Category: Finance

MIL-OSI: Expion360 Announces Departure of Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

REDMOND, Ore., Dec. 20, 2024 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage solutions, announced today the resignation of Greg Aydelott, Chief Financial Officer of the Company, effective December 31, 2024, due to family health concerns. Mr. Aydelott intends to remain available to the Company on an ongoing basis as a consultant to ensure a smooth transition.

The Company’s Board of Directors has appointed the Company’s Chief Executive Officer, Brian Schaffner, as interim Chief Financial Officer, and Principal Financial and Accounting Officer, effective December 31, 2024, and is conducting a search process to identify a new CFO. Mr. Schaffner previously served as the CFO of Expion360 from March 2021 through January 2023.

“On behalf of our Board of Directors, leadership team and employees, I would like to thank Greg for his outstanding service and commitment over the past three years,” said Mr. Schaffner. “He has made significant contributions to Expion360’s success, including managing our growth, strengthening our balance sheet, enhancing our planning and budgeting process, and overseeing investments in new technologies and batteries.”

“This has been an incredible journey with talented people, and it has been a privilege to help lead this passionate team,” said Mr. Aydelott. “I look forward to following the success of Expion360 for years to come.”

About Expion360

Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles and marine applications, with residential and industrial applications under development. On December 19, 2023, the Company announced its entrance into the home energy storage market with the introduction of two premium LiFePO4 battery storage systems that enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages.

The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit expion360.com.

Forward-Looking Statements and Safe Harbor Notice

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including statements about our beliefs and expectations, are “forward-looking statements” and should be evaluated as such. Examples of such forward-looking statements include statements that use forward-looking words such as “projected,” “expect,” “possibility,” “believe,” “aim,” “goal,” “plan,” and “anticipate,” or similar expressions. Forward-looking statements included in this press release include, but are not limited to, statements relating to the expected timing and impact of the executive transition, including Mr. Aydelott’s continuing role as a consultant to the Company, and the Company’s ability to build on its momentum and achieve its financial and strategic objectives. Forward-looking statements are subject to and involve risks, uncertainties, and assumptions that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by such forward-looking statements.

Company Contact:
Brian Schaffner, CEO
541-797-6714
Email Contact

External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
XPON@mzgroup.us
www.mzgroup.us

The MIL Network –

January 27, 2025

MIL-OSI Russia: IMF Executive Board Completes the Sixth Review of the Extended Arrangement under the Extended Fund Facility for Ukraine

Source: IMF – News in Russian

December 20, 2024

The IMF Board today completed the Sixth Review of the Extended Arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about US$1.1 billion (SDR 834.9 million) to Ukraine, which will be channeled by the authorities for budget support.
Ukraine’s economy remains resilient, and performance remains strong under the EFF despite challenging conditions. The authorities met all end-September quantitative performance criteria and structural benchmarks.
Sustained reform momentum, progress at domestic revenue mobilization, and timely disbursement of external support are necessary to safeguard macroeconomic stability, restore fiscal and debt sustainability, and improve governance.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) today completed the Sixth Review of the EFF, enabling the authorities to draw US$1.1 billion (SDR 834.9 million), which will be channeled by the authorities for budget support. This will bring the total disbursements under the IMF-supported program to US$9.8 billion.

Ukraine’s 48-month EFF, with access of SDR 11.6 billion (equivalent to US$15.5 billion, or about 577 percent of quota), was approved on March 31, 2023, and forms part of a US$148 billion support package for Ukraine. The authorities’ IMF-supported program helps anchor policies that sustain fiscal, external, and macro-financial stability at a time of exceptionally high uncertainty. The EFF aims to support the economic recovery, enhance governance, and strengthen institutions with the aim of promoting long-term growth in the context of reconstruction and Ukraine’s path to EU accession.

Ukraine’s performance under its program remains strong. All end-September and continuous quantitative performance criteria and indicative targets were met. The authorities have also completed a prior action on the enactment of the package of tax measures, have met all end-October structural benchmarks due by the Sixth Review and three of the end-December benchmarks.

Economic growth in 2024 has been upgraded given better than expected resilience to the energy shocks. However, a slowdown is expected in 2025 due to an increasingly tight labor market, the impact of Russian attacks on Ukrainian energy infrastructure, and continued uncertainty about the war. Inflation has risen recently, mainly due to food prices, while inflation expectations remain well anchored. Adequate reserves have been sustained by continued sizeable external support. Overall, the outlook remains subject to exceptionally high uncertainty.

Following the Executive Board discussion on Ukraine, Ms. Kristalina Georgieva, Managing Director of the IMF, issued the following statement^[1]:

“Russia’s war in Ukraine continues to take a devastating social and economic toll on Ukraine. Despite the war, macroeconomic stability is being preserved through skillful policymaking by the Ukrainian authorities as well as substantial external support. The economy has remained resilient, reflecting the continued adaptability of households and firms, although risks are tilted to the downside due to headwinds from attacks on energy infrastructure and a tight labor market. Preparedness and contingency planning are key to enable appropriate policy action should risks materialize.

The program remains fully financed with a cumulative external financing envelope of US$148 billion in the baseline and US$177 billion in the downside over the 4-year program period, including commitments from the G7’s Extraordinary Revenue Acceleration Loans for Ukraine (ERA) initiative. Full, timely and predictable external support—on terms consistent with debt sustainability—remains essential to maintaining full program financing and safeguarding stability.

A tax package and 2025 Budget in line with the program baseline have been enacted, but there are few remaining buffers and strict budget execution will be key. Continued progress at domestic revenue mobilization is imperative for Ukraine to meet its high priority spending needs and to restore fiscal sustainability. Strong implementation of the National Revenue Strategy and customs reform will help raise further revenues, improve compliance, combat evasion, and support EU accession.

After completing the Eurobond exchange in August, the authorities are now focusing on reaching agreement with other holders of external commercial claims, including GDP warrants, in line with their strategy. A swift agreement in line with the program’s debt sustainability objectives would reduce fiscal risks and create space for critical spending needs.

Inflation has accelerated more than expected in recent months, and the recent tightening of monetary policy was appropriate; the NBU should stand ready to take further action should inflation expectations deteriorate. Allowing exchange rate flexibility will help strengthen the resilience of the economy to external shocks while safeguarding reserves.

The financial sector remains stable, but vigilance is needed given heightened risks. Progress on strengthening bank resolution and risk-based supervision, stress-testing frameworks and contingency planning should be sustained.

Reform momentum in anticorruption and governance needs to be sustained. In particular, the authorities need to advance the creation of a new court for high public disputes, and amend the criminal procedure code.”

Table 1. Ukraine: Selected Economic and Social Indicators, 2021–27
	2021	2022	2023	2024	2025	2026	2027

	Act.	Act.	Act.	Proj.	Proj.	Proj.	Proj.

Real economy (percent change, unless otherwise indicated)
Nominal GDP (billions of Ukrainian hryvnias) 1/	5,451	5,239	6,538	7,629	8,680	9,874	10,937
Real GDP 1/	3.4	-28.8	5.3	4.0	2.5-3.5	5.3	4.5
Contributions:
Domestic demand	12.9	-22.9	13.9	6.5	4.9	4.5	4.2
Private consumption	4.7	-16.8	5.5	3.3	3.2	3.8	3.5
Public consumption	0.1	12.5	2.6	-0.1	-1.1	-2.5	-1.9
Investment	8.1	-18.6	5.8	3.3	2.9	3.2	2.6
Net exports	-9.5	-5.9	-8.6	-2.5	-2.4	0.8	0.3
GDP deflator	24.8	34.9	18.5	12.2	11.0	8.0	6.0
Unemployment rate (ILO definition; period average, percent)	9.8	24.5	19.1	13.3	11.8	10.2	9.4
Consumer prices (period average)	9.4	20.2	12.9	6.2	10.3	7.7	5.0
Consumer prices (end of period)	10.0	26.6	5.1	10.0	7.5	6.6	5.0
Nominal wages (average)	20.8	1.0	20.1	19.1	18.9	14.1	10.5
Real wages (average)	10.5	-16.0	6.4	12.1	7.8	6.0	5.3
Savings (percent of GDP)	12.5	17.0	9.8	8.5	2.9	9.1	15.2
Private	12.7	30.2	24.6	24.1	17.9	14.7	13.6
Public	-0.2	-13.1	-14.8	-15.6	-14.9	-5.6	1.5
Investment (percent of GDP)	14.5	12.1	15.1	16.9	17.5	19.3	20.4
Private	10.7	9.6	10.4	13.6	13.6	15.0	15.3
Public	3.8	2.5	4.8	3.4	4.0	4.3	5.1

General Government (percent of GDP)
Fiscal balance 2/	-4.0	-15.6	-19.6	-18.9	-18.9	-9.9	-3.6
Fiscal balance, excl. grants 2/	-4.0	-24.8	-26.1	-24.3	-19.7	-10.1	-4.6
External financing (net)	2.4	10.7	16.5	14.8	18.0	8.9	1.4
Domestic financing (net), of which:	1.6	5.0	3.1	4.1	0.9	1.0	2.2
NBU	-0.3	7.3	-0.2	-0.2	-0.2	-0.1	-0.1
Commercial banks	1.5	-1.5	2.5	4.1	1.0	0.9	2.2
Public and publicly-guaranteed debt	48.9	77.7	82.3	92.2	104.3	105.8	101.8

Money and credit (end of period, percent change)
Base money	11.2	19.6	23.3	15.0	17.2	12.0	10.1
Broad money	12.0	20.8	23.0	16.7	14.4	12.1	10.1
Credit to nongovernment	8.4	-3.1	-0.5	11.6	12.9	21.0	17.6

Balance of payments (percent of GDP)
Current account balance	-1.9	4.9	-5.4	-8.4	-14.6	-10.1	-5.3
Foreign direct investment	3.8	0.1	2.5	2.5	2.4	4.1	5.2
Gross reserves (end of period, billions of U.S. dollars)	30.9	28.5	40.5	42.3	43.3	47.9	50.1
Months of next year’s imports of goods and services	4.5	3.8	5.3	5.3	5.4	5.8	5.9
Percent of short-term debt (remaining maturity)	67.5	64.3	87.1	102.7	99.8	112.3	116.0
Percent of the IMF composite metric (float)	104.4	103.6	124.1	112.0	100.5	100.2	102.0
Goods exports (annual volume change in percent)	35.3	-44.7	-15.8	15.5	1.6	16.7	10.6
Goods imports (annual volume change in percent)	16.9	-23.6	21.7	9.3	6.9	8.9	9.4
Goods terms of trade (percent change)	-8.4	-11.6	3.6	0.3	-1.9	1.2	1.4

Exchange rate
Hryvnia per U.S. dollar (end of period)	27.3	36.6	38.0	…	…	…	…
Hryvnia per U.S. dollar (period average)	27.3	32.3	36.6	…	…	…	…
Real effective rate (deflator-based, percent change)	8.8	30.5	-2.0	…	…	…	…

Memorandum items:
Per capita GDP / Population (2017): US$2,640 / 44.8 million
Literacy / Poverty rate (2022 est 3/): 100 percent / 25 percent

Sources: Ukrainian authorities; World Bank, World Development Indicators; and IMF staff estimates.
1/ GDP is compiled as per SNA 2008 and excludes territories that are or were in direct combat zones and temporarily occupied by Russia (consistent with the TMU).
2/ The general government includes the central and local governments and the social funds.
3/ Based on World Bank estimates.

[1] 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 summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Camila Perez

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/12/20/pr-24493-ukraine-imf-completes-6th-rev-of-extended-arrangement-under-eff

MIL OSI

MIL OSI Russia News –

January 27, 2025

MIL-OSI USA: Proclamation to Implement the United States-Israel Agreement on Trade in Agricultural Products and for Other Purposes

US Senate News:

Source: The White House
1. On April 22, 1985, the United States and Israel entered into the Agreement on the Establishment of a Free Trade Area between the Government of the United States of America and the Government of Israel (USIFTA), which the Congress approved in section 3 of the United States–Israel Free Trade Area Implementation Act of 1985 (the “USIFTA Implementation Act”) (Public Law 99-47, 99 Stat. 82 (19 U.S.C. 2112 note)). Section 4(b) of the USIFTA Implementation Act provides that, whenever the President determines that it is necessary to maintain the general level of reciprocal and mutually advantageous concessions with respect to Israel provided for by the USIFTA, the President may proclaim such withdrawal, suspension, modification, or continuance of any duty, or such continuance of existing duty-free or excise treatment, or such additional duties, as the President determines to be required or appropriate to carry out the USIFTA. In order to maintain the general level of reciprocal and mutually advantageous concessions with respect to agricultural trade with Israel, on July 27, 2004, the United States entered into an agreement with Israel concerning certain aspects of trade in agricultural products during the period January 1, 2004, through December 31, 2008 (United States-Israel Agreement Concerning Certain Aspects of Trade in Agricultural Products (the “2004 Agreement”)). 2. In Proclamation 7826 of October 4, 2004, the President determined, pursuant to section 4(b) of the USIFTA Implementation Act and consistent with the 2004 Agreement, that, in order to maintain the general level of reciprocal and mutually advantageous concessions with respect to Israel provided for by the USIFTA, it was necessary to provide duty-free access into the United States through December 31, 2008, for specified quantities of certain agricultural products of Israel. Each year from 2008 through 2023, the United States and Israel entered into agreements to extend the period that the 2004 Agreement was in force for 1-year periods to allow additional time for the two governments to conclude an agreement to replace the 2004 Agreement. To carry out the extension agreements, the President in Proclamations 8334 of December 31, 2008; 8467 of December 23, 2009; 8618 of December 21, 2010; 8770 of December 29, 2011; 8921 of December 20, 2012; 9072 of December 23, 2013; 9223 of December 23, 2014; 9383 of December 21, 2015; 9555 of December 15, 2016; 9687 of December 22, 2017; 9834 of December 21, 2018; 9974 of December 26, 2019; 10128 of December 22, 2020; 10326 of December 23, 2021; 10509 of December 23, 2022; and 10692 of December 29, 2023, modified the Harmonized Tariff Schedule of the United States (HTS) to provide duty-free access into the United States for specified quantities of certain agricultural products of Israel, each time for an additional 1-year period. On October 31, 2024, the United States entered into an agreement with Israel to extend the period that the 2004 Agreement is in force through December 31, 2025, and to allow for further negotiations on an agreement to replace the 2004 Agreement. Pursuant to section 4(b) of the USIFTA Implementation Act, I have determined that it is necessary, in order to maintain the general level of reciprocal and mutually advantageous concessions with respect to Israel provided for by the USIFTA, to provide duty-free access into the United States through the close of December 31, 2025, for specified quantities of certain agricultural products of Israel, as provided in Annex I of this proclamation. 3. Proclamation 10053 of June 29, 2020, implemented the Agreement between the United States of America, the United Mexican States, and Canada (USMCA) with respect to the United States and, pursuant to section 103 of the United States-Mexico-Canada Agreement Implementation Act (the “USMCA Implementation Act”) (Public Law 116-113, 134 Stat. 11, 15-17 (19 U.S.C. 4513)), incorporated in the HTS the tariff modifications and rules of origin necessary or appropriate to carry out the USMCA. 4. In order to provide generally for the preferential tariff treatment being accorded under the USMCA, to set forth rules for determining whether goods imported into the customs territory of the United States are eligible for preferential tariff treatment under the USMCA, to provide tariff-rate quotas with respect to certain originating goods of Canada, and to provide certain other treatment to originating goods for purposes of the USMCA, Proclamation 10053 modified the HTS as set forth in Annex I of Publication 5060 of the United States International Trade Commission (the “Commission”), entitled “Modifications to the Harmonized Tariff Schedule of the United States to Implement the United States-Mexico-Canada Agreement” (Publication 5060), including by adding general note 11. Proclamation 10053 further modified the HTS to reflect the termination of tariff treatment under the North American Free Trade Agreement (NAFTA), as set forth in Annex III of Publication 5060, including by deleting general note 12. 5. In order to implement the initial stage of duty reduction provided for in the USMCA, to provide for future staged reductions in duties for originating goods provided for in the USMCA, and to provide tariff-rate quotas with respect to certain goods provided for in the USMCA, Proclamation 10053 modified the HTS as set forth in Annex II of Publication 5060. 6. A technical error was made in the modifications to U.S. note 3(d) to subchapter II of chapter 98 of the HTS, and certain references to general note 12 were inadvertently not modified. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment under the USMCA, including certain technical or conforming changes within the tariff schedule. 7. Proclamation 7987 of February 28, 2006, implemented the Dominican Republic-Central America-United States Free Trade Agreement (DR-CAFTA) with respect to the United States and, pursuant to section 201 of the Dominican Republic-Central America-United States Free Trade Agreement Implementation Act (the “DR-CAFTA Act”) (Public Law 109-53, 119 Stat. 462, 467 (19 U.S.C. 4001 note)), incorporated in the HTS the tariff modifications and rules of origin necessary or appropriate to carry out certain provisions of the DR-CAFTA. 8. A rule of origin under the DR-CAFTA, found in general note 29 to the HTS, contains a reference to general note 12. Proclamation 10053 deleted general note 12 but omitted a conforming change to the reference in general note 29. I have determined that an additional modification to the HTS is necessary or appropriate to reflect this conforming change. 9. Section 602 of the Consolidated Appropriations Act, 2021 (Public Law 116-260, 134 Stat. 1182, 2152-54), made technical corrections to other laws, including replacing certain references to the NAFTA with references to the USMCA in sections 112 and 113(b) of the African Growth and Opportunity Act (the “AGOA”) (title I of Public Law 106-200, 114 Stat. 251, 258-265 (19 U.S.C. 3721, 3722(b))), as amended by the Africa Investment Incentive Act of 2006 (title VI of Public Law 109-432, 120 Stat. 2922, 3190-94), and in sections 212(a), 213(b), and 213A(b) of the Caribbean Basin Economic Recovery Act (the “CBERA”) (title II of Public Law 98-67, 97 Stat. 369, 384-85, 388 (19 U.S.C. 2702(a)(1), 2703(b), 2703a(b))), as amended by the United States-Caribbean Basin Trade Partnership Act (title II of Public Law 106-200, 114 Stat. 251, 275-288), the Haitian Hemispheric Opportunity through Partnership Encouragement Act of 2006 (title V of Public Law 109-432, 109 Stat. 2922, 3181-87), and the Haitian Hemispheric Opportunity through Partnership Encouragement Act of 2008 (subtitle D of Public Law 110-234, 122 Stat. 923, 1527-47). 10. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment under the AGOA and the CBERA, including certain technical or conforming changes within the tariff schedule. 11. Section 104(c) of the Trade Preferences Extension Act of 2015 (the “TPEA”) (Public Law 114–27, 129 Stat. 362, 365 (19 U.S.C. 2466a note)) authorizes the President to proclaim modifications that may be necessary to add the special tariff treatment symbol “D” in the “Special” subcolumn of the HTS for each article classified under a heading or subheading with the special tariff treatment symbol “A” or “A” in the “Special” subcolumn of the HTS. Pursuant to section 104(c) of the TPEA, Proclamation 9466 of June 30, 2016, modified the HTS to add the special tariff treatment symbol “D” in the HTS as set forth in Annex III of that proclamation. 12. The modifications to the HTS authorized in Proclamation 9466 included certain technical errors. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment under the AGOA, as authorized by section 104(c) of the TPEA, including certain technical or conforming changes within the tariff schedule. 13. Proclamation 6763 of December 23, 1994, implemented, with respect to the United States, the trade agreements resulting from the Uruguay Round of multilateral trade negotiations, including Schedule XX-United States of America, annexed to the Marrakesh Protocol to the General Agreement on Tariffs and Trade 1994 (Schedule XX), that were entered into pursuant to sections 1102(a) and (e) of the Omnibus Trade and Competitiveness Act of 1988 (the “1988 Act”) (Public Law 100-418, 102 Stat. 1107, 1126 (19 U.S.C. 2902(a) and (e))), as amended by Public Law 103-49, 107 Stat. 239, and approved in section 101(a) of the Uruguay Round Agreements Act (the “URAA”) (Public Law 103-465, 108 Stat. 4809, 4814–15 (19 U.S.C. 3511(a))). 14. Pursuant to the authority provided in section 111 of the URAA (19 U.S.C. 3521) and sections 1102(a) and (e) of the 1988 Act (19 U.S.C. 2902(a) and (e)), Proclamation 6763 included the staged reductions in rates of duty that the President determined to be necessary or appropriate to carry out the terms of Schedule XX. 15. Section 1205(a) of the 1988 Act (102 Stat. 1150 (19 U.S.C. 3005(a))) directs the Commission to keep the HTS under continuous review and to periodically recommend to the President such modifications to the HTS as the Commission considers necessary or appropriate to accomplish the purposes set forth in that subsection. 16. Pursuant to sections 1205(c) and (d) of the 1988 Act (102 Stat. 1150-51 (19 U.S.C. 3005(c) and (d))), in 2010, 2015, and 2021, the Commission recommended modifications to the HTS to conform the HTS to amendments made to the International Convention on the Harmonized Commodity Description and Coding System and the Protocol thereto (the “Convention”). 17. Section 1206(a) of the 1988 Act (102 Stat. 1151 (19 U.S.C. 3006(a))) authorizes the President to proclaim modifications to the HTS based on the recommendations of the Commission under section 1205 of the 1988 Act if the President determines that the modifications are in conformity with United States obligations under the Convention and do not run counter to the national economic interest of the United States. 18. Proclamation 8771 of December 29, 2011, Proclamation 9549 of December 1, 2016, and Proclamation 10326 of December 23, 2021, modified the HTS pursuant to section 1206 of the 1988 Act to conform the HTS to the amendments to the Convention. However, the HTS modifications authorized in Proclamation 8771, Proclamation 9549, and Proclamation 10326 each included certain technical errors. 19. Proclamation 8771 incorrectly modified the column 2 rate of duty for subheadings 0401.40.25 and 0401.50.25, and the “General” subcolumn rate of duty for column 1 and the column 2 rate of duty for subheading 6505.00.01. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment. 20. Proclamation 9549 and Proclamation 10326 each created certain new subheadings with the special tariff treatment symbol “A” or “A” in the “Special” subcolumn of the HTS, but omitted the special tariff treatment symbol “D”. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment under the AGOA, including certain technical or conforming changes within the tariff schedule. 21. Proclamation 10326 also included technical errors with respect to other subheadings. I have determined that additional modifications to the HTS are necessary or appropriate to provide for the intended tariff treatment, including the tariff treatment previously proclaimed in Proclamation 6763. 22. In Proclamation 9705 of March 8, 2018, pursuant to section 232 of the Trade Expansion Act of 1962, as amended (the “Trade Expansion Act”) (Public Law 87-794, 76 Stat. 872, 877 (19 U.S.C. 1862)), the President concurred with the finding of the Secretary of Commerce that steel articles, as defined in clause 1 of Proclamation 9705 (as amended by clause 8 of Proclamation 9711 of March 22, 2018), are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States, and decided to adjust the imports of steel articles by imposing a 25 percent ad valorem tariff on such articles imported from all countries except Canada and Mexico. Proclamation 9740 of April 30, 2018, and Proclamation 9759 of May 31, 2018, modified the HTS to provide quotas with respect to steel articles imported from certain countries. Proclamation 10328 of December 27, 2021, Proclamation 10356 of March 31, 2022, Proclamation 10406 of May 31, 2022, and Proclamation 10691 of December 28, 2023, modified the HTS to provide tariff-rate quotas with respect to steel articles imported from certain countries. 23. On July 1, 2024, the Commission, in cooperation with the interagency Committee for Statistical Annotation of Tariff Schedules, implemented certain changes in 10-digit statistical reporting categories of the HTS under section 484(f) of the Tariff Act of 1930 (ch. 497, 46 Stat. 590, 723 (19 U.S.C. 1484(f))), as amended by section 637 of the North American Free Trade Agreement Implementation Act (Public Law 103-182, 107 Stat. 2057, 2202). I have determined that certain conforming amendments to the HTS are necessary in order to ensure the maintenance of duty rates, quotas, and tariff-rate quotas for steel articles under tariff categories that were modified. 24. Section 604 of the Trade Act of 1974, as amended (the “Trade Act”) (Public Law 93-618, 88 Stat. 1978, 2073 (19 U.S.C. 2483)), authorizes the President to embody in the HTS the substance of the relevant provisions of that Act, and of other acts affecting import treatment, and actions taken thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction. NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States of America, including but not limited to section 4(b) of the USIFTA Implementation Act, section 104(c) of the TPEA, section 1206(a) of the 1988 Act, section 232 of the Trade Expansion Act, and section 604 of the Trade Act, do proclaim that: (1) In order to implement tariff commitments under the 2004 Agreement through December 31, 2025, the HTS is modified as set forth in Annex I of this proclamation. (2) The modifications and technical rectifications to the HTS made by Annex I of this proclamation shall enter into effect on the applicable dates set forth in Annex I of this proclamation. (3) In order to make the modifications and technical rectifications to the HTS described in paragraphs 3 through 24 of this proclamation, the HTS is modified as set forth in Annex II of this proclamation. These modifications and technical rectifications shall enter into effect on the applicable dates set forth in Annex II of this proclamation. (4) Any provisions of previous proclamations and Executive Orders that are inconsistent with the actions taken in this proclamation are superseded to the extent of such inconsistency. IN WITNESS WHEREOF, I have hereunto set my hand thistwentieth day of December, in the year of our Lord two thousand twenty-four, and of the Independence of the United States of America the two hundred and forty-ninth.
JOSEPH R. BIDEN JR.

MIL OSI USA News –

January 27, 2025
MIL-OSI USA: SEC Adopts Rule Amendments to the Broker-Dealer Customer Protection Rule

Source: Securities and Exchange Commission

The Securities and Exchange Commission today adopted amendments to Rule 15c3-3 (the customer protection rule) to require certain broker-dealers to increase the frequency with which they perform computations of the net cash they owe to customers and other broker-dealers (known as PAB account holders) from weekly to daily. The Commission also adopted amendments to Rule 15c3-3 and Rule 15c3-1 (the broker-dealer net capital rule) to permit certain broker-dealers that perform a daily customer reserve computation to decrease the required 3 percent “buffer” in the customer reserve bank account by reducing the customer-related receivables, or “aggregate debit items,” charge from 3 percent to 2 percent in the computation.

“Our markets have dramatically evolved since the 1972 adoption of Rule 15c3-3, otherwise known as the Customer Protection Rule,” said SEC Chair Gary Gensler. “I’m pleased to support this adoption because it helps protect customers and the Securities Investor Protection Corporation Fund, while promoting greater trust in the markets.”

Broker-dealers may have large deposit requirements that indicate that there may be times when the net amount of cash owed to customers and PAB account holders is substantially greater than the amounts on deposit in the special reserve bank accounts. The amendments will require broker-dealers with average total credits (the amount of cash they owe customers and PAB account holders) equal to or greater than $500 million to make the computations necessary to determine the amounts required to be deposited in the customer and PAB reserve bank accounts daily, as of the close of the previous business day. By reducing the timeframe between computations, the amendments will assist broker-dealers in more dynamically matching the net amount of cash owed to customers and PAB account holders with the amount on deposit in the broker-dealer’s customer and PAB reserve bank accounts. The amendments will also more quickly apply the protective measures of the Rule 15c3-3 reserve requirements to cash of customers and PAB account holders that is newly deposited into the broker-dealer. This will reduce the risk that, if the broker-dealer fails financially, it may be unable to promptly return cash and securities to customers and PAB account holders through an orderly self-liquidation.

Today’s amendments also recognize that the enhancements to the customer protection measures of Rule 15c3-3 through a daily reserve computation warrant a corresponding reduction of the 3 percent “buffer” that certain broker-dealers must include as part of their customer reserve computation to 2 percent.

The amendments will become effective 60 days after the date of publication of the adopting release in the Federal Register. Broker-dealers that exceed the $500 million threshold using each of the 12 filed month-end FOCUS Reports from July 31, 2024, through June 30, 2025, must perform the customer and PAB reserve computations daily beginning no later than December 31, 2025 (i.e., six months after June 30, 2025). When the amendments are effective, a carrying broker-dealer may voluntarily perform a daily customer reserve computation and apply the 2 percent aggregate debit items reduction, provided it notifies its designated examining authority in writing at least 30 calendar days prior.

MIL OSI USA News –

January 27, 2025
MIL-OSI Security: Two Arizonans Plead Guilty to Fraud Targeting AHCCCS

Source: Office of United States Attorneys

PHOENIX, Ariz. – CoEric Riley, 38, of Mesa, pleaded guilty on Tuesday to Healthcare Fraud. His co-defendant, Britney Gooch, 37, of Mesa, also pleaded guilty to Healthcare Fraud on November 21, 2024. Sentencing for Riley and Gooch is scheduled for February 21, 2025, before United States District Judge Krissa M. Lanham.

Riley and Gooch admitted that they defrauded the Arizona Health Care Cost Containment System (AHCCCS), Arizona’s Medicaid agency, through their company New Horizons Behavioral Health, a behavioral health clinic in Mesa, Arizona. They further admitted that through New Horizons, they exploited AHCCCS’s American Indian Health Program (AIHP) by falsely billing for services that were not provided to AIHP patients. As a result of the fraudulent billing submissions, Riley and Gooch obtained approximately $3.3 million in illegitimate proceeds from AHCCCS.

A conviction for Healthcare Fraud carries a maximum penalty of 10 years in prison and a fine of up to $250,000, or both.

The Federal Bureau of Investigation – Phoenix Division conducted the investigation in this case. The United States Attorney’s Office, District of Arizona, Phoenix, is handling the prosecution.

CASE NUMBER: CR-24-01794-PHX-KML
RELEASE NUMBER: 2024-179_Riley and Gooch

# # #

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

MIL Security OSI –

January 27, 2025
MIL-OSI Security: Colorado Man Sentenced To 60 Months In Prison For Assaulting Federal Officer

Source: Office of United States Attorneys

DURANGO – The United States Attorney’s Office for the District of Colorado announces that Daniel Lehi, 44, of Towaoc, Colorado, was sentenced to 60 months in prison and three years of supervised release after pleading guilty to one count of assaulting a federal officer.

On April 5, 2024, a Bureau of Indian Affairs Officer responded to the Ute Mountain Ute Casino in Towaoc, Colorado, within the exterior boundaries of the Ute Mountain Ute Reservation, on a report of an intoxicated person, later identified as Lehi. Lehi lunged at the officer and struck him in the face. When additional security personnel responded to the incident, Lehi continued to fight until officers were able to subdue him.

United States District Court Judge Gordon P. Gallagher sentenced Lehi after considering numerous sentencing factors, including the defendant’s history of assaults on law enforcement officers.

“Assault on a law enforcement officer is a serious offense, and this defendant received a serious sentence for his actions,” said Acting United States Attorney for the District of Colorado Matt Kirsch. “I want to acknowledge the BIA officer for deftly handling a challenging situation.”

“This attack on a federal officer simply doing his job is unacceptable. We fully support the officer who is a victim in this case and are steadfast in our commitment to pursuing justice in cases involving assaults on law enforcement officers,” said FBI Denver Special Agent in Charge Mark Michalek. “Such acts will not go unanswered, and we will work tirelessly to ensure accountability.”

The Federal Bureau of Investigation Durango Field Office and the Bureau of Indian Affairs handled the investigation. Assistant United States Attorney Lisa Franceware handled the prosecution.

Case Number: 1:24-cr-00182-GPG

MIL Security OSI –

January 27, 2025
MIL-OSI Security: Syracuse Man Pleads Guilty to Distribution and Possession of Child Pornography

Source: Office of United States Attorneys

SYRACUSE, NEW YORK – David Hullihen, age 41, of Syracuse, pled guilty today to ten counts of receipt of child pornography. United States Attorney Carla B. Freedman, and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI) made the announcement.

As part of his guilty plea, Hullihen admitted that he sent multiple videos depicting child sexual abuse material to another person over the application Wire. Hullihen also possessed child sexual abuse material on his cell phone. Hullihen is a registered sex offender with two previous convictions for child pornography offenses in New York.

The offenses to which Hullihen pled guilty carry a mandatory minimum sentence of 15 years, with a maximum of 40 years imprisonment. A defendant’s sentence is imposed by a judge based on the statute the defendant violated, the United States Sentencing Guidelines, and other factors. However, if Chief United States District Judge Brenda K. Sannes accepts the parties’ agreed-upon disposition at sentencing on April 23, 2025, Hullihen will receive an prison term of 235 months. Hullihen’s sentence must also include a post-imprisonment term of supervised release of between five years and life, a fine of up to $250,000.00, restitution to the children whose images he distributed and possessed, and he will be required to register as a sex offender upon his release from prison.

This case was investigated by the FBI’s Albany Division Child Exploitation and Human Trafficking Task Force, the Tiffin, Ohio Police Department, the Syracuse, New York Police Department, and the New York State Police. Special Assistant U.S. Attorney Paul Tuck prosecuted Hullihen as part of Project Safe Childhood.

Launched in May 2006 by the Department of Justice, Project Safe Childhood is led by United States Attorney’s 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 https://www.justice.gov/psc.

MIL Security OSI –

January 27, 2025
MIL-OSI Security: Chinese National Indicted for Money Laundering Conspiracy Involving Walmart Gift Cards

Source: Office of United States Attorneys

SYRACUSE, NEW YORK – Jun Wang, age 62, a Chinese national and lawful permanent resident of the United States who has lived in Florida and Texas for most of the past 26 years, has been charged by indictment with conspiracy to commit money laundering. United States Attorney Carla B. Freedman and Craig L. Tremaroli Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

The indictment alleges that between June 2019 and June 2021 Wang received gift cards which had been obtained from victims of wire fraud schemes in the Northern District of New York and elsewhere and that he used the fraudulently obtained gift cards – totaling more than $2 million – at Walmart and Sam’s Club stores in Florida and other states to buy other gift cards and thereby disguise the source and nature of the funds obtained from the fraud victims.

The charge filed against Wang carries a maximum sentence of 20 years in federal prison, a fine of up to twice the value of the allegedly laundered funds, or $4 million in this case, and a term of supervised release of up to 3 years. A defendant’s sentence is imposed by a judge based on the statute the defendant is charged with violating, the U.S. Sentencing Guidelines and other factors.

Wang was arrested several weeks ago at Los Angeles International Airport, and arraigned this week in Binghamton, New York, before Magistrate Judge Miroslav Lovric, after being transported to the Northern District of New York. Judge Lovric ordered Wang detained pending trial, which is expected to be held sometime in 2025 before Senior United States District Judge David N. Hurd.

The charges in the indictment are merely accusations. The defendant is presumed innocent unless and until proven guilty.

The FBI is investigating the case, which is being prosecuted by Assistant U.S. Attorneys Tamara B. Thomson and Michael F. Perry.

MIL Security OSI –

January 27, 2025
MIL-OSI Security: Beverly Hills and Ventura County Men Indicted for Allegedly Running NFT Crypto Fraud that Conned Investors Out of More Than $22 Million

Source: Office of United States Attorneys

LOS ANGELES – A six-count indictment was unsealed today charging two Southern California men with defrauding investors of more than $22 million in cryptocurrency through a series of digital asset project “rugpulls,” a type of fraud scheme in which the creator of a nonfungible token (NFT) or other digital asset project solicits funds from investors for the project and then abruptly abandons the project and fraudulently retains investors’ funds.

Gabriel Hay, 23, of Beverly Hills, and Gavin Mayo, 23, of Thousand Oaks, are each charged with one count of conspiracy to commit wire fraud, two counts of wire fraud, and one count of stalking.

Their arraignments are scheduled for this afternoon in United States District Court in downtown Los Angeles.

“Whenever a new investment trend occurs, scammers are sure to follow,” said United States Attorney Martin Estrada. “My office and our law enforcement partners will continue our efforts to protect consumers and punish wrongdoers involved in crypto fraud.”

“Gabriel Hay and Gavin Mayo allegedly defrauded investors in digital asset projects of tens of millions of dollars and threatened an individual who attempted to expose their roles in these fraudulent schemes,” said Principal Deputy Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “Fraudsters take advantage of new technologies and financial products to steal investors’ hard-earned money. The department is committed to protecting investors and will continue to work with our law enforcement partners to root out fraud involving cryptocurrency and other digital assets and bring offenders to justice.”

“For three years, Hay and Mayo allegedly lied to their investors in order to defraud them out of millions of dollars,” said HSI Executive Associate Director Katrina W. Berger. “Such technological fraud schemes cost investors millions of dollars every year. Just because such crimes aren’t violent does not mean they are victimless. HSI will continue to investigate, disrupt, and dismantle such cryptocurrency fraud networks.”

According to court documents, from May 2021 to May 2024, Hay and Mayo sponsored several NFT and other digital asset projects and undertook promotional activities in support of those projects. Hay and Mayo allegedly made or caused others to make materially false and misleading statements regarding the digital asset projects being launched and provided false and misleading project “roadmaps” detailing plans for the NFTs or digital asset projects after their launch that the sponsors never intended to fulfill.

For example, the indictment alleges that in promoting the Vault of Gems NFT project, Hay and Mayo falsely claimed that the project would be the “first NFT project to be pegged to a hard asset.” However, instead of pursuing the Vault of Gems project or others as they had represented they would, Hay and Mayo allegedly abandoned the projects after collecting millions in funds from investors.

Hay, Mayo, and others allegedly used these tactics with a variety of other digital asset projects, including Vault of Gems, Faceless, Sinful Souls, Clout Coin, Dirty Dogs, Uncovered, MoonPortal, Squiggles, and Roost Coin. Hay and Mayo also allegedly used a variety of means to conceal their involvement in the fraudulent projects by falsely identifying other individuals or causing other individuals to be falsely identified as owners of the projects.

When one project manager on the Faceless NFT project exposed Hay and Mayo as being behind that project, Hay and Mayo allegedly embarked on a harassment campaign against the project manager, sending or causing the sending of messages to the project manager and his parents for the purpose of intimidating him and his family and causing them great emotional distress.

“Using NFTs to commit fraud not only exploits emerging technology but also erodes trust in the broader digital ecosystem,” said Special Agent in Charge Michael McCarthy of Homeland Security Investigations (HSI). “The alleged actions of Hay and Mayo, who defrauded investors out of millions over several years, highlight the profound harm these schemes cause. These crimes may not involve violence, but they leave countless victims in their wake. HSI remains dedicated to exposing and dismantling cryptocurrency fraud schemes to protect investors and ensure that technological advancements are used to drive progress, not deception.”

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

If convicted, they each face a maximum penalty of 20 years in prison on each of the conspiracy and wire fraud counts and a maximum penalty of five years on the stalking count.

The HSI Baltimore Field Office is investigating the case.

Assistant United States Attorney Maxwell K. Coll of the Cyber and Intellectual Property Crimes Section and Justice Department Trial Attorneys Tian Huang and Tamara Livshiz of the Criminal Division’s Fraud Section, both members of the National Cryptocurrency Enforcement Team (NCET), are prosecuting this case.

The NCET was established to combat the growing illicit use of cryptocurrencies and digital assets. Within the Criminal Division’s Computer Crime and Intellectual Property Section, the NCET conducts and supports investigations into individuals and entities that are enabling the use of digital assets to commit and facilitate a variety of crimes, with a particular focus on virtual currency exchanges, mixing and tumbling services, and infrastructure providers. The NCET also works to set strategic priorities regarding digital asset technologies, identify areas for increased investigative and prosecutorial focus, and lead the department’s efforts to collaborate with domestic and foreign government agencies as well as the private sector to aggressively investigate and prosecute crimes involving cryptocurrency and digital assets.

MIL Security OSI –

January 27, 2025
MIL-OSI Security: Bank General Counsel Pleads Guilty to Offenses Stemming from $7.4 Million Embezzlement Scheme

Source: Office of United States Attorneys

JAMES BLOSE, 56, of Fairfield, waived his right to be indicted and pleaded guilty today in New Haven federal court to offenses stemming from a decade-long embezzlement scheme at banks where he served as General Counsel and held other high-ranking positions.

The announcement was made by Vanessa Roberts Avery, United States Attorney for the District of Connecticut; Robert Fuller, Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation; Harry T. Chavis, Jr., Special Agent in Charge of IRS Criminal Investigation in New England; and Brian Tucker, Special Agent in Charge of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection’s Office of the Inspector General, Eastern Region.

According to court documents and statements made in court, from approximately 2013 to January 2022, Blose was an attorney and held high-ranking positions, including General Counsel, at Hudson Valley Bank and Sterling National Bank. From approximately January 2022, when Webster Bank acquired Sterling National Bank, until February 2023, Blose served as Executive Vice President and General Counsel and Corporate Secretary at Webster Bank.

From approximately 2013 until Webster Bank discovered his scheme and his employment was terminated in February 2023, Blose defrauded his employers (“The Bank”) in various ways. In certain commercial loan transactions where The Bank was the lender, Blose fraudulently retained for himself portions of closing costs, including legal fees. In certain real estate transactions in which The Bank was the seller, Blose retained portions of the sale proceeds for himself. For some of the real estate transactions, Blose created false documents in order to hide his theft from The Bank. Blose also stole from The Bank in other ways.

As part of the scheme, used his attorney trust accounts to make personal expenditures, and to transfer funds to accounts in the names of business entities he created and controlled, and then used those funds for his personal benefit. Through this scheme, Blose stole approximately $7.4 million from his employers.

Blose pleaded guilty to one count of bank fraud, which carries a maximum term of imprisonment of 30 years, and one count of engaging in illegal monetary transactions, which carries a maximum term of imprisonment of 10 years. He is released on a $250,000 bond pending sentencing, which is scheduled for March 13 in Hartford.

This investigation has been conducted by the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigation, and the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection’s Office of the Inspector General. Financial crimes investigators from Webster Bank assisted the investigation.

This case is being prosecuted by Assistant U.S. Attorneys Michael S. McGarry and Ross Weingarten.

MIL Security OSI –

January 27, 2025
MIL-OSI: Independent Bank Corporation Announces Date for its Fourth Quarter 2024 Earnings Release

Source: GlobeNewswire (MIL-OSI)

GRAND RAPIDS, Mich., Dec. 20, 2024 (GLOBE NEWSWIRE) — Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that it expects to issue its 2024 fourth quarter results on Thursday, January 23, 2025, at approximately 8:00 am ET. The release will be available on the Internet at IndependentBank.com within the “News” section of the “Investor Relations” area of the Company’s website.

Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, January 23, 2025.

To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 213949). Also the conference call will be accessible through an audio webcast with user-controlled slides via the following event site/URL: https://events.q4inc.com/attendee/519785754.

A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 178534). The replay will be available through January 30, 2025.

About Independent Bank Corporation

Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan’s Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments, insurance and title services. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

For more information, please visit our website at: IndependentBank.com.

Contact: William B. Kessel, President and CEO, 616.447.3933

Gavin A. Mohr, Chief Financial Officer, 616.447.3929

The MIL Network –

January 27, 2025
MIL-OSI Canada: Manitoba Government Tax Credits for Homeowners, Renters to Save Manitobans Money in 2025

Source: Government of Canada regional news

December 20, 2024

Manitoba Government Tax Credits for Homeowners, Renters to Save Manitobans Money in 2025

Manitoba government tax credits introduced in Budget 2024 and coming into effect in the new year will put more money into the pockets of Manitoba homeowners and renters, Finance Minister Adrien Sala announced today.

“The previous government wanted to give breaks to out-of-province billionaires. We’re taking a different approach,” said Sala. “These new tax credits will provide help for all Manitobans, but particularly those who need it most.”

Introduced in Budget 2024, the $1,500 Homeowners Affordability Tax Credit will benefit more than 80 per cent of Manitobans, the minister noted.

The School Tax Rebate for farm properties is being maintained at 50 per cent as part of the Manitoba government’s commitment to support producers and their families, noted the minister.

This new tax change will make it easier for young Manitobans to buy their first home and easier for homeowners to afford their mortgage payments, the minister added.

Starting in the new year, the maximum Renter’s Tax Credit will be increased to $575, which marks the first step to the Manitoba government’s four-year commitment of fully restoring the Renter’s Tax Credit to $700.

– 30 –

MIL OSI Canada News –

January 27, 2025
MIL-OSI USA: Sixteen Cardiology Practices to Pay a Total of $17.7M to Resolve False Claims Act Allegations Concerning Inflated Medicare Reimbursements
Source: US State Government of Utah

Sixteen separate cardiology practices and associated physicians, located across 12 states, have agreed to pay amounts totaling $17,761,564 to resolve allegations that they each violated the False Claims Act by overbilling Medicare for diagnostic radiopharmaceuticals.

Diagnostic radiopharmaceuticals are radioisotopes bound to biological molecules that target specific organs, tissues or cells within the human body and are used to diagnose and, in some cases, treat certain cancers and diseases. In 13 states and the District of Columbia, Medicare Part B reimburses healthcare providers for diagnostic radiopharmaceuticals based on the provider’s acquisition cost. In those jurisdictions, Medicare’s contractors have published guidance explaining the reimbursement methodology and providers’ obligation to accurately report their invoice costs for diagnostic radiopharmaceuticals. The government alleged that the settling cardiology practices regularly reported inflated acquisition costs to Medicare for these drugs. In each of the settlements, the conduct occurred for at least a year, and in some instances, the conduct extended over a period of more than 10 years.

“The financial stability of federal healthcare programs depends upon providers complying with applicable billing rules,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We are committed to ensuring that Medicare funds are expended appropriately and to pursuing those who knowingly fail to do so.”

The settling medical practices and associated physicians have agreed to pay the following amounts:
- Western Kentucky Heart & Lung Associates PSC and Mohammed Kazimuddin ($6,750,000)
- Heart Clinic of Paris P.A. and Arjumand Hashmi ($2,600,000)
- Scranton Cardiovascular Physician Services LLC ($2,369,111)
- Shannon Clinic ($996,856)
- Edward W. Leahey M.D. Professional Association and Edward Leahey ($894,679)
- Metropolitan Cardiovascular Consultants LLC and Ayim Djamson ($846,888)
- Cardiology Center of New Jersey LLC, Mario Criscito, Frank Iacovone, and Sameer Kaul ($740,000)
- Clovis Cardiology Associates LLC and Mahamadu Fuseini ($600,000)
- Family Medical Specialty Clinic PLLC, Melecio Abordo, and June Abadilla ($409,594)
- James R. Higgins M.D. Inc. and James Higgins ($395,537)
- TrustCare Health LLC ($279,407)
- Taj Medical Inc. ($240,000)
- White River Diagnostic Clinic PLC, Margaret Kuykendall, and Seth Barnes ($234,490)
- Veinguard Heart & Vascular Center P.C. and Fareeha Khan ($195,000)
- Boulder Medical Center PC ($160,000)
- Wellspring Cardiac Care P.A. ($50,000).
“Practices and providers who overcharge the government and fail to return overpayments compromise our healthcare programs,” said U.S. Attorney Matthew M. Graves for the District of Columbia. “When people see the wrong and report it, we have the tool we need to put a stop to this type of irresponsible conduct. So, I applaud the whistleblowers who came forward in this case.”

“These practitioners overbilled the Medicare program by grossly exaggerating the acquisition costs of drugs used in diagnostic imaging of the heart,” said U.S. Attorney Michael A. Bennett for the Western District of Kentucky. “This office is committed to protecting our federal health care programs, and we will hold accountable anyone who seeks to exploit them.”

“Medicare providers are required to be honest and accurate in the costs they report for reimbursement,” said Special Agent in Charge Maureen Dixon of the Department of Health and Human Services Office of the Inspector General (HHS-OIG). “HHS-OIG will continue to work with our law enforcement partners to investigate alleged false claims act violations and ensure the integrity of the Medicare program. ”

The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by relators Jasjit Walia and Preet Randhawa in the District of Columbia and the Western District of Kentucky. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The whistleblowers will receive a total of more than $2.7 million from the settlements announced today.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section and the U.S. Attorneys’ Offices for the District of Columbia and Western District of Kentucky, with assistance from the HHS Office of Counsel to the Inspector General and Office of Investigations.

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

Trial Attorney James Nealon of the Justice Department’s Civil Division and Assistant U.S. Attorneys Ben Schecter, Matt Weyand, John Truong and Stephen DeGenaro for the District of Columbia handled the matter.

The claims resolved by the settlements are allegations only. There has been no determination of liability.

View the Heart Clinic of Paris settlement agreement here.

View the Leahey settlement agreement here.

View the Scranton settlement agreement here.

View the Metropolitan settlement agreement here.

View the Shannon Clinic settlement agreement here.

View the Family Medical Specialty Clinic settlement agreement here.

View the Taj Medical settlement agreement here.

View the TrustCare settlement agreement here.

View the Veinguard settlement agreement here.

View the Wellspring settlement agreement here.

View the White River settlement agreement here.

View the WKHL settlement agreement here.

View the Boulder Medical Center settlement agreement here.

View the CCNJ settlement agreement here.

View the Clovis settlement agreement here.

View the Higgins settlement agreement here.

MIL OSI USA News –
January 27, 2025
MIL-OSI Security: FBI and Cincinnati Police Announce $15,000 Reward in Death of 5-Year-Old Arty Stanford

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

The FBI and the Cincinnati Police Department today announced a reward of up to $15,000 for information leading to the arrest and conviction of the individual(s) responsible for the death of Artagist “Arty” Stanford III.

“Arty’s family has suffered greatly since this shooting and anyone responsible for his death should be held accountable,” stated FBI Cincinnati Special Agent in Charge Elena Iatarola. “Someone in our community knows what happened that night and who was involved. We need anyone with information to do the right thing and contact law enforcement.”

“Silence protects the wrong people,” said Cincinnati Police Chief Teresa Theetge. “Someone knows what happened. Someone holds the key to bringing closure to Arty’s family. Please speak up and help us bring justice for Arty.”

On October 24, 2024, at approximately 5:48 a.m., the Cincinnati Emergency Communications Center received a report of a drive-by shooting at a house on Holland Drive. Initially, residents believed there were no injuries and the house only received damage from the gunfire. When police arrived, family members found five-year-old Artagist “Arty” Stanford III suffering from a gunshot wound to the head in an upstairs bedroom. There were at least seven bullet impact marks or bullet holes in the front of the house. One of the bullets passed through the front exterior wall into a second-floor bedroom and struck Arty in the head.

Arty was taken to the hospital for treatment which included multiple surgeries. On October 26, 2024, Arty succumbed to his injuries and his death was ruled a homicide.

Anyone with information regarding this incident is asked to call the FBI at 1-800-Call-FBI or Crime Stoppers at 513-352-3040.

MIL Security OSI –

January 27, 2025
MIL-OSI New Zealand: Arrests, charges over meth-filled suitcases

Source: New Zealand Police (National News)

Four people have been arrested and approximately 200kg of methamphetamine has been seized following a joint investigation between New Zealand Police and the New Zealand Customs Service.

Critically, an insider threat at the Port of Tauranga has also been identified and removed.

Customs officers became aware of a suspicious concealment on 11 December after a routine x-ray of a container at the port.

At about 3pm two men entered a restricted area and forced entry into the container. Police were alerted as the men loaded the suitcases into their car.

The vehicle left the port driving recklessly and at speed through heavy traffic on the East Link Toll Road towards Whakatāne.

Bay of Plenty District Police were able to stop the vehicle using road spikes on the toll road.

The occupants fled on foot but were apprehended a short distance from the vehicle.

Police recovered the five suitcases in the vehicle, along with other tools linked to the burglary.

The two men, both aged 28, have been charged with burglary, possession of methamphetamine for supply, failing to carry out obligations in relation to a computer search, and possession of instruments for burglary.

They have been remanded in custody and will appear in the Tauranga District Court, one on 20 January 2025, and the second on 7 March 2025.

On Wednesday 18 December, search warrants were executed at various locations around the Western Bay of Plenty, and a further two people were arrested in relation to the matter.

The two men, aged 33 and 36, have been charged with a number of offences, including importation of methamphetamine. Both appeared in the Tauranga District Court on Thursday 19 December.

It is believed members of this criminal operation may have been operating from within the port for some time.

The four arrested men all have associations with the Mongrel Mob, Comancheros and the Filthy Few.

Detective Inspector Albie Alexander of the National Organised Crime Group says this seizure will make a significant dent into the supply of methamphetamine in the Western Bay of Plenty.

“Even more significantly, we believe we have now shut down an insider threat at the port, and enquiries into this aspect will continue.”

It’s estimated the 200kg of methamphetamine equates to 10 million doses and its seizure has prevented up to $209.5m of social harm to the New Zealand economy.

While the retail value of 10 million doses may be as high as $75m, the wholesale value of the drugs is estimated to be between $14m and $32m.

“This illustrates another example of the continuing cooperation and strong partnerships we have with Customs and our local and domestic partners in targeting criminal activity at our borders and in the community,” says Detective Inspector Alexander.

Customs Investigations Manager Dominic Adams says that New Zealand continues to be an attractive market for organised criminal groups to smuggle drugs including methamphetamine and cocaine, as well as illicit tobacco.

Customs is seeing an increase in legitimate imports being targeted by overseas criminal groups who conceal illicit drugs within freight containers or container contents, which are later recovered by New Zealand-based criminals. This can involve attempted break-ins to collect the drugs.

“We know that criminal groups attempt to circumvent border and port security processes to intercept drugs. We work closely with port companies, their security teams and our Police colleagues to ensure people who intentionally attempt to breach port security measures are identified and apprehended. Our increased port and maritime presence is helping us face this threat,” Mr Adams says.

“Criminal infiltration of the supply chain is common overseas, and it is a threat that all supply chain businesses including port companies should be alert to. The Customs Border Protect team has a range of resources to support businesses to identify and report criminal infiltration in the supply chain.”

To report suspicious activity, call 0800 WE PROTECT (0800 937 768) confidentially or call CrimeStoppers anonymously on 0800 555 111. For more information, visit www.customs.govt.nz/report.

ENDS

Issued by the Police Media Centre

MIL OSI New Zealand News –

January 27, 2025
MIL-OSI USA: Statement on Customer Protection Rule
Source: Securities and Exchange Commission

Today, the Commission adopted amendments on the requirements for large broker-dealers to calculate and segregate their customer balances daily rather than weekly. I am pleased to support this adoption because it helps better protect customers in the event a large broker-dealer fails.

Our markets have dramatically evolved since the 1972 adoption of Rule 15c3-3, otherwise known as the Customer Protection Rule.

Back in 1972, life was quite different. The public didn’t have access to the internet, smartphones, or social media. In the capital markets, we didn’t have anything that resembles modern electronic trading, and it took a full week to settle our securities transactions. Indeed, in 1972 we were just emerging from the paperwork crisis on Wall Street—in which stock exchanges literally closed from time to time because the back offices couldn’t keep up with the crush of paper.[1]

Today, a full half century later, is a very different time. The overwhelming majority of our markets trade electronically, and few Americans have even seen a physical stock certificate. Indeed, more than 95 percent of trades cleared through the Depository Trust Clearing Corporation are affirmed, confirmed, and allocated by 9:00 PM on the same day they’re traded.

Suffice it to say, it’s time to update these rules.

The Customer Protection Rule requires broker-dealers that custody customers’ cash and securities to maintain a special reserve bank account that contains the net cash a broker-dealer owes to its customers. The rule, which we’re updating, currently requires broker-dealers to calculate and deposit the appropriate balance for that account on a weekly basis.

Today’s amendments would change this requirement for the largest broker-dealers to daily computation rather than weekly.

As discussed in the adopting release, nine of the largest broker-dealers already make these calculations on a daily basis. Today’s adoption would standardize this practice for an estimated 49 broker-dealers whose total credit balances averaged at least $500 million in 2023. As mentioned in the release, these 49 carrying broker-dealers held more than 99 percent of aggregate total credits of all carrying broker-dealers in 2023.[2]

Today’s amendments are intended to reduce the likelihood of any mismatch between the amount of segregated funds and the net cash owed to customers and other broker-dealers. Further, lowering the likelihood of mismatches will help to protect the Securities Investor Protection Corporation (SIPC) Fund.

In response to commenters, the adopting release also adjusts the amount of the required buffer that broker-dealers must maintain with regard to their customer reserve deposits. Under the current rule, as amended in 1975, certain broker-dealers must maintain an additional three percent in segregated funds. Under today’s final rule, those firms calculating their customer reserve formula daily will be able to reduce this buffer from three percent to two percent. As discussed in the adopting release, with regard to the large broker-dealers covered by the rule, the difference of one percent would have freed up a monthly average of $7.4 billion of liquidity in 2023 to use elsewhere in their business.[3]

I’m pleased to support this adoption because it helps protect customers and the SIPC Fund, while promoting greater trust in the markets.

For their input on these matters, I’d like to thank Chair Claudia Slacik, and other members of the SIPC Board of Directors, and SIPC staff.

I’d also like to thank the members of the SEC staff who worked on this rulemaking, including:
- David Saltiel, Sheila Swartz, Abraham Jacob, Randall Roy, Mike Macchiaroli, Tom McGowan, Ray Lombardo, Andrea Orr, Yue Ding, John Prochilo, Nick Shwayri, and Roni Bergoffen in the Division of Trading and Markets;
- Jessica Wachter, Samim Ghamami, Juan Echeverri, Aysa Dordzhieva, Jasmine Boatner, Samantha Croffie, Oliver Richard, Jill Henderson, Lauren Moore, and Charles Woodworth in the Division of Economic and Risk Analysis; and
- Megan Barbero, Meridith Mitchell, Robert Teply, Donna Chambers, and Cynthia Ginsberg in the Office of the General Counsel.
MIL OSI USA News –
January 27, 2025
MIL-OSI Security: Sixteen Cardiology Practices to Pay a Total of $17.7M to Resolve False Claims Act Allegations Concerning Inflated Medicare Reimbursements
Source: United States Attorneys General 6

Sixteen separate cardiology practices and associated physicians, located across 12 states, have agreed to pay amounts totaling $17,761,564 to resolve allegations that they each violated the False Claims Act by overbilling Medicare for diagnostic radiopharmaceuticals.

Diagnostic radiopharmaceuticals are radioisotopes bound to biological molecules that target specific organs, tissues or cells within the human body and are used to diagnose and, in some cases, treat certain cancers and diseases. In 13 states and the District of Columbia, Medicare Part B reimburses healthcare providers for diagnostic radiopharmaceuticals based on the provider’s acquisition cost. In those jurisdictions, Medicare’s contractors have published guidance explaining the reimbursement methodology and providers’ obligation to accurately report their invoice costs for diagnostic radiopharmaceuticals. The government alleged that the settling cardiology practices regularly reported inflated acquisition costs to Medicare for these drugs. In each of the settlements, the conduct occurred for at least a year, and in some instances, the conduct extended over a period of more than 10 years.

“The financial stability of federal healthcare programs depends upon providers complying with applicable billing rules,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We are committed to ensuring that Medicare funds are expended appropriately and to pursuing those who knowingly fail to do so.”

The settling medical practices and associated physicians have agreed to pay the following amounts:
- Western Kentucky Heart & Lung Associates PSC and Mohammed Kazimuddin ($6,750,000)
- Heart Clinic of Paris P.A. and Arjumand Hashmi ($2,600,000)
- Scranton Cardiovascular Physician Services LLC ($2,369,111)
- Shannon Clinic ($996,856)
- Edward W. Leahey M.D. Professional Association and Edward Leahey ($894,679)
- Metropolitan Cardiovascular Consultants LLC and Ayim Djamson ($846,888)
- Cardiology Center of New Jersey LLC, Mario Criscito, Frank Iacovone, and Sameer Kaul ($740,000)
- Clovis Cardiology Associates LLC and Mahamadu Fuseini ($600,000)
- Family Medical Specialty Clinic PLLC, Melecio Abordo, and June Abadilla ($409,594)
- James R. Higgins M.D. Inc. and James Higgins ($395,537)
- TrustCare Health LLC ($279,407)
- Taj Medical Inc. ($240,000)
- White River Diagnostic Clinic PLC, Margaret Kuykendall, and Seth Barnes ($234,490)
- Veinguard Heart & Vascular Center P.C. and Fareeha Khan ($195,000)
- Boulder Medical Center PC ($160,000)
- Wellspring Cardiac Care P.A. ($50,000).
“Practices and providers who overcharge the government and fail to return overpayments compromise our healthcare programs,” said U.S. Attorney Matthew M. Graves for the District of Columbia. “When people see the wrong and report it, we have the tool we need to put a stop to this type of irresponsible conduct. So, I applaud the whistleblowers who came forward in this case.”

“These practitioners overbilled the Medicare program by grossly exaggerating the acquisition costs of drugs used in diagnostic imaging of the heart,” said U.S. Attorney Michael A. Bennett for the Western District of Kentucky. “This office is committed to protecting our federal health care programs, and we will hold accountable anyone who seeks to exploit them.”

“Medicare providers are required to be honest and accurate in the costs they report for reimbursement,” said Special Agent in Charge Maureen Dixon of the Department of Health and Human Services Office of the Inspector General (HHS-OIG). “HHS-OIG will continue to work with our law enforcement partners to investigate alleged false claims act violations and ensure the integrity of the Medicare program. ”

The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by relators Jasjit Walia and Preet Randhawa in the District of Columbia and the Western District of Kentucky. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The whistleblowers will receive a total of more than $2.7 million from the settlements announced today.

The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section and the U.S. Attorneys’ Offices for the District of Columbia and Western District of Kentucky, with assistance from the HHS Office of Counsel to the Inspector General and Office of Investigations.

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

Trial Attorney James Nealon of the Justice Department’s Civil Division and Assistant U.S. Attorneys Ben Schecter, Matt Weyand, John Truong and Stephen DeGenaro for the District of Columbia handled the matter.

The claims resolved by the settlements are allegations only. There has been no determination of liability.

View the Heart Clinic of Paris settlement agreement here.

View the Leahey settlement agreement here.

View the Scranton settlement agreement here.

View the Metropolitan settlement agreement here.

View the Shannon Clinic settlement agreement here.

View the Family Medical Specialty Clinic settlement agreement here.

View the Taj Medical settlement agreement here.

View the TrustCare settlement agreement here.

View the Veinguard settlement agreement here.

View the Wellspring settlement agreement here.

View the White River settlement agreement here.

View the WKHL settlement agreement here.

View the Boulder Medical Center settlement agreement here.

View the CCNJ settlement agreement here.

View the Clovis settlement agreement here.

View the Higgins settlement agreement here.

MIL Security OSI –
January 27, 2025
MIL-OSI United Nations: Security Council 1970 Sanctions Committee Removes One Entry from Its Sanctions List

Source: United Nations General Assembly and Security Council

Press Release

On 20 December 2024, the Security Council Committee established pursuant to resolution 1970 (2011) removed the following entry from its Sanctions List of individuals and entities.

A. Individuals

LYi.020 Name: 1: ABDELHAFIZ 2: ZLITNI 3: na 4: na
Title: na Designation: a) Minister for Planning and Finance in Colonel Qadhafi’s Government. b) Secretary of the General People’s Committee for Finance and Planning c) Temporary head of the Central Bank of Libya DOB: 1935 POB: Good quality a.k.a.: na Low quality a.k.a.: na Nationality: na Passport no: na National identification no: na Address: Libya Listed on: 24 Jun. 2011 ( amended on 26 Sep. 2014, 11 Nov. 2016 ) Other information: Listed pursuant to paragraph 15 of resolution 1970 and paragraph 19 of resolution 1973 (Travel Ban, Asset Freeze). INTERPOL-UN Security Council Special Notice web link: https://www.interpol.int/en/How-we-work/Notices/View-UN-Notices-Individuals

Press releases concerning changes to the Committee’s Sanctions List may be found in the “Press Releases” section on the Committee’s website at the following URL: https://main.un.org/securitycouncil/sanctions/1970/press-releases.

The updated version of the Committee’s Sanctions List, available in HTML, PDF and XML format, may be found at the following URL: https://main.un.org/securitycouncil/sanctions/1970/materials.

The United Nations Security Council Consolidated List is also updated following all changes made to the Committee’s Sanctions List and is accessible at the following URL: https://main.un.org/securitycouncil/content/un-sc-consolidated-list.

For information media. Not an official record.

MIL OSI United Nations News –

January 27, 2025
MIL-OSI: Dime Community Bancshares, Inc. Announces Retirement of Michael P. Devine from Board of Directors

Source: GlobeNewswire (MIL-OSI)

HAUPPAUGE, N.Y., Dec. 20, 2024 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”) announced today that Michael P. Devine provided notification to the Company that, after a 40-plus year association with Dime, he intends to retire from the Board of Directors ahead of the next annual shareholders meeting.

Mr. Devine began his career with The Dime Savings Bank of Williamsburgh (“Dime Savings Bank”) in 1971. Since then, Mr. Devine served in numerous capacities within Dime Savings Bank, most notably as President and Chief Operating Officer, and later as Director and Vice Chairman. Following the closing of the Company’s merger of equals transaction in 2021, Mr. Devine maintained his director role at the pro forma Company.

“Mike began his career with the Dime Savings Bank as an auditor in 1971, and within only a few years advanced to the executive suite,” said Chairman, Kenneth J. Mahon, on behalf of the Company’s and Bank’s Boards of Directors. “He was a valuable counselor to all the senior officers around him. His leadership as an executive and as a director helped guide us through the conversion from a mutual to a stock-owned bank in 1996, to today’s full service commercial bank. Our directors’ table will miss his insight and experience, and we wish Mike many happy and healthy years ahead.”

Mr. Devine stated, “It has been my privilege to serve Dime as part of a team that has over a period of years, systematically improved the Company’s operations. This has resulted in top notch service for business clients as well as retail customers and the Company is well positioned for future growth. As I conclude my service, I leave with the knowledge that the board, management, and employees comprise an eﬀective, high quality group, many of whom will remain close personal friends and colleagues.”

ABOUT DIME COMMUNITY BANCSHARES, INC.

Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $13.7 billion in assets and the number one deposit market share among community banks on Greater Long Island ⁽¹⁾.

Dime Community Bancshares, Inc.
Investor Relations Contact:
Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
Phone: 718-782-6200; Ext. 5909
Email: avinash.reddy@dime.com

¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

The MIL Network –

January 27, 2025
MIL-OSI Security: Registered Sex Offender sentenced to 10 years in prison for possession of images of child sexual abuse

Source: Office of United States Attorneys

Defendant who raped 11-year-old child, found with child sexual abuse images after more than 10 years in prison and deviancy treatment

Seattle –A 53-year-old Des Moines, Washington, man, who is a registered sex offender, was sentenced today to ten years in prison for possession of images of child sexual abuse, announced U.S. Attorney Tessa M. Gorman. Edward James Creed was on Washington State Department of Corrections supervision when he was found to have unapproved electronic devices in his residence and images of child sexual abuse on his phone. At the sentencing hearing U.S. District Judge Kymberly K. Evanson said, “creating a market for this material perpetuates the horrific abuse of children.”

According to records filed in the case, Creed previously served more than ten years in state custody for a 2008 Kitsap County conviction for rape of a child. He was released in 2017 but was returned to custody for a time in 2019. In March of 2024, community corrections review of his phone revealed that he had collected seventy images of child sexual abuse. After his arrest, a search of his room at the sex offender residence revealed that he had a number of unapproved electronic devices.

In asking for the ten year sentence Assistant United States Attorney Cecelia Gregson wrote to the court, “In light of the defendant’s demonstrated sexualized interest in minors, it bears repeating that it is exceedingly troubling Creed successfully completed a sexual deviancy treatment program in prison and after two relatively short periods of time in the community was caught seeking out (2020) or successfully obtaining (2024) child sexual abuse material and unlawfully accessing the internet to do so…. He has proven history of deceiving those tasked with monitoring him in the community and has demonstrated a significant commitment to do so.”

Judge Evanson ordered Creed to be on 15 years of supervised release to follow prison.

The case was investigated by Homeland Security Investigations (HSI) and the Washington State Department of Corrections.

The case was prosecuted by Assistant United States Attorney Cecelia Gregson.

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

MIL Security OSI –

January 27, 2025
MIL-OSI USA: Chinese National Indicted in El Paso, Texas, and Arrested in Las Vegas for Alleged Conspiracy to Sell Equipment Used to Manufacture Counterfeit Pills

Source: US State Government of Utah

A federal grand jury in the Western District of Texas charged a Chinese national with two counts related to alleged distribution of pill press equipment that can be used by criminals to manufacture illegal drugs laced with fentanyl.

Department of Homeland Security agents arrested the defendant, Xaiofei Chen, at a trade show in Las Vegas on Oct. 29. According to the criminal complaint supporting her arrest warrant, Chen sold pill press machines that can be used with molds, stamps or dies mimicking commonly prescribed controlled substances to produce counterfeit pills that appear indistinguishable from legitimate pharmaceutical drugs. Specifically, the criminal complaint alleges that Chen worked for a Chinese-based company that sold die molds and equipment, and that Chen sold pill press equipment and counterfeit die molds to buyers in the United States. The complaint further alleges that Chen avoided Drug Enforcement Administration (DEA) disclosure requirements by dismantling equipment and shipping parts in separate packages into the United States. This equipment allegedly included counterfeit dies, including M30 dies meant to mimic a common prescription drug but which are regularly used to make fake opioid pills. The complaint alleges that the packages that Chen sent also were mislabeled to conceal the illegal equipment that they contained.

The Controlled Substances Act prohibits the sale of pill press equipment and counterfeit die molds to individuals who intend to use these machines unlawfully and requires reporting of certain equipment sales. Counterfeit pills made on such equipment can be laced with fentanyl and other dangerous drugs. According to the Centers for Disease Control and Prevention (CDC), fentanyl is a highly addictive synthetic opioid that is 50 times more potent than heroin and 100 times more potent than morphine. Fentanyl and related substances have devastated communities across the United States and fuel the ongoing drug overdose epidemic, which the CDC recently estimated killed approximately 107,000 Americans in 2023. Fentanyl overdose is the leading cause of death for Americans ages 18 to 49. In recent years, more than half of counterfeit pills tested have been found to have a potentially lethal dose of fentanyl.

“The fentanyl epidemic has taken hundreds of thousands of American lives, and this case reflects the department’s unwavering commitment to prosecuting every level of the deadly fentanyl supply chain,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “The department will continue to protect Americans by prosecuting those involved in the unlawful sale of parts and equipment that can be used to manufacture counterfeit pills.”

“The defendant allegedly sold equipment that can be used to make dangerous opioid pills harmful to American families,” said Executive Associate Director Katrina W. Berger of Homeland Security Investigations (HSI). “HSI is proud to work with our law enforcement partners to prevent the distribution of equipment commonly used in the manufacture of these destructive drugs.”

A federal court in Nevada ordered Chen, a foreign national, detained pending her trial in El Paso where the indictment was returned on Nov. 20. The indictment charges Chen with one count of conspiracy to distribute and import a tableting machine used to manufacture a controlled substance and one count of conspiracy to distribute dies designed to imprint and reproduce the trademark, trade name and other identifying mark and imprint of another. If convicted, Chen faces a maximum penalty of four years in prison and a $250,000 fine. A federal district court judge would determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

HSI and Customs and Border Protection are investigating the case.

Trial Attorneys Edward E. Emokpae, Scott B. Dahlquist and Kaitlin Sahni of the Civil Division’s Consumer Protection Branch and Assistant U.S. Attorneys Laura Franco Gregory and Donna S. Miller for the Western District of Texas are prosecuting the case. Attorneys Colin Trundle and Sarah Williams of the Consumer Protection Branch also provided valuable assistance.

An indictment or complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

January 27, 2025
MIL-OSI Security: More Than a Dozen Cardiology Practices Will Pay Over $17.7 Million to Resolve False Claims Act Allegations Concerning Inflated Medicare Reimbursements

Source: Office of United States Attorneys

WASHINGTON – The U.S. Attorney’s Office announced today the resolution of False Claims Act violations against 16 separate cardiology practices and associated physicians, located across 12 states, and their agreement to pay a total of $17,761,564 to resolve allegations that they violated the False Claims Act by overbilling Medicare for diagnostic radiopharmaceuticals. The U.S. Attorney’s Office for the District of Columbia was involved in 14 of these settlements, resulting in a total of $10,601,970.97. The remaining amount was captured by the U.S. Attorney’s Office for the Western District of Kentucky. The Department of Justice also announced these settlements.

  Diagnostic radiopharmaceuticals are radioisotopes bound to biological molecules that target specific organs, tissues or cells within the human body and are used to diagnose and in some cases, treat certain cancers and diseases. In 13 states and the District of Columbia, Medicare Part B reimburses healthcare providers for diagnostic radiopharmaceuticals based on the provider’s acquisition cost. In those jurisdictions, Medicare’s contractors have published guidance explaining the reimbursement methodology and providers’ obligation to accurately report their invoice cost for diagnostic radiopharmaceuticals. The government alleged that the settling cardiology practices regularly reported inflated acquisition costs to Medicare for these drugs. In each of the settlements, the conduct occurred for at least a year, and in some instances, the conduct extended over a period of more than 10 years.

  “Practices and providers who overcharge the government and fail to return overpayments compromise our healthcare programs,” said U.S. Attorney Graves. “When people see the wrong and report it, we have the tool we need to put a stop to this type of irresponsible conduct. So I applaud the whistleblowers who came forward in this case.”

  “The integrity of federal healthcare programs depends upon compliance with billing rules that are used to determine reimbursement,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “We are committed to ensuring that Medicare funds are expended appropriately.”

  The settling medical practices and associated physicians have agreed to pay the following amounts:

•           Heart Clinic of Paris, P.A. and Arjumand Hashmi ($2.6m)

•           Scranton Cardiovascular Physician Services, LLC ($2,369,111)

•           Shannon Clinic ($996,856)

•           Edward W. Leahey M.D. Professional Association and Edward Leahey ($894,679)

•           Metropolitan Cardiovascular Consultants, LLC and Ayim Djamson ($846,888)

•           Cardiology Center of New Jersey, LLC, Mario Criscito, Frank Iacovone, and Sameer Kaul ($740,000)

•           Clovis Cardiology Associates LLC and Mahamadu Fuseini ($600,000)

•           James R. Higgins M.D., Inc. and James Higgins ($395,537)

•           TrustCare Health, LLC ($279,407)

•           Taj Medical, Inc. ($240,000)

•           White River Diagnostic Clinic, PLC, Margaret Kuykendall, and Seth Barnes ($234,490)

•           Boulder Medical Center, PC ($160,000)

•           (USAO-WDKY) Western Kentucky Heart & Lung Associates PSC and Mohammed Kazimuddin ($6,750,000)

•           (USAO-WDKY) Family Medical Specialty Clinic, PLLC, Melecio Abordo, and June Abadilla ($409,594)

  “These practitioners overbilled the Medicare program by grossly exaggerating the acquisition costs of drugs used in diagnostic imaging of the heart,” said Michael A. Bennett, United States Attorney for the Western District of Kentucky. “This Office is committed to protecting our federal health care programs, and we will hold accountable anyone who seeks to exploit them.”

  “Medicare providers are required to be honest and accurate in the costs they report for reimbursement,” said Special Agent in Charge Maureen Dixon, for the Department of Health and Human Services Office of the Inspector General (HHS-OIG). “HHS-OIG will continue to work with our law enforcement partners to investigate alleged false claims act violations and ensure the integrity of the Medicare program.”

  The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by relators Jasjit Walia and Preet Randhawa in the District of Columbia and the Western District of Kentucky. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery. The whistleblowers will receive a total of approximately $2.2 million from the settlements announced today.

  The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section and the United States Attorney’s Offices for the District of Columbia and Western District of Kentucky, with assistance from the Department of Health and Human Services, Office of Counsel to the Inspector General and Office of Investigations.

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

  The matter was handled by Trial Attorney James Nealon and Assistant U.S. Attorneys Ben Schecter and Matt Weyand from Western District of Kentucky, and Stephen DeGenaro and John C. Truong from the District of Columbia.

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

MIL Security OSI –

January 27, 2025
MIL-OSI Security: Alexandria Man Sentenced to Federal Prison for Possessing a Machine Gun

Source: Office of United States Attorneys

ALEXANDRIA, La. – Kaelin Williams, 27, of Alexandria, was sentenced today by United States District Judge Dee D. Drell for illegal possession of a machine gun, announced U.S. Attorney Brandon B. Brown. Williams was sentenced to 30 months in prison, followed by 2 years of supervised release.

Williams was charged in an indictment with one count of illegal possession of a machine gun and he pleaded guilty to the charge on August 21, 2024. On March 1, 2024, a federal search warrant was executed on Williams and his brother’s residence in Alexandria. At the time of the execution of the search warrant, Williams was the sole occupant of the residence and was found with two machine guns, both being Anderson Model AM-15 AR-Type multi-caliber pistols each containing a machine gun conversion device. In addition, law enforcement agents found several additional machine gun conversion devices, often referred to as “Glock switches.” Williams acknowledged to agents that he knew the “Glock switches” were illegal and that they turned a firearm into a machine gun.

The case was investigated by the ATF, Homeland Security Investigations and Alexandria Police Department and prosecuted by Assistant United States Attorney Lauren L. Gardner.

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 make our neighborhoods safer for everyone. PSN is part of the Department’s renewed focus on targeting violent criminals, directing all U.S. Attorney’s Offices to work in partnership with federal, state, local, and tribal law enforcement and the local community to develop effective, locally based strategies to reduce violent crime. To learn more about Project Safe Neighborhoods, go to www.justice.gov/psn.

# # #

MIL Security OSI –

January 27, 2025
MIL-OSI Security: Chinese National Indicted in El Paso, Texas, and Arrested in Las Vegas for Alleged Conspiracy to Sell Equipment Used to Manufacture Counterfeit Pills

Source: United States Attorneys General

A federal grand jury in the Western District of Texas charged a Chinese national with two counts related to alleged distribution of pill press equipment that can be used by criminals to manufacture illegal drugs laced with fentanyl.

Department of Homeland Security agents arrested the defendant, Xaiofei Chen, at a trade show in Las Vegas on Oct. 29. According to the criminal complaint supporting her arrest warrant, Chen sold pill press machines that can be used with molds, stamps or dies mimicking commonly prescribed controlled substances to produce counterfeit pills that appear indistinguishable from legitimate pharmaceutical drugs. Specifically, the criminal complaint alleges that Chen worked for a Chinese-based company that sold die molds and equipment, and that Chen sold pill press equipment and counterfeit die molds to buyers in the United States. The complaint further alleges that Chen avoided Drug Enforcement Administration (DEA) disclosure requirements by dismantling equipment and shipping parts in separate packages into the United States. This equipment allegedly included counterfeit dies, including M30 dies meant to mimic a common prescription drug but which are regularly used to make fake opioid pills. The complaint alleges that the packages that Chen sent also were mislabeled to conceal the illegal equipment that they contained.

The Controlled Substances Act prohibits the sale of pill press equipment and counterfeit die molds to individuals who intend to use these machines unlawfully and requires reporting of certain equipment sales. Counterfeit pills made on such equipment can be laced with fentanyl and other dangerous drugs. According to the Centers for Disease Control and Prevention (CDC), fentanyl is a highly addictive synthetic opioid that is 50 times more potent than heroin and 100 times more potent than morphine. Fentanyl and related substances have devastated communities across the United States and fuel the ongoing drug overdose epidemic, which the CDC recently estimated killed approximately 107,000 Americans in 2023. Fentanyl overdose is the leading cause of death for Americans ages 18 to 49. In recent years, more than half of counterfeit pills tested have been found to have a potentially lethal dose of fentanyl.

“The fentanyl epidemic has taken hundreds of thousands of American lives, and this case reflects the department’s unwavering commitment to prosecuting every level of the deadly fentanyl supply chain,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “The department will continue to protect Americans by prosecuting those involved in the unlawful sale of parts and equipment that can be used to manufacture counterfeit pills.”

“The defendant allegedly sold equipment that can be used to make dangerous opioid pills harmful to American families,” said Executive Associate Director Katrina W. Berger of Homeland Security Investigations (HSI). “HSI is proud to work with our law enforcement partners to prevent the distribution of equipment commonly used in the manufacture of these destructive drugs.”

A federal court in Nevada ordered Chen, a foreign national, detained pending her trial in El Paso where the indictment was returned on Nov. 20. The indictment charges Chen with one count of conspiracy to distribute and import a tableting machine used to manufacture a controlled substance and one count of conspiracy to distribute dies designed to imprint and reproduce the trademark, trade name and other identifying mark and imprint of another. If convicted, Chen faces a maximum penalty of four years in prison and a $250,000 fine. A federal district court judge would determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

HSI and Customs and Border Protection are investigating the case.

Trial Attorneys Edward E. Emokpae, Scott B. Dahlquist and Kaitlin Sahni of the Civil Division’s Consumer Protection Branch and Assistant U.S. Attorneys Laura Franco Gregory and Donna S. Miller for the Western District of Texas are prosecuting the case. Attorneys Colin Trundle and Sarah Williams of the Consumer Protection Branch also provided valuable assistance.

An indictment or complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

January 27, 2025
MIL-OSI: JIADE LIMITED Receives Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency

Source: GlobeNewswire (MIL-OSI)

Chengdu, China , Dec. 20, 2024 (GLOBE NEWSWIRE) — JIADE LIMITED (Nasdaq: JDZG) (the “Company”), a company that specializes in providing one-stop comprehensive education supporting services to adult education institutions, today announced that the Company received a letter (the “Notification Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) on December 17, 2024, notifying the Company that it is not in compliance with the minimum bid price requirement set forth in the Nasdaq Listing Rules for continued listing on the Nasdaq.

Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s ordinary shares for the 30 consecutive business days from November 4, 2024 to December 16, 2024, the Company no longer meets the minimum bid price requirement.

The Notification Letter does not impact the Company’s listing on the Nasdaq Capital Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until June 16, 2025, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company’s ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by June 16, 2025, the Company may be eligible for additional time to regain compliance or may face delisting.

The Company’s business operations are not affected by the receipt of the Notification Letter. The Company intends to monitor the closing bid price of its ordinary shares and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.

About JIADE LIMITED

JIADE LIMITED specializes in providing one-stop comprehensive education supporting services to adult education institutions, through a wide spectrum of software platform and auxiliary solutions, to meet the evolving needs of its customers in the rapidly changing adult education industry. The Company’s services are primarily offered through the Kebiao Technology Educational Administration Platform (the “KB Platform”), which facilitates streamlined information and data management throughout the teaching cycle of adult education services, from pre-enrollment to post-graduation. The KB Platform supports a broad range of functions, such as enrollment consultation, student information collection, enrollment status management, learning progress management, grade inquiry, and graduation management. The Company also provides auxiliary solutions to adult education institutions, which encompass teaching support services throughout the entire teaching cycle and related exam administration services.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

JIADE LIMITED
Investor Relations Department
Email: kebiao@sckbkj.com

The MIL Network –

January 27, 2025

MIL-OSI Russia: IMF Executive Board Completes the First Review under the Extended Credit Facility (ECF) Arrangement for Togo

Source: IMF – News in Russian

December 20, 2024

The IMF Executive Board completed today the first review under the ECF-arrangement for Togo, allowing the authorities to draw the equivalent of about US$57.4 million (SDR 44.0 million). The Executive Board approved the 42-month ECF-arrangement in March 2024.
Togo’s growth performance has remained robust, and inflation is moderating. The medium-term outlook is broadly favorable, with continued robust growth but also elevated risks.
Togo has continued to advance its reform agenda, and the program is on track. Policy priorities are to (i) make growth more inclusive while strengthening debt sustainability, and (ii) implement structural reforms to support growth and limit financial sector and associated fiscal risks.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the first review of the ECF-arrangement for Togo. The Board’s decision enables the immediate disbursement of SDR 44.0 million (about US$ 58.7 million), which will be used for budget support. The ECF-arrangement provides overall financing of SDR 293.60 million (about US$ 390 million).

The IMF approved the ECF-arrangement on March 1^st, 2024 (see Press Release No. 24/64) to help the authorities address the legacies of the shocks seen since 2020, notably the COVID-pandemic and the increase in global food and fuel prices. The Togolese authorities were able to lessen these shocks’ impacts on the Togolese economy and population. However, this resulted in an increase in fiscal deficits and debt. The IMF-supported government program aims to (i) make growth more inclusive while strengthening debt sustainability, and (ii) implement structural reforms to support growth and limit financial sector and associated fiscal risks.

The medium-term outlook is broadly favorable, with continued robust growth. Economic growth reached an estimated 5.6 percent in 2023 and is projected at 5.3 percent in 2024-25 and around 5.5 percent per year thereafter according to IMF staff projections, barring major adverse shocks. Headline inflation eased to 3.3 percent in October 2024 and core inflation (which excludes the prices of food and transport) to 2.2 percent (annual averages).

However, the outlook is subject to high risks. In particular, terrorist attacks in the country’s North continues unabated and appears to be intensifying, putting pressure on spending. The authorities are contending with the challenging trade-offs between fiscal consolidation to lower the debt burden and the need to maintain robust growth in the context of limited fiscal space.

Implementation of the program is on track. The authorities have met all end-June quantitative performance criteria, and prospects for meeting the quantitative targets for the rest of the year are favorable. The authorities also have met two out of the four due structural benchmarks, and there are prospects for the authorities to deliver at a later stage on the limited elements that have led to the missing of two benchmarks. Further, prospects for meeting the two end-December benchmarks are good. Finally, the authorities have made good progress on the reform of the remaining state-owned bank.

At the conclusion of the Executive Board’s discussion, Mr. Bo Li, Deputy Managing Director, and Acting Chair, made the following statement:

“The Togolese authorities have shown strong implementation of the program supported under the Extended Credit Facility (ECF). The authorities have met all quantitative targets despite security challenges and tight financing conditions, and they have progressed on structural reforms to strengthen revenue mobilization, inclusion, and public financial management.

“Togo’s outlook is subject to elevated risks, broadly as at the program request in March 2024, while security conditions have deteriorated. In line with this, the design of the program as conceived at the outset remains broadly appropriate, and the authorities should continue to implement the program with determination to place the country on the path of strong and sustainable growth.

“In the area of fiscal policies, the authorities should continue to aim to address debt vulnerabilities in a context of regional vulnerabilities while supporting growth and enhancing inclusion. For this, it will be important to implement the agreed fiscal anchor by limiting fiscal deficits to 3 percent of GDP from 2025 onwards, continue to raise tax revenue while making taxation more efficient, and implement structural reforms to enhance the efficiency of spending and make the social safety net more effective and efficient.

“It will also be essential to continue efforts to strengthen governance. The authorities’ recent request for an IMF Governance Diagnostic is welcome, as is their commitment to strengthening beneficial ownership declarations for companies benefiting from public procurement contracts. On the financial sector, the authorities should continue the reform of the remaining public bank by bringing the bank’s capital in line with regulatory requirements and reforming its operations to ensure its stability and profitability. Efforts to strengthen the AML/CFT framework will also be important.

Togo: Selected Economic and Financial Indicators, 2020–29

	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
	Estimates				Projections
	(Percentage change, unless otherwise indicated)
Real GDP	2.0	6.0	5.8	5.6	5.3	5.3	5.5	5.5	5.5	5.5
Real GDP per capita	-0.4	3.5	3.3	3.1	2.8	2.8	3.0	3.0	3.0	3.0
GDP deflator	1.8	2.5	3.7	2.9	2.2	2.0	2.0	2.0	2.0	2.0
Consumer price index (average)	1.8	4.5	7.6	5.3	3.3	2.3	2.0	2.0	2.0	2.0
GDP (CFAF billions)	4253	4621	5069	5507	5927	6366	6850	7371	7932	8536
Exchange rate CFAF/US$ (annual average level)	575	554	622	606	…	…	…	…	…	…
Real effective exchange rate (appreciation = –)	-2.0	-1.4	2.3	-5.4	…	…	…	…	…	…
Terms of trade (deterioration = –)	-1.4	6.6	23.3	3.4	0.9	-1.7	-0.8	1.4	1.3	0.4

Monetary survey	(Percentage change of beginning-of-period broad money)
Net foreign assets	14.1	5.6	-0.6	6.2	4.9	-0.1	3.0	2.8	2.2	2.2
Net credit to government	-1.6	-0.3	8.0	0.2	-2.9	1.0	1.2	2.0	0.2	0.2
Credit to nongovernment sector	0.2	6.0	10.7	1.5	7.3	6.5	4.4	4.6	4.9	4.8
Broad money (M2)	11.4	12.3	14.9	8.5	8.8	7.4	7.6	7.6	7.6	7.6
Velocity (GDP/end-of-period M2)	2.1	2.1	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0

Investment and savings
Gross domestic investment	21.4	23.4	25.9	28.0	25.7	24.2	25.0	25.9	26.7	27.2
Government	9.3	8.2	9.7	11.5	9.0	7.1	7.7	8.4	8.9	9.4
Nongovernment	12.1	15.2	16.2	16.5	16.7	17.1	17.3	17.5	17.8	17.8
Gross national savings	21.1	21.2	22.5	25.1	22.7	21.2	22.4	23.7	24.7	25.2
Government	2.2	3.6	1.4	4.8	4.1	4.1	4.7	5.4	5.8	6.4
Nongovernment	18.9	17.6	21.0	20.3	18.6	17.1	17.7	18.3	18.9	18.8

Government budget
Total revenue and grants	16.6	17.1	17.6	19.8	18.8	18.6	19.1	19.5	19.9	20.3
Revenue	14.1	15.3	15.1	16.8	16.6	17.1	17.6	18.1	18.5	19.1
Tax revenue	12.5	14.0	13.9	14.8	15.2	15.7	16.2	16.7	17.2	17.7
Expenditure and net lending (excl. banking sector operation)	23.7	21.8	26.0	26.6	23.7	21.6	22.0	22.6	22.9	23.3
Overall primary balance (commitment basis, incl. grants)	-4.7	-2.5	-5.9	-3.9	-3.7	-0.5	-0.6	-0.8	-1.0	-1.1
Overall balance (commitment basis, incl. grants, excl. banking sector operations)	-7.0	-4.7	-8.3	-6.7	-4.9	-3.0	-3.0	-3.0	-3.0	-3.0
Overall balance (commitment basis, incl. grants)	-7.0	-4.7	-8.3	-6.7	-6.4	-3.0	-3.0	-3.0	-3.0	-3.0
Overall primary balance (cash basis, incl. grants)	-4.7	-3.4	-5.9	-3.9	-3.7	-0.5	-0.6	-0.8	-1.0	-1.1
Overall balance (cash basis, incl. grants, excl. banking sector operations)	-7.1	-5.6	-8.3	-6.7	-4.9	-3.0	-3.0	-3.0	-3.0	-3.0
Overall balance (cash basis, incl. grants)	-7.1	-5.6	-8.3	-6.7	-6.4	-3.0	-3.0	-3.0	-3.0	-3.0

External sector
Current account balance	-0.3	-2.2	-3.5	-2.9	-3.0	-2.9	-2.6	-2.2	-2.0	-2.0
Exports (goods and services)	23.3	23.7	26.6	25.5	25.7	25.6	26.0	26.2	26.2	26.1
Imports (goods and services)	-32.3	-34.0	-38.8	-36.2	-35.4	-34.4	-33.9	-33.7	-33.5	-33.5
External public debt¹	27.6	27.3	26.2	25.9	29.5	29.0	29.9	30.6	30.8	30.4
External public debt service (percent of exports)¹	6.9	5.2	8.3	8.2	8.4	15.5	9.2	8.3	7.2	6.5
Domestic public debt²	34.6	37.6	41.2	42.1	40.2	39.1	36.6	34.3	32.3	31.4
Total public debt3	62.2	64.9	67.4	68.0	69.7	68.2	66.4	64.8	63.1	61.8
Total public debt (excluding SOEs)⁴	60.1	63.0	65.8	66.6	68.6	67.2	65.6	64.1	62.5	61.3
Present value of total public debt³	…	…	…	60.6	60.7	57.7	54.5	51.5	48.8	47.1

Sources: Togolese authorities and IMF staff estimates and projections.

¹ Includes state-owned enterprise external debt.
² Includes domestic arrears and state-owned enterprise domestic debt.
³ Includes domestic arrears and state-owned enterprise debt.
⁴ Includes domestic arrears.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Kwabena Akuamoah-Boateng

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/12/20/pr24494-togo-imf-exec-board-completes-first-rev-ecf-arrangement

MIL OSI

MIL OSI Russia News –

January 27, 2025

MIL-OSI: Purpose Investments Inc. Announces 2024 Final Annual Income and Capital Gains Distributions For Purpose Mutual Fund Trusts with December 15, 2024 Tax Year-End

Source: GlobeNewswire (MIL-OSI)

TORONTO, Dec. 20, 2024 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) today announced the final annual distributions of income and capital gains for its open-end exchange-traded funds structured as mutual fund trusts (the “Funds”) with a December 15, 2024 tax year-end. The distributions represent income earned and capital gains realized by the Funds during the year.

Details of the per unit distribution amounts are as follows:

Final Annual Distributions of Income

Purpose Mutual Fund Trusts	Ticker Symbol	Exchange	Final Annual Income Distribution Per Unit	NAV per Unit as of Dec 19, 2024	Final Distribution (% of Dec 19, 2024 NAV)		Distribution Type (Cash or Notional)
Purpose Global Flexible Credit Fund – ETF Units	FLX	TSX	$ 0.1800	$ 7.37	2.44	%	Cash
Purpose Global Flexible Credit Fund – ETF Non-Currency Hedged Units	FLX.B	TSX	$ 0.2250	$ 9.19	2.45	%	Cash
Purpose Global Flexible Credit Fund – ETF Non-Currency Hedged USD Units	FLX.U	TSX	US $ 0.1500	US $ 6.16	2.44	%	Cash

ETF Series unitholders of record at the close of business on December 31, 2024 will receive the 2024 annual income distributions on January 7, 2025. The ex-distribution date for the 2024 annual income distributions will be December 31, 2024. Purpose expects to announce the final year-end notional distribution of income for Purpose Specialty Lending Trust on or about January 24, 2025, if necessary.

Final Annual Capital Gains – Notional Distributions

Purpose Mutual Fund Trusts	Ticker Symbol	Exchange	Final Annual Capital Gain Distribution Per Unit	NAV per Unit as of Dec 19, 2024	Final Distribution (% of Dec 19, 2024 NAV)		Distribution Type (Cash or Notional)
Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units	BRKY	Cboe Canada	$ 0.5200	$ 26.44	1.97	%	Notional
Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units	YGOG	Cboe Canada	$ 0.3050	$ 36.22	0.84	%	Notional
Purpose Bitcoin Yield ETF – ETF Units	BTCY	TSX	$ 0.7150	$ 8.72	8.20	%	Notional
Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units	BTCY.B	TSX	$ 0.8800	$ 10.69	8.23	%	Notional
Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged USD Units	BTCY.U	TSX	US $ 0.6950	US $ 8.47	8.20	%	Notional
Purpose Ether Yield ETF – ETF Units	ETHY	TSX	$ 0.3730	$ 3.92	9.51	%	Notional
Purpose Ether Yield ETF – ETF Non-Currency Hedged Units	ETHY.B	TSX	$ 0.4950	$ 5.21	9.49	%	Notional
Purpose Ether Yield ETF – ETF Non-Currency Hedged USD Units	ETHY.U	TSX	US $ 0.3650	US $ 3.84	9.50	%	Notional

The annual capital gains distributions for the funds listed in table above will be paid as notional distributions. With a notional distribution, the units issued from the distribution are immediately consolidated with the units held prior to the distribution. The number of units held after the distribution is therefore identical to the number of units held before the distribution.

Purpose confirms that the notional capital gain distributions will be applied to ETF holders of record as at the close of business on December 23, 2024. The ex-distribution date for the notional capital gain distributions will be December 23, 2024.

Final Annual Capital Gains – Cash Distributions

Purpose Mutual Fund Trusts	Ticker Symbol	Exchange	Final Annual Capital Gain Distribution Per Unit	NAV per Unit as of Dec 19, 2024	Final Distribution (% of Dec 19, 2024 NAV)		Distribution Type (Cash or Notional)
Purpose Active Balanced Fund – ETF Units	PABF	TSX	$ 0.5800	$ 23.47	2.47	%	Cash
Purpose Active Conservative Fund – ETF Units	PACF	TSX	$ 0.2900	$ 22.94	1.26	%	Cash
Purpose Active Growth Fund – ETF Units	PAGF	TSX	$ 0.3750	$ 24.48	1.53	%	Cash

The respective unitholders of record on December 31, 2024 for the funds listed in the table above will receive the 2024 annual cash distributions on January 7, 2025. The ex-dividend date for the 2024 annual distributions for these ETFs (Purpose Active Balanced Fund – ETF Units, Purpose Active Growth Fund – ETF Units, and Purpose Active Conservative Fund – ETF Units) will be December 31, 2024.

The actual breakdown of taxable amounts of reinvested and cash distributions for 2024 tax year, including tax factor allocations, will be reported to the brokers through CDS Clearing and Depository Services Inc. in early 2025.

As an update to the press release issued on November 27, 2024, Purpose confirms that Apple (AAPL) Yield Shares Purpose ETF, Amazon (AMZN) Yield Shares Purpose ETF, NVIDIA (NVDA) Yield Shares Purpose ETF, and Microsoft (MSFT) Yield Shares Purpose ETF will not declare a special annual distribution in 2024.

Purpose expects to announce the final year-end distributions for Purpose High Interest Savings Fund – ETF Units, Purpose US Cash Fund – ETF Units, Purpose Cash Management Fund – ETF Units, and Purpose USD Cash Management Fund – ETF Units on or about December 31, 2024, if necessary.

Purpose expects to announce the final annual capital gain distributions for Purpose Fund Corp. and Big Banc Split Corp. on or about January 24, 2025, if necessary. Shareholders of record on January 30, 2025 will receive the annual capital gains distributions on February 5, 2025, and such capital gains will be applicable for the 2025 tax year. The final year-end capital gains distributions for these funds will be paid in cash. Purpose confirms that Purpose Mutual Funds Limited funds will not declare annual capital gain distributions for the 2024 tax year.

About Purpose Investments

Purpose Investments is an asset management company with more than $21 billion under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information please contact:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to US news wire services.

The MIL Network –

January 27, 2025

MIL-OSI Economics: IMF Executive Board Completes the First Review under the Extended Credit Facility (ECF) Arrangement for Togo

Source: International Monetary Fund

December 20, 2024

The IMF Executive Board completed today the first review under the ECF-arrangement for Togo, allowing the authorities to draw the equivalent of about US$57.4 million (SDR 44.0 million). The Executive Board approved the 42-month ECF-arrangement in March 2024.
Togo’s growth performance has remained robust, and inflation is moderating. The medium-term outlook is broadly favorable, with continued robust growth but also elevated risks.
Togo has continued to advance its reform agenda, and the program is on track. Policy priorities are to (i) make growth more inclusive while strengthening debt sustainability, and (ii) implement structural reforms to support growth and limit financial sector and associated fiscal risks.

At the conclusion of the Executive Board’s discussion, Mr. Bo Li, Deputy Managing Director, and Acting Chair, made the following statement:

Togo: Selected Economic and Financial Indicators, 2020–29

	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029
	Estimates				Projections
	(Percentage change, unless otherwise indicated)
Real GDP	2.0	6.0	5.8	5.6	5.3	5.3	5.5	5.5	5.5	5.5
Real GDP per capita	-0.4	3.5	3.3	3.1	2.8	2.8	3.0	3.0	3.0	3.0
GDP deflator	1.8	2.5	3.7	2.9	2.2	2.0	2.0	2.0	2.0	2.0
Consumer price index (average)	1.8	4.5	7.6	5.3	3.3	2.3	2.0	2.0	2.0	2.0
GDP (CFAF billions)	4253	4621	5069	5507	5927	6366	6850	7371	7932	8536
Exchange rate CFAF/US$ (annual average level)	575	554	622	606	…	…	…	…	…	…
Real effective exchange rate (appreciation = –)	-2.0	-1.4	2.3	-5.4	…	…	…	…	…	…
Terms of trade (deterioration = –)	-1.4	6.6	23.3	3.4	0.9	-1.7	-0.8	1.4	1.3	0.4

Monetary survey	(Percentage change of beginning-of-period broad money)
Net foreign assets	14.1	5.6	-0.6	6.2	4.9	-0.1	3.0	2.8	2.2	2.2
Net credit to government	-1.6	-0.3	8.0	0.2	-2.9	1.0	1.2	2.0	0.2	0.2
Credit to nongovernment sector	0.2	6.0	10.7	1.5	7.3	6.5	4.4	4.6	4.9	4.8
Broad money (M2)	11.4	12.3	14.9	8.5	8.8	7.4	7.6	7.6	7.6	7.6
Velocity (GDP/end-of-period M2)	2.1	2.1	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0

Investment and savings
Gross domestic investment	21.4	23.4	25.9	28.0	25.7	24.2	25.0	25.9	26.7	27.2
Government	9.3	8.2	9.7	11.5	9.0	7.1	7.7	8.4	8.9	9.4
Nongovernment	12.1	15.2	16.2	16.5	16.7	17.1	17.3	17.5	17.8	17.8
Gross national savings	21.1	21.2	22.5	25.1	22.7	21.2	22.4	23.7	24.7	25.2
Government	2.2	3.6	1.4	4.8	4.1	4.1	4.7	5.4	5.8	6.4
Nongovernment	18.9	17.6	21.0	20.3	18.6	17.1	17.7	18.3	18.9	18.8

Government budget
Total revenue and grants	16.6	17.1	17.6	19.8	18.8	18.6	19.1	19.5	19.9	20.3
Revenue	14.1	15.3	15.1	16.8	16.6	17.1	17.6	18.1	18.5	19.1
Tax revenue	12.5	14.0	13.9	14.8	15.2	15.7	16.2	16.7	17.2	17.7
Expenditure and net lending (excl. banking sector operation)	23.7	21.8	26.0	26.6	23.7	21.6	22.0	22.6	22.9	23.3
Overall primary balance (commitment basis, incl. grants)	-4.7	-2.5	-5.9	-3.9	-3.7	-0.5	-0.6	-0.8	-1.0	-1.1
Overall balance (commitment basis, incl. grants, excl. banking sector operations)	-7.0	-4.7	-8.3	-6.7	-4.9	-3.0	-3.0	-3.0	-3.0	-3.0
Overall balance (commitment basis, incl. grants)	-7.0	-4.7	-8.3	-6.7	-6.4	-3.0	-3.0	-3.0	-3.0	-3.0
Overall primary balance (cash basis, incl. grants)	-4.7	-3.4	-5.9	-3.9	-3.7	-0.5	-0.6	-0.8	-1.0	-1.1
Overall balance (cash basis, incl. grants, excl. banking sector operations)	-7.1	-5.6	-8.3	-6.7	-4.9	-3.0	-3.0	-3.0	-3.0	-3.0
Overall balance (cash basis, incl. grants)	-7.1	-5.6	-8.3	-6.7	-6.4	-3.0	-3.0	-3.0	-3.0	-3.0

External sector
Current account balance	-0.3	-2.2	-3.5	-2.9	-3.0	-2.9	-2.6	-2.2	-2.0	-2.0
Exports (goods and services)	23.3	23.7	26.6	25.5	25.7	25.6	26.0	26.2	26.2	26.1
Imports (goods and services)	-32.3	-34.0	-38.8	-36.2	-35.4	-34.4	-33.9	-33.7	-33.5	-33.5
External public debt¹	27.6	27.3	26.2	25.9	29.5	29.0	29.9	30.6	30.8	30.4
External public debt service (percent of exports)¹	6.9	5.2	8.3	8.2	8.4	15.5	9.2	8.3	7.2	6.5
Domestic public debt²	34.6	37.6	41.2	42.1	40.2	39.1	36.6	34.3	32.3	31.4
Total public debt3	62.2	64.9	67.4	68.0	69.7	68.2	66.4	64.8	63.1	61.8
Total public debt (excluding SOEs)⁴	60.1	63.0	65.8	66.6	68.6	67.2	65.6	64.1	62.5	61.3
Present value of total public debt³	…	…	…	60.6	60.7	57.7	54.5	51.5	48.8	47.1

Sources: Togolese authorities and IMF staff estimates and projections.

¹ Includes state-owned enterprise external debt.
² Includes domestic arrears and state-owned enterprise domestic debt.
³ Includes domestic arrears and state-owned enterprise debt.
⁴ Includes domestic arrears.

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MIL OSI Economics –

January 27, 2025

MIL-OSI: Virturo Elite Club: Unlock Exclusive Wealth-Building Opportunities for High-Net-Worth Individuals
Source: GlobeNewswire (MIL-OSI)

LONDON, UK, Dec. 20, 2024 (GLOBE NEWSWIRE) — Virturo announced that through its Elite Club, it offers personalized wealth-building strategies that maximize returns, optimize tax efficiency, and protect assets against inflation, all while ensuring investments align with long-term goals. For those who hold significant wealth, traditional investments like stocks, bonds, and real estate might seem secure, but inflation poses a silent threat to their lasting worth. Over the years, these investments have provided steady returns of 3-5%, yet many high-net-worth individuals are now seeking ways to boost returns without taking on excessive risk.

Addressing Inflation: Diversify Beyond Traditional Investments

Many affluent individuals have portfolios that are heavily reliant on traditional investments, which often yield moderate returns in the range of 3-5%. While these returns may have seemed sufficient in the past, inflation can diminish their purchasing power over time, leaving investors searching for better growth opportunities.

Virturo understands this challenge. The platform provides access to HYPERLINK “https://virturo.com/”alternative investments—such as cryptocurrencies, high-growth stocks, and real estate funds—that have the potential for higher returns while maintaining strategic risk management. Virturo’s investment strategies are designed to outpace inflation and deliver superior returns, giving investors the tools to protect and grow wealth in an uncertain economic environment.

Revitalize Dormant Assets and Achieve Greater Growth

Many wealthy individuals have underutilized or dormant assets—such as low-interest savings or stagnant equities—that fail to keep pace with inflation. Virturo specializes in helping investors revitalize these dormant assets and transform them into high-performing investments. By leveraging advanced technologies and a team of financial experts, Virturo ensures that assets work harder, providing higher returns than traditional investment vehicles while keeping risk manageable.

Optimizing Portfolios with Tax-Efficient Investments in the UK and Netherlands

Whether clients are in the UK or the Netherlands, Virturo offers expert guidance on structuring investments in the most tax-efficient manner. UK clients benefit from ISAs, which allow for tax-free growth, while Dutch clients have access to options like the belastingvrije beleggingsrekening (tax-free investment accounts) and pensioenbeleggingen (pension investments). These options enable investors to grow wealth while minimizing tax liabilities—critical for protecting returns in the face of inflation.

Why Virturo’s Elite Club is the Ultimate Investment Solution

Virturo’s Elite Club offers numerous advantages for affluent investors:
- Diversified Investment Opportunities: Access to cryptocurrencies, high-growth equities, real estate funds, and more, helping clients diversify away from traditional investments with low returns.
- Inflation-Proof Strategies: Virturo provides inflation-resistant strategies that protect wealth, ensuring investments continue to grow at a pace that outstrips inflation.
- Tax-Efficient Growth: Whether in the UK or the Netherlands, Virturo helps clients invest in tax-efficient vehicles, such as ISAs or belastingvrije beleggingsrekening, to maximize returns and minimize tax burdens.
- Revitalizing Dormant Assets: Unlock the potential of underperforming assets, turning them into high-growth investments with the help of Virturo’s expert guidance.
- Comprehensive Wealth Management: Elite Club members receive personalized financial strategies, ensuring portfolios are optimized for both growth and risk management.
- Sustainable and Impactful Investments: Align wealth-building efforts with values through impact investing, allowing clients to grow wealth while supporting sustainability initiatives.
Join Virturo’s Elite Club Today

For wealthy individuals looking to expand and diversify portfolios, Virturo’s Elite Club offers exclusive access to high-return, inflation-beating investments. With expert guidance, personalized service, and access to a wide range of tax-efficient options, Virturo ensures that wealth is protected against inflation and continues to grow—while maintaining an appropriate level of risk.

Investors ready to secure their financial future can experience the benefits of wealth management that truly works. Virturo’s Elite Club provides an unparalleled opportunity to unlock the full potential of investments.

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Company: Virturo

Contact: Media Team

Email: support@virturo.com

Website: https://virturo.com/

SOURCE: Virturo

The MIL Network –
January 27, 2025
MIL-OSI Asia-Pac: 10% rise in non-local firms hailed

Source: Hong Kong Information Services

According to the latest annual survey jointly conducted by Invest Hong Kong (InvestHK) and the Census & Statistics Department, this year Hong Kong hosted 9,960 firms with parent companies located outside of the city, a record high number and a 10% increase on the previous year. Meanwhile, the number of people employed by such firms reached nearly 500,000, an increase of 5% year on year.

Speaking to news.gov.hk, Director-General of Investment Promotion Alpha Lau said the figures demonstrate that Hong Kong’s business environment has fully regained its strong growth momentum following the COVID-19 pandemic.

She highlighted that due to uncertainty in the global economic situation, many companies are taking a cautious approach to expansion, but added that the latest numbers indicate Hong Kong is a pragmatic choice of location as it remains a very good place to do business.

“Facts speak louder than words. Companies expand their business here and use Hong Kong as a springboard to enter into Mainland China, into Asia, or for Chinese companies to go out and expand into the rest of the world.”

Analysed by parent company location, the top five sources of firms from outside Hong Kong are Mainland China (2,620), Japan (1,430), the US (1,390), the UK (720) and Singapore (520).

Moreover, the top 10 locations all recorded increases in 2024. These include traditional markets in the Americas and Europe, as well as Asian markets.

Notably, the number of regional headquarters in Hong Kong increased to 1,410, representing a 5.5% rise.

These impressive figures not only reflect Hong Kong’s attractiveness but also indicate that InvestHK’s efforts to draw investment to the city are bearing fruit.

As of November, InvestHK had assisted over 500 companies in setting up or expanding their operations in Hong Kong in 2024, an increase of more than 50% year on year.

Companies that have established their headquarters in Hong Kong believe that the city’s advantages as a hub for capital, talent and technology are self-evident.

KN Group Hong Kong Treasury Centre General Manager Lucas Kong highlighted that the city maintains its status as one of the world’s leading financial centres, boasting a mature and open financial market environment.

“As a fintech company leveraging artificial intelligence in the financial sector, establishing our headquarters in Hong Kong significantly facilitates the expansion of our international operations,” he explained.

Mr Kong also stressed that the robust economic incentives provided by the Hong Kong Government have been instrumental both in attracting businesses and fostering technological innovation.

He added that while the company’s expansion has led to its liquidity structure becoming more decentralised, resulting in increased management costs, establishing a global corporate treasury centre in Hong Kong has allowed the business to centralise fund management and allocation, thereby reducing costs and enhancing efficiency.

“This move is made possible by Hong Kong’s transparent and open business ecosystem, coupled with its favourable tax regime.”

Many family offices are also zeroing in on Hong Kong as the Government’s various high-value talent attraction schemes make the city an enticing choice for such operations.

One example of such a firm is the family office Glory, which engages in insurance and trusts.

Glory’s Global CEO, Gao Yang, explained that while it operates in both Hong Kong and Singapore, many of its clients favour Hong Kong, due to the Government’s introduction of a range of flexible and practical talent admission polices for Chinese high-net-worth individuals. She said these initiatives provide a variety of pathways, enhancing Hong Kong’s appeal as a premier financial hub.

MIL OSI Asia Pacific News –

January 27, 2025

Contact:		William B. Kessel, President and CEO, 616.447.3933
		Gavin A. Mohr, Chief Financial Officer, 616.447.3929

Category: Finance

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Manitoba Government Tax Credits for Homeowners, Renters to Save Manitobans Money in 2025

IMF Communications Department

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