assets are managed with the highest standards of compliance and security. Systemic Trust combines regulatory compliance, cutting-edge technology and robust insurance coverage to deliver the ultimate digital asset custody experience.

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon neutral Bitcoin ecosystem, which offers financial institutions the choice to send bitcoin in a regulatory-compliant and sustainable manner.

    For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on X, LinkedIn and Facebook, and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

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

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG’s strategies and plans, the potential and expectations of STC and Terra Pool, the opportunity and plans to monetize bitcoin transactions and provide additional products and services to customers and users, the continued investment in Bitcoin network software infrastructure and applications, the expected allocation of capital, developing and executing on the Company’s products and services, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; the demand and pricing of Gen AI data centers and usage; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain and Gen AI technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs (which includes energy costs), increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network

  • MIL-OSI USA: Job Opportunities and Training for At-Risk Youth

    Source: US State of New York

    overnor Kathy Hochul today announced $56.5 million to help approximately 21,000 young people from low-income households enter the job market this summer through New York State’s Summer Youth Employment program. As part of the FY 2026 State Budget, the State Office of Temporary and Disability Assistance is distributing funding to all 57 counties and New York City to implement a Summer Youth Employment Program to introduce at-risk youth to New York’s workforce, where they will gain professional training and develop useful skills that will help them improve educational performance and explore possible career paths.

    “Investing in our young people’s future and providing them with the resources and tools they need to succeed is a top priority of my administration,” Governor Hochul said. “The Summer Youth Employment Program helps young New Yorkers across the state find good summer jobs that provide valuable experiences and skills that will help them pursue their educational and career goals and prepare them for success in the workforce as adults.”

    The Summer Youth Employment Program supports businesses and communities across the state in providing summer jobs for youth from low-income families. Participants work in entry-level jobs at places such as parks, summer camps, child care organizations, cultural centers, educational facilities, and community-based organizations, among others.

    To be eligible for the program, youth must be between the ages of 14 and 20 and have a household income below 200 percent of the federal poverty level, which varies by household size and, for example, is $53,300 for a family of three.

    The FY 2026 State Budget included an increase of $1.5 million for the program over last year to address minimum wage increases. The program served more than 21,000 young people last summer.

    New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “The Summer Youth Employment Program provides young people from lower-income households good summer jobs in a range of occupations that provide participants a paycheck and the important opportunity to gain valuable work experience that will support their future success in school and in the job market. The Summer Youth program is also an important part of the state’s efforts to build a strong workforce pipeline for area businesses. We are grateful to Governor Hochul for continuing to prioritize programs and policies that support the health, well-being, and future promise of New York’s youth while helping to strengthen our communities.”

    State Senator Sean Ryan said, “Connecting at-risk youth with good job opportunities helps not only them, but also their families, their communities, and our economy. This funding will boost our state’s workforce, promote safer and stronger communities, and set thousands of young New Yorkers up for successful careers.”

    Assemblymember Al Stirpe said, “The Summer Youth Employment Program empowers young people to be proactive as they work towards their future careers, all while supporting businesses and communities across the state with meaningful summer jobs. The continued funding for this program represents an investment into the future job market and a commitment to seeing all young people succeed and thrive. Thousands of young New Yorkers will have an opportunity to grow their professional skillset without the burden of economic hardship holding them back.”

    Funding Awards for the Summer Youth Employment Program Breakdown by County:

    County Funding
    Albany $774,578
    Allegany $221,757
    Broome $650,283
    Cattaraugus $321,822
    Cayuga $230,591
    Chautauqua $491,187
    Chemung $259,293
    Chenango $174,812
    Clinton $250,440
    Columbia $133,304
    Cortland $166,684
    Delaware $147,217
    Dutchess $613,770
    Erie $2,598,654
    Essex $93,743
    Franklin $188,360
    Fulton $177,426
    Genesee $140,702
    Greene $137,344
    Hamilton $13,714
    Herkimer $198,769
    Jefferson $358,283
    Lewis $97,913
    Livingston $196,071
    Madison $211,149
    Monroe $2,164,276
    Montgomery $174,934
    Nassau $1,806,927
    Niagara $568,697
    NYC $29,329,237
    Oneida $724,225
    Onondaga $1,396,576
    Ontario $254,309
    Orange $1,078,708
    Orleans $137,245
    Oswego $468,563
    Otsego $220,851
    Putnam $109,026
    Rensselaer $387,905
    Rockland $993,778
    Saratoga $333,260
    Schenectady $367,739
    Schoharie $97,089
    Schuyler $57,613
    Seneca $119,365
    St. Lawrence $490,045
    Steuben $309,545
    Suffolk $2,315,367
    Sullivan $243,516
    Tioga $140,953
    Tompkins $435,842
    Ulster $415,932
    Warren $127,626
    Washington $169,208
    Wayne $242,690
    Westchester $1,754,517
    Wyoming $129,071
    Yates $87,499
    Total $56,500,000

    Funding Awards for the Summer Youth Employment Program Breakdown by Region:

    Region Amount
    Capital Region $2,194,793
    Central NY $2,473,563
    Finger Lakes $3,841,908
    Long Island $4,122,294
    Mid-Hudson $5,209,247
    Mohawk Valley $1,553,818
    New York City $29,329,237
    North Country $1,335,713
    Southern Tier $2,237,310
    Western NY $4,202,117
    Total $56,500,000

    MIL OSI USA News

  • MIL-OSI Security: Husband and Wife Each Sentenced to 12 Months in Prison for Covid Fraud

    Source: Office of United States Attorneys

    TRENTON N.J. – A New Jersey and Florida husband and wife were sentenced to 12 months in prison for fraudulently obtaining approximately $790,000 in federal Economic Injury Disaster Loans (EIDL) loans, U.S. Alina Habba announced.

    Diana Valteri, 42, and Edmond Haxhillari, 43, of Sparta, New Jersey, and Palm Beach Gardens, Florida, previously plead guilty before U.S. District Judge Robert Kirsch to informations charging the couple with wire fraud and money laundering. Judge Kirsch imposed the sentences in Trenton federal court.

    According to documents filed in this case and statements made in court:

    From in or around June 2020 through August 2020, Valteri and Haxhillari participated in a fraudulent scheme to receive $790,000 in COVID-19 emergency relief loans and cash advances meant for distressed small businesses under the EIDL program. Valteri and Haxhillari submitted fraudulent loan applications on behalf of several businesses that purported to have employees and revenue but were actually shell companies with no business operations. After receiving the EIDL funds based on their fraud, Valteri and Haxhillari diverted the proceeds for their own personal gain.

    U.S. Attorney Habba credited special agents of the FBI, Newark Field Office under the direction of Special Agent in Charge Terrence G. Reilly; special agents of Internal Revenue Service – Criminal Investigation, Newark Field Office, under the direction of Special Agent in Charge Jenifer Piovesan; special agents of the Social Security Administration, Office of the Inspector General, Boston-New York Field Division, under the direction of Special Agent in Charge Amy Connelly, and special agents from the Small Business Administration, Office of the Inspector General under the direction of Special Agent in Charge Amaleka McCall-Brathwaite, Eastern Regional Office, with the investigation leading to the charges.

    The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    The government is represented by Assistant U.S. Attorneys Fatime Meka Cano and Aja Espinosa of the Economic Crimes Unit in Newark.

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

                                                                           ###

    Defense counsel: William Tunkey, Esq. and Joseph Nascimento, Esq. 

    MIL Security OSI

  • MIL-OSI Security: Chula Vista Man Pleads Guilty in $51 Million Medicare Fraud Scheme

    Source: Office of United States Attorneys

    SAN DIEGO – Chula Vista resident and businessowner Fernando Valenzuela Ayub pleaded guilty in federal court today, admitting that he conspired with others to launder millions of dollars of health care fraud proceeds and paid unlawful kickbacks.

    According to his plea agreement, Valenzuela and co-conspirators owned and operated multiple durable medical equipment (DME) companies, which sold orthotics – including back, wrist, and knee braces – to Medicare beneficiaries. Valenzuela admitted that in operating the DME companies, he and co-conspirators paid unlawful kickback payments to sham marketing companies who provided bogus prescriptions for DME. In total, Valenzuela paid $3.7 million in kickbacks.

    Valenzuela admitted that he used his DME companies to submit fraudulent claims to Medicare. Once Valenzuela’s DME companies were suspended from billing Medicare, Valenzuela conspired to put DME companies in the names of nominee owners while he maintained control of the companies and the monies received from Medicare.  In total, Valenzuela billed Medicare approximately $51 million and was paid approximately $20 million, and ultimately laundered at least $14 million dollars of Medicare proceeds. As part of his guilty plea, Valenzuela agreed to forfeit $7,101,320.

    Valenzuela’s sentencing is scheduled for August 15, 2025. 

    The case is being prosecuted by Assistant U.S. Attorney Blanca Quintero of the Southern District of California.

    DEFENDANT                                               Case Number 25cr2488-DMS                          

    Fernando Valenzuela Ayub                            Age: 48                                   Chula Vista, CA

    SUMMARY OF CHARGES

    Money Laundering Conspiracy – Title 18, U.S.C., Section 1956(h)

    Maximum penalty: Twenty years in prison and $500,000 fine

    INVESTIGATING AGENCIES

    Federal Bureau of Investigation

    U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG)

    *The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

    MIL Security OSI

  • MIL-OSI: APA Corporation Announces Appointment of Aneil Kochar as Vice President and Treasurer

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 27, 2025 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today announced that Aneil Kochar has been promoted to vice president and treasurer, effective May 22.

    Kochar will head APA’s Treasury department, providing global oversight for the company’s capital structure analysis, financing strategies, risk insurance, banking policies, and cash and liquidity management. The role of treasurer was previously held by Ben C. Rodgers who was recently promoted to chief financial officer.

    “I am pleased to welcome Aneil to APA’s leadership team. He has vast financial experience in the oil and gas industry and has played a crucial role in APA’s financial strategies over the past five years, driving value creation and improving cash management. Aneil will be a strong addition to our executive team,” said Ben C. Rodgers, APA’s Chief Financial Officer.

    Kochar has held the position of assistant treasurer for APA since 2022, having joined the company in 2020 as the director of Finance. Before joining APA, Kochar was vice president Finance and treasurer at Chisholm Oil and Gas, where he oversaw FP&A and treasury activities. Prior to that, he worked at EIG Global Energy Partners as an investment professional, focusing on origination and management of oil and gas debt and equity investments. Kochar began his career in energy investment banking at Morgan Stanley. He holds both bachelor’s and master’s degrees in Accounting from the University of Texas at Austin.

    About APA
    APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

    Contacts:

    Investor: (281) 302-2286
    Media: (713) 296-7276
    Website: www.apacorp.com

    APA-F

    The MIL Network

  • MIL-OSI Security: Texas Man Pleads Guilty to Employment Tax Crimes

    Source: United States Department of Justice Criminal Division

    A Texas man pleaded guilty today before Magistrate Judge Richard W. Bennett for the Southern District of Texas to not reporting and paying over employment taxes that his company withheld from its employees’ paychecks. The plea must be accepted by a U.S. district court judge.

    The following is according to court documents and statements made in court: Joseth “Joe” Limon, of Harris County, owned and operated Platinum Employment Group Inc., a company that supplied laborers to businesses in the Houston area. From 2013 through 2018, Platinum did not file employment-tax returns, and, according to its payroll records, did not pay more than $8.8 million in employment taxes. The timely payment of these taxes is critical to the functioning of the U.S. government, because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year.

    After closing Platinum, he set up another labor-staffing company, Rockwell Staffing LLC, in the name of his then 18-year-old daughter. When he later found out that the IRS was attempting to collect Rockwell’s unpaid employment taxes, he caused his daughter to submit an affidavit to the IRS that falsely claimed that Rockwell had been a victim of identity theft and had no employment tax liability.

    Limon is scheduled to be sentenced on Aug. 6. He faces a maximum penalty of five years in prison as well as a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Curtis Weidler of the Tax Division and Assistant U.S. Attorney Shirin Hakimzadeh for the Southern District of Texas are prosecuting the case.

    MIL Security OSI

  • MIL-OSI: GDS Announces Launch of Proposed Public Offering of ADSs

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, May 27, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced the commencement of a proposed offering of 5,200,000 American Depositary Shares (“ADSs”), each representing eight Class A ordinary shares, par value US$0.00005 per share, subject to market and other conditions, in an underwritten registered public offering (the “Primary ADSs Offering”). The underwriters will have a 30-day option to purchase up to 780,000 additional ADSs.

    The Company will receive all of the net proceeds from the Primary ADSs Offering and plans to use such net proceeds for general corporate purposes, working capital needs and the refinancing of its existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right, of its convertible bonds due 2029.

    The Company also announced today by separate press release that the Company has commenced a proposed offering (the “Notes Offering”) of convertible senior notes in an aggregate principal amount of US$450 million due 2032 (the “Notes”), subject to market conditions and other factors, in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company expects to grant the initial purchasers in the Notes Offering an option to purchase up to an additional US$50 million in aggregate principal amount of the Notes, exercisable for settlement within a 13-day period, beginning on, and including, the first date on which the Notes are issued.

    The Company also announced today by separate press release that the Company has commenced a separate registered public offering (the “Delta Placement of Borrowed ADSs”) of a certain number of its ADSs (the “Borrowed ADSs”) that the Company will lend to an affiliate (the “ADS Borrower”) of an initial purchaser in the Notes Offering in order to facilitate privately negotiated derivative transactions by some holders of the Notes for purposes of hedging their investment in the Notes. The Company expects to enter into an ADS lending agreement (the “ADS Lending Agreement”) with an affiliate of the initial purchaser of the Notes Offering (such affiliate being the “ADS Borrower”), pursuant to which the Company will lend the Borrowed ADSs to the ADS Borrower. The ADS Borrower or its affiliate will receive all of the proceeds from the sale of the Borrowed ADSs and the Company will not receive any of those proceeds, but the ADS Borrower will pay the Company a nominal lending fee for the use of those ADSs pursuant to the ADS Lending Agreement. The activity described above could affect the market price of the Company’s ADSs otherwise prevailing at that time.

    Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy any securities, including the Notes, the Borrowed ADSs or the Primary ADSs, nor shall there be any offer or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The Delta Placement of Borrowed ADSs and the Primary ADSs Offering are being made only by means of separate prospectus supplements and accompanying prospectuses pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”). The closing of each of the Notes Offering, the Delta Placement of Borrowed ADSs and the Primary ADSs Offering is conditioned upon the closing of each of the other offerings and vice versa. If the concurrent Notes Offering is not consummated, the Primary ADSs Offering will terminate, the ADS loan under the ADS Lending Agreement will terminate, and the concurrent Delta Placement of Borrowed ADSs will terminate and all of the Borrowed ADSs (or ADSs fungible with the Borrowed ADSs or other substitute securities or property as provided for in the ADS Lending Agreement) must be returned to the Company.

    J.P. Morgan, BofA Securities, Morgan Stanley and UBS Investment Bank are acting as joint book-running managers, and China Galaxy International and Guotai Junan International are acting as financial advisors for the Primary ADSs Offering.

    The Company has filed an automatic shelf registration statement on Form F-3 with the SEC. A prospectus supplement and the related base prospectus describing the terms of the Primary ADSs Offering have been filed with the SEC. When available, the final prospectus supplement for the Primary ADSs Offering will be filed with the SEC. The Primary ADSs Offering is being made only by means of the prospectus supplement and accompanying base prospectus. Before you invest, you should read the prospectus supplement and the accompanying base prospectus and other documents that the Company has filed with the SEC for more complete information about the Company and the offering. You may obtain these documents free of charge by visiting EDGAR on the SEC website at www.sec.gov. Copies of the prospectus supplement and the accompanying base prospectus may be obtained by contacting: (i) J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmchase.com; (ii) BofA Securities, Inc., One Bryant Park, New York, NY, 10036, Attention: Prospectus Department, telephone: +1 (800) 294-1322, email: dg.prospectus_requests@bofa.com; (iii) Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or (iv) UBS Investment Bank, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone: (888) 827-7275 or email: ol-prospectusrequest@ubs.com.

    About GDS Holdings Limited

    GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

    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 “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the Notes Offering, Delta Placement of Borrowed ADSs and the Primary ADSs Offering, the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the SEC on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    For investor and media inquiries, please contact:

    GDS Holdings Limited
    Laura Chen
    Phone: +86 (21) 2029-2203
    Email: ir@gds-services.com

    Piacente Financial Communications
    Ross Warner
    Phone: +86 (10) 6508-0677
    Email: GDS@tpg-ir.com

    Brandi Piacente
    Phone: +1 (212) 481-2050
    Email: GDS@tpg-ir.com

    GDS Holdings Limited

    The MIL Network