NewzIntel.com

Category: Finance

  • MIL-OSI: Silvercrest Asset Management (SAMG) to Announce Fourth Quarter and Year-End 2024 Results and Host Investor Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) announced today it will host a teleconference at 8:30 am Eastern Time on March 7, 2025, to discuss the company’s financial results for the fourth quarter and year ended December 31, 2024. A news release containing the results will be issued before the open of the U.S. equity markets and will be available on http://ir.silvercrestgroup.com/.

    Chairman, Chief Executive Officer and President Richard R. Hough III and Chief Financial Officer Scott A. Gerard will review the quarterly results during the call. Immediately after the prepared remarks, there will be a question and answer session for analysts and institutional investors.

    Analysts, institutional investors and the general public may listen to the call by dialing 1-844-836-8743 or for international callers please dial 1-412-317-5723. A live, listen-only webcast will also be available via the investor relations section of www.silvercrestgroup.com. An archived replay of the call will be available after the completion of the live call on the Investor Relations page of the Silvercrest website at http://ir.silvercrestgroup.com/.

    About Silvercrest
    Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, New Jersey, California and Wisconsin, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors. As of September 30, 2024, the firm reported assets under management of $35.1 billion.

    Contact: Richard Hough
    212-649-0601
    rhough@silvercrestgroup.com

    The MIL Network –

  • MIL-OSI: Nasdaq Announces Updated Presentation Schedule for the Morgan Stanley Technology, Media & Telecom Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced an update to the timing of its previously announced presentation at the Morgan Stanley Technology, Media & Telecom Conference. Nasdaq CFO Sarah Youngwood will now be presenting at 4:05pm PT (7:05pm ET) on Monday, March 3, 2025. All updated details are included below.

    A webcast will be available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.cfm.

    Who:       Sarah Youngwood, EVP & CFO, Nasdaq
         
    What:   Morgan Stanley Technology, Media & Telecom Conference
         
    When:   Monday, March 3, 2025
    4:05pm PT (7:05 PM ET)
         

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Nick Eghtessad
    +1.929.996.8894
    Nick.Eghtessad@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI USA: Colorado Dentist Pleads Guilty to Multiple Tax Evasion Charges

    Source: US State of California

    A Colorado dentist pleaded guilty today to six counts of tax evasion related to his use of an illegal tax shelter.

    According to court documents and statements made in court, since 2014, Ryan Ulibarri owned and operated Ulibarri Family Dentistry in Fort Collins, Colorado. In 2016, Ulibarri purchased an abusive-trust tax shelter for $50,000. The tax shelter involved concealing income and creating false tax deductions through the use of a so-called business trust, family trust, charitable trust and a private family foundation, all of which Ulibarri created and controlled. From 2017 through 2022, Ulibarri used this tax shelter to conceal from the IRS over $3.5 million in income he earned from his dental practice.

    To set up the tax shelter, Ulibarri, as the purported trustee, signed trust instruments purporting to create the three trusts and foundation, and he opened bank accounts in the name of each. He further recruited friends to falsely sign his trust instruments as the purported creators of the trusts. Ulibarri then transferred majority ownership of his dental practice to the business trust. Ulibarri did this despite having been warned by attorneys and CPAs that, in Colorado, a trust could not own a dental practice.

    He then transferred over $3 million he earned from his dental practice into the bank accounts of the various trusts and foundation to create the illusion that the funds belonged to those entities. In reality, Ulibarri retained complete control over the funds and used the funds to pay for personal expenses including his home mortgage, credit card bills, boats and professional baseball season tickets. Finally, he filed false tax returns for himself, his dental practice, the trusts and foundation that falsely reported the income he earned from his dental practice as income of the trusts. On those tax returns Ulibarri also claimed fraudulent deductions for his personal living expenses which he disguised as trust expenses and charitable donations.

    In total, Ulibarri is alleged to have caused a tax loss to the IRS of over $1 million.

    Ulibarri is scheduled to be sentenced on June 17. He faces a maximum penalty of five years in prison for each count of tax evasion as well as a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Special Agent in Charge Amanda Prestegard of IRS Criminal Investigation’s Denver Field Office made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Amanda R. Scott and Lauren K. Pope and Assistant Chief Andrew J. Kameros of the Tax Division are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Security: Suspected bank robbers arrested in Belgium

    Source: Eurojust

    28 February 2025|

    Eurojust coordinated the collaboration between French and Belgian authorities that led to the arrest of 12 gang members on 26 February. The criminals are suspected of attempting to rob cash transports for banks. Due to the swift cooperation between the authorities, the criminals were stopped before committing a robbery.

    Two High Value Targets specialised in armed robbery were part of the criminal group. One of the suspects is known as the ‘escape king’ due to him escaping from prison multiple times. In the course of their investigation, the French authorities noticed the two High Value Targets travelling regularly to Belgium. They suspected the targets were planning to commit a crime. After their investigations showed that the members had links with Belgian suspects, cooperation with the Belgian authorities was quickly set up through Eurojust. 

    A joint investigation team was set up at Eurojust to allow the Belgian and French authorities to work together swiftly and efficiently, exchanging information and evidence in real time. To stop the criminals, a joint operation was planned at Eurojust. 

    In the late hours of 26 February, the Belgian authorities arrested 12 suspects. The authorities know several of the people arrested. Following the arrests, several searches were carried out in France and Belgium. Investigations into the robbers are ongoing. 

    The following authorities carried out the operations: 

    • France: JIRS PARIS inter regional specialised jurisdiction; OCCLO National Police Organised Crime unit  
    • Belgium: PPO Brussels; Investigative Judge Brussels; Judicial Police Brussels (PJF Bruxelles); Special Units Belgian Federal Police (DSU)

    MIL Security OSI –

  • MIL-OSI Security: Romance scheme fraudster admits to $3 million conspiracy

    Source: Office of United States Attorneys

    HOUSTON – A 47-year-old Houston man has entered a guilty plea to wire fraud and conspiracy for a romance scheme targeting citizens nationwide, many of whom were elderly, announced U.S. Attorney Nicholas J. Ganjei.

    Darlington Akporugo admitted to being a central figure in a long-running romance scheme based in Houston that victimized citizens from Chicago to Kentucky. Akporugo worked with others to lure victims through online romances and then induce them to send money to various bank accounts he controlled.   

    To further the fraud, Akporugo and his co-conspirators used fake names to contact victims on social media, gain their confidence and then persuade them to invest in non-existent businesses or provide funds for invented personal circumstances.

    As part of his plea, Akporugo admitted to approaching potential victims, primarily on social media sites such as Facebook, and then directing them to send money to either his or his associates’ bank accounts. That money was often then directed overseas.

    In addition to collecting cash and wire transfers, Akpourgo also admitted to having victims open lines of credit in his name and, in one case, purchasing a luxury vehicle for his personal use.

    During the multi-year investigation, authorities were able to identify over 25 victims of the scheme, the majority either retired or of advanced age.     

    Losses from the fraud ring’s operation total more than $3 million.   

    “As we unfortunately have seen, victims of romance scams suffer tremendous financial loss, sometimes amounting to their entire life savings,” said Ganjei. “Those have fallen prey to such fraudsters are often too embarrassed to come forward and report the incident to law enforcement. Although this is an understandable reaction, we encourage victims to nonetheless come forward, as their story may help the future victimization of others.”

    U.S. District Judge Charles Eskridge will impose sentencing June 6. At that time, Akporugo faces up to 20 years in federal prison and a possible $250,000 maximum fine.

    He will remain in custody pending that hearing.

    Homeland Security Investigations conducted the investigation. Assistant U.S. Attorney Thomas Carter prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Northborough Man Sentenced to Two Years in Prison for Embezzling Over $360,000 From Non-Profit

    Source: Office of United States Attorneys

    BOSTON – A Northborough man was sentenced today in federal court in Worcester for wire fraud and money laundering charges after embezzling approximately $366,477 from a non-profit organization in Sturbridge.

    Kyriakos Kapiris, a/k/a Rick Kapiris, 38, was sentenced by U.S. District Court Judge Margaret R. Guzman to two years in prison, to be followed by five years of supervised release. Kapiris was also ordered to pay $371, 088.97 in restitution. In June 2022, Kapiris pleaded guilty to two counts of wire fraud and one count of money laundering.

    From April 2015 to May 2020, Kapiris worked as the Information Technology Manager at Venture Community Services (VCS), a non-profit organization in Sturbridge, Mass. that services developmentally disabled members of the community. As part of his responsibilities, the organization provided Kapiris access to two company credit cards to purchase equipment and services as needed. Beginning in 2016, Kapiris used the two company credit cards to purportedly purchase equipment from two vendor accounts on the web app Square and one account on Amazon. In reality, Kapiris created the three vendor accounts to embezzle the funds and fabricated sales invoices for purportedly purchased equipment to conceal the scheme. Kapiris used the names of legitimate Massachusetts companies for the two Square accounts and created the Amazon account in the name of a company that he controlled, “NetworkingPlus.”  

    Kapiris linked the three vendor accounts to several of his own personal accounts at Bank of America into which he transferred the fraudulent proceeds. Kapiris then used the stolen funds for personal expenses, including to build a house. The house was forfeited by the government and sold.  

    At sentencing, the Court noted that the defendant had been previously convicted of stealing from a prior employer and was on probation for that offense at the time of his theft from VCS.

    United States Attorney Leah B. Foley and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement. Valuable assistance was provided by the Sturbridge and Northborough Police Departments. Assistant U.S. Attorneys Lucy Sun and Kristen Noto of the Worcester Branch Office prosecuted the case.
     

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office announces 4 defendants charged with violating immigration crimes

    Source: Office of United States Attorneys

    COLUMBUS, Ohio – The U.S. Attorney’s Office for the Southern District of Ohio announced today new immigration charges in four cases in the District.

    Task force agents arrested Alberto Caiceros-Cruz, 40, after observing him leave his residence in Columbus and drive a vehicle with no registration displayed. Caiceros-Cruz is a Mexican national and was most recently removed from the United States in 2022.

    On Tuesday, a federal grand jury in Columbus indicted an El Salvadoran national with illegally reentering the United States after being convicted of sex offenses and a Honduran national with illegally possessing firearms.

    Carlos Gonzales-Hernandez, 55, was detained in January 2025 following a traffic stop in Madison County. He was then transferred into ICE custody. The defendant had been removed from the United States following a local prison sentence for sex offenses. Gonzales-Hernandez was previously convicted in Franklin County Court of Common Pleas of three counts of gross sexual imposition and received a prison sentence of six years.

    Elmer Edison Rodriguez-Guzman, 46, was in a vehicle that was stopped in Cambridge, Ohio, in July 2024 due to no taillights. Law enforcement officials discovered items including a handgun, a double-barrel shotgun and ammunition. Rodriguez-Guzman was arrested in Guernsey County and then transferred into federal custody.

    On Thursday, a federal grand jury in Columbus indicted Pedro Marquez, 34, who is also known as Peter Marquez, Pedro Ravas Rivas, Alex Rivas Vasquez and Alex Vasquez Rivas. In 2011, Marquez was convicted of participating in a drug trafficking conspiracy and illegally reentering the United States and was sentenced to federal prison. Marquez had conspired with others in the Eastern District of Oklahoma to possess with intent to distribute 500 grams or more of methamphetamine. Marquez transported, delivered and distributed the drugs on behalf of the conspiracy. He was removed from the United States again in 2016 following his term of imprisonment. Law enforcement found and arrested Marquez in Bloomingburg, Ohio, on Feb. 13.

    Illegally reentering the United States is a federal crime punishable by up to two years in prison. If the offender has a prior felony conviction (or multiple prior misdemeanor convictions of certain types), the penalty is increased to 10 years in prison, and if the offender has been previously convicted of an aggravated felony, the defendant faces up to 20 years in prison.

    Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio; Jared Murphey, acting Special Agent in Charge, U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) Detroit; and Robert Lynch, Field Office Director, ICE Enforcement and Removal Operations (ERO) Detroit Field Office; announced the charges. Assistant United States Attorneys Tyler J. Aagard, Sheila G. Lafferty and David J. Twombly are representing the United States in these cases.

    Indictments and criminal complaints merely contain allegations, and defendants are presumed innocent unless proven guilty in a court of law.

    These cases are being prosecuted as part of the Southern District of Ohio Immigration Enforcement Task Force, which dedicates agents, attorneys and other staff to investigating and prosecuting immigration violations.

    # # #

    MIL Security OSI –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    28 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 28.02.2025

    Espoo, Finland – On 28 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,400,000 4.65
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,400,000 4.65

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 28 February 2025 was EUR 6,507,900. After the disclosed transactions, Nokia Corporation holds 135,282,828 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Africa: Afreximbank and Kenyan government ink milestone agreements to promote industralisation

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

    MOMBASA, Kenya, February 28, 2025/APO Group/ —

    • Afreximbank to finance development and operationalisation of industrial parks and special economic zones to bolster industralisation and export manufacturing
    • Afreximbank also commits to three-year US$3 billion Kenya country programme to support trade and trade-related investments

    African Export-Import Bank (Afreximbank) (www.Afreximbank.com), Africa’s foremost trade development Bank, today in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.

    The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.

    Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa.

    Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government’s Vision 2030, entitled “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, reflecting the high priority which state institutions are giving to measures that strengthen, expand and accelerate Kenya’s capacity to export value-added goods within Africa and globally.

    Speaking on the signing, the President of the Republic of Kenya, H.E. Dr. William S. Ruto said; “We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”

    In his own comments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said:

    “Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.

    “Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint.

    Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.” 

    Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the Dongo Kundu Special Economic Zone agreement. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement, with H.E. Dr. William Ruto, President of the Republic of Kenya, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, witnessing the signing of both agreements for the State and for the Bank, respectively.

    The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.

    The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5000 acres.

    The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway. Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.

    Other dignitaries in attendance included Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank; Hon. Davis Chirchir E.G.H, Roads and Transport Cabinet Secretary; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy and Sports of Kenya and Honourable Lee Kinyanjui, Cabinet Secretary, Ministry of Investment, Trade and Industry. Additionally, Captain William K. Ruto, Managing Director, Kenya Ports Authority; Dr. Kenneth Chelule, Chief Executive Officer, Special Economic Zones Authority; His Excellency Abdulswamad Shariff Nassir, Governor of Mombasa County; the Honourable Benjamin Tayari, Chairman, Kenya Ports Authority, and Mr. Fredrick Muteti, EBS, Chairperson, Special Economic Zones Authority attended the event.

    MIL OSI Africa –

  • MIL-OSI Global: Elon Musk is firing thousands of workers – why this could be the biggest jobs cut in US history

    Source: The Conversation – UK – By Thomas Gift, Associate Professor and Director of the Centre on US Politics, UCL

    Elon Musk is wielding a chainsaw against US government departments, potentially culling tens of thousands of jobs, as part of a huge plan to shrink the government and slash federal spending.

    This large-scale purge of public servants, coordinated through Musk’s Department of Government Efficiency (Doge), may end up creating one of the biggest employment cuts in US history. Tech company IBM laid off 60,000 people in 1993, and about 25,000 workers (some outside the US) lost their jobs when Lehman Brothers bank went bust in 2008, but this swathe of job losses could outstrip them both, with numbers predicted to hit around 300,000.

    On Friday February 21, Musk sent a “productivity email” to all federal employees demanding that they summarise the work they’d done in the past week. President Donald Trump hailed Musk’s ultimatum as “ingenious” and echoed that failure to comply would mean that employees would be “semi-fired or fired”.

    By the Monday, chaos reigned in Washington. The bedlam left career civil servants unsure of how, or even whether, to reply, marking the latest flashpoint in a tumultuous last month created by Doge and aimed at trimming the federal workforce. Adding insult to injury, Musk later admitted the email was a ruse to test whether federal workers “had a pulse”. A follow-up email is rumoured to be coming this weekend.

    On X, Musk doubled down, posting an image of the cartoon character SpongeBob SquarePants looking at a “Got Done Last Week” list that included: “Cried about Trump, Cried about Elon, Cried about Trump and Elon some more.” Days earlier, at the annual gathering of the US right wing, the Conservative Political Action Conference, Musk brandished a chainsaw and screamed “Chainsaw!” to show the uproarious Maga crowd how he intended to eviscerate the federal bureaucracy.

    Political payback?

    Doge’s proposed job cuts are vast and deep. So far, much of Musk’s ire has been directed at the US Agency for International Development (USAid), where 4,700 employees have already been put on leave – with 1,600 of those positions terminated.

    It’s perhaps no surprise that Doge started with this soft target. Although the US spends only about 1% of federal money on development aid, polls consistently show that Americans, especially Republicans, think Washington overspends on foreign assistance.

    The cuts also come amid rising speculation that these firings could be part of a political retaliation by the White House. Influential adviser Stephen Miller claimed, without showing evidence, that 98% of workers at USAid “either donated to Kamala Harris or another leftwing candidate”.

    The Trump administration has also forced out dozens of officials across the Federal Bureau of Investigation (FBI) and the Cybersecurity and Infrastructure Security Agency charged with investigating attempts at foreign interference in US elections.

    Yet it’s not just these institutions where federal jobs are under threat. From the Department of Education to the National Parks Service, Musk is revving up his chainsaw.

    Even the Pentagon, traditionally a “third rail” for Republican presidents when it comes to spending reductions, is feeling the squeeze. The US secretary of defense, Pete Hegseth, has promised to slash military spending by 8% over the next five years from its US$850 billion (£674 billion) annual budget. While US service members in uniform are currently exempt from job losses, many expect civilian workers, especially those in their probationary period, to be shown the door soon.

    There are many thousands of federal jobs across the US.

    Washington DC, which voted for former vice-president Harris over Trump by a margin of 92.5% to 6.6%, is home to the largest number of government jobs: about 2.2 million civilians. However, federal workers are spread across the US. That includes red states where Trump won in 2024. For example, there are more than 129,000 federal jobs in Texas, more than 94,000 in Florida, and more than 79,000 in Georgia.

    For Trump, this complicates the Doge agenda to make a dent in America’s US$36 trillion (£28.6 trillion) debt through mass job terminations. While many Maga supporters cheered campaign pledges to eliminate government “waste, fraud and abuse”, many now confront the stark reality of job losses in their communities (or even their own jobs).

    Trump has promised to get spending by the national government under control, but without addressing reform of essential services – such as Medicare and social security – it’s unclear how he can achieve this goal.

    Backlash and legal battles

    Public opinion towards Musk breaks sharply along partisan lines. According to recent polling by YouGov, 42% of Americans have a positive view of Musk (52% unfavourable), including 79% of Republicans but just 10% of Democrats. The same percentage, 42%, think favourably of Doge, with similar partisan divides. But the number of Americans who rate Musk positively has been dropping in the past few weeks, although he is seen as increasingly influential.

    Contributing to negativity, Musk’s rollout of Doge to oversee cuts to the federal labour force hasn’t come without major flubs. For example, he recently fired (before un-firing) workers at the National Nuclear Security Administration, tasked with overseeing the country’s nuclear weapons stockpiles.

    Even some Trump loyalists are pushing back. After Musk’s “document work or resign” email was blasted to the FBI, newly minted director Kash Patel sent his own message telling employees not to respond, declaring: “The FBI, through the Office of the Director, is in charge of all of our review processes.”

    On X, Harvard political scientist Maya Sen called the reaction “probably a good development for the rule of law”, adding: “Musk got a head start but separate & distinct interests of new political appointees over their own workforces will clash more and more w/Musk.”

    The Trump administration now faces mounting legal challenges to Doge’s agenda. An amended lawsuit filed by a cadre of unions, including the nation’s largest federation of unions, AFL-CIO, alleged that mass firings of probationary workers is illegal, and that only federal agencies have control over human resources decisions.

    Beyond legal chokepoints, Musk confronts increasing scepticism – even within Doge itself. On Tuesday February 25, 21 employees from Doge resigned, saying they would not use their professional skills to “dismantle critical public services”.

    Even among some Republican lawmakers, there’s worry about the breakneck speed of firings. Republican representative Jeff Van Drew, for example, said that “we have to be really careful that we’re cutting things that don’t hurt everyday people”. Some have criticised Musk’s flippant attitude toward longstanding public servants. Others think Musk is taking a hatchet to a problem that requires a scalpel.

    Whether a hatchet, a scalpel or a chainsaw, Musk’s slash-and-burn approach carries risks. By the 2026 midterms (when 35 of the 100 Senate seats will be up for election), the picture of Musk gleefully slicing government jobs could be less a symbol of efficiency, more a symbol of Trump-era hubris.

    Thomas Gift does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Elon Musk is firing thousands of workers – why this could be the biggest jobs cut in US history – https://theconversation.com/elon-musk-is-firing-thousands-of-workers-why-this-could-be-the-biggest-jobs-cut-in-us-history-250854

    MIL OSI – Global Reports –

  • MIL-OSI: Superior Energy Services Acquires Rival Downhole Tools

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 28, 2025 (GLOBE NEWSWIRE) — Superior Energy Services, Inc (“Superior”) announced the acquisition of Rival Downhole Tools (“Rival”), an industry-leading provider of premium downhole drilling tools.

    “This acquisition is part of Superior’s ongoing efforts to expand our position in the oilfield services sector by providing technologies that enhance our customers’ efficiencies and reduce their costs,” said Dave Lesar, Superior’s Chairman and Chief Executive Officer. “Rival is a recognized leader in downhole drilling solutions and, as it’s combined with our existing Stabil Drill business, will create a premier drilling rental product offering for our customers. We are proud to bring them under the Superior banner.”

    Founded in 2017, Rival has long been known for its portfolio of innovative downhole tools engineered to mitigate customer drilling challenges, including the JOLT™ friction reduction system, the STORM™ oscillation reduction tool, and its most recent offering, the AXE™ anti-shock and anti-vibration tool.

    Neil Fletcher, CEO of Rival, will join Superior and serve as the leader of the combined Stabil Drill and Rival businesses.

    “Stabil Drill is the natural fit for Rival’s downhole tools,” said Fletcher. “This combination will open new markets for the Rival products while simultaneously strengthening Superior’s place as a leader in downhole drilling tool solutions.”

    “We are excited to welcome the Rival team to the Superior family,” added Jim Brown, President and COO of Superior. “Stabil Drill is already one of the industry’s most comprehensive providers of mission-critical downhole components. The addition of Rival is a significant step forward for Superior to continue to innovate on behalf of customers around the globe.”

    The transaction closed on February 28, 2025.

    About Superior Energy Services
    Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. In addition to operations in North America, both on land and offshore, Superior Energy Services operates in approximately 47 countries internationally. For more information, visit: www.superiorenergy.com.

    Forward-Looking Statements
    This press release contains forward-looking statements that reflect our current views regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties outside of the Company’s control, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. We undertake no obligation to update these statements except as required by law.

    FOR FURTHER INFORMATION CONTACT:
    Joanna Clark, Corporate Secretary
    1001 Louisiana St., Suite 2900
    Houston, TX 77002
    Investor Relations, ir@superiorenergy.com, (713) 654-2200

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Announces Active Corporate Role for Veteran Investment & Merchant Banker Darlene T. DeRemer as its Executive Director of Corporate Finance

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., Feb. 28, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that Darlene T. DeRemer, previously Chairwoman of NANO Nuclear’s Executive Advisory Board for Institutional Finance, has now transitioned to a new, active corporate role with NANO Nuclear as its Executive Director of Corporate Finance.

    In her new role, Ms. DeRemer will assist NANO Nuclear’s executive management as a consultant in the continuing development and execution of the Company’s financing strategies and its corporate processes and procedures, all with a view towards supporting NANO Nuclear’s long-term growth.

    This appointment follows a similar, previously announced, leadership transition for the Hon. John G. Vonglis, who now serves as NANO Nuclear’s Executive Director of Global Government Affairs after having served on the Company Executive Advisory Board. These appointments highlight the confidence of leading professionals in NANO Nuclear’s mission and potential. Since its inception, NANO Nuclear has attracted highly qualified and proven leaders in finance, regulation, and science. Ms. DeRemer’s appointment adds to a growing roster of exemplary professionals dedicated to NANO Nuclear’s emerging status at the forefront of the advanced nuclear energy technology industry.

    “Working alongside Jay and James on NANO Nuclear’s Executive Advisory Board confirmed my confidence in NANO Nuclear’s mission and leadership, and I’m thrilled to step into a more active role where I can contribute to NANO Nuclear’s continued success,” said Darlene T. DeRemer, Executive Director of Corporate Finance of NANO Nuclear Energy. “I believe that the future of the nuclear energy industry and NANO Nuclear’s mission are closely aligned, given the innovative potential of our technologies to provide reliable, robust, and secure power to data centers, remote communities, mining projects, military installations, and beyond.”

    Figure 1 – NANO Nuclear Energy Executive Advisory Board Member Darlene T. DeRemer Transitions to Active Role within the Company as its Executive Director of Corporate Finance.

    Darlene DeRemer is the Chair of the ARK Invest ETF Trust Board and co-founder of Grail Partners LLC, a merchant banking firm where she leads the firm’s Boston office. As a senior banker, she focuses on the global asset management industry, advising clients on a wide range of strategic transactions. With over 25 years of experience as a leading adviser in the financial services industry, Ms. DeRemer specialized in strategic marketing, product design, and the implementation of innovative service strategies.

    Before transitioning into investment banking, Ms. DeRemer led or participated in numerous advisory transactions. Her current clients include institutional and mutual fund managers in the U.S., as well as alternative investment firms seeking to access public markets both domestically and internationally. Previously, Ms. DeRemer ran NewRiver’s eBusiness Advisory unit for four years and operated her own strategy firm, DeRemer + Associates, for 18 years. Founded in 1987, DeRemer + Associates was the first consultancy focused on the U.S. mutual fund industry. Darlene holds a B.S. in finance and marketing (summa cum laude, 1977) and an MBA with distinction (1979) from Syracuse University.

    “I’m pleased to welcome Darlene to her new role at NANO Nuclear and thank her for her contributions as Chairwoman of our Executive Advisory Board for Institutional Finance,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “Her extensive background in guiding growing companies will be hugely beneficial as we expand and strengthen our operations in both the near and long term. I look forward to working with Darlene to ensure that NANO Nuclear has the financial capabilities to achieve our ambitious goals and as we seek to establish ourself as leader in the advanced nuclear energy industry.”

    “Darlene’s decision to move into a more active role with our company underscores both the great promise of our ambitions and our track record of achievements to date,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “Her leadership abilities and finely honed expertise will be tremendous assets as we continue to expand. In particular, her extensive network and talent for navigating complex financial landscapes will be vital as NANO Nuclear looks to capitalize on the growing momentum in the nuclear energy industry.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR™ Energy System and space focused, portable LOKI MMR™.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN

    NANO Nuclear Energy YOUTUBE

    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include those regarding the anticipated benefits of Ms. DeRemer’s association with the Company as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI Banking: Verizon to speak at Morgan Stanley TMT Conference March 4

    Source: Verizon

    Headline: Verizon to speak at Morgan Stanley TMT Conference March 4

    NEW YORK – Tony Skiadas, executive vice president and chief financial officer for Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the Morgan Stanley Technology, Media and Telecom Conference on Tuesday, March 4, at 11:30 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.

    MIL OSI Global Banks –

  • MIL-OSI USA: Continuing Defense of Georgia Consumers, Senator Reverend Warnock Questions Nominee to Lead CFPB

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Continuing Defense of Georgia Consumers, Senator Reverend Warnock Questions Nominee to Lead CFPB

    Senator Reverend Warnock questioned Jonathan McKernan, the Trump Administration’s nominee to lead the Consumer Financial Protection Bureau (CFPB)

    In partnership with Senator Reverend Warnock, the CFPB addressed 266,560 complaints from Georgians, including 20,168 from servicemembers in the state

    The hearing followed the recent news of the dissolution of CFPB, one of multiple federal agencies gutted by the Elon Musk-led Department of Government Efficiency (DOGE)

    Senator Reverend Warnock is a member of the Subcommittee on Financial Institutions and Consumer Protection, which he chaired last Congress, and which oversees the CFPB

    Senator Reverend Warnock during the hearing: “You’ve [Jonathan McKernan] raised your hand to run the agency. I think you ought to know whether you think it’s a good thing to get rid of”

    Watch Senator Reverend Warnock at Thursday’s hearing HERE

    Washington, D.C. – Yesterday, U.S. Senator Reverend Raphael Warnock (D-GA), a member and former chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, which oversees the Consumer Financial Protection Bureau (CFPB), questioned Jonathan McKernan and William Pulte, the Trump Administration’s nominees to lead the CFPB and the Federal Housing Finance Agency, respectively.

    Last Congress, Senator Warnock worked extensively with the CFPB to return funds and protect Georgians from future financial hardship, helping to address 266,560 complaints from Georgians, including 20,168 from servicemembers in the state. Additionally, Senator Warnock spearheaded several efforts to return dollars to hardworking Americans, including: remove medical debt from credit reports, rule ending an overdraft loophole, highlighting harmful practices in the private student lending market, safeguard Americans from ‘Buy Now, Pay Later’ debts, and much more.

    During Senator Warnock’s line of questioning for Mr. McKernan, he highlighted the recent news of the dissolution of CFPB, one of many federal agencies gutted by the Elon Musk-led Department of Government Efficiency (DOGE), and if Mr. McKernan shared President Trump’s disturbing view that the agency is “a very important thing to get rid of.”

    “President Trump has said the CFPB is, quote, ‘A very important thing to get rid of.’ Yes or no. Do you agree with the President on that point?” asked Senator Warnock.

    “Senator, I think our elected officials decide normative questions like that,” said Mr. McKernan.

    “You’ve raised your hand to run the agency. I think you ought to know whether you think it’s a good thing to get rid of,” said Senator Warnock.

    The nomination hearing followed a special hearing earlier in the week that was organized by Ranking Member of the Banking Committee, Senator Elizabeth Warren (D-MA) and aimed to highlight the repercussions of dismantling the CFPB.

    Watch the Senator’s full remarks and line of questioning HERE. 

    See below transcript of the key exchange between Senator Warnock and CFPB Director nominee Jonathan McKernan:

    Senator Reverend Warnock (SRW): “Congress created the Consumer Financial Protection Bureau – the CFPB – in the wake of the financial crisis, during which Americans saw Wall Street bankers get bailed out, while millions of working folks lost their jobs, their homes, their retirements, their life savings. That’s the situation out of which the CFPB emerged.” 

    “Mr. McKernan, thank you. I enjoyed our meeting yesterday. Good to meet you. And I want to follow up on our discussion about the Trump administration’s efforts to dismantle the CFPB, the agency you’ve been nominated to run. President Trump has said the CFPB is, quote, ‘A very important thing to get rid of.’ Yes or no. Do you agree with the President on that point?”

    Jonathan McKernan (JM): “Senator as I’ve said, the CFPB is a product of statute. That is a question for our elected official. It’s…”

    SRW: “Yes or no question, do you agree that it’s a very good thing to get rid of?”

    JM: “Senator, I think our elected officials decide normative questions like that.” 

    SRW: “You’ve raised your hand to run the agency. I think you ought to know whether you think it’s a good thing to get rid of.”

    JM: “Well, I will say this. I certainly think that consumer protection is a very good thing, it’s a critical thing. A federal consumer protection role is a very important thing. That’s a lesson I learned from my experience in the 2008 financial crisis. We need to have a regulatory system that works for everyday Americans, and that includes consumer protection.” 

    SRW: “I’ll take that as you agree with the President, that we don’t necessarily need the CFPB. We need consumer protection, but not the CFPB. Is that your answer?”

    JM: “We need, we need to have a strong consumer protection function.”

    SRW: “President Trump and Elon Musk have basically gotten rid of the CFPB, which is why the question is so urgent, and the bureau has seen dozens of key employees fired. They’ve been told not to engage in its core supervisory or examination duties required by the law, and has even had its physical headquarters closed and locked.”

    “I think that’s a pretty clear message. If someone closes down the office that you’ve been nominated to run.”

    “With the CFPB effectively eliminated. How on earth do you plan to lead a shell agency that’s been completely gutted?”

    JM: “Senator, I’m not aware of the situation both this the staffing and resources at the CFPB. Well, what I will point to is just what the administration has said in its filings, and some of the litigation ongoing here, and they have said that we are going to have a CFPB that is streamlined and efficient. And quoting, I think, from the brief here, it says, ‘A predicate of that is there will be a CFPB’ again, though this is a question for our elected officials, my job is to follow the law and execute on my mandate.”

    SRW: “In the last three months alone, the CFPB has received more than 80,000 complaints from Georgians, with the Bureau currently seeking resolution to more than 40,000 of those complaints with the CFPB shuttered by President Trump and Elon Musk, what’s your plan to ensure that the bureau resolves those 40,000 pending complaints from my constituents in Georgia?”

    JM: “Senator like I said, the consumer complaint function is a statutorily required function that’s in 1021c and so my mandate, if I’m confirmed, is to fulfill faithfully, fully that statutory mandate.”

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Fatal traffic accident in Tseung Kwan O

    Source: Hong Kong Government special administrative region

         Police are investigating a fatal traffic accident happened in Tseung Kwan O yesterday afternoon (February 28), in which a man died.

         At 6.10pm, a medium goods vehicle (MGV) driven by a 58-year-old man, a motorcycle driven by a 50-year-old man and a bus driven by a 62-year-old man were travelling along Wan Po Road southbound. When approaching the junction of Wan Po Road and Chun Yat Street, the MGV driver and the motorcyclist slowed down and stopped their vehicles due to traffic condition. The bus suspectedly failed to brake in time and rammed into the motorcycle.

         The motorcyclist was trapped between the MGV and the bus and rescued by firemen. Sustaining serious head injury, the motorcyclist was rushed to Tseung Kwan O Hospital in unconscious state and was certified dead at 8.52pm.

         The bus driver was sent to Tseung Kwan O Hospital in conscious state. He was then arrested for dangerous driving causing death and is being detained for enquiries.

         Investigation by the Special Investigation Team 1 of Traffic, Kowloon East is under way.

         Anyone who witnessed the accident or has any information to offer is urged to contact the investigating officers on 3661 0264.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Immigration Department smashes illegal workers syndicate (with photos)

    Source: Hong Kong Government special administrative region

         The Outside Investigation Section of the Immigration Department (ImmD) conducted a surprise raid to a dishwashing company and successfully neutralised an illegal worker syndicate yesterday (February 27). Six syndicate members and one illegal worker were arrested, and copies of forged Hong Kong identity cards were seized.

         The ImmD discovered a dishwashing company suspected to have arranged illegal workers to various restaurants to perform dishwashing duties. After in-depth investigation and intelligence analysis, the illegal worker syndicate was identified. From December 2024 to February 2025, enforcement officers of the ImmD performed a number of territory-wide anti-illegal employment operations. A total of 25 restaurants were raided, and arrested a total of 14 suspected illegal workers. During investigation, it was found that the illegal workers had used forged Hong Kong identity cards, copies of forged Hong Kong identity cards or identity cards in relation to other persons for job interviews. It is highly suspected that the company did not take practicable steps to ensure the employees are lawfully employable. After the illegal workers were employed, they were deployed to various restaurants to work, and were paid $70 per hour, involving an estimated amount of around $2 million. 

         During the operation yesterday, the ImmD had raided the office of the dishwashing company located in Lai Chi Kok, and arrested three male and three female Hong Kong resident staff aged from 24 to 39. They were all key members of the syndicate and were suspected of aiding and abetting illegal workers to take up employment and in possession of copies of forged Hong Kong identity cards. At scene, enforcement officers intercepted a 55 years old Chinese female overstayer. She was suspected of working illegally and in possession of suspected forged Hong Kong identity card. Twenty-two copies of suspected forged Hong Kong identity cards and employment records of the illegal workers previously arrested were unearthed. The investigation is still ongoing, and more persons involved in the case may be arrested.

         An ImmD spokesman said, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties.”

         The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.

         According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.      

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Joint Statement: Second Meeting of the India-EU Trade and Technology Council, New Delhi (February 28, 2025)

    Source: Government of India

    Posted On: 28 FEB 2025 6:25PM by PIB Delhi

    The second meeting of the India-EU Trade and Technology Council (TTC) took place in New Delhi on 28 February 2025. It was co-chaired on the Indian side by India’s External Affairs Minister Dr. S. Jaishankar; Commerce and Industry Minister Shri Piyush Goyal; and Minister for Electronics and Information Technology Shri Ashwini Vaishnaw. Executive Vice-President for Tech Sovereignty, Security and Democracy Ms. Henna Virkkunen, Commissioner for Trade and Economic Security, Interinstitutional Relations and Transparency Mr. Maros Šefčovič and Commissioner for Startups, Research and Innovation Ms Ekaterina Zaharieva co-chaired on the EU side.

    Prime Minister Narendra Modi and European Commission President Ursula von der Leyen had established the India-EU TTC in April 2022 as a key bilateral platform to address challenges at the confluence of trade, trusted technology and security. India and the European Union, as two large and vibrant democracies with open market economies, shared values and pluralistic societies, are natural partners in a multipolar world.

    The deepening of bilateral relations and the growing strategic convergence between the EU and India respond to the shifting dynamics of the global geopolitical landscape and a common interest in promoting global stability, economic security, and sustainable and inclusive growth. In that respect, both sides emphasized again the importance of the rules-based international order and the full respect for the principles of sovereignty, territorial integrity, transparency, and peaceful resolution of disputes. The TTC reflects a shared acknowledgement between the EU and India of the increasingly critical links between trade and technology, the potential of cooperation on these issues to enhance the economies of both partners, and the need to work together on the related security challenges. Both sides note the potential of their partnership to increase resilience, strengthen connectivity and drive forward the development of green and clean technologies.

    The first meeting of the India-EU TTC was held in Brussels on 16 May 2023. The TTC Ministerial Meeting provided political guidance for the way forward. Subsequently on 24 November 2023, a stock-taking meeting in virtual mode reviewed the progress made by the three TTC working groups.

    Working Group 1 on Strategic Technologies, Digital Governance, and Digital Connectivity

    India and the European Union reaffirmed the importance of deepening their digital cooperation in line with their shared values through the Working Group 1 on Strategic Technologies, Digital Governance, and Digital Connectivity. Both sides committed to leverage their respective strengths to accelerate a human-centric digital transformation and the development of advanced and trustworthy digital technologies such as AI, semiconductors, High-Performance Computing and 6G, which will benefit both economies and societies. Both sides committed to work jointly to strengthen EU-India research and innovation for this purpose to further enhance competitiveness, while increasing their economic security. Both sides committed to promoting global connectivity in a cyber-secure digital ecosystem.

    Recognizing the importance of Digital Public Infrastructure (DPI) for the development of open and inclusive digital economies and digital societies, India and the European Union agreed to collaborate on working towards interoperability of their respective DPIs that respect human rights and protect personal data, privacy, and intellectual property rights. Both sides further committed to jointly promote DPIs solutions to third countries and further emphasized the need of mutual recognition of e-signatures to enhance cross-border digital transactions and foster mutual economic growth.

    Both sides emphasized their commitment to further strengthen the resilience of semiconductor supply chains and promote collaboration in the field of semiconductors. To that end, they agreed to explore joint R&D in the field of chip design, heterogeneous integration, sustainable semiconductor technologies, technology development for advanced processes for process design kit (PDK), among others. Both sides shall promote the strengthening of the EU and Indian semiconductor ecosystems to enhance technological capabilities and ensure supply chain resilience by developing sustainable, secure and diversified semiconductor production capacities. Furthermore, they committed to developing a dedicated programme that will facilitate talent exchanges and foster semiconductor skills among students and young professionals.

    The two sides reiterated their commitment to safe, secure, trustworthy, human-centric, sustainable and responsible Artificial Intelligence (AI) and to promote this vision on the international level. In addition, with a view to ensuring continued and impactful cooperation on AI, the European AI Office and India AI Mission agreed to deepen cooperation, encouraging an ecosystem of innovation and fostering information exchange on common open research questions for developing trustworthy AI. They also agreed to enhance cooperation on large language models, and to harness the potential of AI for human development and common good, including through joint projects such as developing tools and frameworks for ethical and responsible AI. These will build on the progress made under R&D collaboration on high-performance computing applications in the areas of natural hazards, climate change, and bioinformatics.

    India and the EU welcomed the signing of a memorandum of understanding between the Bharat 6G Alliance and the EU 6G Smart Networks and Services Industry Association for aligning research and development priorities and creating secured and trusted telecommunications and resilient supply chains. Both sides will also enhance cooperation on IT and telecoms standardisation with a particular focus on promoting interoperable global standards.

    Furthermore, the two sides agreed to work towards bridging the digital skills gap, explore mutual recognition of certifications, and promote legal pathways of skilled professionals and exchange of talent.

    Both sides agreed to collaborate on the implementation of the Global Digital Compact, agreed by consensus at the UN General Assembly in September 2024, as a key instrument for delivering on their shared objectives. They noted the need to ensure that the forthcoming World Summit on Information Society +20 maintains global support for and enhances the multi-stakeholder model of Internet governance.

    Working Group 2 on Clean and Green Technologies

    India and the European Union recalled the importance of the priority workstreams identified under Working Group 2 on Clean and Green Technologies for achieving net zero emissions by 2070 and 2050 for India and the European Union, respectively. Achieving these targets will require significant investment in new clean technologies and standards. An emphasis on research and innovation (R&I) will foster technological collaboration and exchange of best practices between the EU and India. In parallel, supporting technological innovations for market uptake will enhance access to the respective markets by Indian and EU enterprises and facilitate wide adoption of innovative technologies. This opens perspectives for cooperation between Indian and EU incubators, SMEs and start-ups and building human resource capability and capacity in such technologies.

    In this regard, both sides agreed on joint research cooperation through exceptional coordinated calls on recycling of batteries for electric vehicles (EVs), marine plastic litter, and waste-to-hydrogen. The estimated total joint budget will be about EUR 60 million from the Horizon Europe programme and from matching Indian contributions. On recycling of batteries for EVs, the focus will be on battery circularity through different kinds of flexible/low cost/easy to recycle batteries. In marine plastic litter, the focus will be on developing technologies for detection, measurement and analysis of aquatic litter and for mitigation of the cumulative impact of pollution on the marine environment. On waste-to-hydrogen, the focus will be on developing technologies with greater efficiency to produce hydrogen from biogenic wastes.

    The two sides recalled the importance of the substantive exchanges between experts in the identified areas of cooperation as the basis for future action. Indian experts have participated in a training and mutual learning exercise on EV interoperability and Electromagnetic Compatibility (EMC) at the Joint Research Centre (JRC) E-Mobility Lab in Ispra, Italy in January 2024. Furthermore, a joint hybrid workshop on EV Charging Technologies (Standardisation and Testing) was organised at the Automotive Research Association of India (ARAI), Pune, India and online, to deepen the EU-Indian dialogue and the industry’s engagement in charging infrastructure standardisation processes with India. The two sides also concluded a Matchmaking Event to identify, support and organise exchanges between Indian and EU startups in technology for recycling of batteries for EVs. Experts also jointly discussed assessment and monitoring tools for marine plastic litter. Finally, an “Ideathon” fostering EU-India collaboration to co-create practical solutions involving all stakeholders for addressing marine plastic pollution effectively is in preparation.

    Both sides agreed to explore cooperation on harmonising standards for EV charging infrastructure, including cooperative, pre-normative research for harmonised testing solutions and knowledge exchange in the domain of e-mobility. They also agreed to explore how to enhance collaboration in the field of hydrogen-related safety standards, the science of standards as well as the market uptake of wastewater treatment technologies as outcomes of previous jointly conducted research projects.

    Working Group 3 on Trade, Investment and Resilient Value Chains

    India and the European Union noted productive discussions under Working Group 3 on Trade, Investment and Resilient Value Chains with a view to building a closer economic partnership between India and the European Union. In an increasingly challenging geopolitical context, both sides committed to work together for creating wealth and shared prosperity. The work under Working Group 3 complements the ongoing negotiations on a Free Trade Agreement (FTA), an Investment Protection Agreement (IPA) and a Geographical Indications Agreement which are proceeding on separate tracks.

    Both sides committed to fostering resilient and future-ready value chains by prioritizing transparency, predictability, diversification, security and sustainability. Both sides expressed satisfaction with the progress made on Agri-food, Active Pharmaceutical Ingredients (APIs) and Clean Technologies sectors and agreed on work plans in these three fields with the aim of promoting value chains that can withstand global challenges.

    In agriculture, India and the EU intend to collaborate on contingency planning for food security and welcomed common efforts on shared research and innovations needs regarding climate-resilient practices, crop diversification and infrastructure improvements as promoted for cooperation through the G20 framework. In the pharmaceutical sector, both sides aim to enhance transparency and security in Active Pharmaceutical Ingredients (APIs) supply chains by mapping vulnerabilities, promoting sustainable manufacturing, and establishing early warning systems to prevent disruptions. Clean technology cooperation centers on strengthening supply chains for solar energy, offshore wind, and clean hydrogen by exchanging information on sectoral capabilities and investment incentives and Research, Development and Innovation priorities as well as on methodologies to assess vulnerabilities, discussing approaches to minimize trade barriers and exploring possible synergies of the supply chains. Across these sectors, India and the EU are working to foster investment, exchange best practices, and mitigate risks through regular dialogues, research collaborations, and business-to-business engagements, ensuring supply chain resilience and sustainable economic growth.

    Both sides acknowledged that relevant priority market access issues are being addressed through cooperation within the TTC framework. The EU side appreciated the Indian initiatives to approve the marketing of several EU plant products while the Indian side appreciated the listing of a number of Indian aquaculture establishments and taking up the issue of equivalence for agricultural organic products. Both sides agreed to pursue their efforts on these topics, under the TTC review mechanism, and to continue their engagement on remaining issues flagged by each other.

    The two sides noted the exchanges regarding best practices in the screening of Foreign Direct Investments, which is an area of growing importance to foster economic security.

    India and the EU strengthened their commitment towards the multilateral trading system as an anchor in the current challenging geopolitical context. At the same time, they recognized the need to bring necessary reform to the WTO so that it is able to address efficiently and effectively issues of interest to Members. Both sides also recognized the importance of a functioning dispute settlement system. For this purpose, they agreed to deepen their dialogue and engagement to help the WTO deliver concrete outcomes, including at MC14.

    Both sides have held in-depth discussions on trade and decarbonization through several bilateral channels and have engaged jointly with stakeholders, especially on the implementation of the EU’s carbon border mechanism (CBAM). Both sides discussed the challenges arising out of CBAM implementation, in particular for the small and medium enterprises and agreed to continue addressing them.

    The co-chairs reaffirmed their commitment to expanding and deepening their engagement under the TTC and to working together to fulfill the goals laid out in this successful second meeting of the TTC. They agreed to meet again for the third meeting of TTC within one year from now.

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Leaders’ Statement: Visit of Ms. Ursula von der Leyen, President of the European Commission and EU College of Commissioners to India (February 27-28, 2025)

    Source: Government of India (2)

    Posted On: 28 FEB 2025 6:05PM by PIB Delhi

    Prime Minister Shri Narendra Modi and President of the European Commission Ms. Ursula von der Leyen affirmed that the EU-India Strategic Partnership has delivered strong benefits for their peoples and for the larger global good. They committed to raise this partnership to a higher-level, building upon 20 years of India-EU Strategic Partnership and over 30 years of India-EC Cooperation Agreement.

    President von der Leyen was on her landmark official visit as she led the European Union College of Commissioners to India on 27-28 February 2025. This is the first visit of the College of Commissioners outside the European continent since the start of their new mandate and also the first such visit in the history of India-EU bilateral ties.

    As the two largest democracies and open market economies with diverse pluralistic societies, India and EU underscored their commitment and shared interest in shaping a resilient multipolar global order that underpins peace and stability, economic growth and sustainable development.

    The leaders agreed that shared values and principles including democracy, rule of law, and the rules-based international order in line with the purposes and principles of the UN Charter make India and the EU like-minded and trusted partners. The India-EU Strategic partnership is needed now, more than ever, to jointly address global issues, foster stability, and promote mutual prosperity.

    In this context, they stressed the importance of intensifying cooperation between India and Europe in trade and de-risking of supply chains, investment, emerging critical technologies, innovation, talent, digital and green industrial transition, space and geospatial sectors, defence and people-to-people contacts. They also highlighted the need to cooperate on tackling common global challenges, including climate change, the governance of Artificial Intelligence, development finance, and terrorism in an interdependent world.

    The two leaders welcomed the progress made by the second ministerial meeting of the India-EU Trade and Technology Council (TTC) that took place during the visit in fostering deeper collaboration and strategic co-ordination at the intersection of trade, trusted technology, and green transition.

    They also welcomed the specific outcomes emerging from deliberations conducted between the EU College of Commissioners and their Indian counterpart Ministers.

    The leaders committed to as follows:

    i. Task their respective negotiating teams to pursue negotiations for a balanced, ambitious, and mutually beneficial FTA with the aim of concluding them within the course of the year, recognizing the centrality and importance of growing India EU trade and economic relations. The leaders asked the officials to work as trusted partners to enhance market access and remove trade barriers. They also tasked them to advance negotiations on an Agreement on Investment Protection and an Agreement on Geographical Indications.

    ii. Direct the India-EU Trade and Technology Council to further deepen its engagement to shape outcome-oriented cooperation in areas of economic security and supply chain resilience, market access and barriers to trade, strengthening of semiconductor ecosystems, trustworthy and sustainable Artificial Intelligence, high-performance computing, 6G, Digital Public Infrastructure, joint research and innovation for green and clean energy technologies with a focus on trusted partnerships and industry linkages across these sectors, including the recycling of batteries for electric vehicles (EVs), marine plastic litter, and waste to green/renewable hydrogen. In this context, they welcomed the progress in the implementation of MoU on semiconductors for boosting the semiconductor supply chains, leveraging complementary strengths, facilitating talent exchanges and fostering semiconductor skills among students and young professionals; as well as the signing of MoU between Bharat 6G alliance and the EU 6G Smart Networks and Services Industry Association for creating secured and trusted telecommunications and resilient supply chains.

    iii. Further expand and deepen cooperation under India-EU partnerships in areas of connectivity, clean energy and climate, water, smart and sustainable urbanization, and disaster management as well as work to intensify cooperation in specific areas such as clean hydrogen, offshore wind, solar energy, sustainable urban mobility, aviation, and railways. In this context, they welcomed the agreement on holding an India-EU Green Hydrogen Forum and the India-EU Business Summit on Offshore Wind Energy.

    iv. Develop new specific areas of co-operation identified during the bilateral discussions between the EU Commissioners and Indian Ministers to be reflected in the future joint Strategic Agenda to drive mutual progress.

    v. Undertake concrete steps for the realization of the India-Middle East-Europe Economic Corridor (IMEC) announced during the G20 Leaders’ Summit in New Delhi, deepen their cooperation in the framework of the International Solar Alliance (ISA), the Coalition for Disaster Resilient Infrastructure (CDRI), Leadership Group for Industry Transition (LeadIT 2.0), and Global Biofuels Alliance.

    vi. Strengthen people-to-people ties especially in the areas of higher education, research, tourism, culture, sports, and between their youths, and create an enabling environment for enhancing such exchanges. Also to promote legal, safe and orderly migration in areas of skilled workforce and professionals in view of India’s growing human capital and taking into account EU member states’ demographic profile and labour market needs.

    The leaders reaffirmed their commitment to promote a free, open, peaceful and prosperous Indo-Pacific built on international law and mutual respect for sovereignty and peaceful resolution of disputes underpinned by effective regional institutions. India welcomed the EU joining the Indo-Pacific Oceans Initiative (IPOI). Both sides also committed to explore trilateral co-operation including in Africa and the Indo-Pacific.

    The two leaders expressed satisfaction at growing cooperation in the defence and security domain, including joint exercises and collaboration between Indian Navy and EU Maritime security entities. The EU side welcomed India’s interest in joining the projects under the EU’s Permanent Structured Cooperation (PESCO) as well as to engage in negotiations for a Security of Information Agreement (SoIA). The leaders also committed to explore a security and defence partnership. They reiterated their commitment to international peace and security, including maritime security by tackling traditional and non-traditional threats to safeguard trade & sea lanes of communication. They emphasised the need to deepen collaboration in counter terrorism and to strengthen international cooperation to combat terrorism, including cross-border terrorism and terrorism financing in a comprehensive and sustained manner.

    The two leaders also discussed key international and regional issues, including on the situation in the Middle-East and the war in Ukraine. They expressed support for a just and lasting peace in Ukraine based on respect for international law, principles of the UN charter and territorial integrity and sovereignty. They also reiterated their commitment to the vision of the two-State solution with Israel and Palestine living side by side in peace and security within recognized borders, consistent with international law.

    The Leaders recognized the productive and forward-looking nature of the discussions and agreed on the following concrete steps:

    (i) Expedite the conclusion of the FTA by the end of the year.

    (ii) Further focused discussions on defence industry and policy to explore opportunities from new initiatives and programmes.

    (iii) A review meeting with partners to take stock on the IMEC initiative.

    (iv) Engage on maritime domain awareness with a view to promoting shared assessment, coordination and interoperability.

    (v) Convene the next meeting of the TTC at an early date to deepen cooperation in semiconductors and other critical technologies.

    (vi) Enhance the dialogue on clean and green energy between governments and industry, with a focus on green hydrogen.

    (vii) Strengthening collaboration in the Indo-Pacific including through trilateral cooperation projects.

    (viii) Strengthen cooperation on Disaster Management through the development of appropriate arrangements including on policy and technical level engagement for preparedness, response capacities and coordination.

    Both leaders expressed confidence that this momentous visit will mark the beginning of a new chapter in the history of relations and reaffirmed their commitment to further expand and deepen the India-EU Strategic Partnership. They looked forward to the next India EU Summit being organized in India at the earliest mutually convenient time and to the adoption of a new joint Strategic Agenda on that occasion. President von der Leyen thanked Prime Minister Modi for his warm hospitality.

    *****

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Scott Highlights Need to Confirm Trump Administration Nominees for Top Economic, Financial Regulator Posts

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — At yesterday’s nominations hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senator Tim Scott (R-S.C.) highlighted the qualifications of President Trump’s nominees to top economic policy and financial regulator posts: 

    • Dr. Stephen Miran, nominee to be Chairman of the Council of Economic Advisors, Executive Office of the President
    • Mr. Jeffrey Kessler, nominee to be Under Secretary of Commerce for Industry and Security, Department of Commerce
    • Mr. William Pulte, nominee to be Director, Federal Housing Finance Agency
    • Mr. Jonathan McKernan, nominee to be Director, Bureau of Consumer Financial Protection

    Senator Scott emphasized the importance of quickly advancing President Trump’s nominees to rebuild the economy, restore confidence in the financial system, and ensure American families have the tools to thrive.

    Senator Scott’s opening remarks as delivered:

    I want to take a second to congratulate each of our nominees before us today and thank you for your willingness to serve our country.

    If confirmed, you will help put our nation back on the path to prosperity. 

    As we reflect on the past four years, we must acknowledge the severe damage created by the Biden administration’s reckless spending.

    It’s hard for me to forget, as a kid and my brother growing up in poverty, single parent household, watching my mother trying to make every single dollar count. She did the best she could with what she had. 

    Inflation is especially cruel to the communities like the one I grew up in.

    No one should have to make a choice between putting food on the table and keeping the lights on.

    During Joe Biden’s time in office, overall prices rose by over 20 percent, energy by 34 percent, transportation 31 percent, groceries 22 percent.

    I refuse to accept that the last four years will be the next four years.

    Unlike his predecessor, President Trump understands what it takes to create a blue-collar comeback. And I’m excited about that.

    Each of the nominees before us today will play a critical role in rebuilding the economy, restoring confidence in our financial system, and ensuring that American families can thrive once again.  

    The Council of Economic Advisers serves as the White House’s chief advisors, think tank so to speak, providing the President with data-driven guidance on policy decisions. 

    Dr. Stephen Miran is an accomplished economist with a strong record of advocating for fiscal responsibility and pro-growth policies.

    He will play an instrumental role in helping President Trump rebuild America’s economy. 

    Turning to Mr. Kessler, the Department of Commerce’s mission is to create an environment for economic growth and opportunity for all communities.

    Unfortunately, under President Biden, we saw China rapidly advance in developing advanced technologies that support its military capabilities, distort global markets, and erode competitiveness of U.S. companies.  

    Mr. Kessler’s experience in trade and national security policy will be critical in strengthening our supply chains and ensuring the U.S. leads in the next generation technologies. 

    Now, let’s talk about housing. Under President Biden, the dream of homeownership became unaffordable for millions and millions of Americans. The FHFA plays a crucial role in overseeing Fannie Mae, Freddie Mac, and the Federal Home Loan Bank – entities that significantly influence the U.S. housing finance market.

    These institutions not only impact mortgage rates and housing affordability, but also provide essential liquidity to the mortgage market, ensuring a stable supply of funds for home loans. 

    William Pulte is a businessman with a deep understanding of the housing market. His insight and passion for people will serve him well in leading the FHFA’s efforts to address our broken housing system.

    And finally, the CFPB was allegedly created to protect American consumers, but under the Biden administration, it overstepped its authority, burdened businesses with excessive politically driven regulation, and drove up costs for consumers.

    The CFPB has become a tool for progressive overreach, making it harder for small banks and lenders to serve their communities.

    Jonathan McKernan has the expertise needed to rein in the CFPB’s excesses and ensure that the agency works for consumers – not against them.

    Today’s hearing is not just about these four nominees – it is about the future of our economy and the direction of our country.

    We have an opportunity to undo the failures of the past four years and usher in a golden era of American prosperity.

    That begins by confirming these well-qualified individuals who will stand up for the American families, American workers, and for small businesses.

    MIL OSI USA News –

  • MIL-OSI USA: Scott, Booker Reintroduce Legislation Addressing Sickle Cell Disease

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — U.S. Senators Tim Scott (R-S.C.), member of the Senate Finance Committee, and Cory Booker (D-N.J.) reintroduced the bipartisan Sickle Cell Disease Comprehensive Care Act. The legislation would allow State Medicaid programs to provide comprehensive and coordinated care to patients with sickle cell disease (SCD) through a health home model.

    Sickle cell disease is an inherited blood disorder that disproportionately impacts people of African descent. Among the most notable symptoms of SCD is debilitating pain, but those with SCD also experience complications like stroke, acute chest syndrome, and organ damage. Furthermore, individuals with SCD have a significantly lower life expectancy than the overall population.

    While there have been some advancements in the treatment of SCD, many with the disease are not receiving the level of care needed to adequately manage SCD. The Sickle Cell Disease Comprehensive Care Act directs CMS to establish a SCD Health Home to improve access to comprehensive, high-quality, outpatient care, which will be available to Medicaid beneficiaries with SCD in states that submit a state plan amendment (SPA). Further, this program shows promise in saving money, as it aims to reduce patients’ reliance on costly emergency room care. 

    “Nearly 100,000 Americans have sickle cell disease—many of whom are left without access to consistent care,” said Senator Scott. “I am glad to work on this bipartisan legislation to help treat this disease that affects thousands of Americans from minority communities. Creating access to high-quality comprehensive care to avoid costly emergency room visits continues to be a top priority of mine for folks facing diseases like SCD.”

    “Sickle cell disease is the most common inherited blood disorder in our country, and is a disease that primarily affects those of African ancestry,” said Senator Booker. “Despite the prevalence and the severe health consequences of the disease, Americans battling sickle cell continue to face barriers to accessing the care they need. I urge my colleagues in the Senate to support this bipartisan legislation to increase access to comprehensive, high-quality care and invest in quality treatments for patients fighting SCD.”

    Throughout his time in the Senate, Senator Scott has raised awareness for sickle cell disease and advocated for equitable funding, increased attention, and better access to treatments and care for people with SCD. The Sickle Cell Disease Comprehensive Care Act builds upon this work, including his bipartisan Sickle Cell Disease and Other Heritable Blood Disorders Research, Surveillance, Prevention, and Treatment Act that he introduced with Senator Booker and which passed and was signed into law in 2018. 

    The legislation is endorsed by: Sickle Cell Disease Partnership; American Society of Hematology; Sickle Cell Disease Association of America, Inc.

    The full text of the bill can be found here.

    MIL OSI USA News –

  • MIL-OSI Europe: Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region

    Source: European Investment Bank

    EIB

    The ECOWAS Bank for Investment and Development (EBID), the European Investment Bank (EIB), with the support of the European Union (EU), today announce a €100 million financial partnership to support climate action and environmental sustainability projects in the ECOWAS region.

    A project with a considerable impact on populations

    The EUR 100 million credit line signed under a EUR 150 million envelope is the EIB’s first operation with the EBID. It supports economic development, climate action and environmental sustainability in the ECOWAS region, which fills the financing gap in these areas and contributes to sustainable livelihoods and poverty reduction.

    This facility affirms joint EBID and EIB targeted support for sustainable investments across the ECOWAS region, with particular support for sectors contributing to climate mitigation. The projects which will be financed by this operation target particularly renewable energy including small and medium-sized photovoltaic projects, sustainable agriculture and water treatment.

    A project with a strategic vision

    This project – targeting total investments of at least EUR 300 million – is in line with the strategic priorities of the ECOWAS region and is part of the European Union strategy in Africa under the Africa-European Union Green Energy Initiative as well as the Global Gateway strategy, a model for how Europe can build more resilient connections with the world. It also responds to the ECOWAS Vision 2050 ambitions linked to the environment, economic growth, private sector development and regional integration as well as the ECOWAS Regional Climate Strategy and the Action Plan for 2022-2030.It contributes to various Sustainable Development Goals (SDGs), such as sustainable agriculture, health and quality education, clean water and sanitation, affordable and clean energy.

    “We appreciate this line of credit as an initiative of the European Investment Bank to help ECOWAS countries increase their growth and sustainable development,” said EBID Vice President Risk and Control, Dr. Mory Soumahoro. “This partnership demonstrates EBID’s commitment to supporting regional member countries’ access to sustainable sources of finance.”

    “I am very delighted to sign this first operation with the EBID to support economic development, climate action and environmental sustainability in the ECOWAS region. It will help to bridge the financial gap in this region while contributing to reduce poverty and ameliorate daily lives. “ said EIB Vice-President Ambroise Fayolle. He added: “By contributing financially to this project, the EIB demonstrates its commitment to regional integration and developed infrastructure for the benefit of local populations.  Through EIB Global, our branch dedicated to development, we aim to support the EU’s Global Gateway initiative and key sectors in the region such as innovation, digital economy, renewable energy, water, agriculture and transport.”

    “More than half a billion people in Africa still lack access to electricity. Our long-standing goal is to change that. The partnership between the ECOWAS Bank for Investment and Development (EBID) and the European Investment Bank (EIB) is a clear demonstration of our commitment to supporting sustainable development and climate action in Africa. By mobilising €300 million for projects that promote clean energy, we are empowering people in the ECOWAS region to build a greener and more prosperous future.” – Jozef Síkela, European Commissioner for International Partnerships

    The EIB loan will also be accompanied by technical assistance program of the EIB with climate action focused training and capacity building This is closely aligned with the EIB and EBID initiatives supporting sustainable development.

    Background information:

    EIB Global

    The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU’s long-term financing institution. It finances the implementation of investments which contribute to the major objectives of the EU.

    BEI Global is the specialist arm of the EIB Group dedicated to developing the impact of international partnerships and development finance, and a key partner of the Global Gateway strategy. It aims to support 100 billion euros of investment by the end of 2027 – around a third of the overall target of this EU strategy. Within Team Europe, EIB Global promotes strong and targeted partnerships, alongside other development finance institutions and civil society. BEI World brings the BEI Group closer to populations, businesses and institutions through its offices around the world.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    About EBID

    ECOWAS Bank for Investment and Development (EBID) is the development finance institution of the Economic Community of West African States (ECOWAS) comprising fifteen (15) Member States namely, Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Based in Lomé, Togolese Republic, the Bank is committed to financing developmental projects and programmes covering diverse initiatives from infrastructure and basic amenities, rural development and environment, industry, and social services sectors, through its private and public sector windows. EBID intervenes through long, medium, and short-term loans, equity participation, lines of credit, refinancing, financial engineering operations, and related services. www.bidc-ebid.org

    Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region
    Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region
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    Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region
    Global Gateway: Partnership between EBID and EIB to promote climate action and environmental sustainability projects in the ECOWAS region
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    MIL OSI Europe News –

  • MIL-OSI USA: El Paso man sentenced to 15 years in federal prison for child pornography charges

    Source: US Immigration and Customs Enforcement

    EL PASO, Texas — An El Paso man was sentenced Feb. 27 in a federal court to 180 months in prison for possessing and receiving child sexual abuse material depicting a prepubescent minor.

    Special agents with U.S. Immigration and Customs Enforcement’s Homeland Security Investigations investigated the case.

    According to court documents, a device belonging to Victor Enrique Artalejo, 60, was identified for downloading more than 3,000 torrent files between June 17, 2022, and Sept. 18, 2023, many of which contained child sexual abuse material.

    On March 29, 2024, ICE special agents executed a search warrant at Artalejo’s residence, seizing a laptop and several other electronic devices. A forensic review revealed that Artalejo had downloaded and possessed 1,434 photos and 111 videos depicting children engaged in sexually explicit conduct. Most of the victims were determined to be under the age of 12.

    Artalejo was arrested March 29, 2024, and has remained in federal custody. He pleaded guilty Dec. 4, 2024, to possessing a visual depiction involving the sexual exploitation of a minor and receiving a visual depiction involving the sexual exploitation of a minor.

    Assistant U.S. Attorney Micaela Glass prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI USA: President Pro Tempore John F. Kennedy Applauds Senate Passage of Legislation to Protect Consumers and Strengthen Legal Transparency

    Source: US State of Georgia

    ATLANTA (February 27, 2025)—Today, the Georgia Senate passed Senate Bill (SB) 69. Sponsored by Senate President Pro Tempore John F. Kennedy (R–Macon), SB 69 introduces much-needed regulations on Third-Party Litigation Financing (TPLF) to protect consumers and ensure greater transparency in Georgia’s civil justice system.

    “Our civil justice system should not be treated as a lottery where litigation financiers can bet on the outcome of a case to get a piece of a plaintiff’s award. SB 69 establishes critical safeguards for an industry that continues to expand each year,” said Sen. Kennedy. “In 2023, the U.S. commercial litigation industry controlled an estimated $15.2 billion in assets, yet there are no consumer protections in place for plaintiffs involved in these financing arrangements. This has allowed everyday Georgians to be exploited by predatory financiers, who profit at their expense.”

    Sen. Kennedy continued, “Through unregulated third-party financing, foreign-affiliated financiers are manipulating our legal system and influencing court outcomes. SB 69 will require litigation financiers to register with the state before operating in Georgia and will ban foreign adversaries from engaging in litigation financing here. Right now, these firms operate with virtually no oversight. It’s time we level the playing field and ensure that our legal system serves the people—not powerful financial interests. This bill is a vital step in tort reform and a victory for consumer protection.”

    Sen. Kennedy carried SB 69 on behalf of Governor Brian P. Kemp, who reaffirmed in his State of the State address last month that tort reform remains a top priority for the 2025 Legislative Session.

    For more information about the legislation, read it here.

    # # # #

    Sen. John F. Kennedy serves as the President Pro Tempore of the Georgia State Senate. He represents the 18th Senate District, which includes Crawford, Monroe, Peach and Upson counties, as well as portions of Bibb and Houston counties. He may be reached at (404) 656-6578 or by email at John.Kennedy@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Rafael Caro Quintero “Narco of Narcos” and Murderer of DEA Agent Enrique “Kiki” Camarena, and Vicente Carrillo Fuentes, Former Leader of the Juarez Cartel, Expelled to the United States

    Source: Office of United States Attorneys

    Both Defendants Face Mandatory Life Imprisonment, and Could Face the Death Penalty, if Convicted

    Rafael Caro Quintero (Caro Quintero) and Vicente Carrillo Fuentes (Carrillo Fuentes), both citizens of Mexico, were arraigned in federal court in Brooklyn today for crimes committed as leaders of Mexican drug cartels, which were responsible for significant drug trafficking into the United States and acts of extreme violence—including, with respect to Caro Quintero, the 1985 kidnapping, torture, and murder of Drug Enforcement Administration Special Agent Enrique “Kiki” Camarena—over a period of decades.  Caro Quintero was arraigned on a third superseding indictment charging him with four counts: one count of leading a Continuing Criminal Enterprise, which includes ten violations, including a murder conspiracy; two counts of international narcotics distribution conspiracy; and one count of unlawful use of firearms in furtherance of drug trafficking.  Carrillo Fuentes was arraigned on a superseding indictment charging him with seven counts: one count of leading a Continuing Criminal Enterprise, which includes six violations, including a murder conspiracy; four counts of cocaine distribution conspiracy; one count of unlawful use of firearms in furtherance of drug trafficking; and one count of money laundering conspiracy. Both Caro Quintero and Carrillo Fuentes were arraigned before United States Magistrate Judge Robert M. Levy after being expelled from Mexico to the Eastern District of New York.  

    John J. Durham, United States Attorney for the Eastern District of New York, Frank A Tarentino III, Special Agent in Charge, Drug Enforcement Administration (DEA), New York Division, and Michael Alfonso, Acting Special Agent in Charge, Homeland Security Investigations New York (HSI) announced the arraignments.

    “For decades, Rafael Caro Quintero and Vicente Carrillo Fuentes have flooded the United States and other countries with drugs, violence, and mayhem, killing so many in their quest for power and control, including in RCQ’s case the brutal torture and murder of DEA Special Agent Camarena,” stated United States Attorney Durham.  “Today the next step in the American legal proceedings against these two cartel leaders—Caro Quintero, the “Narco of Narcos,” and Carrillo Fuentes, the head of the Juarez Cartel—are finally underway, and we are one step closer to justice being served.  My Office continues to be steadfastly focused on the vital work of protecting people of this district, and of all of those in the United States, from the destruction that cartels wreak on our communities.”

    “Today marks a day which will be remembered in the history of the DEA. For nearly four decades, the men and women of the DEA have pursued Rafael Caro Quintero, the man responsible for the kidnapping, torture, and death of fallen DEA Special Agent Kiki Camarena, and the leader of one the most notorious and violent drug cartels. Today, Rafael Caro Quintero will finally face the consequences for the crimes he committed” stated DEA New York Special Agent in Charge Frank Tarentino. “No matter how long it takes, or where you hide, the DEA remains patient and committed in our global pursuit to targeting those individuals who have brought violence and destruction to our communities. The DEA will make sure justice is delivered.”

    “Make no mistake: the world is undoubtedly a safer place with these men in custody in the United States. Carrillo-Fuentes and Rafael Caro Quintero are merciless terrorists who used fear as a tactic to intimidate their rivals and the public. ICE Homeland Security Investigations special agents and personnel with our El Dorado Task Force have dedicated years to investigating the alleged crimes and bloodshed at the hands of these defendants,” said ICE Homeland Security Investigations Special Agent in Charge Michael Alfonso.

    Rafael Caro Quintero

    Caro Quintero was first indicted in the Eastern District of New York in 2015, and a third superseding indictment was returned against him in 2018. As alleged in the indictment and other public filings, Caro Quintero’s involvement in drug trafficking and violence is extensive, ruthless, and notorious.  Known as the “Narco of Narcos,” Caro Quintero started cultivating marijuana as a teenager in Mexico in the 1960s and developed transportation and distribution networks and routes that enabled him to move that marijuana into the United States.  Caro Quintero also manufactured and trafficked heroin and methamphetamine from Mexico into the United States.  Caro Quintero then joined with Colombian cocaine manufacturers to use his networks and routes to traffic cocaine from South America, through Central America and Mexico, into the United States.  By the 1970s, Caro Quintero’s organization became known as the Guadalajara Cartel, which ultimately joined the syndicate known as the “Sinaloa Cartel” (or Mexican “Federation”), the largest drug trafficking organization in the world.

    In 1985, Caro Quintero ordered the kidnapping, torture, and murder of DEA Special Agent Camarena.  Caro Quintero believed Camarena was responsible for leading the Mexican government to seize Caro Quintero’s largest ranch in Chihuahua, Rancho Buffalo.  Caro Quintero’s men abducted Camarena and took him to a location where he was tortured and interrogated for approximately two days, after which Caro Quintero and his men killed Camarena.

    Later in 1985, Caro Quintero went to prison in Mexico. Nevertheless, from 1985 to 2013, while in prison, Caro Quintero continued operating his drug trafficking organization (the “Caro Quintero DTO”), using family members and associates on the outside to assist him.  The Caro Quintero DTO trafficked large quantities of marijuana, cocaine, methamphetamine, and heroin into the United States.  After his release from prison in 2013, Caro Quintero went into hiding and continued running the Caro Quintero DTO from various locations in the mountains of Sinaloa.  The Sinaloa Cartel provided Caro Quintero with protection during this time.   

    Caro Quintero and the members and associates of his organization carried firearms in furtherance of their drug trafficking activities, including pistols and AK-47s.  Caro Quintero himself carried a Colt .38 Super pistol with a diamond encrusted handle and “R-1” written in gold.

    Vincente Carrillo Fuentes

    Carrillo Fuentes was first indicted in the Eastern District of New York in 2009, with superseding charges filed in 2019.  As alleged in the indictment and other public filings, Carrillo Fuentes and his brother, Amado Carrillo Fuentes, led the infamous Juarez Cartel for more than two decades.  Under the leadership of Carrillo Fuentes, the Juarez Cartel dominated and controlled drug trafficking through the El Paso-Ciudad Juarez corridor and used its control of the Texas-Mexico border to deliver multi-ton shipments of cocaine throughout the United States, including to locations in New York, Texas, California, and Illinois.

    Until approximately 2004, Carrillo Fuentes and the Juarez Cartel were aligned with the Sinaloa Cartel, one of the largest transnational criminal organizations in the world.  The two organizations worked collectively, partnering in drug shipments and sharing infrastructure as they trafficked tons of cocaine into the United States.  Throughout this partnership, Carrillo Fuentes and his associates corrupted public officials and taxed other drug-trafficking organizations as they asserted their control over the all-important El Paso-Ciudad Juarez corridor.  When this partnership finally splintered—and Carrillo Fuentes and the Juarez Cartel split from the Sinaloa Cartel and realigned with the rival drug traffickers such as the Zetas—Mexico was plunged into a decade of war and bloodshed.  Carrillo Fuentes was at the center of this chaos, initially as the commander of the Juarez Cartel’s sicarios (the Spanish term for contract killers) and soldiers, and then later as the leader of the entire Juarez Cartel.

    * * * * *

    The government’s cases against Caro Quintero and Carrillo Fuentes are part of the operations of the Organized Crime Drug Enforcement Task Forces (OCDETF).  OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach.  Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    The charges in the indictments are merely allegations and the defendants are presumed innocent unless and until proven guilty.  Both defendants face mandatory life sentences and, if convicted, could face the death penalty.

    The government’s cases against Caro Quintero and Carrillo Fuentes are being handled by the Office’s International Narcotics and Money Laundering Section.  Assistant United States Attorneys Saritha Komatireddy, Francisco J. Navarro, Erin Reid, and Andrew Wang are in charge of the prosecution of Caro Quintero, and Assistant United States Attorneys Erik D. Paulsen and Miranda Gonzalez are in charge of the prosecution of Carrillo Fuentes.  Asset forfeiture matters for both cases are being handled by Assistant United States Attorney Brendan King.  Paralegal Specialists Melissa Bennett and Huda Abouchaer provided assistance on both cases.  

    The Defendants:

    RAFAEL CARO QUINTERO
    Age: 72
    Sonora, Mexico

    E.D.N.Y. Docket No. 15-CR-208 (FB)

    VICENTE CARRILLO FUENTES
    Age:  62
    Sinaloa, Mexico

    E.D.N.Y. Docket No. 09-CR-522 (JMA)

    MIL Security OSI –

  • MIL-OSI Security: Former Social Security Administration Employee Pleads Guilty to Attempting to Induce a Social Security Beneficiary for Prostitution

    Source: Office of United States Attorneys

    BOSTON – A former Social Security Administration (SSA) employee pleaded guilty yesterday to attempting to persuade a Social Security beneficiary to cross state lines to engage in prostitution.

    Dae Sung Kim, 36, of Auburn, Mass., pleaded guilty to one count of attempting to induce a person to travel in interstate commerce to engage in prostitution. U.S. District Court Judge Margaret R. Guzman scheduled sentencing for June 10, 2025. Kim was arrested and charged by criminal complaint in October 2024 and subsequently charged by Information in December 2024.

    In March 2024, Kim handled an in-person visit at the Gardner SSA field office from an individual seeking Social Security benefits after losing her job. After redirecting the individual to another SSA field office near her residence in another state, Kim called the individual, using the phone number he obtained from SSA’s computer system. Kim indicated that he understood she was in a difficult situation and stated that maybe they could “work something out” that would benefit them both.  

    During a call monitored by law enforcement later that month, Kim again stated to the individual that they could “help each other out” and proposed giving the individual money in exchange for sex. In several subsequent text messages, Kim suggested that the individual travel to Massachusetts to meet him, offering to pay $100 to have sex in a car at a hotel parking lot. When Kim traveled to the hotel parking lot to meet the individual in October 2024, he was confronted by law enforcement.

    The charge of attempting to induce a person to travel in interstate commerce to engage in prostitution provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

    United States Attorney Leah B. Foley and Amy Connelly, Special Agent-in-Charge of the Social Security Administration, Office of the Inspector General, Office of Investigations, Boston Field Division made the announcement. Valuable assistance was provided by Homeland Security Investigations and the Fitchburg and Gardner Police Departments. Assistant U.S. Attorney Brendan D. O’Shea of the Worcester Branch Office and Special Assistant U.S. Attorney James J. Nagelberg of the Major Crimes Unit are prosecuting the case.
     

    MIL Security OSI –

  • MIL-OSI Economics: IMF Executive Board Completes the Third Review Under the Extended Fund Facility Arrangement with Sri Lanka

    Source: International Monetary Fund

    February 28, 2025

    • The IMF Executive Board completed the Third Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $334 million) to support its economic policies and reforms.
    • Performance under the program has been strong. All quantitative targets for end-December 2024 were met, except the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability.
    • Reform efforts are bearing fruit with the recovery gaining momentum. As the economy is still vulnerable, sustaining the reform agenda is critical to put the economy on a path towards lasting recovery and debt sustainability.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$334 million). This brings the total IMF financial support disbursed so far to SDR 1.02 billion (about US$1.34 billion).[1]

    The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 (see Press Release No. 23/79) in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion. The program supports Sri Lanka’s efforts to restore and maintain macroeconomic stability and debt sustainability while protecting the poor and vulnerable, rebuild external buffers, and enhance growth-oriented structural reforms including by strengthening governance.

    Following the Executive Board discussion on Sri Lanka, Mr. Kenji Okamura, Deputy Managing Director, issued the following statement:

    “Reforms in Sri Lanka are bearing fruit and the economic recovery has been remarkable. Inflation remains low, revenue collection is improving, and reserves continue to accumulate. Economic growth averaged 4.3 percent since growth resumed in the third quarter of 2023. By end-2024, Sri Lanka’s real GDP is estimated to have recovered 40 percent of its loss incurred between 2018 and 2023. The recovery is expected to continue in 2025. As the economy is still vulnerable, it is critical to sustain the reform momentum to ensure macroeconomic stability and debt sustainability, and promote long-term inclusive growth. There is no room for policy errors.

    “Program performance has been strong with all quantitative targets met, except for the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay.

    “Sustained revenue mobilization is crucial to restoring fiscal sustainability and ensuring that the government can continue to provide essential services. Boosting tax compliance and refraining from tax exemptions are key to maintaining support for economic reforms. To ease economic hardship and ensure the poor and vulnerable can participate in Sri Lanka’s recovery it is important to meet social spending targets and continue with reforms of the social safety net. Going forward, social support needs to be well-targeted towards the most disadvantaged so as to promote inclusive growth with limited fiscal space. Restoring cost-recovery electricity pricing without delay is needed to contain fiscal risks from state-owned enterprises. A smoother execution of capital spending within the fiscal envelope would foster medium-term growth.

    “The progress to advance the debt restructuring to restore Sri Lanka’s debt sustainability is noteworthy. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability. Timely finalization of bilateral agreements with creditors in the Official Creditor Committee and with remaining creditors is a priority now.

    “Monetary policy should prioritize maintaining price stability, supported by sustained commitment to prohibit monetary financing and safeguard Central Bank independence. Continued exchange rate flexibility and gradually phasing out the balance of payments measures remain critical to rebuild external buffers and facilitate rebalancing.

    “Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important priorities to revive credit growth and support the economic recovery.

    “Prolonged structural challenges need to be addressed to unlock Sri Lanka’s long-term potential, including steadfast implementation of the governance reforms.”

                                                                    Sri Lanka: Selected Economic Indicators 2022-2030

     

    2022

    		  

    2023

    2024

    		  

    2025

    		  

    2026

    2027

    2028

    2029

    2030

    Act. 

    Proj.

    		  

    Projections
                             

    GDP and inflation (in percent)

    		                      

    Real GDP

    -7.3

    -2.3

    4.5

    3.0

    3.0

    3.1

    3.1

    3.1

    3.1

    Inflation (average) 1/

    45.2

    17.4

    1.2

    3.8

    5.4

    5.2

    5.0

    5.0

    5.0

    Inflation (end-of-period) 1/

    58.6

    3.0

    -1.5

    7.8

    5.4

    5.2

    5.0

    5.0

    5.0

    GDP Deflator growth

    47.5

    17.5

    3.5

    4.9

    5.5

    5.3

    5.2

    5.1

    5.0

    Nominal GDP growth

    36.6

    14.8

    8.2

    8.1

    8.7

    8.5

    8.5

    8.4

    8.3

     

    Savings and investment (in percent of GDP)

    		                    

    National savings

    27.6

    33.8

    34.0

    31.7

    31.9

    32.1

    31.9

    31.7

    31.7

      Government

    -6.4

    -6.0

    -3.2

    -1.8

    -0.7

    0.0

    0.1

    0.3

    0.5

      Private

    34.0

    39.8

    37.2

    33.5

    32.6

    32.1

    31.7

    31.4

    31.2

    National investment

    28.6

    30.8

    32.1

    32.2

    32.5

    32.9

    32.7

    32.6

    32.5

      Government

    5.5

    3.7

    3.6

    4.4

    4.6

    4.7

    4.6

    4.6

    4.6

      Private

    23.1

    27.1

    28.5

    27.7

    27.9

    28.2

    28.1

    28.0

    28.0

    Savings-Investment balance

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

      Government

    -11.9

    -9.6

    -6.8

    -6.2

    -5.3

    -4.7

    -4.5

    -4.3

    -4.1

      Private

    10.9

    12.7

    8.6

    5.8

    4.7

    3.9

    3.6

    3.4

    3.2

     

    Public finance (in percent of GDP)

    		                    

    Revenue and grants

    8.4

    11.1

    13.7

    15.1

    15.3

    15.3

    15.2

    15.3

    15.3

    Expenditure

    18.6

    19.4

    19.3

    20.4

    19.8

    19.2

    19.1

    19.0

    18.8

    Primary balance

    -3.7

    0.6

    2.2

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    Central government balance

    -10.2

    -8.3

    -5.6

    -5.4

    -4.6

    -4.0

    -3.8

    -3.7

    -3.5

    Central government gross financing needs

    34.1

    27.6

    22.1

    22.8

    19.7

    15.7

    13.2

    11.8

    11.6

    Central government debt

    115.9

    109.5

    99.5

    105.7

    106.4

    103.5

    100.2

    97.0

    93.9

    Public debt 2/

    126.3

    115.8

    104.6

    110.7

    110.9

    107.4

    103.7

    100.1

    96.8

     

    Money and credit (percent change, end of period)

    Reserve money

    3.3

    -1.5

    10.3

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Broad money

    15.5

    7.3

    10.0

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Domestic credit

    18.8

    -1.2

    6.1

    3.3

    2.8

    3.3

    4.0

    4.3

    4.9

    Credit to private sector

    6.4

    -0.8

    7.9

    7.5

    9.5

    9.5

    9.4

    9.4

    9.4

    Credit to private sector (adjusted for inflation)

    -38.8

    -18.2

    6.6

    3.7

    4.1

    4.3

    4.3

    4.3

    4.3

    Credit to central government and public corporations

    31.1

    -1.6

    4.7

    -0.1

    -3.1

    -2.9

    -2.2

    -2.2

    -1.5

     

    Balance of Payments (in millions of U.S. dollars)

    Exports

    13,107

    11,911

    12,772

    13,446

    14,090

    14,795

    15,638

    16,397

    17,192

    Imports

    -18,291

    -16,811

    -18,841

    -21,718

    -22,668

    -23,410

    -24,105

    -25,109

    -26,026

    Current account balance

    -737

    2,582

    1,824

    -409

    -538

    -751

    -864

    -952

    -922

    Current account balance (in percent of GDP)

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

    Current account balance net of interest (in percent of GDP)

    0.1

    4.2

    3.8

    1.7

    1.6

    1.5

    1.5

    1.3

    1.3

    Export value growth (percent)

    4.9

    -9.1

    7.2

    5.3

    4.8

    5.0

    5.7

    4.9

    4.9

    Import value growth (percent)

    -11.4

    -8.1

    12.1

    15.3

    4.4

    3.3

    3.0

    4.2

    3.7
                             

    Gross official reserves (end of period)

    		                          

    In millions of U.S. dollars

    1,898

    4,392

    6,122

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    1.2

    2.4

    2.9

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    16.6

    37.5

    50.3

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    Usable Gross official reserves (end of period) 3/

    		                    

    In millions of U.S. dollars

    462

    2,956

    4,686

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    0.3

    1.6

    2.2

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    4.0

    25.3

    38.5

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    External debt (public and private)

    In billions of U.S. dollars

    57.4

    54.1

    53.9

    54.9

    57.2

    61.2

    62.9

    63.3

    65.6

    As a percent of GDP

    77.0

    64.1

    54.4

    56.1

    62.9

    65.9

    64.0

    60.4

    58.9

     

    Memorandum items:

    Nominal GDP (in billions of rupees)

    24,064

    27,630

    29,893

    32,309

    35,123

    38,113

    41,343

    44,819

    48,551

    Exchange Rate (period average)

    322.6

    327.5

    302.0

    …

    …

    …

    …

    …

    …

    Exchange Rate (end of period)

    363.1

    323.9

    293.0

    …

    …

    …

    …

    …

    …

    Sources: Data provided by the Sri Lankan authorities; and IMF staff estimates.

    		                        

    1/ Colombo CPI.

    		                      
                                                                                                                                 

    2/ Comprising central government debt, publicly guaranteed debt, and CBSL external liabilities

    (i.e., Fund credit outstanding and international currency swap arrangements). The debt statistics

    currently assume the external debt restructuring to have been completed at end 2023.

    3/ Excluding PBOC swap ($1.4bn in 2022) which becomes usable once GIR rise above 3 months

    of previous year’s import cover.

    [1] SDR figures are converted at the market rate of U.S. dollar per SDR on the day of the Board approval.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    MIL OSI Economics –

  • MIL-OSI Russia: IMF Executive Board Completes the Third Review Under the Extended Fund Facility

    Source: IMF – News in Russian

    February 28, 2025

    • The IMF Executive Board completed the Third Review under the 48-month Extended Fund Facility with Sri Lanka, providing the country with immediate access to SDR 254 million (about US $334 million) to support its economic policies and reforms.
    • Performance under the program has been strong. All quantitative targets for end-December 2024 were met, except the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability.
    • Reform efforts are bearing fruit with the recovery gaining momentum. As the economy is still vulnerable, sustaining the reform agenda is critical to put the economy on a path towards lasting recovery and debt sustainability.

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR 254 million (about US$334 million). This brings the total IMF financial support disbursed so far to SDR 1.02 billion (about US$1.34 billion).[1]

    The EFF arrangement for Sri Lanka was approved by the Executive Board on March 20, 2023 (see Press Release No. 23/79) in an amount of SDR 2.286 billion (395 percent of quota or about US$3 billion. The program supports Sri Lanka’s efforts to restore and maintain macroeconomic stability and debt sustainability while protecting the poor and vulnerable, rebuild external buffers, and enhance growth-oriented structural reforms including by strengthening governance.

    Following the Executive Board discussion on Sri Lanka, Mr. Kenji Okamura, Deputy Managing Director, issued the following statement:

    “Reforms in Sri Lanka are bearing fruit and the economic recovery has been remarkable. Inflation remains low, revenue collection is improving, and reserves continue to accumulate. Economic growth averaged 4.3 percent since growth resumed in the third quarter of 2023. By end-2024, Sri Lanka’s real GDP is estimated to have recovered 40 percent of its loss incurred between 2018 and 2023. The recovery is expected to continue in 2025. As the economy is still vulnerable, it is critical to sustain the reform momentum to ensure macroeconomic stability and debt sustainability, and promote long-term inclusive growth. There is no room for policy errors.

    “Program performance has been strong with all quantitative targets met, except for the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay.

    “Sustained revenue mobilization is crucial to restoring fiscal sustainability and ensuring that the government can continue to provide essential services. Boosting tax compliance and refraining from tax exemptions are key to maintaining support for economic reforms. To ease economic hardship and ensure the poor and vulnerable can participate in Sri Lanka’s recovery it is important to meet social spending targets and continue with reforms of the social safety net. Going forward, social support needs to be well-targeted towards the most disadvantaged so as to promote inclusive growth with limited fiscal space. Restoring cost-recovery electricity pricing without delay is needed to contain fiscal risks from state-owned enterprises. A smoother execution of capital spending within the fiscal envelope would foster medium-term growth.

    “The progress to advance the debt restructuring to restore Sri Lanka’s debt sustainability is noteworthy. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability. Timely finalization of bilateral agreements with creditors in the Official Creditor Committee and with remaining creditors is a priority now.

    “Monetary policy should prioritize maintaining price stability, supported by sustained commitment to prohibit monetary financing and safeguard Central Bank independence. Continued exchange rate flexibility and gradually phasing out the balance of payments measures remain critical to rebuild external buffers and facilitate rebalancing.

    “Resolving non-performing loans, strengthening governance and oversight of state-owned banks, and improving the insolvency and resolution frameworks are important priorities to revive credit growth and support the economic recovery.

    “Prolonged structural challenges need to be addressed to unlock Sri Lanka’s long-term potential, including steadfast implementation of the governance reforms.”

                                                                    Sri Lanka: Selected Economic Indicators 2022-2030

     

    2022

    		  

    2023

    2024

    		  

    2025

    		  

    2026

    2027

    2028

    2029

    2030

    Act. 

    Proj.

    		  

    Projections
                             

    GDP and inflation (in percent)

    		                      

    Real GDP

    -7.3

    -2.3

    4.5

    3.0

    3.0

    3.1

    3.1

    3.1

    3.1

    Inflation (average) 1/

    45.2

    17.4

    1.2

    3.8

    5.4

    5.2

    5.0

    5.0

    5.0

    Inflation (end-of-period) 1/

    58.6

    3.0

    -1.5

    7.8

    5.4

    5.2

    5.0

    5.0

    5.0

    GDP Deflator growth

    47.5

    17.5

    3.5

    4.9

    5.5

    5.3

    5.2

    5.1

    5.0

    Nominal GDP growth

    36.6

    14.8

    8.2

    8.1

    8.7

    8.5

    8.5

    8.4

    8.3

     

    Savings and investment (in percent of GDP)

    		                    

    National savings

    27.6

    33.8

    34.0

    31.7

    31.9

    32.1

    31.9

    31.7

    31.7

      Government

    -6.4

    -6.0

    -3.2

    -1.8

    -0.7

    0.0

    0.1

    0.3

    0.5

      Private

    34.0

    39.8

    37.2

    33.5

    32.6

    32.1

    31.7

    31.4

    31.2

    National investment

    28.6

    30.8

    32.1

    32.2

    32.5

    32.9

    32.7

    32.6

    32.5

      Government

    5.5

    3.7

    3.6

    4.4

    4.6

    4.7

    4.6

    4.6

    4.6

      Private

    23.1

    27.1

    28.5

    27.7

    27.9

    28.2

    28.1

    28.0

    28.0

    Savings-Investment balance

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

      Government

    -11.9

    -9.6

    -6.8

    -6.2

    -5.3

    -4.7

    -4.5

    -4.3

    -4.1

      Private

    10.9

    12.7

    8.6

    5.8

    4.7

    3.9

    3.6

    3.4

    3.2

     

    Public finance (in percent of GDP)

    		                    

    Revenue and grants

    8.4

    11.1

    13.7

    15.1

    15.3

    15.3

    15.2

    15.3

    15.3

    Expenditure

    18.6

    19.4

    19.3

    20.4

    19.8

    19.2

    19.1

    19.0

    18.8

    Primary balance

    -3.7

    0.6

    2.2

    2.3

    2.3

    2.3

    2.3

    2.3

    2.3

    Central government balance

    -10.2

    -8.3

    -5.6

    -5.4

    -4.6

    -4.0

    -3.8

    -3.7

    -3.5

    Central government gross financing needs

    34.1

    27.6

    22.1

    22.8

    19.7

    15.7

    13.2

    11.8

    11.6

    Central government debt

    115.9

    109.5

    99.5

    105.7

    106.4

    103.5

    100.2

    97.0

    93.9

    Public debt 2/

    126.3

    115.8

    104.6

    110.7

    110.9

    107.4

    103.7

    100.1

    96.8

     

    Money and credit (percent change, end of period)

    Reserve money

    3.3

    -1.5

    10.3

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Broad money

    15.5

    7.3

    10.0

    9.7

    8.7

    8.5

    8.5

    8.4

    8.3

    Domestic credit

    18.8

    -1.2

    6.1

    3.3

    2.8

    3.3

    4.0

    4.3

    4.9

    Credit to private sector

    6.4

    -0.8

    7.9

    7.5

    9.5

    9.5

    9.4

    9.4

    9.4

    Credit to private sector (adjusted for inflation)

    -38.8

    -18.2

    6.6

    3.7

    4.1

    4.3

    4.3

    4.3

    4.3

    Credit to central government and public corporations

    31.1

    -1.6

    4.7

    -0.1

    -3.1

    -2.9

    -2.2

    -2.2

    -1.5

     

    Balance of Payments (in millions of U.S. dollars)

    Exports

    13,107

    11,911

    12,772

    13,446

    14,090

    14,795

    15,638

    16,397

    17,192

    Imports

    -18,291

    -16,811

    -18,841

    -21,718

    -22,668

    -23,410

    -24,105

    -25,109

    -26,026

    Current account balance

    -737

    2,582

    1,824

    -409

    -538

    -751

    -864

    -952

    -922

    Current account balance (in percent of GDP)

    -1.0

    3.1

    1.8

    -0.4

    -0.6

    -0.8

    -0.9

    -0.9

    -0.8

    Current account balance net of interest (in percent of GDP)

    0.1

    4.2

    3.8

    1.7

    1.6

    1.5

    1.5

    1.3

    1.3

    Export value growth (percent)

    4.9

    -9.1

    7.2

    5.3

    4.8

    5.0

    5.7

    4.9

    4.9

    Import value growth (percent)

    -11.4

    -8.1

    12.1

    15.3

    4.4

    3.3

    3.0

    4.2

    3.7
                             

    Gross official reserves (end of period)

    		                          

    In millions of U.S. dollars

    1,898

    4,392

    6,122

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    1.2

    2.4

    2.9

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    16.6

    37.5

    50.3

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    Usable Gross official reserves (end of period) 3/

    		                    

    In millions of U.S. dollars

    462

    2,956

    4,686

    7,056

    9,303

    13,118

    14,710

    14,875

    15,175

    In months of prospective imports of goods & services

    0.3

    1.6

    2.2

    3.2

    4.1

    5.5

    5.9

    5.8

    5.7

    In percent of ARA composite metric

    4.0

    25.3

    38.5

    58.3

    75.4

    100.1

    108.8

    108.5

    108.7

    External debt (public and private)

    In billions of U.S. dollars

    57.4

    54.1

    53.9

    54.9

    57.2

    61.2

    62.9

    63.3

    65.6

    As a percent of GDP

    77.0

    64.1

    54.4

    56.1

    62.9

    65.9

    64.0

    60.4

    58.9

     

    Memorandum items:

    Nominal GDP (in billions of rupees)

    24,064

    27,630

    29,893

    32,309

    35,123

    38,113

    41,343

    44,819

    48,551

    Exchange Rate (period average)

    322.6

    327.5

    302.0

    …

    …

    …

    …

    …

    …

    Exchange Rate (end of period)

    363.1

    323.9

    293.0

    …

    …

    …

    …

    …

    …

    Sources: Data provided by the Sri Lankan authorities; and IMF staff estimates.

    		                        

    1/ Colombo CPI.

    		                      
                                                                                                                                 

    2/ Comprising central government debt, publicly guaranteed debt, and CBSL external liabilities

    (i.e., Fund credit outstanding and international currency swap arrangements). The debt statistics

    currently assume the external debt restructuring to have been completed at end 2023.

    3/ Excluding PBOC swap ($1.4bn in 2022) which becomes usable once GIR rise above 3 months

    of previous year’s import cover.

    [1] SDR figures are converted at the market rate of U.S. dollar per SDR on the day of the Board approval.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

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

    https://www.imf.org/en/News/Articles/2025/02/28/pr25053-sri-lanka-imf-completes-the-3rd-rev-under-the-eff

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: Suburban Chicago Tax Professional Sentenced to More Than Ten Years in Prison for Stealing Client and Investor Funds

    Source: Office of United States Attorneys

    CHICAGO — A suburban Chicago tax professional who fraudulently obtained more than $2.5 million from clients and investors under false pretenses has been sentenced to more than ten years in federal prison.

    ADAM R. OLIVA, 43, of Rolling Meadows, Ill., pleaded guilty last year in two federal fraud cases.  Oliva was sentenced in December to six years in federal prison for one of the cases, and on Wednesday he received an additional four-and-a-half-year sentence for the other case.  The prison terms must be served consecutively, for a total period of incarceration of ten and a half years.

    In one case, Oliva held himself out as a tax professional who did business under various names, including Oliva and Associates LLC and The Oliva Group LLC.  From 2015 to 2020, Oliva fraudulently induced clients to provide him with money for the purported purpose of paying their income taxes.  Oliva instead kept the money for himself.  Oliva also admitted that he filed false tax returns on behalf of some of those clients, reflecting no or lower tax liabilities in order to make it less likely that the IRS would contact the clients about their unpaid tax liabilities.

    In the other case, Oliva duped investors who had provided him with money to fund purported short-term loans to clients.  Oliva promised those investors that they would receive returns of 10-20% on their investments.  In reality, he never intended to make any short-term loans.  Instead, he pocketed the investors’ money and used it for personal expenses, including gambling, meals at restaurants, and retail purchases.

    The sentences were announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation Chicago Field Office, and Vincent R. Zehme, Special Agent-in-Charge of the Chicago Region of the FDIC’s Office of Inspector General.  The government was represented by Assistant U.S. Attorney Rick D. Young.

    MIL Security OSI –

  • MIL-OSI Economics: IMF and Ukrainian Authorities Reach Staff Level Agreement on the Seventh Review of the Extended Fund Facility (EFF) Arrangement

    Source: International Monetary Fund

    February 28, 2025

    • International Monetary Fund (IMF) staff and the Ukrainian authorities have reached staff level agreement (SLA) on the Seventh Review of the 4-year, $15.5 billion Extended Fund Facility (EFF) Arrangement. Subject to approval by the IMF Executive Board and consistent with its balance-of-payments needs, Ukraine would be expected to draw about US$0.4 billion (SDR 0.3 billion), bringing total disbursements under the program to US$10.1 billion.
    • Program performance remains strong. All end-December quantitative performance criteria (QPCs) have been met and understandings were reached on a set of policies and reforms to sustain macroeconomic stability. The structural reform agenda continues to make progress, with seven structural benchmarks met, another benchmark implemented with delay, and strong commitments to advance other key reforms.
    • The outlook remains exceptionally uncertain as the war continues to take a heavy toll on Ukraine’s people, economy, and infrastructure. Despite the challenging environment, the program remains on track on the back of critical external support.

    Warsaw, Poland: An International Monetary Fund (IMF) team led by Mr. Gavin Gray held discussions with the Ukrainian authorities in Kyiv, Ukraine and Warsaw, Poland during February 20-28 on the Seventh Review of the country’s 4-year Extended Fund Facility (EFF) Arrangement. Upon the conclusion of the discussions, Mr. Gray issued the following statement:

    “IMF staff and the Ukrainian authorities have reached staff-level agreement on the Seventh Review of the EFF, subject to approval by the IMF Executive Board, with Board consideration expected in coming weeks.

    “Ukraine’s four-year EFF Arrangement with the IMF continues to provide a strong anchor for the authorities’ economic program in times of exceptionally high uncertainty. Program performance remains strong with all quantitative performance criteria for end-December met, and important progress on the structural agenda due for this review. Reflecting a revised profile of balance of payments needs in 2025, Ukraine has requested to rephase access under its EFF program, shifting IMF financing to future reviews while the overall size of the program remains unchanged.

    “The economy has continued to show resilience despite the challenges arising from three years of war in Ukraine. Real GDP growth is estimated at 3.5 percent for 2024, but is expected to moderate to 2-3 percent in 2025, reflecting headwinds from labor constraints, damage to energy infrastructure, and the persistence of Russia’s war in Ukraine. Inflation has continued to rise, reaching 12.9 percent y/y in January, mainly due to rising food and labor costs. The National Bank of Ukraine (NBU) raised the policy rate by a cumulative 150 bps since December in response. Gross international reserves reached US$43 billion as of January 2025, reflecting continued large external official support. Risks remain exceptionally high given uncertainty on the war and the prospects for peace and recovery.

    “The 2025 budget targets a deficit (excluding grants) of 19.6 percent of GDP and remains the anchor for fiscal policy this year. It incorporates the additional revenue derived from the increase in tobacco excise taxes and enactment of this tax policy change is a requirement for completion of the review. Financing the large fiscal deficit will require significant and timely external support, notably from the G7’s ERA initiative, to support macroeconomic stability. Responding to high budget risks will require preparedness with offsetting measures; in particular broad-based, durable, and efficient revenue measures and accelerated implementation of Ukraine’s National Revenue Strategy (NRS)

    Restoring medium-term fiscal sustainability requires determined implementation of reforms to mobilize domestic revenues, tackle tax evasion and avoidance, and improve the investment climate. Tax policy reforms need also to be coupled with improvements in tax administration with continued reforms to the state customs service (SCS) and state tax service (STS). Restoring debt sustainability hinges on this revenue-based fiscal adjustment and continued implementation of the authorities’ debt restructuring strategy (where completing the treatment of the GDP warrants remains important). The upcoming 2026-2028 budget declaration that is to be submitted to Parliament in June will be an important opportunity to provide both the context and strategic objectives of the medium-term fiscal strategy.

    “Given the risks from rising inflation, the recent increases in the policy rate by the NBU are appropriate. Further action would be warranted if inflation accelerates further or inflation expectations deteriorate. The exchange rate should increasingly act as a shock absorber. Maintaining adequate reserves is a priority, particularly in view of risks to the outlook.

    “The independence, competence, and credibility of anti-corruption and judicial institutions should continue to be enhanced. Parliamentary adoption this week of the law establishing the High Administrative Court, a benchmark under the program, is a landmark step in this direction. Swift enactment of the law would pave the way for prompt establishment of the court.

    “Effective public investment management (PIM) is critical for post-war recovery, reconstruction, and growth against a backdrop of limited fiscal space and tough demographic realities. To tackle these challenges, the government of Ukraine is implementing a comprehensive PIM framework that is in line with best international practices. A strategy-driven and transparent approach is essential to overcome absorption capacity constraints and allocate scarce resources efficiently.

    “The financial sector remains stable, but continued vigilance is warranted given elevated risks. Developing financial markets infrastructure will be critical to support prompt reconstruction and recovery by facilitating much needed private investment, including attracting foreign capital. Comprehensive consultation and collaboration with financial market participants is essential to facilitate preparation of a prioritized reform agenda, which the NBU has begun in collaboration with other relevant stakeholders.

    “The mission met with Finance Minister Marchenko, National Bank of Ukraine Governor Pyshnyy, other government ministers, public officials, and civil society. The mission thanks them and their technical staff for the excellent collaboration and constructive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    MIL OSI Economics –

  • MIL-OSI: EverCommerce Presents at the Citizens JMP Tech Conference

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 28, 2025 (GLOBE NEWSWIRE) — EverCommerce Inc. (NASDAQ: EVCM), a leading service commerce platform, today announced that management will present at the following upcoming investor conferences:

    • Chief Executive Officer of EverHealth Evan Berlin and SVP & Head of Investor Relations Brad Korch will present at the Citizens JMP Technology Conference in San Francisco. The presentation is scheduled for Monday, March 3, 2025, at 11:30 a.m. PST.

    The links to the live webcasts for the conferences will be made available through the Investor Relations section of the Company’s website at: https://investors.evercommerce.com.

    About EverCommerce

    EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 690,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.

    Investor Contact:

    Brad Korch
    SVP and Head of Investor Relations
    720-796-7664
    ir@evercommerce.com

    Press Contact:

    Jeanne Trogan
    VP of Corporate Communications
    737-465-2897
    press@evercommerce.com

    The MIL Network –