NewzIntel.com

Category: Pandemic

  • MIL-OSI USA: Congresswoman Sylvia Garcia Slams Trump Tariff Chaos in House Financial Services Hearing: “The People Paying Are Our Constituents”

    Source: United States House of Representatives – Congresswoman Sylvia Garcia (TX-29)

    WASHINGTON, DC –  During today’s House Financial Services Committee hearing on the state of the international financial system, Congresswoman Sylvia R. Garcia (D-TX-29) called out the Trump administration’s failure to address poverty and its reckless tariff agenda that’s threatening the U.S. and Houston economy. The hearing focused on the impact of tariffs, market instability, and deteriorating global economic relationships under Trump’s leadership. 

    In a pointed exchange with Treasury Secretary Scott Bessent, Congresswoman Garcia called out the administration’s one-sided focus on tax cuts for the wealthy. 

    “It just strikes me that most of your testimony is about tax cuts and cutting costs. It’s always about tax cuts and it’s always about the rich. But nothing is ever said about the poor,” said Congresswoman Garcia. “As Secretary of Treasury, it’s not just about the inflation rate, it’s not just about the GDP, it’s also about making sure that we keep the poverty rate in this country low. There are people who are living in poverty who have never lived in poverty before.”

    Congresswoman Garcia also laid out the real-world consequences of Trump’s trade policies in her district.

    “I’m from Houston. I’m concerned about the tariffs on energy. We have done a lot to increase trade in Houston, construction, everything after the pandemic, and everything was growing,” added Congresswoman Garcia. “But now that the Trump tariffs have surfaced, it is threatening Houston’s economy. The petrochemical companies, the port—everybody is trying to figure out what the hell we’re going to do.”

    Though time limitations prevented Garcia from delivering her full set of questions, she submitted additional remarks for the record pressing Secretary Bessent on rising fuel and construction costs, job losses, and the administration’s failure to coordinate with key trading partners.

    “Don’t you see the problem here? The people paying are our constituents. Doesn’t matter who they voted for. Doesn’t matter if they live in red or blue districts, although I’ll add that the red districts are projected to bear the brunt of the impact,” said Congresswoman Garcia. “They will pay for these misguided tariffs, whether it is on Amazon, at the grocery stores, at the gas stations, or with their jobs. I hope you realize this soon and work with House Democrats to make sure that the U.S. economy isn’t in a recession by your next visit.” 

    Watch Congresswoman Garcia’s remarks HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Waller, The Effects of Tariffs on the Three I’s: Inflation, Inflation Persistence, and Inflation Expectations

    Source: US State of New York Federal Reserve

    Thank you to the conference organizers for inviting me to speak today. I have attended this conference several times and I’m honored to be on the program this year. Today, I will speak on the U.S. economic outlook and the implications for monetary policy.1 I will focus my comments on two issues: first, the effects of tariffs on inflation persistence, and second, the divergence of household inflation expectations and financial market measures of inflation expectations.
    The theme of this conference is structural shifts and monetary policy. The key structural shift that is affecting the economies of both the United States and South Korea is the recent change in U.S. trade policy, and a substantial share of my remarks will address how this shift is affecting the U.S. outlook.
    The variability in tariff announcements this year, including the whipsawing of court rulings and doubling of metal tariffs last week, has created considerable uncertainty about where trade policy will settle. In mid-April, based on how things looked at the time, I proposed two scenarios to consider in framing an outlook and a preferred stance of monetary policy: a large tariff scenario and a smaller tariff scenario.2 In both cases, I assumed that the tariff increases would lead to a one-time boost to prices that would temporarily raise inflation, after which inflation would return to its underlying rate. This temporary increase could play out with a prompt rise in inflation that could recede quickly, or it could occur more gradually with a more modest increase that would recede more slowly. As I will explain, crucial to this judgment is my assumption that longer-term inflation expectations remain anchored.
    The large-tariff scenario I described assumed an average, trade-weighted tariff for goods imports of 25 percent, which is close to where things stood after the 90-day tariff suspensions announced April 9, and my scenario assumed that this would remain in place for some time. In that case, I argued that inflation based on the personal consumption expenditures (PCE) price index could reach a peak of 5 percent on an annualized basis this year if businesses passed through all of the tariff costs to consumers. If firms absorbed some of the tariff increase, then inflation might peak around 4 percent. I also argued that an economic slowdown from these higher costs could push the unemployment rate up from 4.2 percent to 5 percent next year.
    The smaller-tariff scenario assumed a 10 percent average tariff on goods imports would remain in place but that higher country and sector specific tariffs would be negotiated down over time. In this case, inflation may rise to 3 percent on an annualized basis and then dissipate. Growth in output and employment would slow, with the unemployment rate rising but probably not as high as 5 percent.
    Reported progress on trade negotiations since that speech leaves my base case somewhere in between these two scenarios. The temporary reduction in China tariffs has significantly decreased the trade-weighted average tariff, since China supplied about 13 percent of U.S. goods imports in 2024. But that reduction is only temporary and is due to increase if a trade agreement is not reached by August 12. Meanwhile, tariffs on other countries were temporarily lowered to 10 percent, but it is unclear where they will end up. Furthermore, the Administration continues to say that it plans additional tariffs on specific industries and sectors of the economy. Last week’s court decisions declaring a large share of tariffs illegal introduce additional uncertainty, but there seem to be multiple options for maintaining tariffs, so I will stick with an estimated trade weighted tariff right now of 15 percent on U.S. goods imports, which falls in between my large- and smaller- tariff scenarios. I see the risks of my large tariff scenario having gone down, but there is still considerable uncertainty about the ultimate levels, and thus about the impact on the economic outlook.
    The context for this uncertainty about tariffs is that hard data on the fundamentals of the economy lately has been mostly positive and supportive of the Federal Open Market Committee’s (FOMC) economic objectives. There is very little evidence of the effect of trade policy in this data on inflation or economic activity through April, but that may change in the coming weeks. In comparison, there is evidence of tariff effects in the “soft data” based on surveys of consumers, businesses, and investors—indications of an expected slowdown in economic activity and an increase in prices. As of today, I see downside risks to economic activity and employment and upside risks to inflation in the second half of 2025, but how these risks evolve is strongly tied to how trade policy evolves.
    A careful examination of the hard data on overall economic activity through April shows it has been, on balance, positive. I say this because, while real gross domestic product contracted slightly in the first quarter, private domestic final demand, a measure of spending by consumers and businesses, grew at a healthy annual rate of 2.5 percent in the quarter. Of course, economic policy uncertainty among businesses is very elevated, and this has affected measures of sentiment and confidence for consumers and businesses, which fell to historically low levels in April. One index of this policy uncertainty compiled from newspaper stories, government reports, and the dispersion of the forecasts of private-sector economists rose in April to nearly twice the level seen during the pandemic and the Global Financial Crisis.3 However, consumer sentiment rebounded with the announcement that the China tariffs had been lowered temporarily. And households’ spending should continue to be supported by income from the resilient labor market. In addition, my business contacts have told me that, because of tariff uncertainty, their investment plans are currently on hold but are not canceled. So we may see a slowdown in investment in the near term but a jump back up later this year.
    Wherever things end up on a continuum between my “large” and “smaller” scenarios, I do expect tariffs will result in an increase in the unemployment rate that will, all else equal, probably linger. Higher tariffs will reduce spending, and businesses will respond, in part, by reducing production and payrolls.
    We won’t get the jobs report for May until this Friday, but the consensus expectation is that employers added 130,000 jobs and that the unemployment rate remained steady at 4.2 percent. We have seen a reduction in wage pressures over recent months, and the ratio of job vacancies to the number of unemployed people has moderated from as high as 2 a couple of years ago to close to 1 today, which was about where it was before the pandemic. With a balanced labor market, if aggregate demand slows noticeably, businesses will likely look to cut workers. But I believe job cuts would be modest if the smaller-tariff scenario is realized. Most chief executives I have spoken to say that they can maintain their current operations with an effective tariff of 10 percent, looking for efficiencies here and there, and won’t have to significantly reduce their workforces.
    InflationNow let me turn to the outlook for inflation. Before the recent shift in U.S. trade policy, inflation had been making consistent, but uneven, progress over the past two years toward our 2 percent goal. While that progress seemed to stall at the beginning of 2025, it has resumed the past two months. The same pattern of higher readings at the start of the year, followed by lower readings the next couple of months, also occurred in 2024 and I expect that research will eventually reveal some residual seasonal effect or other factor that has affected at least some prices early in the year.
    Total PCE inflation for April rose 0.1 percent, and core PCE inflation without energy and food prices increased by the same amount. It was the second monthly reading at 0.1 percent or less, and it means that headline PCE inflation was up 2.1 percent over the 12 months through April and that core was up 2.5 percent. In the absence of the tariff increases, I was expecting inflation would continue to be coming down nicely to our 2 percent goal. But now I expect that the effect of higher tariffs will raise inflation in the coming months. The surge in imports to build up inventories ahead of the April 2 announcement makes the timing of price increases somewhat uncertain.
    Thinking about the rest of 2025 and 2026, I expect the largest factor driving inflation will be tariffs. As I said earlier, whatever the size of the tariffs, I expect the effects on inflation to be temporary, and most apparent in the second half of 2025. This will be determined not only by the ultimate size of the increase, but also by how exporters and importers respond, something that is highly uncertain. Will foreign exporters discount prices to try and preserve market share? Will domestic importers absorb some of the tariff increases to shore up demand and sales volumes? Will firms simply pass the entire tariff along to consumers? Since about 10 percent of personal spending goes to imported goods, if the ultimate tariff levels are closer to my 10 percent smaller-tariff scenario and if that is fully passed through to consumers, then the tariff would push up prices 1 percent. But based on my conversations with business leaders, I suspect the tariff cost will not be fully passed through and, instead, the burden will be distributed something like 1/3, 1/3, and 1/3 among consumers, importers and exporters. In this case, it would raise inflation three tenths of 1 percent for a short period. However, if the tariffs are higher than 10 percent, more of the increase is likely to be passed on to consumers, as businesses face limits in how much they can absorb and still find a way to remain profitable.
    I have also heard from business contacts that firms may choose to spread the tariff across non-imported goods. This would increase many goods prices a little instead of boosting import prices by a larger amount. But this approach would not affect the total impact of tariffs on the overall price level. Let me illustrate why using an example.
    Imagine a firm selling 10 goods with equal sales revenue so that all have an equal weight of 1/10 when aggregating the firm’s average price. Now assume one of the goods is imported. A 10 percent tariff on the imported good that is fully passed through raises the price of the imported good by 10 percent, while the prices of the other nine goods remain unchanged. This pricing strategy raises the average price of all goods by 1 percent. Now, instead, suppose the firm chooses a different strategy and decides to spread the tariff cost across all goods by raising all 10 goods prices by 1 percent. As a result, the price of the imported good increases much less, but the prices of the other nine goods now increase a bit even though they are not subject to tariffs. Under this strategy, the average price of the firm’s goods still goes up 1 percent, and the tariff is fully passed through. So both pricing strategies have the same total effect on the aggregate price level across the firm and, if repeated, across the economy. The same logic applies to passing along the tariff via a sequence of smaller price increases instead of at a single point in time—in the end, the aggregate price level goes up by the same amount regardless of whether it is gradual or immediate.
    I have heard the concern that some firms may raise prices opportunistically while blaming the tariff increase. There is always a risk that firms blame some purported cost spike for a price increase, but it doesn’t happen often because of the risk of losing market share to competitors or squandering the allegiance of loyal customers. So while this may happen in isolated instances, I do not believe it will be a significant source of additional inflation above and beyond the tariff-induced increase.
    Inflation PersistenceLet me now turn to the first of two issues about inflation that I want to cover in more detail. This is inflation persistence. The economics behind a tariff increase implies it should have a transitory effect on prices—tariffs raise prices once, but those prices don’t keep going up. I know that hearing “transitory” will certainly remind many people of the consensus on the FOMC in 2021 that the pandemic increases to inflation would be transitory. Inflation turned out to be much more persistent than we thought it would be. Am I playing with fire by taking this position again? It sure looks like it. So why do I believe a tariff-induced inflation spike will not be persistent this time?
    Looking back to how inflation played out in 2021 and 2022, I believe there were three key factors that increased the persistence of the initial burst of inflation in 2021. First, there was a negative labor supply shock that was more persistent than expected. I believed that once the economy reopened, all of this labor would return. However, many workers left the labor market because of illness, or to care for children and family members, or took early retirement. They never returned. And with every wave of COVID-19, the United States experienced additional waves of early retirements that inhibited the labor supply from returning to its pre-pandemic level. Also, with the service sector shut down, demand surged for goods as spending on travel and other services halted and the negative labor supply shock led to a shortage of workers in goods production, delivery, and sales. Goods industries raised wages to attract workers and then once the economy began to reopen, service-sector firms had to pay higher wages to get workers back. This persistent shortage of labor from these several pandemic-related effects continued through 2021 and 2022 as job vacancies skyrocketed and firms had no choice but to pass along escalating wage increases in the form of higher prices.
    The second factor driving inflation after the pandemic was that the supply chain disruptions that many expected to be temporary turned out to be more persistent. There were multiple waves of COVID affecting different regions of the world at different times, so that resolving production and transportation problems was constantly disrupted by the ebbing and flowing of the disease. One notable detail is that China’s lockdowns lasted much longer than expected and played an important role in global supply disruptions.
    The last factor was the quite stimulative fiscal response in the United States. There were hundreds of billions of dollars in grants to businesses to pay idled workers and large transfer payments to households. Furthermore, additional fiscal spending bills in 2021 and 2022 further stimulated aggregate demand. I am willing to admit that, at the time, I underappreciated how the large and sustained fiscal response would combine with highly accommodative monetary policy to overstimulate aggregate demand in an economy that quickly recovered from the early effects of the pandemic.
    Today I don’t see factors like the three I have described here reinforcing the inflationary effects of higher tariffs. There is no longer a shortage of labor and, at least so far, no indication that tariffs are causing big disruptions in supply chains, as the recent surge in imports that I mentioned should attest. While Congress is putting together a tax bill, as it stands now, a large share of that legislation extends tax cuts that have been on the books for eight years and thus would not be stimulative. Finally, monetary policy is in a very different position—we have shrunk our balance sheet by over $2 trillion and our policy rate is north of 4 percent instead of being at the effective lower bound. So I do not believe one can use 2021 and 2022 as a basis for predicting what will happen to the persistence of inflation arising from tariffs.
    Inflation ExpectationsNow let’s discuss the second issue of diverging inflation expectations. I have argued that I believe the tariff-induced inflation will be transitory and we should look through it when setting policy as long as longer-term inflation expectations are anchored.4 However, right now, we are seeing a dramatic disparity between household measures of inflation expectations and market-based measures, as well as the inflation expectations of professional forecasters. The University of Michigan’s Surveys of Consumers show that both near- and longer-term inflation expectations have increased strikingly, on net, in the past few months and currently stand at 6.6 percent and 4.2 percent respectively. Meanwhile, inflation expectation measures based on prices of nominal versus inflation-adjusted securities have not increased very much, with 2-year Treasury Inflation-Protected Securities inflation compensation around 2.7 percent and 5-year and 10-year around 2.4 percent. Also, the median from the Survey of Professional Forecasters for consumer price inflation 6 to 10 years ahead is at 2.2 percent.
    This highly unusual discrepancy between inflation expectation measures creates problems for policymakers. Whose expectations should we be paying attention to? I prefer to look at market-based measures of inflation compensation and professional forecasters’ expectations because they have money on the line. Those buying inflation protected-securities lose money if they are wrong. Professional forecasters have clients and firms making financial decisions based on those forecasts and will lose customers if their predictions are wrong. As I used to teach my students, in a capitalist system, competition will drive firms out of business if they make bad decisions. Forecasting mistakes can be costly for consumers, but households aren’t competing with each other and won’t be driven out of business if they make bad decisions.
    But, for the sake of argument, let’s assume that the household measures of high inflation expectations are correct and financial market participants’ expectations are too low. What are the implications of this mismatch?5 If households actually believe inflation will be 7 percent for several years, workers would be expected to demand at least a 7 percent raise to keep their real wages from falling.6 If firms grant those wage demands, then inflation would rise by roughly 7 percent as the wage increases are passed through. Also, job search and the quits rate should increase as workers look for higher-paying jobs.
    Is this happening? Although that was the story a few years ago in a tight labor market, I am not now hearing about such an upturn in wage demands from my business contacts, and I don’t see it in wage and compensation data. After several years of outsized pay increases and in a labor market that has loosened significantly from a year or two ago, I think workers don’t have much leverage to ask for raises and are probably more worried about keeping their jobs right now. Furthermore, instead of increasing, the quits rate is below its pre-pandemic level. Given labor market conditions, it seems hard to believe that the high inflation expectations we are seeing in consumer surveys will lead to large nominal wage increases and a second-round burst of inflation.
    A second point here is that if consumers believed we were about to face high inflation, they would be front-loading purchases, much as importers seem to be front-loading their inventories. But, on the contrary, with the exception of motor vehicles, we haven’t seen a broad surge in the consumer spending, which overall is growing more slowly than it did in the second half of 2024.
    For financial businesses, they set interest rates of their loans and financial products based on expected inflation. Their views should be embedded in market-based inflation expectations and those of professional forecasters. If they got the forecast wrong and the nominal interest rates on their loans were too low, then their real returns would be dramatically reduced and their profit margins squeezed. I have a hard time believing interest rates are mis-priced so badly. If they were, then households would think the real interest rate on loans is greatly suppressed. Consequently, loan demand for interest-sensitive products like houses, cars, and durable goods should surge. While loan demand appears to be healthy, there are no reports from banks or other financial firms that loan demand is surging.
    So, based on wage demands, spending patterns, and loan demand, I see no evidence of economic activity that conforms to the inflation views reflected in the University of Michigan household measures, which, like other polling about the economy in recent years, may reflect attitudes about other factors.7
    In conclusion, given my belief that any tariff-induced inflation will not be persistent and that inflation expectations are anchored, I support looking through any tariff effects on near term-inflation when setting the policy rate. Fortunately, the strong labor market and progress on inflation through April gives me additional time to see how trade negotiations play out and the economy evolves. Assuming that the effective tariff rate settles close to my lower tariff scenario, that underlying inflation continues to make progress to our 2 percent goal, and that the labor market remains solid, I would be supporting “good news” rate cuts later this year.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Waller (2025) A Tale of Two Outlooks. Return to text
    3. See Scott R. Baker, Nick Bloom, and Steven J. Davis (2025), “Economic Policy Uncertainty,” webpage, https://www.policyuncertainty.com/us_monthly.html. Return to text
    4. For an interesting history of monetary policymakers “looking through” inflation increases, see Nelson, Edward (2025). “A Look Back at “Look Through,” Finance and Economics Discussion Series 2025-037. Washington: Board of Governors of the Federal Reserve System. Return to text
    5. In what follows, I am focusing solely on the higher level of inflation expectations and not the higher level of inflation uncertainty. The level of inflation and uncertainty about inflation are highly correlated, so it is difficult to disentangle the effects separately. To see how these two effects can alter household behavior, see Dimitris Georgarakos, Yuriy Gorodnichenko, Olivier Coibion, and Geoff Kenny (2024), “The Causal Effects of Inflation Uncertainty on Households’ Beliefs and Actions (PDF),” NBER Working Paper Series 33014 (Cambridge, Mass.: National Bureau of Economic Research, October). Return to text
    6. As documented in Nelson (2025), second round wage effects were a general concern of policymakers in the 1970s and 1990s when discussing oil price shocks or how to respond to changes in value-added taxes and exchange rate shocks. Return to text
    7. For a discussion of factors that were affecting inflation perceptions during the COVID pandemic, see David Lebow and Ekaterina Peneva (2024), “Inflation Perceptions during the Covid Pandemic and Recovery,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, January 19). Return to text

    MIL OSI USA News –

  • MIL-OSI USA: Building New Homes with Office-to-Housing Conversions

    Source: US State of New York

    oday, the New York Daily News published an op-ed by Governor Kathy Hochul regarding her commitment to addressing New York’s housing crisis, including converting the vacant 5 Times Square office building into 1,250 new homes. Text of the op-ed can be viewed online and is available below:

    Behind each one of my housing reforms — each proposal to build more and build better — are New Yorkers like Niya Newman, who I helped move into a permanently affordable unit in Gowanus. For Niya and her son, a few hundred dollars rent isn’t just the difference between new clothes or a family vacation, it’s the difference between staying in New York or joining the ranks of hard-working families who just couldn’t get by in the city they love.

    As I handed Niya the keys, her eyes were filled with tears. I know that feeling as a mom — that sense of possibility that comes when you have the dignity of a home that makes you feel valued. Whether it’s converting an existing office building or investing in an area that had been left behind, like the Gowanus area, hearing stories like Niya’s remind me of the extraordinary importance of this fight.

    For decades, community and state leaders have failed to harness the aspiration and boldness needed to break through barriers and build the future New Yorkers deserve. Even as our neighbors in New Jersey and Connecticut have implemented ambitious plans to build more housing and drive down costs, New York’s supply has been stagnant.

    To create more stories like Niya’s means using every tool in our toolkit — new strategies and projects that weren’t even possible just a few years ago. We have the tools now because I fought for and secured historic changes to bring our laws into the 21st century and put your families at the forefront.

    Just look at converting underused and vacant offices into apartments — it is a simple concept: What if we took the most costly part of development — building the actual buildings — out of the equation, and put to use otherwise unused space? But in many parts of New York City where the opportunity was greatest, it wasn’t even possible due to 60-year-old laws and a lack of key tools to keep up with the demand.

    Over my last three budgets, I have been determined to break through these barriers. In the aftermath of the pandemic, we saw the over supply of empty office space looming over the skyline. With the housing crisis only worsening, we knew this was an opportunity to be innovative. We were able to break through those barriers — lifting the residential Floor Area Ratio cap, providing tax incentives for affordable housing and office conversions to housing.

    Now we are starting to see those actions take shape. The latest example is a massive office-to-housing conversion announced at 5 Times Square — bringing us one step closer to solving the housing crisis by proving that we can create more supply with what already exists. This conversion of a 38-story office tower in one of the largest business hubs in the world, will create up to 1,250 new homes, including 313 that will be permanently affordable.

    And we’re not stopping there. It’s part of a wave of new, innovative office-to-housing conversions throughout New York City since we took action last year, with approximately 10,000 new apartments completed or currently under construction since last April. We need to see that number of conversions increase even more.

    And conversions are only part of what we’re doing to increase our housing supply. As part of my state budget this year, I invested more than $1 billion for affordable housing to help secure “City of Yes for Housing Opportunity,” the most significant pro-housing rezoning in the city’s history, which is expected to create more than 80,000 homes.

    I also fought hard to extend the completion deadline for 421-a projects, and as a result, up to 71,000 homes, including 21,000 affordable homes — like Niya’s — which were previously at risk can now be built. Building for the future has to be our first priority — these programs are about incentivizing housing growth in communities of all shapes and sizes.

    I’m fighting to make New York more affordable for families by tackling the highest cost that New Yorkers have to endure, the cost of their rent or their mortgage. I am committed to using every lever of power to break down the barriers that have held us back and suppressed housing growth. And as governor, I will partner with anyone who shares that vision.

    New Yorkers deserve safe, stable and affordable homes — and the only way we can do that is to build more housing.

    MIL OSI USA News –

  • MIL-OSI Economics: RBI: Stability, Trust, Growth –

    Source: Reserve Bank of India

    A strong and resilient financial system is the bedrock on which the edifice of economic prosperity of a nation is built. Reserve Bank of India is the custodian of our financial system. It completed 90 years of its journey yesterday. The theme for our 90th year was ‘Stability, Trust and Growth’.

    It embodies all that RBI stands for. It is apt we introspect on the past and how we can better discharge our mandate of ensuring monetary and financial stability; enhancing trust in the financial system; and supporting economic growth and improving the well-being of our people.

    Price stability

    Stability refers to stability of prices. This is important as inflation erodes the value of money. It hurts people; it hurts the poor even more. However, not all inflation is bad. Experts believe that a moderate level of inflation is healthy for economic growth. If inflation is too low, the economy faces stagnation risks. If it is too high, prices become unpredictable, making it difficult for consumers and businesses to plan and invest. We have chosen a target of 4% with a band of 2% for CPI inflation.

    CPI inflation has mostly stayed aligned with the target. The flexible inflation targeting is due for review. We will collaborate with govt to not only improve the framework but also to obtain, through appropriate monetary and fiscal policies, ‘Goldilocks conditions’ for inflation and growth.

    Financial stability

    Stability also refers to financial stability, which complements price stability in meeting growth and other developmental objectives. We have had a stable financial system – a system that has smoothly supported real sector economic activities even during periods of stress. Financial institutions have performed well. Banks and NBFCs are stronger and well capitalised to carry out financial intermediation effectively.

    External stability

    Stability includes stable foreign exchange rates, important for not only importers, exporters and investors but also the general public. India’s forex market has the required depth and liquidity to weather pressures, such as those seen in the last few months.

    Healthy levels of forex reserves and a manageable current account balance are also reassuring. Reserve Bank shall continue to be supportive, to manage excessive volatility without targeting any particular level or band of exchange rate.

    Trust

    Trust is important for multiple reasons to a central bank. Currency will serve its purpose only if the public trusts it to be safe to use. The public relies on trust when they deposit their hard-earned money in banks. Monetary policy requires trust to keep inflation expectations anchored. Trust is important for financial stability. It is integral to the integrity of financial markets and payments and settlement systems. We’ll continue to strengthen the trust the public has reposed in us. Ensuring quality customer service and experience is vital to retaining people’s trust. We’ll partner with financial institutions to improve services and reduce grievances.

    Independence of a central bank is important to generate trust. However, independence demands transparency. Independence doesn’t preclude consultation, whether with the general public, regulated entities, other financial regulators or govt. In fact, it becomes even more imperative. Independence also requires higher accountability. We have been deeply conscious of this and will endeavour to further improve transparency, enhance consultation, coordination and collaboration and raise accountability through various measures.

    Growth

    PM has envisioned a Viksit Bharat by 2047. This entails inclusive and accelerated economic growth. Policymaking has to be both pragmatic and visionary for India’s growth to leapfrog. RBI has a track record of introducing innovative policy measures while ensuring stability. Its response to the pandemic is a case in point.

    We’ll continue to be proactive, agile and flexible in our attempt to support economic growth. While we have come a long way in improving financial inclusion, we’ll work with financial institutions to expand access, especially to the bottom of the pyramid. We’ll encourage banks and NBFCs to leverage data and advanced tech to enhance their capacity for lending. This has the potential to accelerate supply of credit in the economy, without compromising on financial stability, to drive investment and economic growth.

    Moreover, as we grow and further integrate into the global economy in our journey of becoming a developed economy, our payment systems and currency have to be widely recognized worldwide. We’ve already taken some steps in this regard. We’ll continue to take initiatives to internationalise the rupee and globalise India’s payment systems.

    Tech

    Rapid advances in tech have facilitated RBI to fulfil its mandate of stability, trust and growth. Digitalisation of various banking services, UPI, and Account Aggregator are a few examples in this regard. It is imperative we harness tech and support innovation to further deepen and widen financial inclusion; improve monetary policy, banking, and currency management including central bank digital currency; universalise payment systems; expand credit including through Unified Lending Interface; and enhance customer experience.

    On this occasion, I would like to reassure all that we’ll continue to maintain the highest standards of professionalism and uphold the values of public service – integrity, impartiality, industriousness, objectivity, accountability, decisiveness, and transparency. We shall continue to foster a safe, secure and stable financial system to meet the aspirations of our country and its citizens. The aspirational goals Reserve Bank has set for itself to become a leading central bank are undeniably demanding, yet rewarding and inevitable.

    As Mahatma Gandhi had said, “The future depends on what we do in the present.” RBI rededicates itself in the service of the nation.

    (Published as a column in Times of India, on April 01, 2025)

    MIL OSI Economics –

  • MIL-OSI Security: Southfield Doctor Convicted of Fraudulently Obtaining $1.7M PPP Loan

    Source: Office of United States Attorneys

    DETROIT – On May 29, 2025, a federal jury convicted Dr. Reginald Eburuche of Southfield of bank fraud, United States Attorney Jerome F. Gorgon Jr. announced.

    Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division.

    Dr. Eburuche was found guilty of fraudulently obtaining a Paycheck Protection Program (PPP) loan in July 2020, in the midst of the Covid-19 pandemic, for his start-up business Renovis Healthcare.  According to evidence presented at trial, after being unsuccessful in obtaining a line of credit for this new business venture in 2019, Eburuche looked to the PPP program as a source of potential seed-funding—$1.7M at 1% interest.  In order to get that money though, he grossly inflated the number of employees and the average monthly payroll for his fledgling company.  In support of his application, he also created and uploaded fraudulent tax documents, meant to make it appear as though his stated headcount and salary expenditures were legitimate.  A large portion of the funds were frozen and seized in advance of trial.

    “When a licensed professional choses fraud over integrity, the harm runs deeper than dollars,” said U.S. Attorney Gorgon. “Dr. Eburuche stole money meant to keep workers afloat during a time of crisis. This Office will continue to pursue those who exploited these programs for personal gain.”

    “Dr. Reginald Eburuche’s conviction for Bank Fraud represents not only an abuse of taxpayer dollars but a betrayal of public trust during a time of national hardship,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI Detroit Field Office. “I commend the dedicated efforts of our Oakland County Resident Agency members and the U.S. Attorney’s Office for the Eastern District of Michigan, whose contributions were vital in concluding this case. We remain fully committed to collaborating with our community and law enforcement allies to identify, investigate, and bring to justice those who exploit government relief programs for personal financial gain.”

    This case was prosecuted by Assistant United States Attorney Carl Gilmer-Hill and was investigated by special agents from the Federal Bureau of Investigation.  The United States Attorney’s Office also thanks the Small Business Administration and the Treasury Inspector General for Tax Administration for their support.

    MIL Security OSI –

  • MIL-OSI Security: Hammond Woman Sentenced to Two Years for Cares Act Fraud

    Source: Office of United States Attorneys

    NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced that TRACIE L. MIXON (“MIXON”), age 43, of Hammond, LA, was sentenced on May 27, 2025 to two (2) years in prison by U.S. District Judge Susie Morgan, after previously pleading guilty to making false statements related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). 

    On March 27, 2020, The CARES Act established several new temporary programs and provided for the expansion of others to address the COVID-19 pandemic.  Among these programs, the Paycheck Protection Program (PPP) authorized forgivable loans backed by the U.S. Small Business Administration (SBA) to small businesses to retain workers and maintain payroll, make mortgage interest payments, lease payments, and utility payments.  The PPP allows the interest and principal on the PPP loan to be forgiven if the business spends the loan proceeds on these expense items within a designated period of time after receiving the proceeds and uses at least a certain percentage of the PPP loan proceeds on payroll expenses.

    According to court documents, MIXON made false statements on an SBA form to an approved lender on or about February 23, 2021, to fraudulently obtain a PPP loan. MIXON affirmed that she had not been previously convicted of federal program financial assistance fraud when, in truth, she pled guilty, in the Eastern District of Virginia, to conspiracy to commit federal student loan fraud and mail fraud in a scheme that involved stolen identities.

    Additionally, MIXON was ordered to pay $31,000 in restitution to the lending institution and the SBA and faces three (3) years of supervised release and payment of a $100 mandatory special assessment fee.

    For more information on the Department of Justice’s response to the pandemic, please visit https://www.justice.gov/coronavirus.  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.

    Acting U.S. Attorney Simpson praised the work of the United States Secret Service in investigating this matter.  Assistant U.S. Attorney Edward J. Rivera of the Financial Crimes Unit was in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI Security: New Orleans Man Sentenced to 5 Years of Probation for Cares Act Fraud, Money Laundering and False Tax Filing

    Source: Office of United States Attorneys

    NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced that CLIFTON C. JAMES (“JAMES”), age 50, of New Orleans, was sentenced today by U.S. District Judge Jane Triche-Milazzo to 5 years of probation for making false statements, theft of government funds, and money laundering related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as well as making a false tax filing with the Internal Revenue Service.

    On March 27, 2020, the President of the United States signed into law the CARES Act, which provided emergency assistance, administered by the United States Small Business Administration (SBA), to small business owners affected by the Coronavirus (COVID-19) pandemic.  The two primary sources of funding for small businesses were the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) program.

    According to the charging documents, or about April 30, 2020, JAMES, on behalf of a business that he owned, made false statements to an approved lender to obtain a $86,800 PPP loan.  On or about July 13, 2020, JAMES stole $149,900 from the SBA by using a false application in the name of Crescent City Tax Services, LLC.  JAMES then committed money laundering by using these ill-gotten funds to buy an automobile from a dealership in California.  Lastly, JAMES  filed a false document with the Internal Revenue Service wherein he claimed to have earned $1.00 in a 2019 tax return.

    In addition to probation, JAMES was ordered to perform 50 hours of community service and to pay restitution in the amount of $551,973.00 to the SBA along with restitution to the IRS in the total amount of $233,645.65.  There is also a mandatory $400 special assessment fee.

    For more information on the Department of Justice’s response to the pandemic, please visit https://www.justice.gov/coronavirus.  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.

    This case was investigated by an agent assigned to the Pandemic Response Accountability Committee (PRAC) Fraud Task Force.  The PRAC was established to serve the American public by promoting transparency and facilitating coordinated oversight of the federal government’s COVID-19 pandemic response.  The PRAC’s 21 member Inspectors General identify major risks that cross program and agency boundaries to detect fraud, waste, abuse, and mismanagement in the more than $5 trillion in COVID-19 spending.  The PRAC Fraud Task Force brings together agents from 15 Inspectors General to investigate fraud involving a variety of programs, including the Paycheck Protection Program.  Task force agents who are detailed to the PRAC receive expanded authority to investigate pandemic fraud as well as tools and training to support their investigations.

    Acting U.S. Attorney Simpson praised the work of the U.S. Department of Veterans Affairs – Office of Inspector General (a member of the PRAC) and the Internal Revenue Service – Criminal Investigation in investigating this matter.  Assistant U.S. Attorney Edward J. Rivera of the Financial Crimes Unit was in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI USA: West Virginia among top states for FAFSA completion – West Virginia Higher Education Policy Commission

    Source: US State of West Virginia

    As the Class of 2025 prepares for graduation, West Virginia is earning national praise from the National College Attainment Network (NCAN) for its commitment to increasing college access and affordability through coordinated, cross-sector partnerships. The state now ranks 15th in the nation for FAFSA completion — up from 19th last year and reaching as high as 10th during the current cycle — thanks to innovative, student-focused efforts led by the West Virginia Higher Education Policy Commission in partnership with schools across the state.

    Unlike many top-performing states, West Virginia has achieved this success without a statewide FAFSA mandate. Instead, the state has built a culture of completion through strategic outreach, data-driven coordination, and intentional community engagement. The Commission’s model demonstrates that measurable gains are possible when higher education leaders, schools, and communities work together to meet students where they are.

    “This achievement reflects an unwavering commitment to students and an intentional culture shift toward making college more accessible,” said Brian Weingart, Senior Director of Financial Aid at the Commission. “Our team has worked side-by-side with schools, counselors, and communities to make sure every student — regardless of background — has a clear path to financial aid. Whether it’s through hands-on FAFSA events, real-time data tools, or text message nudges, we’re meeting students where they are and helping them take that critical next step toward college. Behind every completed FAFSA is a student who’s one step closer to their future.” 

    The Commission’s approach includes:

    • WV FAFSA Day, a statewide event in February that brought together more than 50 high schools and colleges to set FAFSA as a milestone and increase public visibility.
    • The CFWV Champions of College Access and Success Challenge, which rewards schools for reaching FAFSA completion benchmarks or improving year-over-year.
    • TXT 4 Success, a text message program that provides personalized guidance and nudges to help students stay on track with financial aid deadlines.
    • Special tools and resources for counselors, including a FAFSA completion portal and regular updates to help school staff support students more effectively.

    “West Virginia’s success is the result of a powerful, coordinated effort,” said Dr. Sarah Armstrong Tucker, West Virginia’s Chancellor of Higher Education. “We built momentum through strong partnerships with our schools and counselors, innovative tools, and a shared commitment to our students’ futures. I am deeply proud of our team and the many school counselors, educators, and families who have rallied around this cause. Together, we’re showing what’s possible when we put students first.”

    The impact is measurable. According to data tracked by NCAN, the state’s FAFSA completion rate stands at 49.8% for the Class of 2025, with significant improvement over last year and an upward national trajectory not seen since before the pandemic. And perhaps most significantly, these gains come from intentional coordination — making West Virginia’s model especially relevant to peer states looking for replicable solutions.

    “West Virginia’s success, and approach, offer a lot for other communities and states to learn from,” said Bill DeBaun, Senior Director at the National College Attainment Network in Washington. “Thoughtful, coordinated efforts like these that support practitioners in districts and schools make a big difference. West Virginia is expanding students’ opportunities to access the financial aid that makes education after high school a more affordable possibility.”

    As graduation approaches, the Commission remains focused on further strengthening its outreach, closing remaining gaps, and ensuring every West Virginia student has the support they need to access higher education.

    To learn more about FAFSA completion resources and West Virginia’s college access initiatives, visit CFWV.com.

    The full article What’s Behind West Virginia’s FAFSA Completion Surge is available at NCAN.org.

    MIL OSI USA News –

  • MIL-OSI Security: Collin County physician agrees to pay $3.5 million to resolve False Claims Act allegations of billing false claims to the COVID-19 Uninsured Program for evaluation & management services not rendered

    Source: Office of United States Attorneys

    PLANO, Texas – A Frisco physician has agreed to pay $3.5 million to resolve False Claims Act allegations in the Eastern District of Texas, announced Acting U.S. Attorney Jay R. Combs.

    Samad Khan, M.D. has agreed to pay the United States $3.5 million to resolve allegations that he violated the False Claims Act by knowingly submitting or causing the submission of false claims to the Health Resources & Services Administration COVID-19 Claims Reimbursement to Health Care Providers and Facilities for Testing, Treatment, and Vaccine Administration for the Uninsured Program (the “Uninsured Program”) for evaluation and management services that were not performed.

    Between approximately May 2020 and April 2022, the Uninsured Program reimbursed eligible providers for COVID-19 tests, testing-related items and services, treatment, and vaccines performed on uninsured individuals.  Khan is a physician who owns SK Primary Care, PLLC (“SK Primary Care”), a medical clinic in Frisco.  During the COVID-19 Public Health Emergency (“PHE”), SK Primary Care provided healthcare services, including specimen collection for COVID-19 tests.  The settlement announced today resolves allegations that from April 2020 through October 2021, Khan knowingly submitted or caused the submission of false claims to the Uninsured Program by billing evaluation and management services (E/M Services) that were not performed.

    As alleged by the United States, claims for E/M Services, sometimes referred to as “office visits,” are submitted under Current Procedural Terminology (“CPT”) Codes, and vary in level of complexity. Higher level codes reflect increased complexity, such as a higher level of decision-making, more detailed history, or longer duration of time.  E/M Services levels 2 through 5 (e.g. CPT Codes 99202 through 99205, and 99212 through 99215) (“Higher Level E/M Services”) can only be performed by physicians or other qualified health care professionals (“QHPs”).  These professionals are distinct from clinical staff, such as medical assistants. A level 1 E/M Service, under CPT Code 99211, may not require the presence of a physician or other QHP. During the PHE, CMS approved the use of CPT Code 99211 for COVID-19 test specimen collection. Physicians and non-physician practitioners, such as nurse practitioners (NPs) were required to use CPT Code 99211 to bill for COVID-19 specimen collection billed by clinical staff incident to their services.

    The United States contends that during the PHE, SK Primary Care provided services at dozens of COVID-19 testing sites in Texas, operated by SK Primary Care and its management company, the majority of which were walk up or drive through testing sites (the “COVID test sites”).   Patients could register to receive a test at the COVID test sites by registering online through a website called “GoGetTested.Com.” The United States alleges that the COVID test sites were staffed with medical assistants who performed specimen collection services through nasal swabs on patients for COVID-19 tests. Khan knew that the appropriate CPT Codes for the services provided at the COVID test sites were specimen collection codes, including CPT Code 99211, but instead submitted claims under CPT Codes for Higher Level E/M Services. The United States contends that patients who went to the COVID test sites were never seen by Khan or any other QHP, and at no time was Khan or any other QHP providing any E/M Services to patients at the COVID test sites either in person or by audiovisual means.  From April 2020 through October 2021, for the services provided at the COVID test sites, Khan submitted or caused the submission of approximately 400,000 claims by SK Primary Care to the Uninsured Program for Higher Level E/M Services, the majority of which were level 2 and 3 E/M services.  Khan is the only rendering provider listed on SK Primary Care’s claims.

    The United States further alleges that Khan, in conjunction with and at the direction of SK Primary Care’s management company, coded the COVID specimen collection services as Higher Level E/M Services.  Reimbursements for E/M Services were substantially higher than reimbursements for specimen collection.  Moreover, in conjunction with and at the direction of SK Primary Care’s management company, SK Primary Care and Khan often submitted two claims for E/M Services for COVID-19 test specimen collection—the first “encounter” for the test, and a second “encounter” for providing results. The second “encounter” of providing results was not Khan providing E/M Services. Instead, an employee or contractor of SK Primary Care or SK Primary Care’s management company, such as nurse practitioners (NPs) and medical assistants, would provide tests results via telephone based on a courtesy call script.  NPs were not providing medical services, did not have any audiovisual connection to patients, and in many instances never even spoke to the patients to provide results, which were emailed or sent by text message.  As a result of these false claims for payment for E/M Services that were not performed, Khan received payments from the Uninsured Program to which he was not entitled.

    “The onset of the COVID-19 pandemic required both beneficiaries and the government to place their trust in front-line healthcare providers, even more than usual,” said Jay R. Combs, Acting U.S. Attorney for the Eastern District of Texas. “Unfortunately, some of those providers abused that trust and instead took advantage of the crisis to artificially inflate profits. It is these individuals that the Eastern District of Texas will hold accountable for their greed.”

    “When health care professionals receive payments for false claims they submit to federal health care programs, they erode public trust and divert taxpayer-funded resources away from those who truly need them,” said Special Agent in Charge Jason E. Meadows of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG).  “This settlement demonstrates our steadfast commitment to safeguarding taxpayer funds and working with our law enforcement partners to use all tools in our arsenal to hold accountable those who steal from the American public.”

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Eastern District of Texas with assistance from HHS-OIG.  This matter was handled by Civil Division Fraud Section Trial Attorney Elizabeth J. Kappakas and by Assistant U.S. Attorneys James Gillingham and Kevin McClendon.

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

    ###

    MIL Security OSI –

  • MIL-OSI New Zealand: Tertiary Education – Te Pūkenga continues strong growth in international education amidst ongoing sector change

    Source: Te Pukenga

    Thursday 29 May 2025 – Te Pūkenga continues strong growth in international education amidst ongoing sector change
    Te Pūkenga – New Zealand Institute of Skills and Technology continues its growth trajectory in international student numbers, with enrolments, revenue, and international partnerships, all increasing strongly.
    Te Pūkenga Chief Executive Gus Gilmore acknowledged the hard work of staff in achieving the results which include increases in international student numbers from 2,861 EFTS at the end of 2022, when polytechnics transitioned into Te Pūkenga, to 6,873 EFTS at year end 2024. At the same time, international revenue has increased nearly 60% from 2023 to 2025.
    “Despite ongoing changes and uncertainty for our staff including almost 18 months of working towards disestablishment of Te Pūkenga and working to stand-up new entities, our international student numbers increased almost 30% between 2023 and 2024. This year so far, we are growing at 10.5% compared to last year.”
    While international revenue was $187 million pre-Covid, it dropped to $47.5m million in 2022 post-pandemic. Te Pūkenga then accelerated the big task of building back from pandemic disruptions and border closures with revenue rebounding to $136 million in 2024. The 2025 forecast is $159 million.
    “To be within less than 15% striking distance of pre-Covid numbers given the massive change the sector has been going through is a testament to the hard work of our teams, the quality of our programmes, growing global recognition of the importance of applied learning, and the strength of our institutes of technology and polytechnic brands offshore.”
    International student growth is occurring throughout the country, including in the regions. This includes MIT up 25% (82 EFTS), Unitec up 20% (176 EFTS), Wintec up 44% (213 EFTS), Toi Ohomai up 13% (60 EFTS), NMIT up 30% (60 EFTS), and Ara up 16% (57 EFTS).
    “Our focus continues to be on the delivery of quality education for all our students while supporting our divisions to promote the New Zealand vocational education and training sector offshore. As part of this, we are working with government agencies and sector stakeholders on building a stronger New Zealand brand for applied learning globally, and addressing immigration challenges so we can reduce barriers for international students choosing New Zealand as their study destination of choice,” says Mr Gilmore.
    In addition, Te Pūkenga continues to actively expand and secure new institutional arrangements with partners from across the globe, including with international governments. These partnerships are critical pipelines for ongoing growth in student enrolments as well as broader education cooperation and sector resilience.
    “These arrangements lay the groundwork for sustained future growth through mutual academic collaboration, academic exchange and student mobility. Critically, they strengthen our standing and reputation as a vocational education and training partner and destination, contributing to the revitalisation of New Zealand’s international education sector and economy.”
    The large majority of international students across Te Pūkenga divisions come from Asia with India (49%), Sri Lanka (11%), and China (10%) the top three markets. We are also working to diversify student market sources.
    “International students make a significant contribution socially and culturally to our institutes, campuses and student body. The international connections and understanding they help build are invaluable for a small island nation dependent on international trade and investment.”
    The contribution of international student revenue to financial viability is increasingly more important as institutes of technology and polytechnic divisions are stood up as independent entities from January 2026.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Bergen County Man Sentenced to Twenty Months in Prison for COVID-19 Fraud

    Source: Office of United States Attorneys

    NEWARK N.J. – A New Jersey man was sentenced to 20 months in prison for fraudulently obtaining approximately $149,900 in federal Economic Injury Disaster Loans (“EIDL”) loans, U.S. Alina Habba announced.

    George Leguen, 51, of Paramus, New Jersey, previously plead guilty before U.S. District Judge Madeline Cox Arleo to an information charging him with wire fraud and money laundering. Judge Arleo imposed the sentence in Newark federal court.

    According to documents filed in this case and statements made in court:

    From August 2020 through January 2021, Leguen participated in a scheme to defraud and receive COVID-19 emergency relief funds meant for distressed small businesses under the EIDL program. Leguen applied to the Small Business Administration (“SBA”) on behalf of a business he owned and controlled. He falsified information that he submitted in support of that application, including the number of employees, annual gross revenue figures, and fraudulent federal tax returns. Based on this false information, Leguen was approved for and received an EIDL loan in the amount of $149,900. After receiving the EIDL funds, he diverted the proceeds for his personal gain.

    In addition to the prison term, Judge Arleo sentenced Leguen to 3 years of supervised release, forfeiture was ordered in the amount of $149,900, and restitution in the amount of $174,426.37.

    U.S. Attorney Habba credited special agents of Internal Revenue Service – Criminal Investigation, Newark Field Office, under the direction of Special Agent in Charge Jenifer Piovesan; the Drug Enforcement Administration, under the direction of Special Agent in Charge Cheryl Ortiz of the New Jersey Field Division; special agents of the U.S. Secret Service, under the direction of Special Agent in Charge Aaron Hatley, Newark Field Office; and special agents of the U.S. Department of Labor – Office of the Inspector General, under the direction of Special Agent in Charge Jonathan Mellone, Northeast Region, with the investigation.

    The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    The government is represented by Assistant U.S. Attorney Fatime Meka Cano of the Economic Crimes Unit in Newark.

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

                                                                           ###

    Defense counsel: Jeffrey Lichtman, Esq. and Matthew Cohan, Esq. 

    MIL Security OSI –

  • MIL-OSI USA: Murphy, Blumenthal Fight To Continue Funding For Emergency Housing Voucher Program

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) joined U.S. Senators Alex Padilla (D-Calif.), and Elizabeth Warren (D-Mass.), along with Representative Maxine Waters (D-Calif.-43), and nearly 100 lawmakers in urging Congressional Appropriations leadership to include robust funding for the Emergency Housing Voucher (EHV) program as part of Fiscal Year (FY) 2026 funding legislation. Tens of thousands of Americans depend on this vital program for safe, stable, and affordable housing. The letter comes as the Department of Housing and Urban Development (HUD) announced in March that the program will soon run out of money due largely to rents rising at the fastest pace in decades.

    “[Public Housing Agencies] in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve,” wrote the lawmakers. “Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.”

    “The EHV program provides rental assistance to help end and prevent homelessness. At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties,” the lawmakers concluded.

    As of April, this critical program supports 107,000 individuals who are mostly children under five years old, older adults, individuals with disabilities, and domestic violence survivors. In Connecticut, hundreds of families rely on EHVs for housing, but the program is now at risk. Support for the program is especially important as the Trump Administration cuts vital HUD funding and support staff. The EHV program was established in 2021 through the American Rescue Plan. Congress originally authorized $5 billion in funding for 70,000 vouchers through September 2030, with increased flexibilities for public housing authorities that made the program more successful than typical housing vouchers.

    Several leading national housing groups — including the Council of Large Public Housing Authorities (CLPHA), Public Housing Authorities Directors Association (PHADA), National Association of Housing Redevelopment Officials (NAHRO), National Alliance to End Homelessness (NAEH), Center on Budget and Policy Priorities (CBPP), National Low Income Housing Coalition (NLIHC), the Moving-to-Work (MTW) Collaborative, and the National Housing Law Project (NHLP) — wrote a separate letter to Congressional appropriations leadership pushing for adequate funding and flexibilities for the EHV program.

    In addition to Murphy, Blumenthal, Padilla, Warren, and Waters, the bicameral letter was also signed by Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Blunt Rochester (D-Del.), Maria Cantwell (D-Wash.), Catherine Cortez Masto (D-Nev.), Dick Durbin (D-Ill.), Mazie Hirono (D-Hawaii), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.), as well as Representatives Alma Adams (D-N.C.-12), Yassamin Ansari (D-Ariz.-03), Becca Balint (D-Vt.-AL), Nanette Barragán (D-Calif.-44), Joyce Beatty (D-Ohio-03), Donald Beyer (D-Va.-08), Sanford Bishop (D-Ga.-02), Suzanne Bonamici (D-Ore.-01), Julia Brownley (D-Calif.-26), Janelle Bynum (D-Ore.-05), Salud Carbajal (D-Calif.-24), André Carson (D-Ind.-07), Greg Casar (D-Texas-35), Gilbert Cisneros (D-Calif.-31), Emanuel Cleaver, II (D-Mo.-05), Steve Cohen (D-Tenn.-09), Joe Courtney (D-Conn.-02), Sharice Davids (D-Kan.-03), Danny K. Davis (D-Ill.-07), Maxine Dexter (D-Ore.-03), Lloyd Doggett (D-Texas-37), Cleo Fields (D-La.-06), Bill Foster (D-Ill.-11), Valerie Foushee (D-N.C.-04), Laura Friedman (D-Calif.-30), Jesús G. “Chuy” García (D-Ill.-04), Sylvia Garcia (D-Texas-29), Daniel Goldman (D-N.Y.-10), Jimmy Gomez (D-Calif.-34), Maggie Goodlander (D-N.H.-02), Al Green (D-Texas-09), Jahana Hayes (D-Conn.-05), James Himes (D-Conn.-04), Steven Horsford (D-Nev.-04), Val Hoyle (D-Ore.-04), Jonathan Jackson (D-Ill.-01), Sara Jacobs (D-Calif.-51), Pramila Jayapal (D-Wash.-07), Robin Kelly (D-Ill.-02), Ro Khanna (D-Calif.-17), Greg Landsman (D-Ohio-01), John Larson (D-Conn.-01), Sam Liccardo (D-Calif.-16), Ted Lieu (D-Calif.-36), Stephen Lynch (D-Mass.-08), Morgan McGarvey (D-Ky.-03), James McGovern (D-Mass.-02), LaMonica McIver (D-N.J.-10), Gregory Meeks (D-N.Y.-05), Dave Min (D-Calif.-47), Gwen Moore (D-Wis.-04), Kevin Mullin (D-Calif.-15), Jerrold Nadler (D-N.Y.-12), Eleanor Holmes Norton (D-D.C.-AL), Alexandria Ocasio-Cortez (D-N.Y.-14), Ilhan Omar (D-Minn.-05), Jimmy Panetta (D-Calif.-19), Scott Peters (D-Calif.-50), Brittany Pettersen (D-Colo.-07), Stacey Plaskett (D-V.I.-AL), Ayanna Pressley (D-Mass.-07), Delia Ramirez (D-Ill.-03), Luz Rivas (D-Calif.-29), Raul Ruiz (D-Calif.-25), Andrea Salinas (D-Ore.-06), Linda Sánchez (D-Calif.-38), Janice Schakowsky (D-Ill.-09), Suhas Subramanyam (D-Va.-10), Shri Thanedar (D-Mich.-13), Rashida Tlaib (D-Mich.-12), Derek Tran (D-Calif.-45), Nydia Velázquez (D-N.Y.-07), Nikema Williams (D-Ga.-05), and Frederica Wilson (D-Fla.-24).

    Full text of the letter is available here and below:

    Dear Chair Hyde-Smith, Ranking Member Gillibrand, Chair Womack, and Ranking Member Clyburn:

    As you develop the Fiscal Year (FY) 2026 Transportation, Housing and Urban Development (THUD) and Related Agencies Appropriations bill, we respectfully request that you include funding to ensure that the nearly 60,000 households who are currently being served by the Emergency Housing Voucher (EHV) program do not fall into homelessness.

    During the pandemic, Congress appropriated $5 billion in mandatory funding for the EHV program to help people experiencing or at risk of experiencing homelessness, including survivors of domestic violence and victims of human trafficking, access safe, stable and affordable housing during a moment of crisis.

    Since 2021, the success of the EHV program and its design, which includes critical administrative flexibilities that are responsive to a tumultuous housing market, cannot be overstated. The Department of Housing and Urban Development (HUD) reported that EHVs are leasing at a rate faster than any previous housing voucher program within HUD and drove unprecedented collaboration among public housing agencies (PHAs), homeless services organizations, and victim services organizations to provide rapid and effective housing assistance to vulnerable populations. PHAs in every state have benefited from the improved voucher issuance and utilization that the EHV program provides, as have the people and communities they serve. Congress must provide sufficient and robust funding to ensure that the families who rely on EHVs don’t lose their housing.

    We understand that the Subcommittee must make difficult decisions. However, the EHV program provides rental assistance to help end and prevent homelessness. At a time when housing costs and homelessness continue to rise, we respectfully request that you provide adequate funding in the FY26 THUD Appropriations bill to renew all EHVs to ensure that those who have been served by the program do not lose their housing support and to ensure landlords continue receiving the rental payments they depend on to maintain their properties. Thank you for your consideration of this request and your continued support for the most vulnerable Americans.

    MIL OSI USA News –

  • MIL-OSI United Nations: Committee on the Rights of the Child Closes Ninety-Ninth Session after Adopting Concluding Observations on Reports of Brazil, Indonesia, Iraq, Norway, Qatar and Romania

    Source: United Nations – Geneva

    The Committee on the Rights of the Child this afternoon closed its ninety-ninth session after adopting its concluding observations on the reports of Brazil, Indonesia, Iraq, Norway, Qatar and Romania under the Convention on the Rights of the Child, as well as the report on Brazil’s efforts to implement the Optional Protocol to the Convention on the sale of children, child prostitution and child pornography.

    The concluding observations will be available on the webpage of the session on the website of the Office of the High Commissioner for Human Rights on Thursday, 5 June 2025. 

    Presenting the report of the session, Sophie Kiladze, Committee Chairperson, said there had been a lot of improvements regarding the realisation of child rights in certain countries.  However, after more than 35 years of entry into force of the Convention, the child rights situation was still very alarming in many States parties. Millions of children were victims of armed conflicts in many different parts of the world.  The armed conflicts were taking their lives or lives of their parents and family members, leaving them in unimaginable sorrow for the whole of their lives.  Many who survived were living in camps under deteriorating conditions.  Millions of children were living in poverty, without access to education, health and digital environment, among others.  The list was very long and many hours would not be enough to express the suffering of these children.

    Ms. Kiladze said the United Nations was undergoing a huge liquidity crisis, which was affecting the Committee on the Rights of the Child, which had to work without knowing whether next sessions would be held.  She asked the Secretary-General 

    and all relevant States parties to ensure that the Committee on the Rights of the Child, as well as other treaty bodies, continued their work.  She said the Committee regretted the cancellation of the pre-sessional working group, expected to be held during the week following the end of the session, because of the liquidity situation. 

    Under the Optional Protocol on a communication procedure, the Committee adopted decisions on eight individual communications on the following issues: children in the context of migration, access to school during the COVID pandemic, and parental contact with children.

    The Committee found no violation of the Convention in one case against Switzerland. It found three communications inadmissible in a case against Italy and two cases against Switzerland.  It also discontinued the consideration of four cases against Finland and Switzerland after they had become moot.  The Committee was satisfied that these discontinuances followed the positive resolution of these four cases.  The Committee also discussed inquiries under article 13 of the Optional Protocol.  It was currently dealing with four inquiries.

    Also during the session, the Committee discussed amendments to its rules of procedure and working methods.  It continued its discussion on follow-up to the treaty body strengthening process in the context of the United Nations liquidity crisis.  It also continued its work on the next general comment no. 27 on children’s rights to access to justice and to an effective remedy.

    The Committee continued its work on trends of the modern world regarding child rights, including artificial intelligence, and discussed a draft joint statement on artificial intelligence and child rights.  Nine international organizations were co-signatories of the statement, co-led by the International Telecommunication Union and the United Nations Children’s Fund.

    The Committee then adopted the report of the session.

    On the first day of the session, which was held from 12 to 30 May, Ms. Kiladze (Georgia) was elected as Chair and Cephas Lumina (Zambia), Thuwayba Al Barwani (Oman), Philip D. Jaffe (Switzerland), and Mary Beloff (Argentina) were elected as Vice-Chairs.

    The Committee also welcomed four new members – Timothy. P.T. Ekesa (Kenya), Mariana Ianachevici (Republic of Moldova), Juliana Scerri Ferrante (Malta), and Zeinebou Taleb Moussa (Mauritania) – and welcomed back Mr. Lumina, who previously served as a member from 2017 to 2021.   They made their solemn declaration. 

    Summaries of the public meetings of the Committee can be found here, and webcasts of the public meetings can be found here.  The programme of work of the Committee’s ninety-ninth session and other documents related to the session can be found here.

    The Committee is expected to hold its one hundredth session in September 2025.  However, this session is currently pending confirmation because of the liquidity situation. 

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CRC25.016E

    MIL OSI United Nations News –

  • MIL-OSI USA: DBEDT NEWS RELEASE: Visitor Industry Grows Again in April 2025

    Source: US State of Hawaii

    DBEDT NEWS RELEASE: Visitor Industry Grows Again in April 2025

    Posted on May 29, 2025 in Latest Department News, Newsroom

     

     

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

    DEPARTMENT OF BUSINESS, ECONOMIC DEVELOPMENT AND TOURISM

    KA ʻOIHANA HOʻOMOHALA PĀʻOIHANA, ʻIMI WAIWAI A HOʻOMĀKAʻIKAʻI

     

    RESEARCH AND ECONOMIC ANALYSIS DIVISION

     

    JAMES KUNANE TOKIOKA

    DIRECTOR

    KA LUNA HOʻOKELE

     

    1. EUGENE TIAN

    CHIEF STATE ECONOMIST

     

     

    VISITOR INDUSTRY GROWS AGAIN IN APRIL 2025

     

    FOR IMMEDIATE RELEASE

    May 29, 2025

     

    HONOLULU – According to preliminary statistics from the Department of Business, Economic Development and Tourism (DBEDT), total visitor arrivals and total visitor spending in April 2025 increased compared to the same month last year. There were 833,219 visitors to the Hawaiian Islands in April 2025, up 7.9 percent from April 2024. Total visitor spending measured in nominal dollars was $1.69 billion, which was growth of 9.4 percent from April 2024. When compared to pre-pandemic 2019 levels, April 2025 total visitor arrivals represent a 98.1 percent recovery from April 2019 and total visitor spending was higher than April 2019 ($1.32 billion, +28.3%).

    In April 2025, 810,276 visitors arrived by air service, mainly from the U.S. West and U.S. East. Additionally, 22,943 visitors came via out-of-state cruise ships. In comparison, 740,720 visitors (+9.4%) arrived by air and 31,695 visitors (-27.6%) came by cruise ships in April 2024, and 824,610 visitors (-1.7%) arrived by air and 24,787 visitors (-7.4%) came by cruise ships in April 2019. The average length of stay by all visitors in April 2025 was 8.36 days, compared to 8.28 days (+1.1%) in April 2024 and 8.25 days (+1.4%) in April 2019. The statewide average daily census was 232,323 visitors in April 2025, compared to 213,080 visitors (+9.0%) in April 2024 and 233,616 visitors (-0.6%) in April 2019.

    In April 2025, 457,248 visitors arrived from the U.S. West, which was an increase compared to April 2024 (400,070 visitors, +14.3%) and April 2019 (388,573 visitors, +17.7%). U.S. West visitor spending of $855.0 million rose from April 2024 ($765.2 million, +11.7%), and was much higher than April 2019 ($547.0 million, +56.3%). Daily spending by U.S. West visitors in April 2025 ($234 per person) decreased slightly from April 2024 ($236 per person, -0.8%) but was up considerably from April 2019 ($171 per person, +36.7%).

    In April 2025, arrivals from the U.S. East of 180,383 visitors increased from April 2024 (176,339 visitors, +2.3%) and April 2019 (159,115 visitors, +13.4%). U.S. East visitor spending of $449.1 million rose from April 2024 ($436.8 million, +2.8%) and was significantly more than April 2019 ($286.8 million, +56.6%). Daily spending by U.S. East visitors in April 2025 ($277 per person) increased from April 2024 ($273 per person, +1.4%) and was much more than April 2019 ($200 per person, +38.4%).

    There were 52,358 visitors from Japan in April 2025, an increase from April 2024 (50,626 visitors, +3.4%) but continued to be much lower than April 2019 (119,487 visitors, -56.2%). Visitors from Japan spent $77.4 million in April 2025, compared to $75.1 million (+3.0%) in April 2024 and $164.0 million (-52.8%) in April 2019. Daily spending by Japanese visitors in April 2025 ($245 per person) was higher than April 2024 ($238 per person, +3.2%) and April 2019 ($234 per person, +5.0%).

    In April 2025, 36,381 visitors arrived from Canada, down from April 2024 (38,936 visitors, -6.6%) and April 2019 (56,749 visitors, -35.9%). Visitors from Canada spent $91.0 million in April 2025 compared to $88.3 million (+3.0%) in April 2024 and $100.2 million (-9.2%) in April 2019. Daily spending by Canadian visitors in April 2025 ($224 per person) increased from April 2024 ($221 per person, +1.6%) and was much higher than April 2019 ($154 per person, +45.8%).

    There were 83,905 visitors from all other international markets in April 2025, which included visitors from Oceania, Other Asia, Europe, Latin America, Guam, the Philippines, and the Pacific Islands. In comparison, there were 74,749 visitors (+12.2%) from all other international markets in April 2024 and 100,686 visitors (-16.7%) in April 2019.

    In April 2025, a total of 4,885 transpacific flights with 1,085,113 seats serviced the Hawaiian Islands. Total air capacity was similar to April 2024 (4,890 flights, -0.1% with 1,080,344 seats +0.4%) but less than April 2019 (5,031 flights, -2.9% with 1,112,200 seats, -2.4%).

    Year-to-Date 2025

     

    A total of 3,288,966 visitors arrived in the first four months of 2025, up 3.2 percent from 3,186,223 visitors in the first four months of 2024. Total arrivals decreased 2.6 percent when compared to 3,376,675 visitors in the first four months of 2019.

    In the first four months of 2025, total visitor spending was $7.30 billion, an increase compared to the first four months of 2024 ($6.82 billion, +7.2%) and the first four months of 2019 ($5.81 billion, +25.7%).

    VIEW FULL NEWS RELEASE AND TABLES

     

    Statement by DBEDT Director James Kunane Tokioka

     

    April was a solid month for the visitor industry. The industry has performed well during the first four months of 2025, mainly driven by continued growth in the U.S. markets (U.S. West and U.S. East). U.S. arrivals grew by 5.5 percent, offsetting the decline in arrivals from international markets.

     

    We expect a modest slowdown in tourism during the summer season caused by uncertainties in the political and economic environment both nationally and internationally. We believe the situation will be temporary and anticipate the state’s tourism industry to rebound in 2026.

    # # #

     

     

    Media Contacts:

     

    Laci Goshi 

    Communications Officer

    Department of Business, Economic Development and Tourism

    Cell: 808-518-5480

    Email: [email protected]

     

    Jennifer Chun

    Director of Tourism Research

    Department of Business, Economic Development and Tourism

    Phone: 808-973-9446

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI Security: Louisville Couple Sentenced to Federal Prison for Fraud Conspiracy and Ordered to Pay Restitution

    Source: Office of United States Attorneys

    Louisville, KY – A Louisville couple was sentenced this week to federal prison for engaging in a conspiracy to commit wire fraud and disaster fraud.

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Special Agent in Charge Anthony Licari of the U.S. Department of Transportation Office of Inspector General (DOT-OIG), Midwestern Region, Special Agent in Charge Kelly J. Blackmon of the Department of Health and Human Services, Office of Inspector General (HHS-OIG), and U.S. Postal Inspector in Charge Lesley Allison of the Pittsburgh Division made the announcement.

    According to court documents, Yeniseis Saavedra, 35, was sentenced on May 28, 2025, to 3 years and 6 months in prison, followed by 3 years of supervised release, for one count of conspiracy to commit wire fraud, one count of making a false statement, two counts of disaster fraud, and one count of aggravated identity theft.

    Alien Saavedra, 36, was sentenced on May 20, 2025, to 1 day in prison, followed by 5 years of supervised release, for one count of conspiracy to commit wire fraud, and one count of disaster fraud.

    Between 2019 and 2020, Yeniseis Saavedra and Alien Saavedra engaged in a conspiracy to defraud factoring (trucking loan) companies by submitting false bills of lading. Yeniseis Saavedra and Alien Saavedra also aided and abetted each other in committing disaster fraud by filing for lost wage assistance payments authorized by a Presidential Memorandum resulting from the COVID-19 pandemic with the Kentucky Office of Unemployment. The filing for lost wage assistance payments was on behalf of Alien Saavedra and failed to report that Alien Saavedra was receiving wages from the motor carrier industry.

    In 2020, Yeniseis Saavedra made a false statement to the United States Department of Transportation, Federal Motor Carrier Safety Administration when she falsely filed an application on behalf of another, C.S., claiming that C.S. was going to operate a trucking company. However, C.S. was not aware of the application filing, and Yeniseis Saavedra was operating the company.

    Yeniseis Saavedra also filed for lost wage assistance payments authorized by a Presidential Memorandum resulting from the COVID-19 pandemic with the Kentucky Office of Unemployment on behalf of C.S. Again, C.S. was unaware of the filing, this time for lost wage assistance payments, and C.S. did not receive any of the lost wage payments. Instead, the lost wage payments were sent to a bank account controlled by Yeniseis Saavedra.

    Lastly, Yeniseis Saavedra was sentenced for aggravated identity theft for using the identity and Social Security number of C.S. without C.S.’s authorization to obtain the lost wage assistance payments.

    There is no parole in the federal system.

    Alien Saavedra was ordered to pay restitution in the amount of $111,143.78.

    Yeniseis Saavedra was ordered to pay restitution in the amount of $156,147.78

    This case was investigated by the DOT-OIG, HHS-OIG, and USPIS.

    Assistant U.S. Attorney Joe Ansari prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI United Nations: 30 May 2025 Statement WHO Director-General: Member States reaffirm commitment to WHO and global health at historic World Health Assembly

    Source: World Health Organisation

    WHO Director-General Dr Tedros Adhanom Ghebreyesus praised the commitment shown by the Organization’s Member States which, during nearly two weeks of meetings, adopted historic measures to make the world safer and healthier.

    The landmark adoptions of the first global agreement to make the world safer from future pandemics and increase in financial support to the World Health Organization were the highlights of the Seventy-eighth World Health Assembly, which ran from 19–27 May. Immediately after, the WHO Executive Board met for two days, until 29 May, to address the Health Assembly’s outcome, WHO governance reform and the nomination and appointment of regional directors. 

    Dr Tedros said Member States demonstrated their commitment to WHO and multilateral action to protect and promote public health. “WHO and many of our Member States and health partners are facing various challenges,” he said. “But the World Health Assembly has sent a clear message: countries want a strong WHO and are committed to working together with WHO to build a healthier, safer and fairer world. These were strong votes of confidence in WHO at this critical time.”

    Making the world safer from pandemics

    “The Health Assembly’s adoption of the Pandemic Agreement on 20 May was a landmark in the history of WHO and global health,” said Dr Tedros. “Despite many obstacles, and in the face of significant mis- and disinformation, WHO’s Member States have succeeded in negotiating and adopting a legally binding agreement to make the world safer from pandemics.”

    The Pandemic Agreement sets out a range of measures to prevent pandemics and strengthen health system resilience, including through improving the rapid sharing of pathogens; ensuring fair, equitable and timely access to vaccines, diagnostics and therapeutics; and strengthening technology transfer, financing and supply chains.

    Dr Tedros said adoption of the Pandemic Agreement was not the end of the journey, adding that Member States still must negotiate the annex on pathogen access and benefit sharing for adoption at an upcoming Health Assembly. The next step would be for 60 countries to ratify the agreement, including the annex, before it enters into force as an instrument of international law.

    “But having watched this process over the past three and a half years, I am confident of two things,” the WHO Director-General said. “First, that Member States will finish the job by May next year (2026), as they have committed to doing; and second, that the deception and distortion will continue.”

    In particular, Dr Tedros said while it has been widely acknowledged that the Pandemic Agreement will not infringe on national sovereignty, some quarters will continue to repeat the false claims.

    “Let me be clear once again: the Pandemic Agreement will not infringe on national sovereignty, period. And the Pandemic Agreement does not give WHO any powers, period,” Dr Tedros said. “WHO’s job is to make recommendations to governments, but what governments do with those recommendations is entirely up to them. WHO is not even a party to the Agreement. This is an agreement between sovereign nations, and it will be ratified and implemented by sovereign nations that choose to do so. The intentional distortion of the Pandemic Agreement as ceding power to WHO must stop.”

    Assessed contributions increase

    The Assembly’s other major outcome was the approval of WHO’s 2026–27 Programme Budget, including the next 20% increase in assessed contributions, adding US$ 90 million in fully predictable and flexible funds to WHO’s income each year. In 2022, Member States agreed to increase assessed contributions progressively to 50% of our base budget, from just 16% at the time. This rise is the cornerstone of WHO’s transformation of its approach to sustainable financing by diversifying its donor base and receiving increased support from all of its Member States towards WHO’s core budget and programme of work.

    “This is another major step towards making WHO less dependent on earmarked voluntary funds from a handful of traditional donors,” said Dr Tedros. “WHO also held a pledging event at which Member States and philanthropic donors committed at least US$ 210 million in additional funding to the WHO Investment Round.”

    In addition to these two major achievements, the Health Assembly also celebrated several countries for eliminating diseases, and eliminating industrial trans-fat from their manufactured food supplies.

    WHO Member States also adopted several important resolutions, reflecting WHO’s vast mission and mandate, including a new target to halve the health impacts of air pollution by 2040; new targets for nutrition in mothers and young children; to strengthen regulation of digital marketing of formula milk and baby foods; and a new global strategy for traditional medicine.

    Countries for the first time also adopted resolutions on lung health and kidney health, and for a lead-free future, and established World Cervical Cancer Day and World Prematurity Day as official WHO health campaigns. Resolutions on digital health, Guinea worm disease, health financing, the health and care workforce, medical imaging, nursing and midwifery, rare diseases, sensory impairment, skin diseases, social connection and more were also adopted.

    MIL OSI United Nations News –

  • MIL-OSI Security: South Carolina Man Charged in Maryland for Multimillion-Dollar Medicare Fraud and Ponzi Schemes

    Source: US FBI

    Baltimore, Maryland – Today, the U.S. Attorney’s Office for the District of Maryland unsealed two indictments. The indictments charged a South Carolina man with defrauding Medicare through a laboratory test scheme during the COVID-19 pandemic and with defrauding customers of his private charter jet company.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the indictment with Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Special Agent in Charge William J. DelBagno, Federal Bureau of Investigation (FBI) – Baltimore Field Office; Special Agent in Charge Maureen R. Dixon, Department of Health and Human Services Office of Inspector General (HHS-OIG); and Special Agent in Charge Greg Thompson, Department of Transportation Office of Inspector General (DOT-OIG).

    As alleged in the first indictment, during the COVID-19 pandemic, Patrick Britton-Harr, 41, of Charleston, South Carolina, and formerly of Annapolis, Maryland, offered COVID-19 screening tests to nursing home patients across the country. Britton-Harr then allegedly fraudulently billed Medicare, through his company Provista Health, for expensive respiratory pathogen panel (RPP) tests for these patients. The RPP tests were medically unnecessary, never ordered by a treating physician as required, and many were never actually performed, including tests for patients who were already deceased. Through Provista Health, Britton-Harr caused the submission of more than $15 million in fraudulent claims for RPP tests to Medicare.  Medicare eventually paid out more than $5 million.

    According to the second indictment, Britton-Harr owned and controlled AeroVanti, Inc. and its affiliated entities. Through AeroVanti, a private air club offering members a la carte access to private jets, Britton-Harr encouraged “Top Gun” members to pay $150,000 upfront to secure block flight hours. In return, Britton-Harr promised to use their money to purchase specific aircraft, in which Top Gun members would have a securitized interest.

    Britton-Harr recruited nearly 100 Top Gun members, who collectively paid approximately $15 million in upfront payments, to purchase five aircraft. Instead of buying the aircraft, Britton-Harr allegedly misappropriated members’ money for his own personal benefit, including paying for yachts and jewelry, his living expenses, and to rent a property near Tampa, Florida. Then Britton-Harr attempted to conceal his fraud by obtaining a $1.5-million loan to purchase one of the aircraft he already claimed that he purchased with Top Gun funds by withholding material information from the lender to obtain the loan.

    “It is unconscionable for someone to defraud the government and others for personal gain, especially as we faced a global health crisis,” Hayes said. “Britton-Harr showed a total disregard for those who depend on our Medicare system for health care services and for the individuals he scammed through his private-jet company. The U.S. Attorney’s Office is committed to working with our federal law-enforcement partners to bring those to justice who break the law and take advantage of others.”

    “The defendant allegedly perpetrated two fraud schemes, first exploiting the COVID-19 pandemic to defraud Medicare out of millions of dollars and then stealing millions more from customers of his aviation company, all for his personal benefit,” Galeotti said. “These indictments demonstrate the Criminal Division’s commitment to rooting out bad actors who steal from taxpayer-supported health care programs and defraud American consumers.”

    “Patrick Britton-Harr’s repeated crimes reveal a man with no moral compass motivated by pure greed. His deceit and scheming resulted in a staggering amount of loss to American taxpayers and the public,” DelBagno said. “He tried to fleece the U.S. government out of millions by taking advantage of a national crisis. After his laboratory testing business failed, Britton-Harr again turned to deception. Time and again, he chose to lie, steal, and deceive. No more. This investigation holds Britton-Harr accountable for his crimes and sends a clear message that the FBI and our partners will not allow such despicable behavior to go unchecked.”

    “Individuals who steal from Medicare waste taxpayer dollars and create incisions in the fabric that holds our health care system together. HHS-OIG will continue the pursuit of upholding the integrity, trust, and confidence in federal health care programs, which benefits the people they serve,” Dixon said. “HHS-OIG, in collaboration with our law enforcement partners, will continuously investigate alleged attempts to defraud these programs.”   

    “The scope of the alleged fraud is staggering and underscores the extraordinary lengths to which individuals will go to deceive and exploit others under the guise of legitimate business, including private aviation services,” Thompson said. “The DOT-OIG remains steadfast in its commitment to working in coordination with our law enforcement and prosecutorial partners to pursue those who engage in egregious schemes designed solely for personal enrichment.”

    Britton-Harr is charged with five counts of health care fraud and one count of money laundering in the indictment related to his RPP scheme. Additionally, Britton-Harr is charged with six counts of wire fraud in the indictment connected to the AeroVanti scheme.

    If convicted, he faces a maximum penalty of 20 years in prison for each wire fraud count and 10 years in prison for each health care fraud and money laundering count. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors.

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

    U.S. Attorney Hayes commended the FBI, HHS-OIG, and DOT-OIG for their work in investigating these cases. Ms. Hayes also thanked Assistant U.S. Attorneys Ari D. Evans and Matthew P. Phelps and Trial Attorneys David Peters and Chris Wenger, Criminal Division’s Fraud Section who are prosecuting these cases.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit justice.gov/usao-md  and justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI: Voxtur Announces Financial Results for the Q1 2025 – Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO and TAMPA, Fla., May 30, 2025 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, today announced its financial results for the three months ended March 31, 2025. The Company’s Unaudited Condensed Interim Consolidated Financial Statements and the related Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2025, are available at www.sedarplus.ca and at www.voxtur.com.

    Financial Results:

    Continuing Operations Unaudited
      Three months ended March 31
    (In thousands of Canadian dollars)   2025   2024
         
    Revenue 1 $ 8,310   $ 11,909  
    Gross profit 1   4,981     7,940  
    Gross profit as a % of Revenue 1   60 %   67 %
         
         

    1 Calculations include only the results from continuing operations and do not include results of discontinued operations. As at March 31, 2025, management was committed to a plan to sell one of the Company’s business units. Accordingly, the Company has presented that business unit as a disposal group held for sale and reported its results as discontinued operations.

    During the first quarter of 2025, revenue from continuing operations declined approximately $3.6 million and gross profit declined approximately $3 million compared to the same period in the prior year. Despite this, the Company’s net loss from continuing operations remained relatively stable, underscoring the meaningful impact of realizing synergies across the organization and cost reduction measures implemented by management over the past several quarters.

    Operational expense reductions initiated earlier this year began to positively impact the quarter, though the full benefit of these initiatives will be more fully realized in the second quarter and throughout the remainder of 2025.

    Further discussion with respect to the financial results can be found in the Company’s MD&A available at www.sedarplus.ca and at www.voxtur.com.

    Management continues to work in close partnership with the Company’s advisor and in conjunction with the Company’s creditor as part of the strategic review announced earlier this year. The primary objective of this process is to reduce debt and position the Company for long-term financial stability and strength.

    “We sincerely appreciate the continued support and patience of all our stakeholders as we navigate this important phase of our journey,” said Ryan Marshall, Voxtur’s CEO. “While we are not yet where we want to be, we are making steady progress, and our focus remains on building a more sustainable and resilient organization.”

    The Company intends to host a shareholder call in the near future upon having material updates on the strategic review process and outline the path forward for the business, including other key corporate developments.

    About Voxtur

    Voxtur is a proptech company. The company offers targeted data analytics to simplify the multifaceted aspects of the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value real estate assets, providing critical due diligence that enables market participants to effectively originate, trade, or service defaults on mortgage loans. As an independent and transparent mortgage technology provider, the company offers primary and secondary market solutions in the United States and Canada. For more information, visit www.voxtur.com. 

    Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities. These forward-looking statements reflect management’s current expectations regarding future events and the Company’s financial and operating performance and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to the anticipated financial performance of the Company and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions, integration of acquired businesses, and implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions related to defaulted mortgage loans, and the failure of clients to send foreclosure and bankruptcy referrals in volumes similar to those prior to the COVID-19 global pandemic; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. Factors relating to the Company’s financial guidance and targets disclosed in this press release include, in addition to the factors set out above, the degree to which actual future events accord with, or vary from, the expectations of, and assumptions used by, Voxtur’s management in preparing the financial guidance and targets.

    This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.

    Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.

    Company Contact: 

    Jordan Ross
    Tel: (416)708-9764

    jordan@voxtur.com

    The MIL Network –

  • MIL-OSI NGOs: MSF closes day care centre in Athens after nine years of providing care

    Source: Médecins Sans Frontières –

    After nearly a decade of offering vital medical, psychosocial, and social-legal support to migrants, asylum seekers, and refugees in Greece, Médecins Sans Frontières (MSF) closed our day care centre in Athens on 30 May 2025.

    The centre was opened in 2015 to respond to people’s urgent humanitarian needs during the peak of the EU migration crisis, as over one million people arrived in Greece seeking refuge from conflict, persecution, and instability. Since its inception, MSF’s multidisciplinary team —including medical staff, legal experts, and social workers —have provided free, comprehensive, and inclusive care regardless of patients’ legal status. We offered services ranging from essential healthcare and sexual and reproductive health services to mental health support, chronic disease management, and legal and social assistance.

    Over nine years, the day centre provided more than 14,900 consultations, including for non-communicable diseases, 51,859 sexual and reproductive health services consultations, and 24,475 mental health sessions. We also supported 1,289 survivors of sexual violence and provided 3,026 social work consultations that addressed people’s immediate medical needs and long-term wellbeing.

    14,900

    14,9

    consultations

    51,859

    51,859

    sexual and reproductive health services consultations

    24,475

    24,475

    mental health sessions

    At the peak in 2016, Athens received thousands of new arrivals fleeing conflict. While annual arrivals remain significant, at around 50,000 to 60,000, they no longer reflect the crisis levels of that year.

    Over the years, the centre evolved to meet the changing realities of migration in Greece, expanding services and intensifying advocacy efforts as access to healthcare became increasingly restricted by policy changes. During moments of crisis—from the 2016 EU-Türkiye deal to the COVID-19 pandemic—MSF adapted to protect and treat the most vulnerable, including people excluded from the health system, survivors of sexual violence, and undocumented individuals.

    Having fulfilled our emergency response in Athens and extending beyond what was planned, MSF has now closed the day care centre in line with our medical-humanitarian role, guided by needs assessments and focused on urgent, time-bound interventions. We now encourage civil society and national actors to take over and continue this vital work, even as global challenges—including reduced humanitarian funding—continue to affect people on the move.

    MSF urges the Greek government and the EU to respect their legal and humanitarian obligations for the protection of asylum seekers, recognised refugees and migrants, especially regarding the right to asylum, access to healthcare, decent reception and living conditions and fair administrative procedures.

    While we have transitioned medical services to some local actors, donated stocks of essential medicines to social pharmacies, and nonprofits, and handed over responsibilities to partners in Athens, we remain active in Greece with medical projects in Samos, Lesbos, and Leros. As a medical emergency organisation, MSF stands ready to respond to future crises and continuously assesses services to better support people.

    “Over nine years, MSF built more than a healthcare unit to provide free comprehensive medical services — we built a response that adapted to real human needs. When people couldn’t access care due to legal or social barriers, we expanded our services, advocated for their rights, and stood by them through every crisis,” says Christina Psarra, General Director of MSF in Greece.

    “When doors to the health system were closed, we worked to open others. This was never just a healthcare centre, it was a lifeline,” says Psarra.

    MIL OSI NGO –

  • MIL-OSI United Nations: UN Special Envoy for Road Safety in Djibouti and Kenya to support initiatives to increase road safety

    Source: United Nations Economic Commission for Europe

    The United Nations Secretary-General’s Special Envoy for Road Safety, Jean Todt, will visit Djibouti and Kenya from 27 May to 4 June 2025 to support global and national authorities’ road safety initiatives.  

    The Special Envoy will meet members of the Government as well as representatives of the private and public sectors three months after the Declaration of Marrakesh where Member states further committed to accelerate efforts for achieving the Decade of Action for Road Safety‘s goal of halving the number of the victims on the road by 2030.  

    The Silent pandemic on the road  

    The Special Envoy qualified road crashes as “The Silent Pandemic on the Road”. Indeed, every year, the staggering toll of road-related fatalities globally claims the lives of 1.19 million people, leaving 50 million others with severe injuries. Furthermore, road crashes are the leading cause of death for children and young adults aged 5–29 years.   

    “Africa is the continent proportionately most affected by road crashes. Knowing that these affect the youngest first, beyond the human tragedy this is an economic devastation, sacrificing or invalidating for life the active force of a country. While the vaccine to avoid this carnage on the road exists, I urgently call on everyone to use it”, stressed the Special Envoy. 

    The continent loses annually over 300,000 people through road crashes, even though its countries are witnessing the lowest levels of motorization in the world. Africa has a traffic fatality rate of 19.5 deaths per 100,000 people compared to 16 deaths per 100,000 in Southeast Asia, and 6.5 deaths per 100,000 in Europe.   

    38% of fatalities occur among pedestrians while 43 percent occur among car occupants. Motorized 2-3 wheelers and cyclists account for 7% and 5% of Africa’s traffic deaths respectively. A significant proportion of road fatalities on the continent occur in urban areas.  Furthermore, the ongoing improvement of the quality and coverage of Africa’s roads is likely to increase crashes if it is not accompanied by appropriate road safety measures.   

    Towards enhanced road safety in Djibouti 

    The fatality rate in Djibouti is 23/100,000 inhabitants (WHO 2023). Road safety remains a critical public health and development challenge. As part of his ongoing global advocacy, the Special Envoy will engage national authorities and partners in strengthening road safety efforts. 

    During the mission, Mr. Todt will meet with senior government officials to encourage the implementation of effective road safety legislation, improved enforcement, safer infrastructure, and better post-crash care. Discussions will also focus on the importance of data collection, education campaigns—particularly in schools—and the protection of vulnerable road users such as pedestrians, motorcyclists, and children.  

    Safer roads for economic growth in Kenya   

    The fatality rate in Kenya is estimated at 27.8 per 100,000 inhabitants (WHO, 2023), among the highest in Africa. Despite progress in policy and institutional frameworks, road traffic injuries remain a major public health concern, particularly affecting pedestrians, motorcyclists, and passengers. Kenya’s expanding road network is often challenged by infrastructure gaps, poor road user behavior, and limited enforcement capacity, especially outside major urban centers. 

    According to the National Transport and Safety Authority (NTSA), over 4,000 people lost their lives on Kenyan roads in 2023. Motorcycles—commonly used for short-distance transport (boda-bodas)—are involved in a significant share of crashes, with helmet non-use and overloading being frequent risk factors. This is especially concerning when we know that quality helmets reduce the risk of death by over six times and brain injury by up to 74% (WHO, 2023). 

    Since the last visit by the Special Envoy in 2024, UN Kenya has moved towards more concerted action on road safety. Going forward, UN Kenya will target particular blackspots for accidents and explore how to mobilize road safety ambassadors and Kenyan celebrities in sports to drive awareness on road safety in Kenya.   

    Photo credit: Adobe Stock Images by Eunika Sopotnicka 

    MIL OSI United Nations News –

  • MIL-OSI China: California’s ports face economic devastation as tariffs cripple trade with Asia-Pacific

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

    Ships loaded with containers are pictured at the Port of Los Angeles, California, the United States, on April 29, 2025. [Photo/Xinhua]

    California’s ports are experiencing worse conditions than during the COVID-19 pandemic as U.S. President Donald Trump’s reckless trade war with China and other Asia-Pacific economies harmed the state’s economy, triggering widespread job losses and forcing billions of dollars in budget cuts.

    “The vessel calls, or cancellations, that we’re seeing today are starting to exceed the number that we saw in COVID-19,” Mario Cordero, chief executive of the Port of Long Beach, told CalMatters, an independent news agency focusing on California, in an interview published Wednesday.

    The Port of Long Beach alone supported 2,714,707 jobs across the United States, representing one out of every 77 American jobs, according to a comprehensive economic impact analysis completed on May 12 by the Port of Long Beach. In California, the port said it supported 1.1 million jobs, accounting for approximately five percent of the state’s total employment.

    Trade expert Paul Bingham of S&P Global Market Intelligence confirmed the unprecedented nature of the crisis during another recent interview with Cordero.

    “There’s nothing like this that any of us that are still active in our careers have seen before,” Bingham said. “From an economics perspective, we’d have to go back over 90 years to the 1930s to find tariff levels for the United States on a trade-weighted basis close to what they are right now.”

    The Golden State, the strongest state in the field of economy in the country, faced a 12-billion-U.S.-dollar budget deficit, with Governor Gavin Newsom directly blaming Trump’s “chaotic tariffs strategy” during his May 14 state budget announcement.

    The of Port Long Beach operations had seen dramatic deterioration. According to Cordero, the port received typically 20 container vessels weekly, but the number dropped to 14 vessels two weeks into May 2025 and current schedules showed only 18 this week.

    At the Port of Los Angeles, Executive Director Gene Seroka said during a media briefing that the facility had expected 80 ships to arrive in May, but 17 were subsequently canceled.

    The Port of Oakland in Northern California saw a 15 percent month-over-month drop in container activity in April, according to port spokesperson Matt Davis.

    The human cost also proved devastating across California’s supply chain network. Part-time port workers received no hours while full-time longshoremen struggled to reach 40 hours per week, according to Gary Herrera, president of the International Longshore Workers Union Local 13, speaking at a media briefing with Long Beach officials.

    Eric Tate, secretary-treasurer of Teamsters Local 848 representing about 8,000 truck drivers in Southern California, said in May that some drivers worked only one to two days weekly.

    “When there’s no work for longshoremen, there’s very little work for us except gate monitoring,” Luisa Gratz, president of International Longshore Workers Union Local 26, told CalMatters. “It’s heartbreaking. It’s putting people out of work.”

    California has deep economic ties with the Asia-Pacific markets. Chinese goods account for 40 percent of imports at the Port of Los Angeles, 63 percent at the Port of Long Beach, and 45 percent at the Port of Oakland, according to CalMatters’ data.

    The Port of Long Beach’s economic impact analysis showed the facility generates 309 billion dollars in national gross domestic product (GDP) and 84.4 billion dollars in tax revenues annually.

    The agricultural sector, California’s economic backbone worth 59 billion dollars annually, faced significant losses. “We got hammered. We lost the whole Chinese market to Australia. At this point, I’m on the verge of losing everything,” Christine Gemperle, an almond farmer of Stanislaus County, told The Los Angeles Times last month.

    Almond prices crashed from 2.5 dollars per pound to 1.4 dollars per pound due to tariffs imposed by Trump during his first term in 2018, according to research from the University of California’s Giannini Foundation of Agricultural Economics.

    Furthermore, the uncertainty caused by tariff policies has resulted in substantial economic damage for businesses, said experts.

    “The uncertainty here is not something because we have a virus we don’t understand, it’s the uncertainty around policy and what that has done to business, where there’s a lack of certainty, a lack of ability to plan has imposed costs on all of us,” Bingham said during his interview with Cordero.

    Economic analysts have warned of broader recession risks. The International Monetary Fund slashed its U.S. and global economic growth forecasts, citing Trump’s tariffs. Apollo Global Management’s chief economist, Torsten Slok, forecasts a “self-inflicted recession” by summer 2025, with layoffs spreading from trucking to retail.

    “You can’t put the toothpaste back into the tube — once you squeeze it, it’s out,” Constance Hunter, chief economist at the Economist Intelligence Unit, told The Washington Post on April 28.

    On Wednesday, a three-judge panel of the U.S. Court of International Trade invalidated Trump tariffs. In the ruling published on the court’s website, “The court holds for the foregoing reasons that IEEPA does not authorize any of the Worldwide, Retaliatory, or Trafficking Tariff Orders.”

    MIL OSI China News –

  • MIL-Evening Report: French politicians in New Caledonia to stir the political melting pot

    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk

    French national politicians have been in New Caledonia as the territory’s future remains undecided.

    Leaders from both right-wing Les Républicains (LR) and Rassemblement National (RN), — vice-president François-Xavier Bellamy and Marine Le Pen respectively — have been in the French Pacific territory this week.

    They expressed their views about New Caledonia’s political, economic and social status one year after riots broke out in May 2024.

    Since then, latest attempts to hold political talks between all stakeholders and France have been met with fluctuating responses, but the latest round of discussions earlier this month ended in a stalemate.

    This was because hardline pro-France parties regarded the project of “sovereignty with France” offered by French Overseas Minister Manuel Valls was not acceptable. They consider that three self-determination referendums held in 2018, 2020 and 2021 rejected independence.

    However, the last referendum, in December 2021, was largely boycotted by the pro-independence movement and its followers due to indigenous Kanak cultural concerns around the covid-19 pandemic.

    The pro-France camp is accusing Valls of siding with the pro-independence FLNKS bloc and other more moderate parties such as PALIKA (Kanak Liberation Party) and UPM (Union Progressiste en Mélanésie), who want independence from France.

    Transferring key powers
    Valls is considering transferring key French powers to New Caledonia, introducing a double French/New Caledonian citizenship, and an international standing.

    The pro-France camp is adamant that this ignores the three no referendum votes.

    Speaking to a crowd of several hundred supporters in Nouméa on Tuesday evening, Bellamy said he now favoured going ahead with modifying conditions of eligibility for voters at local provincial elections.

    The same attempts to change the locked local electoral roll — which is restricted to people residing in New Caledonia from before November 1998 — was widely perceived as the main cause for the May 2024 riots, which left 14 dead.

    Bellamy said giving in to violence that erupted last year was out of the question because it was “an attempt to topple a democratic process”.

    Les Républicains, to which the Rassemblement-LR local party is affiliated, is one of the major parties in the French Parliament.

    Its newly-elected president Bruno Retailleau is the Minister for Home Affairs in French President Emmanuel Macron’s coalition government.

    Nouméa Accord ‘now over’
    Bellamy told a crowd of supporters in Nouméa that in his view the decolonisation process prescribed by the 1998 Nouméa Accord “is now over”.

    “New Caledonians have democratically decided, three times, that they belong to France. And this should be respected,” he told a crowd during a political rally.

    In Nouméa, Bellamy said if the three referendum results were ignored as part of a future political agreement, then LR could go as far as pulling out of the French government.

    Marine Le Pen, this week also expressed her views on New Caledonia’s situation, saying instead of focusing on the territory’s institutional future, the priority should be placed on its economy, which is still reeling from the devastation caused during the 2024 riots.

    The efforts included diversifying the economy.

    A Paris court convicted Le Pen and two dozen (RN) party members of embezzling European Union funds last month, and imposed a sentence that will prevent her from standing in France’s 2027 presidential election unless she can get the ruling overturned within 18 months.

    The high-profile visits to New Caledonia from mainland French leaders come within two years of France’s scheduled presidential elections.

    And it looks like New Caledonia could become a significant issue in the pre-poll debates and campaign.

    LFI (La France Insoumise), a major party in the French Parliament, and its caucus leader Mathilde Panot also visited New Caledonia from May 9-17, this time mainly focusing on supporting the pro-independence camp’s views.

    Macron invites all parties for fresh talks in Paris
     On Tuesday, May 27, the French President’s office issued a brief statement indicating that it had decided to convene “all stakeholders” for fresh talks in Paris in mid-June.

    The talks would aim at “clarifying” New Caledonia’s economic, political and institutional situation with a view to reaching “a shared agreement”.

    Depending on New Caledonia’s often opposing political camps, Macron’s announcement is perceived either as a dismissal of Valls’ approach or a mere continuation of the overseas minister’s efforts, but at a higher level.

    New Caledonia’s pro-France parties are adamant that Macron’s proposal is entirely new and that it signifies Valls’ approach has been disavowed at the highest level.

    Valls himself wrote to New Caledonia’s political stakeholders last weekend, insisting on the need to pursue talks through a so-called “follow-up committee”.

    It is not clear whether the “follow-up committee” format is what Macron has in mind.

    But at the weekend, Valls made statements on several French national media outlets, stressing that he was still the one in charge of New Caledonia’s case.

    “The one who is taking care of New Caledonia’s case, at the request of French Prime Minister François Bayrou, that’s me and no one else,” Valls told French national news channel LCI on May 25.

    “I’m not being disavowed by anyone.”

    Local parties still willing to talk
     Most parties have since reacted swiftly to Macron’s call, saying they were ready to take part in further discussions.

    Rassemblement-LR leader Virginie Ruffenach said this was “necessary to clarify the French state’s position”.

    She said the clarification was needed, since Valls, during his last visit, “offered an independence solution that goes way beyond what the pro-independence camp was even asking”.

    Local pro-France figure and New Caledonia’s elected MP at the French National Assembly, Nicolas Metzdorf, met Macron in Paris last Friday.

    He said at the time that an “initiative” from the French president was to be expected.

    Pro-independence bloc FLNKS said Valls’ proposal was now “the foundation stone”.

    Spokesman Dominique Fochi said the invitation was scheduled to be discussed at a special FLNKS convention this weekend.

    Valls’ ‘independence-association’ solution worries other French territories
     Because of the signals it sends, New Caledonia’s proposed political future plans are also causing concern in other French overseas territories, including their elected MPs in Paris.

    In the French Senate on Wednesday, French Polynesia’s MP Lana Tetuanui, who is pro-France, asked during question time for French Foreign Affairs Minister Jean-Noël Barrot to explain what France was doing in the Pacific region in the face of growing influence from major powers such as China.

    She told the minister she still had doubts, “unless of course France is considering sinking its own aircraft carrier ships named New Caledonia, French Polynesia and Wallis and Futuna”.

    French president Emmanuel Macron has been on a southeast Asian tour this week to Vietnam, Indonesia and Singapore, where he will be the keynote speaker of the annual Shangri-La Dialogue.

    He delivers his speech today to mark the opening of the 22nd edition of the Dialogue, Asia’s premier defence summit.

    The event brings together defence ministers, military leaders and senior defence officials, as well as business leaders and security experts, from across the Asia-Pacific, Europe, North America and beyond to discuss critical security and geopolitical challenges.

    More specifically on the Pacific region, Macron also said one of France’s future challenges included speeding up efforts to “build a new strategy in New Caledonia and French Polynesia”.

    As part of Macron’s Indo-Pacific doctrine, developed since 2017, France earlier this year deployed significant forces in the region, including its naval and air strike group and its only aircraft carrier, the Charles de Gaulle.

    The multinational exercise, called Clémenceau 25, involved joint exercises with allied forces from Australia, Japan and the United States.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Murray Responds to Trump Admin Canceling Ongoing Contract to Develop Bird Flu Vaccine

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former chair of the Senate Committee on Health, Education, Labor, and Pensions (HELP), issued the following statement in response to the Trump administration’s abrupt cancellation of a contract with Moderna to develop an mRNA vaccine to combat bird flu in humans.
    “As bird flu continues to spread across the U.S.—and infect humans—it’s hard to imagine something more shortsighted than canceling the contract for a new vaccine that’s shown promise in protecting people from the disease. mRNA technology has shown incredible promise and helped save millions of lives—but now this administration is casting doubt on the very technology this president propelled in his first administration that ultimately ended a pandemic. We are all now suffering the dangerous consequences of Republicans confirming an anti-vax conspiracy theorist to serve as the nation’s top health official. This contract has helped fund an early trial with promising results. Now, all that work is being put in serious jeopardy—talk about government waste and inefficiency. Donald Trump and RFK Jr. want to stop lifesaving vaccines from being discovered, and they are very intentionally pushing this country down a dangerous path: we will be less prepared for the next influenza pandemic, putting the lives and health of the American people at real risk.”
    Senator Murray has been a leading voice in Congress against RFK Jr.’s destruction of HHS and America’s health infrastructure, raising the alarm over HHS’ unilateral reorganization plan and slamming the closure of the HHS Region 10 office in Seattle and the CDC’s National Institute for Occupational Safety and Health (NIOSH) Spokane Research Laboratory. Senator Murray has sent oversight letters and hosted numerous press conferences and events to lay out how the administration’s reckless gutting of HHS is risking Americans health and safety and will set our country back decades, and lifting up the voices of HHS employees who were fired for no reason and through no fault of their own.
    In particular, Senator Murray has been leading the charge against the Trump administration’s efforts to gut lifesaving research at NIH and pushed out nearly 5,000 NIH skilled scientists, grants administrators, and other employees at the agency. When the Trump administration attempted to illegally cap indirect cost rates at 15 percent, Senator Murray immediately and forcefully condemned the move, led the entire Senate Democratic caucus in a letter decrying the proposed change, and introduced amendments to Senate Republicans’ budget resolution to reverse it, which Republicans blocked. Murray has led Congressional efforts to boost biomedical research. Previously, over her years as Chair of the Labor-HHS Appropriations Subcommittee, Senator Murray secured billions of dollars in increases for biomedical research at NIH, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments. 
    Senator Murray forcefully opposed the nomination of notorious anti-vaccine activist RFK Jr. to be Secretary of HHS, and she has long worked to combat vaccine skepticism and highlight the importance of scientific research and vaccines. Murray was also a leading voice against the nomination of Dr. Dave Weldon to lead CDC, repeatedly speaking up about her serious concerns with the nominee immediately after their meeting. In 2019, Senator Murray co-led a bipartisan hearing in the HELP Committee on vaccine hesitancy and spoke about the importance of addressing vaccine skepticism and getting people the facts they need to keep their families and communities safe and healthy. Ahead of the 2019 hearing, as multiple states were facing measles outbreaks in under-vaccinated areas, Murray sent a bipartisan letter with former HELP Committee Chair Lamar Alexander pressing Trump’s CDC Director and HHS Assistant Secretary for Health on their efforts to promote vaccination and vaccine confidence.

    MIL OSI USA News –

  • MIL-OSI USA: In Everett, Murray Holds Roundtable on Trump Putting $16.7 Million for Snohomish County Homelessness Prevention At Risk, Hears from Affected Organizations—Vows to Fight Housing Budget Cuts

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ***PHOTOS AND B-ROLL FROM EVENT HERE***

    ***AUDIO HERE***

    Everett, WA — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a roundtable discussion on the Trump administration’s senseless decision to jeopardize Continuum of Care (CoC) grant funding from the Department of Housing and Urban Development (HUD)—which helps communities address homelessness—by placing new, potentially unlawful conditions on the grant funding. Joining Senator Murray for the roundtable were: Snohomish County Human Services Director Mary Jane Brell-Vujovic; Joe Alonzo, CEO of Cocoon House; Kathryn Opina, Interim CEO of Housing Hope; Mary Anne Dillon, Vice President of Permanent Housing for the YWCA Seattle | King | Snohomish; Becky Megard, Chief Operations Officer of Domestic Violence Services of Snohomish County; and Theresa Jones, a single mother of three whose family has benefitted from Housing Hope’s programs and who is now working toward obtaining her associate’s degree in Family and Social Services.

    Local governments and non-profits across the country that had qualified for the federal CoC grant programs were informed in March that this year’s funding would require recipients to comply with vaguely worded executive orders that Trump signed in the opening weeks of his second term, specifically related to immigration status, abortion and reproductive care, “gender ideology,” and DEI programs. Snohomish County had already been allocated $16.7 million in CoC grant funding this year—only to be told their receipt of that funding is conditional on meeting the requirements of the president’s various executive orders. CoC grant funding goes toward 23 programs that offer housing and supportive services for homeless individuals and families in Snohomish County. Snohomish County anticipates that its partner agencies—who provide rapid rehousing and rental assistance, as well as specific services for young adults, people with disabilities and survivors of domestic violence—would also not be able to sign off on the administration’s new conditions.

    Snohomish County is one of eight original plaintiffs in a King County-led coalition of local governments across the country who are suing the Trump administration over the potential loss of funding. The lawsuit was filed on May 2nd. Pierce County also joined the City and County of San Francisco, Santa Clara County, New York City, Boston, and Columbus (Ohio) in filing the lawsuit in U.S. District Court in Seattle. Sound Transit, the Port of Seattle, and at least 20 other local governments across the country have since joined the lawsuit, which also challenges similar conditions in U.S. Department of Transportation grant agreements. On May 8th, District Court Judge Barbara Rothstein granted a Temporary Restraining Order (TRO) preventing the Trump Administration from imposing these conditions on CoC funds or withholding CoC funds based on the conditions, and on May 23 she extended that TRO to June 4.

    “Continuum of Care grant funding helps local organizations provide really important services for people experiencing homelessness—these are proven, effective investments that actually save communities money in the long run. But Trump is ripping away funding to prevent homelessness at the same time that he’s pushing Republicans to pass new, deficit-busting tax breaks for billionaires,” said Senator Murray. “Affordable housing and homelessness is a crisis and President Trump is making it a lot worse—from pushing out staff across HUD who work with groups like everyone here to keep programs running and get grants we pass out the door, freezing funding across the government, and turning federal funds meant to help people into a tool for his own partisan goals with outrageous, illegal restrictions that cut providers off from funds. President Trump hasn’t put out his full budget yet, but when it comes to housing, I’ve seen enough—he would kick millions out onto the street and make the homelessness and affordable housing crisis so much worse. Trump can write a budget, but Congress can tear it up—and we will as long as I have anything to say about it. I’ll keep fighting back in Congress to protect our investments in preventing homelessness when we write our funding bills and highlight the stories of organizations like the ones we heard from today.”

    President Trump’s “skinny budget” proposal for Fiscal Year 2026 would slash funding for HUD by almost 50 percent—a staggering cut that would decimate the HUD housing assistance programs, making millions of Americans vulnerable to homelessness. Trump’s budget proposes to convert all rental assistance programs into a formula-based “State Rental Assistance Block Grant” and reduce total funding by $26.7 billion, or a 42 percent cut. His budget also proposes to consolidate the CoC Program with the Housing Opportunities for Persons with AIDS (HOPWA) program within the formula-based Emergency Solutions Grant and to time-limit assistance to two years, all while reducing overall funding by $532 million, or 12 percent. In addition, President Trump’s budget proposes to eliminate or reduce numerous HUD programs, including eliminating major formula programs communities rely upon to develop new affordable housing and for community development activities. The President’s full budget request has not yet been released. As the top Democrat on the Senate Appropriations Committee, Senator Murray plays a key role in negotiating annual funding for HUD through the appropriations process.

    “Snohomish County has created one of the most successful Continuum of Care networks in the nation, and the federal support is essential to save lives and reduce human suffering,” said Snohomish County Department of Human Services Director Mary Jane Brell Vujovic. “There are no additional resources at the local or state level to make up for the federal funding, and the lives of people literally hang in the balance.”

    “If the most vulnerable members of our community—domestic violence victims, people with disabilities, unhoused youth and veterans—cannot receive basic life-saving support from the federal government, they will suffer and possibly die,” said Snohomish County Executive Dave Somers. “The programs funded by the Continuum of Care are some of the most powerful tools to keep people off the streets and safe. We are very grateful for Senator Murray’s compassionate advocacy for these fundamental responsibilities of the federal government.”

    “Our housing program is a critical component of the safety net for survivors of domestic violence. It not only provides immediate refuge but also a foundation for long-term stability, recovery, and self-sufficiency. Without this vital support, families are at risk of cycling back into danger or falling into homelessness. Continued federal investment ensures that our shelter system remains responsive, accessible, and equipped to break the cycle of violence—one safe home at a time,” said Domestic Violence Services of Snohomish County Chief Operational Officer Becky Megard.

    “The young people we serve don’t care about political power struggles, nor do they have interest in having their identities erased.  They want the opportunity to find a stable and supportive housing environment, to gain skills, and to break the cycle of poverty and homelessness.  In this situation, they unfortunately stand to lose the most,” said Joe Alonzo, CEO of Cocoon House. “Loss of CoC funds will have immediate and ripple impacts on homeless youth and young adults in Snohomish County.  Without CoC funding or a viable replacement option, nearly 200 young people will experience loss of housing and vital supports.  These funds are critical for the operation of programs and services that were designed to address their unique situations.”

    “In Snohomish County, HUD Continuum of Care funds are the backbone of our homelessness response system. These funds are absolutely essential for providing services to individual families and ensuring that our system functions effectively,” said Kathryn Opina, Interim CEO of Housing Hope. “Without this funding, we will see a significant increase in homelessness, particularly for families with children and other vulnerable populations. Housing Hope thanks Senator Murray for fighting for this critical funding.”  

    “The women and families YWCA serves matter. Cutting funding only creates more barriers for those we serve, and these threats have the potential to be devastating. Even in the face of these challenges, it’s important that we continue to provide the services our community relies on,” said Mary Anne Dillon, Vice President of Permanent Housing at the YWCA Seattle | King | Snohomish.

    “Housing Hope has been active in my life since 2020, so five years now,” said Theresa Jones, a 45-year-old single mother of three. “They were a godsend; they came into my life 2 months before everything shut down for COVID. At the time they came into life I was living in a motel room with my 3 daughters… And I was working two jobs, so it was ultimately up to my 16-year-old, with an autoimmune disease, to raise my younger two just so I could work to keep some sort of roof over our head and some sort of food. And every time I tried to get assistance, I was told I didn’t qualify or I made too much money, all because I didn’t check the right boxes. And so by the time Housing Hope came into my life, my kids were not going to school regularly because of mental and physical health reasons, with us being homeless. My physical health was getting worse… [Housing Hope] immediately got us into a family shelter. That way I could back off from working enough to help raise my family and to see what steps we needed to do next. They got me into a transitional housing unit, which I am still there, and it is a very big blessing. Because of having the safe and stable housing that I can afford, without having to struggle, I have been able to get myself and my children the mental health they need. We are now better physically than we have been in a long time, because I’m able to keep up with our physical issues as they come up instead of having to postpone them because I can’t afford to take off of work… Now I’m a full-time college student going to get my associate’s degree in Family and Social Services because that’s where I feel I can have the most impact.”

    Senator Murray has consistently worked to address Washington state’s housing crisis and has secured major federal investments to help families keep a roof over their heads. Throughout the pandemic, Senator Murray—then Chair of the Senate Health, Education, Labor and Pension (HELP) Committee—played a major role in writing federal COVID-19 relief legislation that secured major support for people facing housing insecurity, championing sizable investments in rental assistance and other programs that collectively resulted in the largest eviction prevention effort in American history. In the Fiscal Year 2024 government funding bill Murray negotiated and passed as Appropriations Chair, Murray secured billions for HUD as well as millions of dollars in Congressionally Directed Spending for affordable housing projects throughout Washington state.  

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement on the Second Review of the Extended Credit Facility with Togo

    Source: IMF – News in Russian

    May 29, 2025

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

    • IMF Staff and the Togolese authorities have reached staff-level agreement on economic policies and reforms to conclude the second review of the Extended Credit Facility (ECF)-supported program. Once the review is completed by the IMF Executive Board, Togo will have access to SDR 44.0 million (about US$58.4 million) in financing.
    • The IMF-supported program is broadly on track, with robust growth and moderating inflation. All quantitative targets and all structural benchmarks at end-December 2024 met, except for the quantitative performance criterion on the fiscal balance.
    • The authorities have reaffirmed their commitment to implementing sound policies, including by raising fiscal revenue, containing debt accumulation, and making growth more inclusive, as well as enacting structural reforms to enhance public financial management, strengthen the financial sector, and enhance governance.

    Washington, DC: An International Monetary Fund (IMF) staff team, led by Hans Weisfeld held meetings with the Togolese authorities in Lomé and Washington in recent months to discuss progress under the authorities’ economic program supported by an IMF Extended Credit Facility (ECF) arrangement.

    At the conclusion of the discussions, Mr. Weisfeld issued the following statement:

    “The mission has had constructive and productive discussions with the Togolese authorities and commended them on the sustained progress in advancing reforms. A staff-level agreement was reached on all policies, including key parameters of the 2025 fiscal framework and reform measures going forward, in line with the program‘s objectives.

    “Economic growth reached an estimated 5.3 percent in 2024 and is projected at 5.2 percent in 2025 and around 5.5 percent per year thereafter, barring major adverse shocks. Inflation has continued to slow, reaching 2.6 percent in April 2025 (annual average). 

    “The IMF-supported government economic policy program is broadly on track. The authorities met all quantitative performance criteria for end-2024 except the criterion on the fiscal balance. Tax revenue in 2024 increased as planned, while non-tax revenue even exceeded expectations. At the same time, financing support provided to local communities affected by floods and the purchase of a large stock of fertilizers that are being made available to farmers at subsidized prices meant that government debt rose more quickly than planned, slowing progress toward stronger debt sustainability. To help the public understand budget execution and the drivers of debt, the authorities have published an explanation of fiscal developments in 2024. This is a very welcome step.

    “At the same time, the authorities made good progress on structural reforms. They met both outstanding structural benchmarks set for end-2024 by (i) strengthening the budgetary risk analysis report accompanying the draft annual budgets; and (ii) injecting substantial funds into the remaining public bank to bring its regulatory capital in line with the requirements set by the regional banking regulator. The authorities also aim to continue to enhance governance. They (i) are working on strengthening the public procurement legal framework to require the publication of the names of beneficial owners of companies awarded procurement contracts; and (ii) have invited an IMF Governance Diagnostic Assessment and committed to publishing its findings.

    “It will be very important to make good progress on the planned growth-friendly and socially responsible fiscal consolidation to reinforce debt sustainability while continuing reforms to enhance public financial management, strengthen the financial sector, and enhance governance.

    “The IMF approved the ECF arrangement in March 2024 to help the authorities address the legacies of shocks seen since 2020, notably the COVID pandemic and the increase in global food and fuel prices. The Togolese authorities were able to lessen the impacts of these shocks on the Togolese economy and population, but this came at the price of large fiscal deficits and a rapidly rising debt burden. The IMF-supported government program aims to (i) make growth more inclusive while strengthening debt sustainability, and (ii) conduct structural reforms to support growth and limit fiscal and financial sector risks. The IMF provides financing of SDR 293.60 million (about US$ 390 million) on favorable terms to Togo through the ECF arrangement. The IMF Executive Board completed the First Review of the program in December 2024.   

    The staff team looks forward to continuing the fruitful dialogue with the Togolese authorities and stakeholders in the period ahead, including in the context of the mission for the Third Review in the second half of 2025.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Kwabena Akuamoah-Boateng

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

    https://www.imf.org/en/News/Articles/2025/05/29/pr-25166-togo-imf-reaches-agreement-on-the-2nd-rev-of-ecf-with-togo

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: Illinois man charged with COVID fraud

    Source: Office of United States Attorneys

    ROCHESTER, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Joseph Giannini, 54, of Chicago, IL, pleaded guilty before U.S. District Judge Charles J. Siragusa to conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison and a $250,000 fine.

    Assistant U.S. Attorney Kyle P. Rossi, who is handling the case, stated that in April and May 2020, Giannini submitted false applications to the Paycheck Protection Program (PPP), and Economic Injury Disaster (EIDL) loan programs, which were intended to provide funding to businesses that were negatively impacted by the COVID-19 pandemic. Giannini applied for seven fraudulent loans for various businesses, making false representations about profits and employee payrolls for those businesses. In total, Giannini applied for $606,635.00 in loans, for which he was actually paid $280,135.00. One of the fraudulent applications was submitted on behalf of the Rochester business Spin Marketing Inc., which is owned by co-defendant Ann Spinosa. Spinosa is currently charged by federal indictment.

    The plea is the result of an investigation by the Internal Revenue Service Criminal Investigations Division, under the direction of Special Agent in Charge Harry Chavis.         

    Sentencing is scheduled for September 29, 2025, at 9:30 a.m. before Judge Siragusa.

    MIL Security OSI –

  • MIL-OSI: Central 1 reports first quarter 2025 financial results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 29, 2025 (GLOBE NEWSWIRE) — Central 1 Credit Union (Central 1) today reported its 2025 first quarter performance reflecting continued strength in its core fee-based revenue streams and a one-time provision associated with the transfer of its Digital Banking business.

    “This quarter, we finalized activities to support the transition of the digital banking side of our business, including the transfer of some employees to Intellect Design,” said Sheila Vokey, President & CEO of Central 1. “We are focused on our role to deliver reliable payments through a centralized platform of new APIs, core investments and financial products through our treasury team, and as a connector to critical financial services partners and major banking hosts in Canada. Central 1 remains focused on delivering long-term value through ongoing innovation and operational stability.”

    First quarter 2025 compared with the first quarter 2024:

    • Net loss, inclusive of provision related to digital banking, was $24.0 million, compared with net income of $28.9 million.
    • Adjusted net income of $1.7 million, compared with $28.9 million.
    • Net interest income was $17.4 million, compared with $14.5 million.
    • Net fair value losses were $7.4 million, compared with net fair value gains of $34.5 million.
    • Return on average equity (ROE)1,2 of (2.3)%, compared with 3.8%. 
    • Adjusted ROE1,2 of 0.8%, compared with 3.8%.

    Adjusted net income in the current quarter excludes a provision of $35.1 million (pre-tax).

    Core Business Performance:

    Digital Banking
    In January 2025, Central 1 announced the transfer of digital banking operations to Intellect Design Arena Ltd. (Intellect), and the transaction closed February 28, 2025. Also during the quarter, Central 1 recognized a provision of $35.1 million related to the asset transfer and Central 1’s obligation to provide on-going access to its digital banking infrastructure to Intellect. Central 1 continues to work with Intellect and our clients to support clients’ transition to alternative digital banking providers within a three-to-four-year timeline.

    Treasury
    Treasury reported net income was $5.4 million for the quarter, reflecting the impact of challenging market conditions, including a broad-based widening of credit spreads and a shift in market sentiment. Widening credit spreads in response to the threat of higher tariffs resulted in unrealized losses on Treasury’s fixed income portfolio of $7.4 million. While these external factors influenced performance compared to the $34.6 million reported in the first quarter of the prior year, results were supported by an increase in net interest income, underscoring the strength and resilience of the core business operations.

    Payments
    Payments reported a net loss of $1.7 million for the quarter, compared to net income of $1.9 million in the same period last year. This loss reflects strategic investments to accelerate long-term growth, including the ongoing development of enhanced payment capabilities for both new and existing clients. As part of this forward-looking approach, non-interest expenses increased by $5.6 million year-over-year. Total revenue remained consistent with the prior year, highlighting a stable foundation as the division positions itself for future expansion.

    In February, Central 1 welcomed a new Chief Payments Officer, Barclay Hancock, who draws on his significant experience in payments across business and financial services to lead the business line as we continue to deliver reliable payments services through our centralized, modular platform of APIs. Central 1 continues to add API availability, including API access to our existing connections with all the major banking hosts in Canada — delivering payments transactions and banking host data for clients regardless of the digital banking provider they use.

    Central 1’s first quarter Management’s Discussion and Analysis (MD&A) and Financial Statements have been filed on Central 1’s SEDAR profile at www.sedarplus.com and are also available at www.central1.com/investor-relations. 

    Notes
    1.This is a non-GAAP financial ratio. Refer to the “Non-GAAP and Other Financial Measures” section of the MD&A for more information.

    2.When calculating the annualized return on average assets and annualized return on average equity, the onerous contract provision was treated as a non-recurring item and therefore was not annualized.

    About Central 1
    Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $10.8 billion as of March 31, 2025, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com. 

    Caution Regarding Forward Looking Statements
    This press release and announcement contain historical and forward-looking statements. All statements other than statements of historical fact are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. These include, without limitation, statements relating to our financial and non-financial performance objectives, vision and strategic goals and priorities, including focus on capital and cost management, the economic, market and regulatory review and outlook for the Canadian economy and the provincial economies in which our member credit unions operate , the impacts of external events such as international conflicts, protests, natural disasters or pandemics, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions.

    Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results and the timing of such results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, international conflicts, natural disasters or pandemics, geopolitical uncertainty, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Central 1 is subject to risks associated with evolving U.S. trade and tariff policies, inflationary pressures, interest rate volatility, and potential regulatory changes under the current U.S. administration. Shifts in tariff structures or global trade conditions may adversely affect our cost structure and overall operating environment. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

    Contacts

    Media:
    Heather Merry
    Senior Manager, Communications
    Central 1 Credit Union
    T 1.800.661.6813 ext. 2355
    E communications@central1.com

    Investors:
    Brent Clode
    Chief Investment Officer
    Central 1 Credit Union
    T 905.282.8588 or 1.800.661.6813 ext. 8588
    E bclode@central1.com

    The MIL Network –

  • MIL-OSI: RBB Bancorp Announces $18 Million Stock Repurchase Plan

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, May 29, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank (“the Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company”, announced that its Board of Directors authorized a stock repurchase plan providing for the repurchase of up to $18 million of the Company’s outstanding common stock through June 30, 2026.

    The repurchase plan permits shares to be purchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Commission. The authorized repurchase plan may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase plan does not obligate the Company to purchase any particular number of shares.

    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2025, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to Asian-centric communities through 24 full-service branches across 6 states including California, Nevada, New York, New Jersey, Illinois, and Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    Contact:
    Lynn Hopkins
    Chief Financial Officer
    (213) 716-8066

    The MIL Network –

  • MIL-OSI Security: Pastor at Word of God Church Pleads Guilty to Fraudulently Obtaining More than $400,000 in COVID-19 Loans

    Source: Office of United States Attorneys

    RALEIGH, N.C. – Mitchell Summerfield, age 45, of Raleigh, pleaded guilty Tuesday to conspiracy to commit bank fraud and wire fraud in connection with a scheme to fraudulently obtain COVID-19 loan funds.  At sentencing, Summerfield faces a maximum sentence of 30 years’ imprisonment, a $1,000,000 fine, and five years of supervised release. Summerfield will also be required to pay restitution in an amount to be determined. 

    According to court documents and other information presented in court, Summerfield was the pastor of the Word of God Fellowship Church in Raleigh, and also owned various other entities, including Winning Ways, KHS Investments, and Vision and Destiny.  Between July 2020 and July 2021, Summerfield conspired with others to submit false and fraudulent applications for Paycheck Protection Program (PPP) loans and Economic Injury Disaster loans (EIDL) for these entities.

    Congress created the PPP program in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in order to mitigate the economic impacts of the COVID-19 pandemic for small businesses. PPP loans were fully guaranteed by the United States and forgivable so long as the proceeds were used for payroll and other qualified expenses.  The CARES Act also expanded the EIDL program to assist small businesses experiencing financial distress due to the pandemic. The PPP and EIDL programs were administered by the U.S. Small Business Administration (SBA).   

    Summerfield submitted multiple EIDL and/or PPP applications on behalf of Winning Ways, KHS Investments, and Vision and Destiny.  Summerfield made various false statements in the applications to induce the SBA and lending institutions to approve and disburse the requested loan amounts.  Summerfield also provided fabricated IRS tax forms, including false income tax returns. As a result of the fraudulent applications, Summerfield received more than $400,000 in PPP and EIDL funds.  Summerfield used the loan fraud proceeds for unauthorized and unlawful purposes, including paying for personal expenses.

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina, made the announcement after U.S. District Judge Terrence W. Boyle accepted the plea.  The Internal Revenue Service, Criminal Investigation, investigated the case.  Special Assistant U.S. Attorney Lisa K. Labresh prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 5:25-CR-22.

    ###

    MIL Security OSI –

  • MIL-OSI USA: Carter meets with Augusta University in support of telehealth funding

    Source: United States House of Representatives – Congressman Earl L Buddy Carter (GA-01)

    Headline: Carter meets with Augusta University in support of telehealth funding

    AUGUSTA – Rep. Earl L. “Buddy” Carter (R-GA) this week met with officials at Augusta University to discuss his advocacy for the Medical College of Georgia (MCG), including the $1 million he secured in FY23 to support the College’s Center for Digital Health.


    From Left to Right: David Hess, MD, Dean of Medical College of Georgia; Rep. Buddy Carter (GA-01); and Matt Lyon, MD, Director of Medical College of Georgia


    “Telehealth is vital for seniors and those in rural areas. I often say that we knew how important telehealth was before the pandemic, but we didn’t realize it until after. As a health care professional, I am a strong supporter of telehealth services and am proud of the work Augusta University is doing to bring this resource to more patients. When the government supports Augusta University, we support longer, healthier lives for Georgians,” said Rep. Carter.

     

    “The investments Congressman Carter has helped secure for Augusta University are helping us tackle some of our state and country’s most urgent challenges. From pioneering research to combat the devastating fentanyl crisis to expanding health care access through innovative technology, this support enables us to fulfill our core mission: improving the lives of people across Georgia and beyond,” said Russell Keen, President of Augusta University. “These partnerships demonstrate how targeted federal investment can create meaningful change in communities, from cities to our most rural areas. We’re deeply grateful for his vision and continued commitment.”

     

    “I was honored to meet with Congressman Carter and share more about MCG’s expanding impact across Georgia. MCG and AU are making strategic investments throughout the state, including a new four-year medical school campus in Savannah. Our medical school is committed to advancing medical education and health care access for all Georgians—  and we are excited to share our progress with our legislative partners,” said David Hess, MD, Dean of the Medical College of Georgia.

     

    “I am extremely grateful for Congressman Carter’s vital support of MCG’s Center for Digital Health. The funding he secured has helped integrate telemedicine training for the next generation of physicians. Through partnerships with rural Georgia hospitals, we’re now delivering critical care expertise to communities that need it most—allowing patients to receive advanced care closer to home. These investments and technologies can strengthen our rural health care network and are improving patient outcomes across Georgia,” said Dr. Matt Lyon, Director of the Medical College of Georgia’s Center for Digital Health.

     

     For FY26, Rep. Carter submitted a $900,000 funding request to support the development of rapid fentanyl detection through Augusta University’s College of Science and Math.

    MIL OSI USA News –