Category: Finance

  • MIL-OSI USA: Lankford Requests Information on Arrest of Afghan Nationals Allegedly Plotting Election Day Terrorist Attack

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    OKLAHOMA CITY, OK – Senator James Lankford (R-OK) joined Senator Rand Paul (R-KY), Ranking Member of the Senate Homeland Security and Governmental Affairs Committee,  in sending a letter to Department of Homeland Security (DHS) Secretary Alejandro Mayorkas requesting information concerning the recent arrest of two Afghan nationals in Oklahoma City, Oklahoma, who were allegedly plotting an Election Day terrorist attack on behalf of the Islamic State of Iraq and al-Sham (ISIS).
    “This alarming incident adds to a growing list of similar security breaches, raising serious concerns about the Department of Homeland Security’s (DHS) ability to effectively protect our homeland. The screening and vetting processes under the Biden-Harris Administration are clearly failing, allowing criminals and individuals with terrorist links to exploit vulnerabilities in the system. Given the significant threat to American lives, it is imperative that we receive detailed information to fully understand the scope of these issues,” wrote the Senators.
    According to the unsealed criminal complaint referenced in the letter, Nasir Ahmad Tawhedi entered the United States using a Special Immigrant Visa (SIV), shortly after the Biden-Harris Administration’s disastrous withdrawal from Afghanistan. After entering the United States, Tawhedi promoted ISIS propaganda, sent funds to known charities linked to ISIS support networks, and liquidated all assets to purchase weapons; with the remaining funds intended for the ISIS Treasury. The Senators stressed this alarming incident adds to a growing list of similar security breaches, raising serious concerns about DHS’s ability to effectively protect our homeland. Senators Rick Scott (R-FL) and Roger Marshall (R-KS), both members of the Homeland Security Committee, also signed the letter.
    You can read the full letter HERE or below:
    Dear Secretary Mayorkas:
    We, as Members of the Senate Homeland Security and Governmental Affairs Committee (HSGAC), are writing to request information concerning the recent arrest of two Afghan nationals in Oklahoma City, Oklahoma, who were allegedly plotting an Election Day terrorist attack, on behalf of the Islamic State of Iraq and al-Sham (ISIS). According to the unsealed criminal complaint, Nasir Ahmad Tawhedi entered the United States on September 9, 2021, using a Special Immigration Visa (SIV), shortly after the Biden-Harris Administration’s disastrous withdrawal from Afghanistan.
    After entering the United States, Tawhedi promoted ISIS propaganda, sent funds to known charities linked to ISIS support networks, and liquidated all assets to purchase weapons; with the remaining funds intended for the ISIS Treasury. Tawhedi was working with a juvenile coconspirator with legal permanent resident status who had entered the United States on March 27, 2018, using a SIV. According to reports, the two Afghan nationals planned to carry out a violent, armed attack on Election Day.
    This alarming incident adds to a growing list of similar security breaches, raising serious concerns about the Department of Homeland Security’s (DHS) ability to effectively protect our homeland. The screening and vetting processes under the Biden-Harris Administration are clearly failing, allowing criminals and individuals with terrorist links to exploit vulnerabilities in the system. Given the significant threat to American lives, it is imperative that we receive detailed information to fully understand the scope of these issues.
    For this reason, we request the following information as soon as possible, but no later than November 8, 2024:
    All DHS records, including component records and complete Alien Files (A-Files), related to all of the individuals arrested in connection with this terrorist plot, including their immigration status and criminal history;
    All communications from or between DHS, CBP, US Immigration and Customs Enforcement (ICE), and the Federal Bureau of Investigation (FBI) regarding these individuals, including but not limited to their immigration status and criminal history;
    All documents and communications regarding the arrival and entry of these individuals in the US;
    Any addresses provided by these individuals upon entering the US;
    All documents and communications related to these individuals’ personal information processed through international and national criminal databases;
    All documents and communications related to any asylum or protection claims made by these individuals, including the type and reason provided;
    All communications that DHS, CBP, or ICE had with federal, state, and local law enforcement agencies in relation to these individuals, including but not limited to any arrests or detainments by any state jurisdiction; and
    All documents and communications detailing their transit through other countries;
    All documents sufficient to show all derogatory information in the Terrorist Screening Data Set associated with the two Afghan nationals arrested on October 7, 2024.
    Thank you for your prompt attention to this matter.

    MIL OSI USA News

  • MIL-OSI USA: Warner and Kaine Announce Funding to Expand Rail Service Across Virginia

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) announced $13,317,000 in federal funding from the U.S. Department of Transportation to expand and secure rail service across Virginia. This funding was made possible by the bipartisan infrastructure law, landmark legislation championed by both senators.

    “Thanks to the bipartisan infrastructure law, we’re unlocking investments in rail across the Commonwealth, which create jobs, cut costs, and give you the freedom to get where you need to go,” said the senators. “These investments will build on our work expanding funding for Amtrak and addressing rail bottlenecks across the country, creating a future where passenger rail is more affordable, reliable, and accessible for all Virginians, including folks in communities like Bedford.”

    The funding is broken down as follows:

    • $6,000,000 for the Buckingham Branch Railroad Company to replace old rail tracks and ties across central Virginia. The project will make freight rail service more resilient, efficient, and secure and reduce the risk of derailments by resurfacing approximately 83 miles of track and seven grade crossings.
    • $5,836,000 for the Virginia Passenger Rail Authority to improve the Richmond Staples Mill Amtrak Station by upgrading two platforms, adding one platform canopy, and promoting accessibility. This will make the station ADA compliant and will create a better and safer passenger experience. It will also support Staples Mill’s addition of 10 Amtrak trains per day, rapidly scaling up the number of passenger rail options available to Richmonders.
    • $1,481,000 for the Town of Bedford to develop plans for a new intercity passenger rail station. This funding will allow for initial engineering and environmental work on the proposed station, which could connect Bedford to passenger rail service for the first time in several decades.  

    The funding is made possible by the U.S. Department of Transportation’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which is supported by several recent government spending bills and the bipartisan infrastructure law, all of which were strongly supported by the senators.

    Warner and Kaine have consistently supported and led efforts to expand passenger rail across the Commonwealth. Sens. Warner and Kaine advocated directly for the funding for Staples Mill Station and Bedford. In 2021, Warner and Kaine wrote and passed the bipartisan Infrastructure Investment and Jobs Act, which has brought over $8.4 billion in federal funding to Virginia for hundreds of projects. In December 2023, Sens. Warner and Kaine announced $500,000, also courtesy of the infrastructure law, to explore the possibility of creating an infill stop in Bedford. Last week, the senators broke ground on the Long Bridge Project, a major effort to invest in rail in Virginia by easing one of the worst rail bottlenecks in America while creating 36,000 jobs.

    MIL OSI USA News

  • MIL-OSI Canada: Government of Canada protecting reproductive freedom and covering essential health care costs

    Source: Government of Canada News

    Every woman should be free to make her own decisions about her own body. Every woman in Canada should have access to the health care she needs.

    October 29, 2024 – Ottawa, Ontario – Department of Finance Canada

    Every woman should be free to make her own decisions about her own body. Every woman in Canada should have access to the health care she needs.

    Today, however, concerns have been raised that some registered charities that offer reproductive health services to women, including pregnancy options counselling—and that are provided federal supports under the tax system—may be spreading misinformation by presenting themselves as a neutral, full-service pregnancy support service organization, when they are in fact anti-choice organizations that push women away from accessing the reproductive care of their choice. By concealing the true nature of their services, these organizations, known as crisis pregnancy centres, are restricting the rights of vulnerable pregnant women to choose the reproductive care appropriate to them and their circumstances.

    The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, alongside the Honourable Marci Ien, Minister for Women and Gender Equality and Youth, the Honourable Mark Holland, Minister of Health, and the Honourable Jean-Yves Duclos, Minister of Public Services and Procurement and Quebec Lieutenant, today announced new action to protect reproductive freedom and updated on the government’s progress covering the costs of contraception, dental care, and diabetes medications for Canadians.

    First, the federal government will introduce legislation to require more transparency from charities providing pregnancy counselling. Specifically, registered charities whose purpose or one of their main activities is to provide pregnancy and reproductive health supports and services, including pregnancy options counselling, would be required to explicitly disclose if they do not provide abortions, birth control, or referrals to these services. Organizations that do not clearly and prominently provide the required transparency risk losing charitable status.

    This measure aims to improve the distribution of accurate information in reproductive health care and builds on other measures that the government is taking to improve health care for all Canadians.

    Second, the Minister of Health announced that more than 2.7 million Canadians are now covered by the Canadian Dental Care Plan and nearly 1 million of them have already had their dental visits covered. Already, the Canadian Dental Care Plan has covered $732 million in dental expenses for Canadians, or about $730 per covered Canadian this year. The government is on track to cover 9 million Canadians, currently without dental insurance, in 2025.

    Third, the Minister of Health highlighted that the Pharmacare Act has received Royal Assent on October 10, 2024. The passage of this legislation enables the federal government to reach agreements with provinces and territories to provide free contraception and diabetes medications. Once agreements are reached, coverage through existing provincial and territorial programs would be enhanced to provide free contraceptives and free life-saving diabetes medications, saving Canadians $300 per year and $1,700 per year, respectively.

    Fourth, the Deputy Prime Minister and Minister of Finance announced that in October, the federal government transferred $4.34 billion for health care to provinces and territories. In 2024-25, Canada Health Transfer payments will total $52.1 billion—equivalent to $1 billion every week. The federal government is providing $200 billion over 10 years for provinces and territories to increase access to family doctors, reduce wait times for surgery, and enable patients and their health care teams to share data.  

    Katherine Cuplinskas
    Deputy Director of Communications
    Office of the Deputy Prime Minister and Minister of Finance
    Katherine.Cuplinskas@fin.gc.ca

    MIL OSI Canada News

  • MIL-OSI USA: Pallone Delivers $54.9 Million Federal Boost for Zero-Emission Ferry Project, Driving Cleaner Transit Solutions for Highlands and Central New Jersey

    Source: United States House of Representatives – Congressman Frank Pallone (6th District of New Jersey)

    Major Investment Made Possible Through Historic Inflation Reduction Act Championed by Pallone

    Highlands, NJ – Congressman Frank Pallone, Jr. has announced a major win for central New Jersey with $54.9 million in federal funding from the Environmental Protection Agency’s (EPA) Clean Ports Program to advance zero-emission high-speed ferries through Seastreak, LLC. This award will support the deployment of zero-emission ferries and essential charging infrastructure, aimed at cutting dangerous pollution and easing travel between New Jersey and Manhattan. Pallone, who helped author the Inflation Reduction Act as the top Democrat on the House Energy and Commerce Committee, championed Seastreak’s proposal as a model for clean, efficient transit in coastal communities.

    “Bringing these federal dollars back to New Jersey means cleaner air, less traffic on our busiest routes, and a long-term boost for communities like Highlands,” said Pallone. “This project is about more than cutting dangerous pollution; it’s about strengthening our local economy and supporting sustainable transit solutions that benefit residents and businesses alike. Projects like this put New Jersey on the cutting edge of homegrown, clean energy.”

    Headquartered in Atlantic Highlands, Seastreak operates a vital ferry service for thousands of central New Jerseyans daily. This funding allows the company to take a critical first step in its fleet overhaul, advancing zero-emission technology and setting a national example in coastal air quality improvement. The project also includes workforce development initiatives, such as training partnerships with local schools and industry groups.

    “Seastreak is committed to being the one of the most environmentally friendly passenger ferry operators in the country,” said James D. Barker, Seastreak Vice President. “High-speed electric ferry technology is a new and quickly evolving space. With this grant, we are excited to contribute to a new frontier in maritime technology while continuing our efforts to improve air quality within the communities we serve. We’re grateful for Congressman Pallone’s work in Congress to make this project possible.”

    Additionally, the Port Authority of New York and New Jersey (PANYNJ) will receive $344 million to expand zero-emission equipment across port operations. Programs like the ZE Equipment for Ports (ZEEP) Voucher Incentive Program and Green Drayage Accelerator (GDA) will help replace polluting cargo vehicles and install new charging stations to reduce harmful port emissions affecting neighboring communities.

    EPA announced the selection of 55 applicants across 27 states and territories to receive nearly $3 billion nationwide through EPA’s Clean Ports Program.

    “Our nation’s ports are critical to creating opportunity here in America, offering good-paying jobs, moving goods, and powering our economy,” said EPA Administrator Michael S. Regan. “Today’s historic $3 billion investment builds on President Biden’s vision of growing our economy while ensuring America leads in globally competitive solutions of the future. Delivering cleaner technologies and resources to U.S. ports will slash harmful air and climate pollution while protecting people who work in and live nearby ports communities.”

    The EPA’s Clean Ports Program, funded by the Inflation Reduction Act, reduces climate pollution from our nation’s ports.  It aims to cut harmful diesel pollution, including criteria pollutants, greenhouse gases, and air toxics, both at ports and in near-port communities by funding transformative infrastructure deployment and air quality planning. The EPA will work closely with Seastreak and PANYNJ to finalize agreements, ensuring these projects fulfill their commitment to cleaner, healthier communities across the New Jersey region.

    MIL OSI USA News

  • MIL-OSI Security: U.S. Attorney Appoints Election Officer for the Eastern District of Kentucky

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

    LEXINGTON, Ky. – United States Attorney Carlton S. Shier, IV, announced today that Assistant United States Attorney (AUSA) Kate Smith will lead the efforts of his Office in connection with the Justice Department’s nationwide Election Day Program for the upcoming November 5, 2024, general election.  AUSA Smith has been appointed to serve as the District Election Officer (DEO) for the Eastern District of Kentucky and in that capacity is responsible for overseeing the District’s handling of election day complaints of voting rights concerns, threats of violence to election officials or staff, and election fraud, in consultation with Justice Department Headquarters in Washington.

    United States Attorney Shier said, “Every citizen must be able to vote without interference or discrimination and to have that vote counted in a fair and free election.  Similarly, election officials and staff must be able to serve without being subject to unlawful threats of violence.  The Department of Justice will always work tirelessly to protect the integrity of the election process.”

    The Department of Justice has an important role in deterring and combatting discrimination and intimidation at the polls, threats of violence directed at election officials and poll workers, and election fraud.  The Department will address these violations wherever they occur. The Department’s longstanding Election Day Program furthers these goals and also seeks to ensure public confidence in the electoral process by providing local points of contact within the Department for the public to report possible federal election law violations.

    Federal law protects against such crimes as threatening violence against election officials or staff, intimidating or bribing voters, buying and selling votes, impersonating voters, altering vote tallies, stuffing ballot boxes, and marking ballots for voters against their wishes or without their input.  It also contains special protections for the rights of voters, and provides that they can vote free from interference, including intimidation, and other acts designed to prevent or discourage people from voting or voting for the candidate of their choice.  The Voting Rights Act protects the right of voters to mark their own ballot or to be assisted by a person of their choice (where voters need assistance because of disability or inability to read or write in English).   

    United States Attorney Shier stated that:  “The franchise is the cornerstone of American democracy.  We all must ensure that those who are entitled to the franchise can exercise it if they choose, and that those who seek to corrupt it are brought to justice.  In order to respond to complaints of voting rights concerns and election fraud during the upcoming election, and to ensure that such complaints are directed to the appropriate authorities, AUSA/DEO Smith will be on duty in this District while the polls are open.  She can be reached by the public at the following telephone number:  859-685-4884.”

    In addition, the FBI will have special agents available in each field office and resident agency throughout the country to receive allegations of election fraud and other election abuses on election day.  The local FBI field office can be reached by the public at (502) 263-6000.

    Complaints about possible violations of the federal voting rights laws can be made directly to the Civil Rights Division in Washington, DC by complaint form at https://civilrights.justice.gov/ or by phone at 800-253-3931.

    United States Attorney Shier said, “Ensuring free and fair elections depends in large part on the assistance of the American electorate.  It is important that those who have specific information about voting rights concerns or election fraud make that information available to the Department of Justice.”

    Please note, however, in the case of a crime of violence or intimidation, please call 911 immediately and before contacting federal authorities.  State and local police have primary jurisdiction over polling places, and almost always have faster reaction capacity in an emergency.

    — END — 

    MIL Security OSI

  • MIL-OSI Security: Braintree Man Sentenced to 15 Years in Prison for Drug Trafficking and Money Laundering Charges

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

    BOSTON – A member of a nationwide drug trafficking ring was sentenced on Oct. 25, 2024 in federal court in Boston for drug trafficking and money laundering. During the investigation, over 160 pounds of pure methamphetamine, as well as an AK-47, a Glock with no serial number, two loaded Smith & Wesson handguns and over 4,200 rounds of ammunition were seized. An illegal marijuana grow operation with hundreds of marijuana plants was also dismantled.

    Patrick O’Hearn, 64, of Braintree was sentenced by U.S. District Court Judge Nathaniel M. Gorton to 15 years in prison followed by three years of supervised release. In March 2024, O’Hearn pleaded guilty to one count of conspiracy to distribute and to possess with intent to distribute methamphetamine, as well as one count of money laundering conspiracy and one count of money laundering.

    O’Hearn was charged along with 10 others in September 2021 in a 15ifteen count superseding indictment.  

    O’Hearn was part of a large-scale methamphetamine distribution network that distributed significant quantities of pure methamphetamine throughout New England. The investigation began in late 2020, when O’Hearn’s methamphetamine supplier Reshat Alkayisi was identified as a large-scale methamphetamine trafficker, who distributed multi-pound quantities to customers throughout the New England area. O’Hearn was subsequently identified as one of Alkayisi’s regular large-scale distributors who routinely purchased methamphetamine and redistributed it throughout the Boston area. Bank records indicated that O’Hearn paid Alkayisi at least $100,000 between January and July 2021. O’Hearn also purchased over $465,000 worth of methamphetamine from Alkayisi between January and May 2021.

    O’Hearn conspired with Alkayisi to launder their drug proceeds. As part of that money laundering conspiracy, Alkayisi used O’Hearn’s residence as the address for his shell company that he used to launder drug proceeds.

    In July 2021, O’Hearn was arrested and over 680 grams of pure methamphetamine was seized, as well as small quantities of cocaine, ketamine, MDMA and other controlled substances from O’Hearn’s residence. Over $213,000 in cash was also found in O’Hearn’s residence and in bank safe deposit boxes.

    Alkayisi pleaded guilty in April 2024 and in September 2024 sentenced to 23 years in prison followed by five years of supervised release. O’Hearn is the 10th defendant to be sentenced in the case. The remaining defendant has pleaded guilty and is awaiting sentencing.

    Acting United States Attorney Joshua S. Levy; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division made the announcement. Valuable assistance was provided by the Massachusetts Department of Correction; Norfolk County Sherriff’s Office; and Concord, Hudson, Peabody, Reading, Watertown and Waltham Police Departments. Assistance was also provided by the Massachusetts, Rhode Island, New Hampshire and Maine State Police. Assistant U.S. Attorneys Alathea Porter and Katherine Ferguson of the Criminal Division are prosecuting the case.

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.
     

    MIL Security OSI

  • MIL-OSI Security: Clarkston Woman Sentenced to Three Years in Prison for Embezzling Over Three Million Dollars From Former Employer

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

    DETROIT- A Clarkston woman was sentenced to 3 years in federal prison for wire fraud arising out of an embezzlement scheme targeting her former employer, announced United States Attorney Dawn N. Ison.

    Joining Ison in the announcement was Special Agent in Charge, Federal Bureau of Investigation, Cheyvoryea Gibson.

    Sally Lynn Elmore, 56, pleaded guilty in July 2024 to one count of wire fraud arising from a scheme to defraud her former employer that resulted in over $3 million in losses.  In addition to the 3 years’ imprisonment, United States District Judge Brandy R. McMillion ordered Elmore to pay $2.2 million in restitution to her victims and to pay a $3.2 million forfeiture money judgment. 

    According to Court documents, from April 2019 to December 2022, Elmore abused her position of trust and used her access to the payroll and banking systems of her employer to execute a scheme to fraudulently direct electronic payments—in the form of salary, bonuses, and expense reimbursements that she knew she was not entitled to receive—from her employer’s bank account to her personal bank accounts.  In order to conceal her fraud, Elmore prepared and presented falsified financial statements to her employer’s board, representing that the company was still in possession of funds that she had, in fact, fraudulently directed to herself. She also concealed the missing funds from the company’s insurer, causing the company to lose coverage for losses from theft.  In total, Elmore stole over $3 million and gambled most of it away. 

    “Elmore violated the trust placed in her as the director of finance and human resources for her company, stealing over three million dollars, nearly driving the company to insolvency, and putting the livelihoods of her fellow employees in jeopardy, stated United States Attorney Ison. “Our office will aggressively prosecute those individuals who abuse their authority to line their own pockets at others’ expense.”

    “Over the course of three years, Ms. Elmore betrayed her employer by exploiting her access to the company’s finances, stealing millions of dollars, and covering up her actions through deception,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “The FBI has zero tolerance for fraud against individuals or institutions and will continue to work with our partners at the U.S. Attorney’s Office to prosecute those involved in embezzlement schemes. We are committed to ensuring that anyone who abuses their position of trust faces justice.”

    The case was prosecuted by Assistant United States Attorney Alyse Wu. The investigation was conducted by the Federal Bureau of Investigation.

    MIL Security OSI

  • MIL-OSI Security: USAO-KS Announces Election Day Program

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

    KANSAS CITY, KAN. – United States Attorney Kate E. Brubacher announced that Assistant United States Attorney (AUSA) Jared Maag will lead the efforts of his Office in connection with the Justice Department’s nationwide Election Day Program for the upcoming November 5, 2024, general election.  AUSA Maag has been appointed to serve as the District Election Officer (DEO) for the U.S. Attorney’s Office District of Kansas, and in that capacity is responsible for overseeing the District’s handling of election day complaints of voting rights concerns, threats of violence to election officials or staff, and election fraud, in consultation with Justice Department Headquarters in Washington.

    U.S. Attorney Brubacher said, “Every citizen must be able to vote without interference or discrimination and to have that vote counted in a fair and free election.  Similarly, election officials and staff must be able to serve without being subject to unlawful threats of violence.  The Department of Justice will always work tirelessly to protect the integrity of the election process.”

    The Department of Justice has an important role in deterring and combatting discrimination and intimidation at the polls, threats of violence directed at election officials and poll workers, and election fraud.  The Department will address these violations wherever they occur.  The Department’s longstanding Election Day Program furthers these goals and also seeks to ensure public confidence in the electoral process by providing local points of contact within the Department for the public to report possible federal election law violations.

    Federal law protects against such crimes as threatening violence against election officials or staff, intimidating or bribing voters, buying and selling votes, impersonating voters, altering vote tallies, stuffing ballot boxes, and marking ballots for voters against their wishes or without their input.  It also contains special protections for the rights of voters, and provides that they can vote free from interference, including intimidation, and other acts designed to prevent or discourage people from voting or voting for the candidate of their choice.  The Voting Rights Act protects the right of voters to mark their own ballot or to be assisted by a person of their choice (where voters need assistance because of disability or inability to read or write in English).  

    U.S. Attorney Brubacher stated that: “The franchise is the cornerstone of American democracy.  We all must ensure that those who are entitled to the franchise can exercise it if they choose, and that those who seek to corrupt it are brought to justice.  In order to respond to complaints of voting rights concerns and election fraud during the upcoming election, and to ensure that such complaints are directed to the appropriate authorities, AUSA/DEO Maag will be on duty in this District while the polls are open. He can be reached by the public at the following telephone number: (785) 295-2850.

    In addition, the FBI will have special agents available in each field office and resident agency throughout the country to receive allegations of election fraud and other election abuses on election day.  The local FBI field office can be reached by the public at 816-512-8200.

    Complaints about possible violations of the federal voting rights laws can be made directly to the Civil Rights Division in Washington, DC by complaint form at https://civilrights.justice.gov/ or by phone at 800-253-3931.

    U.S. Attorney Brubacher said, “Ensuring free and fair elections depends in large part on the assistance of the American electorate.  It is important that those who have specific information about voting rights concerns or election fraud make that information available to the Department of Justice.”

    Please note, however, in the case of a crime of violence or intimidation, please call 911 immediately and before contacting federal authorities.  State and local police have primary jurisdiction over polling places, and almost always have faster reaction capacity in an emergency.

    ###
     

    MIL Security OSI

  • MIL-OSI: Change in the composition of the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Victoire Grux
    Tel.: +33 6 04 52 16 55
    victoire.grux@capgemini.com

    Investor relations:
    Vincent Biraud
    Tel.: +33 1 47 54 50 87
    vincent.biraud@capgemini.com

    Change in the composition of the Board of Directors

    Paris, October 29, 2024 – Meeting on October 29, 2024, the Board of Directors of Capgemini SE, took due note of Olivier Roussat’s resignation as a director with immediate effect.

    The Board of Directors warmly thanked Olivier Roussat for his contribution to the work of the Board and the Strategy & CSR Committee on which he sat.

    On October 29, 2024, the Board of Directors therefore comprised 14 Directors, including two Directors representing employees and one director representing employee shareholders. 82% of its members were independent 1, 43% had international profiles and 45% were women1 .

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
    Get The Future You Want | www.capgemini.com


    1 The Directors representing employees and employee shareholders are not taken into account in calculating this percentage, in accordance with the provisions of the AFEP-MEDEF Code and the French Commercial Code.

    Attachment

    The MIL Network

  • MIL-OSI: Federal Home Loan Bank of Indianapolis Announces Third Quarter 2024 Dividends, Reports Earnings

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Today the Board of Directors of the Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “Bank”) declared its third quarter 2024 dividends on Class B-2 activity-based capital stock and Class B-1 non-activity-based stock at annualized rates of 9.50% and 4.50%, respectively. The higher dividend rate on activity-based stock reflects the Board’s discretion under the Bank’s capital plan to reward members that use FHLBank Indianapolis in support of their liquidity needs.

    The dividends will be paid in cash on October 30, 2024.

    Earnings Highlights

    Net income, for the third quarter of 2024, was $91 million, a net increase of $214,000 compared to the corresponding quarter in the prior year. The increase was primarily due to net changes in gains (losses) on investments, substantially offset by an increase in voluntary allocations to affordable housing, small business and community investment programs.

    Net income, for the nine months ended September 30, 2024, was $275 million, a net increase of $1 million compared to the corresponding period in the prior year. The increase was primarily due to higher earnings on the portion of the Bank’s assets funded by its capital.1 However, such increase was substantially offset by net gains on the extinguishment of consolidated obligations in the corresponding period that did not occur in the current period and an increase in voluntary allocations to affordable housing, small business and community investment programs.

    __________________
    1
     FHLBank Indianapolis earns interest income on advances to and mortgage loans purchased from its Michigan and Indiana member financial institutions, as well as on long- and short-term investments. Net interest income is primarily determined by the size of the Bank’s balance sheet and the spread between the interest earned on its assets and the interest cost of funding with consolidated obligations. Because of the Bank’s inherent relatively low interest-rate spread, it has historically derived a substantial portion of its net interest income from deploying its interest-free capital in floating-rate assets.

    Affordable Housing Program Allocation

    The Bank’s Affordable Housing Program (“AHP”) provides grant funding to support housing for low- and moderate-income families in communities served by its Michigan and Indiana members. For the nine months ended September 30, 2024, AHP assessments2 totaled $32 million. Full-year 2024 required allocations will be available to the Bank’s members in 2025 to help address their communities’ affordable housing needs, including construction, rehabilitation, accessibility improvements and homebuyer down-payment assistance.

    In addition, as part of the Bank’s commitment to further support its AHP and additional affordable housing, small business and community investment programs, the Bank voluntarily allocated additional funding in 2024 totaling $23 million, based on 5% of its net earnings for 2023. During the third quarter of 2024, the Bank also committed additional voluntary funding of $10 million, raising the total voluntary allocation for 2024 to $33 million, of which $17 million has been recognized in the nine-month period and is reported in other expenses. The timing of the recognition of such allocations in other expenses can vary due to the application of the related accounting requirements.

    As a result, the Bank’s combined required and voluntary allocation recognized in the nine-month period totaled $49 million, an increase of $11 million, or 30%, compared to the corresponding period in the prior year.

    Condensed Statements of Income

    The following table presents unaudited condensed statements of income ($ amounts in millions):

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Interest income (a)   $ 1,090   $ 974   $ 3,140   $ 2,743
    Interest expense (a)     960     846     2,756     2,388
    Provision for credit losses                
    Net interest income after provision for credit losses     130     128     384     355
    Other income (b)     9         26     39
    Other expenses (c)     37     27     103     89
    AHP assessments     11     10     32     31
                     
    Net income   $ 91   $ 91   $ 275   $ 274
    (a)   Includes hedging gains (losses) and net interest settlements on fair-value hedge relationships. The Bank uses derivatives, specifically interest-rate swaps, to hedge the risk of changes in the fair value of certain of its advances, available-for-sale securities and consolidated obligations. These derivatives are designated as fair-value hedges and, therefore, changes in the estimated fair value of the derivative, and changes in the fair value of the hedged item that are attributable to the hedged risk, are recorded in net interest income.
    (b)   Includes impact of purchase discount (premium) recorded through mark-to-market gains (losses) on trading securities and net interest settlements on derivatives hedging trading securities, while generally offsetting interest income on trading securities is included in interest income.
    (c)   Includes voluntary allocations to the Bank’s AHP and other affordable housing, small business and community investment programs.

    __________________
    2 Each year, Federal Home Loan Banks are required to allocate to the AHP 10% of earnings, defined for this purpose as income before assessments plus interest expense on mandatorily redeemable capital stock.

    Balance Sheet Highlights

    Total assets, at September 30, 2024, were $81.1 billion, a net increase of $4.5 billion, or 6%, from December 31, 2023, primarily due to an increase in advances outstanding.

    Advances 3

    Advances outstanding, at September 30, 2024, at carrying value, totaled $38.6 billion, a net increase of $3.0 billion, or 9%, from December 31, 2023. The par value of advances outstanding increased by 7% to $38.5 billion, which included a net increase in short-term advances of 31% and a net decrease in long-term advances of 2%. At September 30, 2024, based on contractual maturities, long-term advances composed 67% of advances outstanding, while short-term advances composed 33%.

    The par value of advances outstanding to depository institutions — comprising commercial banks, savings institutions and credit unions — increased by 11%, while advances outstanding to insurance companies increased by 1%. As a percent of total advances outstanding at par value, at September 30, 2024, advances to commercial banks and savings institutions were 50% and advances to credit unions were 15%, resulting in total advances to depository institutions of 65%, while advances to insurance companies were 35%.

    Mortgage Loans Held for Portfolio 4

    Mortgage loans held for portfolio, at September 30, 2024, totaled $10.0 billion, a net increase of $1.3 billion, or 16%, from December 31, 2023, as the Bank’s purchases from its members exceeded principal repayments by borrowers. Purchases of mortgage loans from members, for the nine months ended September 30, 2024, totaled $2.0 billion.

    Liquidity Investments 5

    Liquidity investments, at September 30, 2024, totaled $11.3 billion, a net decrease of $874 million, or 7%, from December 31, 2023. The Bank’s liquidity remained well above regulatory requirements and continues to enable the Bank to be a reliable liquidity provider to its members.

    Cash and short-term investments decreased by $1.4 billion, or 12%, to $10.2 billion. The portion of U.S. Treasury obligations classified as trading securities increased by $501 million, or 84%, to $1.1 billion. As a result of this activity, cash and short-term investments represented 90% of the total liquidity investments at September 30, 2024, while U.S. Treasury obligations represented 10%.

    The total outstanding balance and composition of the Bank’s liquidity investments are influenced by its liquidity needs, regulatory requirements, actual and anticipated member advance activity, market conditions, and the availability of short-term investments at attractive interest rates, relative to the cost of funds.

    Other Investment Securities

    Other investment securities, which consist substantially of mortgage-backed securities and U.S. Treasury obligations classified as held-to-maturity or available-for-sale, at September 30, 2024, totaled $20.3 billion, a net increase of $881 million, or 5%, from December 31, 2023.

    __________________
    3 Advances are secured loans that the Bank provides to its member institutions.
    4 The Bank purchases mortgage loans from its members to support its housing mission, provide an additional source of liquidity to its members, and diversify its investments.
    5 The Bank’s liquidity investments consist of cash, interest-bearing deposits, securities purchased under agreements to resell, federal funds sold and U.S. Treasury obligations.

    Consolidated Obligations 6

    FHLBank Indianapolis’ consolidated obligations outstanding, at September 30, 2024, totaled $75.0 billion, a net increase of $3.9 billion, or 6%, from December 31, 2023, which reflected increased funding needs associated with the net increase in the Bank’s total assets.

    Capital 7

    Total capital, at September 30, 2024, was $4.1 billion, a net increase of $383 million, or 10%, from December 31, 2023. The net increase resulted from issuances of capital stock to support advance activity, the growth in retained earnings and an increase in accumulated other comprehensive income.

    The Bank’s regulatory capital-to-assets ratio8, at September 30, 2024, was 5.56%, which exceeds all applicable regulatory capital requirements.

    __________________
    6 The primary source of funds for FHLBank Indianapolis, and for the other FHLBanks, is the sale of FHLBanks’ consolidated obligations in the capital markets. FHLBank Indianapolis is the primary obligor for the payment of the principal and interest on the consolidated obligations issued on its behalf; additionally, it is jointly and severally liable with each of the other FHLBanks for all of the FHLBanks’ consolidated obligations outstanding.
    7 FHLBank Indianapolis is a cooperative whose member financial institutions and former members own all of its capital stock as a condition of membership and to support outstanding credit products.
    8 Total regulatory capital, which consists of capital stock, mandatorily redeemable capital stock and retained earnings, as a percentage of total assets.

    Condensed Statements of Condition

    The following table presents unaudited condensed statements of condition ($ amounts in millions):

        September 30, 2024   December 31, 2023
    Advances   $ 38,600     $ 35,562  
    Mortgage loans held for portfolio, net     9,955       8,614  
    Liquidity investments     11,278       12,152  
    Other investment securities (a)     20,332       19,451  
    Other assets     894       829  
             
    Total assets   $ 81,059     $ 76,608  
             
    Consolidated obligations   $ 74,989     $ 71,053  
    MRCS     363       369  
    Other liabilities     1,580       1,442  
    Total liabilities     76,932       72,864  
             
    Capital stock (b)     2,476       2,285  
    Retained earnings (c)     1,668       1,532  
    Accumulated other comprehensive income (loss)     (17 )     (73 )
    Total capital     4,127       3,744  
             
    Total liabilities and capital   $ 81,059     $ 76,608  
             
    Total regulatory capital (d)   $ 4,507     $ 4,186  
             
    Regulatory capital-to-assets ratio     5.56 %     5.46 %
    (a)   Includes held-to-maturity and available-for-sale securities.
    (b)   Putable by members at par value.
    (c)   Includes restricted retained earnings, at September 30, 2024 and December 31, 2023, of $453 million and $398 million, respectively.
    (d)   Consists of total capital less accumulated other comprehensive income plus mandatorily redeemable capital stock.
         

    All amounts referenced above are unaudited. More detailed information about FHLBank Indianapolis’ financial condition as of September 30, 2024, and its results for the three and nine months then ended, will be included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Bank’s Quarterly Report on Form 10-Q.

    Safe Harbor Statement

    This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 concerning plans, objectives, goals, strategies, future events and performance. Forward-looking statements can be identified by words such as “will,” “believes,” “may,” “temporary,” “estimates,” and “expects” or the negative of these words or comparable terminology. Each forward-looking statement contained in this news release reflects FHLBank Indianapolis’ current beliefs and expectations. Actual results or performance may differ materially from what is expressed in any forward-looking statements.

    Any forward-looking statement contained in this news release speaks only as of the date on which it was made. FHLBank Indianapolis undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Readers are referred to the documents filed by the Bank with the U.S. Securities and Exchange Commission, specifically reports on Form 10-K and Form 10-Q, which include factors that could cause actual results to differ from forward-looking statements. These reports are available at www.sec.gov.

    Media Contact:
    Scott Thien
    Sr. Communications Lead
    317-902-3103
    sthien@fhlbi.com

    Building Partnerships. Serving Communities.
    FHLBank Indianapolis is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com. Also, follow the Bank on LinkedIn, as well as Instagram and X at @FHLBankIndy.

    The MIL Network

  • MIL-OSI USA: Warner & Kaine Announce Funding to Expand Rail Service Across Virginia

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) announced $13,317,000 in federal funding from the U.S. Department of Transportation to expand and secure rail service across Virginia. This funding was made possible by the bipartisan infrastructure law, landmark legislation championed by both senators.

    “Thanks to the bipartisan infrastructure law, we’re unlocking investments in rail across the Commonwealth, which create jobs, cut costs, and give you the freedom to get where you need to go,” said the senators. “These investments will build on our work expanding funding for Amtrak and addressing rail bottlenecks across the country, creating a future where passenger rail is more affordable, reliable, and accessible for all Virginians, including folks in communities like Bedford.”

    The funding is broken down as follows:

    • $6,000,000 for the Buckingham Branch Railroad Company to replace old rail tracks and ties across central Virginia. The project will make freight rail service more resilient, efficient, and secure and reduce the risk of derailments by resurfacing approximately 83 miles of track and seven grade crossings.
    • $5,836,000 for the Virginia Passenger Rail Authority to improve the Richmond Staples Mill Amtrak Station by upgrading two platforms, adding one platform canopy, and promoting accessibility. This will make the station ADA compliant and will create a better and safer passenger experience. It will also support Staples Mill’s addition of 10 Amtrak trains per day, rapidly scaling up the number of passenger rail options available to Richmonders.
    • $1,481,000 for the Town of Bedford to develop plans for a new intercity passenger rail station. This funding will allow for initial engineering and environmental work on the proposed station, which could connect Bedford to passenger rail service for the first time in several decades.  

    The funding is made possible by the U.S. Department of Transportation’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which is supported by several recent government spending bills and the bipartisan infrastructure law, all of which were strongly supported by the senators.

    Warner and Kaine have consistently supported and led efforts to expand passenger rail across the Commonwealth. Sens. Warner and Kaine advocated directly for the funding for Staples Mill Station and Bedford. In 2021, Warner and Kaine wrote and passed the bipartisan Infrastructure Investment and Jobs Act, which has brought over $8.4 billion in federal funding to Virginia for hundreds of projects. In December 2023, Sens. Warner and Kaine announced $500,000, also courtesy of the infrastructure law, to explore the possibility of creating an infill stop in Bedford. Last week, the senators broke ground on the Long Bridge Project, a major effort to invest in rail in Virginia by easing one of the worst rail bottlenecks in America while creating 36,000 jobs.

    MIL OSI USA News

  • MIL-OSI Security: U.S. Attorney, HSI and ATF Charge Belen Teen with Federal Firearms Offenses

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    ALBUQUERQUE – A Belen teen faces federal charges for allegedly possessing a machine gun conversion device.

    Christopher Gammon II, 19,is charged with unlawful possession of a machine gun. Specifically, the indictment alleges that on June 28, 2024, Gammon possessed a machine gun conversion device.

    Machine gun conversion devices and auto sears are illegal devices designed to modify a semi-automatic firearm so it is capable of fully automatic fire, that is, continuous firing with a single trigger pull. The possession, manufacture, and/or sale of machine gun conversion devices without proper licensing is a federal offense punishable by severe penalties, including up to 10 years in prison and fines up to $250,000. The use of machinegun conversion devices poses a significant public safety risk, as they transform semi-automatic firearms into dangerous machine guns capable of causing catastrophic harm.

    Gammon appeared before a federal judge and will remain in custody pending trial, which is currently set for February 10, 2025.

    If convicted, Gammon faces up to 10 years in prison followed by three years of supervised release.

    U.S. Attorney Alexander M.M. Uballez, Jason T. Stevens, Acting Special Agent in Charge of Homeland Security Investigations (HSI) El Paso and Brendan Iber, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, made the announcement today.

    Homeland Security Investigations and the ATF jointly investigated this case with assistance from the New Mexico State Police and U.S. Postal Inspection Service. Assistant United States Attorney Rachel Eagle is prosecuting the case.

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

    # # #

    MIL Security OSI

  • MIL-OSI Security: Two Men Sentenced Following Federal Gun and Drug Convictions Stemming from Conduct in Tallapoosa County

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

                Montgomery, Ala. – Today, Acting United States Attorney Kevin Davidson announced that a federal judge sentenced two Opelika, Alabama residents after a jury found them guilty of committing federal crimes in Tallapoosa County. On October 29, 2024, 45-year-old Jeffrey Monkentee Hill received a sentence of 250 months in prison. Previously, on September 19, 2024, a judge ordered 34-year-old Carstavious Shadon Stovall receive a 92-month sentence. Federal prisoners are not eligible for parole. 

               According to court records and evidence presented at trial, in February 2022, the Tallapoosa County Narcotics Task Force began an investigation into suspected drug trafficking. The investigation eventually revealed that Hill was involved with the sale of illegal drugs at a residence in Camp Hill, Alabama. Investigators obtained a search warrant for the residence. During the search, law enforcement found Hill and Stovall present at the house, along with cocaine, methamphetamine, and multiple firearms. Both Hill and Stovall have previous felony convictions and are prohibited from possessing firearms or ammunition.   

               On June 5, 2024, a federal jury found both Hill and Stovall guilty of being a felon in possession of a firearm. The jury also convicted Hill on the additional charges of possessing cocaine and methamphetamine with the intent to distribute the illegal drugs and for possessing a firearm in furtherance of a drug trafficking crime.

               Based on Hill’s criminal history, the sentencing judge determined that he qualified as a career offender under the federal sentencing guidelines. This ruling increased the guidelines range for Hill and resulted in a significant sentence.

               Acting U.S. Attorney Davidson would like to thank the Tallapoosa County Narcotics Task Force, the Tallapoosa County Sheriff’s Office, and the Bureau of Alcohol, Tobacco, Firearms and Explosives for investigating this case. In addition, the Drug Enforcement Administration and the United States Marshals Service’s Gulf Coast Regional Fugitive Task Force provided valuable assistance in the investigation and apprehension of the defendants. Assistant United States Attorneys Brandon W. Bates and Ashley J. Avera prosecuted the case.

    MIL Security OSI

  • MIL-OSI USA: Scanlon, Casey, Fetterman, Boyle, Evans Secure $79.6 Million to Make PhilaPort More Energy Efficient

    Source: United States House of Representatives – Congresswoman Mary Gay Scanlon(PA-5)

    Washington, D.C. – Congresswoman Mary Gay Scanlon (PA-05) today joined Senators Bob Casey (D-PA) and John Fetterman (D-PA) and Representatives Brendan Boyle (PA-02) and Dwight Evans (PA-03) in announcing that Philadelphia Regional Port Authority (PhilaPort) is receiving a total of $79,650,965 in federal funding to plan and implement projects that will transition the port’s operations to zero-emissions equipment. The funding comes from the U.S. Environmental Protection Agency’s Clean Ports Program, made possible by the Inflation Reduction Act.

    “The Port of Philadelphia is a critical driver of good-paying jobs for our region and a vital gateway for goods and passengers across the country,” said Rep. Scanlon. “I’m so pleased to see funding from the Biden-Harris administration’s Investing in America agenda continue to flow into our region, helping clean up pollution at our ports and improving air quality and public health in neighboring communities.”

    “This investment from the Inflation Reduction Act will allow PhilaPort to bring down its energy costs and improve air quality in surrounding communities while incorporating the technology of the future into its operations,” said Senator Casey. “I will always fight to improve our shipping hubs to ensure that the Commonwealth’s waterways boost economic growth and create and sustain good jobs.”

    “The nearly $80 million investment in PhilaPort is a transformative step toward a more efficient future for Philadelphia. Moving to zero-emission technology will help make our port cleaner and healthier for the community while boosting the local economy and creating good paying jobs. This is what the Inflation Reduction Act is all about—making big investments that keep Pennsylvania competitive and sustainable,” said Senator Fetterman.

    “This funding, which I proudly supported as part of the Inflation Reduction Act, will enable PhilaPort to adopt cutting-edge technology that reduces carbon emissions and could help expand the port’s operations,” Rep. Boyle. “Philadelphia’s ports are vital to our communities, providing jobs and positioning our city as a key hub of commerce. This investment not only supports the hardworking port workers who drive our economy but also ensures that PhilaPort can continue serving the nation sustainably for years to come.”

    “I was proud to vote for the Biden-Harris administration’s Inflation Reduction Act, a landmark clean-energy and health-care law, and this more than $79 million in federal funding for our area is just the latest way it’s benefiting Philadelphia and the region,” said Rep. Evans.

    The Clean Ports Program funding will support two PhilaPort projects. $77.6 million will help PhilaPort deploy electric cargo handling equipment, install new charging infrastructure, and upgrade existing electrical infrastructure. An additional $2 million will support planning operations to better understand the port’s current emissions levels, identify areas where energy efficiency can be improved, and engage the surrounding community about the process of transitioning to zero-emission operations.

    The announcement comes just a month after the members secured $217 million for PhilaPort to expand the operational capacity of the SouthPort terminal.

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    MIL OSI USA News

  • MIL-OSI Security: Burlington Man Sentenced to 151 Months in Federal Prison for Child Pornography Charges

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

    DAVENPORT, Iowa – A Burlington man was sentenced today to 151 months in federal prison for receiving and distributing child pornography.

    According to public court documents, law enforcement received a CyberTip from the National Center for Missing and Exploited Children that Edward Allen Billheimer, 64, had uploaded files containing child sexual abuse material. Law enforcement located electronic devices at Billheimer’s Burlington residence and a search of those devices revealed approximately 100 videos and 400 images of child sexual abuse material, including content of toddlers and infants.

    After completing his term of imprisonment, Billheimer will be required to serve a five-year term of supervised release. There is no parole in the federal system. Billheimer was also ordered to pay $3,000 in restitution. In addition, Billheimer will be required to register as a sex offender.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by the Federal Bureau of Investigation and the Burlington Police Department.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Child Exploitation and Obscenity Section, 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

  • MIL-OSI USA: Kean Highlights Over $1.1 Million Dollars in New FEMA, SAFER and AFG Grants for Local Fire Departments

    Source: United States House of Representatives – Representative Tom Kean, Jr. (NJ-07)

    (October 29, 2024) BERNARDSVILLE, NJ – Today, Congressman Tom Kean, Jr. (NJ-07) announced that the Federal Emergency Management Agency (FEMA) awarded over $1.1 million dollars for local fire departments in New Jersey’s 7th Congressional District through the Assistance to Firefighters Grant (AFG) Program and the Staffing for Adequate Fire and Emergency Response (SAFER) Program. 

    In February of this year, Congressman Kean hosted a FEMA AFG Webinar also wrote letters of support for fire departments to receive a FEMA grant in the 7th Congressional District that requested assistance. Congressman Kean’s Fire Grants and Safety Act was signed into law in July which provided the necessary federal resources through the AFG and SAFER programs. 

    “Every day, firefighters put their lives on the line to protect our communities,” said Congressman Kean. “It is essential that we provide our first responders with the resources they need, and I am grateful to see this funding coming back to the district. Investing in our local fire departments means we are investing in the safety and well-being of our families and neighbors.” 

    “Our agency is incredibly grateful to be chosen for a 2024 Assistance to Firefighters Grant to purchase new portable radios,” said Matthew Hoffman, Chief of Readington Volunteer Fire Company. “Radio communications are a vital part of our everyday operations and safety of our firefighters as they operate on incidents. These funds will help to take the financial burden off our agency and township in the upgrade process. We appreciate the letter of support from Congressman Kean and his office that was submitted with the application.” 

    “Quakertown Fire Company is thrilled to be receiving a $577,000 FEMA SAFER grant for recruitment and retention,” said Bradley Patkochis, Chief of Quakertown Fire Company. “The importance of AFG and SAFER cannot be understated, particularly the ability for local fire companies to complete critical projects without putting it on the backs of New Jersey taxpayers. Thank you to Congressman Kean for supporting FEMA AFG and SAFER programs through the Fire Grants and Safety Act.” 

    $1,171,231 in total going back to New Jersey’s local fire departments, the Federal Emergency Management Agency (FEMA), Staffing for Adequate Fire and Emergency Response (SAFER) and Assistance to Firefighter Grants (AFG) were distributed as follows:  

    • $60,909 for City of Linden  
    • $44,788 for Tri-County Fire Co No 1 of Stephensburg (Hackettstown)  
    • $53,705 for Alpha Volunteer Fire Co (Phillipsburg)  
    • $189,735 for Readington Volunteer Fire Company 
    • $244,761 for Chester Township  
    • $577,333 for Quakertown Fire Company (Franklin, Hunterdon Co.) 

    Congressman Kean’s Fire Grants and Safety Act authorizes up to $750 million in funding from fiscal years 2024 through 2028, extending the sunset date of these programs to September 30, 2030. Additionally, it increases funding levels for the U.S. Fire Administration to $95 million in order to support initiatives such as the National Emergency Response Information System (NERIS). 

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    MIL OSI USA News

  • MIL-OSI Canada: Manitoba Government Invests $19.6 Million in Souris River Bridge Reconstruction

    Source: Government of Canada regional news

    Manitoba Government Invests $19.6 Million in Souris River Bridge Reconstruction

    – – –
    Replacement of Souris River Bridge on Provincial Trunk Highway 3 Guards Against Flooding and Supports Manitoba Communities: Naylor


    The Manitoba government is investing $19.6 million in a major bridge crossing to improve Manitoba highways and enhance climate resiliency by reducing the impacts of future floods in southwest Manitoba, Transportation and Infrastructure Minister Lisa Naylor announced today.

    The Souris River Bridge on Provincial Trunk Highway (PTH) 3 at Melita is a vital east-west link over the Souris River connecting people, businesses and communities, noted the minister.

    “Our government knows that infrastructure is critical to our economy,” said Naylor. “Manitobans depend on safe roads and bridges to grow their businesses, support their families and ensure they have access to important health services. I am pleased to see this project move forward to keep the communities of southwest Manitoba safe and to invest in the future of rural Manitoba.”

    The bridge replacement contract has been awarded to MD Steele Construction Limited. The new three-span steel I-girder bridge is being constructed with improved hydraulic capacity for flood resiliency and will be wider than the existing bridge, with two 3.7-metre travel lanes and 2.5-metre shoulders. The work has already begun and is anticipated to be open to traffic by next fall, noted Naylor, adding full completion of all work related to the project is scheduled for later in the fall or early winter of 2025.

    Traffic is being detoured during bridge construction onto a shoo-fly detour adjacent to the existing highway and will remain open throughout construction with a single lane controlled by signal lights at each end of the bridge. Drivers should exercise caution through the construction area at all times.

    For more information on Manitoba’s Multi-Year Infrastructure Investment Strategy, visit: www.gov.mb.ca/mti/myhis/index.html.

    Up-to-date information on highway conditions, including detours, restrictions and road closures, is available at www.manitoba511.ca  or by calling 511.

    – 30 –

    MIL OSI Canada News

  • MIL-OSI USA: California Company Charged with Conspiring to Sell Misbranded N95 Masks to Hospital in Early Months of COVID-19 Pandemic

    Source: US Department of Health and Human Services – 3

    Department of Justice
    U.S. Attorney’s Office
    District of Massachusetts 

    FOR IMMEDIATE RELEASE
    October 29, 2024

    This is the second company charged in connection with the scheme; three individuals also charged with misbranding N95 masks

    BOSTON – A California company, and three individuals who owned and managed the company, have been charged and have agreed to plead guilty to charges relating to the shipment of facemasks that were misbranded as N95 respirators during the earliest phase of the COVID-19 pandemic in the United States.  

    Advoque Safeguard LLC (ASG) was charged with one count of conspiracy to introduce misbranded devices into interstate commerce with intent to defraud or mislead, in violation of the Federal Food, Drug and Cosmetic Act. Jason Azevedo, 33, of Cedar Creek, Texas; Paul Shrater, 51, of Simi Valley, Calif.; and Andrew Stack, 52, of Santa Cruz, Calif., were charged with one count of introduction of misbranded devices into interstate commerce. Plea hearings have not yet been scheduled by the Court.  

    Earlier this month, a second company, JDM Supply LLC (JDM), and two individuals, Daniel Motha and Jeffrey Motha, were charged and agreed to plead guilty in connection with this investigation. In addition, in August 2023, another individual, Jason Colantuoni, pleaded guilty to conspiracy to commit price gouging.  

    According to the charging documents, in the spring of 2020, during the earliest phase of the COVID-19 pandemic in the United States, ASG and JDM conspired to ship facemasks that were misbranded as National Institute of Occupational Safety and Health (NIOSH)-approved, N95 respirators. It is alleged that one hospital, identified as “HOSPITAL 1,” accepted and paid for hundreds of thousands of purported N95 masks that were manufactured by ASG and sold to HOSPITAL 1 by JDM.  (HOSPITAL 1 did not use the masks, which were eventually returned to ASG.) It is further alleged that ASG and JDM misled the hospital into believing that the ASG masks were NIOSH-approved N95s, when in fact they were not. In August 2020, a NIOSH lab tested a sample of the ASG masks that had been shipped to HOSPITAL 1. All 10 ASG masks tested between 83.94% and 93.24% filtration efficiency, and thus fell under the 95% minimum level of filtration efficiency required for N95 respirators.  

    The charge of conspiracy to introduce or deliver for introduction into interstate commerce a misbranded device with intent to defraud or mislead provides for a fine of $500,000 or twice the pecuniary gain or loss of the offense, whichever is greater and up to five years of probation.  The charge of introduction or delivery for introduction into interstate commerce a misbranded device provides for a sentence of up to one year in prison; up to one year of supervised release; and a fine of $100,000. Sentences are imposed by a federal judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    Acting United States Attorney Joshua S. Levy; Ketty Larco-Ward, Inspector in Charge of the U.S. Postal Inspection Service, Boston Division; Fernando McMillan, Special Agent in Charge of the Food and Drug Administration, Office of Criminal Investigations; Christopher Algieri, Special Agent in Charge of the U.S. Department of Veterans Affairs Office of Inspector General, Northeast Field Office; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Michael J. Krol, Acting Special Agent in Charge of Homeland Security Investigations in New England made the announcement today. Assistant U.S. Attorneys Bill Brady and Howard Locker of the Health Care Fraud Unit are prosecuting the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud. 
        
    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline via the NCDF Web Complaint Form.

    The details contained in the charging documents are allegations. The defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    MIL OSI USA News

  • MIL-OSI USA: Rep. Barry Moore to AG Garland: “Release the January 6th IG report today”

    Source: United States House of Representatives – Congressman Barry Moore

    Washington, D.C. — Rep. Barry Moore (AL-02) joined a letter led by Rep. Thomas Massie (R-KY) warning that AG Merrick Garland will face consequences if the DOJ is found to have interfered with the release of the Investigator General’s report on the DOJ’s involvement in the events of January 6th, 2021. This letter follows testimony by the DOJ’s Inspector General suggesting that the FBI had confidential human sources on the Capitol Grounds that day and that DOJ may be slow-walking the release of his final report on the matter.

    “The American people deserve to see the contents of this report, and Attorney General Garland must be held accountable if he is holding up its release,” said Moore. “The Attorney General can end speculation on this matter immediately by releasing the report today.”

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    MIL OSI USA News

  • MIL-OSI USA: RI Delegation Delivers Major Funding for Freight Rail Infrastructure Improvements

    Source: United States House of Representatives – Representative Seth Magaziner (RI-02)

    PAWTUCKET, RI – Highlighting the importance of well-maintained rail networks, U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Seth Magaziner and Gabe Amo today announced that the U.S. Department of Transportation will award $19,524,497 to upgrade key segments of freight rail tracks owned by Providence & Worcester Railroad (P&W) and New England Central Railroad (NECR).  The overall project is expected to cost about $26 million, with $19.5 million in federal funding and a $6.5 million local match.  Approximately 55.5 percent of the work will be done along P&W tracks in the Ocean State at a total cost of roughly $14.46 million.

    The improvements will replace up to 48,000 feet of older, lighter rail, install 7,900 ties, and rebuild fourteen public grade crossings on the Providence & Worcester Railroad main line in Rhode Island, and reconfigure the tracks and replace nine track turnouts in the Valley Falls, Rhode Island P&W freight yard.  The improved track turnouts will increase spacing and allow for more clearance for hazardous material shipments.

    When it is completed the new track should result in enhanced operational efficiency with fewer delays and faster travel times.

    The federal funding is administered by the Federal Railroad Administration’s (FRA) and made possible through the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which funds projects that improve the safety, efficiency, and reliability of both passenger and freight rail.

    These CRISI program funds are made possible through a combination of annual appropriations and the Infrastructure Investment and Jobs Act of 2021 (Public Law 117–58), also known as the Bipartisan Infrastructure Law.

    “I’m pleased to deliver federal funds for these freight rail fixes.  This is a smart investment in helping Rhode Island companies and business sectors get products and materials where they need to go safely, quickly, and efficiently.  Making freight rail safer, more reliable, and more resilient for shippers will help strengthen our supply chains.  It will also benefit local drivers on the road by addressing deficiencies at railroad crossings that contributed to vehicle damage,” said Senator Reed, a member of the Appropriations Committee who helped secure a total of $2.97 billion for the FRA in the fiscal year 2024 appropriations bill and helped set aside $100 million specifically for the competitive CRISI grants. 

    “This federal investment in Rhode Island’s freight rail infrastructure is a win-win for Rhode Island businesses and the public,” said Senator Whitehouse.  “Our Bipartisan Infrastructure Law is at work supporting economic growth and keeping supply chains running smoothly and safely.”

    “The infrastructure bill passed by Congressional Democrats and the Biden-Harris administration is once again delivering for Rhode Island by replacing aging infrastructure and putting people to work,” said Rep. Seth Magaziner. “This federal funding will upgrade our state’s rail system to transport goods quickly and efficiently, and help local businesses compete in the national economy.” 

    “Freight rail is an essential part of Rhode Island’s economy and supports good paying jobs for workers in our state and across the region,” said Congressman Gabe Amo.  “Thanks to this $19.5 million federal investment Senator Jack Reed helped secure, our rail systems will be safer and more efficient for the businesses and shippers who need strong supply chains for goods to be transported.”

    MIL OSI USA News

  • MIL-OSI USA: Hoeven: Century View Will Provide 40 Families With Affordable Housing, Helping Address One of North Dakota’s Greatest Needs

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    10.29.24
    BISMARCK, N.D. – Senator John Hoeven today marked the grand opening of the Century View affordable housing complex. The $11.2 million project primarily serves low-income families and individuals, consisting of 40 housing units across three apartment buildings with three-, two- and one-bedroom floor plans available, as well as an additional community building. Amenities include balconies and walk-out patios, in-unit laundry, outdoor green space, a community room and kitchen and office space.
    The project is supported by more than $3 million in federal funding, which Hoeven worked to secure as a member of the Senate Transportation, Housing and Urban Development Appropriation Committee. This includes:
    $2.25 million in Home Investment Partnerships Program (HOME) funds.
    $813,000 in Low Income Housing Tax Credits (LIHTC), which were leveraged by the project developer to secure an estimated $7 million in project equity.
    Ongoing support from Section 8 housing vouchers, which will provide rental assistance to eligible residents.
    “Century View will serve as an important asset for the Bismarck community, providing 40 families with affordable housing and helping address one of the biggest challenges our communities face. This project is now a reality, with amenities that any tenant would want, because the developers were able to leverage more than $3 million of federal funding to secure private investment of $7 million,” said Hoeven. “Through partnerships like this, we can provide the affordable, high-quality housing stock that our state needs, supporting our ongoing growth and a higher quality of life.”
              Century View is the latest example of affordable housing efforts Hoeven has helped advance through his support for federal programs like HOME, LIHTC and other initiatives. Earlier this year, Hoeven marked the completion of the Milton Earl Apartments in Fargo, which serve low-income seniors, and he continues working to support development of the Lashkowitz Riverfront Project, among other efforts.

    MIL OSI USA News

  • MIL-OSI USA: Readout of White  House Discussion on AI and Advanced Software Solutions to Accelerate Clean Energy Grid  Integration

    US Senate News:

    Source: The White House
    Today, the White House Task Force on AI Datacenter Infrastructure convened experts from power companies, grid operators, software companies, NGOs, and other stakeholders to explore how advanced computing and software solutions, including artificial intelligence (AI), can accelerate grid integration of clean energy. Maintaining U.S. leadership of AI globally is a national security and an economic imperative. That is why the Biden-Harris Administration is focused on maintaining the strongest AI ecosystem in the world here in the United States and ensuring AI datacenters run on clean energy and without raising costs for American consumers. Secretary of Energy Jennifer Granholm, National Economic Advisor Lael Brainard, Senior Advisor to the President for International Climate Policy John Podesta, and National Climate Advisor Ali Zaidi encouraged participants to invest in innovative solutions that further accelerate deployment and ensure we reliably meet our energy needs, keep electricity costs low, and achieve U.S. climate targets.
    Participants discussed efforts underway to get more sources of supply on the grid by addressing the backlog of projects to power the grid currently waiting in “interconnection queues,” situations where additional computing solutions can make the biggest difference, and strategies on how to pursue those opportunities.
    Federal Energy Regulatory Commission Chairman Willie Phillips joined the convening and explained how stakeholders would benefit from the Commission’s July 2023 rule on interconnecting new generation resources.
    The Department of Energy (DOE) announced a forthcoming new program that will use AI to help clean energy project developers submit applications that grid operators can evaluate more quickly. DOE also highlighted an investment announced earlier this month to help transmission owners and grid operators replace fragmented data management systems with a standardized, cloud-based software solution that supports a faster interconnection process.
    Moreover, participants discussed DOE initiatives unveiled earlier this year as part of its novel Interconnection Innovative e-Xchange, or i2X, program, highlighting roadmaps with recommended solutions to implement a simpler, faster, and fairer interconnection process and opportunities for stakeholders to get involved.
    The Biden-Harris Administration’s Investing in America agenda has accelerated hundreds of billions of dollars of investments in clean electricity generation across the country and enabled historic actions to get energy projects funded, permitted, and deployed across the country – fueling over 250,000 new, good-paying energy jobs in 2023, which are growing at twice the rate of the rest of the economy. Applications for nearly 2,600 gigawatts of generation and battery storage capacity – twice current U.S. generation capacity – are waiting in interconnection queues to be connected to the grid. Accelerating the process by which grid operators study, determine, and approve needed grid upgrades to interconnect projects will enable clean energy to come online faster – energy America needs to fuel our economic growth, from our expanding manufacturing sector to datacenters that ensure U.S. leadership in AI to electric vehicles and more.

    MIL OSI USA News

  • MIL-OSI Security: Georgia Man Pleads Guilty to Role in Methamphetamine Trafficking Organization

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    HUNTINGTON, W.Va. – Nehmiah Allen-Griggs, also known as “Newski,” 23, of Dallas, Georgia, pleaded guilty today to distribution of 50 grams or more of methamphetamine. Allen-Griggs admitted to his role in a drug trafficking organization (DTO) responsible for distributing large quantities of methamphetamine and fentanyl in the Southern District of West Virginia.

    According to court documents and statements made in court, on March 1, 2023, Allen-Griggs distributed approximately 1 pound of methamphetamine to a confidential informant in a Huntington parking lot in exchange for $2,000.

    On November 15, 2023, law enforcement officers executed a search warrant at a Highlawn Avenue residence in Huntington and seized quantities of methamphetamine and fentanyl, a Landor Arms Canyon Arms 12-gauge shotgun, a Walther P22 .22-caliber pistol equipped with a silencer, a Kel-Teck .22-caliber pistol, and various rounds of ammunition. Allen-Griggs admitted that he and others used the residence to store and distribute methamphetamine and fentanyl.

    Allen-Griggs is scheduled to be sentenced on February 10, 2025, and faces a mandatory minimum of 10 years and up to life in prison, at least five years of supervised release, and a $10 million fine.

    Allen-Griggs is among 27 individuals indicted in a 53-count indictment that charges the defendants with distributing methamphetamine and fentanyl transported from Detroit, Michigan, in Huntington and other locations within the Southern District of West Virginia.

    Allen-Griggs is also among 22 defendants who have pleaded guilty in the main case. One other of the 27 indicted individuals pleaded guilty to a related offense in a separate case. The indictment against the remaining defendants is pending. An indictment is merely an allegation and the defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI), the Cabell County Sheriff’s Department, the Drug Enforcement Administration (DEA), the Metropolitan Drug Enforcement Network Team (MDENT), the West Virginia State Police, the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the U.S. Postal Inspection Service. MDENT is composed of the Charleston Police Department, the Kanawha County Sheriff’s Office, the Putnam County Sheriff’s Office, the Nitro Police Department, the St. Albans Police Department and the South Charleston Police Department.

    United States District Judge Robert C. Chambers presided over the hearing. Assistant United States Attorneys Joseph F. Adams and Stephanie Taylor are prosecuting the case.

    The investigation was part of the Department of Justice’s Organized Crime Drug Enforcement Task Force (OCDETF). The program was established in 1982 to conduct comprehensive, multilevel attacks on major drug trafficking and money laundering organizations and is the keystone of the Department of Justice’s drug reduction strategy. OCDETF combines the resources and expertise of its member federal agencies in cooperation with state and local law enforcement. The principal mission of the OCDETF program is to identify, disrupt and dismantle the most serious drug trafficking organizations, transnational criminal organizations and money laundering organizations that present a significant threat to the public safety, economic, or national security of the United States.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 3:23-cr-180.

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    MIL Security OSI

  • MIL-OSI Economics: Money Market Operations as on October 28, 2024

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 559,669.89 6.45 5.00-6.75
         I. Call Money 9,351.89 6.62 5.10-6.75
         II. Triparty Repo 407,058.50 6.43 6.11-6.60
         III. Market Repo 142,040.79 6.52 5.00-6.70
         IV. Repo in Corporate Bond 1,218.71 6.69 6.65-6.75
    B. Term Segment      
         I. Notice Money** 209.50 6.43 6.10-6.65
         II. Term Money@@ 489.50 6.50-7.05
         III. Triparty Repo 2,536.00 6.42 6.35-6.55
         IV. Market Repo 2,134.85 6.53 6.45-6.57
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 28/10/2024 1 Tue, 29/10/2024 1,648.00 6.75
    4. SDFΔ# Mon, 28/10/2024 1 Tue, 29/10/2024 103,800.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -102,152.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 18/10/2024 13 Thu, 31/10/2024 20,073.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo Fri, 25/10/2024 6 Thu, 31/10/2024 25,005.00 6.55
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,696.81  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     17,168.81  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -84,983.19  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 28, 2024 1,010,098.68  
         (ii) Average daily cash reserve requirement for the fortnight ending November 01, 2024 1,016,726.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 28, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on October 04, 2024 488,495.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1389

    MIL OSI Economics

  • MIL-OSI Australia: Address to the Australian Bureau of Agricultural and Resource Economics and Sciences

    Source: Australian Treasurer

    I acknowledge the Ngunnawal people, on whose traditional lands we meet, and pay respect to all First Nations people here today.

    Economist John Crawford started his public service career in the 1940s working under Nugget Coombs in the Department of Post‑War Reconstruction (Miller 2007, Uhr 2006).

    After taking a strong interest in agriculture, tariffs and trade in his academic studies, Crawford became the director of the Department’s rural and regional planning divisions (Powell & Macintyre 2015).

    Those planning divisions evolved into the Bureau of Agricultural Economics which would serve as the Commonwealth agency responsible for examining proposals for settling returned soldiers on productive farms.

    With Crawford as the inaugural director, the Bureau would assess ‘the suitability of climate and soil, the adequacy of the farm areas and likely economic viability of the farms’ (Powell & Macintyre 2015).

    It was a significant task because no one wanted to repeat the costly mistakes of the 1920s where nearly 12,000 soldier settlers abandoned their farms within a few years.

    But Crawford saw greater potential for the Bureau.

    He proposed broader functions such as studies on the outlook for primary industries, land use investigations and research to promote certain commodities (Powell & Macintyre 2015).

    The Bureau of Agricultural Economics, Crawford and its broader functions transferred to the Department of Commerce and Agriculture in 1946.

    Through various departmental leadership roles, Crawford went on to be one of the great public administrators of his generation.

    John Crawford is the only economist ever to be recognised as the Australian of the Year, winning the award in 1981 for his work as ‘one of the foremost architects of Australia’s post‑war growth’ (Australian of the Year n.d) (I can’t help noting in passing that we’re probably due for another economist to take the top gong).

    Meanwhile, the Bureau has broadened its economic knowledge base and has added names to its title over the years as it merged with other research agencies (ABARES n.d).

    Some 80 years and dozens of outlook conferences later, the Australian Bureau of Agricultural and Resource Economics and Sciences continues to uphold John Crawford’s best traditions.

    In his words, providing a ‘fact‑finding service’ and providing ‘the material and critical analyses of problems with which policy can be better made’ (Crawford 1952).

    Recognising the ongoing importance of your work, our government announced additional funding in last year’s Budget to help:

    • improve regional data sources
    • collect information on low‑emissions technology, and
    • examine the effect of emissions policies on agriculture and regions (DAFF 2023).

    Concentrating on competition in agriculture

    As a kid who attended an agricultural high school, I’ve always been fascinated by farming. But competition is my primary reason for being here today.

    Since at least the days of Adam Smith, economists have spruiked the virtues of competition (Leigh 2022).

    Industries with plenty of competitors tend to deliver better prices, more choices and stronger productivity growth.

    Uncompetitive markets tend to deliver higher prices, lower wages, less choice, and less innovation. A lack of competition leads to problems that can be difficult to undo.

    Today, I will talk about one problem that has only become worse in the recent decades: market concentration.

    When I took on the competition portfolio, a friend issued me a challenge: ‘How many Australian industries can you name that are not dominated by a few big firms?’ (Leigh 2024a).

    It’s a tough ask.

    Applying the rule of thumb that a market is concentrated if the largest 4 firms control one‑third or more, research by Adam Triggs and I found over half of the industries in the Australian economy are concentrated markets (Leigh & Triggs 2016).

    Indeed, many people asked to take on my friend’s challenge might well answer ‘farming’. And it turns out that for many commodities – though not all – farming is quite competitive.

    A straightforward source of market concentration data are the annual industry estimates produced by IBIS World. They estimate the market share of the top 4 firms for several hundred industries.

    A round‑up of IBIS World data on the market share of the largest 4 companies in parts of the agricultural supply chain shows farmers are often caught in the middle.

    Upstream, farmers deal with concentrated markets for their inputs.

    The largest 4 companies in fertiliser manufacturing in Australia have a combined market share of 62 per cent (IBIS World 2024a).

    The largest 4 in hardware and building supplies retailing control about 49 per cent of the market (IBIS World 2024b).

    And the market share for garden supplies retailing is about 33 per cent for the largest 4 firms (IBIS World 2024c).

    Downstream, farmers deal with concentrated markets for processing, freight and retailing.

    According to IBIS World industry reports, there is concentration in fruit and vegetable processing, with the largest 4 companies holding about 34 per cent of the market (IBIS World 2023).

    For meat processing, market share of the largest 4 companies is 44 per cent with JBS Australia, Thomas Food International and Teys Australia being the dominant players (IBIS World 2024d).

    For rail freight transport, the 4 largest including Aurizon and Pacific National have a combined 64 per cent market share (IBIS World 2024e).

    For shipping freight transport in Australia, the market share of 2 companies – ANL and Maersk – amounts to about 85 per cent (IBIS World 2024f).

    When it comes to supermarkets and grocery stores in Australia, it is well documented that Coles and Woolworths account for two‑thirds of the market (IBIS World 2024g).

    These figures show that the agricultural supply chain is highly concentrated at the national level.

    However, for many farmers, their options are even more limited than these figures suggest, as transport costs and risk of spoilage further limit the commercially viable options available to them.

    To further illustrate the point about farmers being caught in the middle, today I will draw on case studies from a series of reports where concerns have been raised about market concentration harming farmers.

    And I will finish by outlining our actions to improve competition laws, to revitalise competition policy in Australia and to make the economy more productive.

    Digging in

    First, we should never underestimate the importance and efficiency gains of farm equipment and machinery.

    Historian James Burke argues the entire modern world is the result of the plough (Harford 2017).

    Increasing farm productivity meant communities could build up a surplus of food, people could settle in one place and everyone’s job no longer had to be finding food (Leigh 2024b).

    Knowing where your next meal was coming from allowed craftspeople to specialise, it allowed trade to flourish, and it allowed people to think about improving the world around them.

    Any list of top Australian inventions typically includes Richard Bowyer Smith and his brother Clarence’s invention in 1876 of the stump‑jump plough (Dictionary of Biography n.d).

    These days, we are no longer talking about the humble plough.

    We are talking about a billion‑dollar farm machinery industry consisting of hi‑tech harvesters, tractors and seeding machinery (DAFF 2022).

    John Deere has more software development engineers than mechanical design engineers (Patel 2021).

    For farmers, machinery represents a significant capital investment involving upfront and ongoing costs (ACCC 2021).

    But many Australian farmers feel they have no genuine choice or ability to shop around.

    The Australian Competition and Consumer Commission’s 2021 market study found farm machinery markets are concentrated at the manufacturer and dealership levels (ACCC 2021).

    Compared to car manufacturers, agricultural machinery makers have greater ability to leverage their market share in new sales to reduce competition in the market for servicing, repairs and parts.

    Warranties restrict the purchaser to a single authorised dealer for servicing and repairs.

    And tech restrictions mean independent repairers or farmers can’t access the parts, manuals and diagnostic software they need to carry out repairs.

    In short, farmers have few choices when buying machinery but even less choice when servicing or repairing that equipment.

    The Productivity Commission further examined difficulties accessing repair data as part of the right to repair inquiry (PC 2021).

    It agreed restrictions harm farmers through higher repair prices, reduced access and choice, and greater financial risks from repair delays.

    The Productivity Commission recommended the government intervene by introducing a repair supplies obligation on agricultural machinery.

    This would require manufacturers to provide access to repair information and diagnostic software tools to machinery owners and independent repairers on fair and reasonable commercial terms.

    As you may know, I have advocated for the need for access to service and repair information over many years.

    In July 2022, I launched Australia’s first right to repair law, the Motor Vehicle Service and Repair Information Sharing Scheme.

    The government is currently monitoring how this scheme is operating for the benefit of independent repairers and consumers.

    Extending right to repair to other sectors, such as agriculture, is a good thing for the economy, businesses and consumers.

    I am pleased there have been negotiations between Australian farmers and the farm machinery industry to consider putting in place a voluntary right to repair arrangements for the sector.

    I encourage parties to continue those negotiations as voluntary arrangements are a great opportunity to foster collaboration and flexibility and can often lead to innovative and effective outcomes.

    Seeds of doubt

    Seeds are the next input I want to cover.

    The US Department of Agriculture’s Economic Research Service examined the seed sector as part of its paper on concentration and competition in agribusiness (MacDonald J et al. 2023).

    The 2023 paper found the seed sector ‘has become highly integrated with agricultural chemicals and more concentrated, with fewer and larger firms dominating supply’.

    Using 2021 annual report data, it said Bayer, ChemChina’s Syngenta Group, Corteva and BASF were the biggest players in global sales for seeds and agricultural chemicals.

    The Economic Research Service found seed prices rose significantly as markets became more concentrated but said the evidence was mixed on the influence of other factors.

    Between 1990 and 2020, the average seed price went up by 270 per cent and the average price for genetically modified varieties rose 463 per cent (MacDonald J et al. 2023).

    Despite the higher seed costs, the paper said it could be argued that genetically modified varieties resulted in ‘significant productivity gains to farmers’.

    It also said higher seed prices may have supported research and development with the number of patents for new crop varieties doubling compared to earlier decades.

    Still, there are not many other industries where the price of a key input has grown fivefold in thirty years.

    Mergers have changed the global seed and farm chemical industry in recent years, and questions remain about what it means for prices and innovation in the long term.

    Sour competition grapes

    Wine grapes arrived with the first fleet in 1788 as cuttings collected en route by Captain Arthur Phillip.

    They were planted at Sydney Cove but withered and died without producing any fruit.

    Which is why it’s called the Rum Rebellion, not the Chardonnay Coup.

    Nevertheless, a fledging wine industry struggled to its feet through booms and busts of the 1800s and by the turn of the century had taken root.

    In the most recent year for which statistics are available, Australia exported 621 million litres of wine (Wine Australia 2024). That figure exceeds domestic wine sales, estimated at 444 million litres.

    There are more than 2,000 wineries and approximately 6,000 grape growers across our 65 wine growing regions.

    They have over 160,000 full and part‑time employees.

    But while the terroir may be good, the vineyard not a level playing field.

    A wine grape market study completed by the Australian Competition and Consumer Commission in 2019 found a highly concentrated industry (ACCC 2019).

    Issues in the supply chain included a lack of competition, potential unfair contract terms, a lack of price transparency, and imbalanced risk allocation in favour of winemakers over grape growers.

    The largest 1 per cent of winemakers accounted for over 80 per cent of wine production.

    Four retailers account for over 80 per cent of sales by value in the domestic retail liquor market.

    The 5 largest winemakers account for an estimated 87 per cent of volume in the Australian wine export market.

    And the trend has been towards even greater consolidation of large winemakers in recent years.

    Change is never easy in agricultural industries subject to boom‑and slump cycles of over production in the good times and consolidation in the bad.

    In 2021 the ACCC found that commercial practices in the wine grape industry had improved since their 2019 report but warned that regulatory action may be necessary without further reforms in payment times and transparency.

    Industry is taking steps to improve transparency but there is still work to be done to ensure a fair and functioning wine, grape and retail market.

    In August, we appointed former competition minister Craig Emerson to lead an independent impact analysis of the wine and grape sector’s regulatory options (Collins 2024).

    Dr Emerson’s report will examine fair trading, competitive relationships, contracting practices and risk allocation.

    Competition beef

    Those problems are not unique to the grape and wine industry.

    In 2023, the National Farmers Federation released an issues paper criticising the lack of transparency and competition across Australia’s agricultural supply chains (NFF 2023).

    The National Farmers Federation said reduced competition meant farmers weren’t receiving the incomes they deserved with long‑term consequences for competitiveness, economic and environmental sustainability and profitability.

    Those concerns echoed the Australian Competition and Consumer Commission’s cattle and beef market study of 2017. That study found evidence that conflicts of interest regularly arise in saleyard transactions when buyers bid for livestock on behalf of multiple clients, and when agents represent both a cattle seller and a cattle buyer in the same transaction (ACCC 2017).

    The report pointed out that cattle auctions have characteristics that make it easier for cartels to develop, including repeated interactions with the same auctioneers, who are often linked by social networks that make it easier to ‘punish’ auctioneers who break away from agreed anti‑competitive bidding practices. Other problematic behaviours included the exclusion of rival agents, and a lack of transparency around saleyard weighing protocols.

    There is a cyclical element to many concerns about competitiveness in the market structure of the Australian cattle and beef industry.

    An ongoing concern is the impact on producers of market concentration and buyer power during tough times, such as droughts.

    Seasonal and cyclical fluctuations in supply can also affect the profitability of meat processors, dampening incentives for new entrants and reducing competition through mergers or acquisitions of incumbents.

    The 2017 report found that the top 5 Australian processors account for around 57 per cent of total cattle slaughter (ACCC 2017).

    A follow‑up report by the Australian Competition and Consumer Commission 2 years later found that the industry had taken some steps towards improving transparency in dealings between processors and farmers, but, again, there was still work to do (ACCC 2019).

    Super concentrated

    Another highly concentrated part of the agricultural supply chain in Australia are supermarkets.

    Coles and Woolworths account for about 67 per cent of national retail sales (Mulino 2024, ACCC 2024 p147).

    Only 2 OECD countries – New Zealand and Norway – have a greater market share of sales controlled by 2 supermarkets (ACCC 2024 p148).

    Earlier this year, the House of Representatives Standing Committee on Economics handed down an excellent report on the inquiry into promoting economic dynamism, competition and business formation.

    The Committee received evidence on the high market share in the supermarket sector, profit margins, and the power imbalance in the relationship between the major supermarkets and farm‑gate producers.

    The report said: ‘Many agricultural suppliers are at risk of that power imbalance being used to negotiate outcomes that affect profitability and, therefore, the capacity and willingness to invest.’

    At the same time as the Parliamentary inquiry, our government is taking action on several fronts.

    Food and Grocery Code of Conduct

    First, we are making sure the Food and Grocery Code of Conduct is working effectively and fairly.

    The voluntary Code was introduced in 2015 to improve behaviour in the way supermarkets deal with suppliers – including growers where they supply directly to supermarkets.

    Dr Craig Emerson’s independent review found the Code is ‘needed to address persistent bargaining power imbalances between supermarkets and their smaller suppliers’ (Emerson 2024).

    Dr Emerson made 11 recommendations for improving the Code and the government announced in June that it will adopt them all (Treasury 2024a).

    The Code will be made mandatory with Coles, Woolworths, Aldi and Metcash subject to million‑dollar penalties for serious breaches.

    There will be improvements to the dispute resolution mechanisms. There will be a pathway for anonymous complaints from suppliers and whistle‑blowers, and guards against retribution by supermarkets.

    We released exposure drafts for consultation in September and we aim to introduce legislation into the Parliament later this year.

    Supermarket inquiry

    Second, we understand more needs to be done to achieve a competitive and sustainable food and grocery sector.

    So, we directed the Australian Competition and Consumer Commission to undertake a 12‑month inquiry into supermarket pricing.

    It allows the watchdog to conduct a deep dive into competition and pricing practices in the supermarket sector for the first time in more than 15 years.

    The Australian Competition and Consumer Commission’s interim report released in September said, ‘Australia’s supermarket industry is changing’ but remains ‘highly concentrated’ (ACCC 2024).

    In the era of online shopping, loyalty programs and data technology, Coles and Woolworths have expanded their share of take‑home food and grocery sales by a combined 3.7 percentage points since 2006–07.

    Supermarkets have also expanded into broader ‘ecosystems’ beyond grocery retailing but in highly complementary areas such as advertising and data analytics, pet products, telco and insurance services (ACCC 2024 p161).

    As well as conducting consumer surveys as part of the inquiry, the Australian Competition and Consumer Commission held 7 roundtables to listen to farmers and fresh produce wholesalers.

    Although no conclusions have been made, the interim report highlighted concerns from fresh produce suppliers about information asymmetries, power imbalances and specific practices that have enabled supermarkets to transfer disproportionate risk and cost onto suppliers.

    In the next phase of the inquiry, the Australian Competition and Consumer Commission will undertake 14 case studies to examine supermarket profit margins and how profits are distributed in the supply chain.

    And it will hand a final report to the government in February 2025.

    CHOICE retail reports

    Third, we announced funding for consumer group CHOICE to produce quarterly reports on retail grocery prices.

    The CHOICE reports will compare grocery prices at different retailers, highlighting those charging the most and the least.

    We have already seen the first 2 ‘basket of goods’ quarterly reports using data from March and June to help consumers make informed decisions about what they’re buying and where they shop (Leigh 2024c).

    Other measures

    Earlier this month, the Australian Government announced around $30 million in additional funding to the ACCC to crack down on misleading and deceptive pricing practices and unconscionable conduct in the supermarket and retail sectors.

    This will strengthen the ACCC’s ability to proactively monitor behaviour and investigate concerns about supermarkets and retailers falsely justifying higher prices.

    In addition to this crackdown, the Treasurer will work closely with states and territories through the Council on Federal Financial Relations to reform planning and zoning regulations, which will help boost competition in the supermarket sector by opening up more sites for new stores (Albanese 2024).

    Strengthening protections against unfair contract terms

    Unfair contract term protections are another area where we have already made improvements.

    Unfair contract terms are terms that are clearly lopsided – for example by allowing the more powerful party to unilaterally change prices, or cancel the contract.

    Under the former government, such terms were unenforceable, but it was not an offence to include them in a contract.

    Fertiliser

    For example, last year the Australian Competition and Consumer Commission investigated complaints about fertiliser companies using contracts in a way that could disadvantage farmers (ACCC 2023).

    Contract terms allegedly gave larger suppliers the right to unilaterally vary the quantity delivered or to terminate the agreement and restricted buyers from raising issues about defects.

    Fertiliser suppliers co‑operated and changed the contract terms to address the Australian Competition and Consumer Commission’s concerns.

    Potatoes

    In another example, the Federal Court in 2019 declared Mitolo Group, Australia’s largest potato wholesaler, used unfair terms in contracts with growers (ACCC 2019).

    The court declared contract terms that allowed Mitolo to unilaterally determine or vary the price paid to growers as void.

    Terms preventing growers from selling potatoes to other purchasers and terms stopping farmers from selling their property unless the buyer entered into a contract with Mitolo were also declared void.

    Stronger laws

    More broadly, the problem is the laws weren’t stopping the use of unfair terms, which remain prevalent in standard form contracts.

    A court could declare a contract term to be unfair and therefore void and unenforceable, but until our government took office, the law didn’t allow penalties to be imposed.

    We have fixed that. In 2022, we delivered on our promise to strengthen unfair contract term laws (Leigh & Collins 2022).

    We introduced civil penalty provisions outlawing the use of, and reliance on, unfair terms in standard form contracts.

    And we extended the coverage of the protections.

    We lifted the eligibility cap from businesses with less than 20 employees to businesses with less than 100 employees, or annual turnover of less than $10 million.

    The most significant merger reforms in decades

    Merger regulation is one of the key pillars of competition law (Leigh 2024a).

    It acts as the ‘preventive medicine’ against the few mergers that substantially lessen competition.

    But feedback suggests our system isn’t as healthy as it could be.

    The Competition Taskforce found Australia’s ‘ad hoc’ merger process is unfit for a modern economy and said we lag best practice in other countries.

    In response, we have announced the most significant reforms to merger settings in almost 50 years.

    The proposed reforms will make Australia’s merger approval system faster, stronger, simpler, targeted and more transparent.

    Revitalising National Competition Policy

    The Albanese government is working with state and territories to revitalise National Competition Policy.

    There is consensus that pro‑competitive reforms are worth doing and we are aiming for agreement by the end of the year.

    The original National Competition Policy underpinned a generation of growth from the 1990s (Leigh 2024d).

    While it left us in a good position, the economy has changed, and the nation now faces new challenges that the original policy could not have anticipated.

    These include digitalisation, the growth in human services, the net zero transformation and supporting Australia’s most vulnerable (Treasury 2024b).

    Trade opportunities

    We are also looking to improve competitiveness overseas as well as at home.

    Our farmers are internationally competitive with Australia exporting around 72 per cent of the total value of agricultural, fisheries and forestry production (ABARES 2024).

    Historically, Australia’s farmers have been among the strongest advocates of trade liberalisation. The old ‘protection all round’ strategy meant that Australian farmers paid more for imported farm machinery, and faced tariffs from other countries to which they exported their produce.

    Reductions in Australia’s domestic tariffs under the Whitlam, Hawke and Keating governments made farm equipment more affordable. It also bought Australia international credibility – enabling us to spearhead reform through the creation in 1986 of the Cairns Group of Fair Trading Nations, to advocate for liberalisation of global trade in agricultural goods (cairnsgroup.org).

    Today, our government is building on that legacy. Invested: Australia’s Southeast Asia Economic Strategy said, ‘Australia is already a key partner in helping Southeast Asia meet its food security needs’, and notes that ‘there is strong potential to develop this trade relationship further towards 2040’ (DFAT 2023).

    So, trade forms a significant part of our broader economic agenda.

    And as Trade Minister Don Farrell observes, we are ‘delivering on our commitment to secure new trade and investment opportunities for Australian exporters, producers, farmers and businesses’ (Farrell 2024).

    Closing remarks

    Let me finish by saying, competitive markets matter in all parts of the Australian economy, but especially in the farm sector.

    As the Australian Competition and Consumer Commission’s Mick Keogh crisply puts it: ‘there are many farmers, but few processors or wholesalers, and even fewer major retailers’ (Keogh 2021).

    As my analysis of IBIS World data shows, small‑scale farmers are often the meat in a market concentration sandwich.

    Upstream, there is often no choice about dealing with large‑scale providers on inputs.

    Downstream, there is often no choice about negotiating with larger processors and retailers.

    And through various examples from many reports over several years, we can see that market concentration hurts farmers.

    Higher prices for inputs.

    Less choice for repairs.

    Power imbalances in negotiating contracts.

    A lack of transparency around prices.

    And potentially unfair contract terms.

    I’m pleased to say, as outlined today, the government is focused on practical solutions to improve our competition settings.

    And we appreciate the expertise and insights of the Australian Bureau of Agricultural and Resource Economics and Sciences.

    Thank you.

    Note: My thanks to officials in the Australian Treasury for invaluable drafting assistance.

    References

    Albanese, A; Chalmers, J. (2024) ‘Helping Australians get fairer supermarket prices through stronger protections and greater competition’, [media release] The Treasury, accessed 1 October 2024.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) n.d About ABARES – Our History, online content.

    Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) (2024) Snapshot of Australian Agriculture 2024, ABARES Insights.

    Australian Competition and Consumer Commission (ACCC) (2024) Supermarkets inquiry interim report.

    Australian Competition and Consumer Commission (ACCC) (2017) Cattle and Beef Market Study – Final Report.

    Australian Competition and Consumer Commission (ACCC) (2019a), Transparency improving in cattle and beef industry, media release issued 20 August 2019.

    Australian Competition and Consumer Commission (ACCC) (2020) Perishable agricultural goods inquiry Final Report.

    Australian Competition and Consumer Commission (ACCC) (2021) Agricultural Machinery Market Study.

    Australian Competition and Consumer Commission (ACCC) (2023) Fertiliser suppliers amend unfair contract terms after ACCC investigation Accessed 21 August 2023.

    Australian Competition and Consumer Commission (ACCC) (2019b) Court penalises potato wholesaler for breaching the Horticulture Code and declares unfair contract terms void, Accessed 2 August 2019.

    Australian of the Year Awards (n.d) Sir John Crawford AC CBE – In Memoriam.

    Cairns Group, The. (n.d) About The Cairns Gro…~https://www.cairnsgroup.org/Pages/Introduction.aspx

    Collins (2024) Supporting Australia’s wine industry [media release] The Treasury, accessed 23 August 2024.

    Department of Agriculture, Fisheries and Forestry (2022) Snapshot – Australian agricultural machinery imports Accessed 4 November 2022.

    Department of Agriculture, Fisheries and Forestry (2023) Boosting capabilities to support a sustainable agriculture sector Budget 2023–2024 fact sheet, Australian Government.

    Department of Foreign Affairs and Trade (2023) Invested: Australia’s Southeast Asia Economic Strategy to 2040, a report for the Australian Government accessed September 2023.

    Dictionary of Biography, Australian. Richard Bowyer Smith entry, Biography – Richard …~https://adb.anu.edu.au/biography/smith‑richard‑bowyer‑13201

    Emerson C (2024) Independent Review of the Food and Grocery Code of Conduct Final Report, [final report] Treasury.

    Farrell D (2024) Press conference, Parliament House Accessed 17 September 2024.

    Harford T 27 November (2017) How the plough made the modern economy possible BBC World Service.

    IBIS World (2024a) ‘Agricultural machinery manufacturing in Australia’, Industry Report, February 2024.

    IBIS World (2024b) ‘Hardware and building supplies retailing in Australia’, Industry Report, February 2024.

    IBIS World (2024c) ‘Garden supplies retailing in Australia’, Industry Report, March 2024.

    IBIS World (2024d) ‘Meat processing in Australia’, Industry Report, June 2024.

    IBIS World (2024e) ‘Rail freight transport in Australia’, Industry Report, September 2024.

    IBIS World (2024f) ‘Water freight transport in Australia’, Industry Report, May 2024.

    IBIS World (2024g) ‘Supermarkets and grocery stores in Australia, Industry Report, August 2024.IBIS World 2023, ‘Fruit and vegetable processing in Australia’, Industry Report, August 2023.

    Keogh M (2021) Competition in Australian agriculture Speech to the National Farmers’ Federation accessed 11 June 2021.

    Leigh A 28 November (2022) Look overseas to see the virtues of more competition [opinion piece] The Australian.

    Leigh A 27 August (2024a) Why new rules in competition are sure to be game‑changing [opinion piece] The Canberra Times.

    Leigh A (2024b) The Shortest History of Economics, Black Inc.

    Leigh A (2024b) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024c) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

    Leigh A (2024d) Competition reform will ensure flourishing future [opinion piece] The Australian.

    Leigh A and Collins J (2023) Labor delivering on promise to ban unfair contract terms [media release] Accessed 26 July 2022.

    Leigh A and Triggs A (2016), Markets, Monopolies and Moguls: The Relationship between Inequality and Competition. Australian Economic Review, 49: 389–412.

    MacDonald J, Dong X, and Fuglie K (2023) Concentration and Competition in U.S. Agribusiness United States Department of Agriculture Economic Research Service, Economic Information Bulletin No.256.

    Miller J (2007) Sir John Grenfell (Jack) Crawford (1910–1984) Australian Dictionary of Biography, Volume 17, 2007, ANU.

    Mulino D (2024) Better Competition, Better Prices Report on the inquiry into promoting economic dynamism, competition and business formation, House of Representatives, Standing Committee on Economics.

    National Farmers’ Federation (NFF) (2023), Issues Paper, Market Price Transparency, National Farmers’ Federation Issues Paper.

    Patel N 15 June (2021) John Deere turned tractors into computers – what’s next, The Verge.

    Powell G & Macintyre S (2015) Land of opportunity: Australia’s post‑war reconstruction, National Archives of Australia Research Guide.

    Productivity Commission (PC) (2021) Right to Repair Inquiry Report No.97, accessed 29 October 2021.

    Treasury (2024a) Government response to the Independent Review of the Food and Grocery Code of Conduct, Treasury.

    Treasury (2024b) National Competition Policy fact sheet Treasury.

    Uhr J (2006) The Crawford Doctrine: An informal sketch Australian National University, accessed 21 June 2006.

    Whitnall T and Pitts N (2020) Meat Consumption ABARES.

    Wine Australia (2024), Market insights, Australian wine sector at a glance, Wine Australia.

    MIL OSI News

  • MIL-OSI Asia-Pac: Speech by SCED at Hong Kong FinTech Week 2024 (English only)

    Source: Hong Kong Government special administrative region

    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    Speech by SCED at Hong Kong FinTech Week 2024 (English only)
    ************************************************************

         Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the second day of the Main Conference of Hong Kong FinTech Week 2024 today (October 29): Distinguished guests, ladies and gentlemen,      Good morning.      Welcome to day two of the Main Conference of Hong Kong FinTech Week 2024. It is my pleasure to join you all here this morning.        Hong Kong has all along attached great importance to developing fintech businesses, with a view to developing our city as an ideal destination for fintech firms from around the world. As a symbol of this goal, Invest Hong Kong (InvestHK) has been organising the flagship Hong Kong FinTech Week since 2016 to gather the global fintech stakeholders, including investors, professionals and practitioners, in Hong Kong to discuss the latest developments and explore new opportunities.       Being the premier annual international fintech event in Asia, this mega event has been receiving overwhelming support and serving as a great platform over time for Hong Kong’s expanding fintech business. With its theme “Illuminating New Pathways in Fintech”, Hong Kong FinTech Week this year is expected to attract more than 30 000 visitors, and over 800 speakers and 700 exhibitors from over 100 economies. In fact, such a scale can hardly be matched by other similar fintech events. I am glad that you are in the right place today, and I can assure you of an exciting series of events in the rest of Hong Kong FinTech Week.      Being a “super connector” and a “super value-adder”, Hong Kong acts as an important gateway between the Mainland and the overseas markets. Our city is a place where we advocate entrepreneurship and innovation, and also a perfect launch pad for fintech companies to be groomed locally and globally.        Under “one country, two systems”, Hong Kong continues to maintain our uniqueness as one of the most liberal and easiest places to do business in the world. In terms of foreign direct investment, Hong Kong remains the world’s fourth largest destination as revealed in the World Investment Report 2024; Hong Kong is once again ranked in 2024 as the freest economy by the Fraser Institute; and we are ranked the third globally, the first in the Asia-Pacific region as well as one of the top 10 fintech hubs around the globe according to the recent Global Financial Centres Index report.      These recognitions are attributed to our institutional advantages including a robust common law legal system, an independent judiciary, a simple and low tax system, world-class professional services, and many others, which are the very foundation of Hong Kong’s success as an ideal place for fintech companies to thrive.      Coupled with an array of new business-friendly initiatives announced in the 2024 Policy Address this month, all businesses in Hong Kong, including the fintech sector, could benefit from them. For example, the updated Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) provides more flexibility and convenience for Hong Kong companies to invest and do business on the Mainland. All companies based in Hong Kong, regardless of their place of origin, can all benefit from the latest CEPA enhancements. My friends, I strongly recommend that you set up your fintech and related financial operations in Hong Kong in order to enjoy these advantages.        Apart from companies, we also have good news for individuals. For non-Chinese Hong Kong permanent residents, they are now eligible for the Mainland travel permit since July this year. This groundbreaking measure provides unprecedented convenience for visits to the Mainland for various purposes, including business, leisure or family trips, multiple times within a validity period of five years. Additionally, if you are a non-permanent Hong Kong resident who is also a foreign staff member of a Hong Kong-registered company, the validity period of your multiple-entry visa has now been extended to a maximum of five years to facilitate your Mainland trips. To experience the convenience brought by the two new measures, I would suggest that our overseas friends apply for the permit or multiple-entry visa, if eligible.       In fact, we note that Hong Kong’s competitiveness and business-friendly environment, which I have mentioned above, has already been highly recognised by many fintech companies. In 2024, we are home to over 1 100 fintech companies, representing a 14 per cent year-on-year increase according to InvestHK’s statistics. In the first nine months of this year, InvestHK has helped 470 overseas and Mainland enterprises to establish or expand their business in Hong Kong, and over 23 per cent of them are from the fintech, financial services and related sectors. The above encouraging results have explained Hong Kong’s attractiveness to the global fintech community.     As always, InvestHK, being the Government’s investment promotion agency and your best business partner in Hong Kong, will assist your companies to set up or expand business here. With InvestHK’s extensive and sophisticated global network, you will have no difficulty in receiving their valuable advice and unfailing support even if your companies are located outside Hong Kong. Taking the golden opportunity today, I would encourage you all approach InvestHK and see what advice they can offer you from the investment promotion perspective.      Finally, I would like to give my big thanks to our fintech friends here today for your participation in and strong support for FinTech Week and confidence in Hong Kong, especially those who have joined the event for years. I hope you enjoy today’s conference and explore more business opportunities. And don’t forget to take a walk through our city to enjoy the delicious food and beautiful scenery in Hong Kong.        Thank you.

     
    Ends/Tuesday, October 29, 2024Issued at HKT 12:15

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI China: China urged to seize growth opportunities

    Source: China State Council Information Office 3

    China should seize the current window of improving expectations and rising confidence to build momentum going into 2025, economists said, calling for a forceful and extraordinary combination of macro policies next year.

    Given the recently announced stimulus package, China’s economy will likely pick up in the fourth quarter, providing strong support for meeting the annual growth target of around 5 percent, they said.

    Huang Hanquan, head of the Chinese Academy of Macroeconomic Research, which is affiliated with the National Development and Reform Commission, said the Chinese economy is likely to register a “U-shaped” recovery for the full year, with consolidated momentum in the fourth quarter amid strengthened social expectations, bringing the annual economic and social development goals within reach.

    He said the recent incremental policies, ranging from reducing interest rates and banks’ required reserves to lowering existing mortgage rates, have been extraordinary and strong in intensity, demonstrating the government’s “determination and courage to promote economic recovery”.

    “Looking ahead, we must seize the current window of stabilizing expectations and growing confidence to capitalize on the momentum. We need to launch a forceful and extraordinary combination of macro policies and initiate iconic reform measures,” Huang added.

    Zong Liang, chief researcher at Bank of China, said that China’s economy is poised to pick up in the fourth quarter, with the stimulus policies gradually taking effect.

    Sino-US communication

    Their remarks came after Vice-Minister of Finance Liao Min highlighted the powerful package of stimulus policies that China recently introduced during a meeting between economic working groups of China and the United States in Washington, DC, on Friday.

    The two sides had in-depth, practical and constructive communication on macroeconomic situation and policies of the two countries, the ministry said.

    During the World Bank’s 110th Development Committee meeting on Friday, Liao said that China will intensify countercyclical adjustments of fiscal policy, with a series of strong measures implemented to resolve local government debt risks, stabilize the real estate market, increase the income of key groups, enhance people’s livelihoods, and drive equipment upgrades and trade-in deals for consumer goods.

    Zhang Bin, deputy director of the Chinese Academy of Social Sciences’ Institute of World Economics and Politics, said that expectations and confidence have been significantly boosted by the incremental policies, which sent a clear, strong signal that more policies will be announced to enhance economic vitality and tackle the immediate challenge of insufficient demand.

    “The focus now is on how these policies will be implemented and whether their intensity is sufficient. In this regard, I believe the year 2025 is very much worth looking forward to,” said Zhang, who is also a senior researcher at the China Finance 40 Forum, a leading think tank.

    “I think policymakers need to further increase the intensity of (macroeconomic) policies. It’s like a race — policies need to precede the market (expectations) to effectively reverse sentiments and kick off a positive economic cycle,” he said.

    As for fiscal policy, Zhang said it “deserves anticipation” if next year’s fiscal expansion could be further strengthened based on recent policy signals, although specific plans still await legislative procedures. He added that government spending should outpace GDP expansion to drive growth.

    If the country’s GDP growth target stays unchanged at about 5 percent for 2025, it may necessitate a reasonable increase in government debt by about 11 trillion to 12 trillion yuan ($1.5 trillion to $1.7 trillion) to ensure adequate government spending and policy-oriented financial bonds worth 3 trillion to 5 trillion yuan, he said.

    On the monetary policy front, Zhang said there remains a large scope for interest rates to decline, as the rate cut should be significantly bigger than the slide in price levels to ensure easing real financing costs and spurring investment and consumption.

    MIL OSI China News

  • MIL-OSI: Notice on Public Offering of Subordinated Bonds of LHV Group

    Source: GlobeNewswire (MIL-OSI)

    AS LHV Group (hereinafter LHV) hereby announces a public offering of LHV’s subordinated bonds. The offering is conducted on the basis of the prospectus affirmed by the Estonian Financial Supervision and Resolution Authority (FSA) on 28 October 2024, that has been disclosed on the date of this announcement on the web pages of LHV and the FSA. The public offering of the subordinated bonds will be carried out in Estonia, Latvia and Lithuania.

    This is the second issue of subordinated bonds, in the amount of up to EUR 20 million, under the bond programme confirmed in 2023. Under the bond programme EUR 35 million worth of subordinated bonds have previously been issued and altogether it is possible to raise up to EUR 200 million.

    Main Terms of Offering

    LHV offers publicly up to 20,000 subordinated bonds of LHV „EUR 6.00 LHV Group subordinated bond 24-2034” with the nominal value of EUR 1,000, the maturity date of 15 November 2034 and a quarterly paid fixed interest rate offered to the investor at the rate 6% per annum. Subordinated bonds will be offered at a price of EUR 1,000 per one bond. Subordinated bonds will be issued in a dematerialised book-entry form and registered in Nasdaq CSD SE under ISIN code EE3300004993.

    The subscription period for the bonds will start on 29 October 2024 at 10:00 and will end on 12 November 2024 at 16:00. The subordinated bond offering is intended for retail and institutional investors operating in Estonia, Latvia, and Lithuania and made possible for the clients of account-managing financial institutions that are members of the Estonian securities settlement system.

    A subordinated bond represents an unsecured debt obligation of LHV before the investor. The subordination of the bonds means that upon the liquidation or bankruptcy of LHV, all the claims arising from the subordinated bonds shall fall due and shall be satisfied only after the full satisfaction of all unsubordinated recognised claims in accordance with the applicable law. Among other things, with subordinated bonds, the risk of conversion of liabilities and claim rights (bail-in risk) must be considered.

    Timetable of Offering

    29.10.2024 at 10:00 Start of the subscription period for the subordinated bonds
    12.11.2024 at 16:00 End of the subscription period for the subordinated bonds
    On or about 13.11.2024  Disclosing the allocation results of the subordinated bonds
    On or about 15.11.2024 Transfer of the subordinated bonds to investors’ securities accounts
    On or about 18.11.2024 Expected listing of the subordinated bonds and admission to trading on the regulated market operated by Nasdaq Tallinn AS (on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange)

    Submitting Subscription Undertakings 

    In order to subscribe for the subordinated bonds an investor has to submit, during the subscription period, a subscription undertaking to the custodian who holds the investor’s securities account opened at Nasdaq CSD SE, with the format accepted by the custodian and in accordance with the prospectus and offer conditions. The subscription undertaking must be submitted before the end of the subscription period. The investor may use any method that such investor’s custodian offers to submit the subscription undertaking (e.g., physically at the client service venue of the custodian, over the internet or by other means). The subscription undertaking will be forwarded to Nasdaq CSD SE.

    Listing and Admission to Trading

    LHV intends to submit an application to Nasdaq Tallinn AS for the listing and admission to trading of the LHV’s subordinated bonds on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange. The expected date of listing and admission to trading is on or about 18 November 2024.

    While every effort will be made and due care will be taken in order to ensure the listing and the admission to trading of the subordinated bonds, LHV cannot ensure that the subordinated bonds will be listed and admitted to trading.

    Availability of Prospectus and Terms of Offering

    The Prospectus has been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en/ and from the website of the FSA https://www.fi.ee/en. Additionally, the Estonian translation of the Prospectus has been disclosed and made available together with the Prospectus on the LHV website https://investor.lhv.ee/en and is also available through the information system of Nasdaq Tallinn Stock Exchange. The terms and conditions of the subordinated bonds and the final terms of the offering together with the summary of the prospectus and their translations to Estonian, Latvian and Lithuanian have been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en.

    Before investing into LHV’s subordinated bonds we ask you to acquaint yourself with the prospectus, the terms and conditions of the bonds, the final terms and if necessary consult an expert.

    LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs nearly 1,200 people. As at the end of September, LHV’s banking services are being used by 445,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee

    Important information:
    This information is an advertisement of securities within the meaning of Regulation (EU) 2017/1129 and does not constitute an offer of bonds of AS LHV Group or an invitation to subscribe for or acquire bonds. The offer of the bonds will be made on the basis of the Terms and Conditions of the Prospectus published on the day of the public offer of the bonds and approved by the Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), and the Final Terms of the First Issue. The Prospectus is available on the websites of the Finantsinspektsioon and AS LHV Group at fi.ee and investor.lhv.ee, respectively, where the Terms and Conditions referred to and the Summary of the Prospectus are also available. Investors should read the information published in the Prospectus, its Terms and Conditions, and the Final Terms of the First Issue before making an investment decision in order to understand all the facts relating to the investment. The approval of the prospectus by the Finantsinspektsioon does not constitute an approval of AS LHV Group or the securities offered. The bonds are publicly offered in the Republic of Estonia, the Republic of Latvia, and the Republic of Lithuania.

    Attachments

    The MIL Network

  • MIL-OSI Economics: AIIB Commits EUR75 Million to Support ENGIE’s Global Renewable Energy Expansion, Decarbonization

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) has committed EUR75 million to a EUR500 million sustainability-linked green loan facility to support ENGIE’s global renewable energy portfolio expansion and decarbonization efforts.

    The ENGIE Sustainability Linked Green Loan Project has been co-financed with the International Finance Corporation (IFC) and Société de Promotion et de Participation pour la Coopération Economique (Proparco). This is AIIB’s second engagement with ENGIE, one of the world’s largest multinational electric utilities and independent power producers, following the financing of the 400MW Gujarat Solar Project earlier this year.

    AIIB joins IFC and Proparco to provide a green sustainability-linked loan facility to support the expansion of the group’s clean energy assets in Poland and South Africa, both AIIB members. Proceeds will finance the acquisition, development and construction of over 550MW of installed capacity. In line with sustainability-linked principles, remuneration of the loan will be linked to ENGIE’s global performance in terms of greenhouse gas emissions, renewable energy expansion and occupational health and safety.

    “This project reinforces AIIB’s global mandate, strong partnership and innovative focus on climate finance,” said Najeeb Haider, AIIB Director General, Project and Corporate Finance Clients, Global. “With its agility and international presence in strategic markets, AIIB is uniquely placed to support multinational energy groups like ENGIE to advance the energy transition in Asia and beyond with their investments. We congratulate ENGIE and our cofinancing partners on their respective achievements.”

    Through the loan, AIIB is supporting its members by leveraging ENGIE’s global leadership in green energy and climate transition. ENGIE aims to invest EUR22-25 billion in renewable energy and low-carbon energy solutions between 2023 and 2025. The projects are aligned with AIIB’s Energy Sector Strategy, which directs the Bank to support traditional energy conglomerates and state-owned enterprises as they shift their corporate strategies and business modalities to redirect investments toward the energy transition.

    “To accelerate the energy transition, considerable resources and efforts are needed from many stakeholders,” said Jean-Marc Turchini, Group Head of Corporate Finance at ENGIE. “Our partnership with AIIB is certainly a meaningful contribution and we feel grateful for what they achieved with this financing. We are also proud to highlight the innovative structure of this most recent corporate loan, which includes climate-related targets for scope 3 emissions and a health and safety performance indicator that covers ENGIE employees and subcontractors on all sites, reflecting ENGIE’s sustainability and social ambitions.”

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond – infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    MIL OSI Economics

  • MIL-OSI: Sampo plc’s share buybacks 28 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 29 October 2024 at 8:30 am EET

    Sampo plc’s share buybacks 28 October 2024

    On 28 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      2,620 40.85 AQEU        
      36,239 40.86 CEUX
      762 40.92 TQEX
      52,631 40.89 XHEL
    TOTAL 92,252 40.88  

    *rounded to two decimals                

    On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

    After the disclosed transactions, the company owns in total 9,505,972 Sampo A shares representing 1.73 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

    Details of each transaction are included as an appendix of this announcement.

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    The principal media
    FIN-FSA
    DEN-FSA
    www.sampo.com

    Attachment

    The MIL Network