Category: Taxation

MIL-OSI United Kingdom: UK House Price Index for August 2024

Source: United Kingdom – Executive Government & Departments

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

The August data shows:

on average, house prices have risen 1.5% since July 2024
there has been an annual price rise of 2.8% which makes the average property in the UK valued at £293,000

England

In England the August data shows, on average, house prices have risen by 1.6% since July 2024. The annual price rise of 2.3% takes the average property value to £310,000.

Yorkshire and the Humber experienced the most significant monthly increase with a movement of 2.7%
The South West saw the greatest monthly price fall, with a fall of -0.3%
The North West experienced the greatest annual price rise, up by 4.6%
The South West saw the lowest annual price growth, with a rise of 0.8%

The regional data for England indicates that:

Price change by region for England

Region	Average price Aug 2024	Annual change % since Aug 2023	Monthly change % since July 2024
East Midlands	£250,000	2.1	1.4
East of England	£344,000	1.4	1
London	£531,000	1.4	2.2
North East	£166,000	1.7	1.5
North West	£225,000	4.6	2.4
South East	£385,000	1.6	1.4
South West	£321,000	0.8	-0.3
West Midlands	£255,000	2.6	1.1
Yorkshire and the Humber	£219,000	4.4	2.7

Repossession sales by volume for England

The lowest number of repossession sales in June 2024 was in the East of England.

The highest number of repossession sales in June 2024 was in the North East.

Repossession sales	June 2024
East Midlands	12
East of England	0
London	8
North East	18
North West	6
South East	8
South West	6
West Midlands	7
Yorkshire and the Humber	7
England	72

Average price by property type for England

Property type	Aug 2024	Aug 2023	Difference %
Detached	£466,000	£463,000	0.8
Semi-detached	£299,000	£290,000	3.3
Terraced	£258,000	£251,000	2.5
Flat/maisonette	£257,000	£251,000	2.4
All	£310,000	£303,000	2.3

Funding and buyer status for England

Transaction type	Average price Aug 2024	Annual price change % since Aug 2023	Monthly price change % since Jul 2024
Cash	£290,000	1.7	1.5
Mortgage	£320,000	2.6	1.6
First-time buyer	£260,000	3.1	2.1
Former owner occupier	£350,000	1.5	1

Building status for England

Building status*	Average price June 2024	Annual price change % since June 2023	Monthly price change % since May 2024
New build	£443,000	25.9	-1.2
Existing resold property	£300,000	1.1	0.4

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices increased by 2.2% since July 2024. An annual price fall of 1.4% takes the average property value to £531,000.

Average price by property type for London

Property type	Aug 2024	Aug 2023	Difference %
Detached	£1,036,000	£1,058,000	-2.1
Semi-detached	£687,000	£677,000	1.5
Terraced	£580,000	£573,000	1.1
Flat/maisonette	£443,000	£434,000	2
All	£531,000	£524,000	1.4

Funding and buyer status for London

Transaction type	Average price Aug 2024	Annual price change % since Aug 2023	Monthly price change % since Jul 2024
Cash	£545,000	0.6	3.2
Mortgage	£526,000	1.7	1.9
First-time buyer	£461,000	2.3	2.8
Former owner occupier	£604,000	0	1.1

Building status for London

Building status*	Average price June 2024	Annual price change % since June 2023	Monthly price change % since May 2024
New build	£618,000	23	0.2
Existing resold property	£525,000	0	1.1

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices rose by 2.6% since Jul 2024. An annual price increase of 3.5% takes the average property value to £223,000

There were 9 repossession sales for Wales in Jun 2024.

Average price by property type for Wales

Property type	Aug 2024	Aug 2023	Difference %
Detached	£328,000	£323,000	1.7
Semi-detached	£217,000	£208,000	4.1
Terraced	£177,000	£170,000	4.2
Flat/maisonette	£147,000	£140,000	4.7
All	£223,000	£215,000	3.5

Funding and buyer status for Wales

Transaction type	Average price Aug 2024	Annual price change % since Aug 2023	Monthly price change % since Jul 2024
Cash	£216,000	3.1	3.1
Mortgage	£227,000	3.8	2.4
First-time buyer	£194,000	4.4	2.8
Former owner occupier	£256,000	2.6	2.4

Building status for Wales

Building status*	Average price June 2024	Annual price change % since June 2023	Monthly price change % since May 2024
New build	£336,000	25.7	-0.9
Existing resold property	£211,000	0.9	0.6

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

UK house prices

UK house prices rose by 2.8% in the year to Aug 2024, up from the revised estimate of 1.8% in the 12 months to July 2024. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.5% between July 2024 and Aug 2024, up 0.5% from the same period 12 months ago (July and Aug 2023).

The UK Property Transactions Statistics showed that in Aug 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 90,000. This is 5.4% higher than a year ago (Aug 2023). Between July 2024 and Aug 2024, UK transactions decreased by 0.4% on a seasonally adjusted basis.

House price monthly increase was highest in Yorkshire & The Humber where prices increased by 2.7% in the year to Aug 2024. The highest annual growth was in the The North West, where prices increased by 4.6% in the year to Aug 2024.

See the economic statement.

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.

Access the full UK HPI

Background

We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the September 2024 UK HPI at 9:30am on Wednesday 20 Novemeber 2024. See calendar of release dates.
We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI for more information.
HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency supply data for the UK HPI.
The Office for National Statistics (ONS) and Land & Property Services/Northern Ireland Statistics and Research Agency calculate the UK HPI. It applies a hedonic regression model that uses the various sources of data on property price, including HM Land Registry’s Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used from the ONS and Northern Ireland Statistics & Research Agency.
We take the UK Property Transaction statistics from the HM Revenue and Customs (HMRC) monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The number of property transactions in the UK is highly seasonal, with more activity in the summer months and less in the winter. This regular annual pattern can sometimes mask the underlying movements and trends in the data series. HMRC presents the UK aggregate transaction figures on a seasonally adjusted basis. We make adjustments for both the time of year and the construction of the calendar, including corrections for the position of Easter and the number of trading days in a particular month.
UK HPI seasonally adjusted series are calculated at regional and national levels only. See data tables.
The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three-month moving average has been applied to the latest estimate to remove some of this volatility.
The UK HPI reflects the final transaction price for sales of residential property. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the ‘price’ represents a valuation.
HM Land Registry provides information on residential property transactions for England and Wales, collected as part of the official registration process for properties that are sold for full market value.
The HM Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).
Repossession sales data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.
For England, we show repossession sales volume recorded by government office region. For Wales, we provide repossession sales volume for the number of repossession sales.
Repossession sales data is available from April 2016 in CSV format. Find out more information about repossession sales.
We publish CSV files of the raw and cleansed aggregated data every month for England, Scotland and Wales. We publish Northern Ireland data on a quarterly basis. They are available for free use and re-use under the Open Government Licence.
HM Land Registry is a government department created in 1862. Its vision is: “A world-leading property market as part of a thriving economy and a sustainable future.”
HM Land Registry’s purpose is: “We protect your land ownership and provide services and data that underpin an efficient and informed property market.”
HM Land Registry safeguards land and property ownership valued at £8 trillion, enabling over £1 trillion worth of personal and commercial lending to be secured against property across England and Wales. The Land Register contains more than 26.5 million titles showing evidence of ownership for more than 89% of the land mass of England and Wales.
For further information about HM Land Registry visit http://www.gov.uk/land-registry.
Follow us on @HMLandRegistry, our blog, LinkedIn and Facebook.

Contact

Press Office

Trafalgar House
1 Bedford Park
Croydon
CR0 2AQ

Email HMLRPressOffice@landregistry.gov.uk

Phone (Monday to Friday 8:30am to 5:30pm) 0300 006 3365

Mobile (5:30pm to 8:30am weekdays, all weekend and public holidays) 07864 689 344

Published 16 October 2024

MIL OSI United Kingdom –

January 23, 2025

MIL-OSI: TopLine Financial Credit Union Opens New Maple Grove – Arbor Lakes Branch on October 21, 2024

Source: GlobeNewswire (MIL-OSI)

MAPLE GROVE, Minn., Oct. 15, 2024 (GLOBE NEWSWIRE) — TopLine Financial Credit Union, a Twin Cities-based member-owned financial services cooperative, is opening a new full-service Maple Grove – Arbor Lakes branch on October 21, 2024 located at 11121 Fountains Drive, Maple Grove, MN 55369.

The new Maple Grove – Arbor Lakes branch will provide personal service as well as self-service convenience with a new innovative 24/7 Interactive Teller Machine (ITM) that provides members with remote assistance service, combining the convenience of ATMs with the personalized experience of a branch visit. Financial product and service offerings include: savings and checking accounts, auto loans, home loans, personal loans, student loans, mortgage services, investment services, small business and commercial services, insurance agency, remote access, as well as financial education and counseling from TopLine Certified Credit Union Financial Counselors.

“We are thrilled to open our doors in our new Maple Grove location and extend our reach in surrounding communities to provide affordable financial services to more consumers,” says Mick Olson, President and CEO of TopLine Financial Credit Union. “Our new Maple Grove – Arbor Lakes branch represents our commitment to providing personalized financial solutions that help individuals and families achieve their financial dreams of home ownership, sending children to college, saving for retirement, protecting their assets or opening their own small business. We look forward to growing together and building lasting relationships with the members of this vibrant community.”

TopLine will be holding a Grand Opening Celebration at the new location during the week of November 4 – 9. The community is invited to visit the branch in-person for exclusive specials, tasty treats, and a “We’ll Pay Your Phone Bill for a Month up to $150” raffle as a way to recognize the Bell System telephone workers who started the credit union 89 years ago. To learn more visit https://www.toplinecu.com/atms-locations/new-branch.

TopLine will be hosting a Ribbon Cutting Celebration in partnership with the Minneapolis Regional Chamber at the new location, 11121 Fountains Drive, Maple Grove, MN 55369, on Wednesday, November 13^th from 2:00pm – 4:00pm. Everyone is welcome and refreshments will be served.

TopLine’s current Maple Grove branch at 9353 Jefferson Hwy will permanently close on Saturday, October 19^th at 12pm and become TopLine’s corporate office with only drive-up ATM access after the new Arbor Lakes location opens.

TopLine Financial Credit Union, a Twin Cities-based credit union, is Minnesota’s 9^th largest credit union, with assets of over $1.1 billion and serves over 70,000 members. Established in 1935, the not-for-profit financial cooperative offers a complete line of financial services from its ten branch locations — in Bloomington, Brooklyn Park, Champlin, Circle Pines, Coon Rapids, Forest Lake, Maple Grove, Plymouth, St. Francis and in St. Paul’s Como Park — as well as by phone and online at http://www.TopLinecu.com or http://www.ahcu.coop. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Benton, Carver, Chisago, Dakota, Hennepin, Isanti, Kanabec, Mille Lacs, Pine, Ramsey, Scott, Sherburne, Washington and Wright counties in Minnesota and their immediate family members, as well as employees and retirees of Anoka Hennepin School District #11, Anoka Technical College, Federal Premium Ammunition, Hoffman Enclosures, Inc., GRACO, Inc., and their subsidiaries. Visit us on our Facebook or Instagram. To learn more about the credit union’s foundation, visit http://www.TopLinecu.com/Foundation.

CONTACT:
Vicki Roscoe Erickson
Senior Vice President and Chief Marketing Officer
TopLine Financial Credit Union
verickson@toplinecu.com | 763.391.0872

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5ddad3e3-5b3c-4c15-9742-25e84e03fa84

The MIL Network –

January 23, 2025
MIL-OSI Security: Former Accounting Chief at Now-Shuttered Girardi Keese Law Firm Pleads Guilty to Embezzling Money From Clients and the Firm Itself

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

LOS ANGELES – The former longtime head of the accounting department at the now-shuttered Los Angeles plaintiffs’ personal injury law firm Girardi Keese pleaded guilty today to enabling the embezzlement of tens millions of dollars from the firm’s injured clients and to embezzling money from Girardi Keese itself.

Christopher Kazuo Kamon, 51, formerly of Encino and Palos Verdes and who was residing in The Bahamas at the time of his November 2022 arrest, pleaded guilty to two counts of wire fraud.

According to his plea agreement, from 2004 until December 2020, Kamon was the head of the accounting department at Girardi Keese, a plaintiffs’ personal injury law firm based in downtown Los Angeles. In this position, Kamon worked closely with Thomas Vincent Girardi, 85, formerly a resident of Pasadena but who now resides in Seal Beach, as well as other senior lawyers at the law firm.

In December 2020, Girardi Keese’s creditors forced the once-prominent law firm into bankruptcy proceedings. The law firm dissolved in January 2021 and the State Bar of California disbarred Girardi in July 2022. On August 27, a federal jury in Los Angeles found Girardi guilty of four counts of wire fraud. Girardi’s sentencing hearing is scheduled for December 6.

In addition to supervising the law firm’s accounting department, Kamon oversaw facilitating payment of the law firm’s expenses. Kamon had a duty to keep accurate books and records of Girardi Keese, including accounting of money held in its attorney-client trust accounts. Typically, Girardi determined and directed which clients would be paid, how much they would be paid, when they would be paid, and signed all outgoing checks to clients. Kamon had signatory authority on additional Girardi Keese bank accounts.

From at least 2010 until December 2020, Girardi and Kamon schemed to defraud Girardi Keese clients out of their settlement money, using the misappropriated funds to pay the law firm’s payroll, the law firm’s credit card bills, and to pay Girardi and Kamon’s personal expenses.

Specifically, one victim – a Girardi Keese client who suffered severe burns all over his body when a natural gas pipeline exploded in San Bruno, California, in September 2010 – had a $53 million settlement negotiated. This deal was negotiated and agreed to without the client’s prior approval. Per the terms of the settlement, $25 million was invested into an annuity. The remaining $28 million was wired into a Girardi Keese client trust account in January 2013. Girardi, assisted by Kamon, misappropriated, and embezzled that client’s settlement money and used the funds to pay other Girardi Keese expenses and liabilities unrelated to this client, including payments to other law firm clients whose own settlement funds previously had been misappropriated by Girardi and others.

To prevent the victim from discovering Girardi’s embezzlement, Girardi lied to the client by saying the funds had been transferred into a separate interest-bearing account. In fact, no such transfers had been made and no such interest-bearing account containing these funds existed.

Girardi and Kamon sent lulling payments to the victim as purported “interest payments” deriving from the purported interest-bearing account. In July 2019, they sent the victim a $2.5 million check, purportedly as disbursement of the victim’s settlement funds. In fact, Girardi and Kamon knew these settlement proceeds belonged to other Girardi Keese clients. Girardi already had spent the victim’s settlement funds through disbursements unrelated to the victim’s case.

In a separate criminal case, Kamon admitted to running a years-long scheme in which he embezzled Girardi Keese funds for his personal enrichment. From at least 2013 to December 2020, Kamon utilized co-schemers to pose as “vendors” who were providing goods and services to the law firm. Kamon caused the supposed vendors to issue fraudulent invoices to Girardi Keese for goods and services that they purportedly provided to the law firm.

Kamon caused Girardi Keese to pay the amounts due on the fraudulent invoices. In fact, the law firm was paying the “vendors” for Kamon’s personal benefit, including for construction projects at his homes in Palos Verdes and Encino.

According to evidence presented at the recent trial of Tom Girardi, part of Kamon’s scheme involved payments to a female companion amounting to hundreds of thousands of dollars, including a monthly stipend of $20,000, out of the Girardi Keese operating accounts despite the woman having no employment relationship with Girardi Keese.

United States District Judge Josephine L. Staton scheduled a January 31, 2025, sentencing hearing, at which time Kamon will face a statutory maximum sentence of 20 years in federal prison on each count. Kamon has been in federal custody since December 2022.

Kamon – along with Girardi and David R. Lira, Girardi’s son-in-law, and a former Girardi Keese lawyer – also faces federal fraud charges in Chicago. Trial in that case is scheduled for March 3, 2025.

IRS Criminal Investigation and the FBI investigated this matter.

Assistant United States Attorneys Ali Moghaddas of the Corporate and Securities Fraud Strike Force and Scott Paetty of the Major Frauds Section are prosecuting this case.

MIL Security OSI –

January 23, 2025
MIL-OSI Security: Former Owner of ‘The Timepiece Gentleman’ Luxury Watch Consignment Store in Beverly Hills Pleads Guilty to Fraud Charges

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

LOS ANGELES – A Los Angeles man who ran a Beverly Hills luxury watch consignment business and was known as “The Timepiece Gentleman” pleaded guilty today to swindling dozens of his customers of out a total of at least $5.6 million.

Anthony Farrer, 36, formerly of downtown Los Angeles, pleaded guilty to one count of wire fraud and one count of mail fraud. He has been in federal custody since November 2023.

According to his plea agreement, from November 2022 to November 2023, Farrer used his business – also called “The Timepiece Gentlemen” – to connect purchasers and sellers of high-end watches. In a typical consignment sale, a client would ship a watch to The Timepiece Gentleman and Farrer would take possession of the watch, agreeing to display it at his Beverly Hills store and through online and social media marketing. The items involved in this case included luxury watches by Rolex, Richard Mille, and Patek Phillipe, among others.

Once the watch was sold, Farrer was supposed to remit the sales proceeds back to the client, minus a consignment fee, which typically was approximately 5% of the sales price. If the watch did not sell within a specific time or for a specified price, Farrer was to return the watch to the client.

However, instead of remitting watch sales proceeds – or the unsold watches themselves – back to the clients, Farrer sold the client watches and kept the proceeds for himself. He also used client watches – without the client’s knowledge or permission – as collateral for loans that he took out from lenders.

When a client asked about the status of a watch on consignment sale, Farrer lied and said that the watch had not yet been sold. In fact, Farrer already had sold the watch or otherwise disposed of it, keeping the funds for his own personal benefit.

In addition to his consignment sale business, Farrer also purported to purchase watches on behalf of his clients. Typically, a client sent funds to Farrer, often by wire transfers to his bank accounts or through payment processors such as Zelle, for the purpose of Farrer locating and buying a specified watch on the client’s behalf.

But in fact, Farrer took the clients’ money and used it for other purposes, including to fund his lavish lifestyle such as buying or leasing luxury automobiles, apartments, and other luxury goods.

When a client who had sent him money asked Farrer about the status of a watch purchase, Farrer often sent another watch to the client to tide the client over or lull them into a false sense of security regarding the status of the purchase. Similar to a Ponzi scheme, the other watch Farrer sent to the client often belonged to other clients who had themselves sent him that watch for a consignment sale. These clients were unaware Farrer was using their watches for that purpose, rather than attempting to sell the watches on behalf of the clients.

In total, Farrer fraudulently obtained money and property belonging to more than 40 victims and caused total losses of at least $5,691,005.

United States District Judge Josephine L. Staton scheduled a January 31, 2025, sentencing hearing, at which time Farrer will face a statutory maximum sentence of 20 years in federal prison for each count.

The FBI, IRS Criminal Investigation, and the Beverly Hills Police Department investigated this matter.

Assistant United States Attorney Joshua O. Mausner of the Violent and Organized Crime Section is prosecuting this case.

MIL Security OSI –

January 23, 2025
MIL-OSI Security: More Indicted in Nationwide Business E-Mail Compromise Scheme

Source: Federal Bureau of Investigation (FBI) State Crime News

HOUSTON – A total of seven people in multiple states have been charged in a superseding indictment related to a large business email compromise (BEC) scheme, announced U.S. Attorney Alamdar S. Hamdani.

Authorities have now arrested Houston resident Amber Bush, 29. She is expected to make her initial appearance before U.S. Magistrate Judge Christina A. Bryan Oct. 15 at 2 p.m.

The three-count superseding indictment also charges Houston residents Bolaji Okunnu, 30, and Philip Ogbeide Jr., 34, along with Ayodeji Okunnu, 25, Austin; Victor Rubio Jr., 27, and Bougar Robert Linares Soto, 42, both of Los Angeles, California.

Another Houston resident – Destini Godfrey, 30 – is considered a fugitive and a warrant remains outstanding for his arrest. Anyone with information about his whereabouts is asked to contact the FBI at 713-693-5000.

All are charged with conspiracy to commit wire fraud and money laundering.

The BEC scheme involved deceiving victims into sending money to others and causing millions in losses, according to the charges.

Conspirators allegedly posed as legitimate businesses and fraudulently diverted money from victim bank accounts into accounts they controlled. According to the allegations, they gained access to business email accounts and spoofed email addresses to deceive victims into believing they were making legitimate payments.

The superseding indictment indicates fraudulently diverted payments from numerous victims throughout the United States, including a financial services company from Oregon, a township in New Jersey, a demolition company in Texas, a healthcare liability insurance company in Georgia and a nutrition products manufacturer outside Texas.

Conspirators allegedly used email accounts to request payment for services to be sent to new bank accounts that did not belong to the vendor, according to the charges.

They allegedly deceived victims into wiring millions to fraudulent bank accounts the conspirators opened instead of actually paying the vendor. The charges further allege conspirators laundered the funds in a manner designed to conceal the source, ownership and control of the funds by quickly transferring the money from the receiving account to other bank accounts they controlled.

They then withdrew the fraud proceeds incrementally in cash, according to the charges.

If convicted, they face up to 20 years in prison on the conspiracy and money laundering conspiracy charges as well as five years for the money laundering and illegal money transmitting charge. Each charge carries a possible $250,000 maximum fine.

The FBI-Bryan Resident Agency and IRS-Criminal Investigation conducted the investigation with valuable assistance from the Middlesex County District Attorney’s Office and the Edison Police Department in New Jersey and other law enforcement agencies and U.S. Attorney’s Offices throughout the United States. Assistant U.S. Attorneys Belinda Beek and James Hu are prosecuting the case.

An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

MIL Security OSI –

January 23, 2025
MIL-OSI: Prospect Capital Corporation Closes $764 Million of New Investments in Fiscal Year June 2024
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) closed $764 million of new investments during its fiscal year ended June 30, 2024, investing in 38 new and existing portfolio companies.

91% of PSEC’s originations during fiscal year 2024 were first lien, senior secured loans.

Selected investments in both new and existing portfolio companies during fiscal year 2024 include:
- $56 million of first lien loans to refinance the debt of a provider of clinical trial services. The company is a clinical development services provider that operates and conducts clinical trials for pharmaceutical and biotechnology customers.
- $60 million of primarily first lien loans to finance an acquisition of a provider of business process outsourcing solutions. The company provides customer experience services and business process outsourcing services, which includes customer call centers, online chat, text message, and general ‘contact center as a service’.
- $26 million of primarily first lien loans to finance an acquisition of a healthcare services provider. The company is a detox and rehabilitation provider that offers residential inpatient treatment, partial hospital programs, and intensive outpatient care in multiple restore facilities.
- $30 million of a first lien loan to finance a shareholder distribution for a direct-to-consumer marketing company. The company is a direct marketer and distributor of modern-era government-issued gold and silver coins.
- $37 million of primarily first lien loans to finance an add-on acquisition and shareholder distribution for a logistics service provider. The company provides turnkey inventory management and transportation services.
- $13 million of a first lien loan to finance an add-on acquisition by a furniture provider. The company provides furniture and furnishings to residential and commercial end markets, including churches, hospitality, offices, restaurants, and schools.
- $10 million of first lien loans for a healthcare services provider in a secondary transaction. The company is a home-based infusion pharmacy services provider serving patients with chronic conditions.
- $20 million of first lien loans to finance a shareholder distribution of a branded jeweler designer. The company is a designer and retailer of distinctive handcrafted gold-plated women’s jewelry decorated with semi-precious stones, including necklaces, bracelets, rings, and earrings.
In addition, as of October 14, 2024, Prospect is processing an investment pipeline of more than $350 million, which includes transactions where due diligence and analysis are still in process.

The investment pipeline includes transactions for which a formal mandate, letter of intent, or signed commitment may or may not have been issued. The consummation of any of the investments in this pipeline depends upon, among other things, one or more of the following: satisfactory completion of Prospect’s due diligence investigation of the prospective portfolio company, Prospect’s acceptance of the terms and structure of such investment, and the execution and delivery of transaction documentation satisfactory to Prospect. In addition, Prospect may sell all or a portion of these investments and certain of these investments may result in the repayment of existing investments. Prospect cannot assure you that it will make any of these investments or that Prospect will sell all or any portion of these investments.

About Prospect Capital Corporation

Prospect is a business development company that focuses on lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

Prospect has elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). Prospect is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

For further information, contact:

Grier Eliasek, President and Chief Operating Officer

grier@prospectcap.com

Telephone (212) 448-0702

The MIL Network –
January 23, 2025
MIL-OSI Security: Former Chief Executive Officer of Chicago Hospital Added to Federal Indictment Alleging Corruption and Embezzlement

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

CHICAGO — An ongoing federal investigation into alleged corruption and embezzlement at a Chicago hospital has resulted in a conspiracy charge against the hospital’s former Chief Executive Officer.

A 45-count, second superseding indictment accuses former CEO GEORGE MILLER, JR., 73, of Dallas, Texas, of conspiring with the hospital’s then-Chief Financial Officer, ANOSH AHMED, 40, of Houston, Texas, to corruptly steer vendor contracts and other hospital business to certain medical supply companies in exchange for cash from the companies’ owner, SAMEER SUHAIL, 47, of Chicago. Ahmed, Suhail, and the hospital’s former Chief Transformation Officer, HEATHER BERGDAHL, 37, of Houston, Texas, were originally indicted earlier this year on fraud, embezzlement, and money laundering counts. The charges accused them of causing the hospital to issue payments to purported vendor companies for goods and services that they knew had not been provided. Many of the purported vendor companies were created by Suhail and Ahmed under various names to conceal their association with the fraudulent payments, the charges alleged. Bergdahl allegedly opened bank accounts in the names of two legitimate hospital vendors and caused the hospital to deposit fraudulent payments into those accounts.

The second superseding indictment, which was returned Thursday in U.S. District Court in Chicago, renews the prior charges against Ahmed, Suhail, and Bergdahl, adds Miller as a defendant, and includes new tax charges against Ahmed for allegedly underreporting income in his individual tax returns. The newly returned indictment alleges that from 2018 to 2021, Suhail paid Miller and Ahmed a share of $19 million in payments that he received from the hospital, in return for Miller and Ahmed steering those contracts and business to him. The payments to Miller and Ahmed were in addition to the millions of dollars in fraudulent payments charged in the prior indictment.

Arraignments on the second superseding indictment have not yet been scheduled.

The second superseding indictment was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, Mario Pinto, Special Agent-in-Charge of the U.S. Department of Health and Human Services, Office of Inspector General, and Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago. The government is represented by Assistant U.S. Attorneys Sheri H. Mecklenburg and Kelly L. Guzman.

The public is reminded that an indictment is not evidence of guilt. The defendants are presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

MIL Security OSI –

January 23, 2025
MIL-OSI: Sidetrade: 33% Increase in Revenue for Q3 2024
Source: GlobeNewswire (MIL-OSI)

Q3 bookings at €1.52 million, in line for 2024

Strong revenue growth, up 33%, with SaaS subscriptions up 31%

Registration completed in France’s public invoicing portal

Sidetrade rises to the Top 15% on EcoVadis

Sidetrade, the global leader in generative AI-powered Order-to-Cash applications, announced a 33% revenue increase for the third quarter of 2024.

Olivier Novasque, CEO of Sidetrade commented:

“To date, our continually robust organic growth, combined with the strategic relevance of our external growth through the consolidation of SHS Viveon, has triggered an impressive 33% increase in our revenue. The expected slowdown in bookings over the third quarter, which is traditionally the weakest period of the year, in no way affects our ambition to match or even exceed our all-time record for contracts won last year. That said, we are embarking on a strong trajectory and reiterate our confidence in stepping up double-digit growth for 2024 and further out.

Parallel to this, our official registration as a Dematerialization Platform Partner by France’s Public Finance Department, and, in a different context, reaching the Top 15% of the EcoVadis ranking highlights our commitment to the environmental, social and governance responsibility. Performance, safety and efficiency are more than mere targets; together, they form the pillars that shape our future.

Quarter after quarter, our resilient economic model combined with our technological lead in AI and accelerated international growth – now with 68% of revenue achieved outside France – have enabled us to significantly upscale in next to no time, fast-tracking Sidetrade’s development into one of the select few Order-to-Cash technology leaders worldwide.”

Q3 bookings at €1.52 million, in line for 2024
In Q3 2024, which is traditionally the weakest of the year, Sidetrade achieved bookings of €1.52 million in New Annual Contract Value (ACV), versus €2.49 million in the same period last year. As announced during the September 11 investor presentation, the expected slowdown in third-quarter bookings against a complex economic and political backdrop does not affect the Group’s positive outlook for the full 2024 fiscal year.

In the first nine months of 2024, Sidetrade recorded €8.94 million for bookings in New Annual Contract Value (ACV), compared to €8.42 million year-over-year (+6%). Given the postponement of a number of new contracts in Q3 2024 – serving to bolster an already strong business pipeline for Q4 2024 – Sidetrade is expected to match or even exceed its historic bookings record on a full fiscal year basis, which was set in 2023 with €11.2 million achieved in new ACV terms.

Strong revenue growth, up 33%, with SaaS subscriptions up 31%

Sidetrade

(€m)
Q3 2024 Q3 2023 Change

SaaS subscriptions 12.5 ⁽¹⁾ 9.5 +31%

Revenue 14.9 ⁽²⁾ 11.2 +33%

(1) includes €1.5m in recurring revenue from SHS Viveon
(2) includes €2.1m in revenue from SHS Viveon

In Q3 2024, Sidetrade achieved revenue of €14.9 million, representing an increase of 33% and up 14% on a comparable scope basis (excluding the recent acquisition of SHS Viveon). This strong performance is attributable to several key factors.

First, the robust momentum in revenue growth on a constant scope basis continues. As a reminder, in the first half of 2024, Sidetrade reported a 19% increase in its revenue with growth of 18% in revenue for SaaS subscriptions which was impacted by a 4% contribution from the CreditPoint Software business, consolidated as of July 2023. On a constant scope basis, growth in the Company’s revenue was therefore 15%, with a 14% increase in revenue for SaaS subscriptions. In line with this performance, Sidetrade (excluding SHS Viveon) sustained vigorous momentum over Q3 2024, posting a 14% increase in its total Company revenue and 15% revenue growth for SaaS subscriptions, driven by a record performance for half-year bookings.

In addition, the consolidation of the SHS Viveon business – effective since July 1, 2024 – substantially contributed to this quarterly growth, delivering a positive impact of 19%. SHS Viveon generated revenue of €2.1 million in Q3 2024. Fully consolidated in the DACH region (Germany, Austria, Switzerland and eastern European countries), SHS Viveon’s business represents a new growth driver for Sidetrade, with this geography now accounting for 14% of the Company’s total revenue.

On the back of SHS Viveon’s consolidation, international markets now represent 68% of the Group’s revenue. With more than 70% of its workforce based outside France, Sidetrade is strongly positioned to capitalize on an increasingly globalized market, while leveraging a strong local presence in its strategic markets.

Lastly, North America delivered the strongest growth, with revenue up 30%, representing €4.1 million over the period. This market will continue to play a pivotal role in Sidetrade’s growth trajectory.

Analysis of the Company’s customer profiles (including the consolidated SHS Viveon) is underpinned by brisk growth of 53% in subscriptions with multinational corporations generating €2.5 billion-plus revenue. These contracts now account for more than half (52%) of Sidetrade’s total subscriptions and are expected to remain an important growth driver in the quarters ahead. The acquisition of SHS Viveon has helped accelerate this momentum, thanks to the business’ established portfolio of key accounts.

Registration completed in France’s public invoicing portal

Under France’s reform of electronic invoicing, Sidetrade was recently registered as a Dematerialization Platform Partner by the country’s Public Finance Department.

While acknowledging that this initiative marks a step forward, Sidetrade does not regard it as providing a competitive advantage to its solutions and the Company is continuing to assess all options consistent with its targets for strategic development, both in France and internationally.

Sidetrade rises to the Top 15% on EcoVadis

Sidetrade recently secured a new Silver medal from EcoVadis, ranking among the top 15% of companies rated within its industry. This award recognizes the Group’s social and environmental performance.

In September 2024, the Company reached a score of 70/100, placing it in the 91st percentile. This progress from its previous rating of 68/100 and its positioning in the top 25% underscore the Group’s relentless focus on improving its sustainable operations. The EcoVadis score illustrates the strides taken to address environmental, social, and ethical issues, particularly through strengthened policies on cutting energy consumption and optimizing technical infrastructure.

Such recognition distinguishes Sidetrade as one of the sustainability leaders in its sector, enhancing its credibility with international clientele and partners while cementing its position as a responsible company committed to driving the transition towards a more sustainable economy.

Next financial announcement
Annual Revenue for 2024: January 21, 2025 (after the stock market closes)

Investor relations
Christelle Dhrif 00 33 6 10 46 72 00 cdhrif@sidetrade.com

About Sidetrade (http://www.sidetrade.com)
Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its next-generation AI, nicknamed Aimie, Sidetrade analyzes $6.1 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of more than 38 million buyers worldwide. Aimie recommends the best operational strategies, dematerializes and intelligently automates Order-to-Cash processes to enhance productivity, results and
working capital across organizations.
Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States and Canada, serving global businesses in more than 85 countries. Amongst them: Bidcorp, Biffa, Bunzl, Engie, Expedia, Inmarsat, KPMG, Lafarge, Manpower, Opentext, Page, Randstad, Saint-Gobain,
Securitas, Sodexo, Tech Data, UGI, and Veolia.
Sidetrade is a participant of the United Nations Global Compact, adhering to its principles-based approach to responsible business.

For further information, visit us at http://www.sidetrade.com and follow @Aimie on LinkedIn.

In the event of any discrepancy between the French and English versions of this press release, only the French version is to be taken into account.

Attachment
- Sidetrade reports a 33% increase in 2024 Q3 Revenue.
The MIL Network –
January 23, 2025
MIL-OSI Security: Ten Defendants Associated with “Everybody Shines Together” Street Gang Sentenced in Federal Drug and Gun Conspiracy

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

Louisville, KY – This week the last of ten defendants, each of whom were associated with the “Everybody Shines Together” street gang (also knowns as “EST”), was sentenced as part of a conspiracy involving federal drug and firearms offenses.

U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Special Agent in Charge Michael E. Stansbury of the FBI Louisville Field Office, and Chief Paul Humphrey of the Louisville Metro Police Department made the announcement.

“I commend the outstanding work of our prosecutors, federal law enforcement agents, and our local law enforcement partners who worked tirelessly to ensure the successful prosecution of the defendants in this case,” stated U.S. Attorney Bennett. “These are significant federal prison sentences for serious violations of the law. Together, we will continue to investigate and aggressively prosecute those who seek to flood our streets and neighborhoods with drugs while illegally using and possessing firearms.”

“With the sentencing of Mr. Mosley comes the conclusion of a years-long collaborative effort across all levels of law enforcement to put some of Louisville’s most hardened criminals behind bars and disrupt one of the area’s most consequential street gangs,” said Special Agent in Charge Michael E. Stansbury. “With multiple significant federal prison sentences, we hope this case serves as a warning sign. As long as you continue to exploit the young and vulnerable and fill our neighborhoods with senseless gun violence and harmful drug operations, the FBI will use every available resource to identify and dismantle your operation.”

“This sentencing highlights the result of countless hours of dedicated effort from officers and investigators from LMPD and our partner agencies,” stated Chief Paul Humphrey. Each day they place their life on the line to remove criminals such as these from the streets, making Louisville a safer, better place. The men and women of LMPD will not stop fighting against the scourge of violence and gang activity in our city. There is more work to do, but this particular group of criminals being sentenced and removed from our community is a move in the right direction.”

According to court documents, Eric D. Mosley, 33, of Louisville, was sentenced on October 10, 2024, to 20 years in prison, followed by 5 years of supervised release, for conspiracy to possess with intent to distribute controlled substances, distribution of methamphetamine, possession with intent to distribute cocaine, possession of a firearm in furtherance of drug trafficking, possession of a firearm by a convicted felon, and possession of a stolen motor vehicle. Mosley was prohibited from possessing a firearm because he had previously been convicted of the following felony offenses.

On December 1, 2015, in Jefferson Circuit Court, Mosley was convicted of enhanced possession of a controlled substance in the first degree, enhanced possession of drug paraphernalia, enhanced possession of marijuana, and enhanced possession of heroin.

On December 1, 2014, in Jefferson Circuit Court, Mosley was convicted of enhanced trafficking in a controlled substance in the first degree, first offense, less than 4 grams of cocaine, receiving stolen property (firearm), enhanced possession of marijuana, and trafficking in a controlled substance in the first degree, first offense (less than 2 grams of heroin).

Zaman Taylor, 24, of Louisville, was sentenced on October 3, 2024, to 20 years in prison, followed by 5 years of supervised release, for conspiracy to possess with the intent to distribute controlled substances, eight counts of distribution of methamphetamine, two counts of possession of a firearm in furtherance of drug trafficking, possession with intent to distribute methamphetamine, and possession with intent to distribute fentanyl.

Darrian Toogood, 27, of Louisville, was sentenced on June 6, 2024, to 6 months in prison, followed by 2 years of supervised release, for conspiracy to possess with the intent to distribute controlled substances and two counts of distribution of methamphetamine.

Devonzo Summers, 27, of Louisville, was sentenced on March 21, 2024, to 15 years in prison, followed by 5 years of supervised release, for conspiracy to possess with the intent to distribute controlled substances, four counts of distribution of fentanyl, distribution of controlled substances, distribution of methamphetamine, and possession of a firearm in furtherance of drug trafficking.

Barry Reed, 27, of Louisville, was sentenced on December 18, 2023, to 15 years in prison, followed by 5 years of supervised release, for conspiracy to possess with the intent to distribute controlled substances, four counts of distribution of fentanyl, distribution of controlled substances, two counts of distribution of methamphetamine, possession of a firearm in furtherance of drug trafficking, and possession of a stolen motor vehicle.

Dazaray Rice, 30, of Louisville, was sentenced on November 9, 2023, to 3 years of probation, for conspiracy to possess with the intent to distribute controlled substance and two counts of distribution of fentanyl.

Aerion Cook, 24, of Louisville, was sentenced on November 2, 2023, to 10 years in prison, followed by 5 years of supervised release, for conspiracy to possess with the intent to distribute controlled substances and three counts of distribution of methamphetamine.

Khasi Jones, 31, of Louisville, was sentenced on November 2, 2023, to 5 years in prison, followed by 4 years of supervised release, for conspiracy to possess with the intent to distribute controlled substances and six counts of distribution of fentanyl.

Cedric Palmer, 28, of Louisville, was sentenced on October 12, 2023, to 5 years in prison, followed by 4 years of supervised release, for conspiracy to possess with the intent to distribute controlled substances, distribution of controlled substances, and distribution of methamphetamine.

Ricos Mosley, 36, of Louisville,was sentenced on August 17, 2023, to 5 years in prison, followed by 4 years of supervised release, for conspiracy to possess with the intent to distribute controlled substances.

There is no parole in the federal system.

This case was investigated by the FBI and LMPD, with assistance from the ATF, IRS-CI, DEA, Nelson County Sheriff’s Office, Bullitt County Sheriff’s Office, and Jefferson County Sheriff’s Office.

Assistant U.S. Attorneys Frank Dahl and Josh Porter prosecuted the case with assistance from Paralegal Aaron Cooper.

This effort is part of an Organized Crime Drug Enforcement Task Force (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at http://www.justice.gov/OCDETF.

####

MIL Security OSI –

January 23, 2025
MIL-OSI USA: SCHUMER ANNOUNCES NEW $750 MILLION PRELIMINARY INVESTMENT FOR WOLFSPEED FROM HIS CHIPS & SCIENCE LAW; SENATOR SAYS NEW $$$ WILL HELP ACCELERATE ONGOING MOHAWK VALLEY EXPANSION & SUPPORT HUNDREDS OF…

US Senate News:

Source: United States Senator for New York Charles E Schumer

Includes $750M Agreement For Funding From Schumer’s CHIPS Act & $750M Private Investment, Boosting Wolfspeed’s Ongoing Expansion In Upstate NY And Building A New North Carolina Facility Which Sends Wafers To Oneida County’s Marcy Nanocenter To Be Finished, Providing Long Term Work For Mohawk Valley

Wolfspeed Says It Also Plans To Tap Up To Nearly $1 Billion From The CHIPS ITC That Schumer Created To Help Fund Completion Of Mohawk Valley Plant

Schumer: My CHIPS & Science Law Is Bringing Wolfspeed To Front Of The Pack & Helping Mohawk Valley Lead America’s Semiconductor Renaissance

U.S. Senate Majority Leader Chuck Schumer today announced Wolfspeed has reached a $750 million preliminary memorandum of terms (PMT) funding agreement under the CHIPS & Science Law he led in writing and passing into law, helping them unlock an additional $750 million in private investment. Wolfspeed also said it plans to tap nearly $1 billion from the CHIPS Investment Tax Credit that Schumer helped create to fund much of the state-of-the-art equipment being installed to complete the expansion their Silicon Carbide Fabrication Facility at Marcy Nanocenter in Oneida County.

Wolfspeed said this massive collective investment will help accelerate their ongoing expansion in the Mohawk Valley and boosting good-paying jobs expected to be created at the Marcy facility. This CHIPS investment will also support Wolfspeed’s new North Carolina Siler City facility which is integral to the Mohawk Valley’s future as it will send wafers to be finished in NY, creating long term work and future growth opportunities for the Marcy operation.

“Wolfspeed is leading the pack in bringing semiconductor manufacturing back to America. This major multibillion investment powered by my CHIPS & Science Law will accelerate the ongoing expansion in the Mohawk Valley, helping boost hundreds of good paying jobs and providing long term work for the Marcy fab to succeed well into the future,” said Senator Schumer. “From electric vehicles to artificial intelligence, so much critical technology relies on the silicon carbide chips that Wolfspeed will manufacture and perfect in the Mohawk Valley. Today’s massive investment will make America’s economy and our national security stronger as Wolfspeed helps us write the next chapter of America’s resurgence as the leader in the semiconductor industry, with the Mohawk Valley as the beating heart.”

Schumer explained that Wolfspeed’s Mohawk Valley Fab is the largest and one of the only 200mm Silicon Carbide fabrication facilities in the world. Wolfspeed officially opened their new fab in 2022 and is actively expanding with approximately $790 million in additional capital planned investment in the Mohawk Valley which will help support new good paying manufacturing and construction jobs to the region. The proposed CHIPS investment would also support the construction of Wolfspeed’s silicon carbide wafer manufacturing facility in North Carolina. Nearly all of the wafers from Wolfspeed’s new facility in Siler City, NC are needed and sent to the Mohawk Valley Fab to be finished and this investment is essential to ramp up chip production in New York. The proposed CHIPS funding will support the Mohawk Valley fab to increase its production capacity by approximately 30%.

To achieve this increase in capacity in the Mohawk Valley, Wolfspeed will purchase and install additional tools & equipment in the Mohawk Valley, such as photolithography tools, ion implanters, metal deposition tools, etch systems, automation equipment and more that will be support by the Investment Tax Credit from the CHIPS & Science Law.

The proposed $750 million in CHIPS funding will also help catalyze private capital investment of at least $750 million to support the company’s expansion plans. This injection of private capital would not have occurred were it not for the CHIPS and Science Act. Wolfspeed is the world’s leading manufacturer of wafers and devices made from silicon carbide, a compound which has favorable chemical and material properties compared to traditional silicon, enabling Wolfspeed’s semiconductors to be highly energy-efficient and durable. The silicon carbide devices manufactured by Wolfspeed power electric vehicles (EVs) and plug-in hybrids, enabling extended driving range-per-charge, faster charging times, and lower overall systems costs, they also are vital for artificial intelligence and in military applications critical for national security.

Oneida County Executive Anthony J. Picente Jr. said, “We thank Senator Schumer for securing $750 million in funding for Wolfspeed from his historic CHIPS & Science Law. This transformative investment will accelerate hundreds of good-paying jobs in Oneida County and further elevate our region as a leader in semiconductor production. As Wolfspeed enhances its capabilities, we look forward to the opportunities this brings for our workforce and our future in the Mohawk Valley.”

Acting President of Mohawk Valley EDGE Shawna Papale said, “On behalf of Mohawk Valley EDGE, we commend the Department of Commerce for reaching a preliminary agreement with Wolfspeed to leverage more than $2.5 billion of investment including over $750 million in CHIPS Act grant funding. The growth of the Mohawk Valley Fab is hinged on the ability of Siler City to produce 200mm silicon carbide wafers to supply Wolfspeed’s Mohawk Valley Fab. Thanks to Senate Majority Leader Schumer, this CHIPs announcement accelerates hiring towards Wolfspeed’s job target of over 600 employees and increases production capacity at the Marcy Nanocenter. This was a true collaboration across local, county, State, and Federal officials along with the leadership of Wolfspeed to make the dream of recreating American made manufacturing a reality right here in Oneida County.”

Last week, Schumer announced Edwards Vacuum reached a $18 million CHIPS PMT to build its new $300+ million dry pump manufacturing facility for the semiconductor industry, the first of its kind for America, in Western NY. Earlier this year, Schumer also announced that Micron, which plans to invest $100 billion over the next two decades – the largest private investment in New York’ s history – reached a $6.1 billion CHIPS PMT funding agreement. In addition, GlobalFoundries in the Capital Region also reached an agreement for $1.5 billion in direct grant funding under his CHIPS & Science Law to support a $12.5 billion public-private investment over the next ten plus years to expand and construct a second, new state-of-the-art computer chip factory in Malta, NY.

Schumer added, “The CHIPS & Science Law keeps helping grow the booming semiconductor industry in Upstate NY. We are seeing more targeted federal investment than ever before to bring back manufacturing, and awards like this show how the I-90 corridor from Buffalo to Syracuse to Utica to Albany truly is becoming America’s semiconductor superhighway.”

Schumer has long worked to position the Mohawk Valley for semiconductor investment. In addition to his efforts on further recruiting chip suppliers to Marcy Nanocenter, Schumer secured $2 million in U.S. DOL funding for the Workforce Development Board of Herkimer, Madison and Oneida Counties and Mohawk Valley Community College (MVCC) to boost technical training to support the expansion and attraction of the semiconductor industry. Schumer also secured $2 million for MVCC to create a new state-of-the-art semiconductor and advanced manufacturing training center.

Schumer is also actively working with Mohawk Valley EDGE to help lure additional semiconductor and supply chain companies to Marcy Nanocenter which will get a further boost from Wolfspeed and Micron’s expansions in the region.

Schumer said, “Marcy Nanocenter is one of the most shovel-ready sites in the whole country and with this investment helping to strengthen Wolfspeed and with Micron rapidly establishing itself in the broader region, I am going all out to land more companies to make the Mohawk Valley a central component of bringing semiconductor manufacturing back to America.”

Thanks to Schumer’s CHIPS & Science Law, Upstate New York has seen a major revival in tech manufacturing. Micron has announced plans for a historic $100+ billion investment to build a cutting-edge memory fab in Central New York. GlobalFoundries plans to invest over $12 billion to expand and construct a second, new state-of-the-art computer chip factory in the Capital Region. TTM Technologies, a printed circuit board manufacturer, plans to invest up to $130 million to expand their facilities in Onondaga County, creating up to 400 good-paying jobs. Menlo Micro will invest $150 million to build their microchip switch manufacturing facility in Tompkins County, creating over 100 new good-paying jobs. In addition, Upstate New York is home to semiconductor supply chain companies like Corning Incorporated, which manufactures glass critical to the microchip industry at its Canton and Fairport, NY plants. Edwards Vacuum is also moving forward with a $300+ million investment to build a dry pump manufacturing facility in Western New York, creating 600 good-paying jobs to support the growing chip industry in Upstate New York and across the nation.

The PMT outlines key terms for Wolfspeed’s CHIPS agreement. To finalize the federal CHIPS agreement, the Commerce Department will now begin a comprehensive due diligence process on the proposed project and other information contained in the application. After satisfactory completion of the due diligence phase, the Commerce Department will finalize the PMT.

MIL OSI USA News –

January 23, 2025
MIL-OSI USA: SCHUMER ANNOUNCES NEW $750 MILLION PRELIMINARY INVESTMENT FOR WOLFSPEED FROM HIS CHIPS & SCIENCE LAW; SENATOR SAYS NEW $$$ WILL HELP ACCELERATE ONGOING MOHAWK VALLEY EXPANSION & SUPPORT HUNDREDS OF…

US Senate News:

Source: United States Senator for New York Charles E Schumer

Includes $750M Agreement For Funding From Schumer’s CHIPS Act & $750M Private Investment, Boosting Wolfspeed’s Ongoing Expansion In Upstate NY And Building A New North Carolina Facility Which Sends Wafers To Oneida County’s Marcy Nanocenter To Be Finished, Providing Long Term Work For Mohawk Valley

Wolfspeed Says It Also Plans To Tap Up To Nearly $1 Billion From The CHIPS ITC That Schumer Created To Help Fund Completion Of Mohawk Valley Plant

Schumer: My CHIPS & Science Law Is Bringing Wolfspeed To Front Of The Pack & Helping Mohawk Valley Lead America’s Semiconductor Renaissance

U.S. Senate Majority Leader Chuck Schumer today announced Wolfspeed has reached a $750 million preliminary memorandum of terms (PMT) funding agreement under the CHIPS & Science Law he led in writing and passing into law, helping them unlock an additional $750 million in private investment. Wolfspeed also said it plans to tap nearly $1 billion from the CHIPS Investment Tax Credit that Schumer helped create to fund much of the state-of-the-art equipment being installed to complete the expansion their Silicon Carbide Fabrication Facility at Marcy Nanocenter in Oneida County.

Wolfspeed said this massive collective investment will help accelerate their ongoing expansion in the Mohawk Valley and boosting good-paying jobs expected to be created at the Marcy facility. This CHIPS investment will also support Wolfspeed’s new North Carolina Siler City facility which is integral to the Mohawk Valley’s future as it will send wafers to be finished in NY, creating long term work and future growth opportunities for the Marcy operation.

“Wolfspeed is leading the pack in bringing semiconductor manufacturing back to America. This major multibillion investment powered by my CHIPS & Science Law will accelerate the ongoing expansion in the Mohawk Valley, helping boost hundreds of good paying jobs and providing long term work for the Marcy fab to succeed well into the future,” said Senator Schumer. “From electric vehicles to artificial intelligence, so much critical technology relies on the silicon carbide chips that Wolfspeed will manufacture and perfect in the Mohawk Valley. Today’s massive investment will make America’s economy and our national security stronger as Wolfspeed helps us write the next chapter of America’s resurgence as the leader in the semiconductor industry, with the Mohawk Valley as the beating heart.”

Schumer explained that Wolfspeed’s Mohawk Valley Fab is the largest and one of the only 200mm Silicon Carbide fabrication facilities in the world. Wolfspeed officially opened their new fab in 2022 and is actively expanding with approximately $790 million in additional capital planned investment in the Mohawk Valley which will help support new good paying manufacturing and construction jobs to the region. The proposed CHIPS investment would also support the construction of Wolfspeed’s silicon carbide wafer manufacturing facility in North Carolina. Nearly all of the wafers from Wolfspeed’s new facility in Siler City, NC are needed and sent to the Mohawk Valley Fab to be finished and this investment is essential to ramp up chip production in New York. The proposed CHIPS funding will support the Mohawk Valley fab to increase its production capacity by approximately 30%.

To achieve this increase in capacity in the Mohawk Valley, Wolfspeed will purchase and install additional tools & equipment in the Mohawk Valley, such as photolithography tools, ion implanters, metal deposition tools, etch systems, automation equipment and more that will be support by the Investment Tax Credit from the CHIPS & Science Law.

The proposed $750 million in CHIPS funding will also help catalyze private capital investment of at least $750 million to support the company’s expansion plans. This injection of private capital would not have occurred were it not for the CHIPS and Science Act. Wolfspeed is the world’s leading manufacturer of wafers and devices made from silicon carbide, a compound which has favorable chemical and material properties compared to traditional silicon, enabling Wolfspeed’s semiconductors to be highly energy-efficient and durable. The silicon carbide devices manufactured by Wolfspeed power electric vehicles (EVs) and plug-in hybrids, enabling extended driving range-per-charge, faster charging times, and lower overall systems costs, they also are vital for artificial intelligence and in military applications critical for national security.

Oneida County Executive Anthony J. Picente Jr. said, “We thank Senator Schumer for securing $750 million in funding for Wolfspeed from his historic CHIPS & Science Law. This transformative investment will accelerate hundreds of good-paying jobs in Oneida County and further elevate our region as a leader in semiconductor production. As Wolfspeed enhances its capabilities, we look forward to the opportunities this brings for our workforce and our future in the Mohawk Valley.”

Acting President of Mohawk Valley EDGE Shawna Papale said, “On behalf of Mohawk Valley EDGE, we commend the Department of Commerce for reaching a preliminary agreement with Wolfspeed to leverage more than $2.5 billion of investment including over $750 million in CHIPS Act grant funding. The growth of the Mohawk Valley Fab is hinged on the ability of Siler City to produce 200mm silicon carbide wafers to supply Wolfspeed’s Mohawk Valley Fab. Thanks to Senate Majority Leader Schumer, this CHIPs announcement accelerates hiring towards Wolfspeed’s job target of over 600 employees and increases production capacity at the Marcy Nanocenter. This was a true collaboration across local, county, State, and Federal officials along with the leadership of Wolfspeed to make the dream of recreating American made manufacturing a reality right here in Oneida County.”

Last week, Schumer announced Edwards Vacuum reached a $18 million CHIPS PMT to build its new $300+ million dry pump manufacturing facility for the semiconductor industry, the first of its kind for America, in Western NY. Earlier this year, Schumer also announced that Micron, which plans to invest $100 billion over the next two decades – the largest private investment in New York’ s history – reached a $6.1 billion CHIPS PMT funding agreement. In addition, GlobalFoundries in the Capital Region also reached an agreement for $1.5 billion in direct grant funding under his CHIPS & Science Law to support a $12.5 billion public-private investment over the next ten plus years to expand and construct a second, new state-of-the-art computer chip factory in Malta, NY.

Schumer added, “The CHIPS & Science Law keeps helping grow the booming semiconductor industry in Upstate NY. We are seeing more targeted federal investment than ever before to bring back manufacturing, and awards like this show how the I-90 corridor from Buffalo to Syracuse to Utica to Albany truly is becoming America’s semiconductor superhighway.”

Schumer has long worked to position the Mohawk Valley for semiconductor investment. In addition to his efforts on further recruiting chip suppliers to Marcy Nanocenter, Schumer secured $2 million in U.S. DOL funding for the Workforce Development Board of Herkimer, Madison and Oneida Counties and Mohawk Valley Community College (MVCC) to boost technical training to support the expansion and attraction of the semiconductor industry. Schumer also secured $2 million for MVCC to create a new state-of-the-art semiconductor and advanced manufacturing training center.

Schumer is also actively working with Mohawk Valley EDGE to help lure additional semiconductor and supply chain companies to Marcy Nanocenter which will get a further boost from Wolfspeed and Micron’s expansions in the region.

Schumer said, “Marcy Nanocenter is one of the most shovel-ready sites in the whole country and with this investment helping to strengthen Wolfspeed and with Micron rapidly establishing itself in the broader region, I am going all out to land more companies to make the Mohawk Valley a central component of bringing semiconductor manufacturing back to America.”

Thanks to Schumer’s CHIPS & Science Law, Upstate New York has seen a major revival in tech manufacturing. Micron has announced plans for a historic $100+ billion investment to build a cutting-edge memory fab in Central New York. GlobalFoundries plans to invest over $12 billion to expand and construct a second, new state-of-the-art computer chip factory in the Capital Region. TTM Technologies, a printed circuit board manufacturer, plans to invest up to $130 million to expand their facilities in Onondaga County, creating up to 400 good-paying jobs. Menlo Micro will invest $150 million to build their microchip switch manufacturing facility in Tompkins County, creating over 100 new good-paying jobs. In addition, Upstate New York is home to semiconductor supply chain companies like Corning Incorporated, which manufactures glass critical to the microchip industry at its Canton and Fairport, NY plants. Edwards Vacuum is also moving forward with a $300+ million investment to build a dry pump manufacturing facility in Western New York, creating 600 good-paying jobs to support the growing chip industry in Upstate New York and across the nation.

The PMT outlines key terms for Wolfspeed’s CHIPS agreement. To finalize the federal CHIPS agreement, the Commerce Department will now begin a comprehensive due diligence process on the proposed project and other information contained in the application. After satisfactory completion of the due diligence phase, the Commerce Department will finalize the PMT.

MIL OSI USA News –

January 23, 2025
MIL-OSI USA: Ciscomani Hosts Women’s Health Roundtable Event in Tucson
Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

Tucson, AZ – U.S. Congressman Juan Ciscomani (AZ-06) hosted a Women’s Health Roundtable alongside experts from the University of Arizona, the National Institute of Health (NIH), and Women’s Health Access Matters (WHAM) to discuss the need to advance research initiatives, expand healthcare access, and promote innovation in women’s healthcare.

While at this event, Ciscomani met with Maria Martinez, a two-time survivor of breast cancer who is fighting to expand access to critical care after she was denied an MRI by her insurers. In 2024, Maria Martinez awarded Ciscomani the Breast Cancer Guardian Award. Watch their video together here.

“As your Representative and a member of the House Appropriations Subcommittee on Labor, Health and Human Services, I am committed to pushing legislation, funding, and other efforts to address the gap in women’s healthcare innovation,” said Ciscomani. “It was an honor to host this roundtable and hear directly from distinguished panelists, experts, and my constituents about the best ways to improve women’s healthcare and support women and families in southern Arizona, and across the nation.”

Background
- As a member of the House Appropriations Subcommittee on Labor, Health and Human Services, Ciscomani:
  - Voted to fully fund the National Institutes of Health at $48 billion in Fiscal Year 2025.
  - Voted to fully fund the National Breast and Cervical Cancer Early Detection Program at $238 million.
  - Prioritized the critical cancer research efforts at the National Cancer Institute (NCI), proposing $7.9 billion total for NCI, or an increase of $650 million.
- Ciscomani co-led H.R.8839, Maternal and Infant Syphilis Prevention Act with Rep. Caraveo (CO-08) to address the drastic increases in syphilis cases nationwide, especially in Arizona, and its impacts on maternal and infant health. Directs HHS to issue guidance to states on best practices for screening and treatment of congenital syphilis under Medicaid/CHIP.
- Ciscomani co-led the introduction of H.R. 9335, the Maternal and Infant Delivery: Wellness, and Integration with Vital Expertise Support (MIDWIVES) for Servicemembers Act with Rep. Kilmer (WA-06) to expand midwifery care to servicemembers and their families.
- Ciscomani cosponsored H.R.4534, the Women and Lung Cancer Research and Preventive Services Act introduced by Rep. Boyle (PA-02) to address a leading cause of cancer death in women by assessing the status of existing research and gaps in current lung cancer research in women, as well as identifies new opportunities for research and initiatives.
- Ciscomani cosponsored H.R.6749,the Menopause Research and Equity Act of 2023 introduced by Rep. Clarke (NY-09) which directs the NIH to evaluate the results and status of completed and ongoing research related to menopause, perimenopause, or midlife women’s health, and to conduct and support additional research. Specifically, NIH will highlight any gaps in knowledge and what treatments there could be for menopause-related symptoms.
- At a House Appropriations Subcommittee hearing, Ciscomani questioned Department of Health and Human Services (HHS) Secretary Xavier Becerra about initiatives to promote and expand access to women’s healthcare.
- Ciscomani joined a bipartisan letter to Ways and Means Committee Chairman Jason Smith (MO-08) and Ranking Member Richard Neal (MA-01) urging the inclusion of the Child Care Investment Act in the Tax Relief for American Families and Workers Act
###

MIL OSI USA News –
January 23, 2025
MIL-OSI USA: Baldwin Introduces Bill to Protect Wisconsinites from Predatory Wall Street Investors
US Senate News:
Source: United States Senator for Wisconsin Tammy Baldwin

WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) introduced the Stop Wall Street Looting Act, comprehensive legislation to fundamentally reform the private equity industry and level the playing field by forcing private investment firms to take responsibility for the outcomes of companies they take over, empowering workers and protecting investors.

Since 2020, private equity fund assets have grown exponentially, reaching nearly $8 trillion in 2023 compared to $4.5 trillion in 2020. Private equity funds have purchased companies in nearly every sector of the economy — from nursing homes, to newspapers, to grocery stores — laying off hundreds of thousands of workers and ruining thousands of companies in the process.

“When out-of-state investors buy Wisconsin companies only to turn a quick profit and shutter their doors, it’s Wisconsin workers and communities that suffer. I’m committed to ensuring that when Wisconsin businesses are purchased, Wisconsin families are protected and not left high and dry like we’ve seen in places like Janesville, Green Bay, and Waukesha,” said Senator Baldwin. “Our legislation will help put workers and our community first – protecting them from predatory practices that too often result in devastating job losses for Wisconsin’s working families.”

The private equity industry claims to invest in companies while also earning high returns for investors by using their management expertise to make the companies’ operations more efficient, and then selling the companies at a profit. In reality, private equity funds often load mountains of debt on the companies they buy, strip them of their assets, and extract exorbitant fees and dividends, guaranteeing payouts for themselves regardless of how the investment performs. When their debt-ridden investments go belly-up, private equity funds walk away with no responsibility for the mess they create, leaving workers in the lurch and forcing communities to clean up their mess.

This bill would level the playing field, protect workers, consumers, and investors, and force private equity firms to take responsibility for the companies they control by closing the loopholes that allow private equity to capture all the rewards of their investments while insulating themselves from risk and liability. The Stop Wall Street Looting Act will:
- Require Private Investment Funds to Have Skin in the Game: Private equity firms, the firm’s general partners, and their insiders will all be on the hook for the liabilities of companies under their control — including debt, legal judgments, and pension-related obligations — to better align the incentives of private equity firms and the companies they own. Liability would not extend to the fund’s limited partners, ensuring that only those that control portfolio firms are on the hook. In order to encourage more responsible use of debt, the bill ends the tax subsidy for excessive leverage and closes the carried interest loophole.
- End Looting of Portfolio Companies. To give portfolio companies a shot at success, the bill limits how much money private equity firms can extract from companies and closes the loophole that private equity firms have used to hide certain assets from bankruptcy courts.
- Protect Workers, Customers and Communities. This proposal prevents private equity firms from walking away when a company fails and protects workers and communities by:
- Empower Investors by Increasing Transparency. Private equity managers will be required to disclose fees, returns, and other information about their funds and the corporate loans they make so that investors can monitor their investments.
- Put Guardrails Around Accessing Public Funds. Firms receiving any funds from a federal or state agency must publicly disclose how the funds are used and will be prohibited from acquiring any company or making a distribution to investors for two years after receipt.
- Drives REITS out of Health Care. Payments from federal health programs to entities that sell assets or use assets for a loan collateral made to a Real Estate Investment Trust (REIT) are prohibited; repeal a rule in the Tax Code that allows taxable REIT subsidiaries to exert influence on the operations of health care entities; and remove the 20 percent pass-through deduction, passed in the 2017 Trump tax cuts, for all REIT investors.
The bill is led by Senator Elizabeth Warren (D-MA) and also co-sponsored by Jeff Merkley (D-OR), Bernie Sanders (I-VT), Tina Smith (D-MN), and Ed Markey (D-MA) in the Senate.

The bill is supported by Action Center on Race and the Economy, AFL-CIO, American Economic Liberties Project, American Federation of Teachers, Americans for Financial Reform, Center for Popular Democracy, Communication Workers of America, Community Catalyst, Economic Policy Institute, Indivisible, National Employment Law Project, National Women’s Law Center, Private Equity Stakeholder Project, People’s Action, SEIU, Strong for All, Take on Wall Street, United for Respect, Working Families Party, and Worth Rises.

“Private equity has an immense impact on the U.S. economy, touching virtually every aspect of life from healthcare to housing to technology to retail and more. Private equity’s extractive playbook harms workers and communities, diminishes access to quality affordable health care, worsens the housing crisis and the climate crisis, and perpetuates systemic racism. Without major changes, a handful of ultra wealthy Wall Street executives will continue getting richer at everyone else’s expense. The Stop Wall Street Looting Act takes important, much needed steps to reign in Wall Street predatory practices and promote a just and sustainable economy,” said Lisa Donner, Executive Director, Americans for Financial Reform.

“Union busting, pollution, and bankruptcy aren’t side effects of the private equity model: they are the model,” said Porter McConnell, Take on Wall Street. “It’s a smash-and-grab, plain and simple. That’s why we are so pleased to see comprehensive legislation like the Stop Wall Street Looting Act introduced in Congress today. We created the loopholes in the law that allowed the private equity industry to thrive, and we can end them. Our communities, our economy, and our democracy are depending on it.”

“As we fight for more public investment in the child care sector, we must also rein in private equity’s ability to enrich themselves at the expense of the public. Building guardrails – such as those in the Stop Wall Street Looting Act – will help put the wellbeing of children and families ahead of private equity’s profits,” said Melissa Boteach, Vice President, Income Security and Child Care/Early Learning, National Women’s Law Center.

“Private equity firms, which control nearly $15 trillion in assets, routinely prioritize quick, outsized profits, at the expense of workers, patients, renters, and local economies as part of their business model,” said Chris Noble, Policy Director for the Private Equity Stakeholder Project. “The Stop Wall Street Looting Act provides an essential check on this opaque industry. By addressing the systemic risks tied to debt-laden private equity buyouts, this legislation prioritizes the long-term health of businesses and communities over short-term profits for wealthy private equity executives.”

“Private equity should have no influence over medical treatment decisions made jointly by independent physicians and their patients. The Stop Wall Street Looting Act goes a long way towards ensuring physicians, in consultation with their patients, are able to deliver quality, patient-centered, cost-efficient care without corporate interference,” said Dr. Stephen M. McCollam, Chair, Coalition for Patient-Centered Care.

“Wall Street private equity firms have proven themselves to be a parasite on workers, our economy, and American retailers by gutting companies for profit and driving mass layoffs. Holding billionaire profiteers accountable for the damage they do to our working families and communities is imperative to addressing growing economic inequality,” said United for Respect Co-Executive Directors Bianca Agustin and Terrysa Guerra in a joint statement. “The Stop Wall Street Looting Act will help close loopholes in our laws that for too long have allowed private equity to pillage companies and amass huge profits while workers lose their jobs and are left with nothing. United For Respect is proud to support this bill — and we need all legislators to join us in protecting workers and putting Wall Street on the hook for the havoc they reap.”

Full text of this legislation is available here. A one-pager on this legislation is available here.
MIL OSI USA News –
January 23, 2025
MIL-OSI USA: ICYMI—Hagerty Joins Kudlow to Discuss Border Patrol Union Endorsing Trump, Harris’s Failed Border Policy

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty

NEW YORK CITY – United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees, yesterday joined Kudlow on Fox Business to discuss the National Border Patrol Council endorsing President Trump, Kamala Harris and Chuck Schumer’s deceptive “border bill,” illegal migrant taxpayer-funded flights, apartment complexes being overrun by Venezuelan gangs, and a preview of a second Trump Administration in the Senate.

*Click the photo above or here to watch*

Partial Transcript

Hagerty on the National Border Patrol Council endorsing President Donald Trump: “Absolutely, they did. And the reason they did, is they know that he means what he says. This fake border bill that Kamala Harris and Chuck Schumer put forward was simply a ruse. It was an opportunity for them to actually put more resources into more people into this country more [easily]. That’s what it was looking to do […] It’s high time that we did [secure the border], and President Trump is the only one that can get it done.”

Hagerty on the taxpayer-funded illegal migrant flights: “It doesn’t make any sense, and talking about the ones that we fly in here: I brought this to the floor of the Senate, and every single Democrat voted to continue using taxpayer dollars to support flights from places like Haiti, Cuba, Nicaragua, Venezuela, directly into our country, bypassing the borders and bringing illegal migrants into our country, into the cities of their choice. Every single Democrat voted to continue using taxpayer funds to do this. Last year, 320,000 people came in this way. This year, right here, it’s over half a million so far.”

Hagerty on apartment complexes being run by illegal Venezuelan gangs: “The partisan media are so out of touch, Larry. That she [ABC’s Martha Raddatz] would even undertake that line of questioning with JD [Vance] just shows how out of touch they are, and they’re so focused on debunking talking points and “disinformation.” They’re not focused on the real problems here right now […] It shouldn’t be a single apartment complex [taken over] […] I can’t imagine that she thinks this would be acceptable if it were her apartment complex that had been taken over by Venezuelan gangs.”

Hagerty on a Republican Senate majority pushing a second Trump Agenda: “I’ve discussed with the number of people that are running for Senate leadership that the most important criteria from my perspective is their ability to get along with Donald Trump and lock arms in this agenda to make certain that the work that’s going to take place with Executive Orders and the Executive Branch side is paired up. And I hope we’ll be in a position to do reconciliation […] There are a number of people that have already announced that they’re going to run: [John] Thune, [John] Cornyn. You’ve got Rick Scott as well who has already announced, and there may be others. But I think one of the key criteria again, is going to be making certain that we take the greatest advantage of this first 100 days, first 200 days, to really make it matter. And on the Senate side, getting appointments through, getting our nominees appointed right away[…] The tax package is going to be right on the agenda as you know, and you worked so hard on this before. If you think about what President Trump was able to accomplish back in 2017 with the Tax Cuts and Jobs Act and with the deregulatory thrust that he undertook, we’re going to come back, and I hope see it on steroids this time and see our economy, you know, grow even stronger. Grow even better.”

MIL OSI USA News –

January 23, 2025
MIL-OSI: First Merchants Corporation Announces Cash Dividend on Its Preferred Stock

Source: GlobeNewswire (MIL-OSI)

MUNCIE, Ind., Oct. 15, 2024 (GLOBE NEWSWIRE) — First Merchants Corporation has declared a quarterly cash dividend of $46.88 per share on its 7.50% Non-Cumulative Perpetual Preferred Stock Series A, represented by depositary shares (NASDAQ: FRMEP) each representing a 1/100th interest in a share of the Series A preferred stock. Holders of depositary shares will receive $0.4688 per depositary share. The dividend will be payable on November 15, 2024, to stockholders of record on October 31, 2024.

About First Merchants Corporation:

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Depositary shares representing a 1/100th interest in a share of First Merchants Corporation’s 7.50% Non-Cumulative Perpetual Preferred Stock, Series A are traded on the NASDAQ Global Select Market System under the symbol FRMEP. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

For more information, contact:
Nicole M. Weaver, Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

The MIL Network –

January 23, 2025
MIL-OSI Security: California Businessman Sentenced for Tax Evasion

Source: United States Attorneys General

Defendant Diverted Income from His Clothing Business and Dealt in Cash to Evade Taxes

A California man was sentenced today to 15 months in prison for evading more than $1 million of individual and corporate income taxes owed to the IRS and California Franchise Tax Board.

According to court documents and statements made in court, Haim Jerry Kohen owned and operated a business that bought and sold bulk quantities of used clothing. Between 2005 and 2017, Kohen evaded his taxes by, among other things, filing false individual and corporate income tax returns with federal and state taxing authorities on which he underreported income.

He also attempted to conceal this income from the IRS by diverting it from his business to himself and by dealing in cash. Kohen collected cash payments owed to his business from a significant customer and kept the cash for himself instead of depositing it into his business’ bank account. Kohen did not report the diverted cash on either the corporate tax returns or on his individual income tax returns. Kohen continued this conduct even after he became aware that he was under criminal investigation by the IRS.

Additionally, in November 2013, that same customer owed Kohen’s business over $648,000. Kohen and the customer executed a promissory note where the customer agreed to repay the debt to Kohen personally, and not to his business. Kohen received payments pursuant to the note in cash and did not report them on any tax return. Over the years, Kohen also loaned money to people and did not report the interest payments he received on his personal returns.

Kohen also did not report rental income from two properties he owned in Beverly Hills and Tarzana, California. Kohen bought the Beverly Hills property in 2011 and soon thereafter deeded it to close family members. However, Kohen continued to collect the rental income for the property and exercised ownership and control over it. He also did not report the rental income he received from the Tarzana property.

In total, Kohen caused a tax loss to the IRS and State of California of $1,471,323.

In addition to the term of imprisonment, U.S. District Judge Stanley Blumenfeld, Jr. ordered Kohen to serve one year of supervised release, pay a fine of $95,000 and to pay $1,471,323 in restitution.

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Martin Estrada for the Central District of California made the announcement.

IRS Criminal Investigation’s International Tax and Financial Crimes group investigated the case.

Senior Litigation Counsel Mark F. Daly and Trial Attorneys Sara E. Henderson and John C. Gerardi of the Justice Department’s Tax Division and Assistant U.S. Attorney Ranee Katzenstein for the Central District of California prosecuted the case.

MIL Security OSI –

January 23, 2025
MIL-OSI USA: California Businessman Sentenced for Tax Evasion

Source: US State of Vermont

Defendant Diverted Income from His Clothing Business and Dealt in Cash to Evade Taxes

A California man was sentenced today to 15 months in prison for evading more than $1 million of individual and corporate income taxes owed to the IRS and California Franchise Tax Board.

According to court documents and statements made in court, Haim Jerry Kohen owned and operated a business that bought and sold bulk quantities of used clothing. Between 2005 and 2017, Kohen evaded his taxes by, among other things, filing false individual and corporate income tax returns with federal and state taxing authorities on which he underreported income.

He also attempted to conceal this income from the IRS by diverting it from his business to himself and by dealing in cash. Kohen collected cash payments owed to his business from a significant customer and kept the cash for himself instead of depositing it into his business’ bank account. Kohen did not report the diverted cash on either the corporate tax returns or on his individual income tax returns. Kohen continued this conduct even after he became aware that he was under criminal investigation by the IRS.

Additionally, in November 2013, that same customer owed Kohen’s business over $648,000. Kohen and the customer executed a promissory note where the customer agreed to repay the debt to Kohen personally, and not to his business. Kohen received payments pursuant to the note in cash and did not report them on any tax return. Over the years, Kohen also loaned money to people and did not report the interest payments he received on his personal returns.

Kohen also did not report rental income from two properties he owned in Beverly Hills and Tarzana, California. Kohen bought the Beverly Hills property in 2011 and soon thereafter deeded it to close family members. However, Kohen continued to collect the rental income for the property and exercised ownership and control over it. He also did not report the rental income he received from the Tarzana property.

In total, Kohen caused a tax loss to the IRS and State of California of $1,471,323.

In addition to the term of imprisonment, U.S. District Judge Stanley Blumenfeld, Jr. ordered Kohen to serve one year of supervised release, pay a fine of $95,000 and to pay $1,471,323 in restitution.

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Martin Estrada for the Central District of California made the announcement.

IRS Criminal Investigation’s International Tax and Financial Crimes group investigated the case.

Senior Litigation Counsel Mark F. Daly and Trial Attorneys Sara E. Henderson and John C. Gerardi of the Justice Department’s Tax Division and Assistant U.S. Attorney Ranee Katzenstein for the Central District of California prosecuted the case.

MIL OSI USA News –

January 23, 2025
MIL-OSI USA: BIRD IN HAND – Shapiro Administration to Announce $3.4 Million for Stream and Watershed Restoration Projects

Source: US State of Pennsylvania

October 16, 2024 – Bird in Hand, PA

ADVISORY – BIRD IN HAND – Shapiro Administration to Announce $3.4 Million for Stream and Watershed Restoration Projects

The Pennsylvania Department of Environmental Protection (DEP) will announce more than $3.4 million in grants to projects to improve water quality and fish and wildlife habitat throughout Pennsylvania’s part of the Chesapeake Bay watershed and other watersheds.

DEP will be joined by EPA Regional Administrator Adam Ortiz and representatives from the Lancaster County Conservation District.

WHAT:
DEP announcing $3.4 million in watershed restoration grants

WHEN:
Wednesday October 16; 1:00 PM

WHERE:
2557 Old Philadelphia Pike, Bird in Hand, PA 17505

For more information, visit the Pennsylvania Department of Environmental Protection’s website, or follow DEP on Facebook, X (formerly Twitter), or LinkedIn.

MEDIA CONTACT: DEP Newsroom, RA-EPNEWS@pa.gov

MIL OSI USA News –

January 23, 2025
MIL-OSI Asia-Pac: Notice Inviting Applications for E-Auction of Third Batch of Private FM Radio Phase-III Channels

Source: Government of India

Posted On: 15 OCT 2024 4:49PM by PIB Delhi

For the rollout of 730 Private Radio channels in 234 uncovered new cities in India, the Government has issued a Notice Inviting Applications from prospective bidders for E-Auction of Third Batch of Private FM Radio Phase-III channels.

Annual License Fee of FM channels in these cities shall be charged as 4% of Gross Revenue excluding GST. The reserve price for auction of channels in these cities is as per the TRAI recommended prices of 2022. The last date for submitting applications is 18^th November, 2024.

The complete Notice and the FM Phase-III Policy Guidelines is available on the website of Ministry of Information & Broadcasting and can be accessed by clicking on the link here

*****

Dharmendra Tewari/Kshitij Singha

(Release ID: 2065001) Visitor Counter : 16

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI Asia-Pac: As part of Special Campaign 4, CGST Faridabad Commissionerate of CBIC reclaims office space by constructing a cafeteria and creche for employee welfare

Source: Government of India (2)

As part of Special Campaign 4, CGST Faridabad Commissionerate of CBIC reclaims office space by constructing a cafeteria and creche for employee welfare

Zonal Member CBIC Shri Shashank Priya inaugurates creche and cafeteria at CGST Faridabad; participates in Swachhta Hi Sewa activity at Kendriya Vidyalaya, Faridabad

Posted On: 15 OCT 2024 6:08PM by PIB Delhi

The CGST Faridabad Commissionerate, in its commitment towards providing better working environment for officers and staff, developed a cafeteria and creche within the building premises by reclaiming two abandoned rooms filled with old records and used furniture. The efforts were carried out keeping in mind the focus of Special Campaign 4.0, which emphasises on weeding out old records and better utilisation of office space.

Shri Shashank Priya, Member, GST, CBIC, and Zonal Member, inaugurated the cafeteria and creche in presence of Chief Commissioner Shri Manoj Kumar Srivastava, Shri Reyaz Ahmad, Commissioner, CGST Faridabad, and senior officers of CGST Panchkula Zone.

The creche is named ‘Mukesh’ in the loving memory of Shi Mukesh Kumar, IRS (C&IT) 2014 officer, who lost his life during COVID-19 Pandemic. The officer worked as Deputy Commissioner with CGST Faridabad for more than two years. His parents were also present at the inauguration of the creche.

Shri Priya lauded the efforts of the commissionerate towards employee welfare which will boast their morale and help in better tax administration.

Both cafeteria and creche have been made possible with the welfare funds provided by Directorate General of Human Resource Development, CBIC. The cafeteria provides a clean and healthy dining experience to the employees and would offer food at reasonable rates. The creche would help employees to now keep the kids within their own office premises. The creche will not only help bridge the gap of physical distance between the parents and the infants, but will also strengthen their emotional bond.

As part of Swachhta Hi Sewa, 2024, during the visit Zonal Member also visited Kendriya Vidyalaya, Faridabad to handover a water cooler, RO filter, eco-friendly dustbins, grass cutting machine etc. to the school. It is pertinent to note that during Special Campaign 3, Shri Priya had visited the school on October 2, 2023 and these items were requisitioned by the school. CGST Faridabad in its commitment towards Swachh Bharat has fulfilled the request of the school and provided the items out of Swachhta funds.

Shri Priya also planted a sapling at CGST Faridabad under the Ek Ped Ma Ke Naam campaign of the Government of India.

****

NB/KMN

(Release ID: 2065058) Visitor Counter : 92

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI Asia-Pac: Department of Consumer Affairs observing Special Campaign 4.0
Source: Government of India

Posted On: 15 OCT 2024 6:46PM by PIB Delhi

The Department of Consumer Affairs (DoCA) has launched Special Campaign 4.0 on 02^nd October 2024 aimed at enhancing cleanliness and addressing outstanding references. This campaign will continue till October 31, 2024, following the framework established by the successful Special Campaigns over the past three years.

During the preparatory phase of the campaign from 17^th Sept 2024 to 1^st Oct 2024, DoCA along with its autonomous/ attached/ subordinate offices successfully completed the identification of key targets. This included selecting sites for the Cleanliness Campaign, planning for space management and office beautification, and checking scrap and redundant items along with their disposal. During this phase, DoCA also targeted at completing pending references from Members of Parliament, State Governments, inter-ministerial communications (including Cabinet Notes), as well as any outstanding Parliamentary Assurances. The department is also disposing public grievances and appeals, including those from CPGRAMS and other sources. Furthermore, a comprehensive review of record management was conducted, which involved assessing files, weeding out unnecessary documents, and closing e-files. All findings were uploaded to the SCDPM portal for transparency and accessibility.

In the preparatory phase, to ensure cleanliness, healthy working environment for effective operational efficiency within the Department, Smt. Nidhi Khare, the Secretary (CA), along with other senior officer conducted an inspection of departmental offices. During her inspection, she visited various offices, engaging with staff members and advised the officials to maintain good working environment and periodic review and efficient record keeping of physical files. She empresses upon the segregation and proposer disposal of electronic waste of the department.

Smt. Nidhi Khare, the Secretary (CA), Conducted Inspection during Special Campaign 4.0

As we have approached the mid of the campaign, the department is taking concerted efforts for disposal of identified pending references. The status of disposal of pending references under various categories as on 14.10.2024 is detailed below –
1. Cleanliness Campaigns conducted- 78
2. Revenue Earned- Rs. 5,11,915
3. Files weeded and closed- 2,081
4. State Government Assurances- 2
5. Public Grievances disposed – 27,250
6. E- files closed-235
Various autonomous/ attached/ subordinate offices of DoCA have conducted successful activities under the campaign

Cleanliness activity at RRSL Bhubaneswar

Before After

Cleanliness activity at RRSL Varanasi

***

AD/NS

(Release ID: 2065076) Visitor Counter : 31

MIL OSI Asia Pacific News –
January 23, 2025
MIL-OSI Asia-Pac: Department of Administrative Reforms and Public Grievances (DARPG) releases the 29th Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments Performance for the Month of September, 2024
Source: Government of India (2)

Department of Administrative Reforms and Public Grievances (DARPG) releases the 29th Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments Performance for the Month of September, 2024

Total of 1,24,879 Grievances Redressed by Central Ministries/Departments in September, 2024

For the 27th month in a row, the monthly disposal crossed 1 lakh cases in the Central Secretariat

Department of Revenue, Central Board of Indirect Taxes and Customs and Department of Posts topped in Group A category in the rankings released for the month of September, 2024

Department of Land Resources, Department of Investment and Public Asset Management and Department of Empowerment of Persons with Disabilities topped in Group B category in the rankings released for the month of September, 2024

Posted On: 15 OCT 2024 7:59PM by PIB Delhi

The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) monthly report for September, 2024, which provides a detailed analysis of types and categories of public grievances and the nature of disposal. This is the 29^th report on Central Ministries/Departments published by DARPG.

The progress for September, 2024 indicates 1,24,879 Grievances Redressed by Central Ministries/Departments. The Average Grievance Disposal Time in the Central Ministries/Departments from 1^st January to 30^th September, 2024 is 13 days. These reports are part of the 10-step CPGRAMS reform process which was adopted by DARPG to improve the quality of disposal and reduce the timelines.

The report provides the data for new users registered through the CPGRAMS Portal in the month of September, 2024. A total of 50,393 new users registered in the month of September, 2024, with maximum registrations from Uttar Pradesh (8,281) registrations.

The said report also provides the Ministry/Department-wise analysis on the grievances registered through Common Service Centres in September, 2024. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associating with 2.5 lakh Village Level Entrepreneurs (VLEs). 8,017 grievances were registered through CSCs in the month of September, 2024. It also highlights the major issues/categories for which the maximum grievances were registered through CSCs.

In September, 2024, the Feedback Call Centre collected 84,224 feedbacks. Out of the total feedbacks collected, around 48% citizens expressed satisfaction with the resolution provided to their respective grievances. In September, 2024, 50,737 feedbacks were collected for Central Ministries/Departments by the Feedback Call Centre, out of which around 54% citizens expressed satisfaction with the resolution provided. The performance of Ministries/Departments in the last 9 months, with respect to the satisfaction percentage of citizens is also present in the said report.

The following are the Key Highlights of the DARPG’s monthly CPGRAMS report for September, 2024 for Central Ministries/ Departments:
1. Public Grievance Cases:
- In September 2024, 1,15,813 PG cases were received on the CPGRAMS portal, 1,24,879 PG cases were redressed and there exists a pendency of 61,499 PG cases, as of 30^th September, 2024.
1. Public Grievance Appeals:
- In September, 2024, 19,876 appeals were received and 21,044 appeals were disposed
- The Central Secretariat has a pendency of 23,016 PG Appeals at the end of September, 2024
1. Grievance Redressal Assessment and Index (GRAI) – September, 2024
- Department of Revenue, Central Board of Indirect Taxes and Customs and Department of Posts are amongst the top performers in the Grievance Redressal Assessment & Index within the Group A (more than equal to 500 grievances) for September, 2024
- Department of Land Resources, Department of Investment and Public Asset Management and Department of Empowerment of Persons with Disabilities are amongst the top performers in the Grievance Redressal Assessment & Index within the Group B (less than 500 grievances) for September, 2024.
The report also features 3 success stories of effective grievance resolution from Central Ministries/Departments:
1. Grievance of Shri Biswa Ranjan Samal – TDS Rectification and Demand Clearance
Shri Biswa Ranjan Samal filed his income tax return on time for the FY 2009-10. However, due to a delay by the Secretariat Administration Department, Assam Secretariat Civil, his TDS of ₹1,50,000 was not reflected in Form 26AS. After rigorous follow-ups, the TDS return was finally updated and reflected in his Form 26AS. Despite this, the citizen’s request to the IT department for reprocessing, so that the demand could be squared off, was not addressed. As a result, the concerned citizen filed a CPGRAMS grievance.

Within 16 days of filing the grievance, the JAO passed a rectification order under Section 154 for AY 2010-11, reducing the demand to nil.
1. Grievance of Shri. Vivek Singh – Account Freeze Due to Suspicious Transactions
Shri. Vivek, a small business owner, raised a grievance regarding the freezing of his Bank of Baroda account after making multiple transactions. The Bank froze his account due to the cyber fraud flagged against his account. Despite explaining the situation to the bank and undergoing verification (CPV), his account remained frozen and no concrete action was taken.

Concerned, he filed a CPGRAMS and within 8 days of filing the grievance, post due diligence by the bank, the account freeze was lifted.
1. Grievance of Shri. Anurag Jain – Pending Payment for Contract GEMC-511************
The complainant, Anurag Jain reported a pending payment of ₹21,000 for contract GEMC-511687741711265, where materials were delivered on time and the CRAC was generated on 24/06/2023. Despite several reminders to the ordering officer, payment was not received within the stipulated 21 days as per GEM policy.

Concerned, the citizen filed a CPGRAMS and as a result, the outstanding payment along with the interest was released to the citizen.

*****

NKR/DK/AG

(Release ID: 2065116) Visitor Counter : 32

MIL OSI Asia Pacific News –
January 23, 2025
MIL-OSI Asia-Pac: CBDT issues Frequently Asked Questions (FAQs) on Direct Tax Vivad Se Vishwas Scheme, 2024, to provide clarity

Source: Government of India (2)

Posted On: 15 OCT 2024 7:56PM by PIB Delhi

In order to facilitate the various queries raised by the stakeholders following the enactment of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, the Central Board of Direct Taxes (CBDT) has today issued a Guidance Note in the form of Frequently Asked Questions (FAQs). This note is designed to provide clarity and assist taxpayers in better understanding the provisions of the Scheme.

The Guidance Note can be accessed on the Income Tax Department’s official portal at https://incometaxindia.gov.in/news/circular-12-2024.pdf.

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes. The scheme was enacted through the Finance (No. 2) Act, 2024. Additionally, the corresponding Rules and Forms for implementing the Scheme were notified on September 20, 2024.

For detailed provisions of the DTVSV Scheme, 2024, sections 88 to 99 of the Finance (No. 2) Act, 2024, may be referred along with the Direct Tax Vivad Se Vishwas Rules, 2024.

****

NB/KMN

(Release ID: 2065115) Visitor Counter : 77

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI: LanzaTech Announces Date for Third-Quarter 2024 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 15, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech” or the “Company”), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, today announced that it will issue its third-quarter 2024 financial results before financial markets in the United States open on Friday, November 8, 2024. A conference call will be held that same day at 8:30 a.m. Eastern Time to review the Company’s financial results, discuss recent events, and conduct a question-and-answer session.

The conference call may be accessed via a live webcast on a listen-only basis through the Events and Presentations section of LanzaTech’s Investor Relations website. An archive of the webcast will be available for twelve months.

To attend the live conference call via telephone, domestic callers can access by dialing 1-800-274-8461 and international callers can access by dialing 1-203-518-9814, and using the conference identification code: LANZA.

A replay of the conference call will be available shortly after the call ends and can be accessed by domestic callers by dialing 1-844-512-2921 and by international callers by dialing 1-412-317-6671, and entering the access identification code: 11157335. The replay will be available until 11:59 pm Eastern Time November 22, 2024.

About LanzaTech
LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

Contacts

Investor Relations
Kate Walsh
VP, Investor Relations & Tax
Investor.Relations@lanzatech.com

Media
Kit McDonnell
Director of Communications
press@lanzatech.com

The MIL Network –

January 23, 2025

MIL-OSI: Silvaco Announces Preliminary Unaudited Revenue for Q3 and Updates Full Year 2024

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced preliminary unaudited revenue results for the third quarter 2024 and updated its outlook for the full year 2024. The Company will report its full third quarter 2024 earnings results and hold a conference call with an earnings presentation on November 12, 2024.

“Similar to trends observed across the semiconductor industry, we saw a decline in orders from Asia during Q3 primarily driven by economic challenges and the ongoing strain in U.S.-China trade relations. Accordingly, we are adjusting our expectations for the remainder of the year,” said Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “We remain confident in our long-term strategy and continue to believe we will be able to achieve double-digit long-term revenue growth driven by our proprietary platform and solutions, examples of which are described in our recent press release of September 24, 2024, alongside our ability to effectively capitalize on strategic acquisition opportunities.”

Preliminarily, the Company expects total unaudited revenues for the third quarter 2024 to be approximately $11.0 million, not including a large order of approximately $5.0 million, which was expected in the third quarter of 2024, but was received in the first week of the fourth quarter of 2024. This order is included in our full-year guidance for bookings below and is expected to contribute to the Company’s fourth quarter of 2024 revenue. Preliminary results are unaudited, subject to completion of the Company’s financial reporting process, based on information known by management as of the date of this press release, and do not represent a comprehensive statement of our financial results for the third quarter 2024.

In addition, based on current business trends and conditions, the Company is updating its expectations regarding the full year 2024, as follows:

	Previous Full Year 2024 Guidance	Updated Full Year 2024 Guidance
Gross bookings	$67 million to $71 million	$64 million to $67 million
Revenue	$63 million to $66 million	$60 million to $63 million
year-over-year growth	16% to 22%	10% to 16%
Non-GAAP gross margin	85% to 89%	85% to 87%
Non-GAAP operating income	$8.0 million to $11.0 million	$5.0 million to $8.0 million

This updated guidance represents Silvaco’s current estimates of its operations and financial results as of October 15, 2024. The financial information above represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin and non-GAAP operating income. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin, and GAAP operating income is the most comparable GAAP measure to non-GAAP operating income. Non-GAAP operating income differs from GAAP operating income in that it excludes items such as certain transaction-related costs, IPO preparation costs, estimated acquisition-related litigation claims and costs, stock-based compensation, amortization of acquired intangible assets, impairment charges and executive severance costs. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin or GAAP operating income or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income guidance to GAAP gross margin or GAAP operating income, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

Q3 2024 Conference Call Details

A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks on the day of the conference call, after market close. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

Date: Tuesday, November 12, 2024
Time: 5:00 p.m. Eastern time
Webcast: Here (live and replay)

About Silvaco

Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement

This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and its adversaries including Hamas and Hezbollah and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (u) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (v) our status as a controlled company; and (w) our use of the net proceeds from our initial public offering.

It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting the Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

Discussion of Non-GAAP Financial Measures

We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross margin, and non-GAAP operating income (loss). We use these non-GAAP financial measures for financial and operational decision-making and as a means to assist us in evaluating period-to-period comparisons.

We define non-GAAP gross margin as our GAAP gross margin adjusted to exclude certain costs, including stock-based compensation and amortization of acquired intangible assets. We define non-GAAP operating income (loss) as our GAAP operating income (loss) adjusted to exclude certain costs, including certain transaction-related costs, IPO preparation costs, estimated acquisition-related litigation claims and costs, stock-based compensation, amortization of acquired intangible assets, impairment charges, and executive severance costs. We monitor non-GAAP gross margin and non-GAAP operating income (loss) as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

Certain of the items excluded from our non-GAAP gross margin and non-GAAP operating income (loss) are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and our competitors less meaningful. We adjust GAAP gross margin and GAAP operating income (loss) for these items to arrive at non-GAAP gross margin and non-GAAP operating income (loss) because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross margin and non-GAAP operating income (loss) provide meaningful supplemental information regarding our performance.

We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Tyler Weiland
press@silvaco.com

The MIL Network –

January 23, 2025

MIL-OSI Translation: 15/10/2024 Estimated execution of the state budget in the period January – September 2024

MIL ASI Translation. Region: Polish/Europe –

Fuente: Gobierno de Polonia en poleco.

The estimated execution of the state budget in the period January – September 2024 in relation to the Budget Act for 2024 amounted to:

I earn

460.2

PLN billion,

i.e.

67.4

%

expenses

567.5

PLN billion,

i.e.

65.5

%

deficit

107.3

PLN billion,

i.e.

58.3

%

State budget revenues in the period January – September 2024 In the period January – September 2024, state budget revenues amounted to approx. PLN 460.2 billion and were higher by approx. PLN 42.2 billion (i.e. 10.1%) compared to the same period of the previous year (PLN 418.0 billion, i.e. 69.5% of the plan). Tax revenues of the state budget amounted to PLN 411.5 billion and were higher compared to the implementation in the period January – September 2023. Está bien. PLN 44.7 million (i.e. 12.2%), including: IVA tax revenues amounted to PLN 217.2 billion and were higher by approx. PLN 36.0 billion (i.e. 19.9%) compared to the implementation in the period January – September 2023, excise tax revenues amounted to PLN 65.8 billion and were higher by approx. PLN 4.2 billion (i.e. 6.8%) compared to the results in the period January – September 2023. , PIT tax revenues amounted to PLN 68.4 billion and were higher by approx. PLN 12.3 billion (i.e. 22.0%) compared to the performance in the period January – September 2023, CIT tax revenues amounted to PLN 45, PLN 2 billion and were lower by approximately PLN 9.0 billion (i.e. 16.6%) compared to the implementation in the period January – September 2023. In the period January – September 2024, the implementation of non-tax revenues amounted to PLN 47.5 billion and was lower by approximately PLN 2.2 billion (i.e. 4.3%) compared to the performance in the period January – September 2023. Income from IVA in September this year. were higher by PLN 2.7 billion, i.e. 13.3% y/y and amounted to bien. PLN 22.9 million. Execution of income from The IVA in September concerned economic transactions completed in August. Retail sales had a positive impact on the dynamics of VAT revenues, which increased nominally by 3.2% y/y in August.CIT revenues in September this year. turned out to be significantly higher than those obtained in September 2023. This is mainly due to different deadlines for the annual CIT settlement in 2023 and 2024. In particular, September 2023 was the month in which last year’s refunds of overpaid tax were concentrated. In turn, returns in 2024 have already taken place in previous months. Additionally, due to the system of equal shares in CIT revenues for local government units throughout the year, all refunds are visible on the budget side. September 2024 was also the first month in which taxpayers affected by the flood could benefit from state aid in the form of, among others, deferment of payment deadlines for PIT and CIT advances and IVA payments. State budget expenditure in the period January – September 2024. The execution of state budget expenditure in the period January – September 2024 amounted to bien. PLN 567.5 million, i.e. 65.5% of the plan, at the same time it was higher by approximately PLN 114.8 million (i.e. 25.4%) compared to the same period in 2023 (PLN 452.7 million, i.e. 65.3% of the plan). In the period January – September 2024, the highest expenses were recorded in the following parts of the state budget: Social Insurance Institution – in the amount of PLN 124.7 billion, i.e. 69.5% of the plan, General subsidies for local government units territorial – in the amount of PLN 96.1 billion, i.e. 81.5% of the plan, National Defense – in the amount of PLN 66.2 billion, i.e. 56.2% of the plan, State Treasury debt servicing – in the amount of PLN 39.6 billion, i.e. 59 .5% of the plan, Voivodes’ budgets – in the amount of PLN 39.1 billion, i.e. 77.2% of the plan, Internal affairs – in the amount of PLN 31.4 billion, i.e. 70.1% of the plan, EU’s own funds – in the amount of PLN 23.9 PLN billion, i.e. 69.2% of the plan, Higher education and science – in the amount of PLN 22.8 billion, i.e. 72.5% of the plan. Comparing the implementation of expenditure in the period January – September 2024 with the period January – September 2023, a higher implementation was recorded in part 73 – Social Insurance Institution (more by approximately PLN 52.2 billion), which was related to the implementation of the “Family 800+” program – from January 1, 2024, the amount of the childcare benefit increased from PLN 500 to PLN 800. However, in terms of the subsidy transferred to the Social Insurance Fund for the payment of benefits guaranteed by the state, the implementation amounted to PLN 39.2 billion and was higher than the implementation after nine months of 2023 by PLN 7.8 billion, i.e. Está bien. 24.7%. In April and September, an additional annual cash benefit, the so-called thirteenth and fourteenth pensions, which last year were financed from the Solidarity Fund. Under part 82 – General subsidies for local government units, the implementation was higher by PLN 17.5 billion, due to an increase in expenditure in the educational part of the general subsidy as a result of an increase in the Day for teachers by 30%. Moreover, in 2024, for the first time, funds were transferred for the development part of the general subsidy for local government units. In part 85 – Voivodes’ budgets, the implementation was higher by approximately PLN 8.0 billion, mainly in the field of family benefits, benefits from the maintenance fund, permanent benefits and funds provided for kindergartens, as well as district headquarters of the State Fire Service and Sanitary Service, as well as funds for internships and medical specializations. More funds were also provided to ensure students have the right to free access to textbooks and educational materials. Additionally, due to the flood situation in southern Poland, a new special-purpose reserve was created in the state budget in September (supplementing the existing funds for this purpose) to prevent natural disasters and remove their effects. The first tranches of funds for the payment of targeted benefits to families or persons affected by the flood were transferred to voivodes in September. Further funds are gradually released in line with the inflow of applications. In part 29 – National defense, the implementation was higher by PLN 6.5 billion, including: in connection with the purchase of military equipment and armament and the transfer of funds to the Armed Forces Support Fund. In part 79 – Service of the State Treasury debt, more funds were transferred for expenses by PLN 1.7 billion compared to the same period of the previous year, which is the result of an increase in the level serviced debt and the distribution of its service. In part 84 – EU own funds, PLN 1.6 billion more was transferred, which was mainly due to the settlement in March this year. underpayments to the EU budget due to VAT and GNI adjustments for previous years by increasing the contribution installment for this month. More information on the implementation of the state budget.

MILES AXIS

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

MIL Translation OSI

January 23, 2025
MIL-OSI Economics: Verizon Business State of Small Business Survey finds a surge in SMBs using AI
Source: Verizon

Headline: Verizon Business State of Small Business Survey finds a surge in SMBs using AI

What you need to know:
- AI usage has more than doubled compared to 2023, with almost 2 in 5 reporting their business currently uses AI
- SMBs are increasingly investing in tech, with decision-makers noting it helps address challenges, save costs and boost revenue
- More SMBs are tapping social media platforms, with 84% of respondents using Facebook for promotion and customer engagement
- From October 14-20, Verizon Business is offering small businesses a free “tech check” to assess their current solutions and help identify what they need to succeed
NEW YORK – Verizon Business today announced the findings of its fifth annual State of Small Business Survey, conducted by Morning Consult. Despite soaring concerns about their business’ financial security and personal job security, the survey found that small to midsize businesses (SMBs) across the country are investing in technology more now than the past three years, both foundational and emerging. The survey data is based on responses from 621 SMBs.

Key findings:
- AI awareness is driving AI adoption. In the past year, the number of SMBs using AI has doubled (39% of SMBs are using AI in 2024 compared to 14% in 2023), in large part due to the growing familiarity with and accessibility of AI and its business applications. A rise in AI awareness among SMBs has a dual impact: decision-makers are more likely to perceive benefits, but it can also heighten security concerns.
- SMBs are investing in tech more than they have in the past three years. As more SMBs conduct more business online (38% added online/digital operations in the past year), technology investments among SMBs have grown to support that digitalization. Upgrades to internet connection have formed a big portion of those investments, with 66% of respondents upgrading their internet bandwidth.
- Despite economic anxiety, SMBs remain optimistic. The majority of SMBs (83%) are worried about rising inflation and its impact on their business, and about four out of five are worried about the U.S. economy in general. Additionally, concerns about their business’ financial security (62%) and their personal job security (54%) have grown over 10% in the past year. Yet even with broader economic anxiety, SMBs remain optimistic about their near-term prospects. About half of respondents expect their personal (50%) and their business (51%) financial security to improve in the coming months. Additionally, the majority of SMBs (59%) believe their business will be in a better economic position next year.
- Brick-and-mortar makes a comeback for holiday retail. Despite concerns about the holiday season, namely the perceived need to price goods and services to keep up with inflation, most SMBs have a positive association with the holidays. Small business owners see increased demand during Small Business Saturday (59%) and throughout the holiday season (73%). Additionally, more than half of retailers (52%) are preparing for an in-store-first holiday season, representing a 13-point jump from last year.
- Social media is redefining the digitalization of SMBs. Increasingly, SMBs are cultivating their online presence to entice shoppers. A large portion of this shift is taking place on social media platforms. Eighty-four percent (84%) of decision-makers use Facebook to promote products and connect with customers. While Facebook is the leading platform, SMBs are diversifying their approach to social media by leveraging the following platforms for promotion and customer engagement: Instagram (67%), LinkedIn (64%), YouTube (64%), TikTok (57%), and X/formerly Twitter (54%). Nearly four in ten (39%) respondents have social media storefronts.
“Small business owners are getting the hang of AI, discovering how it can automate time-consuming tasks and enabling them to focus more on their core business operations,” said Aparna Khurjekar, Chief Revenue Officer, Business Markets and SaaS, Verizon Business. “Despite economic and financial concerns, they’re still investing in faster internet, AI tools and social commerce because they understand how these technologies are crucial for their success. That is where Verizon Business plays a large role, as we are invested in the SMB community and are the partner of choice as they navigate the ever-changing business and consumer landscape.”

Click here to view the complete survey findings on our website.

Verizon Small Business Days (October 14-20)

Small Business Days are returning from October 14-20, offering nationwide support to business customers with technology tips, tools and offers for their mobile communications, connectivity and security needs. During this time, Verizon Business will provide special in-store deals on the latest technology solutions to help SMBs thrive. The promotions for Small Business Days will include:
- Special Savings: Switch and get a free 5G phone on Verizon Business, no trade-in required. Plus get up to $300 off when you bring your number.
- Personalized Consultations: One-on-one sessions with Verizon Business specialists for a complimentary tech check that looks at critical areas of business and provides business owners with advice on tailored solutions for specific business needs.
A full list of special Small Business Days offers and resources for small business owners can be found here.

Verizon Small Business Digital Ready

Verizon has a goal to support one million small businesses by 2030 with free digital skills training to help them succeed. Verizon Small Business Digital Ready is a free online platform tailored for small business owners. The Digital Ready website includes over 50 courses BY small business owners FOR small business owners, such as AI, marketing, financial planning, and social media management – and some courses are offered in Spanish. The platform also offers coaching and access to incentives, such as grants. Over 360,000 small businesses across the US are using Small Business Digital Ready to help their businesses thrive.

Click here for more information on Verizon’s Small Business solutions.
MIL OSI Economics –
January 23, 2025
MIL-OSI USA: Hageman Introduces Bill to Protect the Upper Colorado River Basin Fund

Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman

Washington, DC – Congresswoman Harriet Hageman introduced legislation that would require the Bureau of Reclamation to analyze the economic consequences of drawing from the customer-funded Basin Fund to implement the experimental actions called for in the July 2024 SEIS Record of Decision – which would result in Reclamation having to incorporate these costs into its annual budgeting.

Representative Hageman stated, “Once again, misguided policy is driving up the cost of energy for Western states – in this case for hydropower. There will be significant costs associated with cutting hydropower generation at Glen Canyon Dam to address smallmouth bass below the dam, to be paid for by utility customers. These costs are draining the customer-funded Basin Fund, from which operations, maintenance, and other expenses are paid, further exacerbating the challenge. Taxpayers are again left to pay for the consequences of unsound endangered species and climate policies.”

Background:

The Biden-Harris Administration’s Colorado River Long Term Experimental Management Plan SEIS Record of Decision (ROD) was signed on July 5, 2024, with Reclamation implementation beginning just 3 days later, on July 8. The ROD calls for bypass flows at Glen Canyon Dam, meaning higher flows to combat the presence of predatory smallmouth bass that threaten the federally protected humpback chub. These higher flows bypass hydropower generators in order to cool the river temperature below the dam to attempt to disrupt smallmouth bass downstream.

The lost hydropower generation must be replaced with power purchased on the open market at expensive prices in the middle of summer peak electricity demand. The Western Area Power Administration (WAPA) makes these purchases from the Upper Colorado River Basin Fund (Basin Fund), which is funded by power revenues; or, in other words, customer funded.

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Contact: Chris Berardi, Sr. Advisor/Communications Director

MIL OSI USA News –

January 23, 2025
MIL-OSI Submissions: Australia – One week until Meet the Buyer: Facilitating business deals for WA’s food and beverage sector

Source: ProntoPR.com.au

There’s one week to go before the Buy West Eat Best trade show, ‘Meet the Buyer,’, which will be held at Crown on 22 October.

Now in its fourth year, ‘Meet the Buyer’ is Western Australia’s largest and most diverse showcase of WA food and beverage businesses.

Buy West Eat Best program manager Melissa Worthington said exhibitor space sold out in record time and there are delegate tickets still available.

“The growth of ‘Meet the Buyer’ has been driven by the state’s agrifood business community and it’s always gratifying to hear the positive outcomes for suppliers and buyers,” Ms Worthington said.

“It’s WA’s most important food and beverage trade show, and it’s the only event of its kind that brings together buyers, importers, chefs, sommeliers, media and educators under one roof for one day,” she said.

Almost 70 percent of respondents to the 2023 ‘Meet the Buyer’ survey said their attendance had resulted in a positive commercial outcome, whether it was finding new stockists or simply gaining more knowledge about how to improve their chances of getting their products into the market or business to business connections.

Chef Paul Lange, from Smokey Q rubs and sauces, connected with a Woolworths buyer at the inaugural ‘Meet the Buyer’ and went on to pursue opportunities with a Coles representative.

“It’s really exciting for a smaller business to get that recognition from the larger players,” Mr Lange says.

More than 80 percent of respondents said the trade show had enabled them to meet buyers or business contacts they had not met previously.

Sweeter Banana Co-operative’s Doriana Mangili said Meet the Buyer has helped build relationships, opening up opportunities outside the event.

“Over the years with one retailer we would just have a bit of a yarn and then this year we were invited to attend one of their trade shows. This wouldn’t have happened without us attending ‘Meet the Buyer’ each year and getting to know them,” Ms Mangili said.

The inclusive atmosphere at ‘Meet the Buyer’ enables attendees to get to know one another in an informal setting, including at the sundowner event after the show. Many attendees have commented on the positive engagement with others and the joys of meeting new people and building their networks.

For chefs like Blair Allen, from Amelia Park Restaurant in Wilyabrup in WA’s south west, ‘Meet the Buyer’ is also a great way to catch up with suppliers who he might only otherwise deal with over the phone or email.

“Just putting faces to names was great – it just makes the whole ordering process easier,” Mr Allen said.

‘Meet the Buyer’ is also an ideas incubator, with so many people in the know at hand to offer suggestions and advice.

Almost 40 percent of respondents to the 2023 survey said they had changed their business strategy, product range or packaging as a result of ‘Meet the Buyer’.

One said they had introduced a couple of new lines, while another said they were customising products for WA companies.

Chef Rob Nixon, from That Plant Café, said it’s great to see producers take suggestions on board.

“It’s one of the best things I’ve ever been to,” Mr Nixon said.

“As chefs, we’re so busy running our own restaurant that we would have a hard time going to see one or two small-batch producers, let alone 100 or so. Here, they are all under the one roof.”

More than 92 percent of attendees said they would be returning to ‘Meet the Buyer’ in 2024.

‘Meet the Buyer’ will host more than 80 food and beverage exhibitors showcasing in excess of 550 products and is set to attract local, interstate and international visitors.

For more information about Meet the Buyer, visit meetthebuyer.com.au.

About Buy West Eat Best

The Buy West Eat Best program is a voluntary food labelling and marketing initiative developed by the Western Australian Government to assist local food and beverage producers to promote their products to grocery shoppers and those that dine out.

Buy West Eat Best works with members to support and promote the buy local message, highlight the importance of seasonality and champion delicious, fresh ranges of fruits and vegetables that grocery shoppers can seek out, particularly as new seasons commence.

The program works across the supply chain, from producers, processors, retail, and foodservice businesses; providing a critical conduit to strengthen the resilience and sustainability of businesses and identify source of origin for consumers. There is a vast and diverse range of local businesses and brands that are members of the Buy West Eat Best community.

When you see the distinctive Buy West Eat Best bite mark logo you can be assured that you are buying premium food that has been grown, farmed, fished, processed, prepared and served right here in WA.

The program has matured, and it is vitally important to the State from an economic and employment perspective – the food and drink industry or agrifood sector is the second largest export sector to mining and resources and critical to the diversification and sustainability of local communities across the State.

The Buy West Eat Best logo is a registered trademark owned by the Department of Primary Industries and Regional Development (DPIRD), administered by government and championed by business and industry.

http://www.buywesteatbest.org.au

MIL OSI – Submitted News –

January 23, 2025
MIL-OSI New Zealand: Construction Economy – NZ construction costs show minor uptick amidst ongoing industry slowdown – CoreLogic

Source: CoreLogic

Tax changes, high levels of existing stock on the market, and credit-constrained buyers have compounded the building industry slowdown, holding construction cost growth low for more than 18 months.

CoreLogic’s latest Cordell Construction Cost Index (CCCI) recorded a 1.1% rise in the September quarter, reversing the fall recorded in Q2. It marks the first time quarterly growth has exceeded 1% since December 2022.

However, the annual growth rate remains subdued at 1.3% – the second lowest since late 2013 and well below the long-term average growth rate of 4.3%.
CoreLogic Chief Property Economist Kelvin Davidson said overall construction cost growth remains subdued, reflecting an easing of pressure for both labour and materials.

The index recorded a drop in sub-contractor charge-out rates in Q3, alongside many plumbing materials such as PVC piping, although the cost for materials such as window hardware and kitchen joinery rose over the period.
“The wider residential construction sector has been in a downturn for about two years now, with dwelling consents falling and actual workloads subsequently declining too,” he said.
“The industry has come off extreme highs recorded during COVID, and building activity remains solid when compared to previous cycles. Even so, it does look like there is capacity opening up, which has reduced the pressure on costs.”

Mr Davidson said the industry is grappling with additional challenges, as many households remain financially cautious despite falling mortgage rates and the number of established property listings available for sale remains high.
New Zealand currently has about 26,000 properties listed for sale—up from 23,000 at the same time last year and double the 13,000 that were available in 2021.
“With such an elevated stock of existing listings, there’s less incentive for buyers to consider new-build properties,” he said. “The shortening of the Brightline Test and the reinstatement of mortgage interest deductibility for all properties regardless of age has also lessened the appeal of new-builds.”
The supply pipeline has also slowed, with annual dwelling consents peaking at about 51,000 in May 2022 before falling 34% to 33,632 in August this year. Meanwhile, Mr Davidson said actual construction workloads, measured by ‘work put in place’, are down around 15% from their peak.
While the outlook for the sector isn’t particularly buoyant in the short term, signs of life might just be starting to emerge, and Mr Davidson noted that the Reserve Bank of New Zealand’s newly introduced debt-to-income ratio restrictions, which exempt new builds, could help stimulate demand in this segment.

Further interest rate cuts and improvements in the labour market are also likely to have a positive impact on construction activity into 2025.
“Developers may feel more confident to increase supply if these changes, combined with falling mortgage rates, create a relative shift in demand towards new builds over the next 12 to 18 months,” Mr Davidson said.

“This could lead to a resurgence in New Zealand’s construction sector, with agents and developers watching closely for any signs of a turnaround in 2025.”

CoreLogic’s research, tracks and reports on materials and labour costs which flows through to its Cordell construction solutions to help businesses make more informed decisions, estimate rebuild and insurance quotes easily and, ultimately, appropriate risk effectively.
The CCCI report measures the rate of change of construction costs within the residential market for a typical, ‘standard’ three-bedroom, two-bathroom brick and tile single-storey dwelling.
To read the report, visit http://www.corelogic.co.nz/reports/cordell-construction-cost-index.

About CoreLogic
CoreLogic NZ is a leading, independent provider of property data and analytics. We help people build better lives by providing rich, up-to-the-minute property insights that inform the very best property decisions. Formed in 2014 following the merger of two companies that had strong foundations in New Zealand’s property industry – Terralink Ltd and PropertyIQ NZ Ltd – we have the most comprehensive property database with coverage of 99% of the NZ property market and more than 500 million decision points in our database.
We provide services across a wide range of industries, including Banking & Finance, Real Estate, Government, Insurance and Construction. Our diverse, innovative solutions help our clients identify and manage growth opportunities, improve performance and mitigate risk. We also operate consumer-facing portal propertyvalue.co.nz – providing important insights for people looking to buy or sell their home or investment property. We are a wholly owned subsidiary of CoreLogic, Inc – one of the largest data and analytics companies in the world with offices in New Zealand, Australia, the United States and United Kingdom. For more information visit corelogic.co.nz.
About Cordell Building Indices
The Cordell Building Indices (CBI) are a series of construction industry index figures that are used to monitor the movement in costs associated with building work within particular segments of the industry. The CBI indicate the rate of change in prices within particular segments of the New Zealand construction industry.
The changes in prices are measured daily through the use of detailed cost surveys, and are reported on a quarterly basis. This ensures the most current and comprehensive industry information available. Each index is based on a combination of labour, material, plant hire and subcontract services required to construct buildings within the particular segment being measured. The CBI measure the change in the cost of constructing buildings, and as such do not provide the actual costs.

MIL OSI New Zealand News –

January 23, 2025

Category: Taxation

England

Price change by region for England

Repossession sales by volume for England

Average price by property type for England

Funding and buyer status for England

Building status for England

London

Average price by property type for London

Funding and buyer status for London

Building status for London

Wales

Average price by property type for Wales

Funding and buyer status for Wales

Building status for Wales

UK house prices

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