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Category: Politics

  • MIL-OSI United Nations: ‘Dangerous nuclear rhetoric and threats’ trigger stark wake-up call: UN chief

    Source: United Nations 4

    Peace and Security

    Dramatically evolving geopolitical tensions amid “dangerous nuclear rhetoric and threats” are a stark wake-up call for States to take action to support the legally binding atomic weapon ban treaty, UN Secretary-General António Guterres said on Monday.

    “Critical disarmament instruments are being eroded,” said Izumi Nakamitsu, High Representative for Disarmament Affairs, who spoke on behalf of the UN chief at the opening of the third meeting of States parties to the Treaty on the Prohibition of Nuclear Weapons, which takes place at UN Headquarters in New York from 3 to 7 March.

    She remained concerned that the current unpredictable situations may exacerbate the public’s fear and would increase belief in the “false narrative” that nuclear weapons are “the ultimate provider of security”.

    Cause for hope

    However, there are reasons for hope in the face of this challenging outlook, the UN disarmament chief said.

    For one, there is growing global recognition of the devastating impact of those weapons, she said, pointing to the landmark Pact of the Future’s focus on a nuclear-weapon-free world and the 2024 Nobel Peace Prize awarded to Japanese non-governmental organization Nihon Hidankyo, which aims to achieve total elimination.

    More hope comes from the nuclear weapon ban treaty’s growing membership, a continuation of broad engagement with civil society and its newly established scientific network whose experts are providing evidence-based information, Ms. Nakamitsu said.

    To date, 73 States have ratified or acceded to the treaty and 94 have signed it.

    UN Photo/Paulo Filgueiras

    Disarmament Week in 2011 honoured testimony and activism of Japanese atomic bomb survivors. (file)

    Step towards nuclear-weapon-free world

    This week, governments, international organizations and civil society are gathering at the third Meeting of States, with an agenda centred on preparing for the treaty’s first review conference and the next phase of the convention’s existence.

    Panel discussions and debates will focus on thematic issues, including risks for humanity of nuclear conflict and its devastating humanitarian consequences, security concerns, victim assistance and environmental remediation.

    Delegates are also expected to adopt a political declaration before the meeting concludes on Friday.

    UN Photo/Kim Haughton

    Signing ceremony for the Treaty on the Prohibition of Nuclear Weapons at UN Headquarters in New York on 20 September 2017. (file)

    What’s in the treaty?

    The legally binding Treaty on the Prohibition of Nuclear Weapons is the first multilateral nuclear disarmament convention to be negotiated in more than two decades when it was adopted on 7 July 2017 and entered into force on 22 January 2021.

    At the time, the UN chief called it “an important step towards the goal of a world free of nuclear weapons and a strong demonstration of support for multilateral approaches to nuclear disarmament”.

    The treaty contains a comprehensive set of prohibitions on participating in any nuclear weapon-related activities. This includes undertakings not to develop, test, produce, acquire, possess, stockpile, use or threaten to use nuclear weapons.

    It also prohibits the deployment of nuclear weapons on national territory as well as the provision of assistance to any State in the conduct of prohibited activities and requires States parties to assist individuals under their jurisdiction affected by the use or testing of nuclear weapons as well as to take environmental remediation measures in areas under their jurisdiction or control that have been contaminated due to the testing or use of nuclear weapons.

    Read the full Treaty on the Prohibition of Nuclear Weapons here.

    MIL OSI United Nations News –

  • MIL-OSI USA: March Recognized as Problem Gambling Awareness Month

    Source: US State of New York

    overnor Kathy Hochul today issued a proclamation designating March 2025 as Problem Gambling Awareness Month in New York State. The Governor’s proclamation outlined the collaborative efforts of stakeholders to provide resources and build awareness of an often undetected addiction. In recognition of March as problem gambling awareness month, 14 landmarks across the state will be illuminated yellow on March 3.

    “Problem gambling can affect any New Yorker regardless of their background,” Governor Hochul said. “That’s why we’re raising awareness and making sure all stakeholders are working together to ensure that no one fights this undetected addiction alone.”

    National Problem Gambling Awareness Month was created by the National Council on Problem Gambling. This year’s theme, “Seeking Understanding,” focuses on increasing awareness of problem gambling as a serious but often misunderstood mental health condition. By fostering a deeper understanding of the issue, we can encourage empathy, reduce barriers to treatment, and provide support to those affected by gambling-related harm.”

    New York State Office of Addiction Services and Supports Commissioner Dr. Chinazo Cunningham said, “By proclaiming March as Problem Gambling Awareness Month, Governor Hochul highlights the need for greater understanding and support for those affected by gambling-related challenges. Stigma often prevents individuals from seeking help, and at OASAS, we are committed to fostering empathy and public awareness over gambling harms — including our new ‘Take a Pause’ campaign designed to break down the barriers that prevent New Yorkers from accessing the care they need.”

    Gaming Commission Executive Director Robert Williams said, “Problem Gambling Awareness Month is an opportune time to spread awareness and educate individuals on the warning signs of problem gambling. Governor Hochul’s highlighting of the issue underscores her ongoing commitment to implementing responsible gaming policies that ensure the tools and resources for those who need help are readily available.”

    New York Council on Problem Gambling Executive Director Jim Maney said, “We are proud to join with the Gaming Commission and OASAS to recognize Problem Gambling Awareness Month, and we are grateful to Governor Hochul for bringing much-needed attention to an issue that affects countless New Yorkers. We continue to work with our government RPP partners and our colleagues in New York’s gaming industry to provide hope for those in crisis.”

    Governor Hochul’s proclamation highlights the work of New York’s Responsible Play Partnership (RPP), consisting of the New York State Office of Addiction Services and Supports (OASAS), the New York State Gaming Commission, and the New York Council on Problem Gambling. The RPP continues to ensure New Yorkers are aware of problem gambling as well as the prevention, treatment and recovery services available across the state.

    OASAS’ “Take a Pause” PSA campaign highlights the steps New Yorkers can take to understand the risks and ensure responsible gambling, as well as where individuals can find help for themselves or a loved one impacted by, or at risk of developing a gambling problem.

    Individuals are also invited to complete a survey, where they can determine if their gambling raises concern and be directed to additional support and resources.

    In addition to PSA campaigns, the RPP created new training materials for video lottery and commercial casino employees on how to recognize problem gambling behavior, how to interact with someone exhibiting such behavior, and how to get them help in a timely manner.

    New York State has a robust voluntary self-exclusion program that allows individuals to bar themselves from any legal gaming opportunity in the state. The program was recently expanded to give individuals who self-exclude the option to be contacted directly by a HOPEline professional for additional support.

    The following locations are participating in the coordinated lighting on March 3:

    • Albany International Airport Gateway
    • Alfred E. Smith State Office Building
    • Empire State Plaza
    • Fairport Lift Bridge over the Erie Canal
    • Governor Mario M. Cuomo Bridge
    • Kosciuszko Bridge
    • Moynihan Train Hall
    • MTA LIRR – East End Gateway at Penn Station
    • Niagara Falls
    • One World Trade Center
    • State Education Building
    • State Fairgrounds – Main Gate & Expo Center
    • The “Franklin D. Roosevelt” Mid-Hudson Bridge
    • The H. Carl McCall SUNY Building

    The RPP was formed to bring all stakeholders together to address problem gambling, including bridging the gap between gaming facility operators and problem gambling treatment providers. The RPP works to ensure that all gaming entities in the state comply with all rules and regulations and provide access to help for individuals who need it. The RPP continues to collaborate to advance New York’s ongoing commitment to prevent and treat problem gambling. Learn more at playresponsiblyny.com.

    Those seeking help can visit NYProblemGamblingHelp.org or call New York State’s confidential HOPEline at 1-877-8-HOPENY (1-877-846-7369) or text HOPENY at 467369.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Files Amicus Brief in Support of Lawsuit Challenging Unlawful Removal of Gwynne Wilcox from the National Labor Relations Board

    Source: US State of California

    OAKLAND — California Attorney General Rob Bonta, as part of a coalition of 20 attorneys general, announced the filing of an amicus brief in Wilcox v. Trump in support of Gwynne Wilcox, who is challenging President Donald Trump over her unlawful removal from the National Labor Relations Board (NLRB). The brief underscores that this removal undermines the independence of federal agencies and exceeds presidential authority. President Trump’s removal of Member Wilcox not only violated the National Labor Relations Act (NLRA) but also reduced the number of Board members to two, destroying the quorum necessary for the Board to operate and ensure the enforcement of labor laws and protection of workers’ rights. In the amicus brief, the attorneys general argue that a functioning NLRB is necessary for the enforcement of labor laws across the United States and urge the U.S. District Court for the District of Columbia to allow Wilcox to continue performing her responsibilities as an NLRB member.
     
    “Workers across the country rely on the NLRB to protect their rights by preventing unfair labor practices and safeguarding their ability to unionize. However, Member Wilcox’s unlawful removal jeopardizes these rights, as NLRB is currently inoperable—leaving the field open for bad actor employers to violate the law and trample on workers’ rights,” said Attorney General Bonta. “That’s why I’m standing with my fellow attorneys general to support Gwynne Wilcox’s motion for expedited summary judgment to allow her to continue performing her responsibilities as an NLRB member.”

     
    The NLRB is an independent federal agency that enforces U.S. labor laws related to workers’ rights, union representation, and collective bargaining. It oversees union elections, ensuring that employees can freely choose whether to be represented by a union. The Board also investigates and resolves unfair labor practice charges against employers and unions, addressing issues like retaliation, unlawful firings, and refusal to bargain in good faith. The NLRB also adjudicates disputes under the NLRA and issues rulings that shape labor law policies. To protect the NLRB from political pressure by the President, NLRB board members are appointed by the President and confirmed by Congress for staggered 5-year terms. Board members do not serve at the pleasure of the President. Federal law provides that Board members can only be removed by the President “upon notice and hearing, for neglect of duty or malfeasance in office, but for no other cause.”  
     
    Last month, the President purported to dismiss Gwynne Wilcox from her position as a member of the NLRB without cause, an action unprecedented in the agency’s 90-year history. Wilcox, the first Black woman to serve on the NLRB, was set to conclude her tenure in August 2028.
     
    In the amicus brief, the attorneys general argue that the President violated the NLRA and support Wilcox’s challenge of her purported removal from the Board. With the Board currently inactive, NLRB cannot issue rules or adjudicate unfair labor practices, which creates a regulatory gap that states will have difficulty filling. This vacuum would harm workers everywhere if NLRA’s inactivity continues. In the brief, the attorneys general highlight that by removing Wilcox and incapacitating the NLRB, the Trump Administration has left American workers without the entity authorized to ensure the guaranteed ability to join a union and engage in collective bargaining, protections which workers have relied on for decades. This regulatory vacuum is deeply troubling given the importance and scale of the work done by the NLRB. In the past decade, the NLRB reviewed nearly 3,000 allegations of unfair labor practices.

    Attorney General Bonta joins the attorneys general of Arizona, Colorado, Connecticut, Delaware, the District of Columbia, Hawai’i, Illinois, Maryland, Massachusetts, Minnesota, Michigan, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, And Wisconsin in filing this amicus brief.

    A copy of the brief can be found here.

    MIL OSI USA News –

  • MIL-OSI: James River Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, March 03, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today reported the following results for the fourth quarter 2024 as compared to the same period in 2023:

      Three Months Ended
    December 31,    		   Three Months Ended
    December 31,
    ($ in thousands, except for share data)   2024     per diluted share     2023     per diluted share
    Net (loss) income from continuing operations available to common shareholders $ (92,669 )   $ (2.25 )   $ 17,431     $ 0.46  
    Net loss from discontinued operations1   (1,372 )   $ (0.03 )     (170,211 )   $ (3.89 )
    Net loss available to common shareholders   (94,041 )   $ (2.28 )     (152,780 )   $ (3.43 )
    Adjusted net operating (loss) income2   (40,803 )   $ (0.99 )     12,442     $ 0.33  

    Net loss from continuing operations available to common shareholders was $92.7 million ($2.25 per diluted share). Adjusted net operating loss2 was $40.8 million ($0.99 per diluted share) for the fourth quarter of 2024. The decrease to both was largely attributable to the previously announced $52.8 million of consideration paid in connection with the Excess and Surplus Lines (“E&S”) adverse development reinsurance contract with Cavello Bay Reinsurance Limited, a subsidiary of Enstar Group Limited (“Enstar”) (“E&S Top Up ADC”) that closed on December 23, 2024. Net loss from continuing operations available to common shareholders was also negatively impacted by the $27 million deemed dividend resulting from the November 2024 amendment to the Series A Preferred Shares.

    Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting for loss portfolio transfers (“LPTs”).

    Highlights for 2024 included:

    • During the year we completed several strategic actions including (i) closing the sale of JRG Reinsurance Company Ltd. (“JRG Re”) to focus our business around our U.S. insurance businesses, (ii) entering into a $160.0 million combined loss portfolio transfer and adverse development cover for our E&S business (the “E&S ADC”), (iii) initiating a new strategic partnership with Enstar which, in part, entailed a $12.5 million equity investment in the Company and an additional $75.0 million E&S Top Up ADC, and (iv) amending the Certificate of Designations for our Series A Preferred Shares to, among other things, convert $37.5 million of the outstanding Series A Preferred Shares to common shares (see Amendment of Series A Preferred Shares on page 5). We believe these and other actions meaningfully strengthen our balance sheet and position us to generate attractive returns in the future.
    • E&S segment gross written premium exceeded $1.0 billion for a second consecutive year, a slight increase compared to the prior year as the Company continued to focus on its leading, wholesale driven franchise. The Company had its highest levels of both new and renewal annual submission growth in five years, and positive renewal rate change of 9.0% for 2024, as compared to 9.3% for 2023.
    • Full year 2024 net investment income increased 10.8% compared to 2023, with a majority of asset classes reporting higher income.
    • Specialty Admitted Insurance segment combined ratio was 92.2% for 2024 as compared to 95.9% for 2023. Underwriting profit grew 68.6% compared to the prior year.
    • Shareholders’ equity per share of $10.10 decreased sequentially from $14.02 at September 30, 2024, due to the net loss from continuing operations and increase in the common shares outstanding.
    • The Company does not expect any meaningful losses associated with the tragic series of California wildfires.

    Frank D’Orazio, the Company’s Chief Executive Officer, commented, “2024 was a costly but transformational year for James River. We have meaningfully de-risked the organization and concluded an extensive strategic review, emerging with a renewed focus. The E&S market remains very healthy, and we believe that 2025 will provide significant opportunities to responsibly grow while taking advantage of the attractive rate environment.”

    Fourth Quarter 2024 Operating Results

    • Gross written premium of $358.3 million, consisting of the following:
      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Excess and Surplus Lines $ 280,287   $ 275,171   2 %
    Specialty Admitted Insurance   78,005     114,134   (32 )%
      $ 358,292   $ 389,305   (8 )%
    • Net written premium of $114.0 million, consisting of the following:
      Three Months Ended
    December 31,    		    
    ($ in thousands)   2024     2023   % Change  
    Excess and Surplus Lines $ 99,684   $ 146,628   (32 )%
    Specialty Admitted Insurance   14,307     25,573   (44 )%
      $ 113,991   $ 172,201   (34 )%
    • Net earned premium of $105.6 million, consisting of the following:
      Three Months Ended
    December 31,    		    
    ($ in thousands)   2024     2023   % Change  
    Excess and Surplus Lines $ 87,275   $ 153,926   (43 )%
    Specialty Admitted Insurance   18,311     28,027   (35 )%
      $ 105,586   $ 181,953   (42 )%

    Lower net retention for the E&S segment reflects the $52.8 million of ceded premium recorded upon closing the E&S Top Up ADC as well as reinstatement premium which reduced net written premiums in the fourth quarter of 2024 compared to the prior year quarter.

    • E&S Segment Fourth Quarter Highlights:
      • The E&S segment grew gross written premium by 1.9% compared to the prior year quarter. Excluding excess casualty, where we have been cautious, the segment grew by 11.2%.
      • Total submissions grew 9% compared to the prior year quarter. The E&S segment received over 80,000 new and renewal policy submissions for the fourth consecutive quarter, its third consecutive quarter of 9% submission growth, a level not seen since 2020.
    • Specialty Admitted Insurance Segment Fourth Quarter Highlights:
      • Gross written premium for the fronting and program business declined 11.1% compared to the prior year quarter, excluding the impact of our large workers’ compensation program and Individual Risk Workers’ Compensation book, which were non-renewed in the second quarter of 2023 and sold via a renewal rights transaction in the third quarter of 2023, respectively. Including these two programs, segment gross written premium declined 31.7%.
    • Pre-tax favorable (unfavorable) reserve development by segment on business not subject to retroactive reinsurance accounting was as follows:
      Three Months Ended
    December 31,
    ($ in thousands)   2024       2023  
    Excess and Surplus Lines $ (8,943 )   $ (25,005 )
    Specialty Admitted Insurance   —       (38 )
      $ (8,943 )   $ (25,043 )
    • The fourth quarter of 2024 reflected $8.9 million of net unfavorable reserve development in the E&S segment. The Company ceded $29.5 million of unfavorable reserve development on business subject to the E&S ADC during the fourth quarter of 2024 and the majority of the $8.9 million of net unfavorable development represents the retained loss corridor on that structure. There remains $116.2 million of aggregate limit on the E&S ADC and E&S Top-Up ADC which cover the overwhelming majority of all E&S reserves from 2010-2023.
    • Retroactive benefits of $2.7 million were recorded in loss and loss adjustment expenses during the fourth quarter and the total deferred retroactive reinsurance gain on the Balance Sheet is $58.0 million as of December 31, 2024.
    • Gross fee income was as follows:
      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Specialty Admitted Insurance $ 4,828   $ 5,874   (18)%
    • The consolidated expense ratio was 43.7% for the fourth quarter of 2024, which was an increase from 24.2% in the prior year quarter. The expense ratio increase was primarily the result of $52.8 million of consideration paid in connection with the E&S Top Up ADC that closed on December 23, 2024, which resulted in lower net earned premium.

    Investment Results

    Net investment income for the fourth quarter of 2024 was $22.0 million, a decrease of 14.2% compared to $25.6 million in the prior year quarter. The decline in income was primarily due to a lower asset base across our fixed income and bank loan portfolios as we managed the portfolio for the payment of the $52.8 million of consideration paid in connection with the E&S Top Up ADC, as well as lower income from private investments, which in the prior year quarter benefited from a one-time payment of approximately $2.5 million related to the sale of certain investments.

    The Company’s net investment income consisted of the following:

      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Private Investments   1,334     3,199   (58)%
    All Other Investments   20,628     22,389   (8)%
    Total Net Investment Income $ 21,962   $ 25,588   (14)%

    The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended December 31, 2024 was 4.7% (versus 4.8% for the three months ended December 31, 2023).

    Net realized and unrealized losses on investments of $2.8 million for the three months ended December 31, 2024 compared to net realized and unrealized gains on investments of $8.0 million in the prior year quarter.

    Capital Management

    The Company announced that its Board of Directors declared a cash dividend of $0.01 per common share. This dividend is payable on March 31, 2025 to all shareholders of record on March 10, 2025.

    Amendment of Series A Preferred Shares

    As previously disclosed, on November 11, 2024, the Company amended the Series A Preferred Shares. Among other amended terms, this amendment converted $37.5 million of the outstanding Series A Preferred Shares to common shares. The Company accounted for the amendment as an extinguishment due to the significance of qualitative and quantitative changes to the shares.

    The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common shares. The Company also recorded a deemed dividend of $1.3 million for the difference between the $37.5 million of Series A Preferred Shares converted to common shares in the amendment and the $38.8 million fair value of the common shares issued. The combined $27 million deemed dividend increased the Net Loss to Common Shareholders and reduced tangible common equity for the fourth quarter of 2024 by approximately $0.60 per share.

    Tangible Equity

    Shareholders’ equity of $460.9 million at December 31, 2024 declined 13.1% compared to shareholders’ equity of $530.3 million at September 30, 2024. Tangible equity3 of $437.7 million at December 31, 2024 decreased 11.0% compared to tangible equity of $491.9 million at September 30, 2024, due to losses from continuing and discontinued operations as well as an increase in unrealized investment losses in accumulated other comprehensive income (“AOCI”). Other comprehensive loss was $27.2 million during the fourth quarter of 2024, due to a decrease in the value of the Company’s fixed maturity securities.

    Board of Directors

    The Company also announced that Non-Executive Chairman Ollie L. Sherman Jr. has chosen to retire from his leadership role and that the Board has appointed Christine LaSala as its next Non-Executive Chairperson. Following a period of transition, Mr. Sherman will also retire from the Board on April 30, 2025.

    Mr. Sherman has served on the Board of Directors since May 2016 and had previously retired as a Managing Principal with Towers Watson in 2010. Ms. LaSala joined the Board of Directors in July 2024. She has over 45 years of management, client leadership and financial experience in the insurance industry in underwriting and insurance broking roles. She currently serves as a director of Sedgwick, a leading provider of claims management, loss adjusting and technology-enabled risk, benefit and business solutions. She served as a director of Beazley plc for eight years, including in a variety of board leadership roles such as Interim Chair, prior to stepping down in April 2024.

    Conference Call

    James River will hold a conference call to discuss its fourth quarter results tomorrow, March 4, 2025 at 8:30 a.m. Eastern Time. Investors may access the conference call by dialing (800)-715-9871, Conference ID 6424000, or via the internet by visiting www.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.

    Forward-Looking Statements

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our ability to attract and retain insurance business that our subsidiaries write, our competitive position, and our financial condition; the amount of the final post-closing adjustment to the purchase price received in connection with the sale of our casualty reinsurance business and outcome of litigation relating to such transaction; the potential loss of key members of our management team or key employees and our ability to attract and retain personnel; adverse economic factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance law and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Non-GAAP Financial Measures

    In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), and adjusted net operating return on tangible common equity excluding AOCI (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible common equity balances in the respective period, excluding AOCI), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

    About James River Group Holdings, Ltd.

    James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

    Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com

    For more information contact:

    Zachary Shytle
    Senior Analyst, Investments and Investor Relations
    980-249-6848
    InvestorRelations@james-river-group.com

    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Balance Sheet Data (Unaudited)
    ($ in thousands, except for share data)  December 31, 2024   December 31, 2023
    ASSETS      
    Invested assets:      
    Fixed maturity securities, available-for-sale, at fair value $ 1,189,733   $ 1,324,476
    Equity securities, at fair value   86,479     119,945
    Bank loan participations, at fair value   142,410     156,169
    Short-term investments   97,074     72,137
    Other invested assets   36,700     33,134
    Total invested assets   1,552,396     1,705,861
           
    Cash and cash equivalents   362,345     274,298
    Restricted cash equivalents (a)   28,705     72,449
    Accrued investment income   10,534     12,106
    Premiums receivable and agents’ balances, net   243,882     249,490
    Reinsurance recoverable on unpaid losses, net   1,996,913     1,358,474
    Reinsurance recoverable on paid losses   101,210     157,991
    Deferred policy acquisition costs   30,175     31,497
    Goodwill and intangible assets   214,281     214,644
    Other assets   466,635     457,047
    Assets of discontinued operations held-for-sale   0     783,393
    Total assets $ 5,007,076   $ 5,317,250
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Reserve for losses and loss adjustment expenses $ 3,084,406   $ 2,606,107
    Unearned premiums   572,034     587,899
    Funds held (a)   25,157     65,235
    Deferred reinsurance gain   57,970     20,733
    Senior debt   200,800     222,300
    Junior subordinated debt   104,055     104,055
    Accrued expenses   53,178     56,722
    Other liabilities   315,446     333,183
    Liabilities of discontinued operations held-for-sale   0     641,497
    Total liabilities   4,413,046     4,637,731
           
    Series A redeemable preferred shares   133,115     144,898
    Total shareholders’ equity   460,915     534,621
    Total liabilities, Series A redeemable preferred shares, and shareholders’ equity $ 5,007,076   $ 5,317,250
           
    Tangible equity (b) $ 437,719   $ 485,608
    Tangible equity per share (b) $ 7.40   $ 11.13
    Tangible common equity per share (b) $ 6.67   $ 9.05
    Shareholders’ equity per share $ 10.10   $ 14.20
    Common shares outstanding   45,644,318     37,641,563
           
    (a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company’s obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
    (b) See “Reconciliation of Non-GAAP Measures”      
    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Income Statement Data (Unaudited)
     
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    ($ in thousands, except for share data)   2024       2023       2024       2023  
    REVENUES              
    Gross written premiums $ 358,292     $ 389,305     $ 1,431,772     $ 1,508,660  
    Net written premiums   113,991       172,201       580,854       693,901  
                   
    Net earned premiums   105,586       181,953       600,196       708,005  
    Net investment income   21,962       25,588       93,089       84,046  
    Net realized and unrealized gains (losses) on investments   (2,803 )     7,954       3,625       10,441  
    Other income   1,968       2,609       10,716       9,517  
    Total revenues   126,713       218,104       707,626       812,009  
    EXPENSES              
    Losses and loss adjustment expenses (a)   144,560       133,162       554,374       500,157  
    Other operating expenses   47,068       45,734       193,198       193,656  
    Other expenses   1,563       2,325       6,145       3,792  
    Interest expense   5,709       6,561       24,666       24,627  
    Intangible asset amortization and impairment   91       91       363       2,863  
    Total expenses   198,991       187,873       778,746       725,095  
    (Loss) income from continuing operations before income taxes   (72,278 )     30,231       (71,120 )     86,914  
    Income tax (benefit) expense on continuing operations   (8,883 )     10,175       (7,634 )     25,705  
    Net (loss) income from continuing operations   (63,395 )     20,056       (63,486 )     61,209  
    Net loss from discontinued operations   (1,372 )     (170,211 )     (17,634 )     (168,893 )
    NET LOSS $ (64,767 )   $ (150,155 )   $ (81,120 )   $ (107,684 )
    Dividends on Series A preferred shares   (29,274 )     (2,625 )     (37,149 )     (10,500 )
    NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $ (94,041 )   $ (152,780 )   $ (118,269 )   $ (118,184 )
    ADJUSTED NET OPERATING (LOSS) INCOME (b) $ (40,803 )   $ 12,442     $ (41,503 )   $ 50,317  
                   
    (LOSS) INCOME PER COMMON SHARE              
    Basic              
    Continuing operations $ (2.25 )   $ 0.46     $ (2.60 )   $ 1.35  
    Discontinued operations $ (0.03 )   $ (4.52 )   $ (0.46 )   $ (4.49 )
      $ (2.28 )   $ (4.06 )   $ (3.06 )   $ (3.14 )
    Diluted (c)              
    Continuing operations $ (2.25 )   $ 0.46     $ (2.60 )   $ 1.34  
    Discontinued operations $ (0.03 )   $ (3.89 )   $ (0.46 )   $ (4.47 )
      $ (2.28 )   $ (3.43 )   $ (3.06 )   $ (3.13 )
                   
    ADJUSTED NET OPERATING (LOSS) INCOME PER COMMON SHARE        
    Basic $ (0.99 )   $ 0.33     $ (1.07 )   $ 1.34  
    Diluted (d) $ (0.99 )   $ 0.33     $ (1.07 )   $ 1.33  
                   
    Weighted-average common shares outstanding:              
    Basic   41,237,480       37,656,268       38,685,003       37,618,660  
    Diluted   41,237,480       43,744,208       38,685,003       37,810,440  
    Cash dividends declared per common share $ 0.01     $ 0.05     $ 0.16     $ 0.20  
                   
    Ratios:              
    Loss ratio   111.4 %     73.9 %     86.2 %     69.9 %
    Expense ratio (e)   43.7 %     24.2 %     31.4 %     26.6 %
    Combined ratio   155.1 %     98.1 %     117.6 %     96.5 %
    Accident year loss ratio (f)   65.6 %     58.8 %     66.2 %     64.0 %
                   
                   
                   
    (a) Losses and loss adjustment expenses include $27.0 million and $37.2 million of expense for deferred retroactive reinsurance gains for the three and twelve months ended December 31, 2024, respectively ($1.3 million of benefit and $5.0 million of expense in the respective three and twelve month prior year periods).
    (b) See “Reconciliation of Non-GAAP Measures”.
    (c) The outstanding Series A preferred shares were dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
    (d) The outstanding Series A preferred shares were anti-dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were not added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were excluded from the denominator.
    (e) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $926,000 and $4.6 million for the three and twelve months ended months ended December 31, 2024, respectively ($1.7 million and $5.3 million in the respective prior year periods), and a denominator of net earned premiums.
    (f) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).
    James River Group Holdings, Ltd. and Subsidiaries
    Segment Results
    EXCESS AND SURPLUS LINES
      Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
    ($ in thousands)   2024       2023     % Change     2024       2023     % Change
    Gross written premiums $ 280,287     $ 275,171     1.9 %   $ 1,017,029     $ 1,007,351     1.0 %
    Net written premiums $ 99,684     $ 146,628     (32.0 )%   $ 508,445     $ 589,551     (13.8 )%
                           
    Net earned premiums $ 87,275     $ 153,926     (43.3 )%   $ 512,237     $ 609,566     (16.0 )%
    Losses and loss adjustment expenses excluding retroactive reinsurance   (103,327 )     (112,680 )   (8.3 )%     (448,714 )     (420,044 )   6.8 %
    Underwriting expenses   (36,166 )     (32,348 )   11.8 %     (140,978 )     (135,175 )   4.3 %
    Underwriting (loss) profit (a) $ (52,218 )   $ 8,898     —     $ (77,455 )   $ 54,347     —  
                           
    Ratios:                      
    Loss ratio   118.4 %     73.2 %         87.6 %     68.9 %    
    Expense ratio   41.4 %     21.0 %         27.5 %     22.2 %    
    Combined ratio   159.8 %     94.2 %         115.1 %     91.1 %    
    Accident year loss ratio (b)   64.1 %     55.5 %         64.3 %     61.9 %    
                           
    (a) See “Reconciliation of Non-GAAP Measures”.
    (b) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).


    SPECIALTY ADMITTED INSURANCE

      Three Months Ended
    December 31,    		         Twelve Months Ended
    December 31,    		    
    ($ in thousands)   2024       2023     % Change       2024       2023     % Change
    Gross written premiums $ 78,005     $ 114,134     (31.7 )%   $ 414,743     $ 501,309     (17.3 )%
    Net written premiums $ 14,307     $ 25,573     (44.1 )%   $ 72,409     $ 104,350     (30.6 )%
                             
    Net earned premiums $ 18,311     $ 28,027     (34.7 )%   $ 87,959     $ 98,439     (10.6 )%
    Losses and loss adjustment expenses   (14,264 )     (21,752 )   (34.4 )%     (68,423 )     (75,122 )   (8.9 )%
    Underwriting expenses   (3,186 )     (4,080 )   (21.9 )%     (12,663 )     (19,240 )   (34.2 )%
    Underwriting profit (a), (b) $ 861     $ 2,195     (60.8 )%   $ 6,873     $ 4,077     68.6 %
                             
    Ratios:                        
    Loss ratio   77.9 %     77.6 %           77.8 %     76.3 %    
    Expense ratio   17.4 %     14.6 %           14.4 %     19.6 %    
    Combined ratio   95.3 %     92.2 %           92.2 %     95.9 %    
    Accident year loss ratio   77.9 %     77.5 %           78.5 %     77.3 %    
                             
    (a) See “Reconciliation of Non-GAAP Measures”.                      
    (b) Underwriting results for the three and twelve months ended December 31, 2024 include gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).  


    Underwriting Performance Ratios

    The following table provides the underwriting performance ratios of the Company’s continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a loss portfolio transfer contract so long as any additional losses subject to the contract are within the limit of the loss portfolio transfer and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting for loss portfolio transfers gives the users of our financial statements useful information in evaluating our current and ongoing operations.

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
      2024     2023     2024     2023  
    Excess and Surplus Lines:              
    Loss Ratio 118.4 %   73.2 %   87.6 %   68.9 %
    Impact of retroactive reinsurance 30.9 %   (0.8 )%   7.3 %   0.8 %
    Loss Ratio including impact of retroactive reinsurance 149.3 %   72.4 %   94.9 %   69.7 %
                   
    Combined Ratio 159.8 %   94.2 %   115.1 %   91.1 %
    Impact of retroactive reinsurance 30.9 %   (0.8 )%   7.3 %   0.8 %
    Combined Ratio including impact of retroactive reinsurance 190.7 %   93.4 %   122.4 %   91.9 %
                   
    Consolidated:              
    Loss Ratio 111.4 %   73.9 %   86.2 %   69.9 %
    Impact of retroactive reinsurance 25.5 %   (0.7 )%   6.2 %   0.7 %
    Loss Ratio including impact of retroactive reinsurance 136.9 %   73.2 %   92.4 %   70.6 %
                   
    Combined Ratio 155.1 %   98.1 %   117.6 %   96.5 %
    Impact of retroactive reinsurance 25.5 %   (0.7 )%   6.2 %   0.7 %
    Combined Ratio including impact of retroactive reinsurance 180.6 %   97.4 %   123.8 %   97.2 %


    RECONCILIATION OF NON-GAAP MEASURES

    Underwriting Profit

    The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    ($ in thousands)   2024       2023       2024       2023  
    Underwriting (loss) profit of the operating segments:              
    Excess and Surplus Lines $ (52,218 )   $ 8,898     $ (77,455 )   $ 54,347  
    Specialty Admitted Insurance   861       2,195       6,873       4,077  
    Total underwriting (loss) profit of operating segments   (51,357 )     11,093       (70,582 )     58,424  
    Other operating expenses of the Corporate and Other segment   (6,790 )     (7,628 )     (34,972 )     (33,940 )
    Underwriting (loss) profit (a)   (58,147 )     3,465       (105,554 )     24,484  
    Losses and loss adjustment expenses – retroactive reinsurance   (26,969 )     1,270       (37,237 )     (4,991 )
    Net investment income   21,962       25,588       93,089       84,046  
    Net realized and unrealized (losses) gains on investments   (2,803 )     7,954       3,625       10,441  
    Other income (expense)   (521 )     (1,394 )     (14 )     424  
    Interest expense   (5,709 )     (6,561 )     (24,666 )     (24,627 )
    Amortization of intangible assets   (91 )     (91 )     (363 )     (363 )
    Impairment of IRWC trademark intangible asset   —       —       —       (2,500 )
    (Loss) income from continuing operations before taxes $ (72,278 )   $ 30,231     $ (71,120 )   $ 86,914  
                   
    (a) Included in underwriting results for the three and twelve months ended December 31, 2024 is gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).


    Adjusted Net Operating Income

    We define adjusted net operating (loss) income as income available to common shareholders excluding a) (loss) income from discontinued operations b) the impact of retroactive reinsurance accounting for loss portfolio transfers, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividend related to the conversion of the Series A Preferred Shares. We use adjusted net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

    Our (loss) income available to common shareholders reconciles to our adjusted net operating (loss) income as follows:

      Three Months Ended December 31,
        2024       2023  
    ($ in thousands) Income
    Before
    Taxes    		   Net
    Income    		   Income
    Before
    Taxes    		   Net
    Income
    Loss available to common shareholders $ (102,924 )   $ (94,041 )   $ (142,605 )   $ (152,780 )
    Loss from discontinued operations   1,372       1,372       170,211       170,211  
    Losses and loss adjustment expenses – retroactive reinsurance   26,969       21,306       (1,270 )     (1,003 )
    Net realized and unrealized investment losses (gains)   2,803       2,214       (7,954 )     (6,284 )
    Other expenses   1,563       1,340       2,321       2,298  
    Series A deemed dividends   27,006       27,006       —       —  
    Adjusted net operating (loss) income $ (43,211 )   $ (40,803 )   $ 20,703     $ 12,442  
                   
      Twelve Months Ended December 31,
        2024       2023  
    ($ in thousands) Income
    Before
    Taxes    		   Net
    Income    		   Income
    Before
    Taxes    		   Net
    Income
    Loss available to common shareholders $ (125,903 )   $ (118,269 )   $ (92,479 )   $ (118,184 )
    Loss from discontinued operations   17,634       17,634       168,893       168,893  
    Losses and loss adjustment expenses – retroactive reinsurance   37,237       29,418       4,991       3,943  
    Net realized and unrealized investment gains   (3,625 )     (2,865 )     (10,441 )     (8,248 )
    Other expenses   6,145       5,573       1,588       1,938  
    Impairment of IRWC trademark intangible asset   —       —       2,500       1,975  
    Series A deemed dividends   27,006       27,006       —       —  
    Adjusted net operating (loss) income $ (41,506 )   $ (41,503 )   $ 75,052     $ 50,317  


    Tangible Equity (per Share) and Tangible Common Equity (per Share)

    We define tangible equity as shareholders’ equity plus mezzanine Series A preferred shares and the deferred retroactive reinsurance gain less goodwill and intangible assets (net of amortization). We define tangible common equity as tangible equity less mezzanine Series A preferred shares. Our definition of tangible equity and tangible common equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity and tangible common equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity and tangible common equity for December 31, 2024, September 30, 2024, December 31, 2023, and September 30, 2023.

      December 31, 2024   September 30, 2024   December 31, 2023   September 30, 2023
    ($ in thousands, except for share data)              
    Shareholders’ equity $ 460,915   $ 530,347   $ 534,621   $ 562,544
    Plus: Series A redeemable preferred shares   133,115     144,898     144,898     144,898
    Plus: Deferred reinsurance gain (a)   57,970     31,001     20,733     37,653
    Less: Goodwill and intangible assets   214,281     214,372     214,644     214,735
    Tangible equity $ 437,719   $ 491,874   $ 485,608   $ 530,360
    Less: Series A redeemable preferred shares   133,115     144,898     144,898     144,898
    Tangible common equity $ 304,604   $ 346,976   $ 340,710   $ 385,462
                   
    Common shares outstanding   45,644,318     37,829,475     37,641,563     37,619,749
    Common shares from assumed conversion of Series A preferred shares   13,521,635     6,848,763     5,971,184     5,640,158
    Common shares outstanding after assumed conversion of Series A preferred shares   59,165,953     44,678,238     43,612,747     43,259,907
                   
    Equity per share:              
    Shareholders’ equity $ 10.10   $ 14.02   $ 14.20   $ 14.95
    Tangible equity $ 7.40   $ 11.01   $ 11.13   $ 12.26
    Tangible common equity $ 6.67   $ 9.17   $ 9.05   $ 10.25
                   
    (a) Deferred reinsurance gain for the period ending September 30, 2023 includes the deferred retroactive reinsurance gain of $15.7 million related to the former Casualty Reinsurance LPT.

    1 The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been classified to discontinued operations for all periods.
    2 Adjusted net operating (loss) income, tangible common equity per share and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

    3 Tangible equity and tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

    The MIL Network –

  • MIL-OSI: Origin Bancorp, Inc. Provides Update on Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    RUSTON, La., March 03, 2025 (GLOBE NEWSWIRE) — Origin Bancorp, Inc. (NYSE: OBK) (“Origin”), the holding company for Origin Bank, today announced that five members of its Board of Directors will not stand for reelection at the 2025 Annual Meeting of Stockholders, decreasing the size of the Board from 16 to 11 directors. The Nominating and Corporate Governance Committee of the Board, including Origin’s lead independent director, has extensively studied the optimal Board size and composition in relation to the Company’s continued growth. Today’s announcement reflects the Board’s strategic initiative to reduce its size to better align with governance best practices. The five directors not standing for election are Jay Dyer, Farrell Malone, Lori Sirman, Elizabeth Solender and Steve Taylor.

    “Each of these directors has made invaluable contributions to our Company and we are grateful for their service,” said Drake Mills, Chairman, President and CEO of Origin Bancorp, Inc. “Their expertise helped Origin through periods of significant transformation and growth. It is a credit to their stewardship that these directors each recognize that right-sizing the Board is in the Company’s best interests moving forward. On behalf of the entire organization, I’d like to thank them for their service to Origin and their guidance to our Board and management.”

    Based on the recommendation of the Board’s Nominating and Corporate Governance Committee, the incumbent directors to be nominated for election at the 2025 Annual Meeting will be: Daniel Chu, James D’Agostino, Jr., James Davison, Jr., A. La’Verne Edney, Meryl Farr, Richard Gallot, Jr., Stacey Goff, Cecil Jones, Michael Jones, Gary Luffey and Drake Mills. The Company expects to hold its 2025 Annual Meeting on April 23, 2025.

    Michael Jones, Chair of the Board’s Nominating and Corporate Governance Committee, added, “With these changes, we will have a smaller, more efficient Board of Directors, consistent with our commitment to best-in-class corporate governance. We have been intentional in the composition of a Board that will continue to be made up of highly qualified directors who each bring relevant backgrounds and skills to support management in driving the Company’s strategy and future growth, including experience in the banking and financial services industries as well as in executive leadership, strategic and financial planning, and risk management.”

    The changes to the Board composition are not being made as a result of any disagreement between the departing directors and the Company.

    About Origin

    Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 55 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.

    Contact Information

    Investor Relations
    Chris Reigelman
    318-497-3177
    chris@origin.bank

    Media Contact
    Ryan Kilpatrick
    318-232-7472
    rkilpatrick@origin.bank

    The MIL Network –

  • MIL-OSI United Nations: Gaza Ceasefire Must Hold, Secretary-General Urges at Launch of Berlin Initiative

    Source: United Nations General Assembly and Security Council

    Following is UN Secretary-General António Guterres’ message on the launch of The Berlin Initiative today:

    I commend the launch of The Berlin Initiative and its commitment to a diplomatic resolution of the Israeli-Palestinian conflict.

    Since the horrific terror attacks by Hamas on 7 October, the ensuing Israeli military operations have unleashed an unprecedented level of death and destruction in Gaza. Meanwhile, the deteriorating situation in the West Bank is fueling further instability and suffering.

    The ceasefire in Gaza must hold and be implemented in full.  All hostages must be released immediately, unconditionally, and in a dignified manner. And humanitarian aid must be maintained, funded, protected, and reach people in dire need without restrictions. 

    But beyond ending this terrible war, we must lay the foundations for lasting peace — one that ensures security for Israel, dignity and self-determination for the Palestinian people, and stability for the entire region. 

    That requires a clear political framework for Gaza’s recovery and reconstruction.  It requires immediate and irreversible steps towards a two-State solution — with Gaza and the West Bank, including East Jerusalem, unified under a legitimate Palestinian authority, accepted and supported by the Palestinian people.  And it requires putting an end to occupation, settlement expansion and threats of annexation.

    Efforts like The Berlin Initiative help forge a diplomatic path.  I urge everyone to seize this moment to build a future where Israel and Palestine live side by side, in peace and security, in line with international law and UN resolutions.  It is the only way. 

    MIL OSI United Nations News –

  • MIL-OSI Canada: Investing in cardiac care for central Albertans

    [. For those in central Alberta, the Red Deer Regional Hospital Centre plays a critical role in providing that care, which is why the $1.8-billion Red Deer Regional Hospital Centre redevelopment project includes two state-of-the-art cardiac catheterization labs.

    While the project is expected to be completed by 2031, the government recognizes the urgent need for cardiac services for the 450,000 Albertans from Red Deer and surrounding rural communities. If passed, Budget 2025 will provide $3 million in startup funding and ongoing funding to cover the operational costs for an interim cardiac catheterization lab at the Red Deer Regional Hospital Centre.

    “Every Albertan should have access to the health care services they need close to home. Albertans living in the Red Deer area have long advocated for a cardiac catheterization lab and I am pleased to support a project that we know will help save lives.”

    Adriana LaGrange, Minister of Health

    A cardiac catheterization lab is a dedicated space where specialized teams can carry out diagnostic tests that examine and evaluate heart function to aid in the diagnosis of cardiac health concerns and treatment of coronary artery disease. The lab will be equipped with specialized imaging equipment to allow for cardiac procedures primarily including ablation, angiogram and angioplasty. 

    The interim cardiac catheterization lab will be located within the existing Red Deer Regional Hospital Centre in a space currently being used as a physician’s lounge. Preliminary design plans are already in place and construction is expected to begin by fall 2025.

    The Red Deer Regional Health Foundation has committed to funding the capital cost of the project, which is expected to be about $22 million.

    In October 2024, the foundation announced the signing of a memorandum of understanding with Alberta Health Services to fast-track the opening of a cardiac catheterization lab at Red Deer Regional Hospital Centre.

    “We are incredibly grateful for the generosity of the Donald and Lacey families, whose support is bringing life-saving cardiac care closer to home for the benefit of all central Albertans. Together with all our health care partners, their commitment to advancing health care will make a lasting impact on countless lives for years to come.”

    Manon Therriault, chief executive officer, Red Deer Regional Health Foundation

    The foundation’s work is made possible by the generosity of donors, supporters and champions across the region. To support the development of the interim cardiac catheterization lab, the foundation announced a $10-million donation from the John Donald family.

    “I am pleased to support the development of cardiac services in central Alberta, something we’ve long advocated for. This initiative will provide essential care to our community and ensure that more lives are saved closer to home.”

    John Donald, Red Deer Regional Health Foundation donor

    By prioritizing the development of an interim cardiac catheterization lab, patients will have access to critical services about three years earlier than expected. The interim cardiac catheterization lab is expected to be operational in early 2027.

    “Developing this lab will allow us to treat more cardiac patients closer to home and support them in their recovery. Enhancing our cardiac services will also support our efforts to recruit and retain the talented professionals needed to care for our region’s patients.”

    Janice Stewart, chief zone officer, Alberta Health Services Central Zone

    Being able to meet the needs of the province’s rapidly growing population is a top priority for Alberta’s government.

    Quick facts

    • The $1.8-billion Red Deer Regional Hospital Centre redevelopment project will upgrade several services throughout the hospital site, including:
      • an additional patient tower
      • six new operating rooms
      • a new medical device reprocessing department
      • two new cardiac catheterization labs
      • renovations to various areas within the main building
      • a newly renovated and expanded emergency department
      • a new ambulatory clinic building to be located adjacent to the surface parkade

    Related information

    • Red Deer Regional Health Foundation

    Related news

    • Red Deer hospital contractor selected (Aug. 15, 2024)
    • Red Deer Hospital schematic designs unveiled (March 15, 2024)
    • Red Deer hospital $1.8B expansion builds for the future (Feb. 22, 2022)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI USA: NEWS: Sanders Statement: Meet Donald Trump’s New Best Friend, Vladimir Putin

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, March 3 – Sen. Bernie Sanders (I-Vt.) today released the following statement introducing the American people to the background and history of Russian dictator, and apparent ally of President Trump, Vladimir Putin.
    Donald Trump’s attacks on Ukrainian President Volodymyr Zelensky are a gift to Russian President Vladimir Putin. Trump is dividing the Western alliance, and undermining Ukraine’s defense against Russia’s invasion. His actions may prolong the war by convincing Putin he can manipulate Trump into a deal with concessions he couldn’t win on the battlefield.
    Trump is cozying up to Vladimir Putin – so, who is Putin?
    Putin is a former Soviet spy who spent 16 years in the KGB, where he learned how to manipulate people by playing on their egos, greed and fears. After the end of the Cold War, Putin was named head of the FSB, Russia’s post-KGB intelligence agency. In 1999, Putin was named Prime Minister, becoming president when former President Yeltsin unexpectedly resigned. Putin has ruled Russia ever since.
    At the heart of Putin’s rule are two forces: corruption and violence.
    As Russia’s new leader, Putin, who is now believed to be one of the wealthiest people on earth, consolidated power at home by reining in Russia’s powerful oligarchs. He offered them a simple deal: If they granted him absolute power and shared the spoils, he would let them steal as much as they wanted from the Russian people. The result: while the vast majority of the Russian population struggles economically, Putin and his fellow oligarchs stashed trillions of dollars in offshore tax havens. In the process, Putin crushed Russia’s brief movement toward democracy. He eliminated rivals, cracked down on freedom of speech, and strangled the free media. Political dissidents, investigative journalists, and opposition leaders started turning up dead.
    Today, 26 years after he took power, Putin is the absolute ruler of Russia. Russian elections are blatantly fraudulent, with Putin’s lackeys barely hiding their ballot-stuffing. In the last sham election, Putin won 88 percent of the “vote” against carefully screened opposition candidates.
    That is Putin’s Russia. There is no freedom of speech. Protests are violently suppressed. Tens of thousands of people are in imprisoned for speaking out against his rule. The bravest and most prominent dissidents – people like Alexei Navalny, Boris Nemtsov and Sergei Magnitsky – are murdered outright. And the billionaire oligarchs become even richer.
    That is the leader Trump defends and admires.
    But it’s not just repression at home. Putin has also engaged in four brutal wars: in Chechnya, Georgia, Syria and Ukraine (twice). In Chechnya, his forces targeted civilians and medical personnel, flattening entire cities. Against Georgia, he launched an unprovoked invasion and annexed 20 percent the country. In Syria, Russian aircraft bombed schools, hospitals and crowded markets, killing thousands of civilians to prop up the brutal dictator Bashar al-Assad. And in Ukraine, Putin has invaded twice, first in 2014 and then again in 2022.
    Right now, Russia occupies about 20 percent of Ukraine. Because of Putin’s invasion, over one million people have been killed or injured. Every single day, Russia rains down hundreds of missiles and drones on Ukrainian cities. Putin’s forces have massacred civilians and kidnapped thousands of Ukrainian children, bringing them back to Russian “re-education” camps. These atrocities led the International Criminal Court to issue an arrest warrant for Putin in 2023 as a war criminal.
    Putin has also directly attacked the United States and its allies, repeatedly hacking our computer systems, attempting to sabotage critical infrastructure, meddling in our elections and harassing our diplomats.
    That is Donald Trump’s new best friend, Vladimir Putin.
    Every American – regardless of his or her political views – should see the current reality clearly. For the first time in American history, we have a president who is prepared to turn his back on our democratic allies and democratic values to align himself with one of the world’s most brutal dictators.
    For 250 years, people all over the world have looked to the United States, the longest existing democracy on earth, as a source of inspiration. In many countries, democratic leaders have studied our Declaration of Independence and our Constitution for guidance as to how to form governments of the people, by the people, and for the people. In this difficult historical moment, we cannot let them down. More importantly, we cannot let ourselves down. We cannot turn our backs on democracy and our own history.
    We must not allow authoritarians and oligarchs to rule the world.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

    Source: IMF – News in Russian

    March 3, 2025

    Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

    Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

    Executive Board Assessment

    In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

    Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

    Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

    Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

    The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

    Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

    Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

    Selected Economic and Financial Indicators, 2020–30

    Nominal GDP (2023): US$399.7 billion

    		      

     Population (2023): 33.4 million

    		            

    GDP per capita (2023, current prices): US$11,967

    		      

     Poverty rate (2019, national poverty line): 0.2 percent

    		        

    Unemployment rate (2023, period average):  3.4 percent

    		      

     Adult literacy rate (2019): 95.0 percent

    		          
                             

    Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).
                 
           
               

    Proj.
       

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    1/
                             

    Real GDP (percent change)

    		  

    -5.5

    3.3

    8.9

    3.6

    5.0

    4.7

    4.4

    4.0

    4.0

    4.0

    4.0

    Total domestic demand

    		  

    -4.8

    3.8

    9.5

    4.7

    6.1

    4.7

    4.0

    3.6

    3.6

    3.6

    3.4

    Private consumption

    		  

    -3.9

    1.8

    11.3

    4.7

    5.3

    4.5

    3.9

    3.4

    3.9

    3.8

    3.7

    Public consumption

    		  

    4.1

    5.8

    5.1

    3.3

    4.3

    3.5

    2.7

    2.4

    2.3

    2.3

    2.3

    Private investment

    		  

    -11.9

    2.8

    7.2

    4.6

    12.0

    6.0

    5.1

    4.0

    4.0

    4.0

    4.0

    Public gross fixed capital formation

    		  

    -21.2

    -11.0

    5.3

    8.6

    11.2

    4.0

    2.8

    2.3

    2.1

    2.0

    2.1

    Net exports (contribution to growth, percentage points)

    		  

    -1.0

    -0.3

    -0.1

    -0.9

    -0.8

    0.2

    0.5

    0.6

    0.5

    0.6

    0.7
                             

    Output gap (in percent)

    		  

    -4.0

    -1.1

    2.5

    1.3

    1.1

    0.7

    0.4

    0.0

    0.0

    0.0

    0.0
                             

    Saving and investment (in percent of GDP)

    		                        

    Gross domestic investment

    		  

    19.7

    22.1

    23.6

    22.5

    22.5

    22.5

    22.6

    22.6

    22.5

    22.5

    22.5

    Gross national saving

    		  

    23.8

    26.0

    26.8

    24.0

    24.5

    24.7

    25.0

    25.3

    25.4

    25.5

    25.5
                             

    Fiscal sector (in percent of GDP) 2/

    		                        

    Federal government overall balance

    		  

    -6.2

    -6.4

    -5.5

    -5.0

    -4.3

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    Revenue

    		  

    15.9

    15.1

    16.4

    17.3

    16.5

    16.2

    15.4

    15.1

    14.8

    14.6

    14.4

    Expenditure and net lending

    		  

    22.0

    21.5

    22.0

    22.3

    20.8

    20.0

    19.2

    18.9

    18.6

    18.4

    18.2

    Federal government non-oil primary balance

    		  

    -7.5

    -6.7

    -7.8

    -6.6

    -4.9

    -4.1

    -3.7

    -3.4

    -3.0

    -2.8

    -2.6

    Consolidated public sector overall balance 3/

    		  

    -7.3

    -8.3

    -6.0

    -5.9

    -8.4

    -6.7

    -6.8

    -6.9

    -6.8

    -6.9

    -6.9

    General government debt 3/

    		  

    67.7

    69.2

    65.5

    69.7

    69.6

    68.9

    68.7

    69.1

    69.3

    69.6

    69.8

    Of which: federal government debt

    		  

    62.0

    63.3

    60.2

    64.3

    64.4

    63.7

    63.5

    63.8

    64.1

    64.3

    64.5
                             
                             

    Inflation and unemployment (in percent)

    		                        

    CPI inflation, annual average

    		  

    -1.2

    2.5

    3.4

    2.5

    1.8

    2.6

    2.3

    2.0

    2.0

    2.0

    2.0

    CPI inflation, end of period

    		  

    -1.4

    3.2

    3.8

    1.5

    1.7

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), annual average

    		  

    1.1

    0.7

    3.0

    3.0

    1.8

    2.4

    2.2

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), end of period

    		  

    0.7

    1.1

    4.1

    1.9

    1.6

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    Unemployment rate

    		  

    4.5

    4.6

    3.9

    3.4

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2
                             
                             

    Macrofinancial variables (end of period)

    		                        

    Broad money (percentage change) 4/

    		  

    4.9

    5.6

    4.0

    5.8

    7.1

    7.6

    6.7

    5.9

    5.9

    5.9

    5.9

    Credit to private sector (percentage change) 4/

    		  

    4.0

    3.8

    3.0

    5.2

    6.2

    6.1

    6.0

    5.9

    5.9

    5.9

    5.9

    Credit-to-GDP ratio (in percent) 5/ 6/

    		  

    144.8

    137.7

    122.4

    126.7

    125.7

    123.9

    123.1

    123.1

    123.1

    123.1

    123.1

    Overnight policy rate (in percent)

    		  

    1.75

    1.75

    2.75

    3.00

    …

    …

    …

    …

    …

    …

    …

    Three-month interbank rate (in percent)

    		  

    1.9

    2.0

    3.6

    3.7

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt (in percent of GDP) 7/

    		  

    109.7

    109.0

    97.5

    101.2

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt issuance (in percent of GDP)

    		  

    2.3

    2.6

    2.4

    2.5

    …

    …

    …

    …

    …

    …

    …

    Household debt (in percent of GDP) 7/

    		  

    93.1

    88.9

    80.9

    84.2

    …

    …

    …

    …

    …

    …

    …

    Household financial assets (in percent of GDP) 7/

    		  

    204.5

    191.9

    167.3

    174.3

    …

    …

    …

    …

    …

    …

    …

    House prices (percentage change)

    		  

    1.2

    1.9

    3.9

    3.8

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Exchange rates (period average)

    		                        

    Malaysian ringgit/U.S. dollar

    		  

    4.19

    4.14

    4.40

    4.56

    …

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (percentage change)

    		  

    -3.5

    -1.3

    -1.4

    -2.5

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Balance of payments (in billions of U.S. dollars) 5/

    		                        

    Current account balance

    		  

    14.1

    14.5

    13.0

    6.2

    8.7

    10.2

    12.0

    14.3

    16.1

    17.6

    19.4

    (In percent of GDP)

    		  

    4.2

    3.9

    3.2

    1.5

    2.0

    2.2

    2.4

    2.7

    2.9

    3.0

    3.1

    Goods balance

    		  

    32.7

    42.9

    42.6

    29.9

    26.3

    29.3

    31.8

    33.9

    36.5

    39.2

    43.7

    Services balance

    		  

    -11.2

    -15.8

    -13.2

    -9.5

    -4.4

    -4.1

    -3.1

    -1.7

    -1.3

    -1.0

    -1.5

    Income balance

    		  

    -7.4

    -12.5

    -16.3

    -14.2

    -13.2

    -14.9

    -16.7

    -17.9

    -19.2

    -20.6

    -22.8

    Capital and financial account balance

    		  

    -18.5

    3.8

    1.8

    -3.4

    -6.0

    0.2

    -3.0

    -5.0

    -6.2

    -7.1

    -8.2

    Of which: Direct investment

    		  

    0.7

    7.5

    2.9

    0.0

    -1.3

    2.0

    2.1

    2.2

    2.4

    2.5

    2.6

    Errors and omissions

    		  

    -0.1

    -7.3

    -2.7

    -7.2

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Overall balance

    		  

    -4.6

    11.0

    12.1

    -4.5

    2.7

    10.4

    9.0

    9.3

    9.9

    10.6

    11.2
                             

    Gross official reserves (US$ billions) 5/

    		  

    107.6

    116.9

    114.7

    113.5

    116.2

    126.6

    135.6

    144.9

    154.8

    165.4

    176.6

    (In months of following year’s imports of goods and nonfactor services)

    		  

    5.5

    4.9

    5.4

    4.6

    4.4

    4.6

    4.7

    4.8

    4.9

    4.9

    5.0

    (In percent of short-term debt by original maturity)

    		  

    117.6

    120.8

    104.9

    100.3

    99.4

    98.3

    97.2

    97.0

    97.3

    97.9

    98.9

    (In percent of short-term debt by remaining maturity)

    		  

    91.9

    93.5

    84.6

    80.7

    78.7

    79.4

    79.0

    79.2

    79.7

    80.5

    81.5

    Total external debt (in billions of U.S. dollars) 5/

    		  

    238.8

    258.7

    259.6

    270.6

    284.6

    305.1

    324.4

    342.8

    361.1

    379.2

    397.2

    (In percent of GDP)

    		  

    70.8

    69.3

    63.8

    67.8

    65.1

    65.3

    65.1

    64.9

    64.4

    63.8

    63.0

    Of which: short-term (in percent of total, original maturity)

    		  

    38.3

    37.4

    42.1

    41.8

    41.1

    42.2

    43.0

    43.6

    44.1

    44.6

    44.9

      short-term (in percent of total, remaining maturity)

    		  

    49.1

    48.3

    52.2

    51.9

    51.9

    52.3

    52.9

    53.4

    53.8

    54.2

    54.5

    Debt service ratio 5/

    		                        

    (In percent of exports of goods and services) 8/

    		  

    13.6

    10.5

    9.7

    11.8

    12.1

    12.1

    10.1

    9.8

    9.7

    9.6

    9.5

    (In percent of exports of goods and nonfactor services)

    		  

    14.4

    11.4

    10.3

    12.7

    12.9

    12.9

    10.7

    10.4

    10.3

    10.2

    10.0
                             
                             

    Memorandum items:

    		                        

    Nominal GDP (in billions of ringgit)

    		  

    1,418

    1,549

    1,794

    1,823

    1,952

    2,099

    2,241

    2,373

    2,512

    2,660

    2,817
                             

    Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.
                             

    1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted.
    2/ Cash basis.
    3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies.
    4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap.
    5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency.                                                                                                                         
    6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter.
    7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100).
    8/ Includes receipts under the primary income account.
                               

    [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] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

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

    https://www.imf.org/en/News/Articles/2025/03/02/pr25050-malaysia-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Dave Reports Fourth Quarter & Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Q4 Revenue up 38% Y/Y to $100.9 Million; FY24 Revenue up 34% to $347.1 Million

    Q4 Net Income Increases $16.6 Million Y/Y to $16.8 Million; Adj. EBITDA increases 234% Y/Y to $33.4 Million, Significantly Exceeding High-End of Guidance

    Establishes Strong 2025 Revenue and Adjusted EBITDA Outlook

    LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced fourth quarter and full year results for the period ended December 31, 2024.

    “We closed out the year with record-setting results, delivering another quarter of exceptional growth and profitability,” said Jason Wilk, Founder and CEO of Dave.

    “Our performance was underpinned by strong member demand and continued strength in our team’s execution. ExtraCash originations were up 44% year-over-year supported by increased member growth and average origination per member. Our CashAI-powered underwriting continued to drive improvements in credit performance which contributed to another record quarter of non-GAAP variable margin. These results, combined with our fixed cost discipline and efficient marketing spend, allowed us to deliver 35% sequential growth in Adjusted EBITDA and more than 200% annually, which we believe underscores the inherent operating leverage in our business model.

    “In mid-Q1 of 2025, we fully transitioned to our new fee structure which we expect to result in even greater ExtraCash limits, monetization, and member lifetime value going forward. With this strong momentum heading into 2025, we believe we are well positioned to drive another record year as we execute our strategic roadmap and deliver long-term value for both our members and shareholders.”

    Quarterly Financial Highlights ($ in millions, unaudited)

      4Q23 1Q24 2Q24 3Q24 4Q24
    GAAP Operating Revenues, Net $73.2 $73.6 $80.1 $92.5 $100.9
    % Change vs. prior year period 23% 25% 31% 41% 38%
    Non-GAAP Variable Profit* $45.9 $49.9 $51.8 $64.2 $72.6
    % Change vs. prior year period 80% 47% 57% 72% 58%
    Non-GAAP Variable Profit Margin* 63% 68% 65% 69% 72%
    GAAP Net Income $0.2 $34.2 $6.4 $0.5 $16.8
    Adjusted Net Income* $6.6 $8.1 $13.7 $21.1 $29.6
    Adjusted EBITDA* $10.0 $13.2 $15.2 $24.7 $33.4

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Fourth Quarter 2024 Operating Highlights (vs. Fourth Quarter 2023)

    • New Members increased 12% to 766,000 while customer acquisition costs remained highly efficient at $16
    • Monthly Transacting Members (“MTMs”) increased 17% to 2.5 million
    • ExtraCash originations increased 44% to $1.5 billion, while the average 28-Day delinquency rate improved 53 basis points to 1.66%
    • Dave Debit Card spend increased 24% to $457 million
    • For a full review of the Company’s key performance indicators, please refer to the Company’s Fourth Quarter & Full Year 2024 Earnings Presentation which can be found on the Investor Relations page of Dave’s website

    Annual Financial Highlights ($ in millions, unaudited)

      FY 2023 FY 2024
    GAAP Operating Revenues, Net $259.1 $347.1
    % Change vs. prior year 26% 34%
    Non-GAAP Variable Profit* $150.1 $238.5
    % Change vs. prior year 74% 59%
    Non-GAAP Variable Profit Margin* 58% 69%
    GAAP Net (Loss) Income ($48.5) $57.9
    Adjusted Net (Loss) Income* ($22.1) $72.5
    Adjusted EBITDA (Loss)* ($10.1) $86.5

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Liquidity Summary

    The Company had $91.9 million of cash and cash equivalents, marketable securities, investments and restricted cash as of December 31, 2024, compared to $76.7 million as of September 30, 2024. The increase was primarily attributable to free cash flow generation offset by an increase in the ExtraCash receivables balance. The Company did not increase utilization of its credit facility during the quarter.

    2025 Financial Guidance ($ in millions)

      FY 2025
    GAAP Operating Revenues, Net $415 – $435
    Year-Over-Year Growth 20% – 25%
    Adjusted EBITDA* $110 – $120
    Year-Over-Year Growth 27% – 39%

    *Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

    Dave’s CFO, Kyle Beilman, commented: “Our 2025 guidance reflects the tailwind created by our new fee structure as well as our ongoing commitment to driving sustainable and profitable growth. As we progress through the first quarter, we anticipate the typical seasonal softness in demand for ExtraCash as tax refunds provide important liquidity to our members. Our focus remains on expanding ARPU, leaning into our banking offering, further strengthening member retention and expanding member lifetime value. Given our growth trajectory, strong variable margins and the scalability of our business model, we expect to drive another record year of performance in 2025.”

    Beilman added, “Yesterday we announced the completion of our strategic partnership with Coastal Community Bank to serve as Dave’s sponsor bank for its ExtraCash and banking products. We selected Coastal based on their customer-first mission, deep knowledge across both credit and banking products, strong risk management, and our shared ambition to drive innovation and continue leveling the financial playing field for everyday Americans.”

    Conference Call 

    Dave management will host a conference call on Tuesday, March 4th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the fourth quarter and full year ended December 31, 2024, followed by a question-and-answer period. The conference call details are as follows:

    Date: Tuesday, March 4th, 2025
    Time: 8:30 a.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

    If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Forward-Looking Statements

    This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including fluctuating interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    Non-GAAP Financial Information

    This press release contains references to Adjusted EBITDA (loss), which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA (loss) as GAAP net income (loss) attributable to Dave before the impact of interest income or expense, provision for income taxes, and depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, gain on extinguishment of convertible debt, stock-based compensation expense and certain other non-core items. The Company defines and calculates non-GAAP variable operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Banking expenses). The Company defines and calculates non-GAAP variable profit as GAAP Operating Revenues, Net less non-GAAP variable operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of GAAP Operating Revenues, Net. The Company defines and calculates adjusted net income (loss) as GAAP net income (loss) adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, and certain other non-core items. The Company defines and calculates non-GAAP adjusted basic EPS and non-GAAP adjusted diluted EPS as adjusted net income (loss) divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.

    These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

    Refer to the section further below for a reconciliation of Adjusted EBITDA (loss) to its most directly comparable GAAP measure for the three and twelve months ended December 31, 2024, and 2023.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    DAVE INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share data)
    (unaudited)
                     
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating revenues:                
    Service based revenue, net   $ 90.8     $ 65.4     $ 311.4     $ 232.2  
    Transaction based revenue, net     10.1       7.8       35.7       26.9  
    Total operating revenues, net     100.9       73.2       347.1       259.1  
    Operating expenses:                
    Provision for credit losses     16.6       14.5       54.6       58.4  
    Processing and servicing costs     6.3       7.5       30.4       28.9  
    Advertising and marketing     12.6       10.0       44.9       48.4  
    Compensation and benefits     27.2       23.5       107.0       94.9  
    Other operating expenses     17.2       15.8       75.5       70.7  
    Total operating expenses     79.9       71.3       312.4       301.3  
    Other (income) expenses:                
    Interest expense, net     1.3       1.8       5.0       6.5  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Total other (income) expense, net     3.5       1.6       (25.7 )     6.2  
    Net income (loss) before provision for income taxes     17.5       0.3       60.4       (48.4 )
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
                     
    Net income (loss) per share:                
    Basic   $ 1.31     $ 0.01     $ 4.62     $ (4.07 )
    Diluted   $ 1.16     $ 0.01     $ 4.19     $ (4.07 )
                     
                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
    (in millions)
    (unaudited)
                     
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating expenses   $ 79.9     $ 71.3     $ 312.4     $ 301.3  
    Non-variable operating expenses     (51.6 )     (44.0 )     (203.8 )     (192.3 )
    Non-GAAP variable operating expenses   $ 28.3     $ 27.3     $ 108.6     $ 109.0  
                     
                     
    CALCULATION OF NON-GAAP VARIABLE PROFIT
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    GAAP operating revenues, net   $ 100.9     $ 73.2     $ 347.1     $ 259.1  
    Non-GAAP variable operating expenses     (28.3 )     (27.3 )     (108.6 )     (109.0 )
    Non-GAAP variable profit   $ 72.6     $ 45.9     $ 238.5     $ 150.1  
    Non-GAAP variable profit margin     72 %     63 %     69 %     58 %
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (LOSS)
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Interest expense, net     1.3       1.8       5.0       6.5  
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Depreciation and amortization     2.3       1.5       7.5       5.4  
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Adjusted EBITDA (loss)   $ 33.4     $ 10.0     $ 86.5     $ (10.1 )
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)
    (in millions, except per share data)
    (unaudited)
             
        For the Three Months Ended
    December 31,    		   For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Income tax expense related to gain on extinguishment of convertible debt     0.5       —       1.0       —  
    Adjusted net income (loss)   $ 29.6     $ 6.6     $ 72.5     $ (22.1 )
                     
    Adjusted net income (loss) per share:                
    Basic   $ 2.31     $ 0.55     $ 5.79     $ (1.85 )
    Diluted   $ 2.04     $ 0.54     $ 5.24     $ (1.85 )
                     
                     
    DAVE INC.
    LIQUIDITY AND CAPITAL RESOURCES
    (in millions)
    (unaudited)
                     
        December 31,   December 31,        
          2024       2023          
                     
    Cash, cash equivalents and restricted cash   $ 51.4     $ 43.1          
    Marketable securities     0.1       1.0          
    Investments     40.5       113.2          
    Working capital     247.2       251.3          
    Total stockholders’ equity     183.1       87.1          

    The MIL Network –

  • MIL-OSI: Rigetti Computing to Participate in Fireside Chat at Cantor Global Technology Conference

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, announced today that Rigetti CEO, Dr. Subodh Kulkarni, will be participating in a fireside chat at the Cantor Global Technology Conference on March 12, 2025.

    Information for the event is as follows:

    Webcast registration link: https://sqps.onstreamsecure.com/origin/enliven/players/EnlivenPlayer.html?customerId=22&eventId=59290576&checkCompany=1&checkEmail=1&checkName=1
    Presentation date: Wednesday, March 12, 2025
    Time: 8:40 AM – 9:15 AM ET

    Investors can view a live webcast of the event by visiting the “Events” section of Rigetti’s Investor Relations website at https://investors.rigetti.com. A replay will be available at the same location for 180 days following the conclusion of the event.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

    Rigetti Computing Media Contact:
    press@rigetti.com

    The MIL Network –

  • MIL-OSI: XAI Madison Equity Premium Income Fund Declares its Quarterly Distribution of $0.18 per Share – Fund to Change Distribution Frequency

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — XAI Madison Equity Premium Income Fund (the “Fund” or “MCN”) has declared its regular quarterly distribution of $0.18 per share on the Fund’s common shares, payable on April 1, 2025, to shareholders of record as of March 17, 2025, as noted below. The amount of the distribution represents no change from the previous quarter’s distribution amount of $0.18 per common share.

    In addition, the Fund announced that it will change its distribution frequency from quarterly to monthly. The first monthly declaration will be made on April 1, 2025, and the first monthly distribution will be made on May 1, 2025. Kimberly Flynn, President of XA Investments, said, “MCN has a long history of making consistent periodic payments to shareholders. We believe the change to monthly distributions will enable investors to better manage their cashflow needs.”

    The following dates apply to the declaration:

         
    Ex-Dividend Date    March 17, 2025
       
    Record Date    March 17, 2025
       
    Payable Date    April 1, 2025
       
    Amount    $0.18 per common share
       
    Change from Previous Quarter                No change
         

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Fund’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Fund is net income or profit. For further information regarding the Fund’s distributions, please visit www.xainvestments.com.

    * * *

    The Fund’s net investment income and capital gain can vary significantly over time; however, the Fund seeks to maintain more stable common share quarterly distributions over time. The Fund’s final taxable income for the current fiscal year will not be known until the Fund’s tax returns are filed.

    As a registered investment company, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on December 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). In certain circumstances, the Fund may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Fund management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Fund for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Fund, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    Future common share distributions will be made if and when declared by the Fund’s Board of Trustees, based on a consideration of number of factors, including the Fund’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    * * *

    The Fund’s objective is to achieve a high level of current income and gains, with a secondary objective of capital appreciation. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.xainvestments.com.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and XAI Madison Equity Premium Income Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Madison Investments
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    The MIL Network –

  • MIL-OSI Economics: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

    Source: International Monetary Fund

    March 3, 2025

    Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

    Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

    Executive Board Assessment

    In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

    Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

    Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

    Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

    The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

    Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

    Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

    Selected Economic and Financial Indicators, 2020–30

    Nominal GDP (2023): US$399.7 billion

    		      

     Population (2023): 33.4 million

    		            

    GDP per capita (2023, current prices): US$11,967

    		      

     Poverty rate (2019, national poverty line): 0.2 percent

    		        

    Unemployment rate (2023, period average):  3.4 percent

    		      

     Adult literacy rate (2019): 95.0 percent

    		          
                             

    Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).
                 
           
               

    Proj.
       

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    1/
                             

    Real GDP (percent change)

    		  

    -5.5

    3.3

    8.9

    3.6

    5.0

    4.7

    4.4

    4.0

    4.0

    4.0

    4.0

    Total domestic demand

    		  

    -4.8

    3.8

    9.5

    4.7

    6.1

    4.7

    4.0

    3.6

    3.6

    3.6

    3.4

    Private consumption

    		  

    -3.9

    1.8

    11.3

    4.7

    5.3

    4.5

    3.9

    3.4

    3.9

    3.8

    3.7

    Public consumption

    		  

    4.1

    5.8

    5.1

    3.3

    4.3

    3.5

    2.7

    2.4

    2.3

    2.3

    2.3

    Private investment

    		  

    -11.9

    2.8

    7.2

    4.6

    12.0

    6.0

    5.1

    4.0

    4.0

    4.0

    4.0

    Public gross fixed capital formation

    		  

    -21.2

    -11.0

    5.3

    8.6

    11.2

    4.0

    2.8

    2.3

    2.1

    2.0

    2.1

    Net exports (contribution to growth, percentage points)

    		  

    -1.0

    -0.3

    -0.1

    -0.9

    -0.8

    0.2

    0.5

    0.6

    0.5

    0.6

    0.7
                             

    Output gap (in percent)

    		  

    -4.0

    -1.1

    2.5

    1.3

    1.1

    0.7

    0.4

    0.0

    0.0

    0.0

    0.0
                             

    Saving and investment (in percent of GDP)

    		                        

    Gross domestic investment

    		  

    19.7

    22.1

    23.6

    22.5

    22.5

    22.5

    22.6

    22.6

    22.5

    22.5

    22.5

    Gross national saving

    		  

    23.8

    26.0

    26.8

    24.0

    24.5

    24.7

    25.0

    25.3

    25.4

    25.5

    25.5
                             

    Fiscal sector (in percent of GDP) 2/

    		                        

    Federal government overall balance

    		  

    -6.2

    -6.4

    -5.5

    -5.0

    -4.3

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    Revenue

    		  

    15.9

    15.1

    16.4

    17.3

    16.5

    16.2

    15.4

    15.1

    14.8

    14.6

    14.4

    Expenditure and net lending

    		  

    22.0

    21.5

    22.0

    22.3

    20.8

    20.0

    19.2

    18.9

    18.6

    18.4

    18.2

    Federal government non-oil primary balance

    		  

    -7.5

    -6.7

    -7.8

    -6.6

    -4.9

    -4.1

    -3.7

    -3.4

    -3.0

    -2.8

    -2.6

    Consolidated public sector overall balance 3/

    		  

    -7.3

    -8.3

    -6.0

    -5.9

    -8.4

    -6.7

    -6.8

    -6.9

    -6.8

    -6.9

    -6.9

    General government debt 3/

    		  

    67.7

    69.2

    65.5

    69.7

    69.6

    68.9

    68.7

    69.1

    69.3

    69.6

    69.8

    Of which: federal government debt

    		  

    62.0

    63.3

    60.2

    64.3

    64.4

    63.7

    63.5

    63.8

    64.1

    64.3

    64.5
                             
                             

    Inflation and unemployment (in percent)

    		                        

    CPI inflation, annual average

    		  

    -1.2

    2.5

    3.4

    2.5

    1.8

    2.6

    2.3

    2.0

    2.0

    2.0

    2.0

    CPI inflation, end of period

    		  

    -1.4

    3.2

    3.8

    1.5

    1.7

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), annual average

    		  

    1.1

    0.7

    3.0

    3.0

    1.8

    2.4

    2.2

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), end of period

    		  

    0.7

    1.1

    4.1

    1.9

    1.6

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    Unemployment rate

    		  

    4.5

    4.6

    3.9

    3.4

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2
                             
                             

    Macrofinancial variables (end of period)

    		                        

    Broad money (percentage change) 4/

    		  

    4.9

    5.6

    4.0

    5.8

    7.1

    7.6

    6.7

    5.9

    5.9

    5.9

    5.9

    Credit to private sector (percentage change) 4/

    		  

    4.0

    3.8

    3.0

    5.2

    6.2

    6.1

    6.0

    5.9

    5.9

    5.9

    5.9

    Credit-to-GDP ratio (in percent) 5/ 6/

    		  

    144.8

    137.7

    122.4

    126.7

    125.7

    123.9

    123.1

    123.1

    123.1

    123.1

    123.1

    Overnight policy rate (in percent)

    		  

    1.75

    1.75

    2.75

    3.00

    …

    …

    …

    …

    …

    …

    …

    Three-month interbank rate (in percent)

    		  

    1.9

    2.0

    3.6

    3.7

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt (in percent of GDP) 7/

    		  

    109.7

    109.0

    97.5

    101.2

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt issuance (in percent of GDP)

    		  

    2.3

    2.6

    2.4

    2.5

    …

    …

    …

    …

    …

    …

    …

    Household debt (in percent of GDP) 7/

    		  

    93.1

    88.9

    80.9

    84.2

    …

    …

    …

    …

    …

    …

    …

    Household financial assets (in percent of GDP) 7/

    		  

    204.5

    191.9

    167.3

    174.3

    …

    …

    …

    …

    …

    …

    …

    House prices (percentage change)

    		  

    1.2

    1.9

    3.9

    3.8

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Exchange rates (period average)

    		                        

    Malaysian ringgit/U.S. dollar

    		  

    4.19

    4.14

    4.40

    4.56

    …

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (percentage change)

    		  

    -3.5

    -1.3

    -1.4

    -2.5

    …

    …

    …

    …

    …

    …

    …
                             
                             

    Balance of payments (in billions of U.S. dollars) 5/

    		                        

    Current account balance

    		  

    14.1

    14.5

    13.0

    6.2

    8.7

    10.2

    12.0

    14.3

    16.1

    17.6

    19.4

    (In percent of GDP)

    		  

    4.2

    3.9

    3.2

    1.5

    2.0

    2.2

    2.4

    2.7

    2.9

    3.0

    3.1

    Goods balance

    		  

    32.7

    42.9

    42.6

    29.9

    26.3

    29.3

    31.8

    33.9

    36.5

    39.2

    43.7

    Services balance

    		  

    -11.2

    -15.8

    -13.2

    -9.5

    -4.4

    -4.1

    -3.1

    -1.7

    -1.3

    -1.0

    -1.5

    Income balance

    		  

    -7.4

    -12.5

    -16.3

    -14.2

    -13.2

    -14.9

    -16.7

    -17.9

    -19.2

    -20.6

    -22.8

    Capital and financial account balance

    		  

    -18.5

    3.8

    1.8

    -3.4

    -6.0

    0.2

    -3.0

    -5.0

    -6.2

    -7.1

    -8.2

    Of which: Direct investment

    		  

    0.7

    7.5

    2.9

    0.0

    -1.3

    2.0

    2.1

    2.2

    2.4

    2.5

    2.6

    Errors and omissions

    		  

    -0.1

    -7.3

    -2.7

    -7.2

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Overall balance

    		  

    -4.6

    11.0

    12.1

    -4.5

    2.7

    10.4

    9.0

    9.3

    9.9

    10.6

    11.2
                             

    Gross official reserves (US$ billions) 5/

    		  

    107.6

    116.9

    114.7

    113.5

    116.2

    126.6

    135.6

    144.9

    154.8

    165.4

    176.6

    (In months of following year’s imports of goods and nonfactor services)

    		  

    5.5

    4.9

    5.4

    4.6

    4.4

    4.6

    4.7

    4.8

    4.9

    4.9

    5.0

    (In percent of short-term debt by original maturity)

    		  

    117.6

    120.8

    104.9

    100.3

    99.4

    98.3

    97.2

    97.0

    97.3

    97.9

    98.9

    (In percent of short-term debt by remaining maturity)

    		  

    91.9

    93.5

    84.6

    80.7

    78.7

    79.4

    79.0

    79.2

    79.7

    80.5

    81.5

    Total external debt (in billions of U.S. dollars) 5/

    		  

    238.8

    258.7

    259.6

    270.6

    284.6

    305.1

    324.4

    342.8

    361.1

    379.2

    397.2

    (In percent of GDP)

    		  

    70.8

    69.3

    63.8

    67.8

    65.1

    65.3

    65.1

    64.9

    64.4

    63.8

    63.0

    Of which: short-term (in percent of total, original maturity)

    		  

    38.3

    37.4

    42.1

    41.8

    41.1

    42.2

    43.0

    43.6

    44.1

    44.6

    44.9

      short-term (in percent of total, remaining maturity)

    		  

    49.1

    48.3

    52.2

    51.9

    51.9

    52.3

    52.9

    53.4

    53.8

    54.2

    54.5

    Debt service ratio 5/

    		                        

    (In percent of exports of goods and services) 8/

    		  

    13.6

    10.5

    9.7

    11.8

    12.1

    12.1

    10.1

    9.8

    9.7

    9.6

    9.5

    (In percent of exports of goods and nonfactor services)

    		  

    14.4

    11.4

    10.3

    12.7

    12.9

    12.9

    10.7

    10.4

    10.3

    10.2

    10.0
                             
                             

    Memorandum items:

    		                        

    Nominal GDP (in billions of ringgit)

    		  

    1,418

    1,549

    1,794

    1,823

    1,952

    2,099

    2,241

    2,373

    2,512

    2,660

    2,817
                             

    Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.
                             

    1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted.
    2/ Cash basis.
    3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies.
    4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap.
    5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency.                                                                                                                         
    6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter.
    7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100).
    8/ Includes receipts under the primary income account.
                               

    [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] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

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

    MIL OSI Economics –

  • MIL-OSI Security: Nigerian Man Charged With Defrauding Unemployment Insurance, Paycheck Protection Programs

    Source: Office of United States Attorneys

    A Nigerian man who overstayed his visa has been charged with defrauding the Federal Pandemic Unemployment Insurance Benefits Program and the Paycheck Protection Program, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham. 

    Oluwanishola Oyedyipo Jinadu, 25, was charged on February 26, 2025 in a seventeen-count indictment with five counts of theft of government money, three counts of wire fraud, eight counts of aggravated identity theft,  and one count of false statements in immigration documents. He made his initial appearance Monday before U.S. Magistrate Judge Brian McKay. 

    The indictment alleges that Mr. Jinadu, who was in the United States illegally after overstaying his B1/B2 nonimmigrant Visa, defrauded the Federal Pandemic Unemployment Compensation, which provided supplemental unemployment insurance benefits to qualified claimants pursuant to the CARES Act, and unlawfully obtained unemployment benefits. 

    Records show that Mr. Jinadu allegedly received stolen unemployment benefits into his bank accounts. Applications were submitted in the names of at least five victims in Washington, Massachusetts, and Kansas without their authorization.

    The indictment further alleges that Mr. Jinadu also defrauded the Paycheck Protection Program (PPP), which provided forgivable loans to small businesses to cover payroll, rent, and certain other expenses pursuant to the CARES Act. 

    Mr. Jinadu allegedly received more than $65,000 in stolen PPP funds into his bank accounts. Applications were submitted in the names of at least three victims in Oklahoma without their authorization. 

    Not long after allegedly committing these frauds, Mr. Jinadu applied to become a lawful permanent resident of the United States. When asked on his application, “Have you EVER committed a crime of any kind (even if you were not arrested, cited, charged with, or tried for that crime)?” Mr. Jinadu allegedly answered, “no.” He then certified, under penalty of perjury, that all of the information he provided was “complete, true, and correct.” 

    An indictment is merely an allegation of criminal conduct, not evidence. Like all defendants, Mr. Jinadu is presumed innocent until proven guilty in a court of law. 

    If convicted, he faces up to 96 years in federal prison. 

    The Department of Homeland Security’s Office of Inspector General and the Department of Labor’s Office of Inspector General conducted the investigation with the assistance of Homeland Security Investigation’s Dallas Field Office. Assistant U.S. Attorneys Tiffany H. Eggers and Madeline S. Case are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Federal Prosecutors Charge 126 Previously Removed Illegal Aliens, Many with Felony Criminal Records, with Illegally Re-Entering the U.S.

    Source: Office of United States Attorneys

    LOS ANGELES – Working with U.S. Immigration and Customs Enforcement and other federal law enforcement partners, federal prosecutors in recent weeks filed charges against 126 defendants who allegedly illegally re-entered the United States after being removed, the Justice Department announced today.

    Many of the defendants charged in this operation were previously convicted of felony offenses before they were removed from the U.S., offenses that include manslaughter and crimes against children.

    Filed as part of immigration enforcement activities  across the region over the past week, the criminal cases charge each defendant with being an illegal alien found in the United States following a previous removal from the United States. The criminal complaints and indictments were filed in federal court in Los Angeles, Santa Ana, and Riverside. The recently filed illegal re-entry cases resulted in nearly three dozen arrests over the past week.

    The crime of being found in the United States following removal carries a base sentence of up to two years in federal prison, defendants who were removed after being convicted of a felony face a maximum 10-year sentence, and defendants removed after being convicted of an aggravated felony face a maximum of 20 years in federal prison.

    “The U.S. Attorney’s Office is enforcing long-standing immigration laws, and Illegal aliens who defy lawful removal orders by returning to this nation will be prosecuted,” said Acting United States Attorney Joseph T. McNally. “These charges promote respect for the immigration laws. The individuals charged over the past week include sex offenders, narcotics dealers, violent criminals, and others who pose a danger to the public.”

    “This result represents a brand new, whole-of-government approach to immigration enforcement,” said Homeland Security Investigations (HSI) Los Angeles Acting Special Agent in Charge John Pasciucco. “Our primary goal, along with our federal law enforcement partners, is to ensure those who commit transnational crimes such as drug trafficking, financial fraud and child exploitation can no longer commit it in the U.S.”

    Some of the recently filed cases are summarized below with information contained in court documents. Most of these defendants were arrested February 23. Each of these defendants are Mexican nationals.

    • Ricardo Reynoso-Garcia, 59, of Arleta, was convicted in federal court of illegal reentry into the United States in September 2013 and sentenced to 46 months in prison. He was separately removed four other times between 1984 and 2018. Reynoso-Garcia was convicted in Los Angeles Superior Court of voluntary manslaughter in January 1995 and sentenced to 24 years in prison. He also was convicted in U.S. District Court of fraud and misuse of visas in April 2017 and sentenced to 18 months in prison.
    • Oscar Parra-Reyes, 50, of El Monte, was removed four previous times between 1995 and 2006. He was convicted in Los Angeles Superior Court in February 1993 for sale/transportation of marijuana and sentenced to two years in prison. He subsequently was convicted in Los Angeles Superior Court of unlawful sexual intercourse with a minor, corporal injury to a child’s parent and being a felon in possession of a firearm.
    • Luis Roberto Calderon Collantes, 52, of Rialto, was removed from the United States in August 2021 following his February 2017 conviction in San Bernardino County Superior Court for transporting methamphetamine, a felony offense for which he was sentenced to five years in California state prison. In March 2024, Collantes was found in the United States when FBI agents identified his fingerprints on a package of fentanyl they obtained through an undercover purchase on the dark web, a package investigators believe originated from his Rialto home.
    • Valentin Vidal-Lopez, 35, of Granada Hills, was removed from the United States in April 2018. He was convicted of attempted murder in January 2011 in Los Angeles County Superior Court and was sentenced to 10 years in California state prison. According to court documents, immigration authorities were notified on January 26 that Vidal-Lopez was in the custody of the Ventura County Sheriff’s Office after his arrested on the charges of resisting, delaying or obstructing a peace officer, DUI alcohol, and possessing a forged driver’s license. At the time of his arrest, Vidal-Lopez allegedly ignored officer commands to step out of his vehicle and then began to drive away. Vidal-Lopez allegedly continued to ignore officer commands and verbally threatened to fight the officers. When taken into custody, Vidal-Lopez allegedly possessed a driver’s license and a Social Security card in other people’s names, along with a bogus lawful permanent resident card, commonly known as a “green card.”
    • Erasmo Hermosillo-Martin, 69, of Inglewood, was removed from the United States to Mexico in March 1994. He was convicted of kidnapping and terrorist threats in May 1991 in Los Angeles County Superior Court and was sentenced to five years and eight months in California state prison. On January 14, law enforcement was notified via the HSI Tipline that Hermosillo-Martin had returned to the United States.
    • Angel Navarro-Camarillo, 42, was removed from the United States four times between 2007 and 2021. He was convicted in Orange County Superior Court in August 2004 for lewd and lascivious acts upon a child under 14 and sentenced to five years’ probation and 202 days in jail. In October 2005, but his probation was revoked, and he was sentenced to three years in prison. Navarro-Camarillo was convicted in U.S. District Court in February 2019 for being an illegal alien found in the United States following removal and was sentenced to 46 months in prison.
    • Isidro Jimenez-Ibanez, 51, of Coachella, was arrested February 24. Jimenez-Ibanez was removed in 1995 following a conviction for possession for sale of methamphetamine in Riverside County Superior Court. According to the criminal complaint, Jimenez-Ibanez returned to the United States and was convicted in 2023 of assault with a deadly weapon in Riverside County.

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

    The illegal re-entry cases filed as part of the past week’s immigration enforcement activities are being investigated by U.S. Immigration and Customs Enforcement and Homeland Security Investigations.

    The FBI; the Drug Enforcement Administration; the United States Marshals Service; U.S. Customs and Border Protection; the Bureau of Alcohol, Tobacco, Firearms and Explosives; and the State Department’s Diplomatic Security Service provided substantial support during the enforcement activities this week.

    The criminal cases are being prosecuted by Assistant United States Attorneys in the Domestic Security and Immigration Crimes Section and the General Crimes Section.

    MIL Security OSI –

  • MIL-OSI USA: Oregon Delegation Demands Reversal of Trump Attacks on Programs Serving Tribal Communities

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    March 03, 2025
    Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden—along with U.S. Representatives Suzanne Bonamici (OR-01), Val Hoyle (OR-04), Andrea Salinas (OR-06), Maxine Dexter (OR-03), and Janelle Bynum (OR-05)—joined over 100 Members of Congress to demand that the Trump Administration stop and reverse its dangerous efforts to fire employees and defund programs that serve Tribes and Tribal members.
    The lawmakers directed President Donald Trump, U.S. Department of the Interior Secretary Doug Burgum, and U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. to “take immediate action to halt, exempt, and reverse the impacts to federal employees and funding serving Indian Country, as those positions and programs are essential for the administration of legally mandated Tribal programs and services.”
    Outlining the impact of the Trump administration’s actions to-date, the lawmakers further wrote, “Your administration’s recent executive actions undermine Tribal sovereignty, existing federal law, and the federal-Tribal government-to-government relationship.”
    “In the past month, your administration has taken aim at thousands of federal workers across various government agencies. Reports indicate that this includes more than 2,600 federal employees at the Department of Interior, including more than 100 Bureau of Indian Affairs (BIA) employees, more than 40 Bureau of Indian Education (BIE) employees, several employees at the Office of Indian Affairs, as well as social workers, firefighters, and police that work on behalf of Indian Country, plus some 950 Indian Health Service (IHS) employees at the Department of Health and Human Services,” the lawmakers continued.
    The lawmakers further reminded the President and Secretary Burgum that “Tribal Nations are sovereign governments with a unique legal and political relationship to the United States. The inherent sovereignty of Tribes is recognized in the U.S. Constitution, in treaties, and across many federal laws and policies, and it has been consistently upheld by the U.S. Supreme Court.”
    “These trust and treaty obligations in some cases predate both the establishment of all of the agencies in question as well as the United States itself. Pursuant to those legal obligations, we must adequately fund and staff agencies that provide these essential services and programs, including at BIA, BIE, and IHS,” the lawmakers stressed.
    The letter is the latest in a series of actions by the Oregon delegation to sound the alarm on the Trump Administration’s attacks on Tribal communities, including staffing shortages at the IHS, layoffs at the IHS, and wrongful searches and interrogations of Tribal members by Immigration and Customs Enforcement (ICE) agents.
    The full text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Hochul is a Guest on CNN’s ‘The Situation Room’

    Source: US State of New York

    arlier today, Governor Kathy Hochul was a guest on CNN’s “The Situation Room” with Wolf Blitzer. The Governor spoke on the New York City mayoral race, her “You’re Hired” initiative for those impacted by the Department of Government Efficiency’s layoffs and on how the Trump administration’s tariffs on Canada affect New York State residents.

    AUDIO: The Governor’s remarks are available in audio form here.

    A rush transcript of the Governor’s remarks is available below:

    Wolf Blitzer, CNN:  New York Governor Andrew Cuomo is now plotting a major political comeback, announcing over the weekend his candidacy for mayor of New York City. Cuomo resigned from office back in 2021 amid a sexual harassment scandal — he denies all those allegations.

    Joining us now is New York’s current governor, Kathy Hochul. She served as Lieutenant Governor during the Cuomo administration. Governor Hochul, thanks so much for joining us. When Cuomo stepped down, back in 2021, you called his behavior, and I’m quoting you now, “repulsive.” Do you think he is fit to serve as New York’s mayor?

    Governor Hochul: First of all, Wolf, congratulations on the new show, delighted to be on your first episode. Also, here’s what I’m going to tell you about the mayor’s race — and this is the position you’re going to hear today, all the way up until the election’s over for the primary in June — I will work with whomever the really smart voters of New York City decide they want to be their mayor. That is not up for me to decide. I don’t even vote in the city.

    But I will say, also, I will support people — ultimately, after they’re elected — who support my agenda of increasing public safety, dealing with the homelessness crisis, people with mental health problems, closing down illegal cannabis shops, making our streets safer.

    So, I’m looking forward to working with whomever wants to partner with me to lift this city up. But in the meantime, I’m not focused on the politics. I have a state to run, I’ve got multiple crises — many of them emanating from Washington. I was with children yesterday who are severely ill, where parents are terrified of losing Medicaid. So, I will say this will all work itself out, but I’m focused on governing the State of New York, nothing else.

    Wolf Blitzer, CNN: The Governor of New York, as you well know, and the Mayor of New York City have to work together very, very closely. If Cuomo wins that race and becomes the next mayor of New York, would you be able to work with him despite some of that history?

    Governor Hochul: It’s up to the voters, Wolf. I’m not injecting my voice into this election. There’s a lot of people that have put their names forward. I admire anybody who wants to run for office. I’m in my 16th election — I know how challenging it is, but I want people who will put the city first, who will understand that I have done more to help this city than anybody in a long time. Investing money — I’m literally paying for overtime for our police officers, NYPD, to be on the subways, and guess what? Subway crimes are way down. I’m working on getting more homeless off the streets, building more housing. No one has ever taken this on the way I have — to reduce the cost of living here in this great city.

    My agenda is broad-based. It’s very supportive of the city. I had to work with Bill de Blasio as mayor, I worked with Eric Adams for the last number of years and, whatever the voters decide, I will respect that.

    Wolf Blitzer, CNN: Governor, I want to turn now to President Trump’s sweeping efforts right now to slash the entire federal government. You hosted a roundtable this morning with workers hit by those federal job cuts. What kind of impact is this having in my home State of New York?

    Governor Hochul: It is absolutely devastating. Some people are on the verge of tears. I gathered about ten people who, unceremoniously, were dumped, some of them on Valentine’s Day. People that were working to fight consumer fraud, making sure that the huge corporations that are trying to evade taxes have to pay it; people who take care of our veterans; people who are making us safe — all of them were just dumped.

    And I know the Trump-Musk administration doesn’t have regard for them — they think they’re disposable, that they make no contributions, but guess what? These are people who keep our skies safe. They’re the ones who are researching, making sure we can have cures so our kids don’t get sick; taking care of vaccinations. Countless ways that these are highly valuable people, but in New York, we’re saying, “You get fired by them? In New York, you’re hired.”

    And just literally today, you’ll start seeing in Washington at Union Station, you’ll see ads that show basically this message, that you want a job in public service? We respect you, we want you to stay and so here it is.

    We want you to come back and work for us. I will hire you. I need you. We have 7,000 openings in the State of New York, and we value public service. Public servants take care of our people. That’s what it’s all about. Come onboard. We’ll hire you.

    Wolf Blitzer, CNN: On another very sensitive issue, Governor, I want to get your thoughts. President Trump is now pushing ahead with plans to slap 25 percent tariffs on Canada and Mexico starting tomorrow. Canada, of course, borders New York State. You and I grew up in western New York, right on the border with Canada. How is this going to affect New York State, which has such close economic ties with Canada, especially Ontario?

    Governor Hochul: It’ll be devastating. You know the synergy there is to us in Western York. It’s not another country, it’s just our neighbors across the bridge. And the jobs, the people who go get their education back and forth, the close connections, but also the businesses that thrive in New York and in Canada because they’re our largest trading partner. $5 billion worth of trade across our borders every single year. That’s going to affect the cost of steel and aluminum as we’re trying to build up.

    We’re building Micron, the largest semiconductor manufacturing plant going on right now, the largest [private] investment in [New York State] history, going on in Syracuse, New York. I have to keep that going.

    And for our businesses to think that some of their commodities, their products, are now going to cost 25 percent more, how is that about reducing people’s costs? We were promised lower prices on day one, Inauguration Day. Not only is everything going to go up, even eggs — eggs now cost $11 in New York City, up 20 percent from what they’ve been on Inauguration Day.

    This is not the trend. This is not what people have promised. And I encourage the administration to look closely at how they can keep the promise of reducing the cost of living for every American, but particularly people who are hard hit here in New York.

    Wolf Blitzer, CNN: Yeah. Very hard hit indeed. Governor, the Trump administration has already delayed the implementation of these tariffs before. Do you foresee that happening again?

    Governor Hochul: I hope so. I hope they understand that what is a good sound bite is not going to help in reality, especially the businesses and the people who voted for you. These are people in the North Country of New York. It is a predominantly red area. They voted for you, Mr. President, and now their jobs in manufacturing are on the line. And I’d be terrified to know that the damage that could happen is people losing their jobs in New York and all across America. We can’t let that happen. So continue to delay. Let’s work this out, let’s find a solution, but let’s not drive up the cost on people all across this country. That’s the last thing we need right now.

    Wolf Blitzer, CNN: The President has repeatedly tied his proposal for a lot of tariffs to the flow of drugs crossing the border, including the Canadian border, into the United States. Are you seeing evidence of significant drug trafficking from New York’s border with Canada?

    Governor Hochul: There was a time when there was a spike, but I have deployed more people on the border, the Canadians are working closely with us, the Border Patrol — it is a fraction of what is being talked about. It is a problem, of course, we don’t want a single drug to come across the border. But it does not justify the cataclysmic impact the tariffs will have on the State of New York.

    So, we can solve the problem at the border. We don’t want drugs coming over, we don’t want gangs coming over, we don’t want human traffickers coming over, we get that. We’ll work with you. We’ll work with the federal administration on this. But this is such an extreme remedy that is going to have a ripple effect across our entire economy, and especially in a place like this state.

    Wolf Blitzer, CNN: New York Governor Kathy Hochul, as usual, thank you very much. Appreciate it. We’ll continue this conversation down the road.

    Governor Hochul: Sounds good. Thanks, Wolf.

    MIL OSI USA News –

  • MIL-OSI United Nations: Committee on the Rights of Persons with Disabilities Opens Thirty-Second Session

    Source: United Nations – Geneva

    Six New Committee Members Make Solemn Declaration

    The Committee on the Rights of Persons with Disabilities today opened its thirty-second session, during which it will review the reports of Canada, Dominican Republic, European Union, Palau, Tuvalu and Viet Nam. 

    Andrea Ori, Chief of the Groups in Focus Section, Human Rights Treaties Branch, Human Rights Council and Treaty Mechanisms Division, Office of the High Commissioner for Human Rights, and Representative of the Secretary-General, extended a warm welcome to six new members of the Committee, namely: Magino Corporán Lorenzo (Dominican Republic); Mara Cristina Gabrilli (Brazil); Natalia Guala Beathyate (Uruguay); Christopher Nwanoro (Nigeria); Inmaculada Placencia Porrero (European Union); and Hiroshi Tamon (Japan). 

    He also congratulated the re-elected members of the Committee, namely: Gerel Dondovdorj (Mongolia); Abdelmajid Makni (Morocco); and Floyd Morris (Jamaica).

    Mr. Ori said that as a result of the election, the composition of the Committee had changed this year to 10 women and eight men.  It was one of the largest female representations in a treaty body.  The 192 ratifications to the Convention on the Rights of Persons with Disabilities showed the commitment of the international community to an inclusive and accessible world.  Since the last session, Eritrea had ratified the Convention. In addition, Ireland had ratified the Optional Protocol to the Convention, bringing the States parties to that instrument to 107. 

    The six new members made their solemn declaration to the Committee.

    The Committee then adopted the programme of work for the session.

    Gertrude Oforiwa Fefoame, outgoing Committee Chairperson, said this morning, the Committee would elect a Chair, three Vice-Chairs and a Rapporteur in a private meeting.  Ms. Fefoame then provided an overview of her activities undertaken since the last session.  She was filled with profound gratitude to have chaired the Committee for the past two years.  In times of crisis, persons with disabilities were too often left behind and this was not acceptable.  Ms. Fefoame thanked everyone who had supported her during her time as Chairperson. 

    Floyd Morris, Committee Expert, expressed profound appreciation on behalf of the Committee to Ms. Fefoame for her leadership. 

    Speaking at the opening of the session were representatives from the Committee on Victim Assistance; United Nations Women; World Intellectual Property Organization; Implementation Support Unit of the Convention on Cluster Munitions; International Disability Alliance; World Federation of the Deaf; Peace Inclusion Peace; Universal Rights Group; and United for Global Mental Health

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

    The Committee will next meet in public at 10 a.m. on Tuesday, 4 March to consider the initial report of Tuvalu (CRPD/C/TUV/1).

    Opening Statement

    ANDREA ORI, Chief of the Groups in Focus Section, Human Rights Treaties Branch, Human Rights Council and Treaty Mechanisms Division, Office of the High Commissioner for Human Rights, and Representative of the Secretary-General, extended a warm welcome to the six new members of the Committee: Magino Corporán Lorenzo (Dominican Republic); Mara Cristina Gabrilli (Brazil); Natalia Guala Beathyate (Uruguay); Christopher Nwanoro (Nigeria); Inmaculada Placencia Porrero (European Union); and Hiroshi Tamon (Japan).

    He also congratulated the re-elected members of the Committee: Gerel Dondovdorj (Mongolia); Abdelmajid Makni (Morocco); and Floyd Morris (Jamaica). 

    As a result of the election, the composition of the Committee had changed this year to 10 women and eight men among their members.  It was one of the largest female representations in a treaty body.  The 192 ratifications to the Convention on the Rights of Persons with Disabilities showed the commitment of the international community to an inclusive and accessible world.  Since the last session, Eritrea had ratified the Convention. In addition, Ireland had ratified the Optional Protocol to the Convention, bringing the States parties to that instrument to 107. 

    Mr. Ori then briefed the Committee on important events and developments related to disability rights at the international level since the Committee’s previous session, including the adoption of the Pact of the Future, the Global Digital Compact, and the Declaration on Future Generations in September 2024 by the General Assembly, which contained several relevant commitments for persons with disabilities. 

    Additionally, on 17 December 2024, the General Assembly adopted resolution 79/149, on “Inclusive development for and with persons with disabilities”, while the Human Rights Council, during its fifty-seventh session, held from 9 September to 11 October 2024, adopted several resolutions relevant to the rights of persons with disabilities. 

    In January 2025, the Office of the High Commissioner for Human Rights published a report on the rights of persons with disabilities and digital technologies and devices, including assistive technologies.  In February, the Office published a report on the human rights dimension of care and support. Mr. Ori said there were several important upcoming events related to disability rights, including the Global Disability Summit, being held on 3 and 4 April in Berlin; the seventeenth session of the Conference of States parties in New York from 11 to 13 June 2025; and during the current fifty-eighth session of the Human Rights Council, where, the Special Rapporteur on the rights of persons with disabilities would introduce her report.

    The Office of the High Commissioner continued its work to support the strengthening of the treaty bodies, with last year being particularly challenging.  In addition to the chronic resource constraints, the liquidity crisis hampered the planning and implementation of work.  Mr. Ori assured the Committee that the Office was doing its utmost to ensure that the Committee and other treaty bodies could implement their mandates.  However, all indications pointed to a continuation of the difficult liquidity situation for the foreseeable future. 

    The treaty body strengthening process remained active and reached a key moment, with the adoption last December of the biennial resolution on the treaty body system by the General Assembly. On Human Rights Day last year, an informal meeting was organised of the Chairs and focal points on working methods. The meeting explored the latest developments on the treaty body system and sought to identify possible ways forward to improve the harmonisation of procedures.  The Office of the High Commissioner would continue to work alongside the Chairs and all the treaty body experts to strengthen the system.

    Mr. Ori said during this session, the Committee would hold dialogues with six parties to the Convention: Canada, Dominican Republic, European Union, Palau, Tuvalu, and Viet Nam, and would also review individual communications under the Optional Protocol.  The Committee would hold a day of general discussion on 20 March 2025 on the right of persons with disabilities to participation in political and public life, aimed to help it to elaborate a general comment on article 29 of the Convention.  Mr. Ori expressed appreciation for the Committee’s work and wished it a successful and productive session.

    Discussion

    In the discussion, some speakers, among other things, sincerely appreciated the efforts of the Committee to promote the rights of persons with disabilities.  They congratulated the new members who had been elected to the Committee. It was clear to see the improvement in gender and regional diversity, which spoke to the Committee’s commitment to diversity and inclusion.  The Committee should be congratulated for its work to advance and monitor the Convention. The general comment on article 29 was key to advancing disability inclusion.  The work done so far on the general comment on article 11 was welcomed. It was crucial to ensure that persons with disabilities were not left behind in any form of conflicts, including in the occupied Palestinian territory. 

    One speaker said 164 States were party to the Ottowa Convention on the prohibition of anti-personnel mines and were required to provide assistance to survivors, families and communities who were victims of mines.  This Convention was the first disarmament convention which acknowledged the rights of those affected by an indiscriminate weapon, setting a positive precedent in the area of humanitarian disarmament.  Most survivors of mines had a disability, meaning the Convention on anti-personnel mines intersected with the Convention on the Rights of Persons with Disabilities. 

    A new five-year action plan, the Siam-Reap action plan, had been adopted in 2024 and included 10 actions linked to assistance to victims, and to the work of the Committee.  Some of the reports to be examined by the Committee were from States parties that had obligations to assist victims under the Convention on anti-personnel mines. The Committee was invited to include questions pertaining to mine survivors to these States. 

    Another speaker said the Convention on Cluster Munitions stood as a landmark humanitarian disarmament treaty, addressing the unacceptable consequences of the use of cluster munitions, and prohibiting the use, transfer and stockpiling of these weapons.  It also established a framework for cooperation ensuring victim assistance, care and rehabilitation for survivors and clearance of contaminated areas. 

    A speaker said disability, gender and discrimination were closely interlinked, with one in five women experiencing a gender-related exclusion.  Work was being done with women and girls with disabilities, including by supporting initiatives and policy work.  Programmes had been launched on mainstreaming disability within the humanitarian response to Ukrainian refugees. 

    The Marrakech Treaty allowed for the production of accessible books across national boundaries for people who were print disabled; 125 countries had joined the treaty since 2013 and Colombia had ratified the treaty last week.  One million titles were now available for cross-border exchange under the treaty.  While many countries had ratified the treaty, its provisions needed to be implemented into national law to allow people who were print disabled to fully benefit from it. Member States that wished to ratify or implement the treaty would be provided with support.

    One speaker said the potential lack of sign language interpretation was a concern; this would break 14 years of ensuring full inclusion of all Committee members and persons with disabilities, which was unacceptable.  Without access to sign language, deaf individuals were denied human rights and were excluded.  It was regretful that the Committee was meeting under circumstances where one of the new members, who was deaf, could not fully participate.  By continuing its thirty-second session, where a member did not have full access, the Committee was complicit in preventing the member from carrying out their full mandate.  It was hoped sign language interpretation would continue this session. The United Nations must ensure the accessibility of their events and meetings for deaf individuals to enable them to participate on an equal footing to other individuals. 

    One speaker said a new organization had been developed to support an inclusive society for all and in every field, including education, labour, welfare and the economy.  In 10 years, the organization had the ambitious goal of 100 billion dollars’ worth of new business creation.  Another speaker said a project was underway to analyse the recommendations on the rights of persons with disabilities extended by the treaty bodies, the Universal Periodic Review, and the Special Procedures to see what degree of United Nations support was being extended to the implementing States. Around 12,108 recommendations had been identified as relating to the rights of persons with disabilities.  The Committee had issued the majority of the recommendations.  On initial analysis, it seemed that implementation of the Convention was falling behind, and a key part of the project would be to understand why. 

    Another speaker said many persons with disabilities were locked in institutions; approximately 8.4 million people were in-patients in mental hospitals every year.  One in 10 people in institutions had been there for over 25 years, according to a study.  In 60 out of 100 countries, people were still being shackled for psychosocial disabilities. During its thirty-second session, the Committee was asked to commit to ending all forms of institutionalisation and to strengthen primary, secondary and community-based mental health care. 

     

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

     

     

    CRPD25.001E

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Call for Proposals: Shaping Resilience: Women’s Role in the Private Sector

    Source: UNISDR Disaster Risk Reduction

    UNDRR is the United Nations’ focal point for the coordination of disaster risk reduction, working with countries and a broad range of partners and stakeholders to support the implementation, monitoring and review of the Sendai Framework for Disaster Risk Reduction 2015-2030 in coherence with the 2030 Agenda and other instruments, for the multi-hazard management of disaster risk in development and the substantial reduction of disaster risk and losses.

    UNDRR issues grants, in line with UN Financial Regulations and Rules, to apolitical and not profit-making organizations to facilitate, implement, or carry out activities related to UNDRR’s and the partner’s mandates and work programmes.

    To this end, UNDRR invites non-profit organizations with more than 10 years of operation, with demonstrable experience in disaster risk reduction or sustainable development teams and that have developed projects in gender and private sector teams in Honduras, Guatemala or El Salvador to submit grant proposals that focus on the project described below.

    A. Rationale

    This project addresses the underrepresentation of women in leadership roles within the private sector, particularly in disaster risk reduction (DRR) and climate action in Central America. Despite progress in gender equality, only 37.3% of managerial roles in Latin America and the Caribbean (LAC) are occupied by women, limiting their influence in shaping resilience strategies.

    The private sector plays a pivotal role in DRR efforts; however, gender considerations are often overlooked in policies and actions. By focusing on Honduras, El Salvador, and Guatemala, this initiative aims to empower women leaders by providing them with essential knowledge, tools, and networks necessary for integrating gender-responsive DRR strategies into private sector operations. Women bring significant value to enhancing resilience within the private sector through their leadership skills, strategic decision-making capabilities, and adaptability. Their contributions are vital for fostering a resilient and equitable business environment. Therefore, supporting and empowering women in leadership roles is crucial.

    To maximize impact and scalability, this project leverages existing leadership within the ARISE network-where nearly 70% of regional networks are led by women-positioning it as a catalyst for change that can effectively promote gender equity while enhancing business resilience across Central America.

    B. Purpose

    This project aims to empower women to take on leadership roles in disaster risk reduction (DRR) and climate actions within the private sector. It focuses on documenting best practices, strengthening women’s leadership capacities, and fostering regional collaboration to address gender disparities. Through participatory workshops, research, and knowledge-sharing activities across Honduras, El Salvador, and Guatemala, the initiative promotes inclusive resilience strategies that prioritize women’s roles within businesses. By aligning with global frameworks like the Sendai Framework for Disaster Risk Reduction 2015-2030 and the Sustainable Development Goals (SDGs), particularly SDG 5 on gender equality and SDG 8 on decent work and economic growth for all and building upon the Paris Agreement’s commitment to integrate gender equality into climate action; this project seeks to have a significant social impact by supporting women in protecting productive assets from disasters while promoting employment generation and enhancing the social function of businesses.

    C. Outcome

    • Enhanced the leadership skills of women in strategic decision-making for business continuity planning and disaster risk reduction.
    • Increased visibility and documentation of gender-responsive DRR practices.
    • Enhanced regional collaboration on DRR through shared learning and cross-sector dialogue.
    • Development of actionable recommendations for integrating gender considerations into private sector DRR strategies.
    • Integrating gender considerations into business operations to contribute to sustainable development goals at the enterprise level.

    D. Output

    • Three documented case studies highlighting women’s contributions to disaster resilience and business continuity.
    • Survey analysis report capturing key insights from at least 80 respondents on challenges and opportunities for women in DRR leadership.
    • Capacity-building workshop training at least 15 women leaders in DRR strategies and business continuity planning.
    • High-level knowledge exchange event with at least 40 participants fostering collaboration on gender and DRR.
    • Comprehensive learning resource guide for private sector stakeholders, distributed to at least 50 key actors.
    • Widespread dissemination of materials reaching at least 200 stakeholders through digital platforms and ARISE networks.

    E. Suggested activities

    The following activities must involve the participation and collection of information, from at least the three primary countries in the project: Guatemala, El Salvador, and Honduras.

    1. Good Practices Documentation: Conduct field research and stakeholder consultations to identify and document gender responsive DRR practices, ensuring that at least two documented practices are collected for each primary country involved in the project. It is necessary to gather information on the organizations involved, including investment in the practice, location, timeline, scope, key stakeholders, multimedia materials, challenges and setbacks, barriers, implemented activities, impact and results, and lessons learned.
    2. Survey Analysis: Conduct a regional survey with at least 80 respondents to assess perceptions, challenges, and opportunities in gender and DRR leadership.
    3. Capacity-Building Workshop: Organize a tailored leadership workshop to enhance women’s skills in DRR, climate resilience, and business continuity.
    4. Knowledge Exchange Event: Support the organization of a high-level roundtable at the ARISE Americas and Caribbean Forum in May 2025 featuring of a representative from the National Government of Honduras to discuss project findings and best practices.
    5. Development of Learning Resources: Produce a comprehensive guide outlining gender-responsive DRR strategies and disseminate among regional stakeholders.
    6. Creation of Dissemination Materials: Develop communication materials, policy briefs, and outreach materials for broad stakeholder engagement.

    F. Resources

    The project requires USD 70,000 from UNDRR to successfully implement its activities, which include the activities described in section E.

    The Selected NGO is expected to contribute key resources essential for the project’s success, including the allocation of workspaces for the project team, back-office support, and access to meeting facilities for coordination and stakeholder engagement. Additionally, the provision of relevant reports, studies, and data from previous projects-particularly those related to gender and capacity-building efforts-will be crucial for informed decision-making. The Selected NGO’s institutional influence will also play a vital role in strengthening the project’s impact by facilitating connections with key stakeholders. These contributions will serve as in-kind co-financing, enhancing the project’s implementation capacity and alignment with existing initiatives.

    G. Elements specific to the project that the grantee should know

    All International and national non-governmental organizations that wish to be considered for partnership opportunities with UNDRR will need to register and create a profile on the United Nations Partner Portal (UNPP). Following verification of the profile information, partners will be eligible to apply to partnership opportunities with UNDRR as well as the UN Secretariat and all other participating UN Organizations.

    We encourage you to start the registration as soon as possible to avoid delays. Only registered organizations whose profile has been successfully verified will be considered eligible partners to apply for grant opportunities with UNDRR. For more details on registration procedures please visit the UN Section of UNPP.

    Furthermore, the United Nations system requires all partners to be assessed regarding their capacity to prevent and respond to sexual exploitation and abuse. UNDRR encourages implementing partners to use the Protection from Sexual Exploitation and Abuse (PSEA) module in the UNPP. For more information please see the PSEA Module User Guide.

    H. Budget and administrative-related aspects

    The duration of the proposed project cannot exceed 10 months. The maximum amount requested from UNDRR for the implementation of this project cannot exceed USD 70,000. The project proposal must not exceed 10 pages (attachments such as scanned copies of entity’s registration, CVs of staff etc. do not count). For this purpose, please fill in duly all the sections of the application form, include the required documents (scanned copy of NGO/IGO’s registration certificate, CVs of staff etc.) and budget excel sheets, and send the complete application package (application form, budget excel sheets, entity registration certificate, CVs of staff, etc.) to the following email address: [email protected] cc: [email protected], [email protected].

    Deadline for applications: 10 March 2025, midnight New York, USA EST (Eastern Standard Time). Incomplete and/or late applications will not be considered. 

    Projects’ activities can include, amongst others, the following: seminars, workshops, trainings; capacity building activities; institutional strengthening activities; and advocacy. 

    The following types of activity will not be covered: capital expenditure, e.g. land, buildings, equipment and vehicles; individual scholarships for studies or training courses; supporting political parties; and sub-contracting. 

    Due to the number of applications, only short-listed applicants will be notified. 

    Please note that the grant payment schedule will be determined with the selected grantee when finalizing the agreement. UNDRR standard practice is not to exceed 40% of the requested amount upon signature of the grant agreement; remaining payments made based on a schedule of payments linked to production of project milestones and the final payment, 20%, will be paid after the end of the project, once final documents have been received, verified and approved by UNDRR. 

    Refund of grants: UNDRR may request organizations to refund, either in part or in whole any amounts paid in respect of a grant when: the project was not implemented in full or in part; the grant was spent for ineligible expenditures other than those mentioned in the budget proposal submitted to, and approved by UNDRR; no narrative, financial or audit report was submitted within the deadline established by the grant agreement; a narrative report and/or a financial report submitted was determined to be unsatisfactory; a negative evaluation of the project by UNDRR; any other valid reason provided by the UNDRR.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Human Right Committee Opens One Hundred and Forty-Third Session

    Source: United Nations – Geneva

    Committee Elects New Chairperson and Bureau, Five New Members Make Solemn Declaration

    The Human Right Committee this morning opened its one hundred and forty-third session, during which it will examine the reports of Albania, Burkina Faso, Haiti, Mongolia, Montenegro and Zimbabwe on their implementation of the provisions of the International Covenant on Civil and Political Rights.  The Committee elected a new Chairperson and Bureau, and five new members made their solemn declaration. 

    In her opening remarks, Wan-Hea Lee, Chief of the Civil, Political, Economic, Social and Cultural Rights Section, Human Rights Council and Treaty Mechanisms Division, Office of the United Nations High Commissioner for Human Rights, and Representative of the Secretary-General, said despite the liquidity situation currently facing the United Nations, the first sessions of all the treaty bodies this year had or were going to take place, thereby allowing the important work undertaken by Committees, including this one, to proceed. 

    The Office of the High Commissioner and the United Nations had and would continue to do their utmost to ensure that the Committee’s work could proceed to the maximum extent possible.

    Ms. Lee said they were living in exceptional times, marked by profound global challenges that tested the resilience of the international legal order.  The international system was going through a tectonic shift, and the human rights edifice that had been built up so painstakingly over decades had never been under so much strain.  The United Nations system, including the Committee, bore a shared responsibility to safeguard and reinforce these hard-fought achievements. Now, more than ever, collective action was necessary to defend the universality of human rights, preserve the integrity of international law, and ensure that it remained a robust shield against further regression.

    In its current session, Ms. Lee said, the Human Rights Council would hold interactive dialogues with the Special Rapporteurs on freedom of religion or belief, on the promotion and protection of human rights and fundamental freedoms while countering terrorism, and on the situation of human rights defenders. Last Tuesday, the Council held its biannual high-level panel discussion on the question of the death penalty, which focused on the contribution of the judiciary towards the abolition of the death penalty.  As of today, 113 countries had abolished the death penalty completely, and the global South was now leading the abolition movement. 

    Next Wednesday morning, 5 March, the Council would hold a panel discussion on early warning and genocide prevention.  The Council encouraged States to intensify conflict risk analysis to assess the risks of the perpetration of genocide and to identify situations where preventive measures might be necessary.  Ms. Lee said the work of the Committee needed to be considered a vital component of such risk assessment.

    Last year was particularly challenging, Ms. Lee stated.  In addition to chronic resource constraints, the liquidity crisis continued to hamper the planning and implementation of the Committee’s work – a point that the Chairs communicated forcefully during their meetings with Member States and other interlocutors in New York.  The Office of the High Commissioner was doing its utmost to ensure that the treaty bodies could implement their mandates, including by highlighting the direct impact that resource limitations had on human rights protection on the ground.  Nevertheless, all indications pointed to a continuation of the difficult liquidity situation for the foreseeable future.

    Ms. Lee said the treaty body strengthening process remained active.  It reached a key moment with the adoption last December of the biennial resolution on the treaty body system by the General Assembly. The resolution invited the treaty bodies and the Office of the High Commissioner to continue to work on coordination and predictability in the reporting process with the aim of achieving a regularised schedule for reporting, and to increase efforts to further use digital technologies.  However, the biennial resolution did not endorse certain detailed proposals, such as the one for an eight-year predictable schedule of reviews.

    On Human Rights Day last year, Ms. Lee said, the Geneva Human Rights Platform organised an informal meeting of the Chairs and focal points on working methods, which explored the latest developments in the treaty body system and sought to improve the harmonisation of procedures.  The Chairs and focal points also had the opportunity to interact with the Coordination Committee of Special Procedures Mandate Holders, discussing independence and actual or potential conflict of interest of experts, and an “all mechanisms” approach to the many challenges the human rights mechanisms were facing.  The High Commissioner’s Office would continue to work alongside the Chairs and all treaty body experts to strengthen the system.

    Ms. Lee said that the Committee had a busy agenda ahead of it, including six States party reviews, the consideration and adoption of eight lists of issues and lists of issues prior to reporting, as well as several individual communications under the Optional Protocol.  It would also hold briefings with various stakeholders.  She closed by wishing the Committee a successful and productive session.

    During the meeting, Changrok Soh (Republic of Korea) was elected as Chair of the Committee, and Wafaa Ashraf Moharram Bassim (Egypt), Hernán Quezada Cabrera (Chile), and Hélène Tigroudja (France) were elected as Vice-Chairs.  The election of a Committee Rapporteur was deferred.  Committee members expressed their support for the newly elected Chair and Bureau members and to the outgoing members.

    Mr. Soh expressed thanks for the Committee’s support and commended the work of former Chair Tania María Abdo Rocholl (Paraguay).  He said human rights were at the heart of his work, and he took on his duties with a strong sense of dedication.  The evolving global landscape and increasing financial pressures on the treaty body system called for increased collaboration.  The treaty bodies needed to leverage new methodologies and technologies to address their challenges.  Mr. Soh said he would do his utmost to deliver on the Committee’s mandate. Through collaboration with various stakeholders, he would work to ensure that the Committee could uphold the civil and political rights of persons worldwide.

    Ms. Abdo Rocholl took the floor to congratulate Mr. Soh and all elected bureau measures, who she expected would take the Committee far in difficult times.  During her tenure, she said, the Committee had held 41 dialogues with States parties, issued 12 lists of issues and 19 lists of issues prior to reporting, analysed five reports on implementation of concluding observations, adopted 610 decisions on individual communications, and delivered three follow-up reports on communications.  It had also implemented changes to finalise lists of issues at an earlier stage and improve the communications review procedure, time management in State party reviews, and document production.  The Committee had worked in a collaborative, harmonious environment, which allowed for the improvement of its work.  Ms. Abdo Rocholl expressed thanks to all who supported her throughout her two-year tenure as Chair.

    The Committee then adopted its agenda and programme of work for the session.

    Laurence R. Helfer, Committee Expert and Chair of the Working Group on individual communications, presented the report on the Working Group’s activities for the one hundred and forty-third session.  He said the Working Group had a very busy session and had extremely rich and interesting discussions.  The cases examined were submitted between 2016 and 2023 and covered 13 States parties from different regions, as well as different themes ranging from arbitrary deprivation of the right to life to forced pregnancy and forced maternity, non-refoulement, voting rights, forced displacement of indigenous communities, arbitrary detention, right to freedom of religion and belief, and right to freedom of expression and peaceful assembly.  Regarding the 20 drafts examined and 44 communications covered, the Working Group submitted to the plenary for its consideration four inadmissibility proposals, one proposal of no violation; 36 proposals of violations; and two proposals with two options.  The report was adopted.

    New members elected to the Committee made their solemn declaration.  They are Carlos Ramón Fernández Liesa (Spain), Konstantin Korkelia (Georgia), Dalia Leinarte (Lithuania), Akmal Kholmatovich Saidov (Uzbekistan), and Ivan Šimonovic (Croatia).  Ms. Abdo Rocholl, Mr. Soh and Ms. Bassim, as well as Mahjoub El Haiba (Morocco) and Imeru Tamerat Yigezu (Ethiopia), were re-elected to the Committee.

    The Human Rights Committee’s one hundred and forty-third session is being held from 3 to 28 March 2025.  All the documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. on Tuesday, 4 March, to begin its consideration of the second periodic report of Montenegro (CCPR/C/MNE/2).

     

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

     

    CCPR25.001E

    MIL OSI United Nations News –

  • MIL-OSI USA: 110 Years Ago: The National Advisory Committee for Aeronautics Founded 

    Source: NASA

    On March 3, 1915, the United States Congress created the National Advisory Committee for Aeronautics (NACA). Although the NACA’s founding took place just over 11 years after the Wright Brothers’ first powered flightfirst powered flight at Kitty Hawk, North Carolina, Congress took the action in response to America lagging behind other world powers’ advances in aviation and aeronautics. From its modest beginnings as an advisory committee, over the years, the NACA established research centers and test facilities that enabled groundbreaking advances in civilian and military aviation, as well as the fledgling discipline of spaceflight. With the creation of the National Aeronautics and Space Administration in 1958, the new agency incorporated the NACA’s facilities, its employees, and its annual budget. The NACA provided NASA with a strong foundation as it set out to explore space. 

    The Congressional action that created the NACA, implemented as a rider to the 1915 Naval Appropriations Bill, reads in part, “…It shall be the duty of the advisory committee for aeronautics to supervise and direct the scientific study of the problems of flight with a view to their practical solution. …”. In its initial years, the NACA fulfilled its intended role, coordinating activities already in place in the area of aeronautics research, reporting directly to the president. The committee, made up of 12 representatives from government agencies, academia, and the military, first met on April 23 in the Office of the Secretary of War in Washington, D.C. It established a nine-member executive committee to oversee day-to-day operations and spent the first few years establishing its headquarters in Washington.  

    Within a few years, the NACA’s role began to expand with the establishment of research facilities. The Langley Memorial Aeronautical Laboratory, today NASA’s Langley Research Center, in Hampton, Virginia, opened on June 11, 1920. Over the next few decades, Langley served as a testing facility for new types of aircraft, using wind tunnels and other technological advances. The Ames Aeronautical Laboratory in Sunnyvale, California, today NASA’s Ames Research Center, opened in 1940 and the Aircraft Engine Research Laboratory in Cleveland, today NASA’s Glenn Research Center, in 1941. The three labs achieved many breakthroughs in civilian and military aviation before, during, and after World War II. The Cleveland lab, renamed the Lewis Flight Propulsion Laboratory in 1948, concentrated most of its efforts on advances in jet propulsion. 

    After World War II, the NACA began work on achieving supersonic flight. In 1946, the agency established the Muroc Flight Test Unit at the Air Force’s Muroc Field, later renamed Edwards Air Force Base, in California’s Mojave Desert. In a close collaboration, the NACA, the Air Force, and Bell Aircraft developed the X-1 airplane that first broke the sound barrier in 1947. Muroc Field underwent several name changes, first to the High-Speed Flight Station in 1949, then in 1976 to NASA’s Dryden, and in 2014 to Armstrong Flight Research Center. In 1945, the NACA established the Pilotless Aircraft Research Station on Wallops Island, Virginia, now NASA’s Wallops Flight Facility, as a test site for rocketry research, under Langley’s direction. From the first launch in 1945 through 1958, the NACA launched nearly 400 different types of rockets from Wallops. 

    In the 1950s, the NACA began to study the feasibility of spaceflight, including sending humans into space. In 1952, NACA engineers developed the concept of a blunt body capsule as the most efficient way to return humans from space. The design concept found its way into the Mercury capsule and all future American spacecraft. Following the dawn of the space age in 1957, the NACA advocated that it take the lead in America’s spaceflight effort. The Congress passed, and President Dwight D. Eisenhower signed legislation to create a new civilian space agency, and on Oct. 1, 1958, NASA officially began operations. The new organization incorporated the NACA’s research laboratories and test facilities, its 8,000 employees, and its $100 million annual budget.  Many of NASA’s key early leaders and engineers began their careers in the NACA. The NACA’s last director, Hugh Dryden, served as NASA’s first deputy administrator. 
    For more information about the NACA and its transition to NASA, read former NASA Chief Historian Roger Launius’ book NASA to NASA to Now: The Frontiers of Air and Space in the American Century. Watch this video narrated by former NASA Chief Historian Bill Barry about the NACA. 

    MIL OSI USA News –

  • MIL-OSI USA: NASA Marks 110 Years Since Founding of Predecessor Organization

    Source: NASA

    To celebrate the 110th anniversary of the organization that ultimately became NASA, the agency released a new collection of videos to highlight the history of the National Advisory Committee for Aeronautics (NACA) and the ways it transformed flight over four decades.

    [embedded content]
    A new video collection highlights the history and significance of NASA’s predecessor organization.

    Not long after the beginning of World War I, the United States Congress, concerned that America was lagging behind other countries, created a new committee to advance the nation’s flight technology development. On March 3, 1915, the NACA was founded “to supervise and direct the scientific study of the problems of flight, with a view to their practical solution.”
    While the NACA began as a committee of only 12 leaders representing government, military, and industry, it rapidly expanded through World War II to develop America’s flight capabilities for defense and commercial uses. The organization became home to some of the nation’s best and brightest aeronautical engineers and world-class facilities, transforming into NASA at the dawn of the Space Age in 1958.
    The new video collection highlights some of NACA’s striking historic photography and celebrates this pioneering organization with a brief history of its formation, expansion, and groundbreaking aeronautics research at four centers across the United States — the current homes of NASA’s Langley Research Center in Hampton Virginia, Ames Research Center in California’s Silicon Valley, Glenn Research Center in Cleveland, and Armstrong Flight Research Center in Edwards, California.

    Related Links

    MIL OSI USA News –

  • MIL-OSI Security: Orlando Woman Ordered To Pay Over $3 Million For Her Involvement In Wire And Tax Fraud Scheme

    Source: Office of United States Attorneys

    Jacksonville, Florida – U.S. District Judge Wendy W. Berger has sentenced Marielys Feliciano Rodriguez (47, Orlando) to one year of house arrest and ordered her to pay $3,338,558 in restitution to the Internal Revenue Service for wire fraud and tax fraud. She was also ordered to serve a five-year term of supervised release. The court also entered a money judgment against Rodriguez in the amount of $347,760, representing the proceeds of the wire fraud. 

    According to court documents, Rodriguez established a shell company that purported to be involved in the construction industry. She obtained a workers’ compensation insurance policy in the name of the shell company to cover a minimal payroll for a few purported employees, then “rented” the workers’ compensation insurance to work crews who had obtained subcontracts with construction contractors on projects in various Florida counties as well as contractors in other states. Rodriguez sent the contractors a certificate as “proof” that the work crews had workers’ compensation insurance, as required by Florida law. By sending the certificate Rodriguez falsely represented that the work crews worked for the shell company. Over the course of the scheme, Rodriguez “rented” the certificates to dozens of work crews, defrauding the worker’s compensation carrier, typically allowing numerous undocumented illegal workers to be employed unlawfully.

    As part of the scheme, the contractors issued payroll checks for the workers’ wages to the shell companies and Rodriguez cashed these checks, then distributed the cash to the work crews, after deducting their fee, which was typically about 6% of the payroll. During the scheme, Rodriguez cashed payroll checks totaling approximately $13 million. Neither the shell company nor the contractors reported to government authorities the wages that were paid to the workers, nor did they pay either the employees’ or the employer’s portion of payroll taxes – including Social Security, Medicare, and federal income tax. The amount of payroll taxes due on wages collected by Rodriguez totaled over $3 million.

    The scheme also facilitated the avoidance of the higher cost of obtaining adequate workers’ compensation insurance for the numerous workers on the work crews to whom Rodriguez “rented” the workers’ compensation insurance. The policy that Rodriguez purchased and then “rented” out was for an estimated payroll of $121,800 and the insurance company issued a policy for a premium of approximately $8,006. Had a workers’ compensation insurance policy been purchased for the actual payroll totaling approximately $5 million dollars, the policy premium would have totaled about $461,679.

    “Fraudulent schemes that provide under-the-table cash payments ultimately exploit undocumented aliens for large profits and undermines the integrity of the industry, endangering both the workers and the system that’s meant to protect them,” said Homeland Security Investigations Jacksonville Assistant Special Agent in Charge Tim Hemker. “HSI, alongside our law enforcement partners, will investigate those who engage in illegal practices and hold them accountable for their actions.”

    “Today’s sentence sends a clear message that off the books payroll schemes which enable illegal immigrants the ability to work without paying taxes will not be tolerated.  These schemes are violations of a number of serious federal criminal statutes including wire fraud and tax evasion. The impact of this scheme, and others like it, harm law-abiding businesses and legal workers who are unable to compete against the tax-free labor of illegal immigrants,” said Special Agent in Charge Ron Loecker, of the IRS Criminal Investigation (IRS-CI), Tampa Field Office.  “We are proud to work alongside our partners at Homeland Security Investigations (HSI) on this case, and we will continue this partnership to ensure all employers are on an even playing field.”

    This case was investigated by Homeland Security Investigations, the Internal Revenue Service – Criminal Investigation, and the Florida Department of Financial Services. It was prosecuted by Assistant United States Attorney John Cannizzaro.  

    MIL Security OSI –

  • MIL-OSI Security: Scranton Man Sentenced To 41 Months’ Imprisonment For Wire Fraud

    Source: Office of United States Attorneys

    SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that James G. Miller, Jr., age 53, of Scranton, Pennsylvania, was sentenced on February 28, 2025, to 41 months’ imprisonment by United States District Court Judge Robert D. Mariani for wire fraud.   

    According to Acting United States Attorney John C. Gurganus, between February of 2020 and January of 2022, Miller assisted coconspirators in transferring $1,582,179 in fraudulently obtained Pandemic Unemployment Assistance (PUA), Lost Wage Assistance Payments (LWAPs), and Paycheck Protection Program (PPP) benefits through various bank accounts, Bitcoin transactions, and mailings.  Miller acted as a money mule, receiving small sums of money in exchange for the use of his mailing address and bank accounts to transfer the fraudulently obtained funds to counterparts overseas.

    The case was investigated by Homeland Security Investigations (HSI), the United States Postal Inspection Service (USPIS), the Office of Inspector General Departments of Labor (OIG-DOL) and Homeland Security (OIG-DHS), and the Office of Inspector General Social Security Administration (OIG-SSA).  The case was prosecuted by former Assistant U.S. Attorney Phillip J. Caraballo and Assistant U.S. Attorney Sarah R. Lloyd.

    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 Security: Mercer County Accounting Professor Convicted Of Tax Evasion And Filing False Tax Returns Sentenced To 24 Months In Prison

    Source: Office of United States Attorneys

    TRENTON, N.J. – A Mercer County, New Jersey man was sentenced today to 24 months in prison for evading federal income taxes and filing false tax returns, Acting U.S. Attorney Vikas Khanna announced.

    Gordian A. Ndubizu, of Princeton Junction, New Jersey, was convicted on Aug. 15, 2024, of all eight counts of an indictment charging him with four counts of tax evasion and four counts of filing false tax returns in tax years 2014 through 2017, following a four-day trial before U.S. District Judge Zahid N. Quraishi, who imposed the sentence today in Trenton federal court.

    According to documents filed in this case and evidence introduced at trial:

    During tax years 2014 through 2017, Ndubizu was a professor of accounting at a university in Pennsylvania as well as the co-owner of Healthcare Pharmacy in Trenton, New Jersey. Healthcare Pharmacy was organized as an S corporation, the income of which flowed through to Ndubizu and his wife and was to be reported on their personal income tax returns. Ndubizu prepared fraudulent books and records for Healthcare Pharmacy inflating the pharmacy’s costs of goods sold to reduce and underreport the pharmacy’s actual profits flowing through to Ndubizu and his wife. In the fraudulent books and records, among other things, Ndubizu identified certain wire transfers as payments to purchase goods sold by the pharmacy when those wire transfers were in fact made to personal bank accounts under Ndubizu’s control and to bank accounts in Nigeria associated with an automotive company under Ndubizu’s control. Each of Ndubizu’s tax returns for tax years 2014 through 2017 falsely underreported his income and falsely reported that he had no financial interest in or signature authority over any foreign bank accounts. Ndubizu failed to report approximately $3.28 million in income from the pharmacy, resulting in the evasion of approximately $1.25 million in tax due and owing.

    Acting U.S. Attorney Khanna credited special agents of IRS-Criminal Investigation Division, under the direction of Special Agent in Charge Tammy Tomlins in Newark, with the investigation leading to the sentencing. He also thanked special agents of the Drug Enforcement Administration, and officers of the Trenton Police Department and Mercer County Prosecutor’s Office for their work on this case.  

    The government is represented by Assistant U.S. Attorneys Alexander E. Ramey and Ashley Super Pitts of the U.S. Attorney’s Office Criminal Division in Trenton.
     

    MIL Security OSI –

  • MIL-OSI Europe: Opening remarks by Commissioner Kadis at the European Ocean Days Event

    Source: EuroStat – European Statistics

    Good morning, friends of the ocean,

    It is truly an honour to be here today as we kick off the second edition of the European Ocean Days.

    I am pleased to see all of you here in Brussels, and I also want to extend a warm welcome to everyone joining us online. We have ocean experts, marine scientists, fishers, policymakers, community leaders, youth, entrepreneurs, and stakeholders from across Europe gathered here to discuss the importance of our ocean, seas and waters. I would like to take a moment to thank all my colleagues across the European Commission services and our partners for organising this week of inspiring events.

    The European Ocean Days are more than just a week of events. They represent the European Union’s strong commitment to a sustainable blue economy and to the protection of our ocean. They also celebrate the hard work many of you have done to help shape the policies we are building on today.

    As you well know, the ocean covers more than 70% of the Earth’s surface. It regulates our climate and provides essential resources that sustain life, both at sea and on land. Yet the ocean still faces many challenges, such as overfishing, plastic pollution and the effects of climate change. This year’s European Ocean Days are filled with exciting events to explore the future of our ocean, share success stories, and discuss innovative solutions to the challenges at hand. This is a unique opportunity to share ideas, learn from each other, and take steps towards our shared ocean goals.

    But before I get into the details of what we have planned for you, I would like to tell you more about an initiative that we are working on – the European Ocean Pact.

    With this pact, we want to ensure coherence across all EU policy areas linked to the ocean, with clear objectives:

    • Developing a competitive and sustainable European blue economy;
    • Protecting and restoring ocean health, productivity and resilience;
    • Building a robust marine knowledge framework;
    • Establishing a global ocean governance and diplomacy;
    • Enhancing the resilience of coastal communities and cities;
    • And putting in place a governance model that will ensure implementation.

    In the coming days, you will hear a lot about the Ocean Pact and I hope that our discussions will feed into it.

    Now let me tell you what we have planned for you:

    We begin today with Young Voices for the Ocean and the first Youth Policy Dialogue, where I will have the opportunity to discuss ocean policies with 16 young people from across the European Union. Young people’s voices matter and it is important that we hear your views, because the future of our ocean largely rests in your hands. Your opinions and needs must contribute to the upcoming European Ocean Pact and help shape the future of the blue economy. Let me emphasise that listening to the views of the youth is among the priorities of this European Commission as it is clearly stated in the political guidelines of President Von Der Leyen.

    In the afternoon, we have three panels lined up, focusing on key topics for young people: career opportunities in the blue economy, youth engagement in ocean conservation and restoration projects, and what it means to be a blue citizen. During breaks, I invite you to visit the art exhibition by the JRC SciArt project, relax with ocean sounds, or network and discover new initiatives and partners at the Ocean Literacy Island. Before we close today, our Ocean Literacy Coalition will launch the campaign #MakeEUBlue: Cities on board!. This initiative calls on cities across Europe to take action for the ocean, from supporting blue education to organizing beach clean-ups and restoration projects. We encourage you all to get involved and ensure no city is left behind on our shared journey toward ocean sustainability.

    The rest of the week is just as full of important events. We will host the 3rd Mission Restore Our Ocean and Waters Forum to highlight what we are doing to restore our ocean and waters, as well as what else needs to be done to meet our 2030 goals. Then, the Fisheries and Ocean Dialogues will bring together stakeholders from the fisheries, aquaculture, and blue economy sectors. These dialogues will play a crucial role in shaping the European Ocean Pact, addressing issues such as the future of fisheries, biodiversity protection, and the health and resilience of our ocean.

    We will also hold a session on the European Institute of Technology’s call for a new Knowledge and Innovation Community on Water, Marine, and Maritime Sectors and Ecosystems. This session will provide essential information on funding opportunities for innovative projects. And, once again, investors and innovators will gather at the Blue Invest event to explore investment opportunities and sustainable solutions for the blue economy, with workshops and networking sessions on innovation and sustainability. To close the week, we will discuss Marine Knowledge for the European Ocean Pact, focussing on how observation, data, research, marine knowledge and citizen science can drive informed decision-making and help shape ocean-related policies, including the Oceans Pact. Finally, the Fisheries and Ocean Science Seminar will offer insights into the current state of scientific research and advice related to fisheries and ocean health. As you can see, we have a week full of activities that promise to be both informative and engaging.

    So let’s make this week all about learning, sharing, and working together to build a better future for our ocean.

    I wish you all an enjoyable and productive week and I look forward to the discussions, ideas, and actions that will emerge.

    Thank you

    MIL OSI Europe News –

  • MIL-OSI USA: SCHUMER WILL BRING FIRED WESTERN NY VETERAN & BUFFALO VA WORKER AS HIS PERSONAL GUEST TO PRESIDENT TRUMP’S JOINT ADDRESS TO CONGRESS THIS WEEK

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    DOGE & New Admin Have Fired Thousands Of Federal Workers In Past Month, Disproportionally Impacting Vets, Who Make Up 30% Fed Workforce, Uprooting Lives And Directly Impacting Care For Veterans Across Upstate NY
    Alissa Ellman, An Army Veteran Who Is Disabled From Burn Pit Exposure In Afghanistan, Dedicated Her Life To Service And Worked For The Buffalo VA To Help Her Fellow Veterans, But Like Thousands Of Others Found Out She Was Callously Fired Without Warning This Past Week – Now She Is Joining Schumer In Calling For Better Treatment For Our Vets
    Schumer: We Need To Be Increasing Care For Our Veterans In Western NY, Not Firing Them
    U.S. Senate Democratic Leader Chuck Schumer today announced he will bring Western NY’s Alissa Ellman, a disabled Army veteran who served in Afghanistan who was suddenly fired this past week from her job working for the Buffalo VA, as his personal guest to attend President Trump’s Joint Session of Congress. Under new DOGE directive and President Trump, hundreds of thousands of federal workers, of which 30% are veterans, have been fired in the past month, including 2,400 VA employees, like Alissa.
    “Alissa Ellman dedicated her life to service for our country, both in the Army, where she suffered injuries, and here in Western NY helping her fellow veterans while working at the Buffalo VA. Firing her, firing veterans and slashing thousands from the VA workforce is outrageous and should be reversed. This is not how you treat our veterans – it’s not just unacceptable, it’s un-American,” said Senator Schumer. “DOGE cuts and Trump’s funding freeze have created chaos in Western NY and kneecapped far too many vets. I am all for cutting out inefficiency, but you use a scalpel, not a chainsaw. Jobs and care for our veterans in Upstate NY is not government waste. Even funding to help vets suffering from toxic burn pit exposure, like Alissa, was put on the chopping block. Our nation told our veterans that if they put their lives and health on the line to protect our freedoms, we would take care of them, and now we need the Trump administration to uphold that promise. I look forward to welcoming Alissa Ellman as my personal guest to President Trump’s address to a Joint Session of Congress as we fight for better treatment of our veterans here in Western NY and across the country.”
    Alissa Ellman said, “I am speaking out because I cannot see how employing veterans in the federal government is fraud, waste, or abuse. Veterans are some of the best people I know. Veterans have sacrificed for this country; they are the ones who have been defrauded – their talents wasted and service abused. For many of us these jobs are more than a job, they are how we continue our service, continue our devotion to make America a better place. I’m not telling you my story for pity; my life will be fine. But we need to be making more thoughtful cuts to the federal workforce, not our vets.”
    Schumer said this fire first, ask questions later approach towards cutting jobs and funding is unacceptable, especially when caring for our veterans. Federal jobs give preference to veterans, allowing them to continue serving our country in what was previously a stable government career, which is why approximately 30 percent of the federal workforce are veterans.
    Schumer in 2022 led the PACT Act to passage in the Senate. The PACT Act extends health coverage for veterans like Alissa who were exposed to burn pit smoke and other environmental hazards that caused cancers and other illnesses during their service. However, in the past month President Trump’s funding & hiring freeze has also led to hundreds of cuts for VA health research, including projects to study burn pit exposure and most recently contracts with VA to help vets with toxic exposure were temporarily suspended. Schumer said this horrific pattern of cuts and firings that is directly impacting our veterans cannot continue, and he is looking forward to welcoming Alissa to demand better treatment for veterans across America.
    These funding cuts have also directly hit care for veterans in Upstate NY, with VA workers being laid off in Rochester, Canandaigua, Buffalo, and just last week in Steuben County at the Bath VA facility impacting treatment for veterans suffering from addiction and substance use disorder. Schumer said now more than ever veterans are concerned about their benefits, and VA staffers are concerned about their jobs especially with the Trump administration saying more mass firings are coming soon. Schumer has been leading the charge to stop this in the Senate, most recently demanding VA Secretary Collins demanding they reverse the mass terminations of VA employees and reinstate the workers ensuring our nation’s veterans receive quality healthcare.
    Biography for Alissa Ellman:
    Alissa Ellman joined the Army National Guard at the age of 17, and she returned from basic training to high school ten days before the September 11th attack which further spurred her desire to serve her country. She deployed to Afghanistan voluntarily from January 2003 to June 2004 as a flight operation specialist. She returned to the Afghanistan with Halliburton from 2005-2008 managing flight line operations in Kandahar. In 2008, Alissa returned to Western New York, started a family and later graduate Magnum Cum Laude from Niagara University with a degree in Special Education.
    In 2018, Alissa was diagnosed with a rare adrenal cancer, pheochromocytoma, associated with toxic burn pit exposure during her service in Afghanistan. After 5 years of treatment at the VA, she was deemed 100% disabled, a diagnosis she never envisioned, but knew that she continued to want to serve her community.
    In December 2023, she began to apply to work at the Buffalo VA working for the education department to help fellow veterans as that means to give back. Not taking the job for the money, receiving only a few dollars more per month on top of her VA disability payments, but to continue to help the community she cared so deeply about, eventually being hired in April 2024.
    She met all the training and meeting production numbers, and in January had a 200% daily production average. When the VA began announcing the cuts under the new administration, she told her friends she was safe because she always exceeded work goals, but she was wrong.
    Last week, Alissa found herself locked out of her computer, with both her and her boss thinking at first it was an error, only to later find out she had been fired. Alissa said she never felt so disrespected after giving so much.
    She will attend President Trump’s Joint Address to Congress Tuesday evening, March 4th as Senator Schumer’s honored guest.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: PM to participate in three Post- Budget webinars on 4th March

    Source: Government of India

    PM to participate in three Post- Budget webinars on 4th March

    Webinars on: MSME as an Engine of Growth; Manufacturing, Exports and Nuclear Energy Missions; Regulatory, Investment and Ease of doing business Reforms

    Webinars to act as a collaborative platform to develop action plans for operationalising transformative Budget announcements

    Posted On: 03 MAR 2025 9:43PM by PIB Delhi

    Prime Minister Shri Narendra Modi will participate in three Post- Budget webinars at around 12:30 PM via video conferencing. These webinars are being held on MSME as an Engine of Growth; Manufacturing, Exports and Nuclear Energy Missions; Regulatory, Investment and Ease of doing business Reforms. He will also address the gathering on the occasion.

    The webinars will provide a collaborative platform for government officials, industry leaders, and trade experts to deliberate on India’s industrial, trade, and energy strategies. The discussions will focus on policy execution, investment facilitation, and technology adoption, ensuring seamless implementation of the Budget’s transformative measures. The webinars will engage private sector experts, industry representatives, and subject matter specialists to align efforts and drive impactful implementation of Budget announcements.

     

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  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah chairs a meeting with Chief Minister of Goa, Dr. Pramod Sawant in New Delhi to review implementation of three New Criminal Laws in the State

    Source: Government of India

    Union Home Minister and Minister of Cooperation Shri Amit Shah chairs a meeting with Chief Minister of Goa, Dr. Pramod Sawant in New Delhi to review implementation of three New Criminal Laws in the State

    Primary objective of the three New Criminal Laws introduced under the leadership of Prime Minister Shri Narendra Modi is to ensure swift justice

    Goa should become a model state in effectively implementing New Criminal Laws

    To ensure speedy justice timelines in investigation and prosecution should be strictly adhered

    Set a target to achieve 90% conviction rate in criminal cases having more than 7 years of punishment

    Posted On: 03 MAR 2025 7:37PM by PIB Delhi

    Union Home Minister and Minister of Cooperation, Shri Amit Shah, chaired a review meeting on the implementation of three new criminal laws in Goa, in the presence of Chief Minister Dr. Pramod Sawant, in New Delhi today. The meeting reviewed the implementation and present status of various new provisions related to police, prisons, courts, prosecution, and forensics in Goa. The meeting was attended by the Union Home Secretary, Chief Secretary and Director General of Police of Goa, the Director General of the Bureau of Police Research and Development (BPRD), the Director, the National Crime Records Bureau (NCRB), and other senior officials from the Ministry of Home Affairs (MHA) and the government of Goa.

    During the meeting, Union Home Minister Shri Amit Shah underlined that the primary objective of the three new criminal laws, introduced under the leadership of Prime Minister Shri Narendra Modi, is to ensure swift justice. He said that Goa should become a model state in effectively implementing three New Criminal Laws.

    Shri Amit Shah emphasized the importance of strictly adhering to timelines in investigation and prosecution to ensure speedy justice. He highlighted the need to achieve a 90% conviction rate in criminal cases of having provision of more than seven years of punishment. The Home Minister also stressed the mandatory registration of all Investigation Officers (IOs) on the e-Sakshya platform and directed the full implementation of e-Summons in Goa by March 31, 2025.

    Union Home Minister and Minister of Cooperation Shri Amit Shah reiterated that senior police officers must regularly monitor cases related to organized crime, terrorism, and mob lynching to prevent the misuse of relevant provisions. Permission from a Superintendent of Police-level officer should be taken before registering cases under these sections. Shri Shah also directed the police to ensure that property recovered from criminals is returned to its rightful owners in accordance with the provisions of the new criminal laws.

    Shri Amit Shah stressed the need to achieve 100% forensic sample testing and instructed strict adherence to this goal. He urged the Chief Minister, Chief Secretary, and Director General of Police of Goa to continuously review the implementation progress of the three new laws.

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  • MIL-OSI Asia-Pac: Cleansing the Ghat, Carrying the Blessings

    Source: Government of India

    Cleansing the Ghat, Carrying the Blessings

    The Twin Efforts After Maha Kumbh 2025

    Posted On: 03 MAR 2025 7:30PM by PIB Delhi

    The Maha Kumbh 2025 in Prayagraj witnessed an unprecedented gathering of faith and spirituality, with over 66.30 crore devotees immersing themselves in the sacred confluence of the Ganga, Yamuna, and the mythical Saraswati. The event, spanning 45 days, became a symbol of devotion and cultural heritage.

    The consistent efforts of the sanitation workers and the state government led to the Maha Kumbh 2025 setting a Guinness World Record in Ganga Cleaning Drive and Mass Cleaning Initiative, where a record breaking 329 and 19,000 individuals, respectively, set new benchmarks in mass sanitation and environmental efforts. To appreciate the hard work by the sanitation and cleanliness workers, the state Chief minister announced Rs. 16,000 salary hike, starting from April 2025, and a bonus of Rs. 10,000.

    With the grand festival coming to an end, the focus has shifted towards an equally monumental task—restoring the city and ensuring the pristine condition of the Kumbh area. Cleaning the Maha Kumbh site, after it hosted one of the largest human congregations in history, required an extraordinary effort. Recognizing this, the state government swiftly initiated a comprehensive sanitation campaign. A special 15-day cleanliness drive was launched to restore the Kumbh Mela area to its original purity. Thousands of sanitation workers, along with dedicated volunteers, took up the massive challenge of cleaning the riverbanks, roads, and temporary settlements.

    As the cleanup drive continues, the administration and environmentalists have urged people to pledge their commitment to maintaining the sanctity of these sacred waters. A local official overseeing the sanitation drive remarked, “The Maha Kumbh may be over, but its message of cleanliness and reverence for our environment must continue. It is our collective duty to ensure that our rivers remain pure and free from pollution.”

    The successful organization of the Maha Kumbh 2025 would not have been possible without the tireless efforts of sanitation workers, security personnel, and local authorities. Acknowledging their hard work, the state government honoured these ‘karmayogis’ who played a pivotal role in keeping the Kumbh area clean throughout the event. More than 15,000 sanitation workers and 2,000 ‘Ganga Seva Doots’ worked day and night to ensure that the holy rivers and the fairgrounds remained spotless, reinforcing the commitment to a ‘Swachh Kumbh’.

    Beyond just collecting waste, the cleanup campaign focused on systematic waste disposal, dismantling temporary infrastructure, and restoring the ecological balance of the region. Special efforts were made to:

    • Dismantle temporary toilets: Over 1.5 lakh portable toilets installed for the event were systematically removed.
    • Manage waste effectively: Garbage collected from the Kumbh area was transported to the Baswar plant in Naini for proper disposal.
    • Restore essential infrastructure: The temporary pipelines and streetlights installed for the Kumbh were carefully removed, ensuring that the site was returned to its original state.
    • Clear makeshift settlements: Tents and pandals set up for sages and pilgrims were dismantled, making way for the natural beauty of the region to resurface.

    The successful execution of the Maha Kumbh 2025 has set new benchmarks in event management and environmental sustainability. As the city transitions back to normalcy, the lessons learned from this historic congregation will serve as guiding principles for future mega-events. The dedication towards cleanliness and preservation of cultural heritage will continue to inspire efforts to keep Prayagraj, and its sacred rivers, clean for generations to come.

    Also, even as the last of the devotees departed from the holy city, the state government ensured that those unable to attend the Maha Kumbh in person could still partake in its sanctity. In a unique initiative, fire services and emergency departments were assigned the responsibility of transporting the sacred water from the Triveni Sangam to all 75 districts of Uttar Pradesh. Over five lakh liters of this consecrated water have been delivered to various regions, allowing people to experience the blessings of the Maha Kumbh from their homes.

    This initiative also extended to prisons across the state, where more than 90,000 inmates were given the opportunity to bathe in the holy water, marking a historic first in the Kumbh’s history. Such efforts exemplify the commitment to inclusivity, ensuring that faith transcends barriers and reaches every individual, regardless of their circumstances.

    In the end, the Maha Kumbh was not just about a spiritual confluence; it was also a testament to human resilience, responsibility, and the collective spirit of maintaining a cleaner and more sustainable environment. As devotees carry the memories of their sacred journey, the city of Prayagraj stands rejuvenated, ready to welcome the next chapter in its rich and timeless history.

    References

    Department of Information & Public Relations (DPIR), Government of Uttar Pradesh

    Maha Kumbh Series: 25/Feature

    Kindly find the pdf file 

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    Santosh Kumar | Sarla Meena | Rishita Aggarwal

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