NewzIntel.com

Category: Finance

  • MIL-OSI Security: Boston Man Charged in Elder Fraud Conspiracy That Defrauded Elderly Victim of Over $400,000

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

    BOSTON – A South Boston man has been arrested and charged in connection with a scheme that defrauded a 75-year-old man from Berkshire County, Mass., of approximately $420,000.

    Urvishkumar Vipulkumar Patel, 21, was charged with conspiracy to commit wire fraud. Patel was arrested on Oct. 7, 2024 and subsequently released by the Court on conditions including GPS monitoring and orders that he remain in Massachusetts.

    According to the charging documents, in or around June 2024, the victim received a pop-up message on his computer claiming that his computer was frozen. The message contained a phone number, which the victim believed to be associated with Microsoft, and directed the victim to call for assistance. The victim then called the phone number listed in the pop-up and allegedly spoke with an individual before being transferred to another individual who called himself, “Sam Wilson.”

    It is alleged that Wilson claimed to be a federal agent with the U.S. Treasury Department and purported to confirm the victim’s name and address. When the victim stated that was not the correct address, Wilson provided additional addresses until the victim identified his correct address. Wilson then allegedly told the victim that the victim’s name and address were listed as being involved in a money laundering scheme and that the “Treasury” showed a number of houses had been purchased in the United States and Russia in the victim’s name. Wilson allegedly told the victim that he was going to help him get out of this trouble and would speak to a judge but that, in the meantime, the victim needed to safeguard his money from being further implicated in the supposed money laundering scheme. Specifically, Wilson allegedly told the victim he should withdraw cash from his bank and send it to the Treasury Department, where it would be kept in a lock box until the victim was cleared of the scheme. Wilson also allegedly cautioned that the bank would not let the victim withdraw all of his money at once – directing the victim to make the withdrawals in smaller amounts and send it to Wilson at the “Treasury” in installments.

    On approximately five separate occasions over the course of three months, the victim withdrew and provided approximately $420,000 in cash to several individuals he believed to be associated with “Sam Wilson.” On each occasion, Wilson asked the victim how much he could withdraw from his bank account, directed the victim to place the cash in a taped box with the victim’s own name and address written on it. Wilson also allegedly told the victim a specific date and time at which he would send a courier for the cash. On each occasion, the courier would pull alongside the curb in front of the victim’s house, lower one of the passenger side windows and provide a prearranged “PIN” passcode to the victim. The victim would then place the box of cash into the courier’s vehicle who would then drive away.  

    The victim’s sister reported this activity to law enforcement on Oct. 1, 2024. According to the charging documents, on Oct. 7, 2024, Patel served as the courier waiting outside of the victim’s home and was approached by an undercover officer posing as the victim. It is alleged that, after receiving the prearranged “PIN” passcode from Patel, the undercover officer placed the box into Patel’s vehicle and Patel quickly drove away. He was immediately apprehended.

    At the time of his arrest, Patel was allegedly driving a rental car and was actively engaged in a WhatsApp call on his cell phone. Patel allegedly told law enforcement that he had been collecting packages for weeks at the direction of another individual in exchange for payment. Patel also allegedly told law enforcement that he would deliver each package to a prearranged location before receiving his payment.

    The investigation remains ongoing. Members of the public who believe they are victims of a cybercrime – including elder fraud scams, cryptocurrency scams, romance scams, investment scams, and business email compromise fraud scams – should contact USAMA.CyberTip@usdoj.gov. To report elder fraud, please visit the FBI’s IC3 Elder Fraud Complaint Center or contact the dedicated National Elder Fraud Hotline at 833–FRAUD–11 or 833–372–8311 Monday – Friday, 10a.m.- 6p.m. EST.

    The charge of conspiracy to commit wire fraud provides for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court 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 and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement. Valuable assistance was provided by the North Adams Police Department and the Hampden County Sheriff’s Office. Assistant U.S. Attorney Kaitlin Brown of the Worcester Branch Office is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Russia: Jordan — IMF Staff Conclude Article IV Discussions and Reach Staff Level Agreement on the Second Review under the Extended Fund Facility

    Source: IMF – News in Russian

    October 10, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF staff and the Jordanian authorities have reached a staff level agreement on the second review under the Extended Fund Facility (EFF). All commitments for the second review under the program have been met, demonstrating the authorities’ steadfast commitment to sound macro-economic policies and continued progress on reforms.
    • Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused by the intensifying conflict in the region. Jordan’s economy is expected to grow by 2.3 percent in 2024 and 2.5 percent in 2025. However, strong and timely international support remains important to help Jordan face the external headwinds, and to continue to shoulder the cost of hosting a large number of Syrian refugees.
    • Bringing the Jordanian economy onto a higher growth trajectory is essential to create more jobs and raise prosperity. This requires accelerating structural reforms, while maintaining macro-economic stability, and making significant progress in implementing the authorities’ Economic Modernization Vision.

    Amman: A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, visited Amman during September 30–October 10, 2024, for discussions on the 2024 Article IV consultation and the second review under the arrangement under the IMF’s Extended Fund Facility (EFF), which was approved by the IMF’s Executive Board on January 10, 2024 (Press Release).

    At the conclusion of the mission, Mr. van Rooden issued the following statement:

    “We are pleased to announce that the IMF team and the Jordanian authorities reached a staff-level agreement on the second review of the authorities’ economic reform program supported by the EFF arrangement, approved in January of this year. Program performance continues to be strong, despite a challenging external environment. All quantitative performance criteria and structural benchmarks for the second review were met and steady progress is being made toward achieving the program’s overall objectives, including good progress toward meeting benchmarks for future reviews. The agreement is subject to approval by the IMF’s management and the Executive Board. The completion of this review will make another SDR 97.784 million (about US$131 million) available, out of the previously approved program size of SDR 926.370 million (about US$1.2 billion).  

    “Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused by the intensifying conflict in the region. This resilience is the result of the authorities’ continued pursuit of sound macro-economic policies and reform progress. The recent upgrades to Jordan’s credit ratings, the first in over 20 years, testify to the credibility of the authorities’ economic policies.

    “Nonetheless, as the conflict continues and widens, it is having a larger impact on Jordan’s economy than anticipated at the outset of the program. The economy is projected to grow by 2.3 percent this year, with weaker domestic demand offset by a stronger performance in net exports. Growth is projected at 2.5 percent for 2025. Inflation remains low, at 2 percent, thanks to the Central Bank of Jordan’s (CBJ) firm commitment to monetary stability and safeguarding the exchange rate peg. The financial sector remains healthy and well capitalized. The current account deficit is projected to narrow to 4.4 percent of GDP this year, helping to further build the CBJ’s reserve buffers, and to widen slightly to 4.7 percent of GDP in 2025.

    “Government revenues have been adversely affected this year by the weaker domestic demand, as well as a sharper-than-expected drop in the prices of key export commodities. The authorities have taken strong actions to offset the revenue shortfall to contain this year’s central government budget deficit. With this, the authorities are committed to limit this year’s central government primary deficit (excluding grants and transfers to public utilities) to 2.9 percent of GDP, up slightly from 2.7 percent of GDP in 2023. Together with measures taken to limit the operational losses of the utility companies and continued surpluses of the social security system, the overall general government primary deficit (excluding grants) is expected to remain broadly unchanged this year, at 1.3 percent of GDP, compared to 1.4 percent in 2023, and public debt to be contained at just over 90 percent of GDP by end-2024.

    “The authorities are firmly committed to continue to implement sound macro-economic policies to maintain stability and to advance structural reforms needed to further strengthen the resilience of Jordan’s economy and to improve people’s living standards, as envisaged also in their Economic Modernization Vision. Notably, fiscal policy aims to reduce public debt to 80 percent of GDP by 2028 to ensure fiscal sustainability, by advancing a gradual fiscal consolidation, including limiting the central government primary deficit (excluding grants and transfers to the public utilities) to 2 percent of GDP in 2025. With further efforts to improve the finances of the public utilities and continued surpluses of the social security system, the overall general government primary deficit (excluding grants) will be reduced by 1.1 percent of GDP to 0.2 percent of GDP. The CBJ’s monetary policy will continue to be underpinned by its firm commitment to the exchange rate peg to the US dollar and to maintain low inflation, and the CBJ stands ready to undertake policy adjustments as necessary to credibly safeguard monetary and financial stability.

    “The authorities are determined to step up the pace of structural reforms to achieve stronger growth and generate more jobs, which is particularly important given that unemployment remains high, particularly among the youth and women. Reforms will focus on improving the business environment, to attract more investment, by enhancing competition and labor market flexibility, while further strengthening the social safety net. Efforts will also focus on streamlining regulation and digitalization of government services, including tax and customs administration.  

    “The staff team is grateful to the authorities for the candid and constructive discussions. The team met with Prime Minister Hassan, Minister of Finance Shibli, Minister of Planning and International Cooperation Toukan, Minister of Economic Affairs Shehadeh, Governor of the Central Bank of Jordan Al-Sharkas; and other Ministers and senior government and CBJ officials.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/10/pr-24366-jordan-imf-staff-conclude-aiv-discussions-and-reach-sla-on-2nd-rev-under-eff

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: FBI Philadelphia Emphasizes Strong Passwords for Cybersecurity Awareness Month

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

    This Cybersecurity Awareness Month, the FBI Philadelphia Field Office reminds the public of the importance of using strong passwords or passphrases to protect their systems and accounts.

    These days, with how our lives are intertwined in the cyberspace, from staying connected to family and friends, to working and banking, strong online security has never been more critical.

    We use passwords for everything from protecting our devices to accounts.

    Many use simple passwords from “Password” or “1234” in an attempt to make them easier to remember. Simple passwords, even those that might include special characters, are easier to crack.

    Utilizing strong passwords and passphrases is vital in protecting against data breaches. A personal data breach occurs when personal data is leaked or spilled from a secure location to an untrusted environment. It can also happen when someone’s sensitive, protected, or confidential data is copied, transmitted, viewed, stolen, or used by an unauthorized person.

    In 2023, Pennsylvania residents reported over 1,900 complaints of personal data breaches to the FBI’s Internet Crime Complaint Center (IC3), totaling about $44.8 million in reported losses.

    In 2023, New Jersey residents reported over 1,300 complaints of personal data breaches to the IC3, totaling about $18 million in reported losses.

    Below are some password best practices:

    • Use strong and complex passwords or passphrases instead of simple passwords
    • Strong passwords should be long, random, unique

    Example password: aiH!ple$dAli&hp Example passphrase: City Statue Photograph Boxer Pretzel

    • Do NOT reuse passwords across multiple accounts
    • Be careful of using personally identifiable information when building a password to include birthdays, pet names, etc.
    • Use a password manager
    • Set up multi-factor authentication for your accounts

    For additional information on how you can protect yourself, your device, and your information, visit On the Internet: Be Cautious When Connected FBI

    For more strong password tips, visit: Use Strong Passwords | CISA

    To report a personal data breach or other Internet-enabled crime to the FBI, visit ic3.gov.

    FBI Philadelphia can be reached at (215) 418-4000.

    MIL Security OSI –

  • MIL-OSI Security: Boston Man Sentenced to Over 10 Years in Prison for Attempting to Purchase Sex with Minor

    Source: United States Department of Justice (Human Trafficking)

    Defendant agreed to pay undercover law enforcement officer $100 to have sex with minor

    BOSTON – A Boston man was sentenced today in federal court in Boston for attempting to pay for sex with a 14-year-old girl.

    Dimitri Shawn McKenzie, 29, was sentenced by U.S. Senior District Court Judge William G. Young to 126 months in prison, to be followed by five years of supervised release. In June 2024, McKenzie was convicted following a three-day jury trial of one count of attempted sex trafficking of a child.

    “The sad reality is that children are being sold for sex in our communities because of people like Dimitri McKenzie. These men fuel that commercial sex industry and drive demand.  We are actively prosecuting the men and women who traffic adults and kids for profit, but in order to make a real dent in this pernicious conduct, we also have to go after demand – that is the people who are trolling the internet purchasing sex with little kids. I hope that every coward behind a keyboard who is thinking about engaging in the rape of the child under the auspices of a commercial transaction thinks twice – you may very well be talking to an undercover federal agent. Don’t do it. If you do, you are looking at a minimum of ten years behind bars,” said Acting United States Attorney Joshua S. Levy.

    “It is deeply disturbing to know that people pay to sexually abuse children. McKenzie was ready and willing to pay to sexually assault a child. Thankfully, through our undercover operation, he instead found an HSI special agent and not a real child,” said Special Agent in Charge Michael J. Krol for Homeland Security Investigations in New England. “This sentence reflects the seriousness of his crime and our commitment to protecting children from exploitation and abuse.”

    In November 2022, McKenzie responded to an online post purportedly advertising two minor girls – ages 12 and 14 years old – available to perform sex acts in exchange for money in the Boston area. The post was a fictitious advertisement by undercover law enforcement. In subsequent text communications with undercover law enforcement, McKenzie agreed to pay $100 to have sex with the fictitious 14-year-old at a hotel. Upon arriving at the hotel, McKenzie met with undercover law enforcement posing as the purported seller in the hotel parking lot, provided cash in exchange for 20 minutes with the fictitious minor and accepted a hotel room key. McKenzie was immediately taken into custody.

    If you or someone you know may be impacted or experiencing commercial sex trafficking, please contact USAMA.VictimAssistance@usdoj.gov.

    Acting U.S. Attorney Levy and HSI SAC Krol made the announcement today. Valuable assistance was provided by the Lexington, Waltham, Barnstable, Quincy and Cambridge Police Departments as well as the Massachusetts State Police and the Massachusetts Attorney General’s Office. Assistant U.S. Attorney Torey B. Cummings of the Civil Rights & Human Trafficking Unit and Assistant U.S. Attorney David G. Tobin of the Major Crimes Unit prosecuted the case. 
     

    MIL Security OSI –

  • MIL-OSI Security: Pine Grove — Lunenburg RCMP investigating robbery involving man who was hitchhiking

    Source: Royal Canadian Mounted Police

    Lunenburg District RCMP is seeking information from the public about a robbery near Pine Grove.

    On October 7, at approximately 3:30 a.m., Lunenburg District RCMP responded to a report of a robbery from a man who was hitchhiking on Pinegrove Rd. Investigators learned that a white Chevrolet Malibu stopped near the man and the male driver approached him. The driver took the man’s bag, placed it in the trunk, and fled in the car.

    The last known direction of travel for the Malibu was northwest on Hwy. 10 toward New Germany.

    The man was treated for non-life-threatening injuries related to this incident.

    The male driver was described as 5’11” with a smaller build, and had short, dark messy hair and a mustache. He was wearing sneakers, jeans, and a green and black plaid short-sleeved shirt. He was also said to have a South Shore accent.

    Anyone who witnessed this incident or has information that may identify the driver is asked to contact Lunenburg District RCMP at 902-634-8674. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at http://www.crimestoppers.ns.ca, or use the P3 Tips app.

    MIL Security OSI –

  • MIL-OSI Security: Registered Sex Offender Arrested on Federal Charges Alleging He Targets & Exploits Local High School Students

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

    COLUMBUS, Ohio – Law enforcement agents arrested a Columbus man this morning on federal charges alleging he sexually exploited high school girls and coerced them into engaging in commercial sex acts.

    Terrance P. Cummings, 29, has a criminal history of unlawful sexual conduct with minors dating back to 2016. In this case, Cummings’s federal child exploitation charge carries a mandatory minimum of 25 years and up to 50 years in prison and the coercion and enticement charge pending against him is punishable by at least 10 years and up to life in prison.

    The FBI asks anyone with information related to the criminal allegations against Cummings to text 740-428-0739.

    According to an affidavit filed in support of the criminal complaint, in July 2024, the Central Ohio Human Trafficking Task Force received information about a 16-year-old victim allegedly receiving gifts and illicit substances from Cummings in exchange for sex acts.

    The court documents allege Cummings had sex with numerous minor victims in exchange for drugs in addition to requesting nude images of them. On some occasions, Cummings would allegedly provide the drug to the minor victims before engaging in sex acts with them. It is alleged that Cummings sold or provided fentanyl, marijuana, Xanax, cocaine, acid and ecstasy. 

    While executing a search warrant at Cummings’s apartment in August, agents discovered a variety of narcotics, along with two iPhones submerged in the water tank on the back of the bathroom toilet, which Cummings had allegedly attempted to destroy after learning about the warrant.

    Cummings’s electronics and other accounts contained more than 18,000 sexual images and videos including child pornography. The investigation revealed that Cummings requested sexually explicit content in exchange for money, gifts and drugs.

    Cummings is charged with sexually exploiting a minor, distributing, receiving or possessing child pornography, coercion and enticement of a minor, and obstruction of justice. His case was unsealed today, and he appeared in federal court at 1:15pm.

    Kenneth L. Parker, United States Attorney for the Southern District of Ohio; Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division; and Ohio Attorney General Dave Yost announced the charges. Assistant United States Attorneys Emily Czerniejewski and Jennifer Rausch are representing the United States in this case.

    The Central Ohio Human Trafficking Task Force was formed under Ohio Attorney General Dave Yost’s Ohio Organized Crime Investigations Commission, and includes resources from the Columbus Division of Police, Homeland Security Investigations, Delaware County Sheriff’s Office, Powell Police Department, Bureau of Criminal Investigations, The Ohio State University Police Department, Marysville Division of Police, Salvation Army, Southeast Healthcare, the Franklin County Prosecutor’s Office and the Delaware County Prosecutor’s Office.

    A criminal complaint merely contains allegations, and defendants are presumed innocent unless proven guilty in a court of law.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: New Jersey Construction Company Owner Pleads Guilty to Tax Evasion

    Source: United States Attorneys General

    A New Jersey man pleaded guilty today to tax evasion for evading employment tax penalties assessed against him.

    According to court documents and statements made in court, Joseph Caravella, of Randolph, owned several masonry companies in New Jersey. From 2008 to 2016, the IRS assessed approximately $650,000 in Trust Fund Recovery penalties against Caravella for causing three masonry businesses that he owned to not pay their federal employment taxes. From around March 2008 through in or around April 2019, Caravella sought to evade the payment of these penalties by placing companies that he controlled in the names of nominee owners and avoiding using a bank account in his own name to prevent the IRS from levying the funds. Also during that time, Caravella continued to cause his businesses not to pay employment taxes, resulting in an additional loss of $1.2 million to the IRS.

    In total, Carvalla caused a tax loss to the IRS of $1,885,519.39.

    Caravella is scheduled to be sentenced on March 18. He faces a maximum penalty of five years in prison, a period of supervised release, restitution and monetary penalties. A federal judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Philip R. Sellinger for the District of New Jersey made the announcement.

    IRS Criminal Investigation are investigating the case.

    Trial Attorneys Kenneth Vert and Evan Mulbry of the Tax Division and Assistant U.S. Attorney Shontae Gray for the District of New Jersey are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI USA: New Jersey Construction Company Owner Pleads Guilty to Tax Evasion

    Source: US State of California

    A New Jersey man pleaded guilty today to tax evasion for evading employment tax penalties assessed against him.

    According to court documents and statements made in court, Joseph Caravella, of Randolph, owned several masonry companies in New Jersey. From 2008 to 2016, the IRS assessed approximately $650,000 in Trust Fund Recovery penalties against Caravella for causing three masonry businesses that he owned to not pay their federal employment taxes. From around March 2008 through in or around April 2019, Caravella sought to evade the payment of these penalties by placing companies that he controlled in the names of nominee owners and avoiding using a bank account in his own name to prevent the IRS from levying the funds. Also during that time, Caravella continued to cause his businesses not to pay employment taxes, resulting in an additional loss of $1.2 million to the IRS.

    In total, Carvalla caused a tax loss to the IRS of $1,885,519.39.

    Caravella is scheduled to be sentenced on March 18. He faces a maximum penalty of five years in prison, a period of supervised release, restitution and monetary penalties. A federal judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Philip R. Sellinger for the District of New Jersey made the announcement.

    IRS Criminal Investigation are investigating the case.

    Trial Attorneys Kenneth Vert and Evan Mulbry of the Tax Division and Assistant U.S. Attorney Shontae Gray for the District of New Jersey are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI USA: Reed Teams Up with AARP & RI State Police for Elder Fraud Prevention Summit

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed
    EAST PROVIDENCE, RI – Older adults are a growing population in Rhode Island, and a growing target for criminals seeking to scam them out of their hard-earned savings.
    In an effort to protect older Americans from financial exploitation and the proliferation of evolving scams, U.S. Senator Jack Reed today teamed up with AARP Rhode Island and the Rhode Island State Police’s Financial Crimes Unit for an Elder Fraud Prevention Summit at the East Providence Senior Center.  The presentation and Q&A session focused on a range of fraud and scams that criminals are using to target older adults and included tips for detection, prevention, and advice on how to report and recover if you or a loved one is victimized.
    According to the Federal Bureau of Investigation (FBI), elder fraud complaints rose by 14 percent in 2023, and losses grew by 11 percent. The report found that elder fraud resulted in losses of over $3.4 billion in 2023, including $7.4 million lost by Rhode Islanders over age sixty due to scams.
    Senator Reed says public education and outreach is needed to lower that number, which is likely underreported because many victims are too embarrassed to notify the authorities or don’t know where to turn.  He credited AARP, the Rhode Island State Police, and local TV stations and the news media for helping to raise awareness and enable older Americans protect themselves, recognize telltale signs of scams, reduce victimization, and combat the financial exploitation.
    “Two of the most important things people can do to protect themselves against fraud is to stay informed and have open lines of communication with trusted sources.  And if you do get scammed, report it to the authorities right away so they can help you.  Criminals targeting older Americans try to scare victims and create a false sense of urgency.  Know the signs, stay informed, and never be embarrassed if you ever get caught up in a scam.  The criminals are master manipulators and with Artificial Intelligence and new technology, anyone can get scammed.  Brilliant people of all ages and from all walks of life have been victimized.  The one thing most victims have in common is: They didn’t tell anyone else what was happening.  Don’t let it happen to you.  Be forewarned and help stop these crimes by reporting them.  Local, state, and federal law enforcement are working together to go after the bad guys and bring them to justice,” said Senator Reed.
    To help older Rhode Islanders stay informed about evolving scams and equip them with tools to stop the latest fraud techniques, AARP offers a free Fraud Watch Network’s Watchdog Alert, a twice monthly notification that lets users know about the latest trending scams and how to spot and avoid them. It’s also easy to share with friends and family.
    AARP Rhode Island’s State Director Catherine Taylor stated: “There’s a false narrative that older people are gullible or forgetful. That’s not true. If you are the victim of a scam, it’s not your fault. The fact is many of these scams are being perpetrated by usually offshore criminals who are well organized, well resourced, and highly skilled. And they have a playbook with three common elements: make unexpected contact, yield high emotion, and create a sense of urgency. AARP Rhode Island has a host of resources, information and support that equip older Rhode Islanders to fight back against the crime of fraud.”
    Nationwide, the FBI reports that tech support scams were the most widely reported type of scam last year.  The top five varieties of scams include: personal data breaches, confidence and romance scams, non-payment or non-delivery scams, and investment scams. Investment scams were the costliest type of elder fraud.
    The Rhode Island State Police offers an Identity Theft, Fraud & Scams resource page with detailed tips on detecting and preventing a range of financial crimes. 
    “Romance scams, investment scams, pop-up scams on computers, and others are all things we’ve seen in Rhode Island. Although they may differ in tactics, the goal is the same: to take your money,” said Lieutenant Richard Ptaszek, head of Rhode Island State Police Financial Crimes Unit. “To help prevent scams, you must take your time, think about the request being made, trust your judgement and follow up with a trusted source.”
    If fraud occurs, please help the authorities track and prosecute it by reporting it to both the local police and using the Federal Trade Commission’s online reporting portal: https://reportfraud.ftc.gov  Last year, Rhode Islanders reported 11,906 fraud complaints to the FTC.
    To reach the Rhode Island State Police’s Financial Crimes Unit directly, call: (401) 764-5179.
    The U.S. Department of Justice also has a toll-free National Elder Fraud Hotline available to help at: 1-833 FRAUD-11 (1-833-372-8311).  The hotline is staffed during business hours by caseworkers trained in elder abuse and offers translation services for non-English speakers.
    The presentation focused on combatting several types of schemes that the FBI says are among the most prevalent today, including:
    Tech support scam: Criminals pose as technology support representatives and offer to fix non-existent computer issues. The scammers gain remote access to victims’ devices and sensitive information.
    Grandparent scam: A type of confidence scam where criminals pose as a relative—usually a child or grandchild—claiming to be in immediate financial need.
    Government impersonation scam: Criminals pose as government employees and threaten to arrest or prosecute victims unless they agree to provide funds or other payments.
    Sweepstakes/charity/lottery scam: Criminals claim to work for legitimate charitable organizations to gain victims’ trust. Or they claim their targets have won a foreign lottery or sweepstake, which they can collect for a “fee.”
    Home repair scam: Criminals appear in person and charge homeowners in advance for home improvement services that they never provide.
    Romance scam: Criminals pose as interested romantic partners on social media or dating websites to capitalize on their elderly victims’ desire to find companions.
    TV/radio scam: Criminals target potential victims using illegitimate advertisements about legitimate services, such as reverse mortgages or credit repair.
    Family/caregiver scam: Relatives or acquaintances of the elderly victims take advantage of them or otherwise get their money.
    In many of these scams, the criminal impersonates someone else and tricks the victim over the phone or email, claiming there’s an issue with their bank account and they must make a crypto investment in order to resolve the problem. The scammer instructs the target to convert cash to cryptocurrency and upload it to an unsecured account that the scammer can access. 
    No legitimate entity will contact you over the phone and urge you to pay with crypto currency, gift cards, or precious metals.  Any time someone does this, hang up or cut off contact and report the incident.
    For more information, visit Senator Reed’s scam prevention page: https://www.reed.senate.gov/seniorscams

    MIL OSI USA News –

  • MIL-OSI New Zealand: Pacific Trade Invest NZ releases New Zealand Market Insights for Pacific exporters

    Source: Pacific Trade Invest NZ

    Pacific Trade Invest NZ has released four new market insights to support primary produce exporters in the Blue Pacific. These succinct, fact-packed documents provide essential information on New Zealand’s import requirements, helping businesses navigate the export process more effectively.

    The latest Market Insights cover Coconut, Mango, Pineapple, and Tahitian Lime. They are available as A4, two-sided quick fact sheets, or in comprehensive reports spanning 20 pages. These resources offer a detailed look into each product’s market entry requirements and serve as valuable tools for Pacific exporters.

    The reports are available by logging into the Blue Pacific Portal on the PTI NZ website, where a free account can be set up for full access to these and other critical trade resources: https://pacifictradeinvest.com/en/blue-pacific-portal/

     

    For direct links to each insight, visit:

     

    ABOUT PACIFIC TRADE INVEST NZ

    • Is part of the Pacific Trade Invest Global Network of offices operating in Sydney, Australia; Beijing, People’s Republic of China; Geneva, Switzerland and Auckland, New Zealand.
    • An agency of Pacific Islands Forum Secretariat (PIFS), funded by New Zealand’s Ministry of Foreign Affairs and Trade (MFAT).
    • Supports the 16 Forum Island countries and Territories: Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Republic of the Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Shaheen Continues “Invest in NH Tour” with Visit to Lakes Region Community College to Discuss Paramedic Certificate Program

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Laconia, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), a senior member of the U.S. Senate Appropriations Committee, continued her “Invest in NH Tour” with a visit to Lakes Region Community College (LRCC) to learn more about its paramedic certificate program. The “Invest in NH” tour highlights the important funding opportunities Shaheen has secured for New Hampshire. In the fiscal year (FY) 2023 government funding bill that was signed into law, Shaheen secured more than $111 million for New Hampshire-specific projects. Photos from the event can be found here.
    “Paramedic certificate programs, like the one established at Lakes Region Community College, are critical to addressing the shortage of emergency medical personnel and first responders in New Hampshire and saving lives,” said Senator Shaheen. “I was proud to secure funding that is helping the program provide essential, life-saving training while also setting students of up for life-long, successful, careers as first responders.”
    Shaheen secured a $580,000 award for Lakes Region Community College to establish a new Paramedic training and certification program in the Fiscal Year (FY) 2023 government funding bill through the congressionally directed spending (CDS) process. The funding is being used to offset tuition costs for students and to address instructional costs for the program. Recognizing the barriers facing potential students, LRCC has designed a 12-month program with flexible and convenient schedules for working firefighters and EMTs.  
    Through her role on the U.S. Senate Appropriations Committee, Shaheen has routinely fought to provide funding for New Hampshire’s community colleges and professional training programs. In April, Shaheen toured the Hannah Grimes Center for Entrepreneurship to discuss rural entrepreneurship after securing $528,000 in Congressionally Directed Spending to support the center. Last fall, Shaheen visited Nashua Community College (NCC) to learn about its new Aviation Technology Center. She secured funding to support the purchase of updated training aids and equipment for the Center.
    Shaheen has led efforts to address the shortage of emergency medical professionals and first responders throughout New Hampshire. In August, Shaheen joined New Hampshire’s Congressional delegation to announce more than $2.9 Million in Assistance to Firefighters Grants (AFG) to Support Granite State Firefighters. 

    MIL OSI USA News –

  • MIL-OSI China: Public data potential set to be unleashed

    Source: China State Council Information Office

    China’s latest push to accelerate the development and utilization of public data resources is expected to fully unleash the potential of public data elements, help cultivate new competitive advantages and inject fresh impetus into high-quality economic growth, officials and experts said.

    Their comments came following a guideline released jointly by the general offices of the Communist Party of China Central Committee and the State Council on Wednesday.

    The country will take steps to expand the supply of public data resources and promote the opening of public data in an orderly manner, while encouraging and exploring the authorization and operation of public data, according to the guideline.

    The guideline focuses on removing institutional barriers that affect the development and utilization of data resources, and serves as a significant link in building the basic systems for data, said Liu Liehong, head of the National Data Administration, at a news conference in Beijing on Thursday.

    Liu emphasized that it will give full play to the role of data in empowering the real economy, expanding consumer demand and investment space, as well as improving governance capacity.

    Meanwhile, the guideline is conducive to bolstering the utilization of public data resources, facilitating the development of a digital economy and giving a strong boost to the data industry, Liu added.

    He said the administration will soon roll out supportive documents regarding the registration, authorization, operation and pricing mechanism of public data resources.

    Looking ahead, more efforts will be made to deepen reforms related to the market-oriented allocation of data elements and improve the basic systems for data, Liu said.

    By 2025, the system and rules for the development and utilization of public data resources will be initially established, the supply quantity and quality of data resources will be significantly improved, and a number of data elements enterprises will be cultivated, according to the guideline.

    By 2030, a comprehensive system for the development and utilization of public data resources will be set up, with compliant and efficient data circulation and use. The guideline also encourages innovative application to promote the healthy development of the data industry.

    “The launch of the guideline marks an important step in propelling the development and utilization of public data resources in China,” said Zhu Keli, founding director of the China Institute of New Economy.

    The move, Zhu said, will help improve the supply scale and quality of data, enrich data products and services, and promote the efficient utilization of public data resources in key industries and regions.

    Zhu noted that the country’s accelerated layout in the data element market will provide solid support for the sustainable and healthy development of the digital economy, generate new business forms, models and services that are based on data, create more job opportunities and inject new momentum into economic growth.

    Statistics from the National Data Administration showed that China’s total data output reached 32.85 zettabytes in 2023, up 22.4 percent year-on-year, while the added value of core digital economy industries accounted for 10 percent of GDP.

    Ouyang Rihui, assistant dean of the China Center for Internet Economy Research at the Central University of Finance and Economics, said unleashing the value of public data resources is conducive to propelling the digital transformation and high-quality development, as well as speeding up the establishment of a national unified data elements market.

    MIL OSI China News –

  • MIL-OSI USA: Ernst, Grassley Call for Hamas-Linked Campus Orgs to Register as Foreign Agents

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – U.S. Senator Joni Ernst (R-Iowa) joined U.S. Senator Chuck Grassley (R-Iowa) in raising concerns that Hamas-linked entities on college campuses may be noncompliant with the Foreign Agents Registration Act (FARA) as they seek to shape U.S. public opinion and policy outcomes. 
    In the face of this national security threat, they are calling on the Department of Justice (DOJ) and Federal Bureau of Investigation (FBI) to look into the role of National Students for Justice in Palestine (NSJP) – which received backing from an organization whose associated entities the U.S. government has implicated for financing Hamas – and the hundreds of Students for Justice in Palestine (SJP) chapters NSJP claims to support across the U.S. 
    “It is incumbent upon all of us [to] crack down on hidden foreign influence. […] The introduction of hostile foreign adversaries into domestic political discussion is especially of issue when it is fueling an alarming rise in antisemitism and anti-Israel sentiment. The public reporting appears to indicate that NSJP and related chapters may fit into the FARA definition of ‘publicity agent,’ at minimum, and its conduct, among other activity, may constitute a public relations effort designed to impact U.S. public opinion in favor of a foreign principal, which would meet FARA’s definition of political activities,” the senators wrote.
    “Taken as a whole, these actions require further investigation from DOJ and FBI to fully determine whether NSJP and SJP chapters should register as foreign agents under FARA and the extent of Hamas and Iran’s potential involvement,” the senators continued.
    In the letter, the senators cite numerous examples that signal NSJP and SJP chapters may have an obligation to register as foreign agents under FARA.
    Additionally, the lawmakers are demanding answers to what actions DOJ has taken to assess whether NSJP and SJP chapters should register under FARA, if DOJ has assessed whether NSJP has committed violations under FARA-related statutes, and if any SJP chapter ever requested an opinion in relation to work done on behalf of a foreign entities.
    Read the full letter here.
    Background:
    Ernst led her colleagues in demanding the Department of Education uphold its legal obligations to ensure Jewish and Israeli students are not subjected to discrimination. She also sponsored the Stop Antisemitism on College Campuses Act to cut federal funding for any college or university that allows antisemitic events to occur on their campus.
    As cases of antisemitism on campuses started to increase, Ernst introduced the Students’ Bill of Rights to protect the First Amendment rights of students and stem discrimination at its source.
    She also joined her colleagues in calling on the Biden administration for its plan to restore order and protect Jewish students and demanded an investigation into organizations behind antisemitic protests.
    Ernst requested the Internal Revenue Service (IRS) examine if any of the 501(c)(3) organizations backing violent antisemitic protests were in violation of their tax exempt status and reiterated her call to action when they blew off her request.

    MIL OSI USA News –

  • MIL-OSI Economics: Money Market Operations as on October 10, 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) 5,26,221.95 6.31 0.01-6.55
         I. Call Money 8,605.93 6.43 5.10-6.50
         II. Triparty Repo 3,70,072.45 6.30 6.20-6.45
         III. Market Repo 1,46,549.57 6.30 0.01-6.47
         IV. Repo in Corporate Bond 994.00 6.40 6.40-6.55
    B. Term Segment      
         I. Notice Money** 2,034.10 6.44 5.85-6.50
         II. Term Money@@ 386.00 – 6.60-6.90
         III. Triparty Repo 879.10 6.34 6.25-6.45
         IV. Market Repo 1,642.29 6.55 6.55-6.55
         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# Thu, 10/10/2024 1 Fri, 11/10/2024 2,180.00 6.75
    4. SDFΔ# Thu, 10/10/2024 1 Fri, 11/10/2024 56,656.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -54,476.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Tue, 08/10/2024 3 Fri, 11/10/2024 9,398.00 6.49
      Mon, 07/10/2024 4 Fri, 11/10/2024 36,825.00 6.49
    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$       6,942.52  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -80,015.48  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,34,491.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 10, 2024 10,09,424.38  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 10,01,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 10, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 4,18,318.00  
    @ 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: 2024-2025/1267

    MIL OSI Economics –

  • MIL-OSI Australia: Doorstop – Adelaide, South Australia

    Source: Australian Government – Minister of Foreign Affairs

    Penny Wong, Foreign Minister: Look it is just fantastic to be here at Ferguson Australia. Can I thank Andrew and Kate and all of the staff here for taking us around and talking us through the whole process of lobsters and lobster exports. And it’s wonderful to be here with Don, my wonderful colleague, the Trade Minister, and also with Joe Szakacs, the State Minister for Trade and Investments.

    We’re here the morning after the Prime Minister has announced we have agreed a timetable with China to allow the full resumption of Australian live rock lobster exports by the end of this year. And what does that mean for Australians, for Australian jobs and Australian workers? It means that in businesses like Ferguson Australia, for workers like the team we’ve seen here today, we have been able to open up an export market which is so important to the industry, to profits, and also to jobs and wages for Australians. I know from our discussions that the Fergusons have been involved in the fishing industry here in South Australia since the 1960s, but obviously, when under the previous government, the businesses were effectively blocked from entering the Chinese market, that a lot of businesses like this one here in South Australia took a really big hit. A $700 million market was shut down overnight. But as a result of the excellent work by the Albanese Government, the Prime Minister and obviously the Trade Minister as well, we’re able to start exporting this first-rate Australian product back into the Chinese market.

    Obviously, this has occurred in the context of the stabilisation of our relationship with China. I said before the election and what we have delivered on is that we would look to stabilise the relationship with China without compromising on things which are important to Australians. When we came to government we inherited some $20 billion worth of trade impediments. $20 billion worth of trade impediments under Peter Dutton. Now, less than $500 million of those impediments remain.

    Obviously, we will continue, as we have over the last two and a bit years, to press for those trade impediments to be removed. The approach we have taken to China has been patient, it has been calibrated, it has been deliberate. And our approach has paid dividends for Australians, for Australian businesses and for Australian workers. Very pleased that we have seen this announcement overnight by the Prime Minister. Very pleased that we’ll see Australian rock lobster in the Chinese market again. And again, I thank the Ferguson’s for their hospitality today and I’ll hand over to the Trade Minister.

    Don Farrell, Trade and Tourism Minister: Well, thank you, Penny, and thank you for the really good work that you’ve done with the Prime Minister to stabilise our relationship with China that has resulted in this decision yesterday to lift the final impediment on the final product back into China. We lost more than $700 million worth of trade with rock lobster going into China. By the end of the year, of course, Chinese consumers will have the advantage of the wonderful Australian product. The best rock lobster in the world comes from Australia and particularly from South Australia. And we are so pleased that the stabilisation process that you, as Foreign Minister, undertook has resulted in now the final removal of all the products.

    As you said, two and a half years ago, we started with $20 billion worth of trade impediments. They have now been removed. And of course, what that’s meant is greater prosperity for Australian producers, and more jobs for Australian workers. But we’re not going to rest on our laurels, as you will have seen in the last week or two, we’ve negotiated new free trade agreements with the United Arab Emirates and we’re encouraging companies like Fergusons to expand, to look at other markets so that we diversify our trading relationships. That’s the best way we can increase our prosperity and increase the number of jobs in this country.

    I want to thank the Fergusons. I was here only a couple of months ago where we said we’d be back with some good news, and that’s today. We’ve got that good news. And I want to thank the industry for sticking with us, it’s been a tough four years for this industry and all the way along the line I’ve wanted to give them some hope to make sure that they understood that if they stick with it, we would eventually get this sort of result. And I’m so pleased that the industry have toughed it out. They’ve diversified, but now the opportunity exists for them to go back into China. We’ve got a wonderful product here. We’ve got a clean and green image in China. We know from all of the other products that we’ve got back into the Chinese market over the last two and a half years, we actually go back with a greater volume than when we started. So, I’ve got the greatest of confidence that we’re not just going to stay where we are in terms of our exports, we’re actually going to increase those exports into the Chinese markets, and that’s very good news for this country. Thank you very much. And I want to thank my state colleagues, they’ve been working really hard with us – Joe and Claire. We’ve never given up hope. We’ve kept persisting and that persistence has now paid off. Thank you very much.

    Joe Szakacs, SA Minister for Trade and Investment: Thank you, everyone. Can I start by acknowledging the incredible work of the Commonwealth Government, particularly led by Senator Wong and Senator Farrell. The stabilisation of the China relationship has meant that important trade matters for South Australia have been able to be prosecuted by the Commonwealth Government, the Albanese Government, and thanks to their hard work and the support provided by our State Government here, we’ve seen these materialise today. Just yesterday, I announced that the trade numbers, the exports to China from South Australia, have hit another all-time high at $4.27 billion. To give some context for the impact that this announcement today or yesterday will have on the local industry in lobster, this was an over $70 million industry for South Australia that flatlined overnight. So, the resumption of the full exports of South Australian lobster into China will have a material impact for local jobs and local economic prosperity.

    Can I also say that the South Australian Government has been planning for this day for some time. Just a couple of months ago, I was actually just down here with Senator Farrell and Andrew to announce the $475,000 Seafood Support Package that our government implemented. That package is now ready to go. It supports one of two things. It supports the immediate re-engagement with China of our seafood industry, and particularly our lobster industry. It also supports and builds on the important diversification work that has been occurring to other markets, like Hong Kong, like Vietnam, like Korea and Japan. And we were in there inside today and we saw fresh live lobster being packed to head over to Hong Kong. That’s exactly the work that our State Government has been undertaking to diversify.

    Also, I just want to note that with the resumption of China Southern Airlines into South Australia, into Adelaide in December, we will see 15 tonnes of air freight every flight open up. Why is that critical? Well, it’s critical for lobster. We can’t put lobster on a boat. We can’t move lobster through ports of other states or territories. We need the best South Australian lobster to be in a plane, in the belly of a plane, into market in one day. With 15 tonne of air freight every single day being opened up from Adelaide to Guangzhou, that means direct air freight route for companies like Ferguson and other local producers. So, I just, again want to say thank you and particularly pay note to the Commonwealth Government for their extraordinary efforts in this regard.

    Clare Scriven, SA Minister for Primary Industries and Regional Development: So, this is a wonderful announcement, but particularly for our regional economies. The rock lobster industry is worth $158 million to South Australia overall, and a significant amount of that has been in terms of China and the market there. So, it’s been a really difficult time for the lobster fishermen and also for the economies in our regional areas who rely on that lobster fishing industry. So, this is a great announcement. We are really pleased that the Federal Government and State Government has worked so hard to be able to achieve this and we look forward to an uplift for our regional economies as well as our lobster fishermen.

    Foreign Minister: Thanks, Clare. Okay, happy to take questions.

    Journalist: Minister Wong, when will the first lobsters hit China? Is this an immediate thing?

    Foreign Minister: Well, the announcement is by the end of the year that the trade impediments will be removed. Obviously, we’re hoping a little bit earlier than that. I was speaking to Andrew before about how that might be operationalised by the industry. I know with wine we started with a few shipments and then obviously month by month those, those exports grew. But the announcement is by the end of the year, but we’re hoping for earlier.

    Journalist: Now, do you trust China as a trading partner after the past four years? And what lessons have you learnt here?

    Foreign Minister: Well, we learnt a few lessons as a country, didn’t we? The first is that Peter Dutton talking tough isn’t the same as being tough. And that Mister Dutton and his colleagues really took an approach to the relationship with China which ultimately didn’t end up with a relationship that was stable, where we could agree, disagree, cooperate where we can, disagree where we must and engage in the national interest. We saw that the Opposition continues to seek to politicise the China relationship. Now, I’ve been very clear: China has a set of interests. Some of those are very different to Australia’s. There are going to be areas where we disagree and Australia has been very clear about standing up for those issues which are important to Australians. But we also know that its important to engage and we will continue to do that in a mature, calibrated and deliberate way.

    Journalist: And will you pull back on other issues you might have with China to try and keep these trade deals going?

    Foreign Minister: Well, I think you’ve seen that we have been very clear about those areas where we disagree. And the whole point about trying to stabilise a relationship is to recognise there will be areas where you disagree and those will continue. There will be areas where you can cooperate and you want to work on them. And perhaps most importantly, you have to engage. You have to keep engaging in dialogue, in visits, in discussion, and we will continue to do that. And I was very pleased, for example, last night at the airport I saw a number of the Australian parliamentarians who are going to Beijing for the first parliamentarian trip for some time. So, we will have areas where we continue to have different views. Your Government will continue to articulate Australia’s position on them in accordance with our national interests. But we also recognise that it is important for us to seek to work with China to open up these markets. The reason is what you saw in there. This is about Australian jobs.

    Journalist: I just have some questions from Canberra about the Middle East. So, the Opposition says Australians fleeing from Lebanon should be made to pay for Government-supported flights back home if they’ve ignored Government warnings. What’s your response to that?

    Foreign Minister: Look, we’re taking the same approach on this as we talk to people who had to flee in the earlier part of the conflict after the horrific events of October 7. But I would say this; we have a flight scheduled for Sunday, that’s October 13, there are no further flights scheduled beyond that. So, I’d say to Australians, there is a flight scheduled on October 13. There are no further flights scheduled and any further flights would obviously, as I said, flights are not going to be scheduled indefinitely and are subject to operational and security constraints. You should leave now if you wish to leave.

    Journalist: And did the government go too far with its wording on the October 7 motion in Parliament? Should you have ensured it was wording the Coalition would support?

    Foreign Minister: Well, you know who’s gone too far in this and that’s Mr Dutton. Mr Dutton is out of step with the majority of the international community, including allies such as the US, the United Kingdom, members of the G7. He refused to support a ceasefire in Gaza. Can I remind everybody that a ceasefire in Gaza has been called for, led by the United States and backed in by every single member of the United Nations Security Council.

    So, the United States and every member of the UN Security Council have called for a ceasefire in Gaza, but Mr Dutton does not want to vote for it. I’d also make the point that we had a debate in the Senate yesterday – the Coalition there was prepared to support a broader motion, including some of the issues that Mr Dutton refused to support in the House. Mr Dutton is doing what he always does, which is to seek to divide, to seek to inflame. Whenever there is a moment where we need Australians to come together, you can always count on Peter Dutton to look to divide Australians. Whenever there is a moment where we need Australians to come together, Mister Dutton will always work to divide them.

    Journalist: Thank you, Ministers. I just wanted to ask about biosecurity testing requirements. Is that something we’ve agreed to?

    Trade and Tourism Minister: Thanks, Dominic. So, we have been in discussions, of course, for some months now with the Chinese authorities in order to deal with all of the biosecurity issues that have been raised by the Chinese Government in the past. We have now got a way forward to resolve all of those biosecurity issues in a way that meets all of the Chinese requirements. So, what you’ll see, I think, between now and Christmas when there’s a full resumption, is a gradual resumption of exports of Australian rock lobster into China that will meet all of the requirements of the Chinese Government.

    Journalist: And what does that mean for Australian companies? Do they have to do anything extra or is that onus on the government when it comes to testing?

    Trade and Tourism Minister: Well, every government imposes its regulations on products coming into their country. China is no different from that. But I’m very confident, as a result of all of the discussions that have taken place, particularly the good work of the Agriculture Minister, Minister Collins, and before that, Minister Watt, we will ensure that we satisfy all of the requirements that the Chinese Government require about all of the products that we export into China.

    Journalist: Thank you. And just one for the Foreign Minister, if that’s all right. Yesterday you met with the UN Special Rapporteur on Myanmar and he put forward some suggestions about how Australia could act in terms of responding to the junta’s rule. I’m just wondering if there’s any particular ideas that you were receptive to or if we’re considering any further measures that he suggested?

    Foreign Minister: We are very concerned about the situation in Myanmar. We’re concerned because, as a decent country, the loss of life and the disrespect for human rights concerns us all. We’re also concerned because Myanmar is critical to regional stability. If you look at the history of Southeast Asia, the history of ASEAN, stability in Myanmar has been a central part of the stability of the region. So, that matters to Australia. We are very concerned about the situation. We are very concerned about the behaviour of the regime. You would have seen previously that we have put sanctions on particular members of the regime. And recently I also put sanctions on particular companies, including those supplying jet fuel, given that the regime was in engaging in attacks on its own people.

    I was very pleased to meet with the Rapporteur. We discussed the situation in Myanmar. We discussed the need to focus more on the humanitarian crisis. People might recall I visited Cox’s Bazar in Bangladesh some time ago. I made the point that that is Australia’s largest single humanitarian contribution, under both governments. We have put very substantial amounts of humanitarian support there because it is a humanitarian crisis in our region. And we’ll continue to work with both the international community, regional partners, to try and contribute to finding stability in Myanmar and certainly averting or dealing with the humanitarian crisis which is on our doorstep.

    Thanks very much, everybody.

    MIL OSI News –

  • MIL-OSI Economics: AIIB and AMRO Sign MOU to Strengthen Cooperation for Regional Economic Resilience and Sustainable Development 

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) and the ASEAN+3 Macroeconomic Research Office (AMRO) signed a memorandum of understanding (MOU) to enhance cooperation aimed at fostering regional macroeconomic resilience and sustainable development. This strategic partnership will leverage joint research, knowledge sharing, capacity building and staff exchanges to create a more robust economic landscape for the region.

    AMRO Director Kouqing Li and AIIB President Jin Liqun signed the three-year agreement in Vientiane, Lao PDR this week on the sidelines of the 2024 ASEAN Summit, marking a significant step forward in the two organizations’ shared commitment to addressing pressing economic challenges for their respective member economies.

    “Amid rising global uncertainty and increasing geoeconomic fragmentation, forging strategic partnerships is paramount to deepen our understanding of the challenges faced by the ASEAN+3 region,” Li said. “I am confident AMRO’s collaboration with AIIB will unlock synergies as we work toward securing the macroeconomic and financial resilience and stability of the region.”

    “This partnership reflects our shared vision of fostering sustainable, resilient growth in Southeast Asia,” Jin said. “AIIB is committed to financing Infrastructure for Tomorrow, underpinned by rigorous analysis of local conditions and strong cooperation with local and regional partners. By strengthening joint efforts with AMRO, we are building a solid foundation for a more prosperous and inclusive future for all.”

    The new partnership signifies both organizations’ commitment to enhancing their collaborative initiatives to generate enduring economic benefits for their respective member economies and to navigate the challenges of an evolving global economy.

    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. 

    About AMRO

    AMRO is an international organization comprising the 10 members of the Association of Southeast Asian Nations (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam) and China; Hong Kong, China; Japan; and Korea. AMRO’s mandate is to conduct macroeconomic surveillance, support regional financial arrangements, and provide technical assistance to the members. In addition, AMRO also serves as a regional knowledge hub and provides support to ASEAN+3 financial cooperation.

    MIL OSI Economics –

  • MIL-OSI: NBPE Announces September Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    NBPE Announces September Monthly NAV Estimate

    11 October 2024

    NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 September 2024 monthly NAV estimate.

    NAV Highlights (30 September 2024)

    • NAV per share was $27.37 (£20.40), a total return of (0.3%) in the month
    • Year to date NAV TR of 0.9%
    • $73 million invested in new and follow on investments year to date
    • $391 million of available liquidity at 30 September 2024
    As of 30 September 2024 YTD 1 Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised    		 0.9% 4.3% (2.8%)
    (1.0%)    		 70.9%
    11.3%    		 172.2%
    10.5%
    MSCI World TR (USD)*
    Annualised    		 19.3% 33.0% 30.7%
    9.3%    		 89.1%
    13.6%    		 175.2%
    10.7%
    Share price TR (GBP)*
    Annualised    		 0.8% 6.4% 14.1%
    4.5%    		 76.0%
    12.0%    		 245.2%
    13.2%
    FTSE All-Share TR (GBP)*
    Annualised    		 9.9% 13.4% 23.9%
    7.4%    		 32.2%
    5.7%    		 83.6%
    6.3%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 30 September 2024

    NAV performance during the month driven by:

    • 0.2% NAV increase ($2 million) from the receipt of private company valuation information
    • 0.2% NAV increase ($3 million) from positive FX movements
    • 0.3% NAV decrease ($4 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
    • 0.4% NAV decrease ($5 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

    Realisations from the portfolio continue in 2024

    • $160 million of realisations received year to date, driven by Action, Cotiviti and previously announced sales of Melissa & Doug, FV Hospital and Safefleet as well as sales of public stock and continued realisations from the legacy income investment portfolio

    $391 million of total liquidity at 30 September 2024

    • $181 million of cash and liquid investments with $210 million of undrawn credit line available

    $73 million invested in 2024 in new and follow-on investments

    • $25 million invested in FDH Aero, a leading parts distributor to the aerospace and defense industry
    • $38 million invested into two U.S. healthcare businesses, Benecon and Zeus
    • $10 million of additional new and follow on investments

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 30 September 2024 was based on the following information:

    • 6% of the portfolio was valued as of 30 September 2024
      • 6% in public securities
    • 94% of the portfolio was valued as of 30 June 2024
      • 93% in private direct investments
      • 1% in private funds

    For further information, please contact:

    NBPE Investor Relations         +44 (0) 20 3214 9002
    Luke Mason                              NBPrivateMarketsIR@nb.com 

    Kaso Legg Communications   +44 (0)20 3882 6644

    Charles Gorman                        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 30 September 2024)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer                        68.9 5.4%
    Osaic 2019 Reverence Capital Financial Services                        62.7 4.9%
    Solenis 2021 Platinum Equity Industrials                        58.2 4.6%
    BeyondTrust 2018 Francisco Partners Technology / IT                        42.0 3.3%
    Branded Cities Network 2017 Shamrock Capital Communications / Media                        40.1 3.2%
    Monroe Engineering 2021 AEA Investors Industrials                        38.3 3.0%
    Business Services Company* 2017 Not Disclosed Business Services                        37.1 2.9%
    True Potential 2022 Cinven Financial Services                        35.8 2.8%
    Kroll 2020 Further Global / Stone Point Financial Services                        31.4 2.5%
    Constellation Automotive 2019 TDR Capital Business Services                        30.9 2.4%
    Marquee Brands 2014 Neuberger Berman Consumer                        30.8 2.4%
    Staples 2017 Sycamore Partners Business Services                        30.7 2.4%
    GFL (NYSE: GFL) 2018 BC Partners Business Services                        30.5 2.4%
    Fortna 2017 THL Industrials                        28.7 2.3%
    Viant 2018 JLL Partners Healthcare                        27.2 2.1%
    Stubhub 2020 Neuberger Berman Consumer                        26.6 2.1%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT                        25.8 2.0%
    FDH Aero 2024 Audax Group Industrials                        25.3 2.0%
    Agiliti 2019 THL Healthcare                        25.3 2.0%
    Benecon 2024 TA Associates Healthcare                        25.2 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT                        24.4 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services                        23.8 1.9%
    USI 2017 KKR Financial Services                        23.2 1.8%
    Auctane 2021 Thoma Bravo Technology / IT                        22.5 1.8%
    Excelitas 2022 AEA Investors Industrials                        21.9 1.7%
    Qpark 2017 KKR Transportation                        21.5 1.7%
    AutoStore (OB.AUTO) 2019 THL Industrials                        21.3 1.7%
    Exact 2019 KKR Technology / IT                        20.1 1.6%
    Renaissance Learning 2018 Francisco Partners Technology / IT                        19.4 1.5%
    Bylight 2017 Sagewind Partners Technology / IT                        18.7 1.5%
    Total Top 30 Investments                            $938.5 73.8%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 76%
    Europe 23%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 20%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 12%
    Healthcare 9%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 11%
    2017 19%
    2018 16%
    2019 14%
    2020 12%
    2021 16%
    2022 5%
    2023 2%
    2024 5%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $481 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit http://www.nb.com for more information. Data as of June 30, 2024.

    1Based on net asset value.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: Luxon wraps up East Asia Summit

    Source: New Zealand Government

    The annual East Asia Summit (EAS) held in Laos this week underscored the critical role that the Association of Southeast Asian Nations (ASEAN) plays in ensuring a peaceful, stable and prosperous Indo-Pacific, Prime Minister Christopher Luxon says.

    “My first participation in an EAS has been a valuable opportunity to engage with leaders on complex issues facing our region, from geopolitical tensions to expanding trade. In my statement, I emphasised the importance of regional security to our collective economic prosperity,” Mr Luxon says.

    Mr Luxon confirmed New Zealand will hold an ASEAN-New Zealand Commemorative Leaders’ Summit in Malaysia in November 2025. 

    “This will be a fitting way to mark 50 years of New Zealand-ASEAN dialogue relations next year,” Mr Luxon says.

    “My Government is lifting the energy New Zealand brings to our relationships across Southeast Asia and we continue to deepen our ties with ASEAN. This includes work to upgrade to a New Zealand-ASEAN Comprehensive Strategic Partnership.”

    Mr Luxon held bilateral talks with the leaders of Cambodia, India, the Philippines, Viet Nam and Thailand. He also delivered a speech to the ASEAN Business and Investment Summit.

    “I had a lengthy and warm bilateral with Prime Minister Modi, who invited me to visit India in the new year. We discussed the many connections between India and New Zealand, how we could grow the relationship further, and the contribution the 300,000 India diaspora make to New Zealand both culturally and economically.

    “I also sat with Prime Minister Modi at the Leaders’ Gala dinner where we continued our conversation. We will look at finding a mutually agreeable time to visit India early in 2025.”

    Prime Minister Luxon also met with the Prime Ministers of Canada and Australia in Laos. Prime Ministers Trudeau, Albanese and Luxon traversed common interests such as their work together on the troubling situation in the Middle East, CPTPP, and the Commonwealth.

    Mr Luxon arrives back in New Zealand on Saturday.

    MIL OSI New Zealand News –

  • MIL-OSI: Sampo plc’s share buybacks 10 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 11 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 10 October 2024

    On 10 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)
      4,228 40.86 AQEU        
      36,970 40.85 CEUX
      919 40.87 TQEX
      50,217 40.85 XHEL
    TOTAL 92,334 40.85  

    *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 8,408,617 Sampo A shares representing 1.53 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
    http://www.sampo.com

    Attachment

    The MIL Network –

  • MIL-OSI: Tryg A/S – Interim report Q3 2024 and Q1-Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Tryg’s Supervisory Board has today approved the Q3 and Q1-Q3 2024 interim report.

    Tryg reported an insurance service result of DKK 2,130m (DKK 1,513m) and a combined ratio of 78.2% (83.8%) in Q3 2024. The insurance service result was supported by significantly lower weather and large claims compared to the corresponding period in 2023. The underlying claims ratio for the Group improved by 30 basis points driven by continued profitability initiatives. The underlying claims ratio for the Private segment deteriorated by 20 basis points while it deteriorated 40 basis points in Q2 2024. Tryg reported a top-line growth of 3.9% (4.4%) in Q3 2024. The top-line development was mainly driven by price adjustments across all segments to offset inflationary pressure, whilst there was a continued and expected drop in the Corporate business following higher churn in the first part of the year and in line with Tryg’s re-balancing strategy. Synergies from the RSA Scandinavia acquisition were DKK 58m in the quarter reaching DKK 864m accumulated. The investment result was DKK 444m (DKK 265m) driven by positive returns across all asset classes. Pre-tax profit was DKK 2,134m (DKK 1,225m) and profit after tax was DKK 1,611m. Quarterly dividend of DKK 1.95 (DKK 1.85) per share increased by more than 5%, and a solvency ratio of 202% supportive of future shareholders’ remuneration.

    Financial highlights Q3 2024

    • Insurance revenue growth of 3.9% in local currencies (4.4%)
    • Insurance service result of DKK 2,130m (DKK 1,513m)
    • Combined ratio of 78.2% (83.8%)
    • Expense ratio of 13.3% (13.3%)
    • Investment result of DKK 444m (DKK 265m)
    • Profit before tax of DKK 2,134m (DKK 1,225m)
    • Quarterly ordinary dividend of DKK 1.95 (DKK 1.85) per share and solvency ratio of 202%

    Financial highlights Q1-Q3 2024

    • Insurance revenue growth of 4.2% in local currencies (4.3%)
    • Insurance service result of DKK 5,617m (DKK 4,745m)
    • Combined ratio of 80.5% (82.9%)
    • Expense ratio of 13.5% (13.3%)
    • Investment result of DKK 908m (DKK 485m)
    • Profit before tax of DKK 5,270m (DKK 3,640m)
    • Dividend per share of DKK 5.85 (DKK 5.55) per share

    Customer highlights Q3 2024

    • Customer satisfaction score of 86 (86)

    Statement by Group CEO Johan Kirstein Brammer:
    We have delivered a solid insurance service result in the third quarter, once again highlighting our strength as a full-scale insurance operator in Denmark, Norway and Sweden. Today’s results are the last before we present our new strategy, and the numbers underpin our expectation of achieving our financial goals for the strategy period. These goals include an insurance service result of between DKK 7.2 and 7.6 billion and a combined ratio at or below 82% by the end of 2024,” says Johan Kirstein Brammer, CEO of Tryg.

    Conference call
    Tryg hosts a conference call today at 10:00 CET. CEO Johan Kirstein Brammer, CFO Allan Kragh Thaysen, CTO Mikael Kärrsten and Head of IR, SVP Gianandrea Roberti will present the results in brief followed by Q&As.

    The conference call will be held in English. An on-demand version will be available shortly after the conference call has ended.

    Conference call details:
    Danish participants:              +45 78 76 84 90
    UK participants:                    +44 203 769 6819
    US participants:                    +1 646 787 0157
    PIN: 560768

    The interim report material can be downloaded on http://www.tryg.com/downloads-2024 shortly after the time of release.
    Contact information:

    Visit tryg.com for more information. 

    Attachment

    The MIL Network –

  • MIL-OSI Russia: A school will be built in the Akademichesky district

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The Moscow Committee for Architecture and Urban Development has amended the land use and development rules for the construction of a school in the Akademichesky District. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “The school will be designed for a thousand places. It is planned to be built at the address: Shvernika Street, Building 17, Building 2 as part of the city’s Address Investment Program. The maximum area of the educational institution will be 30 thousand square meters,” said Vladimir Efimov.

    As specified Juliana Knyazhevskaya, Chairman of the Moscow Committee for Architecture, the area of the land plot for the new educational institution will be 2.29 hectares. It will house the school building itself, sports and playgrounds, and recreation areas.

    In recent years, the city has built seven schools with a capacity of one thousand or more students.

    “All new educational facilities are located in areas that have received an impetus for development. Three of them are in the Nekrasovka district, one each in Obruchevsky, Levoberezhny and Molzhaninovsky, and another one is on the territory of the former ZIL industrial zone in the Danilovsky district. The building in Akademichesky will become a new school built at the expense of the city,” noted the head of the capital’s Department of Civil Construction.

    Rafik Zagrutdinov.

    Earlier, Sergei Sobyanin spoke about construction of social infrastructure in the capital.

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/145086073/

    MIL OSI Russia News –

  • MIL-OSI Africa: Afreximbank to Host 2024 Trade Finance Seminar and Factoring Workshop in Windhoek, Namibia

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

    CAIRO, Egypt, October 11, 2024/APO Group/ —

    African bankers, financiers, legal practitioners, insurers, and professionals from regulatory agencies and corporates, from across the African continent involved in trade finance will gather in Windhoek, Namibia, from 5 to 8 November for the annual Afreximbank Trade Finance Seminar (ATFS) and Factoring Workshop (https://ATFS2024.AfreximbankEvents.com).

    The event will address critical trade finance trends, tools and offer training in innovative strategies to bolster Africa’s trade ecosystem.

    Mr. Titus Ndove, Executive Director, Ministry of Finance and Public Enterprises, Namibia will deliver the Keynote Address, underscoring Namibia’s commitment to advancing intra-Africa trade as well as global trade facilitation.

    The Seminar will host a number of world class speakers covering a broad range of topics and technical training workshops.

    Ms. Gwen Mwaba, Managing Director Trade Finance & Correspondent Banking, Afreximbank, said: “This Seminar aims to equip participants with essential knowledge and skills to navigate the complexities of financing transactions and structuring viable trade deals amidst increasing and heightened global economic uncertainty.

    “By enhancing expertise in trade and trade-related deals, participants will not only drive national economic growth and boost public and private sector revenues through enhanced income generation, but also enable governments to execute critical development projects. Our aim is to foster a collaborative environment where these key stakeholders can share insights and strategies to strengthen Africa’s trade finance landscape and unlock new opportunities for growth.”

    Africa’s trade finance gap (https://apo-opa.co/4eBnsOn) is estimated to be between US$90 billion and US$120 billion per year.

    The exiting and scaling back of many international banks from Africa have severely limited local lenders’ ability to finance clients’ import and export needs and created record demand for trade finance in Africa.

    The Afreximbank Trade Finance Seminar (ATFS) and Factoring Workshop (https://ATFS2024.AfreximbankEvents.com) is a cost- and time-efficient capacity-building seminar tailored to African markets for professionals involved directly or indirectly in trade finance, providing them with valuable knowledge and expert training.

    Among the speakers at the workshop is Mr Neal Harm, the Secretary General of the FCI, the Global Representative Body for Factoring and Financing of Open Account Domestic and International Trade Receivables headquartered in the Netherlands.

    The full-day Factoring Workshop on 8 November will focus on “Solving the African Micro Small Medium Enterprise (MSMEs) Trade Finance Gap through Factoring and Supply Chain Finance” and provide valuable insights into how this alternative financing method can effectively bridge the finance gap for MSMEs.

    Factoring is a vital trade finance tool that provides MSMEs with access to financing, helping to boost trade under the African Continental Free Trade Area (AfCFTA).

    Interested attendees can register for the Afreximbank Trade Finance Seminar and Factoring Workshop by clicking on this link (https://apo-opa.co/3YjsWav).

    MIL OSI Africa –

  • MIL-OSI Banking: Basel Committee publishes G20 progress report on the 2023 banking turmoil and liquidity risk

    Source: Bank for International Settlements

    • Basel Committee provides update to G20 Finance Ministers and Central Bank Governors on its analytical work of the 2023 banking turmoil.
    • Report summarises empirical analysis on liquidity risk dynamics observed during the turmoil.
    • Committee will continue work to strengthen supervisory effectiveness and assess whether specific features of the Basel Framework performed as intended.

    The Basel Committee on Banking Supervision is today publishing a progress report to the G20 Finance Ministers and Central Bank Governors on its analytical work of the 2023 banking turmoil. The report, requested by the G20 Brazilian Presidency, provides an update on the Committee’s analytical work on liquidity risk dynamics observed during the turmoil. It builds on the Committee’s stocktake report published in October 2023.

    The progress report includes updated empirical analysis on the liquidity outflow rates experienced by distressed banks during the turmoil and assesses the materiality of liquidity risk factors that are not explicitly covered by the Basel III Liquidity Coverage Ratio (LCR). The report also analyses the impact of the accounting treatment and valuation of liquid assets eligible to meet the LCR and other potential impediments to banks’ ability and willingness to draw down their liquidity buffer. It also assesses the use and role of supervisory monitoring tools and other stress indicators.

    Drawing on the findings of this progress report, the Committee is continuing to pursue a series of follow-up initiatives related to the turmoil, including:

    • prioritising work to strengthen supervisory effectiveness and identify issues that could merit additional guidance at a global level; and
    • pursuing additional follow-up analytical work based on empirical evidence to assess whether specific features of the Basel Framework, such as liquidity risk and interest rate risk in the banking book, performed as intended during the turmoil and assess the need to explore policy options over the medium term.

    This follow-up work is fully in line with the imperative of implementing the Basel III standards in a full and consistent manner, and as soon as possible. 

    Note to editors

    The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members’ commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of Sveriges Riksbank. 

    More information about the Basel Committee is available here.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Lord Provost Bill Campbell Blog #28

    Source: Scotland – City of Dundee

    Hello and welcome to my End of Month Blog #28 as the Lord Provost of Dundee.

    After having taken time off from carrying out events in August due ill health, from the beginning of September I returned to active duties and seen some of the fantastic activities and events taking place in the city.

    Activities over September included:

    • On Thursday 5th, I attended the Consular Corps in Scotland Summer event in Edinburgh. I was very keen to attend this event to meet with the many Consuls based in Scotland, some of whom I had previously met, and some of whom this event facilitated me meeting some of the recently appointed Consuls for the first time. Events such as this allow me to carry out part of my duties as Lord Provost which include promoting Dundee internationally;
    • I attended the Annual Dundee Submarine Memorial Service at the Dundee International Submarine Memorial on Saturday 7th. I laid a wreath during the Service on behalf of the City and followed on to a reception at the Apex Hotel where I spoke with representatives from the Royal Navy, Dutch and French Navies, and Officers from Dundee Sea & Royal Marines Cadets;
    • On Sunday 8th, Depute Lord Provost Kevin Cordell attended and officially opened the 2024 Dundee Cyclathon. This was the landmark 20th anniversary of the Cyclathon;
    • Following an invite from a Modern Studies 1st Year class at St Paul’s RC Academy, I took part in a Question & Answer session on the role of Lord Provost of Dundee on Wednesday 11th. I was delighted to visit the class and take part in the Q&A which was a very enjoyable experience with wide-ranging and very interesting questions put to me;
    • On Thursday 12th, I attended the Order of Malta’s 2024 Scottish Mass and Investiture at St Margaret’s Chapel which is situated not far from the Meadows area in Edinburgh. I was honoured to be invited to attend and following the Mass, there were Order of Merit presentations of medals to Scots who had assisted with work over many years;
    • The Lady Provost and I attended the Nine Incorporated Trades of Dundee Glovers Dinner & Annual General Meeting on Friday 13th at the Woodlands Hotel. I have been honoured to have been regularly associated with The Nine Incorporated Trades of Dundee since becoming Lord Provost and am I hugely appreciative of their support. As Lord Provost, I was part of a Q&A event at this Dinner;
    • On Saturday 14th, the Lady Provost and I attended a service in the Congregational Church in Dundee to lay up the previous Standard for The War Widows Association and welcome in the new Standard. I had the great honour of making a speech during the Service in the Congregational Church;
    • The Lady Provost and I attended a performance of Snake in the Grass at Dundee Rep on Wednesday 18th. This was a superb performance from an amazing cast and we were engrossed in this play from start to finish;
    • On Thursday 19th, I was delighted to be asked to give a welcome speech and present the 25 Year Long Service Awards to employees of Tayside Contracts at this year’s Tayside Contracts Long Service Recognition Ceremony in the City Chambers;
    • I was very grateful to be invited by David Dorward, MBE, DL to attend the fifth birthday event on the evening of Thursday 19th for Launch It (Dundee) who support enterprising young founders and is based in Kandahar House in the city centre. David, as the chairperson, very kindly showed me around the facilities and I had the opportunity to meet with a number of current and former attendees;
    • On Saturday 21st, I attended the 140th Anniversary Celebratory Dinner for the Ye Amphibious Ancients Bathing Association (YeAABA) which was formed in 1884. This was a superb event held at Forbes of Kingennie with special stories, awards and great conviviality with the very large attendance contributing to an excellent atmosphere. I was delighted to be asked to make a speech at this event. My congratulations to YeAABA on reaching this magnificent milestone;
    • I attended the Dundee Design Festival at Michelin Scotland Innovation Parc (MSIP) on Sunday 22nd. I was delighted to be invited for a preview of Scotland’s National Festival of Contemporary Design which showcased the work of over 180 Scottish designers and design companies. MSIP provided a stunning backdrop to this amazing festival which I hugely enjoyed;
    • On the morning of Wednesday 25th, I had the pleasure of providing a Civic Welcome in the City Chambers to a group of just over 20 visitors from the Isle of Lewis as part of their visit to Dundee and Fife. They arrived at the Civic Floor for a Civic Tour and I was delighted to greet them all individually on behalf of the City as well as exchange gifts;
    • On the afternoon of Wednesday 25th, I took the Citizenship Ceremony in the Committee Rooms in City Square;
    • On the afternoon of Thursday 26th, I gave a Civic Reception to the Salvation Army in Dundee in the City Chambers;
    • Depute Lord Provost Kevin Cordell welcomed the Scottish Ambulance Service to the City Chambers for their Awards Ceremony on the evening of Thursday 26th;
    • The Lady Provost and I attended the Nine Incorporated Trades of Dundee Biennial Dinner on Friday 27th where I replied to a toast to the City of Dundee. This was an evening celebrating Raymond Edwards’ successful term as Deacon Convener and the impressive heritage of the Nine Incorporated Trades of Dundee and how they contribute to the city;
    • I attended an event at Holyrood marking the 25th Anniversary of the Scottish Parliament on Saturday 28th of which included an address by His Majesty The King and an introduction by the Rt Hon Alison Johnstone MSP, the Presiding Officer of the Scottish Parliament. The celebration also included music from the Gaelic Cóisir Alba from the Royal Conservatoire of Scotland and a performance from over 90 young people brought together by Sistema Scotland.

    Outwith the events outlined above, this was a very busy month of activities which included a number of visits to the capital and a variety of meetings and additional events held within the city.

    For updates as they occur, you can find the latest Lord Provost news and activities on both Facebook and Twitter/X.

    Thank you for taking the time to read my Blog.

    MIL OSI United Kingdom –

  • MIL-OSI NGOs: Northern Ireland: Journalists, lawyers and NGOs urged to make surveillance concerns known to KC-led investigation 

    Source: Amnesty International –

    One week left to respond to Angus McCullough KC call for evidence

    ‘We now need answers to wider questions about the full extent of police use and misuse of secret surveillance powers in Northern Ireland. The McCullough Review can help provide those answers.’ – Patrick Corrigan 

    Journalists, lawyers and activists in Northern Ireland who suspect they have been spied on by the Police Service of Northern Ireland (PSNI) should make a complaint to the McCullough Review before the October 18 deadline, Amnesty International said today.

    The McCullough Review is an independent inquiry into PSNI surveillance of journalists, lawyers, non-governmental organisations and police oversight bodies, led by London lawyer Angus McCullough KC. The review was commissioned by Chief Constable Jon Boutcher after campaigners raised concerns following evidence disclosed at the Investigatory Powers Tribunal pointed to potential widespread use of covert surveillance powers by the police.

    The call for evidence issued by McCullough has a deadline of 5pm on Friday 18 October 2024 and Amnesty is encouraging affected parties to contact the review before the cut-off date.

    Patrick Corrigan, Northern Ireland Director of Amnesty International, and a member of the McCullough Review group of experts and stakeholders, said:

    “The evidence disclosed to the Investigatory Powers Tribunal investigating spying on Barry McCaffrey and Trevor Birney has pointed to worrying surveillance practices by the PSNI in relation to journalists, lawyers and the office of the Police Ombudsman.

    “We now need answers to wider questions about the full extent of police use and misuse of secret surveillance powers in Northern Ireland. The McCullough Review can help provide those answers.

    “It is important that anyone who falls within the remit of the review and has information or evidence that they may have been subject to covert surveillance by the PSNI contacts McCullough.

    “It will also be crucial for former or serving police officers to bring what they know to this investigation. The Chief Constable has already committed to full cooperation with this review and we would encourage anyone with evidence to make it known via the confidential questionnaire on the McCullough Review website.

    “While this review does not have all the powers of a statutory public inquiry – and we may still need such an inquiry – it can play a hugely important role in shining a light on hitherto shadowy practices and point to potential breaches of human rights of surveillance targets.”

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  • MIL-OSI Economics: ADF-16: Benin to contribute $2 million to the African Development Fund

    Source: African Development Bank Group
    Benin has pledged $2 million to the next replenishment of the African Development Fund, the concessional window of the African Development Bank Group.
    The country’s Minister of Economy and Finance, Romuald Wadagni, made the announcement in Cotonou, at the opening session of the Mid-Term Review of the 16th Replenishment of the…

    MIL OSI Economics –

  • MIL-OSI United Nations: At Hamburg Sustainability Conference UNECE shares practical solutions for climate action and sustainable development

    Source: United Nations Economic Commission for Europe

    On the heels of the Summit of the Future and adoption of the Pact for the Future, the first Hamburg Sustainability Conference (7-8 October) gathered international policy makers, business leaders and civil society to discuss ways to accelerate SDG implementation. Attending the conference, UNECE Executive Secretary Tatiana Molcean presented UNECE tools and initiatives that are already laying the foundation for strengthened international cooperation necessary to deliver result-oriented solutions, at the Mayors’ Panel on achieving sustainable cities of the future. 

    The Executive Secretary recalled that cities are key partners in achieving sustainable development as they are on the frontlines of addressing humanity’s most pressing problems. In its work UNECE applies a comprehensive approach to urban challenges and it supports local and regional authorities across various key areas, each contributing to the creation of more resilient, representative, and sustainable urban environments. Some of the most important initiatives include:  

     

    • Forum of Mayors to gather city leaders to exchange knowledge and local solutions, and engage with international policy and decision-making; 
    • PIERS methodology to score infrastructure and public-private partnership (PPP) projects against SDGs;  

     

    Opening the Sustainable Finance Forum, which bridges the Hamburg Sustainability Conference and the upcoming COP29, the Executive Secretary drew attention to the immense investments needed for the energy transition: to achieve the objectives of the Paris Agreement, USD 5 trillion are needed annually from now until 2030 in the energy sector alone. Yet, 2023 saw USD 1.8 trillion invested in the energy transition, which represents an increase of 17% over the previous year. Hard-to-abate sectors and small businesses face even greater challenges in securing such financing.  

    Aiming to address these gaps, the Forum brought together investors, decision makers and energy transition project leaders. Of some 250 initiatives mapped, 10 projects from South-Eastern Europe and Central Asia requiring financing of over USD 15 billion were shortlisted for showcasing at COP29.  

    With its PIERS methodology UNECE can help governments and financial actors to align their infrastructure and PPPs projects with the SDGs, thus advancing climate action and resilient infrastructure for a sustainable future. The shortlisted projects will benefit from training on PIERS, helping to strengthen accountability, transparency and investor readiness.  

    The Sustainable Finance Forum was convened by UNECE, the United Nations High-Level Climate Champions, DZ BANK, the European Commission, and the German Chapter of the International Chamber of Commerce (ICC Germany) to strengthen the work of international partners in the field of transition finance.  

    The topic of strengthening the contribution of public and private capital providers to climate action was on the agenda of the Executive Secretary’s bilateral meetings on the margins of the Hamburg Sustainability Conference, particularly during her discussion with Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development. Mr. Mohieldin and Ms. Molcean agreed that an appropriate business environment is important to attract private investors and financiers to drive the transition. They also exchanged about the role of the Carbon Border Adjustment Mechanism and its impact on neighbouring countries to the EU and the role of organisations such as UNECE in supporting adaptation. They also discussed targeted taxation in helping emerging markets embrace the energy transition.   

    Meeting with the Secretary General of the International Chamber of Commerce (ICC), John Denton, the Executive Secretary highlighted the importance of involving the private sector to accelerate SDG implementation, as well as the joint work by UNECE and ICC to promote the global use of digital trade standards.  

    In discussion with Bärbel Kofler, Parliamentary State Secretary at the Federal Ministry for Economic Cooperation and Development of Germany, Ms. Molcean stressed the role of UNECE as a standard setter and an effective regional cooperation platform to advance sustainable development across diverse fields, including energy, environment, gender equality and transport among many others. 

     

    MIL OSI United Nations News –

  • MIL-OSI: Red Cat Ships Teal-2 Drones to Florida Army National Guard to Assist with Hurricane Milton Disaster Response

    Source: GlobeNewswire (MIL-OSI)

    SAN JUAN, Puerto Rico, Oct. 11, 2024 (GLOBE NEWSWIRE) —  Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced it is fulfilling an order by the Florida Army National Guard for its Teal 2 drones. The drones will be used to support the ongoing disaster response to Hurricane Milton, which has left more than 3 million people without power.

    “Our drones are specifically designed for the defense industry, but we understand that our warfighters’ roles extend beyond combat, especially during natural disasters,” said Jeff Thompson, CEO of Red Cat. “Small, portable drones like our Teal 2, built for the toughest environments, can be invaluable for first responders in damage assessment and search and rescue missions. We are proud to support the Florida Army National Guard soldiers in their efforts to assist with the aftermath in Milton.”

    Red Cat subsidiary Teal Drones builds its Teal 2 system, designed to support U.S. and allied military operations, public safety organizations, and government agencies, at its Utah facility. Teal 2 is a cost-effective, man-portable sUAS designed to “Dominate the Night™” that has best-in-class night vision, multi-vehicle control support, and a fully modular design. It is both Blue UAS Certified and FAA Remote ID approved.

    About Red Cat, Inc.
    Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a bleeding-edge Family of ISR and Precision Strike Systems including the Teal 2, a small unmanned system offering the highest-resolution thermal imaging in its class, the Edge 130 Blue Tricopter for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at http://www.redcat.red.

    Forward Looking Statements
    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on August 8, 2024. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

    Contact:

    INVESTORS:
    E-mail: Investors@redcat.red

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

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  • MIL-OSI Security: I Am Navy Medicine – and Hispanic Heritage – assigned to NHB/NMRTC Bremerton

    Source: United States Navy (Medical)

    The Peruvian coastal capital of Lima is approximately 4,970 miles south of Naval Hospital Bremerton.

    Yet Lt. Renzo D. Sobrevilla has seamlessly bridged that distance from South American to North America as a Navy Medical Service Corps officer assigned to NHB.

    In conjunction with October recognized by the Department of Defense as [National] Hispanic Heritage Month, Sobrevilla reflected on his roots, culture, and lineage.

    “Hispanic Heritage Month, celebrated from September 15 to October 15, is a time of great pride for me,” said Sobrevilla. “It’s an opportunity to recognize the vibrant contributions of Hispanic Americans and celebrate the rich cultures, histories, and traditions of the Hispanic community.”

    “As someone with Hispanic roots, I take pride in celebrating the Hispanic community’s rich cultures, histories, and traditions,” continued Sobrevilla. “I value the diversity of the Hispanic diaspora. I appreciate the influence of countries which have contributed immensely to the arts and culture in the U.S.”

    With this year’s Hispanic Heritage Month theme, ‘Pioneers of Change: Shaping the Future Together,’ Sobrevilla notes that the premise is directly applicable to his responsibility at NHB which is dedicated to ensuring that the right material, contracted services and healthcare equipment are in the right place at the right time to provide medical and dental care to active duty, retirees and their families at NHB and three branch health clinics.

    “The theme is significant in my role at the command. It highlights the importance of diversity and collaboration in shaping the future. It’s about how a diverse community, like ours, can come together to bring about positive change, not just within our command but also in the broader context of Navy Medicine,” stated Sobrevilla, who started from humble beginnings to embark upon his chosen career path.

    “As an immigrant, I always encourage my Sailors to take full advantage of the opportunities the Navy provides. Starting as an E-1 and working my way up, I’ve seen firsthand how hard work, dedication, and motivation can turn the American dream into reality. Becoming an MSC officer was a pivotal moment for me and proof that with the right attitude, anyone can succeed,” remarked Sobrevilla.

    His interest in Navy Medicine began after he enlisted in the Navy in 2007. Several influential leaders set the foundation for him to pursue a career in the medical field. After completing his Bachelor of Science in Finance and Accounting from Northeastern University, Sobrevilla merged his growing healthcare interest with leadership and chose the Navy’s most diverse corps, MSC, which offers a number of healthcare administrator specialties.

    “The Navy Medical Service Corps appealed to me because of its commitment to diversity and inclusivity. This career has allowed me to work in various settings, each contributing to the mission of Navy Medicine,” shared Sobrevilla, NHB Materiel Management Department head, who has been part of Navy Medicine since 2016 and served in various roles, including as a plans, operations, and medical Intelligence officer, comptroller, and logistics officer.

    Sobrevilla epitomizes the value of education, having attained his Master of Healthcare Administration with Executive Concentration, Specialization in Management, Education and Training Management, and Healthcare Management from George Mason University. He is currently completing his dissertation for his Doctor of Business Administration at Grand Canyon University.

    He can also add linguistic chops to a growing curriculum vitae.

    “Thanks to my parents’ heritage, I am bilingual in Italian and Spanish,” Sobrevilla added, noting that the best part of his career has been the opportunity to work with diverse people from all over the world. “There’s the sense of fulfillment that comes from making a positive impact in their lives through Navy Medicine.”

    Sobrevilla is optimistic that staff, as well as patients and visitors, look favorable on NHB’s Hispanic Heritage Month recognition.

    “I hope others take away an appreciation for the contributions of Hispanic Americans to our society, both within the military and in broader cultural contexts,” exclaimed Sobrevilla. “It’s about understanding the importance of diversity and how it strengthens our Navy and our country.”

    When asked to sum up his experience with Navy Medicine, Sobrevilla replied, “Navy Medicine has been a transformative journey, offering me the opportunity to grow both personally and professionally. It’s a testament to the fact that with hard work and a strong work ethic, anything is possible.”

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  • MIL-OSI Video: Cleantech Entrepreneur Revolutionises the Food Industry in Sudan

    Source: United Nations (Video News)

    Interview with Dr. Alaa Slih Hamadto, a cleantech entrepreneur from Sudan.

    Dr. Alaa Slih Hamadto is the CEO and founder of Solar Foods, a clean technology startup and pioneer in the dried food industry in Sudan. Solar Foods purchases produce from smallholder farmers, dries it with solar energy, and packages it in an environmentally friendly manner that meets the needs of both the retail and wholesale market.

    Dr. Hamadto was a participant of the panel “Women, Peace, and Security: How to Promote Stability in Conflict-affected Countries by Funding Female Entrepreneurs” at the 5th World Entrepreneurs Investment Forum in Bahrain on 16 May 2024.

    https://www.youtube.com/watch?v=Ryw2RHXoQnU

    MIL OSI Video –