NewzIntel.com

Category: Finance

  • MIL-OSI: Progressive Announces Investor Relations Event

    Source: GlobeNewswire (MIL-OSI)

    MAYFIELD VILLAGE, OHIO, Feb. 25, 2025 (GLOBE NEWSWIRE) — As previously announced, The Progressive Corporation (NYSE: PGR) will host an Investor Relations event on Tuesday, March 4, 2025, beginning at 9:30 a.m. eastern time. This event, which will consist of both a conference call and webcast, is scheduled to last 90 minutes and will begin with an approximate 45-minute presentation on our claims process and technology, followed by a question-and-answer session with Tricia Griffith, our CEO, and John Sauerland, our CFO. Call-in participants will be able to ask questions via phone, however, webcast participants will not be able to submit questions online.

    On March 3, 2025, Progressive expects to file its Annual Report on Form 10-K with the Securities and Exchange Commission and post its Shareholders’ Report, including the Letter to Shareholders from Tricia Griffith, to its website at www.progressive.com/annualreport.

    To receive the details on how to access the call or to join the webcast, visit Progressive’s website at https://investors.progressive.com/events/default.aspx.

    Replays of the webcast will be available approximately two hours after the call concludes. The archived webcast will be able to be accessed from Progressive’s website at https://investors.progressive.com/events/default.aspx and will remain available until March 5, 2026.

    About Progressive
    Progressive Insurance® makes it easy to understand, buy and use car insurance, home insurance, and other protection needs. Progressive offers choices so consumers can reach us however it’s most convenient for them — online at progressive.com, by phone at 1-800-PROGRESSIVE, via the Progressive mobile app, or in-person with a local agent.

    Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes; it is the second largest personal auto insurer in the country, a leading seller of commercial auto, motorcycle, and boat insurance, and one of the top 15 homeowners insurance carriers. 

    Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot®, and HomeQuote Explorer®.

    The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE: PGR.

    Company Contact:
    Douglas S. Constantine
    (440) 395-3707
    investor_relations@progressive.com

    The Progressive Corporation
    300 North Commons Blvd.
    Mayfield Village, Ohio 44143
    http://www.progressive.com

    The MIL Network –

  • MIL-OSI United Nations: Ukraine: Post-war reconstruction set to cost $524 billion

    Source: United Nations 4

    Economic Development

    The total cost of reconstruction and recovery in Ukraine is estimated at $524 billion (€506 billion) over the next decade, according to a new study published on Tuesday. 

    The updated joint Rapid Damage and Needs Assessment (RDNA4) commissioned by the Ukrainian Government, the World Bank Group, the European Commission and the UN, comes as Russia’s full-scale invasion enters its fourth year. 

    It covers damage incurred since intensified conflict erupted on 24 February 2022 through to 31 December 2024.

    This year, the Government of Ukraine, with support from donors, has allocated $7.37 billion (€7.12 billion) to address priority areas such as housing, education, health, social protection, energy, transport, water supply, demining, and civil protection.

    As a total financing gap of $9.96 billion (€9.62 billion) for recovery and reconstruction needs remains, mobilizing the private sector remains critical.

    Russian attacks continue

    “In the past year, Ukraine’s recovery needs have continued to grow due to Russia’s ongoing attacks,” said Prime Minister Denys Shmyhal.

    RDNA4 reveals that direct damage in Ukraine has now reached $176 billion (€170 billion), up from $152 billion (€138 billion) from the previous assessment issued in February 2024. The hardest hit sectors are housing, transport, energy, commerce and industry, and education.

    Thirteen per cent of all housing stock in the country has been damaged or destroyed, affecting more than 2.5 million households. The energy sector has also experienced a 70 per cent increase in damage or destroyed assets, including power generation, transmission, distribution infrastructure, and district heating

    Housing hard hit

    Across all sectors, the regions closest to the frontline – Donetsk, Kharkiv, Luhansk, Zaporizhzhia, Kherson, and Kyiv – sustained about 72 percent of the total damage. 

    Reconstruction and recovery needs are the highest in housing, accounting for almost $84 billion (€81 billion)) of the total long-term needs. The transport sector follows at almost $78 billion (€75 billion), with the energy and extractives sector coming in third at nearly $68 billion (€66 billion).

    Meanwhile, reviving commerce and industry will require over $64 billion (€62 billion), and agriculture over $55 billion (€53 billion).

    The assessment noted that the Russian invasion continues to have severe impacts on Ukraine’s agriculture sector, which had previously contributed 10 per cent to GDP, employed 14 per cent of the labour force and accounted for over 40 per cent of all exports.

    Additionally, across all sectors, the cost of debris clearance and management alone reaches almost $13 billion (€12.6 billion).

    Private sector support

    RDNA4 identifies and excludes over $13 billion (€12.6 billion) in needs across eight sectors that have already been met by Ukraine, with support from partners and the private sector. 

    For example, government data shows that at least $1.2 billion (€1.1 billion) was disbursed from state budget and donor funds last year for housing sector recovery, while over 2,000 km of emergency repairs were carried out on motorways, highways, and other national roads. 

    Furthermore, the private sector has met some of the critical needs, highlighting its key role in the recovery and reconstruction process, and many firms have started to invest in repairs and resilience. Estimates indicate that the private sector could potentially cover a third of total needs.

    © UNICEF/Oleksii Filippov

    Alina, 12, stands next to her damaged home in Kobzartsi, Mykolaiv region.

    Investment and inclusion

    The UN Humanitarian Coordinator in Ukraine, Matthias Schmale, noted that “the true cost of war is measured in human lives and livelihoods,” and the international community must help to create more opportunities for Ukrainians to rebuild their lives with dignity.

    “This means investing in dignified jobs, education, healthcare, and prioritizing the inclusion of vulnerable groups among women and girls, children, displaced people, Roma communities, war veterans and persons with disabilities,” he said.

    “The path forward requires strengthening partnerships, de-risking investments and a steadfast commitment from all of us not just help structures but support restoring the social fabric of war-impacted communities.”

    RDNA4 also highlights that prioritizing investments in recovery and reconstruction will be critical for Ukraine’s accession to the European Union (EU) and long-term resilience. 

    Thus, recovery provides an opportunity not just to address the destruction caused by the ongoing invasion but also to build back better by adopting innovative solutions and reforms that meet the expectations of EU membership.  

    MIL OSI United Nations News –

  • MIL-OSI Security: Previously Convicted Sex Offender Sentenced to Life in Prison for Producing Child Pornography

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

                WASHINGTON – Victor Armando Simms, 54, a previously convicted sex offender who most recently lived in Southeast Washington D.C., was sentenced today to life in federal prison in connection with his sexual abuse of multiple young girls, recording many of the incidents, and amassing a library of 3,300 still images and over 250 videos depicting the sexual abuse of children.

                The sentencing was announced by U.S. Attorney Edward R. Martin, Jr., FBI Special Agent in Chief Sean Ryan of the FBI Washington Field Office Criminal and Cyber Division, and Chief Pamela Smith of the Metropolitan Police Department.

                Simms, aka “Stacey Patrick Simms,” pleaded guilty on May 20, 2024, before U.S. District Judge Tanya S. Chutkan to first degree child sexual abuse with aggravating circumstances, two counts of aggravated sexual abuse with children, three counts of sexual exploitation of children, and possession of child pornography.

               According to court documents, law enforcement was called on January 15, 2023, when a young girl discovered explicit images of child sexual abuse depicting herself on an iPad belonging to Simms. The same day, Simms was formally placed under arrest and charged by complaint with one count of first-degree child sexual abuse in D.C. Superior Court.

                On January 17, 2023, the FBI’s Child Exploitation and Human Trafficking Task Force executed a search warrant at Simms’s residence and seized multiple electronic devices including an iPad and a one-terabyte external hard drive. In addition, law enforcement agents seized numerous pills and pill bottles, which were believed to be used to sedate the young victims. Many of the videos produced by Simms showed the young victims asleep during the sexual assaults.

                The forensic examination of the external hard drive revealed 3300 still images and 250 videos depicting the sexual abuse of children, many of which included metadata indicating the date, time, and location where the file was initially produced. The metadata indicated that the minor female victims were sexually exploited and abused by Simms in Washington D.C., and at hotels in Maryland and Virginia. The investigation into this matter also revealed that Simms has engaged in acts of child sexual abuse and sexual exploitation of minors since approximately 1997.

                According to court documents, Simms is a previously adjudicated sex offender. He was convicted in North Carolina in 2005 of indecent liberties with a six-year-old child and a felony child sex act.

                According to court documents, Simms used drugs to incapacitate some of the children, but not all, to make it easier to abuse them and to ensure they had no memory of his criminal conduct. He recorded the sexual abuse of these children, including anally and vaginally penetrating them, to ensure he had souvenirs of his crimes to carry with him. He raped and abused at least ten young victims.

                This case was investigated by the FBI Washington Field Office’s Child Exploitation and Human Trafficking Task Force. The task force is composed of FBI agents and detectives from the Metropolitan Police Department, along with other federal agents and detectives from northern Virginia and the District of Columbia. The task force is charged with investigating and bringing federal charges against individuals engaged in the exploitation of children and those engaged in human trafficking. 

                This case was prosecuted by Assistant U.S. Attorneys Jocelyn Bond, Sarah Folse, and Caroline Burrell. The prosecution team received valuable assistance from Victim-Witness Advocate Yvonne Bryant and Paralegal Specialist Melissa Macechko, as well as former Paralegal Specialist Alexis Spencer-Anderson. 

    23cr41

    MIL Security OSI –

  • MIL-OSI Security: Serial Bank Robber Sentenced to 10 Plus Years in Federal Prison for Robbery Committed While on Supervised Release

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

    A serial bank robber who robbed three banks while on supervised release for a prior bank robbery conviction was sentenced Thursday to more than 10 years in federal prison, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham. 

    Taurick Demon Walker, 43, was charged via criminal complaint in August 2023 and indicted the following month. He pleaded guilty in October 2024 to bank robbery and was sentenced Thursday by U.S. District Judge Jane J. Boyle to 105 months for the bank robbery plus 24 months for violating the conditions of his supervised release – which prohibited committing any felonies – for a total of 129 months in federal prison. 

    According to court records, Mr. Walker was convicted of bank robbery in March 2018 and sentenced to six years in federal prison. He served his time and was released in March 2023. 

    Just five months after his release, on Aug. 10, 2023, Mr. Walker entered a Regions Bank in Irving, passed a teller a note, and demanded “all your money now.”  The teller handed over a wad of cash and Mr. Walker fled the scene. 

    Eight days later, on Aug. 18, Mr. Walker robbed two other banks: a Truist Bank in Dallas and a Wells Fargo in Garland. On both occasions, he approached a teller and pressed a note against the glass that read “Bank Robbery 20,000.”

    Investigators were able to link Mr. Walker to both robberies using a network of FLOCK license plate readers.

    In an interview with law enforcement, a family member told police she recognized a cowboy hat worn during one of the robberies as Mr. Walker’s. 

    The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation with the assistance of the Dallas, Garland, and Irving Police Departments. Assistant U.S. Attorney Robert Withers prosecuted the case..

    MIL Security OSI –

  • MIL-OSI Security: Dallas Man Sentenced to 13 Plus Years in Multimillion-Dollar Insurance Fraud

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    The architect of a nearly $5 million insurance fraud was sentenced today to more than 13 years in federal prison, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham. 

    Jordan Ford, 32, was charged via criminal complaint in June 2024 and pleaded guilty in September 2024 to a criminal information charging conspiracy to commit wire fraud. He was sentenced Thursday to 157 months in prison by U.S. District Judge Mark Pittman, who also ordered him to pay $4,471,338.92 in restitution to the defrauded insurance companies. 

    According to court documents, Mr. Ford and his coconspirators recruited insurance company employees to pull clients’ personal information from legitimate insurance claims. The employees handed those details over to Mr Ford. 

    Using the stolen information, Mr. Ford – posing as the client – called the insurance companies and requested they update the payment information to accounts he and his coconspirators controlled. 

    Other times, Mr. Ford paid insurance employees to lend him their company-issued laptops, logged onto the companies’ systems, and authorized and issued payments, which were sent to accounts he and his coconspirators controlled. 

    In total, the coconspirators misdirected funds from at least three insurance companies, netting more than $4.4 million. 

    All nine defendants charged in the scheme have pleaded guilty, including Mr. Ford’s lieutenant, Humberto Corona; Jaquan Hall and Elexis McLain, who recruited insurance employees and received and distributed fraudulent proceeds; and insurance employees Timothy Starling, Desiree Thomas, Daja Webb, and Sesedrick Wedlow, who were compensated for handing over stolen client information and allowing Mr. Ford to access company systems.

    The Federal Bureau of Investigation’s Dallas Field Office and the Texas Department of Insurance conducted the investigation. Assistant U.S. Attorney Matthew Weybrecht is prosecuting the case. 

    MIL Security OSI –

  • MIL-OSI Security: Owner of School Equipment Company Pleads Guilty to Defrauding Fort Worth ISD

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    The owner of a company that distributed school swag pleaded guilty  to defrauding the Fort Worth Independent School District, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham.

    Virenkumar Patel, the 33-year-old owner of VR Group Promotions, was indicted in January. He pleaded guilty Wednesday to three counts of wire fraud.

    According to court documents, Mr. Patel admits that in the spring of 2021, the principal of a Fort Worth ISD high school told Mr. Patel she needed to purchase planners, notepads, and flash drives for the school. Knowing that the district required principals to obtain three quotes before agreeing to purchase such items, Mr. Patel fabricated to quotes from competitors, along with a quote from VR Group Promotions, which quoted the lowest price. Mr. Patel hand-delivered the quotes to the principal, who selected VR Group’s $18,287 quote.

    In the winter of 2022, the principal of another Fort Worth ISD high school told Mr. Patel he needed to purchase flash drives. Mr. Patel again fabricated two competitor quotes, along with a quote from VR Group Promotions, which quoted the lowest price. The principal selected VR Group’s $5,250 quote.

    In spring 2023, the principal of the first high school again contacted Mr. Patel, and told him that she needed to purchase headphones, wireless charges, and power banks for the school. Once again, Mr. Patel fabricated competitor quotes, and once again, the principal selected VR Group Promotion’s $9,245 bid.

    Mr. Patel now faces up to 30 years in federal prison per count. His sentencing hearing has been set for June 6, 2025.   

    The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation. Assistant U.S. Attorney P.J. Meitl is prosecuting the case. 

    MIL Security OSI –

  • MIL-OSI Economics: CNB cuts red tape: 36 rules and reporting duties to be scrapped by year-end

    Source: Czech National Bank

    An analysis conducted by the Czech National Bank (CNB) in the area of financial market regulation has revealed that Czech legislation in some cases unnecessarily goes beyond the EU minimum requirements. Based on this analysis, the CNB will abolish 36 rules set out in decrees and reporting duties by the end of 2025. In addition, the CNB will propose to the Ministry of Finance the elimination of various legal obligations applying to financial market participants.

    The CNB is to cut red tape. This decision is based on the results of an analysis of gold plating in financial market regulation conducted by specialised units of the CNB at the Bank Board’s request. Gold plating refers to cases where Czech legislation imposes additional obligations and restrictions on market participants in areas governed by EU law going beyond the EU minimum requirements.

    “The Bank Board is delivering results for our country. When we started in mid-2022, inflation was at 17.5%. Now it’s back on target. We’re also leading by example – we’re cutting costs. We’ve laid off five per cent of our staff, including managers reporting directly to the Bank Board (B−1 executives). We also said we would cut red tape. We’ve approved a package of 36 financial market regulatory measures that we will abolish this year. These include various reporting duties, official information documents and requirements in decrees that the CNB had previously imposed in excess of European regulations. This will reduce bureaucracy and simplify doing business in the financial market,” said Czech National Bank Governor Aleš Michl.

    In its analysis, the CNB compared the EU requirements with various domestic laws, decrees and official information documents. In many cases, it found that domestic legislation goes beyond the requirements of EU law. However, these deviations are often justified by the specificities of the domestic market. Therefore, provisions where the benefits of reducing the regulatory burden outweigh the risks have been proposed for repeal.

    Within its powers, the CNB will repeal 36 now redundant rules and reporting duties by 31 December 2025. The aim is to simplify and streamline the financial market regulatory framework. For example, the often-criticised affidavit of legal capacity will no longer be required, some unnecessary reporting duties will be abolished, and market participants will benefit from the scrapping of other superfluous rules.

    As substantive obligations are established by law and changes to laws fall outside the CNB’s remit, the CNB will also propose amendments to several laws to the Ministry of Finance with the aim of further easing the burden on financial market participants.

    Jakub Holas
    Director, CNB Communications Division

    The 36 rules and reporting duties that the CNB will abolish by the end of 2025

    The CNB will cut red tape in the financial sector and will abolish 36 redundant rules and reporting duties by 31 December 2025. An analysis has revealed that domestic regulation often goes beyond EU requirements without this always being necessary. As a result, the CNB will abolish rules where doing so will generate greater benefits than risks. The aim is to make the regulatory environment simpler and more transparent and to eliminate burdensome administrative duties falling within the CNB’s remit.

    The CNB will abolish the following rules and statements:

    1. Demonstration of legal capacity by affidavit. It is sufficient to provide the financial institution’s internal assessment of the suitability of the person assessed, along with information from basic registers in the case of Czech citizens. Abolishing this requirement will reduce the administrative burden.

    2. More detailed requirements for credit risk management by credit institutions, especially details on the transaction execution system, the credit risk measurement and monitoring system and credit risk management limits. The CNB regularly subjects credit institutions to the supervisory review and evaluation process (SREP), in which it evaluates their credit risk management. Abolishing these requirements will thus not affect the quality of supervision of credit institutions. On the contrary, it will reduce the administrative burden on credit institutions.

    3. More detailed requirements for market risk management by credit institutions, especially details on the market risk measurement and monitoring system, market risk management limits and market risk stress testing. The CNB evaluates market risk management by credit institutions in the SREP. Abolishing these requirements will thus not affect the quality of supervision of credit institutions. On the contrary, it will reduce the administrative burden on credit institutions.

    4. More detailed requirements for liquidity risk management by credit institutions, especially details on the liquidity risk measurement and monitoring system, liquidity risk management in major currencies and limits, financial resource management and market access, liquidity risk management scenarios and liquidity crisis contingency plans. The CNB evaluates liquidity risk management by credit institutions in the SREP. Abolishing these requirements will thus not affect the quality of supervision of credit institutions. On the contrary, it will reduce the administrative burden on credit institutions.

    5. More detailed requirements for operational risk management by credit institutions, especially details on the operational risk management system, operational risk identification, assessment, monitoring and reporting, operational risk mitigation, contingency planning, information systems and technologies, and security principles. The CNB evaluates operational risk management by credit institutions in the SREP. Abolishing these requirements will thus not affect the quality of supervision of credit institutions. On the contrary, it will reduce the administrative burden on credit institutions.

    6. More detailed requirements for risk management outsourcing by credit institutions, especially details on the outsourcing risk management system, outsourcing implementation and selected outsourcing cases. The CNB evaluates outsourcing risk management by credit institutions in the SREP. Abolishing these requirements will thus not affect the quality of supervision of credit institutions. On the contrary, it will reduce the administrative burden on credit institutions.

    7. More detailed requirements for internal audits at credit institutions, especially details on the internal audit charter, the organisational integration of internal audit and the analysis of audit risks and planning. The CNB evaluates credit institutions’ governance systems – including internal audit as one of credit institutions’ control functions – in the SREP. Abolishing these requirements will thus not affect the quality of supervision of credit institutions. On the contrary, it will reduce the administrative burden on credit institutions.

    8. More detailed requirements for information disclosure by credit institutions, specifically details on information about the credit institution, its shareholder structure, the structure of the group to which it belongs, and its activities and financial situation. The CNB has sufficient information to perform supervision. Abolishing these requirements will reduce the administrative burden on credit institutions.

    9. More detailed requirements for asset assessment by credit institutions, specifically quarterly assessments of the sufficiency of provisions and reserves for loans provided and other selected assets and off-balance sheet items and adjustments of their amount, and details on collateral for provisioning purposes. The CNB evaluates the sufficiency of credit institutions’ capital to cover expected losses on their assets in the SREP. Abolishing these requirements will thus not affect the quality of supervision of credit institutions. On the contrary, it will reduce the administrative burden on credit institutions.

    10. More detailed requirements for reports on audits of credit institutions’ governance systems, especially details on their content, structure and format. If necessary, the CNB as an administrative authority may request the provision of information needed to perform supervision. Abolishing these requirements will reduce the administrative burden on credit institutions.

    11. More detailed requirements for information disclosure by insurance and reinsurance companies, specifically details about the insurance company or reinsurance company, its shareholder structure, the structure of the group to which it belongs, and its activities. The CNB has sufficient information to perform supervision. Abolishing these requirements will reduce the administrative burden on insurance and reinsurance companies.

    12. More detailed requirements for reports on audits of insurance and reinsurance companies’ governance systems, especially details on their content, structure and format. If necessary, the CNB as an administrative authority may request the provision of information needed to perform supervision. Abolishing these requirements will reduce the administrative burden on insurance and reinsurance companies.

    13. The requirement for the administrator of a public real estate fund to report to the CNB information about the professional experience and education of members of the expert committee. The CNB does not approve members of expert committees and considers it sufficient if information about them is provided in the annual report. Alternatively, the CNB may request this information in the course of supervision.

    14. The requirement for the manager of a standard fund to ensure that its management body is informed without undue delay about each breach of limits that would jeopardise compliance with the manager’s accepted level of risks and the standard fund’s risk profile. The duty to provide an effective solution to breaches of limits and to remedy such breaches will not be affected by the change. However, the specific configuration and internal escalation will be left to the manager’s discretion.

    15. The requirement for the statute of a public real estate fund to contain information about the professional experience and education of members of the expert committee, information about the dates of commencement of their terms of office and an identification of the member designated as the depositary. The staffing of the expert committee is an internal process that does not need to be specified in detail in the statute.

    16. The reporting duty for banks and foreign bank branches based on the “Report of a bank/foreign bank branch on loan and deposit concentration” supervisory statement, in the form of the cancellation of the section concerning reporting on loans. Abolishing this duty will reduce the administrative burden.

    17. The reporting duty for banks and foreign bank branches based on the “Annual profit distribution statement of a bank/foreign bank branch” supervisory statement. Abolishing this duty will reduce the administrative burden.

    18. Reporting duty for Pan-European Personal Pension Product providers based on the “Report for Czech National Bank supervision” supervisory statement. Abolishing this duty will reduce the administrative burden.

    19. Reporting duty for the Pan-European Personal Pension Product distributors based on the “Information on the activities of a Pan-European Personal Pension Product distributor” supervisory statement. Abolishing this duty will reduce the administrative burden.

    20. Reporting duty for investment fund managers based on the “Structure of assets of a managed fund” supervisory statement, as this aggregate information can mostly be calculated from more detailed information contained in other statements. Abolishing this duty will reduce the administrative burden.

    21. Reporting duty for European long-term investment funds based on the “ELTIF10” supervisory statement. Abolishing this duty will reduce the administrative burden.

    22. Reporting duty for domestic insurance companies based on the “Eligible basic own funds to cover the notional Minimum Capital Requirement” supervisory statement. Abolishing this duty will reduce the administrative burden.

    23. Official Information of 19 August 2016 regarding the pursuit of business in the financial market – cloud computing. This Official Information is not necessary under the current regulation.

    24. Official Information of 27 May 2011 regarding the pursuit of business in the financial market – operational risk in the area of information systems. This Official Information is not necessary under the current regulation.

    25. Official Information of 29 December 2010 regarding the prudential rules for banks, credit unions and investment firms. The Measurement of Operational Risk, the Calculation of the Operational Risk Capital Requirement. This Official Information is not necessary under the current regulation.

    26. Official information of 3 August 2021 regarding overall discretions pursuant to the CRR. This Official Information is not necessary under the current regulation.

    27. Official Information of 8 July 2021 on the performance of the activities of banks, credit unions, branches of banks from a non-Member State and some other entities – disclosure of information. This Official Information is not necessary under the current regulation.

    28. Official Information of 27 December 2011 regarding the evaluation of an auditor of a bank, credit union, insurance company and reinsurance company by the Czech National Bank. This Official Information is not necessary under the current regulation.

    29. Official Information of 10 June 2015 regarding the Czech National Bank’s approach to the assessment of the annual report, annual accounts and the auditor’s report on the governance system of credit unions in connection with the amendment of Act No. 333/2014 Coll. on Credit Unions as from 1 July 2015. This Official Information is not necessary under the current regulation.

    30. Official Information of 15 April 2008 regarding mandatory liability insurance for damage caused during game hunting. This Official Information is not necessary under the current regulation.

    31. Official Information of 30 September 2009 publishing the list of foreign supervisory authorities and foreign administrative authorities with which the CNB has signed a memorandum of understanding on financial market supervision. This Official Information is not necessary under the current regulation.

    32. Official information of 4 December 2009 regarding certain rules of conduct towards private pension scheme participants and persons interested in entering into a private pension policy. This Official Information is not necessary under the current regulation.

    33. Official Information of 10 December 2010 regarding the pursuit of business in the financial market: Qualitative requirements relating to the conduct of business – fundamental information. This Official Information is not necessary under the current regulation.

    34. Official information of 17 January 2014 regarding the conditions of admissibility of inducements in the distribution of certain products on the financial market. This Official Information is not necessary under the current regulation.

    35. Official Information of 19 September 2014 on quality management and control in the distribution network of an insurance intermediary. This Official Information is not necessary under the current regulation.

    36. Official Information of the Czech National Bank of 5 June 2015 regarding the procedure of credit unions in connection with a change in conditions relating to deposits in credit unions as from 1 July 2015. This Official Information is not necessary under the current regulation.

    MIL OSI Economics –

  • MIL-OSI USA: Cantwell Sounds Alarm on DOGE Plan to Cut Half the Staff at Federal Housing Agency

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.25.25

    Cantwell Sounds Alarm on DOGE Plan to Cut Half the Staff at Federal Housing Agency

    Mass firings could increase housing costs, and delay or halt funding for critical housing programs that protect families, address homelessness; The Washington Post: HUD cuts expected to worsen America’s housing crisis, staffers say

    WASHINGTON, D.C. – ICYMI, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation, and senior member of the Senate Committee on Finance, joined 24 Senate Democrats in sending a letter to the Secretary of Housing and Urban Development (HUD), Scott Turner, questioning the alarming consequences of the recently announced “Department of Government Efficiency” (DOGE) Task Force on HUD’s ability to support vulnerable communities. 

    “HUD engages in critical work supporting communities in expanding their housing supply, providing rental assistance, and preventing homelessness—work that is urgently important for millions of Americans looking to purchase a home to build generational wealth or find an affordable place to rent,” wrote the Senators. “Axing these offices will handicap the Department’s ability to serve the American public and exacerbate the housing crisis we currently find ourselves in.”

    The DOGE Task Force plans reportedly include laying off 50% of its workforce, eliminating half of HUD’s field offices serving local communities across the country, and gutting programs that protect families and people with disabilities from discrimination, address our homelessness crisis, and provide resources to communities to tackle our housing shortage and recover from disasters.

    The senators are also seeking clarity on the DOGE Task Force’s overall objectives and how it is defining waste: “In addition to personnel cuts, you also announced that HUD and DOGE have identified $260 million in savings on wasteful contracts.  If this represents legitimate waste, we are happy to work with you to wipe it out,” wrote the Senators. “But to date, there has been no transparency about DOGE’s involvement, or what exactly it is finding. We ask that you provide additional information on the allegedly wasteful spending identified by DOGE, and a clear accounting of how these funds have been misused.”

    There are also reports that HUD is terminating the Green and Resilient Retrofit Program, which was provided by Congress to help repair and improve efficiency in homes for families, seniors, and people with disabilities. These funds have already been awarded and obligated to nonprofits and other housing providers to improve more than 30,000 homes across the country – but now DOGE at HUD is trying to claw these funds back. 

    Sen. Cantwell has been a longtime supporter of affordable housing and is the leading champion of the Low-Income Housing Tax Credit (LIHTC). In the previous Congress, Sen. Cantwell successfully negotiated the inclusion of two provisions to enhance LIHTC in the Tax Relief for American Families and Workers Act of 2024. A background document detailing those provisions in addition to Sen. Cantwell’s advocacy on LIHTC is available HERE.

    Since its creation in 1986, LIHTC has helped pay for 90% of the federally-funded affordable housing construction across the country, and has financed over 3.8 million affordable homes, including more than 100,000 in Washington state. The economic activity that the credit generated has supported nearly 170,000 jobs and generated more than $19 billion in wages.

    The full text of the HUD letter is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: ICE, BP and law enforcement partners intercept human smuggling load that results in the arrest of 8 illegal aliens

    Source: US Immigration and Customs Enforcement

    SAN ANTONIO — U.S. Immigration and Customs Enforcement intercepted a smuggling attempt in coordination with U.S. Border Patrol, Air and Marine Operations, an operational component of U.S. Customs and Border Protection, and the Dimmit County Sheriff’s Office. During the enhanced operation, ICE Homeland Security Investigation special agents from Laredo and Eagle Pass arrested eight illegal aliens, Feb. 19., near a ranch in in Dimmit, Texas.

    The smuggled aliens were discovered inside locked compartments within the bed of a stolen utility truck.

    “ICE HSI and our law enforcement partners successfully intercepted a human smuggling operation where multiple individuals were found locked inside hidden compartments of a utility truck,” said ICE HSI San Antonio Special Agent in Charge Craig Larrabee. “This operation underscores our steadfast commitment to dismantling human smuggling networks and ensuring justice is served. The expertise and dedication of our agents were crucial in disrupting this criminal enterprise and safeguarding the lives of those involved.”

    “The Laredo Sector Border Patrol will continue to work with our law enforcement partners in dismantling human smuggling operations,” said Laredo Sector Chief Patrol Agent, Jesse D. Muñoz. “Partnerships are the cornerstone of our success. We are committed to the continued strengthening of collaboration with federal, state, and local agencies, as well as our international partners.”

    The aliens arrested, who are from Mexico, have been transferred to the custody of the Border Patrol.

    Members of the public can report immigration crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE HSI’s mission to increase public safety in Central and South Texas communities on X: @HSI_SanAntonio.

    MIL OSI USA News –

  • MIL-OSI Security: Honduran National Sentenced For Firearm Possession

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that JOAN E. ESCOBAR-REYES (“ESCOBAR-REYES”), age 26, a native of Honduras, was sentenced on February 20, 2025 by United States District Judge Susie Morgan. Judge Morgan sentenced ESCOBAR-REYES to thirty months imprisonment, followed by three years of supervised release, and the payment of a $100 mandatory special assessment fee, for being an illegal alien in possession of a firearm, in violation of Title 18, United States Code, Section 922(g)(5)(A).

    According to court documents, on or about June 30, 2024, ESCOBAR-REYES, an alien illegally present in the United States, was found in possession of a Glock Model 32, .357 SIG caliber, semi-automatic pistol and a H&R Model 92, .22 LR caliber revolver.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    Acting U.S. Attorney Simpson praised the work of Homeland Security Investigations-New Orleans, the U.S. Immigration and Customs Enforcement – Enforcement and Removal Operations and the St. John the Baptist Parish Sheriff’s Office in investigating this matter.  Assistant United States Attorney Spiro G. Latsis of the General Crimes Unit oversees the prosecution.

    MIL Security OSI –

  • MIL-OSI Security: Pascagoula Man Sentenced to 20 Years in Prison for Distribution of Child Pornography

    Source: Office of United States Attorneys

    Gulfport, MS – A Pascagoula man was sentenced to 20 years in prison for distribution of images of minors engaging in sexually explicit conduct.

    According to court documents, Tyrone Lewis, 20, had sexual contact with a 14-year-old in Jackson County, Mississippi, and recorded some of the sexual acts on a cell phone. Further investigation, including an analysis of the victim’s cell phone, revealed that Lewis sent the victim videos of himself and the victim engaging in sexual activity.  The cell phone also contained a text message which confirmed Lewis knew the victim was a minor.

    In July 2024, Lewis pled guilty to distribution of images of minors engaging in sexually explicit conduct.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi and Special Agent in Charge Eric DeLaune of Homeland Security Investigations made the announcement.

    The case was investigated by Homeland Security Investigations and the Harrison County Sheriff’s Office.

    Assistant U.S. Attorney Lee Smith prosecuted the case.

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

    MIL Security OSI –

  • MIL-OSI Security: Federal Inmate Imprisoned for Punching and Injuring Deputy U.S. Marshal

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

    HOUSTON – A 43-year-old man with ties to the Humble area has been sentenced for the assault of federal officer resulting in bodily injury, announced U.S. Attorney Nicholas J. Ganjei.

    A federal jury deliberated for approximately two hours before convicting Cedric Tyrone Walker Aug. 20, 2024, following a two-day trial.

    U.S. District Judge George C. Hanks has now ordered Walker to serve 97 months in federal prison to be immediately followed by three years of supervised release. At the hearing, the court considered the nature and extent of the injuries which caused permanent disfigurement. In handing down the sentence, the court noted that the federal law enforcement officer just showed up for work and then landed in the hospital as a result of Walker’s violent behavior.

    “The Southern District of Texas (SDTX) has zero tolerance for violence against law enforcement,” said Ganjei. “They are heroes who put themselves in harm’s way every day. Today’s sentence demonstrates how SDTX will always have their backs.”

    On Dec. 27, 2022, authorities learned that on two occasions Walker failed to return in a timely manner to the residential reentry center (RRC), also referred to as a halfway house, where he was serving a federal prison sentence for armed bank robbery.

    Law enforcement told the RRC Walker needed to be transported back to a federal detention center. However, Walker was reluctant to comply with instructions from authorities and struck a deputy U.S. marshal (DUSM) in the mouth with a closed fist.

    A struggle ensued on the ground, and authorities restrained Walker after two taser deployments. Law enforcement then took Walker to a federal detention center and he refused medical attention.

    The injured DUSM arrived at the emergency room where he received treatment for a laceration on his lip which required 12 stitches. As a result of the assault, he also sustained two chipped teeth.

    At the time of the trial, the defense attempted to convince the jury Walker did not cause the injury. They did not believe those claims and found him guilty as charged.

    He will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.

    The FBI conducted the investigation. Assistant U.S. Attorney Carrie Wirsing prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Bitcoin Depot Adds Another 11 BTC to its Treasury

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today announced it has purchased an additional 11.1 Bitcoin as part of its treasury strategy, first announced in June of last year.

    This purchase comes three weeks after the Company’s purchase of 51 Bitcoin earlier this month, bringing its total treasury holdings to 82.6 BTC.

    “Adopting Bitcoin as part of our treasury strategy underscores our long-standing belief in Bitcoin as a significant financial asset and a store of value,” said Brandon Mintz, CEO of Bitcoin Depot. “We have always believed in providing easy access to Bitcoin for everyone, and this move reaffirms our confidence in Bitcoin’s potential for growth.”

    About Bitcoin Depot
    Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com.

    Cautionary Statement Regarding Forward-Looking Statements
    This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

    These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

    We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

    Contacts:

    Investors 
    Cody Slach
    Gateway Group, Inc. 
    949-574-3860 
    BTM@gateway-grp.com

    Media 
    Brenlyn Motlagh, Ryan Deloney 
    Gateway Group, Inc.
    949-574-3860 
    BTM@gateway-grp.com

    The MIL Network –

  • MIL-OSI: The World’s Most Attractive Investment Migration Programs in 2025

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Malta retains 1st place in the 2025 Global Citizenship Program Index for the 10th consecutive year, while Greece reaches the top of the 2025 Global Residence Program Index for the first time, highlighting the dominance of European residence and citizenship by investment programs on Henley & Partners’ annual rankings of the most important investment migration programs in the world. 

    The firm onboarded clients from 94 different nationalities in 2024 and received enquiries from over 180 countries. US nationals accounted for 23% of all applications processed by Henley & Partners last year, totaling nearly as many as the next four client nationality groups — Indians, Turkish, Filipinos, and Brits — combined. Comparing 2024 US-American client numbers to five years ago (2019), there has been a staggering increase of over 1,000%. Last year was also record-breaking for the UK, with a 57% increase in the number of applications submitted by British citizens in 2024 versus 2023.

    The two indexes — featured in the 2025 edition of the annual Investment Migration Programs report — offer a systematic analysis and comprehensive benchmarking of the world’s most attractive residence and citizenship by investment offerings, providing the gold standard in the sector. Interactive digital comparisons of the programs are also available, enabling global investors and wealthy families to select what matters most to them when weighing up their options.

    Dr. Christian H. Kaelin, Chairman of Henley & Partners, says, “the publication is important for governments and policy makers looking to attract and retain wealth to achieve greater fiscal autonomy and economic growth. In this era of heightened global volatility, nation states are using residence and citizenship by investment programs as an innovative financing tool to fund development initiatives that mitigate sustainability and climate-related risks, and that directly benefit their citizens. For investors, alternative residence and citizenship is a unique investment that enables them to be as globally diversified as their wealth portfolios.”

    Citizenship programs: Malta remains the gold standard

    The Global Citizenship Program Index ranks 14 programs, with the strategically located European nation of Malta scoring 76 out of 100 and taking top honors for the 10th consecutive year. Retaining 2nd place with a score of 75 is Austria’s premium citizenship by investment offering, which requires applicants to make a substantial contribution to the country’s economy. The next two ranks are occupied by Caribbean island nations: Grenada 3rd with a score of 69, and Antigua and Barbuda 4th with 67.

    Three other Small Island Developing States (SIDS) share the 5th spot, each scoring 66: newcomer to the index, Nauru, along with St. Kitts and Nevis and St. Lucia. Nauru’s citizenship program offers significant advantages in global mobility, granting an alternative and safe passport to travel on, with visa-free access to some of the world’s key wealth hubs. Successful applicants will also be contributing to climate crisis solutions in the South Pacific, where SIDS face rising sea levels and biodiversity loss, with the funds channeled into development projects, including climate resilience initiatives, infrastructure improvements, renewable energy projects, and sustainable economic diversification.

    Residence programs: Greece takes the crown

    In the 2025 Global Residence Program Index, which ranks 26 programs, Greece’s popular golden visa program secures top spot with a score of 73 out of 100, toppling Portugal, which has held or shared first place for the past nine years. Portugal now ranks joint 3rd with Italy and the UK, all scoring 70, while Switzerland, which has an option developed by Henley & Partners that combines private residence with Swiss forfait tax provisions, ranks 2nd with a score of 72.

    Australia, which recently launched its National Innovation Visa (NIV) Program to attract high-level tech skills, Canada, which introduced changes to its Start-Up Visa Program to enhance its appeal and flexibility for entrepreneurs, and Spain (due to close in early 2025) are all joint 4th, each scoring 69, and the UAE, which strategically expanded its golden visa program last year to attract top talent and drive growth and innovation, rounds up the Top 5 with a score of 68.

    One of two new entrants to the index in 2025 is Hungary which ranks 6th with a score of 67. Small but powerful wealth hubs — Luxembourg and Singapore — occupy the 7th and 8th spots, scoring 66 and 65, respectively, while two others share the 9th spot: Jersey and Panama, both scoring 64. Costa Rica, the second newcomer to the index, rounds up the Top 10 with a score of 63 out of 100 and offers investors and their families a business-friendly landscape, a favorable tax regime, and a safe environment in Central America.

    Read Full Press Release

    Media Contact: Sarah Nicklin

    sarah.nicklin@henleyglobal.com

    Mobile +27 72 464 8965

    The MIL Network –

  • MIL-OSI Russia: Financial news: On holding auctions on February 26, 2025 to place OFZ issues No. 26225RMFS and No. 26248RMFS

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    For bidders

    We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

    1.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26225RMFS from 02/15/2018
    Date of the auction February 26, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code SU2225RMFS1
    ISIN code RO000A0 Zub7
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

    2.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26248RMFS from 08.05.2024
    Date of the auction February 26, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code CO26248RMFS3
    ISIN code RO000A108EH4
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

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

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

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Solomon Islands

    Source: IMF – News in Russian

    February 25, 2025

    Washington, DC: On February 19, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Solomon Islands.

    Solomon Islands has weathered important shocks including civil unrest and the pandemic, successfully hosted the Pacific Games, and conducted peaceful general elections. These achievements have raised the country’s profile and strengthened national unity, but with costs—public debt has nearly tripled since before the pandemic, and the government’s cash reserves have been significantly depleted.

    Modest growth is expected at 2.8 percent in 2025, slightly above the 2.4 percent growth estimated for 2024, while inflation, estimated to have returned to 3.4 percent at end-2024, is envisaged to reach 3.9 percent at end-2025. The fiscal deficit is expected to widen slightly from 3.1 percent of GDP in 2024 to 3.3 percent of GDP in 2025, underpinned by continued spending pressures and externally financed infrastructure projects. The current account deficit is estimated to have narrowed to 4.2 percent of GDP in 2024, but projected to widen to 7.7 percent of GDP in 2025 as economic activity gains momentum. Foreign exchange reserves remain adequate, covering 9 months of imports.

    Risks to the outlook are tilted to the downside. They include under execution of the budget, extreme climate events, political instability, and commodity price volatility. Declining logging activity and the undiversified economic base, compounded by weak governance, constrain growth potential. Both the current account and fiscal deficits are expected to persist over the medium term.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They concurred that while the Solomon Islands’ economy has weathered multiple shocks well and recently benefited from successfully hosting the Pacific Games and peaceful general elections, public debt is increasing, medium-term growth prospects appear moderate, and per capita income growth remains stagnant. Against this backdrop, Directors emphasized the importance of rebuilding cash buffers and ensuring fiscal sustainability, while boosting growth prospects through economic diversification and governance reforms.

    Directors stressed the need to improve the effectiveness of fiscal policy by addressing weaknesses in fiscal data and public financial management, including by ending the practice of unfunded spending. They also called for tightening the 2025 Budget to start a gradual recovery of cash balances. Directors underscored the importance of creating fiscal space to accelerate investment in development priorities. To this end, they recommended advancing domestic revenue mobilization, such as introducing a value added tax. Enhancing the quality, transparency, and accountability of public expenditure, including by undertaking the Public Expenditure and Financial Accountability assessment, would also be important. Directors saw merit in introducing a simple, ex-ante guideline for annual budget formulation as an interim step toward a fiscal rule.

    Directors agreed that the current monetary policy stance and exchange rate regime are appropriate. They stressed the importance of preserving the central bank’s autonomy, including by limiting purchases of government bonds and implementing the remaining Safeguards Assessment recommendations. Directors also underscored the need to keep the exchange rate fully aligned with the value of the updated currency basket and to enhance transparency and communication with market participants. While the financial sector remains stable, Directors encouraged further reforms to strengthen regulatory and supervisory frameworks and boost financial intermediation and inclusion. They stressed the need to strengthen the AML/CFT framework, including due to the planned introduction of the Citizenship by Investment program.

    Directors encouraged the acceleration of structural reforms to support economic diversification and private sector development, with capacity development support from the IMF and other development partners. They agreed that addressing governance weaknesses remains a priority, including by improving the capacity and independence of the anti-corruption institution.

    Table 1. Solomon Islands: Selected Economic Indicators, 2019–2029

    Per capita GDP (2023): US$2200

    		        

    Population (2023): 768,690

    		        

    Quota: SDR 20.8 million

    		        
     

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029
             

    Est.

    Proj.

    GROWTH AND PRICES

    (In percent change, unless otherwise indicated)

    Real GDP

    1.7

    -3.4

    2.6

    2.4

    2.7

    2.5

    2.8

    2.9

    2.9

    3.0

    3.0

    CPI (period average)

    2.2

    2.9

    0.2

    5.4

    5.1

    3.7

    3.8

    3.7

    3.4

    3.3

    3.3

    CPI (end of period)

    2.6

    -2.6

    4.6

    8.7

    4.3

    3.4

    3.9

    3.5

    3.3

    3.3

    3.3

    GDP deflator

    1.2

    -1.3

    -5.5

    2.0

    3.9

    1.3

    1.3

    1.3

    1.4

    1.4

    1.4

    Nominal GDP (in SI$ millions)

    13,234

    12,617

    12,228

    12,775

    13,911

    14,685

    15,492

    16,370

    17,311

    18,235

    19,217

    Nominal GDP (in US$ millions)

    1,619

    1,536

    1,523

    1,566

    1,661

    1,753

    1,850

    1,954

    2,067

    2,177

    2,294

    CENTRAL GOVERNMENT OPERATIONS

    (In percent of GDP)

    Total revenue and grants

    34.1

    37.9

    35.9

    38.3

    36.3

    32.7

    32.5

    32.6

    32.7

    32.8

    32.8

    Revenue

    25.8

    24.6

    24.8

    23.1

    22.9

    23.2

    23.0

    23.1

    23.2

    23.3

    23.3

    Grants

    8.2

    13.4

    11.1

    15.2

    13.4

    9.5

    9.5

    9.5

    9.5

    9.5

    9.5

    Total expenditure

    35.6

    40.4

    37.8

    40.8

    40.1

    35.8

    35.7

    35.8

    35.8

    35.8

    35.9

    Expense

    29.0

    31.9

    28.3

    31.4

    29.8

    27.9

    27.2

    27.3

    27.4

    27.4

    27.5

    Net acquisition of nonfinancial assets

    6.6

    8.5

    9.5

    9.3

    10.3

    7.9

    8.5

    8.5

    8.4

    8.4

    8.4

    Net lending (+) / Net borrowing (-)

    -1.5

    -2.4

    -1.9

    -2.5

    -3.8

    -3.1

    -3.3

    -3.2

    -3.1

    -3.1

    -3.1

    External

    0.0

    -1.4

    -1.1

    -0.1

    -2.9

    -2.3

    -1.8

    -1.9

    -1.9

    -1.8

    -1.8

    Domestic

    -1.5

    -1.0

    -0.7

    -2.4

    -0.9

    -0.8

    -1.5

    -1.3

    -1.2

    -1.2

    -1.3

    Central government debt 1/

    7.8

    12.8

    15.9

    15.5

    20.3

    22.3

    24.4

    26.2

    27.9

    29.5

    31.0

    Public domestic debt

    1.7

    2.8

    6.1

    5.9

    8.6

    8.9

    9.8

    10.6

    11.1

    11.7

    12.4

    Public external debt

    6.1

    10.0

    9.8

    9.6

    11.7

    13.4

    14.5

    15.6

    16.7

    17.7

    18.6

    MACROFINANCIAL

    (In percent change)

    Credit to private sector

    6.2

    0.3

    -0.4

    0.8

    4.7

    3.0

    3.0

    3.0

    3.0

    3.0

    3.0

    Broad money

    -3.1

    6.6

    1.9

    5.3

    6.1

    6.8

    5.5

    5.7

    5.8

    5.3

    5.4

    Reserve money

    -7.1

    23.0

    10.6

    4.0

    9.9

    6.0

    5.5

    5.7

    5.8

    5.3

    5.4

    BALANCE OF PAYMENTS

    (In percent of GDP, unless otherwise indicated)

    Current account balance

    -9.5

    -1.6

    -5.1

    -13.7

    -10.4

    -4.2

    -7.7

    -7.5

    -7.4

    -7.5

    -7.4

    Trade balance (goods and services)

    -10.0

    -8.5

    -13.4

    -22.3

    -19.8

    -11.6

    -15.3

    -15.3

    -15.6

    -16.1

    -16.5

    Exports

    36.4

    28.5

    26.9

    25.8

    32.6

    34.6

    33.2

    32.8

    32.1

    31.4

    30.7

    Imports

    46.4

    37.0

    40.4

    48.1

    52.3

    46.2

    48.6

    48.1

    47.7

    47.5

    47.2

    Gross Remittances

    1.1

    1.5

    2.1

    3.3

    3.7

    3.5

    3.6

    3.8

    3.9

    4.1

    4.3

    Capital and Financial Account

    7.3

    3.0

    6.7

    13.2

    13.6

    4.0

    6.9

    7.3

    7.5

    7.5

    7.5

    Foreign direct investment (+ = decrease)

    -1.8

    -0.4

    -1.5

    -2.6

    -4.3

    -0.9

    -2.3

    -2.6

    -2.7

    -2.8

    -2.9

    Overall balance (+ = increase)

    -2.1

    4.8

    2.5

    -2.0

    3.3

    -0.2

    -0.8

    -0.2

    0.1

    0.0

    0.1

    Gross official reserves (in US$ millions, end of period) 2/

    574.1

    660.6

    694.5

    655.2

    682.0

    679.1

    664.3

    661.0

    662.8

    663.2

    664.6

    (in months of next year’s imports of GNFS)

    12.1

    12.9

    11.1

    9.0

    10.1

    9.1

    8.5

    8.0

    7.7

    7.4

    7.0
                           

    EXCHANGE RATE (SI$/US$, end of period)

    8.2

    8.0

    8.1

    8.3

    8.5

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (end of period, 2010 = 100)

    127.5

    129.9

    124.8

    132.3

    136.0

    …

    …

    …

    …

    …

    …

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

    1/ Includes disbursements under the Rapid Credit Facility (RCF).

    2/ Includes SDR allocations made by the IMF to Solomon Islands in 2009 and in 2021.

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

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

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    https://www.imf.org/en/News/Articles/2025/02/25/pr25042-solomon-islands-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Cardinal Energy Ltd. Announces $40 Million Bought Deal Offering of Senior Subordinated Unsecured Debentures

    Source: GlobeNewswire (MIL-OSI)

    THE BASE SHELF PROSPECTUS IS ACCESSIBLE, AND THE PROSPECTUS SUPPLEMENT AND ANY AMENDMENT TO THE FOREGOING DOCUMENTS WILL BE ACCESSIBLE WITHIN TWO BUSINESS DAYS, ON SEDAR+

    NOT FOR DISTRIBUTION IN THE UNITED STATES.
    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

    CALGARY, Alberta, Feb. 25, 2025 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company”) (TSX: CJ) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”) co-led by CIBC Capital Markets, RBC Capital Markets and ATB Capital Markets, with CIBC Capital Markets and RBC Capital Markets acting as joint-bookrunners, pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, $40 million aggregate principal amount of senior subordinated unsecured debentures due September 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). The Company has also granted the Underwriters an option to purchase up to an additional $5 million aggregate principal amount of Debentures, such option to be exercised in whole or in part at the sole discretion of the Underwriters, at any time until two business days prior to the Closing Date (as defined below). The Offering is expected to close on or about March 4, 2025 (the “Closing Date”).

    The Company intends to use the net proceeds of the Offering to first repay and reduce the indebtedness of its outstanding senior credit facility, then to de-risk the completion of the Company’s Reford thermal facility and accelerate the de-risking of the Company’s Kelfield thermal oil opportunity. As well the Company may use some of the proceeds for land and seismic acquisitions to delineate other thermal oil opportunities available to the Company.

    The Debentures will bear interest at a rate of 8.25% per annum, payable semi-annually in arrears on the last business day of March and September of each year commencing on September 30, 2025. The first payment will include accrued and unpaid interest for the period from the Closing Date to, but excluding, September 30, 2025. The Debentures will mature on September 30, 2030 (the “Maturity Date”).

    The Debentures will not be redeemable by the Company before September 30, 2028 (the “First Call Date”). On and after the First Call Date and prior to September 30, 2029, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at a redemption price equal to 104.125% of the principal amount of the Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after September 30, 2029 and prior to the Maturity Date, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days’ prior notice of redemption of the Debentures. The Company has the option to satisfy its obligations to repay the principal amount of and premium (if any) on the Debentures due at redemption or on maturity of the Debentures by issuing and delivering that number of freely tradeable common shares of the Company to Debenture holders in accordance with the terms of the debenture indenture that will govern the terms of the Debentures.

    The Debentures will be distributed in all provinces of Canada (other than the province of Quebec) by way of a prospectus supplement to the Company’s base shelf prospectus dated March 28, 2024 and by private placement in the United States to “qualified institutional buyers” pursuant to Rule 144A of the U.S. Securities Act of 1933.

    Access to the Base Shelf Prospectus, the Prospectus Supplement, and any amendments to the documents are provided in accordance with securities legislation relating to procedures for providing access to a base shelf prospectus, a prospectus supplement and any amendment to the documents. The Base Shelf Prospectus, the Prospectus Supplement (when filed) and any amendments to these documents may be accessed for free on the System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. Alternatively, electronic or paper copies of the foregoing documents may be obtained, without charge, from: CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at mailbox.canadianprospectus@cibc.com or from RBC Dominion Securities Inc., Attention: Distribution Centre, 180 Wellington Street West, 8th Floor, Toronto, ON M5J 0C2 or by email at Distribution.RBCDS@rbccm.com, by providing the contact with an email address or address, as applicable. The Offering is subject to customary regulatory approvals, including the approval of the TSX.

    This new release is not an offer of securities of Cardinal for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and the securities may not be offered or sold in the United States except pursuant to an applicable exemption from such registration. No public offering of securities is being made in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to Cardinal’s plans and other aspects of Cardinal’s anticipated future operations, management focus, objectives, strategies, financial, operating and production results. Forward-looking information typically uses words such as “anticipate”, “believe”, “project”, “expect”, “goal”, “plan”, “intend”, “may”, “would”, “could” or “will” or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Specifically, this press release contains forward-looking statements relating to the anticipated closing date of the Offering and the use of proceeds of the Offering.

    Although Cardinal believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Cardinal can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the net proceeds of the Offering may change if the board of directors of Cardinal determines that it would be in the best interests of Cardinal to deploy the proceeds for some other purpose and the closing date for the Offering may be changed. The forward looking statements contained in this press release are made as of the date hereof and Cardinal undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws

    About Cardinal Energy Ltd.

    Cardinal is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada. Cardinal differentiates itself from its peers by having the lowest decline conventional asset base in Western Canada. Cardinal has recently announced the commencement of its first thermal SAGD oil development project which will further increase the long-term sustainability of the Company.

    For further information:

    M. Scott Ratushny, CEO or Shawn Van Spankeren, CFO, Laurence Broos, VP Finance or Cody Kwong, Manager Business Development Email: info@cardinalenergy.ca Phone: (403) 234-8681

    The MIL Network –

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Solomon Islands

    Source: International Monetary Fund

    February 25, 2025

    Washington, DC: On February 19, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Solomon Islands.

    Solomon Islands has weathered important shocks including civil unrest and the pandemic, successfully hosted the Pacific Games, and conducted peaceful general elections. These achievements have raised the country’s profile and strengthened national unity, but with costs—public debt has nearly tripled since before the pandemic, and the government’s cash reserves have been significantly depleted.

    Modest growth is expected at 2.8 percent in 2025, slightly above the 2.4 percent growth estimated for 2024, while inflation, estimated to have returned to 3.4 percent at end-2024, is envisaged to reach 3.9 percent at end-2025. The fiscal deficit is expected to widen slightly from 3.1 percent of GDP in 2024 to 3.3 percent of GDP in 2025, underpinned by continued spending pressures and externally financed infrastructure projects. The current account deficit is estimated to have narrowed to 4.2 percent of GDP in 2024, but projected to widen to 7.7 percent of GDP in 2025 as economic activity gains momentum. Foreign exchange reserves remain adequate, covering 9 months of imports.

    Risks to the outlook are tilted to the downside. They include under execution of the budget, extreme climate events, political instability, and commodity price volatility. Declining logging activity and the undiversified economic base, compounded by weak governance, constrain growth potential. Both the current account and fiscal deficits are expected to persist over the medium term.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They concurred that while the Solomon Islands’ economy has weathered multiple shocks well and recently benefited from successfully hosting the Pacific Games and peaceful general elections, public debt is increasing, medium-term growth prospects appear moderate, and per capita income growth remains stagnant. Against this backdrop, Directors emphasized the importance of rebuilding cash buffers and ensuring fiscal sustainability, while boosting growth prospects through economic diversification and governance reforms.

    Directors stressed the need to improve the effectiveness of fiscal policy by addressing weaknesses in fiscal data and public financial management, including by ending the practice of unfunded spending. They also called for tightening the 2025 Budget to start a gradual recovery of cash balances. Directors underscored the importance of creating fiscal space to accelerate investment in development priorities. To this end, they recommended advancing domestic revenue mobilization, such as introducing a value added tax. Enhancing the quality, transparency, and accountability of public expenditure, including by undertaking the Public Expenditure and Financial Accountability assessment, would also be important. Directors saw merit in introducing a simple, ex-ante guideline for annual budget formulation as an interim step toward a fiscal rule.

    Directors agreed that the current monetary policy stance and exchange rate regime are appropriate. They stressed the importance of preserving the central bank’s autonomy, including by limiting purchases of government bonds and implementing the remaining Safeguards Assessment recommendations. Directors also underscored the need to keep the exchange rate fully aligned with the value of the updated currency basket and to enhance transparency and communication with market participants. While the financial sector remains stable, Directors encouraged further reforms to strengthen regulatory and supervisory frameworks and boost financial intermediation and inclusion. They stressed the need to strengthen the AML/CFT framework, including due to the planned introduction of the Citizenship by Investment program.

    Directors encouraged the acceleration of structural reforms to support economic diversification and private sector development, with capacity development support from the IMF and other development partners. They agreed that addressing governance weaknesses remains a priority, including by improving the capacity and independence of the anti-corruption institution.

    Table 1. Solomon Islands: Selected Economic Indicators, 2019–2029

    Per capita GDP (2023): US$2200

    		        

    Population (2023): 768,690

    		        

    Quota: SDR 20.8 million

    		        
     

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029
             

    Est.

    Proj.

    GROWTH AND PRICES

    (In percent change, unless otherwise indicated)

    Real GDP

    1.7

    -3.4

    2.6

    2.4

    2.7

    2.5

    2.8

    2.9

    2.9

    3.0

    3.0

    CPI (period average)

    2.2

    2.9

    0.2

    5.4

    5.1

    3.7

    3.8

    3.7

    3.4

    3.3

    3.3

    CPI (end of period)

    2.6

    -2.6

    4.6

    8.7

    4.3

    3.4

    3.9

    3.5

    3.3

    3.3

    3.3

    GDP deflator

    1.2

    -1.3

    -5.5

    2.0

    3.9

    1.3

    1.3

    1.3

    1.4

    1.4

    1.4

    Nominal GDP (in SI$ millions)

    13,234

    12,617

    12,228

    12,775

    13,911

    14,685

    15,492

    16,370

    17,311

    18,235

    19,217

    Nominal GDP (in US$ millions)

    1,619

    1,536

    1,523

    1,566

    1,661

    1,753

    1,850

    1,954

    2,067

    2,177

    2,294

    CENTRAL GOVERNMENT OPERATIONS

    (In percent of GDP)

    Total revenue and grants

    34.1

    37.9

    35.9

    38.3

    36.3

    32.7

    32.5

    32.6

    32.7

    32.8

    32.8

    Revenue

    25.8

    24.6

    24.8

    23.1

    22.9

    23.2

    23.0

    23.1

    23.2

    23.3

    23.3

    Grants

    8.2

    13.4

    11.1

    15.2

    13.4

    9.5

    9.5

    9.5

    9.5

    9.5

    9.5

    Total expenditure

    35.6

    40.4

    37.8

    40.8

    40.1

    35.8

    35.7

    35.8

    35.8

    35.8

    35.9

    Expense

    29.0

    31.9

    28.3

    31.4

    29.8

    27.9

    27.2

    27.3

    27.4

    27.4

    27.5

    Net acquisition of nonfinancial assets

    6.6

    8.5

    9.5

    9.3

    10.3

    7.9

    8.5

    8.5

    8.4

    8.4

    8.4

    Net lending (+) / Net borrowing (-)

    -1.5

    -2.4

    -1.9

    -2.5

    -3.8

    -3.1

    -3.3

    -3.2

    -3.1

    -3.1

    -3.1

    External

    0.0

    -1.4

    -1.1

    -0.1

    -2.9

    -2.3

    -1.8

    -1.9

    -1.9

    -1.8

    -1.8

    Domestic

    -1.5

    -1.0

    -0.7

    -2.4

    -0.9

    -0.8

    -1.5

    -1.3

    -1.2

    -1.2

    -1.3

    Central government debt 1/

    7.8

    12.8

    15.9

    15.5

    20.3

    22.3

    24.4

    26.2

    27.9

    29.5

    31.0

    Public domestic debt

    1.7

    2.8

    6.1

    5.9

    8.6

    8.9

    9.8

    10.6

    11.1

    11.7

    12.4

    Public external debt

    6.1

    10.0

    9.8

    9.6

    11.7

    13.4

    14.5

    15.6

    16.7

    17.7

    18.6

    MACROFINANCIAL

    (In percent change)

    Credit to private sector

    6.2

    0.3

    -0.4

    0.8

    4.7

    3.0

    3.0

    3.0

    3.0

    3.0

    3.0

    Broad money

    -3.1

    6.6

    1.9

    5.3

    6.1

    6.8

    5.5

    5.7

    5.8

    5.3

    5.4

    Reserve money

    -7.1

    23.0

    10.6

    4.0

    9.9

    6.0

    5.5

    5.7

    5.8

    5.3

    5.4

    BALANCE OF PAYMENTS

    (In percent of GDP, unless otherwise indicated)

    Current account balance

    -9.5

    -1.6

    -5.1

    -13.7

    -10.4

    -4.2

    -7.7

    -7.5

    -7.4

    -7.5

    -7.4

    Trade balance (goods and services)

    -10.0

    -8.5

    -13.4

    -22.3

    -19.8

    -11.6

    -15.3

    -15.3

    -15.6

    -16.1

    -16.5

    Exports

    36.4

    28.5

    26.9

    25.8

    32.6

    34.6

    33.2

    32.8

    32.1

    31.4

    30.7

    Imports

    46.4

    37.0

    40.4

    48.1

    52.3

    46.2

    48.6

    48.1

    47.7

    47.5

    47.2

    Gross Remittances

    1.1

    1.5

    2.1

    3.3

    3.7

    3.5

    3.6

    3.8

    3.9

    4.1

    4.3

    Capital and Financial Account

    7.3

    3.0

    6.7

    13.2

    13.6

    4.0

    6.9

    7.3

    7.5

    7.5

    7.5

    Foreign direct investment (+ = decrease)

    -1.8

    -0.4

    -1.5

    -2.6

    -4.3

    -0.9

    -2.3

    -2.6

    -2.7

    -2.8

    -2.9

    Overall balance (+ = increase)

    -2.1

    4.8

    2.5

    -2.0

    3.3

    -0.2

    -0.8

    -0.2

    0.1

    0.0

    0.1

    Gross official reserves (in US$ millions, end of period) 2/

    574.1

    660.6

    694.5

    655.2

    682.0

    679.1

    664.3

    661.0

    662.8

    663.2

    664.6

    (in months of next year’s imports of GNFS)

    12.1

    12.9

    11.1

    9.0

    10.1

    9.1

    8.5

    8.0

    7.7

    7.4

    7.0
                           

    EXCHANGE RATE (SI$/US$, end of period)

    8.2

    8.0

    8.1

    8.3

    8.5

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (end of period, 2010 = 100)

    127.5

    129.9

    124.8

    132.3

    136.0

    …

    …

    …

    …

    …

    …

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

    1/ Includes disbursements under the Rapid Credit Facility (RCF).

    2/ Includes SDR allocations made by the IMF to Solomon Islands in 2009 and in 2021.

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

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

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    MIL OSI Economics –

  • MIL-OSI Security: Mexican Drug Cartel Leader Extradited to Georgia to Face Federal Charges

    Source: Office of United States Attorneys

    ATLANTA – Omar Cuenca-Marino, 41, of Guerrero, Mexico, has been arraigned before Chief United States Magistrate Judge Russell G. Vineyard on federal charges of conspiracy to possess with the intent to distribute, and unlawful import of, methamphetamine, cocaine, and heroin into the United States, and conspiracy to commit money laundering.  Cuenca-Marino, who was the alleged leader of the Los Rojos Mexican Drug Cartel, was indicted by a federal grand jury on December 21, 2016.  

    “Robust law enforcement partnerships, tenacious investigators, and a resilient determination to eliminate cartels that import deadly drugs into our communities culminated in the charges and recent extradition of this alleged drug cartel leader,” said Acting United States Attorney Richard S. Moultrie, Jr. “This prosecution sends a strong message to the cartels and their leadership, no matter where they reside: you will face justice.”

    “The arrest and extradition of Omar Cuenca-Marino, the alleged Los Rojos cartel leader, marks a significant success for the ongoing U.S. efforts to dismantle drug trafficking cartels and secure our borders,” said Steven N. Schrank, Special Agent in Charge of HSI Atlanta, which covers Georgia and Alabama. “As part of our commitment to combating the opioid crisis and transnational crime, we are leveraging every available resource to disrupt cross border criminal operations. This case sends a clear message that we, alongside our law enforcement partners, will not tolerate those who seek to profit from the distribution of dangerous narcotics.”

    “The success of this investigation demonstrates DEA will use all of its resources to destroy drug distribution networks that are endangering our communities,” said Jae W. Chung, Acting Special Agent in Charge of the DEA Atlanta Division.

    “Drug cartels have caused the death of many people in the United States and Mexico through violence and the distribution of illegal drugs,” said Special Agent in Charge Demetrius Hardeman, IRS Criminal Investigation, Atlanta Field Office. “Once identified by the Organized Crime Drug Enforcement Task Forces, IRS Criminal Investigation special agents investigate these cartels finances and their involvement with narcotics to help bring them down.”

    According to Acting U.S. Attorney Moultrie, the charges, and other information presented in court: An investigation by law enforcement authorities identified a drug cartel based in Mexico that, between approximately 2013 and 2016, was responsible for importing large, distribution quantities of heroin, methamphetamine, and cocaine from Mexico into the United States.  The investigation identified Cuenca-Marino as the alleged Mexico-based leader of the cartel who oversaw the preparation of thousands of kilograms of cocaine, methamphetamine, and heroin in Mexico and arranged to have the drugs smuggled into the United States, using buses and tractor-trailers.  In addition, Cuenca-Marino allegedly directed the collection of millions of dollars of drug proceeds for transport from the United States back to Mexico.

    For instance:

    • On October 11, 2013, a law enforcement operation in Vinings and Hiram, Georgia led to the seizure of approximately 75 kilograms of methamphetamine, 23 kilograms of heroin, and 47 kilograms of cocaine.  Cuenca-Marino allegedly directed the smuggling of these drugs into the United States for distribution in the Atlanta-metro area.
    • On November 20, 2015, law enforcement seized 76 packages of cocaine from a vehicle in a parking lot in Duluth, Georgia.  The investigation revealed that Cuenca-Marino had relayed the phone number of the Atlanta-based trafficker who was about to take possession of the drugs.
    • On February 9, 2016, law enforcement stopped a vehicle traveling on Interstate 44 in Phelps County, Missouri and found $425,900 in drug proceeds.  The driver, who was enroute to Mexico, allegedly contacted Cuenca-Marino the following day to report that the vehicle had been in an “accident.”

    Members of the public are reminded that the indictment only contains charges.  The defendant is presumed innocent of the charges, and it will be the government’s burden to prove the defendant’s guilt beyond a reasonable doubt at trial.

    The investigation and prosecution of this case is led by the U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, Drug Enforcement Administration, and Internal Revenue Service Criminal Investigation, with valuable assistance from the U.S. Marshals Service, the Cobb County Police Department, Cobb County Sheriff’s Office, Marietta Police Department, Powder Springs Police Department, Henry County Police Department, Clayton County Sheriff’s Office, Georgia Bureau of Investigation, DeKalb County Police Department, Alabama Drug Task Force, Newnan Police Department, Conyers Police Department, Gwinnett County Judicial Task Force, United States Customs and Border Protection, and the Georgia State Patrol.

    Assistant U.S. Attorney Michael Herskowitz is prosecuting the case.  Former Assistant U.S. Attorneys Nicholas Hartigan and Michael J. Brown, as well as the U.S. Department of Justice, Criminal Division’s Office of International Affairs and Office of Enforcement Operations, provided valuable assistance in the investigation. Also, the Department of Justice’s Office of International Affairs coordinated with law enforcement partners in Mexico to secure the arrest and extradition Cuenca-Marino.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to eliminate the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

    The specific mission of the David G. Wilhelm Atlanta OCDETF Strike Force (Atlanta Strike Force) is to eliminate transnational organized crime syndicates and major drug trafficking and money laundering organizations in the Atlanta metropolitan area and the Northern District of Georgia. To accomplish this mission, the Atlanta Strike Force will target these organizations’ leaders, focusing on targets designated as Consolidated Priority Organization Targets, Regional Priority Organization Targets, and their associates.  The Atlanta Strike Force is comprised of agents and officers from ATF, DEA, FBI, HSI, USMS, USPIS, and IRS, as well as numerous state and local agencies; and the prosecution is being led by the Office of the United States Attorney for the Northern District of Georgia.

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6280.  The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI –

  • MIL-OSI Security: Minneapolis Woman Pleads Guilty in $250 Million Feeding Our Future Fraud Scheme

    Source: Office of United States Attorneys

    MINNEAPOLIS – A Minneapolis woman has pleaded guilty for her role in the $250 million fraud scheme that exploited a federally funded child nutrition program during the COVID-19 pandemic, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, Najmo M. Ahmed, 35, helped her husband Said Ereg run a small storefront grocery store in Minneapolis called Evergreen Grocery and Deli. In April 2020, Ereg enrolled Evergreen Grocery and Deli in the Federal Child Nutrition Program as a food distribution site under the sponsorship of Feeding Our Future. Under the direction of her husband, Ahmed signed falsified meal count sheets, including one dated December 31, 2020, claiming Evergreen Grocery and Deli served 3,250 children – twice a day – during the week of January 24, 2021. Between April 2020 and April 2021, Evergreen Grocery and Deli claimed to have served over 1.4 million meals to children.

    According to court documents, Evergreen Grocery and Deli received over $4.2 million in payments from Feeding Our Future based on fraudulent claims. Ereg transferred funds from Evergreen’s business accounts into personal accounts in his name and Ahmed’s name, and Ahmed knew that the large sums of money her husband deposited into her account were proceeds from illegal activity. Ahmed transferred at least $1,147,348 in funding from her personal bank accounts to foreign textile and trading companies such as Shaoxing Aifan Textile Co. She also used the money to fund her lavish lifestyle and made purchases from Burberry, Louis Vuitton, and Canada Goose. Ltd. In total, Ahmed laundered $1,381,048 in Federal Child Nutrition Program funds through her personal bank accounts.

    Ahmed pleaded guilty yesterday in U.S. District Court before Judge Nancy E. Brasel. A sentencing hearing will be scheduled at a later date.

    The case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

    Assistant U.S. Attorneys Harry M. Jacobs, Joseph H. Thompson, Matthew S. Ebert, and Daniel W. Bobier are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.

    MIL Security OSI –

  • MIL-OSI: EXL launches EXLerate.AI platform to drive accelerated AI business benefits at scale for enterprises

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — EXL [NASDAQ: EXLS], a leading data and AI company, announced EXLerate.AI, its agentic AI platform designed to help enterprises reimagine workflows with the ability to seamlessly integrate EXL and third-party AI agents into their business operations. The new platform accelerates progress on the path to greater efficiency, enhanced customer experience, improved accuracy and increased scalability across business operations, resulting in a better return on investment from AI.

    EXLerate.AI is an open, cloud-agnostic, and modular orchestration platform, allowing for fast implementation in all client environments. It includes more than 10 industry-specific EXL-built AI agents already in use across insurance, healthcare, retail, utilities and financial services. Clients benefit from EXL’s deep data and domain knowledge, data models and knowledge graphs and retain the flexibility to incorporate third party or internal AI agents, as well as current digital systems. Out-of-the-box capabilities improve the effectiveness of processes such as claims adjudication, commercial underwriting, payment servicing, customer service, internal audit, energy billing, accounts payable and legacy code migration.

    The biggest challenge enterprises are facing when it comes to implementing AI is integrating it across workflows seamlessly. By providing an orchestration solution with embedded high value AI agents, clients can now scale AI across their businesses in a hybrid environment.

    “Our teams have spent more than two years working with partners and clients to enhance our AI solutions platform to include our proprietary LLMs, AI agents, knowledge graphs and data models to help businesses harness AI and redesign workflows without getting bogged down by technical complexities,” said Anand “Andy” Logani, EXL’s chief digital and AI officer. “We invested in EXLerate.AI with three core principles in mind: a strong data and domain foundation, flexibility for rapid innovation and the ability to integrate AI seamlessly into enterprise operations.”

    Unlike most AI solutions, which perform a single task, EXLerate.AI orchestrates multiple AI models, alongside human expertise and other AI-powered analytics. EXL will continue to innovate at a rapid pace and invest in the development of new AI solutions across key functions in insurance, healthcare, banking and capital markets, and other industries.

    Key capabilities of EXLerate.AI include:

    • AI Agents and Accelerators: The platform supports more than 100 accelerators designed to enhance automation and efficiency at speed and scale. EXLerate.AI also incorporates a growing library of domain-specific AI agents that can dynamically interact with enterprise systems, streamlining processes, enhancing decision making and improving customer experiences.
    • Domain Specific Large Language Models (LLMs): EXLerate.AI includes two newly developed, proprietary LLMs for health and finance. These specialized AI models are trained on domain-specific data, building on the EXL Insurance LLM that was introduced in 2024 to support critical claims and underwriting tasks. With 25 years of domain expertise and proprietary, industry-specific labeled data, EXL’s LLMs deliver unmatched accuracy, efficiency, and compliance, outperforming generic models.
    • Open Architecture Platform: Building on EXL’s deep data management and domain-specific knowledge, EXLerate.AI offers an open architecture platform, ensuring clients have flexibility and are not locked into a single platform. The platform is fully compatible with existing enterprise IT systems and is pre-integrated with technology from industry leaders that are important to our clients, including, NVIDIA, AWS, Google, Microsoft, ServiceNow and Salesforce.

    Learn more about EXLerate.AI at EXL’s AI in Action event on March 5, 2025 at https://www.exlservice.com/ai-in-action-driving-the-shift-to-scalable-AI.

    About EXL

    EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and capital markets, retail, communications and media, and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have approximately 57,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation, recessionary economic trends, and ability to successfully integrate strategic acquisitions, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10- K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

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

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

    The MIL Network –

  • MIL-OSI: Data443 Announces Product Launch – ClassiForAI (CAFAI)

    Source: GlobeNewswire (MIL-OSI)

    RESEARCH TRIANGLE PARK, N.C., Feb. 25, 2025 (GLOBE NEWSWIRE) — Data443 Risk Mitigation, Inc. (OTCPK: ATDS) (“Data443” or the “Company”), an AI data security and privacy software company for “All Things Data Security,” today announced new capabilitis for its data classificaiton and governance product line – ClassiForAI (CAFAI). This offering leverages the companies’ significant and ongoing investments in Machine Learning to accelerate customer adoption of AI & LLMs.

    The product capabilty includes access to their new datacenter facilitities in the heart of Research Triangle Park and Data LLM Training engineering. The capability enables customers to come with their own AI engine of choice (Amazon, Microsoft, HuggingFace, ChatGPT, etc.) and have their internal corporate documents form the foundation for a very accurate, safe and confidential AI model for end users, advanced analytics, and of course – to train new AIs. Most importantly, Data443’s capability includes identification of extremely sensitive content that is not allowed to be generally exposed in any way by the AIs.

    “As we spoke to analysts about our approach, the result was the same – ‘Customers are struggling with what do to, don’t trust the public cloud, and really do not have the capabilities inside their own business. Plus, they are nervous about disclosure of sensitive content to employees and customers. Customers have no way of separating this data.”, stated Jason Remillard, CEO and Founder of Data443.

    The methology that Data443 applies is simplistic and focussed on fast results and high accuracy. A known issue with AI engines is that if you train it on too much data, mixed use data or data that is not specific enough – you end up with unreliable models which are prone to problems of hallucianation and unsourced content. Data443’s ClassiForAI utilizes its existing capabiltiy of classifying content with over 1,400 policies in 43 languages. The company can scan a massive content repository (of almost any kind in legal, finiance, defence, government) and produce reference examples of extremely high confidence datasets that match the policy – for example – (Personal Privacy Information) and language (German).

    ‘We’ve been offering our classification engine for different use cases for years, and the feedback is always the same – your policy frameworks are unique and on target. By leveraging our ecosystem (including physical hosting of the models) Data443 is able to provide full lifecycle services for AI accuracy, and reverse train negative outputs for usage in security and disclosure environments. To truely garner the benefits of AI, it isn’t useful if it is inaccurate, making up informtation, or its capabilities degrade over time. Our solutions are designed to be a full life cycle implementation – with continues subscriptions in place to continuously refine models, execute data transactions with them and in some cases, host the hardware and softare components on behalf of the customers”.

    The acquisition coincides with significant market validation of AI-powered email security solutions, evidenced by Abnormal Security’s anticipated IPO and growing enterprise demand for intelligent security platforms like Sailpoint. This strategic move positions Data443 to capture an expanding share of the email security market, which is experiencing rapid growth driven by the increasing sophistication of cyber threats and its recent acquisitions of Cyren.

    The announcement today will deliver immediate benefits to Data443’s customers:

    • Offline and live training of AI LLMs
    • Rental of Data443’s AI hardware, including NVidia, Tenstorrent, AMD, Cerebras Systems.
    • Secured facilites in its new USA-based data center.
    • High power draw capabilities for certain physical premises
    • Continuous leasing of AI engines for continuous data analysis while it is being used for training or queries.
    • Identification and removal of extremely sensitive content as defined by the customer.
    • Reducing exposure of content by LLM’s in chatbots, emails and other distribution types

    “This offering has been a long time in coming as the industry continues to iterate. Much like our investments with Ripple XRP, these long term plays differentiates us from others as we have mature technology, usually with 1-2 decades of runtime, with actual customers. The startup space has much excitement and investment dollars – which we appreciate. We like our position as recognized experts in data center management and classification,” added Remillard. “Like our recent acquisition of Breezemail.ai – we will continue to share with the industry as we win customer engagements.”

    Interested parties may review the offering at the website: https://data443.com/classi-for-ai-cafai/

    About Data443 Risk Mitigation, Inc.

    Data443 Risk Mitigation, Inc. (OTCPK: ATDS) provides software and services to enable secure data across devices and databases, at rest and in flight/in transit, locally, on a network or in the cloud. We are All Things Data Security™. With over 10,000 customers in over 100 countries, Data443 provides a modern approach to data governance and security by identifying and protecting all sensitive data regardless of location, platform or format. Data443’s framework helps customers prioritize risk, identify security gaps and implement effective data protection and privacy management strategies.

    Forward-Looking Statements 

    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by use of terms such as “expect,” “believe,” “anticipate,” “may,” “could,” “will,” “should,” “plan,” “project,” “intend,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue” or the negative of these words or other comparable terminology. Statements in this press release that are not historical statements, including statements regarding Data443’s plans, objectives, future opportunities for Data443’s services, future financial performance and operating results, and any other statements regarding Data443’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance, or regarding the anticipated consummation of any transaction, are forward-looking statements. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and assumptions, many of which are difficult to predict or are beyond Data443’s control. These risks, uncertainties and assumptions could cause actual results to differ materially from the results expressed or implied by the statements. They may relate to the outcome of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending; global economic conditions; inability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and integration of acquisitions; product liability; cybersecurity risk; anti-takeover measures in the Company’s charter documents; and the uncertainties created by global health issues, such as the ongoing outbreak of COVID, and political unrest and conflict, such as the invasion of Ukraine by Russia. These and other important risk factors are described more fully in the Company’s reports and other documents filed with the Securities and Exchange Commission (“the SEC”), including in Part I, Item 1A of the Company’s Annual Report on Form 10-K filed with the SEC on April 17, 2024, and subsequent filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. Except as otherwise required by applicable law, Data443 undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

    “DATA443” is a registered trademark of Data443 Risk Mitigation, Inc.

    All product names, trademarks and registered trademarks are property of their respective owners. All company, product and service names used in this press release are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

    For further information:        
    Follow us on LinkedIn: https://www.linkedin.com/company/data443-risk-mitigation-inc/
    Follow us on YouTube: https://www.youtube.com/channel/UCZXDhJcx-XgMBhvE9aFHRdA
    Sign up for our Investor Newsletter: https://data443.com/investor-email-alerts/

    To learn more about Data443, please watch the Company’s video introduction on its YouTube channel: https://youtu.be/1Fp93jOxFSg

    Investor Relations Contact:
    Matthew Abenante
    ir@data443.com
    919.858.6542

    The MIL Network –

  • MIL-OSI Africa: African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

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

    The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

    The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

    The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

    Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

    In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

    Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

    This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

    “We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

    Kenny Fihla reaffirmed the significance of the collaboration:

    “By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    For media inquiries, please contact:
    Natalie Naudé
    Communication and External Relations Department
    Email: media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

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    MIL OSI Africa –

  • MIL-OSI Africa: Mano River Union Delegation Studies Successful Border Post Model to Enhance Women’s Cross-Border Trade

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

    ABIDJAN, Ivory Coast, February 25, 2025/APO Group/ —

    A Mano River Union (MRU) delegation recently concluded a successful study tour of the ‘Busia One Stop Border Post’ (OSBP) between Kenya and Uganda, gaining valuable insights into efficient cross-border trade systems that benefit women traders. The tour brought together women traders and border officials from Liberia and Sierra Leone, alongside representatives from the African Development Bank (www.AfDB.org).

    The Busia OSBPs, one of East Africa’s busiest border crossings, handling over 3,000 people and 900 vehicles crossing daily, has transformed cross-border trade since its establishment in 2018. The facility serves as a model for streamlined border procedures between Kenya and Uganda, demonstrating significant improvements in trade efficiency and women’s economic empowerment.

    Nelly Maina, Principal Gender Officer at the African Development Bank, who led the Bank delegation, said the Busia OSBP exemplified how structured trade facilitation and targeted support can drive economic empowerment for women in cross-border trade. “It brings out the importance of collaboration with government agencies and the provision of essential resources such as training, capacity building and infrastructure, and the development of inclusive policies that address women’s specific needs.”

    The tour was part of the African Development Bank-funded Building Inclusive Business Ecosystems for Stabilization and Transformation (BI-BEST) project, which aims to empower 1,500 women traders in Liberia and Sierra Leone. The project focuses on enhancing participation in cross-border value chains for resilient economic growth and social cohesion.

    The delegation held discussions with Kenya’s Ministry of Investments, Trade and Industry, the National AfCFTA Committee, TradeMark Africa, Busia Border management authorities, and local women cross-border traders, who shared their experiences of the OSBP’s transformative impact.

    Women traders from Kenya and Uganda detailed how the OSBP, operational since 2018, has enhanced their ability to conduct business seamlessly across borders. “I buy Irish potatoes in Kenya and bring them to Uganda, then purchase maize in Uganda and return it to Kenya. I am now a fully-fledged cross-border trader, enlightened and sensitized,” said Mercy Mugo, a trader in Busia town.

    Another trader, Florence Atieno, emphasized the broader social benefits of an inclusive trade environment: “We believe that by addressing the critical needs of women in trade, we can positively impact the community and promote the overall economic well-being.”

    Delegates from Sierra Leone and Liberia found the experience particularly inspiring. Betty R. Kamara from Sierra Leone noted: ” I am impressed by how Kenyan women collaborate with security officials and manage their businesses alongside childcare responsibilities. Similarly, Esther Tamba from Liberia stated: “I will meet with my women’s association, Good Seeds, in Liberia to share the lessons learned from Kenyan women traders.

    The tour highlighted the critical role of infrastructure and policy in creating a safer, more inclusive trade environment for women. For example, at the Busia OSBP, a daycare center has been established to support women traders and local business owners, many of whom previously had to carry their infants to markets – exposing them to risks such as child trafficking, accidents, and abuse. This center now provides accessible, affordable childcare, enabling women to focus on trade, entrepreneurship, and employment.

    According to the joint border management committee, the Busia OSPB has transformed cross-border trade. Before its establishment, traders endured long clearance queues and complex bureaucratic procedures, with women particularly vulnerable to security risks and lacking storage facilities for unsold goods. Many relied on intermediaries to facilitate their passage. Today, simplified trade Regimes (STRs), certificates of origin, and other accessible documentation have replaced lengthy procedures, allowing women to manage their transactions independently. A dedicated reporting desk now enables women to voice their concerns, while new facilities—including lactation rooms and secure storage spaces—enhance their trading experience. 

    Through continuous sensitization efforts by the Kenyan and Ugandan governments and the private sector, women traders are now more informed about their rights and available resources. Training sessions provide guidance on trade procedures, documentation requirements, and trader rights, fostering a more inclusive trading environment.

    “By applying these insights within the MRU, we look forward to contributing to an inclusive business ecosystem in the West Africa region,” said Sierra Leone’s Betty Kamara.

    MIL OSI Africa –

  • MIL-OSI Security: Webster Woman Charged with Defrauding Medicaid

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

    ROCHESTER, N.Y. –Acting U.S. Attorney Joel L. Violanti announced today that Ashley Jackson, 36, of Webster, NY, was arrested and charged by criminal complaint with health care fraud. The charge carries a maximum penalty of five years in prison and a $250,000.

    Assistant U.S. Attorney Richard A. Resnick, who is handling the case, stated that according to the complaint, Jackson was the sole owner of Roc City Transport in Webster. Between February 2018, and November 2022, Jackson and others submitted fraudulent claims for payment to Medicaid, seeking reimbursement for non-emergency transportation they allegedly provided in connection with their transportation services. Jackson submitted reimbursement claims for Medicaid transportation trips that were not actually performed, individual rides were billed as group rides, and kickbacks were paid to recipients to drive themselves to an appointment rather than Roc City. Most of the Medicaid beneficiaries using Roc City were being transported to methadone clinics in Rochester, NY, up to six days a week. Roc City is accused of fraudulently billing Medicaid for approximately $40,123.29.

    The complaint is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

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

    # # # #

    MIL Security OSI –

  • MIL-OSI Security: Fresno Man Sentenced to Three Years in Prison for a Series of Vehicle Pipe-Bombings

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    FRESNO, Calif. — Paul New, 57, of Fresno, was sentenced today to three years in prison for conspiracy to destroy property and malicious destruction by means of an explosive device, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, between November 2022 and February 2023, New committed a series of pipe-bombings on unoccupied vehicles and property in Fresno. The bombings damaged vehicles belonging to two auto-related businesses on Clinton Avenue. On Feb. 19, 2023, a bomb heavily damaged a vehicle used by a home health care business on Fallbrook Avenue.

    On October 9, 2024, co-defendant Scott Eric Anderson was sentenced to three years in prison.

    This case was the product of an investigation by the Fresno Police Department, the Federal Bureau of Investigation, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Assistant U.S. Attorney Michael G. Tierney prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Summary of Baltic Horizon Fund webinar

    Source: GlobeNewswire (MIL-OSI)

    On the 25th of February 2025, Baltic Horizon held an investor webinar where fund manager Tarmo Karotam introduced the results of Q4 2024.

    Baltic Horizon Fund would like to thank all participants. Webinar recording is available here. Presentation is available here.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    The MIL Network –

  • MIL-OSI: Trust Stamp announces the allowance by USPTO of Non-Provisional Patent Application 17/725,978 entitled: “Interoperable Biometric Representation” unlocking the potential to break vendor lock-in for biometric services

    Source: GlobeNewswire (MIL-OSI)

    Atlanta, GA, Feb. 25, 2025 (GLOBE NEWSWIRE) — Trust Stamp announces a groundbreaking innovation in biometric security with the allowance by the United States Patent and Trademark Office of a patent application for its “Interoperable Biometric Representation” framework. This disruptive advancement addresses the critical challenge of biometric interoperability while enhancing privacy and security.

    Biometric-based identification and verification systems are widely used today, but their adoption and universality is hindered by a lack of interoperability. Different biometric vendors use proprietary data formats, making it impossible to compare biometric samples across different systems and potentially locking enterprise and government users into legacy vendors.

    Trust Stamp’s new framework solves this issue by transforming biometric data into a universal, privacy-secured format that enables seamless biometric recognition and validation across platforms. This enables biometric samples from different vendor systems to be compared and validated without requiring changes to the way that vendors routinely capture or process biometric data. Furthermore, the system functions as a Privacy Enhancing Technology (PET) by generating privacy-secured tokens, known as irreversibly transformed identity tokens (IT2™), which allow users to perform biometric matching without storing or exposing sensitive biometric data.

    Scott Francis, Chief Technology Officer of Trust Stamp, emphasizes the significance of this breakthrough: “Interoperability in facial biometrics is non-existent today, and this patent addresses that gap. First, it allows biometric samples from different vendors to be compared by converting their templates into a common format. Second, it provides an open-format/open-weight neural network solution that approved vendors can use directly to generate face templates that are compliant with the format, eliminating the need for proprietary conversions.”

    Dr. Norman Poh, Chief Science Officer of Trust Stamp, highlights the dual benefits of this innovation: “This patent not only resolves interoperability issues but also operates within a privacy-preserving, tokenized domain. These privacy-secured IT2 tokens allow users to obtain and compare biometric data from multiple sources without risking vendor lock-in, a problem that has long plagued the industry and hurt customers.”

    This advancement aligns with Trust Stamp’s commitment to fostering secure, privacy-first identity verification solutions that can accelerate secure financial inclusion. By eliminating vendor lock-in and enhancing cross-platform biometric authentication, the Interoperable Biometric Representation framework represents a significant step toward a more open, secure, and accessible digital identity ecosystem.

    For more information about Trust Stamp’s privacy-first identity solutions, visit www.truststamp.ai.

    Inquiries:

    Trust Stamp                                                    Email: shareholders@truststamp.ai
    Dr. Norman Poh                                              Email: npoh@truststamp.ai
    Scott Francis                                                   Email: sfrancis@truststamp.ai

    About Trust Stamp

    Trust Stamp the Privacy-First Identity CompanyTM, is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.

    Located across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI).

    Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

    All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update

    The MIL Network –

  • MIL-OSI: GCM Grosvenor Announces Final Close of GCM Grosvenor Co-Investment Opportunities Fund III, Raising Nearly $615 Million

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 25, 2025 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, today announced the final close of GCM Grosvenor Co-Investment Opportunities Fund III (“GCF III”), securing approximately $615 million in commitments, a material increase over its predecessor, GCF II. With the firm’s total private equity co-investment commitments now at $9 billion, this milestone reinforces GCM Grosvenor’s position as a leader in co-investment strategies within its broader $30 billion private equity platform.

    Co-investments are increasingly seen as an essential component of a diversified private markets program, and GCM Grosvenor provides differentiated access to co-investment opportunities through its robust sourcing capabilities, flexible structuring, and established partnerships across sponsors and other market participants.

    “We are grateful for the strong support of our GCF III investors, who continue to recognize the value of our disciplined and diversified approach,” said Michael Sacks, Chairman and Chief Executive Officer at GCM Grosvenor. “Our 25-year track record investing in private equity helps us to identify and execute compelling co-investment opportunities.”

    GCF III attracted a broad base of investors, including public, corporate, and Taft-Hartley pension plans, financial institutions, and family offices based in North America, Europe, the Middle East, and Asia. The fund will focus on co-investments across private equity, particularly targeting middle-market growth and buyout transactions.

    About GCM Grosvenor

    GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

    GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

    Media Contact
    Tom Johnson and Abigail Ruck
    H/Advisors Abernathy
    tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
    212-371-5999

    The MIL Network –

  • MIL-OSI: 20-Year Industry Veteran, Most Recently with Affinity Home Lending, Heads to Rate in Atlanta

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Rate, a leader in fintech mortgage solutions, announced today that top mortgage originator Darrell Beaudoin has joined the company in Atlanta. With over two decades of experience, most recently with Affinity Home Lending, Darrell is widely recognized in the competitive Atlanta mortgage market for delivering superior service to homebuyers and referral partners.

    “As a 20+ year mortgage veteran, I’ve always known Guaranteed Rate as a first-class operation,” said Darrell Beaudoin. “I also knew Rate’s ability to scale my business would be unmatched. The reputation and scale were my main reasons for making the jump, but what truly impressed me was the next-level technology and incredible people. That combination will 10X my business while delivering an unparalleled client experience.”

    Darrell’s decision to join Rate underscores the company’s ability to draw top industry talent by offering a powerful platform designed to accelerate business growth – and its commitment to serving these leaders in the marketplace as they serve their customers. Rate’s cutting-edge technology, unparalleled support, and national scale enable loan originators to expand their reach and elevate client experiences.

    “We are happy to welcome Darrell to the Rate Family,” said Victor Ciardelli, CEO of Rate. “Darrell is renowned in the Atlanta community for delivering exceptional experiences to his customers and referral client partners. With Darrell’s extensive industry experience and the capabilities of the Rate platform, we are confident that this partnership will only further enhance his remarkable and successful career.”

    Darrell earned his MBA in Finance from Georgia Tech and has been an active partner with the National Association of Real Estate Brokers (NAREB), demonstrating his commitment to advancing homeownership opportunities in diverse communities.

    For more information, visit Rate.com.

    About Rate

    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate is the #2 retail mortgage lender in the U.S., with over 850 branches across all 50 states and Washington, D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service.

    Honors and awards include:
    Best Mortgage Lender for First-Time Homebuyers by NerdWallet (2023)
    HousingWire’s Tech100 award for FlashClose℠ (2020), MyAccount (2022), and Language Access Program (2023)
    #2 ranking in Scotsman Guide’s 2022 list of Top Retail Mortgage Lenders
    Most Scotsman Guide Top Originators for 11 consecutive years
    Chicago Agent Magazine’s Lender of the Year for seven consecutive years
    Chicago Tribune’s Top Workplaces list for seven straight years

    Visit rate.com for more information.

    Press Contact

    press@rate.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c6414d69-dc45-4eaa-bfe2-4604edb5acc1

    The MIL Network –