NewzIntel.com

Category: Pandemic

  • MIL-OSI USA: Celebrating Completion of $45M Food Hub in the Bronx

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of the New York State Regional Food Hub, a $45 million cold-storage facility that will transform food access across New York. The first-of-its-kind 60,000 square-foot facility, operated by GrowNYC in the Hunts Point neighborhood of the Bronx, will enable a 600 percent increase in locally-sourced food distribution — from approximately 3 million pounds to 20 million pounds annually by 2034 — while creating over 200 new jobs and providing a critical economic lifeline to New York farmers. The facility, supported by $19 million from New York State, as recommended by the New York City Regional Economic Development Council, represents a joint State and City investment designed to strengthen the local food economy, support New York farmers, and improve access to healthy and affordable foods for low-income communities.

    “The New York State Regional Food Hub is a game-changer for families and farmers across New York,” Governor Hochul said. “From the streets of the Bronx to the farms of Batavia, the Empire State has so much to offer. That’s why we invested in this massive GrowNYC facility to expand access to fresh, local food while creating new economic opportunities for our agricultural producers.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “We are proud to support this transformative infrastructure that will create jobs and dramatically expand access to affordable, healthy food for New Yorkers. ESD’s strategic investment enhances the efficiency, sustainability, and equity of our state’s food system by connecting upstate farmers directly to downstate markets, ensuring urban families have access to the quality produce they deserve. The New York State Regional Food Hub represents a model investment that will benefit communities across our state.”

    New York State Agriculture Commissioner Richard A. Ball said, “The New York State Regional Food Hub is designed to be a game changer for our farmers bringing product to market and to our families who will have greater access to quality New York grown fruits and vegetables. We learned during the pandemic that we needed to double down on our efforts to strengthen the food supply chain and make sure that we had a food system right here in New York that was resilient and could feed its communities. This Food Hub is a tremendous piece of that puzzle and will provide an incredible benefit to our underserved populations and to our farmers.”

    GrowNYC President and CEO Marcel Van Ooyen said, “We’re beyond grateful for the vast support from City and State leaders that led to the completion of this state-of-the-art facility and that will advance our work promoting equitable food access in New York. Our Food Hub provides ample opportunities for GrowNYC and farmers to make a tangible impact on the everyday lives of underserved New Yorkers, and I’m hopeful it will serve as a scalable model for how cities across the United States can combat hunger while supporting local farm systems.”

    The Food Hub will enable GrowNYC to quadruple its aggregation and distribution square footage, dramatically expanding wholesale distribution capacity to make fresh, local foods accessible to underserved New Yorkers. The facility will serve wholesale buyers including institutions and restaurants while strengthening innovative partnerships with nonprofit organizations. Building on GrowNYC’s current work distributing free produce through New York State Department of Agriculture and Markets New York Food for New York Families program — which unites a network of 20 community partners including Graham Windham and The POINT to serve the Hunts Point community and beyond — the expanded Hub will significantly scale these vital food access efforts. Additional funding was provided by the New York City Economic Development Corporation, the New York City Council, U.S. Economic Development Administration, Bank of America, and others.

    The facility addresses a critical need identified during the COVID-19 pandemic, when food insecurity in New York City grew from 1.4 million residents to approximately 2 million. By sourcing food directly from regional farms and creating new jobs, the Hub will support New York State farmers — particularly small- and mid-sized operations — while increasing food distribution capacity and enhancing access to New York City’s wholesale marketplace. The processing facility will assist upstate producers and processors in targeting institutional and private sector procurement opportunities, offering a significant boost to New York’s agricultural economy while building a more resilient food supply chain.

    NYCREDC Co-Chairs Félix V. Matos Rodríguez, City University of New York Chancellor, and William D. Rahm, CEO of Everview Partners, said, “The NYCREDC sees the Food Hub as a vital tool to address our region’s needs, and an engine of economic opportunity for New York City and our upstate neighbors. The expansive cold storage space will help alleviate food insecurity — a major struggle for many households in the region — and support farming communities’ livelihoods. This investment strengthens our regional food system and builds economic partnerships that benefit communities across New York State.”

    State Senator Michelle Hinchey said, “Strengthening the connection between upstate farmers and downstate communities has long been one of New York’s greatest opportunities — and the NYS Regional Food Hub brings that vision to scale. Every New Yorker deserves to eat fresh, healthy food, and this innovative model lays the groundwork to expand food access to more New Yorkers, especially those in historically underserved communities. It sets a national standard for how we fight hunger and invest in agriculture as a powerful engine of both economic growth and social progress, and I’m proud to champion this project alongside partners who share that vision.”

    Assemblymember Donna Lupardo said, “We have anxiously awaited the opening of GrowNYC’s new Regional Food Hub. Providing expanded market opportunities for NY farmers is a win-win for them and for the communities who will benefit from fresh and locally sourced fruits and vegetables. I’m very happy that Empire State Development agreed with NYC’s Regional Council to make this substantial investment. I’m sure that other cities will want to emulate the work being done here.”

    The New York State Regional Food Hub was first developed as the result of the New York State-New York City Regional Food Hubs Task Force, which created a roadmap to build a Regional Food Hub System. The goal was to enhance the connection between upstate food producers and the downstate market, increase access to fresh food for underserved populations, boost in-state food production and consumption, and create new job opportunities in the growing sector of food manufacturing. As a high priority in the task force’s final action plan, this facility now serves as a national model for creating sustainable, self-sufficient food systems that safeguard local food supplies.

    MIL OSI USA News –

  • MIL-OSI USA: Business Owner Sentenced After Receiving More than $1.6 Million in Funds from the CARES Act

    Source: United States Small Business Administration

    Click Here to View the Original U.S. Department of Justice (DOJ) Press Release

    A former Oklahoma man with business ties in Florida was sentenced today after pleading guilty to four counts of bank fraud, announced U.S. Attorney Clint Johnson.

    U.S. District Judge Sara E. Hill sentenced Shawn Ray Murnan, 57, of Windemere, Florida, to 33 months imprisonment, followed by five years of supervised release. Judge Hill further ordered Murnan to pay $1,641,796.47 in restitution to the U.S. Small Business Administration (SBA).

    “In 2020, the CARES Act funding was established to provide emergency financial assistance to help businesses that were disrupted,” said U.S. Attorney Clint Johnson. “Investigators and prosecutors are committed to finding those like Murnan who steal government funding and prosecuting them to the fullest extent of the law.”

    From April 2020 through October 2021, Murnan admitted to falsifying several CARES Act applications to the SBA. Murnan was the owner of numerous business ventures in Oklahoma, Florida, and other states. He submitted 14 applications on behalf of his businesses, including Blujett, LLC, which was based in Broken Arrow. He submitted applications claiming to have several employees and falsified his payroll expenses. Murnan requested more than two million and successfully received $1,641,796.47 from seven Paycheck Protection Program loans and two Economic Injury Disaster Loans. After receiving the funds, Murnan applied for the loans to be forgiven.

    Previously released on bond, Murnan was taken into custody following the sentencing today, where he will remain pending transfer to the U.S. Bureau of Prisons.

    The Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau, the Office of Inspector General for the Small Business Administration, and the U.S. Treasury Inspector General for Tax Administration investigated the case. Assistant U.S. Attorney David Whipple prosecuted the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud.

    Related programs: COVID EIDL, Disaster, Pandemic Oversight, PPP

    MIL OSI USA News –

  • MIL-OSI Russia: The current escalation of tariff restrictions is a consequence of the West’s confrontation with the rest of the world – Deputy Prime Minister of the Russian Federation A. Novak

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    Moscow, June 17 /Xinhua/ — The growth of protectionism and the current escalation of tariff restrictions are a consequence of the West’s attempts to counteract the growing influence of the Global South countries on the world economy, Deputy Prime Minister of the Russian Federation Alexander Novak said in an interview with the Vedomosti newspaper.

    According to him, since the early 2000s, the economic center of the world has been shifting from the West to the East. Developing countries are gaining a much greater role in the global economy. “Of course, such a situation does not suit those who are used to dictating their terms. And we increasingly see how, in order to counteract the growing influence of developing countries on the world economy, Western countries are making active attempts to maintain the status quo on the world stage and preserve their leadership,” A. Novak noted.

    As a consequence of this, the strengthening of protectionism in the national economy and the revision of the existing results of globalization are coming to the fore, the Deputy Prime Minister of the Russian government noted. The main steps in this direction, he believes, were the actual destruction of the multilateral mechanisms of the World Trade Organization, unilateral tariff and non-tariff restrictions on developing countries under the pretext of “threats to national interests,” and the introduction of various sanctions against competitors.

    At the same time, according to A. Novak, it is important to understand that “tariffs are just a tool, and the goal is not at all to redirect trade flows. The goal, apparently, is to return key production chains to the native territory of the United States, to return production, competencies, infrastructure. Localization of value chains is what the Trump administration wants to achieve.”

    However, the “destabilizing US tariffs,” according to the deputy prime minister, will probably not have catastrophic consequences for the global economy.

    “Most likely, the situation with trade wars will not be universal. Some commodity flows will be redirected, as usually happens during trade wars. At the same time, a repeat of the pandemic situation, when world trade stopped and trade flows collapsed, will not happen. Therefore, the baseline forecast scenario approved by the Russian government assumes that the growth rate of world trade will slow down, but will not go into recession,” A. Novak emphasized. -0-

    MIL OSI Russia News –

  • MIL-OSI: Subsea 7 – contract award offshore Norway

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 17 June 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial1 contract offshore Norway. 

    Subsea7’s scope includes engineering, procurement, construction and installation (EPCI) of pipeline bundles, spools, protection covers and tie-ins using key vessels from Subsea7’s fleet. 

    Project management and engineering will commence immediately at Subsea7’s offices in Stavanger, Norway and Aberdeen, Scotland. Fabrication of pipeline bundles will take place at Wester, Scotland. Offshore operations are expected to take place in 2025-2027.

    Erik Femsteinevik, Vice President for Subsea7 Norway said: “We are excited to have been awarded this project. Our collaboration with our clients leverages our collective experience from past and current projects. By engaging early in the field development process, we can optimise design solutions and contribute to a positive final investment decision. Subsea7 looks forward to a safe, efficient, and reliable field development.”

    No further details are disclosed at this time.

    1. Subsea7 defines a substantial contract as being between $150 million and $300 million.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Jan Roger Moksnes
    Communications Manager
    Tel +47 41515777
    janroger.moksnes@subsea7.com
    www.subsea7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 17 June 2025 at 16:40 CET.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Malliotakis Leads Bipartisan Legislation to Strengthen U.S. Medical & Pharmaceutical Supply Chains

    Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

    (WASHINGTON, D.C.) – Congresswoman Nicole Malliotakis introduced the Medical Supply Chain Resiliency Act alongside Rep. Brad Schneider (D-IL) and Senators  Chris Coons (D-DE), Thom Tillis (R-NC), John Cornyn (R-TX), and Michael Bennet (D-CO). This bicameral and bipartisan legislation would authorize the United States to negotiate Trusted Trade Partner Agreements, aimed at reducing barriers that discourage manufacturing in the U.S. and partner countries. These agreements would also promote regulatory cooperation and other key trade provisions.

     

    To qualify as a Trusted Trade Partner, countries must demonstrate a commitment to global health security, uphold trade agreement compliance, protect U.S. intellectual property, and take steps to reduce trade barriers while promoting sound regulatory practices. Some potential candidates include Singapore, Indonesia, Ireland, Poland, and Switzerland.

     

    The legislation aims to strengthen global medical supply chains, enhancing U.S. national security and public health while ensuring preparedness for future pandemics. It empowers the U.S. Trade Representative to negotiate Trusted Trade Partner Agreements, reducing barriers like tariffs and quotas that discourage manufacturing in the U.S. and allied nations. Additionally, it promotes regulatory cooperation and expands access to government procurement opportunities.

     

    “If COVID taught us anything it is that it’s crucial that we reduce our reliance on foreign nations, especially adversaries like Communist China, for essential lifesaving supplies such as pharmaceuticals and medical devices. Strengthening domestic production will enhance national security, ensure a stable supply of critical medications and medical equipment, and protect Americans from future disruptions,” said Rep. Nicole Malliotakis.

    “The Medical Supply Chain Resiliency Act is a critical step toward ensuring that America’s healthcare providers have reliable access to the essential supplies they need, by strengthening trade partnerships with our allies and expanding domestic manufacturing, we can enhance our nation’s preparedness for future health challenges. I’m proud to support this bipartisan effort to reinforce our medical supply chains and protect public health,” said Senator Thom Tillis.

    “During the pandemic, the U.S. faced severe shortages of medical supplies due to overreliance on foreign adversaries like China, this legislation would allow the U.S. to engage in trade negotiations with trusted allies for medical goods and services, helping ensure we’re better prepared to respond to future global health crises,” said Senator John Cornyn.

    “Life-threatening shortages of testing kits, drugs, and masks during the COVID-19 pandemic showed us just how fragile our medical supply chains are. If we are caught off-guard like we were during COVID once again, more Americans will die, working with our most trusted trading partners to make our supply chains more resilient will strengthen our response to future public health emergencies while ensuring health care providers have access to essential medical products and patients have access to life-saving care,” said Senator Chris Coons.

     

    “The Chamber strongly supports the Medical Supply Chain Resilience Act, which will strengthen supply chains for medical goods and services while bolstering manufacturing in the U.S. and among our close allies and partners. Enhancing the resilience of medical supply chains is important to both our public health and our national security,” said the U.S. Chamber of Commerce Senior Vice President for International Policy John Murphy.

     

    “The Medical Supply Chain Resiliency Act is the type of positive approach to trade America must embrace to deepen its economic partnerships with key allies. By empowering the United States Trade Representative to negotiate new agreements with trusted trade partners, the United States has the opportunity to strengthen supply chain security, support U.S. innovation and jobs, and, ultimately, improve health outcomes. It is critically important that the United States collaborate with its allies to support the public health demands of our populations and prepare to meet the challenges of the next global health emergency. NFTC applauds Senators Tillis, Coons, Cornyn, and Bennet for championing this legislation, and urges Congress to support its swift passage,” said National Foreign Trade Council (NFTC).

     

    Earlier this year, Malliotakis reintroduced the Supply Chain Security and Growth Act of 2025, bipartisan legislation that would leverage Investment Tax Credits (ITCs) to facilitate a rapid movement of critical U.S. supply chains to Puerto Rico from less desirable and unreliable locations such as China with Reps. Jimmy Panetta (CA-19), Vern Buchanan (FL-16), Nydia Velazquez (NY-07), Mike Kelly (PA-16), Mike Lawler (NY-17) and Resident Commissioner Pablo Hernandez (PR-AL).

    MIL OSI USA News –

  • MIL-OSI USA: Malliotakis Leads Bipartisan Legislation to Strengthen U.S. Medical & Pharmaceutical Supply Chains

    Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

    (WASHINGTON, D.C.) – Congresswoman Nicole Malliotakis introduced the Medical Supply Chain Resiliency Act alongside Rep. Brad Schneider (D-IL) and Senators  Chris Coons (D-DE), Thom Tillis (R-NC), John Cornyn (R-TX), and Michael Bennet (D-CO). This bicameral and bipartisan legislation would authorize the United States to negotiate Trusted Trade Partner Agreements, aimed at reducing barriers that discourage manufacturing in the U.S. and partner countries. These agreements would also promote regulatory cooperation and other key trade provisions.

     

    To qualify as a Trusted Trade Partner, countries must demonstrate a commitment to global health security, uphold trade agreement compliance, protect U.S. intellectual property, and take steps to reduce trade barriers while promoting sound regulatory practices. Some potential candidates include Singapore, Indonesia, Ireland, Poland, and Switzerland.

     

    The legislation aims to strengthen global medical supply chains, enhancing U.S. national security and public health while ensuring preparedness for future pandemics. It empowers the U.S. Trade Representative to negotiate Trusted Trade Partner Agreements, reducing barriers like tariffs and quotas that discourage manufacturing in the U.S. and allied nations. Additionally, it promotes regulatory cooperation and expands access to government procurement opportunities.

     

    “If COVID taught us anything it is that it’s crucial that we reduce our reliance on foreign nations, especially adversaries like Communist China, for essential lifesaving supplies such as pharmaceuticals and medical devices. Strengthening domestic production will enhance national security, ensure a stable supply of critical medications and medical equipment, and protect Americans from future disruptions,” said Rep. Nicole Malliotakis.

    “The Medical Supply Chain Resiliency Act is a critical step toward ensuring that America’s healthcare providers have reliable access to the essential supplies they need, by strengthening trade partnerships with our allies and expanding domestic manufacturing, we can enhance our nation’s preparedness for future health challenges. I’m proud to support this bipartisan effort to reinforce our medical supply chains and protect public health,” said Senator Thom Tillis.

    “During the pandemic, the U.S. faced severe shortages of medical supplies due to overreliance on foreign adversaries like China, this legislation would allow the U.S. to engage in trade negotiations with trusted allies for medical goods and services, helping ensure we’re better prepared to respond to future global health crises,” said Senator John Cornyn.

    “Life-threatening shortages of testing kits, drugs, and masks during the COVID-19 pandemic showed us just how fragile our medical supply chains are. If we are caught off-guard like we were during COVID once again, more Americans will die, working with our most trusted trading partners to make our supply chains more resilient will strengthen our response to future public health emergencies while ensuring health care providers have access to essential medical products and patients have access to life-saving care,” said Senator Chris Coons.

     

    “The Chamber strongly supports the Medical Supply Chain Resilience Act, which will strengthen supply chains for medical goods and services while bolstering manufacturing in the U.S. and among our close allies and partners. Enhancing the resilience of medical supply chains is important to both our public health and our national security,” said the U.S. Chamber of Commerce Senior Vice President for International Policy John Murphy.

     

    “The Medical Supply Chain Resiliency Act is the type of positive approach to trade America must embrace to deepen its economic partnerships with key allies. By empowering the United States Trade Representative to negotiate new agreements with trusted trade partners, the United States has the opportunity to strengthen supply chain security, support U.S. innovation and jobs, and, ultimately, improve health outcomes. It is critically important that the United States collaborate with its allies to support the public health demands of our populations and prepare to meet the challenges of the next global health emergency. NFTC applauds Senators Tillis, Coons, Cornyn, and Bennet for championing this legislation, and urges Congress to support its swift passage,” said National Foreign Trade Council (NFTC).

     

    Earlier this year, Malliotakis reintroduced the Supply Chain Security and Growth Act of 2025, bipartisan legislation that would leverage Investment Tax Credits (ITCs) to facilitate a rapid movement of critical U.S. supply chains to Puerto Rico from less desirable and unreliable locations such as China with Reps. Jimmy Panetta (CA-19), Vern Buchanan (FL-16), Nydia Velazquez (NY-07), Mike Kelly (PA-16), Mike Lawler (NY-17) and Resident Commissioner Pablo Hernandez (PR-AL).

    MIL OSI USA News –

  • MIL-OSI USA: Malliotakis Leads Bipartisan Legislation to Strengthen U.S. Medical & Pharmaceutical Supply Chains

    Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

    (WASHINGTON, D.C.) – Congresswoman Nicole Malliotakis introduced the Medical Supply Chain Resiliency Act alongside Rep. Brad Schneider (D-IL) and Senators  Chris Coons (D-DE), Thom Tillis (R-NC), John Cornyn (R-TX), and Michael Bennet (D-CO). This bicameral and bipartisan legislation would authorize the United States to negotiate Trusted Trade Partner Agreements, aimed at reducing barriers that discourage manufacturing in the U.S. and partner countries. These agreements would also promote regulatory cooperation and other key trade provisions.

     

    To qualify as a Trusted Trade Partner, countries must demonstrate a commitment to global health security, uphold trade agreement compliance, protect U.S. intellectual property, and take steps to reduce trade barriers while promoting sound regulatory practices. Some potential candidates include Singapore, Indonesia, Ireland, Poland, and Switzerland.

     

    The legislation aims to strengthen global medical supply chains, enhancing U.S. national security and public health while ensuring preparedness for future pandemics. It empowers the U.S. Trade Representative to negotiate Trusted Trade Partner Agreements, reducing barriers like tariffs and quotas that discourage manufacturing in the U.S. and allied nations. Additionally, it promotes regulatory cooperation and expands access to government procurement opportunities.

     

    “If COVID taught us anything it is that it’s crucial that we reduce our reliance on foreign nations, especially adversaries like Communist China, for essential lifesaving supplies such as pharmaceuticals and medical devices. Strengthening domestic production will enhance national security, ensure a stable supply of critical medications and medical equipment, and protect Americans from future disruptions,” said Rep. Nicole Malliotakis.

    “The Medical Supply Chain Resiliency Act is a critical step toward ensuring that America’s healthcare providers have reliable access to the essential supplies they need, by strengthening trade partnerships with our allies and expanding domestic manufacturing, we can enhance our nation’s preparedness for future health challenges. I’m proud to support this bipartisan effort to reinforce our medical supply chains and protect public health,” said Senator Thom Tillis.

    “During the pandemic, the U.S. faced severe shortages of medical supplies due to overreliance on foreign adversaries like China, this legislation would allow the U.S. to engage in trade negotiations with trusted allies for medical goods and services, helping ensure we’re better prepared to respond to future global health crises,” said Senator John Cornyn.

    “Life-threatening shortages of testing kits, drugs, and masks during the COVID-19 pandemic showed us just how fragile our medical supply chains are. If we are caught off-guard like we were during COVID once again, more Americans will die, working with our most trusted trading partners to make our supply chains more resilient will strengthen our response to future public health emergencies while ensuring health care providers have access to essential medical products and patients have access to life-saving care,” said Senator Chris Coons.

     

    “The Chamber strongly supports the Medical Supply Chain Resilience Act, which will strengthen supply chains for medical goods and services while bolstering manufacturing in the U.S. and among our close allies and partners. Enhancing the resilience of medical supply chains is important to both our public health and our national security,” said the U.S. Chamber of Commerce Senior Vice President for International Policy John Murphy.

     

    “The Medical Supply Chain Resiliency Act is the type of positive approach to trade America must embrace to deepen its economic partnerships with key allies. By empowering the United States Trade Representative to negotiate new agreements with trusted trade partners, the United States has the opportunity to strengthen supply chain security, support U.S. innovation and jobs, and, ultimately, improve health outcomes. It is critically important that the United States collaborate with its allies to support the public health demands of our populations and prepare to meet the challenges of the next global health emergency. NFTC applauds Senators Tillis, Coons, Cornyn, and Bennet for championing this legislation, and urges Congress to support its swift passage,” said National Foreign Trade Council (NFTC).

     

    Earlier this year, Malliotakis reintroduced the Supply Chain Security and Growth Act of 2025, bipartisan legislation that would leverage Investment Tax Credits (ITCs) to facilitate a rapid movement of critical U.S. supply chains to Puerto Rico from less desirable and unreliable locations such as China with Reps. Jimmy Panetta (CA-19), Vern Buchanan (FL-16), Nydia Velazquez (NY-07), Mike Kelly (PA-16), Mike Lawler (NY-17) and Resident Commissioner Pablo Hernandez (PR-AL).

    MIL OSI USA News –

  • MIL-OSI USA: Malliotakis Leads Bipartisan Legislation to Strengthen U.S. Medical & Pharmaceutical Supply Chains

    Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

    (WASHINGTON, D.C.) – Congresswoman Nicole Malliotakis introduced the Medical Supply Chain Resiliency Act alongside Rep. Brad Schneider (D-IL) and Senators  Chris Coons (D-DE), Thom Tillis (R-NC), John Cornyn (R-TX), and Michael Bennet (D-CO). This bicameral and bipartisan legislation would authorize the United States to negotiate Trusted Trade Partner Agreements, aimed at reducing barriers that discourage manufacturing in the U.S. and partner countries. These agreements would also promote regulatory cooperation and other key trade provisions.

     

    To qualify as a Trusted Trade Partner, countries must demonstrate a commitment to global health security, uphold trade agreement compliance, protect U.S. intellectual property, and take steps to reduce trade barriers while promoting sound regulatory practices. Some potential candidates include Singapore, Indonesia, Ireland, Poland, and Switzerland.

     

    The legislation aims to strengthen global medical supply chains, enhancing U.S. national security and public health while ensuring preparedness for future pandemics. It empowers the U.S. Trade Representative to negotiate Trusted Trade Partner Agreements, reducing barriers like tariffs and quotas that discourage manufacturing in the U.S. and allied nations. Additionally, it promotes regulatory cooperation and expands access to government procurement opportunities.

     

    “If COVID taught us anything it is that it’s crucial that we reduce our reliance on foreign nations, especially adversaries like Communist China, for essential lifesaving supplies such as pharmaceuticals and medical devices. Strengthening domestic production will enhance national security, ensure a stable supply of critical medications and medical equipment, and protect Americans from future disruptions,” said Rep. Nicole Malliotakis.

    “The Medical Supply Chain Resiliency Act is a critical step toward ensuring that America’s healthcare providers have reliable access to the essential supplies they need, by strengthening trade partnerships with our allies and expanding domestic manufacturing, we can enhance our nation’s preparedness for future health challenges. I’m proud to support this bipartisan effort to reinforce our medical supply chains and protect public health,” said Senator Thom Tillis.

    “During the pandemic, the U.S. faced severe shortages of medical supplies due to overreliance on foreign adversaries like China, this legislation would allow the U.S. to engage in trade negotiations with trusted allies for medical goods and services, helping ensure we’re better prepared to respond to future global health crises,” said Senator John Cornyn.

    “Life-threatening shortages of testing kits, drugs, and masks during the COVID-19 pandemic showed us just how fragile our medical supply chains are. If we are caught off-guard like we were during COVID once again, more Americans will die, working with our most trusted trading partners to make our supply chains more resilient will strengthen our response to future public health emergencies while ensuring health care providers have access to essential medical products and patients have access to life-saving care,” said Senator Chris Coons.

     

    “The Chamber strongly supports the Medical Supply Chain Resilience Act, which will strengthen supply chains for medical goods and services while bolstering manufacturing in the U.S. and among our close allies and partners. Enhancing the resilience of medical supply chains is important to both our public health and our national security,” said the U.S. Chamber of Commerce Senior Vice President for International Policy John Murphy.

     

    “The Medical Supply Chain Resiliency Act is the type of positive approach to trade America must embrace to deepen its economic partnerships with key allies. By empowering the United States Trade Representative to negotiate new agreements with trusted trade partners, the United States has the opportunity to strengthen supply chain security, support U.S. innovation and jobs, and, ultimately, improve health outcomes. It is critically important that the United States collaborate with its allies to support the public health demands of our populations and prepare to meet the challenges of the next global health emergency. NFTC applauds Senators Tillis, Coons, Cornyn, and Bennet for championing this legislation, and urges Congress to support its swift passage,” said National Foreign Trade Council (NFTC).

     

    Earlier this year, Malliotakis reintroduced the Supply Chain Security and Growth Act of 2025, bipartisan legislation that would leverage Investment Tax Credits (ITCs) to facilitate a rapid movement of critical U.S. supply chains to Puerto Rico from less desirable and unreliable locations such as China with Reps. Jimmy Panetta (CA-19), Vern Buchanan (FL-16), Nydia Velazquez (NY-07), Mike Kelly (PA-16), Mike Lawler (NY-17) and Resident Commissioner Pablo Hernandez (PR-AL).

    MIL OSI USA News –

  • MIL-OSI Russia: Interview with Alexander Novak for Vedomosti newspaper

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Alexander Novak: The main factors of economic development are within our country.

    Question: One of the key tracks of the upcoming SPIEF is: “The World Economy – a New Platform for Global Growth”. Over the past few months, the world economy has experienced not just a series of shocks, but real tectonic shifts. In your opinion, is global growth, in the context of a general movement, possible or is the world steadily moving towards regionalization?

    A. Novak: Global economic growth will continue to some extent until 2030. However, the dynamics of its growth will depend on new challenges and threats that primarily affect global trade flows. This primarily concerns the increasing economic fragmentation of global markets – when trade, investment, exchange of services and technologies are subject to the logic of “mine” and “others”. As a result, investment activity and the well-being of the world’s population are declining.

    These processes did not begin yesterday. Since the early 2000s, the economic center of the world has been shifting from the West to the East. Developing countries, primarily China, are gaining a much greater role in the global economy. Of course, this situation does not suit those who are used to dictating their terms. And we increasingly see how, in order to counteract the growing influence of developing countries on the world economy, Western countries are making active attempts to maintain the status quo on the world stage and preserve their leadership.

    As a consequence, the strengthening of protectionism in the national economy and the revision of the existing results of globalization come to the fore. The main steps in this direction were the actual destruction of the multilateral mechanisms of the WTO, unilateral tariff and non-tariff restrictions on developing countries under the pretext of “threats to national interests”, and the introduction of various sanctions against competitors.

    The current escalation of tariff restrictions is also, of course, another consequence of the confrontation between the West and the rest of the world. The desire to maintain dominant positions in the global economy is happening by “pushing” bilateral agreements instead of multilateral ones. And such steps obviously lead to a new round of regionalization, observed since 2022, and the consolidation of countries within “blocs”.

    In the current conditions, the priority for us is to ensure the implementation of the national development agenda and the construction of sustainable partnerships with friendly countries with their own infrastructure to ensure the interests of these partnerships. This concerns the economic, financial and technological sovereignty of the Russian Federation, which, in the context of involvement in global value chains, requires, first of all, a reconfiguration of foreign economic relations with trading partners.

    I would like to remind you that we took into account the trends of regionalization of the global economy when preparing the Strategy for Foreign Economic Activity adopted by the government at the beginning of last year, therefore, relations with trading partners are built and developed taking into account the influence of geo-economic fragmentation and the opportunities opening up for Russia.

    Question: One of the undisputed leaders of destabilization has become the new US tariffs, which with a high degree of probability will lead to a redrawing of trade flows. What is this primarily for Russia – a risk or an opportunity? How many percent or percentage points of Russia’s GDP can a global trade war take away?

    A. Novak: Subtract or add? No, seriously, from the point of view of forecasting, the situation in world trade is currently the largest zone of uncertainty. There are a great many development options, their implementation depends on a large number of external and internal factors.

    The world is wider than individual Western countries and their circle of partners. Most likely, the situation with trade wars will not be universal. Some commodity flows will be redirected, as usually happens in trade wars.

    At the same time, there will be no repetition of the pandemic situation, when global trade stopped and trade flows collapsed. Therefore, the baseline forecast scenario approved by the government assumes that the growth rate of global trade will slow down, but will not go into recession.

    You are right, for us there are really two sides to the coin: risks and opportunities. The risks are related to the overall slowdown of the global economy, as well as demand and prices for traditional Russian export goods. On the other hand, this is a possible reduction in logistics costs, the opening of new niches, the substitution of Russian products for goods that will leave certain markets. From the point of view of imports, risks arise for our domestic market and domestic producers.

    And yet, no matter how the situation in the world develops, the main factors of the development of the Russian economy are not outside, but inside our country. The main one, with all the importance of the proactive work of the government and the Bank of Russia, is private entrepreneurial initiative. The flexibility and adaptive capacity of national business is the key to the stability of our economy in recent years. The main task of the authorities is to develop and support these qualities in every possible way.

    However, when you think about all the changes that you said were caused by “destabilizing US tariffs,” it is important to understand that tariffs are just a tool, and the goal is not to redirect trade flows. The goal, apparently, is to return key production chains to the native territory of the United States, to return production, competencies, infrastructure. Localization of value chains is what the Trump administration wants to achieve. What level of tariffs is needed to deploy investment? This is an interesting question. I think 10-15% of the final tariff, given how many times goods cross customs borders in the modern world, will be quite enough to create incentives to redirect investment flows. And the current 50% or 100% tariffs are nothing more than a negotiating position from which negotiating tactics have begun to form.

    Question: Is the government considering measures to stimulate investment activity of Russians? Can more active attraction of citizens’ funds to the stock market help businesses solve the problem of lack of financing?

    A. Novak: Yes, of course, measures to stimulate investment activity are being taken, including, as you know, within the framework of the national project “Efficient and Competitive Economy” and the federal project “Development of the Financial Market” included in it. Also, separate support measures of the federal projects “SME” and “Technology” are aimed at the development of SMEs and small technology companies by attracting funds from the financial market, respectively.

    In the context of achieving the “May decree” indicators, our citizens have the opportunity to invest in long-term instruments. For example, one of them is the Long-Term Savings Program, LTS. It involves the state creating conditions for the formation of long-term savings, which are formed both from personal funds and from the pension savings of citizens.

    This program is a new universal savings product that will allow everyone, with the stimulating support of the state, to form capital for their priority goals. PDS is especially relevant for families seeking to provide for the future of their children, create a financial safety net, purchase housing or pay for education. Together with banks, we are trying to actively inform citizens about the availability of such programs and the opportunities they provide.

    Another tool for stimulating investment is more active attraction of citizens’ funds to the stock market, which can have a significant impact on solving the problem of lack of financing for businesses. Firstly, attracting citizens’ funds will help diversify sources of financing for businesses. This will reduce companies’ dependence on bank loans and allow them to more easily adapt to changing economic conditions.

    In addition, active participation of citizens in the stock market can contribute to increasing the financial literacy of the population. Educated investors better understand the risks and opportunities, and accordingly, they make more informed investment decisions. This, in turn, creates a healthier investment environment and promotes economic growth.

    Of course, we understand that the designated incentives will work much better with a reduction in deposit rates. This applies to interest rates on both deposits and loans. According to our estimates, a gradual, correct cooling of the economy is already underway. Citizens will eventually withdraw from deposits and consider the possibility of diversifying their savings.

    Question: What drivers do you think the capital market might have in the current geopolitical and economic conditions?

    A. Novak: There are several such incentives or drivers now. The main “driver” is macroeconomic stability. Reducing inflation expectations, consistent and predictable economic policy contribute to the growth of investor confidence in the stock and bond market.

    Controlling inflation helps reduce investment risks and increases the attractiveness of assets in the capital market.

    In the context of sanctions pressure and limited access to international financial markets, Russian companies are seeking to find new sources of financing within the country. As a result, there is demand for financial instruments such as bonds and shares, and this can contribute to the growth of the stock market. An increase in the number of issuers and an expansion of the range of financial products offered also contribute to the development of the capital market.

    The development of infrastructure for attracting investment can also be an important driver. Authorities and financial institutions can introduce new mechanisms to support business, such as tax incentives for investors, programs to improve the financial literacy of the population, and the creation of more convenient conditions for entering the stock market. This will not only increase the number of investors, but also increase their confidence in financial instruments.

    In addition, in my opinion, digitalization and the development of financial technologies, digital platforms give a significant boost to the capital market. Another plus in this regard is that digital technologies contribute to the growth of liquidity and the reduction of transaction costs.

    Question: At the recent government strategy session on the National Model of Target Conditions for Doing Business, you specifically emphasized that by 2030, Russia should be among the top 20 countries in terms of the investment climate, as assessed by the World Bank B-READY rating. This rating will be discussed at the SPIEF. What do you see as the key priorities for improving the business climate in Russia? In what aspects are there the largest “development zones” today?

    A. Novak: First of all, I would like to clarify that the World Bank’s international rating of the business and investment climate is one of the bases for the formation of the National Model of Target Conditions for Doing Business, along with Russia’s national development goals and the rating of the state of the investment climate.

    When analyzing the data of the pilot study of the business climate in Russia, conducted by the Agency for Strategic Initiatives, “development zones” were identified. Within the areas of engineering infrastructure, labor standards, taxation, dispute resolution, businesses have the most difficulties with the effectiveness of law enforcement of public services, even taking into account the well-developed regulatory framework in the country. We have formed working groups that are currently developing initiatives to improve indicators, such as reducing the number of hours for preparing and submitting tax reports. We are talking about reporting, which currently amounts to about 160 hours per year. Another example: the implementation of initiatives to develop alternative forms of dispute resolution, primarily through arbitration courts and mediation.

    The opposite situation has developed in the areas of business registration, financial services, and bankruptcy procedures. The assessment shows the need to improve regulatory and legal acts in Russian legislation. For example, such initiatives as the development and adoption of norms on restructuring, on pre-trial debt restructuring in order to reduce the period of bankruptcy of companies. In addition, norms are being discussed that change the process of asset sales and asset replacement in bankruptcy proceedings.

    Focusing, among other things, on the international rating, we plan to present the key priorities and results of the formation of the National Model at the St. Petersburg Forum; we are open and will be glad to have as many interested parties as possible participate in the discussion.

    Question: Does the government have a scenario for economic development in which sanctions against Russia are relaxed? If so, which restrictions do you think would be the most realistic to lift?

    A. Novak: Such a scenario is among many forecasts developed by the Ministry of Economic Development, but it is not the main one. The basic forecast scenario approved by the government does not include any drastic changes in terms of sanctions pressure.

    Question: Oil prices are now also under the control of geopolitics. In your opinion, can we say that we are once again entering an “era of low prices”? Is OPEC’s decision to accelerate production growth relevant in this context? Is its adjustment being discussed?

    A. Novak: Global oil prices have historically been under pressure from both political factors and the balance of supply and demand. The key factor of volatility in recent years has been the situation in the Middle East and the risks of supply restrictions through the Strait of Hormuz, as well as the ongoing recovery of the global economy and the risks associated with trade wars unleashed by the United States.

    Historically, affordable prices provoke additional demand for oil while global fuel competition continues. And in general, the world is experiencing a need for additional volumes of raw materials. We believe that OPEC objectively assesses the situation regarding the prospects for global oil demand, and we highly appreciate the competence of OPEC experts.

    As for the issue of adjustment, OPEC countries are in constant contact, monitor the market situation and are ready to respond flexibly and promptly to any changes in the market situation. If necessary, the parameters of the deal can be adjusted in the future to ensure an optimal balance between supply and demand.

    And in the short term, oil prices are always under the power of geopolitics. For example, the current aggravation of the Israeli-Iranian conflict. The key questions that good economists ask in such cases of external shocks are whether the shock is temporary (short-term) or permanent (permanent) and from which side is it – demand or supply? And from these options, the scenario and development of optimal policy occurs.

    Question: The SPIEF is planning to discuss the balance of interests of producers and consumers in the global fuel and energy market. You personally participated in the formation of the current architecture of balance, which allowed the markets to be stabilized. Today, do you see risks of disruption of the balance of supply and demand in the oil market in the medium term?

    A. Novak: The data show that in April, the demand for oil in the world was about 103.1 mbps with supply at 103.7 mbps. Given the current state of the oil market and its overall balance, as well as the traditionally high demand season in the summer, it is extremely important for each country to fulfill its obligations.

    The radical change in the external economic environment (I mean the growing sanctions pressure, the unstable geopolitical situation in the Middle East, as well as the high volatility in the global oil market) confirms that the current mechanism for implementing the agreement is the most effective tool. It ensures maximum efficiency of oil production and state revenues. Thus, OPEC plays and will continue to play a coordinating role in the market, as it has been for the past five years.

    Question: SPIEF is traditionally a platform for international dialogue. In your opinion, what are the most important factors that will determine future relations between energy producing and consuming countries, and how can Russia contribute to strengthening cooperation and stability in this dynamic environment?

    A. Novak: We are witnessing a transformation of the energy market, where, against the backdrop of accelerating energy consumption, accelerated growth is observed in all types of energy resources, both traditional ones – oil, gas, coal, and renewable energy sources. A renaissance in demand for the development of nuclear power plants is observed.

    The key drivers have already become the growth of the population in developing countries and the extensive development of data processing systems. And all this against the backdrop of the introduction of artificial intelligence.

    The recent major power outages in Spain and Portugal show that it is important to provide the population with electricity at economically feasible prices. Also, in addition to domestic generation and the choice of the optimal source in the conditions of inter-fuel competition, it is very important to ensure the possibility of delivering primary resources at acceptable prices.

    In this regard, I cannot help but state the obvious. Russia is a key supplier of energy resources around the world. And not only oil, gas and LNG, but also coal, which in the context of growing demand is an important competitive advantage. Russia is also a reliable partner in the supply of its energy resources, all contract terms are observed, and, given the current realities in the world, only long-term contracts and responsible relationships can become guarantors of a stable supply of energy resources.

    Question: In your opinion, in connection with recent geopolitical events, does the recently approved Energy Strategy need to be adjusted, or does it already take into account all possible risks?

    A. Novak: When developing the Energy Strategy until 2050, a pool of scenarios was considered that assumed various internal and external prerequisites and results of the development of Russian energy. In particular, the Energy Strategy until 2050 takes into account the stress scenario, which assumes a significant decrease in the production indicators of the fuel and energy complex industries against the background of a reduction in export opportunities and a general deterioration in external operating conditions.

    The calculation of quantitative indicators within the framework of the strategy’s stress scenario made it possible to identify the main challenges for the Russian energy sector in each of its sectors and to develop special measures to mitigate the consequences if such a scenario is implemented.

    But, of course, in case of significant changes not taken into account in the wide range of strategy scenarios, adjustments can be made to it. However, the main areas of work will remain the same.

    Question: Is the Power of Siberia 2 project still relevant in the current conditions? Have you managed to reach an agreement with your colleagues from China on the cost of gas? If so, when can a contract be signed for the project and what volume of supplies is currently being discussed?

    A. Novak: China is one of the largest energy consumers in the world, and its rapid economic development, industrial growth and urbanization contribute to a constant increase in energy demand. Particularly noticeable is the growing role of natural gas, which is used as a cleaner alternative to coal. In 2024, gas demand in China amounted to about 430 billion cubic meters, compared to 373 billion cubic meters in 2021, that is, an increase of 15%.

    In recent years, the role of renewable energy sources has also increased significantly in China’s energy sector – the country is the undisputed leader in terms of installed solar and wind generation capacity. If in 2021 the figure was 636 GW, then by 2024 it reached about 1400 GW. However, the growth in the use of renewable energy sources does not mean abandoning natural gas. Gas is expected to be used as a “balancing” fuel in cases of insufficient electricity generation from renewable energy sources and will remain the guarantor of China’s energy security. According to the forecast of the International Energy Agency, in the scenario of current policies, China will increase gas consumption throughout the forecast period, until 2050. By this time, gas demand in China is expected to increase by more than 30% compared to 2023.

    Russia, which is the leader in natural gas reserves (currently 63.4 trillion cubic meters), remains one of the main suppliers of this fuel to China. In this regard, the Power of Siberia 2 project undoubtedly remains relevant. As for the rest, more detailed information directly on the project itself is the subject of commercial negotiations.

    Question: Are there plans to build an oil pipeline to China parallel to Power of Siberia 2? You spoke about the possibility of delivering up to 30 million tons of oil per year through it. Has China confirmed its interest in this project? In what time frame could such a pipeline be built? Is there a preliminary estimate of its cost?

    A. Novak: I repeat: since the implementation of the project is the responsibility of the specialized companies, the details of the agreements are classified as a commercial secret and were not made public. However, I will add that, according to OPEC forecasts, China’s demand for oil in 2023-2050 will grow by an average of 2.5% per year. Against this background, the implementation of new infrastructure projects appears to be an important part of the sphere of interests of China’s fuel and energy sector.

    Question: Are there any risks for the National Welfare Fund due to the reduction in oil and gas budget revenues? The Ministry of Finance is already considering the possibility of adjusting the cutoff price under the budget rule. In this case, what are the prospects for the Russian “piggy bank”? Do you think it is important to continue accumulating the National Welfare Fund?

    A. Novak: Today, the cutoff price according to the budget rule is $60/bbl, and the average Urals FOB in January–April 2025 fluctuates in the range of $59–60/bbl.

    But current world oil prices are a short-term consequence of the current market situation, taking into account the growing factor of trade wars and geopolitical tensions, and do not suit most key oil producers. Therefore, oil prices will be adjusted as the effect of “market shocks” is leveled out and will take on an upward trend.

    As for the National Welfare Fund, it is certainly important to continue to accumulate it. The fund not only allows for the implementation of social projects and the maintenance of the well-being of citizens, but also promotes the development of industry and infrastructure in Russia.

    Question: Is there a need to replace the export of raw materials and first-stage products with new high-tech goods? Are new mechanisms of support from the state needed for this?

    A. Novak: In the context of increased sanctions pressure on the Russian fuel and energy complex, active import substitution is taking place. In parallel, work is actively underway to complete the modernization of oil refineries to improve the quality of manufactured products. The volume of oil and gas engineering currently exceeds 500 billion rubles, and by 2030 it is planned to import-substitute critical equipment by 100%.

    If we look at it from the point of view of petrochemistry, then by 2030 it is planned to increase the volume of production of large-tonnage plastics several times – up to 14 million tons. The development of oil refining will allow to fully provide the domestic market at reasonable prices. In implementing all import substitution projects, Russia is ready to start exporting services and supplying energy on a turnkey basis, that is, from raw materials to the construction of processing complexes in other countries.

    Thus, key measures to support both mechanical engineering and secondary product manufacturing are already being implemented in our country. New measures and mechanisms of support from the state require working out the effects and assessing the impact on the industry.

    Question: The key topic of SPIEF: common values are the basis for growth in a multipolar world. At the beginning of our conversation, we already discussed economic regionalization, but no less important is the division by value orientations. Until recently, carbon neutrality seemed to be a common goal for all countries: programs were adopted, significant budgets were allocated to solve these problems. But Trump’s rise to the presidency of the United States violated the status quo. He said that too much emphasis on renewable energy sources threatens the security of the United States. Do you see in this a general reversal and a paradigm shift in public and political consciousness? In your opinion, how can we maintain a balance between the world of the present and the world of the future, taking into account the priorities of all generations?

    A. Novak: Look what we see today? The aggressive policy of achieving carbon neutrality to the detriment of economic efficiency and the trend towards global replacement of traditional energy sources with renewable energy sources is gradually shifting to a more pragmatic direction. Many countries are adapting their energy policies towards an economically balanced approach to choosing energy sources.

    According to BloombergNEF’s annual report, global energy transition investment in 2024 grew by 11%, exceeding $2 trillion for the first time. However, the growth rate was lower than in the previous three years, when investment grew by 24-29% per year. Thus, to achieve carbon neutrality and net-zero emissions goals by mid-century, global energy transition investment in 2025-2030 will need to average $5.6 trillion per year.

    But investors pulled more than $30 billion out of climate-focused funds last year, ending a four-year boom that saw the value of assets increase sevenfold to $541 billion. Despite a six-fold increase in energy transition investment over the past 10 years, it is still only 37% of what is needed to achieve carbon neutrality. China was the largest such market, with $818 billion in investment.

    Factors that significantly limit the possibilities for large-scale implementation of renewable energy sources include insufficient transmission capacity of electrical networks, the expansion of which significantly reduces the economic efficiency of such generation. There are also limitations associated with the dependence of production on weather conditions. And all this against the background of a low level of maturity of energy storage technologies.

    The recent energy crisis in Spain and Portugal further confirms that today it is the grid complex that is the least prepared element of the energy system to operate in the conditions of the energy transition. Therefore, in the conditions of the current level of development of energy systems and the risks caused by this, it is necessary, first of all, to ensure a balance between economic efficiency, reliability of energy supply and the level of greenhouse gas emissions.

    Source – Vedomosti newspaper

    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.

    MIL OSI Russia News –

  • MIL-OSI: CarGurus Report Finds Consumer Demand for Affordability and Fuel Efficiency Shaping Today’s Auto Market

    Source: GlobeNewswire (MIL-OSI)

    Mid-year auto market analysis reveals how tariffs and ongoing demand for affordability have influenced vehicle supply, pricing, and demand so far this year

    BOSTON, June 17, 2025 (GLOBE NEWSWIRE) — CarGurus (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles1, today released its 2025 Mid-Year Auto Market Review. The analysis highlights the impact of tariff uncertainty, shifting inventory dynamics, and evolving consumer preferences on the new and used vehicle market.

    “So far this year, the auto market has been shaped by dramatic shifts in consumer behavior fueled by shifting policies and economic uncertainty,” said Kevin Roberts, Director of Economic and Market Intelligence at CarGurus. “These pressures have amplified what car shoppers demand most: affordability and efficiency. While vehicle prices have mostly held steady despite tariffs, it remains to be seen how long the current balance of pricing and demand can last, especially as value-driven options become harder to find.”

    • Tariff-driven sales surge has reduced affordable new inventory: New vehicle sales spiked 48% year-over-year in the days after the March tariff announcement as buyers raced to beat potential price increases. While sales demand has since normalized to more seasonal patterns, the affordable segment is showing lasting impacts. Listings for new cars under $30,000 have dropped by 15% since late March, with compacts and crossovers like the Honda Civic, Buick Encore GX, Jeep Compass, and Mazda CX-30 seeing the steepest declines.
    • The average new vehicle price is holding steady: While over 60% of new vehicle listings today are post-tariff inventory, the average new car price has remained relatively stable at approximately $49,600. Model-level price changes tell a more nuanced story, with luxury SUVs seeing some of the largest price increases since tariffs went into effect in April and electric vehicles (EVs) posting the biggest price decreases.
    • Aged new car inventory may offer value: Despite the Spring sales surge, 2024 and older model-year vehicles are maintaining a high share of inventory — approaching levels not seen since 2020. At mid-year, over 7% of new car listings were 2024 or older, with Ford trucks and SUVs among the top models with older model year supply, creating a chance for shoppers to find a potential deal on pre-tariff inventory.
    • Used inventory reaches multi-year highs, but value has been redefined: Despite abundant used car supply, 3- to 4-year-old models — the sweet spot for value-conscious buyers — remain scarce and priced at a premium due to lingering effects of pandemic-era production disruptions. For those in the market for a used car under $20,000, options are increasingly older and higher mileage. At both ends of the age spectrum, however, fuel-efficient models (spanning hybrids, EVs, and compacts) lead the pack in demand.
    • Hybrids stand out for pricing and demand: Hybrids continued to lead new vehicle sales growth in 2025, buoyed by strong demand and attractive pricing. Average list prices for new hybrids decreased by about $1,400 year-over-year, helping drive a 43% increase in retail sales compared to 2024. Notably, hybrid and gas models are now the most commonly cross-shopped combinations, as shoppers increasingly prioritize practicality and affordability.

    For a deeper look at these trends and more, the full 2025 Mid-Year Review is available here: https://cargur.us/1dRcr8

    About CarGurus, Inc.

    CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. 1

    CarGurus also operates online marketplaces under the CarGurus brand in Canada and the U.K. In the U.S. and the U.K., CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.

    To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

    CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are the property of their respective owners.

    1Similarweb: Traffic Report [Cars.com, Autotrader, TrueCar, CARFAX Listings (defined as CARFAX Total visits minus Vehicle History Reports traffic)], Q1 2025, U.S.

    Media Contact:
    Maggie Meluzio
    Director, Public Relations & External Communications
    pr@cargurus.com

    Investor Contact:
    Kirndeep Singh
    Vice President, Investor Relations
    investors@cargurus.com

    The MIL Network –

  • MIL-OSI Analysis: When developing countries band together, lifesaving drugs become cheaper and easier to buy − with trade-offs

    Source: The Conversation – USA – By Lucy Xiaolu Wang, Assistant Professor, Department of Resource Economics, UMass Amherst

    Pooling procurement of drugs could increase the availability of essential treatments around the globe. narvo vexar/iStock via Getty Images Plus

    Procuring lifesaving drugs is a daunting challenge in many low- and middle-income countries. Essential treatments are often neither available nor affordable in these nations, even decades after the drugs entered the market.

    Prospective buyers from these countries face a patent thicket, where a single drug may be covered by hundreds of patents. This makes it costly and legally difficult to secure licensing rights for manufacturing.

    These buyers also face a complex and often fragile supply chain. Many major pharmaceutical firms have little incentive to sell their products in unprofitable markets. Quality assurance adds another layer of complexity, with substandard and counterfeit drugs widespread in many of these countries.

    Organizations such as the United Nations-backed Medicines Patent Pool have effectively increased the supply of generic versions of patented drugs. But the problems go beyond patents or manufacturing – how medicines are bought are also crucially important. Buyers for low- and middle-income countries are often health ministries and community organizations on tight budgets that have to negotiate with sellers that may have substantial market power and far more experience.

    We are economists who study how to increase access to drugs across the globe. Our research found that while pooling orders for essential medicines can help drive down costs and ensure a steady supply to low- and middle-income countries, there are trade-offs that require flexibility and early planning to address.

    Understanding these trade-offs can help countries better prepare for future health emergencies and treat chronic conditions.

    Pooled procurement reduces drug costs

    One strategy low-income countries are increasingly adopting to improve treatment access is “pooled procurement.” That’s when multiple buyers coordinate purchases to strengthen their collective bargaining power and reduce prices for essential medicines. For example, pooling can help buyers meet the minimum batch size requirements some suppliers impose that countries purchasing individually may not satisfy.

    Compared with decentralized procurement, pooled procurement eases transactions by connecting buyers and sellers in groups.
    Lucy Xiaolu Wang and Nahim Bin Zahur, CC BY-NC-ND

    Countries typically rely on four models for pooled drug procurement:

    • One method, called decentralized procurement, involves buyers purchasing directly from manufacturers.

    • Another method, called international pooled procurement, involves going through international institutions such as the Global Fund’s Pooled Procurement Mechanism or the United Nations.

    • Countries may also purchase prescription drugs through their own central medical stores, which are government-run or semi-autonomous agencies that procure, store and distribute medicines on behalf of national health systems. This method is called centralized domestic procurement.

    • Finally, countries can also go through independent nonprofits, foundations, nongovernmental organizations and private wholesalers.

    We wanted to understand how different procurement methods affect the cost of and time it takes to deliver drugs for HIV/AIDS, malaria and tuberculosis, because those three infectious diseases account for a large share of deaths and cases worldwide. So we analyzed over 39,000 drug procurement transactions across 106 countries between 2007 and 2017 that were funded by the Global Fund, the largest multilateral funder of HIV/AIDS programs worldwide.

    We found that pooled procurement through international institutions reduced prices by 13% to 20% compared with directly buying from drug manufacturers. Smaller buyers and those purchasing drugs produced by only a small number of manufacturers saw the greatest savings. In comparison, purchasing through domestic pooling offered less consistent savings, with larger buyers seeing greater price advantages.

    The Global Fund and the United Nations were especially effective at lowering the prices of older, off-patent drugs.

    Trade-offs with pooled procurements

    Cost savings from pooled drug procurement may come with trade-offs.

    While the Global Fund reduced unexpected delivery delays by 28%, it required buyers to place orders much earlier. This results in longer anticipated procurement lead time between ordering and delivery – an average of 114 days more than that of direct purchases. In contrast, domestic pooled procurement shortened lead times by over a month.

    Our results suggest a core tension: Pooled procurement improves prices and reliability but can reduce flexibility. Organizations that facilitate pooled procurement tend to prioritize medicines that can be bought at high volume, limiting the availability of other types of drugs. Additionally, the longer lead times may not be suitable for emergency situations.

    With the spread of COVID-19, several large armed conflicts and tariff wars, governments have become increasingly aware of the fragility of the global supply chain. Some countries, such as Kenya, have sought to reduce their dependence on international pooling since 2005 by investing in domestic procurement.

    But a shift toward domestic self-sufficiency is a slow and difficult process due to challenges with quality assurance and large-scale manufacturing. It may also weaken international pooled systems, which rely on broad participation to negotiate better terms with suppliers.

    Scaling up drug production in low-income countries can be difficult.
    Rafiq Maqbool/AP Photo

    Interestingly, we found little evidence that international pooled procurement influences pricing for the U.S. President’s Emergency Plan for AIDS Relief, a major purchaser of HIV treatments for developing countries. PEPFAR-eligible products do not appear to benefit more from international pooled procurement than noneligible ones.

    However, domestic procurement institutions were able to secure lower prices for PEPFAR-eligible products. This suggests that the presence of a large donor such as PEPFAR can cut costs, particularly when countries manage procurement internally.

    USAID cuts and global drug access

    While international organizations such as the Medicines Patent Pool and the Global Fund can address upstream barriers such as patents and procurement in the global drug supply chain, other institutions are essential for ensuring that medicines actually reach patients.

    The U.S. Agency for International Development had played a significant role in delivering HIV treatment abroad through PEPFAR. The Trump administration’s decision in February 2025 to cut over 90% of USAID’s foreign aid contracts amounted to a US$60 billion reduction in overall U.S. assistance globally. An estimated hundreds of thousands of deaths are already happening, and millions more will likely die.

    The World Health Organization warned that eight countries, including Haiti, Kenya, Nigeria and Ukraine, could soon run out of HIV treatments due to these aid cuts. In South Africa, HIV services have already been scaled back, with reports of mass layoffs of health workers and HIV clinic closures. These downstream cracks can undercut the gains from efforts to make procuring drugs more accessible if the drugs can’t reach patients.

    Because HIV, tuberculosis and malaria often share the same treatment infrastructure – including drug procurement and distribution networks, laboratory systems, data collection, health workers and community-based services – disruption in the management of one disease can ripple across the others. Researchers have warned of a broader unraveling of progress across these infectious diseases, describing the fallout as a potential “bloodbath” in the global HIV response.

    Research shows that supporting access to treatments around the world doesn’t just save lives abroad. It also helps prevent the next global health crisis from reaching America’s doorstep.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. When developing countries band together, lifesaving drugs become cheaper and easier to buy − with trade-offs – https://theconversation.com/when-developing-countries-band-together-lifesaving-drugs-become-cheaper-and-easier-to-buy-with-trade-offs-255383

    MIL OSI Analysis –

  • MIL-OSI Analysis: The hidden bias in college admissions tests: How standardized exams can favor privilege over potential

    Source: The Conversation – USA – By Zarrina Talan Azizova, Associate Professor of Education, Health and Behavior, University of North Dakota

    At first glance, calls from members of Congress to restore academic merit in college admissions might sound like a neutral policy.

    In our view, these campaigns often cherry-pick evidence and mask a coordinated effort that targets access and diversity in American colleges.

    As scholars who study access to higher education, we have found that when these efforts are paired with pressure to reinstate standardized tests, they amount to a rollback of inclusive practices.

    A Department of Education letter sent to congressional offices from Feb. 14, 2025, stated that is “unlawful for an educational institution to eliminate standardized testing to achieve a desired racial balance or to increase racial diversity.” The letter also claimed that the most widely used admissions tests, the SAT and ACT, are objective measures of merit.

    In our recent peer-reviewed article, we analyzed more than 70 empirical studies about the SAT’s and ACT’s roles in college admissions. Our work found several flaws in how these exams function, especially for historically underserved students.

    Measuring college readiness

    Supporters of admissions tests contend that they are objective tools for measuring whether students are ready for college-level coursework.
    The Good Brigade/Digital Vision via Getty Images

    Several elite universities – including Yale, Dartmouth and the Massachusetts Institute of Technology – have reinstated SAT or ACT requirements, reversing test-optional policies that institutions expanded during the COVID-19 pandemic.

    These changes have reignited debates about how well these tests measure students’ academic preparedness and how colleges should weigh them in admissions decisions.

    During a May 21, 2025, hearing of the U.S. House Subcommittee on Higher Education and Workforce Development, some witnesses argued that using test scores allows colleges to admit students based on merit. Others maintained that test scores can function as barriers to higher education.

    Our research shows that while these tests are statistically reliable – that is, they produce consistent results for students across subjects and during multiple attempts under similar conditions – they are not as valid as some argue.

    High school grade-point averages are typically better predictors of students’ success in college than either test.

    In addition, the tests are not equitable or similarly predictive for all students, especially given gender, race and socioeconomic demographics.

    That is because they systematically favor those with more access to high-quality schooling, stable socioeconomic conditions and opportunities to engage with test prep coaches and courses. That test prep can cost thousands of dollars.

    In short, both tests tend to reflect privilege more than potential.

    For example, students from higher-income households routinely outperform their peers on the ACT and SAT.

    This isn’t surprising, considering wealthier families can afford test prep services, private tutoring and test retakes. These advantages translate into higher scores and open doors to selective colleges and scholarship opportunities.

    Meanwhile, students from low-income families often face challenges – such as less experienced instructors and less access to high-level science, math and advanced placement courses – that test scores do not factor in.

    Reflecting deep inequities

    In the U.S., high school GPA can be a better predictor than standardized tests of college success.
    Clerkenwell/Vetta via Getty Images

    In our published review, we found that these disparities aren’t incidental – they’re systemic.

    Our review revealed long-standing evidence of bias in test design and differences in average scores along lines of race, gender and language background.

    These outcomes don’t just reflect academic differences; they reflect inequities that shape how students prepare for and perform on these tests.

    We also found that high school GPA outperforms standardized tests in predicting college success. GPA captures years of classroom performance, effort and teacher feedback. It reflects how students navigate real-world challenges, not just how they perform on a single timed exam.

    For many students, particularly those from historically marginalized backgrounds, grades can offer a better indication of how prepared they are for college-level work.

    This issue matters because admissions decisions aren’t just technical evaluations – they are value statements. Choosing to center test scores in admissions rewards certain kinds of knowledge, experiences and preparation.

    The American Council on Education defines equity as opportunities for success. It means building educational environments that recognize diverse forms of potential and equip all learners to thrive.

    It’s worth noting that research on testing often focuses on elite institutions, where standardized test scores are more likely to be used as high-stakes screening tools. Our systematic review found that, even in elite schools, the tests’ ability to accurately predict college academic performance is often limited (moderate in statistical terms).

    But most college students attend state universities, public regional universities, minority-serving institutions, or colleges that accept most applicants. Our study found that at these institutions, standardized test scores are even less likely to predict how students will do.

    This may be because state universities and public regional universities are more likely to serve highly diverse student populations, including older, part-time and first-generation students and those who are balancing work and family responsibilities.

    Where does higher ed go from here?

    Prioritizing standardized tests in college admissions could close the doors of opportunity for some capable students.
    David Schaffer/istock via Getty Images Plus

    With the debate over the role of standardized tests in the admissions process, higher education stands at a crossroads: Will colleges yield to political pressure and narrow definitions of merit and ignore equity? Or will institutions reaffirm their mission by embracing broader, fairer tools for recognizing talent and supporting student success?

    The answer depends on what values are prioritized.

    Our research and that of others make it clear that standardized tests should not be the gatekeepers of opportunity.

    If universities define merit on test scores alone, they risk closing the doors of opportunity to capable students.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. The hidden bias in college admissions tests: How standardized exams can favor privilege over potential – https://theconversation.com/the-hidden-bias-in-college-admissions-tests-how-standardized-exams-can-favor-privilege-over-potential-256967

    MIL OSI Analysis –

  • MIL-OSI Analysis: When you lose your health insurance, you may also lose your primary doctor – and that hurts your health

    Source: The Conversation – USA – By Jane Tavares, Senior Research Fellow and Lecturer of Gerontology, UMass Boston

    Seeing the same doctor on a regular basis is good for your health. Morsa Images/DigitalVision via Getty Images

    When you lose your health insurance or switch to a plan that skimps on preventive care, something critical breaks.

    The connection to your primary care provider, usually a doctor, gets severed. You stop getting routine checkups. Warning signs get missed. Medical problems that could have been caught early become emergencies. And because emergencies are both dangerous and expensive, your health gets worse while your medical bills climb.

    As gerontology researchers who study health and financial well-being in later life, we’ve analyzed how someone’s ties to the health care system strengthen or unravel depending on whether they have insurance coverage. What we’ve found is simple: Staying connected to a trusted doctor keeps you healthier and saves the system money. Breaking that link does just the opposite.

    And that’s exactly what has us worried right now. Members of Congress are debating whether to make major cuts to Medicaid and other social safety net programs. If the Senate passes its own version of the tax-and-spending package that the House approved in May 2025, millions of Americans will soon face exactly this kind of disruption – with big consequences for their health and well-being.

    How people end up uninsured

    Someone can lose their health insurance for a number of reasons. For many Americans, coverage is tied to employment. Being fired, retiring before you turn 65 and become eligible to enroll in the Medicare program, or even getting a new job can mean losing insurance. Others wind up uninsured due to a different array of changes: moving to a different state, getting divorced or aging out of a parent’s plan after their 26th birthday.

    And those who buy their own coverage may find that they can no longer afford the premiums. In 2024, average premiums on the individual market exceeded more than US$600 per month for many adults, even with subsidies.

    Government-sponsored insurance programs can also leave you vulnerable to this predicament. The Senate is currently considering its own version of a tax-and-spending bill the House of Representatives passed in May that would make cuts and changes to Medicaid. If the provisions in the House bill are enacted, millions of Americans who get health insurance through Medicaid – a health insurance program jointly run by the federal government and the states that is mainly for people who have low incomes or disabilities – would lose their coverage, according to the nonpartisan Congressional Budget Office.

    Medicaid was established in the 1960s, explains a scholar of the program’s history.

    Consequences of becoming uninsured

    Health insurance is more than a way to pay medical bills; it’s a doorway into the health care system itself. It connects people to health care providers who come to know their medical history, their medications and their personal circumstances.

    When that door closes, the effects are immediate. Uninsured people are much less likely to have a usual source of care – typically a doctor or another primary care provider or clinic you know and trust. That relationship acts as a foundation for managing chronic conditions, staying current with preventive screenings and getting guidance when new symptoms arise.

    Researchers have found that adults who go uninsured for even six months become significantly more likely to postpone care or forgo it altogether to save money. In practical terms, this means they’re less likely to be examined by someone who knows their medical history and can spot red flags early.

    The Affordable Care Act, the landmark health care law enacted during the Obama administration, made the number of Americans without insurance plummet. The share of people without insurance fell from 16% in 2010 to 7.7% in 2023.

    The people who got insurance coverage, particularly those who were middle age, saw big improvements in their health.

    Researching the results

    In research that looked at data collected from 2014 to 2020, we followed what happened to 12,000 adults who were 50 or older and lived across the nation.

    Our research team analyzed how their experiences changed when they lost, and sometimes later regained, a regular source of care during those six years.

    Many of the participants in this study had multiple chronic conditions like diabetes, hypertension and heart disease.

    The results were striking.

    Those who didn’t see the same provider on a regular basis were far less likely to feel heard or respected by health care professionals. They had fewer medical appointments, filled fewer prescriptions and were less likely to follow through with recommended treatments.

    Their health also deteriorated considerably over the six years. Their blood pressure and blood sugar levels rose, and they had more elevated indicators of kidney impairment compared with their counterparts who had regular care providers.

    The longer they went without consistent health care, the worse these clinical markers became.

    Warning signs

    Preventive care is one of the best tools that both patients and their health care providers have to head off major health problems. This care includes screenings like cholesterol and blood pressure checks, mammograms, PAP smears and prostate exams, as well as routine vaccinations. But most people only get preventive care when they stay engaged with the health care system.

    And that’s far more likely when you have stable and comprehensive health insurance coverage.

    Our research team also examined what happened to preventive care based on whether the participants had a regular doctor. We found that those who kept seeing the same providers were almost three times more likely to get basic preventive services than those who did not.

    Over time, these missed preventive care opportunities can add up to a big problem. They can turn what could have been a manageable issue into an emergency room visit or a long, expensive hospital stay.

    For example, imagine a man in his 50s who no longer gets cholesterol screenings after losing insurance coverage. Over several years, his undiagnosed high cholesterol leads to a heart attack that could have been prevented with early medication. Or a woman who skips mammograms because of out-of-pocket costs, only to face a late-stage cancer diagnosis that might have been caught years earlier.

    Waiting too long to deal with a health condition can mean you make a trip to the emergency room, increasing the cost of care for you and others.
    FS Productions/Tetra images via Getty Images

    Shifting the costs

    Patients whose conditions take too long to be diagnosed aren’t the only ones who pay the price.

    We also studied how stable care relationships affect health care spending. To do this, we linked Medicare claims cost data to our original study and tracked the medical costs of the same adults age 50 and older from 2014 to 2020. One of our key findings is that people with regular care providers were 38% less likely to incur above-average health care costs.

    These savings aren’t just for patients – they ripple through the entire health care system. Primary care stability lowers costs for both public and private health insurers and, ultimately, for taxpayers.

    But when people lose their health care coverage, those savings disappear.

    Emergency rooms see more uninsured patients seeking care that could have been handled earlier and more cheaply in a clinic or doctor’s office. While hospitals are legally required to provide emergency care regardless of a patient’s ability to pay, much of the resulting cost goes unreimbursed.

    Hospitals foot the bill for about two-thirds of those losses. They pass the other third along to private insurance companies through higher hospital fees. Those insurers, in turn, raise their customers’ premiums. Larger taxpayer subsidies can then be required to keep hospitals open.

    Seeing Medicaid as a lifeline

    For the nearly 80 million Americans enrolled in Medicaid, the program provides more than coverage.

    It contributes to the health care stability our research shows is critical for good health. Medicaid makes it possible for many Americans with serious medical conditions to have a regular doctor, get routine preventive services and have someone to turn to when symptoms arise – even when they have low incomes. It helps prevent health care from becoming purely crisis-driven.

    As Congress considers cutting Medicaid funding by hundreds of billions of dollars, we believe that lawmakers should realize that scaling back coverage would break the fragile links between millions of patients and the providers who know them best.

    Jane Tavares receives funding from from the SCAN Foundation, the RRF Foundation for Aging, and Milbank Memorial Fund .

    Marc Cohen receives funding from the SCAN Foundation, the RRF Foundation for Aging and Milbank Memorial Fund .

    – ref. When you lose your health insurance, you may also lose your primary doctor – and that hurts your health – https://theconversation.com/when-you-lose-your-health-insurance-you-may-also-lose-your-primary-doctor-and-that-hurts-your-health-258380

    MIL OSI Analysis –

  • MIL-OSI United Nations: 17 June 2025 News release The WHO Hub in Berlin: driving innovation to make the world safer from health threats

    Source: World Health Organisation

    WHO is developing new tools and innovative partnerships to boost countries’ defenses against future pandemics, including real-time threat detection and genomic analysis of viruses.

    In today’s interconnected world, health threats spread faster than ever. A new virus can cross continents in hours. An outbreak in one country can escalate into a global crisis in days. This reality requires constant innovation to protect lives and prevent the next pandemic.

    Building on lessons learned from the COVID-19 pandemic, the WHO Hub for Pandemic and Epidemic Intelligence in Berlin leverages innovative tools and collaborations for more effective disease surveillance worldwide. Just over three years after its inauguration, the Hub now supports over 150 countries in detecting health threats more effectively and rapidly.

    The Hub’s latest annual report highlights the growing impact of this work and provides key insights into progress made in 2024.

    As no country can tackle the next pandemic alone, WHO is supporting countries to implement Collaborative Surveillance, a new collaborative approach to disease surveillance that promotes data and information sharing so that outbreaks can be detected and controlled faster.

    The early warning system hosted at the Hub, called Epidemic Intelligence from Open Sources (EIOS), scans online sources in real time and uses AI technology to identify public health threats more efficiently.

    “The Hub is ensuring that the most robust tools and analytics are available to enhance early threat detection and rapid response and support decision-makers around the world,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “I have urged all WHO Member States to work closely with the Hub, not only to strengthen their own national and regional health security, but also to contribute to global preparedness and response.”

    Pathogen genomics, which analyses the genetic material of viruses and other pathogens, has become a powerful tool to track and predict outbreaks. The Hub’s International Pathogen Surveillance Network (IPSN) connects over 235 organizations and countries to expand genomic surveillance more equitably around the world, including through a US$ 4 million fund for low- and middle-income countries.

    “As part of the WHO Health Emergencies Programme, the WHO Hub for Pandemic and Epidemic Intelligence builds on proven surveillance approaches while continuously developing and integrating new, innovative methods for detecting and responding to health threats,” said Dr Mike Ryan, Executive Director of WHO’s Health Emergencies Programme.

    To help decision-makers better understand an emerging health emergency and plan an effective response, the Hub is developing a cutting-edge platform that will visualize disease transmission and simulate the impact of different countermeasures. Once launched, the pandemic simulator will provide actionable insights to policy-makers and support them in responding to a health crisis.

    “Our commitment to fostering trust, building partnerships and driving innovation has never been stronger. Together, we are building a safer, healthier world for all,” said Dr Chikwe Ihekweazu, Deputy Executive Director of WHO’s Health Emergencies Programme.

    The collaborative spirit is also evident in the Hub’s physical space in Berlin, a dynamic campus for global collaboration that welcomes thousands of experts and collaborators each year at more than 60 onsite workshops and events.

    “Germany has been a strong supporter of scientific innovation for global health security, including the vision to establish the WHO Hub for Pandemic and Epidemic Intelligence,” said Dr Oliver Morgan, Director of the WHO Hub for Pandemic and Epidemic Intelligence. “Germany recognized the urgent need for a space where science, technology and partnerships can come together to protect the world from future health threats. This vision is now a reality and we are proud to call Berlin the home for the Hub.”

    “The WHO Hub in Berlin is a vibrant place for collaboration and co-creation. By leveraging WHO’s convening power, we bring partners together, facilitate data sharing and joint analysis, and support the collective adoption of innovative approaches,” said Sara Hersey, Director of Collaborative Intelligence at the WHO Hub in Berlin.

    With the ongoing threat of future pandemics, WHO remains at the forefront of developing tools, building partnerships and strengthening public health intelligence and surveillance capacities worldwide.

    MIL OSI United Nations News –

  • MIL-OSI: Draganfly’s Commander 3XL Integrated with TB2 Aerospace’s DROPS System Achieves 100% Success Rate During U.S. Army’s SMEX25 Operational Trials

    Source: GlobeNewswire (MIL-OSI)

    In alignment with the Presidential Executive Order “Unleashing American Drone Dominance”

    Golden, CO, June 17, 2025 (GLOBE NEWSWIRE) — TB2 Aerospace LLC, in collaboration with Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), a drone solutions, and systems developer, (NASDAQ: DPRO), is proud to announce the successful deployment and performance of the Drone Recharging Operational Payload System (DROPS) during the U.S. Army’s Sustainment Modernization Experiment 2025 (SMEX25).

    Throughout SMEX25’s week-long field exercises, the DROPS system, integrated with Draganfly’s Commander 3XL, achieved a 100% success rate in autonomously deploying, recovering, and recharging TB2’s tactical resupply pods. The event provided an opportunity to validate real-world operational performance in austere and high-demand scenarios, drawing praise from defence evaluators and technology observers alike.

    “The successful deployment of DROPS at SMEX25 underscores our commitment to advancing autonomous logistics solutions,” said Hank Scott, CEO of TB2 Aerospace. “Our system’s performance in a live operational environment validates its potential to revolutionize military tactical resupply and contested logistics.”

    He added, “The successful integration of the Commander 3XL and DROPS in support of the U.S. Army’s mission is a great example of the advantage we strive to bring to our partners and their stakeholders.”

    Key Capabilities Demonstrated:

    • Autonomous Payload Operations: The Commander 3XL, enabled with DROPS, autonomously captured, transported, and delivered payloads without any manual intervention, streamlining tactical resupply and significantly reducing the need for human logistics support in the field.
    • Platform Agnosticism: DROPS functioned seamlessly across various platforms, confirming its plug-and-play versatility, with special emphasis on its integration with Draganfly’s Commander 3XL platform. The Draganfly 3XL is now ‘DROPS Enabled’, whilst the smaller Draganfly Apex and the larger Heavy Lift are in the process of becoming DROPS Enabled.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

    Media Contact

    media@draganfly.com

    Company Contact
    Cameron Chell
    Chief Executive Officer
    (306) 955-9907
    Email: info@draganfly.com

    About TB2 Aerospace

    Founded in 2020, TB2 Aerospace is a U.S.-based defence technology innovator developing autonomous logistics and tactical payload systems. The company’s flagship solution, DROPS, is a modular, reconfigurable payload delivery system designed to extend and enhance the operational capabilities of unmanned systems in defense, disaster response, and homeland security applications.

    Annabel Mead
    Communications and Marketing Consultant
    Canny Comms
    ✉ annabel@canny-comms.co.uk

    Partnership Inquiries
    Hank Scott
    Chief Executive Officer, TB2 Aerospace
    ✉ hank@tb2aerospace.com

    Visit www.tb2aerospace.com for more information.

    Forward Looking Statements

    Forward-Looking Statements

    This release contains certain “forward looking statements” and certain “forward-looking ‎‎‎‎information” as ‎‎‎‎defined under applicable securities laws. Forward-looking statements ‎‎‎‎and information can ‎‎‎‎generally be identified by the use of forward-looking terminology such as ‎‎‎‎‎“may”, “will”, “expect”, “intend”, ‎‎‎‎‎“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar ‎‎‎‎terminology. Forward-looking statements ‎‎‎‎and information are based on forecasts of future ‎‎‎‎results, estimates of amounts not yet determinable and ‎‎‎‎assumptions that, while believed by ‎‎‎‎management to be reasonable, are inherently subject to significant ‎‎‎‎business, economic and ‎‎‎‎competitive uncertainties and contingencies. Forward-looking statements ‎‎‎‎include, but are not ‎‎‎‎limited to, statements with respect to DROPS being a game-changing force multiplier for the Department of Defence and its allies as well as Draganfly’s ability to enable DROPS on the Draganfly Apex and the larger Heavy Lift. Forward-‎‎‎‎looking statements and information are subject to various ‎known ‎‎and unknown risks and ‎‎‎‎‎uncertainties, many of which are beyond the ability of the Company to ‎control or ‎‎predict, that ‎‎‎‎may cause ‎the Company’s actual results, performance or achievements to be ‎materially ‎‎different ‎‎‎‎from those ‎expressed or implied thereby, and are developed based on assumptions ‎about ‎‎such ‎‎‎‎risks, uncertainties ‎and other factors set out here in, including but not limited to: the potential ‎‎‎‎‎‎‎impact of epidemics, ‎pandemics or other public health crises, including the ‎COVID-19 pandemic, on the Company’s business, operations and financial ‎‎‎‎condition; the ‎‎‎successful integration of ‎technology; the inherent risks involved in the general ‎‎‎‎securities markets; ‎‎‎uncertainties relating to the ‎availability and costs of financing needed in the ‎‎‎‎future; the inherent ‎‎‎uncertainty of cost estimates; the ‎potential for unexpected costs and ‎‎‎‎expenses, currency ‎‎‎fluctuations; regulatory restrictions; and liability, ‎competition, loss of key ‎‎‎‎employees and other related risks ‎‎‎and uncertainties disclosed under the ‎heading “Risk Factors“ ‎‎‎‎in the Company’s most recent filings filed ‎‎‎with securities regulators in Canada on ‎the SEDAR ‎‎‎‎website at www.sedar.com and with the United States Securities and Exchange Commission (the “SEC”) on EDGAR through the SEC’s website at www.sec.gov. The Company undertakes ‎‎‎no obligation to update forward-‎looking ‎‎‎‎information except as required by applicable law. Such forward-‎‎‎looking information represents ‎‎‎‎‎managements’ best judgment based on information currently available. ‎‎‎No forward-looking ‎‎‎‎statement ‎can be guaranteed and actual future results may vary materially. ‎‎‎Accordingly, readers ‎‎‎‎are advised not to ‎place undue reliance on forward-looking statements or ‎‎‎information.‎

    The MIL Network –

  • MIL-OSI Economics: W&T Announces Settlement Agreement with Majority of Surety Providers

    Source: W & T Offshore Inc

    Headline: W&T Announces Settlement Agreement with Majority of Surety Providers

    HOUSTON, June 17, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T” or the “Company”) today announced that it has come to a settlement agreement with two of its largest surety providers which calls for the dismissal of a previously filed lawsuit. The settlement agreement requires the surety providers to withdraw their current collateral demands, and further provides that the surety providers may not make additional collateral demands or increase premiums through December 31, 2026.

    Key highlights for the settlement agreement include:

    • Dismissal of all claims by the applicable party in the lawsuit, without prejudice;
    • Two participating surety providers, together with W&T’s other major surety provider who did not attempt to increase premiums or call for collateral, represent nearly 70% of W&T’s surety bond portfolio;
    • Premium rates for all existing bonds provided by the two surety providers will be locked in at W&T’s historical rates without increase through December 31, 2026, representing a prolonged rate lock in excess of “ordinary course” rate negotiations, thereby providing consistency and predictability in W&T’s premium expense;
    • W&T is not required to provide any collateral to the applicable sureties, and the applicable surety providers will immediately withdraw all demands for collateral;
    • Surety providers may not make demands for collateral through December 31, 2026, outside certain limited circumstances involving unlikely events of default; and
    • Parties retain the right to negotiate and establish new surety bonds at rates to be determined in the ordinary course.

    Tracy W. Krohn, W&T’s Chairman and Chief Executive Officer stated, “We are pleased with the agreement that we have reached with two of our largest surety providers, and we believe that the objectives achieved in this outcome illustrate the strength of the legal position that W&T has aggressively advanced since the beginning of these unnecessary surety lawsuits. This outcome is very positive for W&T overall, as we will not acquiesce to unjustified collateral demands made by the applicable sureties and we have locked in our historical premium rates through the end of 2026. We believe the entry into these settlement agreements vindicates our resolve to stand up to surety providers’ unjustified demands on independent oil and gas operators, such as W&T. For the past 40 plus years, W&T has reliably plugged and abandoned assets, paid its negotiated premiums and operated responsibly in the Gulf of America. We demand fairness and transparency for all oil and natural gas producers in the Gulf of America and will continue to pursue the pending litigation against our other surety providers that have unlawfully colluded and decided to not deal fairly with W&T and other independent oil and gas producers.”

    “This agreement, coupled with the promising developments in the regulatory environment driven by the White House’s directives, alleviates some of the uncertainty that has unnecessarily and artificially suppressed our stock price and we expect that this will allow us to deliver more value to our shareholders. Since the start of the year, we have strengthened our balance sheet, and we have a solid cash position with sufficient liquidity to enable us to continue to evaluate growth opportunities, both organically and inorganically. Operationally and financially, our start to 2025 has been strong, and we expect production to continue to increase thus driving more value creation. We are well-positioned to succeed and believe that the future is bright for W&T.”

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the potential outcome of the litigation, the impact of the settlement on the Company, potential growth opportunities, and the Company’s future production are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, NGLs and natural gas, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

         
    CONTACT: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released June 17, 2025

    MIL OSI Economics –

  • MIL-OSI Europe: Answer to a written question – Possible withdrawal from the World Health Organization – E-000607/2025(ASW)

    Source: European Parliament

    1. The EU and its Member States are the largest contributors to global health financing, including through contributions to the World Health Organisation (WHO), with whom the EU collaborates in line with its commitments and available resources.

    2. The negotiations on the WHO Pandemic Agreement were successfully concluded by the Intergovernmental Negotiating Body on 16 April 2025 and the text has been formally adopted at the 78th World Health Assembly on 20 May 2025. The Assembly has set out the arrangements for finalising the work on the annex on Pathogen Access and Benefit Sharing, and for the eventual opening for signature of the Agreement. Throughout the negotiations, the Commission, acting as the Union Negotiator pursuant to Council Decision (EU) 2022/451[1], has cooperated closely with Member States.

    3. Cooperation between EU and the United States of America (USA) agencies on health is ongoing, including between the European Medicines Agency (EMA) and the USA Food and Drug Administration (FDA), as well as between the European Centre for Disease Prevention and Control (ECDC) and the USA Centres for Disease Control and Prevention (CDC). Such cooperation contributes to improving the health of both EU and USA citizens.

    • [1] The Commission negotiates the Pandemic Agreement on behalf of the European Union, for matters falling within Union competence, based on an authorisation from the Council of the European Union set out in Council Decision (EU) 2022/451 of 3 March 2022 authorising the opening of negotiations on behalf of the European Union for an international agreement on pandemic prevention, preparedness and response, as well as complementary amendments to the International Health Regulations (2005) (OJ L 92, 21.3.2022, p. 1). The Commission, as the Union negotiator, is guided by the negotiating directives annexed to the decision, laying down the main objectives and principles to be achieved.
    Last updated: 17 June 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: EU Fact Sheets – The ubiquitous digital single market – 16-06-2025

    Source: European Parliament

    Recent shocks, such as the COVID-19 pandemic and the war in Ukraine, have revealed not only the single market’s vulnerability to crises, but also the extent to which its good functioning is important to the EU’s competitiveness. The digital single market plays a transitory role as it benefits the economy, reduces environmental impacts and enhances quality of life through e-commerce and e-governance. The transition of services from fixed to mobile platforms demands an EU framework for cloud computing, cross-border content access and seamless mobile data coverage, which also ensures privacy and cybersecurity. The Digital Services and Digital Markets Acts will significantly transform the market in the coming years.

    MIL OSI Europe News –

  • MIL-OSI: Next-Gen Edge AI Solutions for the Real World: Autonomous Navigation for Drones, Surveillance and Robotics

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., June 17, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader in compute and connectivity IoT solutions enabling Edge AI Intelligence, today announced its collaboration with Aerora, a provider of integrated NDAA-compliant propulsion, ground control and precision AI payload systems. This collaboration delivers Edge AI-driven solutions that significantly accelerate advancements in drones, robotics and surveillance applications delivered by Aerora’s OEM platform for AI-Powered Visual Navigation.

    “Lantronix’s collaboration with Aerora promises to advance the development of AI-powered drones and other intelligent applications, equipping developers with cutting-edge tools from leading embedded compute technologies,” said Saleel Awsare, CEO and president of Lantronix. “This breakthrough in advanced AI-driven solutions delivers a transformative impact, opening doors to new opportunities in both private and government sectors.”

    Grandview Research estimates that by 2030, the global drone market will reach $163.6 billion. Most forecasts predict a CAGR of 15 percent through 2030, with some commercial segments expected to grow even faster, especially as drone applications expand into logistics, agriculture, infrastructure and public safety. The U.S. Federal Government also acknowledges the importance of unmanned aircraft systems, such as drones, for commercial and government industries and has enabled support of drone manufacturers.

    Aerora’s solution is supported by Lantronix’s Open-Q™ System-on-Module (SoM) powered by Qualcomm® Technologies chipsets, which provides unparalleled processing capabilities for AI-driven situational awareness, advanced computational imaging and real-time decision-making.

    With Lantronix’s Open-Q SOMs, developers can confidently build AI-powered solutions while knowing they are backed by industry-leading embedded compute technologies.

    As part of the integrated solution, Aerora has incorporated the Teledyne FLIR Hadron 640R module and Prism software, enabling advanced thermal and RGB imaging capabilities. OEMs of drones, robotics and surveillance solutions face increasing pressure to shorten development timelines while maintaining high standards for imaging and control systems. New Edge AI technologies, such as this solution, can help reduce or eliminate engineering overhead and shorten time-to-market.

    Aerora’s full-stack solution includes pre-integration of the camera, gimbal, gimbal motors, housing, telemetry and interface while featuring 4K video stream simultaneously with high-resolution thermal video. Aerora is working with multiple OEM drone manufacturers, integrating its platform of an integrated camera + gimble solution, which helps meet the industry’s technological requirements while ensuring NDAA compliance.

    “At Aerora, our core mission is to deliver rapid integration, flexible sensor solutions and fully NDAA-compliant manufacturing at scale. By collaborating closely with industry leaders like Lantronix and Qualcomm and integrating advanced imaging technologies such as Teledyne FLIR’s Hadron 640R, we empower drone OEMs to significantly reduce development timelines, expand their operational capabilities and confidently meet demanding market requirements,” said Ghel Ghedh, chief technology officer for Aerora.

    To learn more about this innovative solution, download the complete white paper here.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing. 

    For more information, visit the Lantronix website.

    About Aerora

    Aerora™ accelerates drone and robotics innovation by offering fully integrated, NDAA-compliant propulsion, ground control, and precision AI payload systems. Managing the entire supply chain and overseeing all manufacturing processes—both onshore and offshore—we empower manufacturers to effortlessly scale, streamline operations, and faster time to market without compromising quality or compliance. Aerora™ is based in Santa Clara, California.

    For more information, visit the Aerora website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products and awards. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.

    Lantronix Media Contact:
    Gail Kathryn Miller 
    Corporate Marketing & 
    Communications Manager 
    media@lantronix.com 
    949-212-0960 

    Lantronix Analyst and Investor Contact:
    investors@lantronix.com

    The MIL Network –

  • MIL-OSI Banking: Chang Yong Rhee: Speech – 75th Anniversary of the Bank of Korea

    Source: Bank for International Settlements

    I would like to thank Choongwon Park, Taesup Kim, and Byeongrok Lee for their help in preparing this speech. * This is an unofficial translation of the original speech released on June 12, 2025.

    My dear colleagues at the Bank of Korea,

    Seventy-five years ago, the Bank of Korea took its first step with the mission of contributing to the sound development of the national economy through pursuing price stability. Since that day, we have faithfully fulfilled our responsibilities through every chapter of our nation’s history, bringing us to where we stand today. I would like to express my deepest respect to our predecessors who devoted themselves to setting and implementing monetary policy over the decades. I also extend my sincere gratitude to the members of the Monetary Policy Board, who continue to serve as a guiding compass for the Bank, and to all the staff who have diligently carried out their duties in their respective roles. Above all, I would like to extend my heartfelt appreciation to the families of our staff, whose steadfast support has been a constant source of strength.
    This year marks both the 75th anniversary of the Bank of Korea’s establishment and the 80th anniversary of national liberation. This is a special year, an opportunity to reflect on our history defined by overcoming numerous crises and achieving remarkable progress. More recently, over the past six months, a rapidly shifting global landscape and escalating political tensions have evoked a sense of crisis reminiscent of the turmoil that followed Korea’s liberation.
    Globally, geopolitical tensions have persisted due to the wars between Russia and Ukraine and between Israel and Hamas. At the same time, domestically, political instability that escalated following the declaration of martial law late last year has continued, deepening social conflict and division. It has been a period of confusion that can be summed up in one word: “uncertainty”. Amid these global and domestic shocks, Korea’s economic growth has slowed considerably, and self-employed and small business owners are facing significant difficulties in particular.
    Despite these challenges, there remains a silver lining. Although political uncertainty has brought high economic and social costs, the process of overcoming it has reaffirmed the strength and resilience of our democracy. Now, with a new administration in place on a foundation of a mature democracy, we look forward to strengthening social cohesion through unity and restoring economic vitality by prioritizing pragmatism. The Bank of Korea must also do its part to help the nation overcome these hardships by conducting monetary policy based on principle and conviction, and by faithfully fulfilling its responsibilities, including pursuing price stability, that are essential to the future of the national economy and to the well-being of the people.

    My dear colleagues,

    Economic conditions this year remain highly challenging. As noted in last month’s economic outlook, the GDP growth forecast has been revised downward to 0.8% for the year and to 1.6% for next year, representing a significant downgrade from the February projection. The projected growth rate for this year is the lowest in the past three decades, excluding the periods of the Asian Financial Crisis, the Global Financial Crisis, and the COVID-19 pandemic. It is also highly unusual for an annual growth projection to be lowered by as much as 0.7%p within the span of just three months.

    A combination of several factors lies behind this sluggish growth. While the expected slowdown in exports due to tighter U.S. protectionist trade policies is a key contributor, a more critical factor is a delayed recovery in domestic demand amid six months of prolonged political uncertainty. As a result, GDP growth in the first half of this year is expected to come in at just 0.1% compared to the same period last year. In particular, construction investment is projected to contract for five consecutive quarters through the second quarter of this year, emerging as the single largest source of the downward pressure on growth. This is attributable to the correction currently underway in real estate-related debt, which had surged rapidly since the COVID-19 pandemic. Significant uncertainty also looms over the 1.6% growth outlook for next year. While domestic demand is expected to recover gradually going forward, the outlook for exports could differ greatly depending on how U.S. trade policies and global trade negotiations unfold.

    The Bank of Korea views the current situation with grave concern and acknowledges the urgency of stimulus policies in that regard. Since October last year, we have cut the Base Rate four times in an effort to reinvigorate the economy, and we intend to maintain an accommodative monetary policy stance for the time being. At the same time, close coordination between monetary and fiscal policy should continue as long as it does not compromise central bank independence. However, in determining the appropriate degree of economic stimulus, it is essential to assess the current low growth not only from a cyclical perspective but also from a structural lens.

    Under the current circumstances, it is clear that stimulus measures are urgently needed for economic recovery. Yet at the same time, in light of these structural shifts, we should also make efforts to prevent continued declines in the potential growth rate and establish a resilient economic structure against cyclical volatility. Excessive reliance on economic stimulus packages, driven by immediate pressures alone, could result in bigger negative side effects.

    For instance, excessively lowering the Base Rate would more likely fuel housing price hikes in the Seoul metropolitan area, rather than support a recovery in the real economy. We need to be mindful that since last March, apartment prices in Seoul have increased at an annualized rate of approximately 7%, and that household lending by the financial sector has also increased at a fast pace. We should break away from the past practice of tolerating excessive investment in real estate in an attempt to give an easy boost to the economy. In addition, although the won/dollar exchange rate has recently declined to the mid-1,300 won level, volatility in the foreign exchange market could reemerge as the interest rate differential between Korea and the U.S. might widen further depending on the pace of the Federal Reserve’s rate cuts, and as uncertainty regarding trade negotiations among major economies remains high. Going forward, while the Bank will maintain an accommodative monetary stance, decisions concerning the timing and extent of any further rate cuts will be made with caution based on a thorough assessment of macroeconomic and financial developments.

    Building on this awareness, the Bank of Korea has actively sought not only to conduct monetary policy, but also to identify the structural problems of our economy and to propose solutions. For instance, we have diagnosed that Korea’s low birth rate and an aging population are rooted in the concentration in the Seoul metropolitan area and in the intense competition in the college entrance system. In response, we have put forward bold institutional reform proposals such as a “balanced development focusing on regional hub cities” and a “regional proportional admissions system” (Chung, M. et al., 2024; Chung, J. et al., 2024). To mitigate the economic and social impact of an aging population, we have explored policy measures like the sustainable employment of older workers, improvements in care services, and the utilization of home pensions after retirement (Oh, S. et al., 2025; Chae, M. et al., 2024; Hwang, I. et al., 2025). In addition, recognizing the vulnerabilities arising from Korea’s heavy dependence on exports and its concentration in a few key industries, we have also conducted research into strategies that could help foster intellectual services as a new growth engine for exports (Choi, J. et al., 2025).

    The call to pursue structural reform alongside economic stimulus is not unique to Korea. Across Europe, as growth stagnates, there is a growing recognition that the region’s deepening reliance on China and Russia and the disruptions from the global supply chain fragmentation are not merely temporary phenomena, but structural vulnerabilities. Efforts are emerging to address these challenges. A prominent example is the report “The Future of European Competitiveness,” published in September last year by Mario Draghi, the so-called “Draghi Report.” This report provided a comprehensive, long-term analysis of the causes behind Europe’s weakening competitiveness and proposed a wide range of policy responses. Since the beginning of this year, there have been notable efforts to strengthen the euro’s status as an international currency by integrating the region’s capital markets, in response to the rise of U.S. protectionism.

    The European case offers some important implications. It is increasingly acknowledged that the slow progress made on structural reform across Europe was not due to a lack of policy proposals, such as those outlined in the Draghi Report, but rather on the absence of political leadership to reconcile divergent national interests. In a self-critical reflection that Europe has carried out reform only in response to an external crisis, the current trade conflict with the U.S. paradoxically presents a valuable opportunity to strengthen its own political leadership.

    Structural reform inevitably involves conflicts of interest, and in the process, there will unavoidably be both winners and losers. Without sufficient coordination and broad-based public consensus, even well-designed policies may falter in the face of resistance from interest groups. The various policies proposed by the Bank of Korea are no exception. We hope that the newly launched administration will clearly prioritize its structural reform agenda and demonstrate leadership in managing social conflict, to turn the current crisis into an opportunity. The Bank of Korea will provide full support during these efforts through rigorous analysis and thoughtful policy recommendations.

    My dear colleagues at the Bank of Korea,

    The structural reforms I have mentioned so far are efforts to solve problems accumulated from the past. Now, however, we must also prepare for future challenges from a forward-looking perspective. Above all, as digital technologies and artificial intelligence (AI) continue to penetrate every aspect of our economy and society, we are witnessing rapid and fundamental changes in the financial and economic landscape. In this environment, identifying and nurturing new engines of economic growth has become one of our most urgent priorities. Grounded in this awareness, we are committed to not only conducting research, but also to taking concrete action. We have proudly launched our own initiatives that proactively respond to digital innovation and to the growing influence of AI.

    With “Project Hangang,” the Bank of Korea has recently begun conducting pilot test for a future digital currency infrastructure based on a wholesale central bank digital currency (CBDC) and on tokenized deposits, conducting trials in a real-world environment (Bank of Korea, 2025a). Of course, today’s payment systems, including credit cards and mobile payment services, are already highly efficient, but we must not become complacent with current levels of convenience. The digital transformation of finance has moved beyond a race for speed. We are now entering a new phase that demands structural change and greater interconnectedness. The Bank for International Settlements (BIS) has introduced the concept of the “finternet” as a vision for the future of finance (Carstens et al., 2024). This envisions the integration of fragmented financial services across banking, securities, digital payments, and insurance into a unified interface, enabling real-time, user-centric financial management.

    To realize this vision, a common digital currency foundation that interconnects all financial institutions is essential, with a CBDC and tokenized deposits at its core. These instruments function as a trusted common unit of settlement for all participants, serve as the technological standard, and can be designed as “programmable money,” making them the key enablers of the personalized and automated financial environment envisioned by the finternet. Project Hangang is scheduled to conduct a follow-up test later this year to assess the potential benefits of tokenized deposits and determine whether to move forward with commercialization. In parallel, as KRW-denominated stablecoins not only have the potential to drive innovation in Korea’s fintech industry but could also function as substitutes for legal tender, we will work closely with relevant authorities to establish institutional safeguards that ensure their stability and usefulness, while preventing any circumvention of foreign exchange regulations. Additionally, through our participation in “Project Agorá,” in collaboration with major central banks and global institutions, we are helping to build a cross-border digital financial infrastructure aimed at dramatically reducing the cost of international remittances.

    Alongside digital finance, AI is rapidly becoming a part of everyday life, and its full potential is still difficult to predict. Korea is among the few countries that are developing “sovereign AI” based on its own language.2 As AI deployment extends beyond centralized large-scale servers to smaller devices, such as smartphones, it may also open new opportunities for Korea’s semiconductor industry. In line with this transformation, the Bank of Korea is currently developing a BOK-specific AI model built on a sovereign AI platform developed by a domestic firm. We plan to implement this model in the second half of this year. We hope this project will serve as a good example of public-private cooperation in developing Korea’s AI industry. I also encourage all of our staff to become comfortable using AI tools and to grow into the kind of creative talent that is demanded by this new digital era.

    To properly utilize AI technology, cloud computing is essential. AI needs to process large-scale data and conduct high-performance computations, that exceed the limitations of ordinary computers or of internal servers. Until now, the government’s “network separation policy” for cybersecurity has been unavoidable in some respects, but at the same time, it has restricted the use of new technologies.3 However, in light of the rapid spread of AI, we can no longer adhere to traditional methods. Accordingly, the Bank of Korea, for the first time among public institutions, is launching its own AI initiative and, in collaboration with the government, is also carrying out a “network improvement pilot project” as part of this broader effort. We hope that the Bank of Korea’s pilot project will contribute to accelerating AI adoption in the public sector. I would also like to take this opportunity to express my deep gratitude to the members of the Monetary Policy Board for their active support for these pioneering efforts, such as Project Hangang and our AI development project, despite many challenges.

    My dear colleagues,

    Over the past three years, many changes have taken place within the Bank of Korea. We have made efforts toward new management innovations, such as reforming the evaluation system, restructuring the organization, delegating more authority to lower levels, and promoting a culture of information sharing and open discussion. As a result, the Bank of Korea’s organizational capabilities have been significantly strengthened. Research reports we have published have sparked social responses, and our standing as a think tank for the national economy has been further strengthened. This is not just my personal view, but one that has also been affirmed by external evaluations, as well. According to a recent public perception survey concerning the Bank of Korea, the proportion of favorable responses rose by 9.6%p from last year, surpassing the 50% mark for the first time. The public’s assessment of the Bank’s credibility also increased by 18.2%p, reaching 66% (Bank of Korea, 2025b).4 I would like to sincerely thank all of you for your active participation in these efforts for change and innovation.

    There have also been significant changes in our public communications. Christine Lagarde, the president of the European Central Bank, once emphasized “humility” as the key principle in central bank communication, stating that we need to narrow the gap with the public through simple and clear messages. The Bank of Korea has also been striving to communicate through multiple channels that are tailored to various audiences. The “Financial and Economic Snapshot” provides visualized information to help people better understand economic trends. Our YouTube content has become more diverse, ranging from “BOK Inside,” which captures the daily lives of our staff, to “BOK Overseas Briefings” from our overseas representative offices. Starting this week, we are opening a gift shop at the Bank of Korea Money Museum to showcase souvenirs that represent the Bank of Korea, with the aim of raising the Bank’s brand awareness.

    We have also established a dedicated studio to improve the quality of our media content and are providing systematic media training for our staff. I am especially pleased and encouraged by the active media engagement of our younger employees, not only at headquarters but also at our regional offices. Thanks to these continued efforts, the number of subscribers to the Bank of Korea’s YouTube channel has surpassed the Silver Creator Award threshold and is now nearing 110,000. We look forward to continued growth, with the aim of surpassing 150,000 subscribers in the near future.
    Over the past three years, as I worked alongside all of you, I have witnessed the high level of competence demonstrated by our employees. The favorable assessments of our structural reform reports were only made possible by the in-depth analyses that supported them. I believe the quality of our work stands on par with that of any international institution, such as the IMF. Moving forward, I hope each of you will believe in your own potential and approach your work with greater initiative.

    Of course, there are still several areas that require improvement, and some aspects have yet to meet expectations. More than anything, I encourage you to not limit yourselves to passively carrying out tasks directed from above, but to ask your own questions and to take the initiative in driving change within our organization. In my first commemorative speech marking the Bank’s anniversary, delivered shortly after taking office, I emphasized the need to build an organizational culture where, “everyone can express their own views regardless of seniority.” Some noticeable progress has been made toward such a “vibrant Bank of Korea,” but there are still not many employees who feel comfortable saying, “Governor, I’m not sure I agree with you.” I hope to see more change in this regard going forward. My office door is always open.

    Winston Churchill once said, “To improve is to change; to be perfect is to change often.” The progress we have made so far is a valuable outcome made possible by the collective dedication of all our staff. I hope that this spirit of change will continue to flourish so that a self-sustaining, enduring culture of innovation can take firm root within the Bank.

    As we stand at this meaningful milestone of our 75th anniversary, I would like to once again express my heartfelt gratitude to all of you who have made today’s achievements possible. In covering so many topics in today’s speech, I remain mindful that I was unable to extend specific words of appreciation to our colleagues who work quietly and tirelessly in essential areas such as currency management, security, customer service, business support, and facility maintenance. I am deeply aware that your dedication and hard work are truly the backbone of this organization. I believe that the time we build together will lay a strong foundation not only for the future of the Bank of Korea, but also for a brighter future of our national economy. I sincerely wish you and your families continued health and happiness. Thank you.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Leonardo Villar-Gómez: Notes for the banking convention remarks

    Source: Bank for International Settlements

    I would like to begin by expressing my gratitude for this opportunity to take part in this event, and extend a very special greeting to Mr. Jonathan Malagón, president of Asobancaria, Mr. Javier Suárez, chairman of its Board of Directors, all the members of the Association, the Financial Superintendent, Professor César Ferrari, and all those present at this convention.

    Turbulent times

    Exactly one year ago, I began my remarks at this same event by noting that, like most countries around the world, Colombia’s monetary policy had experienced particularly turbulent periods in recent years.

    At the time, that statement was entirely accurate. We had just emerged from the global recession triggered by the 2020 pandemic and experienced a remarkably rapid recovery, one that brought about apparent excess demand and mounting inflationary pressures. These pressures intensified further in 2022 with the sharp rise in grain and agricultural input prices following Russia’s invasion of Ukraine.

    These developments pushed global interest rates up dramatically from their historically low levels seen in 2020, coupled with negative policy rates in several of the leading advanced economies, to the highest levels observed in over four decades by 2023.

    As if that were not enough, Colombia has also faced a substantial shift in public debt levels and the ratings assigned to this debt by the leading credit rating agencies. This has been accompanied by a pronounced deterioration in country risk indicators, both in absolute terms and relative to our regional peers. For example, the country risk premium on Colombian debt, as measured by Credit Default Swaps (CDS), relocated from among the lowest to among the highest in Latin America in just four years.

    By the time of the June 2024 Banking Convention, signs suggested that the global economy was achieving a soft landing. Inflation in advanced economies and many emerging markets was converging toward central bank targets, and economic activity was stabilizing, particularly in the United States, where unemployment had fallen to historic lows below 4%.

    However, the anticipation of a return to calmer times proved short-lived. Beginning in late 2024 and more markedly from April 2025 onward, we witnessed a dramatic and unexpected shift in U.S. trade policy. This included unprecedented tariff increases on global imports and a unilateral withdrawal from all existing free trade agreements, even those with long-standing allies.

    If uncertainty had been a defining feature of the past five years, the levels we are experiencing today far exceed anything we could have anticipated.

    The role of central banks and monetary policy

    What role do central banks play in this environment of heightened uncertainty, and how has Banco de la República responded in particular?

    Central banks in countries like Colombia cannot eliminate uncertainty related to variables beyond their control, such as global economic conditions or domestic fiscal policy decisions, which fall under the authority of the National Government and Congress. However, what central banks can and must do is provide transparent and credible signals about the medium- and long-term inflation outlook. In doing so, they help mitigate the effects of volatility in conditions that lie outside the scope of monetary policy.

    In Colombia, as in many other countries, I believe that the inflation targeting framework we adopted more than twenty-five years ago remains a highly effective and powerful strategy. It enables us to respond to changing conditions while providing an anchor for the economy and a relatively straightforward rule for conducting monetary policy.

    Broadly, and perhaps in simplified terms, the inflation targeting strategy can be described as follows: when the inflation outlook exceeds the established target, monetary policy should be contractionary, characterized by relatively high policy interest rates. This situation typically arises when demand for goods and services outpaces the economy’s productive capacity. As a result, contractionary policy generally acts countercyclically, helping to stabilize both demand and output around their potential levels.

    Conversely, when inflation expectations fall below the target, monetary policy should be expansionary, aimed at stimulating demand for goods and services, as we saw during the 2020 pandemic. One of the strengths of the inflation-targeting strategy is its simplicity, which also extends to the primary monetary policy instrument: the benchmark rate. This is the short-term rate at which the central bank provides liquidity to the financial system when needed.

    A key feature of this strategy is that the central bank – in our case Banco de la República – does not attempt to manage or control the exchange rate. Exchange rates can be influenced by factors entirely unrelated to domestic conditions. For instance, in the first half of this year, global dynamics led to the U.S. dollar depreciating by approximately 9% against the euro. This was reflected in the Colombian peso’s appreciation relative to the US dollar, even though the peso simultaneously depreciated against the euro and other currencies. While exchange rate movements can certainly impact inflation expectations and other critical economic variables, and are therefore relevant to our monetary policy decisions, Banco de la República does not target specific exchange rate levels. These rates may even move in opposite directions depending on the foreign currency in question.

    A similar dynamic applies to long-term interest rates, which often behave differently from the central bank’s short-term policy rate. This divergence was evident over the past year, when Banco de la República significantly lowered its policy rate, yet ten-year TES bond rates increased by over 1.5 percentage points. This rise was driven by changes in international financial conditions and a heightened perception of risk surrounding Colombia’s public debt.

    Under the inflation targeting framework, Banco de la República cannot eliminate the uncertainty caused by external and fiscal variables. However, it can contribute to economic stability by delivering a clear and credible message about the medium- and long-term inflation outlook. This, in turn, helps stabilize demand and output around their potential levels, an objective that aligns closely with the core mandate assigned to Banco de la República by the 1991 Constitution.

    Colombia: a relatively successful macroeconomic adjustment process

    How has the inflation targeting strategy worked in Colombia in recent years?
    I would argue that, considering the high degree of volatility in the environment, this strategy has been relatively successful. Unfortunately, it has not been entirely successful due to several factors that have slowed and complicated the convergence of inflation toward the target, making this process more difficult in Colombia than in other countries that apply the same policy framework.

    Let me begin by emphasizing that the persistence of observed and expected inflation above target has led us, in recent years, to maintain a restrictive monetary policy stance, with benchmark rates above what could be considered neutral or desirable in the medium- and long-term. This approach is consistent with the inflation-targeting strategy and has proven effective, given that inflation has declined by more than eight percentage points from a peak of 13.4% in the first quarter of 2023 to its current level of 5.16%.

    Thanks to this policy, the pronounced excess in domestic demand that we faced three years ago has been significantly corrected. At the time, this excess demand was reflected in a current account deficit exceeding 6% of GDP by 2022. That figure fell to just 1.8% of GDP in 2024. Although the deficit is expected to increase in 2025 due to lower oil prices and a partial recovery in domestic demand, it will likely remain at less than half of what it was three years ago. This makes the Colombian economy less reliant on external financing and less vulnerable to abrupt shifts in domestic and international conditions, a significant achievement in the current global context.

    Equally notable is the clear recovery in economic activity. Growth for 2025 is projected at 2.6%, well above the figures for the two previous years (0.7% and 1.7%, respectively), and compares favorably both with expectations for many Latin American countries and with the 2% average estimated by the IMF for the region. Colombia’s GDP growth in the first quarter of this year, which reached 2.7%, along with other high-frequency indicators of recent economic activity, further reinforces this sense of optimism.

    Of course, this recovery has been uneven. While sectors such as agriculture, retail, and entertainment are showing exceptional dynamism, others, particularly manufacturing, mining, and construction, continue to show low levels of activity and negative growth rates. Fixed capital investment also remained stagnant in the first quarter, holding at already depressed levels. Several hypotheses have been proposed to explain these weak results, including issues related to sector-specific policies and significant uncertainty regarding the future of such policies and business incentives. Nevertheless, it is essential to note that domestic demand has demonstrated a consistently positive momentum. According to figures published by DANE, domestic demand grew by 4.4% in the last quarter of 2024 and by 4.7% in the first quarter of 2025, both in real terms.

    This growth in demand and productive activity is also reflected in the labor market. Employment increased by over 3% in the past year, and the unemployment rate in April was 8.8%, the lowest for that month in many years. However, it is essential to note that this improvement is due mainly to an increase in self-employment, rather than in wage or salaried employment.

    Undoubtedly, the gradual reduction in the policy interest rate initiated by the Board of Directors of Banco de la República since December 2023, made possible by a significantly lower inflation environment, has played an important role in supporting this recovery in domestic demand, economic activity, and employment.

    Why haven’t interest rates fallen further?

    I believe it is wise to reiterate that, although policy interest rates have fallen substantially, from 13.25% in December 2023 to 9.25% at present, they still remain at levels consistent with a contractionary monetary policy. Both nominal and real interest rates are above what the Bank’s technical staff considers neutral or desirable in the medium and long term, when inflation has converged to its 3% target and the economy is growing at a rate close to its potential.

    The primary reason for maintaining these relatively high rates is that inflation remains above the target. While we have made substantial progress in reducing it from its peak in March 2023, the decline has been slower than expected and also slower than in many other countries in the region and around the world, where inflation is already within the target ranges defined as acceptable by their respective central banks.

    This resistance to a faster decline in inflation in Colombia is largely due to the high levels of price and wage indexation present in our economy, along with other idiosyncratic and cyclical factors that have made the adjustment process more difficult. For instance, the minimum wage and transportation subsidies paid by employers increased by 11% this year, eight percentage points above the inflation target, making it more challenging to meet that target in 2025.

    In fact, since November 2024, the downward momentum in inflation has lost strength. Over the last six months, inflation has hovered in a narrow range between 5.1% and 5.3%, without a clear downward trend. Core inflation (excluding food and regulated items) continued to decrease during this period, falling from 5.4% in November to 4.8% in March. However, this trend reversed slightly in April, with inflation rising to 4.9%, driven by increases in non-regulated service sectors.

    This slowdown in the disinflation process since last November has heightened concerns about the pace of convergence toward the inflation target. It is also reflected in a notable increase in inflation expectations for the end of 2025, as reported in analyst surveys. These expectations now stand at around 4.8%, compared to approximately 3.7% in October of last year.

    Furthermore, international interest rates relevant to Colombia’s external financing have also increased. This is partly due to rising long-term rates in global financial markets, driven by heightened global uncertainty, and partly due to the increase in Colombia’s country risk premiums, following news that the fiscal deficit has widened far more than expected. Moreover, public debt as a share of GDP is rising at a pace that exceeds what is consistent with macroeconomic stability.

    These factors help explain a paradoxical and often misunderstood phenomenon: the yield on long-term TES securities, which determines the government’s financing costs, has risen significantly over the past year by as much as 1.5 percentage points for 10-year bonds. This has not resulted from an increase in Banco de la República’s policy interest rate; on the contrary, as previously noted, that rate has fallen substantially.
    When we compare Colombia with other Latin American countries that follow an inflation targeting strategy, we see that countries such as Peru, Uruguay, Paraguay, and Costa Rica have been able to reduce their policy interest rates more aggressively, as inflation in those economies is already within the target ranges set by their central banks. In Chile, inflation remains slightly above target, mainly due to the behavior of public utility rates, but expectations point to inflation converging to the 3% target by the end of 2025.

    The experiences of the region’s two largest economies are especially relevant as benchmarks for us.

    In Mexico, the central bank recently lowered its policy interest rate to 8.5%, considering the prospect of a sharp economic slowdown, or even a recession, due to the powerful impact of U.S. tariff policy on that country. It is worth noting, however, that this monetary policy move was facilitated by the fact that Mexico’s inflation rate is significantly lower than Colombia’s, at 4.2%. In fact, Mexico’s ex post real interest rate (i.e., the difference between the nominal rate and observed inflation) remains slightly higher than Colombia’s.

    Brazil presents a particularly striking case. Inflation there currently stands at 5.5%, slightly above Colombia’s rate. The Central Bank of Brazil had been making significant progress in lowering its policy interest rate, from 13.75% in August 2023 to 10.5% by mid-2024. However, in the second half of 2024, growing concern over the Brazilian government’s fiscal situation led to a sharp depreciation of the real exchange rate, a rise in inflation expectations, and a subsequent reversal in monetary policy. The central bank was forced to raise the policy rate rapidly, from 10.5% to its current level of 14.75%. In ex post real terms, this rate is more than five percentage points higher than Colombia’s. Fortunately, Colombia has not faced such a situation in recent times, and clearly we would not want to encounter it in the future either.

    In Colombia, the technical staff’s central scenario projection for the end of 2025 anticipates a continued decline in inflation. However, inflation is still expected to remain above the tolerance range of ±1 percentage point around the 3% target set by the Board last November. At that time, we believed it was both feasible and likely that inflation would fall within that range by 2025. Yet, developments beyond the Bank’s control, such as the increase in the minimum wage and the widening of the fiscal deficit, which in turn has driven a considerable rise in Colombia’s country risk premium, have made achieving that target significantly more difficult. These developments have compelled us to maintain a policy interest rate that, while it has continued to decrease, is clearly higher than what both the market and we had expected six months ago.

    Looking ahead, uncertainty remains high, driven by both domestic and international factors. Future monetary policy decisions will depend on the evolution of many variables, each of which must be assessed as new information becomes available. What I can say with confidence is that, under our current inflation-targeting framework, policy decisions will continue to be made cautiously to ensure that inflation converges toward the target. I am personally convinced that this strategy remains the most appropriate path for fostering sustainable economic growth over the long term.

    Financial system results

    Over the next few days, within the framework of this Banking Convention, numerous analyses of the current situation and outlook for financial institutions will be presented, starting with the one that Superintendent of Finance, Professor César Ferrari, is likely to deliver shortly. I will not delve into sector-specific issues, but I would like to leave you with two general messages.

    The first concerns the soundness and outlook of the financial system. Like many other sectors, the financial sector has borne a significant cost during the recent years’ adjustment process. Restrictive monetary policy led to a sharp increase in funding costs and interest rates on loans to customers, particularly in 2023. Combined with the slowdown in economic growth, this resulted in a marked deterioration of portfolio-at-risk and non-performing loan indicators, driving up provisioning expenses and loan write-offs. Consequently, a considerable number of financial intermediaries recorded substantial losses.

    Nonetheless, it is very encouraging that the credit institutions system as a whole continued to generate positive returns. Even those institutions that posted losses consistently maintained solvency ratios well above the regulatory minimums. After what was undoubtedly an arduous and painful adjustment process, the financial system remains fundamentally sound and well-positioned to resume a path of healthy, sustainable growth, something that is already becoming evident in recent data.

    Indeed, the number of institutions reporting losses has been falling significantly, in line with improving conditions. Non-performing loan indicators and provisioning expenses are trending downward, and the pace of loan portfolio growth is accelerating. All available signs suggest that the most difficult and painful phase of the adjustment process is now behind us.

    Bre-B

    The second message I would like to convey relates to the rapid progress we are making toward the launch of our fully interoperable instant payment system, Bre-B.

    As you know, in October 2023, less than two years ago, we published the regulation on the interoperability of instant transfers. Since then, we have worked closely with the financial industry to define the technical and operational standards necessary to enable all system users to send and receive money between accounts at any institution securely, at any time, in real-time, and with a simple, unified user experience.

    In line with our schedule, I am pleased to announce that the first component of the instant payment ecosystem will be available in mid-July. This is the Centralized Directory, a repository that stores the keys each user associates with their account, through which they will receive funds via Bre-B.

    The preparation process for launching Bre-B’s Centralized Directory led several entities to conduct pilot programs to fine-tune their procedures and familiarize customers with the key system. Based on this market evolution and in seeking to provide a smoother user experience, we recently updated the regulation to incorporate processes that capitalize on insights from these pilot efforts.

    Staying on track with our timeline, which has been adhered to in an exemplary manner, payments and transfers through Bre-B will be enabled in the third week of September 2025. As discussed in various technical working groups, each institution is expected to inform its users about the steps required to access this new service.

    The introduction of Bre-B represents a significant boost to ongoing efforts to digitize payments and financial services more broadly. It lays the groundwork for continued innovation in transaction infrastructure, while promoting financial inclusion, economic competitiveness, and user satisfaction.

    I would like to take this opportunity to recognize and thank the team at Banco de la República leading this initiative, as well as the National Government and all private sector stakeholders involved. I also extend my appreciation to the various international organizations that have contributed greatly to this effort through their support. This ambitious project is a clear example of what can be achieved when the public and private sectors collaborate toward a shared goal, leveraging international best practices to benefit the general population. I invite everyone to continue this collaborative work to ensure the scalability of the ecosystem by adding new functionalities and use cases, such as recurring payments and collections, so that Bre-B can support the vast majority of everyday transactions and achieve broad-based adoption.

    Contributory Pillar Savings Fund

    I cannot conclude this speech without at least briefly addressing the Contributory Pillar Savings Fund, which, under the pension reform enacted by Law 2381 of 2024, is to be administered by Banco de la República starting July 1.

    Last Thursday, May 29, the national government issued Decree 0574, which regulates several key aspects we had been expecting for months, regulations essential to advancing preparations for the Fund’s operation. I would like to thank the URF and the Ministry of Finance for their efforts and their openness to the Bank’s comments on earlier drafts.

    The challenge ahead is substantial. We must still finalize the signing of an inter-administrative contract between the government and Banco de la República, which will allow us to begin selecting and hiring the portfolio managers for the resources the Bank is expected to receive starting in July, less than a month from now.

    I want to reaffirm the Bank’s commitment, expressed since the Law’s enactment over a year ago, to work swiftly, collaboratively, and in coordination with all relevant parties. That said, the Bank’s ability to meet its legal responsibilities on time will also depend on the pace at which several preliminary steps are completed, many of which fall outside our direct control.

    Thank you once again to Asobancaria for the opportunity to participate in this opening session. I wish you productive deliberations in the days ahead. As always, I trust they will yield valuable contributions to the financial sector, the economy, and the country as a whole.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Rise in school leavers in positive destinations.

    Source: Scottish Government

    Growing numbers in Higher and Further Education in 2023-24.

    The number of young people in work, training or further study nine months after they left school has increased.

    The proportion of school leavers in a positive destination was 93.1% in 2023-24, up from 92.8%, according to the annual Summary Statistics for Follow-up Leaver Destinations. This is now at a similar level to the pre-pandemic peak of 93.3% in 2017-18.

    The increase over the latest year has been driven by increases in school leavers reaching Higher education (from 37.1% to 38.1%) and Further education (from 21.2% to 21.9%).

    Over the longer term, the proportion in positive destinations is up from 85.9% in 2009-10.

    Education Secretary Jenny Gilruth said:

    “These figures show the proportion of Scotland’s young people achieving positive destinations is almost back to pre-pandemic levels and at a near record high.

    “The increase among those in Higher and Further Education is hugely encouraging and testament to the hard work of those young people and the extraordinary support provided by Scotland’s teachers, lecturers and other support staff.

    “The gap in positive destinations between young people from our most and least deprived communities has more than halved since 2009-10, but this latest data shows we still have more to do. We also know this cohort of young people faced significant disruption to their education during the pandemic.

    “A range of support, including from careers advisers and the Developing the Young Workforce network, is available for young people considering their options after school. I am determined to ensure young people can access the right help they need to enable them into a positive destination and this Government will continue to invest in opportunities for young people across Scotland.”

     Background

    Summary statistics for follow-up leaver destinations, no. 7: 2025 edition – gov.scot

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council Tax Collection Statistics, 2024-25

    Source: Scottish Government

    An Accredited Official Statistics Publication for Scotland.

    Scotland’s Chief Statistician today released the latest Council Tax Collection Statistics which provides Council Tax collection figures for Scottish local authorities, up to and including the financial year 2024-25.

    In 2024-25 for Scotland as a whole, the total amount of Council Tax billed (after Council Tax Reduction) was £3.077 billion. Of this total, £2.938 billion, or 95.5 per cent, was collected by 31 March 2025. This provisional in-year collection rate is the same as the figure for the previous year.

    Between 1999-00 and 2024-25, the overall total amount of Council Tax billed in Scotland was £54.034 billion, of which £52.531 billion, or 97.2 per cent, was collected by 31 March 2025.   

    Provisional in-year Council Tax collection rates for 2024-25 ranged from 89.5 per cent to 98.2 per cent across the 32 local authorities. In-year collection rates have exceeded 95 per cent over the past decade, except in 2020-21 during the Covid-19 pandemic.

    Background

    The full statistical publication is available at: Council Tax Collection Statistics, 2024-25. This publication contains figures on Council Tax, covering the financial years 1999-00 to 2024-25.

    The information published is used by Scottish Government to monitor council’s collection levels relating to council tax. Information is collected relating to the amounts billed and received and the year to which the payment refers.  This information is also required by the Office for National Statistics (ONS) for national accounts purposes, and by the Chartered Institute of Public Finance and Accountancy (CIPFA).

    The next annual publication for financial year 2025-26 will be published in June 2026.  

    Further information on Council Tax Collection statistics, including previous publications can be accessed on the Scottish Government’s Local Government Finance statistics pages. 

    Official statistics are produced by professionally independent statistical staff – more information on the standards of official statistics in Scotland can be accessed at: About our statistics – gov.scot

    MIL OSI United Kingdom –

  • MIL-Evening Report: The Middle East is a major flight hub. How do airlines keep passengers safe during conflict?

    Source: The Conversation (Au and NZ) – By Natasha Heap, Program Director for the Bachelor of Aviation, University of Southern Queensland

    Screenshot June 17 2025, Courtesy of Flightradar24

    The Middle East is a region of intense beauty and ancient kingdoms. It has also repeatedly endured periods of geopolitical instability over many centuries.

    Today, geopolitical, socio-political and religious tensions persist. The world is currently watching as longstanding regional tensions come to a head in the shocking and escalating conflict between Israel and Iran.

    The global airline industry takes a special interest in how such tensions play out. This airspace is a crucial corridor linking Europe, Asia and Africa.

    The Middle East is now home to several of the world’s largest international airlines: Emirates, Qatar Airways and Etihad Airways. These airlines’ home bases – Dubai, Doha and Abu Dhabi, respectively – have become pivotal hubs in international aviation.

    Keeping passengers safe will be all airlines’ highest priority. What could an escalating conflict mean for both the airlines and the travelling public?

    Safety first

    History shows that the civil airline industry and military conflict do not mix. On July 3 1988, the USS Vincennes, a US navy warship, fired two surface-to-air missiles and shot down Iran Air Flight 655, an international passenger service over the Persian Gulf.

    More recently, on July 17 2014, Malaysian Airlines Flight MH17 was shot down over eastern Ukraine as the battle between Ukrainian forces and pro-Russian separatists continued.

    Understandably, global airlines are very risk-averse when it comes to military conflict. The International Civil Aviation Organization requires airlines to implement and maintain a Safety Management System (SMS).

    One of the main concerns – known as “pillars” – of the SMS is “safety risk management”. This includes the processes to identify hazards, assess risks and implement risk mitigation strategies.

    The risk-management departments of airlines transiting the Middle East region will have been working hard on these strategies.

    Headquartered in Montreal, Canada, the International Civil Aviation Organization has strict requirements and protocols to keep passengers safe.
    meunierd/Shutterstock

    Route recalculation

    The most immediate and obvious evidence of such strategies being put in place are changes to aircraft routing, either by cancelling or suspending flights or making changes to the flight plans. This is to ensure aircraft avoid the airspace where military conflicts are flaring.

    At the time of writing, a quick look at flight tracking website Flightradar24 shows global aircraft traffic avoiding the airspace of Iran, Iraq, Syria, Israel, Jordan, Palestine and Lebanon. The airspace over Ukraine is also devoid of air traffic.

    Rerouting, however, creates its own challenges. Condensing the path of the traffic into smaller, more congested areas can push aircraft into and over areas that are not necessarily equipped to deal with such a large increase in traffic.

    Having more aircraft in a smaller amount of available safe airspace creates challenges for air traffic control services and the pilots operating the aircraft.

    More time and fuel

    Avoiding areas of conflict is one of the most visible forms of airline risk management. This may add time to the length of a planned flight, leading to higher fuel consumption and other logistical challenges. This will add to the airlines’ operating costs.

    There will be no impact on the cost of tickets already purchased. But if the instability in the region continues, we may see airline ticket prices increase.

    It is not just the avoidance of airspace in the region that could place upward pressure on the cost of flying. Airliners run on Jet-A1 fuel, produced from oil.

    If Iran closes the Strait of Hormuz, the “world’s most important oil transit chokepoint”, this could see the cost of oil, and in turn Jet-A1, significantly increase. Increasing fuel costs will be passed on the paying passenger. However, some experts believe such a move is unlikely.

    A major hub

    The major aviation hubs in the Middle East provide increased global connectivity, enabling passengers to travel seamlessly between continents.

    Increased regional instability has the potential to disrupt this global connectivity. In the event of a prolonged conflict, airlines operating in and around the region may find they have increased insurance costs. Such costs would eventually find their way passed on to consumers through higher ticket prices.

    The Middle East is a major connecting hub for global aviation.
    Art Konovalov/Shutterstock

    Passenger confidence

    Across the globe, airlines and governments are issuing travel advisories and warnings. The onus is on the travelling public to stay informed about changes to flight status, and potential delays.

    Such warnings and advisories can lead to a drop in passenger confidence, which may then lead to a drop in bookings both into and onwards from the region.

    Until the increase in instability in the Middle East, global airline passenger traffic numbers were larger than pre-pandemic figures. Strong growth had been predicted in the coming decades.

    Anything that results in falling passenger confidence could negatively impact these figures, leading to slowed growth and affecting airline profitability.

    Despite high-profile disasters, aviation remains the safest form of transport. As airlines deal with these challenges they will constantly work to keep flights safe and to win back passenger confidence in this unpredictable situation.

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

    – ref. The Middle East is a major flight hub. How do airlines keep passengers safe during conflict? – https://theconversation.com/the-middle-east-is-a-major-flight-hub-how-do-airlines-keep-passengers-safe-during-conflict-259034

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Chinese car brands double sales in Spain, gaining over 10% market share

    Source: People’s Republic of China – State Council News

    Chinese car brands accounted for 10.12 percent of total vehicle registrations in Spain during the first five months of 2025. The figure more than doubled the 23,235 units registered in the same period last year, the Spanish Association of Automobile and Truck Manufacturers (ANFAC) announced on Monday.

    Felix Garcia, ANFAC’s director of communications and marketing, described the May sales figures as “very positive.” “More than 112,000 units sold and the growth of over 18 percent show that it was the best May since 2019, before the pandemic began,” he said in a statement.

    ANFAC’s data includes not only Chinese carmakers such as Chery and BYD, but also European brands owned by Chinese automotive groups, such as Volvo under the Geely group and MG under SAIC Motor.

    According to a recent survey conducted by online car dealer Coches.net and the Spanish vehicle distributors’ association Ganvam, seven out of ten Spaniards expressed a favorable opinion of Chinese brand cars, saying they would consider buying one.

    BYD, the world’s largest plug-in car manufacturer, sold 7,788 units in Spain by the end of May, marking a dramatic rise from just 54 units sold two years ago. In May, BYD overtook Tesla as the best-selling electric car brand in the country.

    The rising popularity of Chinese vehicles aligns with the broader growth in electrified vehicle sales, including pure electric and plug-in hybrids, which have taken 20 percent of the Spanish market, according to ANFAC.

    “Pure electric vehicles went up to 8 percent, while other electrified vehicles now exceed 11 percent. Together, they account for around 19 percent of the market share. This is key to rejuvenating the country’s Motor Vehicle Fleet and reducing emissions,” Garcia added.

    The Spanish government’s MOVES incentive program also plays a role in encouraging electric vehicle purchases, offering subsidies of up to 7,000 euros for buyers. 

    MIL OSI China News –

  • MIL-OSI Security: Pennsylvania Man Charged with Wire Fraud, Money Laundering, and Identity Theft

    Source: Office of United States Attorneys

    DENVER – The United States Attorney’s Office for the District of Colorado announces that Adepoju Babatunde Salako, 32, of Pennsylvania, has been charged with six counts of wire fraud; one count of conspiracy to commit wire fraud; one count of conspiracy to commit money laundering; and four counts of aggravated identity theft.

    According to the indictment, between July 2020 and July 2021, Salako allegedly participated in a money laundering conspiracy involving fraudulent applications for COVID-19 Economic Injury Disaster Loans to the Small Business Administration (SBA) and for unemployment insurance benefits to more than 30 states that obtained more than $5.6 million in government benefits using over 1,000 stolen or fake identities. Salako and his co-conspirators allegedly moved fraud proceeds through several intermediate accounts using various methods, eventually spending the money or transferring it overseas as currency or in the form of goods such as cars or solar panels.

    The indictment further alleges that between January 4, 2021, and March 20, 2021, Salako submitted approximately 15 fraudulent applications for unemployment insurance benefits to the Colorado Department of Labor and Employment (CDLE), using stolen or false identities. Salako allegedly used names and addresses of residents of Colorado, which he looked up on personal information search websites such as TruthFinder, to submit applications using the Colorado residents’ actual identifiers.  The CDLE paid one unemployment insurance claim submitted by Salako, in the amount of $649, and paid an additional $15,431 to bank accounts controlled by Salako based on claims submitted by a co-conspirator.

    The indictment further alleges that in addition to submitting fraudulent unemployment insurance claims to Colorado, Salako submitted and aided and abetted in the submission of fraudulent claims in other states using stolen or false identities, including Maryland, Minnesota, New Hampshire, and New York,  at least 10 fraudulent applications for COVID-19 Economic Injury Disaster Loans to the SBA, using stolen or false identities, and a fraudulent Paycheck Protection Program loan application in the name of Turn-Turn-Turn Woodturning, using the stolen identity of a Nevada resident.

    The Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted in March 2020 and was designed to provide emergency financial assistance to Americans dealing with the economic impact of the COVID-19 pandemic.  The CARES Act created the PPP, a program administered by the Small Business Administration (SBA) that provided loans to small businesses to retain workers, maintain payroll, and certain other expenses consistent with PPP rules. Additionally, in response to the COVID-19 pandemic, several federal programs expanded eligibility for unemployment benefits.

    The defendant made his initial appearance in Colorado on June 13, 2025, before Magistrate Judge Scott T. Varholak.

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

    This case is being investigated by the United States Postal Service Office of Inspector General, Internal Revenue Service Criminal Investigation, and CDLE.  The case is being prosecuted by the Economic Crime Section of the United States Attorney’s Office.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form

    Case Number: 25-cr-00162-CNS

    MIL Security OSI –

  • MIL-OSI Security: Former State Employee Sentenced for Taking Bribes to Approve Fraudulent Claims for Unemployment Insurance Benefits

    Source: Office of United States Attorneys

    DETROIT – A Detroit resident was sentenced today for her role in a scheme to steal unemployment assistance funds, announced United States Attorney Jerome F. Gorgon Jr.  Danielle Moore, 41, was sentenced to 41 months in prison after having pleaded guilty to conspiring to engage in wire fraud.

    Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Field Division; Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor-Office of Inspector General; and Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    Moore was sentenced by United States District Judge Susan K. DeClercq.

    Moore was employed by the State of Michigan (SOM), Michigan Works Agency (MWA) and was assigned to work as a claims examiner for the Michigan Unemployment Insurance Agency (MUIA) during the onset of the COVID-19 pandemic in the spring of 2020. She admitted to taking bribes to process fraudulent claims. As a result of Moore’s crimes, the State of Michigan paid out approximately $1,507,057.08 in fraudulent unemployment claims that should have been disbursed to unemployed Americans during a historic time of need.

    Moore was also ordered to pay $1,507,057.08 in restitution.

    United States Attorney Gorgon stated: “We remain committed to prosecuting those who choose to profit through the theft of government funds earmarked for those members of our community who are truly in need.”

    “Ms. Moore, as a former state employee, betrayed the public’s trust by taking advantage of her position and conspiring to steal funds meant to support unemployed workers during a national crisis,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “Her actions were not only criminal but also a direct insult to the countless families and businesses struggling to survive the economic fallout of the pandemic. The FBI, along with our law enforcement partners, will continue to investigate and hold accountable anyone who chooses to defraud essential relief programs and exploit moments of national vulnerability for personal gain.”

    “Former State of Michigan employee Danielle Moore engaged in an unemployment insurance fraud scheme by facilitating the approval of at least 40 fraudulent claims for incarcerated individuals. Moore abused her position by accessing sensitive employment information and state data systems for her own personal financial gain. We will continue to work with our law enforcement partners to investigate those who seek to exploit this critical benefit program, particularly when an insider threat is involved,” said Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    “UIA holds its employees to lofty ethical standards. When a staff member breaks that trust for personal gain, it is particularly disappointing,” said Jason Palmer, Director of the Michigan UIA. “Danielle Moore used her insider status to help steal money meant for fellow Michiganders who relied on their jobless benefits to survive. She failed her colleagues and failed the taxpayers of Michigan and is now being held accountable for her selfish acts.”

    The case was prosecuted by Assistant United States Attorney Timothy J. Wyse. The investigation was conducted jointly by the Department of Labor, Office of Inspector General, Federal Bureau of Investigation’s Detroit Area Public Corruption Task Force, and the Unemployment Insurance Agency, Michigan Department of Labor and Economic Opportunity.

    MIL Security OSI –

  • MIL-OSI Security: Former State Employee Sentenced for Taking Bribes to Approve Fraudulent Claims for Unemployment Insurance Benefits

    Source: Office of United States Attorneys

    DETROIT – A Detroit resident was sentenced today for her role in a scheme to steal unemployment assistance funds, announced United States Attorney Jerome F. Gorgon Jr.  Danielle Moore, 41, was sentenced to 41 months in prison after having pleaded guilty to conspiring to engage in wire fraud.

    Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Field Division; Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor-Office of Inspector General; and Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    Moore was sentenced by United States District Judge Susan K. DeClercq.

    Moore was employed by the State of Michigan (SOM), Michigan Works Agency (MWA) and was assigned to work as a claims examiner for the Michigan Unemployment Insurance Agency (MUIA) during the onset of the COVID-19 pandemic in the spring of 2020. She admitted to taking bribes to process fraudulent claims. As a result of Moore’s crimes, the State of Michigan paid out approximately $1,507,057.08 in fraudulent unemployment claims that should have been disbursed to unemployed Americans during a historic time of need.

    Moore was also ordered to pay $1,507,057.08 in restitution.

    United States Attorney Gorgon stated: “We remain committed to prosecuting those who choose to profit through the theft of government funds earmarked for those members of our community who are truly in need.”

    “Ms. Moore, as a former state employee, betrayed the public’s trust by taking advantage of her position and conspiring to steal funds meant to support unemployed workers during a national crisis,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “Her actions were not only criminal but also a direct insult to the countless families and businesses struggling to survive the economic fallout of the pandemic. The FBI, along with our law enforcement partners, will continue to investigate and hold accountable anyone who chooses to defraud essential relief programs and exploit moments of national vulnerability for personal gain.”

    “Former State of Michigan employee Danielle Moore engaged in an unemployment insurance fraud scheme by facilitating the approval of at least 40 fraudulent claims for incarcerated individuals. Moore abused her position by accessing sensitive employment information and state data systems for her own personal financial gain. We will continue to work with our law enforcement partners to investigate those who seek to exploit this critical benefit program, particularly when an insider threat is involved,” said Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    “UIA holds its employees to lofty ethical standards. When a staff member breaks that trust for personal gain, it is particularly disappointing,” said Jason Palmer, Director of the Michigan UIA. “Danielle Moore used her insider status to help steal money meant for fellow Michiganders who relied on their jobless benefits to survive. She failed her colleagues and failed the taxpayers of Michigan and is now being held accountable for her selfish acts.”

    The case was prosecuted by Assistant United States Attorney Timothy J. Wyse. The investigation was conducted jointly by the Department of Labor, Office of Inspector General, Federal Bureau of Investigation’s Detroit Area Public Corruption Task Force, and the Unemployment Insurance Agency, Michigan Department of Labor and Economic Opportunity.

    MIL Security OSI –

  • MIL-OSI Security: Forrest County Siblings Sentenced in Federal Court for COVID Relief Fraud

    Source: Office of United States Attorneys

    Hattiesburg, MS – A Forrest County man and woman were sentenced today in federal court for their role in an unemployment insurance fraud scheme related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Thaddieus Cooper, 31, was sentenced to 27 months in prison. Artista Garner, 37, was sentenced to probation for a term of three years. Both were ordered to pay restitution in the amount of $12,600 to the Mississippi Department of Employment Security.

    According to court documents and statements made in court, Garner, 37, of Hattiesburg, assisted her brother, Cooper, 31, in applying for unemployment insurance benefits with the Mississippi Department of Employment Security. As an inmate in the Mississippi Department of Corrections (MDOC), Cooper was not entitled to receive unemployment insurance benefits. Cooper was serving a sentence of six years in MDOC custody for armed robbery. Garner used the unemployment funds for her personal benefit and transferred some of the funds to Cooper via his commissary fund.

    The unemployment insurance benefits were federally subsidized through the CARES Act in response to the pandemic.

    A federal grand jury returned an indictment against Cooper and Garner on September 10, 2024. Both Cooper and Garner pleaded guilty to conspiracy to commit wire fraud on January 30, 2025.

    “These sentences demonstrate that those who defraud the government will be held accountable,” said Acting United States Attorney Patrick Lemon. “These defendants took advantage of a program developed to help families facing difficult times. The United States Attorney’s Office remains committed to working with our law enforcement partners to uncover and prosecute pandemic-related fraud wherever it occurs.”

    “Artista Garner engaged in a scheme to defraud the Mississippi Department of Employment Security by filing for unemployment insurance benefits on behalf of co-defendant, Thaddieus Cooper. Cooper was incarcerated that the time and thus ineligible for unemployment benefits. Garner and Cooper stole taxpayer funds from a program intended to assist American workers who lost their jobs due to the COVID-19 pandemic,” stated Mathew Broadhurst, Special Agent-in-Charge of the Southeast Region, U.S. Department of Labor, Office of Inspector General. “We will continue to work closely with the U.S. Attorney’s Office and our other law enforcement partners to protect the integrity of U.S. Department of Labor programs.”

    “The dedicated team at the State Auditor’s office is proud to work with federal prosecutors to deliver record results for taxpayers,” said State Auditor Shad White. “Thank you to my team of investigators and to the prosecutors for bringing this case to a close.”

    The U.S. Department of Labor, Office of Inspector General and the Mississippi Office of the State Auditor investigated the case.

    Assistant U.S. Attorney Kimberly Purdie prosecuted the case.

    This case was prosecuted as part of the Department of Justice’s National Unemployment Insurance Fraud Task Force (NUIFTF). In response to the unprecedented scope of Unemployment Insurance (UI) fraud, the Department of Justice established the NUIFTF. The NUIFTF is a prosecutor-led multi-agency task force with representatives from FBI, DOL-OIG, IRS-CI, HSI, DHS-OIG, USPIS, USSS, SSA-OIG, FDIC-OIG, and other agencies. Members of the NUIFTF are working with state workforce agencies, financial institutions, and other law enforcement partners across the country to fight UI fraud, and consumers should be vigilant in light of these threats and take the appropriate steps to safeguard themselves.

    The CARES Act is a federal law enacted on March 29, 2020, designed to provide emergency financial assistance to the millions of Americans who are suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act is the authorization that expands states’ ability to provide unemployment insurance for many workers impacted by COVID-19, including for workers who are not ordinarily eligible for unemployment insurance benefits.

    Anyone with information about attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866‑720‑5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI USA: Justice Department Declines Prosecution of Private Equity Firm Following Voluntary Disclosure of Sanctions Violations and Related Offenses Committed by Acquired Company

    Source: US State of California

    Department Credits Firm’s Swift Disclosure and Cooperation in Stopping Violations and Securing Former CEO’s Conviction

    Note: View a copy of the White Deer declination letter, Unicat non-prosecution agreement, and Mani Erfan’s plea agreement.

    The Justice Department’s National Security Division (NSD) and the U.S. Attorney’s Office for the Southern District of Texas (SDTX) today announced that they declined the prosecution of private equity firm White Deer Management LLC (White Deer) and its affiliates after the firm discovered and voluntarily self-disclosed criminal violations of U.S. sanctions and export laws committed by a company it acquired, Texas-based Unicat Catalyst Technologies LLC (Unicat).

    NSD and SDTX also announced that the Justice Department entered into a non-prosecution agreement (NPA) with Unicat, and that, on Aug. 19, 2024, the former chief executive officer (CEO) and co-founder of Unicat, Mani Erfan, pleaded guilty to conspiring to violate U.S. sanctions against Iran and other countries and foreign governments, as well as concealment and international promotional money laundering. As part of his plea, Erfan also agreed to pay a money judgment in the amount of $1,600,000.

    “After acquiring a company with a hidden history of sanctions violations, this private equity firm uncovered the misconduct, stopped it, and quickly reported it to the government, leading to the successful prosecution of a senior executive,” said Assistant Attorney General for National Security John A. Eisenberg. “Our decision to decline prosecution of the acquiror and extend a non-prosecution agreement to the acquired entity in this case reflects the National Security Division’s strong commitment to rewarding responsible corporate leadership.”

    “Illegally exporting sensitive items to Venezuela and Iran to help them evade sanctions directly undermines U.S. foreign policy and threatens our national security,” said Special Agent in Charge Chad Plantz of Immigration and Customs Enforcement – Homeland Security Investigations (ICE-HSI) Houston. “HSI will not sit by idly while businesses or individuals operating in the U.S. blatantly help our nation’s adversaries procure sensitive technologies or weapons and today’s announcement of a $3 million fine and the imposition of criminal charges is just another example of that enduring commitment.”

    As detailed in court documents and in the Department’s agreements with White Deer and Unicat, from approximately 2014 through 2021, Mani Erfan, Unicat’s former CEO, conspired with others, including at least one other Unicat employee, to cause Unicat to submit bids and make sales to customers in Iran, Venezuela, Syria, and Cuba in violation of U.S. economic sanctions. In total, Erfan caused Unicat to make a total of 23 unlawful sales of chemical catalysts used in oil refining and steel production to customers in Iran, Venezuela, and Cuba. Some of the sales were effected through exports of catalysts from the United States and further violated U.S. export control laws.

    To further the conspiracy, the conspirators made false statements in export documents and financial records about the true identities and locations of Unicat’s customers and falsely assured some Unicat employees that the company’s business with customers subject to U.S. economic sanctions was lawful. Unicat obtained approximately $3.33 million in revenue from its unlawful sales.

    Erfan and Unicat employees additionally falsified invoices to reduce the tariffs assessed on catalysts that Unicat imported from China. By undervaluing these imports, Unicat caused a loss of revenue of approximately $1.66 million in duties, taxes, and fees. Further, during negotiations to sell Unicat to White Deer, Unicat’s prior owners provided representations and warranties to White Deer attesting to Unicat’s compliance with U.S. sanctions and export control laws.

    The scheme came to light in June 2021, in the midst of the COVID-19 pandemic, after White Deer acquired Unicat and a second company based in the United Kingdom, and Unicat’s new CEO was able to travel to the United States to visit Unicat and begin to integrate the operations of the company. During his visit, the new CEO learned that Unicat had a pending transaction with an Iranian customer and immediately ordered the deal’s cancellation. Over the next month, White Deer and Unicat’s new CEO retained counsel to investigate, and learned that Unicat had engaged in a series of transactions with counterparties subject to different U.S. sanctions programs. Before the investigation was complete, but after determining that Unicat employees had engaged in potentially criminal violations of U.S. sanctions laws, White Deer and Unicat’s new management submitted a voluntary self-disclosure to NSD.

    Pursuant to the NPA, Unicat agreed to pay forfeiture totaling $3,325,052.10, representing the proceeds of its violations of U.S. sanctions and export control laws. In parallel resolutions coordinated between the Justice Department, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the Commerce Department’s Bureau of Industry and Security (BIS) Office of Export Enforcement (OEE), Unicat agreed to pay $3,882,797 to OFAC for its apparent violations of U.S. sanctions laws, and agreed with OEE to pay a penalty of $391,183 for its violation of U.S. export control laws. OFAC agreed to credit Unicat’s payment of forfeiture pursuant to the NPA against the OFAC penalty, and OEE has agreed to credit Unicat’s payment to OFAC against the OEE penalty. In a separate administrative resolution with U.S. Customs and Border Protection, Unicat agreed to pay $1,655,189.57, in underpaid duties, taxes, and fees.

    NSD and SDTX declined White Deer’s prosecution and entered into the NPA with Unicat after considering the factors set forth in the Department’s Principles of Federal Prosecution of Business Organizations, the National Security Division Enforcement Policy for Business Organizations (NSD Enforcement Policy), and pursuant to the provisions of the NSD Enforcement Policy that apply to Voluntary Self-Disclosures in Connection with Acquisitions (the NSD M&A Policy).

    The NSD M&A Policy provides that when a company (1) completes a lawful bona fide acquisition of another entity, (2) voluntarily and timely self-discloses to NSD potentially criminal violations of laws affecting U.S. national security committed by the acquired entity, (3) fully cooperates with NSD’s investigation, and (4) timely and appropriately remediates the misconduct, NSD generally will not seek a guilty plea from the acquiror, and there is a presumption that NSD will decline to prosecute the acquiror. The NSD M&A Policy further provides that while a presumption of declination is not available to the acquired entity, NSD will credit the acquiror’s timely voluntary self-disclosure to the acquired entity and will consider whether the acquired entity otherwise satisfies the NSD Enforcement Policy’s requirements to obtain the benefits of the Policy.

    NSD and SDTX determined that White Deer’s acquisition of Unicat was a lawful bona fide acquisition, and that White Deer’s self-disclosure was timely under all of the relevant circumstances, including the COVID-19 pandemic and in the context of White Deer’s acquisition of Unicat and efforts to integrate the company’s operations into another acquired entity. White Deer and Unicat fully cooperated with the government’s subsequent investigation by proactively identifying, collecting, and disclosing relevant evidence to investigators, including foreign language evidence and evidence located overseas, and providing detailed and timely responses to the government’s requests for information and evidence. White Deer’s and Unicat’s cooperation materially assisted the government’s investigation, leading to the successful prosecution of Unicat’s former CEO. Unicat remediated the root cause of the misconduct in less than one year from the date of its discovery by terminating culpable employees, disciplining other employees involved in the misconduct, seeking reimbursement from Unicat’s sellers, and designing and implementing a comprehensive and robust internal controls and compliance program that has proven effective in practice at identifying and preventing similar potential misconduct.

    This resolution marks the first time since the creation of the Justice Department’s Mergers and Acquisitions Policy in March 2024 that the Department has declined the prosecution of an acquiror for self-disclosing criminal conduct discovered at an acquired entity.

    Trial Attorneys Adam P. Barry and Yifei Zheng of the National Security Division’s Counterintelligence and Export Control Section, and Assistant U.S. Attorney S. Mark McIntyre for the Southern District of Texas prosecuted the case.

    ICE-HSI, the Defense Criminal Investigative Service, and BIS investigated the case.

    MIL OSI USA News –