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Category: Pandemic

  • MIL-OSI USA: IP Bryant, GVP Bennett Visit IAM Rail Division Local 2741 Members Building New Amtrak Trainsets

    Source: US GOIAM Union

    IAM Union International President Brian Bryant, Special Assistant to the International President for the Rail Division Josh Hartford, and Resident General Vice President Jody Bennett recently visited Alstom Transportation’s Hornell, N.Y., plant where IAM Local 2741 (District 19) members build and refurbish locomotives, commuter and passenger rail cars, and track equipment, including the next-generation Acela trainsets for Amtrak. 

    Members of Alstom’s international leadership joined the IAM delegation for a site tour.

    Click here for photos of the visit. 

    “We are here to assist in every way we can when the membership benefits,” said Bryant. “We want Alstom to thrive because we want our members to thrive. We hope to aid Alstom in growing demand for rail projects and building a strong, enduring workforce to supply it.”

    IAM Union recently organized Alstom employees at their Plattsburgh, N.Y., location as well, and the union has worked to help the company acquire contracts that will require more hiring to meet demand. The IAM is currently bargaining a first contract for Alstom members in Plattsburgh.

    “We worked very closely together with the company throughout the pandemic,” said Hartford. “It’s a good relationship. We are all invested in passenger rail flourishing for our country and in supporting the workers who will make it happen.”

    “We are all looking forward to the future of passenger train service, including high speed rail, in the United States,” said Bennett. “We’re incredibly proud to represent these members.”

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    MIL OSI USA News –

  • MIL-OSI Security: York County Tax Preparer Indicted for Submission of Fraudulent PPP Loan Applications and Destruction of Records

    Source: Office of United States Attorneys

    HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Dommonick T. Chatman, age 49, of York, Pennsylvania, was indicted on twenty counts of bank fraud and one count of destroying records in a federal investigation.

    According to Acting United States Attorney John C. Gurganus, the indictment alleges that Chatman either submitted or caused to be submitted false and fraudulent Paycheck Protection Program (PPP) loan applications and supporting documentation in order to obtain funds for his clients and kickback payments to himself.

    The PPP program was created by the March 2020 CARES Act, as part of the United States government’s efforts to mitigate the impact of the COVID-19 pandemic on the public’s health and economic well-being. The PPP program was designed to help small businesses facing financial difficulties during the COVID-19 pandemic. PPP funds were offered in forgivable loans, provided that certain criteria are met, including use of the funds for employee payroll, mortgage interest, lease, and utilities expenses.

               According to the indictment, Chatman operated a business located in York, PA, known as The Chatman Group, LLC, through which he offered tax-preparation services. It is alleged that Chatman discussed the PPP and funds available through the PPP with existing and prospective clients of his company. If the clients decided to move forward with PPP loan applications, Chatman prepared a PPP loan application for and on behalf of a client or directed an employee of The Chatman Group to prepare an application using information that he provided. Chatman then knowingly inserted false and fraudulent information into clients’ applications and supporting documentation. For example, several loan applications were supported by a Schedule C—an official IRS tax form for the reporting of business income by a sole proprietor—claiming over $100,000 in gross receipts when, in reality, the taxpayer either did not file a Schedule C for the corresponding tax year or filed a Schedule C reporting gross receipts of less than $15,000.

    A financial institution, including at times an unnamed financial institution headquartered in the Middle District of Pennsylvania, then approved such loans in reliance on the documentation submitted to it.

    The indictment contains twenty individual charges of bank fraud, each of which is based on an allegedly false and fraudulent PPP loan application filed during March and April 2021. Most of the applications were for a requested amount of approximately $20,833, which was the maximum possible amount for a sole proprietor with no employees. 

    The indictment also alleges that in November and December 2022, after being contacted and interviewed by members of federal law enforcement, Chatman knowingly destroyed records—including electronically stored PPP loan applications of clients and a hard copy list of PPP loan applications of clients—with the intent to obstruct a federal grand jury investigation. 

    The case was investigated by the Federal Bureau of Investigation and the U.S. Department of the Treasury, Office of Inspector General. Assistant U.S. Attorney Ravi Romel Sharma is prosecuting the case. 

    The maximum penalty under federal law for bank fraud is 30 years of imprisonment, a term of supervised release following imprisonment, and a fine. The maximum penalty for destruction of records in a federal investigation is 20 years of imprisonment, a term of supervised release following imprisonment, and a fine. A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.

    Indictments are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    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.

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    MIL Security OSI –

  • MIL-OSI Global: Canada’s economic vulnerabilites show why it must invest in the wealth of local communities

    Source: The Conversation – Canada – By Audrey Jamal, Assistant Dean, Strategic Partnerships and Societal Impact, University of Guelph

    Five years after the World Health Organization declared COVID-19 a global pandemic on March 11, 2020, Canada now faces a new challenge — unprecedented economic pressure from its closest trading partner, the United States.

    Canadians are once again being forced to confront the country’s economic vulnerabilities. While the pandemic underscored the economic importance of place and social connections, economic aggression from the U.S. highlights the need for greater local autonomy.

    Canada needs a new approach to economic development. Yet, as the government searches for solutions to bolster “Team Canada,” policymakers risk falling back on the same tired strategies: corporate bailouts, tax breaks for big business and top-down stimulus.

    This played out during the pandemic. Policies favoured large corporations, leaving small businesses and workers struggling, despite their critical role in economic resilience. This time, Canada needs to do things differently.

    A renewed approach to economic development

    For Canada to build a more resilient economy, it must strengthen its communities by securing local assets, democratizing the economy and ensuring wealth circulates within communities rather than being extracted by distant, corporate interests.

    A promising solution lies in community wealth building, a local-first approach to building the economy that emerged in the early 2000s. This approach offers a tonic to current economic policies that concentrate wealth into the hands of a small group of individuals, leaving communities vulnerable.

    By prioritizing more inclusive and democratic ownership, investment and decision-making, community wealth building empowers communities to take control of their economic future. The strategy moves away from the current extractive economy, which prioritizes the exploitation of land, resources and people, toward one that builds wealth from the ground up.

    5 pillars of community wealth building

    The Democracy Collaborative’s community wealth-building framework offers five pillars for building strong local economies. These include progressive procurement, locally rooted finance, inclusive and democratic enterprise, fair work and the just use of land.

    Many communities across Canada and globally are experimenting with one or more of these pillars. For example, social purpose organizations are experimenting with locally rooted financial instruments that flow profits back into their mission.

    In Canada, community bonds allow social purpose organizations to raise capital from their community members to finance projects that benefit communities, such as affordable and green housing and regenerative food systems, among many others.

    When locally rooted finance is combined with just use of land, and inclusive and democratic ownership, these initiatives can ensure wealth-generating assets — land, housing, infrastructure and businesses — stay in the communities so more people benefit from economic development.

    Strengthening local economies

    Canada has a history of inclusive and democratic enterprise, with many co-operatives and social enterprises owned by charities and non-profits. Now, Canadian businesses also have the option of transferring ownership to employee ownership trusts.

    The diversity of ownership options challenges the false choice often presented when local businesses face closure: either shut down or be “saved” by an extractive investor.

    Despite these positive developments, many community wealth building projects in Canada continue to exist as one-offs and sit on the margins of mainstream economic development policy. Local projects challenge the status quo and, as community-led projects, can struggle with governance and access to financing.

    The federal government, non-profits and businesses all have the opportunity to shape a more resilient economic future for Canada by putting local businesses and local ownership first. But to transform local economies, action is needed across all five community wealth building pillars.

    Through our research on community bonds, community wealth building in mid-sized cities and community ownership, we have suggestions for how Canadian governments and businesses can help communities understand what strategies work, and how they can adapt and scale them as needed.

    This work is everyone’s business

    Real progress in this area requires action from all levels of government, as well as from policymakers, businesses and community leaders.

    As experience from Scotland and the U.S. shows, ground-up initiatives must be met with government support in the form of innovative policies, action and investments.

    In practical terms, this means aligning government procurement policies and partnerships with local initiatives for new businesses, introducing legislation that supports inclusive and democratic ownership, and building wealth from local assets rather than importing it.

    Local governments should commit to embedding community wealth building into their economic development planning. This is not a stretch, as many already support local business and entrepreneurship. The key is expanding on these efforts.

    For instance, both large cities like Toronto and coalitions of smaller local governments are using their purchasing power to buy goods and services from suppliers that strengthen the local economy.

    At the federal level, policy innovations like community right-to-buy legislation and related supports could give workers and communities the time, financing and expertise to compete with extractive investors and retain wealth and assets.

    By investing in community wealth building, governments can help shift economic power, build Canada’s economic resilience and ensure communities have agency in shaping their economic futures.

    Audrey Jamal receives funding from the Government of Canada’s Social Sciences and Humanities Research Council (SSHRC).

    Heather Hachigian receives funding from the Social Sciences and Humanities Research Council and has received funding from the Vancouver Foundation to support research related to this article.

    – ref. Canada’s economic vulnerabilites show why it must invest in the wealth of local communities – https://theconversation.com/canadas-economic-vulnerabilites-show-why-it-must-invest-in-the-wealth-of-local-communities-250221

    MIL OSI – Global Reports –

  • MIL-OSI Global: Britain has almost 1 million young people not in work or education – here’s what evidence shows can change that

    Source: The Conversation – UK – By Peter Urwin, Director, Centre for Employment Research, University of Westminster

    amenic181/Shutterstock

    Keir Starmer says the current benefits system is unsustainable, unfair and needs changing to avoid a wasted generation of young people who are not in education, employment or training (Neet).

    The government is concerned about the rising number of young people aged 16 to 24 who are Neet, which in the quarter to December 2024 was estimated at 987,000 in the UK. This is 13.4% of all young people in this age group. The increase, from around 11% in the period prior to the start of the pandemic, is linked to long-term illness among the economically inactive.

    About 40% of young people who are Neet are unemployed (not in work but looking for work) and the other 60% are inactive (not looking for work). Over the period of the pandemic, the number of young people with a mental health issue who are inactive because of long-term sickness has risen sharply.

    This is clearly concerning, but it is not entirely new. The number of 16- to 34-year-olds with a mental health condition, who are economically inactive because of long-term sickness, increased from around 100,000 in 2013 to about 180,000 at the start of the pandemic. The figure is now over 250,000. This long-term trend is part of a wider increase in disability prevalence across the UK’s ageing population.

    When discussing young people specifically, social policy experts such as myself use the label Neet, because “inactivity” also includes those in education and just using the youth unemployment rate does not capture the scale of the challenge.

    Young people (and particularly lower-attaining young people) tend to become Neet when they make the transition from school to post-16 learning, and then from learning to work. But the lack of robust data on these transitions means we still don’t fully understand it.

    When looked at historically, the current economic inactivity rate across age groups is not actually very high. The Neet rate among young people is a longstanding challenge, but it seems most responsive to the economic cycle – falling in good times and rising in bad. For instance, Neet rates for 18- to 24-year-olds last peaked in the period after the 2008 financial crisis.

    What will help get young people into work?

    The welfare reforms announced recently are aimed at addressing some of these long-term issues, specifically: restrictions to personal independence payment (PiP) eligibility and proposals to prevent under-22s from qualifying for incapacity benefits, the health element within universal credit.

    Liz Kendall, the work and pensions secretary, says these and other changes will save over £5 billion a year by the end of the decade. But this isn’t just about saving money. As the government has repeatedly said, it is also about getting young people into work.

    But trying to save both money and a generation seems a tall order. Can we do both?

    Reducing the level of benefits and limiting eligibility does save money and it will certainly force (rather than “help”) some people into work. But it is not an approach that will tackle the mental and physical health challenges this generation is facing.

    In discussion of “what works”, we cannot ignore the need to increase employment opportunities for those who are most at risk of becoming Neet. Ideally, this will come from improved economic growth driven by investment. This boosts productivity, creates new jobs and, importantly, drives up the quality of jobs and wages.

    However, UK productivity growth since the financial crisis has been weak, and when worse economic times come, we once again face the same challenge. Many young people, even if they are qualified to degree level, face barriers to progress. For instance, it is not easy to access many of the jobs that pay better wages, as they are in parts of the country where the cost of living is particularly high.

    Liz Kendall announces welfare reforms that will affect disability benefits and introduce more work support.
    House of Commons/Flickr, CC BY-ND

    It’s positive to see that the government is also investing in mental health support as part if its reforms, and that it has highlighted a number of evidence-based interventions. On mental health, for example, there is strong evidence that relatively light touch cognitive behavioural therapy and NHS Talking Therapies can improve employment outcomes.

    The welfare reform package also contains £1 billion a year for employment support. Kendall suggests that this could be used for programmes such as Work Choice, a voluntary employment programme for people who have a disability that prevents them from working or puts them at risk of losing their job.

    There is compelling evidence that those who took part in this programme before the pandemic experienced increased employment rates by between 11 and 12 percentage points. We also know that even short entry-level training for very low-skilled unemployed young people can have significant impacts, increasing employment rates by five percentage points.

    The government’s programme for change is evidence-based and they are to be commended in recognising and beginning to tackle long-standing issues of Neet among young people. The announcements on welfare will help, but we still need to tackle the root causes of high Neet rates in the UK.

    Youth transitions need to be better managed by all agencies of government, especially for those who have mental health challenges. There also need to be better jobs available for young people who become disillusioned with the education system.

    Growing the economy, together with the package of measures announced, will go some way to help. But some support needs to start even earlier. Young people who do not perform well in school have few education or employment options – this is the real tragedy of lost generations.

    Peter Urwin has received funding from UK Research Councils, the Nuffield Foundation and government departments such as DWP and DfE to investigate the challenges that young people face in making the transition from education to employment.

    – ref. Britain has almost 1 million young people not in work or education – here’s what evidence shows can change that – https://theconversation.com/britain-has-almost-1-million-young-people-not-in-work-or-education-heres-what-evidence-shows-can-change-that-252222

    MIL OSI – Global Reports –

  • MIL-OSI: Monolithic Power Systems Updates First Quarter 2025 Financial Guidance

    Source: GlobeNewswire (MIL-OSI)

    KIRKLAND, Wash., March 20, 2025 (GLOBE NEWSWIRE) — Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced updates to its financial guidance for the three months ending March 31, 2025.

    The following table presents the updated financial guidance for the three months ending March 31, 2025:

      Previously Announced on
    February 6, 2025    		 Updated as of
    March 20, 2025
    Revenue $610.0 million to $630.0 million $630.0 million to $640.0 million
    GAAP operating expenses $180.2 million to $186.2 million $184.9 million to $190.9 million
    Non-GAAP (1) operating expenses $126.9 million to $130.9 million $131.6 million to $135.6 million

    As previously announced, on March 20, 2025, MPS will host an Analyst Day at 9:00 am Pacific Time. During the course of the event, management will discuss MPS’s corporate strategy, business and product updates, and financial metrics. The webcast of the event can be accessed, free of charge, at https://mpsic.zoom.us/j/98462171986 (meeting ID: 984-6217-1986). In addition, MPS will provide more information on the first quarter financial results and second quarter guidance in our earnings release and webinar at the end of April 2025 / beginning of May 2025.

    (1) Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS. See the GAAP to non-GAAP reconciliations in the tables set forth below.

    Safe Harbor Statement
    This press release contains, and statements that will be made during the live webcast will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including, among other things, (i) updated first quarter of 2025 financial guidance, (ii) our 2025 three-year financial goals, (iii) our outlook for the first quarter of 2025 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the various challenges facing our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iv) market trends, market growth projections, anticipated market drivers and our ability to penetrate new and existing markets, (v) the seasonality of our business, (vi) our ability to reduce our expenses, and (vii) statements regarding the assumptions underlying or relating to any statement described in (i)-(vii) above. These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued uncertainties in the global economy, including due to the Russia-Ukraine and Middle East conflicts, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, and tax laws or the interpretation of same, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy and geopolitical uncertainties, including the collapse of certain banks in the U.S. and elsewhere and the Russia-Ukraine and Middle East conflicts; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on March 3, 2025. MPS assumes no obligation to update the information in this press release or in the accompanying webinar.   

    About Monolithic Power Systems
    Monolithic Power Systems, Inc. (“MPS”) is a fabless global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while providing a consistent return on investment to our stockholders. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

    Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries. 

    Contact:
    Bernie Blegen
    Executive Vice President and Chief Financial Officer
    Monolithic Power Systems, Inc.
    408-826-0777
    MPSInvestor.Relations@monolithicpower.com

    UPDATED 2025 FIRST QUARTER OUTLOOK
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
    (Unaudited, in thousands)
     
      Three Months Ending March 31, 2025
      Previously announced on February 6, 2025   Updated as of March 20,
    2025
      Low   High   Low   High
    Operating expenses $ 180,200     $ 186,200     $ 184,900     $ 190,900  
    Adjustments to reconcile operating expenses to non-GAAP operating expenses:              
       Stock-based compensation and other expenses   (53,300 )     (55,300 )     (53,300 )     (55,300 )
    Non-GAAP operating expenses $ 126,900     $ 130,900     $ 131,600     $ 135,600  
                   

    The MIL Network –

  • MIL-OSI: Radware Named as a Strong Performer in Analyst Report for Web Application Firewall Solutions

    Source: GlobeNewswire (MIL-OSI)

    MAHWAH, N.J., March 20, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, has been named a Strong Performer in The Forrester Wave: Web Application Firewall Solutions, Q1 2025. Radware was among the 10 top web application firewall (WAF) vendors included in the market overview.

    The report noted that Radware had the highest scores possible across six criteria, including detection models, roadmap, and pricing flexibility and transparency. According to the report: “Radware stands out for its investments in AI and automation – the recently released AI SOC Xpert tool summarizes incidents and recommends mitigations in a clear, bulleted narrative.”

    “We are honored to be recognized as a Strong Performer in The Forrester Wave for Web Application Firewall Solutions,” said Sharon Trachtman, chief marketing officer at Radware. “Radware is leveraging the latest advancements in GenAI to help customers protect their brands and significantly reduce the time, effort, and costs of managing increasingly sophisticated application security incidents. We are committed to pushing the boundaries in delivering state-of-the-art application protection.”

    Radware’s WAF is part of the company’s Cloud Application Protection Service, a single platform and unified portal that also includes industry-leading bot detection and management, API protection, client-side protection, and application-layer DDoS protection. Combining end-to-end automation, AI-powered algorithms, behavioral-based detection, and 24/7 managed services, the comprehensive solution defends against 150+ known attack vectors. This includes the OWASP’s Top 10 Web Application Security Risks, Top 10 API Security Vulnerabilities, and Top 21 Automated Threats to Web Applications.

    Radware has been recognized by numerous industry analysts for its application and network security solutions. This includes Aite-Novarica Group, Gartner, KuppingerCole, and QKS Group.

    Forrester
    Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity here.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X and YouTube.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    Safe Harbor Statement
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that we are committed to pushing the boundaries in delivering state-of-the-art application protection, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    The MIL Network –

  • MIL-OSI USA: Attorney General James Secures $55,000 from Lab Worq for Delivering Delayed COVID Test Results

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today secured $55,000 in penalties from Lab Worq, LLC (Lab Worq) after the company misled New Yorkers seeking rapid COVID-19 tests in late 2021 and early 2022. Lab Worq falsely advertised 24-hour test results, despite widespread delays in delivering patients’ results. For example, in the two weeks leading up to Christmas in 2021, Lab Worq’s wait time for test results was more than three days, impacting over 90,000 patients who were counting on receiving their results quickly for holiday travel. Some consumers complained of waiting a week or more for results, and others reported never receiving results at all. While Lab Worq is not currently operational, the company and its owner have agreed to provide accurate information concerning test result timelines if Lab Worq offers tests in the future, in addition to paying $55,000 in penalties. Attorney General James has now secured over $580,000 to date from companies that failed to deliver COVID-19 test results as promised.  

    “In 2021, consumers were anxious to get COVID-19 tests so they could visit family and friends and return to work during the holiday season,” said Attorney General James. “Lab Worq misled consumers by repeatedly promising 24-hour test results that they could not deliver, and now they are paying the price. I will continue to take action against any company that misleads New Yorkers during a public health crisis.”

    The Office of the Attorney General (OAG) first launched its investigation into COVID-19 testing sites in December 2021, following numerous complaints from New Yorkers who were not receiving rapid COVID-19 test results as promised. For some patients, these delayed test results jeopardized their ability to work, as they needed negative test results to return to their jobs. For others, the delayed test results disrupted holiday plans. The OAG issued a warning letter in December 2021 to Lab Worq, along with several other COVID-19 testing companies, cautioning them not to misrepresent testing turnaround times during the Omicron wave of the COVID-19 pandemic, which corresponded with the busy holiday season.

    With this settlement from Lab Worq, Attorney General James has secured more than $580,000 in penalties and refunds from companies that failed to provide COVID testing as promised, including $122,000 from Clear 19 Rapid Testing, $182,000 from ClearMD Health, and $230,000 from SameDay Health. 

    Attorney General James asks any New Yorker who believes a medical facility is making misleading statements to file a complaint online with the Office of the Attorney General’s Consumer Frauds and Protection Bureau or call the office at 1-800-771-7755.

    This matter was handled by Assistant Attorneys General Franklin Romeo and Mary Alestra, and Deputy Bureau Chief of the Consumer Frauds and Protection Bureau Laura J. Levine, under the supervision of Bureau Chief Jane M. Azia. The Consumer Frauds and Protection Bureau is part of the Division of Economic Justice, which is led by Chief Deputy Attorney General Chris D’Angelo and is overseen by First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News –

  • MIL-OSI Global: Debate over H-1B visas shines spotlight on US tech worker shortages

    Source: The Conversation – USA – By Moshe Y. Vardi, Professor of Computer Science, Rice University

    Babson College graduate students from India type on their computers in Wellesley, Mass., on June 30, 2016. AP Photo/Charles Krupa

    A heated debate has recently erupted between two groups of supporters of President Donald Trump. The dispute concerns the H-1B visa system, the program that allows U.S. employers to hire skilled foreign workers in specialty occupations – mostly in the tech industry.

    On the one hand, there are people like Donald Trump’s former strategist Steve Bannon, who has called the H-1B program a “total and complete scam.” On the other, there are tech tycoons like Elon Musk who think skilled foreign workers are crucial to the U.S. tech sector.

    The H-1B visa program is subject to an annual limit of new visas it can issue, which sits at 65,000 per fiscal year. There is also an additional annual quota of 20,000 H-1B visas for highly skilled international students who have a proven ability to succeed academically in the United States.

    The H-1B program is the primary vehicle for international graduate students at U.S. universities to stay and work in the United States after graduation. At Rice University, where I work, much of STEM research is carried out by international graduate students. The same goes for most American research-intensive universities.

    As a computer science professor – and an immigrant – who studies the interaction between computing and society, I believe the debate over H-1B overlooks some important questions: Why does the U.S. rely so heavily on foreign workers for the tech industry, and why is it not able to develop a homegrown tech workforce?

    The US as a global talent magnet

    The U.S. has been a magnet for global scientific talent since before World War II.

    Many of the scientists who helped develop the atomic bomb were European refugees. After World War II, U.S. policies such as the Fulbright Program expanded opportunities for international educational exchange.

    Attracting international students to the U.S. has had positive results.

    Among Americans who have won the Nobel Prize in chemistry, medicine or physics since 2000, 40% have been immigrants.

    In 2023, U.S.-born Louis Brus, left, shared the Nobel Prize in chemistry with U.S. immigrants Alexei Ekimov, born in the former USSR, and Moungi Bawendi, born in France.
    AP Photo

    Tech industry giants Apple, Amazon, Facebook and Google were all founded by first- or second-generation immigrants. Furthermore, immigrants have founded more than half of the nation’s billion-dollar startups since 2018.

    Stemming the inflow of students

    Restricting foreign graduate students’ path to U.S. employment, as some prominent Trump supporters have called for, could significantly reduce the number of international graduate students in U.S. universities.

    About 80% of graduate students in American computer science and engineering programs – roughly 18,000 students in 2023 – are international students.

    The loss of international doctoral students would significantly diminish the research capability of graduate programs in science and engineering. After all, doctoral students, supervised by principal investigators, carry out the bulk of research in science and engineering in U.S. universities.

    It must be emphasized that international students make a significant contribution to U.S. research output. For example, scientists born outside the U.S. played key roles in the development of the Pfizer and Moderna COVID-19 vaccines. So making the U.S. less attractive to international graduate students in science and engineering would hurt U.S. research competitiveness.

    Computing Ph.D. graduates are in high demand. The economy needs them, so the lack of an adequate domestic pipeline seems puzzling.

    Where have US students gone?

    So, why is there such a reliance on foreign students for U.S. science and engineering? And why hasn’t America created an adequate pipeline of U.S.-born students for its technical workforce?

    After discussions with many colleagues, I have found that there are simply not enough qualified domestic doctoral applicants to fill the needs of their doctoral programs.

    In 2023, for example, U.S. computer science doctoral programs admitted about 3,400 new students, 63% of whom were foreign.

    It seems as if the doctoral career track is simply not attractive enough to many U.S. undergrad computer science students. But why?

    The top annual salary in Silicon Valley for new computer science graduates can reach US$115,000. Bachelor’s degree holders in computing from Rice University have told me that until recently – before economic uncertainty shook the industry – they were getting starting annual salaries as high as $150,000 in Silicon Valley.

    Doctoral students in research universities, in contrast, do not receive a salary. Instead, they get a stipend. These vary slightly from school to school, but they typically pay less than $40,000 annually. The opportunity cost of pursuing a doctorate is, thus, up to $100,000 per year. And obtaining a doctorate typically takes six years.

    So, pursuing a doctorate is not an economically viable decision for many Americans. The reality is that a doctoral degree opens new career options to its holder, but most bachelor’s degree holders do not see beyond the economics. Yet academic computing research is crucial to the success of Silicon Valley.

    A 2016 analysis of the information technology sectors with a large economic impact shows that academic research plays an instrumental role in their development.

    Why so little?

    The U.S. is locked in a cold war with China focused mostly on technological dominance. So maintaining its research-and-development edge is in the national interest.

    Yet the U.S. has declined to make the requisite investment in research. For example, the National Science Foundation’s annual budget for computer and information science and engineering is around $1 billion. In contrast, annual research-and-development expenses for Alphabet, Google’s parent company, have been close to $50 billion for the past decade.

    Universities are paying doctoral students so little because they cannot afford to pay more.

    Alphabet CEO Sundar Pichai speaks at a Google I/O event in Mountain View, Calif., on May 14, 2024.
    AP Photo/Jeff Chiu

    But instead of acknowledging the existence of this problem and trying to address it, the U.S. has found a way to meet its academic research needs by recruiting and admitting international students. The steady stream of highly qualified international applicants has allowed the U.S. to ignore the inadequacy of the domestic doctoral pipeline.

    The current debate about the H-1B visa system provides the U.S. with an opportunity for introspection.

    Yet the news from Washington, D.C., about massive budget cuts coming to the National Science Foundation seems to suggest the federal government is about to take an acute problem and turn it into a crisis.

    Moshe Y. Vardi receives funding from the National Science Foundation and the US Office of Naval Research.

    – ref. Debate over H-1B visas shines spotlight on US tech worker shortages – https://theconversation.com/debate-over-h-1b-visas-shines-spotlight-on-us-tech-worker-shortages-248711

    MIL OSI – Global Reports –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement on the Fourth and Final Reviews of Kosovo’s Stand-By Arrangement and Resilience and Sustainability Facility Arrangement

    Source: IMF – News in Russian

    IMF Reaches Staff-Level Agreement on the Fourth and Final Reviews of Kosovo’s Stand-By Arrangement and Resilience and Sustainability Facility Arrangement

    March 20, 2025

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

    • The IMF staff and Kosovo authorities have reached staff-level agreement on the Fourth and final Reviews under the Stand-by Arrangement (SBA) and Resilience and Sustainability Facility (RSF) Arrangement. Completion of the Reviews will make available SDR 13.35 million (€16.34 million) under the SBA and SDR 7.74 million (€9.48 million) under the RSF. The agreement is subject to approval by the IMF Executive Board, with Board consideration expected in May. The authorities intend to continue treating the SBA as precautionary, not drawing on the resources.
    • Program performance has also been strong. The authorities met all quantitative performance criteria, indicative targets (ITs) and structural benchmarks for the Reviews. Reforms and implementation of the green agenda, supported by the SBA and the RSF, have progressed
    • Economic performance has remained strong with robust GDP growth and disinflation. Outlook is favorable but is subject to uncertainty, including from international geopolitical developments.

    Pristina, Kosovo – March 20, 2025:An IMF mission, led by David Amaglobeli, visited Pristina during March 12–21, to hold discussions on the Fourth Reviews of Kosovo’s Stand-By Arrangement (SBA) and Resilience and Sustainability Facility (RSF) Arrangement. At the conclusion of the mission, Mr. Amaglobeli issued the following statement:

    “The authorities have maintained strong performance under the SBA and RSF. All end-December quantitative and indicative targets (ITs) for the Fourth Reviews have been met, and all end-March ITs are on track to be met. The authorities have been advancing on structural reforms by strengthening liquidity forecasting capacity at the Ministry of Finance and embarking on a major reform to modernize financial sector supervision. The authorities have also implemented, with a short delay, the remaining RSF reform measure—launch of the wind power tender.”

    “The two-year IMF-supported programs have yielded significant results. Macroeconomic fundamentals have been strengthened by sustaining robust growth despite a challenging external environment, curbing inflation after the post-pandemic surge, and enhancing formal sector employment. Growth reached 4.4 percent in 2024 driven by private consumption and investment, which helped offset the effects of a widening trade deficit and slowing remittances. Growth is expected to remain at 4 percent in 2025. After two years of elevated pressures, inflation fell in 2024, averaging 1.6 percent, as food and transport inflation eased. The external current account deficit widened to 9 percent of GDP in 2024, up from 7.5 percent in 2023, reflecting increased imports driven by strong domestic demand.”

    “Prudent fiscal policy has helped keep deficits and debt low and fiscal buffers strong. Deficits were modest at 0.2 and 0.3 percent of GDP in 2023 and 2024, respectively; public debt fell below 17 percent of GDP in 2024—the lowest level since 2017. Treasury deposits at the CBK—a key buffer against shocks—increased to €575 million by end-2024. Successful fiscal reforms have bolstered revenue collection, with the tax-to-GDP ratio reaching 26½ percent of GDP in 2024—the highest ever. Transparency has improved, including for public enterprises and key institutions, such as tax administration. Public financial management (PFM) reforms have led to more effective execution of the public investment program. Additionally, reforms implemented under the RSF, the first in Europe, have facilitated efforts to double renewable energy generation capacity, improve energy efficiency and cut pollution.”

    Looking ahead, the authorities should continue implementing prudent fiscal policies anchored in a sound, rules-based framework to ensure sustainable fiscal outcomes, foster growth, advance social priorities, and enhance resilience. Continued revenue administration reforms will create much-needed fiscal space for increased social and capital investments, while PFM reforms will enhance the efficiency and impact of government spending. EU accession efforts will be key to mobilize additional financial resources to address Kosovo’s large developmental needs. Amid rising uncertainty, strong fiscal buffers and enhanced crisis preparedness remain essential to safeguard stability and resilience.”

    “The CBK has made impressive progress in advancing financial sector reforms. These aim at enhancing stability, resilience, and modernization to support activity. The CBK has successfully implemented important internal institutional reforms to boost effectiveness, efficiency, and transparency. The CBK is undergoing an IMF-led Central Bank Transparency Code (CBT) assessment and a governance audit by a peer central bank, underscoring its commitment to best practices. In addition, several major initiatives are underway to modernize the financial sector regulatory framework, aligning it more closely with EU standards. Central to this is the ongoing adoption of the Supervisory Review and Evaluation Process (SREP)—widely regarded as the most advanced and structured supervisory framework—to enhance risk-based bank supervision. The CBK is also developing and operationalizing a macroprudential policy framework and strengthening crisis preparedness, including through recently-extended ECB backstop (€100 million). Increased premiums from banks to the Deposit Insurance Fund provided additional safety cushion Significant strides were made to integrate with the Single Euro Payments Area (SEPA) and develop the regional TIPS Clone instant payments system. These initiatives will foster a faster, safer, and more cost-effective payments landscape, benefiting businesses and citizens while enhancing regional integration.”

    These reforms have supported rapid, healthy expansion of the financial sector. After growing by 17 percent in real terms in 2024, private sector credit peaked in 2024, exceeding 56 percent of GDP. Financial inclusion also improved, with bank or e-money account ownership and settlement via the Kosovo Interbank Payment System (KIPS) increasing. The newly launched Platform for Comparison of Financial Products and Services should help enhance financial literacy and transparency. Against this backdrop, the banking sector remains profitable and well-capitalized with low levels of NPLs. Maintaining this stability will require continued vigilance and proactive risk management.”

    “The mission met with Deputy Prime Minister Bislimi, Minister of Finance, Labor, and Transfers Murati, Minister of Economy Rizvanolli, Central Bank Governor Ismaili, and other senior officials, civil society, private sector and international partners. The mission thanks them and their technical staff for constructive discussions and cooperation during this mission.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/03/20/pr2571-kosovo-review-sba-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: FBI Veteran Joseph Bonavolonta Joins Wrap with 27 Years of Experience, Former SAC of Boston Field Office

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 20, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced the appointment of Joseph R. Bonavolonta as Domestic Head of Managed Services of the Company, bringing over 27 years of experience from the Federal Bureau of Investigation (“FBI”) to the Company’s management team.

    Mr. Bonavolonta, who culminated his distinguished FBI career as Special Agent in Charge (SAC) of the Boston Field Office, led one of the agency’s largest divisions, overseeing high-profile criminal and national security investigations. His leadership extended to managing Joint Terrorism Task Forces, Safe Streets Gang and Violent Crime Task Forces, and directing the New England Region’s Domestic Director of National Intelligence (DDNI) Program.

    In his new role, Mr. Bonavolonta is expected to assist the Company in driving growth while further deepening Wrap’s global law enforcement network. His extensive expertise in national security, compliance and risk management, combined with Wrap’s growing investigative technology partners, will enhance the Company’s mission to provide innovative, non-lethal solutions for public safety worldwide.

    Prior to joining Wrap, Mr. Bonavolonta served as Managing Partner at a global security firm, where he provided strategic security solutions for multinational corporations, critical institutions, and high-net-worth individuals. His deep knowledge of technologies used in risk and vulnerability assessments, insider threats, cybersecurity and physical security strategies makes him an invaluable asset to Wrap’s growing Managed Services Branch.

    “We are committed to bringing together elite-level talent and cutting-edge technology to solve the most pressing security challenges of today and the future,” said Bill McMurry, Chief Executive Officer of Managed Services at WRAP. “Joseph Bonavolonta’s unmatched expertise will be instrumental in strengthening our Managed Services Branch, reinforcing our role in supporting those who protect us and expanding our capabilities across both public and private sectors.”

    Mr. Bonavolonta’s distinguished FBI career also includes leadership roles such as:

    • Deputy Assistant Director of the Counterintelligence Division, overseeing domestic and international operations;
    • Head of the Boston Field Office’s Cyber and Counterintelligence Branch, tackling nation-state driven espionage and cybersecurity threats; and
    • Supervisor of the Complex Financial Crimes Program in the Newark Field Office.

    His investigative achievements include spearheading international organized crime initiatives in coordination with the Italian National Police, and the dismantling of major criminal networks, including the Bonanno La Cosa Nostra (LCN) Family. His work earned him numerous accolades, including the Attorney General’s Director’s Award for Superior Performance, the Law Enforcement Distinguished Community Service Award, and the National Intelligence Meritorious Unit Citation.

    His deep connections within the New England law enforcement community and across federal and international security networks will help solidify Wrap’s relationships globally, strengthening the Company’s impact in law enforcement, security and risk mitigation.

    Expanding Expertise with W1 Global and James DeStefano

    Mr. Bonavolonta’s addition is expected to further strengthen Wrap’s global security, technology and investigative expertise, complementing the experience brought in through Wrap’s recent W1 Global, LLC acquisition. He joins James DeStefano, a retired FBI executive and former head of the FBI New York Field Office’s Crisis Management Program, who has spent years conducting risk and vulnerability assessments for corporate clients.

    Their combined experience is expected to enhance Wrap’s ability to deliver comprehensive technology security solutions to law enforcement agencies, commercial clients and high-net-worth individuals worldwide.

    About Wrap Technologies, Inc.
    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap’s Intrensic solution is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information
    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    A photo accompanying this announcement is available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/183801f3-4937-4aff-b91a-901b9599b322

    The MIL Network –

  • MIL-OSI USA: U.S. ethane production, consumption, and exports set new records in 2024

    Source: US Energy Information Administration

    In-brief analysis

    March 20, 2025

    U.S. ethane production, consumption, and exports reached record highs in 2024, according to recent data from our Petroleum Supply Monthly. Increasing ethane recovery associated with natural gas production and continued growth in the domestic and global petrochemical sectors drove these increases.

    U.S. ethane production rose 7% to average a record 2.8 million barrels per day (b/d) in 2024, driven by increased ethane recovery in the Permian Basin. In the United States, almost all ethane is recovered at natural gas processing plants, which remove ethane and other natural gas plant liquids (NGPL) from raw natural gas. The Texas Inland and New Mexico refining districts, which span the Permian Basin, accounted for 63% of all U.S. ethane production in 2024, up from 61% in 2023. Production in those districts averaged 1.8 million b/d, up 9% from 2023. The Appalachian No. 1 Refining District, which straddles most of the Appalachian Basin in Pennsylvania and West Virginia, produced a record 327,000 b/d in 2024, up 13% from 2023. It accounted for 12% of the U.S. total, up from 11% the previous year.

    Domestic ethane consumption, measured as product supplied, rose 8% in 2024 to a record 2.3 million b/d. In the United States, ethane is consumed almost exclusively in the petrochemical industry as a feedstock for steam crackers to produce ethylene. The rise in consumption came from higher cracker operating rates in 2024 compared with 2023, as no new crackers came online in the United States in 2024. Ethane consumption on the U.S. Gulf Coast rose 5% to 2.1 million b/d in 2024. On the East Coast, consumption nearly tripled to 103,000 b/d in 2024 as Shell’s cracker in Monaca, Pennsylvania, continued to ramp up its production after starting up in late 2022.

    U.S. ethane exports averaged a record 492,000 b/d in 2024, a 21,000-b/d increase from the previous record set in 2023. Growth in global petrochemical sector demand and rising tanker capacity have driven the increases in U.S. ethane exports. Ethane exports increased almost every year since 2014 except in 2020 when muted global demand related to the COVID-19 pandemic caused a slight decrease in exports. Low prices for U.S. ethane compared with other feedstocks globally contributed to the record exports last year. China imported 46% of U.S. ethane exports, followed by Canada (15%), India (13%), and Norway (9%).

    Data source: Bloomberg, L.P., and Natural Gas Intelligence
    Note: The Houston Ship Channel is the closest natural gas pricing hub to the Mont Belvieu natural gas plant liquids pricing hub. Natural gas prices rose to $8.78 per million British thermal units on January 12, 2024, during Winter Storm Heather. Fractionation is the process by which saturated hydrocarbons are removed from natural gas and separated into distinct products, or fractions, such as propane, butane, and ethane.

    U.S. ethane prices at Mont Belvieu, Texas, the main pricing hub for NGPLs, were volatile through 2024. Ethane prices averaged under 20 cents per gallon (gal) for the year (approximately $3 per million British thermal units [MMBtu]) but averaged 25 cents/gal ($3.70/MMBtu) in December as natural gas prices rose to 2024 highs. In comparison, the natural gas price at the Houston Ship Channel averaged $1.86/MMBtu in 2024 but averaged $2.66/MMBtu during the month of December, the highest monthly average of the year. When ethane prices are high relative to natural gas prices, plant operators can recover more ethane from the natural gas stream. However, when ethane prices and natural gas prices are closer, more ethane can be left in the natural gas stream and sold for its heat value.

    In our March 2025 Short-Term Energy Outlook, we forecast that average U.S. ethane production will remain flat at 2.8 million b/d in 2025 and rise to 3.0 million b/d in 2026. Average U.S. ethane consumption will remain flat at 2.3 million b/d in 2025 and 2026, and exports will increase to 530,000 b/d in 2025 and 630,000 b/d in 2026.

    Principal contributor: Jordan Young

    MIL OSI USA News –

  • MIL-OSI Global: 5 years on, true counts of COVID-19 deaths remain elusive − and research is hobbled by lack of data

    Source: The Conversation – USA – By Dylan Thomas Doyle, Ph.D. Candidate in Information Science, University of Colorado Boulder

    National COVID-19 memorial wall for the five-year anniversary on March 11, 2025, in London, England. Andrew Aitchison/In Pictures via Getty Images

    In the early days of the COVID-19 pandemic, researchers struggled to grasp the rate of the virus’s spread and the number of related deaths. While hospitals tracked cases and deaths within their walls, the broader picture of mortality across communities remained frustratingly incomplete.

    Policymakers and researchers quickly discovered a troubling pattern: Many deaths linked to the virus were never officially counted. A study analyzing data from over 3,000 U.S. counties between March 2020 and August 2022 found nearly 163,000 excess deaths from natural causes that were missing from official mortality records.

    Excess deaths, meaning those that exceed the number expected based on historical trends, serve as a key indicator of underreported deaths during health crises. Many of these uncounted deaths were later tied to COVID-19 through reviews of medical records, death certificates and statistical modeling.

    In addition, lack of real-time tracking for medical interventions during those early days slowed vaccine development by delaying insights into which treatments worked and how people were responding to newly circulating variants.

    Five years since the beginning of COVID-19, new epidemics such as bird flu are emerging worldwide, and researchers are still finding it difficult to access the data about people’s deaths that they need to develop lifesaving interventions.

    How can the U.S. mortality data system improve? I’m a technology infrastructure researcher, and my team and I design policy and technical systems to reduce inefficiency in health care and government organizations. By analyzing the flow of mortality data in the U.S., we found several areas of the system that could use updating.

    Critical need for real-time data

    A death record includes key details beyond just the fact of death, such as the cause, contributing conditions, demographics, place of death and sometimes medical history. This information is crucial for researchers to be able to analyze trends, identify disparities and drive medical advances.

    Approximately 2.8 million death records are added to the U.S. mortality data system each year. But in 2022 – the most recent official count available – when the world was still in the throes of the pandemic, 3,279,857 deaths were recorded in the federal system. Still, this figure is widely considered to be a major undercount of true excess deaths from COVID-19.

    In addition, real-time tracking of COVID-19 mortality data was severely lacking. This process involves the continuous collection, analysis and reporting of deaths from hospitals, health agencies and government databases by integrating electronic health records, lab reports and public health surveillance systems. Ideally, it provides up-to-date insights for decision-making, but during the COVID-19 pandemic, these tracking systems lagged and failed to generate comprehensive data.

    Getting real-time COVID-19 data from hospitals and other agencies into the hands of researchers proved difficult.
    Gerald Herbert/AP Photo

    Without comprehensive data on prior COVID-19 infections, antibody responses and adverse events, researchers faced challenges designing clinical trials to predict how long immunity would last and optimize booster schedules.

    Such data is essential in vaccine development because it helps identify who is most at risk, which variants and treatments affect survival rates, and how vaccines should be designed and distributed. And as part of the broader U.S. vital records system, mortality data is essential for medical research, including evaluating public health programs, identifying health disparities and monitoring disease.

    At the heart of the problem is the inefficiency of government policy, particularly outdated public health reporting systems and slow data modernization efforts that hinder timely decision-making. These long-standing policies, such as reliance on paper-based death certificates and disjointed state-level reporting, have failed to keep pace with real-time data needs during crises such as COVID-19.

    These policy shortcomings lead to delays in reporting and lack of coordination between hospital organizations, state government vital records offices and federal government agencies in collecting, standardizing and sharing death records.

    History of US mortality data

    The U.S. mortality data system has been cobbled together through a disparate patchwork of state and local governments, federal agencies and public health organizations over the course of more than a century and a half. It has been shaped by advances in public health, medical record-keeping and technology. From its inception to the present day, the mortality data system has been plagued by inconsistencies, inefficiencies and tensions between medical professionals, state governments and the federal government.

    The first national efforts to track information about deaths began in the 1850s when the U.S. Census Bureau started collecting mortality data as part of the decennial census. However, these early efforts were inconsistent, as death registration was largely voluntary and varied widely across states.

    In the early 20th century, the establishment of the National Vital Statistics System brought greater standardization to mortality data. For example, the system required all U.S. states and territories to standardize their death certificate format. It also consolidated mortality data at the federal level, whereas mortality data was previously stored at the state level.

    However, state and federal reporting remained fragmented. For example, states had no unifom timeline for submitting mortality data, resulting in some states taking months or even years to finalize and release death records. Local or state-level paperwork processing practices also remained varied and at times contradictory.

    Death record processing varies by state.
    eric1513/iStock via Getty Images Plus

    To begin to close gaps in reporting timelines to aid medical researchers, in 1981 the National Center for Health Statistics – a division of the Centers for Disease Control and Prevention – introduced the National Death Index. This is a centralized database of death records collected from state vital statistics offices, making it easier to access death data for health and medical research. The system was originally paper-based, with the aim of allowing researchers to track the deaths of study participants without navigating complex bureaucracies.

    As time has passed, the National Death Index and state databases have become increasingly digital. The rise of electronic death registration systems in recent decades has improved processing speed when it comes to researchers accessing mortality data from the National Death Index. However, while the index has solved some issues related to gaps between state and federal data, other issues, such as high fees and inconsistency in state reporting times, still plague it.

    Accessing the data that matters most

    With the Trump administration’s increasing removal of CDC public health datasets, it is unclear whether policy reform for mortality data will be addressed anytime soon.

    Experts fear that the removal of CDC datasets has now set precedent for the Trump administration to cross further lines in its attempts to influence the research and data published by the CDC. The longer-term impact of the current administration’s public health policy on mortality data and disease response are not yet clear.

    What is clear is that five years since COVID-19, the U.S. mortality tracking system remains unequipped to meet emerging public health crises. Without addressing these challenges, the U.S. may not be able to respond quickly enough to public health crises threatening American lives.

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

    – ref. 5 years on, true counts of COVID-19 deaths remain elusive − and research is hobbled by lack of data – https://theconversation.com/5-years-on-true-counts-of-covid-19-deaths-remain-elusive-and-research-is-hobbled-by-lack-of-data-244799

    MIL OSI – Global Reports –

  • MIL-OSI: Chris Miller, Former Acting U.S. Secretary of Defense Appointed by President Trump, Joins the Draganfly Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    Tampa, Florida, March 20, 2025 (GLOBE NEWSWIRE) — Draganfly Inc, (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading drone solutions and systems developer, is proud to announce that Christopher C. Miller, former Acting U.S. Secretary of Defense under President Donald Trump, has joined the Company’s Board of Directors.

    Miller, a seasoned national security expert with decades of experience in defense and intelligence, will help guide Draganfly’s strategic initiatives in the government, defense, and aerospace sectors. His extensive leadership in military operations and national security policy aligns with Draganfly’s commitment to providing cutting-edge, American-made drone technology for critical applications.

    “Chris Miller’s experience at the highest levels of defense and national security will be invaluable to Draganfly as we continue to expand our role in government and security operations. His insights and expertise will help continue to position Draganfly as a leader in North American-made drone solutions for defense, law enforcement, and public safety,” said Cameron Chell, CEO of Draganfly.

    Miller served as the Acting U.S. Secretary of Defense, overseeing the Department of Defense during a critical transition period. Prior to that, he held senior positions at the National Security Council and Special Operations Command, where he played a key role in shaping U.S. counterterrorism strategies.

    “Draganfly is at the forefront of innovation in drone technology, and I’m honored to join the Board at such a pivotal time,” said Chris Miller. “As the demand for secure, American-made drone solutions grows, Draganfly’s commitment to innovation, safety, and strategic partnerships will be essential in supporting national security and defense initiatives. I look forward to contributing to the Company’s success.”

    Miller’s appointment strengthens Draganfly’s leadership team as the Company continues to expand its work with government and defense partners. His deep understanding of security, policy, and military operations will help Draganfly further solidify its position as a key player in the rapidly evolving drone and aerospace industries.

    For more information about Draganfly and its leadership team, visit draganfly.com.

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8) is a global leader in drone technology, AI, and autonomous systems, providing innovative solutions for public safety, defense, agriculture, and industrial applications. With over 25 years of experience, Draganfly is recognized for its groundbreaking contributions to the UAV industry and commitment to delivering cutting-edge, North American-made technology.

    CSE Listing
    NASDAQ Listing
    Frankfurt Listing

    Forward-Looking Statements

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

    Media Contact
    Erika Racicot
    Email: media@draganfly.com

    Company Contact
    Email: info@draganfly.com

    The MIL Network –

  • MIL-OSI: Orezone Gold Reports Record Revenue and Net Income for 2024

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 20, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the fourth quarter and full year ended December 31, 2024, and its 2025 guidance.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

    Highlights

    • Q4-2024 gold production of 36,502 oz, a 37% increase from the previous quarter.  
    • 2024 gold production of 118,746 oz, exceeding the mid-point of guidance.
    • AISC per oz sold of $1,273 for Q4-2024 and $1,447 for 2024.
    • Record revenue of $283.5M from the sale of 118,697 gold oz at an average realized price of $2,384 per oz in 2024. Gold sales remain unhedged to rising gold prices.
    • 2024 Adjusted EBITDA of $117.2M, Net Income attributable to Orezone shareholders of $55.7M and Earnings per Share attributable to Orezone shareholders of $0.14 and $0.13 on a basic and diluted basis, respectively.
    • Liquidity of $103.2M at year-end with cash of $74.0M and undrawn debt of $29.2M available to finance 2025 growth plans.
    • Stage 1 of hard rock expansion progress continues with first gold on track for Q4-2025.
    • Advancing work towards a secondary listing on the Australian Securities Exchange in mid-2025.

    Patrick Downey, President and CEO, commented “Strong Q4-2024 gold production of 36,502 oz helped deliver another record year for revenue of $283.5 million and net income of $64.1 million while meeting annual production guidance for a second consecutive year. Importantly, Orezone commenced construction of its hard rock expansion in the second half of 2024, a main step towards sustained production growth and setting the foundation for a transformational 2025 where we expect to pour first gold on this brownfield expansion in Q4-2025. First stage of the hard rock expansion is expected to increase the Company’s annual gold production to 170,000 – 185,000 oz in 2026.

    With continued strong gold prices and the closing of recent financings, the Company is well-placed to make further strategic investments in its Bomboré Mine by undertaking additional discovery-focused exploration on high potential targets and evaluating an accelerated start to the second stage of the hard rock expansion which would further increase annual gold production to 220,000 – 250,000 oz.

    The accomplishments achieved in 2024 is a testament to the strength of our team underpinned by the support of our community and government partners, and new and existing shareholders. We remain steadfast in our goal of creating lasting value for all stakeholders.”

    Highlights for Fourth Quarter and Year Ended December 31, 2024 and Significant Subsequent Events

    (All mine site figures on a 100% basis)   Q4-2024 Q4-2023 FY2024 FY2023
    Operating Performance          
    Gold production oz 36,502 33,916 118,746 141,425
    Gold sales oz 34,833 33,782 118,697 139,696
    Average realized gold price $/oz 2,632 1,986 2,384 1,940
    Cash costs per gold ounce sold1 $/oz 1,077 1,083 1,233 972
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,273 1,246 1,447 1,127
    Financial Performance          
    Revenue $000s 91,837 67,580 283,517 271,491
    Earnings from mine operations $000s 45,321 16,108 117,710 97,150
    Net income attributable to shareholders of Orezone1 $000s 30,091 4,012 55,711 43,146
    Net income per common share attributable to shareholders of Orezone          
    Basic $ 0.06 0.01 0.14 0.12
    Diluted $ 0.06 0.01 0.13 0.12
    EBITDA1 $000s 48,139 15,308 128,307 108,418
    Adjusted EBITDA1 $000s 45,058 26,702 117,233 120,036
    Adjusted earnings attributable to shareholders of Orezone1 $000s 27,550 14,267 45,977 53,665
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.06 0.04 0.11 0.15
    Cash and Cash Flow Data          
    Operating cash flow before changes in working capital $000s 52,520 28,167 98,444 123,029
    Operating cash flow $000s 28,020 13,891 57,697 79,950
    Free cash flow1 $000s 12,543 682 11,725 36,172
    Cash, end of period $000s 74,021 19,483 74,021 19,483

    1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    Full Year 2024 Highlights

    • Outstanding Safety Performance: 5.4M hours worked without a lost-time injury and a low total recordable injury frequency rate of 0.75.
    • Strong Liquidity: Available liquidity of $103.2M at year-end with $74.0M in cash and XOF 17.5 billion ($29.2M) available to be drawn on the Phase II debt facility with Coris Bank International (“Coris Bank”). The Company is well-funded to carry out its 2025 growth plans including the completion of stage 1 of the Phase II hard rock expansion and a minimum 20,000 m diamond drilling exploration program.    
    • Gold Production Guidance Achieved: Gold production of 118,746 oz which exceeded the mid-point of guidance, marking the second consecutive year that the Bomboré Mine has met production guidance since the start up of operations.
    • AISC Per Oz Within Updated Guidance: AISC per oz of $1,447 was within the updated guidance range with operating costs impacted by higher-than-anticipated government royalties and power costs. Relative to original guidance, government royalties were $31 per oz higher due to a better realized gold price and power costs were $57 per oz higher from lower-than-normal grid availability due to regional power issues in the H1-2024. These two cost overrun contributors were both out of the Company’s control and if their cost impacts were removed, original AISC guidance of $1,300 per oz to $1,375 per oz would have been met.
    • Record Annual Revenue: Revenue of $283.5M from the sale of 118,697 gold oz at a realized gold price of $2,384 per oz. The Company’s gold sales remain unhedged to rising gold prices.
    • Record EBITDA, Net Income, and Earnings Per Share: Reported record EBITDA of $128.3M and net income attributable to Orezone shareholders of $55.7M, primarily driven by a 23% increase in the realized gold price from the prior year. Net income per share attributable to Orezone shareholders was a record $0.14 per share on a basic basis and $0.13 per share on a diluted basis.
    • Continued Free Cash Flow Generation: Generated free cash flow of $11.7M with cash flow from operating activities totalling $98.4M after deducting taxes paid of $26.2M but before changes in non-cash working capital. Non-cash working capital increased by $40.7M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $46.0M as capital expenditures remained elevated as the Company executes on its growth initiatives including the Phase II hard rock expansion.
    • Phase II Hard Rock Expansion on Track for First Gold in 2025: The Company’s Board approved a positive construction decision on stage 1 of the Phase II hard rock expansion on July 10, 2024 after the Company had secured $105M in binding debt and equity commitments described below for the construction. Under stage 1, a 2.5M tonnes per annum (“tpa”) process plant will be built to recover gold from hard rock mineral reserves which is expected to increase future production levels by 50% to over 170,000 oz per annum. First gold for stage 1 of the Phase II expansion remains on track for Q4-2025 with commercial production expected shortly thereafter in early 2026.
    • Phase I Debt Reduced, Bridge Loan Repaid, and Phase II Expansion Financing Secured: Principal repayments totalling XOF 24.0 billion ($39.3M) were made on the Company’s senior borrowings with Coris Bank, including the extinguishment of the XOF 12.0 billion ($19.8M) bridge loan. On August 8, 2024, the Company completed a non-brokered private placement for net proceeds of C$64.8M ($47.3M) with a new cornerstone investor, Nioko Resources Corporation (“Nioko”), a leading West African investment group. On December 19, 2024, the Company successfully upsized its senior debt facility with Coris Bank through a new term loan for XOF 35.0 billion ($58.3M) (“Phase II Term Loan”) to be drawn in multiple tranches as construction progresses. The Company made its first drawdown of XOF 17.5 billion ($27.9M) on the Phase II Term Loan in December 2024.
    • Multi-year Exploration Drill Program Initiated: In August 2024, the Company initiated a multi-year discovery focused drill program with an initial 30,000 m of drilling designed to test the broader size and scale of the Bomboré mineralized system. Initial results from drilling at the North Zone intercepted mineralization 240 m below the current reserve pit limit, including 1.67 g/t gold over 46.00 m, demonstrating the continuity and robustness of the mineralized system at depth, both in terms of grade and overall width (see October 10, 2024 news release).

    Q4-2024 Highlights

    • Gold Production: Quarterly gold production of 36,502 oz increased 37% from Q3-2024 as a result of record plant throughput and improved head grades. Mining extended to Siga East and Siga South pits for a full quarter which contributed a greater blend of soft oxide ore at higher grades to the mill feed.
    • AISC Per Oz: AISC per oz sold was $1,273 per oz, a 23% decrease from Q3-2024, driven mainly by improved gold production as a result of higher grades and better plant throughput.
    • EBITDA, Net Income, and Earnings Per Share: Reported EBITDA of $48.1M and net income attributable to Orezone shareholders of $30.1M. Net income per share attributable to Orezone shareholders was $0.06 per share on both a basic and diluted basis.
    • Free Cash Flow: Generated free cash flow of $12.5M with cash flow from operating activities totalling $52.5M after deducting taxes paid of $6.3M but before changes in non-cash working capital. Cash flow used in investing activities totalled $15.5M as expenditures for the Phase II hard rock expansion began to ramp up.

    Events Subsequent to 2024 Year-End

    • Bought Deal Offering: On March 13, 2025, the Company closed on a public offering of common shares on a bought deal basis with Canaccord Genuity Corp. (“Canaccord”) pursuant to which the Company agreed to sell 42,683,000 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$35,000,060. Net proceeds from the offering will be used to conduct early works for stage 2 of the Phase II hard rock expansion and for additional exploration. Under stage 2, processing capacity of the hard rock plant will double from the 2.5Mtpa design in stage 1 to 5.0Mtpa after completion of stage 2.
    • Over-allotment Exercise: Canaccord has exercised its over-allotment in full on the bought deal offering and has agreed to purchase an additional 6,402,450 common shares at a price of C$0.82 per share for aggregate gross proceeds of C$5,250,009. The purchase of shares from the over-allotment closed on March 19, 2025.
    • Private Placement with Nioko: The Company has announced that Nioko intends to acquire, on a non-brokered private placement basis, for 10,719,659 additional common shares at a price of C$0.82 per share for aggregate gross proceeds of C$8,790,121 to maintain its 19.9% share ownership (before the over-allotment exercise). Closing of this private placement is subject to approval of the TSX and is anticipated to occur in late March 2025.
    • Intention to List on the Australian Securities Exchange (“ASX”): The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes a dual listing on the ASX will increase trading liquidity and allow it to access a deeper pool of investors, including specialist mining focused funds.

    2024 Performance and 2025 Guidance

    2024 Performance Compared Against Guidance

    Bomboré Mine (100% basis) Unit Original
    FY2024 Guidance    		 Revised
    FY2024 Guidance4    		 FY2024
    Actuals
    Gold production Au oz 110,000 – 125,000 Unchanged  118,746
    All-In Sustaining Costs123 $/oz Au sold $1,300 – $1,375 $1,400 – $1,475 $1,447
    Sustaining capital12 $M $14 – $15 Unchanged $16.0
    Growth capital – non Phase II Expansion12 $M $16 – $17 Unchanged $17.6
    Growth capital – Phase II Expansion early works12 $M No guidance provided $3.6 $3.6
    Growth capital – Phase II Expansion12 $M No guidance provided $15.0 – $18.0 $15.3
    1. Non-IFRS measures. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.30.
    3. Government royalties of $160/oz included in original AISC guidance based on an assumed gold price of $2,000 per oz. Government royalties of $200/oz were estimated in the revised AISC guidance from a better gold price realized.
    4. Revised guidance details presented in Q3-2024 MD&A.

    2025 Guidance

    Bomboré Mine (100% basis) Unit FY2025 Guidance
    Gold production Au oz 115,000 – 130,000
    All-In Sustaining Costs123 $/oz Au sold $1,400 – $1,500
    Sustaining capital12 $M $9 – $10
    Growth capital (excluding Phase II Expansion)12 $M $44 – $51
    Growth capital – Stage 1 of Phase II Expansion12 $M $75 – $80
    1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
    3. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

    Gold production in 2025 is forecasted to range between 115,000 to 130,000 oz, with the highest production expected in the fourth quarter from the scheduled start-up of the Phase II hard rock plant. Projected gold production from hard rock reserves is between 5,000 to 10,000 oz with actual production dependent on the timing and ramp-up of the new hard rock circuit. Gold production from the existing Phase I oxide plant is guided between 110,000 to 120,000 oz, similar to that achieved in 2024.

    Mining will be concentrated within three main pits delivering most of the direct feed ore with the H pit in the North Zone, and the Siga East and Siga South pits in the South Zone. The 2025 mine plan calls for 22.4M tonnes to be mined by the mining contractor at a strip ratio of approximately 1.8.   The mining contractor placed new excavators, dump trucks, and support equipment into service in November 2024 and is organizing to mobilize additional equipment to site later this year in preparation for the start-up of hard rock mining.

    AISC in 2025 is expected to range between $1,400 to $1,500 per oz sold. AISC per oz is expected to be comparable to 2024 with a small decrease in head grades, an increased strip ratio, and greater government royalties from a higher assumed gold price offset by lower sustaining capital, higher grid utilization, and higher plant throughput from fewer power interruptions and enhanced maintenance practices.

    Sustaining capital is budgeted to fall within the range of $9M to $10M with expenditures directed towards the completion of tailings storage facility (“TSF”) stage 4 lift, extension of the main haul road and perimeter fencing at the southern end of the mining permit, and other capital improvements to the process plant, camp, and mine support equipment and facilities.

    Growth capital is expected to range between $119M to $131M on four major growth projects:

    No. Growth Capital Description Unit FY2025 Guidance
    I. Phase II Hard Rock Expansion – Stage 1 $M $75 – $80
    II. Permanent Back-up Diesel Power Plant $M $22 – $24
    III. TSF Footprint Expansion – Cell 2 $M $11 – $13
    IV. Resettlement Action Plan (“RAP”) $M $11 – $14
      Growth Capital Total $M $119 – $131
           
      Phase II Hard Rock Expansion – Stage 2 $M No guidance provided

    The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.  

    I.      Phase II Hard Rock Expansion – Stage 1

    A new 2.5Mtpa hard rock plant to process fresh and lower transition ore is currently under construction and once completed, will operate in tandem with the existing Phase I oxide plant. The current flowsheet for stage 1 of this brownfield expansion consists of a primary jaw crusher, an 18-hour crushed ore stockpile, a single stage 9MW SAG mill, hydrocyclones, and a carbon-in-leach (“CIL”) circuit consisting of five 15.8 m diameter leach tanks. Loaded carbon will be treated in the shared gold recovery circuit, producing gold doré bars from the existing gold room. Tailings from the CIL circuit will be pumped into the expanded tailings facility.

    The Company completed a comprehensive review of the construction progress and costing as part of its annual budgeting exercise for 2025. From this review, schedule to first gold remains in Q4-2025 with a project budget of $90M – $95M with $75M – $80M forecasted in 2025.

    II.      Permanent Back-Up Diesel Power Plant

    A new diesel power plant will be installed to provide continuous power to both the Phase I oxide plant and Phase II hard rock plant when the national grid is unavailable or unable to provide stable power.

    Following a competitive tender, the Company awarded the engineering, supply, installation, and commissioning of this new power plant to Africa Power Services (“APS”). APS will supply 18 Caterpillar diesel gensets with 1.8MW rated capacity each that will function as back-up units to the grid to meet the 18MW to 20MW load demand of both processing circuits. This new power plant is scheduled for final commissioning in October 2025 and will replace the APS genset rentals that are currently providing power on a back-up basis.

    III.      TSF Footprint Expansion – Cell 2

    The TSF starter dam over the Cell 1 footprint was completed prior to the start of processing operations in 2022. Lifts of the Cell 1 embankment walls have been completed each year to add storage to hold the volume of tailings expected to be generated by the mine for the upcoming year. The stage 4 lift is currently in progress and is slated for completion in June 2025 with costs captured under sustaining capital.

    To optimize costs of future tailings lifts and to meet the higher annual storage requirements from the Phase II hard rock expansion, work to expand the TSF footprint southwards into Cell 2 will begin in 2025 and continue into 2026, and include the HDPE lining of the Cell 2 basin and installation of underdrainage to improve water recovery and dam stability. Cell 2 will cover the ultimate TSF footprint and is designed to ensure that future annual lifts will provide sufficient storage of tailings generated each year by the combined oxide and expanded stage 2 (5Mtpa) hard rock operations.

    IV.      Resettlement Action Plan – Phases II, III, and IV

    RAP Phases II and III commenced in 2023 and will see the construction of three new resettlement communities (MV3, MV2, and BV2) to help relocate households occupying areas within the southern half of the Bomboré mining permit. Both MV3 and MV2 were successfully completed in 2024 followed by the start of BV2 construction in late 2024.

    RAP Phase IV was presented as part of the Environment Social Impact Assessment (“ESIA”) submitted by the Company in 2024 to expand the current mining permit by an additional 5.56 km2.

    Construction costs of $8.0M to $10.0M are forecasted in 2025 to complete the remaining construction of BV2 by October 2025 and for the anticipated start of RAP Phase IV construction in Q4-2025. RAP costs of $3.0M to $4.0M are estimated for compensation, consultants, relocation allowances, and livelihood restoration programs.

    Revenue Protection Program for 2025

    The Company has implemented a low-cost revenue protection program for approximately half of its forecasted gold production in 2025 by purchasing 60,000 oz of put options with a strike price of $2,300 per oz at a cost of $0.8M. These options were acquired in November 2024 from a leading Canadian chartered bank and are structured as a monthly program of 5,000 oz options with option expiries at each month-end.

    The purchase of put options allows the Company to secure margin on its gold sales should gold prices fall significantly while retaining full upside to rising gold prices. The Company invested in these put options due to the large capital programs planned for 2025.

    Bomboré Gold Mine, Burkina Faso (100% Basis)

    Operating Highlights   Q4-2024   Q4-2023   FY2024 FY2023  
    Safety          
    Lost-time injuries frequency rate per 1M hrs 0.00   0.00   0.00 0.00  
    Personnel-hours worked 000s hours 1,326   1,301   5,366 4,394  
    Mining Physicals          
    Ore tonnes mined tonnes 2,063,262   2,883,006   7,889,973 9,247,175  
    Waste tonnes mined tonnes 2,655,783   3,048,669   11,921,398 11,237,079  
    Total tonnes mined tonnes 4,719,045   5,931,675   19,811,370 20,484,254  
    Strip ratio waste:ore 1.29   1.06   1.51 1.22  
    Processing Physicals          
    Ore tonnes milled tonnes 1,652,844   1,449,769   5,928,599 5,749,163  
    Head grade milled Au g/t 0.77   0.82   0.71 0.85  
    Recovery rate % 89.1   88.9   88.2 90.4  
    Gold produced Au oz 36,502   33,916   118,746 141,425  
    Unit Cash Cost          
    Mining cost per tonne $/tonne 3.50   3.05   3.49 3.01  
    Mining cost per ore tonne processed $/tonne 7.37   6.31   8.44 6.77  
    Processing cost $/tonne 7.00   10.84   8.27 10.14  
    Site general and admin (“G&A”) cost $/tonne 4.07   4.85   3.90 3.95  
    Cash cost per ore1tonne processed $/tonne 18.44   22.00   20.61 20.86  
    Cash Costs and AISC Details          
    Mining cost (net of stockpile movements) $000s 12,174   9,146   50,008 38,932  
    Processing cost $000s 11,563   15,719   49,049 58,285  
    Site G&A cost $000s 6,719   7,036   23,124 22,707  
    Refining and transport cost $000s 193   141   497 519  
    Government royalty cost $000s 7,512   5,163   22,739 17,508  
    Gold inventory movements $000s (647 ) (606 ) 892 (2,190 )
    Cash costs on a sales basis $000s 37,514   36,599   146,309 135,761  
    Sustaining capital $000s 4,245   3,558   15,997 14,002  
    Sustaining leases $000s 73   73   292 301  
    Corporate G&A cost $000s 2,511   1,874   9,154 7,325  
    All-In Sustaining Costs1on a sales basis $000s 44,343   42,104   171,752 157,389  
    Gold sold Au oz 34,833   33,782   118,697 139,696  
    Cash costs per gold ounce sold1 $/oz 1,077   1,083   1,233 972  
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,273   1,246   1,447 1,127  

    1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

    Bomboré Production Results

    Q4-2024 vs Q4-2023

    Gold production in Q4-2024 was 36,502 oz, an increase of 8% from the 33,916 oz produced in Q4-2023. The higher gold production is attributable to a 14% increase in plant throughput offset by a 6% decrease in head grades.

    The better head grades in Q4-2023 were from the sequencing of higher-grade pits in earlier periods of the mine plan and greater ore release from more tonnes mined allowing for the stockpiling of lower-grade ore. More tonnes were mined in Q4-2023 as a second mining contractor was utilized to assist with mining volumes.

    Plant throughput of 1.65M tonnes in Q4-2024 hit a new quarterly record as processing operations benefitted from higher hourly throughput, greater blend of soft oxide ore, and less maintenance. Improvements to hourly plant throughput were successfully instituted in July 2024 by increasing the mill power and reducing residence time in the CIL circuit with only a minor effect to recovery rates. Mining at the new Siga East and Siga South pits for a full quarter in Q4-2024 resulted in the release of more tonnes of softer oxide ore while completion of all scheduled major plant maintenance in earlier quarters of the year combined with high grid availability resulted in less plant downtime.

    2024 vs 2023

    Gold production in 2024 was 118,746 oz, a decline of 16% from the 141,425 oz produced in 2023. The lower gold production is attributable to a 16% decrease in head grades and a 2% decrease in plant recoveries, partially offset by a 3% increase in plant throughput.

    Head grades in 2023 were higher from the sequencing of higher-grade pits in earlier periods of the mine plan and the processing of high-grade stockpiles accumulated during the Phase I construction, with such stockpiles being fully depleted by June 2023.

    Plant recoveries were lower in 2024 as a direct result of lower head grades, a greater blend of transition ore, and less residence in the CIL circuit.

    Plant throughput was higher in 2024 from the operating procedures followed in the H2-2024 to maximize hourly plant throughput.

    Bomboré Operating Costs

    Q4-2024 vs Q4-2023

    AISC per gold oz sold in Q4-2024 was $1,273, a 2% increase from $1,246 per oz sold in Q4-2023. The higher AISC is the result of: (a) lower head grades; (b) greater per oz royalty costs from a 33% increase in the realized gold price ($2,632/oz vs $1,986/oz) coupled with higher royalty rates that took effect in October 2023; and (c) increased mining costs attributable to deeper pits, drill-and-blast associated with harder transition ore, and higher strip ratio. This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 (92% grid utilization in Q4-2024) and from a 14% jump in plant throughput resulting in economies for fixed costs.

    Cash cost per ore tonne processed in Q4-2024 was $18.44 per tonne, a decrease of 16% from $22.00 per tonne in Q4-2023, as a result of the use of lower-cost grid power and a 14% increase in plant throughput positively impacting unit cost for processing ($7.00/tonne vs $10.84/tonne) and site G&A ($4.07/tonne vs $4.85/tonne), partially offset by a 17% increase in mining costs per ore tonne processed ($7.37/tonne vs $6.31/tonne) attributable to higher strip ratio and unit mining cost.

    Mining cost per tonne has increased in Q4-2024 when compared to Q4-2023 ($3.50/tonne vs $3.05/tonne) as lower benches in the pits in the Northern Zone are mined resulting in longer hauls and more transition material that requires some drill-and-blast prior to excavation and greater rehandle prior to feeding into the dump pocket on the ROM pad combined with more grade control drilling for the new Siga pits.

    Processing costs per ore tonne decreased in Q4-2024 when compared to Q4-2023 ($7.00/tonne vs $10.84/tonne) mainly from the continuing cost benefit of utilizing grid power which has lowered power cost from $5.57/tonne in Q4-2023 to $2.39/tonne in Q4-2024, a drop of $3.18/tonne. Grid performance remained reliable and steady in Q4-2024 with 92% utilization, consistent with utilization in Q3-2024, and a significant improvement from Q2-2024 when grid utilization was 34% as issues with the supply system in Ghana and Côte D’Ivoire temporarily reduced power export into Burkina Faso.

    2024 vs 2023

    AISC per gold oz sold in 2024 was $1,447, a 28% increase from $1,127 per oz sold in 2023. The higher AISC is primarily the result of a 16% decline in head grades, higher government royalties from a better realized gold price and higher royalty rates, higher strip ratio and unit cost for mining, and moderate increases in sustaining capital and corporate G&A, partially offset by a reduction in processing costs from the switch to grid power as the primary power source in February 2024.

    Bomboré Growth Capital Projects

    Grid Power Connection

    The powerline to connect Bomboré to Burkina Faso’s national energy grid was successfully energized in February 2024. As of December 31, 2024, the Company has incurred costs of $19.9M, of which $0.2M was incurred in Q4-2024 and $1.6M in 2024. The Company plans to make minor upgrades to the grid connection in 2025 by installing equipment and software that will reduce the quantity of reactive power and hence, surcharges imposed by SONABEL, the state-owned electricity company of Burkina Faso.

    RAP Phases II and III

    Construction of MV3 and MV2 resettlement sites and the relocation of families to their new homes at these sites were completed in 2024. Construction on the BV2 resettlement site commenced in Q4-2024. Compensation payments to affected residents for loss of land, crops, trees, and private structures were also made in the year.

    As of December 31, 2024, the Company has incurred project-to-date costs of $26.5M for RAP Phases II and III, of which $4.3M was incurred in Q4-2024 and $16.0M in 2024.

    Phase II Hard Rock Expansion

    First gold remains on schedule and costs are trending in line with the most recent control budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

    Construction of stage 1 of Phase II hard rock expansion was officially approved by the Company’s Board in early July 2024. To maintain first gold by Q4-2025, the Company undertook early work activities in H1-2024 which included front-end engineering and design, geotechnical investigations, additional office and camp accommodations, 18MW SAG mill order placement (subsequently cancelled), and bulk earthworks on the new plant layout.

    Lycopodium Minerals Canada (“Lycopodium”) was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant that is currently in operations and exceeding nameplate design.

    Progress and milestones achieved on the expansion in 2024 include:

    • Engineering and drafting progress stood at 52% and ahead of plan. All bulk quantities, including concrete, structural steel, and platework, remain in line with budget.
    • Procurement was at 82% of total supply value with all long lead equipment ordered, including a 9MW SAG mill.
    • Early mobilization of concrete contractor with first concrete pour completed in November, three months ahead of schedule.
    • Tender of the structural, mechanical, and piping (“SMP”) contract with contract awarded shortly after year-end.

    All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been awarded to the same contractors that successfully delivered on the Phase I oxide construction.

    As of December 31, 2024, the Company has incurred $15.3M in costs for the Phase II hard rock expansion exclusive of the $3.6M spent on early work activities in 2024.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the year ended December 31, 2024 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its fourth quarter and full year 2024 results on March 20, 2025:

    Webcast
    Date:    Thursday, March 20, 2025
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone 2024 Year-End Results and 2025 Guidance

    Conference Call 
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 9731374

    QUALIFIED PERSONS

    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    ABOUT OREZONE GOLD CORPORATION

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Company completed construction of its oxide only process plant in August 2022 and achieved commercial production on its oxide operations on December 1, 2022. The Company is expanding operations and gold production by constructing stage 1 of a Phase II hard rock plant that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves.   Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.   

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –

  • MIL-OSI Asia-Pac: Keynote speech by SCST at Hong Kong Tourism Overview 2025 (English only)

    Source: Hong Kong Government special administrative region

    Following is the keynote speech by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at Hong Kong Tourism Overview 2025 today (March 20): 

    Dr YK Pang (Chairman of the Hong Kong Tourism Board, Dr Pang Yiu-kai), Dr Peter Lam (Chairman-Designate of the Hong Kong Tourism Board), distinguished guests, friends from the travel industry, ladies and gentlemen,
     
    Good morning. It is with enormous pleasure and a lot of emotion that I join you all at today’s Hong Kong Tourism Board’s Tourism Overview. I was a regular attendee from 2011 to 2016, but this is my very first time joining this important event as the Secretary for Culture, Sports and Tourism. Really happy to see so many old friends of the tourism industry in the audience, and for new friends in this room, a very warm “hello” to all of you.   
     
    Strong rebound of tourism performance
     
    Tourism has been a cornerstone of Hong Kong’s economy all along. It may not be a major source of foreign investment, but travel and related sectors gallantly provide employment for some 150 000 people of our workforce. In 2024, we welcomed close to 45 million visitors, marking a more than 30 per cent increase year on year. Among them, Mainland and non-Mainland visitors exceeded 34 million and 10 million respectively, with year-on-year increases at 27 per cent and 44 per cent respectively, injecting momentum into the local economy, and showcasing the collaborative efforts of the Government and the industry. As we entered 2025, we continue to see handsome growth, and achieved in January alone the highest monthly record of 4.74 million visitor arrivals since the pandemic.
     
    And for these remarkable achievements, I would like to take the opportunity to express my heartfelt appreciation and gratitude to Dr YK Pang for leading the Hong Kong Tourism Board with dedication and passion over the past six extraordinary years, particularly through the difficult times during the pandemic. As the Chairman, you have guided the Board with exemplary leadership in successfully overcoming various challenges and then driving the recovery of Hong Kong tourism. Thank you for your invaluable contributions to the Board and to Hong Kong’s tourism development. 
     
    To sustain the momentum of the recovery, it is essential for all of us in the Government and the industry to recognise that the global tourism landscape has indeed changed substantially after the pandemic, and is continually evolving. With the advancement in digital technology and changing traveller preferences, we must embrace innovation, adapt our traditional offerings and craft new ones to maintain our competitive edge.
     
    Tourism Blueprint 2.0
     
    With this in mind, the Culture, Sports and Tourism Bureau promulgated on December 30, 2024, the Tourism Blueprint 2.0, setting out the vision and mission for the development of Hong Kong’s tourism industry for the five-year period from 2025 to 2030. 
    I am sure most of you have already read the Blueprint 2.0, maybe serval times, so I am not going to bore you with the details yet again. But I think it is useful for me to elaborate the three key messages, which form the bases of the Blueprint 2.0, to you in person, which will shape the direction of the tourism industry in the coming years.
     
    Opportunities to capitalise – Mainland’s support measures
     
    The first message is Hong Kong’s uniqueness as an international tourist city with the advantage of being backed by the motherland, the Mainland of China. This is our core strength and fundamental asset, and it is getting even more important at this day and age as we are under the cloud of geopolitical tension. It is paramount that we make the most out of the wide range of supportive measures that the Central People’s Government has so generously endowed Hong Kong, through the rolling out of the resumption and expansion of multiple-entry permits for Shenzhen residents and the gifting of two precious giant pandas “An An” and “Ke Ke”, to name just a few. These measures have injected fresh impetus into our travel, retail, catering and hospitality industries. The entire tourism industry must strategically utilise these initiatives to maximise the benefits for Hong Kong as a whole.
     
    Traditional and new tourism offerings
     
    This naturally brings me to my second message. Hong Kong boasts significant traditional tourism advantages, including world-class tourist attractions, like the Hong Kong Disneyland Resort, which will be celebrating its 20th anniversary later this year; Ocean Park, especially with “An An”, “Ke Ke” and the two cute panda cubs “家姐”,”細佬”; our diverse cuisine, from corner delis “chaa chaan teng” to Michelin-star restaurants; efficient urban management and transportation systems. One thing that we in Hong Kong take for granted and tourists from abroad may not be aware, Hong Kong is in fact one of the safest cities in the world for business and leisure travel. It is essential that we continue to fortify these traditional assets and optimise and strengthen our infrastructure. But it is also crystal clear that amidst fierce competition from nearby cities, there is no room for complacency at all, and we surely cannot just rely on our traditional tourism mode and attractions anymore. 
     
    In the Blueprint 2.0, we promote the four “+ tourism” directions, covering culture, sports, ecology and mega events, in which Hong Kong possesses world-class resources that have yet to be fully presented to global visitors. This is where you, my friends in the travel and tourism trade, must and can all work together and rack your brains to develop innovative and interesting tourism products that speak to the desire of new-generation travellers’ aspiration for in-depth exploration of Hong Kong’s rich, diversified, and unique characteristics. Island tourism, for example, is one of the areas that we are actively working on. Hong Kong’s countryside and outlying islands are our hidden gems. Within an hour, we can travel after attending a formal business meeting in the bustling city centre to our countryside and explore the amazing wonders of nature, just like I did just this past Sunday when I hiked for five hours from Shek Pik Reservoir to Tai O in Lantau in the day, and then dressed up to the nines for a wedding banquet in the evening. We should develop more island tourism and eco-tourism itineraries for our global visitors who now have an increase in preference in this area. Our stunning Victoria Harbour is also one of the most beautiful and must-go photo points among the world’s top visit places. We must make better use of our harbour and the surrounding water body by developing more innovative products like yacht tourism to attract tourists. Horse racing is another world-class tourist attraction that Hong Kong excels and has lots of potential, and I’m glad that CTS (China Travel Service) has recently signed an MOU with the Hong Kong Jockey Club to promote horse-racing tourism, and I believe more will come in this direction. And these days I cannot attend any public speaking engagement without mentioning the Kai Tak Sports Park, our new and proud landmark with a 50 000-sized stadium, with which we are now in a position to bring truly mega sports and entertainment events befitting Hong Kong’s role as an international metropolis. It is only by infusing the city with fresh energy through new tourism offerings can we enhance the ambiance of our vibrant city and attract visitors from around the globe. On this, I look forward to the support and efforts from all of you in unleashing our creativity and developing products that will captivate the hearts of visitors. 
     
    Everyone is tourism ambassador
     
    My third message, which I have been repeating at every opportunity since appointment as the Secretary for Culture, Sports and Tourism, is that everyone in the community has a role to play in the development of tourism in Hong Kong, in particular in welcoming our visitors from around the world. This is surely most important for all of us present today, who is always the first point of contact with our tourists. Positive and warm hospitality is the key to prosperous tourism development. Hospitality is not just about providing accommodation and dining services but also about offering attentive and caring services, making visitors feel like home and willing to consume, if I am honest. Therefore, we advocate the concept of “Everyone is a tourism ambassador”, and I would encourage everyone in the tourism trade, as well as members of the public, to welcome every visitor with a warm and friendly smile. Every sunny smile by a member of the public will add to the happy vibe that we could bring to our community, and will more likely bring about quality service provided by hospitality professions. We launched the Hospitality Campaign in 2024 with various government departments, the tourism and related sectors, the education sector and district representatives, encouraging the trade and the entire community to go an extra mile in promoting the spirit of hospitality. We will continue to encourage quality services to welcome every visitor. One of our development strategies in the Blueprint 2.0 is to expand and diversify our visitor source markets. These include the Muslims, silver-haired, family, study-tour, and youth visitors. In order to attract these different segments of visitors, in addition to providing attractive tourism offerings, we must understand their needs and show our respect to make them feel welcomed and valued. This is hospitality and I am confident that our tourism industry will excel in it, giving the warmest welcome to our visitors. 
     
    Conclusion
     
    My dear friends, we have come a long way recovering from the pandemic, and it is now time for us to work together to bring Hong Kong tourism to new heights. Hong Kong is a city full of energy and endless adventures. The Government, along with the tourism industry, the business sector and the community, and indeed everyone in Hong Kong, need to act together to shape Hong Kong’s attractive tourism brand vividly. I always call myself a tourism veteran, and you have my assurance that I am all ears when you have a new idea to tell me, and I shall be in action when I know that there are things that my bureau could do to facilitate your business. Equally, I hope I have your assurance that you are walking with me to rejuvenate our travel and tourism industries, and that I can count on your diligence and creativity on this journey. I also look forward to working closely once again with the new Chairman of Hong Kong Tourism Board, Dr Peter Lam, to bring Hong Kong tourism to the new and next level of excellence.
     
    Thank you very much.

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: 20 March 2025 Ripeka, 71, is a real-life fitness influencer Whaea Ripeka doesn’t need social media to gain a following, her mana is such that young people follow her wherever she goes.

    Source: New Zealand Government Kainga Ora

    Undeterred by a painful back injury and the wait for a second hip replacement, she’s the face of fitness at her Kāinga Ora apartment complex in central Auckland. In the year since she moved in, Ripeka has established a fitness routine averaging three hours a day – and her neighbours are following her lead.

    As well as leading weekly Boxfit sessions, Ripeka invites other tenants to join her for fitness classes and weight training at the gym next door, and to accompany her to the city pool where she swims four days a week.

    “I take the young ones under my wing,” says Ripeka. “I see potential in them, and I want to encourage them to enjoy a healthy life. There’s no pressure though, I just let them know that they’re welcome to join me when they feel ready.

    “I’ve always been into fitness, it’s so good for your wellbeing. And a bit of support and encouragement can help people to make big changes. One of the young people was having issues with alcohol when he arrived, and he’s quit drinking now.”

    Te Mātāwai is the first and largest single site supported housing complex built by Kāinga Ora. Tenants have access to 24/7 onsite support and are empowered to build connections and to participate in their community.

    Ripeka moved into Te Mātāwai, after a stay in emergency housing nearby. She’d become homeless during the pandemic when her husband William had become unwell with dementia, and she was on crutches after injuring her hip.

    “I was so grateful to be able to move in here. When I was offered a place, I said, ‘Wherever you put me, I’ll be happy’ – and I am. The apartments are beautiful, and I love being so close to the gym and the pool and the bus stops. I can take a bus to visit my husband at his rest home.”

    One of Ripeka’s favourite times is the weekly hikoi/walk to a mystery location. Tenants join the hikoi leader to explore destinations such as maunga/mountains and museums.

    “We go to beautiful places and learn about the history.”

    Ripeka also likes to join working crews to host special events such as Matariki, cooking for 200 people over two days.

    “There was a lot of planning and preparation involved, and it felt great to be part of a team giving back.”

    Community Development Manager Dayne Smith says Whaea Ripeka is a “massive” asset to the Te Mātāwai community.

    “She’s a leader and a role model. She encourages and inspires others to make healthier choices through physical fitness, a healthy diet and making social connections. She joins most of the activities on offer, leads a Breakfast Club and Boxfit sessions, and she’s helped us plan and deliver Matariki and Christmas events. We’re so lucky to have her in our community.” 

    Page updated: 20 March 2025

    MIL OSI New Zealand News –

  • MIL-OSI Security: Michigan Man Pleads Guilty to Drug Distribution and Loan Fraud

    Source: Office of United States Attorneys

    BOSTON – A Michigan man pleaded guilty in federal court in Boston to a conspiracy to import and sell illegal pharmaceuticals, including opioids, and to fund the operation of the scheme by fraudulently obtaining a COVID-19 pandemic relief loan.

    Donald Nchamukong, 37, pleaded guilty to conspiracy to smuggle goods into the United States, to commit loan fraud and to distribute controlled substances. U.S. District Court Judge Nathaniel M. Gorton scheduled sentencing for June 25, 2025.

    Starting in 2019 and continuing to 2022, Nchamukong and a co-conspirator, Doyal Kalita, conspired to distribute drugs to persons in the United States over the internet and using call centers in India. Nchamukong used shell companies, including a purported dietary supplements company and an auto parts supplier, and associated bank and merchant accounts to process sales of illegal foreign drugs, including the Schedule IV opioid, tramadol. Nchamukong and Kalita also received shipments of tramadol from India and reshipped the drug to customers across the United States, including in Massachusetts. When the COVID-19 pandemic hit, Nchamukong and Kalita fraudulently obtained a $200,000 Economic Injury Disaster Loan to fund their illegal drug scheme.  

    Kalita was convicted in 2024 and sentenced to 10 years in prison for orchestrating the online drug distribution scheme and a technical support fraud scheme and related money laundering.

    The charge of conspiracy provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000, or twice the monetary gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office; and Fernando P. McMillan, Special Agent in Charge of the New York Field Office of the U.S. Food and Drug Administration, Office of Criminal Investigations made the announcement today. Valuable assistance was provided by Homeland Security Investigations in New York, Small Business Administration and the United States Attorney’s Office for the Eastern District of New York. Assistant U.S. Attorney Kriss Basil, Deputy Chief of the Securities, Financial, and Cyber Fraud Unit, is prosecuting the case.

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

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form.

    MIL Security OSI –

  • MIL-OSI Russia: IMF Executive Board Concludes 2023 Article IV Consultation with El Salvador

    Source: IMF – News in Russian

    March 19, 2025

    Washington, DC: On March 20, 2023, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with El Salvador.

    Despite a series of adverse external shocks, the Salvadoran economy has fared relatively well to date, and is estimated to have grown by 2.8 percent in 2022. Annual inflation jumped to 7¼ percent, mainly due to high global food prices while fuel price inflation was moderated by large subsidies. Vulnerabilities mounted, with international reserves falling below 2 months of imports. In the context of limited financing options, the fiscal deficit narrowed to 2½ percent of GDP, but fiscal policy is expected to turn expansionary in 2023. Under current policies, public debt is on an unsustainable path. 

    The economy is expected to grow by 2.4 percent in 2023, but the outlook is fragile, given the macroeconomic imbalances and a less favorable international environment. A comprehensive and credible policy package is urgently needed to put public debt on a firmly declining path and strengthen macroeconomic and financial stability.

    Over a year after the adoption of Bitcoin as legal tender, its use has been minimal but risks for financial and market integrity, financial stability, and consumer protection remain and need to be addressed. 

    Executive Board Assessment[2]

    Executive Directors noted the strong post‑pandemic recovery supported by the authorities’ timely responses to shocks and the improved security situation. Pointing to the fragile outlook amid rising risks and vulnerabilities, Directors urged the authorities to adopt a comprehensive plan to address macroeconomic imbalances, including unsustainable public debt and limited reserve coverage, along with structural reforms to support stronger, inclusive growth.

    Directors welcomed recent fiscal efforts but underscored the urgent need for an ambitious fiscal consolidation plan, based on greater revenue mobilization and efficiency of spending, including better targeting energy subsidies and social safety nets and rightsizing the wage bill. This is critical to put public debt on a firm downward trajectory and allow a gradual return to international capital markets. Restoring and upgrading the Fiscal Responsibility Law would also improve the transparency and credibility of fiscal policy. Directors stressed the importance of ensuring the sustainability of the pension system to limit contingent liabilities.

    Directors noted that the banking system remains healthy but cautioned against rising exposures to the sovereign and the erosion of liquidity buffers. They called for raising banks’ reserve requirements, enacting promptly the Financial Stability Bill, closing regulatory gaps, and continuing to implement the 2020 Safeguards Assessment recommendations.

    Directors underscored the importance of narrowing the scope of the Bitcoin law and removing Bitcoin’s legal tender status. They noted that while Bitcoin has had a minimal impact on financial inclusion, high risks to financial integrity and stability, fiscal sustainability, and consumer protection persist. Directors urged that Bitcoin transactions be transparently disclosed, together with the financial statements of public companies operating in the Bitcoin ecosystem. They also called on the authorities to carefully weigh the implications of the new crypto assets legislation and avoid expanding government exposure to Bitcoin.

    Directors stressed the importance of structural reforms to strengthen governance, the investment climate and productivity. They called for continued efforts to strengthen fiscal transparency, public procurement, AML/CFT legislation, and the independence of the judicial system. Directors also stressed the importance of enhancing human capital, infrastructure, and climate resilience, as well as continuing to upgrade the statistical framework.

    El Salvador: Selected Economic Indicators

    I. Social Indicators

    		  

    Per capita income (U.S. dollars, 2021)

    4,408

    		  

    Population (million, 2021)

    6.5

    		  

    Percent of pop. below poverty line (2021)

    24.6

    		  

    Gini index (2019)

    		  

    39

    		  
                     

    II. Economic Indicators (percent of GDP, unless otherwise indicated)

    		  
     
               

    Proj.

    		  

    2018

    2019

    2020

    2021

    2022

    2023

    2024

    		  
                     

    Income and Prices

    		                

    Real GDP growth (percent)

    2.4

    2.4

    -8.2

    10.3

    2.8

    2.4

    1.9

    		  

    Consumer price inflation (average, percent)

    1.1

    0.1

    -0.4

    3.5

    7.2

    4.1

    2.1

    		  

    Terms of trade (percent change)

    -3.9

    1.7

    4.8

    -7.6

    -1.6

    5.0

    0.7

    		  

    Sovereign bond spread (basis points)

    424

    453

    760

    837

    1,485

    …

    …

    		  
                     

    Money and Credit

    		                

    Credit to the private sector

    57.3

    59.1

    66.3

    61.8

    63.1

    61.2

    60.0

    		  

    Broad money

    54.8

    59.1

    70.4

    61.5

    58.5

    58.5

    60.5

    		  

    Interest rate (time deposits, percent)

    4.2

    4.3

    4.1

    3.9

    …

    …

    …

    		  
                     

    External Sector

    		                

    Current account balance 

    -3.3

    -0.4

    0.8

    -5.1

    -8.3

    -5.4

    -5.3

    		  

    Trade balance

    -21.7

    -21.2

    -21.0

    -28.6

    -31.4

    -27.5

    -27.4

    		  

    Transfers (net)

    20.6

    21.0

    24.4

    25.9

    24.0

    22.9

    22.4

    		  

    Foreign direct investment

    -3.2

    -2.4

    -1.1

    -1.1

    -0.2

    -1.6

    -2.2

    		  

    Gross international reserves (mill. of US$)

    3,569

    4,446

    3,083

    3,426

    2,440

    2,798

    3,382

    		  
                     

    Nonfinancial Public Sector

    		                

    Overall balance

    -2.7

    -3.1

    -8.2

    -5.6

    -2.5

    -3.4

    -3.4

    		  

    Primary balance

    0.9

    0.6

    -3.8

    -1.1

    2.2

    0.3

    0.4

    		  

    Of which: tax revenue

    18.0

    17.7

    18.5

    20.1

    20.3

    19.0

    19.0

    		  

    Public sector debt 1/

    70.4

    71.3

    89.4

    82.4

    77.2

    76.1

    78.3

    		  
                     

    National Savings and Investment

    		                

    Gross domestic investment

    18.4

    18.3

    18.9

    22.2

    20.7

    19.8

    19.4

    		  

    Private sector 2/

    15.7

    15.9

    16.9

    19.6

    18.8

    17.4

    17.1

    		  

    National savings

    15.1

    17.9

    19.8

    17.1

    12.4

    14.5

    14.2

    		  

    Private sector

    14.7

    18.0

    25.4

    19.5

    12.8

    14.9

    14.9

    		  
                     

    Net Foreign Assets of the Financial System

    		                

    Millions of U.S. dollars

    2,655

    3,372

    3,618

    3,022

    1,114

    1,227

    1,400

    		  
                     

    Memorandum Items

    		                

    Nominal GDP (billions of US$)

    26.0

    26.9

    24.6

    28.7

    31.6

    33.7

    35.1

    		  
                     

    Sources: Central Reserve Bank of El Salvador, Ministry of Finance, and IMF staff estimates.

    		  

    1/ Gross debt of the nonfinancial public sector.

    		  

    2/ Includes inventories.

    		  

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    https://www.imf.org/en/News/Articles/2025/03/19/pr25069-el-salvador-imf-executive-board-concludes-2023-article-iv-consultation-with-el-salvador

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: Federal Jury Finds Feeding Our Future Mastermind and Co-Defendant Guilty in $250 Million Pandemic Fraud Scheme

    Source: Office of United States Attorneys

    MINNEAPOLIS – Two individuals have been convicted by a federal jury for their roles in a $250 million fraud scheme that exploited a federally-funded child nutrition program, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    “Aimee Bock and Salim Said took advantage of the Covid-19 pandemic to carry out a massive fraud scheme that stole money meant to feed children,” said Acting U.S. Attorney Lisa D. Kirkpatrick.  “The defendants falsely claimed to have served 91 million meals, for which they fraudulently received nearly $250 million in federal funds.  That money did not go to feed kids.  Instead, it was used to fund their lavish lifestyles. Today’s verdict sends a message to the community that fraud against the government will not be tolerated.”

    “Stealing from the federal government is stealing from the American people – plain and simple. The egregious fraud uncovered in the Feeding our Future case represents the blatant betrayal of public trust. These criminals stole hundreds of millions in federal funding meant to feed hungry children during a crisis and instead funneled it into luxury homes, cars and lavish lifestyles while families struggled,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “The FBI will not allow criminals to rob federal programs and walk away unscathed. We will expose their schemes, dismantle their networks, and ensure they face the full weight of justice.”

    “Aimee Bock, Salim Said, and others took advantage of a global pandemic to rob food programs, aimed at serving those in need, of hundreds of millions of taxpayer dollars during a time when so many people were struggling,” said Ramsey Covington, Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. “Instead of overseeing the distribution of meals to low-income children, Bock’s organization enabled meal site operators to commit fraud. This verdict is the product of dedicated investigators and prosecutors to bring accountability to those who brazenly stole from the American public. IRS Criminal Investigation is deeply committed to working with our partner agencies to combat these types of fraud schemes and ensure our American tax dollars serve their intended purpose.”

    “Today’s verdict reaffirms how critical a role the U.S. Postal Inspection Service plays in protecting the American consumer from these types of fraudulent schemes and in ensuring that the nation’s U.S. mail stream is not used by criminals to prey upon our citizens and programs intended to aid those in need during difficult times.  The bold egregious nature in which these fraudsters victimized our children and programs intended to feed them during a world-wide pandemic illustrates their callous disregard for human decency and overall greed,” Bryan Musgrove, Inspector in Charge of the Denver Division stated. “This investigation is a tremendous example of how the U.S. Postal Inspection Service and our FBI law enforcement partners can work side by side in an effort to bring these fraudsters to justice.”

    Historically, the Federal Child Nutrition provided meals to children in school-based programs or activities. During the COVID-19 pandemic, the U.S. Department of Agriculture (USDA) waived some of the standard requirements for participation in the Federal Child Nutrition Program. Among other things, the USDA allowed for-profit restaurants to participate in the program, as well as allowed for off-site food distribution to children outside of educational programs. 
    As proven at trial, Aimee Bock, 44, was the founder and executive director of Feeding Our Future, a nonprofit organization that was a sponsor participating in the Federal Child Nutrition Program. Salim Said, 36, former co-owner of Safari Restaurant, was jointly tried with Bock. Together, they oversaw a massive fraud scheme carried out by sites under Feeding Our Future’s sponsorship. 

    As proven at trial, Feeding Our Future employees recruited individuals and entities to open Federal Child Nutrition Program sites throughout the state of Minnesota. These sites, created and operated by Bock, Said, and others, fraudulently claimed to be serving meals to thousands of children a day within just days or weeks of being formed. Bock and Said created and submitted false documentation, including fraudulent meal counts consisting of fake attendance rosters purporting to list the names and ages of the children receiving meals at the sites each day. Feeding Our Future submitted these fraudulent claims to the Minnesota Department of Education (MDE) and then disbursed the fraudulently obtained Federal Child Nutrition Program funds to their co-conspirators involved in the scheme.

    To accomplish their scheme, Bock and Said created dozens of shell companies to enroll in the program as food program sites, and to receive and launder the proceeds of their fraudulent scheme. In exchange for sponsoring these sites’ fraudulent participation in the program, Feeding Our Future received more than $18 million in administrative fees to which it was not entitled. In addition to the administrative fees, Feeding Our Future employees solicited and received bribes and kickbacks from individuals and companies sponsored by Feeding Our Future. Many of these kickbacks were paid in cash or disguised as “consulting fees” paid to shell companies created by Feeding Our Future employees to make them appear legitimate.

    As proven at trial, Said’s Safari Restaurant reported approximately $600,000 in annual revenue in each of the three years prior to the onset of the COVID-19 pandemic. In April 2020, Safari Restaurant enrolled in the Federal Child Nutrition Program under the sponsorship of Feeding Our Future. By July 2020, Said claimed to be serving meals to 5,000 children per day, seven days a week. In total, Said claimed to have served over 3.9 million meals to children from the Safari Restaurant food site between April 2020 and November 2021. Said also claimed that Safari Restaurant provided more than 2.2 million meals to other food sites involved in Feeding Our Future’s fraud scheme.

    In total, Feeding Our Future opened more than 250 Federal Child Nutrition Program sites throughout the state of Minnesota, and in doing so, went from receiving and disbursing approximately $3.4 million in federal funds in 2019 to nearly $200 million in 2021. Throughout the course of their scheme, Feeding Our Future fraudulently obtained and disbursed more than $240 million in Federal Child Nutrition Program funds. The defendants used the proceeds of their fraudulent scheme to purchase luxury vehicles, residential and commercial real estate in Minnesota as well as property in Ohio and Kentucky, real estate in Kenya and Turkey, and to fund international travel.

    After a six-week trial, Bock was convicted on four counts of wire fraud, one count of conspiracy to commit wire fraud, one count of bribery, and one count of conspiracy to commit federal programs bribery. Said was convicted on one count of conspiracy to commit wire fraud, four counts of wire fraud, one count of conspiracy to commit federal programs bribery, eight counts of bribery, one count conspiracy to commit money laundering and five counts of money laundering. 

    The case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

    Assistant U.S. Attorneys Joseph H. Thompson, Matthew S. Ebert, Harry M. Jacobs, and Daniel W. Bobier are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.

    MIL Security OSI –

  • MIL-OSI Canada: Innovation Saskatchewan Delivering Research Infrastructure to Strengthen Global Leadership

    Source: Government of Canada regional news

    Released on March 19, 2025

    Innovation Saskatchewan, the provincial government’s innovation agency, is investing in research infrastructure to support Saskatchewan’s world-class research community.

    The 2025-26 Budget includes a $3.0 million commitment to the Canadian Light Source (CLS) and an additional $4.1 million commitment to the Vaccine and Infectious Disease Organization (VIDO) for enhancements to equipment and infrastructure.

    These targeted investments will strengthen existing facilities foundational to the province’s research landscape, making it easier for innovators to develop ideas in Saskatchewan, attract and retain top talent and share high-demand solutions with the world.

    “Saskatchewan is a global leader in cutting-edge research and technological innovation,” Minister Responsible for Innovation Saskatchewan Warren Kaeding said. “By investing in the province’s world-class research community, we are accelerating made-in-Saskatchewan solutions to global challenges, creating jobs and driving economic growth to achieve our 2030 Growth Plan goals.”

    A cornerstone of Saskatchewan’s research leadership is its network of world-class research centres, including CLS, a major international research facility home to Canada’s only synchrotron and one of the most advanced in the world, and VIDO, a global leader in infectious disease and vaccine research for over half a century.

    The additional $3.0 million for CLS matches federal funding to add new state-of-the-art equipment essential to continuing reliable and sustainable operations. The funding ensures CLS will remain at the forefront of research innovation and enhance its ability to advance scientific discovery.

    The additional $4.1 million commitment for VIDO builds on Innovation Saskatchewan’s $15.0 million commitment in 2021 to expand capabilities for the organization to become Canada’s Centre for Pandemic Research. This includes upgrading facilities to containment Level 4 standards – the highest level possible. Once completed, VIDO will be Canada’s only non-governmental facility capable of handling the world’s most dangerous pathogens, elevating Saskatchewan’s role in global health security.

    “For decades, Saskatchewan has strategically built a dynamic research ecosystem and CLS and VIDO are central to that vision,” Innovation Saskatchewan CEO Kari Harvey said. “Strengthening our commitments will broaden our impact, securing our province’s future and cementing our reputation as a global research leader.”

    In addition to the 2025-26 research investment, Innovation Saskatchewan continues planning for the redevelopment of the Galleria, the flagship building at its Innovation Place research and technology park in Saskatoon. The west wing is being transformed into a multi-tenant space for scaling companies – particularly those in agtech and other key sector industries – with integrated laboratories, pilot plant space and other specialized infrastructure to support Saskatchewan’s growing technology sector.    

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI New Zealand: InternetNZ – Desire for flexibility remains amid fall in number of remote workers

    Source: InternetNZ

    Nearly half of New Zealanders who have the option to work from home would like to do so more, however the actual number of people working remotely is decreasing. This is according to the latest Internet Insights annual survey conducted by InternetNZ.
    Vivien Maidaborn, CEO of InternetNZ, believes that while employers are reconsidering work-from-home arrangements and are modifying their policies, the call from employees to work from home more is not going away.
    “Over half of the New Zealand workforce have the technology to work from home, thanks to the internet. Changes made out of necessity during the pandemic are still deeply embedded for many of us as a workforce,” she said.
    The annual survey showed a significant drop of eight percentage points in the number of people who work from home some or all of the time. 38% of us now work from home some or all of the time, compared to 46% in the 2023 Insights survey.
    Opinion has become divided on how work from home has affected workplace culture. 19% percent of us now believe that working from home improves workplace culture, while 18% feel it makes it worse. 38% believed that work from home had no effect on workplace culture.
    “The new trend away from working from home so much, coupled with the persistent desire for options, will affect organisations. Some employers are attempting to provide all the available options, while others are simplifying things back down to what it was like pre-pandemic.”
    Being required to work in the office by an employer for a certain number of days remains the most common reason that people don’t work more from home. Face-to-face meetings and employer attitudes to remote working were other reasons why workers had to go into the office.
    Survey respondents also expressed a willingness to move somewhere else in the country, if they could take their job with them. Among those whose work can be done from home, 46% would consider moving somewhere else in New Zealand. 52% of New Zealanders do the type of work that can be done from home.
    The annual Internet Insights research encompasses a range of topics, including Internet use, concerns, online safety, and Artificial Intelligence.

    MIL OSI New Zealand News –

  • MIL-OSI Europe: Written question – The EU’s digital transformation programmes and the European funds that have been disbursed to achieve it – E-001032/2025

    Source: European Parliament

    Question for written answer  E-001032/2025
    to the Commission
    Rule 144
    Francesco Torselli (ECR), Carlo Fidanza (ECR), Denis Nesci (ECR), Mariateresa Vivaldini (ECR), Chiara Gemma (ECR), Alberico Gambino (ECR), Sergio Berlato (ECR), Giovanni Crosetto (ECR), Francesco Ventola (ECR), Marco Squarta (ECR), Elena Donazzan (ECR), Michele Picaro (ECR), Lara Magoni (ECR), Antonella Sberna (ECR), Daniele Polato (ECR), Alessandro Ciriani (ECR), Pietro Fiocchi (ECR), Giuseppe Milazzo (ECR)

    Digital technology and infrastructure are an integral part of our daily lives, as they determine how we work and communicate and are also vital to advancing scientific progress and responding to current environmental challenges.

    The COVID-19 pandemic showed just how important it is for Europe to avoid depending on non-EU systems and solutions. Russia’s war of aggression against Ukraine has further highlighted the vulnerabilities of our digital supply chains and the importance of investing in cybersecurity and drastically improving Europe’s digital capabilities.

    The EU has set up a number of programmes to support the digital transformation of industries, SMEs and public administrations. One of them is Digital Europe (DIGITAL), which enables the EU to respond to these challenges by funding projects in key areas such as supercomputing, artificial intelligence, cybersecurity and advanced digital skills as well as initiatives which aim to ensure the widespread use of digital technologies across the economy and society.

    In view of President von der Leyen’s announcement of the launching of InvestAI (an initiative that will mobilise a further EUR 200 billion in funds, of which EUR 20 billion will be set aside for a European fund for AI gigafactories), could the Commission clarify how much has been spent so far to achieve the digital transition for European citizens and businesses?

    Supporter[1]

    Submitted: 10.3.2025

    • [1] This question is supported by a Member other than the authors: Stefano Cavedagna (ECR)

    MIL OSI Europe News –

  • MIL-Evening Report: The Australian economy has changed dramatically since 2000 – the way we work now is radically different

    Source: The Conversation (Au and NZ) – By John Quiggin, Professor, School of Economics, The University of Queensland

    The most striking feature of the Australian economy in the 21st century has been the exceptionally long period of fairly steady, though not rapid, economic growth.

    The deep recession of 1989–91, and the painfully slow recovery that followed, led most observers to assume another recession was inevitable sooner or later.

    And nearly everywhere in the developed world, the Global Financial Crisis of 2007–08 did lead to recessions comparable in length and severity to the Great Depression of the 1930s.

    Through a combination of good luck and good management, Australia avoided recession, at least as measured by the commonly used criterion of two successive quarters of negative GDP growth.

    Recessions cause unemployment to rise in the short run. Even after recessions end, the economy often remains on a permanently lower growth path.

    Good management – and good luck

    The crucial example of good management was the use of expansionary fiscal policy in response to both the financial crisis and the COVID pandemic. Governments supported households with cash payments as well as increasing their own spending.

    The most important piece of good luck was the rise of China and its appetite for Australian mineral exports, most notably iron ore.

    This demand removed the concerns about trade deficits that had driven policy in the 1990s, and has continued to provide an important source of export income. Mining is also an important source of government revenue, though this is often overstated.

    Still more fortunately, the Chinese response to the Global Financial Crisis, like that in Australia, was one of massive fiscal stimulus. The result was that both domestic demand and export demand were sustained through the crisis.

    The shift to an information economy

    The other big change, shared with other developed countries, has been the replacement of the 20th century industrial economy with an economy dominated by information and information-intensive services.

    The change in the industrial makeup of the economy can be seen in occupational data.

    In the 20th century, professional and managerial workers were a rarefied elite. Now they are the largest single occupational group at nearly 40% of all workers. Clerical, sales and other service workers account for 33% and manual workers (trades, labourers, drivers and so on) for only 28%.

    The results are evident in the labour market. First, the decline in the relative share of the male-dominated manual occupations has been reflected in a gradual convergence in the labour force participation rates of men (declining) and women (increasing).

    Suddenly, work from home was possible

    Much more striking than this gradual trend was the (literally) overnight shift to remote work that took place with the arrival of COVID lockdowns.

    Despite the absence of any preparation, it turned out the great majority of information work could be done anywhere workers could find a desk and an internet connection.

    The result was a massive benefit to workers. They were freed from their daily commute, which has been estimated as equivalent to an 8–10% increase in wages, and better able to juggle work and family commitments.

    Despite strenuous efforts by managers, remote or hybrid work has remained common among information workers.

    CEOs regularly demand a return to full-time office work. But few if any have been prepared to pay the wage premium that would be required to retain their most valuable (and mobile) employees without the flexibility of hybrid or remote work.

    The employment miracle

    The confluence of all these trends has produced an outcome that seemed unimaginable in the year 2000: a sustained period of near-full employment. That is defined by a situation in which almost anyone who wants a job can get one.

    The unemployment rate has dropped from 6.8% in 2000 to around 4%. While this is higher than in the post-war boom of the 1950s and 1960s, this is probably inevitable given the greater diversity of both the workforce and the range of jobs available.

    Matching workers to jobs was relatively easy in an industrial economy where large factories employed thousands of workers. It’s much harder in an information economy where job categories include “Instagram influencer” and “search engine optimiser”.

    As we progress through 2025, it is possible all this may change rapidly, for better or for worse.

    The chaos injected into the global economy by the Trump Administration will radically reshape patterns of trade.

    Meanwhile the rise of artificial intelligence holds out the promise of greatly increased productivity – but also the threat of massive job destruction. Economists, at least, will be busy for quite a while to come.

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

    – ref. The Australian economy has changed dramatically since 2000 – the way we work now is radically different – https://theconversation.com/the-australian-economy-has-changed-dramatically-since-2000-the-way-we-work-now-is-radically-different-249942

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Willis Lease Finance Corporation Announces Joint Venture with Global Engine Maintenance to Develop Engine Test Cell Facility

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., March 19, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced its subsidiary, Willis Engine Repair Center® (“WERC®”), entered into an agreement with independent MRO (Maintenance, Repair and Overhaul) provider Global Engine Maintenance (“GEM”) to create a joint venture named Willis Global Engine Testing (“WGET”) to build an engine test cell facility in West Palm Beach, Florida.

    The new joint venture brings together WLFC’s decades of industry experience with GEM’s specialization in offering full CFM56 engine overhauls to address the significant shortage of engine test cell facilities in North America.

    “The market currently lacks adequate testing capacity, hindering lessors and operators from efficiently returning engines to service. Through this investment in our services business, we expect to improve turnaround times of customer shop visits for WLFC, GEM, and third-party customers,” said Austin C. Willis, Chief Executive Officer of WLFC. “This joint venture with a proven engine MRO provider efficiently shares each partner’s expertise to mitigate risk and accelerate market entry.”

    “This joint venture marks a significant milestone for GEM as we continue expanding our capabilities, elevating our presence in the global engine MRO market to better serve our customers and the broader aviation market. Willis Lease Finance Corporation is a globally recognized leader in aircraft engine leasing, asset management, and services known for its innovative solutions and deep industry expertise. By partnering with WLFC, we are combining our deep expertise in CFM56 MRO with their extensive leasing and asset management solutions to deliver a streamlined, high-quality engine testing experience,” said Dominic Raja, Vice Chairman and President of GEM.”

    The facility will initially service CFM56-5B and CFM56-7B engines with the ability to service newer generation engine types in the future. The joint venture plans to break ground on the site in late 2025.

    About Willis Lease Finance Corporation

    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and health pandemics; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    About Global Engine Maintenance

    Global Engine Maintenance (GEM) is a leading independent CFM56 MRO provider, delivering high-quality, cost-effective, and customized engine solutions to airlines, lessors, and operators worldwide. With 15 years of expertise, GEM stands out for its flexibility, rapid turnaround times, and customer-focused approach, offering full-service capabilities with a wide range of solutions, including overhauls, performance restoration repairs, module swaps, hospital shop visits, and on-wing support. By combining cutting-edge technology, deep industry expertise, and a commitment to operational excellence, GEM provides tailored maintenance programs that maximize engine life and minimize costs.

    CONTACT:   Lynn Mailliard Kohler
        Director, Global Corporate Communications
        415.328.4798

    The MIL Network –

  • MIL-OSI Global: US isn’t first country to dismantle its foreign aid office − here’s what happened after the UK killed its version of USAID

    Source: The Conversation – USA – By Sarah Stroup, Professor of Political Science; Director, Conflict Transformation Collaborative, Middlebury

    The U.S. and U.K. used to be major funders of global immunization programs for children. AP Photo/Sunday Alamba, File

    The Trump administration’s dismantling of the United States Agency for International Development is unconstitutional, a federal judge ruled on March 18, 2025. The court order to pause the agency’s shuttering came days after Secretary of State Marco Rubio said that 83% of its programs had been cut.

    USAID was created in 1961 as the lead agency for U.S. international development. Until recently, it funded health and humanitarian aid programs in more than 130 countries. Despite the administration’s claim of cost-cutting, USAID was a relatively small and economical operation. Its US$40 billion budget accounted for just 0.7% of annual federal spending. Congress also required regular reporting and evaluations on USAID, helping to ensure substantial oversight of how it spent its taxpayer dollars.

    USAID’s swift destruction has sent shock waves across the globe. But as a scholar of the global humanitarian aid sector and donor agencies, I know this assault on foreign aid is not unprecedented.

    In June 2020, Boris Johnson, then the prime minister of the United Kingdom, used similar claims of budget-tightening to effectively close the Department for International Development, Britain’s equivalent of USAID.

    A COVID merger

    Both the U.S. and British foreign aid programs have long prompted heated debates over the proper relationship between development, diplomacy and national security. The U.S. and Britain have long been among the top five providers of development assistance worldwide, and both USAID and DFID have played leading roles in the development community.

    Countries give foreign aid for both altruistic and self-interested reasons. Treating global diseases and addressing civil conflicts is a way for wealthy Western governments to limit threats that could destabilize their countries, as well as the rest of the world. It also burnishes their reputation and encourages cooperation with other governments.

    Scholars from across the political spectrum and around the world have questioned the general efficacy of foreign assistance, arguing that these programs are designed to serve the interests of donors, not the needs or recipients. Other development experts contend that foreign aid programs, while imperfect, have still made meaningful progress in improving health, education and freedoms.

    Britain’s DFID was created in 1997 as an independent, Cabinet-level department deliberately independent of partisan politics. It quickly developed a reputation as a model donor, even among skeptics of international aid.

    British Prime Minister Boris Johnson announced the DFiD merger in June 2020.
    AP Photo/Kirsty Wigglesworth, file

    For example, a staffer at the international medical charity Doctors without Borders told me in a 2006 interview that he had scoffed at the idea of a politics-free aid agency.

    Yet, he said, he had found DFID “relatively easier to work with” than other donors.

    “I have never heard of someone being told, as a result of accepting DFID funds, what to do, either explicitly or behind closed doors,” he told me.

    But its good reputation could not protect DFID. At the height of the COVID-19 pandemic, Johnson announced that DFID would merge with the Foreign Office, Britain’s equivalent of the State Department, to create a new government agency. By uniting aid and diplomacy, Johnson said, the new Foreign, Commonwealth and Development Office would get “maximum value for the British taxpayer,” and he cited the economic impact of COVID to justify his decision.

    Foreign aid dropped sharply after the merger, from 0.7% of Britain’s gross national income to 0.5% – a cut of about US$6 billion.

    Development professionals decried Johnson’s merger, arguing it could not have happened at a worse time, with the pandemic heightening the need for global health funding. And coming shortly after Brexit, Britain’s withdrawal from the European Union, DFID’s demise further called into question Britain’s commitment to global cooperation.

    Less money, less impact

    Five years later, it’s not clear that dismantling DFID has made British foreign aid more efficient or effective, as Johnson pledged.

    “We have seen evidence of where a more integrated approach has improved the organisation’s ability to respond to international crises and events, which has led to a better result,” reads one 2025 report by the U.K.’s National Audit Office.

    Two departments in one – but not twice the budget.
    Mike Kemp/In Pictures via Getty Images

    Yet, the auditors add, the British government has spent at least £24.7 million – US$32 million – to merge its aid and diplomacy offices, and it failed to track these costs. Nor did the leaders of the merger set out a clear vision for its new purpose.

    Britain’s slimmer new Foreign, Commonwealth and Development Office has also relinquished the U.K.’s past leadership in research and expertise, largely due to pay reductions and restrictions on hiring non-British nationals.

    From the outset, DFID had invested substantially in building expertise in global development, particularly in conflict-ridden states. In 2001, for example, it spent almost 5% of its budget – an unusually high amount – on research and policy analysis to design and assess its programs.

    DFID produced regular case studies of the projects it funded, which included getting Syrian refugee children back in school, building roads that help Rwandan farmers move their products to market, and providing health care after Pakistan’s 2010 floods.

    Given the “development expertise that was lost with the merger,” the U.K. government can no longer conduct “the kind of rigorous, long-term focus necessary to make a real impact,” said the Center for Global Development in a recent report.

    A 2022 study suggests that DFID’s dismantling was a fundamentally political move, “divorced from substantive analysis of policy or inter-institution relationships.”

    Britain’s new Prime Minister Keir Starmer, of the leftist Labour Party, initially promised to boost British foreign aid. But in early March 2025, he backtracked, announcing instead a further cut to foreign aid.

    By 2027, the U.K. government will spend just 0.3% of its budget on overseas aid. That’s roughly $11 billion less than before the merger in 2019.

    ‘Clear and easy target’

    USAID’s budget was much larger than DFID’s, and the administration apparently wants not to streamline U.S. foreign aid but halt it almost entirely. If this effort succeeds, it will have even more severe effects worldwide, at least in the immediate term.

    The global health programs administered by USAIDm which combat diseases such as HIV, tuberculosis and malaria, have received bipartisan and global praise. The PEPFAR program, which USAID helps administer, distributes antiretroviral drugs worldwide. It alone has saved 25 million lives over the past two decades, including the lives of 5.5 million babies born healthy to mothers with HIV.

    Development professionals tend to see independent government agencies such as USAID and DFID as better able to prioritize the needs of the poor because their programming is run separately from partisan policies.

    Yet standalone agencies are also more visible – and so more vulnerable to political targeting.

    DFID was a clear and easy target when Johnson began his pandemic-era budget-slashing. USAID is now suffering a similar fate.

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

    – ref. US isn’t first country to dismantle its foreign aid office − here’s what happened after the UK killed its version of USAID – https://theconversation.com/us-isnt-first-country-to-dismantle-its-foreign-aid-office-heres-what-happened-after-the-uk-killed-its-version-of-usaid-250868

    MIL OSI – Global Reports –

  • MIL-OSI USA: Senators Coons, colleagues introduce bipartisan bill to strengthen medical supply chains

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senators Chris Coons (D-Del.), Thom Tillis (R-N.C.), John Cornyn (R-Texas), and Michael Bennet (D-Colo.) introduced the Medical Supply Chain Resiliency Act, bipartisan legislation to jump start trade negotiations to ensure that hospitals, doctors, and patients have access to critical medical goods. U.S. Representatives Brad Schneider (D-Ill.) and Nicole Malliotakis (R-N.Y.) introduced companion legislation in the House. 
    “Life-threatening shortages of testing kits, drugs, and masks during the COVID-19 pandemic showed us just how fragile our medical supply chains are. If we are caught off-guard like we were during COVID once again, more Americans will die,” said Senator Coons. “Working with our most trusted trading partners to make our supply chains more resilient will strengthen our response to future public health emergencies while ensuring that health care providers have access to essential medical products and patients have access to life-saving care.”
    “The Medical Supply Chain Resiliency Act is a critical step toward ensuring that America’s healthcare providers have reliable access to the essential supplies they need,” said Senator Tillis. “By strengthening trade partnerships with our allies and expanding domestic manufacturing, we can enhance our nation’s preparedness for future health challenges. I’m proud to support this bipartisan effort to reinforce our medical supply chains and protect public health.” 
    “America’s medical supply chains rely heavily on China, posing risks to U.S. national security and public health,” said Senator Bennet. “Our bipartisan bill will address this vulnerability by authorizing the president to deepen relationships with our trading partners.”
    “During the pandemic, the U.S. faced severe shortages of medical supplies due to overreliance on foreign adversaries like China,” said Senator Cornyn. “This legislation would allow the U.S. to engage in trade negotiations with trusted allies for medical goods and services, helping ensure we’re better prepared to respond to future global health crises.”
    “The Medical Supply Chain Resiliency Act is the type of positive approach to trade America must embrace to deepen its economic partnerships with key allies,” said Brad Wood, Senior Director for Trade and Innovation Policy, National Foreign Trade Council.“By empowering the United States Trade Representative to negotiate new agreements with trusted trade partners, the United States has the opportunity to strengthen supply chain security, support U.S. innovation and jobs, and, ultimately, improve health outcomes. It is critically important that the United States collaborate with its allies to support the public health demands of our populations and prepare to meet the challenges of the next global health emergency. NFTC applauds Senators Tillis, Coons, Cornyn, and Bennet for championing this legislation, and urges Congress to support its swift passage.”
    “Premier commends Senators Thom Tillis, Chris Coons, John Cornyn and Michael Bennet and Representatives Brad Schneider and Nicole Malliotakis for their bipartisan leadership in reinforcing the resilience of our nation’s healthcare supply chain,” said Soumi Saha, Senior Vice President of Government Affairs, Premier Inc. “Building a stronger, more sustainable, and secure supply chain demands a balanced approach – expanding domestic manufacturing while fostering strategic trade partnerships. The Medical Supply Chain Resiliency Act is a critical step toward this goal by enabling the designation of trusted trade partners to diversify sourcing for medical devices and pharmaceuticals. Ensuring providers have reliable access to the essential supplies needed to deliver quality patient care is a paramount priority for our nation.”
    “The Chamber strongly supports the Medical Supply Chain Resilience Act, which will strengthen supply chains for medical goods and services while bolstering manufacturing in the U.S. and among our close allies and partners,” said John Murphy, Senior Vice President for International Policy, U.S. Chamber of Commerce. “Enhancing the resilience of medical supply chains is important to both our public health and our national security. The bill would direct the U.S. Trade Representative to negotiate trade agreements with trusted allies to eliminate tariffs and other trade barriers that weaken the U.S. medical goods manufacturing base and that of our allies. These agreements would also support intellectual property protection, regulatory cooperation, and collaboration on public and private R&D efforts. Only close allies and partners would qualify for such agreements. Close consultation with the legislative branch would be essential, and Congress would retain a right to disapprove any agreements. This is practical legislation that, if enacted, will apply lessons learned in the COVID-19 pandemic to strengthen America’s health preparedness. The Chamber urges Congress to pass it into law.”
    “Authorizing the administration to negotiate meaningful trade agreements with trusted partners, including the European Union, Japan, Switzerland, and the United Kingdom, would reduce trade barriers and strengthen medical supply chains. The biopharmaceutical industry, whose exports exceeded $101 billion in 2023, welcomes the Medical Supply Chain Resiliency Act and encourages the administration to embrace this pathway to expand trade with allies,” said PhRMA. 
    The COVID-19 pandemic presented significant challenges for supply chains around the world, disproportionately hampering health care providers’ access to medical devices, treatments, and equipment at a time when these products were desperately needed. By expanding U.S. engagement with our allies across the globe, this legislation would combat shortages of medical products and supplies by strengthening supply chain resiliency and safeguarding against future health crises. 
    You can read the full text of the bill here.

    MIL OSI USA News –

  • MIL-OSI USA: Wisconsinites’ Years of Work Fighting Fentanyl

    US Senate News:

    Source: United States Senator for Wisconsin Ron Johnson

    The Halt All Lethal Trafficking of Fentanyl (HALT) Act passed the Senate last week with an overwhelmingly bipartisan vote of 84-16. 

    The HALT Fentanyl Act incorporates the permanent scheduling of fentanyl-related substances, which I first introduced in 2017 in the Stopping Overdoses of Fentanyl Analogues Act (SOFA). It ensures law enforcement has the tools they need to stop fentanyl’s flow into our country. 

    SOFA served as the template for the Trump administration’s temporary scheduling rule in 2018, and it recognizes the admirable devotion of Wisconsinites Dr. Tim Westlake and Lauri Badura (pictured above). Ms. Badura, who founded Saving Others for Archie, made it her life’s mission to end the fentanyl crisis after tragically losing her son, Archie, to fentanyl poisoning. 

    WATCH: Video message from families (including Baduras) to pass the HALT Act

    WATCH: 2017 video with Lauri telling Archie’s story

    As a member of the U.S. Senate Committee on Finance, I met with President Trump last week and we discussed my plan to get spending back to pre-pandemic levels – saving a minimum of $700 billion.

    There is so much room for reducing the size of the federal government and balancing the budget is entirely doable. I look forward to working with the White House and getting spending under control.

    Thank you to Kevin O’Leary for highlighting my chart on Fox Business. This is an eminently reasonable approach to returning to a pre-pandemic level of spending. 

    WATCH: Sen. Johnson on Fox Business discusses his White House meeting 

    WATCH: Sen. Johnson on the Jesse Kelly podcast reviews his plan to balance budget

    • LISTEN: I joined the MAHA Alliance podcast for a powerful discussion on the MAHA movement, RFK Jr., and government corruption.
    • I was highly disappointed to hear that the nomination of Dr. David Weldon to lead the CDC has been withdrawn. Although we will never know exactly why his nomination was pulled, I suspect it had something to do with the fact he has had the courage to be skeptical of the consensus “narrative” surrounding the childhood vaccine schedule. Skepticism is the vital attribute of true science, and it is beyond unfortunate that someone with his background and integrity will not be able to help fix what is broken at the CDC. (I discussed this on Off the Record podcast with Emily Jashinsky.)
    • My X post on the news that Steak n’ Shake will soon be using Wisconsin butter instead of a “buttery blend”. 

    I helped introduce a bipartisan, bicameral bill to expand federal funding for bike and pedestrian safety. The bill is named for American diplomat and Wisconsin native Sarah Debbink Langenkamp, who was killed in 2022 while riding her bicycle in Bethesda. 

    The Sarah Debbink Langenkamp Active Safety Transportation Act will expand federal funding opportunities for local governments to improve roadway safety for bicyclists and pedestrians.  

    While honoring Sarah, this bill will protect Wisconsinites by investing in infrastructure to enhance road safety for pedestrians and cyclists. By using taxpayer dollars effectively, it will help prevent further deaths from preventable traffic accidents and ensure Americans feel safe when using our roads.

    Thank you to everyone who participated in my 114th telephone town hall last week. 

    We are now streaming our town halls on X, so you can listen to it here.
     
    Questions asked include:

    11:45    Introduction
    13:45    Protecting personal information from DOGE 
    16:27    Will there be cuts to Social Security and Medicare?
    18:40    Justice System transparency 
    20:20    Wasteful spending examples
    24:00    Is Social Security a legal Ponzi scheme?
    29:00    ICE and deportations
    31:31    Federal worker layoffs 
    35:04    How do we make the spending cuts permanent?
    40:55    Inspector Generals and oversight
    43:30    Support for Veterans and the VA
    46:08    COVID-19 vaccine requirements for citizenship
    48:04    Wisconsin manufacturing and tariffs
    51:35    Controlling crime and fentanyl 
    54:35    Taxing pensions
    56:45    Bipartisanship
    1:00:25 Federal voter ID and proof of citizenship 
    1:02:36 Balancing the budget

     
    To join future telephone town halls live, sign up here. There is also a link on that page to submit written questions during the live town halls.
     

    MIL OSI USA News –

  • MIL-OSI Global: Are mental health conditions overdiagnosed in the UK? Two experts go head to head

    Source: The Conversation – UK – By Joanna Moncrieff, Professor of Critical and Social Psychiatry, UCL

    Speaking on BBC One’s Sunday With Laura Kuenssberg, Wes Streeting, the UK health secretary, expressed concerns that some mental health conditions were overdiagnosed. The Conversation asked two experts to comment on Streeting’s claim. Is the health secretary right?

    Mental distress is under-diagnosed – but over-medicalised

    Susan McPherson, Professor in Psychology and Sociology, University of Essex

    A year ago, the UK’s then prime minister, the Conservative Rishi Sunak, announced “sick note culture” had gone too far. His work and pensions secretary claimed “mental health culture”, Mel Stride, had gone too far.

    These statements merged concern about affordability of disability benefits with ideas about overdiagnosis of mental illness. This appeared to be in response to a report from the Resolution Foundation, a thinktank.

    The report said that people in their 20s were more likely to be out of work than people in their 40s. The report attributed this to an increase in young people reporting mental distress (from 24% in 2000 to 34% in 2024).

    This was used by some journalists to support the idea of young people as work-shy snowflakes feigning mental illness, which angered many including disability activists, mental health campaigners and members of the opposition Labour party.

    A year on, the UK now has a Labour government. Wes Streeting, the secretary of state for health and social care, is facing criticism for appearing to echo conservative tropes. In an interview about government plans to reduce benefits for disabled people, he agreed that overdiagnosis accounts for an increase in people on benefits due to mental illness. This appears to mirror those media stereotypes about work-shy millennials.

    If that is what Streeting meant, then the evidence is not on his side. Ten years ago, a UK national survey of psychiatric symptoms found that a third of people whose psychological symptoms were severe enough to merit a diagnosis, did not have a diagnosis.

    More recent research using the UK Longitudinal Household Study grouped people according to whether they do or do not have a psychiatric diagnosis and whether they do or do not have psychological symptoms severe enough to merit a diagnosis. The study found 12 times as many people in the “undiagnosed distress” category (with severe symptoms but no diagnosis) than the overdiagnosed category.

    The study also identified significant inequalities. People living with a disability had nearly three times the risk of undiagnosed distress compared with people without a disability.

    Women had 1.5 times the risk of undiagnosed distress compared with men. Lesbian, gay or bisexual people were 1.4 times more likely to have undiagnosed distress compared with heterosexual people. People aged 16-24 had the highest risk compared with all other age groups.

    This all suggests inequalities in undiagnosed distress are a much bigger problem than overdiagnosis in the UK. Given that many forms of support in the UK depend on having a diagnosis, undiagnosed distress probably means people are not getting the support they need.

    However, Streeting also said that too many people “just aren’t getting the support they need. So if you can get that support to people much earlier, then you can help people to either stay in work or get back to work.”

    Given this nod towards prevention and the importance of non-medical support, it is conceivable that Streeting’s sentiment may have been about “over-medicalisation” of mental distress rather than overdiagnosis. The difference is important.

    The term “diagnosis” reflects a medical model of mental illness. Many would agree that the medical idea of “diagnose and treat” does not serve people with mental distress well. This is because there is a lot of evidence suggesting the underlying causes of mental distress are social, economic, environmental or a result of past trauma.

    If Streeting had said “over-medicalised”, he would have been in tune with a growing global concern about over-medicalisation and over-use of medication to treat mental distress, a position advocated by the UN and the World Health Organization.

    Despite UK guidelines recommending psychological treatments as first line interventions for depression, antidepressant prescribing has risen 46% over the last seven years with over 85 million prescriptions in 2022-23. This alongside an increase in long-term use of psychiatric medication with no reduction in mental distress at the population level. If Streeting had said “over-medicalised”, the evidence would have been on his side.

    A mental health diagnosis is just a label – and usually an unhelpful one

    Joanna Moncrieff, Professor of Critical and Social Psychiatry, UCL

    There has been a dramatic escalation in the number of people seeking treatment for mental health problems in recent years. In the year from April 2023 to 2024, 3.8 million people were in contact with mental health services in England alone, which is 40% higher than before the COVID pandemic. The figures include 1 million children. One in five 16-year-old girls is in contact with services.

    The statistics reveal a tendency to over-medicalise a variety of human problems that was supercharged by the pandemic and is likely to result in harmful effects on physical and mental health.

    What many people don’t realise about a mental health diagnosis is that it is nothing like the diagnosis of a physical condition. It doesn’t name an underlying biological state or process that can explain the symptoms someone is experiencing, as it does when someone gets a diagnosis of cancer or rheumatoid arthritis, for example.

    A mental health diagnosis doesn’t explain anything. It is simply a label that can be applied to a certain set of problems. The process by which this label is conferred is not scientific or objective and is influenced by commercial, professional and political interests.

    In most situations, giving people with mental health problems a diagnostic label is unhelpful. It convinces people they have a biological defect, it leads to ineffective and often harmful medical treatment, and most of the time, it misses the actual problems.

    Because getting a diagnosis implies you have a medical condition, it misleads people into thinking that they have an underlying biological abnormality, such as a chemical imbalance, even though there is no good evidence that mental disorders are caused by underlying brain or bodily dysfunctions. Research has shown this makes people pessimistic about their chances of recovery and less likely to improve.

    Being diagnosed often leads to being prescribed a psychiatric drug, such as an antidepressant. About 8.7 million people in England now take an antidepressant, half of them on a long-term basis.

    Prescriptions for other drugs, such as stimulants (prescribed for a diagnosis of ADHD), are also rising fast, even leading to medication shortages. Yet the evidence that any of these drugs improve people’s wellbeing or ability to function is minimal. Moreover, like all substances that alter our normal biological make-up, particularly those that interfere with brain function, they cause side-effects and health risks.

    Antidepressants can cause severe and prolonged withdrawal symptoms, sexual dysfunction (which may persist) and emotional numbing or apathy, among other unwanted effects. Stimulants can cause cardiovascular problems and neurological conditions. The widespread, unwarranted prescribing of these drugs will adversely affect the health of the population.

    Giving people a diagnosis can also obscure the nature of the person’s underlying problems and prevent these from being addressed.

    Mental health problems are often meaningful reactions to stressful circumstances, such as financial, housing and relationship problems and experiences of abuse, trauma, loneliness and lack of meaning. Reducing over-medicalisation doesn’t necessarily mean fewer services. What we need is different services that provide appropriate support for people’s actual problems, not treatment for medical labels.

    We also need ways to excuse people from responsibilities when necessary, without making them feel like they have to take on a “sick” role that implies they are forever ill and helpless.

    Much of today’s employment is poorly paid, insecure, boring, exploitative and pressurising. It shouldn’t surprise us that some people find it hard to endure. We need to improve working conditions for everyone, but we also need to support people who find these conditions especially challenging, without having to label them as sick.

    Joanna Moncrieff is or has been a co-investigator on grants funded by the UK’s National Institute of Health Research and the Australian government Medical Research Future Fund for studies exploring methods of antidepressant discontinuation. She is co-chair person of the Critical Psychiatry Network, an informal and unfunded group of psychiatrists

    Susan McPherson receives funding from NIHR Applied Research Collaboration East of England. She is affiliated with the Labour Party.

    – ref. Are mental health conditions overdiagnosed in the UK? Two experts go head to head – https://theconversation.com/are-mental-health-conditions-overdiagnosed-in-the-uk-two-experts-go-head-to-head-252535

    MIL OSI – Global Reports –

  • MIL-OSI Security: Longtime Rollin’ 60s Crips Leader and Show Business Entrepreneur Charged in Federal Complaint Alleging Racketeering Crimes

    Source: Office of United States Attorneys

    LOS ANGELES – A longtime leader of the South Los Angeles-based Rollin’ 60s Neighborhood Crips street gang – who also is an entertainment entrepreneur and a self-proclaimed community activist – has been charged in a federal complaint alleging he ran a criminal enterprise that committed a series of racketeering crimes, including extortion, human trafficking, fraud, and the 2021 murder of an aspiring rap musician, the Justice Department announced today.

    Eugene Henley Jr., 58, a.k.a. “Big U,” of the Hyde Park neighborhood of South Los Angeles, is charged in the complaint with conspiracy to violate the Racketeer Influenced and Corrupt Organizations (RICO) Act.

    Two other alleged members of the criminal enterprise – Sylvester Robinson, 59, a.k.a. “Vey,” of Northridge, and Mark Martin, 50, a.k.a. “Bear Claw,” of the Beverlywood area of Los Angeles – were arrested today on the same criminal complaint in which Henley is charged. 

    Robinson, and Martin are expected to make their initial appearances this afternoon in United States District Court in downtown Los Angeles. Henley is considered a fugitive.

    “The allegations in the complaint unsealed today reveal a criminal enterprise that engaged in murder, extortion, human trafficking, and fraud – all led by a supposed anti-gang activist and purported music entrepreneur who was nothing more than a violent street criminal,” said Acting United States Attorney Joseph McNally. “Eliminating gangs and organized crime is the Department of Justice’s top priority. Today’s charges and arrests target the leadership of this criminal outfit and will make the neighborhoods of Los Angeles safer. I am grateful for the work of our prosecutors and law enforcement partners.”

    “The lead defendant and others in this case have for too long gotten away with violent acts and stealing money from taxpayers and well-intentioned donors whether they use intimidation tactics or wield influence as rehabilitated original gangsters,” said Akil Davis, the Assistant Director in Charge of the FBI’s Los Angeles Field Office. “The FBI and our partners have worked for four years to bring justice in this case and will continue to rule out this kind of criminal behavior plaguing the streets of Los Angeles.”

    In total, law enforcement in the last 24 hours arrested 10 Rollin’ 60s members and associates who are charged with various federal crimes, including drug trafficking, racketeering conspiracy, and firearms offenses. Four defendants already were in custody. Law enforcement is seeking the whereabouts of five other defendants – three of whom are expected to be in custody shortly. Two defendants, including Henley, are considered fugitives.

    According to an affidavit filed with the criminal complaint filed Monday and unsealed today, from 2010 to the present, Henley’s criminal group – identified in court documents as the “Big U Enterprise” – operated as a mafia-like organization that utilized Henley’s stature and long-standing association with the Rollin’ 60s and other street gangs to intimidate businesses and individuals in Los Angeles. Henley is widely regarded as a leader within the Rollin’ 60s and rose to prominence in the street gang during the 1980s.

    While the Big U Enterprise at times partnered with the Rollin’s 60s and other criminal elements for mutual benefit, the Big U Enterprise is a distinct and independent criminal enterprise engaged in criminal activity including murder, extortion, robbery, trafficking and exploiting sex workers, fraud, and illegal gambling.

    For example, in January 2021, Henley murdered a victim – identified in the affidavit as “R.W.” – an aspiring musician signed to Uneek Music, Henley and Martin’s music label. Shortly before R.W.’s murder, Henley and Uneek Music paid for R.W. to travel to Las Vegas to record music at a Grammy Award-winning music producer’s studio.

    But R.W. did not record at the agreed-upon rate and instead recorded a defamatory song about Henley, causing Henley and Robinson to travel to Las Vegas to confront him. Henley allegedly drove R.W. to North Las Vegas, shot him in the head, and dragged the victim’s body off Interstate 15 into the desert and left it in a ditch. Henley returned to Los Angeles with Robinson and ordered studio workers to leave while his associate removed security surveillance footage from the studio. Henley allegedly later ordered witnesses to not speak with law enforcement about R.W.’s murder.  

    Not only did the enterprise expand its power through violence, fear, and intimidation, but it also used social media platforms, documentaries, podcasts, interviews, and Henley’s reputation and status as an “O.G.” (original gangster) to create fame for – and stoke fear of – the Big U Enterprise, its members, and its associates. 

    In furtherance of the enterprise, Henley allegedly submitted a fraudulent application for a COVID-19 pandemic relief loan in which he claimed that Uneek Music was operating at a $200,000 profit in 2019 despite operating at a $5,000 loss that year, which should have disqualified it from loan eligibility. 

    The enterprise also enriched itself by defrauding donors to nonprofit entities under the control of the Big U Enterprise, including Henley’s charity, Developing Options, a Hyde Park-based nonprofit. Henley marketed Developing Options as giving South Los Angeles youth alternative choices to gang violence, drugs, and other criminal activity. But the Big U Enterprise allegedly used it as a front for fraudulent purposes and to insulate its members from suspicion by law enforcement. 

    Henley allegedly embezzled large donations that celebrities and award-winning companies made to Developing Options, which Henley immediately converted to his personal bank account. According to the complaint, Developing Options is primarily funded through the City of Los Angeles’s Mayor’s Office through the Gang Reduction Youth Development (GRYD) Foundation, portions of which receive federal funding, but also receives donations from prominent sources, including NBA players. 

    “The RICO charges against Mr. Henley and his associates reflect a pattern of crimes that runs the gambit from extortion to tax evasion, all under the umbrella of a well-organized criminal organization led by Mr. Henley,” said Special Agent in Charge Tyler Hatcher, IRS Criminal Investigation, Los Angeles Field Office. “Additionally, Mr. Henley allegedly duped the County of Los Angeles by running a charitable organization that promoted anti-gang solutions while continuing criminal activity that was directly contrary to his charity. IRS-CI is proud to partner with fellow law enforcement organizations to investigate these criminal organizations to protect our communities from further harm.”

    “From day one, the Los Angeles Police Department has been proud to stand shoulder to shoulder with the FBI in this critical investigation,” said Los Angeles Police Chief Jim McDonnell. “The invaluable expertise provided by the Operations South Bureau FBI Task Force on the Rollin’ 60’s criminal street gang has played a pivotal role in securing these charges. This is a major step forward in our ongoing fight against gang violence, and it brings hope and relief to a community that has endured far too much. Together, we will continue to protect and serve, working tirelessly to ensure the safety of our neighborhoods.”

    Criminal complaints and indictments contain allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    If convicted, Henley would face a statutory maximum sentence of life in federal prison. If convicted, Robinson, and Martin would face a statutory maximum sentence of 20 years in federal prison. 

    The FBI’s Los Angeles Metropolitan Task Force on Violent Gangs; IRS Criminal Investigation; the United States Department of Justice Office of Inspector General; the Los Angeles Police Department; and the North Las Vegas Police Department are investigating this matter.

    Assistant United States Attorneys Kevin J. Butler and Jena A. MacCabe of the Violent and Organized Crime Section are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI USA: Justice Department Announces Actions to Combat Cost-of-Living Crisis, Including Rescinding 11 Pieces of Guidance

    Source: US State of North Dakota

    The Justice Department today announced that it is taking action in response to President Trump’s Presidential Memorandum “Delivering Emergency Price Relief for American Families and Defeating the Cost-of-Living Crisis.” First, the Department is withdrawing 11 pieces of guidance to streamline Americans with Disabilities Act (ADA) compliance resources for American businesses. Next, the Department is raising awareness about tax incentives for businesses related to their compliance with the ADA.

    The Jan. 20 Presidential Memorandum described the regulatory demands put in place by the prior administration and called on the heads of all executive departments and agencies to take appropriate actions to lower the cost of living throughout the country. Today’s withdrawal of 11 pieces of unnecessary and outdated guidance will aid businesses in complying with the ADA by eliminating unnecessary review and focusing only on current ADA guidance. Avoiding confusion and reducing the time spent understanding compliance may allow businesses to deliver price relief to consumers.

    In addition, to further the goals of the Presidential Memorandum and to aid businesses during tax season, the Department is highlighting tax incentives available for businesses to help cover the costs of making access improvements for customers or employees with disabilities. The Department expects that small businesses will find this reminder helpful in reducing costs, especially as they prepare their tax filings. An explanation of these tax incentives is featured prominently on the ADA.gov website.

    “The Justice Department is committed to ensuring that businesses and members of the public can easily understand their rights and obligations, including the tax incentives that are available to help businesses comply with the ADA,” said Deputy Assistant Attorney General Mac Warner of the Justice Department’s Civil Rights Division. “Putting money back into the pockets of business owners helps everyone by allowing those businesses to pass on cost savings to consumers and bolster the economy.”

    The Department has identified the following 11 pieces of guidance for withdrawal:

    1. COVID-19 and the Americans with Disabilities Act: Can a business stop me from bringing in my service animal because of the COVID-19 pandemic? (2021)
    2. COVID-19 and the Americans with Disabilities Act: Does the Department of Justice issue exemptions from mask requirements? (2021)
    3. COVID-19 and the Americans with Disabilities Act: Are there resources available that help explain my rights as an employee with a disability during the COVID-19 pandemic? (2021)
    4. COVID-19 and the Americans with Disabilities Act: Can a hospital or medical facility exclude all “visitors” even where, due to a patient’s disability, the patient needs help from a family member, companion, or aide in order to equally access care? (2021)
    5. COVID-19 and the Americans with Disabilities Act: Does the ADA apply to outdoor restaurants (sometimes called “streateries”) or other outdoor retail spaces that have popped up since COVID-19? (2021)
    6. Expanding Your Market: Maintaining Accessible Features in Retail Establishments (2009)
    7. Expanding Your Market: Gathering Input from Customers with Disabilities (2007)
    8. Expanding Your Market: Accessible Customer Service Practices for Hotel and Lodging Guests with Disabilities (2006)
    9. Reaching out to Customers with Disabilities (2005)
    10. Americans with Disabilities Act: Assistance at Self-Serve Gas Stations (1999)
    11. Five Steps to Make New Lodging Facilities Comply with the ADA (1999)

    MIL OSI USA News –