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Category: Finance

  • MIL-OSI New Zealand: Health and safety risks need to be a top priority for all operators

    Source: Maritime New Zealand

    Maritime NZ is reaffirming to commercial operators the need to understand and meet their health and safety obligations, including when staff are sent to work overseas.

    This comes after Sealord was sentenced for failing in its duty of care, by allowing its workers to be exposed to asbestos while working on-board the vessel, Will Watch. It was owned by an overseas subsidiary of Sealord.

    “It is good to see Sealord take accountability and plead guilty prior to a trial needing to take place,” Maritime NZ’s General Manager Investigations, Pete Dwen says.

    At the time the exposed asbestos was reported, the vessel was operating out of Mauritius and New Zealand based Sealord employees were being seconded (job placement) to work on it.  

    While crew were seconded from Sealord, they were subject to the terms and conditions of their New Zealand employment agreement.

    Maritime NZ investigated this because Sealord failed to ensure the safety of its workers prior to them leaving to undertake the work.

    “Sealord failed in its responsibility to keep its workers safe,” Pete Dwen says.

    “There should have been better consultation between Sealord and United Fame Investments (who is the subsidiary vessel owner) about the risks the asbestos posed to the workers. Sealord also should have done more to identify the risks or hazards the exposure to asbestos fibres on-board presented to its workers,” he says.

    Senior staff members at Sealord monitored the vessel’s health and safety operations and provided input to its operating procedures. This oversight should have identified the issues with asbestos on Will Watch.  

    Maritime NZ guidance, states it is up to operators and other business that work on ships to manage asbestos; and operators have a general duty to eliminate or minimise exposure to airborne asbestos in the workplace.

    “On top of the New Zealand guidelines and legislation, the International Maritime Organization says ‘asbestos should be managed properly,’ if identified,” Pete Dwen says.

    Sealord failed to carry out adequate asbestos risk assessments, effectively consult with its subsidiary on the risks associate with it, and keep its workers safe.

    When Maritime NZ raised issues around the asbestos, Sealord stated it did not believe it posed a risk.

    “Understanding the risks on-board a vessel is important for operators. Everyone deserves to be safe at work, and be protected against risks such as asbestos.

    “Employers need to know the safety of staff is their responsibility, even if the workers are sent elsewhere and are not directly under their supervision,” Pete Dwen says.

    MIL OSI New Zealand News –

    May 27, 2025

  • MIL-OSI China: China launches first environmental inspections under new regulations

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

    BEIJING, May 26 — China has initiated the fourth phase of the third round of central environmental protection inspections, the first since a new set of regulations on ecological and environmental protection inspections came into force.

    The inspections, approved by the Communist Party of China Central Committee and the State Council, will cover five provincial-level regions and three centrally-administered state-owned companies, said the central leading group for the inspection work of ecological and environmental protection on Monday.

    Inspection teams will be dispatched to Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia. The teams will conduct both regional inspections and coordinated inspections of the Yellow River Basin.

    They will also inspect China Huaneng Group Co., Ltd., China Datang Corporation Ltd., and State Power Investment Corporation Limited.

    The inspections will last about one month. During the period, each team will establish dedicated telephone hotlines and postal mailboxes for the public to submit reports and complaints regarding any environmental protection issues related to the inspected entities.

    MIL OSI China News –

    May 27, 2025

  • MIL-OSI China: Moody’s affirming ratings offers positive reflection of Chinese economic prospects: ministry

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

    Moody’s affirming ratings offers positive reflection of Chinese economic prospects: ministry

    BEIJING, May 26 — Moody’s decision to affirm China’s A1 ratings on Monday is a positive reflection of the improving prospects for the country’s economy, the Chinese Ministry of Finance said.

    Since the fourth quarter of last year, the Chinese government has implemented a series of macroeconomic policies, economic indicators have improved, market expectations and confidence have stabilized, and the medium and long-term sustainability of debt has improved, the ministry said.

    The global economy is facing multiple risks and challenges, including insufficient momentum, escalating geopolitical conflicts, and a volatile international economic and trade order, leading to increased uncertainty in regard to economic performance, it noted.

    Against this backdrop, China’s economy has secured a strong start, with high-quality development trending positively. Production and consumption demand are steadily rising, and the stability and coordination of economic operations are improving, demonstrating strong resilience and vibrant dynamism, it said.

    Moving forward, a series of incremental and existing policies will work in concert to provide solid support for high-quality economic development, the ministry said.

    Regardless of changes in the external environment, China will remain confident and focused, concentrating on managing its own affairs well, it noted.

    MIL OSI China News –

    May 27, 2025

  • MIL-OSI New Zealand: Fishing company to offer watchkeeping training following enforceable undertaking

    Source: Maritime New Zealand

    An enforceable undertaking between Maritime NZ and a North Island fishing company is helping to fund a range tools to help improve safety knowledge in the commercial fishing sector, and assist in training of rescue organisations.

    Following the grounding of the Bilyara, on Ohinau Island off the Coromandel in April 2020 Maritime NZ started an investigation into the incident.

    The investigation found the grounding put the lives of the crew and the environment at risk.

    It was established that the Penwarden Holdings owned vessel grounded due to the crew failing to properly keepwatch. 

    “We know watchkeeping issues contribute to a significant number of incidents for commercial operators,” General Manager Investigation, Pete Dwen says.

    An enforceable undertaking is an agreement between Maritime NZ and a duty holder (vessel owner or operator) made under the Health and Safety at Work Act 2015 (HSWA).

    It is entered into voluntarily by the duty holder following a breach (including an alleged breach) of HSWA and, once in place, is legally binding.

    It is generally used as an alternative to prosecution. It must include appropriate amends to victims and commitments that would promote health and safety at that work place, the wider industry and the community.

    The near $190,000 undertaking will see Penwarden Holdings develop training modules for personnel in the industry. These resources will be used by both the company and the wider sector. The training is expected to be available in about 12 – 18 months’ time. The modules will be advertised via industry publications.

    Pete Dwen says the enforceable undertaking was agreed to as it proposed a range of benefits for a variety of different groups.

    “The nature of the proposals demonstrate benefits to the workplace, community and industry. In particular the resources to be developed in respect of watchkeeping, aligns with Maritime New Zealand’s strategic focus,” he says.

    As well as the development of the modules, Penwarden Holdings will supply a vessel for training exercises to the Auckland Rescue Helicopter Trust, and donate $35,000 to the response charity.

    “Response agencies such as ARHT play a significant role in helping those in need, and we know being able to undertaking a training exercise on a vessel such as those operated by Penwarden Holdings will be hugely valuable,” Pete Dwen says. 

    MIL OSI New Zealand News –

    May 27, 2025

  • MIL-OSI New Zealand: Prosecution follows April collision between power boat and ferry near Russell

    Source: Maritime New Zealand

    Following a collision between a twin-engine recreational power boat and the ferry, Waitere, in Russell earlier this year, Maritime NZ has charged the power boat’s skipper.

    The collision occurred at about midday on 13 April 2023, when Waitere (also known as the Blue Ferry ) was travelling from Russell to Paihia.

    Maritime NZ’s Deputy Chief Executive Regulatory Operations, Deb Despard, says Maritime NZ personnel undertook a thorough investigation in response to this incident.

    “Investigators carried out interviews, examined the scene, reviewed documents and gathered other relevant evidence connected to the incident,” she says.

    The ferry’s skipper was severely injured, some of the passengers suffered lesser injuries and the ferry was badly damaged. It sunk a few hours after the collision. There was some damage to the power boat, but no one on board it at the time was injured.

    Ms Despard says one charge has been filed in the Auckland District Court against the skipper of the power boat. The charge has been filed under section 65 of the Maritime Transport Act 1994.

    As the matter is now before the Court, Maritime NZ cannot make further comment.

    Editors’ notes:

    • Section 65 of the Maritime Transport Act makes it an offence to operate a vessel in a manner causing unnecessary danger or risk to any other person or property.
    • Maximum penalties the Court can impose against an individual are a fine of up to $10,000 or a prison term of up to one year.
    • Maritime NZ will not be releasing documents while the matter is before the Court. Some documents might be available from the Court on application in accordance with the District Court (Access to Court Documents) Rules 2017. 

    MIL OSI New Zealand News –

    May 27, 2025

  • MIL-OSI New Zealand: Maritime NZ completes its investigation into fatal capsizing of the i-Catcher

    Source: Maritime New Zealand

    Following a comprehensive investigation into the capsizing of the i-Catcher south of Kaikoura in September 2022, Maritime NZ’s investigation into potential prosecution following the incident is now complete.

    On 10 September last year, the vessel with 11 people on-board departed South Bay, Kaikoura. The 10 passengers were members of a Nature Photography Society of New Zealand. About two hours into the excursion, the vessel capsized. Five of those on-board were trapped under it and sadly passed away, after being exposed to petrol fumes.

    Maritime NZ would like to acknowledge this tragedy and the lives lost on 10 September last year. Our thoughts are with the survivors, and family members of those who lost their lives that day.

    Following our investigation, Maritime NZ has decided not to take any prosecution action against any individuals, organisations or PCBUs.

    “The investigation undertaken by Maritime NZ specialist investigators was complex and fulsome,” Maritime NZ’s Deputy Director Regulatory Operations, Deb Despard says.

    “It involved visiting the scene, reviewing the conditions from that day, interviewing witnesses, commissioning an independent survey of the vessel, checking the safety equipment for the vessel, collating and reviewing the operator’s documentation.”

    The survivors, families of the victims, and those involved have been informed of the decision not to prosecute any of the parties involved.

     “The investigation looked at the potential cause for the vessel to capsize, the fuel leak and how the organisations and individuals involved managed their responsibilities,” Deb Despard says.

    After reviewing accounts from survivors, receiving feedback from witnesses in the area and technical analysis of the force required to cause a vessel of this size to roll over, the Maritime NZ investigation has identified the likely cause of the capsize was a whale impacting the i-Catcher as it came up to the surface.

    The Transport Accident Investigation Commission has released a preliminary report, with a full report to come in due course.

    In its preliminary report, TAIC raised issues about how vessels’ fuel systems are inspected by maritime surveyors, particularly the parts of the system that cannot be seen and easily accessed because they are under decks or behind bulkheads.

    “We are currently prioritising work on guidance for the industry to remind them about considerations raised in the August TAIC report,” Deb Despard says.

    “This includes working with recognised maritime surveyors to ensure they are looking for the right issues when surveying vessels.

    “Our targeted advice to the sector and surveyors will make a difference by improving the understanding of potential risks around fuel systems,” Deb Despard says.

    This will build on the work Maritime NZ is already doing with recognised maritime surveyors, including holding a regular surveyor conference, seminars, proactively engaging with surveyors around rule changes, providing clarification on the intent of rules and safety updates, and promoting an understanding of best practice.

    As part of the follow up work post this incident, Maritime NZ is looking at on-the-water safety initiatives skippers and crew on trips such as this can undertake to assist those on-board should something the vessel encounter trouble.

    “Our people are currently working on advice and we expect it to go to the sector in the coming months,” Deb Despard says. 

    While this marks the end of the Maritime NZ investigation, this is a potentially stressful period for those connected to the incident.

    “We understand this may be an emotional time for those involved. Maritime NZ wishes to extend its condolences to those impacted by this tragedy, Deb Despard says.”

     Editor’s Note:

    Recognised surveyors are authorised by the Director of Maritime NZ to undertake surveying work, however, they are not employed directly by Maritime NZ.

    MIL OSI New Zealand News –

    May 27, 2025

  • MIL-OSI: AI Meets XRPL: Nimanode’s $NMA Presale Gains Momentum as AI Agents Set to Transform Web3 Automation

    Source: GlobeNewswire (MIL-OSI)

    LEEDS, United Kingdom, May 26, 2025 (GLOBE NEWSWIRE) — Nimanode, the trailblazing AI-powered platform built on the XRP Ledger, has officially launched its $NMA token presale, which started on May 22, 2025 and will remain live for a 30-day window.

    As XRP continues to gain momentum, boosted by renewed institutional inflows and its recent recognition as a cornerstone asset in the U.S. Strategic Crypto Reserve — projects like Nimanode are emerging at the forefront of XRPL’s next evolution, combining zero-code AI automation with real on-chain utility.

    JOIN $NMA PRESALE

    Nimanode is positioning itself at the intersection of artificial intelligence and decentralized technology. While much of the Web3 space remains focused on static smart contracts, Nimanode introduces something radically different: autonomous AI agents that users can build, deploy, and monetize — with zero coding required.

    What’s so Special about Nimanode?

    They boast of a suite of AI agents that can be deployed all from a no-code interface

    Web3 Customer Support Agents – Deployment AI agents 24/7 Web3-based customer support

    DeFi Autopilot Agent – AI Agents that not only trade but research, analyse and present optimal APY for its users

    Risk Assessment Agent – Designed to safeguard users by analyzing every dApp or token address a user interacts with.

    Why Whale’s are Scooping $NMA

    With a deliberately limited supply of just 200 million tokens, $NMA’s tokenomics are designed to reward early adopters and its ecosystem participants. Positioned at the core of Nimanode’s decentralized infrastructure, the token offers holders access to staking rewards, governance participation, and revenue-sharing opportunities.

    Holding the $NMA Token unlocks the full potential of the ecosystem, including:

    Agent Deployment – Reduced fees for launching agents when holding a minimum $NMA balance

    Agent Marketplace – Use $NMA to access premium agents or receive exclusive discounts

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    Governance Access – Participate in protocol decisions and vote on proposals that shape Nimanode’s future

    Buy $NMA Token

    How To Join The Nimanode Presale

    Here’s how you can participate:

    1. Buy XRP from reputable exchanges like Binance, Coinbase, or Bybit
    2. Send them to an XRP Compatible Wallet (Xaman recommended) to hold your purchased XRP.
    3. Go to Nimanode’s presale page, copy the deposit address, and send your XRP to it.
    4. Receive your tokens via airdrop 24 hours after the presale concludes.

    Act Now, Don’t Miss Out

    The market is heating up. BTC is hitting new highs. But the smartest investors aren’t just riding waves, they’re positioning for what powers the next one.

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    WEBSITE | TWITTER | TELEGRAM | WHITEPAPER

    Contact:
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    contact@nimanode.com

    Disclaimer: This is a paid post and is provided by Nimanode. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2837a177-584e-4fbb-a555-a2b391b80284

    The MIL Network –

    May 27, 2025

  • MIL-OSI Russia: Hong Kong SAR IPOs this year total 76 billion Hong Kong dollars

    Translation. Region: Russian Federal

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

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

    HONG KONG, May 26 (Xinhua) — Chen Mao-bo, head of the Hong Kong Special Administrative Region’s Finance Department, said that since the beginning of this year to date, the Hong Kong Special Administrative Region has raised over 76 billion Hong Kong dollars through initial public offerings (IPOs) on the local stock exchange, an eight-fold increase compared to the same period last year and reaching about 90 percent of last year’s total.

    In an online report posted by the official on Sunday, he said that despite the uncertainties in the external environment, the Hong Kong SAR is making every effort to seize opportunities to play the role of a “super-connector” between China’s interior and the rest of the world.

    Last week, Hong Kong SAR hosted two major financial forums, with many foreign investors pledging to use Hong Kong to increase their asset allocation to the Chinese interior and the rest of Asia. The Hong Kong Stock Exchange also saw its largest IPO of the year last week.

    In addition, the Hong Kong Investment Management Company organized the first international forum on “patient capital”. Speaking at the forum, representatives of science and technology enterprises noted that the event allowed them to get acquainted with many potential investors and long-term funds, which will help accelerate the connection between capital and innovative science and technology enterprises.

    On May 23, the Hong Kong SAR’s relocation regulations came into effect. On the same day, a major international insurance company announced its intention to relocate to Hong Kong and make Hong Kong its place of registration.

    Chen Maobo noted that due to the excellent performance of the stock exchange, more and more companies are choosing to set up their headquarters, research centers and regional offices in the Hong Kong SAR, which in turn demonstrates the confidence of investors and enterprises in the Hong Kong SAR. -0-

    MIL OSI Russia News –

    May 27, 2025

  • MIL-OSI New Zealand: Vessel owner and skipper fails to meet legal obligations

    Source: Maritime New Zealand

    A skipper whose vessel sank off the South Island last year was operating it unlawfully at the time, failing to have obtained the required out of water survey.

    Wayne Jolly was the sole director and shareholder of Aurora Oceania Limited, which owned and operated the commercial fishing vessel, Aurora.

    On 7 March, 2022, the vessel sank about a nautical mile off the Catlins coast

    Mr Jolly has this week been sentenced after formally pleading guilty to one charge of failing to comply with the provisions and conditions of the vessel’s Maritime Transport Operator Certificate under s 69B of the Maritime Transport Act 1994.

    “While we cannot confirm this failure to comply has a link to the sinking of the vessel in March 2022, the purpose of the relevant requirements is to protect vessels, the environment and the lives of those on-board.

    “As the vessel was lost at sea, Maritime NZ investigators were unable to examine its physical state, and in turn confirm what caused it to sink,” Investigation’s Manager at Maritime NZ John Maxwell says.

    As the sole director of the company, Wayne Jolly was required to ensure any ship run under his company’s management was operating in line with the required safety management systems for the vessel.

    In order for a vessel, such as the Aurora to be compliant, it needs to have a current Certificate of Survey, these are issued by maritime surveyors.

    Owners and operators have the primary responsibility for their vessels safety at all times.

    “The Aurora’s CoS was valid until 2023, but subject to a range of conditions including requiring it to have an out-of-water survey by March 2021. This survey was never undertaken.

    “Given the survey wasn’t completed by its March 2021 due date, the Certificate of Survey was invalid when it sank a year later.

    “Failing to complete the out-of-water survey meant there wasn’t up to date information on the condition on the vessel nor an opportunity to identify any safety risks that need to be fixed” John Maxwell says.

    Maritime NZ says it is vital operators understand their safety responsibilities, not only in respect of their vessels but also the crew and our environment.

    MIL OSI New Zealand News –

    May 27, 2025

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with New Zealand

    Source: IMF – News in Russian

    May 26, 2025

    Washington, DC – May 26, 2025: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with New Zealand on May 19, 2025.

    Tight monetary policy has helped bring inflation back to target, but at the expense of growth. Real GDP contracted by 0.5 percent y/y in 2024, as investment fell by 4.1 percent y/y, household consumption stagnated. The slowdown has been particularly pronounced in interest-rate-sensitive sectors including retail trade, construction, and manufacturing. The financial sector remains resilient despite rising non-performing loans. A recovery in external demand and improved terms of trade have helped narrow the current account deficit to 6.2 percent of GDP, though it remains above long-term trends. Despite a challenging economic backdrop, the government delivered modest fiscal consolidation in FY2023/24, with the primary deficit narrowing to 2.4 percent of GDP. Tight monetary policy helped bring inflation within the Reserve Bank of New Zealand (RBNZ)’s 1–3 percent target band in 2024Q3, after 13 consecutive quarters, with headline inflation reaching 2.5 percent y/y in 2025Q1. The RBNZ has thus eased the Official Cash Rate (OCR) several times since August 2024, bringing it closer to the neutral rate.

    The return of inflation to target is enabling monetary policy easing and a return to growth. Inflation is forecast to remain within the target band, allowing monetary policy to gradually move to a neutral stance. Real GDP is projected to expand by 1.4 percent y/y in 2025, with monetary policy easing providing a boost to consumption and investment. Growth is expected to accelerate to 2.7 percent y/y in 2026, as the lagged impact of lower interest rates is fully realized. Fiscal policy is expected to continue to balance needed medium-term consolidation with growth considerations. The government’s broad-based structural reform agenda is aimed at boosting medium-term productivity growth, including via reforms to attract foreign investment, enhance competition, reduce regulatory burdens, accelerate housing supply growth, and progress toward closing of the infrastructure gap.

    Risks to the outlook are tilted to the downside. Downside risks stem from a softer-than-expected recovery due to elevated global uncertainty and a weak labor market or the occurrence of a natural disaster. Upside risks include a stronger rebound in growth due to faster-than-expected monetary policy transmission. As a small open economy, New Zealand is vulnerable to trade disruptions, geoeconomic fragmentation, or a global economic slowdown.


    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed that the economy is showing signs of a nascent recovery and that inflation has returned to the Reserve Bank of New Zealand’s target, after a prolonged period of significant price pressures. Noting the country’s exposure to trade and investment shocks, Directors underscored the importance of maintaining prudent policies to safeguard macroeconomic stability and implementing ambitious structural reforms to address medium‑ and long‑term economic challenges.

    Directors commended the role of monetary policy in helping bring inflation back to target. They agreed that the current monetary policy easing is appropriate and should continue until reaching a neutral level, while remaining data‑dependent and responsive to economic conditions. Directors welcomed the expanded macroprudential toolbox and concurred that macroprudential tools should continue to be used to address financial risks that may emerge as policy rates are reduced.

    Directors agreed that fiscal policy should focus on growth‑friendly, medium‑term consolidation, while supporting the most vulnerable. They called for comprehensive revenue reforms that enhance efficiency and incentivize long‑term investment. Directors also encouraged the authorities to pursue expenditure reforms, including to the pension system, that are grounded in a cost‑benefit analysis.

    Directors agreed that financial stability risks are contained and recommended that household and financial balance sheets continue to be monitored closely. They welcomed progress in key reforms, notably the Depositor Compensation Scheme and the Deposit Takers Act. Directors noted the authorities’ efforts to increase banking competition and emphasized that prudential settings should remain adequately calibrated to guard against financial stability risks. Given housing shortages, they called for improving affordability and expanding housing supply and welcomed the reform efforts around resource management in these areas.

    Directors commended ongoing structural reforms to overcome slow productivity growth and boost long‑term growth. They welcomed the authorities’ plans to boost competition and innovation, reduce barriers to overseas financing, and deepen capital markets. Investing in infrastructure and enhancing resilience to natural disasters will also be needed.

    It is expected that the next Article IV Consultation with New Zealand will be held on the standard 12‑month cycle.



    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

    Table 1. New Zealand: Main Economic Indicators, 2021-30

    (Annual percent change, unless otherwise indicated)

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    Est.

    Projections

    NATIONAL ACCOUNTS

    Real GDP (production)

    5.7

    2.9

    1.8

    -0.5

    1.4

    2.7

    2.7

    2.2

    2.2

    2.2

    Domestic demand

    10.0

    4.5

    -0.8

    -0.8

    1.8

    2.6

    2.4

    2.1

    2.1

    2.0

    Private consumption

    7.9

    4.1

    1.0

    0.2

    1.0

    3.1

    3.0

    2.4

    2.4

    2.3

    Public consumption

    7.9

    5.2

    0.8

    0.0

    0.5

    0.5

    0.5

    0.7

    0.8

    0.8

    Investment

    17.2

    4.1

    -5.4

    -4.1

    2.4

    3.2

    2.7

    2.3

    2.1

    2.1

    Public

    6.2

    3.6

    10.2

    0.5

    0.3

    2.3

    2.5

    2.8

    2.8

    2.8

    Private

    12.6

    4.3

    -3.2

    -6.5

    1.9

    3.5

    2.7

    2.1

    1.7

    1.8

    Private business

    14.5

    7.3

    -2.2

    -5.0

    2.6

    3.5

    2.8

    2.1

    1.6

    1.6

    Dwelling

    8.6

    -2.3

    -5.6

    -10.1

    0.0

    3.6

    2.3

    2.4

    2.1

    2.4

    Inventories (contribution to growth, percent)

    1.4

    0.0

    -1.4

    0.2

    0.2

    0.0

    0.0

    0.0

    0.0

    0.0

    Net exports (contribution to growth, percent)

    -4.8

    -1.6

    2.6

    0.3

    0.3

    -0.1

    0.0

    0.0

    0.0

    0.0

    Real gross domestic income

    5.0

    2.3

    1.1

    0.3

    2.9

    3.1

    2.8

    2.4

    2.3

    2.3

    Investment (percent of GDP)

    25.0

    26.3

    24.2

    23.1

    23.4

    23.4

    23.3

    23.2

    23.1

    23.1

    Public

    5.7

    5.9

    6.5

    6.4

    6.3

    6.2

    6.2

    6.2

    6.2

    6.2

    Private

    19.4

    20.4

    17.8

    16.7

    17.1

    17.2

    17.1

    17.0

    16.9

    16.8

    Savings (gross, percent of GDP)

    19.0

    17.1

    17.3

    16.9

    18.3

    18.8

    19.0

    19.2

    19.4

    19.6

    Public

    -3.5

    -4.2

    -3.5

    -4.4

    -5.1

    -3.9

    -2.5

    -1.4

    -0.4

    0.0

    Private

    22.5

    21.3

    20.9

    21.3

    23.4

    22.7

    21.5

    20.6

    19.9

    19.6

    Potential output

    1.5

    1.9

    2.2

    2.2

    2.2

    2.2

    2.2

    2.2

    2.2

    2.2

    Output gap (percent of potential)

    1.8

    2.7

    2.4

    -0.3

    -1.1

    -0.6

    -0.1

    0.0

    0.0

    0.0

    LABOR MARKET

    Employment

    2.2

    1.7

    3.3

    -0.1

    0.7

    1.5

    2.0

    1.7

    1.3

    1.5

    Unemployment (percent of labor force, ann. average)

    3.8

    3.3

    3.7

    4.7

    5.3

    5.2

    4.7

    4.3

    4.5

    4.4

    Wages (nominal percent change)

    3.8

    6.5

    7.0

    4.6

    4.3

    3.9

    3.3

    3.3

    3.0

    3.0

    PRICES

    Terms of trade index (goods and services, % change)

    -1.0

    -3.1

    -3.4

    2.9

    1.9

    1.3

    0.5

    0.4

    0.2

    0.1

    Consumer prices (avg, % change)

    3.9

    7.2

    5.7

    2.9

    2.4

    2.3

    2.2

    2.0

    2.0

    2.0

    GDP deflator (avg, % change)

    3.0

    5.8

    5.1

    3.6

    3.2

    2.8

    2.2

    2.2

    2.2

    2.1

    MACRO-FINANCIAL

    Official cash rate (policy rate, percent, avg)

    0.3

    2.2

    5.2

    4.7

    3.6

    3.3

    3.3

    3.3

    3.3

    3.3

    Credit to the private sector (percent change)

    6.1

    4.3

    0.1

    1.6

    3.2

    5.6

    4.5

    4.0

    3.9

    4.0

    Interest payments (percent of disposable income)

    5.3

    6.3

    8.5

    8.1

    7.3

    7.2

    7.0

    6.9

    6.9

    6.9

    Household savings (percent of disposable income)

    3.6

    3.3

    2.7

    2.5

    2.4

    2.3

    2.9

    3.6

    4.4

    5.1

    Household debt (percent of disposable income)

    174

    173

    168

    166

    160

    160

    159

    158

    157

    157

    GENERAL GOVERNMENT (percent of GDP) 1/

    Revenue

    37.6

    38.8

    37.0

    38.7

    37.6

    37.5

    37.5

    37.7

    37.9

    38.0

    Expenditure

    40.0

    43.3

    40.9

    41.9

    43.1

    42.3

    40.5

    39.7

    38.8

    38.0

    Net lending/borrowing

    -2.5

    -4.4

    -3.9

    -3.2

    -5.5

    -4.8

    -3.1

    -2.0

    -0.9

    0.0

    Operating balance

    -0.3

    -2.2

    -1.7

    -0.7

    -3.0

    -2.5

    -0.8

    0.1

    1.1

    1.9

    Cyclically adjusted primary balance 2/

    -2.8

    -4.2

    -3.7

    -3.4

    -3.6

    -2.9

    -1.4

    -0.2

    1.1

    2.0

    Gross debt

    46.0

    48.6

    45.8

    48.4

    53.2

    56.4

    59.0

    58.8

    57.5

    55.1

    Net debt

    10.6

    17.0

    19.0

    19.8

    23.5

    26.4

    28.0

    28.6

    28.0

    26.4

    Net worth

    94.6

    102.0

    96.3

    94.4

    87.1

    81.3

    77.3

    74.8

    73.5

    73.0

    BALANCE OF PAYMENTS

    Current account (percent of GDP)

    -6.0

    -9.2

    -6.9

    -6.2

    -5.1

    -4.6

    -4.3

    -3.9

    -3.7

    -3.5

    Export volume

    -2.3

    -0.5

    11.0

    4.1

    3.9

    3.9

    4.1

    4.0

    4.2

    4.2

    Import volume

    14.5

    4.7

    -0.4

    2.4

    2.0

    3.5

    3.2

    3.3

    3.4

    3.4

    Net international investment position (percent of GDP)

    -47.9

    -52.5

    -51.3

    -49.4

    -52.1

    -54.0

    -55.8

    -57.3

    -58.6

    -59.6

    Gross official reserves (bn US$)

    16.4

    13.7

    14.8

    23.2

    …

    …

    …

    …

    …

    …

    MEMORANDUM ITEMS

    Nominal GDP (bn NZ$)

    353

    385

    413

    427

    448

    472

    496

    518

    540

    564

    Percent change

    9.0

    9.2

    7.1

    3.4

    4.9

    5.5

    4.9

    4.4

    4.4

    4.3

    Nominal GDP per capita (US$)

    48,845

    47,819

    48,360

    48,448

    47,158

    49,022

    50,472

    51,643

    53,044

    54,378

    Real gross national disposable income per capita (NZ$)

    54,586

    55,293

    54,662

    53,632

    54,724

    55,635

    56,458

    57,044

    57,611

    58,081

    Percent change

    3.7

    1.3

    -1.1

    -1.9

    2.0

    1.7

    1.5

    1.0

    1.0

    0.8

    Population (million)

    5.1

    5.1

    5.2

    5.3

    5.4

    5.5

    5.5

    5.6

    5.7

    5.8

    US$/NZ$ (average level)

    0.708

    0.636

    0.614

    0.605

    …

    …

    …

    …

    …

    …

    Nominal effective exchange rate

    109.9

    106.5

    105.0

    104.9

    …

    …

    …

    …

    …

    …

    Real effective exchange rate

    107.6

    105.5

    105.7

    106.1

    …

    …

    …

    …

    …

    …

    Sources: Authorities’ data and IMF staff estimates and projections.

    1/ Fiscal year.

    2/ In percent of potential GDP.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/05/23/pr25159-imf-executive-board-concludes-2025-article-iv-consultation-with-new-zealand

    MIL OSI

    MIL OSI Russia News –

    May 27, 2025

  • MIL-OSI New Zealand: Captain’s decision to deviate from planned passage put vessel and crew in danger

    Source: Maritime New Zealand

    The dangers of large ships deviating from a passage plan when in extreme weather has been highlighted in the sentencing of a Captain at the Wellington District Court this week.

    Yongyu Li was the Captain of the ship Spinnaker SW. He pleaded guilty in May to one charge of operating a ship in a manner causing unnecessary danger or risk when he altered course without further assessment and navigated the large ship dangerously close to Portland Island while underway to Tauranga to load cargo.  The charge was filed by Maritime NZ.

    Prior to its departure on 14 February 2023, the vessel was anchored off the Mahia Peninsula to shelter from the impact of Cyclone Gabrielle. 

    Maritime NZ Investigations Manager John Maxwell says the 175 metre vessel was en route to Tauranga as the east coast was being hit by the cyclone. The country was in a national state of emergency while the vessel was under way. 

    “Due to the heavy conditions at sea, the Captain decided to change the route without further assessment, navigating the vessel close to Portland Island.

    “This was an incredibly risky decision. Navigating a large bulk carrier close to the island meant there was a risk it would get into dangerously shallow waters, removing the safety net of deeper water should something have gone wrong with the vessel, such as a loss of power.

    “The decision of Captain Li to alter course without further assessment of whether the route was safe put the crew, vessel, and the environment at risk.

    If something went wrong, the conditions would have hampered a potential response as well,” John Maxwell says.

    The original passage plan for the vessel was for it to go around Portland Island at a safe distance.  This allowed for the significant swells and heavy weather anticipated by the crew.

    After its departure from anchor, the vessel was recorded as encountering six to seven metre swells. The heavy weather caused the ship to roll, and the captain made the decision to navigate the ship closer to the Mahia Peninsula and Portland Island.

    “This change in route took the vessel close to shallow water, passing two spots with depths of 9.4 and 10m.

    “This is very shallow for a bulk carrier of this size, and would have only left it with a couple of metres of clearance between the vessel and a potential grounding” John Maxwell says.

    Captain Li’s decision to deviate from the agreed safe passage plan and undertake the above route, coupled with the heavy weather, was in the circumstances reckless and risked danger to the vessel, the crew on board, and the surrounding environment.

    Editor’s Note:

    Sentencing details

    Captain Li was convicted of operating a ship in a manner that caused unnecessary danger or risk under s 65 of the Maritime Transport Act 1994 and sentenced on 19 July 2023 to a fine of $1,875, which included a discount of 25 per cent for his early guilty plea.

    MIL OSI New Zealand News –

    May 27, 2025

  • MIL-OSI New Zealand: Maritime NZ reply to TAIC preliminary report into i-Catcher capsize

    Source: Maritime New Zealand

    The Transport Accident Investigation Commission (TAIC) today released its preliminary report into the capsize of charter fishing vessel, i-Catcher, off Kaikōura on 10 September 2022. Five of the 11 people on board lost their lives.

    Maritime NZ Deputy Chief Executive Regulatory Operations, Deb Despard, says this was a tragic incident.

    “I want to offer my sincere condolences to the families of those who lost their lives in this incident, as well as to everyone else who has been affected,” she says.

    In its recommendations TAIC raised issues about how vessels’ fuel systems are inspected by maritime surveyors, particularly the parts of the system that cannot be seen and easily accessed because they are under decks or behind bulkheads.

    Maritime NZ is acting on TAIC’s recommendation and is engaging with surveyors who inspect vessels, owners and operators who run them and maritime industry organisations so they are all aware of this important issue when conducting surveys and carrying out maintenance.

    “We are working on guidance for the industry to remind them about some of the considerations raised.

    “We are treating this as a priority and will communicate it to the industry as quickly as possible,” Ms Despard says.

    Maritime NZ’s investigation into the incident is continuing. Any enforcement action must be taken no more than a year after the incident.

    In fairness to everyone involved, and to protect the integrity of the investigation, Maritime NZ cannot make any further comment about the incident until the investigation is concluded.

    MIL OSI New Zealand News –

    May 27, 2025

  • MIL-OSI: Precious Metals & Critical Minerals Hybrid Investor Conference: Presentations Now Available for Online Viewing

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 23, 2025 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from Precious Metals & Critical Minerals Hybrid Virtual Investor Conference held May 22nd are now available for online viewing.

    VIEW PRESENTATIONS HERE

    The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download
    investor materials from the company’s resource section.

    May 22nd

    To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    Media Contact: 
    OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

    Virtual Investor Conferences Contact:
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network –

    May 27, 2025

  • MIL-OSI: Apollo Capital Comments on MediPharm Labs’ Failure to Respond to Reasonable Offer to Ensure Fair, Lawful and Transparent 2025 Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    MediPharm Labs Board Continues to Obstruct the Appointment and Oversight of an Independent Chair

    Failure to Appoint an Independent Chair to Oversee the Election of Directors at the Annual Meeting Prevents Shareholders from Exercising their Legal Right to Hold the Current Board Accountable for their Epic Failures

    Board Made No Attempt to Engage with Apollo Capital; Instead Resorted to Continued Campaign of Misdirection and Character Assassination Aimed to Undermine Shareholders Demanding Change

    Shareholders Deserve the Opportunity to Elect New Leaders in a Lawful and Fair Election

    Apollo Capital Reiterates Commitment to Transparent Election Process for the Benefit of All Shareholders

    URGES SHAREHOLDERS TO DISREGARD MEDIPHARM LABS’ GREEN PROXY CARD AND VOTE THE GOLD PROXY CARD “FOR” APOLLO CAPITAL’S SIX DIRECTOR NOMINEES

    TORONTO, May 23, 2025 (GLOBE NEWSWIRE) — Apollo Technology Capital Corporation (“Apollo Capital”) which together with its affiliates and associates collectively is one of the largest shareholders of MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) (“MediPharm Labs”, or the “Company”), owning approximately 3% of the Company’s common stock, today announced that MediPharm Labs’ Board of Directors (the “Board”) did not respond to Apollo Capital’s “With Prejudice” offer to the Board to ensure the rights of shareholders are protected in connection with the Company’s upcoming 2025 Annual and Special Meeting of Shareholder to be held on June 16, 2025 (the “Annual Meeting”).

    Apollo Capital distributed the offer to MediPharm Labs counsel on May 21, 2025 – seeking to ensure a lawful and fair election overseen by an independent Chair in order to protect the rights of shareholders at the Annual Meeting. The offer, which Apollo Capital shared publicly, was unilaterally ignored by MediPharm Labs’ Board, who made no attempts whatsoever to engage with representatives of Apollo Capital.

    Apollo Capital Chairman and CEO Regan McGee commented, “MediPharm Labs and its Board continue to demonstrate their utter disregard for the rights of shareholders, preferring to further entrench themselves rather than honour their fiduciary duty to act in shareholders’ best interests. Apollo Capital’s offer was made in good faith to take the necessary steps to do right by MediPharm Labs shareholders, and it is damning that the Board would put its own personal interests ahead of the law and the interests of Company shareholders.

    “The record needs to be set straight after all the misleading, defamatory and demonstrably untrue statements from the MediPharm Labs Board. Outside of MediPharm Labs, all litigation that I am involved in is related to each other. It is effectively one litigation and was initiated by me in order to protect shareholders from a small group of rogue board members who I sued for breaching their fiduciary duties. Tellingly, but not surprisingly, the MediPharm Labs Board wants to suggest that this is somehow a bad thing!

    “The Company’s attempts to villainize me are merely a feeble attempt to misdirect shareholders away from legitimate concerns regarding their staggering mismanagement of MediPharm Labs, which they have yet to answer for.”

    To be clear, MediPharm Labs’ Board is obviously trying to confuse the shareholders into thinking that it is a bad thing that board members who breach their fiduciary duties should be sued and held accountable.

    Now, let’s shine the spotlight back on what matters – your investment.

    Apollo Capital’s nominees know how to build successful businesses, know how to get deals done, and know how to raise money.

    In response to the Company’s allegations against one of Apollo Capital’s nominees for election to the Company’s Board, Regan McGee, Apollo Capital encourages shareholder to understand the facts regarding Mr. McGee and one of his businesses, Nobul Technologies Inc. (“Nobul”):

    • Nobul was named to the prestigious 2023 Deloitte Technology Fast 500™, which ranks the 500 fastest-growing technology companies across North America. The recognition further validates Nobul’s impact at a continental scale, placing it among the elite group of companies that are shaping the future of tech through extraordinary financial performance, sustained growth, and breakthrough innovation.
    • Nobul topped the 2022 Deloitte Technology Fast 50™, earning the #1 spot with an astounding four-year revenue growth rate of 72,944%—the highest of any Canadian company on the list. The Fast 50 recognizes the country’s most transformative and innovative technology companies based solely on audited financial performance. Nobul’s top placement highlights its unmatched ability to deploy capital efficiently, scale rapidly, and deliver exceptional returns.
    • Nobul has been recognized on CNBC’s Upstart 100, a list of the world’s most promising venture-backed startups. Selected from global nominees, Nobul stood out as a high-growth disruptor.
    • Regan McGee invented the Real Estate Marketplace Method and System (Patent # 12,260465) issued by the US Patent Office on March 25, 2025.   The patent incorporates Artificial Intelligence/Machine Learning Matching Algorithms for Consumers, Real Estate Agents and Properties, as well as Blockchain to facilitate secure, traceable Real Estate processes.
    • Regan McGee founded Nobul when he was in a hospital rehabilitation centre recovering from a severe spinal cord injury and learning how to walk again; Refusing to be slowed down by being disabled, he is tenacious, willing to put in the hard work, and he never gives up.

    The Board’s attempts to malign the business acumen and character of Regan McGee and Apollo Capital’s nominees are a pathetic distraction from the fact that the MediPharm Labs Board has presided over the catastrophic destruction of 99% of shareholder value.

    Apollo Capital is focused on what matters – protecting MediPharm Labs shareholders’ investment.

    Apollo Capital asks shareholders to consider the dire state of MediPharm Labs:

    • MediPharm Labs is on track to run out of money by November 2025 – a mere six months from now.
    • No one on MediPharm Labs’ slate of Board Members has ever built anything of note.

    Apollo Capital’s highly experienced director nominees – John Fowler, Alan D. Lewis, David Lontini, Demetrios Mallios, Regan McGee, and Scott Walters – will implement much-needed business and governance reforms in their first 100 days, including:

    • Slashing executive and Board compensation and suspending all equity/cash awards until a new performance-aligned structure is in place.
    • Eradicating the eye-watering $1,200,000 per year blown on travel and “other expenses”.
    • Implementing an immediate spending lockdown by freezing all non-essential, discretionary expenditures.
    • Beginning a revenue quality and margin analysis by assessing the sustainability, growth, and profitability of each business line.
    • Launching zero-based budgeting by rebuilding the company’s cost structure from the ground up based on necessity and ROI.
    • Restoring transparent shareholder communication, including:
      • Regular interactive earnings calls
      • A comprehensive Investor Day within the first 100 days
      • Open channels for shareholder feedback and dialogue
    • Implementing a new executive compensation plan directly tied to performance against key operational and financial targets.

    Shareholders can visit www.CureMediPharm.com, to sign up for important campaign updates.

    To access Apollo Capital’s Circular and related proxy materials, including a proxy or voting instruction form, visit SEDAR+ at www.sedarplus.ca.

    Contacts

    For Shareholders:
    Carson Proxy
    North American Toll-Free Phone: 1-800-530-5189
    Local or Text Message: 416-751-2066 (collect calls accepted)
    E: info@carsonproxy.com

    For Media:
    CureMediPharm@gasthalter.com

    Legal Disclosures

    Information in Support of Public Broadcast Exemption under Canadian Law

    In connection with the Annual Meeting, Apollo Capital has filed an amended and restated dissident information circular (the “Circular”) in compliance with applicable corporate and securities laws. Apollo Capital has provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations (“NI 51-102”) and the corresponding exemption under the Business Corporations Act (Ontario), and has filed the Circular, available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of Apollo Capital’s director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Circular is hereby incorporated by reference into this press release and is available under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. The registered office of the Company is 151 John Street, Barrie, Ontario, Canada L4N 2L1.

    SHAREHOLDERS OF MEDIPHARM ARE URGED TO READ THE CIRCULAR CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and shareholders are able to obtain free copies of the Circular and any amendments or supplements thereto and further proxy circulars at no charge under MediPharm’s profile on SEDAR+ at www.sedarplus.ca. In addition, shareholders are also able to obtain free copies of the Circular and other relevant documents by contacting Apollo Capital’s proxy solicitor, Carson Proxy Advisors Ltd. (“Carson Proxy”) at 1-800-530-5189, local (collect outside North America): 416-751-2066 or by email at info@carsonproxy.com.

    Proxies may be revoked in accordance with subsection 110(4) of the Business Corporations Act (Ontario) by a registered shareholder of Company shares: (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing executed by the shareholder or by the shareholder’s attorney authorized in writing; (c) by transmitting by telephonic or electronic means a revocation that is signed by electronic signature in accordance with applicable law, as the case may be: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Annual Meeting or any adjournment or postponement of the Annual Meeting is to be held, or (ii) with the chair of the Annual Meeting on the day of the Annual Meeting or any adjournment or postponement of the Annual Meeting; or (d) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non-registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the Annual Meeting.

    The costs incurred in the preparation and mailing of any circular or proxy solicitation by Apollo Capital and any other participants named herein will be borne directly and indirectly by Apollo Capital. However, to the extent permitted under applicable law, Apollo Capital intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of its director nominees at the Annual Meeting.

    This press release and any solicitation made by Apollo Capital is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of Apollo Capital who will not be specifically remunerated therefor. In addition, Apollo Capital may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf.

    Apollo Capital has entered into an agreement with Carson Proxy Advisors (“Carson Proxy”) for solicitation and advisory services in connection with the solicitation of proxies for the Meeting, for which Carson Proxy will receive a fee not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses. Apollo Capital has also engaged Gasthalter & Co. LP (“G&Co”) to act as communications consultant to provide Apollo Capital with certain communications, public relations and related services, for which G&Co will receive a minimum fee of US$75,000 in addition to a performance fee of US$250,000 in the event that Apollo Capital’s nominees make up a majority of the Board following the Annual Meeting, plus excess fees, related costs and expenses.

    No member of Apollo Capital nor any of their associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company’s last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company’s affiliates. No member of Apollo Capital nor any of their associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Annual Meeting, other than setting the number of directors, the election of directors, the appointment of auditors and the approval of the ordinary resolution approving, among other things, the Company’s amended and restated equity incentive plan dated May 8, 2025 and the unallocated awards available thereunder.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of Apollo Capital and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements contained herein are made only as of the date hereof and Apollo Capital disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which Apollo Capital hereafter becomes aware, except as required by applicable law.

    The MIL Network –

    May 27, 2025

  • MIL-OSI: Urbana Corporation Congratulates Tetra Trust Company on Being Selected by Wealthsimple to Provide Digital Asset Custody Services

    Source: GlobeNewswire (MIL-OSI)

    /NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./

    TORONTO, May 23, 2025 (GLOBE NEWSWIRE) — Urbana Corporation (“Urbana” or the “Corporation”) (TSX and CSE: URB, URB.A) congratulates Tetra Trust Company (“Tetra”) on being selected by Wealthsimple to provide digital asset custody services.

    Under this partnership, Tetra will act as one of Wealthsimple’s custodians for digital assets, marking the first time Wealthsimple has added a Canadian custodian to its roster. Wealthsimple will utilize Tetra Unity, Tetra’s institutional-grade platform, to streamline digital asset custody, execution, settlement, compliance, and risk management.   This partnership is subject to approval by the Canadian Investment Regulatory Organization.

    “Wealthsimple has consistently led innovation in Canadian financial services, and this partnership represents a significant milestone for both companies,” said Didier Lavallée, CEO of Tetra. “By combining Wealthsimple’s trusted consumer platform with our institutional-grade custody solutions, we’re creating a more secure and accessible digital asset ecosystem for Canadians.”

    This strategic collaboration marks an exciting chapter in Canada’s digital asset landscape — secure, compliant and homegrown solutions built by Canadian companies, for Canadian investors.

    Urbana currently owns 24,510,434 common shares, representing 55.6% of the Tetra common shares outstanding.

    About Urbana

    Urbana Corporation is a diversified corporation with a focus on financial services, information services and innovative technologies.   The long-term goal of Urbana is to seek and acquire investments for income and capital appreciation through a combination of public and private investments. The portfolio mix of actively managed publicly traded securities with private equity investments has generated significant long-term investment results.  For more information, visit www.urbanacorp.com.

    About Tetra

    Founded in 2019, Tetra is Canada’s first trust company licensed to custody digital assets. Backed by major players in the industry such as Urbana Corporation, the Canadian Securities Exchange, Icebook and Coinbase Ventures, Tetra delivers the most advanced digital asset storage technology, setting the standard for digital asset custody in the country. For more information, visit www.tetratrust.com.

    For further information contact:

    Elizabeth Naumovski
    Investor Relations
    (416) 595-9106  enaumovski@urbanacorp.com

    Certain statements in this news release constitute “forward-looking” statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Urbana to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Unless required by applicable securities law, Urbana does not assume any obligation to update these forward-looking statements.

    The MIL Network –

    May 27, 2025

  • MIL-OSI Africa: Deputy President pays courtesy visit to French President Macron

    Source: South Africa News Agency

    Deputy President Paul Mashatile paid a courtesy visit to French President Emmanuel Macron at his residence, the Palais de l’Élysée, in Paris, on Thursday. 

    He was accompanied by Ministers, Deputy Ministers, and business leaders from both South Africa and France.
    The meeting followed a successful SA-France Investment Conference where commitments were made to upscale trade relations between the two countries. 

    According to the Deputy President’s Office, South Africa remains committed to a global trade and investment environment that aims for sustainable and impactful global economic growth, despite the geopolitical challenges.

    “The meeting with President Macron focused on strengthening trade and diplomatic cooperation as well as cooperation in multilateral fora. 

    “The importance of economic cooperation between the two countries is about bridging the gap between the south and north, thereby creating a trade equilibrium,” the statement read. 

    During the meeting, the Deputy President indicated that the presence of over 400 French companies employing over 65 000 South Africans is a testimony to the value proposition that South Africa offers. 

    “However, the Deputy President noted that in the past two years, there has been a decline in bilateral trade, underpinned by a decline in both imports and exports. 

    “Therefore, it was prudent that South Africa intensifies efforts to increase bilateral trade through business-to-business engagements.”

    The inaugural SA-France Investment Conference is viewed as a step in the right direction to expand on existing cooperation and identify new areas of cooperation with a specific focus on trade and investment. 

    The conference will continue a biennial basis to further take stock of established partnerships and explore other areas of cooperation. 

    “In response, President Macron welcomed the Deputy President and his delegation and appreciated the decision of South Africa to strengthen trade and bilateral relations.”

    He reiterated the commitment for France and South Africa to continue to work together in various multilateral platforms for diplomacy and peace. 

    President Macron also confirmed that he will be coming to South Africa to attend the Group of 20 (G20) Leaders’ Summit in November this year.

    The two leaders agreed that this engagement will further cement the bonds between the business sectors in South Africa and France and further unlock more potential investments. 

    Deputy President Mashatile is currently in Paris for a working visit focused on strengthening South Africa’s longstanding bilateral relations with France. 

    READ | Deputy President in France for a working visit

    This visit aims to expand existing cooperation projects and identify new areas for collaboration, particularly in trade and investment. – SAnews.gov.za

    MIL OSI Africa –

    May 27, 2025

  • MIL-OSI Africa: SIU secures preservation order against jazz maestro

    Source: South Africa News Agency

    Friday, May 23, 2025

    The Special Investigating Unit (SIU) has secured a preservation order from the Special Tribunal against renowned jazz musician Selaelo Selota – barring him from selling a luxury vehicle allegedly purchased with misappropriated money.

    According to the SIU, the Mercedes Benz vehicle was purchased with National Lotteries Commission (NLC) funds which were meant for “building an old-age home and for providing elderly care in different provinces”.

    “The SIU’s investigation uncovered that Selota’s luxury vehicle was purchased using funds diverted from three NPOs [non-profit organisations] that received NLC grants under suspicious circumstances,” the corruption busting unit said.

    The three NPOs are:
    •    Matieni Community Centre had applied for R20 million in September 2017 and was granted R23 million – R3m more than requested – on 16 Oct 2017. They received R20 million from NLC in November and transferred R5.975 million to Mbidzo Development Programme
    •    Lethabong Old Age Home received R20 million from NLC in November 2017 and transferred R15 million to Mbidzo Development Programme
    •    War Against Rape and Abuse received R20 million from the NLC during December 2017 and transferred R5 million to Mbidzo Development Programme

    “On 18 January 2018, Mbidzo Development Programme deposited R104,600.01 to a car dealership to purchase a Mercedes-Benz. Subsequently, on 23 January 2018, Mbidzo Development Programme paid the remaining R300,000 to finalise the transaction. The vehicle was registered to Selota shortly after.

    “The order of the Special Tribunal is part of implementing SIU investigation outcomes and consequence management to recover financial losses suffered by State institutions because of corruption or negligence. The order forms part of a broader investigation into corruption involving NLC grants intended for community development projects.

    “The SIU is empowered to institute a civil action in the High Court or a Special Tribunal to correct any wrongdoing uncovered during investigations caused by corruption, fraud, or maladministration. In line with the Special Investigating Units and Special Tribunals Act 74 of 1996, the SIU refers any evidence pointing to criminal conduct it uncovers to the National Prosecuting Authority (NPA) for further action,” the SIU said. – SAnews.gov.za

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    MIL OSI Africa –

    May 27, 2025

  • MIL-OSI Africa: Sexual offences and commercial crime remain a concern

    Source: South Africa News Agency

    While the latest statistics has shown a significant progress in crime fighting, with a decrease in most major crime categories recorded in the fourth quarter of the previous financial year, sexual offences and commercial crime remain a concern.

    Police Minister Senzo Mchunu presented the quarterly crime statistics, covering the period from 1 January to 31 March 2025, which reflect both encouraging improvements and areas requiring intensified efforts.

    The report showed reductions across multiple crime categories. However, sexual offences, including rape and contact sexual offences, as well as commercial crimes, recorded increases during the quarter.

    The country’s four most crime-affected provinces, Gauteng, KwaZulu-Natal, Western Cape, and Eastern Cape, contributed the majority of murder cases nationwide.

    Among the 30 police stations with the highest murder rates, include 13 registered lower incidents, while two stations recorded no change.

    The report also saw the murder of 22 police officers, including six killed while on duty and 16 off duty. Of these, Gauteng alone recorded 10 of these cases.

    “This is not just a loss to the SAPS but to the entire nation. An attack on a police officer is an attack on the state, and those responsible will face the full might of the law,” Mchunu warned.

    90-day GBVF blitz launched

    In a bid to combat ongoing increase in sexual offences, Mchunu reported that the Justice, Crime Prevention and Security Cluster (JCPS), has launched a 90-day Gender – Based Violence and Femicide blitz (GBV+F blitz), which commended on 1 May 2025.

    Mchunu said the initiative includes the revival of the Inter-Ministerial Committee on GBVF, which is tasked with coordinating government interventions, resolving systemic bottlenecks, and ensuring measurable progress.

    He said the National Joint Operational and Intelligence Structure (Nat Joints) is leading frontline safety and protection efforts.

    The statistics showed an increase in reported rape cases, with Gauteng and KwaZulu-Natal contributing 19.1% and 19.9% respectively to the national total. However, five provinces, including Eastern Cape, Gauteng, Limpopo, North West, and Western Cape, recorded declines in rape cases.

    “While GBVF affects all genders, women remain disproportionately affected by rape, assault with intent to do grievous bodily harm (assault GBH), and murder,” Mchunu noted.

    Over 4 000 illegal firearms registered

    According to the report, firearms remain the most frequently used instruments in the commission of murder, followed by knives.

    A total of 4 023 cases involving illegal possession of firearms and ammunition, were recorded during the quarter under review, a 2.7% increase compared to the same period last year.

    Mchunu commended Operation Shanela for its ongoing success in delivering the results, which led to the seizure of 128 illegal firearms, and 82 arrest in just the past week.

    “One of our stated priorities, is the eradication of illegal firearms and the tightening of control over legally owned firearms,” Mchunu said.

    Increase in commercial crimes

    The country has also recorded 4.7% increases in commercial crimes, with 1,581 counts recorded in the fourth quarter.

    Gauteng and Western Cape recorded the seven highest numbers, with 12,074 cases reported in Gauteng, while 7,244 reported in Western Cape.

    Mchunu commended the Directorate for Priority Crime Investigation (DPCI) for their continued efforts, which led to 656 suspects appeared in court, including 364 linked to from serious organised crime, 220 from serious commercial crime, and 72 from serious corruption.

    ‘We urge the DPCI to remain steadfast in executing their constitutional mandate,” Mchunu said.

    Nine percent decrease in stock-theft crimes

    The report revealed an 8,9% decrease in stock-theft crime, which the Minister described as a serious threat to the agricultural sector and rural livelihoods.

    “Stock-theft is one of the priority crimes for the police, as it not only threatens the financial stability of the country’s agricultural sector but undermines the livelihoods of countless families who depend on livestock for their sustenance and economic well-being.

    “Back in March, we convened a stakeholder engagement in the Free State – this was well attended by various stakeholders from the Free State, KZN, Limpopo and Eastern Cape. The focus of the engagement was to engage those largely affected by stock-theft on the measures employed by the SAPS and to engage on what can be done in strengthening those measures,” the Minister said.

    He said the engagement was successful, and the department has full confidence in the various Stock Theft Units throughout the country.

    Mchunu also highlighted that the police recently recovered stolen livestock in Qumbu, Matatiele, Maclear and Tsolo, during their operations.

    The recovered livestock included 231 cattle to the value of R 2,7 million, 81 sheep worth over R 160 000, and 78 goats worth over R 150 000.

    “We commend the various teams for this, and we urge them to remain vigilant and to continue in their efforts to fight stock theft,” Mchunu said.– SAnews.gov.za
     

    MIL OSI Africa –

    May 27, 2025

  • MIL-OSI Australia: Appoint your SMSF trustees

    Source: New places to play in Gungahlin

    Eligibility of trustees and directors

    All members of your self-managed super fund (SMSF) must be individual trustees or directors of the corporate trustee. When selecting fund trustees, you need to make sure they’re eligible.

    Who can be a trustee

    Members are eligible to be a trustee if they’re:

    • at least 18 years old
    • not under a legal disability such as mental incapacity
    • not a disqualified person. A disqualified person includes a person who has been convicted of dishonest offences, is bankrupt or insolvent, or may be a future risk to retirement savings.

    It is an offence to knowingly act as a trustee while being a disqualified person. A legal personal representative (LPR) cannot act as trustee on behalf of a disqualified person either.

    You may have to appoint an LPR to be the trustee or director where a member:

    • is over the age of 18 with a legal disability
    • is under the age of 18
    • requires a person to hold enduring power of attorney to act on their behalf (see SMSF Ruling SMSFR 2010/2)
    • is deceased, until the death benefit becomes payable.

    Members under the age of 18 can also have their parent appointed as a trustee or director on their behalf.

    If prospective trustees have any outstanding tax or superannuation affairs, such as any unlodged tax returns or unpaid tax debts, this could prevent their SMSF registration from proceeding.

    Determine if you’re a disqualified person

    You are a disqualified person if you answer ‘yes’ to any of the following questions:

    • Have you ever been convicted of a dishonest offence in Australia or overseas?
      • Offences of dishonest conduct can include fraud, theft, and illegal activity or dealings.
      • These convictions are for offences that occurred at any time, including convictions that have been ‘spent’ and those that the court has not recorded, due to age or first offender.
    • Have you ever been issued with a civil penalty order?
      • Civil penalty orders are imposed when an individual contravenes a civil penalty provision.
      • This can be an order to pay a fine or serve jail time.
    • Are you currently bankrupt or insolvent under administration?
      • You cannot be a trustee of an SMSF while you are an undischarged bankrupt.
      • You cannot remain a trustee if you become bankrupt or insolvent after you are appointed.
    • Have you been previously disqualified by the ATO, Australian Securities & Investments Commission (ASIC) or Australian Prudential Regulation Authority (APRA)?
      • The ATO can disqualify trustees of an SMSF. This is permanent and is not just specific to the SMSF they were a trustee of at the time. To find out if someone has previously been disqualified, check our disqualified trustees registerOpens in a new window. The register commenced in 2012 and is updated quarterly.
      • ASIC can disqualify:
        • directors of companies
        • individuals who practised in Australian financial services or credit industries.
      • The Federal Court can make an order to disqualify a trustee of an APRA fund. This is permanent and disqualifies you from operating an SMSF.

    Applying to waive disqualified status

    You can apply for a waiver of disqualified status if the offence leading to the disqualification was not an offence involving serious dishonest conduct. This means that the penalty imposed for the offence was not either a:

    • term of imprisonment for more than 2 years
    • fine of more than 120 penalty units.

    The application must be in writing and include:

    • details of the offence
    • court documents about the offence
    • consent for us to inquire about the offence to any law enforcement agencies or courts that we think are relevant.

    The application should be made within 14 days of the conviction. We may accept applications after this time if you explain the circumstances of your late application.

    You cannot become a trustee until we notify you of our acceptance to waive the disqualified status.

    Send your signed application and supporting documents to:

    AUSTRALIAN TAXATION OFFICE
    PO BOX 3100
    PENRITH  NSW  2740

    Check the company can act as a corporate trustee

    A company cannot act as a corporate trustee of an SMSF if:

    • the company is aware or has reason to suspect that a director of the company is a disqualified person
    • an administrator has been appointed in respect of the company
    • a receiver has been appointed in respect of property beneficially owned by the company
    • a provisional liquidator or restructuring practitioner has been appointed in respect of the company
    • action has started to wind up the company
    • the company has been deregistered by ASIC.

    Trustee and director consent

    Whether you’re an individual trustee or director of a corporate trustee, you are responsible for running the fund and making decisions that affect the retirement interests of each fund member.

    Before you consent to being a trustee ensure you understand your obligations as an SMSF trustee under the law. You need to have the knowledge, time and skills to manage your fund successfully. We recommend you complete a free online trustee training course.

    All trustees or directors must formally consent in writing to being appointed. This can be recorded in meeting minutes and must be kept on file for the life of the SMSF and for 10 years after the SMSF winds up.

    Trustee declaration

    The Trustee declaration must be signed:

    • by trustees and directors of a corporate trustee or a legal personal representative of an SMSF, to declare they understand their obligations and responsibilities
    • within 21 days of appointment.

    You must keep your completed declaration while you remain a trustee of the fund, or for 10 years (whichever is longer). You don’t need to send it to us unless we ask for it.

    MIL OSI News –

    May 27, 2025

  • MIL-OSI Security: Waterbury Woman Sentenced to 3 Years in Federal Prison for Role in Drug Trafficking Ring

    Source: Office of United States Attorneys

    David X. Sullivan, United States Attorney for the District of Connecticut, today announced that NEYSA VAZQUEZ-FERRER, 35, of Waterbury, was sentenced yesterday by U.S. District Judge Michael P. Shea in Hartford to 36 months of imprisonment, followed by three years of supervised release, for her participation in a Waterbury drug trafficking ring.

    According to court documents and statements made in court, the FBI’s Waterbury Safe Streets Gang Task Force and other law enforcement agencies investigated two drug trafficking organizations based in the city of Waterbury.  One organization operated in the area of William Street and the other operated in the area of Maple Avenue.  The investigation, which included court-authorized wiretaps on multiple phones, video surveillance, GPS tracking of vehicles, and numerous controlled purchases of narcotics, revealed that the two organizations distributed cocaine, crack, and fentanyl through a network of sellers.  The organizations shared sources of supply and worked together to further their operations.

    Vazquez-Ferrer managed a stash location for the Maple Street organization where she packaged bags of individual dose capsules of crack cocaine.  She also enlisted her two teenage daughters to package and deliver narcotics.

    Seventeen individuals were charged with federal offenses as a result of the investigation.  Vazquez-Ferrer and several codefendants were arrested on November 29, 2023.  In association with the arrests, investigators executed multiple search warrants and seized approximately 700 grams of crack cocaine, more than 900 vials (“caps”) of crack, approximately 200 grams of loose fentanyl, more than 1,600 dose bags of fentanyl/heroin, two stolen firearms, numerous rounds of ammunition, and more than $39,000 in cash.

    On January 31, 2025, Vazquez-Ferrer pleaded guilty to conspiracy to distribute and to possess with intent to distribute controlled substances.

    Vazquez-Ferrer, who is released on bond, is required to report to prison on July 11.

    The FBI’s Waterbury Safe Streets Gang Task includes members from the FBI, the Waterbury Police Department, the Naugatuck Police Department, and the Connecticut Department of Correction.  The DEA, U.S. Marshals Service, Homeland Security Investigations (HSI), Connecticut State Police, Wolcott Police Department, and Meriden Police Department have assisted the investigation.

    This case is being prosecuted by Assistant U.S. Attorneys Natasha Freismuth and Shan Patel through the Organized Crime Drug Enforcement Task Forces (OCDETF) Program.  Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    U.S. Attorney Sullivan thanked the Waterbury State Attorney’s Office for its cooperation in the investigation and prosecution of this case.

    MIL Security OSI –

    May 27, 2025

  • MIL-OSI Security: Federal Jury Finds Red Lake Man Guilty of Sexually Abusing a Minor

    Source: US FBI

    FERGUS FALLS, Minn. – A federal jury found Clarence Clark, Jr., guilty of two counts of sexually abusing a minor on the Red Lake Indian Reservation after a three-day trial in U.S. District Court, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents and evidence presented at trial, Clarence Edward Clark, Jr., 37, sexually assaulted a minor victim who was physically incapacitated at a Red Lake Reservation home in the early morning hours of March 1, 2024.  Another minor present at the home interrupted the assault and ran to a neighbor’s home for help.  The concerned neighbor called 911 to report the crime.  Clark was found intoxicated at the scene and was apprehended by Red Lake Tribal Police.

    On May 15, 2025, a jury convicted Clark Jr. of both counts with which he was indicted in U.S. District Court before Judge John R. Tunheim.  “This guilty verdict is the result of close and timely coordination between the Red Lake Nation, FBI, and U.S. Attorney’s office.  It reflects the courage of two minors and the deep partnership between the Federal and Tribal governments.  Those who hurt children will find no quarter in Minnesota,” said Acting U.S. Attorney Lisa D. Kirkpatrick.

    “Clarence Clark Jr. robbed a child of safety and innocence,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis.  “His actions were not only depraved — they were an egregious violation of trust.  This guilty verdict ensures he will face the consequences of his crimes.  The FBI and our law enforcement partners remain steadfast in our commitment to protect children, pursue predators relentlessly, and bring them to justice.”

    This case is the result of an investigation conducted by the Federal Bureau of Investigation and the Red Lake Police Department.

    Assistant U.S. Attorney Rachel L. Kraker and Michael P. McBride prosecuted the case.

    MIL Security OSI –

    May 27, 2025

  • MIL-OSI: Kvika banki hf.: Kvika issues inaugural EUR 200 million bond

    Source: GlobeNewswire (MIL-OSI)

    Kvika banki hf. has today successfully completed the issuance of a new 4-year senior unsecured bond in the amount of EUR 200 million. This marks the bank’s inaugural euro-denominated bond issuance, representing a significant milestone in its funding strategy. It enhances Kvika’s access to international capital markets and strengthens its competitive position.

    The bonds will be issued under the bank’s Euro Medium Term Note (EMTN) Programme and are priced at a spread of 250 basis points over mid-swap rates. The bond carries an annual coupon of 4.5% and matures on 2 June 2029.

    The new issue attracted strong demand from international investors, drawing interest from 25 investors across the UK, the Nordics, continental Europe, and Asia, with total orders exceeding EUR 350 million.

    The bonds will be listed on Euronext Dublin and are expected to be rated Baa2 by Moody’s Investors Service.

    The transaction was jointly managed by BofA Securities, J.P. Morgan, and Morgan Stanley.

    For further information please contact Kvika’s investor relations at ir@kvika.is or via tel. (+354) 540 3200.

    The MIL Network –

    May 27, 2025

  • MIL-OSI United Kingdom: Over 30 arrests made in Northern Ireland people smuggler crackdown

    Source: United Kingdom – Executive Government & Departments

    News story

    Over 30 arrests made in Northern Ireland people smuggler crackdown

    33 illegal entrants and suspected people smugglers arrested as part of Home Office operation tackling abuse of the Common Travel Area.

    The operation comes as part of a renewed crackdown on immigration crime as this government restores order to our borders through the Plan for Change.

    A Home Office crackdown against people-smuggling gangs and people exploiting the Common Travel Area (CTA) has led to the arrest of 33 people, and the seizure of £17,000 in suspected criminal assets and the detention of a heavy goods vehicle related to an unpaid Clandestine Entrants Civil Penalty worth £144,000. Officers also issued civil penalties to the value of more than £10,000.  

    As part of the government’s latest initiative to take down the criminal gangs exploiting UK borders, Home Office Immigration Enforcement teams executed a three-day multi-agency operation tackling abuse of the CTA, descending on ports and airports in Northern Ireland, North West England and Wales. 

    The operation, the sixth of its kind, saw collaborative working between the Police Service of Northern Ireland (PSNI), An Garda Síochána, the National Crime Agency (NCA), other UK police forces, Border Force and international partners to gather intelligence, trace offenders and take action against UK border breaches.   

    This operation builds on the success of previous enforcement activity in Northern Ireland by the Criminal and Financial Investigations team, part of Home Office Immigration Enforcement. 

    Since July 2024 over 60 arrests have been made and over £405,000 of criminal cash seized in the crackdown on abuse of the CTA, protecting migrants at risk of exploitation and disrupting criminality that threatens the public’s safety.  

    This latest success comes alongside the announcement that nearly 30,000 people with no right to be here have been returned under this government, including a 23% increase in enforced returns and a 14% increase in foreign criminals deported since the election.

    It also follows a series of measures introduced by this government to tackle organised immigration crime under the Border Security, Asylum and Immigration Bill, which will enable smarter, faster and more effective interventions to protect UK border security; and make it easier to detect, disrupt and deter those seeking to engage in and benefit from organised immigration crime. 

    Minister for Border Security and Asylum, Dame Angela Eagle said:   

    This government is using every tool at its disposal to take down the criminal gangs who exploit vulnerable people in order to make quick cash. We are breaking down the criminal networks at their root with enforcement visits and arrests up by 38%. 

    The government’s Plan for Change will ensure that criminal networks who abuse our borders face the full force of the law, which is exactly why we have introduced the Border Security, Asylum and Immigration Bill giving law enforcement new counter-terror style powers to smash the people-smuggling gangs. 

    Alongside robust legislation at the heart of this mission, the Border Security Command is coordinating our efforts to reduce irregular migration by working alongside our international partners to restore order to our borders.

    Home Office Immigration Enforcement Deputy Director Ben Thomas said:   

    Our team alongside law enforcement agencies are dedicated to breaking down the business model of criminal gangs who put lives at risk every day, the strength of our partnership and success of this operation serves as evidence. 

    Criminal networks seek to bypass robust border checks through fraudulent means and trap vulnerable people into further illegal activities.  

    The success of this operation marks a significant step up in enforcement activity leading to the arrest of 33 criminals who attempted to abuse the Common Travel Area and undermine the UK’s border security. 

    I would like to thank my team and partners across the country for their around the clock dedication to root out the criminal gangs and bring them to justice, protecting those they exploit and the citizens of the UK.

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    Updates to this page

    Published 23 May 2025

    MIL OSI United Kingdom –

    May 27, 2025

  • MIL-OSI USA: Senators Hassan & Budd Reintroduce Bipartisan Bill to Cut Taxes for Small Businesses to Provide Retirement Plans

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan
    WASHINGTON – U.S. Senators Maggie Hassan (D-NH) and Ted Budd (R-NC) reintroduced bipartisan legislation to cut taxes for small businesses with fewer than 10 employees that create retirement accounts for their employees. The current tax credit that helps small businesses pay for the costs of starting retirement plans for employees is often insufficient for the smallest businesses, as the tax credit is provided on a per-employee basis. This legislation would ensure that small businesses with under 10 employees can receive at least a $2,500 tax credit to help pay for the costs of creating retirement accounts. 
    “Small businesses are the backbone of the Granite State economy, and they need to be able to compete with larger ones,” said Senator Hassan. “Especially as small businesses continue to face rising costs, this bipartisan legislation will provide small businesses with the tax relief that they need to be able to offer good retirement plans to their employees, helping both business owners and workers build financial security for the future. I urge my colleagues on both sides of the aisle to join us in advancing this commonsense, bipartisan legislation that strengthens our economy and helps hardworking Americans prepare for retirement.” 
    Senator Budd said, “America’s small businesses are the foundation of our economy and at the forefront of job growth. By equipping Main Street with the means to offer retirement plans, we are not only helping to create a pathway to financial security for millions of workers, but also laying the foundation for long-term economic growth. I am proud to lead this bipartisan legislation alongside Senator Hassan as we work to ensure retirement plans are within reach for hardworking Americans.” 
    The Retirement Investment in Small Employers (RISE) Act raises the floor for the existing $250 per-employee tax credit available to small businesses to create retirement plans, ensuring that all small businesses can receive a tax credit of at least $2,500. These tax cuts will help small businesses that have fewer than 10 employees offer retirement savings options to their employees. 
    Senator Hassan has helped pass into law two bipartisan packages – the original SECURE Act and the SECURE 2.0 Act – to increase access to retirement savings options, and she and her colleagues first established the program that the RISE Act is expanding in that legislation. Provisions Senator Hassan helped secure included measures to enable more businesses to join multiple employer plans (MEPs), expand tax cuts to small businesses that provide retirement benefits to their employees, increase retirement plan flexibility for public safety officers, and improve access for military families. 

    MIL OSI USA News –

    May 27, 2025

  • MIL-OSI United Kingdom: University hosts World Energy Business Schools (WEBS) Conference 2025 On 22 May 2025, the University of Aberdeen hosted the second World Energy Business Schools (WEBS) Conference, reaffirming its commitment to global collaboration on energy and sustainability challenges.

    Source: University of Aberdeen

    On 22 May 2025, the University of Aberdeen hosted the second World Energy Business Schools (WEBS) Conference, reaffirming its commitment to global collaboration on energy and sustainability challenges.
    Building on the success of the inaugural event in 2024, this year’s conference – entitled ‘Strengthening Global Ties for a Sustainable Future’ – brought together academics from across Europe and Australia to share research and foster partnerships aimed at advancing the energy transition.
    While the first conference laid the groundwork for collaboration between the University of Aberdeen, Curtin University (Australia), and the University of Calgary (Canada), the 2025 event expanded the network, drawing participation from seven universities:

    University of Aberdeen, Scotland
    University of Dundee, Scotland
    Curtin University, Australia
    University of Insubria, Italy
    University of Southern Denmark
    University of Groningen, Netherlands
    University of Stavanger, Norway

    This broader engagement marks a significant step in the evolution of the WEBS initiative, reinforcing its potential as a platform for international cooperation in research and education on energy and sustainability.
    Although held primarily online, the event also welcomed in-person attendees at the Sir Duncan Rice Library in Aberdeen, with School Director of Research, Professor Keith Bender, serving as host. The one-day conference featured a full schedule of presentations grouped around four key thematic areas:

    Sustainable Workers and Firms
    Public and Private Environmental Policy
    Energy Transitions
    Finance and Policy in Sustainable and Circular Economies

    Presentations addressed diverse topics, ranging from workforce sustainability and peer effects in low-carbon housing adoption, to friend-shoring, circular economy challenges and financial risks in the context of climate change. A highlight of the day included cross-national insights into renewable energy governance, corporate sustainability, and collaborative consumption strategies in business-to-business networks.
    The WEBS 2025 Conference underscored the value of sustained dialogue among business schools in energy-active regions. As global energy systems evolve, the WEBS network provides a forum for collaborative research, joint funding bids and PhD training opportunities.
    With two successful conferences now completed, the WEBS initiative is poised to become a leading academic network driving forward interdisciplinary insights and policy-relevant research on the future of energy.
    The Business School at the University of Aberdeen looks forward to continuing this important collaboration in the years ahead. Academics, researchers, and graduate students interested in energy, sustainability, and global collaboration are encouraged to engage with the WEBS network.
    Whether through joint research projects, future conference participation, or knowledge exchange, WEBS offers a growing platform for impactful interdisciplinary work. For further information or to express interest in future events, please contact the Business School at bs-research@abdn.ac.uk.

    MIL OSI United Kingdom –

    May 27, 2025

  • MIL-OSI Security: Former Electrical Company General Manager Sentenced to Prison for Defrauding Keolis Commuter Services

    Source: US FBI

    BOSTON – The former general manager of a Massachusetts-based electrical company was sentenced today in federal court in Boston for a false invoicing scheme that defrauded Keolis Commuter Services (Keolis) of over $4 million.

    John Rafferty, 72, of Hale’s Location, N.H., was sentenced by U.S. Senior District Court Judge William G. Young to one year and one day in prison, to be followed by two years of supervised release. Rafferty was also ordered to pay $4,016,087 in restitution and a $893,227.93 forfeiture money judgment. In June 2023, Rafferty pleaded guilty to one count of conspiracy to commit wire fraud. Rafferty was charged in April 2023 and his alleged co-conspirator, John P. Pigsley, was charged in a separate case.

    Keolis has operated the MBTA commuter rail system since 2014 under an annual contract of $291–$349 million. Rafferty was the general manager of LJ Electric, Inc., an electrical supply vendor to which Keolis paid over $17 million between 2014 through 2021.

    Between July 2014 and November 2021, Rafferty and Pigsley defrauded Keolis of over $4 million through a false LJ Electric invoicing scheme. Specifically, Rafferty spent more than $3 million on items for Pigsley and others – including: at least nine trucks; construction equipment including at least seven Bobcat machines; at least $1 million in home building supplies and services; and a $54,000 camper. Rafferty then recovered the cost of these items by submitting false and fraudulent LJ Electric invoices to Keolis, which also included a percentage profit that Rafferty kept for himself.

    In April 2025, Pigsley was sentenced to 70 months in prison, three years of supervised release, $8,580,311 in restitution to Keolis and $2,689,206 to the Internal Revenue Service, forfeiture of three real properties and a $7,687,083.70 money judgment.

    United States Attorney Leah B. Foley; Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office; and Brian C. Gallagher, Special Agent in Charge, Northeastern Region, U.S. Department of Transportation, Office of Inspector General made the announcement today. Assistant U.S. Attorneys Kristina E. Barclay of the Public Corruption & Special Prosecutions Unit and Raquelle Kaye of the Asset Recovery Unit are prosecuting the cases.
     

    MIL Security OSI –

    May 27, 2025

  • MIL-OSI Security: 18th Street Gang Associate Pleads Guilty to Dealing Fentanyl

    Source: US FBI

    BOSTON – An associate of the 18th Street Gang pleaded guilty yesterday to drug charges in federal court in Boston.

    Elvin Martinez-Flores, 23, of Everett, pleaded guilty to distributing and possessing with intent to distribute 40 grams and more of fentanyl. United States District Judge Indira Talwani scheduled sentencing for Aug. 5, 2025. Martinez-Flores was charged by criminal complaint in January 2025.

    On Sept. 20, 2024, Martinez sold approximately 400 pressed fentanyl pills to a cooperating witness. Later, on Oct. 28, 2024, Martinez sold another 500 pressed fentanyl pills to the cooperating witness.

    The charge of distribution of and possession with intent to distribute fentanyl provides for a sentence of up to 20 years in prison, at least three years and up to a lifetime of supervised release and a fine of up to $1,000,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Kim Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and James M. Ferguson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Boston Field Division made the announcement today. Valuable assistance was provided by the Massachusetts State Police; U.S. Immigration and Customs Enforcement, Enforcement and Removal Operations; Suffolk County and Middlesex County District Attorney’s Offices; and the Boston, Chelsea, Everett, Falmouth, Lynn, Medford, Nantucket and Revere Police Departments. Assistant U.S. Attorneys Timothy Moran and Fred Wyshak of the Organized Crime & Gang Unit are prosecuting the case.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.
     

    MIL Security OSI –

    May 27, 2025

  • MIL-OSI Security: Man Who Attempted to Stab Flight Attendant and Open Airplane Door Mid-Flight Pleads Guilty

    Source: US FBI

    BOSTON – A Leominster, Mass. man pleaded guilty today in connection with an incident in which he attempted to open an emergency exit door while aboard a United Airlines flight from Los Angeles to Boston and then attempted to stab a flight attendant in the neck with a broken metal spoon.

    Francisco Severo Torres, 34, pleaded guilty to one count of interference and attempted interference with flight crew members and attendants using a dangerous weapon. U.S. District Court Judge Patti B. Saris scheduled sentencing for July 17, 2025. Torres was charged by criminal complaint in March 2023 following his arrest at Boston Logan International Airport. He was subsequently indicted by a federal grand jury in September 2023.

    On March 5, 2023, Torres was a passenger aboard a United Airlines flight from Los Angeles to Boston. Approximately 45 minutes prior to landing, the flight crew received an alarm in the cockpit that a starboard side door located between the first class and coach sections of the aircraft was disarmed. Upon inspection, a flight attendant found that the door’s locking handle had been moved out of the fully locked position – approximately a quarter of the way towards the towards the unlocked position – and that the emergency slide arming lever had been moved to the “disarmed” position. The flight attendant reported this to the captain and flight crew after securing the door and emergency slide.

    In subsequent discussions, a fellow flight attendant reported that he had observed Torres near the door and believed Torres had tampered with the door. A flight attendant then confronted Torres about tampering with the door, to which he responded by asking if there were cameras showing that he had done so. The flight attendant then notified the captain that they believed Torres posed a threat to the aircraft and that the captain needed to land the aircraft as soon as possible.  

    Shortly thereafter, Torres got out of his seat and approached the starboard side door where two flight attendants were standing in the aisle. One of the flight attendants saw Torres mouthing something that he could not hear. Video taken by a passenger depicts Torres yelling at points that he would “kill every man on this plane” and “I’m taking over this plane.” Torres then thrust towards one of the flight attendants in a stabbing motion with a broken metal spoon, hitting the flight attendant on the neck area three times. Passengers then tackled Torres and he was restrained with the assistance of flight crew. Torres was immediately taken into custody upon the flight’s arrival to Boston.  

    During subsequent interviews, passengers who were aboard the flight reported that Torres asked a fellow passenger where on the safety card it showed where the door handle was located during the flight attendants’ safety briefing prior to takeoff and that Torres was seen pacing in a galley before attacking the flight attendant.

    The charge of interference and attempted interference with flight crew members and attendants using a dangerous weapon provides for a sentence of up to life in prison, up to five years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Colonel Geoffrey D. Noble, Superintendent of the Massachusetts State Police; and Boston Police Commissioner Michael Cox made the announcement today. Assistant U.S. Attorney Elianna J. Nuzum of the Criminal Division is prosecuting the case.

    MIL Security OSI –

    May 27, 2025

  • MIL-OSI Security: Boston Gang Members Pleads Guilty to Trafficking Firearms; Defrauding Federal Credit Union; Hundred-Thousand-Dollar Check Theft Scheme

    Source: US FBI

    BOSTON – A Mission Hill gang member with multiple prior convictions has pleaded guilty to three separate indictments charging him with a sweeping slate of federal charges – including trafficking firearms, defrauding a credit union of over $130,000 and stealing mail as part of a large-scale “card cracking” scheme that caused up to half a million dollars in losses.

    Glenroy Miller, a/k/a “Trinny,” 28, of Boston, pleaded guilty on May 9, 2025 to three counts of being a felon in possession of a firearm and ammunition; one count of unlawful possession of a machinegun; one count of trafficking in firearms; two counts of conspiracy to commit bank fraud; one count of bank fraud and aiding and abetting; and one count of conspiracy to steal and possess stolen mail. U.S. District Court Judge Nathaniel M. Gorton scheduled sentencing for Aug. 7, 2025.

    In September 2019, Miller was convicted in Suffolk Superior Court of possession of a firearm without a permit; carrying a firearm with ammunition; possession of a firearm with a defaced serial number; and resisting arrest. He was subsequently sentenced to three years in prison, followed by two years’ probation. In December 2019, shortly after beginning his state prison sentence, Miller conspired with long-time friend Nadaje Hendrix to defraud a credit union where Hendrix served as a loan officer and assistant branch manager at the time. Specifically, between December 2019 and August 2021, the two defrauded the credit union by obtaining loans in the names of other individuals, including Miller’s fellow inmates, as well as loans under stolen identities. In total, Miller and Hendrix defrauded the credit union of approximately $134,000. The two were indicted by a federal grand jury in January 2024 in relation to this conduct. In October 2024, Hendrix was sentenced to eight months in prison to be followed by three years of supervised release after pleading guilty in July 2024.

    In the summer of 2023, upon his release from state prison, and prior to his January 2024 indictment, Miller conspired with other Mission Hill members to engage in a mail theft and “card cracking” scheme while on probation. According to court documents, card cracking involves the theft of checks – usually checks stolen from USPS collection boxes – which are chemically washed to remove the payee information. The checks are then rewritten in the names of others who have typically been recruited into the scheme via social media, deposited into their bank accounts and withdrawn or transferred as soon the funds are made available. According to the signed plea agreement, Miller is responsible for $250,000 – $550,000 in losses or attempted losses via checks that were stolen from the mail, washed and/or deposited into recruited accounts between June 2023 and February 2024. In August 2024, Miller was indicted by a federal grand jury along with eight other Mission Hill gang members and associates for their alleged roles in the card cracking scheme.

    Additionally, during the summer of 2023, while on state probation, Miller sold six firearms to a cooperating witness on four separate occasions on Aug. 7, 2023 and Oct. 24, 2023. One of the sales included a firearm with a high-capacity magazine equipped with a machinegun conversion device. Additionally, Miller was aware that the cooperating witness was a convicted felon who was prohibited from purchasing or possessing the firearms.

    The charges of being a felon in possession of firearms and ammunition each provide for a sentence of up to 15 years in prison, up to three years of supervised release and a fine of $250,000. The charge of unlawful possession of a machinegun provides for a sentence of up to 10 years in prison, up to three years of supervised release and a fine of $250,000. The charge of trafficking in firearms provides for a sentence up to 15 years in prison, up to three years of supervised release and a fine of $250,000. The charges of bank fraud and conspiracy to commit bank fraud each provide for a sentence of up to 30 years in prison, up to five years of supervised release and a fine of $1 million. The charge of conspiracy to steal and possess stolen mail provides for a sentence of up to five years in prison, up to three years of supervised release and a fine of $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; James Crowley, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; James M. Ferguson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms & Explosives, Boston Field Division; Ketty Larco-Ward, Inspector in Charge of the United States Postal Inspection Service, Boston Division; and Randy Maloney, Special Agent in Charge of the U.S. Secret Service, Boston Field Office made the announcement. Valuable assistance was provided by the Boston and Wellesley Police Departments. Assistant U.S. Attorneys Kriss Basil, Lucy Sun and Philip C. Cheng of the Criminal Division are prosecuting the case.

    The case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. For more information about Organized Crime Drug Enforcement Task Forces, please visit Justice.gov/OCDETF. 

    MIL Security OSI –

    May 27, 2025

  • MIL-OSI Security: New York Man Pleads Guilty to Making Hate Crime Threat against Michigan Attorney General

    Source: US FBI

    DETROIT – A New York man pleaded guilty today to a federal crime for threatening Michigan Attorney General Dana Nessel, announced United States Attorney Jerome F. Gorgon Jr. and Cheyvoryea Gibson, Special Agent in Charge of the Detroit Field Division of the Federal Bureau of Investigation.

    According to court documents, on October 21, 2023, AG Nessel posted to her X account a photograph of herself and her friend who had been murdered that day. Along with the photograph, AG Nessel described her friend’s faith and contributions to the community and expressed grief and shock about the murder. The next day, Kevin Delgado, 40, of Bayside, New York, posted a threatening reply to AG Nessel’s post. Delgado then pleaded guilty to one count of transmitting threats in interstate commerce. Delgado admitted that he threatened her because of her religion and her perceived sexual orientation.

    “The federal government is dedicated to protecting all Americans against threats of violence. Everyone person has equal dignity, and our office will tirelessly work to protect them. And public officials must be free to exercise their office without fear,” U.S. Attorney Gorgon said.

    “Threatening public officials is both illegal and unacceptable. The hateful comments made by Mr. Delgado online were especially outrageous,” said Cheyvoryea Gibson, the Special Agent in Charge of the FBI in Michigan. “The FBI will continue to work with our law enforcement partners to identify and hold accountable those who make these dangerous and harmful threats against officials dedicated to serving and protecting our communities.”

    Delgado will be sentenced by United States District Court Judge Nancy G. Edmunds on September 22, 2025. He faces a maximum sentence of up to 5 years’ imprisonment.

    This case was investigated by the FBI. The case is being prosecuted by Assistant U.S. Attorney Frances Lee Carlson.

    MIL Security OSI –

    May 27, 2025
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