Category: Finance

MIL-OSI Security: Newcomb Man Sentenced for Role in Fatal Altercation

Source: Office of United States Attorneys

ALBUQUERQUE – A Newcomb man was sentenced to three years of probation for his role in the death of an individual who died from a fatal stab wound during a drunken altercation.

There is no parole in the federal system.

According to court documents, on June 2, 2021, Leighton Spencer, 32, an enrolled member of the Navajo Nation, and two other individuals were at Spencer‘s home, consuming a mixture of Gatorade and hand sanitizer, followed by beers, when an altercation between the two other individuals occurred. After one person left to cool down and returned, they discovered the third individual deceased in the doorway, covered in blood. Spencer initially claimed the person was sleeping, but emergency services were called.

The Office of the Medical Investigator ruled the death a homicide caused by a stab wound to the neck, which damaged major blood vessels and the right upper lung lobe. Spencer initially provided conflicting accounts of the incident, blaming others and fabricating causes of death before eventually admitting to the killing. Throughout the investigation, Spencer attempted to deflect responsibility and mislead law enforcement. Ultimately, Spencer admitted he lied and pleaded guilty to the charge of involuntary manslaughter.

Acting U.S. Attorney Holland S. Kastrin and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

The Farmington Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Navajo Department of Criminal Investigations. Assistant United States Attorney Nicholas J. Marshall is prosecuting the case.

MIL Security OSI –

March 27, 2025
MIL-OSI Security: Monroe County Man Charged With Drug Trafficking

Source: Office of United States Attorneys

SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Eli Valentine Calero, age 43, of East Stroudsburg, Pennsylvania, was indicted yesterday by a federal grand jury on a drug trafficking charge.

According to Acting United States Attorney John C. Gurganus, the indictment alleges that on March 12, 2025, in Monroe County, Calero possessed over 500 grams of methamphetamine and an amount of cocaine for distribution.

The case was investigated by the Federal Bureau of Investigation, the Pennsylvania State Police, the Pocono Mountain Police Department and the Monroe County District Attorney’s Office. Assistant U.S. Attorney Jenny P. Roberts is prosecuting the case.

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

The maximum penalty under federal law for this offense is lifetime imprisonment, a term of supervised release following imprisonment, and a fine. A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.

Indictments are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

# # #

MIL Security OSI –

March 27, 2025
MIL-OSI United Kingdom: UK spending cuts ‘risk harm to most vulnerable’

Source: Scottish Government

Finance Secretary responds to Spring Statement.

Spending cuts announced by the Chancellor risk harming some of the most vulnerable people in society, Finance Secretary Shona Robison has said.

Responding to the Spring Statement, Ms Robison said:

“Today’s statement from the Chancellor will see austerity cuts being imposed on some of the most vulnerable people in our society. The UK Government appears to be trying to balance its books on the backs of disabled people.

“Not content with these cuts, the UK Government is still expected to short-change Scotland’s public services on additional employer National Insurance costs to the tune of hundreds of millions of pounds. This will be felt in public services that people rely on up and down the country – services such as our NHS, GPs, dentists, social care providers, and universities.

“The UK Government’s choice to increase defence investment is welcome, but its choices to shortchange public services and deliver austerity cuts to some of the most vulnerable are deplorable.”

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI United Nations: Secretary-General’s remarks to the Informal Interactive Dialogue on the Implementation of the Pact for the Future [bilingual, as delivered; scroll down for all-English version]

Source: United Nations secretary general

Mr. President of the General Assembly, Excellencies, Ladies and Gentlemen,

I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months.

From day one of the Pact for the Future’s adoption, the President has been its active champion.

I deeply appreciate your efforts, Mr. President, and your leadership.

Excellencies,

Adopting the Pact was the beginning of the process, not the end.

Today I want to focus on what we have done over the last six months — and what we need to do.

We face a long list of challenges.

Conflicts and climate disasters are intensifying.

The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

But let me be very clear. It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever. And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

Resources are shrinking across the board — and they have been for a long time.

From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

All these will contribute for a more effective implementation of the Pact for the Future.

Excellencies,

We’ve wasted no time moving into the implementation phase of the Pact.

From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making.

And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

First — peace and security.

United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world.

The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund.

We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.

And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact.

Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

It will also recognize the limitations of our operations where there is little or no peace to keep.

We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

Second — finance for development.

Since the Pact’s adoption, we’ve taken action on several fronts.

For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

Developing countries must be represented fairly in the governance of the very institutions they depend on.

We know the environment is not favourable.

But we must not give up.

Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

This includes both stretching their balance sheets and recapitalization.

And we must ensure that concessional finance is deployed where it is most needed.

Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

Three — youth and future generations

Our efforts must deliver for young people and the generations to come.

The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

Quatrièmement : la technologie.

Nous mettons en œuvre les appels du Pacte mondial pour le numérique pour combler toutes les fractures numériques et veiller à ce que tout le monde puisse bénéficier d’un espace numérique sûr et sécurisé.

L’intelligence artificielle fait l’objet d’une attention particulière.

Nous élaborons un rapport sur les options novatrices de financement volontaire qui permettraient de renforcer les capacités en matière d’intelligence artificielle afin d’aider les pays du Sud à exploiter cette technologie au service de l’intérêt général – en tenant compte des recommandations formulées par mon Organe consultatif de haut niveau.

Un avant-projet de résolution visant à établir le Groupe scientifique international indépendant sur l’IA et à organiser un Dialogue mondial sur la gouvernance de l’IA a été distribué la semaine dernière – grâce au travail des co-facilitateurs, l’Espagne et le Costa Rica.

J’invite l’Assemblée générale à agir rapidement pour mettre sur pied ce Groupe et veiller à ce que le savoir-faire et les connaissances en matière d’IA soient mis à la disposition de tous les pays – tout en soutenant le Dialogue mondial.

L’ensemble du système de l’ONU se tient prêt à soutenir ces travaux.

Excellences,

Tout en défendant ces priorités, nous nous attelons par ailleurs à améliorer l’efficience et l’efficacité de nos opérations – comme l’exige le Pacte.

L’automne dernier, nous avons entrepris une évaluation complète dans l’ensemble des entités de l’ONU afin d’exploiter le potentiel de l’innovation, de l’analyse des données, de la transformation numérique et de la prospective dans l’ensemble de nos travaux – conformément à l’initiative ONU 2.0.

Les résultats sont déjà au rendez-vous : nous avons par exemple été capable de constater une accélération de l’évaluation des catastrophes dans la région Asie-Pacifique, un renforcement des programmes de sécurité sociale au Malawi, ou encore une consolidation des fonctions relatives à l’informatique dans l’ensemble du système des Nations Unies.

Ces efforts, où les données sont une question essentielle pour que nous puissions faire une bien meilleure gestion de ces données – ces efforts doivent se poursuivre, en particulier au regard des problèmes de financement auxquels nous devons faire face.

Nous comptons sur votre soutien pour mener ce travail à bien.

Excellences,

Alors que nous œuvrons pour remodeler le système multilatéral et ainsi relever les défis du monde d’aujourd’hui, le Pacte pour l’avenir est un rouage essentiel de ce processus de renouvellement constant.

Nous ne pouvons pas diluer nos efforts.

Gardons intact l’esprit et la détermination qui ont permis de forger et d’adopter le Pacte.

Nous comptons sur vous pour éclairer, inspirer et guider le travail de mise en œuvre à venir.

Une fois encore, merci pour vos idées et votre engagement.

***
[All-English]

Mr. President of the General Assembly, Excellencies, Ladies and Gentlemen,

I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months.

From day one of the Pact for the Future’s adoption, the President has been its active champion.

I deeply appreciate your efforts, Mr. President, and your leadership.

Excellencies,

Adopting the Pact was the beginning of the process, not the end.

Today I want to focus on what we have done over the last six months — and what we need to do.

We face a long list of challenges.

Conflicts and climate disasters are intensifying.

The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

But let me be very clear. It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever. And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

Resources are shrinking across the board — and they have been for a long time.

From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

All these will contribute for a more effective implementation of the Pact for the Future.

Excellencies,

We’ve wasted no time moving into the implementation phase of the Pact.

From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making.

And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

First — peace and security.

United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world.

The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund.

We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.

And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact.

Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

It will also recognize the limitations of our operations where there is little or no peace to keep.

We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

Second — finance for development.

Since the Pact’s adoption, we’ve taken action on several fronts.

For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

Developing countries must be represented fairly in the governance of the very institutions they depend on.

We know the environment is not favourable.

But we must not give up.

Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

This includes both stretching their balance sheets and recapitalization.

And we must ensure that concessional finance is deployed where it is most needed.

Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

Three — youth and future generations

Our efforts must deliver for young people and the generations to come.

The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

Fourth — technology.

We’re implementing the Global Digital Compact’s calls to close all digital divides and ensure all people benefit from a safe and secure digital space.

Artificial Intelligence is a particular focus.

We’re developing a report on innovative voluntary financing options for AI capacity-building to help the Global South harness AI for the greater good, taking into account the recommendations of my High-Level Advisory Body.

The zero draft resolution to establish the International Independent Scientific Panel on AI and convene a Global Dialogue on AI Governance was also circulated last week — thanks to the work of the co-facilitators, Spain and Costa Rica.

I urge the General Assembly to act swiftly to establish this Panel, and ensure that AI expertise and knowledge are available to all countries, while supporting the Global Dialogue.

The UN system stands ready to support this work.

Excellencies,

As we push for these priorities, we’re also improving the efficiency and effectiveness of our operations, as called for by the Pact.

Last fall, we undertook a comprehensive assessment across UN entities to harness the potential of innovation, data analytics, digital transformation and foresight across our work — as called for in the UN 2.0 initiative.

We’re already seeing results: from speeding-up disaster assessments in the Asia-Pacific, to strengthening social security programmes in Malawi, to consolidating Information Technology functions across the UN System.

This work must continue — especially in light of the funding challenges we face.

We’re counting on your support as we move forward.

Excellencies,

The Pact for the Future is an essential part of this process of constant renewal, as we re-shape the multilateral system for the challenges of today’s world.

We cannot dilute our efforts.

We need to sustain the same spirit and determination in which the Pact was forged and adopted.

We count on you to inform, inspire and guide the implementation work ahead.

Once again, thank you for your ideas and commitment.

MIL OSI United Nations News –

March 27, 2025
MIL-OSI USA: Defense Contractor MORSECORP Inc. Agrees to Pay $4.6 Million to Settle Cybersecurity Fraud Allegations
Source: US State of Vermont

MORSECORP Inc. (MORSE), of Cambridge, Massachusetts, has agreed to pay $4.6 million to resolve allegations that MORSE violated the False Claims Act by failing to comply with cybersecurity requirements in its contracts with the Departments of the Army and Air Force.

The settlement resolves allegations that MORSE submitted false or fraudulent claims for payment on contracts with the Departments of the Army and Air Force, and that those claims were false or fraudulent because Morse knew it had not complied with those contracts’ cybersecurity requirements. As part of the settlement, MORSE admitted, acknowledged and accepted responsibility for the following facts:
- From January 2018 to September 2022, MORSE used a third-party company to host MORSE’s emails without requiring and ensuring that the third party met security requirements equivalent to the Federal Risk and Authorization Management Program Moderate baseline and complied with the Department of Defense’s requirements for cyber incident reporting, malicious software, media preservation and protection, access to additional information and equipment necessary for forensic analysis and cyber incident damage assessment;
- The contracts required that MORSE implement all cybersecurity controls in National Institute of Standards and Technology (NIST) Special Publication (SP) 800-171, but from January 2018 to February 2023, MORSE had not fully implemented all those controls, including controls that, if not implemented, could lead to significant exploitation of the network or exfiltration of controlled defense information and controls that could have a specific and confined effect on the security of the network and its data;
- From January 2018 to January 2021, despite the contracts’ system security plan requirement, MORSE did not have a consolidated written plan for each of its covered information systems describing system boundaries, system environments of operation, how security requirements are implemented and the relationships with or connections to other systems;
- In January 2021, MORSE submitted to the Department of Defense a score of 104 for its implementation of the NIST SP 800-171 security controls. That score was near the top of the possible score range from -203 to 110. In July 2022, a third-party cybersecurity consultant notified MORSE that its score was actually -142. MORSE did not update its score in the Department of Defense reporting system until June 2023 — three months after the United States served MORSE with a subpoena concerning its cybersecurity practices.
“Federal contractors must fulfill their obligations to protect sensitive government information from cyber threats,” said U.S. Attorney Leah B. Foley for the District of Massachusetts. “We will continue to hold contractors to their commitments to follow cybersecurity standards to ensure that federal agencies and taxpayers get what they paid for, and make sure that contractors who follow the rules are not at a competitive disadvantage.”

“We are pleased with today’s settlement, which further demonstrates the resolve of the Department of the Army Criminal Investigation Division and our law enforcement partners to protect and defend the assets of the United States Army and Department of Defense,” said Special Agent in Charge Keith K. Kelly of the Department of the Army Criminal Investigation Division Fraud Field Office. “We’re committed to protecting the warfighter and maintaining the Army’s operational readiness while holding those who engage in such acts accountable.”

“Failure to implement cybersecurity requirements can have devastating consequences, leaving sensitive DoD data vulnerable to cyber threats and malicious actors,” said Special Agent in Charge William W. Richards of the Air Force Office of Special Investigations (AFOSI). “AFOSI, alongside our investigative partners and the Department of Justice, will continue to combat fraud affecting the Department of the Air Force and hold those accountable that fail to properly safeguard sensitive defense information.”

“Protecting the integrity of Department of Defense (DoD) procurement activities is a top priority for the DoD Office of Inspector General’s Defense Criminal Investigative Service (DCIS),” said Special Agent in Charge Patrick J. Hegarty of the DCIS Northeast Field Office. “Failing to comply with DoD contract specifications and cybersecurity requirements puts DoD information and programs at risk. We will continue to work with our law enforcement partners and the Department of Justice to investigate allegations of false claims on DoD contracts.”

The settlement resolves a lawsuit filed under the whistleblower provisions of the False Claims Act, which permit private parties to sue on behalf of the government when they believe that a defendant has submitted false claims for government funds and receive a share of any recovery. The settlement in this case provides for the whistleblower to receive an $851,000 share of the settlement amount. The qui tam case is captioned United States ex rel. Berich v. MORSECORP Inc. et al., No. 23-cv-10130 (D. Mass.).

The settlement announced today was the result of a coordinated effort between the U.S. Attorney’s Office for the District of Massachusetts, the Civil Division’s Commercial Litigation Branch, Fraud Section, with assistance from the Department of the Army Criminal Investigation Division’s Fraud Field Office, the Air Force Office of Special Investigations, DCIS and the General Services Administration Office of Inspector General. The matter was handled by Brian LaMacchia, Chief of the Affirmative Civil Enforcement Unit, Assistant U.S. Attorney Julien Mundele in the U.S. Attorney’s Office and DOJ Senior Trial Counsel Christopher Terranova.

MIL OSI USA News –
March 27, 2025
MIL-OSI USA: Medicare Advantage Provider Seoul Medical Group and Related Parties to Pay Over $62M to Settle False Claims Act Suit

Source: US State of North Dakota

Seoul Medical Group Inc. and its subsidiary Advanced Medical Management Inc., headquartered in California, have agreed to pay $58,740,000 and their former president and majority owner, Dr. Min Young Cha, has agreed to pay $1,760,000 for allegedly violating the False Claims Act by causing the submission of false diagnosis codes for two spinal conditions to increase payments from the Medicare Advantage program. Renaissance Imaging Medical Associates Inc., a California-based radiology group that worked with Seoul Medical, has also agreed to pay $2,350,000, for allegedly conspiring with Seoul Medical Group in connection with the false diagnoses for the two spinal conditions.

Under Medicare Advantage, also known as the Medicare Part C program, Medicare beneficiaries have the option of enrolling in managed care insurance plans called Medicare Advantage Plans (MA Plans) and the MA Plans contract with healthcare providers, such as Seoul Medical Group, to provide the Medicare-covered benefits. MA Plans are paid a per-person amount to provide the care to their enrollees and, in turn, the MA Plans pay the providers. The Centers for Medicare and Medicaid Services (CMS), which oversees the Medicare program, adjusts the payments to MA Plans based on demographic information and the health diagnoses of each plan beneficiary. The adjustments are commonly referred to as “risk scores.” In general, a beneficiary with diagnoses that are more expensive to treat will have a higher risk score, and CMS will make a larger risk-adjusted payment to the MA Plan for that beneficiary.

Seoul Medical Group is a healthcare provider that started in 1993 in Los Angeles and has since expanded into at least six states and has employed at times 150 primary care providers and 1,000 specialists. Dr. Min Young Cha started Seoul Medical Group and until 2023 was president and majority owner.

Allegedly, from 2015 to 2021, Seoul Medical Group and Dr. Cha submitted diagnoses for two severe spinal conditions, spinal enthesopathy and sacroiliitis, for patients who did not suffer from either of these conditions. When Seoul Medical Group was questioned by an MA Plan about its use of spinal enthesopathy, Seoul Medical Group enlisted the assistance of Renaissance Imaging Medical Associates to create radiology reports that appeared to support the spinal enthesopathy diagnosis. Both diagnoses resulted in an increase in payment from CMS to the MA Plan, and the MA Plan then passed along a portion of the increased payment to Seoul Medical Group.

“Medicare Advantage is a vital program for our seniors and the government expects healthcare providers who participate in the program to provide truthful and accurate information,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “Today’s result sends a clear message to the Medicare Advantage community that the United States will zealously pursue appropriate action against those who knowingly submit false claims for taxpayer funds.”

“My office is committed to ensuring that healthcare providers are held accountable for unlawful misrepresentations to Medicare and other healthcare programs,” said Acting U.S. Attorney Joseph T. McNally for the Central District of California. “As this settlement makes clear, we will diligently pursue those who defraud government programs.”

“Providers who game the Medicare program to increase profit undermine the foundation of care and diminish patient trust in the nation’s public health care system,” said Deputy Inspector General for Investigations Christian J. Schrank of the Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue to collaborate with our law enforcement partners and rigorously probe false claims to the fullest extent possible.”

The civil settlement resolves claims brought under the qui tam or whistleblower provisions of the False Claims Act by Paul Pew, the former Vice President and Chief Financial Officer of Advanced Medical Management. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Pew v. Seoul Medical Group, Inc., et al., No. 2:20-cv-05156 (C.D. Cal.). The relator’s share of the settlement has not yet been determined.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Central District of California, with assistance from the Department of HHS-OIG.

The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

The matter was investigated by Fraud Section Attorneys J. Jennifer Koh and Robbin O. Lee and Assistant U.S. Attorney Karen Paik for the Central District of California.

The claims resolved by the settlement are allegations only and there has been no determination of liability.

MIL OSI USA News –

March 27, 2025
MIL-OSI United Kingdom: Spring Statement 2025 speech

Source: United Kingdom – Executive Government & Departments 3

Speech

Spring Statement 2025 speech

Spring Statement 2025 speech as delivered by Chancellor Rachel Reeves.

Mr Speaker, [political content redacted].

To provide security for working people.

And to deliver a decade of national renewal.

That work began in July – and I am proud of what we have delivered in just nine months.

Restoring stability to our public finances…

… giving the Bank of England the foundation to cut interest rates…

… three times since the General Election.

Rebuilding our public services…

… with record investment in our NHS…

… bringing waiting lists down for 5 months in a row.

And increasing the National Living Wage…

… to give 3 million people a pay rise from next week.

Now our task is to secure Britain’s future…

… in a world that is changing before our eyes.

The threat facing our continent was transformed when Putin invaded Ukraine.

It has since escalated further…

… and continues to evolve rapidly.

At the same time, the global economy has become more uncertain…

… bringing insecurity at home…

… as trading patterns become more unstable…

… and borrowing costs rise for many major economies.

Mr Speaker, the job of a responsible government is not simply to watch this change.

This moment demands an active government.

A government not stepping back, but stepping up.

A government on the side of working people…

… helping Britain to reach its potential.

We have the strengths to do just that…

… as one of the world’s largest economies …

… an ally to trading partners across the globe…

… and a hub for global innovation.

These strengths…

… and the progress we have made so far…

… mean we can act quickly and decisively in a more uncertain world…

… to secure Britain’s future…

… and to deliver prosperity for working people.

Mr Speaker, as I set out at the Budget last year…

… I am today returning to the House to provide an update on our public finances…

… supported by a new forecast from the independent Office for Budget Responsibility…

… ahead of a full Spending Review in June.

I will then return to the House in the autumn to deliver a budget…

… in line with our commitment to deliver just one major fiscal event a year.

So let me turn now to the OBR’s forecasts…

… and I want to thank Richard Hughes and his team for their dedicated work.

The increased global uncertainty has had two consequences.

First, on our public finances.

And second, on our economy.

I will take each in turn.

In the autumn, I set out new fiscal rules that would guide this government.

These fiscal rules are non-negotiable.

They are the embodiment of this government’s unwavering commitment…

… to bring stability to our economy…

… and to ensure security for working people.

[political content redacted]

But we must earn that trust every single day.

The two fiscal rules that I set out at the Budget were…

First, our “Stability Rule”, which ensures that public spending is under control…

… balancing the current budget by 2029-30…

… so that day-to-day spending is met by tax receipts.

Second, our “Investment Rule” to drive growth in the economy…

… ensuring that net financial debt falls by the end of the forecast period…

… while enabling us to invest alongside business.

Turning first to the Stability Rule, the OBR’s forecast shows that…

… before the steps that I will take in this statement…

… the current budget would have been in deficit by £4.1bn in 2029-30…

… having been in surplus by £9.9bn in the autumn…

… as the UK, alongside our international peers like France and Germany…

… has seen the cost of borrowing rise during this period of heightened uncertainty in global markets.

As a result of the steps that I am taking today…

… I can confirm that I have restored in full our headroom against the “stability rule”…

… moving from a deficit of £36.1bn in 2025-26 and £13.4bn in 2026-27…

… to a surplus of £6.0bn in 2027-28, £7.1bn in 2028-29 and a surplus of £9.9bn in 2029-30.

[political content redacted]

That means that we are continuing to meet the Stability Rule two years early…

… building resilience to shocks in this, a more uncertain world.

The OBR forecast that the “investment rule” is also met two years early…

… with net financial debt of 82.9% of GDP in 2025-26 and 83.5% in 2026-27…

… before falling from 83.4% in 2027-28, to 83.2% in 2028-29 and 82.7% in 2029-30…

… providing headroom of £15.1bn in the final year of the forecast…

… broadly unchanged from the autumn.

[political content redacted]

… debt interest payments now stands at £105.2bn this year…

… Mr Speaker, that is more than we allocate on Defence, the Home Office and Justice combined.

[political content redacted]

So the responsible choice is to reduce our levels of debt and borrowing in the years ahead…

… so that we can spend more on the priorities of working people. And that is exactly what this government will do.

Mr Speaker.

I said that our fiscal rules were non-negotiable.

And I meant it.

I will always deliver economic stability.

And I will always put working people first.

[political content redacted]

I said it at the Budget.

And I say it again today.

Let me now set out the steps the government has taken.

At the Budget we protected working people…

… by keeping our promise not to raise their rates of National Insurance, income tax or VAT.

At the same time, we began to rebuild our public services…

[political content redacted]

Ours were the right choices, the right choices for stability and the right choices for renewal…

… funded by the decisions that we took on tax.

As I promised in the autumn, this Statement does not contain any further tax increases.

But when working people are paying their taxes, while still struggling with the cost-of-living…

…it cannot be right that others are still evading what they rightly owe in tax.

In the Budget, I delivered the most ambitious package of measures that we have ever seen…

… to cut down on tax evasion…

… raising £6.5bn per year by the end of the forecast.

Today, I go further…

… continuing our investment in cutting-edge technology …

… investing in the HMRC’s capacity to crack down on tax avoidance…

… and setting out plans to increase the number of tax fraudsters charged every year by 20%.

These changes raise a further £1bn…

… taking the total revenue raised from reducing tax evasion under this [political content redacted] government to £7.5bn…

… figures verified by the Office for Budget Responsibility…

… and I want to thank my Honourable Friend the Exchequer Secretary for his continued work in this area.

Mr Speaker, last week my Right Honourable Friend the Secretary of State for Work and Pensions, set out this government’s plans to reform the welfare system.

[political content redacted]

We believe that if you can work, you should work…

… but if you can’t work, you should be properly supported.

This government inherited a broken system.

More than 1,000 people are qualifying for Personal Independence Payments.

And 1 in 8 young people are not in employment, education or training.

If we do nothing, we are writing off an entire generation.

That cannot be right and we will not stand it.

It is a waste of their potential and it is a waste of their futures and we will change it.

As my Right Honourable Friend said in her statement last week…

… the final costings would be subject to the OBR’s assessment.

Today, the OBR have said…

… that they estimate the package will save £4.8bn in the welfare budget…

… reflecting their judgements on behavioural effects and wider factors.

This also reflects final adjustments to the overall package…

… consistent with the Secretary of State’s statement last week…

… and the government’s Pathways to Work Green Paper.

The Universal Credit Standard Allowance will increase from £92 per week in 2025-26 to £106 per week by 2029-30…

… while the Universal Credit Health element will be cut for new claimants by 50% and then frozen.

On top of this, we are investing £1bn to provide guaranteed, personalised employment support to help people back into work…

… and £400m to support the Department for Work and Pensions and our Job Centres to deliver these changes effectively and fairly…

… taking total savings after that for the package to £3.4bn.

Whilst spending on disability and sickness benefits will continue to raise, these plans

mean that welfare spending as a share of GDP will fall between 2026-27 and the end of the forecast period.

[political content redacted]

We are reforming our welfare system…

… making it more sustainable…

… protecting the most vulnerable…

… and supporting more people back into secure work lifting them out of poverty.

Mr Speaker, at the Budget, I fixed the foundations of our economy to deliver on the promise of change.

That work has already begun.

2 million extra appointments in our NHS.

Waiting lists down.

New breakfast clubs opening across England.

The largest settlements in real terms for Scotland, Wales and Northern Ireland in the history of devolution.

Asylum costs, falling.

Promises made, promises kept.

[political content redacted]

At the Budget…

… alongside providing an increase in funding for this year and next…

… I set the envelope for the Spending Review…

… which we will deliver in June…

led by my RHF the Chief Secretary to the Treasury

… to set departmental budgets until 2028-29 for day-to-day spending…

… and until 2029-30 for capital spending.

Today, I am reflecting two steps that we have taken in our spending plans.

First, because we are living in an uncertain world…

… as the Prime Minister has set out…

… we will increase defence spending to 2.5% of GDP, reducing overseas aid to 0.3% of Gross National Income.

This means we save £2.6bn in day-to-day spending in 2029-30…

… to fund our more capital-intensive defence commitments.

Second, in recent months, we have begun to fundamentally reform the British state…

… driving efficiency and productivity across government…

… to deliver tangible savings…

… and improve services across our country.

Earlier this month, the Prime Minister set out our plans to abolish the arms-length body NHS England…

… and ensure that money goes directly to improving the service for patients.

My Right Honourable Friend the Health Secretary is driving forward vital reforms to increase NHS productivity…

… bearing down on costly agency spend…

… to save money so that we can improve patient care.

And my Right Honourable Friend the Chancellor of the Duchy of Lancaster is taking forward work to significantly reduce the costs of running government…

… by 15%, worth £2bn, by the end of the decade.

This work shows that we can make our state leaner, and more agile…

… delivering more resources to the frontline…

… while ensuring we control day-to-day spending to meet our fiscal rules.

Today, I build on that work…

… by bringing forward £3.25bn of investment…

… to deliver the reforms that our public services need…

… through a new Transformation Fund.

That is money brought forward now…

… to bring down the costs of running government by the end of the forecast period…

… by making public services more efficient, more productive and more foucssed on the user.

I can confirm today the first allocations from this fund…

… including funding for Voluntary Exit Schemes to reduce the size of the Civil Service…

… pioneering AI tools to modernise the state…

… investment in technology for the Ministry of Justice to deliver probation services more effectively…

… and up-front investment so we can support more children in foster care…

… to give them the best possible start in life…

… and reduce cost pressures in the future.

Our work to make government leaner…

… more productive…

… and more efficient…

… will help deliver a further £3.5bn of day-to-day savings by 2029-30.

Overall, day-to-day spending will be reduced by £6.1bn by 2029-30…

… and it will now grow by an average of 1.2% a year above inflation…

… compared to 1.3% in the Autumn.

Mr Speaker, I can confirm to the House that day-to-day spending will increase in real terms, above inflation, in every single year of the forecast.

And in the Spending Review, apart from the reduction in overseas aid…

… day-to-day spending across government has been fully protected.

I can also confirm our approach to capital investment.

In the Autumn Budget I announced £100bn of additional capital spending…

… to crowd in investment from the private sector…

… to fix our crumbling infrastructure…

… and to create jobs in every corner of our country.

[political content redacted]

Today, I am instead increasing capital spending …

… by an average of £2bn per year compared to the Autumn…

… to drive growth in our economy…

… and to deliver in full our vital commitments on defence.

This government will ensure that every pound we spend will deliver for the British people…

… by increasing productivity…

… driving growth in our economy…

… and improving our frontline public services.

Mr Speaker, let me turn now to the impact of increased uncertainty on our economy.

To deliver economic stability, we must work closely with the Bank of England…

… supporting the independent Monetary Policy Committee to meet their 2% inflation target.

There have been three interest rate cuts since the General Election and today’s data showed that inflation fell in February.

[political content redacted]

… the OBR forecast that CPI inflation will average 3.2% this year…

… before falling rapidly to 2.1% in 2026 and meeting the 2% target from 2027 onwards…

… giving families and businesses the security that they need…

… and providing our economy with the stable platform it needs to grow.

Mr Speaker…

… earlier this month, the OECD downgraded this year’s growth forecast for every G7 economy, including the UK.

And the OBR have today revised our growth forecast for 2025…

… from 2% in the autumn…

… to 1% today.

I am not satisfied with these numbers.

That is why we on this side of the house are serious about taking the action needed to grow our economy.

Backing the builders, not the blockers…

… with a third runway at Heathrow Airport…

… and the Planning and Infrastructure Bill.

Increasing investment…

… with reforms to our pension system…

… and a new National Wealth Fund.

And tearing down regulatory barriers…

… in every sector of our economy.

That is a serious plan for growth.

That is a serious plan to improve living standards.

That is a serious plan to renew our country.

Mr Speaker, a changing world presents challenges.

But it also presents new opportunities.

For new jobs.

… and new contracts…

… in our world-class defence industrial centres…

… from Belfast to Deeside, and from Plymouth to Rosyth.

In February, the Prime Minister set out our government’s commitment to increase spending on defence to 2.5% of GDP from April 2027…

The biggest sustained increase in defence spending since the end of the Cold War

…and an ambition to spend 3% of GDP on defence in the next parliament.

That was the right decision in a more insecure world…

… putting an extra £6.4bn into defence spending by 2027.

But we have to move quickly in this changing world.

And that starts with investment.

So today I can confirm that I will provide an additional £2.2bn for the Ministry of Defence in the next financial year…

… a further downpayment on our plans to deliver 2.5% of GDP by 2027.

This additional investment is not just about increasing our national security…

… but increasing our economic security, too.

As defence spending rises, I want the whole country to feel its benefits.

So I will set out the immediate steps that we are taking to boost Britain’s defence industry…

… and to make the UK a defence industrial superpower.

We will spend a minimum of 10% of the Ministry of Defence’s equipment budget on novel technologies …

… including drones and AI enabled technology…

… driving forward advanced manufacturing production in places like Glasgow, in Derby and in Newport…

… creating demand for highly skilled engineers and scientists…

… and delivering new business opportunities for UK tech firms and start-ups.

We will establish a protected budget of £400m within the Ministry of Defence…

… a budget that will rise over time for UK Defence Innovation…

… with a clear mandate to bring innovative technology to the front line at speed.

We will reform our broken defence procurement system…

… making it quicker, more agile and more streamlined….

… and giving small businesses across the UK better access to Ministry of Defence contracts.

Something welcomed by the Federation of Small Businesses.

We will take forward our Plan for Barrow, a town at the heart of our nuclear security…

… working with my Honourable Friend the Member for Barrow and Furness…

… and providing £200m, supporting the creation of thousands of jobs there.

We will regenerate Portsmouth naval base, securing its future…

… as called for by my Honourable Friend the Member for Portsmouth South.

We will secure better homes for thousands of military families… the homes that they deserve [political content redacted].

… homes for our military families in the constituencies of my Honourable Friends for Plymouth Moor View, Plymouth Sutton & Devonport, York Outer and in Aldershot.

That is the difference that this [political content redacted] government is making.

Finally, Mr Speaker, we will provide £2bn of increased capacity for UK Export Finance…

… to provide loans for overseas buyers of UK defence goods and services…

Because I want to do more with our defence budget so we can buy and make and sell things here in Britain.

… giving further opportunities for our world leading defence companies and those who work in them…

… to grow and create jobs here in Britain…

… as military spending rises right across Europe.

To oversee all of this vital work…

… my Right Honourable Friend the Defence Secretary and I will establish a new Defence Growth Board…

… to maximise the benefits from every pound of taxpayers’ money that we spend.

And we will put defence at the heart of our modern industrial strategy…

… to drive innovation that can deliver huge benefits back into the British economy.

Mr Speaker, that is how we make our country a defence industrial superpower…

… so the skills of the future…

… the jobs of the future…

… and the opportunities of the future…

… can be found right here in the United Kingdom.

Mr Speaker, [political content redacted] there are no shortcuts to economic growth.

It will take long-term decisions.

It will take hard yards.

It will take time for the reforms that we are introducing to be felt in the everyday economy.

It is right that the Office for Budget Responsibility consider the evidence…

… and look carefully at measures before recognising a growth impact in their forecast.

But, Mr Speaker, I can announce to the House…

… that the OBR have considered – and have scored – one of the central planks of our plan for growth.

In my first week as Chancellor, I announced that we were pursuing the most ambitious set of planning reforms in decades…

… to get Britain building again.

And in December – we published changes to the National Planning Policy Framework…

… driven forward tirelessly by my Right Honourable Friend the Deputy Prime Minister…

… reintroducing mandatory housing targets…

… and bringing “grey belt” land into scope.

The OBR have today concluded that these reforms will permanently increase the level of real GDP…

… by point 0.2% by 2029-30…

… an additional £6.8bn in our economy…

… and by point 0.4% of GDP within 10 years…

… an additional £15.1bn in our British economy.

Mr Speaker, that is the biggest positive growth impact that the OBR have ever reflected in their forecast, for a policy with no fiscal cost.

And taken together with our plans to increase capital spending that we set out in the Budget last year…

… this government’s policies will increase the level of real GDP by point 0.6% in the next ten years.

Mr Speaker, that is the difference that this [political content redacted] government is making.

Policies to grow our economy.

[political content redacted]

The OBR have concluded that our reforms will lead to housebuilding reaching a forty-year high…

… of 305,000 a year by the end of the forecast period.

And changes to the National Planning Policy Framework alone…

… will help build over 1.3 million homes in the UK over the next five years…

… taking us within touching distance…

… of delivering our manifesto promise to build 1.5 million homes in England in this parliament.

[political content redacted]

The impact on our economy goes further still.

[political content redacted]

We need economic growth.

So I can today confirm…

… that the effect of our growth policies…

… including our planning reforms…

… means an additional £3.4 billion to support our public finances and our public services by 2029-30.

The proceeds of growth.

[political content redacted]

Mr Speaker, earlier this week…

… we provided an additional £2bn of investment in social and affordable homes next year…

… delivering up to 18,000 new homes…

… and allowing local areas to bid for new developments across our country…

… including sites in Thanet, in Sunderland and in Swindon.

More security for families across our country.

[political content redacted]

And to build these new homes…

… we need people with the right skills.

Earlier this week, my Right Honourable Friend the Education Secretary announced more than £600m…

… to train up 60,000 more construction workers…

… including with 10 new Technical Excellence colleges across every region of our country…

… giving working people the chance to fulfil their potential.

New opportunities for our young people.

[political content redacted]

Mr Speaker, all this is just the start.

The Planning and Infrastructure Bill passed its second reading on Monday.

[political content redacted]

Once this Bill completes its passage…

… it will help deliver the homes and infrastructure our country badly needs.

[political content redacted]

And today, I can confirm to the House…

… that the OBR have upgraded their growth forecast next year…

… and every single year thereafter…

… with GDP growth of 1.9% in 2026, 1.8% in 2027, 1.7% in 2028, and 1.8% in 2029.

Mr Speaker,

By the end of the forecast…

… our economy is larger compared to the OBR’s forecast at the time of the Budget.

[political content redacted]

But Mr Speaker, this isn’t just about lines on a graph.

It is about improving people’s lives.

Working people are still feeling the pinch after a cost of living crisis [political content redacted] that saw prices spiral.

So I am pleased that the OBR confirm today …

… that Real Household Disposable Income…

… will now grow this year at almost twice the rate expected in the autumn.

[political content redacted]

… and after taking into account inflation…

… the OBR say today…

… that people will be on average over £500 a year better off under this [political content redacted] government.

That will mean more money in the pockets of working people. Higher living standards.

[political content redacted]

Mr Speaker, the world is changing.

We can see that…

… and we can feel it.

A changing world demands a government that is on the side of working people.

Acting in their interest.

Acting in the national interest.

Not retreating from challenges.

Not stepping back.

But a government with the courage to step up…

… to secure Britain’s future…

… and to seize the opportunities that are out there before us.

I am impatient for change, the British people are impatient for change, [political content redacted].

And we are beginning to see change happen.

Our Plan for Change is working.

Defence spending is rising.

Waiting lists are falling.

Wages are up.

Interest rates are cut.

[political content redacted]

And today, Mr Speaker…

… the OBR confirm…

… that our plan to get Britain building…

… will drive growth in our economy…

… and put more money in people’s pockets.

There are no quick fixes.

But we have taken the right choices.

[political content redacted]

Delivering security for our country and security for working people.

That is what drives this government.

That is what drives me as Chancellor.

And that is what drives the choices that I have set out today.

And I commend this statement to the House.

Updates to this page

Published 26 March 2025

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI Security: FBI Recovers Money Swindled from Kansas Bank’s Investors

Source: Federal Bureau of Investigation (FBI) State Crime News

Indeed, it’s rare for fraud victims to recover their lost money, especially when scammers use cash or cryptocurrency, which can be hard to trace since the money can change hands quickly.

In 2023, the Bureau’s Internet Crime Complaint Center (IC3) received more than 69,000 complaints from the public regarding financial fraud involving the use of cryptocurrency. Estimated losses with a nexus to cryptocurrency totaled more than $5.6 billion. Investigators in the Kansas case were heartened when a federal judge last November informed the failed bank’s owners that all was not lost.

“To be able to give them back their money is extremely powerful,” said Emilee Thompson, a forfeiture specialist for FBI Kansas City.

The courtroom erupted when the judge told victims at a November 4 restitution hearing in Wichita that the FBI recovered most of their money.

“There was cheering and clapping and crying because these people went from thinking they had lost $8.2 million to being made aware they were going to be made very near whole,” Special Agent Hemmert said.

He said it was particularly impactful to help folks in rural Southwest Kansas, whose opinions of the FBI vary widely.

“To live up to the reputation of the FBI and to show that we will do whatever we can—move heaven and earth if necessary—to do what we can to get their money back, that was cool,” he said. “To show these people and Elkhart that the FBI cares a great deal about victims and to do whatever we can to make them whole after they’ve been the victim of a crime.”

MIL Security OSI –

March 27, 2025
MIL-OSI Security: York County Man Sentenced to 217 Months in Prison for Armed Robbery and Discharging a Firearm in Furtherance of a Crime of Violence

Source: Office of United States Attorneys

HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Jose Diaz-Garcia, age 24, of York, Pennsylvania, was sentenced yesterday to 217 months in prison by U.S. District Judge Keli M. Neary for three counts of conspiracy to interfere with commerce by robbery and one count of discharging a firearm in furtherance of a crime of violence.

According to Acting United States Attorney John C. Gurganus, Diaz-Garcia previously pleaded guilty to these offenses, which involved Diaz-Garcia’s armed robberies of the Smoke and Chill convenience store, the Family Dollar store, and Rod’s Corner Store in December 2021, during a 5-day crime spree in York County. During each of these robberies, Diaz-Garcia pointed a loaded handgun at employees and took money by means of actual and threatened force, violence, and fear of injury. During the robbery at the Family Dollar on December 8, 2021, Diaz-Garcia discharged the firearm in the presence of store patrons and employees, and held the gun against an employee prior to robbing the store and fleeing to a nearby hotel.

Judge Neary also ordered Diaz-Garcia to pay $4,601.58 in restitution to the businesses, and to serve 5 years of supervised release after he completes his prison sentence.

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

The matter was investigated by the Federal Bureau of Investigation and the York City Police Department. Assistant United States Attorney Christian Haugsby prosecuted the case.

# # #

MIL Security OSI –

March 27, 2025
MIL-OSI Security: Medicare Advantage Provider Seoul Medical Group and Related Parties to Pay Over $62M to Settle False Claims Act Suit

Source: United States Attorneys General 1

Seoul Medical Group Inc. and its subsidiary Advanced Medical Management Inc., headquartered in California, have agreed to pay $58,740,000 and their former president and majority owner, Dr. Min Young Cha, has agreed to pay $1,760,000 for allegedly violating the False Claims Act by causing the submission of false diagnosis codes for two spinal conditions to increase payments from the Medicare Advantage program. Renaissance Imaging Medical Associates Inc., a California-based radiology group that worked with Seoul Medical, has also agreed to pay $2,350,000, for allegedly conspiring with Seoul Medical Group in connection with the false diagnoses for the two spinal conditions.

Under Medicare Advantage, also known as the Medicare Part C program, Medicare beneficiaries have the option of enrolling in managed care insurance plans called Medicare Advantage Plans (MA Plans) and the MA Plans contract with healthcare providers, such as Seoul Medical Group, to provide the Medicare-covered benefits. MA Plans are paid a per-person amount to provide the care to their enrollees and, in turn, the MA Plans pay the providers. The Centers for Medicare and Medicaid Services (CMS), which oversees the Medicare program, adjusts the payments to MA Plans based on demographic information and the health diagnoses of each plan beneficiary. The adjustments are commonly referred to as “risk scores.” In general, a beneficiary with diagnoses that are more expensive to treat will have a higher risk score, and CMS will make a larger risk-adjusted payment to the MA Plan for that beneficiary.

Seoul Medical Group is a healthcare provider that started in 1993 in Los Angeles and has since expanded into at least six states and has employed at times 150 primary care providers and 1,000 specialists. Dr. Min Young Cha started Seoul Medical Group and until 2023 was president and majority owner.

Allegedly, from 2015 to 2021, Seoul Medical Group and Dr. Cha submitted diagnoses for two severe spinal conditions, spinal enthesopathy and sacroiliitis, for patients who did not suffer from either of these conditions. When Seoul Medical Group was questioned by an MA Plan about its use of spinal enthesopathy, Seoul Medical Group enlisted the assistance of Renaissance Imaging Medical Associates to create radiology reports that appeared to support the spinal enthesopathy diagnosis. Both diagnoses resulted in an increase in payment from CMS to the MA Plan, and the MA Plan then passed along a portion of the increased payment to Seoul Medical Group.

“Medicare Advantage is a vital program for our seniors and the government expects healthcare providers who participate in the program to provide truthful and accurate information,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “Today’s result sends a clear message to the Medicare Advantage community that the United States will zealously pursue appropriate action against those who knowingly submit false claims for taxpayer funds.”

“My office is committed to ensuring that healthcare providers are held accountable for unlawful misrepresentations to Medicare and other healthcare programs,” said Acting U.S. Attorney Joseph T. McNally for the Central District of California. “As this settlement makes clear, we will diligently pursue those who defraud government programs.”

“Providers who game the Medicare program to increase profit undermine the foundation of care and diminish patient trust in the nation’s public health care system,” said Deputy Inspector General for Investigations Christian J. Schrank of the Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG will continue to collaborate with our law enforcement partners and rigorously probe false claims to the fullest extent possible.”

The civil settlement resolves claims brought under the qui tam or whistleblower provisions of the False Claims Act by Paul Pew, the former Vice President and Chief Financial Officer of Advanced Medical Management. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned U.S. ex rel. Pew v. Seoul Medical Group, Inc., et al., No. 2:20-cv-05156 (C.D. Cal.). The relator’s share of the settlement has not yet been determined.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Central District of California, with assistance from the Department of HHS-OIG.

The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

The matter was investigated by Fraud Section Attorneys J. Jennifer Koh and Robbin O. Lee and Assistant U.S. Attorney Karen Paik for the Central District of California.

The claims resolved by the settlement are allegations only and there has been no determination of liability.

MIL Security OSI –

March 27, 2025
MIL-OSI: MissionSquare Retirement Earns 2024 Cigna Healthy Workforce Designation™ for the second year in a row

Source: GlobeNewswire (MIL-OSI)

Washington, D.C., March 26, 2025 (GLOBE NEWSWIRE) — Cigna Healthcare has selected MissionSquare, an organization that advocates for retirement security and financial well-being, as a recipient of their 2024 Gold Healthy Workforce Designation for demonstrating a strong commitment to improving the health and vitality of its employees through a workplace well-being program.

The award highlighted MissionSquare’s senior leadership for actively endorsing wellness initiatives. The program effectively promotes vitality on multiple fronts, employing various communication methods such as departmental and leadership meetings. To encourage participation, MissionSquare also provides incentives for engaging in wellness activities.

“We are proud to have achieved Cigna’s Gold designation, highlighting our work to promote employee health and well-being,” said Lisa Raff, Senior Vice President, Chief Human Resources Officer at MissionSquare. “This recognition reflects our ongoing efforts to provide activities, tools, and resources to help our employees thrive, and we’re honored to be acknowledged by Cigna.”

MissionSquare’s innovative well-being program takes a holistic approach to employee health and productivity. Going beyond standard paid time off (PTO), the comprehensive initiative emphasizes relaxation, personal days, and holidays, aiming to cultivate a healthier and more productive workforce. By prioritizing the overall health of their team, MissionSquare not only elevates their employees’ quality of life but also establishes a new industry standard.

Vitality is defined as the capacity to pursue life with health, strength and energy. It is both a driver and an outcome of health and work/life engagement, and Cigna Healthcare believes it is not only essential to individuals, but also a catalyst for business and community growth. Research conducted as part of the Evernorth Vitality Index confirms that those with higher vitality experience better mental and physical health along with higher levels of job satisfaction and performance. An opportunity remains for employers as less than one in five U.S. adults report having high levels of vitality. A workplace well-being program that takes a comprehensive approach to employee health can be critical in boosting vitality and building a workforce that experiences better overall health and job productivity.

“Higher vitality is linked to a more motivated, connected, and productive workforce,” said Kari Knight Stevens, Executive Vice President and Chief Human Resources Officer, The Cigna Group. “Employers that foster vitality will fuel a healthier workplace and drive business and economic growth. That’s why we’re proud to recognize employers for their efforts to prioritize multiple dimensions of wellness, build a culture of health, and boost employee engagement.”

The Cigna Healthy Workforce Designation evaluates organizations based on the core components of their well-being program, including leadership and culture, program foundations and execution, policies and accommodations, and additional areas. Organizations recognized with this designation set the standard of excellence for organizational health and vitality.

About MissionSquare Retirement
Since our founding in 1972, MissionSquare Retirement has been dedicated to simplifying the path to retirement security for public service employees. As a mission-based financial services company, we manage and administer over $72 billion in assets.* Our commitment to delivering results-oriented retirement plans, education, investments, and financial education sets us apart. Explore how we enable public service workers to build a secure financial future. Visit www.missionsq.org or follow the company on Facebook, LinkedIn, and X.

*As of December 31, 2024. Includes 457(b), 401(k), 403(b), Retirement Health Savings plans, Employer Investment Program plans, affiliated IRAs, and investment-only assets.

The MIL Network –

March 27, 2025
MIL-OSI: Trade Crypto with 100x Leverage and No KYC – Get Double Deposit Bonus and $50 Instantly on BexBack

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, March 26, 2025 (GLOBE NEWSWIRE) — With Bitcoin’s price fluctuating below $100,000, many analysts predict a prolonged period of high volatility in the crypto market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages. The platform now features a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading, providing exceptional opportunities for investors.

What Is 100x Leverage and How Does It Work?

Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

With BexBack’s deposit bonus

BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

How Does the 100% Deposit Bonus Work?
The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

About BexBack?

BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

Why recommend BexBack?

No KYC Required: Start trading immediately without complex identity verification.

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Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

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Join BexBack Today and Start Earning Like a Pro!

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 today, double your deposit, and start stacking BTC with 100x leverage.

Website: www.bexback.com

Contact: business@bexback.com

Contact:
Amanda
business@bexback.com

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The MIL Network –

March 27, 2025
MIL-OSI China: China boosts global confidence for win-win cooperation

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

Beijing, March 26 — Against the backdrop of global economic fragmentation and rising uncertainties, China reaffirmed its commitment to innovation-driven high-quality development and global cooperation at the just-concluded China Development Forum (CDF) 2025.

Chinese Premier Li Qiang, who delivered a keynote speech at the opening ceremony of CDF 2025, underscored China’s commitment to its 2025 growth target of around 5 percent, signaling strong confidence in the country’s economic prospects.

The decision reflects both China’s profound understanding of its economic conditions, and confidence in its governance capacity and future development potential, Li said, calling for the combination of more proactive and impactful macro policies with structural reforms, and voicing hope that China will continue to welcome enterprises from around the world with open arms.

The premier added that the country will safeguard free trade, and contribute to the smooth and stable operation of global industrial and supply chains.

Themed “Unleashing Development Momentum for Stable Growth of Global Economy,” the high-profile gathering held from March 23 to 24 in Beijing brought together Chinese policymakers, global business leaders, and leading international scholars to chart a course for sustainable growth amid uncertainties.

“China is open for business and China is set for growth,” said Ola Kallenius, chairman of the board of management of Mercedes-Benz Group AG, on the sidelines of the event.

STABILITY AMID UNCERTAINTIES

As the theme of stability resonated throughout the forum discussions, Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, provided insight into China’s economic resilience and stability to counteract global uncertainties.

“Amid rising external instability and uncertainty, China will remain firmly focused on pursuing its own development, leveraging the certainty of high-quality growth to offset external uncertainties and striving to serve as a stabilizing anchor for the global economy,” Han added.

International observers echoed confidence in China’s economic prospects. Jeffrey Sachs, renowned economist and director of Columbia University’s Center for Sustainable Development, told Xinhua that China’s around-5-percent growth target is “perfectly achievable,” adding that the country is “booming in key sectors, especially digital, artificial intelligence, robotics, and this is going to propel a Chinese growth.”

In the eyes of Standard Chartered Group Chief Executive Bill Winters, China’s growth story has shifted. “It is now about transformation and unleashing new productive forces to flourish to support high-quality growth,” he said.

A PwC report released at the CDF noted that over the past two years, driven by new quality productive forces, China has demonstrated a commercial evolution path distinct from those of the traditional industrialized nations, marked by improvements in production factors, transformations in business models, and the intelligent reshaping of industrial chains.

“This has opened up new opportunities for global business investment and development in China, highlighting the new advantages of the Chinese market during the global economic transition period,” the report read.

INNOVATION AS NEW GROWTH ENGINE

Finance Minister Lan Fo’an offered concrete details about China’s supportive fiscal policies, emphasizing their role in stimulating innovation and consumption. “We’re implementing targeted measures to convert potential demand into real growth drivers,” Lan explained.

“This includes increasing fiscal support for tech innovation and providing tangible assistance to private enterprises.” He specifically highlighted plans to “accelerate the development of new quality productive forces” through strategic investments in artificial intelligence (AI) and other cutting-edge technologies.

Data showcased China’s progress: its global innovation index ranking rose to 11th in 2024, with 19.6 percent, 27 percent, 64 percent, and 91.5 percent year-on-year growth in semiconductor wafers, industrial robots, bullet trains, and drones respectively in early 2024.

The nation’s emphasis on innovation as a driver for high-quality growth resonated strongly throughout the forum. Siemens AG President and CEO Roland Busch pointed to China’s advances in AI and high-tech manufacturing.

“China gave the answer for where growth would come from: Growth from high tech, growth by higher efficiency, and high-quality growth,” he remarked, adding that China surprises the world with innovations like the open foundational model R-1 developed by DeepSeek.

Kallenius also praised China’s innovation-driven market. “China’s competitive advantage lies in its passion for innovation,” he said. “That is why Mercedes-Benz continues to deepen its presence in China.”

Reflecting this trend, AstraZeneca CEO Pascal Soriot emphasized the country’s emergence as a global leader in life sciences. “Today, China is home to one of AstraZeneca’s Global R&D Centres, where our researchers in Shanghai are spearheading 20 global clinical trials and advancing over 200 pipeline projects,” he said.

Prior to the forum, the British pharmaceutical giant signed a landmark 2.5-billion-U.S. dollar agreement on Friday to invest in Beijing over the next five years, the largest single investment in Beijing’s biopharmaceutical sector in recent years.

Under the agreement, AstraZeneca will establish a global strategic R&D center in Beijing, its sixth worldwide and second in China after one in Shanghai. The new center, equipped with an advanced AI and data science laboratory, will accelerate early-stage drug research and clinical development.

“Looking ahead, China will not only serve as a global innovation hub but also a core arena for setting standards and reshaping industrial chains,” the PwC report added.

OPEN COLLABORATION FOR SHARED FUTURE

From CDF 2025 in Beijing to the Boao Forum for Asia (BFA) Annual Conference 2025 in south China’s Hainan Province, foreign executives reaffirmed their commitment to China as a key market for investment and collaboration: China’s complete industrial system, rich application scenarios, vast market scale, and large talent pool offer extensive collaboration opportunities for international industrial and technological innovation.

The Japanese Chamber of Commerce and Industry in China said in its latest survey that 58 percent of its member firms plan to expand or maintain investments in China through 2025, while 53 percent of U.S. companies are expected to invest more in the country, according to the American Chamber of Commerce in China.

BMW AG Chairman Oliver Zipse stressed that “economic prosperity comes from openness, not protectionism,” while criticizing trade barriers. “The best response to ‘de-risking’ strategies is more cooperation, not less.”

Speaking to global business leaders attending the CDF, Lan also emphasized that China’s fiscal policy will support high-standard opening up, and that China will ensure equal treatment for all types of business entities and continue to improve the business environment.

“For global companies, China’s commitment to high-tech innovation and open collaboration makes it an indispensable partner for long-term growth,” said Busch, highlighting China’s rapid technological advancements and collaborative spirit.

Jean-Pascal Tricoire, chairman of Schneider Electric, said: “China is not only our second-largest worldwide market but it’s also a vital source of innovation.” For the French industrial giant, China will remain a key partner as it navigates the complexities of a rapidly changing world, he added.

While China accelerates its push toward innovation-led growth and deepens its commitment to openness, global businesses continue to see the country as a critical partner in achieving long-term economic prosperity, and as the premier put it, there is a growing need for countries to open their markets and for enterprises to share resources, in order to address challenges and pursue common prosperity.

MIL OSI China News –

March 27, 2025
MIL-OSI Banking: Sanjay Malhotra: Address – Private Sector Collaborative Forum of the Financial Action Task Force

Source: Bank for International Settlements

It is a pleasure to be here at the Private Sector Collaborative Forum (PSCF) 2025 of the Financial Action Task Force. I am happy to note that this is the first time that the forum is being held in India. I thank FATF for giving us this opportunity. In my previous role as the Secretary in the Department of Revenue, Ministry of Finance, Government of India, I had the opportunity of being closely associated with the FATF during our mutual evaluation last year.

About FATF

Financial Action Task Force (FATF), the standard setting body for illicit financing has come a long way since its establishment in 1989. Over the years, it has evolved from an organisation with only 16 members to a global forum with 40 members. Through the FATF-styled regional bodies¹, its reach is even wider. The standards developed by FATF are used by over 200 jurisdictions to combat money laundering (ML), terrorism financing (TF) and proliferation financing. The implementation of the standards has played an important role in strengthening the global financial system and making the world a safer place.

India’s Mutual Evaluation by FATF

India accords immense importance to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). Last year, India underwent the mutual evaluation by the FATF. India was placed in the ‘regular follow-up’ category, a distinction shared by only a few other G20 countries². This is a recognition of our effective AML and CFT framework. It demonstrates our commitment to AML and CFT. This is a result of many years of building and continuously improving and strengthening the financial system of our country.

This was possible due to the collaborative efforts of all stakeholders, led by the Government of India including financial entities and designated non-financial businesses and professions in the private and public sector, regulators, and the state governments. The private sector plays a vital role in keeping the financial systems secure. Their role in implementing due diligence procedures, conducting robust risk assessments, monitoring transactions, and reporting suspicious activities is critical for preventing the abuse of the financial system. They identify suspicious activities and help government agencies in destroying illicit financial networks.

Strong public-private partnerships form the bedrock for safeguarding the integrity of the financial system. In India, we recognize the importance of close cooperation between public and private sector stakeholders in achieving these goals. Reserve Bank of India, as the regulator and supervisor of a large segment of the financial system in India has diligently and consistently worked towards building and ensuring implementation of a strong AML and CFT framework in this segment of the financial system, in line with FATF recommendations. The Reserve Bank has taken several initiatives to enhance cooperation and coordination with various stakeholders. Similarly, the Financial Intelligence Unit (FIU)-India has also set up FPAC³, a public-private cooperation forum for facilitating closer interaction and collaboration. It has also supported the setting up of ARIFAC⁴ – a cross sectoral forum for the private sector reporting entities to collaborate among themselves.

It is a result of these collaborative efforts that we have been able to build and demonstrate a robust and resilient AML and CFT framework. I compliment all the stakeholders, especially, the regulated entities in the financial sector as well as the designated non-financial businesses and professions for the successful mutual evaluation.

However, as all of you are aware, the threats from money laundering and terror financing to the national and global financial systems are continuously evolving and becoming more sophisticated. This is primarily due to technological advancements. In order to effectively counter these threats, we need to continue the close cooperation among various stakeholders – government agencies, financial entities in both the public and private sectors, civil society, and others.

The mutual evaluation process was rigorous and detailed. While providing us with valuable insights into our strengths, it has highlighted some areas of improvement in our AML-CFT framework. We are determined to further strengthen our financial system to deter and combat illicit financial activities taking into consideration the recommendations made during the evaluation. We will continue to strive for continuous improvement in this regard.

Some thoughts on the Agenda for PSCF 2025

I am told that yesterday’s sessions were very engaging and produced lively discussions. Looking at the agenda for today and tomorrow, I am confident that the deliberations on contemporary topics such as evolving AML-CFT landscape, financial inclusion & humanitarian channels, risk-based approach to supervision, digitalization & information sharing, beneficial ownership and countering of proliferation financing, will also be exciting. Let me outline some of my thoughts for the forum on these areas.

First, while we all continue to make our financial systems safe and secure against money laundering and terror financing, we as policy makers need to be mindful that our measures are not over-zealous and do not stifle legitimate activities and investments. You would appreciate that multiple laws and rules, each with their own level of granularity cast a high level of burden of compliance on the regulated financial service providers. This is relevant in the context of AML-CFT too. Therefore, we need to have laws and regulations which, with surgical precision, target only the illegitimate and illicit, rather than use them as blunt tools which unintentionally hurt even the honest.

Similarly, even while implementing the legal framework and regulations, we need to keep in mind the impact on persons and businesses. Risk-based approach is recommended in this regard. But let us keep in mind that this is only a step forward in reducing compliance burden. Let us appreciate that it is not the ultimate solution, as any risk-based approach is not perfect; it would have false positives and false negatives. We need to continuously refine and improve our risk assessment models to make them robust.

To make these improvements, we need to improve the quality of our data and harness emerging technologies. This will help improve screening of transactions and detection of suspicious activities thereby reducing false positives and false negatives. Considering the evolving landscape in the area of money laundering resulting from changing customer behaviour and evolving products and services, we need to continuously augment AML risk assessment framework and make appropriate system enhancements on a regular basis after assessing the impact of ML and other risks. The focus has to also be on understanding the latest trends and developments in the financial world that can be exploited by criminals and accordingly develop tools and enabling frameworks that will allow us to detect suspicious transactions and activities early and take pre-emptive action. With the adoption of new technological tools and models, I am sure that AML-CFT risk assessments can be further fine-tuned. I would urge you all to discuss and share best practices in identification, mitigation and supervision of AML-CFT risks. This will not only help to reduce compliance burden on the Regulated Entities but also result in optimal allocation of supervisory resources.

While India has made remarkable progress in financial inclusion, we need to ensure that we continue to widen and deepen it. The discussions on FATF standards to promote financial inclusion need to find answers to the challenge of aligning financial inclusion and financial integrity, especially for the developing economies. It must be ensured that regulations do not create unintended barriers to financial inclusion. We need to be mindful of customer rights and convenience while fulfilling the due diligence requirements. I am happy to note that the amendments to Recommendation 1 and its interpretive note under the Mexican presidency intend to foster and promote financial inclusion without compromising on financial integrity. Similar approach is needed to extend access of financial channels for supporting humanitarian aid.

In recent years, digitalisation has been increasingly applied to customer onboarding and customer due diligence (CDD) processes. India has made huge strides in this regard too. The digital KYC and video KYC are shining examples of this. The Central KYC Records Registry (CKYCR) with more than one billion records is another example, which has the potential of ushering in a new era of customer onboarding by making it easier and seamless not only for customers but also for regulated entities to perform customer identification and due diligence. I am told there is a separate session to deliberate on the state of play of technical solutions in customer due diligence area. The discussions could be helpful in further enhancing the capability and utility of CKYCR manifold.

Further, during the process of CDD, reporting entities collect a large amount of data from the customers. Moreover, there are requirements of sharing of information with Financial Intelligence Units, law enforcement agencies and data registries leading to concerns regarding data protection and sharing of information without consent. India has recently enacted a law for Digital Personal Data Protection. Exchange of experiences from different jurisdictions will help us in better implementing the law in our country.

Another important area which needs discussion is the travel rule. In today’s world, fast payment systems are revolutionizing financial access and deepening financial inclusion. Developing countries like India have made huge progress in making digital payments accessible, affordable, and convenient. While card networks have helped developed economies in improving payment systems, fast payment systems have assisted Emerging Market and Developing Economies (EMDEs) leapfrog in this area. We have also enabled cross border payments using fast payment systems with a few countries. We will continue to work towards fulfilling our commitment to the effective implementation of the next phase of G20 roadmap towards inclusive cross-border payments by 2027. In this context, the ongoing discussions on FATF Recommendation 16 (R.16), known as the travel rule, assume importance. To meet the G20 objective of making cross-border payments faster, cheaper, more transparent and more inclusive, while maintaining their safety and security, it would be desirable to make the travel rule technology-neutral.

Lastly, discussions regarding combating proliferation financing and sanctions evasion need to answer questions related to identification of products and services which are most vulnerable to exploitation and the mitigation of the risks related to such products. This forum can discuss the best practices as well as challenges in this regard.

Conclusion

To conclude, I would like to stress that through our collaborative efforts, we can safeguard the trust that underpins the global financial framework. Together, let us continue to collaborate and innovate in building a financial ecosystem that is not only safe and secure but also fast, convenient, accessible and affordable. Let us build financial systems that not only thwart the attempts of money laundering, terror financing and proliferation financing, but also support financial inclusion, encourage innovation, and facilitate economic growth. In the end, I wish the forum very fruitful and productive deliberations.

Thank you.

MIL OSI Global Banks –

March 27, 2025
MIL-OSI United Kingdom: Oxford Investigation Service wins prestigious Innovation in Fraud Prevention Award

Source: City of Oxford

Oxford City Council’s Investigation Service has scooped the 2025 Innovation in Fraud Prevention Award.

The award was presented at the Public Sector Counter Fraud Conference in Westminster, an annual event that brings together around 800 delegates from central government, local government and the NHS.

The conference featured speaker sessions, networking opportunities, a trade stand exhibition. It culminated in the presentation of the prestigious Public Sector Counter Fraud Awards.

Throughout the day, the Oxford Investigation Service was actively involved in the exhibition where they showcased innovative approaches to tackling fraud in the public sector.

During the evening awards event, the team was honoured to be named finalists in the Innovation in Fraud Prevention category. Competition was fierce, with strong contenders including teams from the Department for Work and Pensions, Network Rail, and the Department for Transport. However, the Oxford Counter Fraud Team emerged as the winners, taking to the stage to accept the esteemed award.

Adding to the evening’s achievements, Investigation Service Manager Scott Warner was shortlisted individually in the Outstanding Leadership category, following nominations from team members for his exemplary leadership and contributions to the field.

Comment

“This recognition reflects the City Council’s commitment to preventing and uncovering fraud and protecting the public purse. Our Investigation Service, with its long-standing commitment to excellence, has a track record of receiving accolades from various awarding bodies. Their ongoing innovation and high-profile results continue to showcase the team’s expertise, professionalism, and dedication to combating fraud.”
Scott Warner, Investigation Service Manager

The Public Sector Counter Fraud Awards, now in their fifth year, celebrate excellence in counter-fraud initiatives across the public sector. They serve as a platform to recognise individuals and teams who have demonstrated innovation, dedication, and teamwork in the national fight against fraud.

The Innovation in Fraud Prevention Award specifically honours initiatives that have effectively identified and addressed fraud risks, showcasing measurable impact in preventing fraudulent activity against the public sector. To qualify, nominees must have:

The Oxford Investigation Service remains committed to upholding the highest standards in fraud prevention and will continue to drive forward initiatives that safeguard public funds. This award reinforces their position as leaders in the fight against fraud, ensuring integrity and accountability across the sector.

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI Economics: pellertrading.online: BaFin warns of website and points to suspected identity fraud

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The operator of the website appears only under the name PellerTrading, without mentioning a legal form. He claims to be based in Zurich, Switzerland, at LLB Swiss Investments AG and in London, United Kingdom.

BaFin has no information indicating that LLB Swiss Investments AG, a company registered in the Swiss commercial register and with the Swiss Financial Market Supervisory Authority (FINMA), has any connection to the offers on the pellertrading.online website or to the operator of the website. It is assumed that this is an identity fraud at the expense of LLB Swiss Investments AG.

Recently, BaFin has become aware of other websites with almost identical content, which BaFin has also warned against. In all cases, the presentation on the websites begins with the following sentence: “Step up your trading with [name of operator]”.

Anyone offering financial or investment services or crypto-securities services in Germany requires the permission of BaFin. However, some companies offer such services without the necessary permission. You can find information on whether a particular company is authorized by BaFin in the database of companies.

BaFin’s information is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).

Please be aware:

BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

MIL OSI Economics –

March 27, 2025
MIL-OSI United Nations: Secretary-General’s remarks to the Virtual High-Level Segment of the 16th Petersberg Climate Dialogue [as delivered]

Source: United Nations secretary general

Thank you for this opportunity — and for your focus today on collective climate action and acceleration of implementation.

This could not be more timely.

There is much uncertainty and instability in our world.

But today we meet in the wake of some good news.

Just this morning, the International Renewable Energy Agency officially confirmed that 2024 was a record year for renewables additions to global power capacity.

Renewables represented more than 92 per cent of all new electricity generation capacity installed last year.

The amount of renewables added represents more than the total electricity capacity of Brazil and Japan combined.

Europe’s capacity grew by 9 per cent – with Germany contributing more than one-quarter of that growth. Africa’s capacity grew by almost 7 per cent.

All of this is another reminder of a 21st century truth:

Renewables are renewing economies.

They are powering growth, creating jobs, lowering energy bills, and cleaning our air.

And every day, they become an even smarter investment.

Since 2010, the average cost of wind power has plunged 60%. Solar is 90% cheaper.

In 2023, clean energy sectors accounted for five per cent of economic growth in India and six in the US. It accounted for a fifth of China’s GDP growth, and a third of the EU’s.

The economic case for – and opportunities of – climate action have become ever clearer – particularly for those who choose to lead.

And leadership is what we need – as today’s IRENA report shows:

To accelerate the shift to renewables…

And to correct the imbalances in the transition, which is still starving developing countries – outside China – of the investment needed to fully embrace clean energy.

Excellencies, dear friends,

As the title of this session puts it so well: we are indeed at a turning point to the future.

In the ten years since Paris, we have seen other important progress.

Ninety percent of global emissions are now covered by net-zero targets.

A decade ago, the planet was on course for a global temperature rise of over four degrees Celsius.

Today, countries’ national climate plans – or NDCs – if fully delivered – will take us closer to a 2.6-degree rise.

At the same time, climate challenges are piling up.

It seems records are shattered at every turn — the hottest day of the hottest month of the hottest year of the hottest decade ever.

All of this is hitting the vulnerable hardest, and everyday people in their pockets – with higher living costs, higher insurance premiums, and higher food prices.

Just last week, the World Meteorological Organization confirmed that 2024 was another alarming year:

Almost every climate indicator reached new and increasingly dangerous heights – inflaming displacement and food insecurity and inflicting huge economic losses.

And, for the first time, the annual global temperature was 1.5 degrees Celsius hotter than pre-industrial times.

Scientists are clear – it is still possible to meet the long-term 1.5 degree limit.

But it requires urgent action. And it requires leadership.

Excellencies, dear friends,

I see two critical fronts to drive action.

First, new national climate plans – or NDCs – due by September.

Investors need certainty and predictability.

These new plans are a unique opportunity to deliver – and lay out a coherent vision for a just green transition.

They must align with the 1.5-degree limit, as agreed at COP28. And cover all emissions and the whole economy.

Together, they must reduce global emissions 60% by 2035 – compared to 2019…

And contribute to the COP28 global energy transition goals.

All this must be achieved in line with the principle of common but differentiated responsibilities and respective capabilities, in the light of national circumstances but everybody, everybody must do more.

The G20 – the largest emitters and economies – must lead.

Every country must step up and play their part.

The United Nations is with you all.

President Lula and I are working to secure the highest ambition from the largest economies.

The United Nations Climate Promise is supporting a hundred countries to prepare their new climate plans.

And we will convene a special event in September to take stock of the plans of all countries, push for action to keep 1.5 within reach, and deliver climate justice.

Second, we must drive finance to developing countries.

The COP29 finance agreement must be implemented in full.

I count on the leadership of the COP29 and COP30 Presidencies to deliver a credible roadmap to mobilize $1.3 trillion a year by 2035.

We need new and innovative sources of financing, and credible carbon pricing.

Developed countries must honour their promise to double adaptation finance to at least $40 billion a year, by this year.

And we need serious contributions to the fund for responding to Loss and Damage, and to get it up and running.
Excellencies,

We can only meet these goals with stronger collaboration – between governments, and across society and sectors.

Those that will lag behind need to be not a reason for us to be discouraged but an increase in our commitment to move forward.

The rewards are there for the taking, for all those ready and willing to lead the world through these troubled times.

We are at a turning point. I urge you to seize this moment; and seize the prize.

Thank you.

MIL OSI United Nations News –

March 27, 2025
MIL-OSI: SPS Commerce Releases 2024 ESG Report, Reinforcing Commitment to Sustainable and Responsible Growth
Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, March 26, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced the release of its 2024 Environmental, Social, and Governance (ESG) Report, outlining the company’s ongoing commitment to sustainability, ethical business practices, and social responsibility. This inaugural report highlights the company’s key advancements in governance, employee experience, community engagement, and environmental stewardship.

“At SPS Commerce, connectedness is at the core of everything we do, from enabling seamless supply chain collaboration to fostering an inclusive workplace and investing in the communities we serve,” said Chad Collins, CEO of SPS Commerce. “Our 2024 ESG Report reflects the meaningful progress we’ve made toward building a more sustainable and responsible future, while also underscoring our continued focus on the connections that link our environmental, social and governance principles to every facet of our business.”

Key highlights from the 2024 ESG Report:
- Governance & Ethics: Strengthened corporate policies to enhance ESG oversight and cybersecurity safeguards.
- Employee Experience: Expanded Belonging@SPS, a global initiative focused on fostering connection and community across teams, alongside enhanced leadership development programs.
- Community Impact: The SPS Foundation continued to drive social impact with a special focus on investing in education and workforce development, with over $2.5 million in donations.
- Environmental Responsibility: Completed greenhouse gas (GHG) inventories to better understand SPS Commerce’s carbon footprint.
- Sustainable Operations: Continued prioritization of cloud-based infrastructure with 95% of SPS’s IT operations now in energy-efficient data centers powered by renewable energy.
SPS Commerce remains committed to transparency and continuous improvement in its ESG efforts. The full 2024 ESG Report is available at https://www.spscommerce.com/corporate-responsibility/.

About SPS Commerce

SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 45,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 96 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries.

SPS-F

Forward-Looking Statements
This press release may contain forward-looking statements, including information about management’s view of SPS Commerce’s future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world and our performance for the first quarter and full year of 2025, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce’s future results. The forward-looking statements included in this press release are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:
Investor Relations
The Blueshirt Group
Irmina Blaszczyk & Lisa Laukkanen
SPSC@blueshirtgroup.com

The MIL Network –
March 27, 2025
MIL-OSI United Kingdom: Latest stage of Narborough Road highway improvements to begin

Source: City of Leicester

THE latest phase in a rolling programme of repairs and improvements to pavements and road surfaces along Narborough Road will get under way this weekend.

Leicester City Council is carrying out the works to spruce up public areas for local businesses and residents. The latest works focusing on the footways on the outbound section of Narborough Road between Norman Street and Equity Road, and on the inbound section between Cambridge Street and Westcotes Drive.

The scheme will involve replacing broken paving slabs with concrete blocks, improving drainage to prevent water from pooling on the pavements, and placing water-permeable resin-bound gravel around the street trees. New bollards will also be installed, as well as new cycle racks, which will help stop vehicles parking on the pavement.

The works, costing £350,000 and funded by the council’s Highways Maintenance Capital Budget, are due to begin on Sunday 30 March and will take around six months to complete.

Waiting restrictions will be in place where work is taking place and some parking bays in nearby Paton Street will be out of use while they are used for storing essential equipment and materials.

Investment in the area in recent years has already improved footways on the outbound side of Narborough Road, between its junctions with Norman Street and Briton Street and Ruding Road and Roman Street, along with the area between Upperton Road and Braunstone Gate.

Major resurfacing on part of the busy road – between Winchester Avenue and Dumbleton Avenue – was also carried out last summer.

Cllr Geoff Whittle, assistant city mayor for environment and transport, said: “This rolling programme of works has hugely improved Narborough Road for local businesses, residents and visitors by upgrading footpaths, installing new street furniture and fixing drainage problems.

“This latest scheme will continue to upgrade the area, helping to further improve the look and feel of the neighbourhood.”

Local residents and businesses have received a letter from the city council, informing them of the planned works.

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI Russia: Financial News: Interview with Ekaterina Abasheeva for RBC Investments

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

Rating agencies will assign stars to shares of Russian companies.

RBC Investments discussed with Ekaterina Abasheeva, head of the Central Bank’s corporate relations department, topics that are of greatest interest to private investors: stock ratings and disclosure of information during an IPO.

Over the past year, the Bank of Russia has launched several large-scale reforms aimed at increasing the transparency of the Russian market.

Stock Ratings: Russian Analogue of Morningstar

There are currently two major problems: a lack of quality analytics on companies, as well as the unavailability of information on a number of issuers. In these conditions, a discussion arose about creating stock ratings – a product that, on the one hand, would allow us to tell more about the issuer, and on the other, to identify a range of attractive stocks, noted Abasheeva.

“In the summer of 2025, we plan to launch a pilot project of non-credit ratings of shares of Russian issuers, which is expected to reach full capacity in 2026. The idea is that rating agencies will act as a kind of provider of independent assessments of the fair value of the issuer. It will be determined on the basis of both financial and non-financial metrics. Ideally, over time, the market price should converge with the expert assessment. The rating of shares will be the Russian analogue of the Morningstar project, which has been offering a similar rating product in North America, Europe and Asia for over 30 years. Agencies will assign stars to shares and accompany the ratings with advanced analytics. Thus, investors will receive a transparent and professional guideline on the basis of which they will be able to make investment decisions,” the head of the department explains the idea.

Who will be giving grades?

At the stage of developing the idea of stock ratings, the Bank of Russia considered various options for who would evaluate issuers. “There was an idea to create a new participant in the market that would provide an analytical service. However, it seemed more expensive to us, since it requires the development of new regulations,” says Abasheeva.

An alternative approach is to use the ready-made infrastructure of rating agencies, since they already have experience in the securities market and have proven themselves as independent experts who have earned the trust of issuers and investors. The head of the department notes that the Central Bank held a series of meetings with agencies, where they discussed all the pros and cons: why they can offer a new product.

“We were worried about the discrepancy between the expert assessment and the actual value of the rated entity. And of course, disputes arose over what responsibility the agencies would bear,” she continues. “It seems that the combination of independence, competence and responsibility of the agencies is best suited for the assessment of equity instruments. Now that all the discussions are behind us, the rating agencies have begun to develop methodologies for a new category of ratings. We intend to pilot the project on their basis.”

It is planned that one issuer will be able to receive several ratings from different rating agencies: “Stocks are a very volatile and poorly predictable instrument. Obviously, the dispersion of opinions here, it seems to me, is more important than in relation to bonds, where the ratings are more homogeneous. Therefore, of course, we ideally expected that there would be at least two opinions on stocks from different rating agencies.”

If the agencies’ assessments differ dramatically and send conflicting signals to investors, this could prompt the Central Bank to consider minimum requirements for analysts – their methodologies and the information they use, she adds. However, this will become clear after preliminary testing of the ratings on the initial pool of issuers. Key parameters for assessing companies

According to Ekaterina Abasheeva, at least two rating agencies have already developed and presented their methodologies to issuers and professional analysts. They are based on the model fair value of the issuer, she notes, but other factors that distinguish shares from debt instruments are also taken into account.

This primarily concerns non-financial factors. This is the quality of corporate management, as well as the protection of investors’ interests. In addition, rating agencies will be required to pay attention to the issuer’s information sensitive to foreign sanctions, says the department director.

The final set of parameters may include more factors, since the regulator does not plan to set strict requirements for methodologies at the pilot stage of the project, adds Abasheeva. “The criteria for the quality of corporate governance can take into account possible violations of the law by the issuer and complaints from shareholders,” she gives examples. Shares will have stars

In the matter of how to display ratings, the Bank of Russia, together with rating agencies, did not reinvent the wheel and followed the path of the existing rating system. Star ratings are widely used to evaluate not only financial products, but also restaurants, hotels and films, notes Ekaterina Abasheeva. At the same time, the disclosure of the symbolic assessment will be accompanied by the publication of a full investment report, as well as a press release as its shortened version, she adds.

“The combination of the rating and the report, on the one hand, will allow the investor to quickly navigate the information about the issuer. On the other hand, having analytical support, it is possible to better understand what caused the assignment of a particular rating,” explains the head of the department.

The Central Bank plans to update the stock rating more frequently than bonds, since stocks are more volatile. However, the regulator believes that the main thing here is not to overdo it, and proposes to tie the publication of updated ratings to the release of IFRS reporting – this is approximately once every six months.

When will the first stock ratings appear?

Considering that the working version of the rating agencies’ methodologies has already been prepared, the launch of ratings in pilot mode with the participation of the first issuers is expected in the summer, Abasheeva shares her plans. “We expect the first test assessments based on the methodologies prepared by the agencies to appear in 2025, and in 2026 we plan to analyze the experience gained and understand how we can move forward with the development of the new product,” she predicts. Will ratings be mandatory for companies?

Abasheeva says that issuers have responded positively to the idea of stock ratings, and some of them have expressed a desire to participate in the pilot project.

The department director emphasized that the Central Bank assumes that in the near future the presence of a stock rating will become mandatory for a certain type of company. This primarily concerns issuers that do not disclose information due to sanctions risks. “We consider them as potential subjects of regulation. It is important that the rating indirectly tells about the company what it cannot tell about itself due to sanctions problems. But this will definitely not happen at the start, but when we understand that the product has become operational,” she explained.

A small group of companies will participate in the pilot in 2025. By the end of the year, rating agencies have agreed to test stock ratings free of charge, says Abasheeva.

According to the regulator, the issuers that demonstrate the best practices in information disclosure and corporate governance will be primarily interested in the stock ratings. For them, the Bank of Russia, together with the Moscow Exchange, has launched a program to increase shareholder value. “Participation in the program will allow investors and shareholders to form an idea of the issuer’s current business, expectations for the stock price and dividend payments. The rating will serve as expert confirmation of the investment attractiveness of the companies,” she explains.

Transparency of issuers during IPOs

The second important reform initiated by the Bank of Russia is aimed at increasing the transparency of the IPO procedure. At the end of January 2025, the regulator presented a report for public consultations “Information Transparency in the Securities Market: Issuers and Conditions for the Initial Public Offering of Their Shares”. The document included proposals to improve the information quality of placements, change the content of information disclosed by issuers and adapt it to the needs of retail investors.

Over the course of a month, the regulator met with market participants to collect feedback and discuss proposals. According to Ekaterina Abasheeva, the most sensitive and controversial proposals were the proposals to include forecast indicators in the issue prospectus, the presence of two reports from independent analysts when a company goes public, and the definition of the role and responsibility of placement organizers. In the rest of the proposals in the advisory report, the Central Bank received support from investors, issuers, and placement organizers, she added.

Forecast indicators

The Bank of Russia believes that if a company publicly broadcasts forecasted performance indicators in its IPO marketing materials, they must correspond to what is disclosed in the securities prospectus, notes Abasheeva. According to her, companies can now describe the “best prospects” for their development in advertising materials. The investor has no choice but to focus on them, since there are simply no others. “We want to change the situation. It is important that the forecast indicators disclosed by issuers reflect reality – you can’t highlight only the good and hide under the carpet what is not in the issuer’s favor,” explained Ekaterina Abasheeva.

The minimum set of forecast data in the prospectus may include revenue, net profit or loss, net profit per share, and return on equity. Issuers may provide all figures in the range mode, the width of which may be set by the regulator, Abasheva added.

In addition to the range, the forecast horizon is important. The Central Bank knows of cases where the issuer in advertising brochures indicated potential growth of 40%, 100% – but it is unclear on what time horizon. Therefore, the Bank of Russia proposes to make the forecast horizon mandatory for at least one year, but issuers can choose a longer period.

At the same time, responsibility for forecasts does not go away, Abasheeva emphasizes. “If you include deliberately false information in the prospectus, intentionally mislead investors, then you must be aware of your responsibility for this,” she explained. Analytical reports from professionals

According to Ekaterina Abasheeva, this point caused some concerns among market participants. The main argument against independent assessment was that there are not enough analysts on the market now who can cover the IPO market, she says. However, from the regulator’s point of view, it is a question of chicken and egg: if there is demand for analytical reports, there will be analysts.

Market participants also see a possible conflict of interest among analysts, when issuers will choose those who are guaranteed to “draw” them beautiful reports. To this, Abasheeva responded that the Bank of Russia has well-established mechanisms for working with the known problem: “A conflict of interest is a topic that is clear how to work with, because otherwise we would not have audit services or ratings for the same bonds. We do not see any problems here,” she notes.

According to her, independence can be defined as the absence of other commercial interests of the person providing analytical services. Currently, the organizers of placements simultaneously evaluate the issuer and offer its shares to their clients when providing brokerage services, and acquire them for their portfolio.

Allocation disclosure requirement may become mandatory

In May 2024, the Central Bank tried to “spur” issuers and placement organizers to be open by sending an information letter. In the document, the regulator proposed that companies disclose their approaches to distributing shares among different categories of investors before the IPO, and then publish information on the actual distribution of shares among buyers.

However, the information letter was advisory in nature and not all issuers heeded it. Currently, the Bank of Russia is considering the possibility of transferring the recommendations to the mandatory level, noted Abasheeva.

“We are now proposing to make it mandatory to disclose information about both the proposed allocation and the actual distribution of shares,” said Abasheeva.

It is planned that the Bank of Russia will present the results of the discussion of the report in the summer of this year and will determine the standards that will become mandatory for IPO candidates.

Gleb Kukharchuk, Dmitry Polyansky, “RBC Investments”

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

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

HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23488

MIL OSI Russia News –

March 27, 2025

MIL-OSI USA: U.S. International Investment Position, 4th Quarter and Year 2024

Source: US Bureau of Economic Analysis

Fourth Quarter

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$26.23 trillion at the end of the fourth quarter of 2024, according to statistics released today by the U.S. Bureau of Economic Analysis (chart 1). Assets totaled $35.89 trillion, and liabilities were $62.12 trillion (chart 2). At the end of the third quarter, the net investment position was –$24.15 trillion (revised). The net investment position and components of assets and liabilities are presented in table 1.

The –$2.08 trillion change in the net investment position from the third quarter to the fourth quarter came from net financial transactions of –$411.2 billion and net other changes in position, such as price and exchange-rate changes, of –$1.67 trillion (table 2).

Exchange-rate changes of –$1.18 trillion reflected major foreign currency depreciation against the U.S. dollar, which lowered the value of U.S. assets more than U.S. liabilities in dollar terms.

Price changes of –$632.0 billion reflected price decreases for assets and price increases for liabilities, as foreign stock prices underperformed relative to U.S. stock prices. Both foreign and U.S. bond prices decreased in the fourth quarter.

U.S. assets decreased by $1.77 trillion to a total of $35.89 trillion at the end of the fourth quarter, driven by the depreciation of foreign currencies against the U.S. dollar that lowered the value of U.S. assets in dollar terms. All major investment categories of assets decreased, notably portfolio investment and direct investment assets (chart 3).

Portfolio investment assets decreased by $734.6 billion to $15.87 trillion and direct investment assets decreased by $643.1 billion to $11.27 trillion, reflecting exchange-rate changes of –$701.7 billion and –$518.5 billion, respectively (table 2).

U.S. liabilities increased by $306.2 billion to a total of $62.12 trillion at the end of the fourth quarter, driven by financial transactions of $402.8 billion, notably foreign purchases of U.S. stocks and long-term debt securities. Increases in portfolio investment and direct investment liabilities were partly offset by decreases in financial derivatives and other investment liabilities (chart 4).

Portfolio investment liabilities increased by $357.6 billion to $33.09 trillion, driven by financial transactions of $328.0 billion. Direct investment liabilities increased by $295.6 billion to $17.84 trillion, driven by price changes of $236.1 billion (table 2).

Table A. Updates to Third-Quarter 2024 International Investment Position Aggregates
[Trillions of dollars, not seasonally adjusted]

	Preliminary estimates	Revised estimates
			U.S. net international investment position	–23.60	–24.15
			U.S. assets	37.86	37.66
U.S. liabilities	61.46	61.81
U.S. Bureau of Economic Analysis

Year 2024

The U.S. net international investment position was –$26.23 trillion at the end of 2024, compared to –$19.85 trillion at the end of 2023. The net investment position and components of assets and liabilities are presented in table 3.

The –$6.38 trillion change in the net investment position from the end of 2023 to the end of 2024 came from net financial transactions of –$1.27 trillion and net other changes in position, such as price and exchange-rate changes, of –$5.11 trillion (table 3).

Price changes of –$3.43 trillion reflected U.S. stock price increases that exceeded foreign stock price increases, which raised the market value of U.S. liabilities more than U.S. assets.

Exchange-rate changes of –$1.06 trillion reflected the depreciation of major foreign currencies against the U.S. dollar, which lowered the value of U.S. assets more than U.S. liabilities in dollar terms.

U.S. assets increased by $1.49 trillion to a total of $35.89 trillion at the end of 2024, driven by foreign stock price increases and by financial transactions that were partly offset by exchange-rate changes. All major investment categories of assets increased, notably direct investment and portfolio investment assets (chart 5).

Direct investment assets increased by $658.6 billion to $11.27 trillion and portfolio investment assets increased by $539.0 billion to $15.87 trillion, reflecting increases in foreign stock prices and financial transactions that were largely offset by exchange-rate changes (table 3).

U.S. liabilities increased by $7.86 trillion to a total of $62.12 trillion at the end of 2024, driven by U.S. stock price increases and by financial transactions that mostly reflected foreign purchases of U.S. long-term debt securities and stocks. All major investment categories of liabilities increased, notably portfolio investment and direct investment liabilities (chart 6).

Portfolio investment liabilities increased by $4.47 trillion to $33.09 trillion and direct investment liabilities increased by $3.03 trillion to $17.84 trillion, driven by U.S. stock price increases that raised the market value of these liabilities and by financial transactions (table 3).

Upcoming Update to the U.S. International Investment Position

The annual update of the U.S. international investment position will be released along with preliminary estimates for the first quarter of 2025 on June 30, 2025. A preview of the annual update will be available in the Survey of Current Business in April 2025.

For resources, definitions, and more, visit “Additional Information.”

Next release: June 30, 2025, at 8:30 a.m. EDT
U.S. International Investment Position, 1st Quarter 2025 and Annual Update

MIL OSI USA News –

March 27, 2025

MIL-OSI: Standard Lithium Provides Corporate Update
Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 26, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI), a leading near-commercial lithium company, is pleased to provide a general corporate update demonstrating continuous advancement and derisking of corporate objectives.

Principal corporate updates and highlights include:
- Commencement of a rigorous and disciplined project finance and off-take process for the first phase of the South West Arkansas (“SWA”) Project (first phase contemplates 22,500 tonnes per year of battery quality lithium carbonate production). A banking advisor with recent and relevant success has been selected to lead an intensive off-take selection and project finance (debt) process. This two-pronged engagement with potential off-take partners and debt providers started in January and is expected to be completed in Q3 and Q4 respectively. The Company looks forward to releasing additional information as the process advances;
- The Smackover Lithium JV, in partnership with Equinor, continues the successful mineral leasing program in East Texas (“ETX”). SLI first started extensive mineral leasing in the most prospective areas of the Smackover Formation in East Texas in 2022. Since the formation of the JV in May 2024, it has continued to grow the acquired lease position, and is now actively leasing within a total area of 185,000 acres across several Counties in East Texas;
- The first ETX project area of approximately 67,000 acres has been identified. This project area is centered on Franklin County, and the Company has previously drilled three exploratory boreholes in and adjacent to this project area and reported the highest known lithium in brine grades in North America (maximum lithium grade of 806 mg/L reported). Some of the existing wells will be resampled during Q2 and Q3 of this year, and it is expected that a maiden Inferred Resource Report for this highly prospective lithium resource will be published in Q3 of this year;
- The Company, in partnership with Koch Technology Solutions, continues to use the Demonstration Plant in Union County as an essential test and technology development center to not only demonstrate the derisked and commercially ready DLE technology for the first commercial project at SWA, but also as a test-bed to continuously improve the entire flowsheet for future projects;
- Commercial development at the Lanxess Projects is not ruled out, but the Company’s focus on building the next phase of lithium projects in North America is centered on the JV opportunities at the SWA Project and in East Texas. The Company is confident the brine resources that the JV is securing in East Texas will come to be seen as the premier lithium brine assets in North America.
David Park, CEO of Standard Lithium said “The Standard Lithium team, in combination with our partners Equinor and Koch Technology Solutions, has been working diligently to keep on moving the projects forward, derisking key workstreams and hitting development milestones. As we’ve said before, it’s time for us to prioritize, focus, and execute. It is now clear that executing on our SWA Project with our partners is our top priority, and that we see incredible potential to build on that foundation and grow with them into East Texas.”

Six-Month Fiscal Period Ended December 31, 2024 Call and Webcast

The Company will hold a conference call and webcast to discuss its six-month fiscal period ended December 31, 2024 on Friday, March 28th at 3:30 p.m. ET. Access to the call is available via webcast or direct dial.

Conference Call and Webcast Details
Standard Lithium Six Month Fiscal Period Ended December 31, 2024 Results Call and Webcast
March 28, 2025 3:30 p.m. Eastern Time (US and Canada)

Participant Information:
Conference ID: 6644028

USA / International Toll +1 (646) 307-1963
USA – Toll-Free (800) 715-9871
Canada – Toronto (647) 932-3411
Canada – Toll-Free (800) 715-9871

Attendee Webcast Link:
https://events.q4inc.com/attendee/457319305

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated DLE and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”. Please visit the Company’s website at www.standardlithium.com.

Qualified Person

Steve Ross, P.Geo., a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and Vice President Resource Development for the Company, has reviewed and approved the relevant scientific and technical information in this news release.

Investor and Media Inquiries

Chris Lang
Standard Lithium Ltd.
+1 604 409 8154
investors@standardlithium.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

The MIL Network –
March 27, 2025
MIL-OSI: Red Cat Holdings to Report Financial Results for the 2024 Stub Period (as of December 31, 2024 and the eight months then ended) and Provide Corporate Update on Monday, March 31, 2025

Source: GlobeNewswire (MIL-OSI)

SAN JUAN, Puerto Rico, March 26, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat” or the “Company”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, announces that financial results for the 2024 Stub Period (as of December 31, 2024 and the eight months then ended) will be reported on Monday, March 31, 2025 at the market close.

Company management will host an earnings conference call at 4:30p.m. ET on Monday, March 31, 2025 to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.

Interested parties can listen to the conference call by dialing 1-844-413-3977 (within the U.S.) or 1-412-317-1803 (international). Callers should dial in approximately ten minutes prior to the start time and ask to be connected to the Red Cat conference call. Participants can also pre-register for the call using the following link: https://dpregister.com/sreg/10198203/fecb0dc7ae

The conference call will also be available through a live webcast that can be accessed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=kOCu4DoZ

A replay of the webcast will be available until April 30, 2025 and can be accessed through the above link or at www.redcatholdings.com. A telephonic replay will be available until April 30, 2025 by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using access code 4379690.

About Red Cat Holdings, Inc.

Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed-wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA-compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com

The MIL Network –

March 27, 2025
MIL-OSI: XRP Whales Are Betting Big on $XPL – Is XploraDEX XRP’s 100x AI Breakout? Join $XPL PreSale

Source: GlobeNewswire (MIL-OSI)

ZURICH, March 26, 2025 (GLOBE NEWSWIRE) — As the first AI-powered decentralized exchange built natively on the XRP Ledger, XploraDEX isn’t just another DeFi protocol—it’s a full-blown trading revolution. Designed to bring institutional-grade automation and smart liquidity to the XRPL ecosystem, it’s now attracting the sharpest capital in the game.

With the $XPL Presale currently live, investors are rushing in before the next major wave of interest hits. Could this be XRP’s first 100x breakout backed by real technology? If the whale wallets are right, the answer is yes.

Buy $XPL Token

Why XRP Whales Are Going All In on XploraDEX

Whale activity is often the earliest sign of something big. These deep-pocketed investors don’t just chase hype, they move based on deep market insight. Here’s why they’re betting big on $XPL:

First-Mover Advantage on XRPL: XploraDEX is the only AI-integrated DEX built specifically for the XRP Ledger, leveraging XRPL’s high-speed, low-fee structure to support cutting-edge trading execution.

AI-Powered Trade Intelligence: From predictive analytics to automated order execution, XploraDEX gives traders tools typically reserved for hedge funds.

Deep Liquidity Optimization: AI manages liquidity routing in real time—maximizing capital efficiency and reducing slippage, a key benefit for large-volume players.

$XPL Token Utility

Whales are accumulating $XPL not just for price action, but for access to AI tools, staking rewards, governance control, and trading fee reductions.

What Is the $XPL Token? Why Does It Matter?

The $XPL token isn’t just a placeholder, it’s a utility-rich, governance-enabled asset at the center of the XploraDEX ecosystem.

$XPL Token Presale Details – Act Fast Before It’s Gone!

The $XPL Token Presale is officially live! Don’t miss your chance to grab tokens before they hit major DEX listings.

$XPL PreSale Information

Token Name: XploraDEX

Total Supply: 500,000,000

Presale Allocation: First Come, First Serve!

DEX Listing: 25% Higher

Liquidity Pools: Launching immediately after TGE!

The XPL Token Presale is already attracting major interest, early investors will gain first-mover advantages!

Buy $XPL Tokens Now: https://sale.xploradex.io

With whale participation already underway, $XPL’s demand is growing fast and supply is limited.

The $XPL Presale – Your Early Access to the Future of DeFi on XRPL

XploraDEX’s presale offers early entry at the lowest token price before listings and staking programs go live. This is the phase where 100x potential begins just as it did for early adopters of major tokens in 2017 and 2020.

GET XPL TOKEN NOW

The opportunity to buy $XPL now is like stepping into a new era of DeFi before it goes mainstream.

Final Word: Follow the Smartest Money in XRP

When XRP whales accumulate quietly, it’s never by accident. The sharpest investors have done the math: AI + DeFi + XRPL = explosive upside.

XploraDEX isn’t just a new DEX—it’s the beginning of AI-enhanced, intelligent trading on XRP. And $XPL is the key to it all.

Join the $XPL Presale Today: https://sale.xploradex.io

Stay connected and Join the XploraDEX AI Revolution

Website | $XPL Token Presale | X | Telegram

Contact:
Oliver Muller
oliver@xploradex.io
contact@xploradex.io

Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fcd2f143-416f-489e-bd65-1c96ccf3364f

The MIL Network –

March 27, 2025
MIL-OSI: Bitget Maintains 213% Reserve Ratio in March 2025 Proof-of-Reserves Update

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, March 26, 2025 (GLOBE NEWSWIRE) — Bitget, the leading global cryptocurrency exchange, has released its latest proof-of-reserves report for March 2025, reaffirming its asset transparency and user fund security with a reserve ratio of 213%. The report, timestamped at 10:30 AM (UTC+8) on March 17, shows that the exchange holds more than double the users’ total assets across BTC, ETH, USDT, and USDC.

The audit, supported by a 27-layer Merkle tree comprising over 37.8 million records, verifies that Bitget possesses sufficient assets to cover all user balances. This month’s report highlights reserve ratios of 332% for BTC, 173% for USDT, 161% for ETH, and 198% for USDC, each significantly exceeding the 100% threshold required to meet user liabilities.

A reserve ratio exceeding 100% indicates that the platform holds more crypto assets in custody than its users collectively own, acting as a real-time solvency signal. The publication of this data follows increasing calls from both regulators and users for more frequent, mathematically verifiable disclosures from centralized exchanges.

By adopting cryptographic techniques such as the Merkle tree structure, Bitget enables users to independently verify their balances within the total liabilities without exposing personal account data. This method strengthens user trust by enabling public verification of platform solvency while preserving user privacy.

“Transparency must be consistent, not occasional. Exchanges carry an obligation to provide users with tools to verify that their funds are held securely and fully accounted for. Bitget’s latest reserve ratio is not just a metric—it’s a signal of operational clarity and a standard the industry should continuously uphold,” said Gracy Chen, CEO at Bitget.

As regulatory scrutiny intensifies and users become more discerning, frequent and transparent solvency proofs are becoming integral to the survival of centralized platforms. The latest data places Bitget ahead of many major exchanges in terms of capital buffers, offering a substantial margin of security in volatile market conditions.

With over 20,500 BTC, 197,500 ETH, 2 billion USDT, and 106 million USDC held in custody, Bitget’s holdings remain aligned with its broader objective to provide users with uninterrupted access to their digital assets. The latest Merkle root hash for March 2025—37a20f806f400dcd—can be used by users to confirm their account’s inclusion in the reserve audit.

The March disclosure continues a monthly cycle of transparent reporting introduced by Bitget following industry-wide failures in 2022. With this sustained publication, the exchange reinforces its operational visibility and bolsters user confidence in custodial safety.

To view Bitget’s Proof-of-Reserves, please visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0f1afe99-dee9-403a-a014-543d1c47fd84

The MIL Network –

March 27, 2025
MIL-OSI: BIO-key Completes Initial Biometric-Based Identity and Access Management Deployment for New International Defense Agency Customer in Record Time
Source: GlobeNewswire (MIL-OSI)

MADRID, Spain and HOLMDEL, N.J., March 26, 2025 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (NASDAQ: BKYI), a global leader in Identity and Access Management (IAM) and biometric authentication solutions has successfully completed the deployment of a comprehensive suite of BIO-key biometric-based IAM solutions for a new International Defense Agency customer. The full deployment for the initial sites was completed in just four days, showcasing the efficiency, seamless integration, and collaboration between BIO-key and the customer’s IT team.

The deployment incorporates these BIO-key solutions:
- PortalGuard On-Prem – A highly secure IAM platform providing Multi-factor Authentication (MFA) and Single Sign-On (SSO) capabilities.
- WEB-key – Advanced biometric authentication enabling secure and seamless access to critical systems.
- BIO-key PIV-Pro and ECO2 Fingerprint Scanners – FIPS-certified biometric scanning devices ensuring high-security access control.
- Passkey:YOU FIDO2 Authentication – Enabling passwordless, phishing-resistant authentication for compliance with modern security standards.
The implementation demonstrates BIO-key’s expertise in delivering high-security, passwordless and phoneless authentication solutions for critical environments.

Alex Rocha, International Managing Director at BIO-key, commented, “This project is a testament to the power of innovative thinking, cutting-edge technology and strong partnerships to forge highly secure and efficient passwordless and phoneless access management. Despite the complexity of the solution, our teams worked together seamlessly to complete the deployment in record time. The customer now benefits from a highly secure, scalable authentication system that enhances security while simplifying access. We look forward working with the customer on the planned expansion of this deployment in the coming months.”

Nelson Junior, Technical Manager at BIO-key International, added “Completing a project of this scale in just four days is a major accomplishment. It underscores the seamless integration capabilities of BIO-key’s IAM solutions and the dedication of our team. The success of this deployment reflects our ability to provide fast, secure, and scalable authentication solutions that meet the highest security standards.”

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements, whether as a result of new information, future events, or otherwise.

Engage with BIO-key

Investor Contacts
William Jones, David Collins
Catalyst IR
212-924-9800
BKYI@catalyst-ir.com

The MIL Network –
March 27, 2025
MIL-OSI: OSS Announces Order from Innovative Medical Imaging OEM

Source: GlobeNewswire (MIL-OSI)

ESCONDIDO, Calif., March 26, 2025 (GLOBE NEWSWIRE) — One Stop Systems, Inc. (OSS or the Company) (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) and sensor processing at the edge, today announced a new $500,000 contract from a medical imaging OEM customer that is expected to contribute to revenue throughout 2025.

Under the terms of the contract, OSS will provide 4U, short-depth-server (SDS) running Enterprise Class NVIDIA GPUs to support a customer’s innovative, FDA cleared, medical imaging technology for Breast Scanning. After this initial order, OSS expects follow-on orders from this medical OEM for next-generation liquid-cooled 3U-SDS that may become standard on all the OEM’s Breast Scanning devices going forward.

“We are excited to establish a market position with this leading medical OEM customer as they increase production of their advanced breast imaging technology and improve outcomes for the more than 40 million women in the U.S. who get mammograms every year. This contract reflects the growing need across commercial markets for ruggedized, enterprise class compute capabilities. It also highlights our focus on pursuing high-growth, high-margin, and multi-year platform opportunities across both defense and commercial markets. We believe this contract has the potential to contribute over $25 million in cumulative sales over the next five years,” stated OSS President and CEO, Mike Knowles.

About One Stop Systems
One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require-and OSS delivers-the highest level of performance in the most challenging environments without compromise.

OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.

Forward-Looking Statements
One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the Company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved, including but not limited to the potential and/or the results of this commercial program contract, any actual revenue or cumulative sales derived from the contract, the future adoption of technologies or applications, and the expansion of the Company’s offerings and/or relationship with commercial customers. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Media Contacts:
Robert Kalebaugh
One Stop Systems, Inc.
Tel (858) 518-6154
Email contact

Investor Relations:
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
Email contact

The MIL Network –

March 27, 2025
MIL-OSI Australia: Address to the National Press Club, Canberra

Source: Australian Parliamentary Secretary to the Minister for Industry

Here we are, back again on Ngunnawal land, gathering at the kind invitation of Maurice and the Board, sponsors and members of the National Press Club.

But since last time, not just one new President but 2: Trump; and Connell.

Congratulations Tom on your election, and thanks for your introduction –

And to everyone here, including the pundits and, on recent form, maybe a couple of protesters again too.

Last night marked the first time since Ben Chifley was PM and Treasurer, more than 3 quarters of a century ago, that there’ve been 4 budgets in a single term.

And of the 11 times I’ve spoken here, I think it’s the 4 post‑Budget opportunities I’ve cherished the most.

Partly because Laura Chalmers comes along, and is here again, she brought Leo last night, and that means a lot to me.

And also, because they offer us the chance to go behind the Budget a bit, to provide some more of the colour and context.

Today I want to talk about how our economy is turning a corner, even as global conditions take a turn for the worse.

Explain how seismic changes in the world validate and vindicate our strategy, rather than undermine it.

And lay out our government’s economic case for re‑election –

Based on our progress to here, our plans from here, and the risks posed by our opponents.

The fourth shock

First let me sketch the backdrop.

Twenty years ago, I fronted up for my first of 19 Budget lockups.

Costello was Treasurer, and the global economy was a very different place.

In the 2 decades since, half a dozen subsequent Treasurers presided over 3 big economic shocks.

The first, a financial crisis that became a demand shock.

The second, a pandemic that became a supply shock.

The third, an inflationary shock that lingers around the world longer than anyone hoped.

Escalating trade tensions now risk, if not represent, the fourth big economic shock in just 17 years.

Now, if you think about the big post‑war global economic story.

From Bretton Woods in 1945, to the high inflation of the 70s.

The Washington Consensus that held from the end of the Cold War until the start of the GFC.

There’s a tendency to talk about economic shocks as punctuation. A break in the flow.

But the last 20 years prove that global shocks – in one form or another – are chapters in their own right.

They no longer interrupt the story – they are the story.

Acknowledgements

Governing a country like ours in uncertain times like these is a responsibility we accept and an opportunity we cherish.

Led by the Prime Minister – who is here today.

His collaborative style of leadership is appreciated by all of us in his team.

Katy and I told the Cabinet yesterday that we consider ourselves very fortunate to have been so well‑supported by so many ministers, a number of them here today and I thank and acknowledge them again.

And no Treasurer has ever been more fortunate than me when it comes to the Finance Minister.

The best colleague I’ve ever had.

Nothing we’ve done over the course of 4 Budgets would be possible without her calm and composure, her empathy and judgement.

Katy came to the Treasury thank you dinner on Thursday night.

I’m told that’s unprecedented – but for us it’s not unusual.

I’m sure Katy would agree it’s not the most glamorous ritual.

The pile of pide boxes and a sea of tired eyes sums up the week, and weeks, before.

But it gives us a chance to say thanks to Steven, Jenny, Glyn and all the officials involved in putting this Budget together.

That evening, I was reflecting with officials on the time I spent as a public servant, working for Glyn in Queensland.

He was the first to tell me what it looked like inside the Cabinet Room here in Parliament House.

Right down to the framed paintings of Australian lorikeets on the walls.

Those birds have seen and heard a lot!

I’m told I’ve spent 664 hours in that room this term – which is about 27 days.

Whenever I’m in there, I try to remember that’s it’s not the birds in the frame or the galahs in the pet shop that really matter.

We try to ensure those conversations around the cabinet table are shaped by the conversations Australians are having around the kitchen table.

We know cost of living is front of mind for most Australians and that’s why it’s been front and centre in all 4 budgets.

No matter how difficult or long the deliberations might be in that room I’m always aware how lucky we are to be in there.

Treasurers stand there on Budget night on behalf of all who do so much to put our plans into Budgets, and into action.

ERC ministers who undertake the essential deliberations – 233 of those 664 cabinet room hours were with them.

Every member of our caucus who all do so much to advocate for the people they represent.

The staff from our offices and all the public servants.

Please join me in thanking them.

Turning a corner

This Budget makes it clear that the Australian economy is emerging from a global cost‑of‑living crisis in better shape than anywhere else.

Inflation is down, living standards are rising, real incomes are growing, unemployment is low, interest rates are coming down, debt is down and now growth is gathering pace.

That combination is exceptional – and not accidental.

It is the product of the choices we have made.

Delivering cost‑of‑living relief for every Australian.

Strengthening Medicare and the services people count on.

And building a Future Made in Australia.

The 2 weeks leading into the Budget made clear just how important and urgent this work has been.

The human and economic costs of Tropical Cyclone Alfred.

Coming so soon after widespread flooding in north and far north Queensland – with more damaging heavy rains there just last week.

And now, fresh turmoil in the world – part of this fourth shock.

All of this vindicates the course we chose 3 years ago.

And validates the choices we made together.

Economic case for re‑election

This is where I want to pay tribute to the Prime Minister.

The leader Australians see standing with emergency services in disasters brings the same decency to every challenge confronting our nation.

Anthony’s leadership is defined by his compassion, his optimism – and his determination.

And he will make our case for re‑election to the Australian people with those same qualities and commitment.

This election will be about the strong foundations we have laid, the better future we are building – and the risk of our opponents wrecking it all.

It will be a referendum on Medicare.

A simple choice between Labor cutting taxes and helping with the cost of living –

And Peter Dutton’s secret cuts which will make Australians worse off.

Because he wants to cut everything except income taxes for workers.

Above all else it will be an election about the economy.

Labor’s economic case for a second term has 3 parts:

The progress we have made together in the economy and repairing the budget.

The work we are doing and the economic plan we are implementing – to boost wages, rebuild living standards, and make our economy more resilient, more competitive and more productive.

And the deliberate threat and significant danger that the Coalition pose if they form the next government.

Reason one: progress

The economic progress documented in the Budget last night belongs to every Australian.

It’s all the more remarkable against a backdrop of extreme global uncertainty.

To give you a sense of that, take inflation.

In the most recent quarterly data, inflation sits at 2.4 per cent – and just now, today’s monthly reading came in the same.

On election night, in May of 2022, inflation was more than double that and rising.

So when I stood here after our first Budget in October that year, inflation was nearly triple what it is today.

In that first Budget, we were talking about how far we had to go together.

Today, we can point to how far we’ve come.

We have brought inflation down while encouraging a broader recovery in our economy, now well underway.

Our fiscal policy helped break the back of inflation when it was at its peak.

It adjusted to support growth and preserve employment, as inflation came down.

And we’ve delivered responsible cost‑of‑living relief that has directly taken the pressure off prices.

Because of this a soft landing is coming into view –

With growth rebounding, living standards recovering, and the private sector playing a larger role.

The last financial year saw the highest level of business investment in over a decade.

Four in every 5 of the million jobs created have been in the private sector.

25,000 new businesses created each month this term – the highest average on record.

Real wages and living standards rising again.

While the gender pay gap is at near record lows and unemployment is at around 4 per cent.

Treasury expects employment growth this year will be stronger, inflation will come down faster, and participation will stay near its record high for longer compared with the mid‑year update.

So, our economy isn’t just growing faster, it’s growing in a way which will be stronger, more sustainable and more inclusive too.

All this, while successfully steering towards a stunning improvement in our fiscal position.

We inherited a mess and we’re cleaning it up.

The budget bottom line is $207 billion better off on our watch.

This is the biggest ever nominal improvement in a single term.

Turning $135 billion of Liberal deficits into surpluses worth $38 billion – the first back‑to‑back surpluses in 2 decades.

Almost halving the deficit we inherited for this financial year.

And improving the budget position every year of the forward estimates, compared to PEFO.

All this is a deliberate result of our responsibility and restraint.

Banking the vast majority of revenue upgrades – around 7 of every 10 dollars.

Restraining spending growth to 1.7 per cent – less than half the average under our predecessors.

Finding almost $95 billion of savings – more this term than they managed over their last 2 combined, with precisely zero in their last Budget.

Making real structural reform to secure the future of aged care and the National Disability Insurance Scheme.

Guaranteeing the choice, dignity and security they bring to millions of Australians.

And tackling high and rising interest costs.

Just after coming to government, they were forecast to grow by 14.4 per cent per year.

After 3 years of responsibility and restraint we’ve managed to cut that to 9.5 per cent.

A big part of this story is our decision to return the vast majority of revenue upgrades to the bottom line.

Not only has this improved the budget position by around $250 billion dollars to 2028–29.

It means we will save about $112 billion in interest payments over the medium term.

Reason 2: plans

We don’t see the substantial progress we’ve made on the budget as an end in itself.

Repairing the budget and rebuilding living standards go hand in hand.

Our responsible approach has made room for the 5 main priorities of this Budget.

Helping with the cost of living.

Strengthening Medicare.

Building more homes.

Investing in every stage of education.

And making our economy stronger, more productive, and more resilient.

These are essential components of our economic plan.

To strengthen our resilience in uncertain times.

To create a more dynamic, competitive economy.

And to rebuild incomes and living standards.

Rebuilding living standards

In this Budget we’re delivering more cost‑of‑living relief for Australians when it’s needed.

Extending energy bill relief.

Funding wage increases for care workers.

Making medicines cheaper.

Relieving student debt.

And lowering taxes for every taxpayer.

The combined benefit for an average household will be more than $15,000 from our 3 rounds of tax cuts and energy bill relief alone.

Substantial relief while also building the earning capacity of Australians for the future too.

By improving access to education – so that every Australian gets the chance to work in the jobs of the future.

By investing in Medicare and expanding bulk billing – minimising out of pocket health costs and time out of work.

And by moving towards universal early childhood education – so that parents can work more, if they want to.

These parts of our plan to rebuild living standards are distinct but interlinked.

Take our tax cut top‑up – a modest but meaningful addition to the tax cuts we’re rolling out already.

The average annual tax cut, after this year’s and next year’s, is $2,548 or about $50 a week.

Our tax cuts will:

Boost incomes by 1.9 per cent within 2 years.

Support the private sector recovery.

Increase participation by more than 1.3 million hours –

With Treasury estimating that 900,000 of these hours will be taken up by women.

And give people a better start in their careers with the average young worker receiving a tax cut more than twice the size they would have under the Coalition.

So, our tax cuts provide immediate relief while also boosting participation, aspiration, and Australians’ long‑term earning potential too.

Resilience

This focus on improving living standards is a big part of this Budget because it’s the fundamental mission of our government.

Creating opportunities, and helping people seize them in a world full of churn and change.

We cannot undo or ignore the shift from globalisation to fragmentation.

We can determine how we respond.

That’s what a Future Made in Australia is about.

It’s a pro‑trade agenda, that puts a premium on private sector investment.

It rejects self‑sabotaging tariffs and trade barriers, protectionism and isolationism.

It focuses on how we shore up critical supply chains and become indispensable to new ones.

This is critical to the jobs of the future.

And it’s vital to managing uncertainty now.

$30 billion of projects in sectors like green hydrogen, critical minerals and clean energy manufacturing have been proposed or are in development.

Our plan is to build on this progress – improving our resilience by unlocking our competitiveness.

In this Budget we’re facilitating more private investment in renewable energy – our fundamental comparative advantage in the new net zero economy.

We’re funding research in clean energy technology manufacturing and low carbon liquid fuels – so we can commercialise Australian innovations.

And we’re making big investments in green metals – leveraging our traditional strength in resources to build new opportunities.

Reform

A Future Made in Australia, powered by cleaner and cheaper energy, positions us as an essential part of the global net zero economy.

This will be critical to our growth prospects.

But it’s not the only part of our growth agenda.

We know the foundations of future success start with more competitiveness, and a more productive economy.

That’s why we’re reforming the payments system, our financial market infrastructure, approvals processes, our foreign investment framework and more.

It might be unusual to keep the wheels of economic reform turning in a pre‑election Budget, but that’s what we’re doing.

First, by banning non‑compete clauses for most workers.

And second, by creating a national licensing scheme for electrical occupations.

We’re proud of these changes because they show that the way to increase competition and productivity in our economy isn’t with scorched‑earth industrial relations –

Or making Australians work longer for less.

It’s with policy that boosts competition, while boosting wages and our workforce at the same time.

This is a Budget that’s pro‑worker, pro‑growth and pro‑competition.

Our reform to non‑competes will remove a handbrake on competition and a speedbump to aspiration.

Most workers will no longer need a lawyer to get a better paying job.

They won’t need permission from their old boss to become their own boss.

Instead, we’re empowering them to move jobs and earn more and start businesses if they want to.

This could add an estimated $5 billion annually to our economy.

At the same time as average wages for those freed from these restrictions could increase by up to $2,500 a year.

We’re also boosting competition and backing workers with a new occupational licensing regime for electricians.

Requiring electricians to get a new license every time they want to work inter‑state is unnecessary, costly red tape.

We’re making sure a sparky on the Tweed doesn’t need a different licence for a job in Coolangatta.

Broader licensing reform could lift GDP by up to $10 billion a year.

Which is why this change will be a template for future reform.

Reason 3: risk

Our progress to here, and our plan for what’s ahead, make up 2 parts of our economic case for re‑election.

The third is the risk that all this could be undone by a Coalition government.

Usually at this point in Budget week or the electoral cycle, you would set some basic tests for your opponent.

On this occasion they’ve already failed them.

The Coalition has put forward the ‘weakest policy offering from an opposition in living memory’, according to industry sources.

They either don’t have a clue or they won’t come clean.

But what looks like slapstick comedy masks more sinister intent.

We know this because Angus Taylor has told us, and the Coalition’s position on key issues has shown us.

Now, Angus and I don’t agree on much.

But to give credit where it’s due, he made one insightful point recently when he said ‘the best predictor of future performance is past performance’.

And – in a dramatic break from usual Coalition internals – Peter Dutton backed him in.

On this, they are absolutely right.

Their past performance is no surpluses, more waste and rorts, and more debt.

Their past performance is middle Australia missing out – with real wages in reverse and living standards falling fast.

Their past performance is much higher and rising inflation.

Their past performance is Peter Dutton’s attacks on Medicare.

But it is not just their record in government that reveals their priorities and what they would do if elected.

Their recent record in Opposition makes it very clear:

Australians would be worse off under Peter Dutton.

When he cuts, Australians will pay.

Cutting cost‑of‑living help is the only motivation that binds this Coalition clown show together.

They’ve opposed cuts to student debt and energy bill relief.

Opposed cheaper childcare and cheaper medicines.

Opposed more homes and more Urgent Care Clinics.

Today they voted for higher taxes on Australian workers.

Australians would be much worse off if Peter Dutton had his way and they’ll be worse off still if he wins.

This brain snap from Angus Taylor on tax makes that crystal clear.

It means this parliamentary term finishes like it started:

Labor helping Australians with the cost of living and Peter Dutton and the Coalition trying to prevent it.

The Liberals and Nationals have now opposed 3 tax cuts, 3 times in 3 years.

Instead of working with us to help Australians, they’ve got secret plans to harm them.

It beggars belief that Peter Dutton says he will make hundreds of billions in cuts, but won’t tell Australians where or how.

There’s only one reason for that – and people should know about it.

The Coalition can’t find the $600 billion they need for nuclear, or the billions in cuts they’ve promised, without coming after Medicare again.

The point I’m making is this.

When the Australian economy is turning a corner.

And the global economy is taking a turn for the worse.

We can’t afford to turn back.

Not when so little is known about the alternative.

Conclusion

I know this tradition is as much about your questions as it is about the Treasurer’s address.

So let me just share some final thoughts.

There are familiar rituals and rhythms to Budget week.

Even after 20 years, you can still get caught up in them.

But a budget is never about one week, or 5.

It’s overwhelmingly a program for the years ahead.

Ours also makes the economic case for re‑election.

More than that, it spells out our plan for action to build on the progress we’ve made together.

Now, it’s probably fair to say that over the years and out in the suburbs there’s been a flattening of expectations of what we can achieve through economic policymaking.

And a narrowing of our collective sense that political leadership can make a real and tangible difference in people’s lives.

Every one of us has reason to reflect on our role, but also, on whether we can turn it around.

Because Australians should be proud of all that we have achieved together.

We are on the cusp of something extraordinary in our economy.

But something prevents us from saying so.

Maybe that’s because of Australians’ natural streak of humility.

Maybe after years of crisis, we’ve trained ourselves to brace for the next one.

Maybe it’s the erosion of trust in institutions that we see around the world.

Something that Australia has so far managed to avoid the most extreme fallout from.

But a big part of it is undoubtedly due to the pressure people are under.

We get that.

Because, while we have every reason to be optimistic about the future, we understand that this can often run ahead of
how people are faring and feeling.

For many Australians, the pressures of the past few years have been substantial.

So let me say we don’t just acknowledge that – we’re doing something about it.

You saw that again in the Budget last night.

Yes, inflation is coming down, real wages are up, unemployment is low, interest rates have started coming down, the economy is bouncing back.

But for many people, the gap between working hard and getting ahead still needs eliminating.

That’s why there’s more work to do.

It’s why our focus isn’t confined to the national numbers – as important as they are.

This Budget is about more than turning the corner, it’s a plan for where we go next.

Not just putting the worst behind us –

But seizing what’s in front of us.

In this new world of uncertainty –

Creating a new generation of prosperity –

That is stronger, because it is more inclusive –

In the better future that we’re building together.

Thanks very much.

MIL OSI News –

March 27, 2025

MIL-OSI: Purpose Investments Inc. Announces Final March 2025 Distribution Rate for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. announced today the final March 2025 distribution rates for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund.

The following table reflects the final distribution amounts for the month of March. Ex-distribution date is March 27, 2025.

Open-End Fund	Ticker Symbol	Final distribution per unit	Record Date	Payable Date	Distribution Frequency
Purpose USD Cash Management Fund – ETF Units	MNU.U	US $0.3534	03/27/2025	04/02/2025	Monthly
Purpose Cash Management Fund – ETF Units	MNY	$0.2647	03/27/2025	04/02/2025	Monthly
Purpose High Interest Savings Fund – ETF Units	PSA	$0.1107	03/27/2025	04/02/2025	Monthly
Purpose US Cash Fund – ETF Units	PSU.U	US $0.3375	03/27/2025	04/02/2025	Monthly

About Purpose Investments Inc.

Purpose Investments Inc. is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information please contact:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

The MIL Network –

March 27, 2025

MIL-OSI Economics: Phillips 66 Files Preliminary Proxy Statement for 2025 Annual Meeting

Source: Phillips

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) today announced that it has filed its preliminary proxy materials with the U.S. Securities and Exchange Commission in connection with its upcoming 2025 Annual Meeting of Shareholders.
In today’s filing, the Phillips 66 Board of Directors:
Announces the nomination of two new candidates bringing critical financial and operational capabilities to the Board:A. Nigel Hearne, a 35-year veteran of the energy industry with direct refining operations leadership, bringing deep downstream and integration expertise; and Howard I. Ungerleider, a highly strategic former President and Chief Financial Officer with extensive chemicals experience.
Nominates John E. Lowe and Robert “Bob” W. Pease as directors:Lowe, a strategic leader with more than 40 years of leadership in midstream, refining and chemicals businesses; and Pease, a director identified in partnership with Elliott Investment Management (“Elliott”), whose expertise in refining operations strengthens the Board’s oversight of efficiency improvements and strategic execution.
Announces it again intends to seek shareholder approval of a management proposal to approve the declassification of the Boardat the 2025 Annual Meeting, a proposal that the Company has previously put forth five times over the past decade.
Reiterates unanimous support for the Company’s strategyto drive compelling, consistent returns for shareholders through operational excellence and effective allocation of capital across a leading integrated downstream business with a differentiated portfolio in highly attractive markets.
Unanimously recommends that shareholders use the WHITE proxy card or the WHITE voting instruction form to vote FOR only the four nominees recommended by the Board, and AGAINST Elliott’s proposal to approve, on an advisory basis, that the Board adopt a policy to implement the required annual resignation of all directors, and as the Board recommends on all other proposals.
Glenn F. Tilton, the Board’s lead independent director, said, “As a board, we regularly evaluate all ideas that may maximize shareholder value and have a proven history of acting decisively on value enhancing opportunities when it is in the best interests of our shareholders. Our priority is ensuring we have the right mix of skills so that we are best positioned to oversee the Company’s strategy and to deliver consistent and long-term value for our shareholders. The Board encourages new perspectives, welcomes debate and regularly engages with shareholders to solicit their feedback.”
Tilton continued, “After careful consideration of Elliott’s nominees and several conversations with Elliott’s representatives over multiple years, we have determined that the dissident nominees do not possess skills or experiences not represented on the Board already or that would directly drive further shareholder value creation. Further, Elliott’s inconsistent approach and evolving demands would introduce undue risk by prioritizing uncertain short-term gains over a disciplined, long-term strategy. The Board reiterates its commitment to rigorously evaluating the portfolio and strategic alternatives to maximize long-term shareholder value while avoiding decisions driven by short-term market fluctuations and speculative valuations.”
Phillips 66 Nominates Proven Leaders Who Strengthen Highly Engaged Board
Over the past four years, Phillips 66 has welcomed five new independent directors to the Board, including two in 2024. Today, Phillips 66 is nominating four director candidates, including two new nominees:
A. Nigel Hearne: With more than 35 years of experience in the energy industry, including extensive international upstream and downstream operating experience, he is a proven leader who will provide extremely valuable insights in overseeing Phillips 66’s execution of its strategic priorities. Hearne is currently the Chief Operating Officer of Harbour Energy and was recently Executive Vice President of Oil, Products & Gas at Chevron Corporation where he oversaw the entire value chain and was responsible for maximizing value from their global integrated model. He began his career in downstream operations, overseeing refineries in the United States and globally.
Howard I. Ungerleider: An experienced public company board member, Ungerleider is a highly strategic former President and Chief Financial Officer with deep insight into the chemicals business. He served in leadership roles at Dow for more than 30 years and managed the financial complexities of the historic merge-and-spin of DowDuPont, an $86 billion holding company comprised of The Dow Chemical Company and DuPont, from September 2017 to April 2019. His financial expertise and broader leadership through strategic transformations will be a meaningful addition to the Board and its oversight of the Company’s strategy.
John E. Lowe: As a respected strategic leader in the energy industry, he brings extensive expertise from an over 40-year career with leadership positions across midstream, refining, upstream and chemicals businesses. Through his various roles as an executive, strategic advisor and board member for upstream, midstream and downstream energy companies, he provides valuable insights into strategic, operational and regulatory considerations for Phillips 66’s strategic transformation and overall strategy.
Robert W. Pease:Through his 38-year career in the energy industry, he has held numerous leadership roles, particularly in downstream businesses. He brings deep refinery operations experience to the Board, which bolsters the Board’s ability to oversee the Company’s focus on optimizing the cost structure and operational efficiency of its refining assets, along with valuable perspectives on shifting market demand and through-cycle positioning which are important for the Company to set its long-term strategy.
“The addition of Nigel and Howard will add fresh insights from proven global leaders who not only have direct experience in our industry – they notably bring unique perspectives from their careers that are highly relevant to our position in the industry and our long-term strategy,” said Tilton. “Together, Nigel, Howard, Bob and John represent a unique set of skills and experiences. Nigel and Howard’s skills will complement those of our existing directors and can challenge our strategy and represent what is best for our shareholders,” Tilton added.
Tilton concluded, “Our transformative strategy is in its early stages, and we are confident we have the right chief executive officer, leadership team and strategic plan in place to continue delivering sustainable value creation, as noted last year by one of our largest shareholders, Elliott Management. The Board takes a highly engaged approach to overseeing the Company’s strategy that involves thoughtfully reviewing operations and challenging management to further maximize long-term shareholder value.”
Phillips 66’s Board of Directors is Committed to Declassification
At the 2025 Annual Meeting, Phillips 66 is seeking shareholder approval of a proposal to approve the declassification of the Board by amending the Company’s certificate of incorporation and by-laws, as it has done five times before over the past decade. The Board continues to believe it is in the best interests of the Company and its shareholders to properly declassify the Board. Elliott is seeking shareholder approval of a request for the Board to adopt a policy to implement a required annual resignation of all directors. Elliott’s proposal is merely a distraction and contravenes several elements of the Company’s organizational documents, in violation of well-established principles of Delaware corporate law.
The Board strongly urges shareholders who wish to properly declassify the Board in accordance with the Company’s governing documents to vote AGAINST Elliott’s proposal and in support of management’s proposal.
Elliott’s Proxy Fight
As stated in the March 5 public letter to shareholders, Phillips 66 has sought to engage with Elliott since 2023 to hear its ideas and work constructively toward a shared goal of long-term value creation.
This constructive dialogue led to the addition of Bob Pease to the Board with Elliott stating: “We (Elliott) have worked collaboratively with Phillips 66 on the Board’s appointment of Bob, who will bring extensive experience in refining and the energy industry more broadly.”
However, attempts to reach agreement on adding another mutually agreed director have been met with challenges.
Following a period of silence, Elliott issued a series of public attacks on the Board and management team and, for the first time in its discussions with Phillips 66, proposed the idea of a separation. Phillips 66 sought to re-engage Elliott in constructive dialogue to find a path forward that would benefit all shareholders.
At the latest meeting, Elliott representatives indicated there were no immediate next steps and opted not to present their nominees for interviews at that time, despite the Board’s willingness to engage. The Board and leadership team of Phillips 66 stand ready to engage constructively when Elliott is ready.
In the coming weeks, Phillips 66 will provide more information about its highly qualified board candidates, its strong management team and its proven strategy to create long-term shareholder value. The Company will also provide details regarding how Elliott’s nominees and its proposed changes at Phillips 66 present significant risks to shareholder value.
Keeping Our Shareholders Informed
Phillips 66’s definitive proxy materials will soon be mailed out to shareholders and will include a WHITE proxy card or a WHITE voting instruction form with voting instructions. Your vote for all four Phillips 66 nominees on the WHITE proxy card or WHITE voting instruction form will be critical. Shareholders and other stakeholders can stay informed about the 2025 Annual Meeting and related updates by visiting: Phillips66Delivers.com.
Phillips 66 strongly urges shareholders to simply discard and NOT vote using any Gold proxy card or Gold voting instruction form that may be sent by Elliott.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “committed,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for renewable fuels; potential liability from pending or future litigation; liability for remedial actions, including removal and reclamation obligations under existing or future environmental regulations; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we have announced or may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; failure to complete construction of capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information
On March 26, 2025, Phillips 66 filed a preliminary proxy statement on Schedule 14A (the “Proxy Statement”) and accompanying WHITE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its 2025 Annual Meeting of Shareholders (the “2025 Annual Meeting”) and its solicitation of proxies for Phillips 66’s director nominees and for other matters to be voted on. The Proxy Statement is in preliminary form and Phillips 66 intends to file and mail to shareholders of record entitled to vote at the 2025 Annual Meeting a definitive proxy statement and other documents, including a WHITE proxy card. Phillips 66 may also file other relevant documents with the SEC regarding its solicitation of proxies for the 2025 Annual Meeting. This communication is not a substitute for any proxy statement or other document that Phillips 66 has filed or may file with the SEC in connection with any solicitation by Phillips 66. PHILLIPS 66 SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING WHITE PROXY CARD AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED WITH THE SEC AS THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents (including the WHITE proxy card) filed by Phillips 66 with the SEC without charge from the SEC’s website at www.sec.gov. Copies of the documents filed by Phillips 66 with the SEC also may be obtained free of charge at Phillips 66’s investor relations website at https://investor.phillips66.com or upon written request sent to Phillips 66, 2331 CityWest Boulevard, Houston, TX 77042, Attention: Investor Relations.
Certain Information Regarding Participants
Phillips 66, its directors, its director nominees and certain of its executive officers and employees may be deemed to be participants in connection with the solicitation of proxies from Phillips 66 shareholders in connection with the matters to be considered at the 2025 Annual Meeting. Information regarding the names of such persons and their respective interests in Phillips 66, by securities holdings or otherwise, is available in the Proxy Statement, which was filed with the SEC on March 26, 2025, and will be included in Phillips 66’s definitive proxy statement, once available, including in the sections captioned “Beneficial Ownership of Phillips 66 Securities” and “Appendix C: Supplemental Information Regarding Participants in the Solicitation.” To the extent that Phillips 66’s directors and executive officers who may be deemed to be participants in the solicitation have acquired or disposed of securities holdings since the applicable “as of” date disclosed in the Proxy Statement, such transactions have been or will be reflected on Statements of Changes in Ownership of Securities on Form 4 or Initial Statements of Beneficial Ownership of Securities on Form 3 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

Source: Phillips 66

MIL OSI Economics –

March 27, 2025

Category: Finance

Spring Statement 2025 speech

Updates to this page

About FATF

India’s Mutual Evaluation by FATF

Some thoughts on the Agenda for PSCF 2025

Conclusion

Comment

Please be aware:

The fourth shock

Acknowledgements

Turning a corner

Economic case for re‑election

Reason one: progress

Reason 2: plans

Rebuilding living standards

Resilience

Reform

Reason 3: risk

Conclusion