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Category: Finance

  • MIL-OSI Africa: Incubator programme to empower emerging developers

    Source: South Africa News Agency

    Human Settlements Minister Thembi Simelane has hailed the Emerging Developer Incubator and Post-Investment Support Programme, which aims to empower emerging developers.

    Launched in Sandton, Gauteng, the incubator programme will catalyse the transformation of the built environment and assist the Department of Human Settlements in achieving its five-year targets.

    The department’s 2025/2030 Medium Term Development Plan (MTDP) seeks to deliver over 200 000 housing units, including 237 000 serviced sites, and 15 000 social housing units. The plan also seeks to upgrade over 4000 informal settlements.

    The technical support programme, a brainchild of the department’s agency, the National Housing Finance Corporation (NHFC), will present an opportunity for contractors and emerging property developers to participate and play an active role in assisting the department in housing the nation.

    Speaking at Friday’s launch, Simelane commended the NHFC for initiating the “indispensable and bespoke” incubation programme, noting that working together in the human settlement value chain, they can “move the needle as far as transformation is concerned”.

    The Minister highlighted that the initiative is intrinsically linked to one of the priorities of the government of driving inclusive growth and job creation, and a transformative three-year initiative designed to promote inclusivity and sustainability within the housing sector.

    Recognising the challenges faced by emerging developers, including weak balance sheets, limited access to finance, and inadequate technical expertise, Simelane said the NHFC has strategically introduced this programme to address these barriers directly, by providing structured support to aspiring developers, with a keen focus on majority Black-owned and designated groups.

    “What is particularly outstanding is that the three-year programme aims to support aspiring developers from majority Black-owned and designated groups by providing non-financial support and facilitating project sustainability through skills transfer and built industry technical assistance.

    The Minister noted that the human settlement sector is currently beset with a myriad of challenges of blocked projects abandoned by contractors and developers, with capacity to manage projects, and access to finance being among the few contributing factors to these challenges.

    The introduction of the initiative is to ensure an increased delivery of housing units within the sector; grow the participation of aspiring developers in the housing value chain, with an added focus on designated groups (women, youth and people with disability), and ease access to funding from the NHFC and from other financiers. 

    Monitoring

    The Minister also assured that the launch of the programme is not a rhetorical statement.

    “We are not here for a talk-shop, we must be intentional and deliberate in driving transformation and in empowering the mentioned designated groups. At the core of the programme is capacity building, which ensures that emerging developers gain essential skills to manage and deliver successful projects.

    “The incubator offers hands-on on and off-site support throughout the project lifecycle, from feasibility studies to financial modelling and compliance with statutory regulations, as well as construction monitoring. We are doing away with the tendency of launching projects of this magnitude and design without post-project monitoring and evaluation to measure impact and success.”

    She emphasised that a key risk mitigation strategy embedded within the programme is the post-investment technical monitoring function, which ensures that the projects maintain quality and efficiency standards, while developers receive ongoing oversight and advisory services.

    The NHFC will collaborate closely with the appointed incubator service provider experienced in contractor and developer support, ensuring adherence to industry best practices and skills transfer to the NHFC itself.

    “This Emerging Developer Incubator Programme is designed not only to provide immediate support, but to cultivate a new generation of capable and self-sustaining developers who will contribute meaningfully to the housing sector. 

    “By aligning with best practices and leveraging past lessons, the department and the NHFC are setting the stage for long-term transformation and economic inclusion,” Simelane said. – SAnews.gov.za
     

    MIL OSI Africa –

    March 30, 2025
  • MIL-OSI Asia-Pac: SFST’s speech at Greater Bay Area Learning Workshop of Finance Career Trainee Program (English only)

    Source: Hong Kong Government special administrative region

    Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Greater Bay Area (GBA) Learning Workshop of the Finance Career Trainee Program today (March 28):
     
    Ms Rose Kay (Chief Operating Officer, Hong Kong and Head of Chief Executive Officer Office, Hong Kong and Greater China and North Asia, Standard Chartered Bank), Ms Florence Wong (Head of Human Resources , Hong Kong, Taiwan and Co-head of Human Resources, GBA, Standard Chartered Bank), Ms Brenda Hou (Senior Head, Asia Pacific, Global Partnership & Client Solutions, CFA (Chartered Financial Analyst) Institute), Mr Ben Yi (Director and Vice President, GBA Youth Innovation and Entrepreneurship Foundation), distinguished guests, ladies and gentlemen,
     
         It is my great pleasure to join you today at the GBA Learning Workshop of the Finance Career Trainee Program co-organised by Standard Chartered Bank, CFA Institute, and KPMG China. Let me begin by commending the organisers for their unwavering dedication to nurturing our next generation of financial leaders.
     
         It is very exciting to learn that nearly 2 500 students from 400 universities worldwide have applied to this programme since its inception in September 2023, reflecting its global reach and credibility. It has not only created valuable learning opportunities for students but also bridged the gap between theoretical knowledge and practical application.
     
         Even more importantly, this finance career trainee programme rightly dedicates its focus to the Greater Bay Area. Indeed, the GBA represents an extraordinary opportunity for ambitious young professionals like those here today. As one of the world’s most dynamic and rapidly evolving economic regions, the GBA serves as a hub of innovation, presenting endless possibilities in financial services, technology, and cross-border collaboration.
     
         In recent years, financial co-operation in the GBA has grown significantly. For example, the Cross-Boundary Wealth Management Connect allows eligible residents in Mainland China, Hong Kong and Macau to invest in wealth management products through a closed-loop capital channel established between banks and brokers. Meanwhile, the Government and the financial industry have actively strengthened financial infrastructure, with cross-border mobile payments becoming increasingly common across the GBA. Another noteworthy development is the successful pilot for cross-boundary credit referencing between Hong Kong and Shenzhen, which has helped address the challenges faced by small and medium-sized enterprises in obtaining cross-border financing.
     
    These examples underscore how financial collaboration in the GBA is creating exciting new opportunities – not only for the financial industry but also for young professionals. For our youngsters here today, I encourage you to embrace these opportunities, contribute to these collaborative efforts, and play an active role in shaping the future of finance in this dynamic region.
     
         As you prepare to step into the exciting and ever-changing financial industry, I would like to offer three more pieces of advice:
     
         First, think beyond borders: The GBA’s strength lies in its cross-boundary collaboration. By working across different cities, you can develop a global perspective, gain insights into diverse markets, and leverage the collective strengths of the region.
     
         Second, stay curious and adaptable: The financial industry is evolving rapidly, driven by technological advancements and shifting economic landscapes. Staying curious, adaptable and eager to learn will be key to thriving in this dynamic environment.
     
         Last but not least, be purpose-driven: As the next generation of leaders, please strive to make a meaningful impact. Financial services are not only about driving profitability but also about contributing to society, promoting sustainability, and improving lives.
     
         I am confident that through this programme, you will gain the skills, insights, and networks necessary to excel in the financial industry while contributing to the continued growth of the GBA as a global financial powerhouse.
     
         In closing, I would like to once again express my gratitude to Standard Chartered Bank, CFA Institute, and KPMG China for their remarkable vision and dedication to empowering young talent.
     
    Thank you, and I wish you all a successful and inspiring workshop ahead.

    MIL OSI Asia Pacific News –

    March 30, 2025
  • MIL-OSI Asia-Pac: Hong Kong Customs detects case of non-registered precious metals and stones dealer carrying out specified transactions

    Source: Hong Kong Government special administrative region

    Hong Kong Customs yesterday (March 27) detected a case involving a local company that conducted multiple transactions of precious stones and diamond jewelleries, with each transaction valued at over HK$120,000, without registration under the Dealers in Precious Metals and Stones Regulatory Regime. A director of the company was arrested.
     
    The investigation is ongoing. The arrested person has been released on bail pending further investigation.
     
    According to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), the Regime came into effect on April 1, 2023. Any person who is seeking to carry on a business of dealing in precious metals and stones in Hong Kong and engage in any transaction(s) (whether making or receiving a payment) with a total value at or above HK$120,000 in Hong Kong is required to register with the Commissioner of Customs and Excise. Any dealer, other than a registrant, who claims to be a registrant, claims to be authorised to carry out, or carries out any cash or non-cash transaction(s) with a total value at or above HK$120,000 is liable to a maximum fine of HK$100,000 and imprisonment for six months upon conviction.
     
    Hong Kong Customs reminds all dealers that the transitional period for registration under the Regime has ended. Any dealers in precious metals and stones must obtain the relevant registration before they can carry out any cash or non-cash transaction(s) with a total value at or above HK$120,000.
     
    For the forms, procedures and guidelines to submit applications for registration, please visit the website for Dealers in Precious Metals and Stones Registration System (www.drs.customs.gov.hk) or Hong Kong Customs’ webpage (www.customs.gov.hk/en/service-enforcement-information/anti-money-laundering/supervision-of-dealers-in-precious-metals-and-ston/index.html).
     
    Members of the public may report any suspected transactions involving precious metals and stones with a total value at or above HK$120,000 conducted without the required registration to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

    MIL OSI Asia Pacific News –

    March 30, 2025
  • MIL-OSI Asia-Pac: Government of India Taking Measures to Protect Critical Infrastructure and Private Data Against Cyber Attacks

    Source: Government of India

    Posted On: 28 MAR 2025 6:42PM by PIB Delhi

    Government of India is cognizant of the increasing frequency and sophistication of cyberattacks in the country. Government has taken several legal, technical, and administrative policy measures for addressing cyber security challenges in the country. The Government has also institutionalised a nationwide integrated and coordinated system to deal with cyber-attacks in the country which, inter alia, includes:

    i. National Cyber Security Coordinator (NCSC) under the National Security Council Secretariat (NSCS) to ensure coordination amongst different agencies.

    1. Under the provisions of section 70B of the Information Technology (IT) Act, 2000, the Indian Computer Emergency Response Team (CERT-In) is designated as the national agency for responding to cyber security incidents.
    2. National Cyber Coordination Centre (NCCC) implemented by the CERT-In serves as the control room to scan the cyberspace in the country and detect cyber security threats. NCCC facilitates coordination among different agencies by sharing with them the metadata from cyberspace for taking actions to mitigate cyber security threats.
    3. Cyber Swachhta Kendra (CSK) is a citizen-centric service provided by CERT-In, which extends the vision of Swachh Bharat to the Cyber Space. Cyber Swachhta Kendra is the Botnet Cleaning and Malware Analysis Centre and helps to detect malicious programs and provides free tools to remove the same. It also provides cyber security tips and best practices for citizens and organisations.
    4. Ministry of Home Affairs (MHA) has created Indian Cybercrime Coordination Centre (I4C) to deal with cybercrimes in a coordinated and effective manner.
    5. Under the provisions of section 70A of the IT Act, 2000, the Government has established National Critical Information Infrastructure Protection Centre (NCIIPC) for protection of critical information infrastructure in the country.

    As per the information reported to and tracked by CERT-In, the total number of cyber security incidents in the last three years are given below:

    Year

    Total number of cyber security incidents

    2022

    13,91,457

    2023

    15,92,917

    2024

    20,41,360

    The policies of the Government are aimed at ensuring an Open, Safe and Trusted and Accountable Internet for its users. National Cyber Security Policy (NCSP) was published by the Government with the vision of building a secure and resilient cyberspace for citizens, businesses and Government and a mission to protect information and information infrastructure in cyberspace, build capabilities to prevent and respond to cyber threats, reduce vulnerabilities and minimize damage from cyber incidents through a combination of institutional structures, people, processes, technology and cooperation.

    Government has taken following steps for protecting critical infrastructure and private data against cyber threats, which, inter-alia, includes:

    1. NCIIPC provides threat intelligence, situational awareness, alerts & advisories and information on vulnerabilities to organisations having Critical Information Infrastructures (CIIs)/ Protected Systems (PSs) for taking preventive measures against cyber-attacks and cyber terrorism. It also provides all cyber security related advice to these organisations, whenever asked for. Further, it follows up with concerned organisations for compliance of the IT (Information Security Practices & Procedures for Protected Systems) Rules, 2018 to improve their cyber security posture. It also organises training/awareness sessions for employees of entities having CIIs/PSs.
    2. The Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information), 2011 (“SPDI Rules”) made under section 43A of the IT Act has prescribed reasonable security practices and procedures to protect sensitive personal data of users.
    3. The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (“IT Rules, 2021”) under the IT Act prescribes that the intermediary shall take all reasonable measures to secure its computer resource and information contained therein following the reasonable security practices and procedures as prescribed in the SPDI Rules.
    4. The Digital Personal Data Protection Act, 2023 (DPDPA) provides for the processing of digital personal data in a manner that recognizes both the rights of the individuals to protect their personal data and processing of personal data of individuals for lawful purposes by the Data Fiduciaries.
    5. CERT-In issued Cyber Security Directions in April 2022 under sub-section (6) of section 70B of Information Technology Act, 2000 relating to information security practices, procedure, prevention, response and reporting of cyber incidents for Safe & Trusted Internet.
    6. CERT-In issued guidelines on information security practices for government entities in June 2023 covering domains such as data security, network security, identity and access management, application security, third-party outsourcing, hardening procedures, security monitoring, incident management and security auditing.
    7. CERT-In has issued an advisory to various Ministries in November 2023 outlining the measures to be taken for strengthening the cyber security by all entities that are processing the digital personal data or information including sensitive personal data or information.
    8. CERT-In operates an automated cyber threat intelligence exchange platform for proactively collecting, analysing and sharing tailored alerts with organisations across sectors for proactive threat mitigation actions by them.
    9. CERT-In provides leadership for the Computer Security Incident Response Team-Finance Sector (CSIRT-Fin) operations under its umbrella for responding to and containing and mitigating cyber security incidents reported from the financial sector.
    10. CERT-In has formulated a Cyber Crisis Management Plan for countering cyber attacks and cyber terrorism for implementation by all Ministries/ Departments of Central Government, State Governments and their organizations and critical sectors.
    11. Cyber security mock drills are conducted regularly to enable assessment of cyber security posture and preparedness of organisations and enhance resilience in Government and critical sectors. 109 such drills have so far been conducted by CERT-In where 1438 organizations from different States and sectors participated.
    12. CERT-In has empanelled 200 security auditing organisations to support and audit implementation of Information Security Best Practices.
    13. CERT-In conducts regular training programmes for network and system administrators and Chief Information Security Officers of government and critical sector organisations regarding securing information technology infrastructure and mitigating cyber-attacks. A total of 12,014 officials have been trained in 23 training programs in 2024.
    14. CERT-In regularly conducts various activities for awareness and citizen sensitization with respect to cyber-attacks and cyber frauds.
    15. The Ministry of Electronics and Information Technology conducts programmes to generate information security awareness. Awareness material in the form of handbooks, short videos, posters, brochures, cartoon stories for children, advisories, etc. on various aspects of cyber hygiene & cyber security including deepfakes are disseminated through portals such as www.staysafeonline.in,www.infosecawareness.in and www.csk.gov.in.

    This information was given by the Union Minister of Railways, Information & Broadcasting and Electronics & Information Technology Shri Ashwini Vaishnaw in Rajya Sabha today.

    *******

    Dharmendra TewariNavin Sreejith

    (Release ID: 2116341) Visitor Counter : 358

    Read this release in: Tamil

    MIL OSI Asia Pacific News –

    March 30, 2025
  • MIL-OSI Asia-Pac: Policy samvad organised One-day Workshop on Funding the Future: Public Policy and Finance for Tribal Welfare and Inclusive Growth

    Source: Government of India

    Posted On: 28 MAR 2025 6:57PM by PIB Delhi

    Policy Samvad organized a one-day workshop titled “Funding the Future: Public Policy and Finance for Tribal Welfare and Inclusive Growth in collaboration with the Institute for Public Research and Development Trust (IPPRDT) and the Mahamana Madan Mohan Malviya Memorial Trust at Malviya Smriti Bhawan, New Delhi.

    The inaugural session was led by Policy Samvad Editor and Public Policy analyst Gaurav Kumar, who welcomed the guests and briefed on the theme of workshop. The Chief Guest, Shri Antar Singh Arya, Chairman of the National Commission for Scheduled Tribes, he emphasized the role and importance of Policy Samvad for constructive dialogue in public policy space and collaboration in raising awareness on tribal welfare. He elaborated on the role of the National Commission for Scheduled Tribes and highlighted various initiatives for tribal welfare in the current Union Budget, noting the Central Government’s efforts toward the inclusive development of tribal communities.

    The Guest of Honour, Shri Nirupam Chakma, Member of the NCST, stressed the need for comprehensive and inclusive development in public finance and its efficient management. Smt. Vijaya Bharati Sayani, former Acting Chairperson and Member of the NHRC, also shared her insights on the subject. Shri Harishankar Singh, National President of Mahamana Malviya Mission, discussed the role of public policy and finance in tribal welfare and policy making.

    Additionally, Shri Amit Nirmal, Joint Secretary of the NCST, provided his perspective on the significance of public policy and finance in ensuring tribal welfare and inclusive development.

    The workshop featured discussions among domain experts, policymakers, and stakeholders, who explored new avenues for public welfare. Scholars and researchers contributed valuable insights into the past, present, and future of tribal development. Key speakers included Dr Prakash Chand Kandpal (Professor JNU), Prof Pavanesh Kumar (IGNOU), Shri Chakshu Roy (PRS Legislative Research), Shri Vinay Kumar Singh (Senior Fellow, Dr Shyama Prasad Mukherjee Foundation), Shri A K Choubey (General Secretary, Bharatiya Adivasi Sevak Sangh), Shri Prakash Uikey (Former Judge), and Dr Abhishek Srivastava (Assistant Professor, JNU).

    During the event, the tenth issue of Policy Samvad was released by the Chief Guest and Special Invitees. The journal, curated by an advisory board of distinguished professors and analysts, focuses on governance, socio-economic development, and NITI Aayog’s initiatives, serving as a crucial platform for intellectual discourse on India’s policy landscape.

    The event concluded with closing remarks by Dr Praveen Kumar Jha. The workshop saw participation from scholars, researchers, university students, and public policy professionals, including representatives from PRS Legislative Research.

    ****

    Pawan Singh Faujdar/Divyanshu Kumar

    (Release ID: 2116364) Visitor Counter : 342

    MIL OSI Asia Pacific News –

    March 30, 2025
  • MIL-OSI Australia: Arrests – Stolen motor vehicles and pursuit – Alice Springs

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested four youths in relation to property and vehicle offences in Alice Springs early this morning.

    Around 1:25am, police received reports of an unlawful entry at a residence on De Havilland Drive, Araluen. Two sets of keys were stolen from the location and used to steal a Toyota Prado and a Toyota C-HR.

    A short time later, police sighted the stolen Prado driving dangerously through Amoonguna Community and initiated a pursuit.

    During the pursuit, the Prado rammed the police unit on two occasions and the pursuit was terminated for safety reasons.

    The officers inside the vehicle were not injured.

    Later, a second police vehicle was stationary when the Prado drove at them head-on, ramming the front of the vehicle and then again at the rear. Members subsequently withdrew from the area.

    Both officers inside the vehicle sustained non-life-threatening injuries. While the vehicle was significantly damaged, the officers did not require medical treatment.

    Strike Force Viper attended and initiated a third pursuit with the Prado, with the offenders abandoning the vehicle and attempting to flee the scene on foot.

    The driver of the vehicle, aged 13, and the three passengers, aged 13, 11 and 11, were arrested without further incident with the assistance of the Dog Operations Unit.

    CCTV operators later observed a 14-year-old male exit the second stolen vehicle in the Alice Springs CBD. He was subsequently arrested and found to be in possession of an edged weapon.

    The second stolen vehicle was located abandoned in East Side a short time later.

    Investigations are ongoing.

    Police urge anyone with information about the incident to make contact on 131 444. Please quote reference P25085673. Anonymous reports can be made through Crime Stoppers on 1800 333 000.

    MIL OSI News –

    March 30, 2025
  • MIL-OSI Asia-Pac: President Lai meets British Office Taipei Representative Ruth Bradley-Jones

    Source: Republic of China Taiwan

    Details
    2025-03-21
    President Lai meets Alaska Governor Mike Dunleavy
    On the morning of March 21, President Lai Ching-te met with a delegation led by Alaska Governor Mike Dunleavy. In remarks, President Lai said that Alaska has long been an important trading partner of Taiwan, and that we have built a solid foundation for cooperation in such fields as energy, fisheries, and tourism. The president expressed hope that Taiwan and Alaska will have more frequent engagement and exchanges so that our relations can continue to grow to create prosperous development for both sides. A translation of President Lai’s remarks follows: On behalf of the people of Taiwan, I extend my sincerest welcome to our guests. This is Governor Dunleavy’s first visit to Taiwan, and last night, we both attended the Hsieh Nien Fan (謝年飯) banquet hosted by the American Chamber of Commerce in Taiwan. I am delighted to have this opportunity to meet with Governor Dunleavy today at the Presidential Office for further dialogue. Alaska has long been an important trading partner of Taiwan. Our sister-state relationship was established in 1988, and we have built a solid foundation for cooperation in such fields as energy, fisheries, and tourism. Currently, Taiwan is Alaska’s eighth largest export market and ninth largest source of imports. This goes to show just how close our trade and economic ties are and how much potential there is for further growth. As I said in my remarks at last night’s Hsieh Nien Fan banquet, Taiwan is interested in buying Alaskan natural gas. I am sure that Governor Dunleavy’s visit will help us explore even more opportunities for cooperation and continue to deepen Taiwan-United States relations. In the face of such challenges as expanding authoritarianism, climate change, and pandemics, we look forward to strengthening collaboration between Taiwan and the US. By drawing on our strengths, we can jointly build non-red supply chains to bolster our economic resilience and drive the advancement of global technology. I want to thank the US government for reiterating the importance it attaches to peace and stability across the Taiwan Strait and its opposition to any attempt to change the status quo by force or coercion. These statements backing Taiwan help in maintaining stability across the Taiwan Strait and in the Indo-Pacific region. Once again, I thank Governor Dunleavy for traveling such a long way to Taiwan. We hope to see more frequent engagement and exchanges between Taiwan and Alaska so that our relations can continue to grow, and we can create prosperous development for both sides. Governor Dunleavy then delivered remarks, saying that their trip to visit friends in Taiwan has been fantastic, thanking President Lai for the invitation to meet, and thanking all the staff. Governor Dunleavy said that as the pandemic was raging, the world went from “before COVID” to “after COVID.” Before COVID, he said, the world relied on a number of systems that were in place for decades after World War II involving supply chains, alliances, sources of energy, trading partners, and friends. He went on to say that as we go beyond COVID, we are reestablishing and reevaluating who our friends are, where we are going to get our energy, and who our trading partners are going to be. The governor said that we are creating a new world for the next 50 years with the new administration in Washington, and this is an opportunity for us to reevaluate and reinvest with our friends for the next 50 years in each other, our futures, and our security. Governor Dunleavy stated that one thing is for certain: that Taiwan is a friend of the US and a friend of Alaska, and has been for many, many decades. He said that it is their hope in this trip and subsequent trips to establish an even tighter bond among their friends in Taiwan, the US, and Alaska. The governor also said that we have much in common in that we are members of the Pacific family, are democracies, and believe in freedom, free speech, and capitalism. He indicated that he has much optimism for the future, and that as we reestablish relationships throughout the world, energy is going to be the key and the basis for our economic development, our national security, and our friendship. Governor Dunleavy said that he believes this trip is going to lay the groundwork for a fantastic future between Taiwan, Alaska, and the US, and that with President Lai’s support as well as the support of the US administration, we can work together to build even better relationships.

    Details
    2025-03-20
    President Lai attends AmCham Taiwan 2025 Hsieh Nien Fan
    On the evening of March 20, President Lai Ching-te attended the annual Hsieh Nien Fan (謝年飯) banquet hosted by the American Chamber of Commerce in Taiwan (AmCham Taiwan). In remarks, President Lai pointed out that the United States is now a major source of investment in Taiwan, adding that last year US investment accounted for 11.5 percent of total foreign investment in Taiwan. The president also pointed out that the US has become Taiwan’s largest investment destination, as Taiwan’s direct and indirect investment in the US accounted for more than 40 percent of its total outbound investment last year. President Lai expressed hope that AmCham will continue to offer support in quickly resolving the issue of double taxation, further enhancing the mutually beneficial Taiwan-US economic and trade partnership. He also emphasized that one essential element for our economic prosperity is maintaining security and stability, both regionally and globally. The president expressed his belief that, so long as we coordinate our efforts, we can achieve more in our respective defense industries and build non-red supply chains, advancing peace, stability, and prosperity. A transcript of President Lai’s remarks follows: I’m delighted to be here tonight. I want to wish everyone and their families a happy, healthy, and prosperous year ahead. For many years now, AmCham has acted as a bridge between Taiwan and the US. It not only advocates for Taiwan to various sectors in the US, but also offers advice for the development of Taiwan’s industries. So tonight, I would like to express my deepest gratitude to all our friends from the American business community. The 2025 Business Climate Survey, published by AmCham this January, demonstrates the confidence foreign businesses have in the Taiwan market. We are happy to see that over 80 percent of survey respondents reported stable or increased revenue last year, and around 80 percent expressed confidence in Taiwan’s economic prospects for the coming year. Moreover, 90 percent of businesses surveyed are planning to maintain or expand their investments in Taiwan. The positive developments in Taiwan made by our American friends here tonight, their outlook for the future, and their confidence in Taiwan, are further proof of Taiwan’s ideal environment for investment. The US is now a major source of investment in Taiwan. Last year, US investment accounted for 11.5 percent of total foreign investment in Taiwan. In 2023, Entegris opened a new manufacturing facility in Kaohsiung and Micron launched a new facility in Taichung. Last year, Google further solidified Taiwan as its biggest R&D hub outside of the US by opening a new office here. AMD, Nvidia, and major cloud computing companies from the US have also been choosing Taiwan to expand their presence. Over the past several years, the US has also become Taiwan’s largest investment destination. Taiwan’s direct and indirect investment in the US accounted for more than 40 percent of our total outbound investment last year. Four years ago, TSMC’s [Taiwan Semiconductor Manufacturing Company] investment in facilities in Arizona became the biggest FDI [foreign direct investment] in a greenfield project in US history. And this month, TSMC announced it would expand that investment, breaking another record and highlighting the enduring prosperity shared by Taiwan and the US. In addition to TSMC, Taiwan’s GlobalWafers has built a 12-inch silicon wafer factory in Texas, the biggest in the US. This will be followed by many other industries. These companies are confidently expanding their global presence across the Pacific and eastward into the Americas. The US is moving to reindustrialize its manufacturing industry and consolidate high-tech leadership, as it moves to become a global AI hub. In these efforts, Taiwan is an indispensable partner for the US. While the US is a leader in chip design, Taiwan’s semiconductor manufacturing plays an irreplaceable part in the supply chain. Adapting to the changing geopolitical landscape and the coming era of smart technology, Taiwan will continue to promote its Five Trusted Industry Sectors of semiconductors, AI, military, next-gen communications, and security and surveillance. This will drive the next stage in our economic development. A great time to invest in Taiwan is now. We will continue to better connect relevant government agencies and align with international standards to foster a friendlier investment environment. And I am confident that Taiwanese and American companies can leverage their respective high-tech expertise and invest in each other, boosting growth in industrial innovation and development for both our economies. At the same time, we hope to continue deepening Taiwan-US trade relations. Last year, Taiwan was the seventh largest trading partner of the US, up one spot from the previous year, and bilateral trade grew by 24.2 percent. Taiwan is going to expand procurement from the US of industrial and agricultural products, as well as natural gas. I am very happy to welcome Governor [Mike] Dunleavy of Alaska, who has specially come all the way to Taiwan. Alaska is a source of high-quality natural gas, and its relatively short distance from Taiwan facilitates transportation. So we are very interested in buying Alaskan natural gas because it can meet our needs and ensure our energy security. We hope that AmCham will continue to offer support in quickly resolving the issue of double taxation and removing tax barriers to bilateral investment and trade, further enhancing the mutually beneficial Taiwan-US economic and trade partnership. One essential element for our economic prosperity is maintaining security and stability, both regionally and globally. So we are grateful for the joint leaders’ statement issued by [US] President [Donald] Trump and Japan’s Prime Minister Ishiba Shigeru, in which they expressed their solid support for maintaining peace and stability across the Taiwan Strait. As we face growing authoritarianism, Taiwan will continue to uphold our values of freedom and democracy and will be a responsible actor in regional and global security. Currently, Taiwan’s defense budget stands at about 2.5 percent of GDP. Going forward, the government will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. At the same time, we will continue to reform national defense, further enhancing Taiwan’s self-defense capabilities. And we will advance our cooperation with the US and other democracies in upholding regional stability and prosperity. We also welcome continued Taiwan-US cooperation in the defense sector. I believe that, so long as we coordinate our efforts, we can achieve more in our respective defense industries and build non-red supply chains, advancing peace, stability, and prosperity. In closing, I look forward to seeing even greater achievements from Taiwan-US economic and trade cooperation. Thank you. After remarks, President Lai, AmCham Chairperson Dan Silver, American Institute in Taiwan Taipei Office Director Raymond Greene, and Governor Dunleavy raised their glasses in recognition of the strong Taiwan-US friendship.  

    Details
    2025-03-18
    President Lai meets Arizona Governor Katie Hobbs  
    On the afternoon of March 18, President Lai Ching-te met with a delegation led by Arizona Governor Katie Hobbs. In remarks, President Lai said that Taiwan and Arizona enjoy close economic and trade relations, and expressed hope that through our joint efforts, Arizona will become a shining example for Taiwan-United States high-tech collaboration and the creation of non-red supply chains. The president indicated that the next goal for Taiwan and the US is the signing of an agreement for the avoidance of double taxation, which would provide greater incentives for Taiwanese businesses to invest in the US, facilitate the establishment of more comprehensive industry clusters, and generate more job opportunities, representing a win-win outcome for Taiwan-US relations. A translation of President Lai’s remarks follows: I warmly welcome you all to the Presidential Office. Governor Hobbs previously visited Taiwan after taking office in 2023. Her leading a delegation to Taiwan once again demonstrates Arizona’s continued friendship and the importance Arizona attaches to Taiwan. For this, I express my sincerest gratitude, and I welcome you again. In recent years, ties between Taiwan and Arizona have continued to expand and progress. For example, Taiwan Semiconductor Manufacturing Company (TSMC)’s investment in Arizona is the largest greenfield investment in US history. This month, TSMC announced that it would increase its investment in the US by US$100 billion. It plans to build more semiconductor fabrication and research and development facilities in greater Phoenix, transforming the area into a US semiconductor hub. Due to our close industrial engagement, we now have more than 30,000 Taiwanese living in Arizona. I would like to thank Governor Hobbs for taking care of Taiwanese businesses and people. I believe that through our joint efforts, Arizona will become a shining example for Taiwan-US high-tech collaboration and the creation of non-red supply chains. Taiwan and Arizona also enjoy close economic and trade relations. Taiwan is Arizona’s eighth largest export market and fifth largest source of imports. Last December, the first agreement under the Taiwan-US Initiative on 21st-Century Trade officially came into effect. I believe this will help further deepen our trade and economic ties. At present, the next goal for Taiwan and the US is the signing of an agreement for the avoidance of double taxation. I hope that we can work together to achieve this goal as soon as possible. This would provide greater incentives for Taiwanese businesses to invest in the US, facilitate the establishment of more comprehensive local industry clusters, and generate more job opportunities, representing a win-win outcome. With Governor Hobbs’s support, we look forward to continuing to advance Taiwan-US relations and promoting further cooperation and exchanges between Taiwan and Arizona across all domains. I understand that during this visit, you have visited many important companies and exchanged opinions with government agencies on how to strengthen bilateral relations. These efforts all go toward building an even more solid foundation for future Taiwan-US cooperation. Once again, I thank you all for supporting Taiwan and welcome you to visit us often in the future. Governor Hobbs then delivered remarks, stating that under President Lai’s leadership, Taiwan continues to thrive as a global hub for technology, innovation, and advanced manufacturing. She said that she is proud to be back in Taiwan alongside her secretary of commerce, Sandra Watson, as part of a diplomatic and economic delegation from Arizona. Since arriving, she said, they’ve hit the ground running, meeting with key partners, businesses, and leaders, noting that the takeaway from their meetings has been incredibly positive, and that they underscore the strong and enduring partnership between Arizona and Taiwan. Adding that our partnership that is built on shared values, mutual cultural appreciation, and commitment to innovation and economic growth, Governor Hobbs indicated that Arizona and Taiwan’s partnership extends back decades, as Taiwanese fighter pilots have been training at Luke Air Force Base in Phoenix since 1996. She said that we have built a strong base of collaboration across many areas, including technology, workforce, and cultural exchange, and that Arizona is even slated to get its own Din Tai Fung (鼎泰豐), which she expressed she is very thrilled about. Governor Hobbs went on to say that Arizona’s relationship with Taiwan is anchored by its ongoing partnership with TSMC and many Taiwan-based companies in semiconductor and other industries, and that TSMC’s US$165 billion investment in Arizona will help power development of the world’s most advanced technology, such as AI, and promises to cement an unbreakable bond between our two economies.  She stated that as governor, she can say with confidence that her administration is fully committed to strengthening this relationship in every way possible, because when Arizona and Taiwan succeed, we all succeed. Lastly, Governor Hobbs once again expressed gratitude to President Lai and the people of Taiwan for their warm hospitality. She then invited President Lai to Arizona to continue their productive conversations and further strengthen ties between our people and our economies, adding that she knows there is no limit to what we can achieve together, and that she is looking forward to what is to come. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-03-18
    President Lai meets 2025 Yushan Forum participants
    On the afternoon of March 18, President Lai Ching-te met with participants in the 2025 Yushan Forum. In remarks, President Lai thanked the guests for gathering here in Taiwan and discussing ways to enhance regional cooperation, demonstrating that our democratic allies and friends are standing together as we take on the challenges of a new world and a new era. The president reiterated that Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. He stated that Taiwan will continue to work with international partners to deepen cooperation, exchanges, and partnership in various domains and resist the expansion of authoritarianism. Together, the president emphasized, we can pursue regional peace and security and realize a new vision for a free and open, stable and prosperous Indo-Pacific. A translation of President Lai’s remarks follows: I would like to begin by thanking Anders Fogh Rasmussen, former prime minister of Denmark and chairman of the Alliance of Democracies Foundation, for inviting then-President Tsai Ing-wen to address the Copenhagen Democracy Summit via video over five consecutive years since 2020, and for inviting myself to give remarks via video last year. Those opportunities allowed Taiwan to share with the world our motivation for, and our work toward, safeguarding freedom and democracy. I would also like to thank Mr. Janez Janša, former prime minister of the Republic of Slovenia, who has visited Taiwan many times already, for actively elevating the cordial ties between Taiwan and Slovenia during his term as prime minister, helping expand friendship for Taiwan throughout Europe. Today’s guests have traveled a long way to show their strong backing for Taiwan. For this, I express my deepest gratitude. Yesterday was my first time attending the Yushan Forum as president. I saw political leaders and representatives gather here in Taiwan and discuss ways to enhance regional cooperation. The event demonstrated that our democratic allies and friends are standing together as we take on the challenges of a new world and a new era. It was truly moving. As I stated at the opening ceremony, Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. Our government will help guide Taiwanese small- and medium-sized enterprises as they expand into the international market and extend Taiwan’s economic power. I hope that during this visit, our guests will be able to explore more opportunities for cooperation in such fields as AI, smart healthcare, and advanced technologies, and join hands in contributing to the prosperity and development of our democratic allies and friends. Taiwan will continue to work with international partners, building upon the shared values of freedom and democracy, to deepen cooperation, exchanges, and partnership in various domains and resist the expansion of authoritarianism. Together, we can pursue regional peace and security and realize a new vision for a free and open, stable and prosperous Indo-Pacific. And I hope, with the assistance of our guests here today, that we can further strengthen the ties between Taiwan and Europe so that we can all take up the work of maintaining global peace and stability. Once again, I welcome our guests to Taiwan. I look forward to hearing your thoughts in a few moments. I also hope you will visit Taiwan often in the future and continue to experience our vibrant democratic society and culture. Chairman Rasmussen then delivered remarks, saying that it is a great pleasure to be back here in Taipei after meeting with President Lai in 2023. He then thanked President Lai for the Taiwanese hospitality on behalf of the Yushan Forum international visitors and participants, who represent four continents and very different political parties but who are united by one thing – the commitment to democracy. Chairman Rasmussen mentioned that over the past few days, they have met with members of the government, legislature, and civil society in Taiwan. He said that he is more convinced than ever that in a very uncertain world, Taiwan continues to stand as a beacon of democracy, from which people in Europe and in the rest of the world have a lot to learn. Over the past eight years, he has been proud to step up his engagement with Taiwan, he said, as he has always subscribed to the view that freedom must advance everywhere, or else it is in decline everywhere. Chairman Rasmussen noted that they have many interests in making sure Taiwan remains free and that we must always stand up for freedom when it is under assault by a dictator. This is why Ukraine’s fight is also everyone’s fight, he explained. He then praised Taiwan for all of the support it has given to Ukraine since Russia’s invasion and honored the two Taiwanese volunteer soldiers who gave their lives for freedom in Ukraine. Chairman Rasmussen remarked that Taiwan is a strong feature of the Copenhagen Democracy Summit that he convenes each year. His foundation, the Alliance of Democracies, has even been sanctioned by the Chinese government due to its support of Taiwan, he said, which is something he takes as a badge of honor. He added that this year’s Copenhagen Democracy Summit in May will be no different, as they plan to focus on the new world order, urgent measures to strengthen Europe’s military, and the situation in Ukraine. But as the United States pulls back from the transatlantic alliance and Europe focuses more on its own defense, he said, Europe should not retreat from the world. He added that to ensure European security, we need more Europe in the Indo-Pacific, and that is why he has been making the argument for more political and economic cooperation with Taiwan. Chairman Rasmussen praised President Lai’s recent decision to increase Taiwan’s national defense budget to more than 3 percent of GDP, adding that it is important that each nation does what it can for its own defense. The chairman once again thanked President Lai for meeting with them today and for the opportunity to visit Taiwan, a beacon of democracy and liberty in Asia. Also in attendance at the meeting were Chairman of the Czech Senate Committee on Foreign Affairs, Defence and Security Pavel Fischer; Member of the National Security Advisory Board to India’s National Security Council Anshuman Tripathi; former Minister of Foreign Affairs of Poland Anna Fotyga; former Minister of Health of Canada Tony Clement; and former Vice-Minister of Foreign Affairs of the Republic of Lithuania and current Secretary General of the Polish-based Community of Democracies Mantas Adomėnas.

    Details
    2025-03-18
    President Lai meets delegation led by Minister of Foreign Affairs Denzil Douglas of Saint Christopher and Nevis
    On the afternoon of March 18, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Denzil Douglas of the Federation of Saint Christopher and Nevis. In remarks, President Lai thanked St. Kitts and Nevis for speaking up for Taiwan at major international venues and supporting Taiwan’s international participation. The president expressed hope that our two countries continue to achieve remarkable results through cooperation in such fields as education and training, agricultural development, women’s empowerment, and environmental sustainability, and create even greater well-being for our peoples. A translation of President Lai’s remarks follows: I welcome Minister Douglas and our esteemed guests to Taiwan. Last June, Minister Douglas accompanied Prime Minister Terrance Drew and his wife on their trip to Taiwan. I am delighted to be able to meet and exchange views with Minister Douglas again less than one year later. Your presence fully demonstrates the profound bond between Taiwan and St. Kitts and Nevis. I look forward to the further deepening of our partnership through our exchanges during this visit. Although our two nations are separated by a great distance, we share such universal values as democracy, freedom, and respect for human rights. We also continue to achieve remarkable results through cooperation in such fields as education and training, agricultural development, women’s empowerment, and environmental sustainability. Given that Prime Minister Drew, Minister Douglas, and I all share medical backgrounds, we deeply understand the importance of people’s health. I thus look forward to St. Kitts and Nevis’s climate-smart JNF General Hospital commencing operations as soon as possible thanks to our cooperation. The provision of even higher-quality public health and medical services will yield benefits for many more people. I also believe that by having Taiwan share its experiences in renewable energy and energy-saving technologies, our two countries will jointly drive green industrial transformation and stimulate sustainable development together. I would like to take this opportunity to thank St. Kitts and Nevis for actively speaking up for Taiwan and supporting Taiwan’s participation at such major international venues and organizations as the United Nations General Assembly, the World Health Organization, and the International Civil Aviation Organization. In the future, Taiwan will continue to make critical contributions to the international community. With the support of Minister Douglas and our guests, I look forward to our two countries backing each other on the global stage and continuing to build an even stronger foundation for bilateral cooperation. Let us work together to address the various challenges we face and create even greater well-being for our peoples. Minister Douglas then delivered remarks, first conveying greetings from Prime Minister Drew to President Lai, the government, and the people of Taiwan. He then stated that over the last 41 years since the dawn of their nationhood, the Republic of China Taiwan has steadfastly walked beside St. Kitts and Nevis as a strong and immovable partner. As we reflect on four decades of our journey together, he said, we recognize the unswerving and unwavering spirit that has guided both our nations through trials and challenges. The minister then acknowledged the generous support of Taiwan’s government that has helped St. Kitts and Nevis in its own economic and social development. He went on to say that Taiwan’s partnership with St. Kitts and Nevis has been instrumental in helping them achieve the goals of their sustainable island state agenda. Whether in enhancing food security through the diversification of their agricultural sector, fostering clean energy solutions through the solar PV farm, or advancing healthcare through assistance in building their smart hospital, he said, Taiwan has been a steadfast partner in shaping a much more resilient and sustainable future for the people of their federation. In the spirit of reciprocity and solidarity, Minister Douglas said, St. Kitts and Nevis continues to leverage opportunities on the global stage to request incessantly that Taiwan be given its rightful place in international organizations, where it can make a meaningful contribution to resolving the world’s most critical issues. Minister Douglas indicated that the global challenges we face today demand collective action, and that Taiwan has the innovation, the technology, the knowledge, and the expertise to make a tremendous positive impact on some of the world’s most urgent issues. He said that St. Kitts and Nevis will never grow weary in their own support, but shall continue to sound the clarion call of “let Taiwan in,” as well as advocate for peace to be maintained in the Taiwan Strait. To close, Minister Douglas expressed gratitude for the warm hospitality bestowed upon him and his delegation by Taiwan’s government, remarking that the engagements they had thus far were pregnant with promise, and that they are confident in witnessing a fruitful outcome as we work together to build a prosperous and sustainable future for our peoples. The delegation also included Permanent Secretary in the Ministry of Foreign Affairs Kaye Bass, Permanent Secretary of Economic Development and Investment Adina Richards, and Director in the Ministry of International Trade Sean Lawrence. The delegation was accompanied to the Presidential Office by St. Kitts and Nevis Ambassador Donya L. Francis.

    Details
    2025-03-13
    President Lai holds press conference following high-level national security meeting
    On the afternoon of March 13, President Lai Ching-te convened a high-level national security meeting, following which he held a press conference. In remarks, President Lai introduced 17 major strategies to respond to five major national security and united front threats Taiwan now faces: China’s threat to national sovereignty, its threats from infiltration and espionage activities targeting Taiwan’s military, its threats aimed at obscuring the national identity of the people of Taiwan, its threats from united front infiltration into Taiwanese society through cross-strait exchanges, and its threats from using “integrated development” to attract Taiwanese businesspeople and youth. President Lai emphasized that in the face of increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and expressed hope that all citizens unite in solidarity to resist being divided. The president also expressed hope that citizens work together to increase media literacy, organize and participate in civic education activities, promptly expose concerted united front efforts, and refuse to participate in any activities that sacrifice national interests. As long as every citizen plays their part toward our nation’s goals for prosperity and security, he said, and as long as we work together, nothing can defeat us. A translation of President Lai’s remarks follows: At many venues recently, a number of citizens have expressed similar concerns to me. They have noticed cases in which members of the military, both active-duty and retired, have been bought out by China, sold intelligence, or even organized armed forces with plans to harm their own nation and its citizens. They have noticed cases in which entertainers willingly followed instructions from Beijing to claim that their country is not a country, all for the sake of personal career interests. They have noticed how messaging used by Chinese state media to stir up internal opposition in Taiwan is always quickly spread by specific channels. There have even been individuals making careers out of helping Chinese state media record united front content, spreading a message that democracy is useless and promoting skepticism toward the United States and the military to sow division and opposition. Many people worry that our country, as well as our hard-won freedom and democracy and the prosperity and progress we achieved together, are being washed away bit by bit due to these united front tactics. In an analysis of China’s united front, renowned strategic scholar Kerry K. Gershaneck expressed that China plans to divide and conquer us through subversion, infiltration, and acquisition of media, and by launching media warfare, psychological warfare, and legal warfare. What they are trying to do is to sow seeds of discord in our society, keep us occupied with internal conflicts, and cause us to ignore the real threat from outside. China’s ambition over the past several decades to annex Taiwan and stamp out the Republic of China has not changed for even a day. It continues to pursue political and military intimidation, and its united front infiltration of Taiwan’s society grows ever more serious. In 2005, China promulgated its so-called “Anti-Secession Law,” which makes using military force to annex Taiwan a national undertaking. Last June, China issued a 22-point set of “guidelines for punishing Taiwan independence separatists,” which regards all those who do not accept that “Taiwan is part of the People’s Republic of China” as targets for punishment, creating excuses to harm the people of Taiwan. China has also recently been distorting United Nations General Assembly Resolution 2758, showing in all aspects China’s increasingly urgent threat against Taiwan’s sovereignty. Lately, China has been taking advantage of democratic Taiwan’s freedom, diversity, and openness to recruit gangs, the media, commentators, political parties, and even active-duty and retired members of the armed forces and police to carry out actions to divide, destroy, and subvert us from within. A report from the National Security Bureau indicates that 64 persons were charged last year with suspicion of spying for China, which was three times the number of persons charged for the same offense in 2021. Among them, the Unionist Party, Rehabilitation Alliance Party, and Republic of China Taiwan Military Government formed treasonous organizations to deploy armed forces for China. In a democratic and free society, such cases are appalling. But this is something that actually exists within Taiwan’s society today. China also actively plots ways to infiltrate and spy on our military. Last year, 28 active-duty and 15 retired members of the armed forces were charged with suspicion of involvement in spying for China, respectively comprising 43 percent and 23 percent of all of such cases – 66 percent in total. We are also alert to the fact that China has recently used widespread issuance of Chinese passports to entice Taiwanese citizens to apply for the Residence Permit for Taiwan Residents, permanent residency, or the Resident Identity Card, in an attempt to muddle Taiwanese people’s sense of national identity. China also views cross-strait exchanges as a channel for its united front against Taiwan, marking enemies in Taiwan internally, creating internal divisions, and weakening our sense of who the enemy really is. It intends to weaken public authority and create the illusion that China is “governing” Taiwan, thereby expanding its influence within Taiwan. We are also aware that China has continued to expand its strategy of integrated development with Taiwan. It employs various methods to demand and coerce Taiwanese businesses to increase their investments in China, entice Taiwanese youth to develop their careers in China, and unscrupulously seeks to poach Taiwan’s talent and steal key technologies. Such methods impact our economic security and greatly increase the risk of our young people heading to China. By its actions, China already satisfies the definition of a “foreign hostile force” as provided in the Anti-Infiltration Act. We have no choice but to take even more proactive measures, which is my purpose in convening this high-level national security meeting today. It is time we adopt proper preventive measures, enhance our democratic resilience and national security, and protect our cherished free and democratic way of life. Next, I will be giving a detailed account of the five major national security and united front threats Taiwan now faces and the 17 major strategies we have prepared in response. I. Responding to China’s threats to our national sovereignty We have a nation insofar as we have sovereignty, and we have the Republic of China insofar as we have Taiwan. Just as I said during my inaugural address last May, and in my National Day address last October: The moment when Taiwan’s first democratically elected president took the oath of office in 1996 sent a message to the international community, that Taiwan is a sovereign, independent, democratic nation. Among people here and in the international community, some call this land the Republic of China, some call it Taiwan, and some, the Republic of China Taiwan. The Republic of China and the People’s Republic of China are not subordinate to each other, and Taiwan resists any annexation or encroachment upon our sovereignty. The future of the Republic of China Taiwan must be decided by its 23 million people. This is the status quo that we must maintain. The broadest consensus in Taiwanese society is that we must defend our sovereignty, uphold our free and democratic way of life, and resolutely oppose annexation of Taiwan by China. (1) I request that the National Security Council (NSC), the Ministry of National Defense (MND), and the administrative team do their utmost to promote the Four Pillars of Peace action plan to demonstrate the people’s broad consensus and firm resolve, consistent across the entirety of our nation, to oppose annexation of Taiwan by China. (2) I request that the NSC and the Ministry of Foreign Affairs draft an action plan that will, through collaboration with our friends and allies, convey to the world our national will and broad social consensus in opposing annexation of Taiwan by China and in countering China’s efforts to erase Taiwan from the international community and downgrade Taiwan’s sovereignty. II. Responding to China’s threats from infiltration and espionage activities targeting our military (1) Comprehensively review and amend our Law of Military Trial to restore the military trial system, allowing military judges to return to the frontline and collaborate with prosecutorial, investigative, and judicial authorities in the handling of criminal cases in which active-duty military personnel are suspected of involvement in such military crimes as sedition, aiding the enemy, leaking confidential information, dereliction of duty, or disobedience. In the future, criminal cases involving active-duty military personnel who are suspected of violating the Criminal Code of the Armed Forces will be tried by a military court. (2) Implement supporting reforms, including the establishment of a personnel management act for military judges and separate organization acts for military courts and military prosecutors’ offices. Once planning and discussion are completed, the MND will fully explain to and communicate with the public to ensure that the restoration of the military trial system gains the trust and full support of society. (3) To deter the various types of controversial rhetoric and behavior exhibited by active-duty as well as retired military personnel that severely damage the morale of our national military, the MND must discuss and propose an addition to the Criminal Code of the Armed Forces on penalties for expressions of loyalty to the enemy as well as revise the regulations for military personnel and their families receiving retirement benefits, so as to uphold military discipline. III. Responding to China’s threats aimed at obscuring the national identity of the people of Taiwan (1) I request that the Ministry of the Interior (MOI), Mainland Affairs Council (MAC), and other relevant agencies, wherever necessary, carry out inspections and management of the documents involving identification that Taiwanese citizens apply for in China, including: passports, ID cards, permanent residence certificates, and residence certificates, especially when the applicants are military personnel, civil servants, or public school educators, who have an obligation of loyalty to Taiwan. This will be done to strictly prevent and deter united front operations, which are performed by China under the guise of “integrated development,” that attempt to distort our people’s national identity. (2) With respect to naturalization and integration of individuals from China, Hong Kong, and Macau into Taiwanese society, more national security considerations must be taken into account while also attending to Taiwan’s social development and individual rights: Chinese nationals applying for permanent residency in Taiwan must, in accordance with the law of Taiwan, relinquish their existing household registration and passport and may not hold dual identity status. As for the systems in place to process individuals from Hong Kong or Macau applying for residency or permanent residency in Taiwan, there will be additional provisions for long-term residency to meet practical needs. IV. Responding to China’s threats from united front infiltration into Taiwanese society through cross-strait exchanges  (1) There are increasing risks involved with travel to China. (From January 1, 2024 to today, the MAC has received reports of 71 Taiwanese nationals who went missing, were detained, interrogated, or imprisoned in China; the number of unreported people who have been subjected to such treatment may be several times that. Of those, three elderly I-Kuan Tao members were detained in China in December of last year and have not yet been released.) In light of this, relevant agencies must raise public awareness of those risks, continue enhancing public communication, and implement various registration systems to reduce the potential for accidents and the risks associated with traveling to China. (2) Implement a disclosure system for exchanges with China involving public officials at all levels of the central and local government. This includes everyone from administrative officials to elected representatives, from legislators to village and neighborhood chiefs, all of whom should make the information related to such exchanges both public and transparent so that they can be accountable to the people. The MOI should also establish a disclosure system for exchanges with China involving public welfare organizations, such as religious groups, in order to prevent China’s interference and united front activities at their outset. (3) Manage the risks associated with individuals from China engaging in exchanges with Taiwan: Review and approval of Chinese individuals coming to Taiwan should be limited to normal cross-strait exchanges and official interactions under the principles of parity and dignity, and relevant factors such as changes in the cross-strait situation should be taken into consideration. Strict restrictions should be placed on Chinese individuals who have histories with the united front coming to Taiwan, and Chinese individuals should be prohibited from coming to Taiwan to conduct activities related in any way to the united front. (4) Political interference from China and the resulting risks to national security should be avoided in cross-strait exchanges. This includes the review and management of religious, cultural, academic, and education exchanges, which should in principle be depoliticized and de-risked so as to simplify people-to-people exchanges and promote healthy and orderly exchanges. (5) To deter the united front tactics of a cultural nature employed by Chinese nationals to undermine Taiwan’s sovereignty, the Executive Yuan must formulate a solution to make our local cultural industries more competitive, including enhanced support and incentives for our film, television, and cultural and creative industries to boost their strengths in democratic cultural creation, raise international competitiveness, and encourage research in Taiwan’s own history and culture. (6) Strengthen guidance and management for entertainers developing their careers in China. The competent authorities should provide entertainers with guidelines on conduct while working in China, and make clear the scope of investigation and response to conduct that endangers national dignity. This will help prevent China from pressuring Taiwanese entertainers to make statements or act in ways that endanger national dignity. (7) The relevant authorities must adopt proactive, effective measures to prevent China from engaging in cognitive warfare against Taiwan or endangering cybersecurity through the internet, applications, AI, and other such tools. (8) To implement these measures, each competent authority must run a comprehensive review of the relevant administrative ordinances, measures, and interpretations, and complete the relevant regulations for legal enforcement. Should there be any shortcomings, the legal framework for national security should be strengthened and amendments to the National Security Act, Anti-Infiltration Act, Act Governing Relations between the People of the Taiwan Area and the Mainland Area, Laws and Regulations Regarding Hong Kong & Macao Affairs, or Cyber Security Management Act should be proposed. Communication with the public should also be increased so that implementation can happen as soon as possible. V. Responding to threats from China using “integrated development” to attract Taiwanese businesspeople and youth (1) I request that the NSC and administrative agencies work together to carry out strategic structural adjustments to the economic and trade relations between Taiwan and China based on the strategies of putting Taiwan first and expanding our global presence while staying rooted in Taiwan. In addition, they should carry out necessary, orderly adjustments to the flow of talent, goods, money, and skills involved in cross-strait economic and trade relations based on the principle of strengthening Taiwan’s foundations to better manage risk. This will help boost economic security and give us more power to respond to China’s economic and trade united front and economic coercion against Taiwan. (2) I request that the Ministry of Education, MAC, Ministry of Economic Affairs, and other relevant agencies work together to comprehensively strengthen young students’ literacy education on China and deepen their understanding of cross-strait exchanges. I also request these agencies to widely publicize mechanisms for employment and entrepreneurship for Taiwan’s youth and provide ample information and assistance so that young students have more confidence in the nation’s future and more actively invest in building up and developing Taiwan. My fellow citizens, this year marks the 80th anniversary of the end of the Second World War. History tells us that any authoritarian act of aggression or annexation will ultimately end in failure. The only way we can safeguard freedom and prevail against authoritarian aggression is through solidarity. As we face increasingly severe threats, the government will not stop doing its utmost to ensure that our national sovereignty is not infringed upon, and to ensure that the freedom, democracy, and way of life of Taiwan’s 23 million people continues on as normal. But relying solely on the power of the government is not enough. What we need even more is for all citizens to stay vigilant and take action. Every citizen stands on the frontline of the defense of democracy and freedom. Here is what we can do together: First, we can increase our media literacy, and refrain from spreading and passing on united front messaging from the Chinese state. Second, we can organize and participate in civic education activities to increase our knowledge about united front operations and build up whole-of-society defense resilience. Third, we can promptly expose concerted united front efforts so that all malicious attempts are difficult to carry out. Fourth, we must refuse to participate in any activities that sacrifice national interests. The vigilance and action of every citizen forms the strongest line of defense against united front infiltration. Only through solidarity can we resist being divided. As long as every citizen plays their part toward our nation’s goals for prosperity and security, and as long as we work together, nothing can defeat us.

    MIL OSI Asia Pacific News –

    March 30, 2025
  • MIL-OSI New Zealand: Infrastructure Minister to visit Singapore

    Source: New Zealand Government

    Infrastructure and Transport Minister Chris Bishop will travel to Singapore this week to build on the momentum from the NZ Infrastructure Investment Summit and show New Zealand is ‘open for business’.
    “The NZ Infrastructure Investment Summit was a real success, with huge interest from around the world in investing in New Zealand,” says Mr Bishop. 
    “In Singapore I will meet with a range of pension funds and investment companies, including Temasek and GIC, to talk about New Zealand’s infrastructure pipeline and government reforms to welcome international investment.
    “New Zealand infrastructure company Morrison is expanding their office in Singapore and it will be a pleasure to formally launch their new office. As one of the world’s largest specialist infrastructure managers, Morrison is a real New Zealand success story.
    “Singapore is one of our most important partners in Southeast Asia, and one of our largest sources of foreign investment. This year marks the 60th anniversary of diplomatic relations between New Zealand and Singapore, a significant milestone that underscores the depth and strength of our partnership.
    “I will also meet with Minister Grace Fu, Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, to discuss renewable energy, resilient infrastructure, and infrastructure investment.
    “We have a lot to learn from Singapore, particularly around transport and infrastructure and I am looking forward to meetings to discuss rapid transit, public housing, and port development.”
    Mr Bishop leaves for Singapore on Sunday 30 March and is due to return on Thursday 3 April.

    MIL OSI New Zealand News –

    March 30, 2025
  • MIL-OSI New Zealand: Delivering better grocery prices

    Source: New Zealand Government

    Today I am announcing next steps in the Government’s mission to deliver better grocery prices for Kiwis.
    Our Government knows that the cost of living is a major concern for New Zealanders. We are focused on delivering changes that will bring down the cost of living, now and in the years ahead.
    One major driver of the cost of living is the high prices many Kiwis pay for their basic groceries. After housing, food is the second-most expensive item in Kiwis’ household budgets.
    The current situation
    New Zealand grocery prices are high by international standards. Kiwi shoppers are being poorly served by extremely low levels of competition in our grocery sector. 
    This lack of competition is the result of a series of mergers that have occurred over the past 30 or 40 years, reducing a sector once characterised by a number of grocery chains to a market now dominated by just two major players per island:  Foodstuffs North Island, Foodstuffs South Island  (with the New World, Pak ‘n Save and Four Square brands) and Woolworths (with the Countdown and Fresh Choice / Super Value brands).
    These incumbents exhibit significant market power and act as an effective island duopoly, with many communities experiencing what could be characterised as a localised grocery monopoly, as they have no other store to choose from near their homes.
    It’s noteworthy that Foodstuffs argued in the courts that the merger of Progressive Enterprises and Woolworths NZ was not in consumers’ interests. 
    This dynamic was acknowledged by a 2022 market study and led to a series of reforms.   
    In September last year the Commerce Commission published its first annual report into the grocery sector, which provided an update on the impact of reforms so far. 
    It concluded that competition in the grocery sector had not materially improved.
    The Commerce Commission did note pockets of improved competition due, for example, to Costco entering the Auckland market, and the Warehouse expanding its range of grocery offerings. But these incursions have not fundamentally changed the competitive dynamics in the market.
    There has been no reduction in market concentration, with evidence of increasing margins for major supermarkets, and ongoing levels of profitability much higher than would be expected in a workably competitive market.
    There have also been recent examples of firms struggling to compete in the market. Organic grocer Huckleberry, which owned three stores in Auckland, went into liquidation in 2024. Online grocer Supie was put into voluntary administration in October 2023.   
    The Grocery Commissioner has noted the disappointing impact of new wholesale regulations, and ongoing problems with the Grocery Supply Code.
    The simple reality is this: Despite good intentions, the last Government’s reforms have not improved grocery competition or delivered better prices for Kiwi supermarket shoppers. 
    I am advised that without further action, meaningful changes to competition will be some time away. 
    Progress Update
    Last month I announced my desire to see another competitor enter the supermarket scene to deliver more effective competition in the grocery sector, disrupt the major players, drive down prices and increase options for Kiwi shoppers.
    I made clear then that the Government wants to help remove barriers that could get in the way of a new entrant, including potentially removing a range of regulatory hurdles. 
    Since February, I and my officials have engaged with a range of interested parties who’ve shared their views of what might be needed to help their entry or expansion into the New Zealand grocery market.
    These engagements have been instructive.  My key findings have been:

    To achieve the best outcomes for consumers we need at least one competitor entering or expanding to operate at a national scale. The Commerce Commission’s first grocery report supports this view, stating that success in the grocery industry “requires a third major network of supermarkets, offering a full range of groceries nationwide”.
    That the Government’s work to replace the Resource Management Act, and changes to the Overseas Investment Act can help to ease the path for new grocery stores.
    That the Commerce Commission’s work to target multiple other issues – including on wholesale supply of groceries, monitoring of anti-competitive behaviour and strengthening information and protections for consumers and suppliers – must continue at pace.
    That further bespoke regulatory intervention could help some potential entrants – including by addressing potential barriers in food labelling and import standards that could prevent the importation of competitor products.
    That even with all these changes, major commercial and regulatory barriers could still prevent a third player from being able to enter or compete at a national scale.

    A competitor at scale
    This final point is very important.
    I want to see a new grocery competitor that can introduce competitive pressure not just in one niche or region but across the country, so that it improves shopping choices and prices for as many Kiwi shoppers as possible. 
    International experience suggests that for this to occur, a new player would probably need to reach a scale of at least 10% of the existing market and do so relatively quickly.
    There are a range of views about what additional interventions could be needed to make that possible. Some suggest that progressing the current Commerce Commission work programme, in conjunction with consenting and investment reform may be sufficient. 
    Others advocate more significant changes to the structure of the New Zealand grocery market. 
    These include splitting existing brands currently housed under one umbrella back into separate businesses (horizontal separation or demerger); splitting wholesale and retail provision of groceries (vertical separation); divestment approaches explored but ultimately put on hold by the previous Government, or a combination of these approaches.
    In light of this work, and the advice and views I have considered to date, I have now made recommendations to Cabinet about the next steps needed to improve competition in the New Zealand grocery sector.
    Issuing a formal “Request for Information” to support a supermarket competitor
    Today I am announcing that Cabinet has agreed to commence a formal Request For Information (RFI) process to accelerate improved competition in the New Zealand retail grocery market.
    The RFI I am releasing will help the Government identify the next regulatory and legislative steps needed to support a significant national-scale competitive challenge to the New Zealand supermarket duopoly.
    We want to know what it would take for one or more new grocery retailers to enter the grocery market on a national scale, or existing competitors to grow to sufficient size to generate a material increase in the level of competition in the New Zealand grocery sector. 
    We want to hear from firms or groups who have the capability and capacity to provide New Zealand consumers with a full range of grocery products, at scale, nationwide. 
    This is about obtaining detailed information about how the Government can support a new supermarket competitor, using the full range of legislative and regulatory tools available to us.
    We are asking respondents to set out the ideal conditions that would need to exist for them to enter and grow in the New Zealand retail grocery market. I also want to hear about barriers, both commercial and regulatory, and what the Government can do to improve conditions to allow them to set up and better compete with the incumbents. 
    For example, they may face barriers securing appropriate sites to build on, or they may have issues accessing supply, or there may be fundamental issues with the structure of the market.
    I expect that a new competitor would need to have, buy or build a substantial physical store network. That is a big ask. We can’t just cross our fingers and wait for that to happen. Nor am I satisfied that we’ve yet flushed out everyone who might be up for the task – if we get the conditions right.
    As such, I have asked officials to seek responses from firms which already have a presence in the New Zealand market, such as Costco and the Warehouse as well as established overseas grocery firms, such as Coles, Aldi and Lidi. Investors for targeting will include general investment funds, specialist infrastructure investors and iwi groups. 
    I have also asked officials to seek views from the existing major players, alongside the smaller store owners who work under their brands, to ensure their perspectives are heard.
    The scale of the challenge
    The challenges facing a major new competitor should not be underestimated.
    My engagements to date have suggested that for so long as the current duopoly structure continues, and even with targeted regulatory action, potential investors may perceive that the commercial barriers to success in the NZ grocery market are just too high. 
    Initial research suggests a new or expanding national-scale grocery competitor would require significant upfront capital.  It’s expected that the RFI will expose the “J Curve“” for investment, that is the potential for upfront losses that would be incurred during set-up followed by larger returns down the line. 
    Any large new supermarket business would need to compete with what are large, well-established retailers, with strong brand recognition, substantial market power and significant efficiencies of scale. 
    Concerns include the difficulty in obtaining suitable store sites at scale and pace, the potential for existing players to use their market power to block or squeeze out new entrants and the potential for existing players to place pressure on suppliers to offer less advantageous terms to new entrants. 
    I want potential participants in the Government’s RFI to know I understand the mountain we are asking them to climb. 
    It’s important they take this opportunity to articulate potential challenges as plainly as possible. 
    Further options for Government Intervention
    I acknowledge that we can’t just wait for another competitor to arrive.
    In order to make the New Zealand grocery sector more competitive sooner it’s possible more significant reform of the underlying grocery market structure may be required. 
    I have therefore advised Cabinet that when I report back to them later this year I will potentially recommend progressing additional intervention options for the New Zealand grocery market, including new legislation, should I view this as necessary to achieve the increased levels of grocery competition we are seeking for New Zealand shoppers.
    I am actively anticipating what that may involve.
    Accordingly, I am also announcing today that I am considering a possible structural separation of existing entities in the New Zealand grocery sector.
    To support this, I have commissioned specialist external advice on ways in which the existing supermarket duopoly could be restructured to improve competition, including advice on options for ‘de-merger’ of existing brands, the potential impacts of structural separation of existing entities, and concepts for how this could be achieved.
    It’s important this work, and any recommendations I make to Cabinet, are informed by the responses the Government receives to the Request for Information we are issuing today. 
    And that resulting recommendations properly consider the potential benefits – and costs – of intervention. 
    In considering potential design options I consider any newly created market structure would need to deliver net consumer benefits from greater competition, be enduring, ensure the market is dynamic and efficient and ensure that any transaction costs are kept to a minimum.
    I do not take this step lightly. 
    In a global context, the New Zealand grocery market has experienced exceptional consolidation, a point that the OECD and other international experts agree is major cause for concern.
    This is a $27 billion sector – roughly the size of New Zealand’s tourism and dairy sales combined – so it’s crucial that we get this market working effectively. 
    Doing so will deliver benefits into every shopping trolley and create new business opportunities up and down the supply chain.
    I want to emphasise once again that this Government is not looking to run a supermarket chain: there will be no KiwiShop. 
    Next steps 
    I know that while this work progresses, Kiwi shoppers, feeling the pinch at the checkout, will remain impatient. 
    They have already waited too long for more competitive grocery offerings.
    We need to move fast, and also with due care. 
    The RFI will proceed at pace, with information sought in the next six weeks. Work on market structure options will continue while this occurs, as will the Commerce Commission’s work to complete its wholesale inquiry, its analysis into land-banking issues and its second grocery report.
    In mid 2025, once I have considered the evidence coming in from the RFI, and the Commission’s work, I will bring further recommendations to Cabinet. Depending on what I hear, I may seek Cabinet’s mandate to progress further design work on structural options to improve competition in the grocery sector.
    If legislation is needed, I would want to introduce it before the end of the year and pass it during this parliamentary term, with rapid implementation shortly thereafter. 
    I am determined that this be a thorough and considered process. It’s vital we get this right. 
    As I said, I take seriously the need to weigh carefully not only the potential benefits of further intervention, but also its potential costs. And, it’s important to note, Cabinet has not yet formed a view on whether structural intervention will, in fact, be needed. 
    The RFI we are issuing today is a crucial step for informing our future deliberations. I can’t yet predict the detailed recommendations I will make as a result. 
    It could also be the case that the incumbent supermarkets propose actions that would prevent the need for any new legislation – for example through voluntary divestment undertakings under section 69A of the Commerce Act.
    My key message is this: if further intervention is needed to drive competition in the grocery sector, then I’m up for it. 
    I’m putting all options on the table. 
    I’ll now take your questions.

    MIL OSI New Zealand News –

    March 30, 2025
  • MIL-OSI United Nations: Looking beyond GDP to reach the Sustainable Development Goals

    Source: United Nations 2

    29 March 2025 Economic Development

    Countries should consider looking beyond Gross Domestic Product, or GDP, as the key measure of economic growth to achieve the ambitious Sustainable Development Goals (SDGs), UN policymakers have suggested.   

    The initiative is in line with UN Secretary-General António Guterres’s longstanding assertion that “moving beyond GDP is fundamental to building an economic system that gives value to what counts – human well-being – now and in the future, and for everyone”.

    While GDP has become the gold standard by which economic development is judged, it was never intended to encompass the overall wellbeing and progress of any single nation.  

    Neither does it capture the value of human, social or nature capital, explained Özge Aydogan, Director of UN Geneva’s Beyond Lab, which takes a lead thinking about social innovation and sustainability. 

    UN Geneva/Emma Schneider

    Özge Aydogan, Director of UN Geneva’s Beyond Lab.

    “That’s something that GDP measures very poorly – or not at all, in fact,” Ms. Aydogan said, “so, the whole movement around ‘Beyond GDP’ is to look into ways of moving from an extractive economy – which we are on right now – into an economy where capital…is not only created for economic purposes that only benefit a few, but actually for people and planet.” 

    In a bid to integrate untapped human capital, natural resources and wellbeing into how a country’s wealth might be calculated in future, the Beyond Lab has been brainstorming with government officials, researchers and thought leaders in sustainability.

    Regenerative economies 

    But what policymakers still haven’t worked out is what a post-GDP economy would look like – neither have they agreed on the best path to get there. 

    For Ms. Aydogan, an ideal scenario for 2050 would be a regenerative economy – one that isn’t only extracting resources to derive revenue, but rather, creating wealth through untapped virtual assets.

    In practical terms, countries would factor in other wealth-creating assets, such as a country’s natural resources. 

    “You replenish nature, for instance,” she explained, adding that more holistic metrics would not necessarily replace GDP. “What we’re really actually looking into is to complement GDP.”

    © UNICEF/Karin Schermbrucker

    An mother and her baby are among those benefiting from services offered at a UNICEF-supported health centre in Malawi.

    Measuring happiness

    Alternative economic metrics have been around for some time. In 1972, King Jigme Singye Wangchuck of the small, landlocked Asian state of Bhutan coined the Gross National Happiness index.  

    It captures four areas: sustainable development, conservation of the environment, preservation and promotion of culture – and good governance.

    Likewise, the Human Development Index is often cited as another alternative to evaluate the overall development and well-being of a nation, taking into account life expectancy, standards of living, and education. 

    An increasing amount of research reveals that the GDP model is insufficient, says Nathalie Bernasconi of the International Institute for Sustainable Development (IISD) – and change-makers must find ways to translate the scientific evidence into national policies. 

    They should also create incentives for governments to move away from an outdated, GDP-heavy paradigm that was created in the 1930s, in the aftermath of the Great Depression, by the economist Simon Kuznets to measure economic output and help policymakers respond to the crisis.

    “GDP alone cannot guide us towards this future,” said Ms. Bernasconi, who is Vice-President of Global Strategies and Managing Director for Europe at IISD.

    Not sustainable

    GDP is not necessarily a reliable indicator of sustainability and can even increase after costly accidents such as oil spills, owing to intensive clean-up operations, as was the case with the BP Deepwater Horizon oil disaster in 2010.

    Another environmental disaster in Alaska in 1989 – the Exxon Valdez spill – temporarily  boosted GDP in the United States, thanks to job creation and a rise in demand for services.

    But while the tragedy initially inflated GDP, it also caused pervasive harm to the ecosystem and local communities – long-term losses not captured by the indicator.

    “Why do we value dead things? Why value a dead tree, rather than the living tree providing oxygen?” said Bingying Lou of the Beyond Lab, citing an indigenous environmental activist.

    © WHO/Anna Kari

    The SDGs focus on eliminating poverty and providing people with opportunities to prosper.

    Multilateralism can fix debt crisis

    Among those supporting calls to think creatively about reforming GDP and to “recommit to multilateralism” to find solutions for heavily indebted countries held back by classic financial models created after the Second World War, is Ambassador Matthew Wilson of the Permanent Mission of Barbados to the UN in Geneva.

    “Recent months have shown that when you think you’re beyond – something, or someone, pulls you right back in,” he said.

    Mr. Wilson added that while multilateralism has not worked perfectly, the world would be in a worse position without it.  

    We need to be forward-thinking but also active in solving issues like debt and development assistance, the ambassador stressed.

    ‘Status quo not viable anymore’

    Whether politicians will venture away from campaigns focused on how much they have grown GDP and adopt other measurements, remains to be seen, said Ms. Aydogan.

    “We have been taught a certain way to look at the economy,” she said. “But at the same time, the fact that we’re hitting all these planetary boundaries…shows us that the status quo is just simply not viable anymore.”

    To take the discussion one step further, policymakers will convene at the International Conference on Financing for Development in Seville, Spain from June 30 to July 3, 2025, and at the World Social Summit in Doha, Qatar in November 2025.

    MIL OSI United Nations News –

    March 30, 2025
  • MIL-OSI: BexBack Launches 100x Leverage, Double Deposit Bonus, and $50 Welcome Bonus — No KYC Required

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 29, 2025 (GLOBE NEWSWIRE) — As crypto markets remain volatile, BexBack is empowering traders with 100x leverage, no KYC, and a 100% deposit bonus to maximize returns. Whether you’re a seasoned pro or just starting, BexBack offers exceptional opportunities for profitable trading.

    Why Trade with 100x Leverage on BexBack?

    • Amplified Profits: Control larger positions with smaller capital.
    • Low Capital Requirement: Enter high-value trades with minimal investment.
    • Trade Both Directions: Profit whether the market goes up or down.
    • No KYC: Start trading immediately, no identity verification needed.

    What is 100x Leverage and How Does It Work?

    With 100x leverage, a 1 BTC position can control 100 BTC. For example, if Bitcoin rises from $100,000 to $105,000, your profit would be 5 BTC, giving you a 500% return.

    100% Deposit Bonus

    Double your funds instantly with 100% deposit bonus — available on all deposits greater than 0.001 BTC or 100 USDT. Use the bonus to open larger positions and increase profits.

    About BexBack

    BexBack is a leading cryptocurrency derivatives platform offering 100x leverage on BTC, ETH, SOL, XRP, and other popular cryptos. Headquartered in Singapore, BexBack serves over 500,000 traders globally, providing fast execution, no deposit fees, and 24/7 customer support.

    BexBack is a US MSB (Money Services Business) licensed platform, trusted by traders in over 200 countries, including the US, Canada, and Europe.

    Why Choose BexBack?

    • No KYC Required – Start trading instantly.
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    Sign Up Now — Break the KYC and Leverage Barriers.

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

    Sign Up Now on BexBack — Break the 100x Leverage and KYC Barriers, Get Double Deposit Bonus and $50 Welcome Bonus Instantly

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This press release is provided by BexBack. 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. 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. 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.Speculate only with funds that you can afford to lose.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.

    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 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.

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/864d6022-17df-448b-9227-2afe5ef57ec3
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    The MIL Network –

    March 30, 2025
  • MIL-OSI: SafeCard Reviews [CONSUMER REPORTS 2025]: Don’t Buy Till You’ve Read This!

    Source: GlobeNewswire (MIL-OSI)

    MONROE, La., March 29, 2025 (GLOBE NEWSWIRE) — Transactions are now faster than ever thanks to contactless payment methods and RFID-enabled cards, but they have also made it easier for criminals to gain access to your private information. Powerful RFID skimming devices have made it possible for cyber criminals to collect your personal card information without any physical contact, and the sad part is that you have probably been a victim in the past, with or without realising it. Many people are now looking for trustworthy methods to safeguard their personal and financial data without the bulk of RFID wallets and sleeves.

    SafeCard RFID Blocking Card Reviews

    We will be discussing the SafeCard, a thin and lightweight RFID-blocking card that promises to stop unwanted scanning of debit cards, credit cards, and other RFID-enabled devices. Many USA consumer reports claim it’s a sleek, hassle-free answer to digital theft, unlike heavy RFID wallets or thin sleeves. Does it, however, work as advertised? Any SafeCard Reviews Complaints on Trustpilot And Reddit?

    It’s important to be on the safe side given the abundance of security devices available on the market. Despite their lofty claims, several RFID-blocking devices fall short of providing adequate protection, leaving consumers vulnerable to cyber theft. Others are difficult to use, requiring frequent modifications or adding needless bulk to wallets.

    But does the SafeCard really work, or is it simply another overhyped RFID-blocking device? Is it worth your dime? What is the real truth of the SafeCard Shield, despite the hype it’s getting in the USA? To answer all these questions and more, we will look more closely at what makes it special, go over some of its main features, pros and cons and actual customer experiences.

    Introduction to Safecard

    What is Safecard (Safecard Reviews)

    If this is your first time hearing about this RFID Blocking device, your first question would be ‘What is The SafeCard?’ So let’s start by answering that. SafeCard is an innovative RFID-blocking gadget made to prevent unwanted scanning of passports, credit cards, debit cards, and other RFID-enabled objects.

    Scammers can now obtain important information from your cards without making direct contact using powerful RFID skimming devices. By creating an imperceptible barrier that prevents these scanning efforts, SafeCard provides a dependable solution and guarantees the security of your financial and personal information.

    SafeCard neutralizes skimming devices by using active interference technology. It creates a barrier around your cards when you carry them in your wallet or purse, keeping identity thieves out. For shoppers, travelers, and anybody else worried about digital security, this makes it a great option.

    SafeCard’s lightweight, thin design is one of its best qualities; it lets customers experience safety without having to carry heavy accessories. With its long-lasting build and universal compatibility with all RFID-enabled cards, it provides long-term 24/7 protection. The SafeCard is a simple, cost-effective, and efficient method of protecting your private information that gives you peace of mind wherever you go.

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    Explanation on How The SafeCard Shield Works

    SafeCard prevents unwanted scanning of your passports, credit cards, debit cards, and other RFID-enabled objects by actively blocking RFID and NFC signals. In contrast to conventional RFID-blocking wallets or sleeves that passively protect cards from signals, SafeCard instantly blocks scanning efforts, guaranteeing that even with sophisticated skimming tools, cybercriminals cannot access your private data. Just put the SafeCard in your wallet, handbag, or cardholder with your other cards to use it. It surrounds them with a protective field that prevents unwanted scanners from picking up RFID signals.

    Most RFID-enabled cards are compatible with SafeCard’s active protection solution, which provides a more sophisticated and dependable option than passive shielding techniques. Its lightweight and thin design also makes it possible for you to use it conveniently without having to deal with the bulk. SafeCard guarantees that your financial and personal information is always secure; you can now travel, buy, or commute with peace of mind.

    Verified Distinguishing Features Of The SafeCard (SafeCard Reviews USA)

    The SafeCards manufacturer’s objective is to provide you with a convenient and safe experience while keeping you one step ahead of fraudsters. SafeCard has recorded a plethora of customer reviews and validated testimonials supporting its functionality. Let’s look at the unique features of SafeCard:

    • Advanced RFID Blocking: SafeCard’s innovative RFID and NFC blocking technology is central to its effectiveness.. The card uses a strong electromagnetic shielding mechanism to stop your ID badges, smart passports, debit cards, and credit cards from being scanned without your permission. Verified users have shared their experiences, proving that SafeCard is effective; thus, this isn’t simply a theoretical assertion. For example, Hannah L. recalled that she had twice been the victim of card skimming at airports. She reported feeling secure after using SafeCard, pointing out that its covert and lightweight design has already thwarted multiple scanning efforts. These first-hand reports provide strong proof that SafeCard performs as intended.
    • Lightweight and Simple design: The thin, light, and simple design of SafeCard is a huge plus. Nobody is interested in dealing with bulky gadgets as they make daily routine tiresome. SafeCard is nearly undetectable in your wallet or purse because it is only 1.1 mm thick, unlike conventional RFID-blocking wallets or sleeves. Another confirmed customer, Emma R., emphasized this advantage by drawing comparisons to RFID wallets she had previously used. She underlined that SafeCard provided the same security without sacrificing comfort or convenience, while the conventional choices were cumbersome and inconvenient; this implies that you will get dependable protection that fits in well with your way of life.
    • No batteries needed: SafeCard offers 24/7 protection as it does not need batteries or recharging. Long-lasting performance without the inconvenience of moving around with chargers or replacing out batteries is guaranteed. The SafeCard is a great option for both regular travelers and daily commuters who require round-the-clock safety wherever they go.
    • Universal compatibility: Another feature that sets SafeCard apart from the competition is its universal compatibility. SafeCard is compatible with all RFID-enabled devices, including transport passes, credit and debit cards, and even access cards. The SafeCard eliminates the need for you to switch between different kinds of protective sleeves for different kinds of cards. You can simplify your security requirements and ensure complete protection across all your RFID-enabled cards with SafeCard.
    • Long-lasting: The manufacturers of the SafeCard are aware that durability is important to you. Long-term use is ensured by SafeCard’s construction using premium, dust-proof, and water-resistant materials. The card is made to resist normal wear and tear, whether you’re driving through crowded cities or in inclement weather. The SafeCard won’t require regular replacements or extra care for many years.
    • Travel-friendly: The TSA-friendly design of SafeCard is a big plus for frequent travelers. Traditional RFID-blocking wallets that could set off alarms during airport security checks are an annoyance, and we understand that. SafeCard was designed to make sure that your trip is easy and hassle-free. Verified buyer Rachel T. told how scammers accessed her bank account while she was traveling through Rio. Her trip was transformed by a SafeCard recommendation, and she now feels confident knowing her wallet is protected. When you are walking through congested public areas or airports, this certainty is priceless.
    • Multi-layer protection: Apart from its fundamental RFID-blocking features, SafeCard incorporates multi-layer encryption. This extra function makes sure that your data is protected by layers of strong encryption, even in the event of an unauthorized attempt to access it. The encryption serves as an additional barrier, protecting your private information from prying eyes even while the device concentrates on preventing illegal scans.
    • Affordable: The SafeCard is available at a surprisingly affordable price. Users of most pay grades can afford the SafeCard without breaking the bank.

    Is SafeCard Better Than RFID Sleeves?

    Many people, especially frequent travelers, are looking for trustworthy methods to safeguard their financial and personal data due to the growing threat of digital theft and illegal RFID scanning. For many years, RFID-blocking sleeves were the only popular solution, hence the tolerance despite their many drawbacks. The SafeCard is here now and is superior to conventional RFID sleeves.

    The fact that RFID sleeves only use passive shielding to prevent signals is one of their main drawbacks. A coating of metallic substance inside these sleeves keeps RFID readers from accessing card data. However, the card must be fully covered and positioned inside the sleeve for them to be effective. Protection may be jeopardized if a card is even slightly exposed or if the sleeve wears out. Conversely, SafeCard makes use of active detection technologies in conjunction with sophisticated electromagnetic shielding. It ensures constant protection by automatically blocking RFID scanning attempts, saving users from having to manually insert or remove cards.

    SafeCard’s lightweight and thin design, which fits easily into any wallet, is another significant benefit. Although theoretically functional, RFID-blocking sleeves can be cumbersome and inconvenient. The fact that each card must be stored separately makes them difficult for many people to use. As a result, people who carry several RFID-enabled cards will need to buy extra sleeves or swap out their cards often. By providing universal safety for all surrounding RFID cards without the need for separate storage, SafeCard removes this inconvenience. Emma R., a verified buyer. recounted her experience, pointing out that SafeCard is so discreet that she hardly notices it’s there and that it performs better than RFID wallets or sleeves.

    Another area in which SafeCard performs better than conventional RFID sleeves is durability. Many sleeves are composed of thin fabrics that eventually rip, deteriorate, or lose their usefulness. SafeCard, on the other hand, is made to endure regular use and has dustproof and water-resistant components that guarantee long-term use. Users don’t have to bother with inefficient shielding or the need to replace worn-out sleeves on a regular basis. The SafeCard is an excellent investment for digital security and definitely superior to RFID and sleeves.

    FLASH OFF: Click Here To Buy SafeCard From The Official Website – Up To 50% Off, Only While Stock Lasts

    Shocking Myths and Truths About SafeCard (SafeCard Shield Reviews)

    As a dependable defense against illegal RFID scanning, SafeCard has grown in popularity in the USA as well as other countries of the world, but like many security devices, it has also been shrouded in rumors and false beliefs. It’s important to distinguish fact from fiction in order to appreciate SafeCard’s true worth. The most common myths and the facts that refute them are listed below.

    Myth 1: SafeCard Is Just Another RFID Sleeve

    The idea that SafeCard works in the same way as a conventional RFID sleeve is among the most common fallacies. Many people believe that passive blocking using material layers is the same approach used by all RFID shielding. This is not at all the case, though. SafeCard is an instant RFID-blocking device that blocks scanning attempts in real time. In contrast to RFID sleeves, which, depending on their quality, can still permit some signals to get through, SafeCard automatically blocks attempts at data compromise.

    Myth 2: RFID Skimming Isn’t a Real Threat

    There is no actual risk of card information being taken electronically, according to those who think RFID skimming is an overblown problem. However, innumerable instances have demonstrated that physical contact is not necessary to compromise RFID-enabled cards. High-tech scammers have targeted travelers in particular, using concealed RFID scanners to collect card information in crowded places like airports and public transportation. Hannah L., a verified buyer. “I’ve had my cards skimmed in airports twice, and it was terrifying,” she said, sharing her story. I truly feel safe when traveling now that I have SafeCard.” This actual case demonstrates that RFID skimming is a genuine and expanding issue.

    Myth 3: SafeCard Is Bulky and Inconvenient

    Some people believe that RFID-blocking devices must be bulky. Well, this might be the case with large wallets that prevent RFID, but SafeCard was made to be portable and convenient. It is lightweight, slim, and fits neatly into any purse or wallet without taking up much space. As confirmed purchaser Emma R. stated, “I’ve previously used RFID wallets, but they were cumbersome and inconvenient. I don’t even realize SafeCard is there, yet it works so much better! “

    Myth 4: SafeCard Requires Constant Charging

    Some people feel that SafeCard is stressful for daily usage because it requires frequent recharging. On the other hand, SafeCard does not need charging at all. It will continue to work 24/7 without needing a battery.

    Myth 5: RFID-Blocking Products Are Unnecessary if You Have a Chip Card

    Many people believe that current chip-enabled debit and credit cards are sufficiently safe and don’t need extra RFID protection. When the card is only in a pocket or wallet, chip technology does not stop unwanted RFID scanning, even though it helps improve security during transactions. By providing an additional layer of security, SafeCard prevents hackers from stealing your data without your knowledge.

    Truth: SafeCard Offers Genuine Security and Peace of Mind

    Despite all of the fallacies, SafeCard is still a legit and useful card for safeguarding personal and financial data. Verified customers have continuously commended its dependability, use, and capabilities. One happy client, Aubree R., said, “I purchased a SafeCard for my family and myself. It’s so simple to use, and I feel more at ease every day knowing that we’re all safe. Ultimately, SafeCard stands out as a reliable, efficient, and user-friendly defense against RFID skimming.

    Step-by-Step Guide on How to Use SafeCard (SafeCard Instructions)

    Using SafeCard is simple and requires no complicated setup. Follow these steps to ensure maximum protection:

    • Step 1: Unbox your newly purchased SafeCard; the good thing is that you don’t need to charge it.
    • Step 2: Insert SafeCard alongside your credit, debit, or ID cards in your wallet or purse.
    • Step 3: SafeCard activates instantly, creating a shield that blocks RFID scanning attempts.
    • Step 4: You can now travel safely because the SafeCard will continue to work as long as it’s in the same wallet with your cards.

    Is SafeCard Legit?

    Many customers are understandably wary of security products given the rising risk of identity theft, digital fraud and probably previous bad experiences with the traditional RFID wallets. Devices with big claims but that fall short are common in the market, which makes people skeptical of SafeCard and similar tools. However, SafeCard’s authenticity is strongly supported by verified customer feedback, demonstrating that it is a valid and trustworthy RFID-blocking device.

    The SafeCard ensures that all your sophisticated RFID-enabled cards, including credit cards, debit cards, passports, and access badges, cannot be scanned without your notice. Unlike conventional blocking sleeves, SafeCard instantly recognizes and blocks scanning efforts in real time. Users attest to the product’s effectiveness; one verified customer, Hannah L., reports that SafeCard has already prevented many scanning attempts while on the road. Her story demonstrates how the product offers genuine defense against possible fraud.

    Numerous consumers have expressed their satisfaction, demonstrating that SafeCard prevents RFID scans and differs from subpar substitutes that don’t provide any true protection. Months of protection are guaranteed with any need for battery changes.

    The overwhelmingly positive reviews left by actual users are one of the best proofs of SafeCard’s legitimacy. Clients such as Rachel T. along with Melissa H., have reported how using SafeCard has prevented them from falling victim to financial fraud in public places. It is a worthy option for travelers because of its lightweight construction, TSA-approved design, and universal compatibility. These practical experiences attest to SafeCard’s status as a reliable security card rather than just another gimmick. SafeCard is by no means a hoax

    FLASH OFF: Click Here To Buy SafeCard From The Official Website – Up To 50% Off, Only While Stock Lasts

    What Makes the SafeCard So Affordable?

    The cost of SafeCard actually surprised many users; We mean, how can a product made to prevent RFID theft be so reasonably priced in a market filled with products with high price tags yet claim superior protection? Unlike expensive RFID-blocking wallets or expensive high-tech security devices, SafeCard provides an affordable option without sacrificing efficacy or quality.

    The simplified design of SafeCard is a major factor in its price. Instead of bundling unnecessary features that inflate the price, SafeCard focuses solely on delivering reliable RFID-blocking technology in a compact form. It doesn’t need a large structure or pricey components; production costs were kept low while still providing excellent protection against digital theft.

    Additionally, SafeCard is sold directly through its official website, cutting out middlemen and reducing extra retail markups. Many security products go through multiple distribution channels before reaching the customer, which significantly raises their final price. By offering SafeCard online without relying on third-party sellers, the manufacturer ensures that buyers get the best price possible without paying unnecessary commissions or inflated retail costs.

    Another reason SafeCard remains affordable is its long-lasting design. Unlike disposable RFID sleeves that need frequent replacement or wallets that wear out over time, SafeCard is built to last. With a durable, non-battery-powered system, it provides continuous protection without requiring users to spend extra on replacements. SafeCard proves that high-quality security doesn’t have to come with a premium price. You can give it a try right away!

    SafeCard Reviews Consumer Reports From United States, Canada, Australia

    Verified Customer Reviews from real users have been included below to help you see the SafeCard from a user perspective:

    • Hannah L. | Verified Purchase -“I’ve had my cards skimmed in airports twice, and it was terrifying. Since using SafeCard, I finally feel safe while traveling. It’s lightweight, discreet, and has stopped several attempted scans already.”
    • Rachel T |Verified Purchase – “While traveling through Rio, I discovered my bank account had been drained by scammers. I was devastated. A fellow traveler recommended SafeCard, and it’s been a lifesaver ever since. No more stolen data, no more stress. Now I can travel with confidence knowing my wallet is secure.”
    • Aubree R. | Verified Buyer – “I got SafeCard for myself and my family. It’s so easy to use, and knowing we’re all protected gives me peace of mind every day. It’s worth every penny!”
    • Emma R. | Verified Buyer – “I’ve used RFID wallets before, but they were bulky and annoying. SafeCard works so much better, and I don’t even notice it’s there!”
    • Melissa H.| Verified Purchase – “I love going to holiday markets, but after watching my friend lose hundreds to a scammer, I knew I needed protection. SafeCard blocks thieves silently, and I haven’t had an issue since. It’s the best purchase I’ve made for my security!”

    FLASH OFF: Click Here To Buy SafeCard From The Official Website – Up To 50% Off, Only While Stock Lasts

    Pros of SafeCard (SafeCard Reviews)

    • SafeCard effectively prevents unauthorized scanning of credit cards, debit cards, passports, and access cards, protecting users from digital theft.
    • Unlike bulky RFID-blocking wallets, SafeCard is ultra-thin and easily fits into any standard wallet, making it a convenient security solution.
    • No batteries or recharging needed
    • SafeCard works with RFID-enabled cards, including credit/debit cards, transit passes, and passports, making it a versatile security tool.
    • SafeCard does not interfere with airport security checks, making it perfect for frequent travelers who need reliable protection.
    • Built with durable materials, SafeCard offers reliable performance at all times
    • There is no setup required; simply place SafeCard in a wallet or purse alongside other cards, and it automatically starts protecting them.
    • SafeCard is available exclusively on its official website, eliminating middlemen and keeping costs lower than competing RFID security devices.

    Cons of SafeCard (SafeCard Reviews)

    • Limited Availability – SafeCard is only sold through the official website, making it difficult for users who prefer purchasing from retail stores or third-party platforms.
    • Not Effective Against Physical Theft – While SafeCard protects against RFID skimming, it does not prevent physical card theft, meaning users still need to be cautious about losing their wallets.
    • Limited in stock – The SafeCard is fast selling out, so hurry while supplies last, and you benefit from the current available discounts.

    How Much Is A SafeCard?

    The SafeCard is available at a really affordable price. You can get your own SafeCard at the following pricing:

    Where Can I Buy SafeCard At The Best Pricing?

    For those looking to purchase SafeCard, the best and most reliable place to buy it is the official website. Buying directly from the official source ensures that customers receive a genuine, high-quality product with all the promised features and benefits. With the rise in counterfeit and substandard RFID protection products, purchasing from unauthorized third-party sellers can pose risks, including receiving an ineffective or fake version of SafeCard.

    Ordering from the official website also comes with several advantages. Customers often gain access to exclusive discounts, bundle deals, and special promotions that are not available elsewhere. Additionally, purchasing directly from the manufacturer ensures better customer support, warranty protection, and hassle-free returns in case of any issues.

    Another key benefit of buying from the official website is the guarantee of security and privacy. Unlike some third-party marketplaces where seller credibility may be uncertain, the official website provides a secure checkout process that protects customers’ personal and payment information.
    Many verified buyers have shared their positive experiences after purchasing SafeCard directly from the manufacturer. The process is straightforward, and orders are typically shipped quickly to ensure fast and reliable delivery.

    To avoid counterfeit products and ensure authentic RFID protection, purchasing SafeCard from the official website is the smartest choice. Visit the manufacturer’s website today to secure personal and financial information with this trusted, high-quality security solution.

    CLICK HERE NOW TO BUY SAFECARD DIRECTLY FROM THE OFFICIAL WEBSITE AT A MASSIVE DISCOUNT

    Commonly Asked Questions (SafeCard Wallet)

    With so much information available, it’s natural to have questions before making a purchase. The comprehensive FAQ section below answers the most common queries about SafeCard, helping you understand the RFID blocking card better.

    Is SafeCard different from RFID-blocking wallets?

    Yes, SafeCard is not just different but better. While RFID-blocking wallets and sleeves rely on a physical barrier to block signals, SafeCard uses the latest technology to neutralize skimming attempts in real time. Additionally, it is slim and lightweight, allowing you to use your existing wallet without adding bulk.

    Do I need a special wallet to use SafeCard?

    No, SafeCard is designed to work with any wallet, purse, or cardholder. Simply place it next to your credit or debit cards, and it will provide instant protection against RFID skimming.

    What types of cards does SafeCard protect?

    SafeCard is compatible with all RFID-enabled cards, including:

    • Credit and debit cards
    • Transit and metro cards
    • Passports with RFID chips
    • Work and access cards
    • Hotel key cards

    How many SafeCards do I need?

    One SafeCard is usually enough to protect multiple cards in a standard wallet. However, if you carry multiple wallets or bags, purchasing an extra SafeCard for each would ensure full protection.

    Is SafeCard effective against all types of digital theft?

    SafeCard is highly effective against RFID skimming, a common form of digital theft where criminals use scanners to steal card data wirelessly. However, it does not protect against physical card theft.

    Does SafeCard require charging?

    No. The SafeCard doesn’t require charging, so it will continue to work in all circumstances.

    Can SafeCard be used while traveling?

    Yes, SafeCard is TSA-approved and safe for travel, so it will work in the USA, Canada, Australia, New Zealand and other countries of the world. Unlike metal RFID wallets that might trigger airport security detectors, SafeCard does not interfere with screening processes, making it ideal for frequent travelers.

    Will SafeCard interfere with my phone or other electronics?

    No, SafeCard does not affect mobile phones, Wi-Fi signals, or other electronic devices. It only blocks RFID scanners from reading your card data, ensuring that your personal electronics remain unaffected.

    Is SafeCard waterproof?

    Yes, SafeCard is built with water and dust-resistant materials, making it durable for everyday use. However, it is not fully submersible, so it is best to avoid prolonged exposure to water..

    Does SafeCard wear out over time?

    SafeCard is designed to be durable and long-lasting. With proper care, it will continue to provide RFID-blocking protection for years.

    Can SafeCard be used in a minimalist wallet?

    Yes, SafeCard’s slim design makes it perfect for minimalist wallets. Unlike bulky RFID-blocking wallets, it takes up minimal space while offering superior protection.

    Is SafeCard safe to use?

    Absolutely. SafeCard does not emit harmful radiation or interfere with health devices. It is completely safe to carry in a wallet or purse daily.

    What Are The Benefits Of SafeCard?

    SafeCard provides a very important defense against RFID skimming, stopping illegal access to your financial and personal information. Its lightweight, sleek design offers security without adding bulk and fits easily into any wallet. Travelers, shoppers, and regular users will enjoy the SafeCard’s long-lasting build.

    Can SafeCard protect against contactless payment scammers?

    Yes, SafeCard prevents unauthorized RFID scans, which are commonly used in contactless payment fraud. By blocking these signals, SafeCard ensures that criminals cannot access your card information without your consent.

    Why should I choose SafeCard over other RFID protection methods?

    SafeCard provides a combination of slim design, real-time protection, and universal compatibility, making it one of the most advanced RFID-blocking devices available.

    Final Wrap on SafeCard Reviews

    The SafeCard fulfills its claims according to all available data, consumer reports and complaints. Even discussions on Reddit and Trustpilot agree that the SafeCard is a worthy investment. With its advanced shielding technology, slim design, and ease of use, SafeCard makes sure your private information stays private.

    Many users have shared how SafeCard has helped them stay safe from fraud and financial loss. Rachel T., a verified buyer, recounted her experience: “While traveling through Rio, I discovered my bank account had been drained by scammers. A fellow traveler recommended SafeCard, and it’s been a lifesaver ever since.” This highlights how common digital theft is and why proactive protection is necessary.

    SafeCard also stands out for its convenience. Unlike bulky RFID wallets, it’s compact and discreet. Emma R. praised its design, saying: “I’ve used RFID wallets before, but they were bulky and annoying. SafeCard works so much better, and I don’t even notice it’s there!” This ease of use makes it a preferred choice for those who want to stay safe without the bulk.

    Investing in SafeCard is a smart step toward protecting finances and identity. With SafeCard, you will stay ahead of scammers and enjoy your trips knowing that your personal data is secure. Hurry while offers last!

    SPECIAL OFFER: Click Here To Buy SafeCard From The Official Website — up to 50% OFF, only while stock lasts!

    Contact: SafeCard
    Email: support@safecardshield.com

    Disclaimer:
    This article is intended for informational and educational purposes only. It does not constitute professional, legal, or cybersecurity advice. While SafeCard may help reduce the risk of RFID-based digital theft, no security product can guarantee 100% protection in all scenarios. Individual results may vary based on usage and other factors. Always exercise general caution and follow best practices when safeguarding your financial and personal data. The publisher and all parties involved in the creation and distribution of this content are not liable for any misuse, loss, or damages arising from the use or reliance on the information provided herein. Always consult the official product website or customer support for the most accurate and updated details.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/73cfc771-032a-4dcd-b2b0-d26ecb66dcc6

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d29cc163-cb6a-4c66-8edf-2f62994e3c33

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b8ff53aa-ffa8-40dc-a79b-e77933daa881

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f88be7c1-c53a-483c-8063-ef12d643d7d6

    The MIL Network –

    March 30, 2025
  • MIL-OSI USA: Grassley, Wyden Sound the Alarm on Officials Bypassing Organ Donation List, “Skipping the Line” for Less Critical Patients

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) are demanding answers from Department of Health and Human Services (HHS) officials regarding a reported increase in organs allocated out of sequence, a practice known as “line skipping.” Grassley, a former chairman and senior member of the Senate Finance Committee, and Wyden, current ranking member, cite an alarming New York Times report revealing that “last year, officials bypassed patients on organ waiting lists in nearly 20 percent of transplants from deceased donors. Those organs often went to patients who were not as sick or had not been waiting as long.”
    The letters were addressed to Centers for Medicare and Medicaid Services (CMS) Acting Administrator Stephanie Carlton and Health Resources and Services Administration (HRSA) Administrator Thomas J. Engels.
    “As the federal agency responsible for overseeing the [Organ Procurement Organizations] and the transplant centers, [CMS and HRSA have] a considerable responsibility for ensuring that these organizations do not engage in behaviors that undermine the system of equitable distribution of lifesaving organs. However, the Times found that at least some OPOs and transplant centers bypassed patients to reduce their work burden, increase their profits, and manipulate their performance measures without any apparent rebuke from CMS’s former leadership,” the senators wrote.
    The senators cite the astonishing example of LifeGift, a Texas-based OPO that skipped 15-year-old Marcus Edsall-Parr, who had been waiting for a transplant nearly his entire life, because Marcus’ case was difficult to match. LifeGift gave the kidney to an open offer at an Illinois hospital rather than transporting the life-saving organ from Illinois to Michigan for Marcus. Marcus’ doctors reportedly filed a complaint about the incident but have yet to receive a response.  
    “Marcus’s case is not an exception to the rule, but an example of an issue that has steadily increased in prevalence. Continued reports of unethical behavior within the organ donation system will undermine the willingness of Americans to give others the gift of life. Strengthening public trust in our nation’s organ donation system is a matter of life and death,” the senators continued.
    Grassley and Wyden’s letters to CMS Acting Administrator Stephanie Carlton and to HRSA Administrator Thomas J. Engels can be found here.
    Background:
    For nearly two decades, Grassley has engaged in bipartisan oversight of the organ transplant system and the government offices tasked with ensuring patient safety. Grassley first launched an investigation into the organ donation system as Finance Committee chair in 2005 and continued his inquiries, while gaining bipartisan support, during his chairmanship in 2020.
    Congress passed the Securing the U.S. OPTN Act as a result of Grassley and Wyden’s long-standing, bipartisan oversight. The bill, which was signed into law in 2023, resulted in the first competitive bidding process for Organ Procurement and Transplantation Network (OPTN) contracts in the program’s nearly half-a-century history and gave HRSA additional statutory authorities to improve management of this system.
    -30-

    MIL OSI USA News –

    March 29, 2025
  • MIL-OSI: WiseChain.io Unveils AI-Powered Social Trading and Tailored Investment Solutions for Canadians and Seniors

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, March 28, 2025 (GLOBE NEWSWIRE) — WiseChain.io, a global leader in next-generation trading technology, announces the launch of its cutting-edge AI-driven social trading platform, now available exclusively to its elite clients. This breakthrough solution enables users to mirror strategies of top-performing traders through advanced, automated bots — delivering precision, speed, and real-time adaptability.

    By integrating automation with artificial intelligence, WiseChain.io redefines the modern investing experience. The platform is ideal for both beginners and professionals, empowering users to benefit from expert-level trading without needing deep financial expertise.

    A Trusted Partner for Canadian Investors

    For Canadian clients, WiseChain.io offers a secure, fully compliant platform that operates under strict international standards. With rigorous KYC and AML protocols, segregated fund storage, and end-to-end encryption, users can trade confidently in a transparent and legally sound environment. Bilingual support in English and French, combined with access to a broad range of markets — including forex, crypto, stocks, commodities, and ETFs — positions WiseChain.io as a top choice for Canadian investors.

    Empowering Seniors Toward Financial Independence

    Understanding the needs of older investors, WiseChain.io also provides a user-friendly and low-risk environment tailored to individuals over 50. With step-by-step guidance, flexible strategies, and minimal commissions, seniors can easily manage their savings, build passive income, and secure a more comfortable retirement — even without prior trading experience.

    Thousands of users have already embraced WiseChain.io as their partner in financial growth, thanks to its intuitive design, 24/7 customer support, and clear educational resources.

    Discover the Future of Smart Investing

    Whether you’re a high-net-worth trader, a cautious retiree, or a Canadian investor looking for a reliable platform, WiseChain.io offers the tools, technology, and transparency to help you succeed.

    Visit wisechain.io to start your journey toward smarter, safer investing.

    Social Links

    Media Contact

    Brand: WiseChain

    Contact: media team

    Email: support@wisechain.io

    Website: https://wisechain.io

    The MIL Network –

    March 29, 2025
  • MIL-OSI United Kingdom: UK firm to land Europe’s first rover on Mars

    Source: United Kingdom – Government Statements

    Press release

    UK firm to land Europe’s first rover on Mars

    A UK aerospace company is set to land the first European rover on the red planet, as it wins £150 million to complete the touchdown system delivering the rover safely to Mars.

    Airbus wins contract to land Europe’s first rover on Mars.

    • Airbus UK wins European contract to engineer landing platform that will safely deliver rover on Mars.   
    • First British-built rover will explore the red planet in 2030 for signs of present and past life on Mars.  
    • Contract set to support around 200 high-skilled jobs and boost growth, supercharging Prime Minister’s Plan for Change.

    The new contract, awarded by the European Space Agency and funded by the government through the UK Space Agency, will support a cutting-edge system that will land the Rosalind Franklin rover on the surface of Mars and support its deployment onto the planet.  It will also sustain around 200 high-skilled jobs in the UK space sector and attract international investment, leading to wider growth in the UK economy as part of the Prime Minister’s Plan for Change.

    The first UK-built rover’s mission is to explore the red planet and drill 2 metres down into the surface to hunt for signs of ancient life, such as fossilised microbes, in an effort to find out how our solar system came to be. Exploring Mars is crucial to further our knowledge in climate shifts and may help answer whether life exists beyond our home planet. 

    The mission is made possible by advanced UK robotics and autonomous navigation technologies, which can also be deployed in challenging environments on Earth, such as nuclear power plants and the deep ocean.   

    Named Rosalind Franklin after the British scientist whose work was central to the understanding of the molecular structures of DNA, the rover will be the first European made rover to land on Mars.  

    Britian’s growing space sector is helping to bring jobs and growth to communities and organisations across the UK, with 50,000 people already employed in the sector. It will be a top priority in the government’s Industrial Strategy, which has identified advanced manufacturing and digital and technologies as key growth-driving sectors.

    Technology Secretary Peter Kyle said:  

    This inspiring example of world-class British science will bring us one step closer to answering long-asked questions on potential life on Mars.

    Landing the first ever home-grown rover on Mars, Airbus will not only help Britain make history and lead the European space race but also bring hundreds of highly skilled jobs and investment as we secure Britain’s future through our Plan for Change.

    The rover, entirely built in Stevenage by engineers from Airbus UK, is due to launch in 2028 with the support of NASA and land on Mars in 2030. It was ready to launch in 2022, until the European Space Agency (ESA) cancelled its cooperation with Russia following the illegal invasion of Ukraine.   

    The rover, entirely built in Stevenage by engineers from Airbus UK, is due to launch in 2028 with the support of NASA and land on Mars in 2030. It was ready to launch in 2022, until the European Space Agency cancelled its cooperation with Russia following the illegal invasion of Ukraine.   

    The UK Space Agency and international partners stepped up to replace Russian components in the mission, including the lander platform now under development in Stevenage and a key science instrument now led by Aberystwyth University.  

    Dame Dr Maggie Aderin-Pocock DBE said:

    The British built Rosalind Franklin rover will give us vital insight into the history of Mars. This type of information from other planets can give us a better understanding of our own place in space and our planetary evolution.

    With its unique design that enables it to acquire samples at depth of up to 2 metres, we may get answers to some of the fundamental questions we ask about Mars. Drilling to this depth allow us to look for life away from the hostile Martian surface where radiation is likely to kill life as we know it.

    Samples gathered by the Rosalind Franklin rover may help us answer the age old question “Are we alone in the Universe?

    Paul Bate, CEO of the UK Space Agency, said: 

    This is humanity defining science, and the best opportunity to find if past life once existed on Mars.

    We’re proud to have funded this world leading technology. The ripple effects of space exploration discoveries extend far beyond the realm of space exploration, driving progress and prosperity across multiple sectors in the UK, and inspiring technological advances to benefit us all.

    Our journeys into space continue to improve our lives here on Earth.

    Dr Louisa J Preston, a Co-Investigator on PanCam and Enfys who is based at UCL’s Mullard Space Science Laboratory, said:

    The Rosalind Franklin Rover mission will be a unique ground-breaking mission; the first sent to drill 2 metres into the crust of Mars, collecting and analysing samples that are up to 4 billion years old, with the goal of discovering evidence of past or even present life hidden beneath the surface.

    Rosalind is a truly international collaboration and the UK has taken a pivotal role in this through the development of the PanCam and Enfys instruments, building the rover, and now excitingly providing the landing platform. It is a privilege to be a part of this mission and we cannot wait to finally ‘open our eyes’ at Oxia Planum, the Martian plain where the rover will land, and begin this incredible adventure.

    Under contract from aerospace company Thales Alenia Space (TAS), which is leading the overall ExoMars mission, Airbus teams in Stevenage will design the mechanical, thermal and propulsion systems necessary for the landing platform to ensure a safe touchdown  for the rover in 2030.  

    This will include the landing structure, the large propulsion system used to provide the final braking thrust, and the landing gear to ensure the lander is stable on touchdown. The lander will feature 2 ramps that will be deployed on opposite sides to enable the rover to be driven onto the Martian surface using the least risky route.

    Kata Escott, Managing Director Airbus Defence and Space UK said:

    Getting the Rosalind Franklin rover onto the surface of Mars is a huge international challenge and the culmination of more than 20 years’ work. We are proud to have built the rover in our state-of-the-art Stevenage cleanroom and delighted now to develop the project to ensure its safe delivery to Mars. Rosalind Franklin will be the first Martian rover able to analyse samples from 2 metres below the surface in its search for past or present life. The mission will supercharge our space know-how in the UK, and will advance our collective understanding of our solar system.

    The mission is a collaborative effort from science communities not just across Europe but also the UK, with a range of UK universities involved in the development and launch of the rover. For example, the panoramic camera (PanCam) system on the rover is led by scientists from University College London’s Mullard Space Science Laboratory working with the University of Aberystwyth, Birkbeck College and the University of Leicester. The University of Aberystwyth is also building an infrared spectrometer for the rover, which will identify the most promising rocks to drill and test for evidence of ancient biology.  

    The UK Space Agency also launched the National Space Innovation Programme’s Call 2 funding competition on 27 March. £17 million of grant funding will be made available, supporting businesses, universities, and other space organisations across the UK to develop and commercialise the technologies of the future that will deliver benefits to the UK economy and its citizens.

    Notes to editors

    The contract returns the £150 million invested by the UK into the European Space Agency Exploration Programme to enable the Rosalind Franklin programme to continue. European Space Agency contracts delivered to the UK Space Agency provide an average return of £9.80 for every £1 spent.  

    The US was the last nation to send a rover to Mars in 2021, when NASA’s Perseverance Mars rover collected samples on the red planet.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

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    Updates to this page

    Published 29 March 2025

    MIL OSI United Kingdom –

    March 29, 2025
  • MIL-OSI: Partners Value Investments Inc. Announces 2024 Annual Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 28, 2025 (GLOBE NEWSWIRE) — Partners Value Investments Inc. (the “Company”, TSX: PVF.WT, PVF.PR.V) announced today its financial results for the year ended December 31, 2024. All amounts are stated in U.S. dollars.

    The Company recorded net loss of $3.8 billion for the year ended December 31, 2024, compared to $333 million in the prior year. The decrease in income was primarily attributable to the current year remeasurement losses associated with the retractable shares and warrant liabilities, partially offset by higher investment income and valuation gains as well as foreign currency gains compared to the prior year. The Company’s retractable common shares are classified as liabilities due to their cash retraction feature. The remeasurement gains or losses in a given period are driven by the respective appreciation or depreciation of the Partners Value Investments L.P. (the “Partnership”) unit price as the exchangeable shares are recognized at fair value based on the quoted price of the Partnership’s Equity LP units. During the year, the Partnership unit price increased by $51.79 compared to $4.96 in the prior year.

    Excluding retractable share and warrant liability remeasurement gains and dividends paid on retractable shares, Adjusted Earnings for the Company was $122 million for the year ended December 31, 2024, compared to $27 million in the prior year. Adjusted Earnings were higher in the current year as a result of higher investment income and valuation gains as well as foreign currency gains.

    As at December 31, 2024, the market prices of a Brookfield Corporation (the “Corporation”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (the “Manager”, NYSE/TSX: BAM) share were $57.45 and $54.19, respectively. As at March 28, 2025, the market prices of a BN and BAM share were $51.85 and $48.50, respectively.

    Consolidated Statements of Operations

    For the years ended December 31
    (Thousands, US dollars)
         
                2024       2023    
    Investment income                      
    Dividends           $ 108,428     $ 96,269    
    Other investment income             18,607       11,802    
                  127,035       108,071    
    Expenses                      
    Operating expenses             (5,553 )     (5,843 )  
    Financing costs             (38,777 )     (35,210 )  
    Retractable preferred share dividends             (33,399 )     (35,456 )  
                  (77,729 )     (76,509 )  
    Other items                      
    Investment valuation gains (losses)             5,703       (6,237 )  
    Retractable share remeasurement losses             (3,575,080 )     (281,451 )  
    Warrant liability remeasurement losses             (306,473 )     (52,694 )  
    Amortization of deferred financing costs             (3,506 )     (3,380 )  
    Foreign currency gain (loss)             53,280       (15,983 )  
    Current tax expense             (3,514 )     (1,270 )  
    Deferred tax expense             (7,489 )     (3,280 )  
    Net loss           $ (3,787,773 )   $ (332,733 )  


    Financial Profile

    The Company’s principal investments are its interest in 121 million Class A Limited Voting Shares of the Corporation and approximately 31 million Class A Limited Voting Shares of the Manager. This represents approximately an 8% interest in the Corporation and a 7% interest in the Manager as at December 31, 2024. In addition, the Company owns a diversified investment portfolio of marketable securities and private fund interests.

    The information in the following table has been extracted from the Company’s Consolidated Statements of Financial Position:

    Consolidated Statements of Financial Position

    As at
    (Thousands, US dollars)
          December 31,
    2024
          December 31,
    2023
     
    Assets              
    Cash and cash equivalents     $ 156,952     $ 199,856  
    Accounts receivable and other assets       69,776       31,456  
    Deferred tax assets       —       4,309  
    Investment in Brookfield Corporation1       6,949,656       4,853,261  
    Investment in Brookfield Asset Management Ltd.2       1,669,488       1,237,554  
    Other investments carried at fair value       1,141,048       889,398  
          $ 9,986,920     $ 7,215,834  
    Liabilities and Equity              
    Accounts payable and other liabilities     $ 42,824     $ 34,916  
    Corporate borrowings       208,168       225,789  
    Preferred shares3       703,044       757,254  
    Retractable common shares       7,312,467       3,718,510  
    Warrant liability       494,710       218,051  
    Deferred tax liabilities       7,933       —  
            8,769,146       4,954,520  
    Equity              
    Accumulated deficit       (6,821,786 )     (3,034,013 )
    Accumulated other comprehensive income       8,027,580       5,283,347  
    Non-controlling interest       11,980       11,980  
          $ 9,986,920     $ 7,215,834  
    1. The investment in Brookfield Corporation consists of 121 million Corporation shares with a quoted market value of $57.45 per share as at December 31, 2024 (December 31, 2023 – $40.12).
    2. The investment in Brookfield Asset Management Ltd. consists of 31 million Manager shares with a quoted market value of $54.19 per share as at December 31, 2024 (December 31, 2023 – $40.17).
    3. Represents $712 million of retractable preferred shares less $9 million of unamortized issue costs as at December 31, 2024 (December 31, 2023 – $767 million less $10 million).

    For further information, contact Investor Relations at ir@pvii.ca or 416-643-7621.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.

    Although the Company believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Company’s documents filed with the securities regulators in Canada.

    The Company cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Company’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

    The MIL Network –

    March 29, 2025
  • MIL-OSI: Partners Value Investments L.P. Announces 2024 Annual Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 28, 2025 (GLOBE NEWSWIRE) — Partners Value Investments L.P. (the “Partnership”, TSX: PVF.UN TSX:PVF.PR.U) announced today its financial results for the year ended December 31, 2024. All amounts are stated in U.S. dollars.

    The Partnership recorded net income of $74 million for the year ended December 31, 2024, compared to $15 million in the prior year. The increase in income was primarily driven by higher investment income and valuation gains as well as foreign currency gains. Income of $65 million was attributable to the Equity Limited Partners, and $9 million was attributable to Preferred Limited Partners.

    As at December 31, 2024, the market prices of a Brookfield Corporation (the “Corporation”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (the “Manager”, NYSE/TSX: BAM) share were $57.45 and $54.19, respectively. As at March 28, 2025, the market prices of a BN and BAM share were $51.85 and $48.50, respectively.

    Consolidated Statements of Operations

    For the years ended December 31      
    (Thousands, US dollars)       2024       2023  
    Investment income              
    Dividends     $ 95,071     $ 85,114  
    Other investment income       18,609       11,802  
            113,680       96,916  
    Expenses              
    Operating expenses       (6,552 )     (6,156 )
    Financing costs       (10,136 )     (9,484 )
    Retractable preferred share dividends       (39,879 )     (41,954 )
            (56,567 )     (57,594 )
                   
    Other items              
    Investment valuation gains (losses)       5,703       (6,237 )
    Amortization of deferred financing costs       (3,506 )     (3,380 )
    Foreign currency gains (losses)       25,519       (10,435 )
    Current taxes expense       (3,514 )     (1,270 )
    Deferred taxes expense       (7,489 )     (3,280 )
    Net income     $ 73,826     $ 14,720  
     

    The information in the following table shows the changes in net book value:

    For the years ended December 31 2024   2023
    (Thousands, except per unit amounts)   Total        Per Unit      Total       Per Unit
    Net book value, beginning of year1 $ 5,783,620     $ 70.74   $ 4,656,824     $ 57.60
    Net income2   65,054             5,368        
    Other comprehensive income2   2,690,274             1,443,806        
    Adjustment for impact of warrants1   (148,510 )           (89,755 )      
    Re-organization3   —             98,318        
    Distribution3   —             (327,850 )      
    Equity LP repurchases   (14,756 )           (3,091 )      
    Net book value, end of year4 $ 8,375,682     $ 102.80   $ 5,783,620     $ 70.74
    1. Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity Limited Partnership (“Equity LP”) unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners’ equity,
      non-controlling interests’ equity plus the value of consideration to be received on exercising of warrants, which as at December 31, 2024, was
      $114 million (December 31, 2023 – $263 million).
    2. Attributable to Equity Limited Partners.
    3. As a result of the 2023 re-organization, the Partnership issued net equity of $98 million and a distribution-in-kind of $328 million of net assets to Equity Limited Partners.
    4. At the end of the year, the diluted Equity LP units outstanding were 81,474,610 (December 31, 2023 – 81,760,920); this includes 5,640,600 (December 31, 2023 – nil) Equity LP units exchangeable on a one-for-one basis with shares held by a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2023 – 26,085,938) warrants held by partially-owned subsidiaries of the Partnership.

    Financial Profile

    The Partnership’s principal investments are its interest in approximately 121 million Class A Limited Voting Shares of the Corporation and approximately 31 million Class A Limited Voting Shares of the Manager. This represents approximately an 8% interest in the Corporation and a 7% interest in the Manager as at December 31, 2024. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests.

    The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position:

    Consolidated Statements of Financial Position

    As at
    (Thousands, US dollars)
        December 31, 2024       December 31, 2023
    Assets              
    Cash and cash equivalents   $ 156,977     $ 199,856
    Accounts receivable and other assets     48,924       31,416
    Deferred tax asset     —       4,309
    Investment in Brookfield Corporation1     6,949,656       4,853,261
    Investment in Brookfield Asset Management Ltd.2     1,669,488       1,237,554
    Other investments carried at fair value     814,877       612,009
        $ 9,639,922     $ 6,938,405
    Liabilities and equity              
    Accounts payable and other liabilities   $ 42,055     $ 34,150
    Corporate borrowings     208,168       225,789
    Preferred shares3     939,057       993,267
    Deferred tax liability     7,933       —
          1,197,213       1,253,206
    Equity              
    Equity Limited Partners     8,261,639       5,521,067
    General Partner4     —       —
    Preferred Limited Partners     152,040       152,152
    Non-controlling interests     29,030       11,980
          8,442,709       5,685,199
        $ 9,639,922     $ 6,938,405
    1. The investment in the Corporation consists of 121 million Corporation shares with a quoted market value of $57.45 per share as
      at December 31, 2024 (December 31, 2023 – $40.12).
    2. The investment in the Manager consists of 31 million Manager shares with a quoted market value of $54.19 per share as at December 31, 2024 (December 31, 2023 – $40.17).
    3. Represents $712 million of retractable preferred shares less $9 million of unamortized issue costs as at December 31, 2024
      (December 31, 2023 – $767 million less $10 million) and $236 million of three series of preferred shares (December 31, 2023 – $236 million).
    4. In connection with the 2023 re‐organization of Partners Value Investments LP on November 24, 2023, the General Partner’s interest was reduced to $1 from $1 thousand in the prior year.

    For further information, contact Investor Relations at ir@pvii.ca or 416-643-7621.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.

    Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.

    The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

    The MIL Network –

    March 29, 2025
  • MIL-OSI: Partners Value Split Corp. Announces 2024 Annual Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 28, 2025 (GLOBE NEWSWIRE) — Partners Value Split Corp. (the “Company”, TSX: PVS.PR.G, PVS.PR.H, PVS.PR.I, PVS.PR.J, PVS.PR.K, PVS.PR.L) announced today that the net asset value per unit was $171.41 at December 31, 2024 (December 31, 2023 – $124.10). All amounts are in U.S. dollars.

    Income available for distribution for the year ended December 31, 2024, was $85 million, compared to $73 million in the prior year. The increase in income was primarily attributable to the increase in dividend rate per share by Brookfield Corporation (the “Corporation”) and Brookfield Asset Management Ltd. (the “Manager”). During the year ended December 31, 2024, the Company declared and paid dividends in the amount of $79 million
    (December 31, 2023 – $50 million) to the holders of its capital shares.

    The net comprehensive income for the year ended December 31, 2024, of $2.6 billion was primarily driven by unrealized mark-to-market movement on the share prices of the Corporation and the Manager shares. The Corporation share price was $57.45 as at December 31, 2024 (December 31, 2023 – $40.12) and the Manager share price was $54.19 as at December 31, 2024 (December 31, 2023 – $40.17).

    The Company’s capital shares, and preferred shares are referred to collectively as units, with each unit consisting of one capital share and one preferred share (“unit”). The net asset value per unit is posted monthly on our website at www.partnersvaluesplit.com.

    STATEMENTS OF COMPREHENSIVE INCOME

    For the years ended December 31
    (Thousands of US dollars, except per unit amounts)
        2024       2023  
    Income            
    Dividend income   $ 83,728     $ 71,767  
    Other investment income     1,265       1,817  
          84,993       73,584  
    Expenses            
    Management fees     (18)       (19)  
    Audit fees     (25)       (21)  
    Administrative and other     (327)       (278)  
          (370)       (318)  
    Income available for distribution     84,623       73,266  
    Distributions paid on senior preferred shares and debentures     (31,011)       (31,859)  
    Income available for distribution to junior preferred and capital shares     53,612       41,407  
    Change in unrealized and realized value of investment     2,491,751       1,379,718  
    Amortization of share issuance costs     (3,211)       (3,233)  
    Unrealized foreign exchange gain (loss)     72,344       (19,872)  
    Net comprehensive income   $ 2,614,496     $ 1,398,020  
    Comprehensive income per unit   $ 53.64     $ 28.71  
    Quarterly distribution rate per senior preferred share (C$)              
      –         Class AA, Series 9     0.3063       0.3063
      –         Class AA, Series 10     0.2938       0.2938
      –         Class AA, Series 11     0.2969       0.2969
      –         Class AA, Series 12     0.2750       0.2750
      –         Class AA, Series 13     0.2781       0.2781
      –         Class AA, Series 14     0.3438       N/A

    As at December 31, 2024, the Company owned 120 million Class A Limited Voting shares of the Corporation, and 30 million Class A Limited Voting Shares of the Manager, which together generate cash flow through dividend payments that fund quarterly fixed cumulative preferential dividends for the holders of the Company’s preferred shares and provide the holders of the Company’s capital shares the opportunity to participate in any capital appreciation of the Brookfield shares.

    Brookfield Corporation is a leading global investment firm focused on building long‐term wealth for institutions and individuals around the world. This capital is allocated across three core businesses: asset management, wealth solutions and operating businesses. The Corporation is listed on the New York and Toronto Stock Exchanges under the symbol BN and BN.TO respectively. The Company’s investment in Corporation represents approximately an
    8% interest in the Corporation.

    Brookfield Asset Management Ltd. is a leading global alternative asset manager with over $1 trillion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit as of December 31, 2024. The Manager is listed on the New York and Toronto Stock Exchanges under the symbol BAM and BAM.TO respectively. The Company’s investment in Manager represents approximately a 7% interest in the Manager.

    For further information, contact Investor Relations at 416-643-7621.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and regulations. The words “generate” and “enable” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking information. Forward-looking information in this news release includes statements with regard to the generation of cumulative preferential dividends for the holders of the Company’s preferred shares and potential participation by the holders of the Company’s capital shares in the capital appreciation of Brookfield Shares.

    Although the Company believes that the anticipated future results or achievements expressed or implied by the forward-looking information and statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on the forward-looking information and statements because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking information and statements.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Company’s documents filed with the securities regulators in Canada.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information or statements, whether written or oral, that may be as a result of new information, future events or otherwise. Reference should be made to the Company’s most recent Annual Information Form for a description of the major risk factors.

    The MIL Network –

    March 29, 2025
  • MIL-OSI USA: Hoeven Meets With General Bussiere to Accelerate Sentinel ICBM Program, Ensure Minot has Upgrades Needed to Operate New Cruise Missile

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    03.28.25

    ***Click for video and audio.***

    MINOT, N.D. – Senator John Hoeven today met with Gen. Thomas Bussiere, Commander of the Air Force Global Strike Command, at Minot Air Force Base as part of his efforts to keep the base’s nuclear modernizations on track. Hoeven stressed the need to ensure Minot has the facilities necessary to house and operate the new weapon systems, including the Sentinel intercontinental ballistic missile (ICBM) and the Long Range Stand Off (LRSO) missile, as soon as they are fully developed. Accordingly, Hoeven urged Bussiere to work with him on:

    • Concurrently constructing facilities at all three missile bases to accelerate the Sentinel program and reduce costs.
      • This follows Hoeven’s efforts pressing the Department of Defense (DoD) to maintain the full ICBM fleet during the recent Nunn-McCurdy review.
    • Investing in upgrades to the base’s Weapons Storage Area and mission planning facilities, which are needed to support the new LRSO cruise missile.
      • The Air Force expects to operate the new missile in the early 2030s.

    “There are real, concrete steps we can take to accelerate our nuclear modernization programs, reduce the costs of the Sentinel program and ensure Minot is ready to field these missions as soon as the weapons systems are ready to deploy. Doing so is vital in ensuring our nation can continue to effectively deter the aggressions of our adversaries,” said Hoeven “Today’s meeting with General Bussiere is making sure key officials are on the same page and working with us on building the new missile facilities at the three ICBM bases and getting a plan in place to upgrade Minot’s facilities for the new cruise missile. We had a productive discussion, and I will continue working to move the ball forward on these important priorities.”

    As a member of the Senate Defense Appropriations Committee, Hoeven has been working to:

    • Accelerate the schedule for deploying the Sentinel by:
      • Identifying additional cost savings to address increased construction costs.
      • Pushing for concurrent construction of facilities at all three missile bases with officials at the DoD and Northrop Grumman.
    • Secure the Air Force’s commitment to budget and begin work on facilities for the LRSO carried on the B-52.
      • Hoeven authored a provision in the Senate’s Fiscal Year (FY) 2025 Military Construction bill to help ensure Minot has the facilities needed to operate and maintain the new LRSO missile, which will be carried on the B-52, as soon as the weapon is ready to enter service.
      • The senator will continue working as the appropriations process proceeds in the 119th Congress to ensure the upgrades for Minot’s facilities move forward.

    MIL OSI USA News –

    March 29, 2025
  • MIL-OSI USA: Durbin, Senate Judiciary Democrats Send Letter To Deputy Director Bongino Raising Concerns Over His Ability To Lead The FBI

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    March 28, 2025

    Senators to FBI Deputy Director Bongino: “As the newly appointed Deputy Director, your past public statements raise concerns about your ability to impartially lead the Bureau and credibly command the respect of its workforce”

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, along with U.S. Senators Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Alex Padilla (D-CA), Amy Klobuchar (D-MN), and Adam Schiff (D-CA) sent a letter to the Deputy Director of the Federal Bureau of Investigation (FBI), Dan Bongino, raising serious concerns over his ability to lead the Bureau with FBI Director Kash Patel. Deputy Director Bongino is a former conservative political commentator, podcast host, and conspiracy theorist peddler. The position of the FBI Deputy Director is not Senate-confirmed.

    The Senators wrote, “As the Federal Bureau of Investigation (FBI) finalizes its new leadership structure, we are deeply concerned that Director Kash Patel’s senior leadership team is unprepared forthe challenges of managing our nation’s premier law enforcement agency and its approximately 38,000 public servants.”

    “As the newly appointed Deputy Director, your past public statements—which include inflammatory remarks and unsubstantiated accusations against the FBI, including calling for the Bureau’s disbandment—raise concerns about your ability to impartially lead the Bureau and credibly command the respect of its workforce. Your record, on the other hand, does not reflect the expertise required to manage the FBI’s complex and expansive operations,” the Senators continued.

    In the letter, the Senators ask for clarification regarding Deputy Director Bongino’s past controversial comments including when he said on his podcast, “The only thing that is going to stop the FBI from doing what they’re doing now, which is become full-time activists and bouncers, in many cases, thugs for the Democrat [sic] party, is imposing real material losses on them (emphasis added). Fire everyone involved in this stuff. Everyone—no excuses. Disband the entity.”

    On November 14, 2024, Deputy Director Bongino described the January 6, 2021, attack on the U.S. Capitol and the placement of pipe bombs outside of the Democratic National Committee (DNC) and Republican National Committee (RNC) headquarters as an “inside job” and said, “There is a massive cover-up, because the person who planted those pipe bombs—they don’t want you to know who it was, because it’s either a connected anti-Trump insider, or this was an inside job. Those bombs were planted there. This was a setup. I have zero doubt… And whoever goes into FBI… you better get an answer… about why.” He continued to say, “It is clear, this all adds up to they know who this person is. They just don’t want you to know who this it is. Later in the podcast, Bongino went on to say that “the FBI knew the entire time the identity of this person and then tried to unknow it, because it was an insider and an inside attack and a plot to, you know, stop Republicans from questioning the election results.”

    The Senators continued, “Your claim that the FBI is responsible for a cover-up is an extremely serious allegation that you have an obligation either to substantiate or repudiate. Now that you have access to the information you have long claimed that the FBI possesses, can you answer who was responsible for the pipe bombs on January 6, 2021 and provide evidence proving their identity to the public and Congress? If no, will you apologize to the men and women of the FBI for spreading this dangerous and irresponsible lie?”

    The Senators asked for clarification of these statements by April 11, 2025.

    The full text of the letter can be found here and below:

    Dear Deputy Director Bongino:

    As the Federal Bureau of Investigation (FBI) finalizes its new leadership structure, we are deeply concerned that Director Kash Patel’s senior leadership team is unprepared for the challenges of managing our nation’s premier law enforcement agency and its approximately 38,000 public servants. As the newly appointed Deputy Director, your past public statements—which include inflammatory remarks and unsubstantiated accusations against the FBI, including calling for the Bureau’s disbandment—raise concerns about your ability to impartially lead the Bureau and credibly command the respect of its workforce. The Deputy Director oversees all FBI domestic and international investigative and intelligence activities and has historically been a career agent with extensive experience in the Bureau. Your record, on the other hand, does not reflect the expertise required to manage the FBI’s complex and expansive operations. To help address these concerns, we ask that you answer the following questions by April 11, 2025:

    1. You previously said, “We don’t just fire the people who did this. Everyone who stood by and did nothing while the Department of Justice and the FBI have been ravaged, ravaged by ‘corruptocrats’ [sic].Everyone gets fired. Everyone (emphasis added).” As Deputy Director, do you still believe that every one of the FBI’s employees who “stood by” should be fired? How do you intend to determine which of the FBI’s approximately 38,000 employees “stood by”?
    2. On September 26, 2022, you said on your podcast: “The only thing that is going to stop the FBI from doing what they’re doing now, which is become full-time activists and bouncers, in many cases, thugs for the Democrat [sic] party, is imposing real material losses on them (emphasis added). Fire everyone involved in this stuff. Everyone—no excuses. Disband the entity.” Now that you are a member of the Bureau’s senior leadership team, do you believe the thousands of personnel who report to you still need to suffer “real material losses”? Do you still believe the FBI should be disbanded? If yes, how do you plan on implementing such an agenda?
    3. On August 29, 2024, in response to the FBI releasing information about the Butler assassination attempt, you posted: “Folks, the FBI is at it again. I don’t trust these people at all.” How can the FBI’s career law enforcement personnel earn your trust in light of this statement? Conversely, how do you intend to earn their trust when you have spent years attacking their integrity?
    4. On November 14, 2024, you described the January 6, 2021 attack on the U.S. Capitol and the placement of pipe bombs outside of the Democratic National Committee (DNC) and Republican National Committee (RNC) headquarters as an “inside job” and said:

    There is a massive cover-up, because the person who planted those pipe bombs—they don’t want you to know who it was, because it’s either a connected anti-Trump insider, or this was an inside job. Those bombs were planted there. This was a setup. I have zero doubt…. And whoever goes into FBI… you better get an answer… about why.

    Now that you are inside the FBI, have you seen evidence to prove your implausible and outrageous allegation that the January 6 attack was an “inside job”? If yes, when do you plan to provide that evidence to the public and Congress? If no, will you apologize to the American people for perpetuating this baseless conspiracy theory?

    1. Earlier this year, you said on your podcast about the unsolved January 6, 2021 pipe bombs case:

    It is clear, this all adds up to they know who this person is. They just don’t want you to know who this it is. Later in the podcast, you went on to say that “the FBI knew the entire time the identity of this person and then tried to unknow it, because it was an insider and an inside attack and a plot to, you know, stop Republicans from questioning the election results.

    You then claimed that “they did conduct an investigation, a legitimate one, for probably a couple of weeks because a friend of mine, who’s a federal agent, was involved in it. And they told him, once they started to hone in on who it was, to stand down.” We are disappointed that the pipe bomb case remains unsolved, given the significant danger this threat presented to the public, staff, and elected officials at the RNC and DNC on January 6, 2021. Your claim that the FBI is responsible for a cover-up is an extremely serious allegation that you have an obligation either to substantiate or repudiate. Now that you have access to the information you have long claimed that the FBI possesses, can you answer who was responsible for the pipe bombs on January 6, 2021 and provide evidence proving their identity to the public and Congress? If no, will you apologize to the men and women of the FBI for spreading this dangerous and irresponsible lie?

    Thank you for your prompt attention to this matter. We look forward to hearing from you soon.

    Sincerely,

    -30-

    MIL OSI USA News –

    March 29, 2025
  • MIL-OSI Security: Four Defendants Charged After Warrant Served in El Cajon

    Source: Office of United States Attorneys

    SAN DIEGO – John Washburn, general manager of San Diego Powder & Protective Coatings in El Cajon, and three employees, made their first appearances in federal court today to face immigration charges stemming from a search warrant that was served by federal agents at the property yesterday.

    Washburn, along with employees Gilver Martinez-Juanta, Miguel Angel Leal-Sanchez and Fernando Casas-Gamboa, were arrested yesterday. Washburn was charged with Conspiracy to Harbor Aliens; the employees were charged with using false documents to work in the United States.

    According to the complaint, Washburn employed undocumented workers and allowed them to live in the company’s warehouse. The three charged employees allegedly provided a false attestation regarding their immigration status to secure employment at the business.

    U.S. Magistrate Judge Barbara L. Major set bond for Washburn at $5,000 and ordered him and the other defendants to appear in court for a preliminary hearing on April 8, 2025, at 9:30 a.m.

    The Homeland Security Investigations, San Diego Office is investigating these cases with assistance from the Department of Homeland Security, Office of Inspector General; General Services Administration, Office of Inspector General; United States Border Patrol; U.S. Customs and Border Protection; United States Immigration and Customs Enforcement, Enforcement and Removal Operations; Naval Criminal Investigative Service; Small Business Administration, Office of Inspector General; Drug Enforcement Administration, San Diego Field Division, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives.   

    These cases are being prosecuted by Assistant U.S. Attorneys Henry F.B. Beshar and Michael A. Deshong.

    DEFENDANTS                                            

    Case Number 25mj1458-BLM

    John Washburn                                                         Age: 57             

    SUMMARY OF CHARGES

    Conspiracy to Harbor Aliens, in violation of Title 8, U.S.C. § 1324(a)(1)(A)(iii) and (v)(I); Maximum Penalty: Ten years in prison; $250,000 fine.

    Case Number 25mj1459-BLM

    Gilver Martinez-Juanta                                                        Age: 39

    SUMMARY OF CHARGES

    False Attestation (Felony), in violation of Title 18, U.S.C. § 1546(b)(3); Maximum Penalty: 10 years in prison; $250,000 fine.

    Case Number 25mj1460-BLM

    Miguel Angel Leal-Sanchez                                                 Age:39                         

    SUMMARY OF CHARGES

    False Attestation (Felony), in violation of Title 18, U.S.C. § 1546(b)(3); Maximum Penalty: 10 years in prison; $250,000 fine.

    Case Number 25mj1461-BLM

    Fernando Casas-Gamboa                                                      Age: 21                        

    SUMMARY OF CHARGES

    False Attestation (Felony), in violation of Title 18, U.S.C. § 1546(b)(3); Maximum Penalty: 10 years in prison; $250,000 fine.

    INVESTIGATING AGENCIES

    Homeland Security Investigations

    Naval Criminal Investigative Service

    U.S. Department of Homeland Security, Office of Inspector General

    General Services Administration, Office of Inspector General

    Small Business Administration, Office of Inspector General

    U.S. Immigration and Customs Enforcement, Enforcement and Removal Operations

    Drug Enforcement Administration

    Bureau Alcohol, Tobacco, Firearm,s and Explosives

    U.S. Border Patrol

    U.S. Customs and Border Protection

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

    This investigation is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

    March 29, 2025
  • MIL-OSI Security: U.S. Attorney’s Office Charges 260 Individuals for Immigration-Related Criminal Conduct in Arizona This Week

    Source: Office of United States Attorneys

    PHOENIX, Ariz. – During this week of enforcement operations from March 22, 2025, through March 28, 2025, the U.S. Attorney’s Office for the District of Arizona brought immigration-related criminal charges against 260 defendants. Specifically, the United States filed 96 cases in which aliens illegally re-entered the United States, and the United States also charged 155 aliens for illegally entering the United States.  In its ongoing effort to deter unlawful immigration, the United States also filed 9 cases against 9 individuals responsible for smuggling illegal aliens into and within the District of Arizona. 

    These cases were referred or supported by federal law enforcement partners, including Immigration and Customs Enforcement’s Enforcement and Removal Operations (ICE ERO), ICE Homeland Security Investigations (HSI), U.S. Border Patrol, the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the U.S. Marshals Service (USMS), and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

    Recent matters of interest include:

    United States v. Greiby Melissa Barcelo-Velasquez: On March 25, 2025, Greiby Melissa Barcelo-Velasquez, a Columbian national, was sentenced to 30 months in prison for Conspiracy to Encourage and Induce an Alien to Unlawfully Enter the United States. Since approximately June 2023, Barcelo-Velasquez coordinated the smuggling of over 100 illegal aliens from Columbia to the United States using her travel company, Baul Travel SAS. This case is the result of the coordinated efforts of Joint Task Force Alpha. Case No. CR-24-00392-PHX-JJT.

    RELEASE NUMBER:    2025-044_March 28 Immigration Enforcement

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

    MIL Security OSI –

    March 29, 2025
  • MIL-OSI: Summit State Bank Reports Revised Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA ROSA, Calif., March 28, 2025 (GLOBE NEWSWIRE) — Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported that it has revised its fourth quarter and full year 2024 financial results from those announced in the press release dated January 28, 2025. In connection with the preparation and review of its 2024 financial statements, the Bank has concluded it is necessary to record a $693,000 other real estate owned valuation adjustment, a $146,000 increase in reserve for unfunded loans, and a $76,000 credit loss provision reversal for the fourth quarter 2024. The need for the valuation adjustment results from an updated appraisal report obtained in the first quarter of 2025. The additional reserve for unfunded loans and provision reversal results from the Bank’s adoption of a new CECL model as of December 31, 2024. The valuation adjustment was expensed against noninterest income and also reduced the Bank’s other real estate owned asset. The additional reserve for undisbursed loans and the reversal of the credit losses on loans resulted in a net expense against the provision for credit losses. The income tax provision was adjusted accordingly for all changes noted above.

    After the impact adjustments as outlined above, the Bank’s preliminary, unaudited fourth quarter earnings estimate is revised to a net loss of $7,142,000, or $1.06 loss per diluted share, and full-year 2024 net loss of $4,193,000, or $0.62 loss per diluted share. The Bank previously reported preliminary, unaudited results for fourth quarter 2024 including net loss of $6,605,000 or $0.98 loss per diluted share, and full-year 2024 net loss of $3,656,000, or $0.54 loss per diluted share.

    Material Updates to Income Statement
    The Bank originally reported noninterest income of $1,373,000 in the fourth quarter of 2024 and $4,152,000 for full-year 2024. After the adjustment, noninterest income was reduced to $680,000 in the fourth quarter of 2024 and $3,459,000 for full-year 2024.

    The Bank originally reported total provision for credit losses of $6,652,000 in the fourth quarter of 2024 and $7,845,000 for full-year 2024. After the adjustment, total provision increased to $6,722,000 in the fourth quarter of 2024 and $7,915,000 for full-year 2024.

    Impact to Income Taxes
    The Bank’s revised effective tax rate for the twelve months ended December 31, 2024 was 4.4% compared to the previously reported effective tax rate of -0.8%.

    Updated Previously Furnished Earnings Materials
    For completeness, the Bank has included all previously announced financial results disclosures and related tables with this press release as revised. These results supersede the results previously disclosed in the January 28, 2025 press release.

    Revised Fourth Quarter 2024 Financial Results

    The Bank has a net loss of $7,142,000, or $1.06 loss per diluted share for the fourth quarter ended December 31, 2024, compared to net income of $1,901,000, or $0.28 per diluted share for the fourth quarter ended December 31, 2023. The current quarter’s results were impacted by expenses including a $6,570,000 provision for credit losses on loans and a $4,119,000 one-time non-cash impairment charge to write off the remaining balance of goodwill. The Bank has taken significant charge offs and provisions for credit losses in the fourth quarter of 2024 as a proactive step towards resolving its problem loans. The goodwill impairment was a result of the Bank’s stock price trading below book value and is a non-cash charge that does not impact the Bank’s cash flows, liquidity, or regulatory capital. The Bank ended the year with improved regulatory capital ratios and is focused on expanding net interest margin in 2025.

    For the year ended December 31, 2024, the Bank reported a net loss of $4,193,000, or $0.62 loss per diluted share compared to net income of $10,822,000, or $1.62 per diluted share for the year ended December 31, 2023. The 2024 net income loss was primarily attributable to annual provision for credit losses on loans totaling $7,882,000 and a one-time non-cash goodwill impairment expense of $4,119,000.

    Pre-tax, pre-provision net income before goodwill1 was $2,301,000 for the quarter ended December 31, 2024, compared to $2,122,000, $1,267,000, $1,955,000 and $2,643,000 for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively. “At the beginning of 2024, the Bank was negatively impacted by the ongoing strains that the high-interest rate environment put on our funding costs,” said Brian Reed, President and CEO. “By the fourth quarter of 2024, the Bank’s core operating results improved due to a lower cost of funds and improved noninterest income.”

    “The Bank continues to focus on maintaining strong capital levels and did that effectively in 2024 by strategically managing the balance sheet and suspending cash dividends. As such, the Board determined it will also suspend cash dividends in the first quarter of 2025 so that we can build capital, increase liquidity, and position the Bank to create long-term value for our shareholders.”

    “The largest negative impact on the Bank’s performance in 2024 was a result of the heightened level of non-performing assets,” said Reed. “We have been aggressively pursuing solutions to these problem loans and have reduced our non performing loans by $9,160,000 in the fourth quarter of 2024. We anticipate non performing loans will be further reduced by $18,187,000 in the first half of 2025 as a result of loan payoffs from the sale of collateral that is currently under contract to be sold.”

    “We are headed into 2025 feeling positive about our prospects subsequent to our significant progress in resolving problem loans. We continue to maintain our well capitalized status and sufficient liquidity after having realized successive quarters of improved net operating income results,” concluded Reed.

    Fourth Quarter 2024 Financial Highlights (at or for the three months ended December 31, 2024)

    • The Bank’s Tier 1 Leverage ratio increased to 8.87% at December 31, 2024 compared to 8.85% at December 31, 2023. This ratio remains above the minimum of 5% required to be considered “well-capitalized” for regulatory capital purposes.
    • The Bank has implemented numerous operating cost saving initiatives including an 8% reduction in force.
    • The Bank’s annualized loss on average assets and annualized loss on average equity for the fourth quarter of 2024 was 2.59% and 28.05%, respectively. The pre-tax, pre-provision return on average assets before goodwill1 and pre-tax, pre-provision return on average equity before goodwill1 in the fourth quarter would have been 0.83% and 9.04%, respectively.
    • Net income was a loss of $7,142,000 for the fourth quarter of 2024. Pre-tax, pre-provision net income before goodwill1 was $2,301,000 for the fourth quarter of 2024 compared to $2,122,000, $1,267,000, $1,955,000 and $2,643,000 for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.
    • Collateral relating to two of the non performing loans is in contract to sell in the first half of 2025 and the expected proceeds represent 65% or $18,010,000 of the remaining $27,754,000 of non performing loans.
    • The allowance for credit losses to total loans was 1.49% after charging off $8,343,000 and recording a $6,570,000 provision for credit losses on loans to replenish reserves on December 31, 2024.
    • The Bank maintained strong total liquidity of $435,409,000, or 40.8% of total assets as of December 31, 2024. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of $111,471,000 or 10.4% of total assets, plus available borrowing capacity of $323,938,000 or 30.4% of total assets.
    • The Bank has been strategically managing its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. The Bank has been successful in reducing the size of its balance sheet as noted below:
      • Net loans decreased $33,551,000 to $905,075,000 at December 31, 2024, compared to $938,626,000 one year earlier and decreased $12,292,000 compared to $917,367,000 three months earlier.
      • Total deposits decreased 5% to $962,562,000 at December 31, 2024, compared to $1,009,693,000 at December 31, 2023, and decreased 4% when compared to the prior quarter end of $1,002,770,000.
    • Book value was $13.53 per share, compared to $14.40 per share a year ago and $14.85 in the preceding quarter.

    Operating Results

    For the fourth quarter of 2024, the annualized loss on average assets was 2.59% and the annualized loss on average equity was 28.05%. This compared to an annualized return on average assets of 0.67% and an annualized return on average equity of 8.02%, respectively, for the fourth quarter of 2023. These ratios were negatively impacted during the fourth quarter of 2024 by a credit loss provision and one-time goodwill impairment. Without the impact from these items, the pre-tax, pre-provision return on average assets before goodwill1 and the pre-tax, pre-provision return on average equity before goodwill1 would have been 0.83% and 9.04%, respectively, for the three months ended December 31, 2024.

    For the year ended 2024, the loss on average assets was 0.38% and the loss on average equity was 4.23%. This compares to the return on average assets of 0.95% and return on average equity of 11.56%, respectively, for the year ended 2023.

    The Bank’s net interest margin was 2.88% in the fourth quarter of 2024 compared to its lowest quarterly net interest margin this year of 2.71% which occurred in the second and third quarters of 2024. The current net interest margin is also higher compared to the fourth quarter of 2023 of 2.85%. This was primarily attributable to the cost of deposits decreasing in the fourth quarter of 2024 to 2.87% compared to 3.05% during the preceding quarter. “We are starting to see an improvement in cost of funds in response to the Federal Reserve rate decreases. As CDs mature, we expect to see continued improvement in deposit pricing in the near future,” said Reed. “In addition, loan yields have started to improve as our existing loans have started to reprice.”

    Interest and dividend income decreased 1.0% to $14,935,000 in the fourth quarter of 2024 compared to $15,036,000 in the fourth quarter of 2023. The decrease in interest income is attributable to a $182,000 decrease in interest on investment securities and a $137,000 decrease in interest on deposits with banks offset by an increase of $214,000 in interest and fees on loans.

    Noninterest income increased in the fourth quarter of 2024 to $680,000 compared to $297,000 in the fourth quarter of 2023. The increase is primarily attributed to the Bank recognizing $857,000 in gains on sales of SBA guaranteed loan balances offset by the valuation adjustment on other real estate owned of $693,000 in the fourth quarter of 2024 compared to no gains on sales of SBA guaranteed loan balances in the fourth quarter of 2023.

    Operating expenses increased in the fourth quarter of 2024 to $10,200,000 compared to $5,483,000 in the fourth quarter of 2023. The increase is primarily due to a one-time non-cash impairment charge of $4,119,000 to write off the remaining balance of goodwill. In addition, the Bank recorded a $443,000 loss related to an external check fraud event during the fourth quarter of 2024. The Bank has filed an insurance claim related to this fraud loss and may be partially reimbursed by insurance at a later date.

    “We remain focused on enhancing revenue generation and driving significant cost efficiencies to improving our operational effectiveness. To date we have leveraged existing staff and technologies to reduce third-party expenses, eliminated raises and bonuses, reduced employee benefits Bank-wide, and reduced director fees.”

    Balance Sheet Review

    During 2024, the Bank strategically managed its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. As a result of the efforts, net loans decreased 4% to $905,075,000 and total deposits also decreased 5% to $962,562,000 as of December 31, 2024 compared to December 31, 2023.

    Net loans were $905,075,000 at December 31, 2024 compared to $938,626,000 at December 31, 2023, and decreased 1% compared to September 30, 2024. The Bank’s largest loan types are commercial real estate loans which make up 78% of the portfolio, “secured by farmland” totaling 9% of the portfolio, and 7% in commercial and industrial loans. Of the commercial real estate total, approximately 34% or $231,000,000 is owner occupied and the remaining 66% or $451,000,000 is non-owner occupied. The Bank’s entire loan portfolio is well diversified between industries including office space which totals $116,400,000.

    Total deposits were $962,562,000 at December 31, 2024 compared to $1,009,693,000 at December 31, 2023, and decreased 4% compared to the prior quarter end. At December 31, 2024, noninterest bearing demand deposit accounts decreased 8% compared to a year ago and represented 19% of total deposits; savings, NOW and money market accounts decreased 9% compared to a year ago and represented 49% of total deposits, and CDs increased 4% compared to a year ago and comprised 32% of total deposits.

    Shareholders’ equity was $91,723,000 at December 31, 2024, compared to $100,662,000 three months earlier and $97,678,000 a year earlier. The decrease in shareholders’ equity compared to a year ago was due to a reduction in retained earnings. At December 31, 2024 book value was $13.53 per share, compared to $14.85 three months earlier, and $14.40 at December 31, 2023.

    The Bank’s Tier 1 Leverage ratio continues to exceed the minimum of 5% necessary to be categorized as “well-capitalized” for regulatory capital purposes. The Tier-1 leverage ratio at the end of 2024 was 8.87%, an increase compared to 8.85% at the end of 2023.

    Credit Quality

    “Our primary focus remains on managing asset quality and reducing portfolio risk,” said Reed. “To that end we charged off loans of $8,343,000 and recorded a $6,570,000 provision for credit losses to replenish reserves during the fourth quarter of 2024. Three credits represent 94% or $26,040,000 of our non performing loans and are “secured by farmland” which have been hit hard by the current environment. The Bank holds a small portion of its total loans in this industry and actively monitors the performance of these loans. Collateral relating to two of these three non performing loans is in contract to sell in the first half of 2025 and represents 65% or $18,010,000 of the non performing loan portfolio. The remaining non performing loans are being reserved at current appraisal value less selling cost.”

    Non performing assets were $32,191,000, or 3.02% of total assets, at December 31, 2024. This compared to $41,971,000 in non performing assets at September 30, 2024, and $44,206,000 in non performing assets at December 31, 2023. Non performing assets include $4,437,000 for one other real estate owned loan at December 31, 2024 and $5,130,000 at September 30, 2024, compared to no other real estate owned at December 31, 2023.

    There were $8,343,000 in net charge-offs during the three months ended December 31, 2024, compared to no charge-offs during the three months ended September 30, 2024 and net recoveries of $9,000 during the three months ended December 31, 2023.

    For the fourth quarter of 2024, consistent with factors within the allowance for credit losses model, the Bank recorded a $6,570,000 provision for credit loss expense for loans, a $154,000 provision for credit losses for unfunded loan commitments and a $2,000 reversal of credit losses on investments. This compared to a $31,000 reversal of credit loss expense on loans, a $65,000 reversal of credit losses on unfunded loan commitments and a $31,000 provision for credit losses on investments in the fourth quarter of 2023.

    The allowance for credit losses to total loans was 1.49% on December 31, 2024, and 1.60% on December 31, 2023. The decrease is due to $9,690,000 in loan charge-offs offset with a provision for credit losses on loans of $7,882,000 and $55,000 provision for credit losses on unfunded loan commitments recorded during the year ended December 31, 2024.

    About Summit State Bank

    Founded in 1982 and headquartered in Sonoma County, Summit State Bank is an award-winning community bank serving the North Bay. The Bank serves small businesses, nonprofits and the community, with total assets of $1.1 billion and total equity of $92 million as of December 31, 2024. The Bank has built its reputation over the past 40 years by specializing in providing exceptional customer service and customized financial solutions to aid in the success of its customers.

    Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Top Performing Community Bank by American Banker, Best Places to Work in the North Bay and Diversity in Business by North Bay Business Journal, Corporate Philanthropy Award by the San Francisco Business Times, and Hall of Fame by North Bay Biz Magazine. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.

    Cautionary Note Regarding Preliminary Financial Results and Forward-looking Statements

    The financial results in this release are preliminary and unaudited. Final audited financial results and other disclosures will be reported in Summit State Bank’s annual report on Form 10-K for the period ended December 31, 2024 and may differ materially from the results and disclosures in this release due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information.

    Except for historical information, the statements contained in this release, are forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are non-historical statements regarding management’s expectations and beliefs about the Bank’s future financial performance and financial condition and trends in its business and markets. Words such as “expects,” “anticipates,” “believes,” “estimates” and similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Examples of forward-looking statements include but are not limited to statements regarding future operating results, operating improvements, loans sales and resolutions, cost savings, insurance recoveries and dividends. The forward-looking statements in this release are based on current information and on assumptions about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Bank’s control. As a result of those risks and uncertainties, the Bank’s actual future results and outcomes could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this release. Those risks and uncertainties include, but are not limited to, the risk of incurring credit losses; the quality and quantity of deposits; the market for deposits, adverse developments in the financial services industry and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of the Bank’s liquidity; fluctuations in interest rates; governmental regulation and supervision; the risk that the Bank will not maintain growth at historic rates or at all; general economic conditions, either nationally or locally in the areas in which the Bank conducts its business; risks associated with changes in interest rates, which could adversely affect future operating results; the risk that customers or counterparties may not performance in accordance with the terms of credit documents or other agreements due a decline in credit worthiness, business conditions or other reasons;; adverse conditions in real estate markets; and the inherent uncertainty of expectations regarding litigation, insurance claims and the performance or resolution of loans. Additional information regarding these and other risks and uncertainties to which the Bank’s business and future financial performance are subject is contained in the Bank’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other documents the Bank files with the FDIC from time to time. Readers should not place undue reliance on the forward-looking statements, which reflect management’s views only as of the date of this release. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

    1Non-GAAP Financial Measures

    This release contains non-GAAP (Generally Accepted Accounting Principles) financial measures in addition to the results presented in accordance with GAAP. These Non-GAAP financial measures include pre-tax, pre-provision net operating income before goodwill, pre-tax, pre-provision return on average assets before goodwill (“ROAA”), and pre-tax, pre-provision return on average equity (“ROAE”) before goodwill. We believe the presentation of these non-GAAP financial measures, provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our history results and those of our peers.

    Not all companies use identical calculations or the same definitions of pre-tax, pre-provision net operating income before goodwill, pre-tax, pre-provision ROAA before goodwill and pre-tax, pre-provision ROAE before goodwill, so the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. These non-GAAP financial measures should be taken together with the corresponding GAAP measure and should not be considered a substitute for the GAAP measure. Reconciliations of the most directly comparable GAAP measures to these non-GAAP financial measurements are presented below.

    Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908

                             
            Three Months Ended
                             
            December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
            (In thousands)
    Reconciliation of non-GAAP pre-tax, pre-provision income net of goodwill
                             
    Net (loss) income       $ (7,142 )   $ 626     $ 928     $ 1,395     $ 1,901  
    Excluding provision for (reversal of) credit losses   6,722       1,294       (16 )     (85 )     (65 )
    Excluding (reversal of) provision for income taxes   (1,398 )     202       355       645       807  
    Pre-tax, pre-provision income (non-GAAP) $ (1,818 )   $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                             
    Excluding goodwill impairment         4,119       –       –       –       –  
    Pre-tax, pre-provision income net of goodwill (non-GAAP) $ 2,301     $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                       
       
                             
                             
            Three Months Ended
                             
            December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
            (In thousands)
    Reconciliation of non-GAAP return on average assets
                             
    Average assets       $ 1,098,885     $ 1,098,469     $ 1,078,700     $ 1,087,960     $ 1,123,057  
    (Loss) return on average assets (1)         -2.59 %     0.23 %     0.35 %     0.51 %     0.67 %
                             
    Net (loss) income       $ (7,142 )   $ 626     $ 928     $ 1,395     $ 1,901  
    Excluding provision for (reversal of) credit losses   6,722       1,294       (16 )     (85 )     (65 )
    Excluding (reversal of) provision for income taxes   (1,398 )     202       355       645       807  
    Pre-tax, pre-provision income (non-GAAP) $ (1,818 )   $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                             
    Excluding goodwill impairment         4,119       –       –       –       –  
    Pre-tax, pre-provision income net of goodwill (non-GAAP) $ 2,301     $ 2,122     $ 1,267       $ 1,955       $ 2,643  
                             
    Adjusted return on average assets (non-GAAP) (1)   0.83 %     0.77 %     0.47 %     0.72 %     0.93 %
                             
    (1) Annualized.                
                             
            Three Months Ended
                             
            December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
            (In thousands)
    Reconciliation of non-GAAP return on average shareholders’ equity
                             
    Average shareholders’ equity       $ 101,307     $ 99,962     $ 97,548     $ 97,471     $ 94,096  
    (Loss) return on average shareholders’ equity (1)   -28.05 %     2.48 %     3.82 %     5.74 %     8.02 %
                             
    Net (loss) income       $ (7,142 )   $ 626     $ 928     $ 1,395     $ 1,901  
    Excluding provision for (reversal of) credit losses   6,722       1,294       (16 )     (85 )     (65 )
    Excluding (reversal of) provision for income taxes   (1,398 )     202       355       645       807  
    Pre-tax, pre-provision income (non-GAAP) $ (1,818 )   $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                             
    Excluding goodwill impairment         4,119       –       –       –       –  
    Pre-tax, pre-provision income net of goodwill (non-GAAP) $ 2,301     $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                             
    Adjusted return on average shareholders’ equity (non-GAAP) (1)   9.04 %     8.42 %     5.21 %     8.04 %     11.14 %
                             
    (1) Annualized.                
                     
                           
    SUMMIT STATE BANK
    STATEMENTS OF INCOME
    (In thousands except earnings per share data)
                           
                           
              Three Months Ended   Year Ended
              December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
              (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                           
    Interest and dividend income:              
      Interest and fees on loans $ 13,623     $ 13,409     $ 53,574     $ 52,560  
      Interest on deposits with banks   655       792       2,060       4,410  
      Interest on investment securities   530       712       2,614       2,855  
      Dividends on FHLB stock   127       123       514       416  
          Total interest and dividend income   14,935       15,036       58,762       60,241  
    Interest expense:              
      Deposits     7,099       7,113       28,495       24,227  
      Federal Home Loan Bank advances   6       –       337       177  
      Junior subordinated debt   128       94       454       375  
          Total interest expense   7,233       7,207       29,286       24,779  
          Net interest income before provision for credit losses   7,702       7,829       29,476       35,462  
    Provision for (reversal of) credit losses on loans   6,570       (31 )     7,882       342  
    Provision for (reversal of) credit losses on unfunded loan commitments   154       (65 )     55       (68 )
    (Reversal of) provision for credit losses on investments   (2 )     31       (22 )     58  
          Net interest income after provision for (reversal of) credit              
            losses, unfunded loan commitments and investments   980       7,894       21,561       35,130  
    Non-interest income:              
      Service charges on deposit accounts   225       219       926       872  
      Rental income   61       54       241       193  
      Net gain on loan sales   857       –       2,114       2,481  
      Net gain on securities   6       –       6       –  
      Net loss on other real estate owned   (693 )     –       (693 )     –  
      FHLB prepayment fee   –       –       –       1,024  
      Other income   224       24       865       631  
          Total non-interest income   680       297       3,459       5,201  
    Non-interest expense:              
      Salaries and employee benefits   3,429       3,044       15,639       15,399  
      Occupancy and equipment   413       386       1,761       1,713  
      Goodwill impairment   4,119       –       4,119       –  
      Other expenses   2,239       2,053       7,889       7,938  
          Total non-interest expense   10,200       5,483       29,408       25,050  
          (Loss) income before provision for income taxes   (8,540 )     2,708       (4,388 )     15,281  
    (Reversal of) provision for income taxes   (1,398 )     807       (195 )     4,459  
          Net (loss) income $ (7,142 )   $ 1,901     $ (4,193 )   $ 10,822  
                           
    Basic (loss) earnings per common share $ (1.06 )   $ 0.28     $ (0.62 )   $ 1.62  
    Diluted (loss) earnings per common share $ (1.06 )   $ 0.28     $ (0.62 )   $ 1.62  
                           
    Basic weighted average shares of common stock outstanding   6,719       6,698       6,714       6,695  
    Diluted weighted average shares of common stock outstanding   6,719       6,698       6,714       6,698  
                                   
       
    SUMMIT STATE BANK  
    BALANCE SHEETS  
    (In thousands except share data)  
                   
            December 31, 2024   December 31, 2023  
            (Unaudited)   (Unaudited)  
                   
    ASSETS        
                   
    Cash and due from banks $ 51,403   $ 57,789  
          Total cash and cash equivalents   51,403     57,789  
                   
    Investment securities:        
      Available-for-sale, less allowance for credit losses of $36 and $58        
        (at fair value; amortized cost of $80,887 in 2024 and $97,034 in 2023)   68,228     84,546  
                   
    Loans, less allowance for credit losses of $13,693 in 2024 and $15,221 in 2023   905,075     938,626  
    Bank premises and equipment, net   5,155     5,316  
    Investment in Federal Home Loan Bank (FHLB) stock, at cost   5,889     5,541  
    Goodwill     –     4,119  
    Other real estate owned   4,437     –  
    Affordable housing tax credit investments   7,413     8,405  
    Accrued interest receivable and other assets   19,494     18,166  
                   
          Total assets $ 1,067,094   $ 1,122,508  
                   
    LIABILITIES AND        
    SHAREHOLDERS’ EQUITY        
                   
    Deposits:          
      Demand – non interest-bearing $ 185,756   $ 201,909  
      Demand – interest-bearing   193,355     244,748  
      Savings   47,235     54,352  
      Money market   226,879     212,278  
      Time deposits that meet or exceed the FDIC insurance limit   70,717     63,159  
      Other time deposits   238,620     233,247  
          Total deposits   962,562     1,009,693  
                   
    FHLB advances   –     –  
    Junior subordinated debt, net   5,935     5,920  
    Affordable housing commitment   511     4,094  
    Accrued interest payable and other liabilities   6,363     5,123  
                   
          Total liabilities   975,371     1,024,830  
                   
          Total shareholders’ equity   91,723     97,678  
                   
          Total liabilities and shareholders’ equity $ 1,067,094   $ 1,122,508  
                   
     
    Financial Summary
    (In thousands except per share data)
                     
        As of and for the   As of and for the
        Three Months Ended   Year Ended
        December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    Statement of Income Data:                
    Net interest income   $ 7,702     $ 7,829     $ 29,476     $ 35,462  
    Provision for (reversal of) credit losses on loans     6,570       (31 )     7,882       342  
    Provision for (reversal of) credit losses on unfunded loan commitments   154       (65 )     55       (68 )
    (Reversal of) provision for credit losses on investments     (2 )     31       (22 )     58  
    Non-interest income     680       297       3,459       5,201  
    Non-interest expense     10,200       5,483       29,408       25,050  
    (Reversal of) provision for income taxes     (1,398 )     807       (195 )     4,459  
    Net (loss) income   $ (7,142 )   $ 1,901     $ (4,193 )   $ 10,822  
                     
    Selected per Common Share Data:                
    Basic (loss) earnings per common share   $ (1.06 )   $ 0.28     $ (0.62 )   $ 1.62  
    Diluted (loss) earnings per common share   $ (1.06 )   $ 0.28     $ (0.62 )   $ 1.62  
    Dividend per share   $ –     $ 0.12     $ 0.28     $ 0.48  
    Book value per common share (1)   $ 13.53     $ 14.40     $ 13.53     $ 14.40  
                     
    Selected Balance Sheet Data:                
    Assets   $ 1,067,094     $ 1,122,508     $ 1,067,094     $ 1,122,508  
    Loans, net     905,075       938,626       905,075       938,626  
    Deposits     962,562       1,009,693       962,562       1,009,693  
    Average assets     1,098,885       1,123,057       1,091,045       1,142,790  
    Average earning assets     1,064,872       1,089,808       1,058,766       1,110,801  
    Average shareholders’ equity     101,307       94,096       99,080       93,621  
    Nonperforming loans     27,754       44,206       27,754       44,206  
    Other real estate owned     4,437       –       –       –  
    Total nonperforming assets     32,191       44,206       32,191       44,206  
                     
    Selected Ratios:                
    (Loss) return on average assets (2)     -2.59 %     0.67 %     -0.38 %     0.95 %
    (Loss) return on average shareholders’ equity (2)     -28.05 %     8.02 %     -4.23 %     11.56 %
    Efficiency ratio (3)     121.78 %     67.47 %     89.31 %     61.60 %
    Net interest margin (2)     2.88 %     2.85 %     2.78 %     3.19 %
    Common equity tier 1 capital ratio     10.14 %     9.90 %     10.14 %     9.90 %
    Tier 1 capital ratio     10.14 %     9.90 %     10.14 %     9.90 %
    Total capital ratio     11.89 %     11.75 %     11.89 %     11.75 %
    Tier 1 leverage ratio     8.87 %     8.85 %     8.87 %     8.85 %
    Common dividend payout ratio (4)     0.00 %     42.63 %     -45.20 %     30.05 %
    Average shareholders’ equity to average assets     9.22 %     8.38 %     9.08 %     8.19 %
    Nonperforming loans to total loans     3.02 %     4.63 %     3.02 %     4.63 %
    Nonperforming assets to total assets     3.02 %     3.94 %     3.02 %     3.94 %
    Allowance for credit losses to total loans     1.49 %     1.60 %     1.49 %     1.60 %
    Allowance for credit losses to nonperforming loans     49.34 %     34.43 %     49.34 %     34.43 %
             
    (1) Total shareholders’ equity divided by total common shares outstanding.        
    (2) Annualized.        
    (3) Non-interest expenses to net interest and non-interest income, net of securities gains.            
    (4) Common dividends divided by net (loss) income available for common shareholders.        
             

    The MIL Network –

    March 29, 2025
  • MIL-OSI: Senvest Capital Reports Results for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, March 28, 2025 (GLOBE NEWSWIRE) — Senvest Capital Inc. today reported net income attributable to common shareholders of $258.1 million or $105.06 per share for the year ended December 31, 2024. This compares to net income attributable to common shareholders of $83.6 million or $33.78 per share for the year 2023.

    Financial statements are available online at Sedar www.sedarplus.ca

      CONSOLIDATED STATEMENTS OF INCOME
      (in millions of dollars, except per share amounts)
      For the years ended
         
      December 31, 2024 December 31, 2023
         
    Net income attributable to common shareholders $258.1 $83.6
         
    Diluted earnings per share attributable to common shareholders $105.06 $33.78
         

    Contact: George Malikotsis, Vice President Finance
    (514) 281-8082

    The MIL Network –

    March 29, 2025
  • MIL-OSI Security: Three Individuals Charged with Illegal Re-Entry and Other Offenses

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – Three individuals were indicted by a federal grand jury in separate cases this week for illegally re-entering the United States after they were previously deported.

    Mexican National Indicted for Illegal Reentry

    According to an indictment returned this week, Jesus Enriquez-Vasquez, 32, who was previously removed from the United States on January 24, 2019, was charged with illegal reentry by a previously deported alien.  He has never applied to the Attorney General of the United States and/or the Secretary of the Department of Homeland Security for permission to reenter the United States.  On March 3, 2025, he was found voluntarily back in the United States.

    Guatemalan National Charged in Indictment

    In addition, Victor Hugo Vasquez Perez, 31, a citizen of Guatemala residing in Independence, Mo.,  was found illegally present in the United States and charged with possession of a fraudulent immigration document, possession of identification documents unlawfully produced, and improper entry.  

    Honduran National Charged in Indictment

    In addition, Noe Alberto Hernandez-Perez, 31, a citizen of Honduras residing in Kansas City, Mo.,  was charged with illegal reentry by a previously deported alien and resisting and impeding an officer.

    According to the indictment, Hernandez-Perez was previously removed from the United States on June 12, 2015. He has never applied to the Attorney General of the United States and/or the Secretary of the Department of Homeland Security for permission to reenter the United States. On March 16, 2025, he was found voluntarily back in the United States.   

    The charges contained in these indictments are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

    These cases were investigated by ICE Homeland Security Investigations.

    Operation Take Back America

    These cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime.

    MIL Security OSI –

    March 29, 2025
  • MIL-OSI Security: Armed Serial Robber of Five Cash Stores Convicted at Trial

    Source: Office of United States Attorneys

    An armed serial robber and convicted felon was found guilty by a jury on March 26, 2025, of robbing five cash loan businesses across the Fort Worth metroplex in May 2024, announced Acting U.S. Attorney for the Northern District of Texas Chad E. Meacham.

    Charles Lenard Brownlee, 37, was charged via criminal complaint in July 2024 and indicted in August 2024.  After two-and-a-half days of trial, a jury convicted him of one count of Hobbs Act Conspiracy to Interfere with Commerce by Robbery, five counts of Hobbs Act Interference with Commerce by Robbery, five counts of Using, Carrying, and Brandishing a Firearm during a Crime of Violence, and one count of Felon in Possession of a Firearm.

    According to evidence presented at trial, between May 9 and May 21, 2024, Brownlee robbed at gunpoint five Cash Store businesses in Grand Prairie, Fort Worth, Euless, Hurst, and Grapevine. Trying to conceal his identity, Brownlee covered his face with a medical mask and wore different baseball caps and outfits for the robberies. 

    Reviewing hours of surveillance footage from nearby businesses and other camera systems, detectives from the Grand Prairie, Fort Worth, Euless, Hurst, and Grapevine police departments ascertained that Brownlee used the same vehicle—a black Hyundai Santa Fe equipped with a blue fuzzy steering-wheel cover—to drive to and from each of the five robberies.

    At trial, the jury heard from an eyewitness who observed the robber drop a Black & Mild cigarillo as he was running from one of the robberies and thereafter enter the backseat of a black SUV that had a blue fuzzy covering on its steering wheel.  Law enforcement collected that cigarillo for DNA testing, and the DNA test results were consistent with Brownlee being the robber from that incident.

    The jury also heard testimony from a member of the FBI’s Cellular Analysis Survey Team who testified that the cellular phones tied to Brownlee placed him at or near each Cash Store location when it was robbed.

    For two of the robberies, Brownlee enlisted the help of his girlfriend and co-conspirator, who testified that she and Brownlee conspired to rob the Fort Worth and Euless Cash Stores—driving there together in the black Hyundai SUV and with her serving as Brownlee’s getaway driver. She also testified that after committing these “licks” (robberies), Brownlee planned to target jewelry stores and ultimately obtained a Mini Draco-style firearm to do so, since that gun had more “muscle.”

    Shortly after committing the May 21 Grapevine robbery, Brownlee was arrested, and—upon searching the vehicle he was in—law enforcement found a black leather bag that Brownlee used in the Hurst and Grapevine robberies, a blue hat that Brownlee wore during the Euless robbery, a disposable medical mask matching what he wore for all of the robberies, and two loaded firearms—a black Smith & Wesson handgun matching the make and model of the gun identified by one of the victim-witnesses and a Century Arms Mini Draco AK-style pistol. Law enforcement also seized the black Hyundai Santa Fe with the blue fuzzy steering wheel cover, which at the time was being driven by Brownlee’s sister.

    Brownlee’s cell phone showed that he had conducted multiple online searches of and for Cash Stores during the time span of the robbery spree and that he ran searches for nearby jewelry stores and where to purchase a Mini Draco gun. The jury also saw videos and images from Brownlee’s and his co-conspirator’s phones showing them posing with piles of cash and Brownlee smoking a Black & Mild cigarillo like that observed to have been dropped by the perpetrator of the Euless robbery.

    Brownlee now faces a statutory minimum of 35 years and up to life in federal prison. His sentencing date is set for July 11, 2025, before the Honorable Reed O’Connor, who also presided over this trial.

    Brownlee’s co-conspirator pled guilty to one count of Hobbs Act Conspiracy to Interfere with Commerce by Robbery and faces a statutory maximum of 20 years in federal prison. She is set to be sentenced on April 8, 2025.

    “A strong relationship with our local law enforcement partners is crucial to tackling violent crime,” said FBI Dallas Special Agent in Charge R. Joseph Rothrock. “The collaboration with multiple agencies from Tarrant County resulted in a successful guilty verdict and sends a message that we will not tolerate acts of violent crime in our communities.”

    Acting U.S. Attorney Chad E. Meacham praised the joint efforts of all law enforcement agencies involved in the case, including the Federal Bureau of Investigation’s Dallas Field Office, Fort Worth Resident Agency, Grand Prairie Police Department, Fort Worth Police Department, Euless Police Department, Hurst Police Department, and Grapevine Police Department.  Assistant U.S. Attorneys Eric B. Chen and Levi Thomas prosecuted and tried the case.  Assistant U.S. Attorney Daniel Gordon for the Northern District of Texas provided appellate support. 

    MIL Security OSI –

    March 29, 2025
  • MIL-OSI Security: Convicted Sex Offender Indicted for Naturalization Fraud

    Source: Office of United States Attorneys

    TUCSON, Ariz. – Juan Antonio Ruiz, 47, a naturalized United States citizen, was indicted by a federal grand jury in Tucson on Tuesday for Naturalization Fraud.

    According to the indictment, in June 2015 Ruiz became a naturalized citizen of the United States. In his application for citizenship, his interview with United States Citizenship and Immigration Services (USCIS), and his naturalization oath ceremony, Ruiz answered “no” as to whether he had ever committed a crime for which he had not been arrested.

    Three years later, in May 2018, Ruiz was arrested for the crimes of Sexual Conduct with a Minor Under Fifteen, committed between January 17, 2004 and January 16, 2008 and Attempted Molestation of a Child, committed between September 9, 2003 and September 8, 2006. In 2021, Ruiz pleaded guilty to those charges in the Superior Court of Arizona, Pima County, Case Number 20182491-001.

    Naturalization Fraud carries a maximum penalty of 10 years in prison and a fine of up to $250,000 and loss of citizenship and cancelation of naturalization certificate.

    An indictment is simply a method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

    Homeland Security Investigations conducted the investigation in this case. Special Assistant U.S. Attorney, Sydney Yew, District of Arizona, Phoenix, is handling the prosecution.

    CASE NUMBER:           CR-25-01502-AMM-EJM
    RELEASE NUMBER:    2025-043_Ruiz

    MIL Security OSI –

    March 29, 2025
  • MIL-OSI Security: Judge Gives Southeast D.C. Woman Prison Term for Obstructing Justice in the Murder Investigation of 10-year-old Makiyah Wilson

    Source: Office of United States Attorneys

                WASHINGTON – Quanisha Ramsuer, 31, of Washington, D.C. was sentenced today to three years in prison for obstruction of justice in connection with the investigation into the murder of Makiyah Wilson, announced U.S. Attorney Edward R. Martin, Jr., and Chief Pamela Smith of the Metropolitan Police Department (MPD). In addition to the prison term, Superior Court Judge Robert Okun ordered three years of probation. 

               Ramsuer was found guilty by a Superior Court jury on September 3, 2024, for her role in connection with the July 16, 2018 murder. The evidence at trial showed that on July 16, 2018, five members of the Wellington Park crew, Mark Price, Antonio Murchison, Isaiah Murchison, Gregory Taylor, and Qujuan Thomas, who have all been convicted, drove to the Clay Terrace neighborhood armed with guns. The driver of the vehicle, Mark Price, briefly stopped to allow the other defendants to exit the vehicle. They opened fire on the Clay Terrace courtyard, firing more than 50 shots, indiscriminately. Makiyah Wilson, who was sitting on the front stoop of her home, was killed. Two other members of the Wellington Park crew – Quentin Michals and Darrise Jeffers – were also convicted of their role in assisting in planning the shooting and securing the firearms that were used and crew member Marquell Cobbs was convicted of conspiracy in connection with the incident.

                Ramsuer, who witnessed the defendants preparing for the shooting, continuously refused to testify truthfully when asked the identity of the shooters. The evidence at trial showed that Ramseur lived in or hung out in the Wellington Park neighborhood most of her life and knew almost all of the defendants, one of whom she identified as her cousin. She was observed on video surveillance interacting with the defendants as they loaded into the vehicles to drive to Clay Terrace to commit the shooting. Ramsuer was also observed on video closely engaging with one of the defendants who orchestrated the attack, but who remained behind. Despite the obvious familiarity, Ramseur steadfastly refused to identify the individuals with whom she was interacting in the video, resulting in the charge of obstruction of justice.

                This case was investigated by the Metropolitan Police Department and the U.S. Attorney’s Office for the District of Columbia. It was prosecuted and tried by Assistant U.S. Attorneys Laura Bach and Natalie Hynum.

                The trial team was assisted by Assistant U.S. Attorneys Chrisellen Kolb and Nicholas Coleman, Paralegal Specialist Grazy Rivera, Lead Paralegal Sharon Newman Investigative Analyst Zach McMenamin, Supervisory Victim/Witness Program Specialist Jennifer Clark, Victim/Witness Program Specialist Jennifer Allen, Supervisory Victim/Witness Services Coordinator Katina Adams-Washington, Victim/Witness Services Coordinator Maenylie Watson, Information Technology Specialist Charlie Bruce, Supervisory Information Technology Specialist Leif Hickling, Information Technology Specialist Sigourney Jackson, Paralegal Specialist Grazy Rivera, and Lead Paralegal Sharon Newman. Critical assistance also was provided by Assistant U.S. Attorney Lindsey Merikas and former Assistant U.S. Attorneys Rich Barker, John Timmer, and Melissa Jackson who played key roles in the investigation.

    MIL Security OSI –

    March 29, 2025
  • MIL-OSI Security: Rochester woman charged with defrauding Rochester area businesses and charities out of thousands of dollars

    Source: Office of United States Attorneys

    ROCHESTER, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Jessica Stadt, 43, of Rochester, NY, was charged by criminal complaint with wire fraud and access device fraud, which carry a maximum penalty of 20 years in prison and a $250,000.

    Assistant U.S. Attorney Nicholas M. Testani, who is handling the case, stated that in March of 2023, law enforcement began investigating Stadt as a suspect in a gift card fraud scheme, which involved Stadt fraudulently acquiring physical and electronic gift cards from and on behalf of Rochester area companies under the guise that they would be used for disadvantaged children and communities. However, instead of using the gift cards for charity, Stadt sold the gift cards to several different individuals using Facebook Messenger. She sold the gift cards under their actual value and indicated to buyers that the money paid be used for charity. Buyers would send money to Stadt’s personal Venmo, Zelle, and Cash App accounts.

    In total, Stadt acquired and sold approximately 607 gift cards on Facebook Messenger, with a total combined loss of approximately $88,882.60 to Wegmans, Youth Advocate Programs, and other not for profit organizations.

    Stadt made an initial appearance today before U.S. Magistrate Judge Mark W. Pedersen and was released on conditions.

    The complaint is the result of an investigation by Homeland Security Investigations, under the direction of Special Agent-in-Charge Erin Keegan and the Monroe County Sheriff’s office, under the direction of Sheriff Todd Baxter.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

    # # # #

     

    MIL Security OSI –

    March 29, 2025
  • MIL-OSI Security: St. Joseph Man Charged with Aggravated Identity Theft of Minnesota Man

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – A St. Joseph, Mo., man was charged in a federal indictment this week with aggravated identity theft and misuse of a social security number.

    Romeo Perez-Bravo, 42, has been charged with using a stolen identity to obtain employment and state issued identification cards since 2009. The Social Security Administration’s Office of the Inspector General received a referral from the St. Joseph, Missouri Police Department that a man had been fraudulently living and working under a Minnesota man’s identity. SSA-OIG identified him as Perez-Bravo who had been living in St. Joseph and working for local area employers under that identity for several years. The victim reported the identity theft when he began to receive unpaid income tax bills from the IRS.   

    If convicted, Perez-Bravo faces a mandatory two-year prison sentence for identity theft and up to five years for misusing the social security number.

    The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

    This case was investigated by Social Security Administration’s Office of Inspector General (SSA-OIG), ICE Homeland Security Investigations, St. Joseph, Missouri Police Department, and the Olivia, Minnesota Police Department.

    MIL Security OSI –

    March 29, 2025
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